Founder Securities: Low interest rates on funds may continue

Founder Securities: Low interest rates on funds may continue

[Founder’s solid income]Atypical capital easing: countercurrent currency1, the easing of existing funds comes from the expected increase in bank borrowing funds, and judging from the new low capital interest rates over the years, commercial banks may still have a lot of loans to be borrowedBut uncleared funds.

  2. This may be an atypical easing of funds, which may not be accommodative of monetary policy. It is important to note that the size of banks ‘super reserves has gradually slowed down recently.

  3. On a scale of reduction, the supply of bank borrowing funds is increasing, which may be related to the trend of decommissioning and “backflow” of funds: 1) From the evidence of the credit balance sheet, in 2018The allocation of commercial banks has shifted to low-risk assets, and the proportion of equity and other investments has been declining; 2) Outsourced funds that have returned to the banking system have been put out by banks through traditional channels, instead, they have sufficient funds for commercial banks to borrow.

  4. Easily liquidity means that bank-scale transactions have become 夜来香体验网 more inadequate, and non-bank transactions in the reduced market are the more crucial force for the recent decline in yields: 1) After the funds have flowed back, bank transactionsIt becomes more and more inadequate, and the investment leverage of commercial banks is destined to be lower than that of non-bank and general funds; 2) The trading of funds in non-bank systems is becoming more and more crowded.

Under the resonance of expectations and reality, the scale of bonds held by unincorporated products and institutions has increased rapidly in the past year.

  5. The low interest rate of funds may continue to decrease, which gives the bond bull market a continuation of a good spread environment, but we also need to pay attention to the risk of increasing market volatility: 1) The deceleration of the bank ‘s ultra-reserve means the bank ‘s debtThe contraction, rather than the increasing congestion of silver transactions, may exacerbate the subsequent market changes; 2) Various operating strategies are more important in the subsequent investment at the same time, and the market may be preparing for some adjustment needs.The weaker than expected PPI response is one of the signals; 3) It is recommended that for light accounts with excessive positions, a moderate lightening can be considered.

  6. The credit dive of industrial bonds still needs to be very cautious. It is recommended to wait and see medium credit to avoid low credit; and urban investment credit can do moderate credit dive.

Goldwind Technology (002202): Achievements in line with expectations, faster growth

Goldwind Technology (002202): Achievements in line with expectations, faster growth
Key points of investment: The company released the 2019 first quarter report and achieved revenue of 53.96 trillion US dollars, an annual increase of 39.8%, net profit attributable to mother 2.2.9 billion, a decrease of 4 per year.64%, earnings per share are 0.06 yuan. Ping An’s point of view: The performance is in line with expectations, and the revenue has increased substantially, and the profit has been basically flat.In Q1 2019, the company achieved revenue of 53.96 trillion US dollars, an annual increase of 39.8%, net profit attributable to mother 2.29 ppm, a decrease of 4 per year.64%, net profit after deduction 1880,000 yuan, a decrease of 16.55%.The company’s revenue increased significantly in the first quarter and reached a record high. It is estimated that it was mainly driven by the rapid growth of the variable speed of wind turbines, which also verified the logic of rushing to install the domestic wind power market in 2019.Comprehensive gross profit margin 26.62%, a decline of 9 per year.For 41 wind turbines, it is estimated that the average gross profit margin of wind turbines and wind power operators has dropped, and the proportion of low-margin wind turbine business has significantly increased the overall gross profit margin.On the whole, the company’s first 杭州夜网论坛 quarter performance basically met expectations. The off-season is not off, and the increase of wind turbines has greatly increased, and subsequent high-speed growth can be expected.In the first quarter of 2019, the company achieved sales of 929MW of external wind turbines. Considering the total H1 wind turbine sales of 2094MW in 2018, and the first quarter is the weakest season in one, it is estimated that the capacity of wind turbines in 2019Q1 has increased significantly.As of the end of the first quarter of 2019, the company’s inventory was 81.3 trillion, an increase of about 31 trillion compared with the beginning of the year, about twice the same period last year, indicating that the second quarter of the wind turbine emissions are expected to continue to grow rapidly.We are optimistic about the overall expansion of the company’s wind turbines. Orders for wind turbines continued to reach record highs, and wind farm utilization hours fell slightly.At the end of the first quarter, the company had orders for external fans19.23GW, an increase of 722MW earlier, a new record high, of which 15 contracts have been signed.2GW.In terms of wind farm operations, as of the end of the first quarter, the equity installed capacity was 4,722MW, which was unchanged from the earlier period. Equity installed capacity of domestic projects under construction was 1,552MW. In addition, the company’s equity financing to invest in overseas wind farm projects, the wind power scale is expected to grow rapidly in the future.Affected by factors such as wind energy fluctuations and power cuts during the heating season, the self-operated wind farms used 537 hours in the first quarter, which had fallen by 53 hours in the past. It is expected that the profitability of wind turbines will continue to be under pressure in 2019.Gross profit margin of wind turbine business in 2018 19.19%, a decline of 6 per year.35 units.Since the second half of 2017, the lowest average bid price of 2MW in China has continued to decrease. The change estimates that the average reduction of wind turbines in 2019 may further decrease compared to 2018H2. The company will continue to bear pressure on the cost reduction and gross profit margin of wind turbines. Earnings forecasts and investment advice.Maintain net profit attributable to mothers from 2019 to 202032.2, 38.7 million profit forecast, corresponding to EPS 0.78, 0.94 yuan, corresponding to PE14.8.12.3 times.The company’s wind turbine leader is overall stable. The profitability of the wind turbine business will be extended in the medium and long term. The scale of wind power operation business will expand rapidly. risk warning.(1) In 2019, the wind turbine business is facing downward pressure on prices. If the cost side cannot be effectively controlled, the wind turbine business may face risks of rising and intensifying gross profit margin.(2) Against the background of the rapid development of domestic wind turbines, domestic wind turbine companies may face threats from competition pressure from mainstream foreign wind turbine companies.(3) The new wind power price policy has not yet been fully implemented, and the problem of supplementary gaps remains to be solved. The domestic wind power market still faces policy uncertainty.

