In the first half of the year, the capital of Beishang gradually netted inflows of nearly 100 billion baijiu and other 3 sectors, up 45%.

In the first half of the year, the capital of Beishang gradually netted inflows of nearly 100 billion baijiu and other 3 sectors, up 45%.

In the first half of the year, the funds from Beijing and Shanghai gradually net 夜来香体验网 inflows of nearly 100 billion yuan in liquor and other three sectors. The increase by more than 45% was this Friday (June 28).The stock index showed a trend of shock and rebound, and individual stocks were active. During the period of northward capital, there was a gradual net inflow of 963.

7 trillion, pushing the Shanghai index to grow by nearly 20%.

In this context, the liquor, pork concept, and insurance sectors have sprung up in the first half of the year. During the period, the average value of the expansion has reached 45% or more, becoming the strongest sector in the A-share market.

Among the constituent stocks of the above three major sections, including Wuliangye, Shunxin Agriculture, Guizhou Moutai and other 21 strong stocks have hit record highs in the first half of this year.

  First of all, the liquor sector 杭州夜网 broke out collectively in the first half of this year, with an overall cumulative increase of 77.

86%, ranking first in all concept sectors.

Specifically, a total of 19 constituent stocks in the sector achieved growth during the year, accounting for more than 90%, of which Wuliangye and Gujing Gongjiu had an average growth rate of more than 100% during the period, which were 135.

88%, 122.

61%, Luzhou Laojiao (98.

79%), Shanxi Fen liquor (97.

00%), this world fate (94.

90%), Shunxin Agriculture (90%).

70%), Kouzi Warehouse (88.

41%), Guizhou Moutai (69.

25%), gold seed wine (62.

80%), Shuijingfang (60.

47%) and alcoholics (59.

01%) During the period of individual stocks, the average value gradually increased by more than 50%, showing the same strength.

  It is worth mentioning that liquor stocks such as Guizhou Moutai, Wuliangye, Shunxin Agriculture, Luzhou Laojiao, Gujing Liquor, Kouzi Storage Room, Jinshiyuan, Shanxi Fen Liquor, and other liquor stocks all hit record highs in the first half of each year.

贵州茅台6月27日每日盘中突破千元大关,触及1001元\ /股,再创历史新纪录。
因此,中金公司认为,贵州茅台预期仍被低估,同时看好公司结构升级,由此股目标价定为1250元\ /股。
  The long-term economic outlook has not changed, the liquor industry is also in a structural boom, and the long cycle of a new round of growth has changed.

Guolian Securities said that under the structural possibility of the liquor industry, liquor companies promote their own growth by strengthening reforms in products, marketing, and channels.

The growth space of sub-high-end liquors breaks through the increase in the proportion of core product sales and price increases, that is, the increase in product mix; regional liquors are in a differentiated situation in this round of the liquor industry’s growth cycle. Among them, high-quality local liquor companies have relativelyThe weak consumer base and market share in the local market benefit from the increase in prices and market share brought about by the consumption upgrade.

  First, the pork concept plate gradually increased to 56 during the period.

14%, ranking second in the gain list of all concept sectors.

Specifically, Zhengbang Technology (214.

47%), New Wufeng (226.

33%), Aonong Bio (128.

10%), Yisheng shares (132.

30%), new hope (138.

98%), Makihara shares (104.

49%) and Tang gods (103.

70%) and other 7 concept stocks achieved an average doubling in the first half of the year. Shunxin Agriculture (90.

70%), Tianbang shares (91.

76%), Tiankang Bio (95.

27%), Jin Xinnong (85.

35%), Guanghong Holdings (33.90%), Dabeinong (69.

15%) and Hefeng Animal Husbandry (54.

91%) and other stocks gradually increased over the period of 50%.

Among them, 10 concept stocks including Zhengbang Technology, New Wufeng, Aonong Bio, New Hope, Muyuan, Tangrenshen, Shunxin Agriculture, Tianbang, Haida Group, and Lihua have successively created in the first half of this year.A new high in history, interpreting the status of “the strong and the strong”.

  Regarding the future investment logic of the pork concept sector, Zhongyuan Securities believes that from the perspective of the performance of pork concept stocks in the A-share market over the years, each round of pig industry concept stocks reached the highest point about half a year ahead of the pig price, and then began to trend downward.

That is to say, there is still a growth opportunity for the concept stock of the pig industry in this round. It is estimated that it will rise to the highest point in the fourth quarter of 2019. The period may be a good buying opportunity.

  Finally, the insurance sector gradually expanded to 46 during the period.

34%, ranking third in the growth of all concept sectors.

Among them, PICC (76.

39%), Ping An of China (60.

22%), China Life (39.

73%), Xinhua Insurance (30.

28%) and CPIC (28.

42%) During the period, the average value of the individual stocks gradually increased by more than 20%, and the average value of the two individual stocks during the period of the PICC and Ping An reached a record high.

  Regarding the market performance of the insurance sector, Wanlian Securities said that in the short term, the benefits of tax cuts have been fully released, and the downward interest rate expectations have been strengthened, and the estimates have been suppressed, but in the long term, as long as there is no exceeding expected downlink in the future, insurance stocks are at premiumThe value-added recovery is recovering. There is no growth shock in the equity market and the value is growing rapidly. It is estimated that there is room for improvement. It is recommended to pay attention to Xinhua Insurance.

  Looking forward to the future trend of A-shares, Shanxi Securities stated that it will be adjusted by macroeconomics, and A-shares have a higher advantage in major international assets.

After the economic fundamentals are supported and the risk appetite is repaired, the market is expected to stabilize in the late third quarter and greet the real starting point of the slow bull market.

ZTE (000063): Ten billion yuan to land 5G research and development has abundant kinetic energy

ZTE (000063): Ten billion yuan to land 5G research and development has abundant kinetic energy

Event: ZTE issued an announcement saying that the company’s fixed increase issue price has been determined and the subscription agreement has been terminated.

The non-public issuance of A shares was approximately 3.

8.1 billion shares, with a fixed issue price of 30.

21 yuan / share, the fundraising budget is RMB 115.

1.3 billion (net 114.

5.9 billion), the first non-public offering of A-share stocks worth more than 10 billion recently.

