Kuncai Technology (603826): Demand pressure remains unchanged, core competitiveness remains unchanged

Kuncai Technology (603826): Demand pressure remains unchanged, core competitiveness remains unchanged

The main points of the report describe the first three quarters of operating income4.

40,000 yuan, ten-year average of 0.

2%; attributable net profit 1.

20,000 yuan, 合肥夜网 ten-year average of 17.

6%, deducting non-net profit twice extended by 12.


  Incident review revenue has grown steadily, and the structure upgrade logic has remained unchanged.

The first three quarters of revenue were flat for a year, or mainly due to temporary sales.

The performance of different products is different. First, the Sino-US trade friction and BASF ‘s sale of pigment departments may have a certain impact on the sales of low-end and mid-range products.Cosmetics business may maintain rapid growth.

The gross profit margin in the first three quarters was approximately 46.

7%, increase by 0 every year.

8 levels, preliminary product structure optimization; period rate is about 16.

1%, an increase of 3 per year.

7 single ones, in which sales, management, and financial rates were increased by 1.

2, 0.

8, 1.

Nine single, or mainly due to the increase in costs during the development of high-end markets.

The decrease in government subsidies and other reasons led to a decrease in other income of at least 952 million and a decrease in investment income of 487 million.

  Single-quarter performance fluctuation coefficient.

The highest interest rate for single third quarter income is 5.

3%, or mainly due to sales breakthrough.

Single third quarter gross margin of 45.

8%, down by 1 every year.

Four single, rising costs or important reasons are estimated to increase or stem from the large-scale self-supply of titanium dichloride projects in the third quarter, and restructuring or stemming from the rise in prices of major raw materials such as titanium dichloride.

The rate is about 17.

4%, an increase of 7 per year.

2 units, of which sales, management, and financial rates were increased by 1.

7, 3.

6, 2.

4 units.

The final single quarter net interest rate dropped from 33% in the same period last year to 24%, a single quarter jump.

  The operating quality is relatively high.

Company Q1, Q2, Q3 cash ratios are 0.

98, 0.

80, 0.

91, the corresponding net cash flow amounts are 0.

00, 0.

57, 0.47 trillion, a great performance.

In addition, the company repaid 30 million debts, reflecting the company’s confidence in its own operating quality and the endogenous growth of cash flow in the fourth quarter and later periods.

  Now is the time for high-quality deployment in the medium and long term.

In the context of trade frictions, the company has taken advantage of leading technological advantages and a better competitive landscape. The proportion of high-end products such as automobiles and cosmetics has continued to increase, confirming its logic of expansion in the high-end market; and the company’s Zhengtai Titanium Dioxide started and the Fu Shi Titanium Dioxide Project was officially launched.The company has realized self-sufficiency of main raw materials, and the logic of cost reduction is expected to be realized. The current time is the mid- to long-term high-quality allocation.

Expected 2019 and 2020 results are 1.

9, 2.

800 million, corresponding to an estimated 37, 25 times, maintain BUY rating.

  Risk Warning: 1.

Downstream demand has grown significantly; 2.

Raw material prices have risen.

Shougang (000959): Q2 performance increased significantly

Shougang (000959): Q2 performance increased significantly
Highlights of the report In the first half of the year, the growth rate of performance and Q2 improved markedly in the first half of the year, and the company achieved a net profit of 10%.20,000 yuan, a ten-year average of 29.66%, mainly due to the decline in steel prices to restrain income and increase ore prices to drive up costs.In terms of quarters, the company’s second-quarter performance increased significantly by 165.39%, mainly due to: 1. Driven by the start of the peak season, the average value of the steel price composite index in the second quarter increased by 3 from the previous quarter.62%, driving the company’s Q2 gross profit margin to increase by 1.28 up to 12.23%; 2, the end of March and the end of autumn and winter environmental protection production limit, the company’s crude steel output in the second quarter should be higher than the first quarter; 3, or mainly affected by the dividend of BAIC, the company achieved a net investment income of 2 trillion in Q2, Q1 0.31% billion increased 1.6.9 billion yuan. In the past, turnover, financial inferiority + environmental protection and limited production, profit was restricted. Without considering the second phase of the Jingtang project, the total crude steel production capacity of Shougang Co., Ltd. reached 1,770 tons, of which 830 rotor of Qiangang 深圳桑拿网 (including the supply of cold rolling company base materials), Jingtang 940 tons (51% of the company’s shareholding), the product structure is basically plate.In the past, the company’s profitability was relatively weak compared to the industry, mainly due to: 1) the relative orientation of the cold-rolled automotive plate certification conversion period, the first phase of Jingtang’s investment breakthroughs, etc., the company therefore had low asset turnover efficiency, and at the same time financial costs and depreciation costs were also relativelyPenetration; 2) The company is located in Hebei. In recent years, the limited production of autumn and winter has caused the company’s crude steel output to be significant. Today, smart manufacturing and environmental protection are leading to help long-term voyages. Today, through 厦门夜网 project investment and construction, high-end varieties are sold steadily, and environmental protection and production suppression are alleviated, and the company’s profitability promotes overall improvement.The second phase of the Jingtang project that has reduced costs and lowered investment costs has been completed, and the certification of cold-rolled automobile panels has been gradually converted to release. The company ‘s asset turnover efficiency and comprehensive depreciation costs may have improved as a result.At the same time, through continuous enhancement of environmental protection, the company’s green manufacturing level is at the forefront of the industry, coupled with the “one-size-fits-all” policy of environmental protection and production restriction to reduce the company’s subsequent production restriction.Generally speaking, based on the long-term perspective, the company’s medium- and long-term comparative advantages are gradually undergoing. Investment, underestimation + comparative advantage, and gradually realize safety marginal reorganization. The company’s current PB and relative PB are 0.68 times and 0.41 times, 1 since 2000.24% and 2.19% at the bottom of history. Mergers and the gradual establishment of medium-to-long-term comparative advantages also help to strengthen the company’s ability to resist cycles. At the same time, it has built a company’s constant margin of safety to a certain extent. This is currently in the overlapping cycle stage in the industry.Especially prominent. It is expected that the company’s EPS in 2019 and 2020 will be 0.31 yuan, 0.32 yuan, the corresponding PE is 11 respectively.14 times, 10.90 times, give “Buy” rating. Risk Warning: 1. Supply side continuous volume; 2. Car sales have further increased.

