QDII fund layout expands further and over 90% of products gain positive returns during the year

QDII fund layout expands further and over 90% of products gain positive returns during the year

As the pace of domestic financial industry opening up continues to accelerate, while foreign inflows continue, domestic asset management agencies have also broadened their sights abroad.

Scale, the market of public funds in the field of external market products, that is, the number of QDII (Qualified Domestic Institutional Investor) funds gradually increased, but mainly concentrated in US stocks, Hong Kong stocks, other markets are relatively large, and even no product layout.

Recently, the first theme fund in the public fund industry to invest in the Vietnamese market was officially approved, and the market’s attention has again focused on QDII products.

  On December 17, a reporter from Beijing Commercial Daily was informed that the first domestic theme fund dedicated to investing in the Vietnamese market, Tianhong Vietnam Market Equity Securities Investment Fund (QDII), was approved on December 16.

It is understood that the fund is an actively managed fund, and the benchmark for performance comparison is the Vietnam VN30 index return (converted using the estimated exchange rate) * 90% + RMB demand deposit interest rate (after tax) * 10%.

  A market analyst in Beijing said that Vietnam’s population is relatively young, its urbanization rate is gradually increasing, and its domestic consumption potential is large.

Driven by export growth and the influx of foreign countries in recent 厦门夜网 years, Vietnam ‘s economic growth momentum is redundant, and it is one of Asia’s accelerating economies.

With the rapid economic development, the Vietnamese stock market has performed well.

With the establishment of the fund in the future, it will also provide breakthrough facilities for domestic investors to participate in the Vietnamese market.

  In fact, after the approval of the first public fund to invest in the Vietnamese market, the QDII fund’s overseas market coverage was further expanded.

Prior to this, most of QDII funds’ products were concentrated in the US market. At the same time, a few products were targeted at the German and Indian markets.

In May this year, the first four ETF products invested in the Japanese market were approved and quickly established in June.

With this release, the number of countries with single market product offerings from publicly-funded QDII funds in developing countries has also increased to five.

  It is worth mentioning that, thanks to the overall improvement in the global market, QDII funds also generally achieved positive returns during the year.

According to Oriental Fortune Choice data, as of December 17 this year, of the 239 QDII funds (divided by calculation) that can be counted, 236 products have positive returns, accounting for 98 of the total.


Among them, China Mobile Mobile Flexible Allocation Hybrid (QDII) has the highest RMB yield in the year, reaching 48.


During the same period, E Fund S & P’s US dollar exchange rate (QDII-LOF) and Huitianfu Global Consumer Industry Hybrid (QDII) RMB A also exceeded 40%, respectively 45.

79% and 43.


  However, from the perspective of specific product types, the year-round returns of QDII funds with different themes also differ significantly.

QDII products such as technology, consumer, medicine and other themes generally achieve high yields.

Oriental Fortune Choice shows that, as of December 17, in addition to some of the products mentioned above, Huaxia Global Science and Technology Pioneer Hybrid (QDII), Shangtou Morgan China Biopharmaceutical Hybrid (QDII), and Huitianfu Global Healthcare Mix (QDII)The average net value is also over 30%.

  Under the ranking, due to the poor performance of oil and gas prices in the Hong Kong stock market this year, related themed products came in at the bottom.

For example, Huabao Standard & Poor’s Oil & Gas Upstream Shares (QDII) ‘s net worth fell 14 during the year.

35%, the bottom of the ranking, Nuoan oil and gas energy stocks, Huitianfu Hang Seng Index classification and other QDII fund returns are also less than 5%.

  To a few people, 2019 is a year of relative change for Hong Kong stocks.

GF Securities mentioned in relevant research reports that the key words of Hong Kong stocks in 2019 are “large loose, high change, narrow gains”, and the trend is “three twists and turns”; in terms of structure, polarized style, consumption, value of technology outperforming, and local stocks underperformingThe high dividend strategy was worse than expected.

  However, GF Securities also stated that under the trend of “black swan” gradually fading in 2020, the impact of external risk events on Hong Kong stocks has declined marginally, and the extremely high “offshore” risk premium is expected to fall, opening up the space for estimated upward return.
It is recommended to lay out three main lines. The first is the underestimation under the return of value. Overweight banks, automobiles, gambling, and attention to domestic property stocks. Estimation and high valuation are the core.

In essence, “anti-diabetic” varieties are dominant, but they need to be carefully selected to evaluate costs, optimistic about medicine and insurance.

In addition, differentiated technologies, from “hard technology” to “soft services”, are over-equipped with Internet and software services.

  As for the future trend of overseas markets, Chuancai Securities said in a recent research report that it is expected that the global economy will remain in a low-growth mode under a low interest rate environment in 2020, or it will rebound slightly in 2019.

In the US market, it is expected that the economic growth rate of the United States will further accelerate in 2020. The Fed will most likely continue its loose monetary policy. Will there be any adverse new round of fiscal policy that will have a significant impact on the future development of the US economy?

Geopolitical risks such as US political uncertainty may have a certain impact on the US economy in 2020.

  From the perspective of the Japanese market, Japan ‘s exports are expected to be weak or boosted by the stimulus from the Japan-US trade agreement and Japan-US digital trade agreement adopted by the Japanese Senate.

At the same time, Japan is likely to continue its loose monetary policy in 2020.However, the composition of the manufacturing industry has changed, sluggish consumption, an aging population, and negative population growth are still important factors that have a long-term impact on the Japanese economy.

Yonghui Supermarket (601933) First Coverage Report: National Supermarket Leader: New Milestones, New Growth

Yonghui Supermarket (601933) First Coverage Report: National Supermarket Leader: New Milestones, New Growth

High-growth national supermarket leader.

