The high price of gold was hit by the good support and short-term increase.

High gold prices are hit by the good support and short-term advancement
Come to Sina University of Finance and listen to Golden Sister’s “12 Lessons Learn Systematic Skills of” Investing Gold “”, bid farewell to blindness, and get started easily.  Last week, after the gold price broke through the 1600 mark and climbed close to US $ 60 in real terms, the price of gold in Asian markets rose more than 2% on Monday (February 24), updating its high since February 8, 2013 to 1679.70 US dollars / Ang, now giving up part of the increase in trading around $ 1,665.  World Health Organization Director-General Tan Desai said on the 21st that the current “window of opportunity” for the spread of global health security problems still exists, but this window is gradually reducing revenues and expenditures. The international community needs to take prompt action, which has aggravated people ‘s influence on the global economy.Pessimism for growth prospects.  What is even more shocking is that the development of public health emergencies in South Korea, Japan and other places has increased market anxiety and triggered a new round of hedging 武汉夜生活网 transactions.South Korea raised the country’s outbreak alert to the highest level on Sunday (February 23).However, the European Union sees “no need to panic” over the Italian epidemic.  Global investors have turned to safe assets, and the decline in US Treasury yields has further exacerbated this trend.The substantial decline in US Treasury yields has further boosted this non-yield metal and fueled the current bullish tone.  G20 finance leaders will monitor the impact of public health emergencies on global growth Finance and economic officials in the world’s top 20 economies promise to monitor the impact of public health emergencies on global growth and take action when needed.They said that easing monetary policy and easing trade tensions will drive the economy to recover in 2020 and 2021.  The finance ministers and long-term 上海夜网论坛 presidents of the Group of 20 (G20) heard a report from the International Monetary Fund (IMF), predicting that long-term public health events will lead to a reduction in global economic growth.1 average.  A statement issued by finance leaders said that we will strengthen global risk monitoring, including recent public health emergencies.We are ready to take further action to address these risks.  They predict that global growth is expected to accelerate moderately in 2020 and 2021.The economic recovery is supported by the continued easing of the financial environment and the ease and expectations of trade tensions.  US Treasury Secretary Mnuchin said that if necessary, extension officials will study options for responding to public health emergencies.Japanese Prime Minister Tokuhiko Kuroda said he was prepared to relax policy if necessary.  The high price of gold is well supported, and the short-term is expected to impact 1700. Analysts believe that the high price is still well supported and does not rule out the possibility of further growth in the short term.Kaitou macro analyst Edward Mayer said that the current price of gold looks quite strong. Last week, it broke the high of $ 1613 reached in early January / breakthrough. When such a breakthrough occurs, usually all system funds and technology funds will start.Increase their long positions because some of them are technical buying. In the “short-term” perspective, $ 1,700 is the next target.  Last week, Goldman Sachs issued a report warning investors that a 10% chance of stock market returns looks very high. Meir believes that this is a big drop for the stock market. If expected to materialize, gold’s performance should be better.  According to the latest report by CITIC Construction Investment Analyst Huang Wentao, although U.S. Treasury yields and real interest rates have continued to fall, considering the potential global public health events, even a short-term disturbance, whether it is domestic monetary policy or the U.S. currencyJudging by the trend of policy easing, the scale of easing has not yet been reached.  The report said that given that the main driving force of gold’s medium- and long-term growth is still in the mid-to-long term, the global economy is weak and the monetary policy is not easy to see the distortion in the short-term. Under the medium- and long-term bull market trend, we believe the short-term gold price will continueGo forward and maintain the judgment that the current price of gold is expected to exceed $ 1,700.  At 8:16 Beijing time, the international spot gold price was reported at 1663.USD 81 / GBP, up 1.twenty three%.

Goodix Technology (603160) Company In-depth Research Report: Photoelectric Sensing Innovation Leads Multidimensional Layout and Leads the Future

Goodix Technology (603160) Company In-depth Research Report: Photoelectric Sensing Innovation Leads Multidimensional Layout and Leads the Future

Since its establishment, the leading company of fingerprint recognition chips has taken “innovative technology, enriched life” as its mission, guided by market demand, committed to scientific and technological research and promotion, and promoted China ‘s domestic chip industry from “Made in China” to “Created in China”.To achieve self-breakthrough, in the areas of capacitive touch chip, under-screen optical fingerprint recognition chip, TWS Bluetooth headset chip, and many other technological innovations, to become the leader in the field of fingerprint recognition chips.

At present, the company provides services for Huawei, Xiaomi, vivo, OPPO, OnePlus, ZTE, Meizu, Google, Samsung, Dell, LG, HP and other well-known international and domestic brands, and has reached in-depth cooperation. It is a leader in the domestic semiconductor design industry.

Leading the new optical fingerprint technology, the new ultra-thin fingerprint compatible 5G mobile phone company is the pioneer of the under-screen optical fingerprint recognition chip. According to the company’s official WeChat data, as of December 26, 2019, the company’s under-screen optical fingerprint recognition has obtained 101 modelsBrand prototype commercial.

The company has innovatively designed ultra-thin fingerprint chips and has been mass-produced for commercial use. The module thickness is less than 1/10 of the previous generation, and it is suitable for 5G mobile phone-sized internal spaces.

We believe that the ultra-thin fingerprint products will be launched on the market. On the basis of technological upgrades, the differences will be further widened and subdivided to maintain the competitiveness of the company’s core products.