The raised funds will be mainly used for 5G network topology technology research and product development projects, including cellular mobile communication networks, core networks, transmission and bearer networks, fixed-line broadband, big data and network intelligent technology research and product development.

Fixed-increasing advantage ZTE continues to maintain high R & D investment, adheres to technological leadership, and strengthens the company’s advantages in the process of facing 5G networks; builds core products and services with core competitiveness, and enhances the mainstream market and mainstream product market shareRate, and continuously improve customer satisfaction, thereby improving the company’s profitability.

In addition, some funds will be used to supplement the liquidity requirements for business development, the company’s capital structure will be further optimized, and its ability to withstand risks is expected to improve significantly.

During the construction period of 5G scale, many services will blossom.

ZTE has fully participated in the construction of 5G networks of the three major domestic operators. In 2019, the number of 5G base station construction will be at 150,000 stations, and in 2020, it will enter the scale of 5G base station construction. A conservative 南京夜网论坛 estimate is that it will be about 600,000 stations at the same time.

At the same time, ZTE has successively successfully won China Mobile’s high-end router / switch projects, China Mobile’s 2019 NFV network equipment collection project, China Mobile’s SDH equipment expansion project, China Mobile’s PTN equipment project, and China’s risk warning: internal equipment vendors overseas market development meetBlockage, intensifying competition in the domestic market; 5G network construction has grown faster than expected; trade wars have intensified or technology has been blocked.

Risk reminders: Domestic equipment vendors are hindered from expanding overseas markets, and greater internal market competition; 5G network construction expansion is stronger than expected; trade wars are intensified or technology is blocked.

Lianchuang Electronics (002036) Company Review: Glass-plastic Hybrid Lenses Progressing Smoothly and Continuously Expanding Production

Lianchuang Electronics (002036) Company Review: Glass-plastic Hybrid Lenses Progressing Smoothly and Continuously Expanding Production
I. Overview of the event Recently, the company released on Interactive Easy: the production capacity of plastic lenses and glass lenses will be expanded next year, and the production capacity of advanced glass plastic lenses will depend on the order situation.  Second, the analysis and judgment of glass-plastic hybrid lenses have achieved important breakthroughs, and the yield has continued to improve. 1. The company’s leading developer of glass-plastic hybrid solutions, glass-plastic hybrid lenses have been supplied to domestic well-known brands in small batches, and 1G + 6P glass-plastic hybrid lenses are good.The rate is over 40%.The moulded glass used to manufacture the lens has been completely self-made and mass-produced, and its production capacity is leading in China.The company intends to issue convertible bonds of no more than 300 million U.S. dollars for industrialization projects with an annual output of 60 million high-end smartphone lenses (2.10,000 yuan), supplementary working capital project (0.900 million).  The company plans to build and produce 200 million high-contrast mobile phone lenses, composite structure lenses, and an annual output of 26.4 million high-definition wide-angle lenses and 28.8 million camera modules.  2. The mobile phone lens is currently actively expanding production. It is expected that the opening of the new Optical No. 9 factory in the first half of next year will help alleviate the strain on production capacity.With the upgrade of smartphones’ high-expectation vertical shooting functions and improvement of optical performance, the expansion ratio of glass lenses / lenses and glass-plastic hybrid lenses will continue to increase. The automotive industry has entered the top big customers, benefiting from the greater increase in the number of ADAS drive lenses. ADAS and autonomous driving are gradually moving forward. The continuous increase in the number of bicycle lenses will drive the long-term boom of the automotive optical market.At present, the company has major European and American customers such as Mobileye, Nvidia, Apollo, Valeo, Magna, etc. A number of products have entered the Mobileye supply chain system. Currently, it mainly supplies auto driving lenses to automotive customers.The car lens enters the harvest period and it is expected to become an important growth point for the company. Mobile phone module orders are full, and high-definition wide-angle business growth is obvious. The company’s mobile phone module has been fully produced. It is currently in the phase of expansion and has entered the mainstream domestic OEM.The fingerprint lens under the screen has entered the major customers, and the current order volume and reservation volume continue to increase.The company supplies GoPro lenses for mid-to-high-end products 深圳桑拿网 this year, and its share and revenue have grown significantly. It is expected to enter the low-end market in the future.The VR / AR lens business has large international customers, stable expansion of projection lens production, and a leading layout in the VR / AR field, which is expected to grow in volume.  Third, investment suggestion The company is a leading domestic supplier of optical lenses, benefiting from the increase in penetration of three-shot / 3D sensing / under-screen optical fingerprints, smartphone lenses can be extended to high-end and continue to grow, long-term automotive lens business will create long-term growth points.It is predicted that the company’s net profit attributable to the mother in 19-21 will be 3.2, 4.5, 5.9 trillion, corresponding to an estimated 39, 28, 21 times.Reference SW electronics manufacturing 深圳桑拿网 industry PE is 38 times, considering the company’s performance flexibility, maintaining the company’s “recommended” level.  4. Risk warnings: 1. The smartphone implantation volume is less than expected; 2. The optical lens shift is less than expected; 3. The industry competition is intensified; 4. The gross profit margin of the touch display business is reduced.

Yijie (430234): Safety Monitoring Leading Company Ranks No. 1 and Receives CNPC Supplier Qualification