Hong Baoli (002165): Fall in raw material prices lead to higher gross profit margins PO new process project successfully commissioned

Hong Baoli (002165): Fall in raw material prices lead to higher gross profit margins PO new process project successfully commissioned
Investment Highlights Performance Summary: The company achieved operating income in the first half of 201912.300 million yuan, a decrease of 2 each year.3%; net profit attributable to mother is 0.40,000 yuan, an increase of 276 in ten years.8%.At the same time, the company expects that the net profit attributable to its mother from January to September 2019 will be zero.5.8 billion to 0.6.6 billion, an increase of 136 in ten years.0% -169.0%. The increase in performance was mainly due to the decline in prices of raw materials, propylene oxide.The company’s overall basic chemical business gross margin was 19.8%, a substantial increase of 7 per year.8 single ones, of which rigid foam polyether business realized revenue7.4 ‰, a decrease of 7 per year.4%, gross profit margin increased by 9.6 up to 18.7%, isopropanolamine business achieved revenue4.40,000 yuan, an increase of 16 in ten years.9%, gross profit margin increased by 3.6 up to 21.6%, the growth of the company’s product gross profit level is mainly in the raw material capillaries to reduce the average price drop in the first half.At the same time, the company accrued inventories, the impairment of fixed assets and intangible assets affected pre-tax profits of about 0.1.3 billion yuan. The trial run of the propylene oxide project was successful, and the company’s performance is expected to usher in an inflection point.Company announcement in 杭州夜网 January 2019, Taixing subsidiary 12 inserts propylene oxide and 2.4 Announced the successful commissioning of the DCP project.The project adopts the new process of CHP co-oxidation method independently developed by the company, which is the first device of this process in China.Epoxy resin is the main raw material of the company’s main product rigid foam combination polyether and alternative alcohol amine. The successful trial production of the project indicates that the company has successfully extended the industrial chain to the upstream raw material field. The construction of the industrial chain has added momentum to the company’s development and opened the future.The development space is conducive to the company’s further expansion of asset scale and overall strength, enhances the company’s competitiveness, and promotes the 无锡桑拿网 sustainable development of the company; at the same time, it will be of great significance to comprehensively implement the national environmental protection policy on internal control measures, promote supply-side reforms, and promote industry development. The DCP project expands the company’s business segment.Taixingji subsidiary has an annual output of 2.4 announced that the first production line of the DCP project is expected to be completed and put into production in 2019. The project is to use the epoxy resin to insert production equipment intermediate products to produce DCP products, which will increase the overall production productivity.The project can bring breakthrough economic benefits to the company in the future, and it is expected that the average annual sales income will be achieved through the project.1 ppm, average annual profit budget1.10,000 yuan.In the course of the industrial chain of epoxy resin-polyether, alcohol amine and derivatives manufactured by the company, the project is beneficial to the extension and development of the PO-related industrial chain and the improvement of the industrial layout, fostering new profit growth points, and promoting the company’s scale and long-term growth.development of. Earnings forecasts and investment advice.We expect the EPS for 2019-2021 to be 0.15 yuan, 0.24 yuan, 0.RMB 30 corresponds to PE of 33X, 20X and 16X, maintaining the “overweight” level. Risk reminder: the risk of large fluctuations in raw material prices; the risk of PO projects being put into production less than expected.

Huafeng Spandex (002064): Huafeng’s new material has strong profitability, and its net profit and revenue have improved significantly after restructuring

Huafeng Spandex (002064): Huafeng’s new material has strong profitability, and its net profit and revenue have improved significantly after restructuring

Incident Huafeng Spandex intends to acquire Huafeng New Materials for 120 trillion, of which the amount of shares paid for the issue is 10.8 billion yuan and shares 26 are issued.

2 billion shares, corresponding to an issue price of 4.

15 yuan / share, the lock-up period is 36 months, and the remaining cash payment consideration is 1.2 billion.

At the same time, the company plans to issue non-public offerings no more than 3.

3.5 billion shares, with raised funds not exceeding 2 billion U.S. dollars, to be used for cash payments in the acquisition.