According to Counterpoint estimates, due to the increase in the price of mid-range OLED smartphone products between $ 300-500, the global OLED display smartphone segment will exceed 6 billion units by 2020, an increase of 46%.

We believe that the optical fingerprint recognition chip under the screen will increase with the expansion of OLED display mobile phones, and the growth path is clear.

Based on long-term goals, innovate and broaden the new channel company’s orderly expansion in the core capabilities. While exploring new areas of fingerprint recognition technology, it has also upgraded touch products and 合肥夜网 integrated new areas such as the automotive market and smart home. IoTChips and 3D face recognition technology are also the focus of the company.

According to the company’s official website, as of the end of 2019, the company has applied for and authorized more than 3,900 domestic and international patents, and has a strong technical reserve.

In 2020, the company will have a number of new products on the market: fingerprint recognition chips under the LCD screen, touch chips on the unit of compact and flexible OLED display, ToF solutions, etc. The integration of the NXP VAS business to be acquired will be completed, and more abundantAudio solution product line.

IHS data shows that the fingerprint penetration density under the screen in 201913.

9%, and the penetration rate is expected to reach 22 by 2020.


We believe 苏州夜网论坛 that under the stimulus of the acceleration of OELD display mobile phones and the landing of the fingerprint solution under the LCD screen, the penetration of the fingerprint under the screen will develop faster than expected.

According to the data of the Tuoyuan Institute of Industry Research, the penetration rate of 3D recognition in 2019 will reach 12%, and the penetration rate may reach 20% by 2020, and the market size will reach 59.

6 billion dollars.

According to Counterpoint data, the number of global TWS headsets will reach 1 in 2019.

2 billion units, expected to reach 2 in 2020.

3 billion units, an increase of 90% in ten years.

The increase in market penetration of new technologies and the rapid growth of new product expansion will bring a strong boost to the company’s core IC design business, helping the company to become a platform-based IC design giant.

The investment proposal maintains the previous forecast. Is the company expected to be in 2019?
Revenue in 2021 will be 65/80/101 million US dollars, with an annual growth rate of 75% / 23% / 26%; net profit attributable to mothers will be 23.



USD 5.0 billion, with a growth rate of 221% / 20% / 22% at the beginning of the year, corresponding to an EPS of 5.

22 yuan, 6.

28 yuan, 7.

69 yuan, maintain “Buy” rating.

Risks suggest macroeconomic fluctuations, increased industry competition, and new product advances faster than expected.

Xingang Co. (600782) 2019 Interim Report Review: Second-quarter profit rebound is significantly better than the industry average

Xingang Co. (600782) 2019 Interim Report Review: Second-quarter profit rebound is significantly better than the industry average

Core point of view The company’s operating status and performance have reached the industry average level. In the industry down cycle, the company’s profit decline has been significantly smaller than the industry average level.

The company’s production is stable, and the output is expected to continue to hit a new high.

The company’s expenses are well controlled, which can effectively resist the decrease in net profit of the royal industry’s downward cycle.

   The company’s operating conditions and performance in the first half of the year were industry average.

2019H1 company achieved revenue of 263.

76 ppm, a ten-year increase4.

69%; realized net profit attributable to mother 18.

39 ‰, an average of 14 in ten years.

81%; realized gross profit 27.

8.9 billion, down 18 every year.


The decline in the company’s performance was significantly smaller than the industry average. The gross profit per ton of long products we simulated fell by 34% in the first half of this year, while the gross profit per ton of flat products gradually decreased by 66%.

The reasons for the company’s performance in the industry average level are: 1) cost control and good location advantage, and the company’s product cost in the second quarter increased by more than the industry average; 2) iron ore pricesThe rapid upward compression of profits in June has not been fully reflected in the semi-annual report; 3) The company’s yield has been reduced from 25% to 15% this year, which has increased the company’s net profit.

   Production is stable, and output is expected to continue to hit new highs.

The company produced iron 456 in the first half of the year.

11 additives, steel 453 additives, steel 413.

18 each year, rising by 1 each year.

81%, up 2.

95%, a decrease of 0.


  The company’s production runs stably, and on the basis of a large blast furnace modification in the first half of the year, it has achieved the same output as the first half of last year.

With the completion of maintenance, the company’s production is expected to be smoother and more stable in the second half of the year.

We expect the company to achieve steel production of about 900, with output slightly surpassing last year, and continue to hit record highs.

   The company’s expenses are well controlled, monetary funds are sufficient, and financial expenses are turned negative.

The company’s 杭州桑拿网 three expense ratios in the first half of the year were only 1.

24%, significantly lower than the industry level.

Due to the high profits of the company in recent years, the company has too much money and has 61.

With 9 billion currency funds, financial expenses also turned negative in the first half of the year.

The company’s surplus monetary funds are also expected to provide extended support for future equipment renovation, maintenance, and the development of non-steel businesses.

   Risk factors: Downstream real estate investment and new construction replacements exceed expectations; supply side releases beyond expectations.

   Investment suggestion: The overall profit base of the industry this year is higher than last year, especially after 5 months, the supply needs to be maintained and the supply remains high and 上海夜网论坛 rigid.

At the same time, due to the impact of foreign mining accidents, the price of iron ore has risen significantly, which has significantly increased the cost of raw materials for steel companies.

Taking into account two factors, we will the company’s EPS forecast for 2019-21 from the previous 1.



The 46 yuan is reduced to 0.


14/1.39 yuan.

The company is the leader in sheet metal production in Jiangxi Province. The stability of its profitability is stronger than the industry average. According to the PE estimate of 6 times in 2019, the target price is 5.