Yijie (430234): Safety Monitoring Leading Company Ranks No. 1 and Receives CNPC Supplier Qualification
Event: The company released the semi-annual report for 2019, and the company achieved zero operating income in the first half of the year.820,000 yuan, an increase of 26 in ten years.39%; net profit attributable to mother is 2954.780,000 yuan, an increase of 129 in ten years.twenty two%.In addition, based on the existing total share capital of 36,051,000 shares, the company will send 5 yuan in cash (including tax) for every 10 shares. Focus on safety testing products, leading domestic product performance: the company’s industry is the safety instrumentation industry, is a domestic professional military safety monitoring product research and development, production, sales and service of emerging enterprises.The company has long been focusing on the fields of safety instrumentation, industrial fire protection, infrared sensors and other fields, providing customers with high-tech, sophisticated security monitoring products and services.The company has a patented technology and production capacity of 100% infrared sensors with independent intellectual property rights, which is one of the most yielding in China. It can achieve independent research and development from basic infrared devices, infrared gas sensors to infrared terminal products (detection and analysis instruments)The self-produced enterprises have reached the leading domestic level in product performance.At the same time, the company has established the most advanced gas detection and calibration laboratory, environmental laboratory, and full-automatic SMT production line in China. It has numerous detection instruments and proprietary equipment to ensure product quality. Technology upgrades further control costs, driving the company’s performance to steadily improve: in the first half of 2019, the company strengthened market development efforts, further controlled costs through technology upgrades, and adopted refined expense management and alternative returns to drive company revenue and net profitSteady increase.In addition, the company’s financial data has continued to improve, with net cash flows from operating activities of 2792.730,000 yuan, significantly higher than the 496 in the same period in 2018.370,000 yuan, operating cash flow performed better.The gross profit margin is 65.90%, the net interest rate is 35.95%, all have a higher growth than the same period in 2018, especially the net interest rate nearly doubled.Expenses during sales 37.54%, lower than 天津夜网 the same period in 2018. The performance of civil safety monitoring products increased significantly, ranking first to obtain the qualification of a supplier of CNPC: in the first half of 2019, the company’s product sales continued to grow, among which the performance of the company’s civil safety monitoring products rose, which promoted the company’s performance in the first half of the year.In addition, the company successfully obtained the CNPC supplier qualification again, and ranked first among all bidding suppliers. The product’s capabilities and quality have been highly recognized by customers, laying a foundation for subsequent sales growth.The company continues to improve its marketing network and service capabilities, customer satisfaction, brand awareness, product market share and other aspects have been continuously improved, and has established a good brand image and market reputation.(Source: the company’s 2019 semi-annual report) R & D efforts have been continuously improved, and the company’s efficiency has been improved through technological upgrades: R & D investment 814 in the first half of 2019.72 million, higher than the R & D investment in the same period last year, with continuous expansion of R & D efforts and remarkable R & D results. In the first half of 2019, the company added 1 invention patent, 1 utility model, 2 appearance patent certificates, and 1 computer software copyright.One software product test report, the most prominent of which is the invention patent of “gas alarm controller with multi-channel module structure and its control method” authorized by the State Intellectual Property Office, with rich and advanced technical capabilities. In addition, 8 new applications for invention patents were filed, of which 8 entered the substantive examination stage.In addition, the company continues to improve the quality management system, starting from the quality management of research and development projects, and continuously strengthening the quality control of raw material procurement, production, testing, product storage, factory shipment, and after-sales service, and has received good results.In addition, through optimization of process technology, improvement of tooling and upgrading of operating specifications, the company’s production costs have been reduced, production efficiency and product quality rate have been continuously improved, thereby promoting the company’s long-term stable development. Investment suggestion: The company has a comparative advantage in the field of safety inspection, and its revenue and profits have maintained steady growth in the first half of 2019.Finally the latest company market size 5.8.8 billion, PE TTM 9.2X, it is recommended to pay attention. Risk warning: market competition risks, increased competition risks

Juewei Food (603517): Accelerating Expansion of Stores, Cost Pressure Improves MoM

Juewei Food (603517): Accelerating Expansion of Stores, Cost Pressure Improves MoM
Event: The company released the 2019 first quarter report.The company achieved operating income in Q1 2019.54 ppm, an increase of 19 in ten years.63%; net profit attributable to mothers1.810,000 yuan, an increase of 20 in ten years.38%; net profit after deduction of non-return to mother1.79 ppm, an increase of 21 in ten years.19%. With a low base, the income has grown rapidly, and pepper pepper flavored + savory fresh goods have contributed to the increase.2019Q1 revenue increased by 19.63%, down from 13 in 2018.45% fast, mainly due to (1) the 2018 Chinese New Year is located in the middle of the first quarter, the number of net stores is large, and the revenue growth rate is only 10.11%, the base content; (2) the number of stores by the end of 2018 was 9,915, the 武汉夜网论坛 company accelerated the breakthrough in 10,000 stores in Q1 2019, and offered preferential policies to old franchisees; (3) some markets piloted pepper and savory fresh products in the first quarterThe number of stores is expected to be around 20 at the end, becoming a new growth point.Initially, in 2018, the net opening of 862 stores was close to the lower limit of 800-1200 stores. In 2019, the speed of opening stores gradually accelerated, and the pepper and pepper flavorful and savory fresh food model matured gradually and gradually expanded. The performance of poultry products in Q1 2019 is good, and the percentage of income in Southwest and Central China has increased.In the first quarter, the company’s poultry products, livestock products, vegetable products and other products accounted for 80% of its main business revenue.05%, 0.34%, 10.03%, 7.84%, of which the proportion of poultry products increased by 0 compared with 2018.47 pct, 0 for other products.30.By region, Southwest, Northwest, Central China, South China, East China, North China and overseas markets account for 15 respectively.63%, 1.86%, 27.07%, 17.00%, 25.01%, 11.87%, 1.56%.Compared with 2018, the share of Southwest China, Central China, Northwest China, and Overseas increased by 1.13, 0.43, 0.24, 0.24. The cost pressure is down from the previous month, and the expense rate remains down.In 2018, the price of duck by-products continued to rise, and the company’s single-quarter gross profit margin was 34 in Q1-Q4.42%, 36.39%, 33.92%, 32.47%, gross margin continued to decline in the third and fourth quarters.The company’s gross profit margin in Q1 2019 was 33.31%, an increase of 1 each year.11 pct is still under pressure, but it is 32 compared to 2018Q4.47% rebounded, and the cost pressure weakened.The sales / management / R & D / financial expense ratio for the first half of 2019Q1 is -0.04 / -0.32 / -0.09 / + 0.25.The decrease in the management expense ratio indicates that the company’s expenses are well controlled and management efficiency is improved.The increase in financial expense ratio was mainly due to the increase in loan interest rates. Profit forecast: As a leader in leisure halogen products, Juewei uses management capabilities and supply chain advantages to establish channel barriers, and has ample room for sinking.In 2019, there will be fresh flavors. Chili pepper is expected to enter the store expansion period and become a new growth point for the company.We expect the company’s revenue to be 50 in 2019-2021.10, 56.86, 63.90 trillion, net profit attributable to mothers are 7 respectively.70, 9.09, 10.60 ppm, EPS is 1.88, 2.22, 2.59 yuan, corresponding to PE is 24 times, 20 times, 18 times, maintaining the “buy” level. Risk Warning: The price of raw materials has risen sharply; channel expansion has fallen short of expectations; food safety incidents

70 housing companies with total monthly interest expenses of 35 billion

70 housing companies with total monthly interest expenses of 35 billion

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

  Original title: 70 housing companies with a total monthly interest expense of 35 billion US dollars. The risk of debt default intensified under the epidemic. Source: The initial stage of the financial association is often the peak period of housing companies’ debt issuance (Jin Qilin analysts).The cold current, coupled with the peak period of debt repayment this year, is expected to become more intense.

