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.



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.


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.

China Pacific Insurance (601601) Company Review Report: NBV Turns Out Positively on the Investment Side

China Pacific Insurance (601601) Company Review Report: NBV Turns Out Positively on the Investment Side

Event: The company released its 2018 annual report and realized a net profit attributable to shareholders of the parent company of 180.

19 ppm, an increase of 22 in ten years.

9%, corresponding to an EPS of 1.

99 yuan / share; 1495 net assets attributable to shareholders of the parent company at the end of the period.

76 yuan, an earlier increase of 8.

8%, corresponding to a BVPS of 16.

51 yuan / share.

Key points of investment: NBV turns positive, agent cleansing continues and starts2.

0 Transformation: The company gradually realized new business value 271.

200 million, +1 a year.

5% (first half -17.

5%), mainly driven by the protection products in the second half of the year. The long-term health insurance premium interval + 60% to 33 billion, which continues to increase from the first half + 43%.+7 per night.

7%, the proportion increased by 7.

4 pct.

To 49.

1%, business structure continued to optimize, driving new business value rate4.

3 points to 43.

7%, a record high.

In terms of agents, the long-term monthly manpower scale has shrunk slightly.

1% to 84.

70,000, as of the end of the year was 84.

20,000, the team is still virgin and started 2.

0 transition, vigorously implement high-quality increase in staff, and gradually increase the average monthly healthy and excellent manpower by + 26% and + 15% to 31, respectively.

2, 14.

90,000, the core agent team continued to grow, meanwhile, the average monthly commission income per capita for the first year +6.

5% to 1058 yuan (-22% in the first half of the year), which is expected to be caused by high commission incentives for guaranteed products (the cumulative increase in long-term health insurance fees and commission expenses +103.

4% to 12.9 billion, only + 27% in the first half of the year).

EV + 17.

The expected 5%, the investment end performance is the industry’s best: the company’s internal value-added growth earlier +17.

5% to 336.1 billion (+8 in the first half of the year.

1%), mainly due to the industry’s best performance on the investment side.

Although the net investment rate of return, the total investment rate of return decreased by 50BP and 80BP to 4 respectively.

9%, 4.

6% (mainly due to a reduction in equity dividends + stock market fluctuations affecting the return on equity investment by 6).

5 points.

To 1.

1%), but the comprehensive investment yield increased by 30BP to 5.

1%, thanks to the company’s investment strategy of high proportion allocation of fixed income assets, realizing the floating profit of bond assets (balance sheet “other comprehensive income” increased significantly by 86% to 27.900 million).

As of the end of the year, the company’s fixed income asset allocation accounted for 83%, much higher than Ping An’s, 77% and 75% of Xinhua’s, which corresponded to positive biased return on investment in embedded value.

300 million (the industry generally has a significant negative deviation).

Reserves affect the growth of life insurance profits contributed by liquidation, and the comprehensive cost ratio of property and casualty insurance is optimized against the trend: the company’s initial net profit attributable to the mother +22.

9% to 180.

2 megabytes, which is faster than the first three quarters, due to: 1) Net profit of life insurance +38 for ten years.

9%, mainly due to the impact of reserves on liquidation (reservations of 500 million yuan in pre-tax profits increased each year, reversed 9 billion last year); 2) net profit of property insurance decreased by -6.

9%, up from -22.

The 5% decline has narrowed significantly, mainly due to a yield of -7.

3pt to 46.

3%, or stemming from the effect of strict supervision and fee control in the second half of the year.

Property insurance premiums are +12 per year.

6% to 117.8 billion (including auto insurance ten years +7.

5% relative to the industry), the comprehensive cost rate is optimized against the trend of 40BP to 98.

4% (auto insurance 苏州桑拿网 optimization 40BP to 98.

3%), in which the expense ratio and the payout ratio are +3 respectively.

3pt, -3.

7pt, the direction of structural changes is consistent with the industry.

Profit forecast and investment rating: The company’s high commission incentives will drive NBV to achieve positive growth in 2018. In the future, it is necessary to wait and see the agent’s transition process and state adjustment. Adjust the company’s NBV growth rate to +2 in 2019 and 2020, respectively.

