Fund actively prepares for floating management rate products

Fund actively prepares for floating management rate products

Source: China Fund News Breakthrough Management Fee Drought Increases Income and Guarantees to Bring Benefits to Managers and Investors “” China Fund News Reporter Fang Li Lu Huijing “Breakthrough Management Fees Drought to Break Income and Benefits to Bring Benefits to Managers and Investors”Every move of the rate fund has received great attention from the industry.

Some preliminary sources have announced that the official guidelines for floating management fee funds will be released soon, and large-scale fund companies are already preparing related products, only to be officially “opened.”

  Actively preparing for floating management fee funds It is understood that the “contingent management fee”
model adopted by Huatai Zijin Fengtai Debt Base accompanied by Huatai Securities Financial Management has caused concern.

According to the China Fund News reporter, the industry has recently reported that long-term fund companies report such products.

  ”A Shanghai-based fund company recently reported a flexible configuration fund that uses a floating management fee model, with fixed holdings terminated, and arranged for a fund manager with the highest performance in the past two years, but the product has not yet been replaced.

“Introduced by a fund company product department.

  Another fund company product designer said that too many fund companies have reported floating management fee funds.

“Reports can be made casually, but will not be cancelled until guidance is provided.

It is reported that the floating management fee fund guidelines will be issued soon. ”

  The draft of the guidelines for floating management fee funds issued by the Air Force regulators is divided into two categories according to different charging methods: the first is the “fulcrum” floating management fee fund.

The remuneration (management fee) actually paid by the fund manager is directly linked to the fund’s performance.

When the fund performance is higher than the comparison benchmark, the management fee will float upwards, otherwise it will float downwards.

The second is to extract “performance compensation” floating management fee funds.

On the basis of receiving a fixed management fee, the fund manager will replace the additional management fee with a certain percentage of the excess income when the performance of the fund exceeds a preset benchmark.

  Many fund companies said that, relatively speaking, the “fulcrum” charging model is more suitable for fixed income products, and the “performance compensation” type is more suitable for equity funds.

The reporter learned that the relevant products initially formulated are basically equity products with a certain holding period.

  A representative of the product department of a large fund company said that floating-rate funds encourage fund managers to bundle their interests with investors, and in particular, will receive better results in a non-bull market environment, which can prevent investors from thinking that the manager’s drought has led to guaranteed income.

  A fund company source said that fund rates are linked to performance, and companies with strong active management capabilities continue to actively report floating management fee funds.

  A fund company product designer believes that floating management fee funds involve management fee commissions. This model is easier to implement for fund companies that promote the division system or natural person holdings.

  ”Fund companies need fixed management fee income. The concept of” no money and no management fees “is more effective in guiding long-term investment. You can try to increase the holding period of investors and gradually reduce management fees.

“A fund manager said.

  The performance of existing floating management fee funds varies widely. As early as 2013, China’s first floating fee fund has been produced.

Compared with traditional fixed-rate funds, the combination of floating-rate funds has obvious advantages.

Some people expect that after the introduction of the new regulations, a new generation of floating rate funds will bring new changes and surprises to the industry.

  Wind data shows that as of August 9, there are currently 37 floating management fee funds on the market, including 10 stock long and short funds, 12 flexible allocation of mixed funds, 7 medium and long-term pure debt funds; stock and partial equity mixed fundsEach has one — — Anxin Value Select and Jiutai Ruifu Event-Driven Fund; 杭州桑拿 in addition, there are some currency funds, short-term bond funds, and hybrid bond funds.

  From the perspective of performance, from 2014 to 2018, the medium- and long-term pure bond funds that used floating rates had an average yield of 11 in five years.

34%, 7.

06%, 1.

37%, 2.

10%, 6.

85%, only outperformed the entire market medium- and long-term pure bond funds in 2017 and 2018.

Among the flexible allocation of hybrid funds, floating rate funds also outperformed the average of flexible allocation of hybrid funds in 2015 and 2017.

  Although the overall performance is not outstanding, in terms of single funds, floating rate funds have many outstanding products.

As of August 9th, Dongfang Hongruiyuan will be opened for three years. CEIBS Select and Dongfanghong Industrial Upgrade have accumulated 78 earnings in the past three years.

49%, 40.