Guanglianda (002410): 2019 BIM industry: steady growth in customer demand, low growth rate and improvement

Guanglianda (002410): 2019 BIM industry: steady growth in customer demand, low growth rate and improvement

The company’s dynamics keep up with the performance of the companies in the industry. China Construction Industry 上海夜网论坛 Association and Guanglianda jointly released the “BIM Application Analysis Report for Chinese Construction Enterprises (2019)” (hereinafter referred to as “2019 BIM Report”).

The report researched 868 domestic construction enterprises, and continued the transformation on the basis of 2017 and 2018. Over the past years, the total number of first-class enterprises accounted for more than 90%, so it can solve customer demand changes and market trends.

  Comment on the steady growth of the BIM market in 2019, the scale, the penetration rate is reduced, and overseas applications dominate.

(1) The average number of BIM applications is 13, which is 26% of the CAGR in 2017; (2) The average investment in BIM of each enterprise is 1.24 million yuan, which is 34% of the 2017 CAGR;3) According to the data of Zhiyan Consulting, the size of the BIM market in 2018 was 46.

US $ 3.1 billion, far from the usual estimated 100 billion RMB market space for construction informatization; (4) Most of the companies surveyed are super-class and first-class enterprises, and the number of projects each year may reach hundreds or even thousands, and the output value is tensOne trillion yuan. From the perspective of the number of BIM projects invested and used by construction companies, the market penetration rate is still low. (5) 15 cases reported in three years. The number of different software uses exceeds 20, the most common.The software used is Revit and Naviswork.

  We are repeatedly optimistic about the development of Guanglianda’s construction business in 2020 and in the long run.

We believe that with the introduction of the “platform + module” architecture and the increase in “total-to-total” cooperation agreements, the construction business is expected to achieve large-scale development.

Large-scale development is expected to bring improvement in human efficiency and improve the profitability level of construction BG.

Therefore, we are expected to gradually see the release of corporate profits in 2020 and 2021.

In the long run, the market situation of changing customers’ demand for steady growth, small scale, and low penetration is gradually being changed. The company’s future revenue potential in the construction field is in the order of 10 billion yuan.

  Estimates suggest that we keep the company’s profit forecast unchanged, and currently expect the P / E corresponding to 2020e / 2021e to be 82x / 34x.

According to the SOTP model, we maintain the company’s target market value of 53.3 billion yuan, and the target price before the additional issue is 48 yuan. Compared with the current existence, there is still 47% of upside, and the P / E corresponding to 2021e is 50x.

Maintain Outperform rating.

  Risks (1) Construction informatization is greatly affected by the prosperity of the downstream construction industry. By 2020, there may be a new start-up growth rate, and the delicacy affects the growth of the construction informatization industry.Do not have obvious advantages in competition; (3) Systematic estimates.

How long can A shares rise?

Public offering: the market still has upward momentum

How long can A shares rise?
Public offering: the market still has upward momentum

Come to Sina Finance University and listen to Guan Qingyou talk about economic and financial indicators and countermeasures during the “epidemic” period. Original title: How long can the stock market continue?

Public Offering: The market still has upward momentum!

  How long can A-shares rise?

Public Offering: The market still has upward momentum!

  Recently, the A-share market is good. Investors’ enthusiasm for participation has risen sharply. The new issue market is hot, and the fundamentals of explosive models are now appearing.

  Looking back to the period after the festival, there are two relatively heavy news, one is the new regulations on refinancing and the other is the MLF interest rate cut.

Driven by these favorable policies, A-shares have come out with a beautiful market.

Regarding the market outlook, from the current comments, technology and new energy vehicles are still the main line recognized by public funds.

  The policy is favorable for the new rules for refinancing of A shares. On the evening of February 17, China Merchants Fund explained the new rules for refinancing (hereinafter referred to as the “new rules”).

  China Merchants Fund said that the new rules have significantly improved the financing scale, the issue target, the pricing mechanism, the validity period of the approval, the reduction of shares, the lock-up mechanism, etc., which can reduce the biology of the financing gate and the investor participation gate of listed companies.Benefits will help improve the enthusiasm of all parties to participate in refinancing, and improve the market environment for refinancing (especially fixed increase) by supplementing supply and demand.

  It is expected that the fixed-income market will be reactivated and the project will provide the expected increase; and the differentiation of fixed-income projects will be more obvious. Under the guidance of the registration system and strict supervision, it is difficult for the fixed-income market to show the situation in 2015-2016.

  As for MLF’s interest rate cuts, Dacheng Fund said 广州桑拿 that the rate cut was within expectations, which will help alleviate the pressure of the epidemic on the real economy.

  The Dacheng Fund expects that the monetary policy will gradually increase in the first half of the year, and the “double reduction” will continue, and interest rate cuts and RRR cuts will alternate.

Easing policies will further promote high market liquidity, lower interest rates are expected to improve the market’s intensification of credit risks caused by the delay in resumption of work, strengthen confidence in economic recovery and policy stability in the second half of the year, and increase risk appetite.

  Morgan Stanley Huaxin Fund concluded that the new rules for refinancing have been implemented and the market risk appetite has improved.

The MLF interest rate is reduced by 10BP, continuing the 苏州夜网论坛 direction of currency easing, and protecting market liquidity.

  Against the background of epidemic prevention and control measures tending to ease and stabilize the economy, and a multifaceted policy to protect the market, the market continued its gradual rebound.

