Kyushutsu (600998) 2019 Third Quarterly Report Review: 19Q3 Results Meet Expectations Non-Net Profits Maintain Rapid Growth

Kyushutsu (600998) 2019 Third Quarterly Report Review: 19Q3 Results Meet Expectations Non-Net Profits Maintain Rapid Growth

Company dynamics The company released the third quarter report of 2019.

Matter Comments The overall performance of the first three quarters of 19 was in line with expectations. The company achieved operating income of 733 in the first half of 2019.

7.9 billion, an annual growth of 15.

11%; realized net profit of return to mother 10.

1.9 billion, an annual increase of 32.

05%; realized deduction of non-net profit 8.

6.2 billion, an annual increase of 26.


By quarter, the company achieved operating income of 249 in the third quarter of 2019.

500,000 yuan, an annual increase of 17.

15%; achieve net profit attributable to mother 2.

7.5 billion, an increase of 17 per year.

37%; net profit deducted from non-attributed mothers2.

4.5 billion, an annual increase of 26.

72%, the overall performance was in line with expectations, and the net profit after deducting non-attribution to mothers continued to grow rapidly in 19Q3.

The company announced in August 19 that it plans to repurchase part of the company’s shares through centralized bidding transactions. The size of the repurchased funds does not exceed RMB 600 million. The repurchased shares will be used for company mergers and core backbones to implement distribution incentive plans.The company’s confidence in future development prospects.

As of the end of September, the company gradually repurchased 3,976.

870,000 shares, the paid amount is 5.

5 billion yuan.

The increase in net sales margin improved the company’s gross profit margin for the first three quarters of 2019 to 8.

22%, 0 per year.

07 averages; net sales margin is 1.

40%, a year to raise 0.

18 averages.

Company expenses during the first three quarters of 20196.

38%, an increase of 0 every year.

03 budgets, including financial cost budget1.

27%, an increase of 0 every year.

31 shareholders, considering that the company’s submission of the “approval of the company’s non-public issuance of preferred shares” has been reviewed by the Securities and Futures Commission in October 2019, and the company’s fourth quarterly meeting is held to clear the accounts receivable.Will initially stabilize.

The company’s net cash flow from operating activities in the first three quarters of 2019 was -27.

1.1 billion yuan, -42 from the same period 杭州桑拿网 last year.

The significant improvement of USD 2.6 billion was mainly due to the company’s effective control of hospital sales during the accounting period, increased efforts to clear accounts receivable, and increased returns.

From the perspective of the discrete business of the wholesale business, which continues to grow rapidly: 1) Pharmaceutical wholesale and related businesses achieved revenue of 707 in the first three quarters of 19 years.

38 trillion, an annual increase of 15.

75%, continuing the rapid revenue growth in the first half of the year; 2) Pharmaceutical retail business achieved revenue in the first three quarters of 1913.

5.7 billion, down 6 every year.

41%, which is mainly due to factors such as the adjustment of the business strategy of the good pharmacist’s online business and the continuous promotion of business transformation; 3) The pharmaceutical industry business achieved revenue in the first three quarters of 1911.

US $ 0.5 billion, an annual increase of 4.80%.

In general, the company’s main business basically continued the half-year growth rate in the first half of the year. The core business of pharmaceutical wholesale and related businesses has gradually digested the interaction of the full implementation of the “two-vote system”.Quickly picking up, the elderly improve the company’s overall operating quality.

The revenue of the Chinese and Western patented medicine business grew steadily, and the device business continued to grow at a high speed. Views: 1) The Chinese and Western patented medicine business achieved revenue of 568 in the first three quarters of 19

9.4 billion, an annual increase of 12.

87%; 2) Chinese herbal medicines and Chinese medicine decoction pieces business realized revenue 25 in the first three quarters of 19 years.

6.2 billion, an annual increase of 5.

79%; 3) The medical device and family planning business achieved revenue 113 in the first three quarters of 19 years.

310,000 yuan, an annual increase of 44.

40%; 4) Consumer goods business achieved revenue in the first three quarters of 1924.

1.2 billion, a decrease of 17 per year.


In general, the company’s core business has achieved steady growth in the revenue of Chinese and Western medicines, and high-margin medical equipment and family planning supplies have maintained rapid revenue growth, driving the company’s profit side to increase and increase.

Risk reminder: two-vote system, pharmaceutical bidding, price reduction, and other industry policy risks; medical institutions’ sales are less than expected risks; accounts receivable account terms are extended; risk investment recommendations are maintained for the next six months; maintaining a “cautious increase” rating;Stock returns to 0.

88, 1.

06 yuan, with a closing price of 14 on October 21.

15 yuan calculation, dynamic PE is 16 respectively.

15 times and 13.

38 times.

