Capital flow: technology stocks are still bullish

Capital flow: technology stocks are still bullish
[Funds flow]Technology stocks are still favored by funds, and the main source of sufficient capital inflows is the source of this concept: DataBao’s main capital inflows today 20.At 09ppm, the net inflow of funds in the technology industry is still in the forefront, with net inflows in the electronics and computer industries taking the lead, and OELD concept inflows of individual stocks.  Continuing yesterday’s rally, the three major indexes have risen all the way since the beginning of the trading session, and the volume can be inadequate in the afternoon. After the index has risen, the shock has fallen back, and the Shanghai stock index closed slightly up.28% to 2823.82 points.The total turnover of the two cities was 430.2 billion U.S. dollars. Most of the industry sector’s revenue increased, and the rare earth permanent magnet and brewing sectors led the rise.Close to the recent two-day plunge of global stock markets, the A-share trend is significantly independent, and the fear of the market is expected to magnify infinitely.However, the current market funds are still in the game, and the trading volume is still at a low 四川耍耍网 level, but the overall mood has clearly picked up.Today, Northbound funds increased slightly, with a net decrease of 2.1.8 billion US dollars, of which the Shanghai Stock Connect may be connected2.9.8 billion yuan, the Shenzhen Stock Exchange inflow of 80 million yuan.  Technology stocks are still strong The electronics and computer industries are moving forward. Looking at the flow of funds across the market, today’s main capital inflows were 20.09 billion, of which net inflow of small and medium-sized board was 15.700 million, GEM net inflow of 14.1.6 billion, the main inflow of Shanghai and Shenzhen 300 constituent stocks net inflow of 22.2.6 billion.From the perspective of individual stocks, there were 1,719 main capital inflows and 1,935 main capital inflows today.  Today, there were 10 major industry net inflows of main funds, and another 18 major net inflows.The net inflow of funds in the technology industry is still in the forefront. The highest net inflow is in the electronics industry, with a net inflow of 16 throughout the day.At 34 ppm, the net inflow of the computer industry also exceeded 10 ppm, with a net inflow of 11.8.4 billion.Before the net inflow of OLED stocks in the electronics industry, the inflows of Leading Intellectual Property, Changxin Technology, Offi Optoelectronics, and Sanan Optoelectronics exceeded 100 million yuan.Non-bank financial industry inflows 8.300 million US dollars, ranking third in the inflow industry.Other high inflows are food and beverage, agriculture, forestry, animal husbandry and fishery, with net inflows of more than 600 million yuan and 500 million yuan, respectively.  The chemical industry ranks first, with a net net of 8.1ppm, the industry index rose slightly.15%, the amount of dividends of two stocks in the industry, Honghe Technology, Tongkun shares are a net replacement of 2.5.4 billion and 2.2.9 billion yuan.The communications, electrical equipment, and defense military industries exceeded US $ 300 million, of which the communications industry had a net repeat of 3.7 trillion, ZTE and China Unicom have two industry leaders twice.400 million and 1.2 trillion bits, the highest amount allowed in the industry.Banking, non-ferrous metals, and transportation exceeded three billion US dollars.  Photovoltaic leader Zhonghuan Co., Ltd., the main cause of the collapse of the net capital of the flash market, fell first. From the perspective of individual stocks, today 29 stocks inflowed more than 100 million yuan, while 25 stocks exceeded 100 million.Leading Puzzle is the stock with the highest net inflow today, with a net inflow of 6 throughout the day.1.6 billion, the company is expected to close the daily limit.After-hours statistics show that the institutional seats are in the buy position and the purchase amount is 1.3.9 billion yuan.Jade Bird Fire and Hongta Securities have a net inflow of over 400 million, of which Jade Bird Fire opened the daily limit board for the first time after listing.Changxin Technology, Oriental Fortune, Guizhou Moutai net inflow exceeded 300 million yuan.Guizhou Moutai again hit a record high today, with intraday gains of nearly 3%.  Photovoltaic materials leading company Zhonghuan shares today added value.US $ 4.2 billion, ranking first in the residence, has been flashing intraday, falling 9%.After-hours rankings show that selling one seat is reserved for Shenzhen Stock Connect and selling 2.8.6 billion, buy 0.4.4 billion, net sell 2.42.8 billion yuan, but there are also three net purchases1.200 million yuan.It may be that Zhonghuan Co., Ltd. today released a 12-inch super-large silicon wafer “Quacious Father” M12 series in Tianjin, and some funds were borrowed to cause suspects.BOE A and Honghe Technology have net replacements 2 respectively.At 500 million U.S. dollars, Honghe Technology experienced a large shock today. It hit a daily limit in the early trading, and closed down nearly 8% in the late trading, with an amplitude of 17% throughout the day.  In terms of the science and technology board, most of the stocks of the science and technology board closed down today, and the main funds of multiple stocks were also in the state of net replacement, of which six net stocks of science and technology board exceeded 100 million yuan.Net reduction of micro-core organisms by 2.200 million US dollars, the highest breakthrough stocks of all science and technology stocks, today fell nearly 6%.In addition, the aerospace grand net decreased by 1.300 million US dollars, Wald, Jingchen shares can repeat 1.200 million yuan.