82 yuan, maintain “Buy” rating.

Mei Nian Health (002044): The leader of the medical examination industry with extremely high platform value

Mei Nian Health (002044): The leader of the medical examination industry with extremely high platform value
The fast-growing 100 billion medical examination market plays an increasingly important role as a non-public inspection center.According to data from the Prospective Industry Research Institute, the size of the medical examination market in 2017 reached 1399 ppm, an increase of 21 per year.97%.Driven by consumption upgrades and the increase in the disposable income 天津夜网 of people, the public is paying more and more attention to the health care industry. The medical examination market is expected to maintain rapid growth in the future, and at the same time, it will be proportional to overseas, so the medical examination penetration rate in 2017 is only 32.5%, which is far from the overall coverage of more than 70%.At present, public hospitals still occupy a part of the domestic medical examination market, with a market share of at least 80%. However, the efficiency of public hospitals and the single medical examination package are gradually unable to meet the needs of multi-level consumer groups.Driven by vigorous development, the proportion gradually increases every year. Mei Nian is the highest non-public three-dimensional inspection fixture, and the standardized replication model has matured.As of 2018, Meinian Health has 633 medical examination centers (256 holdings) and serves 27.78 million passengers annually. It is a leading company in the medical examination industry.The company’s medical examination center basically covers the whole country, and is rapidly sinking to the third and fourth-tier cities. Its equipment configuration can be compared with most second- and third-tier public hospitals. At the same time, due to its size, it has strong bargaining power and cost control capabilitiesThe item is second to none.The company adopts the expansion mode of “first participation and later control”, using the leverage effect of funds, firstly holding about 20% of shares, and then incorporating the three-year mature medical examination center into the body to achieve rapid expansion while maintaining good financial indicators.At the same time, the company created nine standardized quality control systems after the 2018 physical examination event to escort long-term growth. The company uses the physical examination as the gripper, which is very strong horizontally and initially extends the value of the platform. Horizontal extension: Based on massive big data analysis, the company can accurately capture market changes and customer needs to form an industry incubation platform. Gradually extended: In the upstream of the industry chain, in addition to traditional medicine, the company is in early screening of tumors, intelligent diagnosis, geneticDetection, artificial intelligence and other aspects have potential for development; and downstream of the industrial chain, health insurance, professional prevention, health consultation, medical services, chronic disease management, etc. are also possible directions.Anke Technology, which has been recognized by the Keke board, is an upstream supplier of the company’s capsule gastroscope. Although the company does not directly participate in the shares, it still reflects the value of Midian Health’s platform. profit prediction.We expect the company’s net profit attributable to its parent to be 11 in 2019-2021.52, 16.57,23.450,000 yuan, an increase of 40 in ten years.4%, 43.8%, 41.5%, corresponding to PE is 42x, 29x, 20x.The company’s “first participation and later control” model breakthrough guarantees stable and high-speed growth of the performance. At the same time, the company’s platform has a strong value and can be extended horizontally and forward.The current estimated relative error in chain medical services is covered for the first time and is given a “Buy” rating. Risk reminders: The development of the medical examination center is less than expected; the management and operation risks brought by chain expansion; and the risk of intensified market competition.

Depth-Company-Huaxin Cement (600801): Achieving New Records in Performance and Suggesting Focus on Regional Elasticity

Depth * Company * Huaxin Cement (600801): Achieving a New High in Performance and Suggesting Focus on Regional Elasticity

The company released its 2019 Interim Report with a revenue of 143 in the first half of the year.

8.7 billion, an increase of 21.

07%; net profit attributable to mother 31.

6.3 billion, an increase of 52.

93%; EPS1.

51 yuan, the same increase of 52.


The company’s performance reached a new high, and all financial indicators reached the best level.

Key points supporting the rating Revenue continued to grow at a high speed, and the indicators in the report further improved: the company’s sales in the first half of the year.

07% rapid growth, of which gross margin was 41.

75%, the same increase of 3.

99pct; each expense rate is 12.

98%, down by 2.

52pct; accounts receivable decrease by 27 per year.

60%, the receivables turnover rate and inventory turnover rate expanded.

Earlier operating cash flow increased by 55.

44%, free cash flow also participated in the promotion.

In the first half of the year, the company’s cash ratio continued to increase, its debt ratio decreased, capital expenditures further increased, its cash flow situation was better, and its financial statement indicators further improved.

The rapid growth of performance may benefit from the improvement of regional prosperity: 2019 is still a big year for cement, and the maintenance of real estate construction can bring the demand brought by the industry.

The degree of prosperity of East China and South China in the traditional high-boom area has improved significantly, and the measurement data in the first half of the western region has improved significantly.

The company is mainly located in the southwest and central China regions, and the rapid growth of its performance in the first half of the year may be related to the improvement of regional prosperity.

While capacity expansion is underway, revenue growth can still be expected: In the context of supply-side reform, the company still rarely has capacity allocation, and the future growth of the cement business is highly certain.

At the same time, the hazardous waste business and concrete aggregate will become the main growth point of the company’s future performance.

The company is the target of a small number of future performance growth points in the cement sector, and it will readjust its ability to resist cyclical changes in the future.

It is estimated that the current cement boom in the western region is high, and the company is planning to gain revenue. In the future, the clinker and aggregate production capacity will be released. The company’s 杭州桑拿网 profit forecast is raised. It is estimated that the company’s revenue will be 317 in 2019-2021.


8, 361.