  According to Moody’s monitoring data, by the end of 2019, 12 of the 58 high-yield developers had weakened liquidity; affected by the epidemic, the liquidity of housing enterprises in the first quarter of this year will further weaken, and financing needs will continue to increase.

  At the same time as sales were blocked, real estate companies faced huge pressure on debt repayment and financial costs this year.

The Kerer report shows that 95 housing companies will have more than 500 billion internally-expired bonds this year, an increase of 45% over 2019.

From the perspective of US dollar expenditure, based on the average financing costs and interest-bearing debt of 70 real estate companies in the first half of 2019, the total monthly interest expenditure of these 70 real estate companies will exceed 35 billion yuan.

  ”Real estate companies that have resisted financial pressure originally have delayed construction due to the impact of the epidemic, stagnated sales, and affected the withdrawal of funds.

If the financing arrangements are not appropriate, the accumulation of multiple factors will further increase the risk of these companies defaulting on their debts.

This is how Yang Kewei, deputy general manager of the Kerer Research Center, analyzes.

  The National Development and Reform Commission recently stated that due to the epidemic situation, companies that have effectively completed the 北京桑拿洗浴保健 issuance of foreign debt within existing quotas can extend the validity period by 6 months.

Some people point out that this arrangement will increase the burden on housing companies to manage debt issuance overseas in the context of increased market uncertainty.

Insiders from several housing companies in Shanghai, Jiangsu, Zhejiang, Fujian, and Shenzhen told the Associated Press that they would proceed with the issuance of debt in accordance with an early plan, but should consider a suitable window period and consider arranging financing as soon as possible.

  The big test of debt repayment ability According to the latest statistics from Moody’s, 27 issuances of housing companies evaluated by overseas bonds in January this year amounted to US $ 16.5 billion (approximately 115.2 billion yuan), exceeding US $ 5.8 billion (approximately 405) in 2019The monthly average level of RMB 10,000 also broke the historical monthly record of USD 11.1 billion (approximately RMB 77.5 billion) in January 2019.

  Moody’s analyst Yang Yuying pointed out that if sales are still affected by the epidemic after 3-6 months, weak liquidity will further expand the ability of housing companies to repay debts, and housing companies that have been refinanced in the capital market will have greater resistance to shocks.Significantly decreased.

  ”The epidemic situation has caused a great impact on fund-raising sales, and this year coincides with the peak period of housing companies’ debt repayment.

Comparing the sales of the same period in the past years and the return of funds, housing companies will face unprecedented pressure on finances.

“The head of finance of a medium-sized housing company in Shenzhen told the reporter of the Associated Press.

  ”Under the pressure of concentrated debt repayment, some radical expansion, high debt enterprises should strengthen cash flow management, expand investment scale, accelerate sales repayment and increase financing efforts, otherwise the cash flow will face the risk of losing control.

“A real estate industry analyst said.

  According to Kerer data, from January 25 to February 10 this year, 95 typical housing companies only completed 4 bond issuance financings, with a bond issuance scale of about 70.

5 trillion, the issuance ratio corresponding to the Spring Festival in 2019, and the scale of bond issuance fell sharply by 86%.

  Therefore, Huang Lichong, the president of Huisheng International Capital, believes that there are both factors for the Spring Festival and factors affected by the epidemic.

  ”The scale, investment bank’s research activities on real estate enterprises have been reduced, which has led to a prolonged bond issuance cycle and a substantial reduction in financing efficiency. Furthermore, when investors affected by the epidemic have subscribed for bonds, their ability to pay debts to real estate enterprises is uncertain,Have some wait and see.

Whether the issuance of real estate enterprises’ debt will continue to be affected, and further follow-up remains to be seen.

Huang Lichong said.

  However, work resumed in various places. Recently, the financing of housing companies has resumed. Zhongliang Holdings, China Merchants Shekou, Jiazhaoye, Yuzhou Real Estate and other companies all plan to raise funds from overseas.

  On February 11, Zhongliang Holdings planned to issue 2.

500 million US dollars of overseas senior notes with a term of 1 year; China Merchants Shekou successfully issued 1 billion ultra short-term bonds with a term of 162 days.

On February 12, Hesheng Chuangzhan issued US $ 500 million offshore fixed-rate bonds with a maturity of 364 days; Xinli Holdings and BOCI International made one.

An agreement of $ 400 million in term loans was signed, and this short-term loan should be repaid before December 31 this year.

  Recently, the largest bond issue is R & F Properties.

According to the Shanghai Stock Exchange’s February 10 news, R & F Real Estate’s non-public issuance of corporate bonds in 2020 has been replaced with a planned amount of US $ 8 billion.

  It is worth noting that a considerable portion of the bonds recently issued or proposed by housing companies are short-term or even ultra-short-term bonds.

Against the backdrop of pressure to repay debts in the epidemic, what kind of financing arrangements will housing companies make next?

  ”The emergence of the epidemic has continued to put pressure on sales. The capital turnover of housing companies in the next few months will encounter more severe difficulties than in previous years.

In order to cope with possible financial pressure, the issuance of real estate companies this year is expected to be more severe than in previous years. Financing that can be done earlier, we will try to arrange early.

“The said person in charge of finance of Shenzhen housing enterprises said.

  A person in charge of the finance department of a large housing company in Shanghai disclosed to the reporter of the Associated Press that after the outbreak, the company caused internal stress tests in early February and adopted a response plan accordingly.  He further stated that “short-term cash return will be under pressure, but it is expected to ease by May-June.

If the debts due soon can be renewed by borrowing new and old methods, multi-party financing will be launched in a timely manner; if there are changes in the financing plan, consideration will also be given to continuing the repayment through own funds.