We believe that, as a national pharmaceutical business leader, it has competitive advantages such as wide marketing network coverage and complete supporting pharmaceutical logistics centers. It continuously enjoys policy dividends under the policy background of “two-vote system” and tiered diagnosis and treatment, while expanding new customersThe growth of strengthened customers provides a driving force for the company’s continued growth.

In the next six months, we will maintain a “cautious increase” rating.

Can’t sleep well, blood vessels suffer

Can’t sleep well, blood vessels suffer
Junior expert: Yu Canqing, associate professor of the Department of Epidemiology and Health Statistics, School of Public Health, Peking University Sleep is an important way for people to recover their mental and physical strength. The quality of sleep at night directly affects mood and physical health.Recently, a new study by Professor Li Liming’s team at the School of Public Health of Peking University was published in the American Journal of Neurology. According to a large-scale study of 500,000 people in China that stretched for more than 10 years, insomnia and even torturePhysiology is also an independent risk factor for cardiovascular disease.  One of the researchers, Yu Canqing, an associate professor in the Department of Epidemiology and Health Statistics, School of Public Health, Peking University, said that the analysis of this study showed that the average ranking was 9.During the 6-year period, Chinese adults with early insomnia, difficulty falling asleep or difficulty in maintaining sleep, daytime sleepiness, and other symptoms of insomnia at least 3 days per week had a risk of cardiovascular disease of 7%, 9%, and 13%.The more symptoms of insomnia, the higher the risk of cardiovascular and cerebrovascular diseases.Compared with people who have no symptoms of insomnia, those with 1, 2, or 3 symptoms of insomnia have an increased risk of cardiovascular disease by 7%, 10%, and 18%, respectively.Furthermore, people with symptoms of insomnia have a significantly increased risk of myocardial infarction, stroke (stroke) or other cardiovascular and cerebrovascular diseases.Although the incidence of insomnia is higher in the elderly, studies have found a stronger association between insomnia and cardiovascular risk in young people.In addition, insomnia is also very harmful to people who did not have high blood pressure before.  Yu Canqing said that insomnia has become a common problem in modern life. Some people have active insomnia and some have passive insomnia.Whether it is active or passive, long-term sleep poor or stay up late, the biological rhythm will be disrupted.Lack of sleep will further cause sympathetic nerve excitement, increase the secretion of catecholamines in the human body, promote metabolic reactions, lead to the occurrence and development of cardiovascular diseases such as hypertension, coronary heart disease, heart failure and arrhythmia, and increase the incidence of related cardiovascular events.Incidence.Therefore, patients with insomnia should take clinical intervention measures as early as possible to reduce their damage to the body and the occurrence of various cardiovascular events.  Cardiovascular diseases caused by insomnia will be recurrent and even worse for patients with existing cardiovascular diseases. In the long run, persistent hypertension 无锡桑拿网 will damage the heart and brain, increase the burden on the left ventricle, cause myocardial hypertrophy, and enlargement of the heart.Dyspnea and other symptoms of cardiac insufficiency.It can be seen that both healthy people and patients with cardiovascular disease need to ensure adequate sleep.  7 hours is the ideal sleep. If the sleep time is not reached or the sleep quality is poor, Yu Canqing suggests that you can adjust your life habits.First, improve bad bedtime habits.Do activities that allow you to relax about an hour before bedtime, but avoid using electronic equipment or exercise, and go to bed when you feel sleepy.If you can’t fall asleep in bed for 20 minutes, you should leave the bedroom and do some simple activities, and then sleep when you are sleepy. Do not do anything unrelated to sleep in bed.Basically, 天津夜网 regardless of how short the previous night’s sleep was, you should keep up at regular intervals.Finally, if the normal life is still ineffective and there is a long-term problem with sleep, you must go to the relevant department of the authoritative hospital to undergo a comprehensive examination from the distance, brake early for treatment, and do not abuse drugs.(Reporter Gao Jiayue)

Placco (603566) Commentary Report: Poultry vaccines will be researched and promoted in next city

Placco (603566) Commentary Report: Poultry vaccines will be researched and promoted in next city

On October 31, the company announced that it had successfully acquired a 50% equity interest in Nanjing Melia held by Qian Yuanhao, and intended to transfer 50% equity of Nanjing Melia obtained by China Marine Bio from the French Melia office. The company will hold 100% of Nanjing MeliaEquity, also known as “Plaike (Nanjing) Biotechnology Co., Ltd.”.

Operational analysis In the context of the high prosperity of the poultry industry, the company will cut into the largest bird flu product avian influenza (H5 + H7) vaccine market; the Nanjing Merial company acquired by the company owns highly pathogenic avian influenza (H5 + H7) vaccine productsThe production qualification will cooperate with the company’s rich product structure. The highly pathogenic 北京体验网 avian influenza (H5 + H7) vaccine is the largest single category in the market. In 2019, the government will exempt the highly pathogenic avian influenza bivalent inactivated vaccine.Changed to a trivalent inactivated vaccine. According to the bidding purchase price this year, the increase in the price range of the new vaccine will also lead to the expansion and expansion of the bird flu vaccine market. Under the current high boom cycle of the poultry industry, the poultry marketWith the rise in volume and price, the company will fully benefit.