At the same time, benefiting from the favorable policies of the new refinancing regulations, small and medium-sized market capitalization companies represented by GEM have performed more strongly.

  The market outlook is optimistic that technology will be supported by favorable policies, and the broader market (especially the ChiNext) has emerged from a beautiful growth trend.

  Yao Shuang, chief macro strategy analyst of China Merchants Fund, pointed out that the current A-share trading volume continues to increase, the upward trend continues, the market is still shortening and medium-term upward momentum.

  In the short-term, some of the subject matter penetrated by the gains can be reduced at an optional time.

  Initially, there are two clues that can be followed: one is the industry’s continued high prosperity while predicting the return to a reasonable new energy vehicle (Tesla industrial chain, etc.) and the technology growth sector; the other is the benefit from the countercyclical policy and the need to catch upImprove the estimated repair opportunities for the sector.

  China Life Security Fund believes that the most noteworthy follow-up is the progress of construction.

Sub-sectors in the computer and other industries may perform better with better start-up conditions and benefiting from extended media.

In addition, considering the implementation of the new rules, the support effect of the overall technology sector may be improved. Therefore, the overall market trend is still slightly volatile and the structural market of technology stocks will remain at a stronger level.

  Nanhua Fund also stated that it continues to be optimistic about the leading size of technology stocks. This round of technology cycles is a strong cycle in which the semiconductor short cycle and the 5G capital expenditure large cycle resonate. The growth rate of GEM earnings has improved from the third quarter of 2019.Has turned.

A wave of pledge of A shares: over 400% of the controlling shareholder’s pledge rate exceeds 90%

A wave of pledge of A shares: over 400% of the controlling shareholder’s pledge rate exceeds 90%

168 companies pledged mortgage stocks reached the liquidation line; the stock size of listed companies’ pledged stocks reached 7.

2 trillion, accounting for nearly 13% of the total market value of A-share listed companies; Huayi’s “brothers” have a relatively high level of pledge in the industry. Recently, Huayi Brothers has stood on the cusp of public opinion.

Due to an announcement of the actual controller’s equity pledge.

Huayi previously plunged.

Huayi Brothers recently responded officially that pledge of equity is not a sell-off of stocks, nor does it mean that they are not optimistic about Huayi’s future, nor will it affect the normal operation of Huayi Brothers.

  Some people believe that excessive equity pledges, if not handled properly, will trigger changes in the company’s control and turbulence, and even a “black swan” that may cause market risks.

  Since 2018, the Shanghai stock index has fallen from 3587 points at its peak to the recent 3000 points. News of shareholders of listed companies’ equity pledge financing has been repeatedly heard. Recently, some pledged stocks of the controlling shareholders of merged listed companies have been announced that there is a risk of liquidation.Investor market sentiment has taken a hit.

  According to statistics from Oriental Fortune Choice, a Beijing News reporter found that as of June 14, the pledge ratio of the controlling shareholders of 424 listed companies exceeded 90%, of which the pledge ratio of the controlling shareholders of 99 listed companies was 100%.

Since June, large companies such as Maiquer and Busen have issued announcements that some of the pledged shares of the controlling shareholder touched the liquidation line and the stocks were suspended.

  The amount of equity pledged by listed companies reached 7.

The 2 trillion equity pledge refers to the pledge established by shareholders with their property rights as the subject matter of the pledge. It is a common financing method.

  On June 6, Industrial Securities released a research report showing that the scale of equity pledge of listed companies entered a period of rapid expansion since 2014, which increased by nearly one year.

8 trillion. In 2015, 2016, the equity quality deposits of listed companies in 2017 are expected to continue to rise, and the new high-quality deposit scale in 2016 reached a high of 4.

8 trillion.

As of June 6, 2018, the stock size of equity pledge of listed companies reached 7.

2 trillion, accounting for nearly 13% of the total market value of listed companies.

  The Industrial Securities report shows that from the perspective of the direct scale of equity pledge, the top five industries include machinery, medical and biological, electrical equipment, chemicals, and computers. The total size of pledged A-share listed companies is 8 respectively.

8%, 8.

6%, 8.

3%, 8.

1%, 7.

1%.

The fair pledged market value accounts for a relatively high proportion of the total market value of the industry. The leverage risks that are overcome include light industry manufacturing, electrical equipment, textiles and clothing, machinery and equipment, and computers, accounting for 36.

4%, 29.

2%, 25.

0%, 23.

3%, 21.

8%; especially in the light industry manufacturing industry, the transfer of property rights is widespread within the industry and at a high level.

  According to statistics from the Oriental Fortune Choice statistics, as of June 14, a total of 424 listed companies ‘controlling shareholders’ equity pledges exceeded 90%, of which 99 listed companies ‘controlling shareholders’ pledges were 100%.

According to Choice data, among the 424 companies whose controlling shareholder’s equity pledge ratio exceeds 90%, there are 74 companies in the equipment manufacturing industry, 63 in software and information technology service companies, and computer, communications and other electronic equipment manufacturing.The industry is 62.

  Over 100 listed companies’ pledged shares of controlling shareholders fell below the liquidation line. According to financial statistics from Flushing, as of June 14, 168 listed companies exceeded the liquidation line of the pledged shares of the controlling shareholder, and their pledged stocks were liquidated.risk.

  Since June, according to the announcement of the listed company’s announcement, Maiquer, Busen, Zhongnan Culture, and Ruikang issued listed companies that issued partial announcements that the controlling shareholder’s pledged shares touched the liquidation line and the shares were suspended.

  The news that the stocks pledged by the shareholders of the listed company, especially the controlling shareholders, break through the liquidation line often causes fluctuations.