A brief comment on the strong profitability of Huafeng New Material, the net profit and EPS increase after the merger are significant: Huafeng New Material returned to its parent’s net profit in January, April 18, and April 19, respectively.

8, 14.

9 and 3.

4 trillion, 19, 20 and 21 years forecast net profit is 9.

7.5 billion, 12.

4.5 billion and 14.

1 trillion, the three-year cumulative value of performance commitment is not less than 36.

300 million, an average of 12 per year.

1 ppm corresponds to an estimated 10 times PE.

Huafeng Spandex’s net profit attributable to its mothers in January 17, April 18, and April 19 was 3 respectively.


5 and 1.

700 million.

Huafeng spandex revenue and net profit attributable to mothers in 2018 were 44.

4 yuan and 4.

500 million, 2018 revenue and net profit attributable to mothers 15.1 billion and 19.

400 million, an increase of 241% and 335% respectively.

Huafeng Spandex EPS for 2018 is 0.

27 yuan / share, the number of EPS preparations for 2018 is 0.

45 yuan / share, 66 thicker.


This transaction is estimated at RMB 12 billion compared to Huafeng New Materials 37.

With a net asset of 300 million, the assessment has increased by 82.

7 trillion, value-added income of 222%.

At the same time, the company plans to issue non-public offerings no more than 3.

3.5 billion shares, with raised funds not exceeding 2 billion U.S. dollars, to be used for cash payments in 青岛夜网 the acquisition.

The matching funds raised from the fundraising will be used to pay a cash consideration of US $ 1.2 billion for the transaction, and to pay the intermediary agency fee of 0 for the transaction.

50,000 yuan to supplement the working capital of listed companies2.

500 million yuan to supplement the working company’s liquidity and debt repayment.

Layout of polyurethane upstream and start integration of the industrial chain: Huafeng New Materials and Huafeng Spandex are both in the polyurethane industry, and products fill different areas of the polyurethane industry chain.

Huafeng New Material specializes in the research and development, production and sales of polyurethane dope, polyester polyol and adipic acid.

After years of development, Huafeng New Materials has two major production bases in Wenzhou and Chongqing. The production of polyurethane raw liquid and adipic acid has shifted to the top in the country. Currently, it has produced 42 polyurethane polyurethane raw liquids, 48 adipic acid and 42Production capacity of polyester polyester polyols.

Huafeng’s new raw material polyurethane raw liquid products are sold to more than 20 countries and regions around the world, with a domestic market share of more than 50%; adipic acid products are sold to more than 30 countries and regions around the world, with a domestic market share of more than 30%.An overseas country and region has a perfect sales and service network.Through the acquisition of Huafeng New Materials, it has entered the polyurethane dope manufacturing field in the polyurethane industry and the adipic acid manufacturing field in the basic chemical raw material industry, which has enriched the business types and product lines of listed companies.

The company realized the integration and extension of the industrial chain, increased the polyurethane upstream sector, improved the overall anti-risk capability and fully leveraged the advantages of scale, effectively reduced procurement and production costs, improved operating efficiency, and expanded the overall market share, highlighting the company’s leading advantage in the polyurethane industry.

Under the high operating rate, the cost advantage of adipic acid is outstanding: Huafeng New Material has a net profit margin of 20% in adipic acid business in 2018, and the net profit per ton of adipic acid is 1,000 yuan higher than its peers, mainly based on the company’s industrial chain integration advantages.年 年己二酸开工率高达110%,产品质量高且稳定,规模效应降低己二酸成本,由此重庆地区的能源和人工相对东部地区成本优势显着。
In 2018, the output of adipic acid in Huafeng New Materials was 53 tons, accounting for 35% of China’s 2018 production. At the end of 2019, 20 adipic acid increased production capacity, and the domestic city will account for more than 40%, becoming the absolute domestic adipic acid.Leading, the cost of adipic acid will further decrease, and the company’s planned production capacity will reach 110 inches in the future.

The company’s polyurethane stock solution business has opened up incremental markets, including low-speed tires, 3D printed shoes and polyurethane curing agent track beds. The continuous expansion of the polyurethane stock solution business in the future will further expand the demand for adipic acid, and the company’s development enters a virtuous circle.

Profit forecast: Considering the consolidation of Huafeng New Materials, the company is expected to realize net profit attributable to mothers in 2019, 2020 and 2021. 15

55, 19.

92 and 23.

6.1 billion yuan, EPS 0.

33, 0.

43 and 0.

51 yuan, PE 15X, 12X and 10X, maintaining the “overweight” rating.

Risk Warning: Suspended, terminated or cancelled again.