1 ppm; net profit to mother is 67.

13, 70.

02, 72.

01 ppm; EPS is 3.

202, 3.

340, 3.

434 yuan, maintain the company’s buy rating.

The main risks faced by the rating were lower than expected capacity growth, new business growth was lower than expected, and regional prosperity changed.

Securities Times: Love to buy a house with more money and less money?

Securities Times: Love to buy a house with more money and less money?
Securities Times reporter Chen Ying a few days ago, a friend who worked in a real estate company made a suggestion: “The four of us have stable wages and have free money. We ca n’t run a little in the bank. Or buy a house with a crowdfunding and invest.The reason is that the real estate company where it is located has a new development bank, with a total price of 94% for internal employees, and another two million three-year interest-free loan.  Four white-collar workers who have worked hard in Shenzhen for many years, have income and deposit, it is easy to buy a suite together, not to mention encountering such a big internal discount, it sounds very exciting.As a result, four people gathered together and discussed the stable and profitable 成都桑拿网 project with great excitement.This fundraising is bright in Shenzhen, a little far from the central area. This is not a problem. Everyone is full of confidence in Shenzhen’s property market.Raise market price 4.80,000 square meters, the smallest unit is more than 100 square meters, the smallest set of houses, the total price is about 5 million, according to internal staff preferential prices, the total price is about 4.7 million after discount.Four people have their own homes. As a second home investment, 40% of the down payment is at least 1.88 million, and each person has to come up with nearly 500,000 to raise funds.The remaining 3 million loans, including three years of interest-free loans of 2 million enjoyed by the company, monthly payments within three years of about 5.60,000 yuan per person per month.40000.Counting here, 武汉夜网论坛 some people exclaimed: “It is dead to take out a deposit of 500,000 yuan, and pay one month.40000?The salary is not so high. How can I pay it?”” I haven’t added one million commercial loans.”The final evidence is: Give up, the four extremely superior white-collar workers can’t even afford to buy a house in a remote area of Shenzhen.One of the company’s executives proposed: “House prices in Shenzhen are so high that we can’t afford a house together. How many people can afford it?”This is reality. However, on the other side of the reality, there are people who can afford it, or even afford it, and there is a surplus of money. They are also thinking about what to invest.My colleague Xiao Chen told me that an old reader of her often asked her where to buy a house.Some time ago, China Resources Yuefu opened, and the lady swept into a set without hesitation, paying more than 20 million in cash in one lump sum, “I still have more than 20 million deposits. You give some advice and buy another one.Tao Yue House, or Shenzhen Bay One?Which of the two investment values is better?Xiao Chen couldn’t give an answer. In the end, the lady started a set of No. 1 Shenzhen Bay.”Money cannot be idle, it will depreciate.”” This is why she is desperate to invest.  This seems to be the choice of many people: if you have spare money, no matter how much money you have, you don’t know what you can do except buy a house or speculate in stocks.Ordinary people do not have social experience, there are not many social relationships, there are no more channels, and the rich are money, but as an ordinary person, he cannot understand and can only buy a house.”The Chinese have too few investment channels.”” This is a word that many people often dangle, and they have won too much coherence.Are there really too few investment channels?In fact, in order to improve this situation, the government has created A shares, B shares, small and medium-sized boards, ChiNext, New Third Board, and now it is the science and technology board.In addition to stocks, there are funds, bonds, P2P, P2B, bank wealth management, real estate, trust . why not choose so many investment channels?Because I do n’t understand, except for real estate, which only has information on the fund gate, each channel here needs to have a considerable understanding, so there are two cases above.  Is there an investment called “risk-free high-yield investment channel”?This is what many people yearn for.Many people will relish the fact that there are very few “examples” on the ground, for example: the stock market in 2006, 2007, the property market after 2003, gold before 2013, and even financing trust products sought by many people . these so-calledThe “existence” of “investment channels”, many ordinary investors have been struggling to find the next “risk-free and high-yield investment channels”, so now some people say that there are fewer and fewer investment channels.In fact, this so-called “investment channel” is contrary to the logic of investment. “High return without risk” is just a wish of everyone wishful thinking.For ordinary investors, we first need to understand the relationship between risk and return. Everyone knows the reason of low risk and low return, high return and high risk.The logic of investment is: sometimes your investment has a low return, but the target you invest in may not necessarily be low risk; and the target you invest in a high risk investment may not necessarily yield a high return; but low risk necessarily meansLow returns, high returns necessarily mean higher risks!  Obviously, domestic investors’ financial management ideas need to be improved, and returns always accompany risks. The so-called multiple investment channels are nothing more than the refinement of each stage of income.There have been many channels in China, but according to the preferences of investors, those types are also known at this stage.In the future, through the upgrade of investor concepts, there will be more channels.

Foreign all the way below 3000 points is more greedy than expected

Foreign all the way below 3000 points is more greedy than expected

Below 3000 points, foreign countries have been buying Wind information all the way from the beginning to the present. The Shanghai Stock Exchange Index has rushed to 3,000 points four times and said goodbye to 3,000 points four times.

On Monday, the Shanghai Composite Index fell for four consecutive days and rose slightly by 0.

05%, card position 2939.

62 points.

  At a sensitive and important time and place, in terms of domestic institutions, pension funds have taken the lead, and 799.2 billion yuan of funds have begun to invest; foreign exchange is more greedy than expected, and the capital of northbound has never stopped the bottoming.

  What stocks did the pension buy?