High R & D investment creates multi-product transformation. The company will be committed to the upgrading of highly pathogenic avian influenza (H5 + H7) vaccines from whole virus vaccines to genetically engineered vaccines. The company is one of the few companies with independent research and development capabilities in the veterinary medicine industry.In the first half of 2019, the company’s R & D promotion accounted for Dada.

21%, ranking first in the industry; Currently, according to the National Veterinary Medicine Basic Database, a total of 11 manufacturers of avian trivalent vaccines have initiated inactivated vaccines. The company will use its next-generation genetically engineered vaccine technology to upgrade bird flu vaccines toGenetically engineered vaccines give full play to their technological advantages and maintain their leading position in the poultry market vaccine direction.

Possessing the largest single breed vaccine in the market for livestock and poultry vaccines, and realizing the layout of the entire industry chain; the single species with the largest scale in the poultry vaccine market is highly pathogenic avian influenza (H5 + H7) vaccine, and the single species in the largest market for poultry vaccinesFoot-and-mouth disease vaccine has been accumulated by the company in the past two years. It has initially captured two major species in the industry. The pig pseudorabies gE gene deletion inactivated vaccine is still to be marketed. At the same time, the company’s advanced genetic engineering vaccine research and development technology platform fully supports the research and development of non-pest vaccineIt is expected to further expand the wide product matrix through its R & D platform in the future.

Investment suggestion: The company has high R & D investment + multi-product layout, and continues to be optimistic about the company’s future R & D achievements. Without counting the replacement of currently unlisted products, the company will be given 0 EPS in 2019-2021.



61 yuan / share, corresponding to a PE of 53/44/39 times. Maintain “Buy” rating.

Risks suggest fluctuations in the downstream breeding industry, risks of epidemics, risks of new product sales falling short of expectations, and increased market competition, risks of changes in government bidding and procurement policies, merger and acquisition integration risks, and brain drain risks.

Where is the safe haven in Europe and the United States?

International asset management giant-Masukura A shares

Where is the safe haven in Europe and the United States?

International asset management giant: Masukura A shares

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  The new crown pneumonia epidemic has spread in many countries, the European and American stock markets have been hit hard, and various risk assets have also been sold off frequently!

  Dare to ask at this time, where should the hedge funds go?

  Recently, the global trillion-level asset management giants BlackRock, UBS, Fidelity, and Invesco have all yelled: It’s time to increase A shares!

  With the downturn in the external market, A shares show a different kind of attractiveness.

Today, the three major A-share stock indexes opened higher. The GEM index rose nearly 2%, and the energy and Internet sectors led the gains.

  Hazardous asset differentiation is intensifying. At present, the world has entered a hedging mode. The panic index VIX has surged by 63% in two days, reaching the level at the end of 2018, which means that market worries have sharply increased.

  US stocks have plummeted for two consecutive days this week. The Dow has gradually fallen by more than 1900 points over the past two days. Over 60% of the S & P 500 stocks have fallen into the consolidation range.

The three major US stock indexes out of the inverted V market on Wednesday. The Dow once rose more than 460 points and then fell.

Finally closed on Wednesday, the Dow was reported at 26957.

59 points, a decrease of 0.

46%; the S & P 500 is down 11.

82 points, a decrease of 0.

38%; Nasdaq reported 8980.

78 points, an increase of 0.


  In essence, the performance of hedge assets is differentiated.

In recent days, the price of spot gold and palladium has rebounded, and the price of gold breaks through the $ 1,650 mark.

However, affected by investors’ profit-taking operations, the international gold price fell sharply on Tuesday.

  Relatively speaking, the safe-haven nature of U.S. Treasury bonds is prominent, and prices continue to grow.


  The once-haven safe-haven yen has been overshadowed for days.

“But the yen-dollar-dollar exchange rate since last Thursday has fallen from a year low of 112.

22 rebounded to 110.

43, a large number of financial institutions still believe that the current yen no longer has the nature of a safe-haven currency.

“JPMorgan Chase analyst Benjamin Shatil said.

  The global hedging situation will continue.

UBS believes that if the epidemic can be consistent around the end of the first quarter, the price of gold will be around $ 1,650 in June and will remain at $ 1,600 until March next year.

However, once the epidemic spreads globally, the price of gold will not be ruled out to rise to $ 1,700 to $ 1,800.

  The international 武汉夜网论坛 asset management giants are unanimously unanimously: China is now being added, and the addition of Chinese stocks has become the unified pace of the international asset management predators.

  Ben Powell, chief investment strategist for the Asia-Pacific region of BlackRock, one of the world’s largest asset management agencies, said in an interview with the media that adding the Chinese market is of strategic significance.