9%, +9.

9%, current A-share expectations are estimated to be about 0.

76 times 2019 PEV, it is estimated that it still has a safety margin, and maintain the “Buy” rating.

Risk reminders: 1) the duration of new life insurance premiums; 2) the long-term interest rate continues to impact investment; 3) the transfer of agents or 北京夜网 production capacity is less than expected; 4) the comprehensive cost ratio of property insurance is less than expected.

Peng Ding Holdings (002938): The value of antenna-5G antennas increased. Ping Ding Holdings achieved a breakthrough

Peng Ding Holdings (002938): The value of antenna-5G antennas increased. Ping Ding Holdings achieved a breakthrough
Core point of view: The number of antennas + ASP has been increased, and the value of 5G terminal antennas has increased.The upgrade of the antenna array from MIMO technology to massive MIMO technology in the 5G era has brought a significant increase in the number of single-machine antennas; traditional PI soft boards have been unable to meet the high-speed development trend in the 5G era. MPI and LCP FPC materials will gradually replace traditional FPCs.As a result, MPI and LCP follow the traditional PI, which has the characteristics of complex process, low yield, and fewer suppliers. ASPs have significantly improved the use of traditional PI. Apple will launch a 5G mobile phone next year to promote the use of LCP, and Android FPC antenna penetration continues to increase.Qualcomm has successively launched 5G mm related products from 2018. Huawei, VIVO, OPPO and others have announced that they will list 5G mobile phones. Apple is also expected to release 5G mobile phones next year. The 5G frequency band in the United States is concentrated at 15GHz and above.It is believed that the 5G mobile phones released by Apple are expected to reach the millimeter level, which will further increase the number of LCP antennas. At the same time, the improvement of data processing capacity and data processing capacity of mobile phones under 5G networks requires more components and size battery capacity.As they get smaller, the FPC penetration rate of the Android camp, especially high-end machines, has increased significantly. Non-Murata systems have deployed LCP / MPI in succession and are expected to achieve further breakthroughs.The process similarity between the LCP industry chain and traditional PI soft boards, and Apple’s LCP antenna supplier system with Murata as the core is relatively mature; the midstream and upstream substitution of the MPI industry chain is still mainly occupied by US, Japanese and Taiwan manufacturers. In 1919, Mflex hadDomestic manufacturers are also directly delivered to assembly plants by MPI soft board manufacturers. Recently, non-Murata series manufacturers have expanded their production. The MPI industry chain has also begun to take shape and is expected to achieve further breakthroughs. Pengding Holdings: Benefiting from another MPI antenna, LCP actively seeks to enter the full range.In 2019, the LPLAT was replaced by MPI. Pengding’s MPI soft board technology is excellent and it will take part of MPI soft board orders. At the same time, Pengding plans to deploy LCP in advance and passed technical certification in 2013. It is currently mainly used for Apple non-mobile productsIn the series, we believe that the increase in the demand for antennas in the 5G era and the progressive expansion of non-Murata-based industrial chain upstream suppliers, Pengding’s LCP products are expected to enter Apple’s full range of products. Earnings forecasts and investment advice.We expect the company’s net profit attributable to its parent to be 31 in 2019-2021.06/36.99/44.9.3 billion, an annual increase of 12.1% / 19.1% / 21.4%, corresponding to 23/19/16 times the PE.Taking into account the evaluation of comparable companies, we believe that the company can give the company a 19-year 25XPE evaluation with a corresponding reasonable value of 33.50 yuan / share, we are optimistic about the company’s profitability 杭州桑拿网 and future growth space, and maintain a “buy” rating. risk warning.The risk of fluctuations in smartphone sales; the risk of rising product prices; the risk of rising raw material prices; the risk of high customer concentration; the risk of new technology progressing less than expected.

Inspur Information (000977) Company Comments: Tencent’s 19Q3 Capital Expenditure Reveals Server Industry Turning Point Signals Easier to Realize

Inspur Information (000977) Company Comments: Tencent’s 19Q3 Capital Expenditure Reveals Server Industry Turning Point Signals Easier to Realize

Event: Tencent’s 2019Q3 financial report: The cloud business achieved revenue of 47 million U.S. dollars in the third quarter, an annual growth of 80%.