It can be trimmed from the investors’ questions of the Shenzhen Stock Exchange Interactive Exchange and Shanghai Stock Exchange Interactive, the controlling shareholder’s equity pledge ratio, the liquidation line, and whether the shares pledged by the controlling shareholder will be liquidated. These are the key issues that investors are concerned about.
  Industrial Securities said in its research report that standard mortgage financing is a normal financing behavior and can obtain more liquidity.

However, when there is a major adjustment 无锡桑拿网 in the secondary market, when the straight-line decline is extended and the forecast price is exceeded, the pledger will notify the pledger to supplement the security deposit or supplementary collateral (optional).

And if it falls below the closing price, or if the pledge financing amount is less than the closing line, the pledger will require the pledger to quickly replenish the deposit or add collateral to the level of the warning line, otherwise the pledger will carry out the closing operation.

  A brokerage person told the Beijing News reporter that as the pledger of the listed company’s shareholders, the additional margin will directly affect the short-term liquidity of shareholders’ funds. If a liquidation situation occurs, it may have a certain impact and have a long-term impact on the company.Overall business 苏州桑拿网 development.If the controlling shareholder pledges stocks to sell out, it may also involve the transfer of control.

  According to Oriental Fortune Choice data, a reporter from the Beijing News found that out of 424 listed companies whose controlling shareholder’s equity pledge ratio exceeded 90%, the merger of 346 listed companies contracted earlier on January 1, 2018, accounting for sample data.81.

60%.

Some of the listed companies with the largest declines were * ST Fukong, which had a decline of 83 before and after the resumption of power.

14%.

Among the top ten companies with the largest reductions, seven seats were replaced by listed companies that have implemented delisting risk warnings and have entered the delisting process. The remaining three are Orient, Gudi Technology and Gaosheng Holdings.

  From the perspective of market value, since January 1, 2018, the market value of listed companies whose quality assurance ratio of controlling shareholder’s equity exceeds 90% has shrunk significantly.

As of the close of June 14, the total market capitalization of 424 listed companies whose equity pledge ratio was over 90% was 38690.

1.2 billion, a decrease of 9.

16%.

  From January to June 14, 2018, the Shanghai Composite Index fell by 7.

95%, SZSE Component Index decreased by 8.

66%, the GEM index and the small and medium board index fell by 4 respectively.

53% and 8.

48%.

  The controlling shareholders did not pledge 88 listed companies, 31 of which were state-owned enterprises and some of the listed companies’ controlling shareholders were “not bad” and did not choose financing channels for pledged shares.

  According to Oriental Fortune Choice data, as of June 14, a total of 88 listed companies’ controlling shareholders gradually pledged their shares to 0.

Among them, 31 listed companies are state-owned holding companies.

Among listed companies whose private company’s controlling shareholder’s equity pledge accounts for 0% of their shares, Hailu Heavy Industry is more representative.

Since 2009, the attributable net profit of Hailu Heavy Industry is more than 63.5 million yuan, and the net profit after deduction is also more than 50 million yuan.

The 2018 first quarter report shows that Hailu Heavy Industry achieved operating income4.

$ 5.9 billion, up 141 per year.

26%, attributable net profit of 3069.

20,000 yuan, an annual increase of 48.

57%, net profit after deduction is 2694.

420,000 yuan, an annual increase of 64.

03%.

  Liang Yuan, president of Shenzhen Noble Capital Management Co., Ltd., told the Beijing News reporter that conventional enterprises are mainly supported by the state’s finances and that liquidity is transferred. From the operating environment of the entire market, state-owned enterprises and central SOEs face less financial pressure.Judging from the state-owned enterprise’s management system and risk control procedures, the state-owned enterprise cannot casually let the controlling shareholder pledge the shares it holds.

  The securities broker said that most of the controlling shareholders of private listed companies are also involved in the company’s operations. Once the position is out of control, it will cause distortion and adjustment of the company’s management team, which will affect the company’s normal operation and development to a certain extent.

   In the sample, Jianruiwo can “pledge and reduce holdings” in the capital market. It is common for large shareholders to use equity pledge as a financing means to obtain more liquidity. Some listed companies are still in the situation of extremely high proportion of equity pledge.Constant reduction of cash, such as Jianrui Woengeng.

  Among the listed companies whose controlling shareholder’s pledge ratio exceeds 90%, there are 36 electrical machinery and equipment manufacturing companies, accounting for 8 of the statistics.

4%, of which Jianruiwo can be criticized by investors.

  On the evening of April 11, Jianrui Wengeng announced that its controlling shareholder Guo Hongbao and its concerted parties Ningbo Jianrui New Energy Investment Partnership (Limited Partnership) were gradually pledged5.

9.4 billion shares, accounting for 98 of its total shares in the company.

75%, accounting for 24 of the company’s total share capital.

43%.

  According to the announcement of Jianrui Woneng, Guo Hongbao replaced the pledge or repurchased shares within the agreed period, and some of the equity mortgages have constituted defaults.

  Prior to this, the actual controller Guo Hongbao ran all the way on the way to reduce his holdings.

Guo Hongbao issued a Notice of Reduction Plan to Jianrui Woneng on October 16, 2017, and planned to reduce the company’s shares by no more than 30 million shares through centralized bidding within 6 months after the date of reductionPercentage of the company’s total share capital at that time1.

twenty three%).From November 8, 2017 to November 24, 2017, Guo Hongbao successively reduced its holdings of shares through centralized bidding transactions, with an average reduction of 9.

36 yuan / share, a total reduction of 1301.

990,000 shares, the reduction ratio is 0.

54%, gradually cash out1.

2.2 billion.