A Fujian-based housing company responded to the reporter that the company will raise funds according to the original plan, but if it can get funds from the capital market earlier, it will reserve early to meet the needs of the times.

  ”We will adopt a series of cash flow control measures to ensure the healthy and stable cash flow through comprehensive means such as increasing bank mortgage payments and strictly controlling expenditures.

“Another person in charge of a housing company in Fujian and Fujian said so.

  Huang Lichong said in an interview with reporters that housing companies now have very strong financing needs, but the capital market’s expectations have undergone some subtle changes.

  ”The impact of the transformation epidemic on sales has gradually increased, investment institutions have some concerns about the ability of companies to repay debts, and bond subscription expectations have declined.

In addition, after implementing the new overseas bond issuance rules of real estate companies last year, if there are no bonds due to be repaid this year, there will be some shortcomings in the approval of quotas for overseas financing of real estate companies.

“Huang Lichong said.

  As for the scale of housing companies’ subsequent financing needs, Moody’s analysts believe that in the next 12 months from February 1, this year, there will be about 51.3 billion US dollars (about 3581).

400 million yuan) domestic bonds and 27.6 billion US dollars (about 1926).

8 trillion yuan) overseas bonds are about to expire or can be resold, so the refinancing demand of housing enterprises will continue to be high.

  Under the background of the continuous rising demand for housing enterprises, recently the interest on overseas bond issuance by housing enterprises has risen slightly compared with before the Spring Festival.

  ”From the perspective of overseas financing costs, the interest paid by real estate enterprises on bonds is about 1-2 points higher than before the Spring Festival. Although the increase is not large, it reflects the higher returns required by investment institutions to match the risks.

Huang Lichong said.
  A deputy general manager of the finance department of a large housing company revealed to the Associated Press that the overseas financing index was around 5% before the Spring Festival, but the cost of issuing bonds abroad rose by 1% to 2%, and some foreign investors appeared to wait and see.

  ”We have recently contacted a large number of investors, and some investors have expressed an alternative to the impact of the epidemic on the property market and the financial health of housing companies.

For security reasons, foreign investors demand higher returns.

From the perspective of risk appetite, investors are more inclined to invest in short-term debt, and it is difficult to issue long-term debt for more than three years.

“Said the deputy general manager of the above-mentioned real estate enterprise finance department.

  Huang Lichong pointed out that if the funds of housing enterprises continue to be blocked, and under the condition of austerity of funds, the merger of projects and housing enterprises will be more alternative than last year.

  ”Small business debt may not be much, but with few financing channels, a few debts may overwhelm the business.

Although large enterprises have strong strength, their total debt is large. Property transactions were greatly affected during the epidemic. There was not enough cash flow, and large enterprises faced considerable debt pressure.

The difficulty during the epidemic is a real problem that every housing company has to face.

Huang Lichong told reporters.

  Yang Kewei said that if a real estate company can raise funds in a timely manner and sales sales are blocked again, it will further increase its debt default risk.

Negotiating with financial institutions and requesting renewal of the suspect may become an option that some companies have to make.

  ”Overseas debt extensions may be difficult, but internal debts are due, and banks may not implement severe loan drawdowns, pressure loans, and loan breaks.

If the real estate enterprise negotiates with financial institutions and rolls over the debt, it can alleviate the pressure on corporate debt to a certain extent.

Until the epidemic situation returns to normal property market transactions, housing companies can get cash back through transactions, which can gradually resolve the debt crisis.

“Yang Kewei pointed out.

  Other investment bankers said that recently, some banks in the capital circle may moderately release non-standard financing for housing enterprises. If internal financing is properly liberalized on the policy side, it will help alleviate the pressure on housing enterprises.

This, an analyst from a research institute in Shanghai told reporters, “At present, we have received the direct news of the relaxation of non-standard financing of housing enterprises, which is more like an expectation of housing enterprises and financial institutions.

Ningxia Building Materials (600449): Long-term factors of undervalued Northwest cement stocks improve

Ningxia Building Materials (600449): Long-term factors of undervalued Northwest cement stocks improve

Ningxia Building Materials is the largest cement and commercial concrete production enterprise in Ningxia, which accounts for nearly 50% of the entire 青岛夜网 region, and is located in Gansu and Inner Mongolia.

Now it has an annual clinker design capacity of at least 1488, a cement capacity of about 2100, and a commercial blending capacity of 1020.

The sales of cement and clinker in 1734 were converted in 2017, and the average price per ton and gross profit per ton were 213 yuan and 66 yuan, respectively, which gradually increased by 36 yuan and 17 yuan. In 2018, the average price went up against the backdrop of regional demand substitution, pushing the companyProfits have further improved.

The Ningxia cement market is subject to internal demand and external supply pressure, and the economy is still in a “depression”.

Ningxia’s cement market has a small capacity. In 2018, the region’s cement output was only 1726, and the proportion of demand structure infrastructure was higher than the national average.

Ningxia’s market concentration and production capacity have turned into a better level in Northwestern provinces. In 2018, the capacity utilization after excluding peaks was 83.

0%, but due to the high degree of market openness, the pressure on Mengxi input has decreased, so that the regional prosperity is still in the “depression” of the country. Since 2011, the price of cement in Ningxia has been lower than the national average.

Short-term regional demand is expected to be boosted, peak production, integration of the two materials to optimize the external environment, and long-term factors may usher in improvement.

In 2018, Ningxia’s cement demand was ranked 20th due to deleveraging, insufficient continuous reserves for major projects, and high real estate inventory.


In 2019, policies such as the improvement of the liquidity environment and the shortcomings of infrastructure construction are expected to usher in restorative growth. The volume of infrastructure projects in Ningxia and eastern Gansu, especially railway construction projects, can also be considerable. The advance work and construction progress will accelerate the demand for cement.increase.
In addition, in the future, the operation of regional platform companies will promote the improvement of the competition pattern in the Mengxi market. The integration of the two materials will help resolve the problem of inter-competition among cement companies. The regional synergy will be strengthened and the external environment of the Ningxia market will be further optimized.

Investment suggestion: Regional demand is expected to stabilize and rise, coupled with better internal concentration, and no new lines will be put into operation in 2019. The competitive landscape is stable, and the external environment is also improving.