Yonghui’s fourth national market share in 2018 (3.

9%), the market share has steadily increased; in 2018, the scale of revenue exceeded 70 billion, with a total of 708 stores and ROE7.


Since the company’s listing (2010-2018), the compound growth rate of revenue has been 24.

37%, the compound growth rate of net profit attributable to mothers 21.

80%, maintaining a long-term stable growth capacity.

The foundation of Yonghui’s efficient operation lies in the partnership system.

The advantage of Yonghui’s organizational structure lies in the innovative application of the partner mechanism and the horse racing mechanism. The partners actively seek to maximize the individual and collective value under the incentive of profit distribution.

The partner mechanism uses independent management to stimulate small teams to improve performance, and the horse racing mechanism is used to promote the experience replication and iterative upgrade of store management, ensuring the vitality of the entire organizational structure.

At the end of the 18th, Yun created a table, adjusted its structure, and focused on the main business of the supermarket.

Yonghui made major adjustments to the internal structure at the end of 2018. Yunchuang and Yunshang’s statement will help the company’s income statement to reduce losses while strengthening the focus on the traditional main business sector.The modern governance structure of the company is more clear. A large supply chain division and a large science and technology data department have been set up in the middle and back offices to promote the improvement of management efficiency.

With fresh characteristics as a traffic entrance, it helps to expand in different places.

Yonghui’s freshness characteristics 北京男士spa会所 have been widely recognized by consumers, improving Yonghui’s entry into new regions.

Efficient supply chain and refined management enable Yonghui’s fresh produce to achieve high quality and low prices, and the price is 20-30% lower than the surrounding farmer’s markets, becoming the core of gathering customers for Yonghui’s regional expansion.

Yonghui’s fresh produce accounts for 45%, which is much higher than the general supermarket’s 20%, increasing store passenger flow and boosting store floor efficiency.

The new format Yonghui mini focuses on the fresh potential of the community.

In 2019, Yonghui focused on the main business of the supermarket and opened a new format Yonghui mini. The advantage of community freshness lies in the small format and high flexibility. The mini is more grounded in display and operation.

It is expected that Yonghui mini will benefit from Yonghui’s fresh food management and brand effects, and has a large growth space. In the next three years, it will be based on a large supermarket store radiating 2-3 mini stores and opening space of 2000-2400.

Profit forecast and investment advice: We believe that the company, as a national supermarket leader, has strong long-term growth, covering it for the first time, and gives it an “overweight” rating.

The company’s revenue is expected to be 874 in 2019-2021.



37 trillion, with a growth rate of 24.

07% / 23.

02% / 19.

61%; net profit attributable to mothers is 23 respectively.



28 trillion, a growth rate of 57.

8% / 16.

8% / 33.

0%; EPS is 0.



38 yuan.

According to Yonghui’s high growth, its estimate is basically in a reasonable range.

Assume that Yonghui Supermarket will bring double increase in revenue and profitability through the continuous strengthening of scale effects, and benchmark the specific proportion levels of global retail giants Wal-Mart and Costco. We believe that Yonghui’s leading attributes and high growth will enjoyA certain premium, and its relative estimate range is 9.29-12.

00 yuan / share.

Risk reminders: Consumption boom is declining, same store growth is weak; Yonghui mini’s new business expansion is not up to expectations; industry competition is intensifying.

Enjie (002812): Proposed to acquire 100% equity of Suzhou Jili to further consolidate the leading level

Enjie (002812): Proposed to acquire 100% equity of Suzhou Jili to further consolidate the leading level

The company’s recent situation Enjie announced on August 4 that it had copied with Shengli Precision the “Agreement on the Equity Transfer of Suzhou Jieli New Energy Materials Co., Ltd.” and planned to use cash for 20%.

2 yuan to acquire 100% equity of Jieli in Shengli Precision, 9 of which.

500 million for the transfer transaction equity, 10.

700 million is less than 10 for Jieli’s victory precision.

700 million other payables budget.

Commenting on the acquisition of Jelly further increased market share.

According to CIAPS data, in terms of wet zoning, Enjie and Geli 1H19 respectively account 深圳桑拿网 for 33% and 9% of the output share, ranking first and second in the industry.

After completing the acquisition, Enjie will cover a total of 42% of the wet volume expansion rate, further consolidating the industry’s market share.

The customer base is high quality, and the acquisition brings synergy.

Geli currently has a total of 8 production lines with a high production capacity of about 400 million square meters (semi-finished base film), an average monthly volume of more than 30 million square meters, and a product yield of more than 90%.

Geli Power mainly supplies 9-12um scattered to CAL, with monthly supply exceeding 10 million flats. In terms of consumption, it has mass-produced 5-7um high-end ultra-thin sheets for consumer batteries to international Japanese and Korean customers.

Enjie is currently one of the major suppliers of CATL, and it is cutting into the global supply of power batteries for LG Chem.

We believe that the acquisition of MRT power can strengthen the supply share in CATL, and at the same time form a customer base synergy between 3C and Power’s overseas customers, further enhancing overseas competitiveness.

We expect the completion of the acquisition to increase the short-term asset-debt ratio.

The company terminated 1Q19 currency cash4.

54 trillion, notes receivable 3.

500 million.

We believe the completion of the US $ 2 billion cash consideration transaction will bring an increase in short-term asset-liability ratio.

It is estimated to maintain a net profit forecast of 19 / 20e8.


6.1 billion.

Currently, it can sustain 19 / 20e 32 / 23xP / E and maintain target price 41.

78 yuan corresponds to 19 / 20e 40 / 29x P / E and 26.