  After Guo Hongbao cashed in hundreds of millions of euros before and after, due to the continued sharp decline of Jianrui Ruiwo, it had fallen below the minimum performance protection ratio agreed in the “Stock Pledged Repo Transaction Business Agreement” signed by Guo Hongbao and related securities companies.The pledged shares suffered a strong flat, and the securities company sold 2001 held by Guo Hongbao through centralized bidding transactions.

440,000 shares, accounting for 0 of the total share capital.

83%, Guo Hongbao still holds Jianrui Woneng 11 after passive reduction.

46% of the shares, the actual controller is constantly changing.

  A reporter from the Beijing News telephoned Jian Rui Wo Neng’s secretary to the office on the afternoon of June 15th. The other party stated that the situation that the shareholder’s pledged shares broke the liquidation line and needed to supplement the pledge may involve the transfer of control of listed companies.

  Huayi’s “brothers” pledge ratio is relatively high in the industry. The research report issued by Industrial Securities shows that in the next few years, the media industry will face a relatively large impact on equity pledge in the short to medium term.

According to Oriental Fortune Choice data, there are a total of 18 listed companies whose radio, television, film, and film recording system operations data can be checked, of which 5 are companies with a controlling shareholder’s pledge amounting to more than 90% of their shares, accounting for the total number of listed companiesOf 27.

78%.

  According to the incomplete statistics of choice data, from the data of 18 listed companies, the number of pledged by the controlling shareholders of radio, television, film and film and television recording production industry companies accounted for about 53% of their average shareholding.

  The Huayi brothers, who have recently been on the cusp, issued 14 announcements on June 12.

The announcement showed that as of June 12, Wang Zhongjun held a total of 6 shares in the company.

1.2 billion shares, accounting for 22 of the company’s total share capital as of March 31, 2018.

07%.

The company shares held by Wang Zhongjun were gradually pledged for a total of 5.

2.3 billion shares, accounting for 18 of the company’s total share capital.

85%.

Wang Zhonglei holds a total of 1 company shares.

7.2 billion shares, accounting for 6.6% of the previous company’s total share capital
.

19%.

The company shares held by Wang Zhonglei were gradually pledged to a total of 1.

4.7 billion shares, accounting for 5 of the company’s total share capital.

30%.

  According to preliminary calculations, the brothers of Huayi, the actual controller of Huayi, have pledged 85.

46% of shares are at a high level in the same industry.

  The title of the Huayi Brothers Colony, the Wang Brothers pledged equity financing for personal financing needs, intended to be used for project investment and equity investment.

According to media reports, Wang Zhongjun likes art collections and spent 8 trillion to buy art for three years. Wang Zhonglei also invested in companies such as Starlight Entertainment Asia.

  The shares of the controlling shareholder of China Digital Media, a listed company that also operates radio, television, film, and film and television recording systems, have not been pledged.

According to the data of Tianyan Inspection, Zhejiang Radio and TV Group indirectly held Huashu Digital TV Media Group Co., Ltd. through Zhejiang Yitong Digital TV Investment Co., Ltd.

10% stake.

  Except for Huashu, among the privately held listed film and television companies, the long-term company’s controlling shareholder pledge rate is lower than Huayi.

According to the announcement on May 9th by Guangguang Media, Guangguang Holding’s incremental pledged company shares accounted for 49 of the total number of shares held by the company.

07%.

Huanrui Century announced on June 13 that Tianjin Huanrui gradually pledged 41% of its directly held company shares.

94%, accounting for 8.

39%.
  Beijing News reporter Yanyan Zhang

February 26, the daily limit board has long known: Seven benefits are expected to ferment

February 26, the daily limit board has long known: Seven benefits are expected to ferment

The impact of overseas panic on A shares is over?

Investing without looking at policies is like blindfolding. Come to Sina Finance University, listen to Miss Dong read the news, and understand the market.

  Sina Finance News February 25 news, there are seven major benefits that may affect tomorrow’s stock market, specifically: Tiankang Bio Performance Express: 2019 net profit gradually increased by 101% Tiankang Bio (002100) revealed the results of the report on the evening of February 25, the companyRealized operating income of 77 in 2019.

9.7 billion, an annual increase of 47.

87%; Net profit 6.

310,000 yuan, an annual increase of 101.

26%.

Basic income is 0.

61 yuan.

杭州夜网论坛
The primary significance of the performance increase is that the average sales price of pigs in the food breeding business has increased substantially compared with the previous year, the business gross profit margin has been promoted, and the company’s pig production volume has increased.

  Chengmai Technology Express Report: 2019 annual net profit increased by 94.6%. Chengmai Technology (300598) reproduced the express report on the evening of February 25, and the company achieved total operating revenue in 20196.

4.2 billion, an annual increase of 20.

29%; Net profit 1.

6.6 billion, an annual increase of 945.

68%.

Rationale benefits 2.

08 yuan.

In 2019, the company completed the sale of 100% equity of Wuhan Chengmai Technology Co., Ltd., a wholly-owned subsidiary, and expects to obtain investment income1.

5.7 billion yuan.

  Debang Lighting: Subsidiary won the bid 2.

The US $ 9.6 billion project Debang Lighting (603303) announced on the evening of February 25th that public lighting of a wholly-owned subsidiary became the successful bidder in the EPC tender for the construction of the night economic infrastructure construction project in Jianshui County.

The estimated total investment of the project is 2.

9.6 billion yuan.

  Guilin Sanjin: “Guangxi New Coronary Virus Pneumonia Treatment with Traditional Chinese Medicine (Trial Version)” incorporated with Yuye Jiedu Granules. Guilin Sanjin (002275) announced on the evening of February 25, February 24, in Guangxi Zhuang Autonomous Region.The Medical Administration Bureau issued the “Traditional Chinese Medicine Treatment Program for New Coronavirus Pneumonia in the Guangxi Zhuang Autonomous Region (Trial Version)”.