In view of the easing of long-term policy stances in emerging markets and the slowdown in the rise of the US dollar, BlackRock thinks of 2020 to be more bullish on emerging market stocks and bonds with relatively higher returns.

  As far as A-shares are concerned, they experienced a large increase in the fourth quarter of last year, and have recently been affected by the epidemic.

BlackRock has always expressed its long-term optimism on the Chinese market.

“China’s capital market has a large scale, liquidity transfers, and relative errors in the correlation with other total assets. Coupled with the opening up of the Chinese capital market, it is easier for international investors to enter the Chinese market.

“Kristina Hooper, Invesco’s chief global market strategist, said that the current market environment has created some investment opportunities.The impact of the epidemic on China’s economy is short-lived, and supportive policies can take a buffer to determine the direction of risky assets.

China has implemented a proactive fiscal policy and a flexible and stable monetary policy, and the rate of resumption of work is rising.

As China’s economy continues to improve, its stocks will usher in attractive buying opportunities.

  UBS Global Wealth Management also advises its high net worth clients to take advantage of this opportunity to increase their holdings of Chinese stocks.

“We continue to be bullish on emerging market equities and believe that the recent decline in MSCI Asia (except Japan) has created attractive long-term entry opportunities.

“Public information shows that UBS Global Wealth Management Corporation manages about two.

With US $ 6 trillion in assets, Invesco Group manages globally1.

$ 2 trillion in assets; as of the end of 2019, BlackRock (BLK.

N) Assets under management reach 7.

$ 43 trillion.

  Edit: Yan Jian

Shouting light up the bullets, but Bin also put forward the latest point

Shouting “light up the bullets”, but Bin also put forward the latest point
Original title: Dan Bin shouting “light up the bullet”, and put forward the latest point . A shares continued to strengthen after a brief tremor!The Shanghai Composite Index once again stood at 2950 points today.  On the first trading day after the holiday, Dan Bin, chairman of Oriental Harbor, who shouted “burn the bullets,” continued to be bullish on the market outlook.He believes that the epidemic will bring a short-term impact, but in the context of policy protection and industrial upgrading, the market trend of capital markets with value stocks and growth stocks will not change.  However, Bin believes that the stock market has gradually returned to normal after a week or so of oscillation. Calibration judgments, in the context of policy protection and industrial upgrading, the market trend of capital markets with value stocks and growth stocks will not change.  In the specific sector, Oriental Harbor believes that new energy vehicles, online education and other industries will enter a period of concentrated outbreak.Among them, new energy vehicles will be a real first year in 2020, and will break out this year, driving revolutionary changes in new energy vehicles in series.  The advent of 5G will provide more space for online medical care, online education, cloud games, etc., and transform the entire society towards the direction of more economical efficiency and better services.The release was affected by the continued fermentation of the epidemic during the Spring Festival, including online entertainment in games and short videos.Data show that the day before New Year’s Eve of a certain game was as high as 2 billion.  ”Actually, the occurrence of this epidemic has a great impact on our investment logic. We may still choose industries and companies that can cross the cycle, especially every Internet technology, medicine, and new energy vehicle sector that are more concerned, orWill lead to subversive changes in the industry or even change the times.Under the epidemic, these industries have instead become beneficiaries.”But Bin said.  Dongfang Harbor is also optimistic about consumption, pig cycle and infrastructure.However, Bin believes that the consumer sector that is currently generally focused on, taking the high-end liquor industry as an example, has been less affected by the epidemic, but has increased brand concentration.Among the basic industries, the steel and cement sectors are relatively optimistic. In the future, the country may start favorable policies such as infrastructure construction. Leading companies deserve special attention.  In the large financial sector, Oriental Harbour has doubts about the securities firms, banks and other industries and is relatively optimistic about the insurance industry.But Bin said that the brokerage industry, even in the past few decades, had a good return on US stocks, but it only concentrated on four or five companies, and there were more than 130 brokerage companies in China. Whether they could achieve the concentration of several leading brokerage companies is still facing uncertaintySexuality.  Although the banking sector seems to be estimated to be very low, the characteristics of its leveraged business model still need to be observed.Many banks and brokerage industries are more optimistic about the insurance industry, especially after the epidemic, they will raise everyone’s insurance awareness to a certain extent, and there may be better results in the future.  According to the economic indicators under the influence of the epidemic, it is expected that the real estate industry will introduce favorable policies and 杭州夜网论坛 focus on leading enterprises.The chip industry that is receiving market attention is currently estimated to be particularly high and needs to pay attention to risks.  Oriental Harbor is also optimistic about the expected additional home appliance sector, and some leading companies are very competitive; at the same time, medical test, blockchain, smart home, new energy batteries, and environmental protection and other sub-sectors in key areas can also focusFollow its leading companies.  But Bin also said that the market changes after the epidemic should be considered from a far-off point of view.It is not ruled out that some industries that can recover quickly after the epidemic may have the opportunity to report a renaissance rebound. Therefore, in addition to paying attention to the changes in the industry and enterprises in the 武汉夜生活网 epidemic, focus on the changes after the epidemic.