The single quarter capital expenditure was 66.

32 ppm, an increase of 11 in ten years.

01%, an increase of 52.


Tencent cloud services continued to grow at a high rate, and Q3 capital expenditures rebounded sharply.

1) In the third quarter, the cloud business realized revenue of US $ 47 million, an annual growth of 80%, mainly due to the increased use of existing customers and the expansion of the customer base in education, finance, people’s livelihood and retail.

For example: Tencent Cloud won the Shenzhen Luohu Smart Education Cloud Platform operation contract; the company released the SaaS ecological “Qianfan Plan”, and integrated external SaaS companies by integrating cloud services and enterprise WeChat to cultivate more SaaS solutions in vertical fieldsThis drives revenue from cloud services.

2) Capital expenditure in the third quarter increased by 52.

04%, compared with -3 in the previous 北京夜网 quarter.

20%, to achieve significant recovery.

Amazon and Intel’s third-quarter 2019 financial reports have improved significantly, and global cloud computing is now recovering.

According to the financial report, in the third quarter of 2019, Amazon’s single quarter capital expenditure increased by 34% year-on-year and 28% month-on-month, which was a significant improvement from the previous quarter (-10% and -3%, respectively).

In the third quarter of 2019, Intel’s DCG division revenue increased by 4% and 28% month-on-month. Compared with the previous quarter (-10% and 2%, respectively), it also showed a significant improvement.

Amazon as AWS is the global leader in cloud computing, and Intel is a mainstream x86 server chip architecture architecture vendor, including leading companies. Significantly improved financial reports herald a recovery in global cloud computing.

The industry is under pressure this year, and may meet the turning point of demand in 2020.

During the first half of 2019, the global and domestic server industries were under pressure.

By analyzing the needs of customers in the server industry according to the three categories of Internet vendors, operators and enterprises / governments: 1) The scale of Internet vendors accounts for more than 50%, benefiting from global cloud computing trends, 5G large-scale applications, AI computing power requirements, and serversWith the update cycle of Intel CPU chips, there is a high probability that demand will erupt in 2020, of which only the increased demand for AI servers will reach 20 billion US dollars.

2) Operators account for more than 50% of the IDC market. Benefiting from the cloud trend and 5G driving network traffic surge, the construction of large data centers has increased (especially China Mobile), and there is a high probability that demand will erupt in 2020.

3) Enterprise cloud and government affairs cloud generate long-term demand for more than ten years. Driven by policies, demand growth is relatively stable.

Therefore, it is expected that the industry demand will meet the demand inflection point in 2020.

In 2019Q3, the company reversed the industry cycle to accelerate faster-than-expected growth, the gross profit margin increased, the cash flow and account period improved significantly, and the operating inflection point appeared.

1) The company’s operating income in the first three quarters increased by 13.

79%, the growth rate in the third quarter alone reached 15.

57%. Under the environment of the overall growth rate of the industry, the company’s quarterly growth rate has accelerated, which fully reflects the scale effect of the JDM model and years of research and development, and the leading pattern of brand accumulation.

2) The company’s gross profit margin was 10 in the third quarter.

28%, an increase of 0 over the same period last year.

35 averages with a company net margin of 1.

46%, an increase of 0 over the same period last year.

24 units.

That is, the scale effect has begun to be reflected in the improvement of gross profit margin and net profit margin.

3) The net cash flow from operating activities in the first three quarters was -37.

7.7 billion, an increase of 54 over the same period last year.

13%, mainly due to the company’s improvement of the upstream and downstream accounting period, control of the procurement rhythm, and strengthen the recovery of payment.

And, the interest expense in the third quarter was 6,785.

230,000 yuan, a year-on-year decrease of 25%, supporting the company’s ability to negotiate upstream and downstream prices, and narrowing the mismatch in accounting period.

Maintain “Buy” rating.

Based on key assumptions and financial reports, operating income is expected to be 539 in 2019-2021.70 billion, 701.

01 billion and 875.