40%, 40.

37%, ranking among the top funds of the same kind.

  Initial sources said that floating management fee funds were an attempt in the past.In the future, new rules will be implemented. The development of floating-rate funds will still require certain basic market performance and the ability of fund managers.The interests are bundled together. As the capital market becomes more mature, the advantages of such products will gradually come into play.

  ”Floating-rate funds have their limitations. There have been some controversies, and they are not the mainstream fund product model abroad.

“Said Liu Yiqian, head of the Shanghai Securities Fund Evaluation and Research Center.

First, the purpose of setting floating fee rates for active funds is to enhance the incentives of fund managers, while public fund managers need to evaluate performance and management scale. The incentive mechanism itself exists, and whether further incentives are still worth exploring. Second, inNote that under the floating rate mechanism of the performance compensation model, it is easy to trigger excessive risk-taking behavior of fund managers.

After all, if you do poorly, you will not charge management fees, and do a good job to reverse the higher management fees. Third, domestic and overseas research proves that the main source of fund income is market system performance, that is, beta income, which can be compensated when the market growsHigher costs are not justified.

Dongshan Precision (002384): Multi-services welcome development in 5G wave

Dongshan Precision (002384): Multi-services welcome development in 5G wave

Event Overview The company released the first three quarters of 2019 performance report, and the first three quarters of 2019 achieved revenue of 163.

69 ppm, achieving net profit attributable to shareholders of the parent company.

RMB 880,000; revenue in the third quarter of 2019 was 63.

90,000 yuan, an increase of 3 in ten years.

15%, achieving net profit attributable to shareholders of the parent company.

86 ppm, a 10-year increase of 16.


At the same time, the company foresees that the net profit attributable to shareholders of listed companies in 2019 is expected to increase by 30% -50%, that is, the net profit attributable to shareholders of listed companies will be 10 in 2019.

500 million?


Benefiting from the 5G base station construction and replacement wave, the performance of the PCB business unit can be expected to acquire Mflex and Multek, and the printed circuit board business unit is gradually growing. The company acquired Mflex in 2016 to enter the FPC business and become a mainstream FPC supplier for international brand manufacturers.1. In 2018, the company acquired Multek and cut into the PCB business to replace the company’s vacancy in the hard board field and further improve 深圳桑拿网 the layout of the circuit board division.

Since 2015, the company’s revenue and net profit have achieved an increase in growth rate. After the completion of the acquisition of Mflex and Multek, Dongshan Precision has carried out in-depth integration and management. The operating efficiency has significantly improved the overweight wireless communication module business and improved the overallCompetitiveness expanded after entering the 5G era. As the number of base stations will increase in the 5G era, 5G antennas will become active, and the integration of RRU and antennas into AAU will bring a comprehensive upgrade of manufacturing processes and materials.

The company has integrated leading industry production capacity and complete business layout in filter, antenna, PCB, die-casting and other communication equipment component products. It has integrated integrated production capacity and technical conditions, and will provide integration through the company’s internal business integration.The wireless communication module products will further enhance the company’s comprehensive competitiveness in the communications field and increase the company’s profitability.

Investment recommendations We expect the company to achieve operating income of 223 in 2019-2021.

5 billion, 272.

50 ppm, 322.

500,000 yuan, the annual growth rate was 12.

73%, 21.

92%, 18.

35%; net profit attributable to mothers is 11 respectively.

1.5 billion, 15.

5.7 billion, 22.

21 trillion, the annual growth rate is 37.

48%, 39.

63%, 42.

65%; corresponding EPS are 0.

69 yuan, 0.

97 yuan, 1.

38 yuan.

With reference to the Shenwan Printed Circuit Board Index, the PE (TTM) of the past two years is about 36 times; we give the company 30 times the PE of 2020 EPS with a target price of 29.

1 yuan, covering for the first time, give “buy” rating.

Risks prompt the transition and restructuring effects of downstream application market fluctuations, 5G base stations and replacements exceed expectations, etc.

Shanghai Electric Power (002463): Performance meets expectations and waits for 5G + IDC demand to be released

Shanghai Electric Power (002463): Performance meets expectations and waits for 5G + IDC demand to be released

Brief evaluation of performance The company released the 2019 annual performance forecast, which is expected to achieve net profit attributable to mothers in 2019.