Yuye Jiedu Granules produced by Hunan Sanjin, a wholly-owned subsidiary of the company, have been listed as the recommended medicine for light or common damp-heat accumulation lung syndrome by traditional Chinese medicine treatment during the medical observation period and clinical treatment period (confirmed cases).

  Transsion Holdings Express Results: 2019 net profit17.

25 trillion exceeded the increase of 162%. Transion Holdings (688036) repeated the performance report in the evening of February 25, and the company achieved a total operating income of 253 in 2019.

13 percent, an increase of 11 per year.

78%; net profit 17.

2.5 billion, an annual increase of 162.

45%.

Rationale benefits 2.

33 yuan.

The scale of the report shows that the company’s business scale has grown steadily and continued to maintain its expected profitability in the African market. At the same time, the Indian market has also shown a good momentum of operation by optimizing its product structure.

  China Nuclear Titanium Dioxide: Increasing the sales price of the company’s various types of titanium dioxide. China Nuclear Titanium Dioxide (002145) announced on the evening of February 25. According to the recent market conditions and the company’s actual situation, the company’s Price Committee studied and decided that from February 26, 2020,Based on the sales price of titanium dioxide, the sales prices of the company’s various types of titanium dioxide are raised. Among them: the sales price of domestic customers is increased by RMB 500 / ton, and the export price of foreign customers is increased by USD 100 / ton.

  Jinzhi Technology: Successful bid for 98.14 million smart city projects. Jinzhi Technology (002090) announced on the evening of February 25. Recently, the company’s wholly-owned subsidiary Jinzhi Information successfully won two smart city projects with a cumulative bid amount of 9814.

0.6 million yuan, accounting for 5 of the company’s total operating income in 2018.

86%, the preliminary project will have a positive impact on the company’s operating performance.

Liugang Iron & Steel Co., Ltd. (601003): Multiple factors have led to the gradual stabilization of the first quarter results and the later performance gradually stabilized

Liugang Iron & Steel Co., Ltd. (601003): Multiple factors have led to the gradual stabilization of the first quarter results and the later performance gradually stabilized

Event On April 24, the company released the “First Quarter Report 2019”.

Reporting information, the company realized a total of 102 operating income.

61 ppm, a decrease of 9 per year.

6%; net profit attributable to mother 3.

84 trillion, down 63 a year.

32%; Realize basic benefits and benefit 0.

1497 yuan / share, down 63 before.

32%.

On April 24, the company issued the “Announcement on the Operation of the First Quarter of 2019”.

The reported quantity, the company’s steel output is 172.

18 for the first time, falling by 5 each year.

41%; realized 北京桑拿洗浴保健 steel sales of 172.

16 initially, down 9 each year.

34%.

The temporary decline in steel sales prices in the first quarter obviously increased the high cost. The company’s main products in the first quarter were long products and flat plates.

Since the first quarter of this year, the unit price of steel sales has exceeded expectations.

According to the data from the Steel Federation, taking rebar HRB400: 20mm as an example, the average rebar sales price in Kunming in the first quarter was 4,704 yuan / ton, which gradually decreased by 133 yuan / ton.

The average sales price of ordinary carbon medium plate in the first quarter was 4,116 yuan / ton, and then fell by 374 yuan / ton.

The average selling price of the company’s main products decreased significantly, which directly affected the profit in the first 厦门夜网 quarter.

In addition to the obvious decrease in the average sales price of the company’s main products, the severe increase in the cost side in recent years has also affected the company’s net profit.

Taking Zhanjiang Port’s PB powder price as an example, in the first quarter, the price of PB powder Zhanjiang Port’s tax-included car plate price was 611 yuan / ton, which increased by 88 yuan / ton, or 16%.

8%.

Affected by the Vale dam breach, the price of iron ore rose sharply in the first quarter, which severely affected the company’s operating profit.

According to the company’s announcement, the company’s steel output also showed a slight increase in the first quarter.

The company’s steel output in the first quarter was 172.

18 for the first time, falling by 5 each year.

41%.

This is mainly due to the small timber production and the additional obviousness as the company’s main product.

The company’s plate production in the first quarter was 30.

57 Every year, food production increases by 58.

07%, but due to a 19% decline in small timber production.

42 initially (of which the first quarter of 2019 was 141.

61 inches), leading to slight fluctuations in the increase in total output.

The company’s long-term performance with high proportion of long products is expected to be “Guangdong, Hong Kong and Macao” Greater Bay Area construction is still optimistic about 2019 performance. The company is located in Liuzhou, Guangxi Province, and its main sales markets are Guangxi and Guangdong.

At the same time, the price of products with strong demand in Guangdong Province is higher than in other regions, and the company’s products can be transported by water by transporting to Guangdong Province, reducing logistics costs.

Although the company’s operating data decreased in the first quarter, the company’s main building materials products and the current “long strength and weak board” layout continued.

The company is expected to benefit from the construction of the “Guangdong, Hong Kong and Macao” Greater Bay Area, support the company’s product prices and stabilize the company’s performance.

Profit forecast We believe that the company’s future performance will be mainly stable. It is expected that the company’s EPS for 2019-2021 will be 1.80 yuan / share, 1.

87 yuan / share, 1.

84 yuan / share, maintain “Buy” rating.

Risk reminder: The construction of the Greater Bay Area is less than expected, the price of raw materials has changed significantly, and the company’s own operations have changed.

Bayi Iron & Steel (600581) 2019 First Quarterly Report Review: Performance is slightly lower than expected

Bayi Iron & Steel (600581) 2019 First Quarterly Report Review: Performance is slightly lower than expected

This report reads: The company’s first-quarter 2019 performance was slightly lower than expected, and sales in the first quarter remained high.