The company’s current P / B ratio is less than 1 times, which is the lowest P / B ratio among Northwest cement stocks and has a high safety margin.

With the steady improvement of Ningxia and surrounding areas, there is room and momentum for PB to rise upwards.

The settlement of industry competition among cement companies in the Northwest Region is also expected to lead to changes in estimates.

Profit forecast: We expect the company’s net profit attributable to its mothers to be 3 in 2018-2020.

4.9 billion, 3.

7.6 billion and 4.

14 trillion, corresponding to 0 respectively.

73 yuan, 0.

79 yuan and 0.

87 yuan, corresponding to a price-earnings ratio of 12.

9 times, 12.

0 times and 10.

9 times, for the first time, it will be given an “overweight” rating.

Risk warning: repeated macro policies, unexpectedly slower supply in the cement industry, and worsening market conditions.

A-share turnover exceeds trillions of dollars. Only a large wave of incremental funds enters A-shares.

A-share turnover exceeds trillions of dollars. Only a large wave of incremental funds enters A-shares.

Although the hearing of witnesses was sometimes affected by the epidemic situation, the first trading day of the Year of the Rat A shares changed seriously, but the release of panic and the relief of market liquidity problems were gradually restored, and market confidence was gradually repaired.

During this period, multi-channel funds actively poured into A shares-Kitakami funds known as “smart money” are one of them.

  In addition to “smart money”, a large wave of incremental funds will soon enter the A-share market!

A few days ago, FTSE Russell stated that the expansion of the third part of the A-share division originally scheduled for March this year will proceed as scheduled.

Some experts point out that the current funds tracking 深圳桑拿网 the FTSE Russell Global Stock Index System are about 1.

7 trillion US dollars, of which the size of passive index funds account for about 80% to 85%, so it is expected to bring about 25 billion passive incremental funds in the short term.

  Moreover, according to experts’ analysis, there will be a large wave of incremental funds outside of A shares this year. How much is it? Just follow the witness and listen to Jun.

  A shares will welcome another billions of “live water” FTSE Russell’s third step of increasing A’s plan has not been affected by the epidemic.

It is understood that after the close of New York on February 21, that is, at 5:00 am on February 22 (Saturday) Beijing time, the FTSE Russell will announce the first phase of the third-stage A-share split arrangement.

  According to the plan, FTSE Russell Grain, the world’s second largest index company, has stated that it will replace A shares with its global stock index system. The A share division plan will be divided into three steps, namely June 2019, September 2019 and March 2020.Month; after the implementation of these three steps, the A-share split ratio will be 5%, 15%, and 25% of the investable portion, respectively.

Therefore, this time the A-shares exclusion of FTSE Russell’s factor ratio adjustment was increased from 15% to 25% and will take effect in March.

  Zhongshan Securities Chief Economist Li Zhan according to the announcement, after the merger of the FTSE Russell Index Phase I and Phase III A-share split arrangements, the proportion of A-shares in emerging market indexes will become the former.

4% increased to 5.

57%, the ratio of the global index will go from 0.

34% increased to zero.


The current funding for the FTSE Russell Global Equity Index System is about 1.

$ 7 trillion, of which the size of passive index funds accounts for about 80% to 85%, so it is expected that about 25 billion passive incremental funds will be brought in the short term, and the inflow of passive incremental funds will benefit market sentiment and provide equityCome more with investment funds.

  Zhang Jun, chief economist of Morgan Stanley Huaxin Securities, transformed into FTSE Russell ‘s third split A-share expansion and was not affected by the epidemic. The new alternatives are the Russell Index ‘s fractional stocks and pharmaceutical-related industries expected to receive revenue inflows.

And the non-bank, banking, home appliance, and computer industries, which have a higher allocation ratio, have been increasing, and they are also expected to obtain higher capital inflows.

  Out of recognition of China ‘s economic growth and China ‘s determination to reform and open up, the following international index will increase the pace of A-share weight to maintain steady progress: In response, China benefits from the continuous adjustment of its own economic institutions, monetary policy andFiscal policy has successively released policy dividends, and its gradual release of economic development potential and alternative stable development is expected to attract continuous inflow of funds from overseas institutions.

At the same time, capital returns of scale have attracted continued foreign inflows.

At present, China’s capital market is estimated to be relatively relative, and the increasingly reasonable pricing of financial markets will also continue to increase the weight of value investment. Foreign countries will continue to flow into China under the attraction of high capital gains.

  Smart money gradually net inflows during the year 765.

3.9 billion yuan On February 19, the Shanghai and Shenzhen stock exchanges totaled 10,388.

1.5 billion, return to the trillion mark.

The total net inflow of northbound funds was 37.

4.5 billion.

The net inflow of Shanghai Stock Connect was 24.

3.0 billion yuan, with a net inflow of 13 on the Shenzhen Stock Connect.

4.2 billion yuan.

  Oriental statistics show that in terms of turnover, since February 3, the enthusiasm of northbound funds to flow into the market has increased, with a net inflow of 199 on February 3.

3.2 billion, a new high since November 27, 2019.

On February 6, net inflows again exceeded the 10 billion mark to 135.

8.6 billion yuan.

From the perspective of capital flow, as of February 19 this year, the total net inflow of northbound funds was 765.

3.9 billion yuan, the net inflow of Shanghai Stock Connect was 364.

6.4 billion yuan, Shenzhen Stock Connect net inflow of 400.7.5 billion yuan.

  CITIC’s reform and development research foundation expert Zhao Yazheng’s northward fund is the so-called “smart fund”. His research on fundamentals is very deep. He has always insisted on buying and holding, which shows that foreign capital is very confident in the economic development prospects of mainland China and governs the Chinese government.The capacity and reconstruction of the epidemic are also very affirmed and supported.

  During the epidemic prevention and control, investing in A-shares must not only strengthen confidence, but also pay attention to risks, and pay attention not to follow the trend and speculate instead, and adhere to the concept of value investment.

  Guo Xiaobei, a researcher at the China Minsheng Banking Research Institute, is a barometer of economy and society. It also has self-repairing and regulating functions. In the medium and long term, the epidemic has no significant impact on the capital market.

With the continuous development of the Chinese economy, the transformation of high-quality A-share companies is accelerating. The short-term replacement of A-shares gives “smart money” the opportunity to buy high-quality assets, objectively reflecting the determination to continue to be optimistic about the market over the long term.