500 million, a year-on-year growth rate of 101.


1%; For the first three quarters of the consolidated results, it is expected that net profit attributable to mothers will be achieved in the fourth quarter of 2019.


0 million yuan, corresponding to a growth rate of 60%?
114%, month-on-month growth rate of -19%?

Q4 is in a vacuum period, and the company ‘s performance is basically stable. This year, the communications sector is welcoming 4G supplementary construction, 5G initial initialization, and foreign exchanges being upgraded to 400G. The company is a leading manufacturer in the field of communications PCBs, covering carrier networks and data centers.In each application area, the world’s well-known equipment manufacturers are deeply bound to achieve double growth in performance.

Although Q4’s growth rate is slightly lower, according to Prismark’s expectation, Q4’s single-quarter PCB industry output value growth rate replaced Q3’s 11.

8% score to 0.

7%, indicating that the overall demand for Q4 is weak. The tender for the first half of 5G next year will be completed next year and the 4G supplementary construction is nearing completion. The demand for communication boards has not been released. Therefore, we believe that it is not easy for the company to maintain stable performance in this demand vacuum season.Performance 北京桑拿洗浴保健 is in line with expectations.

The overall environment will pick up next year, and 5G + IDC is still the general direction: According to Prismark, PCB is expected to grow by 1% in 2020?
3%, about 1% overall growth rate in 2019?
3%, the overall recovery trend of the industry has been set.

From the perspective of subdivisions, next year will be a year of true large-scale construction of 5G. In addition to the launch of optical communication plug-ins, Broadcom ‘s Tomahawk 4 chip will begin to deliver 400G cloud equipment after it is delivered. Next year, PCBs in 5G and IDC will be kept as fast as possibleGrowth trend.

Qingye factory continues to be high-end, waiting for Huangshi and Huli to improve: Qingye factory’s product structure is adjusted to high-end communication boards (5G and switch-related boards, etc.),南京桑拿论坛 while low- and medium-end communication boards gradually become Huangshi Phase I;Under the trend of high-end penetration of the factory, the specifications of the communication board overflow orders undertaken by the Huangshi Phase I plant have gradually increased from within 10 to 16 floors, and part of the Huangshi Phase II process has also begun testing and production.Demand impacts and performance is under pressure, but even under such circumstances, the company’s gross profit margin for auto plates is still considerable, and it can be seen that the re-demand will improve and the auto plate business will make a significant contribution.

Investment advice we maintain the company 2019?
Net profit attributable to mothers in 2021.

4, 16.

7, 20.

The profit forecast of 200 million US dollars, according to 30 times next year’s estimated level, maintain a target price of 29 yuan, and continue to give a “buy” rating.

Risks suggest that demand is below expectations; PCB prices for 5G and IDC are below expectations; the company’s market share is below expectations.

Guizhou Moutai (600519) semi-annual report comment: demand to support the long-term performance growth of approval price is highly certain