9% space, maintain outperform industry rating.

The risk acquisition was not completed successfully, the expansion demand was less than expected, and the company’s market share was less than expected

The two Rongyings dropped by nearly 13 billion yuan last week, and the number of investors reached nearly 4.5 billion.

The two Rongyings dropped by nearly 13 billion yuan last week, and the number of investors reached nearly 4.5 billion.

Liangrong’s balance fell by nearly 13 billion US dollars last week. Finkers refused to allocate nearly 4.5 billion pounds of capital to lay out 94 stocks. Ren Renyu, a reporter of the newspaper, last week (August 5-August 9).Shrinked to 8925 on August 9.

7.9 billion yuan, down 129 from August 2.

5.7 billion yuan.

  It is worth mentioning that the Securities Regulatory Commission recently instructed the stock exchange to revise the “Implementation Rules for Margin Financing and Margin Trading”, in which the number of stocks under the two financing targets will be increased from 950 to 1600, the largest single expansion in history; for 130The% liquidation line will also be released to expand the scope of collateral.

Boosted by this, on August 12th, the Shanghai and Shenzhen markets continued to fluctuate after opening higher, and then began to surge, the liquor sector strengthened, the brokerage sector subsequently exerted force, and the market capitalization was expected to gradually rise, pushing the Shanghai index to return to 2800 points.

  Analysts generally believe that the expansion of Liangrong has a great boost to A shares. The most recent one was the end of 2016. The number of Liangrong targets increased from 873 to 950. Soon after, blue-chip stocks ushered in momentum.Trend.

However, all A-shares are currently facing downward pressure on the global economy as a whole, which is beneficial to a certain extent.

Because the current market speculation attractions can not be sustained, the short-term operation direction can pay attention to the semi-annual report found excellent performance varieties, and the recent financing investors in-depth involvement in high-quality targets to try to open the rebound mode in the shock market, it is worth paying attention.

  In fact, there were 219 securities net purchases last week, accounting for 22 of the total stocks of the Shanghai and Shenzhen stock markets.


Among them, 94 bonds last week gradually raised a net purchase amount of over 10 million yuan, and the net purchase amount of gradual financing was 44.

With 8.6 billion US dollars, these target stocks have been pre-empted by the financing investors, and the market performance is worthy of attention.

  Specifically, Shandong Gold, Zhonghuan, Yili, Huayou Cobalt, China Merchants Shekou, Rongsheng Petrochemical, Hengbang, Shengyi Technology, Intime Resources, Pudong Development Bank, COFCO Sugar and other 11 securities during the continuous financing periodNet purchases were above 1 ppm. Pengxin Resources (9737.

380,000 yuan), Jingchen shares (9561.

530,000 yuan), Zijin Mining (9371.

100,000 yuan), Bai Chu Electronics (9087.

250 thousand yuan), Ningbo Yunsheng (8374.

920,000 yuan), Midea Group (8298.

400,000 yuan), Hengli Petrochemical (6462.

500,000 yuan), northern rare earth (5709.

200,000 yuan), Agricultural Bank of China (5449.

550,000 yuan) and China Software (5055.

550,000 yuan) and other securities during the gradual financing period, the net purchase amount is also more than 50 million yuan.

In addition, 73 internal coupons including China Southern Airlines, Makihara Shares, Eastern Communications, Gold Molybdenum Shares, Guanglianda, Dahua Shares, and Changchun High-tech are also sought after by 10 million financing customers.

  In the pursuit of financing customers, the above stocks performed well on Monday.

Statistics show that of the 94 target stocks with a net purchase of more than 10 million in the above financing, 65 stocks gradually increased this Monday, accounting for nearly 70%.

Among them, the two stocks of Sunlord Electronics and Shengyi Technology achieved daily limit on Monday. Huanxu Electronics (8.

46%), blue cursor (7.

95%), Dahua shares (6.

14%), Wald (5.

70%), Hengli Petrochemical (5.

28%), Central Shares (5.

28%), Lansi Technology (4.

68%), Zhongsheng Pharmaceutical (4.

61%) and Wei Ning Health (4.

50%) and other stocks also performed relatively prominently on the same day, with gains 杭州桑拿网 exceeding 4%.

  It is worth mentioning that out of the 94 stocks with a net purchase of more than 10 million yuan in financing mentioned above, a total of 43 stocks have been sought after by the mainstream funds in the market since July.

3.3 billion yuan.Specifically, in the old warehouse in Luzhou, the average net inflow of funds for two large stocks of Yili Co., Ltd. was more than 100 million US dollars, respectively, at 16,243.

220,000 yuan, 11735.

100,000 yuan, including Dahua shares (9749.

230,000 yuan), Central Shares (9319.

10,000 yuan), Guohai Securities (7087.

110,000 yuan), China Software (6625.

06 million), blue cursor (5996.

850,000 yuan), Agricultural Bank of China (5605.

960,000 yuan) and Guotai Junan (5146.

22 million) and other internal 22 stocks were also funded by large single funds of more than 10 million yuan on the same day, the above 24 potential stocks attracted a total of gold.

5.5 billion yuan.

  Regarding investment opportunities in the market, Huatai Securities said that from the perspective of fundamentals, estimates, liquidity reorganization and distribution, A-share allocation opportunities are gradually becoming apparent.

Haitong Securities (600837) 2019 first quarter performance review: net profit attributable to mother increased by more than double

Haitong Securities (600837) 2019 first quarter performance review: net profit attributable to mother increased by more than double

Net profit attributable to mothers increases by 117 per year.


In the first quarter of 2019, the company’s operating income was 99.

5.4 billion, an annual increase of 74.

48%; net profit attributable to mother 37.