New real estate starts are strong, infrastructure investment rebounds, and sales capacity outside Xinjiang improves. As the leading steel company in Xinjiang, the company’s profit will pick up quarter by quarter in 2019.

Investment Highlights: Maintain the “overweight” rating.

The company achieved operating income of 39 in 2019Q1.

23 ppm, an increase of 15 per year.

10%; net profit attributable to mother -1.

94 trillion, down 234 a year.

47%, the company’s performance was slightly lower than expected.

New real estate starts in 2019 are strong, infrastructure is picking up, steel demand is low and high, and company performance will pick up quarter by quarter.

Due to strong industry supply and strong iron ore prices, the company’s Q1 performance was slightly lower than expected, and the company’s EPS for 2019-2021 was reduced to 0.

25/0.

32/0.

36 yuan (originally 0.

44/0.

52/0.

56 yuan), the company benefited from the potential for recovery of infrastructure, given the company 18 times 2019 estimates, and lowered the company’s target price to 4.

50 yuan (the original 5.

70 yuan), maintaining the “overweight” level.

The company’s operation is stable, and its sales volume remained high in the first quarter.

The company’s steel sales in the first quarter of 2019 were 102.

81 First, it decreases slightly by 0 every year.

61 benchmark, overall maintained high.

In the first quarter of 2019, the company’s average steel sales price was 3652 yuan / ton, and the gross profit per ton of steel was 131 yuan / ton, which corresponds to a net profit of -181 yuan / ton per ton of steel, which decreased by 52 yuan / ton and 209 yuan / ton 佛山桑拿网 respectively.Strong downstream iron ore prices have led to rising costs.

As infrastructure continues to pick up, its profitability is expected to gradually pick up.

Infrastructure construction is expected to pick up and sales capacity will increase.

National special debt issuance continued to promote the consolidation policy, and infrastructure investment will continue to pick up in 2019.

With the expansion of Xinjiang’s railway transportation capacity, the company’s outbound sales capacity has gradually increased.

In 2019, steel demand is low before high, and there is room for the company’s profitability to increase.

Real estate is strong and infrastructure is picking up. Leading regional steel companies benefit from the rebound in steel demand.

In March 2019, Xinjiang’s real estate development investment 西安耍耍网 increased by 9 in half a year.

2%, the growth rate rebounded significantly from February.

New real estate starts in 2019 surpassed market expectations, infrastructure picked up, and overall demand remained strong.

As the leading steel company in Xinjiang, the company has fully benefited from the rebound in steel demand in the territory and its performance will gradually pick up.

Risk warning: the macro economy is accelerating to decline; the supply side rises more than expected.

Fund flow to -14 shares of main funds with substantial net value surpassing Zhejiang Longsheng’s biggest selling pressure

Capital Flow: Significant net value of 14 main funds plus Zhejiang Longsheng has the biggest selling pressure
[Fund flow]14 shares suffered a high net amount of main funds. The biggest source of Zhejiang Longsheng’s selling pressure: Securities Times A shares were weakly sorted, and the main funds had a net replacement of 261 throughout the day.310,000 yuan, 17 shares of net inflow of funds throughout the day exceeded 100 million yuan.  After the rally, the A-shares fluctuated and consolidated, the Shanghai Index fell slightly, and the GEM Index fell nearly 1%.The total turnover of the two cities was 513.3 billion yuan, a decrease of nearly 10% from the previous day.On the surface of the funds, the net inflow of funds to the north was nearly 1.3 billion, of which the net inflow of the Shanghai Stock Connect was nearly 1.5 billion, and the net of the Shenzhen Stock Connect was reduced by nearly 200 million; the main funds were net 261 throughout the day.3.1 billion, of which a net decrease of 30 late.3.9 billion yuan.  The disk, the agricultural sector led the rise, Shennong Technology (protection of rights), agricultural hair seed industry, Denghai seed industry, etc. have closed the board; gold stocks strengthened in the afternoon, silver colored, Jinzhou Cihang and other daily limit; rare earth permanent magnet plate fell higher, Jinli permanent, Dehong Co., Zhenghai Magnetic Materials, Sinosteel Tianyuan and other multi-strand fried plates, Galaxy Crystal, Zhangyuan Tungsten Industry, Jiuwu High-tech and other continuous rise and stop.  In terms of different industries, of the 28 Shenwan Tier 1 industries, only the non-ferrous metal sector rose against the market, and the industry index closed up 1.42%, non-bank finance, the largest decline in cars, the decline is more than 1%.  From the perspective of the main funding trends, 28 Shenwan Tier 1 industries saw a net decrease in funding across the board, and the non-ferrous metal industry leading the increase was net allowed6.12 trillion yuan, ranking 13th; the non-bank financial sector that led the decline was a net alternation of 30.US $ 7.6 billion, with the most net funds; computers, electronics, and chemical net cash also declined, all exceeding US $ 2 billion.  From the perspective of individual stocks, the “data treasure toolbox” monitoring shows that there are a total of 17 main stocks with a net inflow of over 100 million yuan.Chunxing Seiko’s main capital inflow 7.5.5 billion US dollars, the first net inflow of funds; Northern Rare Earth, China Microelectronics followed closely behind, the net inflow of funds throughout the day were 2.0.6 billion, 1.9.2 billion yuan; Tongcheng New Materials and Zijin Mining are allowed for net inflow funds throughout the day.  In terms of leading performance, stocks with a net inflow of capital exceeding 100 million yuan increased by an average of 7 today.46%, outperforming the broader market, the daily limit was silver and nonferrous metals, Dagang shares, China Microelectronics and so on.  From the perspective of the industry, among the above-mentioned stocks with net inflow of capital, the top listed stocks are non-ferrous metals, electronics, agriculture, forestry, animal husbandry and fishery, and there are 5 stocks, 3 stocks, and 3 stocks on the list.  Among the main funds with more than one stock, 67 shares today have a net value exceeding 100天津夜网 million yuan, of which 14 shares have a net capital exceeding 200 million yuan.Zhejiang Longsheng’s main fund is a net replacement of 10.US $ 6.4 billion, with the most net funds. The stock has heavy daily limit, and the retracement of the stock has increased to 43% from the year’s high.After-hours data showed that Longhubang’s funds sold Zhejiang Longsheng 3 net.$ 3.9 billion, of which Shanghai Stock Connect bought 0.9.6 billion and sold 3.4.6 billion yuan, with another agency selling 1 net.1.6 billion.  On May 31, the company received an inquiry letter from the Shanghai Stock Exchange about the company’s 2018 annual report, asking for explanation of the reasons for the increase in operating income and net profit, and the reason and rationality of the gross margin of the related products being higher than the average level of the industry.The company announced yesterday that in consideration of the issues involved in the “Enquiry Letter”, some matters need to be further verified and improved and the opinion of the annual audit accountant is required. In order to ensure the correctness and completeness of the response, upon application by the company and the Shanghai Stock Exchange,Delayed reply to the “Enquiry Letter”.  Leading the puzzle, Moutai in Guizhou ranked second and third in net funds, with net amounts of 5, respectively.6.4 billion, 4.8.3 billion U.S. dollars, all suffered a slight decrease at the close.Eastern Fortune, Ying Luohua, CITIC Securities and other 7 net reduction of funds can also be exchanged, all over 300 million US dollars.  Nearly 300 stocks suffered continuous net exchange of main funds. Data treasure statistics show that until the close of June 12, a total of 267 stocks in Shanghai and Shenzhen stock markets had net settlement of main funds for 5 consecutive days or more.Judging from the net continuous duration, Yinge Investment and other main funds have been replaced for 18 consecutive days, ranking first; ST Kangmei (right protection) and other main funds have been replaced for 17 consecutive days, ranking second.  From the perspective of the main fund’s net worth to the total scale, Jinyi Film’s main fund has the largest net worth, with a cumulative net value of 12 for 9 consecutive days.US $ 1.9 billion, followed by Liyuan Information, with a net repetition of 11 in 8 days.0.8 billion yuan.Judging from the ratio of the net decline of the main funds to the turnover, Haierun ranked first in the delisting share, and the stock fell 41 in the last 5 days.46%.  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