Semiconductor index fund tuyeres get together: Which one to choose with the highest half-year income of 55%?

Semiconductor index fund tuyeres get 杭州夜网论坛 together: Which one to choose with the highest half-year income of 55%?

Reporter Huang Huiling Since December, the semiconductor sector has led the market.

Catering to the wind of the semiconductor, Cathay Pacific CES Semiconductor ETF (512760, referred to as semiconductor 50 in the field) ran towards the 30 trillion mark.

Guolian An also has a CSI Semiconductor ETF (512480, referred to as semiconductor in the field), with the latest scale of nearly 700 million yuan.

A few days ago, Huaxia Guozheng Semiconductor Chip ETF (159995) is being issued.

  With so many semiconductor funds, how do you choose?

The interface news evaluation is as follows: As can be seen from the above table, none of the three funds have chosen to fight the price war, and the management fees are all zero.

5 years.

Well, the biggest focus of these three funds is the difference between tracking targets.

  The establishment time of Cathay Pacific and Guolian An Fund is close, and they will be listed on the same day. Cathay ‘s semiconductor ETF has taken the lead, leaving Guolian An on several streets.

From the performance, we can see that the return of the two funds has been a little different since the establishment of the fund: Cathay Pacific rose 55%, Guolian An rose 43%.

The main reason behind this is the difference in tracking index.

  If buying stocks is like buying your own food and cooking, index funds are like buffets.

Different index funds on the same theme are like buffets from different restaurants.

Which buffet is more suitable?

Let’s take a look at the specific situation of the targets tracked by these three funds: Cathay CES Semiconductor ETF, which tracks the China Trading Services Semiconductor Industry Index (referred to as “China Semiconductor”, index code: CESCSC).

  Guolian An CSI Semiconductor ETF tracks the CSI Semiconductor Index (referred to as “CSI Semi-conductive”, index code: 931081).

  Huaxia Guozheng Semiconductor Chip ETF tracks the Guozheng Semiconductor Index (referred to as the “China Securities Chip”, index code, 980017).

  The following are the ideas for compiling the three indexes: First, the sample space of Chunghwa Semiconductor: stocks must be listed for more than three months on the scheduled date for review;There were no major issues in the financial report.

Selection of the semiconductor industry: The main business income of the sample stocks should come from semiconductor materials, equipment, design, manufacturing, packaging or testing; market value: the remaining sample stocks are ranked according to the average daily market value, and the top 50 are selected as index samples.

The sample equity does not exceed 10%.

  Second, CSI Semiconductor (1) Within the CSI All Index sample space, rank according to the average daily turnover in the past year from high to low, excluding stocks that rank 20% after the liquidity ranking; (2) will involve semiconductor design and manufacturing, Stocks of listed companies produced by applications and equipment supplement the semiconductor theme; (3) According to the average daily market value of the past year from high to low, select no more than 100 listed company stocks as sample stocks.

  Third, the National Securities Semiconductor first determines the sampling space.

Listed on the Shanghai and Shenzhen stock exchanges, and meets the following conditions: non-ST, * ST; listing time more than six months; the company has no major violations in the last year, no major financial report issues; the company has no abnormal operations in the last year, no major significant; Examine the possible abnormal fluctuations; the company’s business scope belongs to materials, equipment, design, manufacturing, packaging, testing, etc. in the chip industry.

Then 25 stocks were selected based on the turnover and market value, using the Pai’s restriction method.

  We can see several points from the preparation of the plan: First, risk prevention.

Both the China Securities Index and the China Securities Index have certain requirements on the company’s fundamentals, and the China Securities Index is more detailed.