7 billion, an annual increase of 117.

66%; net profit after deduction is 34.

USD 8.1 billion, an annual increase of 136.

92%; basic profit return is 0.

33 yuan, an annual increase of 120%; ROE (expected average) is 3.

14%, an increase of 1 each year.

67 points.

Thanks to the rebound in the securities market, net income from proprietary operations increased, and net profit attributable to mothers doubled.

Net income from operating income and sales of subsidiaries doubled.

In the first quarter of 2019, thanks to the overall growth of the stock market, the company’s net operating income (net income from investment-investment income from associates and joint ventures + net exposure to hedges + net income from changes in fair value) was 48.

3.5 billion US dollars, an annual increase of 282.

83%, of which net investment income increases by 84 each year.

97%, while net gains from changes in fair value changed from losses to losses, with a loss of 0 in the same period last year.

18 ppm, net income for the first quarter of 2019 was 23.

9.7 billion yuan.

Benefiting from the substantial increase in sales revenue of subsidiaries each year, other business income was 22.

8.6 billion, an annual increase of 78.


Net income from credit business decreased significantly.

In the first quarter of 2019, the company’s credit business net income9.

1.5 billion, a decline of 24 every year.

95%, mainly due to the following reasons: First, the 厦门夜网 size of financial assets under repurchase agreements has dropped significantly29.

10%; Second, the scale of funds raised exceeds 9%.

14%; Third, interest expenses increase by 3 each year.

01%, while interest rate income is reduced by 4 per year.


The net income of other main businesses did not change much from the last ten years.

In the first quarter of 2019, the company’s brokerage business, investment banking business and asset management business net income were 9 respectively.

6 billion, 5.

$ 8.5 billion and 4.

0.6 billion yuan, with annual growth rates of 6.

73%, 1.

51% and -9.21%, little change from last decade.

In the second quarter of 2018, the net income of the brokerage business decreased month-on-month, and it is expected to increase in the second quarter of 2019. Therefore, the net income of the brokerage business in the second quarter of 2019 will achieve a breakthrough growth.

The proportion of revenue from credit business and self-operated business changed the most.

In the first quarter of 2019, the company’s brokerage, investment bank, asset management, credit, self-employed and other business revenue ratios were 9 respectively.

64%, 5.

87%, 4.

08%, 9.

19%, 48.

58% and 22.

97%, of which the revenue from self-employment and other business revenue accounted for area, and the combined total revenue accounted for 71.


Compared with the same period of last year, the proportion of revenue from credit business and self-operated business changed the most, decreasing by 12 respectively.

18 points and an increase of 26.

44 points.

Investment advice: Maintain a cautious recommendation level.

Benefiting from the recovery of the securities market, the company’s net profit attributable to its mother increased by more than double in the first quarter of 2019, the highest growth rate among large securities firms in the first quarterly report.

As of April 25, 2019, the company’s PB was 1.

34 times, it is estimated to be at a historically low level, and it is the second lowest estimate among securities companies. There is still room for improvement.

risk warning.

The economy exceeded expectations, the stock market fell sharply, and the stock market’s trading volume shrank sharply.

Jifeng shares (603997): The main business continues to explore and acquire Gramer to open up growth space

Jifeng shares (603997): The main business continues to explore and acquire Gramer to open up growth space
Years of accumulation have formed a positive cycle to help the main industry continue to develop.Jifeng is a leading domestic manufacturer 成都桑拿网 of passenger car seat headrests. It is a rare supplier of interior parts that fully covers independent, German, Japanese and American customers. Its core customers include FAW-Volkswagen, BMW Brilliance, Dongfeng Honda and other joint ventures.Auto companies, Great Wall, Geely, BYD and other independent car companies, as well as new energy car companies such as Che Hejia, Weilai, Xiaopeng, etc., and continue to develop.At present, the company has entered into the improvement of scale efficiency, opened up the positive cycle of the upstream and downstream of the industrial chain, and the gross profit margin has remained at a high level in the industry above 30% for a long time.In 2018, the production of domestic narrowly-defined passenger cars increased by -5%. Against this background, the company still achieved 13% revenue growth, of which domestic revenue increased by 9.3%; Looking at 4Q18 alone, the domestic output growth rate was -17%, and the company’s revenue was -0.4%; operating conditions are obviously short-term industry average.Short-term net profit is affected by fair incentives, intermediary fees, etc. In 2018, the growth rate of net profit attributable to mothers + 3% was lower than revenue. Excluding this effect, the growth rate of net profit attributable to mothers managed to rise to 12%. Continuous breakthroughs in competitive management.In the short term, domestic joint ventures and independent customers continue to increase performance.At first glance, the company has global competitiveness, and it is sensitive in its growth path.Among them, the European factory has received orders for mid- to high-end products such as Volkswagen, Jaguar Land Rover, Porsche, BMW, Daimler, etc.The company’s overseas revenue growth rate in 2018 was 53%, mainly due to the continued mass production of European factory orders (suchClose 2.2 trillion, net profit -0.3 ppm), it is expected that with the increase in production capacity, European factories are expected to gradually reduce losses to normal profit within two years.The North American business is in continuous development. At present, it has synchronized design with Ford and GM in the United States. In the future, it will also realize localized synchronous design and supporting supply through the established American Jifeng. The acquisition of Grammer further opened up room for growth.The company’s headquarters issued an intentional plan for additional issuance (revised on October 12, 2018), and plans to issue about 3.0 billion shares (10.19 yuan / share) for 30.550,000 yuan, plus cash 0.700 million, totaling 31.2.5 billion acquisition of 100% equity of Jilin Investment, Jilin Investment holds Gramer 84.23% equity.Grammer is a global leader in commercial vehicle seating systems, and seat accessories are also one of its core businesses, with a total revenue of 18 in 2018.600 million euros, net profit 0.At 2.3 billion euros (of which 3 quarters were affected by one-time expenses such as mergers and acquisitions), at an exchange rate of 8: 1, Grammer’s 2017 revenue was 6 peaks.9 times, but the net profit margin is 1.2% is much lower than 14 of Jifeng in 2018.7%.Jifeng and Grammer’s planning of the acquisition target began three years ago. In February 2017, Jifeng shareholders and Grammer exchanged for convertible bond notes.Due to the overlap between these two business areas and the long-term acquisition plan, Jifeng’s acquisition of Grammer is significantly different from most overseas mergers and acquisitions.We believe that after the merger and acquisition, Jifeng will shift from the field of seat accessories to the more valuable commercial vehicle seat assembly field, and gradually become a cockpit system integrator, which will further open up the growth space.Refined management and improved profitability. Investment suggestion: Considering the impact of fair incentives, intermediary agencies and other expenses, we will forecast the company’s net profit attributable to mothers from 2019 to 2020 by 3.400 million and 4.0 million is adjusted to 3.300 million and 3.9 trillion, annual growth of 8% and 21%, EPS is 0.51 yuan and 0.62 yuan, corresponding to 19X and 16 times the current PE.Assume that the additional issuance and merger is completed in 2019, the additional issuance is 30-50 trillion, and the additional issuance price is 8.0-10.0 yuan / share, Grammer’s 19-year net profit is 0.5.8 billion Euros (excluding the impact of one-time expenses and an increase of 15%), the company’s EPS is expected to be 0 after the consolidation in 2019.63-0.71 yuan, corresponding to the current PE of 13.8-15.6X.Maintain “Buy” rating. Risk warning: Czech factory progress is lower than expected, supporting model sales are lower than expected, Gramer’s acquisition progress is lower than expected, and the issuance plan is adjusted.