  Yang Delong, chief economist of Qianhai Open Source Fund, on foreign high-quality allocation of A shares actually shows that they are more optimistic about the future performance of A shares.

Many foreign asset management giants have expressed optimistic views on A shares. Considering that the foreign allocation of A shares was too low in the past, foreign allocation of A shares will continue to increase in the future.

  In the long run, the speed of foreign inflows will further accelerate.

The foreign allocation of A shares now only accounts for 2 of global assets.

5%, and China ‘s GDP accounts for more than 16% of global GDP.

In 2019, China’s GDP is close to 100 trillion U.S. dollars. Therefore, excessive allocation of A shares is still seriously underweight. In the future, foreign exchange will continue to increase the allocation ratio of A shares and Chinese bonds.Distribution process.

Now that the reform of A-shares is gradually progressing, the varieties of derivatives will also be more abundant. These are all conducive to attracting more and more A-share markets.

  After the QFII investment restrictions were lifted, the internal flow of funds QFII system is one of the main channels for foreign investors to invest in the internal financial market. Since its establishment in 2002, it has undergone a number of quota adjustments and related system adjustments.

On January 14, 2019, the QFII quota was raised from US $ 150 billion to US $ 300 billion.

In September last year, the State Administration of Foreign Exchange lifted restrictions on QFII and RQFII investment quotas to attract foreign investment in China’s financial market.

  What is the flow of funds after the cancellation of investment restrictions?

According to data disclosed by the State Administration of Foreign Exchange, as of January 31 this year, the QFII conversion quota was approved at 1118.

US $ 9.9 billion, RQFII approved investment quota of 6997.

52 trillion yuan; as of August 31 last year, QFII cumulative approval quota was 1113.

US $ 7.6 billion, RQFII approved investment quota of 6933.

2 billion yuan.

Therefore, the removal of investment restrictions from the end of last month, QFII increased the approved quota to 5.

US $ 2.3 billion, RQFII increased approval quota to 64.

500 million yuan.

  Zhongshan Securities Chief Economist Li Zhan and the cancellation of quota limit indicators before, QFII and RQFII investment quota growth rate quickly appeared significantly accelerated.

The Air Force’s QFII limit is 300 billion U.S. dollars, and the RQFII limit is 1.99 billion yuan, of which the approved quota far exceeds its quota limit.

Therefore, the practical significance of lifting the quota limit is to show a more open attitude of China’s financial market, and at the same time make the QFII and RQFII entry channels complementary to the Shanghai-Shenzhen-Hong Kong Stock Connect channel. Through MSCI, S & P Dow Jones, FTSE Russell and other international indexesGradually dividing A shares by QFII and RQFII quota restrictions will create more room for gradually increasing funds to enter A shares.

  China International Economic Exchange Center Vice Minister of Economic Research Liu Xiangdong QFII holdings of white horse stocks are easier to grow.

From the holder’s 100 shares, we can see that foreign countries prefer growth stocks with diversified profitability, better cash flow, and good information disclosure and dividends.

  Wang Youxin, a researcher at the Bank of China Research Institute, has further increased the opening up of the international financial market and introduced supporting reform measures one after another. In the future, foreign capital will further increase the value of domestic securities assets.

Especially for emerging technology companies and pharmaceuticals that have high growth and are in line with future economic development trends, consumer companies will gain more favor.

  This year, social security, insurance, and pensions entered the market with the highest or more than 600 billion yuan. Since this year, investors have accelerated their entry into the market.

According to the latest data from China Securities Depository and Clearing Corporation, as of the end of January, A-share investors (including natural persons and institutions) have reached 1.

6 billion.

In fact, foreign institutions are also increasing their positions.

  Recently, Yan Qingmin, vice chairman of the China Securities Regulatory Commission, said that the next step is to actively expand the medium and long-term funding sources.

We will further increase the proportion of equity funds, expand the pilot projects of public fund investment and advisory business, encourage and support the entry of social security, insurance, pensions and other medium- and long-term funds into the market, and promote the implementation of the policy of personal pension supplement deferred account investment public funds.

  Pan Xiangdong, chief economist of New Era Securities At present, there are three major foundations for medium and long-term capital entry.

First, the regulatory and supervisory departments have adopted a series of complementary measures to optimize and expand the stock interoperability mechanism, revise and improve the QFII and RQFII systems, further expand the opening of the securities and futures industry, and promote the public offering institutions to vigorously develop equity funds and expand stocks.The stock index supplementary pilots and the release of MOM product guidelines have continuously improved the basic system of the capital market.

On average, the current estimated advantages of A-shares are obvious, helping to attract long-term funds and sharing the benefits of China’s new economic growth.Finally, the impact of the epidemic on the economy has gradually weakened, and the resumption of production and production has progressed in an orderly manner, which has strongly supported the long-term bull trend in the A-share market. It is expected that the medium- and long-term funds of the A-share will continue to flow in in 2020, supporting the slow bull market.

  Liu Zhe, Deputy Dean of Weber New Economic Research Institute, is currently in the stage of dual drive of institutional reform and technological innovation. The transformation and registration system reform provides advance exploration and institutional guarantee to better play the role of asset allocation in the capital market.Improved domestic alternatives and the enhancement of independent research and development capabilities of domestic listed companies. Some leading technology companies have expanded the track for market demand and are expected to enter a period of rapid growth in the future.

Mid- and long-term funds entering the market at this time can not only enjoy the new dividends of technology-driven economic transformation, but also the mid-to-long-term price investment style, but also help guide the capital market to gradually mature, and better support economic innovation and structural transformation.

  In order to promote the entry of social security, insurance and pensions, Longmen Asset Management Chairman Li Yinghong is expected to introduce incentive policies this year.

For example, in order to encourage the entry of enterprise annuities and professional annuities into the market, the Chinese government may study the US 401K clauses and adopt such funds to implement a proactive policy of phasing out taxes to expand the scale of pensions entering the market, while encouraging more enterprises and institutions to establish enterprise annuitiesOr occupational annuity, to increase the size of the pension.

If the policy is properly guided, this year’s social insurance, insurance and pension funds will reach the highest scale or exceed 600 billion US dollars.