Depth-Company-Changshu Bank (601128): Profit continues to grow rapidly, asset quality is stable and sound

Depth * Company * Changshu Bank (601128): Profit continues to grow rapidly and asset quality is stable and sound

Although the expected profit and revenue growth of Changshu Bank have fluctuated slightly, the overall growth has maintained rapid growth, in line with our expectations.

In terms of interest spreads, it is expected that due to the impact of the LPR reform in the fourth quarter, it will face some pressure to narrow, but the company’s active adjustment of its credit structure will help to hedge the impact.

Changshu Bank’s NPL ratio continued to remain low, and its provision continued to lead its peers.

As a rural commercial bank featuring small and micro businesses, the company has gradually explored a distinctive risk management model for small and micro businesses, maintaining its Buy rating.

  The main points of the official rating continued to grow rapidly. It is expected that the profit margin of Changshu Bank will continue to increase rapidly in the fourth quarter under pressure, which is in line with our expectations, but the growth rate is slightly smaller than the previous three quarters.

Among them, the net profit in 2019 increased by 20 in ten 杭州夜网论坛 years.

7%, a faster growth rate than the first three quarters (+22.

4%) down about 1.

7 units.

Revenue increased by 10 at the beginning of ten years.

8%, same as the first three quarters (+11.

9%) a small value of 1.

1 unit.

The growth rate of net profit is close to the double growth of revenue and revenue, which is expected to be related to the positive support of factors such as the reduction of the provision for the company in 19 years.

Know that the company’s scale expansion accelerated in the fourth quarter, surpassing value-added10.

7% (vs3 quarter +8.

31%), an increase of 3 from the previous quarter.

38%, we expect the company’s revenue growth rate to increase, mainly due to the price factor has caused a certain drag on the growth of net interest income.

Affected by the LPR reform on the asset-side rate of return, the company ‘s interest margin in the fourth quarter may have slightly decreased.

  Credit assets continued to lean toward retail, and the asset quality was stable. The company’s negative capital value maintained a rapid growth overall, of which loans increased by 18% from the same period last month.

5% / 2.

31%, deposits increased by 19.

1% / 0.


Structurally, the allocation of corporate credit assets continued to tilt toward retail. The proportion of personal loans and personal business loans (included in personal loans) increased by 2 in the third quarter from the previous quarter.

37% and 1.

10% to 53.

8% / 34.

6%, an increase of 2 earlier.


83 tiers are good for the company’s asset-side income to remain stable.

In terms of asset quality, the company’s NPL ratio continued to remain at zero.

A low of 96%, unchanged from the third quarter in the third quarter; provision coverage increased by 14 quarter-on-quarter.

2 up to 481.

3%, the provision level continues to be at the leading level in the industry, and the company’s asset quality is stable and worry-free.

  It is estimated that as a rural commercial bank featuring small and micro businesses, the company has gradually explored a distinctive risk management model for small and micro businesses. We maintain Changshu Bank’s 20/21 net profit growth rate of 20%.

5% / 21.

4% forecast, currently the PE corresponding to 2020/21 is 10.1x / 8.

31x, PB is 1.

36x / 1.

24x, maintain BUY rating.

  The main risks facing ratings The economic downturn has caused asset quality to deteriorate more than expected.

Castrol’s first mixed reform fund: leveraged winding up

Castrol’s first mixed reform fund: leveraged winding up

Harvest Fund was squirted!

The first mixed reform fund was liquidated, and it was suspected that Sinopec’s sales equity was being sold off the new economy e-line, “making it quiet but the wind is endless.”

“The Harvest Fund is once again included in the whirlpool of public opinion.

On August 27, the liquidation report of Castrol Fund and Direct Investment Closed Hybrid Initiated Securities Investment Fund (Castel Yuanhe, 505888), which belonged to Castrol Fund, released widespread disputes in the market.

  According to the above liquidation report, Jiashiyuan and the last operation date are August 12, and the total owner’s equity is 103.

1.3 billion yuan.

After the completion of the liquidation work of Castrol Yuanhe Fund, the exit price of Castrol Yuanhe can be converted into each share according to the liquidation result.

0313 yuan (including 0.

02578 yuan cash bonus).

  However, from the perspective of the net value of the last trading day announced before the settlement of Castrol and liquidation, the net value of the fund was terminated on August 9th.

1546 yuan.

  For this settlement, many investors questioned and disputed for a while.

Investors have said that the liquidation results of Castrol and opaque operations are disappointing.

  ”The net value of No. 9 is still 1.