Xinhualian (000620): 19H1 performance pressured by increased financial costs, Xining project landed and continues to expand cultural and tourism landscape

Xinhualian (000620): 19H1 performance pressured by increased financial costs, Xining project landed and continues to expand cultural and tourism landscape

The company issued 19 interim reports: 1) 19H1: revenue 32.

7.1 billion / + 10.

3%, net profit attributable to mother 1.

06 billion / -19.

1%, mainly due to the increase in management and financial costs.

Deduct non-attributed net profit -0.

35 billion / -127.

42%, net operating cash flow.

9.5 billion / + 2.

3%; 2) 19Q2: Revenue 23.

7.3 billion / + 23.

5%, net profit attributable to mother 0.

98 ppm / + 6.

6%, net of non-attributed net profit 0.

91ppm / -3.

3%, net operating cash flow.

32 ppm / -34.


The operation of the Tongguan Kiln project has boosted Hunan’s revenue and gross profit, and sales of commercial housing have grown steadily.

① In terms of different industries, the company’s 19H1 commercial housing sales achieved 19 revenue.

7.5 billion / + 9.

7%, gross margin 41.

57% /-0.

98 points; other business revenue 12.

9.5 billion / + 14.

1%, gross profit margin 8.

73% /-2.


② In terms of different regions, Beijing has realized revenue3.

53 ppm / +79.

1%, gross margin 25.

77% / + 19.

97 points; revenue of Hunan area 8.

7.2 billion / + 23.

27%, gross margin 27.

55% / + 15.

7pct; Shanghai area revenue 4.

63 ppm / -49.3%, gross margin 44.

45% /-5.

8 points; revenue from overseas areas 3.

8.4 billion / + 489.

9%, gross margin 35.

48% / + 32.

9 points.

The completion of the cultural tourism project led to increased financial costs, and short-term 19H1 performance increased pressure.

1) 19H1: Gross profit margin is 28.

6% /-1.

9pct, period cost rate is 29.

6% / + 4.

2pct, mainly due to rising financial expense ratio.

Among them, the selling expense ratio is 7.

2% /-0.

1pct, overhead cost rate 9.

0% / + 1.

0pct, financial expense ratio 13.

4% / + 3.

3pct, mainly due to the completion and delivery of cultural tourism projects, 19H1 net interest rate 3.

3% /-1.

2) 19Q2: The company’s gross profit margin is 31.

7% /-1.

4pct, the overall period cost rate is 25.

3% / + 1.


Among them, the sales expense ratio is 6.

8% / + 0.

31pct, management expense ratio 7.

2% /-0.

1pct, financial expense ratio 11.

3% / + 1.

3 points.

The cultural tourism industry is the focus of the company’s future development. The completion of the Xining Children’s Dream Park project continues to promote the expansion of the cultural tourism sector.

① Tongguanyao Ancient Town: Grand opening in August 2018, covering 5D theaters, museums, performing arts centers, hotels, inns, and other large-scale cultural tourism projects. It is a nationally preferred tourism project and a key project in Hunan Province.

The three major cultural and tourism products of the second phase have been launched in 19H1; ② The ancient town of Jiuzi has been fully opened at the end of 18 years, and the completion and delivery of the west bank have been completed.Q3 achieved the overall opening of the park; ③ Zhongzhong Ancient City: The company successfully acquired in 2018, and officially opened in early 19, ending 19H1 passenger traffic and revenue growth; ④ Xining Tongmeng Paradise: Fully launched interior and exterior installation in 18 years and 8Opened in January.

⑤ The Fairview Villa in South Korea: Approved and approved by the local council in the report merger, and has obtained the “Development Permit for the Xinhualian Fairview Village Tourism Park Project” of Jeju Special Self-Governing Province in March 2019.