Monetary Fund continues to write a new chapter: the first batch of floating net worth monetary funds officially approved

Monetary Fund continues to write a new chapter: the first batch of floating net worth monetary funds officially approved
This reporter Wang Mingshan, a trainee reporter, has received news from fund companies one after another on the afternoon of July 12. The floating net worth currency funds that have been declared for issuance have been formally approved. This is also the first batch of floating net value currency funds approved in the public fund industry.”Securities Daily” reporter learned from informed sources that this time a total of 6 floating net worth currency funds belonging to 6 fund companies were approved. Considering the unique attributes of money funds, the merged fund companies have stated that they will not actively promote such funds.Fund products.  ”Securities Daily” reporter noted that the establishment of the last currency fund was August 2017, and it has been nearly two years since then.The new rules on asset management released in April last year clearly stated that only “closed products” can be measured using stall costs, which means that traditional money funds have stopped. Since then, fund companies have reported floating net worth currency funds that meet the requirements. July 12The approval of the first batch of six such funds in Japan also means that money funds have begun to write a new chapter.  Welcome members of the Cargo Foundation family: The first batch of floating net worth Cargo Foundation was officially approved. The number of new products in the public fund market has continued to increase.As of July 12, the number of newly issued funds this year has exceeded 500. These funds have disclosed their “Prospectus” and “Shared Issuance Announcements” since this year. At this rate, the number of newly issued funds is expected to exceed 1,000 this year.only.Before that, only 2016 and 2017 had more than 1,000 new funds, 1202 and 1014 respectively.  Riding on the spring breeze of various funds, floating net worth currency funds have arrived!”Securities Daily” reporter was informed that on July 12, some fund companies have received approval for such currency funds reported by the exchange. Unlike currency funds that are on the market, certain currency funds will use floating net worth to calculate income and will no longerThe IMF’s 7-day return is shared equally.This also means that the new currency funds are no longer “capital- and interest-guaranteed.”  It is clear that in November 2017, the “Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (Consultation Draft)” jointly issued by the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission, and the Foreign Exchange Bureau clearly stated that it is necessary to break the newly cashed, And for the first time made a clear discovery of rigid payment.After that, no new money fund was established in the public fund market, and only a few stock money funds’ B shares, E shares, and F shares appeared.  Since this year, the long-term loose monetary policy has been maintained for a long time, and the inter-bank market interest rate has also shown a downward trend. The main investment target of the monetary fund is the inter-bank market, which has also led to a declining yield of long-term monetary funds.Some people have analyzed and weighed that in order to prevent the risk of crowded payments, the smallest money funds have to lose part of their income, thereby preventing liquidity risks.  The fund raising application form shows that 37 floating net worth cargo foundations are pending approval. When the reporter of the Securities Daily issued a press release, the latest fund raising application was the result of the CSRC’s official website announcement on June 28.The latest 杭州夜网 results show that as of June 28, there were 37 floating net worth currency funds in the pending process: including 26 monetary funds with the name “floating net worth” in their names, and “market value method” in their names.There are 11 monetary funds.  Floating net worth money funds and market value money funds are actually the same type of funds.In June last year, each ICBC Credit Suisse Fund and Ping An UOB Fund each reported a floating net worth currency fund. This is also the first batch of market value currency funds that have been renamed. Some fund companies said: “The name of the floating net worth currency fund is mainly forIt highlights that such funds have the characteristics of fluctuation in net value, no guarantee of principal and interest, and give investors sufficient risk reminders.”Democracy,” a reporter from “Securities Daily” once asked why some fund companies’ related floating net worth currency funds have not been approved for a long time. Some fund companies responded that the regulators have not finalized the size of the investment scope of such currency funds.However, it is clear that the new floating net worth currency fund and the traditional amortized cost method currency fund have significant differences in investment scope and investment ratio, and have different target customers and market positioning.  ”Securities Daily” reporter learned from insiders that the six floating net worth currency funds approved this time are Penghua Fund, Huitianfu Fund, Huabao Fund, Harvest Fund, Huaan Fund and BOC Fund, and reporter CongpengHua Fund and Harvest Fund have verified the approval of some currency funds. The two funds are Penghua Floating Net Worth Launching Money Market Fund and Harvest Fund Floating Net Worth Launching Money Market Fund.  However, a reporter from the Securities Daily learned when confirming the news with multiple fund companies that the fund companies chose to “low-profile” these types of products-they would not take the initiative to promote them, mainly because the scale of some currency funds in the past ushered in explosiveGrowth, as of the end of May this year the scale has reached 7.At 67 trillion yuan, regulators also intend to control the scale of such products through new liquidity regulations and other resets.

Qiaqia Foods (002557): The revenue has been more effective than the accelerated marketing

Qiaqia Foods (002557): The revenue has been more effective than the accelerated marketing

Qiaqia 19Q3 achieved revenue growth of 19% / 38%, brand promotion supported sales volume and structural upgrade, and revenue and profit growth increased slightly.

The focus of the company is clear. Nuts and blue bags have maintained a rapid growth rate. Production optimization and profit improvement have achieved 北京夜生活网 positive circulation.

Equity incentives and marketing increase the company’s vitality both internally and externally and help the company’s strategic planning.

We raised the EPS for 19-20 to 1.

07, 1.

25 (previous time 0.

98, 1.

10) Maintain the level of “Careful Recommendation-A”.

The company’s single Q3 revenue performance increased by 19% / 38%, accelerating from the previous quarter.

The company’s revenue in the first three quarters was 32.

19 trillion, ten years +10.

6%, net profit attributable to mother is 40,000 yuan, +32.

27%, EPS is 0.

79 yuan.

One single Q3 revenue was 12.

32 ppm, +19 a year.

01%; net profit attributable to mother 1.

80 ppm, +37 a year.

79%, EPS is 0.

36 yuan.

Receipts in the third and third quarters increased by 13.

18%, the earlier income growth rate is slightly lower, is expected to have a certain relationship with the expected reform.