  At the press conference of the third quarter of 2019 that took effect on the 21st, the Ministry of Human Resources and Social Security stated that at the end of September, 18 provinces (autonomous regions, municipalities) and the Social Security Foundation had signed a basic pension insurance fund entrusted investment contract, with the total contract amount966 billion, of which 799.2 billion funds have been credited and investment has begun.

Among them, the value of the entrusted investment contract increased by 103 billion U.S. dollars compared with 863 billion U.S. dollars at the end of June; the operating capital to the book investment increased by 93 billion U.S. dollars compared with 706.2 billion U.S. dollars at the end of June.

  According to the “Administrative Measures for the Investment of Basic Pension Insurance Funds”, the proportion of basic pension investment in stocks and equity funds can reach 30%.

This means that the funds entrusted for investment are almost replaced and can enter the securities market.

According to the maximum ceiling, the size of funds used to buy stocks or stock funds can reach 240 billion.

  At the end of September, Zhang Jinan, Minister of Human Resources and Social Security, introduced that social security capabilities have continued to increase.

The scale of the fund has been continuously expanded, and the three insurance funds for old age, unemployment, and work injury gradually have balances6.

8 trillion yuan.

  Pan Helin, a senior expert at Pangu Think Tank, believes that the rapid entry of pension funds into the market can further increase the weight and influence of institutional investors in the stock market and have a positive effect on the stable operation of the capital market.

  Since the second quarter, the overall pension has shown a clear trend of increasing positions.

Taking Yilit as an example, the pension 804 portfolio entered the company’s circulating stock list in the second quarter with 488 shares.


  Wind data shows that there are 25 new shares of pension insurance holdings. In addition, it has increased holdings of Tiandi Technology, Daya Icon, Blue Flame Holdings, Weixing Shares, Yinlun Shares, Weixing New Materials and other stocks.

Among them, the newly held stocks of the basic pension insurance fund include Zhongmu, Yilite, Panjiang, China Textile City, Gansu Power Investment, Yueyang Xingchang, Qianyuan Power, Chongqing Water, Changshu Bank, Yinlun, Chongqing ConstructionEngineering, Jiuyang Co., Ltd., Tianyuan Deco, MediaTek, Xinfengming, Neusoft Bird, Huanxu Electronics, Zhejiang Meida, Zhichun Technology, Changchuan Technology, Yingjia Gongjiu, Desaixiwei, YuanlongyaPicture, Dabo Medical, Mona Lisa, etc.

  At present, the A-shares have entered the period of intensive disclosure in the third quarterly report, and more positions on pensions may be re-disclosed.

  The greedy Wind data from foreign countries shows that as of October 18, foreign countries have made net purchases for five consecutive years, with a total net purchase of more than 8,400 trillion.

  On Monday (October 21), there was a net inflow of northbound funds throughout the day29.

1.5 billion yuan, of which the net inflow of Shanghai Stock Connect was 21.

1.8 billion.

Among them, only Huatai Securities, the net purchase of Beishang Fund reached 8 in a single day.

5.2 billion yuan.

  Wind data show that only two days since October have shown a net alternating trend in foreign countries.

  From the perspective of the recent net inflow of funds from the north to the industry, the number of shares held by the five industries of media, building decoration, pharmaceutical and biological, transportation, and light industry manufacturing increased by more than 3% from the previous month.

Among them, the most obvious increase in the media industry to increase positions, Beijing Capital last week held shares in the industry22.

2.8 billion shares, an increase of 6 from the previous month.


  Below, about 7 industries last week suffered a lightening of Kitakami funds. Non-ferrous metals were most obviously 成都桑拿网 lightened. Kitakami Capital held 13 shares of its stock last week.

8.2 billion shares, down 2 from the previous month.

86%, the proportion of lightening of the electronic industry chain ratio is also more than 2%.

  In terms of the style of Beishang Capital over the years, large consumer and pharmaceutical stocks are the sector where Beishang Capital is close to alternatives. There has been a lack of interest in coal, non-ferrous metals and other triggering sectors.

  The policy is also very friendly to foreign inflows of A shares.

  In September, the Federal and Foreign Exchange Bureau announced the lifting of the RMB Qualified Foreign Institutional Investor (RQFII) pilot countries and regions, as well as the QFII / RQFII quota restrictions.According to data from the State Administration of Foreign Exchange, as of September 30, there were 292 QFII-qualified institutions with a total quota of 1113.

$ 7.6 billion.

  The information on the website of the Securities and Futures Commission shows that on October 18th, Oasis Management (Hong Kong) and the affiliated institutions of Vanderbilt University submitted applications for QFII qualifications, which are currently in the stage of receiving materials.

In the first three quarters of this year, seven companies applied for this qualification, including Kisskerwell Asset Management Corporation and Huade International Asset Management Co., Ltd.

  In the disclosed three quarterly reports, QFII appeared in 10 stocks. Among them, the stocks that spread the speed of transmission include Xinlitai, Sanlipo, and Baotai.

Union Bank of Switzerland, French merchant Industrial Societe Generale, a new company in the third quarter, Sanlit, Baotai shares; Annide Partners Ltd. increased the holdings of companies such as Xinlitai.

  From an industry perspective, foreign countries have a preference for computer, communications and other electronic equipment manufacturing.

In addition, the pharmaceutical, retail, rubber and plastic products industries are also receiving attention from stakeholders.

  Institutions looking at the CITIC Securities research report said that the third quarter GDP data once again allowed the market to replace the “freezing point” with economic and policy underpinning expectations, triggering market adjustments.