⑥ Beiwai Xining International Middle School & Changsha Beiwai Yali International Middle School: The company tests the water education industry in order to realize the linkage of education, culture, tourism and other industries.

The real estate business in 19H1 has not yet obtained land due to a macro breakthrough, and will continue to serve as the company’s performance and cash flow support during the cultural and tourism conversion.In the first half of 2019, affected by the macroeconomic environment of the national macro-control policy, the company adopted regional prudent measures. During the period, it did not add any new land reserves and realized the resumed work area of 298.

50,000 square meters, 80 completed and delivered.

40,000 square meters.

The company achieved 西安耍耍网 contracted sales area of 22.

820,000 square meters, sales amount 29.

5 billion with a settlement area of 15.

740,000 square meters, with a settlement amount of 19.

7.5 billion yuan.

Taking into account the transition period of the cultural tourism project, we believe that the company’s real estate business will still provide the company with documentary performance and cash flow support in the future to achieve a stable transformation of cultural tourism.

Investment advice: Buy-A investment rating.

The company’s existing cultural and tourism projects in Jiuzi Ancient Town and Changsha Tongguan Kiln have gradually matured. Langzhong Ancient City, Xining Tourism City, and South Korea’s Jinxiu Mountain have steadily advanced. The “cultural and tourism + finance” business is expected to enter a continuous harvest period.

It is expected that the company’s net profit attributable to its mother for 2019-2021 will be 13.

7 ppm / 15.

8 ppm / 17.

90,000 yuan, EPS is 0.



94 yuan, PE is 6.

6x / 5.

7x / 5.

0x, given a 6-month target price of 5.

50 RMB.

Risk reminders: competition in the real estate market and policy uncertainty, large expenditures on cultural and tourism projects, long development cycles, less-than-expected climbing, and macroeconomic risks.

Praco (603566): Poultry seedlings, high growth of chemical drugs actively participate in the development of non-blast vaccines

Praco (603566): Poultry seedlings, high growth of chemical drugs actively participate in the development of non-blast vaccines

1. The event company released its semi-annual report for 2019.

2. Our analysis and judgments 1) Benefiting poultry seedlings, high growth of chemical drugs, interim report performance slightly exceeded expectations 2019H1, the company achieved operating income3.

2 ‰, +12 per year.

02%, of which, poultry vaccines and antibodies, chemical drugs, swine vaccines, technology licensing or transfer respectively contribute revenue.

4.4 billion, 1.

0.5 billion, 0.

5.4 billion, 0.

120,000 yuan, +38 a year.

76%, +30.

47%, -40.

11%, +43.


The company’s net profit attributable to the parent is 0.

650,000 yuan, at least -14.

86%; net profit after deduction is 0.

450,000 yuan, at least -20.


The company’s consolidated gross profit margin was 64.

82% every year -3.

17 points.

The company’s period expense accounted for 45.

5%, +3 per night.

97pct, mainly due to the increase in the company’s external technical cooperation costs caused by increased research and development costs.

In Q2 2019, the company achieved revenue 1.

72 ppm, +21 a year.

77%; net profit attributable to mother 0.

51 ppm, +33 for ten years.

72%; net profit after deduction is 0.

41 trillion, +54 for ten years.


Taken together, the company’s first-half performance benefited from poultry seedlings and high growth in chemical drugs. Q1 suffered a significant increase in external research and development cooperation costs, leading to a decline in performance, and Q2 performed better than expected.

2) Excellent performance of poultry seedling business, actively deploying heavy products. The 19H1 company’s poultry seedling business grew at an excellent rate (+ 39%), mainly benefiting from the increase in the volume and price of downstream meat and poultry, and the positive use of farmer’s seedlings, which is good for the performance of poultry seedlings;The company continues to promote the “434” series of epidemic programs, the new one-day immunization and other scientific burden reduction programs, which will create value for customers and significantly improve the company’s performance.

In the field of poultry seedlings, the company actively cooperates with 深圳spa会所 external research and development institutions to start the development of avian influenza (H5 + H7 subtype) vaccines and plans to enter the field of poultry seedling recruitment.

In addition, chicken new (genotype) -branch-flow-method quadruple genetically engineered inactivated vaccine and other two products passed the preliminary examination of new veterinary drug registration; chicken new-flow (H9 subtype) gland (group I, type 4) tripleThree products including inactivated vaccines have obtained clinical trial approvals, and the company has a rich new product reserve, and future performance growth can be expected.

3) Downstream production of down-sold piglets has declined. Active participation in African swine fever vaccine research. Affected by African swine fever, downstream swine production has continued to decline, and vaccines for swine use have been hindered by consumer products, with 19H1 exceeding -40%.

The company’s new pseudorabies genetically engineered inactivated vaccines and round-branched two-unit vaccines are on sale. Swine foot-and-mouth disease OA divalent inactivated vaccines are at the application stage for production approval and are expected to be listed in 19H2.

We believe that the company has abundant reserves of large pig seed products, and through the subsequent recovery of downstream production capacity, the company has a potential breakthrough.

In addition, the company actively participates in the research and development of African swine fever vaccine. First, it has developed an African swine fever antibody antibody immunoassay kit, which has a typical double-gene indeed attenuated live attenuated vaccine for immune effect evaluation and quality standard research. The second is around the African swine fever subunit.The research and development of vaccines, series of live vector genetically engineered vaccines, has successfully constructed dozens of African swine fever virus structural proteins and transformed antibodies targeting these proteins.The company has its own strong R & D system, participates in the development of African swine fever vaccine in many aspects, and is optimistic about the company’s future development.