The payment of other operating-related cash doubled, which is expected to be related to the expansion of advertising expenses, and the increase in cash expenses has caused at least a reduction in the net cash flow.

High growth supports the upgrade of product structure and sustained performance elasticity.

19Q3 single quarter gross profit margin of 35.

8% (+1.

2pct), mainly due to the amount of nuts and blue bag seeds, especially the daily nuts under the support of building advertising, acceleration of the amount of acceleration will bring a stronger scale effect.

Selling expense ratio 15.

9% (+1.

1 point), management expense ratio 4.

7% is basically flat every year.

The increase in financial income brought by the thickening of cash assets and the decline in asset impairment losses contributed approximately 22 million increments. It is the most important source of performance elasticity, and the net interest rate increased by 2% to 14.


Incentives and unity, marketing is effective.

Facing complex and changing needs and the competitive environment, the company implemented management reforms internally and externally, promoted an enterprising culture, introduced an amoeba management model internally, and promoted all employees’ incentives with BU assessment + performance PK, and promoted talents through public competition.Useful incentives for repurchase (as of October 09, the share repurchase accounted for 0.

25%, price range 22-25 yuan), will further enhance corporate enthusiasm and company cohesion.

Marketing has continued to increase, and the company’s niche cooperation has started. From the perspective of the third quarter, it has a significant role in promoting nuts. It is expected to continue to strengthen the brand and drive sales.

Investment suggestion: focus on core products, achieve effective marketing, strengthen profitability, and maintain the level of “prudent recommendation-A”.The 19Q3 brand and other support structures were upgraded, and the growth rate of revenue and profit expanded and increased.

The focus of the company is clear. Nuts and blue bags have maintained a rapid growth rate. Production optimization and profit improvement have achieved positive circulation.

Equity incentives and marketing increase the company’s vitality both internally and externally and help the company’s strategic planning.
We raised the EPS for 19-20 to 1.

07, 1.

25 (previous time 0.

98, 1.

10) Maintain the level of “Careful Recommendation-A”.

Risk warning: product competition is becoming fierce and the consumption environment is weak

May’s northbound funds may exceed 40 billion yuan with bancassurance plus brokerage spending

May’s northbound funds may exceed 40 billion yuan with bancassurance plus brokerage spending

Wind Information Tuesday (May 21), A shares fluctuated upward, and the Shanghai Composite Index closed up by 1.

23% 都市夜网 recovered 2900 points to 2905.

97 points; SZSE Component Index rose 1.

92% recovered 9,000 points at 9087.

52 points; GEM Index rose 1.

66% reported 1493.

72 points; Wonder A went up by 1.


  As for the sector, the sights bloomed everywhere, with basic metals leading the rise, and the sector as a whole rose by 4.

23%, leisure products and agricultural sectors also performed better, with an increase of more than 3%.

  The market’s profit-making effect rebounded. On the surface, individual stocks rose, with 3,139 individual stocks increasing and 75 stocks’ daily limit. The market’s profit-making effect increased significantly.

  (The picture comes from the “Market sentiment” 910 function of Wind financial terminal). Northbound funds continued to be net-replaced. In May, it has changed over 40 billion U.S. 杭州桑拿网 dollars on Tuesday (May 21). Northbound funds continued to maintain a net-replacement trend, with a net replacement amount of 36 on the day.

85 billion.

  (The picture is from the “Shanghai-Shenzhen-Hong Kong-Hong Kong Stock Connect Express” function of the Wind financial terminal) Actually, according to the data of Shanghai-Shenzhen-Hong Kong Stock Connect’s capital flow data for each trading day since 5 months, except that on the 15th, the northbound funds show a “net inflow” statusThe remaining trading days can be “net reduced”.

Based on this calculation, there has been a net decrease of 425 gradually since May.

21 billion.

  Significant wind data statistics of Beishang Capital’s warehouses show that until recently, the number of A shares of Beishang Fund holders was 1975, with a market value of 942.8 billion yuan.

In terms of wind power secondary industry allocation, the top 5 industries with the highest stock market value held by Lugutong are food and beverage, durable consumer goods and clothing, banking, pharmaceuticals, biotechnology and life sciences, insurance, and the proportion of positions is 21 respectively.

65%, 11.

69%, 8.

82%, 7.

21%, 6.


  From the perspective of the change in the proportion of positions held, foreign overweight brokers, consumer stocks, underweight technology stocks and bancassurance finance.

Wind data shows that since May, the top 5 industries with the largest increase in the shareholding ratio of Luguantong are durable goods and clothing, diversified finance, public utilities, consumer services, software and services, and their growth rates have been 0.

5%, 0.

21%, 0.

18%, 0.

11%, 0.


  In essence, the technical hardware and equipment, banking, insurance, automotive and parts, and real estate sectors were underweighted.

Among them, the proportion of food technology hardware and equipment positions decreased the most, down by 0.


  In terms of increasing holdings, since May, a total of 575 stocks have been increased by Kitakami Capital.

Among them, Yixintang, Green Power, CITIC Construction Investment, Gold Securities, and Nanjing Securities all increased their holdings by more than 1%, and the other 34 stocks added 0%.

5% or more.

  In terms of reductions, since May, a total of 728 stocks have suffered reductions in capital from the north.