  Xiaomei sauce editor | Liu Qi

Hengyi Petrochemical (000703): The Brunei project is fully operational and the industrial chain extends to upstream business

Hengyi Petrochemical (000703): The Brunei project is fully operational and the industrial chain extends to upstream business

Investment points: Maintain overweight rating and profit forecast and raise target price.

We maintain EPS for 2019/2020/2021 to 1.



99 yuan.

Use 2020 industry average PE10.

67 times, raise the target price to 19.

41 yuan, overweight.

  The company’s Brunei PMB 深圳桑拿网 petrochemical project was put into full production.

The Brunei PMB project completed the transfer of public works in March 2019, and completed the full transfer of the main device in July.

In September, the finished products of the atmospheric and vacuum devices were qualified as intermediate products.

On November 3, the entire process of the factory was opened and put into full production, and gasoline, diesel, aviation kerosene, PX, benzene and other products were successfully injected, marking a successful commissioning of the Brunei Refining and Chemical Project.

The Brunei project has entered the commercial operation stage. It is expected that the load will be gradually increased to full production during the gradual transition.

  Brunei project forecast and logistics cost advantages are obvious.

Brunei projects can enjoy cumulative preferential policies for up to 24 years.

At the same time, the Brunei project has the advantage of transportation distance when purchasing crude oil. The cost of oil sold can be digested locally in Brunei or sold nearby to Southeast Asia, which has the advantage of logistics cost.

Southeast Asian refined oil supply and demand balance is better than domestic refined oil supply and demand, and it is estimated that the refining profit is better than domestic refining equipment.

  In addition, the Brunei project has the advantage of late development, and the cost of public works and production facilities is low.

  The production of the Brunei project in the fourth quarter will become the company’s new performance growth point.

After the Brunei 800 mineral refining oil project was put into operation, the company’s business extended the existing downstream industries “PTA, polyester filament, polyester staple fiber, polyester bottle flakes, polyester chips and CPL” to more upstream”PX, benzene and refining” are interchangeable.

At the same time, the company plans to build the second phase of the Brunei project. After the second phase of the 1400 short-term project is put into operation, 200 inserts PX and 150 inserts ethylene.

  Risk warning: the risk of falling oil prices and the downturn in polyester demand.

Xiang Piao Piao (603711) 2019 First Quarterly Report Review: Juice tea continues to increase volume to help performance exceed expectations The company intends to issue convertible bonds to expand production

Xiang Piao Piao (603711) 2019 First Quarterly Report Review: Juice tea continues to 佛山桑拿网 increase volume to help performance exceed expectations The company intends to issue convertible bonds to expand production
Investment Highlights Event: In Q1 2019, the company realized revenue and net profit attributable to its parent8.37 and 0.52 ppm, an increase of 28 in ten years.26% and 83.61%; realized gross and net profit margins of 39.16% and 6.21%, an annual increase of 3.62 and 1.87. Overall, the continued heavy volume of juice tea has helped the 2019Q1 performance exceed expectations.In Q1 2019, the company achieved revenue growth rate of 28.26%, mainly due to the steady growth of brewed milk tea, and the addition of juice tea1.71 ppm increments.The company’s gross profit margin reached 39.16%, an increase of 3 per year.62 pct, mainly due to the increase in the price of the good material series in May 2018 and the increase in the utilization of the ready-to-drink production line after the volume of juice and tea; the company’s period fee decreased by 30.59%, ten years ago 1.62 pct, or mainly due to the shortage of fruit tea and the simultaneous sales of brewed and ready-to-drink products formed a good synergy effect; therefore, the company’s net interest rate reached 6.21%, an increase of one year.87.In summary, the company achieved a net profit growth rate of 83.61%, much higher than revenue growth.Due to the supply and demand of the company’s juice tea, all of which were first payment and later purchase, in 2019Q1, the company’s net operating cash flow, inventory turnover rate and accounts receivable turnover rate all increased to varying degrees. By business situation: Juice tea is still climbing, and it is expected that the sales in the second or third quarter may reach a single season.Since the launch of fruit juice tea in July 2018, it has climbed quarter by quarter, with revenues of 0 in 2018Q3, 2018Q4 and 2019Q1 respectively.6, 1.4 and 1.700 million; after that, it will enter the second and third quarters where the overall temperature in the country is relatively high. It is expected that juice tea will reach a new high in a single quarter. By channel: Except for East China, the other channels have achieved significant growth over the years.In Q1 2019, East China still had the highest revenue share, reaching 38.35%, but at least it has gradually decreased by nearly 10 percentage points, mainly due to the average increase in revenue from other channels except East China; of which, the proportion of revenue and revenue growth in each region are:16.3% / 51% increase), Central China (15%).7% / 51% increase), Northwest (9%).8% / 33% increase), South China (6%).3% / 47% increase), North China (5% share / 42% increase), Northeast China (2%).4% / 155% increase), e-commerce (proportion 5).2% / 69% increase), exports (accounting for 0.8% / 43280% increase), direct sales (accounting for 0.1% / no one-year data). Dealer situation: At least substantial growth is still achieved.By the first quarter of 2017, the company had a total of 1,004 dealers; by the first quarter of 2018 and the first quarter of 2019, the company’s dealers reached 1,169 and 1,360, respectively, each achieving a 16% increase;As the company added ready-to-drink products, especially fruit juice tea, the synergy effect with the potential brewing of milk tea was obvious. The company issued a convertible bond issuance plan: the latest public offering of convertible corporate bonds raised less than 8 yuan.After deducting the issuance expenses, the company will invest 100 million yuan in Chengdu to produce an annual output of 28 to replace 重庆耍耍网 the aseptic filling liquid milk tea project and Tianjin to produce 11.2 Initial aseptic filling liquid milk tea project; the investment amounts are 7 respectively.88 and 3.50,000 yuan, to raise funds 7 respectively.0.6 million yuan and 1.6.4 billion. Earnings forecast and rating: We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 3 respectively.63, 4.90 and 6.380,000 yuan, corresponding to a PE of 42 April 2019 closing price of 42.5, 31.5 and 24.2x, continuous “prudent increase” rating. Risk reminders: (1) the risk of fluctuations in raw material prices; (2) the risk of counterfeiting of products; (3) the slower advancement of production capacity; (4) the new product advancement is less than expected.