However, the GDP growth rate and the policy bottom line will in turn accelerate the comprehensive development of various policies. When the impasse in the restructuring of monetary and fiscal means, the reform of the capital market itself is expected to continue to exceed expectations, and it needs to be focused on.

  The high probability of corporate profit growth bottomed out in the third quarter, and it is expected that it will be the empty window period of economic data and the intensive landing period of policies. It is highly likely that allocation funds will choose to increase their holdings or adjust the structure rather than the duration.

The expected “freezing point” of the market only affects the rhythm of the rebound and does not affect the trend.

Maintaining the “monthly grade rebound” view, it is recommended to continue to underestimate the layout and benefit from the allocation of economically stable varieties.

  The 144th issue of Huatai Securities’ signal and noise series, said that the PMI new order index rose again above the line of prosperity and dryness in September, and the production index also exceeded the past 5 months.Data, the growth rate in the first half of September was 4.

7%, the highest value in 6 months.

At the current stage, it is believed that the micro and micro are more important than the macro, and the supply and demand balance of the corporate sector is more important than the macro demand trend.

  CITIC Construction Investment Securities recently reported that the market will continue the slow bull shock.

The downward pressure on the economy is increasing, and the steady growth rate is expected to increase.

CITIC Securities expects that corporate earnings in the third quarter of 2019 will be a low point in the period, and corporate profits in Q4 are expected to pick up.

However, the rising domestic trend will continue to decline, the Fed’s interest rate cuts are expected to rise again, and Brexit will lead to increased uncertainty in the external environment.

  The market will continue the slow bull shock market, still optimistic about underestimated, outstanding performance, good cash flow.

Follow-up will continue to pay attention to the changes in interest rates. In the medium and long term, we still recommend the main line of technology and the main line of consumption.

  (Feng Comprehensive Self-Personnel Bureau official website, brokerage research report, etc.)

Starnet Ruijie (002396): The gross profit margin increased significantly, benefiting industry development dividends across the board

Starnet Ruijie (002396): The gross profit margin increased significantly, benefiting industry development dividends across the board

A few days ago, the company released the 2019 third quarter report, and the first three quarters achieved operating income of 59.

9.3 billion, down 3 a year.

11%, roughly the same as last year.

Net profit attributable to mother 4.

80 ppm, an increase of 19 in ten years.

35%; net profit of non-return to mother 4.

34 ppm, a 37-year increase.

08%; gross profit margin increased to 37 in the first three quarters.

61%, a new high in the same period in three years, and profitability increased.

Profit growth is expected to be based on the optimization of the product structure. The improvement in gross profit margin and the supplementary tax reduction and taxation policies are favorable and in line with market expectations.

  Investment points: The performance growth is in line with expectations, and the long-term trend is not changed: the first three quarters achieved revenue 59.

9.3 billion (down 3 per year.

11%), net profit attributable to mother 4.

8 billion yuan (annual increase of 19.

35%), deducting non-attributed net profit4.

3.4 billion (an increase of 37 per year).


In the third quarter, due to the continuous increase in R & D investment and market development efforts, operating income was roughly flat compared with the same period last year. The growth rate of net profit attributable to mothers was slightly lower than the one-year compound growth rate, and the company’s long-term positive trend will not be changed.

Gross profit margin hits record high, tax cuts are good: gross profit margin was 4北京夜网1% in the third quarter, the highest in a single quarter in the past three years, gross profit margin was 38% in the first three quarters, a new high, and boots increased net profit growth far beyond operating incomeGrowth rate.

The reason is that the product structure has improved, the proportion of products with low gross margins has decreased, and overlapping tax and fee reduction policies have been favorable, and the company’s profitability has improved significantly.

New customer orders landed and enjoyed the development bonus of the industry: In 2018, the company won a bid of 70% of China Mobile’s centralized procurement switch project, and this year’s delivery was completed gradually.

Companies can generate large-scale effects through large customer orders to reduce the company’s overall costs and increase profitability.

In addition, at the 2019 Huawei Full Connect Conference, Shengteng Information, a wholly-owned subsidiary, released the first Huawei Peng desktop cloud solution.

Shengteng Information is a slimming, desktop cloud leader with a complete localization solution. Against the background of the increasing importance of security and controllability, we cooperate with Huawei to expand the desktop cloud market and enjoy the industry development dividend.

  Profit forecast and investment suggestions: It is expected that the company will achieve a net profit of 10-2021 respectively.

37 billion, 13.

52 billion, 17.

6.6 billion, the corresponding EPS is 1.

24 yuan, 1.

62 yuan, 2.

10 yuan; the corresponding current PE is 21 times, 16 times, 13 times; considering the company’s industry level and the estimated level of other companies in the industry, we maintain the “overweight” level of the company.

Risk factors: 5G construction fails to meet expectations, and Sino-US trade frictions intensify.

Hanlan Environment (600323): Release of ultra-short-term financing and actively promote the issuance of convertible bonds to issue a large solid waste strategy to accelerate the layout

Hanlan Environment (600323): Release of ultra-short-term financing and actively promote the issuance of convertible bonds to issue a large solid waste strategy to accelerate the layout

Events: 1. The company recently issued an announcement that the company successfully issued the second phase of ultra short-term financing bonds for 2019, with a planned scale of 500 million yuan, an actual scale of 500 million yuan, and a coupon rate of 2.