Guizhou Moutai (600519) semi-annual report comment: demand to support the long-term performance growth of approval price is highly certain
The event company released the semi-annual report for 2019, and realized operating income of 394 in the first half of 2019.880,000 yuan, an increase of 18 in ten years.24%; net profit attributable to shareholders of listed companies was 199.51 ppm, an increase of 26 in ten years.56%.Among them, 2019Q2 achieved total operating income of 186.92 ppm, an increase of 10 in ten years.89%, net profit attributable to mother 87.30 ppm, an increase of 20 in ten years.29%. Q2 total operating income was 186.9.2 billion, net profit of 87.3 trillion, with an increase of 10.89%, 20.29%, mainly affected by the high base of 2018Q2 and the channel network carding to determine the pace of delivery confirmation (continued until June 30, the number of domestic dealers was 2415, reducing the number of dealers by 593, of which Maotai sauce wine distributors decreased by 494 However, although the growth rate is expected from the previous month, although it is slightly higher than the market expectation, it does not materially affect the performance growth target of the first-tier company.Funds received in advance for the first half of 2019 122.570,000 yuan, 青岛夜网 an increase of 23 in ten years.30%, an increase of 7 from the previous month.66%, mainly due to dealers’ advance payment.In terms of products, Maotai liquor / series liquor achieved revenue of 347.9.5 billion / 46.5.5 billion, an increase of 18.4% / 16.58%, the development of series wine is more important. The decrease in the proportion of direct sales to zero was due to the rectification of channels such as e-commerce and the plan of the group marketing company has not yet landed. From the perspective of channels, 2019H1 wholesale channel revenue was 378.4.8 billion, an increase of 22.89%, direct channel revenue 16.2 billion, down 38% before. The decline in direct sales was due to the consolidation of the e-commerce (Moutai Cloud Business) channel and the group marketing company’s program since the second half of 2018. The implementation of the direct management overall program has been implemented in the second half of 2019.Revenue is still expected to accelerate. The production and sales are in accordance with the plan, the approval price is firm, and the supply and demand are still tightly balanced. The 2019 progressive sales plan3.18 announcement, the 2019H1 statement confirms that the shipment is close to 1.6 Initially, considering that non-standard products such as boutique Moutai, Zodiac Moutai and vintage wines do not occupy the increase in the issuance of alternative products and the impact of the “national wine” trademark change, the actual circulation of Feitian Moutai is flat or slightly lower than the same period last year.The price is maintained at 2000-2100 yuan.According to the semi-annual work meeting of the Maotai Group on July 15, “We need to further strengthen plan management, reverse target tasks, conduct monthly inspections, and fill in gaps in arrears in a timely manner.The job requires long-term supply3.18 Preliminary is the basic guarantee. In terms of base wine production, the company completed base wine production in the first half of the year4.53 Initially, Moutai / series wine-based wine-based wine production3.44/1.At the beginning of 09, it increased by 13% / 20 every year.58%. Gross profit margin and net profit margin increased, companies with good operating cash flow performed well in 2019H1 gross profit margin 91.87% / net margin 53.68%, a rise of 0.93 points / 3.01pct.The period expense rate is 12.04%, a decrease of 1 per year.9pct, of which the selling / administrative expense ratio is 4.83% / 6.72%, a decrease of 1 from the same period last year.41 / down 0.26 points.Mainly due to the decrease in the expenses of the Maotai liquor market.The company’s net operating cash flow in the first half of 2019 was 240.8.7 billion, an increase of 35 over the same period in 2018.82%, mainly due to the increase in cash received from the sales of commodities, increase in customer deposits and the increase in net coins deposited in the same industry. Profit forecast and estimationRealize net profit attributable to mother 426 in 2021.05/504.32/593.82 trillion, with the same increase of 21.0% / 18.4% / 17.7%, corresponding to an EPS of 33.92/40.15/47.27 yuan.Currently sustainable corresponding to 2019?The PE in 2021 is 28.5/24.1/20.5 times.The Group has a solid foundation of 100 billion yuan, and the strong trend of Pfeiffer’s demand has not changed. It has been streamlined through the group’s marketing mechanism. Against the background of short-term supply, the market’s pricing power will gradually return. The target of 14% revenue in 2019 is stable.Highly recommended. Risk reminder: The direct operation plan is less than expected, and the short-term concentrated volume caused the approval price to fall more than expected, and food safety issues.

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.

Zhaoyi Innovation (603986): Interim report surpasses expectations and fundamentals improve strongly

Zhaoyi Innovation (603986): Interim report surpasses expectations and fundamentals improve strongly

This report reads: The interim report exceeded expectations, the prosperity of the NOR industry stabilized and rebounded, and emerging application markets such as TWS will be strongly driven in the next few years, maintaining the “overweight” rating.

Investment Highlights: Maintain “Overweight” rating and raise TP to 201.

04 yuan.

Taking into account that the company’s interim report exceeded expectations, the industry’s prosperity continued to pick up and raised its EPS for 2019-2021.

74, 2.

96, 4.

01 yuan (originally 1.

65, 2.

82, 3.

56 yuan), giving the company 68 times PE in 2020, raising the target price to 201.

04 yuan.

The company’s interim report exceeded market expectations.

1H19 income 12.

2.0 billion, a year-on-year increase of 8.

63%; net profit attributable to mother 1.

8.7 billion, 20 years ago.

24%; gross profit margin 37.

85% zero for one year.

02 averages, exceeding budget market expectations.