7.1 billion, the net profit attributable to mothers is expected to be 8 in 2019-2021.

05 billion, 11.

9.5 billion and 15.

5.9 billion.

Maintain “Buy” rating.
Risk Warning: Increased demand in downstream industries; increased competition in the server industry; escalating trade frictions; risk of bad debts

Sinopharm (600511) Interim Review: State-controlled Beijing’s rapid growth in grassroots coverage has increased significantly

Sinopharm (600511) Interim Review: State-controlled Beijing’s rapid growth in grassroots coverage has increased significantly

The core point is that the net profit of the mother increased by 18.

66%, the operating quality has been further improved. The company released the semi-annual report for 2019 and achieved 210 revenue in the first half.

2.2 billion, an increase of 11.

99%, net profit attributable to mother 7.

5.5 billion, an increase of 18.

66%, deducting non-net profit 7.

2.8 billion, an increase of 14.

64%, EPS0.

99 yuan, slightly higher than market expectations.

In the second quarter, a single quarter realized revenue of 109.

7.3 billion, an increase of 13.

82%, net profit attributable to mother 4.

6.8 billion, an increase of 22.

85%, deducting non-net profit4.

4.3 billion, an increase of 16.


On the whole, the operating quality of the company’s commercial sector has improved, and profits have accelerated growth.

  State-controlled Beijing’s profit increased by 37%, regional competitiveness continued to improve, and the company’s coverage in Beijing continued to increase. On the basis of maintaining 100% coverage of secondary and tertiary hospitals, primary medical institutions covered 4,500, an increase of 1,500 from the end of 2018 The profit growth rate of its state-owned subsidiary Beijing State-controlled Beijing is as high as 37% per year, which can be seen from the multiple influences of previous industry policies and financing environment. The concentration of the industry has continued to increase; for the first time, a total of 40 product regulations in BeijingThe company has obtained 35 product distribution authorizations.

The company strengthened the import of new products, new dating Eisai Haiweiwei (treatment of pregnancy), Huaxi botulinum toxin, Pfizer Renjie, Beifu increased new specifications; expanded 15 varieties of innovative drugs; completed the opening of key manufacturers accounts, procurement and sales linkagePriority work.

  Operating cash flow increased by 34.

41%, representing the continued recovery of the commercial sector. The company’s gross profit margin in the first half of 2019 was 8.

50%, a decrease of 0.

65 levels, mainly due to structural factors.

Period expense ratio 3.

51%, a decrease of 0.

81 units, of which the sales expense ratio is 2.

29%, a decrease of 0.

50 units, R & D + management expense rate is 0.

93%, a decrease of 0.

13 units with a financial expense ratio of 0.

30%, a decrease of 0.

The 19 singles are mainly due to the gradual decline in financing costs since this year, which is 0 operating cash flow.

90 yuan, up 34.

41% represents a steady improvement in the operating quality of the pharmaceutical distribution sector under the current competitive landscape.

  Estimated 19-21 results are 2 respectively.

22 yuan / share, 2.

57 yuan / share, 2.
93 yuan / share is expected to be 2 in 19-21.
22 yuan / share, 2.

57 yuan / share, 2.

93 yuan / share, the corresponding price-earnings ratio of 11 based on the latest closing price.

58 times, 10.

01 times, 8.

78 times.

As the industry leader in Beijing, the company has further enhanced regional competitiveness and maintained high barriers in the linen business. Based on the company ‘s historical changes over the past two years and the company ‘s current operating improvement trend, we conservatively give the company a reasonable value.

57 yuan / share, corresponding to 17 times PE valuation in 2019. Maintain BUY rating.

  Risk warnings: The magnitude of price cuts with volume purchases may have an impact on the overall growth of the industry; changes in the cost of funds caused 武汉夜生活 by changes in interest rates, and increased regional competition risks

Semir Apparel (002563): Third quarter revenue growth rate of expressway consolidated KIDILIZ affects performance

Semir Apparel (002563): Third quarter revenue growth rate of expressway consolidated KIDILIZ affects performance

The company disclosed three quarterly reports.

The first three quarters achieved revenue of 132.

610,000 yuan, an increase of 35 in ten years.