2. The company ‘s board of directors recently approved a plan to adjust the company ‘s public issuance of convertible corporate bonds, in accordance with the “Issuance Supervision Questions and Answers-Supervisory Requirements for Guiding and Regulating the Financing Behavior of Listed Companies” issued by the China Securities Regulatory Commission and related Q & A on auditing knowledge.Six months before the date of the resolution of the board of directors of the second issuance and the amount of new expenditures and proposed financial investments of this nature before the issuance shall be replaced by the amount of funds raised this time, and the issuance size of the company’s convertible bonds will be changed from US $ 1 billion to 9.

9.2 billion; there are no changes in the investment projects, but the amount of funds raised in the Zhangzhou southern domestic waste incineration power plant project is planned to be 2 yuan.

0 billion adjusted to 1.

9.2 billion.

3. At the same time, in order to promote the public issuance of convertible corporate bonds as soon as possible, the board of directors approved the choice of changing the business scope and use of the Hanlan Plaza project of Foshan Nanhai Hanlan Real Estate Co., Ltd .: (1) Hanlan Plaza Commercial Real Estate Project OfficeAll the property involved is used by the company for its own use; (2) the project is converted into fixed assets accounts; (3) the business scope of Han Lan Real Estate is changed, and the related business content of “real estate investment, development, operation, and sales” in the business scope is deleted and doneOther related adjustments.

Comments: 1.

The ultra-short financing was issued smoothly, the issuance of convertible bonds was accelerated, and the financing was smooth. The company’s operating security was enhanced. The current ultra-short financing bond is the company’s second ultra-short-term financing bond in 2019, and the current issue amount is 5.

0 ppm with a coupon rate of 2.

8%, the company’s first ultra short-term financing bonds for 2019 were issued in October, with an issue amount of 5 trillion and a coupon rate of 2.

At 96%, the company ‘s ultra-short-term coupon rate was reduced to a certain level, which effectively saved the company’s financial costs and protected the company’s business needs for funds. At the same time, it reflected the market’s recognition of the company and the company’s alternative financing capabilities.

The company’s adjustment of the convertible bond issuance plan and the change in the business scope of Foshan Nanhai Hanlan Real Estate Co., Ltd. and the use of the Hanlan Plaza project will effectively accelerate the issuance of the company’s convertible bonds; the company’s convertible bonds are intended to be issued.

US $ 9.2 billion. The raised investment funds, after deducting the issuance costs, will be used for the purification of natural waste incineration power plants in the South China Sea. Anxi County waste incineration power plant reconstruction and expansion project. Zhangzhou southern domestic waste incineration power plant project., Will further guarantee the company’s project progress and accelerate 无锡夜网 the company’s solid waste business layout.


The project has been put into operation smoothly, with good operating results and stable growth in performance. Since the beginning of this year, the company’s project has been put into operation smoothly, and the project has achieved good results, and jointly promote the steady growth of performance.

The company achieved revenue of 42 in the first three quarters.

700 million, an increase of 19 years.

1%, net profit after returning to mother 7.

20,000 yuan, an increase of 20 in ten years.


In the field of solid waste business, the company’s Jiangxi hazardous waste, Langfang project, and Shunde project were all put into normal production at the beginning, and the operation effect was good. According to the interim report, Harbin Food Kitchen (300 tons / day) and Zhangzhou South Project (1000 tons / day) have enteredIn the commissioning phase, Nanhai No. 3 Plant (1500 tons / day), Foshan Hazardous Waste Project (9.

March / year) is expected to be completed in September and the end of the year, which will open up new space for the company’s performance growth.

As of the end of June, about 1 of the company’s waste incineration project has been put into operation.

48 days / day (including the Shunde project in which shares are held), about 1 under construction and preparation.

28th / day (excluding Shengyun project); in the gas business area, the company seized the potential of village-level industrial park upgrades and ceramic energy clean energy transformation, actively explored new users, and actively promoted the construction of hydrogen refueling stations in the South China Sea. Among them,Songgang Station and Taoyuan Station will be completed and put into production within the year; in the water supply field, the company focuses on strengthening cost control and continues to advance the construction of the fourth phase of the South China Sea Second Water Plant.


The “big solid waste” strategy has been effectively promoted, business development has been smooth, and long-term performance growth potential has been enhanced. In terms of new project development, the company actively implemented and promoted the “big solid waste” business strategy of the entire industrial chain layout.Significant effect.

In June, the company and Shengyun Environmental Protection signed the Framework Cooperation Agreement on Investment in Waste Incineration Power Generation Projects, which plans to undertake some projects of Shengyun. Recently, it has reached an agreement with Shengyun and other parties on the acquisition of assets, and drafted the “Asset Transfer Agreement” for related projects.The company acquired Haiyang (500 tons / day), Jining Phase II (800 tons / day), Xuancheng Phase II (1000 tons / day), Wulanchabu (1200 tons / day), and Huaian Phase II (800 tons)/ Day) and other projects under construction and continue to invest in construction, which can increase the total operating scale of 4,300 tons / day; in the field of hazardous waste disposal, the company recently acquired the hazardous waste enterprise Jiaxing Chuangxin Environmental Protection94.

9% equity, and invest in Pinghu hazardous waste project, project size 3.

1 year / year; in the field of restaurant and kitchen waste disposal, the company has recently won a bid for the PPP project of the restaurant and kitchen waste and manure treatment project in Langfang, Hebei, with a project investment of approximately 2.

500 million, the construction scale is designed to handle 200 tons of kitchen waste per day, 20 tons of waste oil per day, 300 tons of manure per day, and the operation period is 25 years.

65 yuan / ton, the cost of disposal of feces is 136.