Benefiting from the completion of destocking in the industry and the introduction of major customers, the company’s second-quarter performance far exceeded market expectations.

The company’s single-quarter revenue was a record high, with gross profit hitting record highs of 7 respectively.

4.6 billion and 2.

8 billion, 32% and 32% year-on-year.

08%, net profit attributable to mothers in the second quarter1.

48 billion yuan, a year-on-year increase.


The weaker profit growth rate than the income growth rate was mainly caused by the company’s R & D expenses and non-recurring asset impairment losses, which are expected to decrease significantly in Q3.

Especially with the rapid growth of the company’s revenue, the company’s inventory turnover days reached 142 days, a continuous decline of 31 days, and a decrease of 43 days from the first quarter, indicating the end of the destocking cycle and large and tight inventory.

The prosperity of the NOR industry has stabilized and rebounded, and emerging application markets such as TWS will be strongly driven in the next few years.

Under the one-and-a-half-year destocking cycle ahead of time, the delivery cycle of large factories has been extended from 4 weeks to 6 weeks, so 4Q19 has a growing expected price.

At the same time, new applications at the industry level are booming. In addition to the unexpected market changes such as TWS, AMOLED and IOT, automotive, industrial control, wearable bracelets, game 深圳桑拿网 consoles, and substrates are the company’s main future growth points.

Risk Warning: The industry’s prosperity is below expectations.

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.

Fund Industry Golden Nine Issues New Record Survey

Fund Industry “Golden Nine” Issues New Record Survey

Original title: Investigation of the fund industry’s “Golden Nine” launching a new high. Left-handed solid income and right-handed ETF new products. The scale of the competition is beyond traditional products, and the company is focusing on the layout of distinctive innovative products.

Maybe, for example, the first batch of commodity futures ETF products recently launched in the market has attracted a lot of attention from the market.

  In September, the issuance scale of public funds’ new funds climbed for a longer period of time, until the issue size on September 25 exceeded 140 billion US dollars.

  21st Century Business Herald reporter statistics show that in September, there were 61 funds raised in total (share share statistics), of which 22 were medium- and long-term pure debt funds, and 19 were passive index funds, the two with the largest number.Fund type.

  In fact, these two products with relatively concentrated distribution recently represent to some extent the trend of the public offering market this year.

  The left-handed right-handed ETF has become the “standard” for many public funds.

  The reporter combed and found that, for example, many fund companies such as Yinhua Fund, Haifutong Fund, Tianhong Fund recently promoted fixed income products, and fixed income products have become the trend of the annual guest list.

  In addition to fixed income products, the other hottest player of the year is ETF.

Data show that as of September 25, the size of non-monetary ETF funds totaled 5505.

1.5 billion yuan, compared with 3769 at the end of last year.

The scale of 37 trillion has increased by 1735.

7.8 billion.

  Seeing the end of the year in the scale of public fundraising wars, companies have begun to move, the “scale war” horn has sounded.

  Countdown to the end of the year-end war “We mainly focus on ETFs and fixed income products.

“On September 26, a public fundraiser in South China told a 21st Century Business Herald reporter.

  For ETF products, explosions are frequent.

  On September 20, 4 state-owned enterprise innovation-driven ETFs belonging to 4 fund companies belonging to the four fund companies of Boshi Fund, Harvest Fund, GF Fund, and Wells Fargo Fund were formally established, and the total issued share of the four funds reached 406.

8.7 billion shares, of which the first fundraising scale of the Bosi central enterprise innovation-driven ETF fund was 167.

3.5 billion shares, the largest ETF fund raised since September.

  Subsequently, the first Guangdong-Hong Kong-Macao Greater Bay Area themed ETF issued by Ping An Fund was established on September 23. The initial fundraising scale of Ping An Guangdong-Hong Kong-Macao Greater Bay Area ETF was 60.

100 million copies, second only to the Bosi Fund, Harvest Fund, and GF Fund’s three state-owned enterprise innovation-driven ETFs.

  According to our reporter, there are 7 ETF products that have been established since this year.

In addition to the four in September, there are the rich country CSI military leader ETF established in July, the Huitian CSI China Securities Yangtze River Delta integrated development ETF and the ICBC Shanghai and Shenzhen 300 ETF established in May.