82%, net profit attributable to mother 13.

0.7 million yuan, an increase of two in ten years.


Basic income is 0.

48 yuan.

The company achieved revenue of 50 in the third quarter.

410,000 yuan, an increase of 19 in ten years.

14%, net profit attributable to mother 5.

8.5 billion, a decline of 3 per year.


Key points of investment Net income growth rate in the third quarter, combined with Kidiliz’s impact on performance: On the revenue side, the company’s Q1, Q2, and Q3 achieved revenue growth rates of 64%, 36%, and 19%, respectively. The third quarter revenue growth rate was extreme, Mainly due to the shrinking of the Kidiliz brand leading to a decline in scale.

On the net profit side, the companies Q1, Q2, and Q3 achieved profit growth rates of 11% and 5, respectively.

7%, -3.

2%, the negative growth of profit in the third quarter was due to the quarter-on-quarter growth rate of operating income growth, and the second was that Kidiliz consolidated the period expenses, which ultimately reduced the net interest rate.

The consolidation affects the profit margin and expense ratio. In the fourth quarter, the preparation of goods pushed up the inventory turnover days. In terms of profitability, the company’s gross profit margin increased to 44% in the first three quarters, mainly from Kidiliz’s main high-end children’s clothing. The gross profit margin was higher than Semir and Barra.And consolidated the gross profit margin.

Kidiliz is mostly direct-operated and has higher period expenses, which promoted the company’s period expense ratio to 28% in the first three quarters. In the third and third quarters, the gross margin increased the cost of coverage, and eventually the company’s net interest rate decreased, and the single quarter profit improved.

In terms of inventory, Kidiliz’s inventory turnover was lower than that of Semir’s original business, and consolidated the inventory turnover rate. The inventory turnover days in the third and third quarters have increased slightly. The expected increase is in the fourth quarter, and the inventory impairment losses in the second and third quarters are expected to decrease.Inventory sales were redeemed for impairment and the overall inventory was well digested.

In terms of cash flow, the company’s cash inflows from operating activities in the third and third quarters have increased respectively.

7%, 16.

3%, net cash flow from operations1.

3 billion.

The children’s clothing market is growing rapidly. Paraguay’s leading region: The size of the children’s clothing market is expected to achieve a larger growth rate in the clothing market.

According to Sina.com, Euromonitor data shows that the domestic children’s clothing market is expected to achieve sales of US $ 234.7 billion in 2019, an annual growth of about 12%.

In 2018, Semir’s apparel and children’s clothing market share was about 5.

6%, ranking first, higher than the second to fifth total market share of children’s clothing market share4.

4%, and the difference is slightly larger than in 2017.

Absolutely, the concentration of the children’s clothing market is steadily increasing, and leading horse clothing is expected to continue to benefit.

The positioning quality of casual clothing is expected to gradually increase its competitiveness in daily activities: The company’s casual clothing rebranding quality of the Sanma brand has three major changes in daily activities. The first is the introduction of new basic product lines that reflect the brand’s characteristics;The second is the channel, which promotes the consumer shopping experience; the third is the communication, which connects the texture culture with the public aesthetics.

The positioning change 北京夜网 and new product line of this casual clothing will begin to be reflected in the autumn and winter products of 2019 and the products of 2020. The overall displacement has promoted the age of the company’s customer base to increase, enabling Semir to meet 18?
The 35-year-old consumer’s work and life dress needs are expected to gradually improve the brand competitiveness.

Investment suggestion: Senma apparel is a domestic leader in children’s wear. Children’s wear benefits from the increase in the market share of leading brands. The relocation of casual wear aims to enhance competitiveness. KIDILIZ integration affects net profit.

We predict that the company’s annual revenue from 2019 to 2021 will be 0.

67, 0.

81 and 0.

94 yuan.
Return on net assets were 14.
1%, 15.

1% and 16.

1% of the company’s current PE (2019E) is about 19 times, maintaining the “Buy-A” recommendation.

Risk warning: intense competition in children’s clothing; brand communication driving up expense ratios; M & A projects pick up or fall short of expectations; franchise lagged behind due to the impact of terminal retail