In 1546, it suddenly became 1 after liquidation.

00552, it’s so outrageous that the net worth is just a fiction!

Does the net value of No. 9 not take into account the discount of Sinopec’s equity?

“” Why did you sell more than 1 billion for no reason?

Why the stock price after 5 years is almost the same as the original price?

 ”Who is the buyer?

Is there a public tender for the transfer?

What is the 佛山桑拿网 basis for this price?

“” What is the high estimate of the previous fund company support?

Is the estimation method reasonable?

“” Jia Shi Yuan He charged management fees according to high estimates, but followed 1.

0055’s net worth liquidation, overcharged by 5 years of high estimated management fees, how to explain the fund company?

“” The annualized rate of return is less than 4%, and even some bond funds can’t achieve the returns.

“However, for the various queries from investors, as of the press release of the New Economy e-line that afternoon, the official fund of Harvest Funds did not announce a public response.

  Fund Net Worth Leverage Shrinking Fund. As the first public fund in China that can invest in the shares of non-listed companies, it is also the first fund to participate in the “hybrid reform” of state-owned enterprises. Various auras, such as Jiashiyuan, have been highly sought after in the market.

  On September 29, 2014, the fund was established by Harvest Fund with RMB 1,000,000, and the initial fundraising scale reached 10 billion yuan, of which 5 billion yuan was used to make a one-time capital increase in Sinopec’s sales, and held a total of 400 million Sinopec’s sales to participateIts mixed ownership reform promotes its completion of listing within three years; the remaining 5 billion is invested in fixed income assets.

  Initially, Castrol and He quickly completed a $ 10 billion initial offer, and was listed on the Shanghai Stock Exchange on March 16, 2015, with an increase of 4 on the first day.


  Five years passed.

According to the fund contract, the fund provides a five-year duration, but at least the transition of the fund’s maturity date on September 29, 2019, and the listing of Sinopec’s sales has not been conclusive. Therefore, Harvest Fund decided to fully realize the sales equity of Sinopec.

  According to the latest weekly NAV report released by the fund before liquidation on August 9, Jiashiyuan and the fund ‘s net value before reselling Sinopec ‘s sales equity.

1546 yuan, the net asset value is 115.

4.6 billion.

  However, in just a few days, the fund ‘s net assets have shrunk significantly to 103 after Castrol and the realization of Sinopec’s sales equity.1.3 billion yuan, equivalent to 115 on August 9.

4.6 billion decreased by 12.

3.3 billion yuan.

  In progress, some investors stated that according to the description in the liquidation report, the last operating date of the fund was August 12, with a net value of 1 per fund on that day.

0313 yuan, and the company announced a net variable of 1 per fund on August 9.

1546 yuan, crack before and after.

And on August 12, it was not agreed in the “Assessment Procedures” section of the “Fund Contract” that “every working day calculates the net asset value of the fund and the net value of the fund distribution and announces it in accordance with regulations.

At the same time, according to Section 4 of the “Estimation Procedure” in the “Fund Contract”, “the error error reaches 0 of the net value of the fund share.”

At 25%, the fund manager should report to the China Securities Regulatory Commission for record; the error deviation reaches 0 of the fund’s net value.

At 5%, the fund manager makes a temporary announcement and simultaneously reports to the China Securities Regulatory Commission for the record.

“From August 9th to August 12th, the net value of each fund shrank by 10.

68%, which is a serious deviation, but the company announced again.

  In fact, from August 9th to August 12th, only two days apart, Saturday and Sunday, Jiashiyuan and Benqian rushed to transfer their unlisted equity in Sinopec Sales Company, which caused a change in the fund ‘s net worth.Changes, this move has been suspected of touching the fundamental interests of fund share holders.

  Coincidentally, almost at the same time as Castrol and the liquidation one month in advance, on August 23, the CSRC publicly solicited opinions on “Some Provisions on the Pilot Program for Spin-off of Listed Companies’ Subsidiary Companies”.

Some market participants speculate that once the New Deal reorganization is implemented, will Sinopec’s sales company be split and listed on A shares in the future?

If it becomes a reality, Castrol and the transferees who are transferred may make a lot of money.

  At the same time, the well-known blogger “Hua Rong” questioned on Weibo saying that “the central company’s A-share spin-off and listing policy has been issued, and the sales company’s equity is fragrant and not hot potato. Why is it sold at a super low price?Fees, low net worth liquidation, is it illegal fraud; why not announce who the offeree is?

Investors intend to launch rights protection. It is also reported that a large number of investors have begun to defend rights, report to the Securities Regulatory Commission and China Fund Association under their real names, and look for professional lawyers to sue Harvest Funds.