Among them, WuXi AppTec, Shanghai Airport, Sofia, Luxiao Technology, Xiangpiao Piao, Philixin, and Renhe Pharmaceuticals all reduced their holdings by more than 1%. In addition, Fuyao Glass, Dashang Co., Ltd., and East China Pharmaceuticals reduced their holdings by 56 stocks.The ratio is at 0.5% or more.

  Regarding the capital movement of Kitakami, the CITIC Securities Research Report stated that considering the expansion of MSCI at the end of May, the exchange of internal currency exchange distance is only one step away. We expect the passive capital allocation and exchange rate to stabilize again at the end of the month.There may be some slowdown.

The current overseas funds are paying special attention to the Chinese market. Overseas institutions are actively studying the A-share target and finding qualified internal investment entrustment agencies. However, until China’s economic recovery is increasingly strengthened, Beijing Capital will continue to wait and see.

Dividing A shares by the MSCI index will not necessarily bring foreign exchange inflows in a short period of time, but once the economic recovery is confirmed, we expect that the capital of Northbound will resume its transfer. At this point, we need to wait patiently.

Po Laiya (603605): Platform-type beauty faucet grows rapidly

Po Laiya (603605): Platform-type beauty faucet grows rapidly

The company’s recent situation Polaya is one of the national beauty products leading companies, reorganized, benefiting from the continuous development of e-commerce channels, performance has achieved rapid growth.

The company has a good ability to build explosives and new media marketing capabilities, helping to sustain the growth of performance and high certainty; at the same time, the platform-type organizational structure helps the company to efficiently expand new brands and improve the multi-brand matrix.

We are optimistic about the company’s development prospects as a platform-based diversified beauty leader.

  Comment 1武汉夜网论坛. Endogenous growth: continuous explosive money creation and new marketing strategies to help sustainable, high-definition growth.

① Product side: Relying on strong R & D capabilities, flexible supply chain quick response capabilities, and effective consumer insights, the company successfully hatched Po Laiya Black Sea Salt Bubble Mask, Nicotinamide Essence, Print Color Baha Foundation, etc.The product and the ability to create explosive models have been continuously proven.

We believe that the subsequent replication and extension of this ability is expected to promote sustained and rapid growth in sales; ② Marketing: Po Laiya is one of the domestic brands. Earlier grasp of Xiaohongshu, Douyin, KOL with goods, live e-commerce and other newThe rising trend of media marketing, companies that achieve precise drainage and efficient 深圳桑拿网 conversion.

The company’s self-built e-commerce team cooperates closely with external MCN agencies and content marketing agencies to jointly promote the rejuvenation of the brand and the upgrade of the tone, injecting momentum into the growth of performance.

  2. Outward Expansion: The platform-type organizational structure helps the company improve its diverse beauty ecosystem.

  ① Horizontal expansion: The company has perfected the multi-brand matrix through external shareholding, holding, joint venture and other models. At present, it has successfully dated the anti-aging skincare brand Singuladerm through the joint venture to enter the anti-aging market; investing in the cosmetics brand Caitang to strengthen the capacity of the cosmetics sector, and follow-upEliminate the possibility of further extensions; ② Initial expansion: through equity participation in MCN institutions and other ecologically-capable companies, strengthen the competitiveness of brand marketing and content production, and achieve leapfrog development.

  3. Re-optimistic about the development prospects of the company’s growth into a platform-based diversified beauty leader.

Clear growth ideas: In the short term, benefiting from new product launches, explosive models and new marketing strategies, e-commerce channels help maintain rapid growth.

In the medium and long term, the development of new categories such as makeup and essence, as well as the improvement of the multi-brand matrix, will gradually form incremental contributions.

We are optimistic about the company’s growth prospects as a multi-brand, multi-category, omnichannel platform beauty group.

  Estimates suggest that we maintain our earnings forecasts.

Currently corresponding to 2020e44xP / E.

Maintain Outperform rating, but based on the continuous rapid growth trend and estimated conversion of performance, raise the target price by 18% to 130 yuan, corresponding to 2021e 38P / E, with 14% growth space.

  Competition in the risk industry continues to intensify; the severity of the outbreak has exceeded expectations.