  Prior to this, in October last year, the number of ETFs issued by the structural adjustment of central enterprises issued by a number of Chinese companies also exceeded 10 billion, 252 respectively.

22 billion copies and 158.

88 billion copies.

  It is precisely for this reason that when communicating with our reporters, some fund companies said that ETF products are still one of the focus of promotion.

  Perhaps, for example, Huaxia Fund said that ETF funds in the products to be launched are relatively speaking; Penghua Fund, Tianhong Fund, CCB Fund and other companies at the time instructed continuous marketing of index products.

  ”Unified, the rapid development of ETFs provides investors with diversified trading tools.

Historical data statistics show that combined with the experience of other mature markets, the liquidity of the stock market shows a trend of head stock concentration, and the liquidity of some small and medium market capitalization stocks will decline significantly in the future.

Therefore, the exchange of less liquid constituent stocks for ETF shares will not only avoid the risk of black swan stocks for ordinary investors, but also enjoy better liquidity of ETF products.

“Talking about the reasons for the popularity of ETF funds, Chen Long, the proposed fund manager of Penghua CSI 500 ETF, said.

  At the same time, several fund companies, including Yinhua Fund, Haifutong Fund, Tianhong Fund, etc., also proposed a layout in the fixed income business.

  ”In addition to index funds, for institutional customers such as banks, we still mainly use fixed income products to operate.

A person in Tianhong Fund said, “At the same time, the demand for fixed income products on the Internet is also delayed, and it can also fill the currency fund to a certain extent.

“Yinhua Fund and Haifutong Fund also focused on the promotion of” fixed income + “products in the near future.

  ”The overall macro environment is more favorable for the bond market.

“Zou Weina, Yinhua Fund’s fixed-income public investment director, said.  The number of new bond funds issued this year has also clearly sharpened the enthusiasm of companies.

  Wind data shows that there are a total of 448 medium- and long-term pure-debt funds and short-term pure-debt funds issued as of September 25 this year (shared statistics), an annual increase of 62.

32%, of which there are 108 short-term pure debt funds, with an annual increase of 620%.

  Another remarkable feature of the strong reversal of innovative products is that, in addition to traditional products, most companies are focusing on the distribution of a variety of unique and innovative products.

  Maybe, for example, the first batch of commodity futures ETF products recently launched in the market has attracted a lot of attention from the market.

  On September 24, the Huaxia Feed Soybean Meal Futures Fund affiliated to the Huaxia Fund was formally established with the first fundraising of 2.

6.6 billion.

  Huaxia Fund said that soybean meal futures ETF is an important asset allocation tool. Soybean meal was selected because the correlation coefficient between soybean meal and stocks and bonds was converted to a negative value, so that the allocation of soybean meal could disperse asset risks.The trading volume of agricultural futures ranked first; the price of soybean flour futures of Dashang Exchange was linked with the international market, and the market was high.

  In fact, the launch of the first batch of commodity futures ETF products has also spurred the enthusiasm for the layout of more public funds.

  According to the 21st Century Business Herald reporter, CCB Fund is about to launch the CCB Energy and Energy Futures ETF.

  ”Combination, commodity futures and stocks, debts have low correlation. Adding commodity futures to the portfolio can effectively diversify portfolio risks; transformation, the trend of commodity futures is a direct reflection of commodity prices, and is an important component of general price levels.It is more sensitive to inflation, and adding commodity futures to the portfolio can hedge the risk to a certain extent.

“The CCB Fund said.

  In addition, there are more fund companies with special industries and concept ETF products.

Perhaps this is the ETF launched by Penghua Fund to track the wine index; the first ETF launched by Ping An Fund in the Guangdong-Hong Kong-Macao Greater Bay Area; and the recent technology-based ETFs launched by many fund companies such as Huabao Fund and Huaxia Fund.

  In addition to stocks, bond ETF products have become the blue ocean in the eyes of too many public funds.

The Air Force, the Haifutong Fund and other merged companies have successively launched local 杭州桑拿网 debt ETFs.

  ”The local debt ETF is not a better product innovation direction, but also an important part of strengthening the construction of the local debt market ecosystem.

“Sun Haizhong, assistant to the general manager of Haifutong Fund and director of fixed income investment, believes.

  Relatively speaking, some special ETFs have also gained a good scale.