  Some investors have stated that at the end of the closing period of the fund, the fund manager did not comply with Article 1 of the Fund Ownership Conference of Part VIII of the Fund Contract and should convene Article 11 of the Fund Ownership Conference.Minor provisions: the fund unit holders will be held in other matters that have a significant adverse effect on the rights and obligations of the fund contract, and the sale of the fund assets at a prominent discount at a private price will cause a significant adverse effect on the fund holdersImpact.

  According to this, the investor believes that the above matters “have a significant adverse effect on the rights and obligations of the fund contract” have already met the provisions of the Fund Unitholders’ General Meeting in the Fund Contract.

However, based on the company’s historical decision results and announcements, the company must complete the “honest and trustworthy, prudent and diligent principle of managing and using fund assets” in the Fund Contract.

  It is reported that the investor’s claim is to require the company to clearly explain the specific reasons for the termination of the fund contract, and whether it needs to be voted through at the general meeting of fund unit holders.

At the same time, the company should fully verify the change in the fund ‘s net value from August 9th to August 12th, which is precisely a prediction error, market behavior, or the transfer of profits suspected of being in the dark; and further explained that the fund was not announced in time on August 12th.Reason for net worth.

  According to public information, during the company’s transfer of Sinopec’s equity in the company, other operations and fundamentals have undergone major changes. According to the principles of openness, fairness, and equity, investors require the company to disclose the consideration of the allocation, and also explain the basis for the estimation and transfer pricing., Further explain whether the company’s behavior exceeds the agreement between the shareholders of the target company, the company’s articles of association.

  In addition, the investor also requested the company to publicly announce the transferee of the equity of Sinopec Sales Company to further explain whether the transferee has undergone open and strict market-based bidding and whether there is a “third party seeking improper benefits”; whether there is any suspected financial fraud, The situation of arbitrarily false high and low stock estimates.

  In this regard, some institutions pointed out that the most controversial estimates of Castrol and the liquidation result should be calculated in terms of net value.

  Tian Xiangtou Gu Jiazhi publicly stated that the problem lies in whether the investor or the fund’s net worth projection method is not understood.

As Castrol and He invested in equity of an unlisted company, the valuation of equity does not equal actual value.

  According to Jia Zhi, according to public information, Castrol uses the latest market transaction price method, and refers to a comparable company’s P / B method to convert and display the net value.

This estimate more reflects the intrinsic value of the target company’s equity than the actual value. The true value is determined by the transaction price at the time of equity transfer.

  High morality, chief analyst of Haitong Securities (600837), said that Castrol has settled down. Innovation and improvement in product design in the future are more issues that should be considered by practitioners.

Sunshine City (000671): Xiangyang grows its way

Sunshine City (000671): Xiangyang grows its way
Investment highlights for the first time covered Sunshine City Company (000671) with an Outperform Industry rating with a target price of 8.98 yuan, a 40% discount from the 2019 NAV forecast, corresponding to 8 respectively.9, 5.9, 3.9 times 2019?The forecast price-earnings ratio in 2021 implies 37% upside.The reason is as follows: sitting on high-quality resources in core areas.The scale of the company’s unsold soil reserves is 4396 Universal (as of the end of the first half of 2019), which corresponds to a saleable value of US $ 546.7 billion, of which 72% are located in core first- and second-tier cities.The company’s stock of land and storage costs is only equivalent to 34% of the average selling price, which is at a low level in the industry. High turnover, strong incentives and marginal increase in profitability.The company has achieved high-speed growth by creating mainstream products for the masses, supplemented by a multi-level, widely-covered employee incentive system.At present, the company takes an average of 6-8 months to get the land to open (second only to Country Garden, known for its high turnover), and the turnover rate is at a relatively high level in the industry.We believe that the company’s period expenses and financing interest rates have entered a downward channel, and will continue to increase profit margins in the future. The financial side continues to improve.At the end of the first half of 2019, the company’s net interest rate decreased by 174% from 221% at the beginning of the year, and the rejected channel structure and term structure showed an improvement trend, and operating cash flow maintained a positive growth.We estimate that with the external net financing of 0 and the cash remaining unchanged, the company’s sales restructuring and budget expenditure in the second half of 2019 can still support about 54 billion land acquisition expenses, accounting for the estimated sales in the second half of the year.49% of the cash flow is safe. What makes us different from the market?We think the company’s earnings release rate and leverage decline will exceed market expectations next year. Potential catalysts: faster-than-expected earnings release; better-than-expected financial improvement; and China Mintou’s equity reduction has steadily landed. Profit forecast and estimationThe EPS in 2021 will be 1.00 yuan, 1.51 yuan, 2.29 yuan, CAGR is 51%.The company’s current consensus corresponds to 6.5, 4.3, 2.9 times 2019?Forecasted 深圳丝袜会所 P / E ratio in 2021 and 56% NAV discount forecast by 2019. Risk budget policies have been further tightened; the financing environment has been tightened beyond expectations; project carry-over speed and settlement profit margins are expected; cash repayment expenditures have been reduced; stock pledge risks; and the progress of China Minzhu’s reduction in holdings has fallen short of expectations

Zhongzhi Shares (600038) Semi-annual Report Comment: Harbin Branch Contributes Major Performance Increments, New Type Opens Significant Growth Space

Zhongzhi Shares (600038) Semi-annual Report Comment: Harbin Branch Contributes Major Performance Increments, New Type Opens Significant Growth Space

Event: The company released the semi-annual report for 2019, and the company realized operating income of 69.04 million yuan from January to June 2019, an increase of 28 over the same period last year.