Help your heart achieve New Year’s wishes

Help your heart achieve New Year’s wishes
Top Expert: Xu Dingli, Chief Physician, Cardiovascular Department, Nanfang Hospital, Southern Medical University, Happy New Year!I am your closest old friend-Heart.You have worked hard in the past year.In life, in the workplace, I wonder if my performance is satisfactory to you?In the new year, you must have a wish, ready to sail.As a comrade in arms, I will continue to be your strongest backing.However, in order to better cooperate with you, please also help me realize a few New Year’s wishes, and in the upcoming 2020, let me give you stronger support.Walking 6,000 steps a day is life, and I like sports.But in the past year, you really haven’t been sitting in the office for a long time, and you haven’t been playing TV or computer in front of your computer or playing games. If you don’t pay attention to activities, I will become “lazy”.Sedentary reduced the amount of blood flowing to the veins and arteries, making my blood circulation worse and my heart function weakened.Doctors say sedentary is equivalent to “chronic suicide.” Scientists say sitting less than 3 hours a day can extend life by 2 years.So sit or move. Do you know how to choose?Definitely who you are, age, physique, please remember to move.In addition to young people to strengthen sports, 45?64 years of age is also a critical period to enhance heart function.Therefore, people must exercise more when they are middle-aged, so that I can restore my vitality. When I am young, you will also be young.Walking is the best aerobic exercise that can reduce the risk of sexual crime by 10%.Aerobic exercises such as jogging, skipping, cycling and swimming can enhance my oxygen carrying capacity.It is recommended that you walk more than 6000 steps a day and exercise at least 3 times a week?5 days at 30 each time?60 minutes, combining aerobic exercise, resistance exercise, flexibility training, balance training to control exercise intensity within a safe range.Heart rate changes are often recorded in my chest. If I want to know if I have abnormal activity, I can’t do it with the naked eye or “perception”. At this time, an electrocardiogram is used.ECG is used to check the electrical activity of the heart. It can be used to diagnose arrhythmia, premature beats and acute myocardial infarction.However, this inspection method is also inadequate. If I feel uncomfortable but do not have an attack, the machine cannot capture it and it is easy to miss diagnosis.Compared with ordinary ECG, dynamic ECG can be monitored continuously for 24 hours, with higher detection rate and accuracy.Of course, the color Doppler ultrasound of the heart is more powerful, which is equivalent to the “perspective eyes” of Doctor Doppler ultrasound. You can see the size, internal structure, and movement of the heart without opening the chest.Coronary angiography is the “gold standard” in the diagnosis of coronary heart disease. Of course, I still hope you will not use this.Everyday, I suggest you make a health record for me.You can keep a sphygmomanometer at home and monitor your heart rate for blood pressure.Heart disease in healthy adults 60?100 times / minute, most of them are 60?80 beats per minute, slightly faster for women and slower for older people.Too fast and too slow are not good and require further inspection.What symptoms appear to do an electrocardiogram?Excessive sweating for unknown reasons, sudden vomiting, pressure on fractures, compression and tightness, etc., sudden and temporary fainting or loss of consciousness, and natural recovery. These conditions should be checked immediately after the occurrence of ECGAnd combined with chest radiography, CT and other diagnosis.I remember measuring blood pressure every week. Although I am a hollow pump, I beat about 100,000 times a day, and I beat about 3 billion times in my life. It is a very suitable organ in the human body.To ensure my normal operation, it is recommended that you know my “rhythm” every week.In the case of hypertension, the pressure of the arterial blood vessels is too high, and the cholesterol in the blood will take the opportunity to enter the wall of the blood vessels, and gradually build up, forming atheromatous plaques, which will cause the coronary arteries to gradually shrink and the spiral arteries, which is coronary heart disease.Sudden rupture of these plaques will cause blood clots, which affected my blood transfusion to myocardial tissue, so myocardial ischemia and necrosis occurred, and myocardial infarction occurred.Studies at home and abroad have confirmed that the risk of heart disease in patients with hypertension will increase significantly in the future.Therefore, it is especially important to prevent and actively treat hypertension to avoid harm to the heart.If you have any symptoms, regular blood pressure measurement is necessary.Patients who have high blood pressure, measure their blood pressure 2 every day?Three times, after waking up in the morning, before noon and at night.So what kind of “rhythm” is safe?According to national authoritative organizations, normal blood pressure: systolic blood pressure <130 mm Hg, diastolic blood pressure <80 mm Hg; ideal blood pressure: systolic blood pressure <120 mm Hg, diastolic 武汉夜生活网 blood pressure <80 mm Hg.I wash my teeth every year. Some people have "difficult to say." I can't.Although the oral cavity and the heart are relatively far away, they are inextricably linked.For example, if streptococcus and periodontal pathogens in the oral cavity enter the blood vessels through the wound of the oral cavity, and promote the production of platelet-like gelatinous proteins, which are attached to the wall of the coronary arteries, they may gradually cause atherosclerosis of the coronary vessels.Over time, it develops into coronary heart disease, which is well known.For another example, people with rheumatic heart disease or congenital heart disease have disordered blood flow due to valvular disease or abnormal heart structure, and abnormal blood flow erosion caused endocardial damage, creating conditions for 武汉夜网论坛 bacterial adhesion, makingOral bacteria are more likely to cause heart damage.After eating, you can use dental floss to remove food residues between the teeth, and rinse your mouth with warm water or saline.Keep the habit of brushing your teeth after each meal, no less than 3 minutes at a time.Every year, try to wash your teeth thoroughly at a professional dental institution.Elderly people wearing dentures should clean their dentures regularly every day, and they must be removed and soaked before going to bed.Taking medicine should not be too capricious.After a person becomes ill, they may eat some drugs with cardiotoxicity, which will cause “poisoning” of the myocardium, cause myocardial damage, produce arrhythmia, abnormal contraction or diastolic function, abnormal conduction function, and even heart disease such as myocardial hypertrophy or enlarged heart.I hope that in the new year, you can take the medicine on time according to the treatment plan formulated by your doctor. Do not reduce or discontinue the medicine yourself, and do not take other medicines by yourself. Before using multiple medicines in combination, please consult the rational drug clinic and pharmacist.In particular, pay attention to the ingredients when taking certain proprietary Chinese medicines to avoid adverse reactions, such as aconitine, tripterygium, toad, etc., which are all toxic to the heart.Follow up regularly and consult a doctor for professional advice to ensure the efficacy of the drug and avoid drug damage.Quit smoking and drinking as much as possible. Drinking alcohol is not harmful. Among them, the organ most affected by it is me.Tobacco can speed up the heartbeat, vasospasm, and increase the risk of heart attack.If you smoke for a long time, myocardial tissue will gradually age and become necrotic due to hypoxia.Long-term drinking will consume a large amount of vitamin B1, causing vitamin B1 deficiency, etc. Alcohol and its metabolites have a direct toxic effect on the myocardium, leading to irreversible myocardial damage.Patients with alcoholic cardiomyopathy will have an enlarged heart in the early stage, and then gradually develop atrial fibrillation and arrhythmia. In the later stage, they also have symptoms of congestive heart failure such as edema.New research confirms that functional drinks can also adversely affect the contractile function of the heart muscle.People with a bad heart are better off staying away from these things, even if they drink.The Spring Festival is approaching. For the health of you and your family, you are advised not to smoke at the party, drink less during the party, and try not to drink liquor or spirits.People with a bad heart drink as little alcohol as possible. People who have shown signs of atrial fibrillation, arrhythmia, or heart failure should stop smoking and drinking completely.Avoid being too tired and sad. Every time you breathe into your lungs, every time you lose your love and sorrow, and stay up late every night, “Cultivation of immortals”, I am by your side, silent.But you may not know that when you do these things, I am under tremendous pressure, my heart rate is increasing sharply, it is extremely irregular, and I even feel near death.Not only that, when you feel lonely, sad, depressed, out of control, arrhythmia, acute heart disease, etc. may find me quietly.On the contrary, optimism has many benefits for the body.Experts have found that optimists have a 35% lower cardiovascular event and a 14% lower risk of all-cause death. Optimism can also improve heart health by improving metabolism and reducing inflammation.In the new year, I want to persuade you to be happy, do your best work, improve efficiency, and do not always work overtime and stay up late.When you are unhappy, talk to friends and family instead of carrying it alone.Can not help but cry a lot, to buy some favorite gifts to spoil yourself.During leisure time, listen to music and watch movies, when you have serious psychological problems, remember to ask a professional doctor in time.(Gao Yang)