Among the 49 ETFs set up this year, among the first products with a scale of more than 2 billion, the featured theme products cover the innovation-driven ETFs of central enterprises, the Guangdong-Hong Kong-Macao Greater Bay Area ETF, local government debt ETFs, and so on.

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No one may use it in any way without written authorization.

Click 北京夜生活 here for details or to obtain authorization information.

Yuen Long Yatu (002878) 2019 Third Quarterly Report Review-Performance Growth Is Less Than Expected Cash Flow Pressure

Yuen Long Yatu (002878) 2019 Third Quarterly Report Review-Performance Growth Is Less Than Expected Cash Flow Pressure

The first three quarters of 2019’s revenue / attribution net profit is 10.

28 ppm / 82.05 million yuan, +51 for ten years.

5% / + 21.


It is inferred that the consolidation of the Qianma network has an endogenous revenue / net profit of at least +22.

5% /-3.

3%, revenue growth in line with expectations, performance growth exceeded 杭州桑拿 expectations.

The gross profit of the main business of promotion extended to weaker-than-expected new customer development, lowered its profit forecast and maintained the “overweight” level.

Revenue growth was in line with expectations, and performance growth exceeded expectations.

The company achieved revenue of 10 in the first three quarters of 2019.

2.8 billion, an annual increase of 51.


Benefiting from the company’s funding and customer resource support, Qianma’s network business has grown rapidly, contributing revenue in the first three quarters1.

9.6 billion.

Excluding the impact of Qianma’s consolidation, the company’s endogenous revenue has achieved 8.

3.2 billion, +22 a year.

5%, mainly aimed at the core customers of gifts and digital promotions business expansion and promotion (the top three customers in the first three quarters achieved 5 revenue.

400,000 yuan, +23 a year.


In terms of business, we expect revenue from gift retail / promotion services / franchise retail business in the first three quarters6.

8.6 billion / 1.

03 billion / 1.

9.7 billion, accounting for 66 of the main business.

7% / 10.

1% / 19.


In the first three quarters of 2019, the company’s net profit attributable to its parent was 82.05 million yuan, +21 a year.


Citing Qianma’s 1674 million net profit consolidation, the endogenous net profit of the mother is 6,530 million, each time -3.


19Q3 company achieved revenue in a single quarter 3.

500 million, +48 a year.

9%, net profit attributable to mother is 22.36 million yuan, +19 per year.


Instead of consolidating Qianma’s 7.11 million yuan net profit consolidation, Q3’s endogenous return to mother’s net profit was only 15.25 million yuan, each time -18.

7%, performance growth was lower than expected.

The gross profit margin of the main business of the promotion dragged down the net profit margin.

The company’s consolidated gross profit margin for the first three quarters of 2019 was 22.96% a year -1.

94, of which 19Q3 comprehensive gross profit margin -0.

3pct is about 22.

47%, mainly due to the decrease in the gross profit margin of the gift and gift business: The reduction was due to the conversion of the point exchange business and the conversion of the gross profit margin of branded products purchased by financial customers to the strong premium capabilities of core customers such as Huawei and Wyeth and fierce competition from suppliers, leading to the company ‘sProfit margins have been squeezed.

In terms of expenses, thanks to refined management, the total expense ratio in the first three quarters was changed to -0.

86pct to 12.

6%, of which the sales / management / financial expense ratio is 6.

1% / 6.

1% / 0.

5%, year -1.

2 / -0.

2 / + 0.


Affected by the decline in the gross profit margin of the gifts and gifts business, the net profit margin in the first three quarters of 2019 decreased by -0.

99 points to 9.


Operating cash flow is still under pressure, but the risks are manageable.

In the first three quarters of 2019, the company’s net operating cash flow was -968.

80,000 yuan, at least -0.

1.3 billion US dollars, mainly dragged down by three aspects: 1) The company’s 19 years of rapid business expansion, the payment to suppliers increased, so the purchase of goods, accepting labor service cash + 44% to 4.

8.8 billion yuan; 2) Increase in stocking due to business expansion, the company’s inventory / prepayments in the first three quarters were + 273% / + 79% respectively; 3) Due to the impact of new financial customer development and Qianma merger, the company expanded personnel replacement ordersEmployees are paid and bonuses increase by +47 per year.