75%; net profit attributable to shareholders of listed companies was 241.2 million yuan, an increase of 35 over the same period last year.


  The Harbin branch contributed the main performance increase, and the new volume opened up more room for growth.

As reported in the baseline, the Harbin branch realized operating income.

840,000 yuan, an increase of 98 over the same period last year.

67%; profit totals 0.

660,000 yuan, an increase of 153 over the same period last year.


Benefiting from the delivery of newly-measured mass production, the revenue and profits of the Harbin branch achieved rapid growth, contributing a major performance increase to listed companies.

Due to the 10-ton medium-sized general-purpose helicopter plus the modification potential of other models, it can be used for army transportation, attacking the enemy, and also as a carrier-based helicopter., Reconnaissance, supply and other tasks, the application prospect is very broad.

We believe that the mass production delivery of the Chinese version of the “Black Eagle” has a gap in the 10-ton model pedigree, which is the main model of conventional general-purpose helicopters, which will open up more room for growth for the company.

  The aviation industry is in the ascendant, and the prospects for civilian helicopters are bright.

The company is the company with the highest technical level and the most comprehensive strength of civil helicopters in China. It has transformed into a series of AC311-AC312-AC352-AC313 product lines ranging from 2 ton to 4 ton to 7 ton to 13 ton.Light, medium and heavy multi-level civil helicopter R & D, test, production and service system.

  AC series products have repeatedly received orders in domestic and international markets, and nearly 1,000 helicopters have been delivered.

  At present, China has a small number of helicopters, few types, and low localization rates. Robinson, Bell, Sikorsky, Airbus in France and Agusta 杭州龙凤桑拿网 in Italy have more than 80% of the market share.

In the next 10 years, the fleet size of our national helicopters is expected to maintain a growth rate of about 15%, and the market prospects are very broad.

  Profit forecast and investment grade: The company’s net profit for 2019-2021 is expected to be 6.

6.6 billion, 7.

810,000 yuan, 9.

07 thousand yuan, EPS is 1.

13 yuan, 1.

33 yuan, 1.

54 yuan, corresponding to PE is 42 times, 35 times, 31 times, maintaining the “buy” level.

  Risk warning: The new budget mass production delivery schedule is less than expected; there is uncertainty in the reform of the military pricing mechanism.

Yoga for 10 minutes away from office syndrome

Yoga for 10 minutes away from office syndrome

For the usually shortened “sitting group”, only a comfortable chair, through a few sets of scientific and reasonable yoga movements, insist on 10 minutes a day, can help you alleviate the “office syndrome”.

  Deep abdominal breathing: sit straight on a chair with your eyes closed and your lips slightly closed. When you exhale, the abdomen is taken in and the breath is completely exhausted. When you inhale, the breath enters the abdomen and the abdomen is swollen.

  Best relaxation: Sit on the chair 1/3, straighten your back, put your hands on your knees, and relax your shoulders.

When exhaling, rotate the neck to the left and right in order to inhale. Then exhale and lower your chin to find the collarbone. Inhale and return to normal.

Exhale your left ear against your left shoulder and inhale back to right, exhale your right ear against your right shoulder and inhale back to right.

Breathe naturally for six seconds at each step.

Repeat ten groups.

  Shoulder and arm relaxation: sitting on the chair 1/3, straightening the back, inhaling the left hand from top to back bending, exhaling the right hand from the back to the bottom, the fingers behind the hands are interlocked, the limit extension can not reachYes, try to expand your chest and waist as much as possible, and keep breathing naturally for six seconds.

Do the exercises in the opposite direction.

Repeat ten groups.
  Waist-bend type: Sit on the chair 1/3, straighten your back, relax your shoulders, and put your feet together.

The inhaling arm is raised high above the head and the hands are folded together. With the big arm behind the ear, the exhaling arm drives the upper body to bend to the right. Here, you keep breathing naturally for six seconds, and the inhalation returns to normal.

Do the exercises in the opposite direction.
Repeat ten groups.
  Eye-pushing type: Sit on the chair 1/3, straighten the waist and do deep abdominal breathing.

Rub the palms of your hands back and forth in front of your chest, and press the palms of your warm hands against your eyes, turning the eyeballs three times to the left and right.

  Special reminder: Always practice abdominal breathing in practice.

Each step is preferably 2 minutes.