Vanke A (000002): Stable foundation and multiple potentials

Vanke A (000002): Stable foundation and multiple potentials

The company achieved operating income of 2976 in 2018.

80,000 yuan, an annual increase of 22.

6%; net profit attributable to mother is 337.

7 ppm, an increase of 20 in ten years.

4%; EPS3.

06 yuan.

Settlement volume and price went up, and performance grew steadily.

The company’s gross profit margin increased significantly, but the profit growth rate was slightly lower than the revenue mainly due to: the company’s management and control costs increased; the proportion of profit and loss of minority shareholders in the current settlement project increased; 23 was withdrawn.

100 million inventory depreciation reserve.

Looking forward to 2019, the company’s volume of completion will increase by 11 compared with the actual completion scale in 2018.

6%, the combined company currently has 5307 outstanding resources sold.

1 million, we believe that the company will continue to maintain volume and price settlement performance in 2019.

The sales scale reached a new high.

The initial sales amount was 6069.

500 million, an increase of 14 in ten years.

5%, market share further increased4.

05%, the sales amount in 24 cities ranked first in the local area.

In terms of regional structure, sales in the Shanghai and Midwest regions have been significantly strengthened.

The company has rich saleable resources. It reached a new start-up plan in 1919, reaching 36.09 million square meters. The excellent management ability since the company ‘s history has been fully demonstrated. Whether in the industry adjustment period or the growth period, the company can achieve continuous growth at its own pace.In 19 years, it will continue to maintain the rank of leader and maintain scale growth.

Take the time to judge the situation and wait for the opportunity to expand.

The initial amount of land is 2960.

400 million, an annual increase of 3.

1%, the proportion of land acquisition amount to sales amount reached 48.


Regionally, the second-tier land acquisition scale has been significantly strengthened, and the proportion of land acquisition equity has increased to replace 56.


Although the amount of land taken in the first two months of 19 years has dropped continuously for 18 years.

8%, but led all real estate enterprises.

On the whole, the company’s abundant capital has helped the company’s land market in first-tier cities wait for machine expansion.

The reported benchmark leverage level has increased, but the increase 武汉夜生活网 in financing costs has not exceeded 5%.

At present, the company has a reasonable debt structure and abundant funding channels. Under the environment of continued loose liquidity this year, the company, as a leading real estate enterprise, will fully benefit from the loose expansion of the credit market.

The multi-industry integration is vertical and horizontal, helping the company’s development.

Logistics real estate: covering e-commerce, express delivery, manufacturing, catering, retail super, and other fields, has become a leading domestic logistics service provider.

Commercial real estate: The company manages more than 210 commercial projects with a total construction area of over 13 million square meters.

Long-term rental apartments: The mooring business has covered 35 major cities, gradually opening more than 60,000 units, and the average occupancy rate of projects that have been open for more than 6 months is about 92%.

Property services: According to the reported amount, Vanke Property realized operating income of 98.

0 million yuan, an increase of 33 in ten years.

0%. Earnings forecast and investment rating: The company is expected to EPS3 in 2019-2020.

63 yuan and 4.

26 yuan, maintained to “Buy” rating.