2% to 7.89 million.

However, the company’s current ratio is two.

03. There was too much credit line. At the end of Q3 quarter, it was increased by RMB 85.55 million and shortened.

6.3 billion, no short-term liquidity.

At the end of the Q3 quarter, the company’s account receivables reached 4.

6.1 billion, the operating cash flow is expected to improve after the subsequent recovery.

Risk factors: fluctuations in the business of major customers; the performance of Qianma Network falls short of expectations; shareholders’ short-term concentrated holdings.

Profit forecast and rating.

Due to the decline in the gross profit margin of the main promotion business, which has dragged down earnings growth, and the weaker-than-expected development of new customers in the second half of the year, we lower our 2019-2021 net profit forecast to 1.

2.6 billion / 1.

6.5 billion / 2.

08,000 yuan, corresponding to EPS forecast of 0.



59 yuan (previous forecast 1).



63 yuan), to maintain the “overweight” level, the current priority is 24.

45 yuan, corresponding to 25X PE in 2019.

Linglong Tire (601966) 2018 Annual Report Review: Supporting High Growth 5 + 3 Strategy Steady Progress

Linglong Tire (601966) 2018 Annual Report Review: Supporting High Growth “5 + 3” Strategy Steady Progress

Profits grew steadily, and the performance was in line with expectations. The company achieved revenue of 153 in 18 years.

02 trillion, with an increase of 9.

94%, net profit attributable to mother 11.

810,000 yuan, an increase of 12.

73%, deducted non-net profit attributable to the mother 11.

62 ppm, an increase of 14 per year.

71%. The difference between the net profit and the performance report is the litigation compensation expense of 65.69 million yuan, which will not affect the company’s future operations.

Against the backdrop of declining car sales, the company’s cumulative sales in 2018 were 5,345.

330,000 (+8.

85%), in which the output of semi-steel radial tires increased by +10.

76%, production and sales achieved steady growth, and performance was in line with expectations.

Three fees are stable, exchange rate gains are reduced as the three fee report for financial expenses.

40%, slightly decreased in one year.

Of which selling expenses are 5.

94%, an increase of 0.

48pct, due to the increase in advertising fees, transportation and storage service fees, and management fee expenses2.

94%, an increase of 0.

32pct, financial expenses1.

52%, a decrease of 0.

95pct, mainly due to the devaluation of RMB, realized exchange gains of 86.9 million yuan.

The company’s gross profit margin is 23.

70%, basically the same every year.

Supporting development is progressing smoothly, ASP increased the market income of supplementary supporting market which can be expected to increase16.

12%. In September 2018, the joint venture brand-Ford New Furuis main tires will be provided, and North American Ford F150 will realize the supply of full-size spare tires.

Volkswagen’s new sub-brand Jetta VS3 / VS5 / VS7 with 19 years of main tires has been unveiled at the Shanghai Auto Show recently.

We believe that the company’s spare tires have entered mainstream car companies such as Dongfeng Nissan, Volkswagen, Ford, etc. The product has a significant price advantage. Under the background of OEMs’ cost reduction and efficiency improvement, the main tires can break through and it is expected to usher in the aftermarket brand image and ASPContinuous improvement.

Advancing the “5 + 3” strategy, the production capacity continued to expand. The company’s production capacity in 2018 was 64.45 million, of which 55.5 million were semi-steel tires, 8.95 million were all-steel tires, and 1 million were skew tires.

The company has four major bases in China: Shandong Zhaoyuan, Shandong Dezhou, Guangxi Liuzhou and Hubei Jingmen. The Serbian project construction was started this year to steadily advance the “5 + 3” development strategy.

In 19, it is expected to add 8 million semi-steel and 2.05 million all-steel, an increase of 16% over 2018, and continued to expand.

Domestic semi-steel tyre leader, maintaining the overweight rating, we expect the profit in 19/20/21 will be 1 respectively.



81 yuan, corresponding to a dynamic price-earnings ratio of 16.



5x, with a one-year target price of 21.

06 yuan-23.

40 yuan to maintain the overweight level. Risk warning: The sales volume of the automotive industry 杭州桑拿 is declining, the prices of raw materials are rising rapidly, and the progress of supporting facilities exceeds expectations.