77 yuan / ton.

The company’s large solid waste sector has developed well, further enhancing the potential for future performance growth.


Profit forecast and investment advice The company strives to advance the “big solid waste strategy” and further builds a solid waste vertical and horizontal business layout.

Initially perfected the entire industrial chain of solid waste treatment covering front-end sanitation, middle-end collection and transfer, and end-of-life treatment; in the cross-cutting field, the company achieved full coverage of municipal waste, industrial hazardous waste, agricultural organic waste and other pollution sources; the company expanded activelyWith many projects in hand and good operating results, it will effectively guarantee the company’s continued growth.In the field of gas and water services, the company actively expands downstream customers, strengthens cost control, improves management level, and guarantees steady growth in revenue and profits.

The company’s executive compensation incentive program for senior management this year includes a combination of short-term incentives and long-term incentives. Among them, short-term incentives include basic annual salary and performance annual salary. Long-term incentives are in the form of virtual distribution units.Performance growth drivers.

The company’s 19-21 performance is expected to be 8.

9, 11.

2, 13.

200 million, corresponding to an estimated PE of 14.

5, 11.

5, 9.

8 times, maintaining highly recommended.


Risks remind that the project development is not up to expectations, the project construction progress is not up to expectations, the project operation is not up to expectations, the risk of falling gross profit margin caused by the increase in raw material costs, the policy risks of compensating for landslides in waste incineration and power generation, and the systemic risks in the market.

Tianshun Wind Energy (002531): Steady growth in production capacity and significant improvement in 2019 results

Tianshun Wind Energy (002531): Steady growth in production capacity and significant improvement in 2019 results

Matters: The company’s revenue has grown steadily for a long time, achieving a 30% growth in a single quarter. The expected profit is flat in 2018. The company’s main business income is 37.

20,000 yuan, an increase of 16 in ten years.

79%; single quarter revenue 11.

9.2 billion, an annual increase of 33.

1%, up 33% from the previous month.

4%, after the expansion of wind tower capacity, the company’s single quarter revenue achieved rapid growth.

The company achieved net profit attributable to mother 4.

70,000 yuan, an increase of 0 in ten years.


Realize deduction of non-net profit4.

38 ppm, a ten-year increase4.


The company’s gross profit per ton of wind towers is still at an allowable level, with a gross profit margin of 21.

6%, a decline of 3 per year.

7 units.

The company’s scale capacity was affected by the expansion of the wind tower plant, with an output of 37.

8 initially, 5 per year.

77%, the current expansion capacity is fully reached, and the company has planned to build 10 new capacity to replace the new capacity.

The newly built 10 megaton capacity has steadily expanded the wind tower capacity. The gross profit per ton is expected to rebound the company’s existing Baotou factory. The Zhuhai factory has been rebuilt and expanded. The Baotou factory capacity has increased from 8 to 15 tons. The Zhuhai factory capacity has increased from 4 to 7.

In addition, the company announced that it will build a new wind tower capacity in Shandong Tancheng10.

In addition, the company is expected to find new construction bases overseas and expand overseas production capacity.

The company’s 18-year wind tower production capacity is in an adjustment period, which affects the company’s internal production and sales volume and output 37.

8 initially, 5 per year.

77%, sales 38 year-on-year, down 0 every year.

36%. After the capacity adjustment is completed, it is expected to increase in 19 years. After the delivery of the orders that were affected by the rapid rise in steel prices in the early stage, the gross profit per ton of wind tower business will gradually increase.

The company’s wind tower performance will grow rapidly in the future.

The newly obtained 120MW approved capacity of 3 projects has high certainty of wind farm operation growth. As of the end of 2018, the 上海夜网论坛 company has completed and operated 465MW of wind farms, 215MW of wind farms under construction, 199MW of planned construction, and 2980MW of wind farm resources for the completed project development agreement.
The company’s Heze Licun Phase I wind farm realized grid-connected power generation, and Nanyang Tongbai Xiemaling Wind Farm realized partial grid-connected power generation.

In addition, in 2018, the company obtained a total of 3 wind farm approval projects with a scale of 120MW.

In 2018, the company’s wind power business achieved sales revenue3.

6 ppm, an increase of 50 in ten years.


The first phase of the climb in Changshu was completed, and the revenue and gross profit margin increased significantly. The future space exceeded 2018. The first phase of the company’s Changshu Tianshun blade production base was officially put into operation, and the capacity climb was basically completed.

Company blade business revenue 2.

50,000 yuan, an increase of 52 in ten years.

4%, gross profit margin increased by 17.

7 averages, reaching 20.

97%.At present, the company’s blade business customers are mainly domestic customers. In the future, it will open up overseas markets and are waiting for the machine to start the second phase of the project. The blade business must break through the upside.

Investment suggestion We believe that the company’s 18-year wind tower performance is affected by the gross profit per ton. There is no significant increase, and there will be a significant improvement in 2019. It is expected that the net profit attributable to the mother for 2019-2021 will be 7.



7.2 billion.

EPS is 0.



77 yuan, raise the target price to 7.

5 yuan, corresponding to 19, 20, 21 years 17, 13, 10 times PE, give a “buy” rating.

Risks suggest that increasing installed capacity in overseas markets will decrease and affect the company ‘s overseas wind tower business. The company ‘s overseas orders cannot maintain positive growth; the abandonment rate has not been improved, wind power investment is subject to policy constraints, and domestic new installed capacity has not increased, affecting industry demand;Continue to rise.