The investment proposal benefited from the improvement of the downstream meat and poultry boom, and the company’s poultry performance was excellent. Considering the future rise in meat and poultry prices, the company is optimistic about the high growth and sustainability of the company’s poultry performance. In addition, the company actively participates in the research and development of African swine fever vaccine for future developmentExpected.
We expect the company’s EPS for 2019-2021 to be 0.



74 yuan, corresponding to PE is 32/27/24 times, given a “recommended” rating.


Risks indicate the risk of animal epidemics, the risk of fluctuations in pig prices, the risk of quality, and the risk of market competition.

Dongfang Cable (603606): Substantial increase in profit, offshore cable accounts for nearly 50% of revenue

Dongfang Cable (603606): Substantial increase in profit, offshore cable accounts for nearly 50% of revenue

Key financial report data In the first quarter of 2019, the company’s operating income increased by 4 per year.

25% to 6.

US $ 0.6 billion, net profit attributable to shareholders of listed companies increased by 1.

44 times to 0.

$ 49.4 billion, net profit excluding non-recurring gains and losses grows annually.

52 times to 0.

5.09 million yuan, achieving EPS 0.

10 yuan.

Performance is in line with expectations.

Key points of investment: The proportion of submarine cable revenue increased and profitability improved. According to estimates,深圳桑拿网 the company’s comprehensive gross profit margin for the first quarter of 2019 was 23.

8%, an increase of 6 per year.

83 units; net sales margin is 8.

16%, an increase of 4 per year.

67 units.

We believe that optimization of product structure is the first priority to improve profitability in advance.

According to the announcement, the current income of submarine cable products increased by 0 every year.

850,000 yuan, an increase of 41.

1%, the income share increases by 12 every year.

57 up to 48.


According to this calculation, the revenue from submarine cable products in the first quarter was about 2.

900 million.

Based on the analysis of orders, gross margin data and market competition pattern in the past year, we expect that the submarine cable system’s 2019 revenue is expected to exceed $ 1.5 billion, and its contribution to total revenue will remain above 40%, and it will remain olderHigh gross profit margin (not less than 28%) has become an important performance growth point.

Land cable business has been developing steadily since 2019. The company issued the announcement of winning the land cable products on January 3, January 31, April 12, and April 24, with a total amount of about 2.

705 ppm, compressed power grid and rail transit areas.

We believe that the company’s land cable system will maintain stable development in the next few years, and it is expected to achieve revenue in 201919.

600 million.

Maintain “Buy” rating. We expect the company to achieve EPS 0 under the current equity in 2019-2021.

51 yuan, 0.

68 yuan, 0.

81 yuan, corresponding to 24.

6 times, 18.

5 times, 15.

6 times P / E.

Risks indicate that the construction progress of offshore wind power projects may exceed expectations; the company’s business development efforts and cost management controls may be less effective than expected; there is a certain degree of fluctuation risk in the industry’s valuation hub.

A-share banks’ non-performing loan ratio dropped by 23 and the average provision coverage ratio increased by 20%

A-share banks’ non-performing loan ratio dropped by 23 and the average provision coverage ratio increased by 20%

A-share banks’ non-performing loan ratio decreased by 23 and the average provision coverage increased by 20 substitutes. Each reporter Leng Hui and editor Yang Jun terminated at the end of April, including the five major banks, eight joint-stock banks, eight city commercial banks, and five farmers.The 2017 annual reports of 26 A-share listed banks within the commercial bank have all been reproduced in the first quarter of 2018.

  ”Daily Economic News” reporters sorted out wind information and financial report data and found that the average non-performing loan ratio of the 26 A-share banks at the end of 2017 was 1.

54%, 8BP lower than the previous year; NPL ratio at the end of the first quarter of 2018 averaged 1.

52%, continued to drop 2BP.

This is lower than the 2016 NBC Insurance (former China Banking Regulatory Commission) announced that the overall non-performing loan ratio of commercial banks in 2017 remained at 1.

The level of about 74% is better, which shows that the asset quality of A-share listed banks has improved significantly.

  Among the 26 A-share banks, only Pudong Development Bank (600000, SH), Hua Xia Bank (600015, SH), and Minsheng Bank (600016, SH) increased their non-performing loan ratios in 2017, increasing by 25BP, 9BP, and 3BP to 2, respectively.

14%, 1.

76%, 1.

71%, an annual increase of 13.

23%, 5.

39%, 1.


The non-performing loan ratio of the other 23 banks has always declined to varying degrees, and asset quality has generally improved.

  Tianfeng Securities Bank Liao Zhiming and Lin Jinlu’s team said that under the background of economic stability and the bank’s initiative to promote bad disposal in the past 5 years, the industry’s bad performance has continued to improve since the third quarter of 2016.

In 2017, most banks’ bad confirmations became stricter.

On this basis, relevant indicators of asset quality continued to improve.

The team of Tianfeng Securities Bank believes that the asset quality of the industry continues to improve, and the major banks have less adverse pressure and can continue to improve with a high probability.

At present, only some small and medium-sized banks, such as Pudong Development, Minsheng and Huaxia Bank, have certain adverse pressures.

   A share banks ‘non-performing loan ratios have fallen overall. In fact, in addition to the increase in the non-performing loan ratios of the only three banks mentioned above, in 2017, only additional banks had non-performing loan ratios exceeding 2%.2.

39% and SPD Bank’s 2.


Jiangyin Bank is a rural commercial bank.

  There are only two banks with a non-performing loan ratio below 1%, which are 0 for Bank of Ningbo (002142, SZ).

82%, 0 of Bank of Nanjing (601009, SH).