NavInfo (002405): Join hands with aerospace machinery and electronics to break through the localization of automotive chips

NavInfo (002405): Join hands with aerospace machinery and electronics to break through the localization of automotive chips

Event: The company announced on the evening of May 29 that it reached a strategic cooperation agreement with Aerospace Mechanical and Electrical.

The two parties will jointly commit to professional cooperation in domestic automotive electronic chip technology and application fields. The specific cooperation directions include five major areas: chip development business, motor algorithm development business, automotive electronic chip application pilot platform, automotive compliance certification industry brand, and brand.Impact and market expansion.

  Opinion: Aerospace Electromechanical is a leading domestic auto parts supplier.

Aerospace Electromechanical is an important auto parts industry operation platform of Aerospace Science and Technology Group. Each has two major systems: automotive air conditioners and EPS, as well as sensors, electrical controllers and other auto parts. It has 14 factories, 4 R & D centers, more than 3,000 employees,The layout covers China, Korea, Thailand, India, Europe and the Americas.

As a leading domestic auto parts supplier, Aerospace Mechanical & Electrical has been classified as one of the world’s major suppliers of automotive heat exchange systems.

  The two parties will work together to localize automotive chips.

According to the announcement, Aerospace Mechanical and Electrical will rely on the significant advantages and brand influence in the automotive parts industry to provide an application pilot platform for automotive electronics chips independently developed by NavInfo, and provide application-side technical support and services for NavInfo.

Specifically, the cooperation points between the two parties include: Astronaut, a subsidiary of Aerospace Mechanical and Electrical, will preferentially replace NavInfo’s new MCU chip in the independently developed automotive air-conditioning controller project, targeting the future automotive air-conditioning control field, especially new energy air conditioningIn the field of control, we provide an application cooperation pilot platform for the company’s chip products.

  The cooperation underscores Jiefa’s strong competitiveness.

NavInfo’s new automotive chip business subsidiary, Jiefa Technology, is a domestic top automotive chip design company. Its mature product line, IVI chips, has occupied more than 50% of the domestic aftermarket market for many years.The market continues to evolve.

In addition to IVI chips, Jiefa Technology’四川耍耍网s product line also includes: AMP vehicle power electronic chips, MCU vehicle control chips, TPMS tire pressure monitoring chips and so on.

Among them, the MCU chip has passed the vehicle-level certification in December 2018, becoming the first domestically-developed vehicle-level automotive control chip, breaking the technology monopoly of the international giants and obtaining production orders.

The business cooperation with Aerospace Electromechanical once again demonstrated the strong competition of Jiefa Technology, and tried to join forces to achieve a new breakthrough in the localization of automotive chips.

  Investment advice: Gradually achieve continuous breakthroughs in business. The company ‘s overall strategy of building a smart car brain with high-precision maps is clearer, and it is a big step towards world-class 北京夜生活网 automotive technology companies.

The strong cooperation with Aerospace Mechanical and Electrical is expected to work together to achieve a new breakthrough in the localization of automotive chips, and the growth space of automotive chip business will be further opened.

The company is expected to have an EPS of 0 in 2019 and 2020.

41, 0.

56 yuan, maintain Buy-A rating, 12-month target price of 35 yuan.

  Risk Warning: The development of innovative business is worse than expected.