86%. The average non-performing loan ratio of the two banks in 2016 was less than 1%. In 2017, they fell by 9BP and 1BP, respectively.

  In 2017, the non-performing loan ratio decreased the most each year: Agricultural Bank (601288, SH) and Bank of Chengdu (601838, SH), which fell 56BP and 52BP to 1, respectively.

81%, 1.

69%, a year-on-year decline of more than 23%.

Changshu Bank (601128, SH) and China Merchants Bank (600036, SH) also saw their NPL ratio fall by more than 10% each year, falling by 18 respectively.

57%, 13.

90% to 1.

14%, 1.


  From the perspective of bank category, the non-performing loan ratio of the five major banks continued to decrease in 2017, with an average of 1.

56%, an average decrease of 14BP; 8 joint-stock banks have only three consecutive non-performing loan ratios rising, and the average of 8 is 1.
72%, the overall average remains stable; the average NPL ratio of 8 city commercial banks is 1.

26%, an average decrease of 10BP; the average non-performing loan ratio of five rural commercial banks was 1.
67%, an average decrease of 12BP.

  Compared with the data released by the China Banking Regulatory Commission, the non-performing loan ratio of large commercial banks in the fourth quarter of 2017 was 1 overall.

53%, the shareholding commercial bank is 1.

71%, City Commercial Bank is 1.

52%, compared with 3 for rural commercial banks.


The data is relatively consistent as a whole, but the overall quality of city and rural commercial banks in A-share listed banks can be observed.

  In addition, the total non-performing loan balances of 26 A-share banks in 2017 were 1.

236 trillion yuan, an increase of 47.7 billion yuan each year; the average NPL provision coverage ratio is 219.

31%, an increase of 20 per year.

77 foreign countries.

In the first quarter of 2018, the average NPL provision coverage ratio was 231.

29%, continued to increase by 11.

98 single.

  Zhao Qing, senior accountant of Suning Financial Research Institute, analyzed and weighed this. On the whole, the growth rate of non-performing loan surplus of listed banks increased significantly. In 2017, the non-performing loan balance of listed banks continued to increase.

01%, a growth rate of 12 lower than the same period last year.

6 averages; over the same period, the overall NPL ratio was 1 in 2016.

70% recognized 1.

59%, asset quality stabilized and improved.

   The bad performance of some stock banks is still under pressure. The team of Yang Rong of CITIC Securities Bank said that the asset quality of A-share listed banks continued to improve in 2017, and all indicators have improved.

Specifically, the first is that the non-performing rate has dropped significantly.

The overall NPL ratio of listed banks in 2017 was about 1.

59%, down 11BP.

Bad interest rate for the first quarter of 20181.

57%, continued to fall by 2BP on the basis of the end of 2017.

The balance of non-performing loans in 2017 totaled approximately 1.

23 trillion, a previous growth rate of 4.

01%, the growth rate continued to 2 in the first quarter of 2018.

44%; Second, forward-looking indicators have improved.

Regardless of the proportion of concern categories or the proportion of bad 西安耍耍网 + concern categories, the division in 2017 and 2016 has basically decreased.

The proportion of loans overdue for more than 90 days also declined; third, the write-off situation was differentiated, and the rate of non-performing loans dropped significantly.

In 2017, the asset quality of each bank basically improved, so the level of write-offs of each bank showed differentiation, and overall listed banks wrote off 5,640.

23 trillion, an increase of 3 over the same period in 2016.


The average non-performing loan generation rate dropped sharply, and the average level in 2017 was about 0.

66%, a decrease of 49BP from 2015.
  Tianfeng Securities Bank Liao Zhiming and others also believe that the overall annual economic indicators for 2017 are stable and better, better than expected, and the economic vitality is continuously released.

The recovery of the macro economy has driven down the non-performing ratio of commercial banks. The non-performing ratio reversed the previous high in the third quarter of 2016.

76% fell to 1 at the end of 2016.

74%. In 2017, the non-performing rate kept trying, and the overall asset quality of the industry tended to be stable and better.
In 2017, the efforts of various banks to reduce the number of bad treatments proactively decreased, and the pressure on bad stocks was not great.

  Liao Zhiming’s team said that the non-performing rate of the first quarter of 2018 was high among the stock banks. Among them, the non-performing rates of SPDB, Huaxia, and the people’s livelihood were among the top listed banks.1 of the first quarter.

68%, asset quality continued to improve significantly, ICBC, Bank of China slightly lower; City Commercial Bank non-performing rate level has been and continues to decline.

Most listed banks paid attention to the decline in the loan ratio in 2017 compared to the middle of the year.

  Regarding the pressure of bad generation, the Bank added back the write-off of the variable of bad production rate in 2017, and some of the stock banks had pressure or blockage of the bad generation, and the bad was still under pressure.

Judging from the bad leading indicators, overdue loans and focus on loan growth within 90 days, the major banks are stabilizing or declining. ICBC and CCB have seen a significant decrease in their bad pressure. Among the stock banks, China Merchants Bank, Ping An, and Xingye have significantly improved their bad pressure.Pufa, people’s livelihood, and China Xia’s bad production pressure are broken.

Some city commercial banks have increased their negative pressure. Guiyang, Jiangsu, and Beijing have experienced negative pressure or cracks. Over 90 days, the overdue loan growth rate has exceeded 40%, and Nanjing and Ningbo have continued to reduce the negative pressure.

  In addition, major banks continue to be cautious in their bad confirmations, and some stock banks have become more severe in their bad confirmations.

The industry’s provision coverage ratio increased, and most banks increased their provision in the first quarter of 2018.

The overall pressure on big banks’ core capital is not great, and some small and medium-sized banks are under pressure to supplement core tier 1 capital.