The CSI Semiconductor Index has no requirements at all.

  The second is the number of constituent stocks.

China selects 50, China Securities selects 100, and China Securities selects 25.

In fact, judging from the number of existing components, Chunghwa Semiconductor also has the most, with 50.

CSI Semiconductors followed with 44 constituent stocks.

State Securities Semiconductor has the fewest, only 25.

In comparison, the China Securities Index has been selected to mean that the composition is more concentrated, which also means that several stocks with a breakthrough in weight have an impact on the interaction of the index.

  The third is coverage.

The expressions of the three are slightly different, and Chunghwa Semiconductor is “the main business income of the sample stocks should come from semiconductor materials, equipment, design, manufacturing, packaging or testing.

“CSI’s” is related to semiconductor design, manufacturing, application and equipment production. ”

State Securities Semiconductor is “the company’s business scale belongs to the materials, equipment, design, manufacturing, packaging, testing, etc. in the chip industry.

“Don’t underestimate the small differences in the above statement, this directly affects the differences in the choice of middle stocks of the three indexes.The interface news combing found that the three indexes are different for the covered targets of the semiconductor-related industries, and even for the covered targets of the semiconductor itself.

  According to the industry classification of wind, the fuses of the CSI, China Securities and China Indexes are mainly distributed in the semiconductor and semiconductor production equipment, materials, technical hardware and equipment, capital goods and other industries.

The semiconductor and semiconductor production equipment industries accounted for 78%, 83%, and 86%, respectively.

Chunghwa Semiconductor highlights “the main business income needs to come from semiconductors,” etc., and its semiconductor content is also the highest.

  For the companies with the largest semiconductor business, the opinions of the three indexes exist.

Such as BOE A (000725.

SZ), in the shares of CSI Semiconductor, there is a remarkable overlap of 8.

8%, while the other two indexes are not included in the stock; Sanan Optoelectronics (600703.

SH), only the China Semiconductor Index is not divided.

  The different perceptions of the constituents have made the three indexes show more obvious differences in their trends: intercepting the performance of each stage, we can see that this year, the past 3 years, 5 years, and 8 years, the best performing are the National Securities chipIndex (white curve).

  To sum up, the historical performance of the China Securities Chip Index is better than 天津夜网 that of the China Securities and China Indexes. The selection of Chinese stocks is relatively strict, and the weighted stocks have the greatest impact on the trend of the index.

The “semiconductor” content of the China Semiconductor Index is relatively higher.

  It is worth mentioning that in addition to the China Securities Fund is issuing the National Securities Chip Index ETF, GF Fund and Penghua Fund have also declared the National Securities Chip ETF, which has not yet been issued.

  However, Cathay ‘s Semiconductor Index Fund already covers significant size and first-mover advantages.

For ETF investors, intra-market liquidity and tracking accuracy of the index are also important considerations.

Huaxia, GF and Penghua Fund want to be postponed, I am afraid it is more difficult.

Hesheng Silicon Industry (603260): The value of the coal power silicon platform highlights the gradual consolidation of the top

Hesheng Silicon Industry (603260): The value of the coal power silicon platform highlights the gradual consolidation of the top

The bottom range of industrial silicon prices may be reset, and the global leader is waiting for the industry to recover. The current industrial silicon product prices have fallen to the cost lines of most of the major production sites in Yunnan and Xinjiang under the background of new capacity transmission and demand growth forecast.

Assuming that the price of raw materials such as graphite electrodes on the cost side stabilizes, the probability of industrial silicon prices has reached the bottom range.

Under the background of strict control of new production capacity, the implementation of environmental protection and safety policies has been upgraded, and product prices have tried to stabilize and recover.

The company’s strategic vision is ahead, taking root in Xinjiang. It has the advantages of raw material resources and has now grown into a global industrial silicon leader. Its 18-year global / domestic market share has reached 19% / 28% respectively.

Organic silicon welcomes a new round of production expansion cycle. Under the advantages of integration, the company is expected to stand out. In 19 years, the export growth rate of polysiloxane has turned negative, and some companies have increased their production capacity.

According to our incomplete statistics, in the next three years, the new monomer 西安耍耍网 capacity is planned to be above 180, which is close to 60% of the existing domestic capacity.

With the restructuring of the industry pattern, the company has entered the successful experience and integration advantages of industrial silicon. After the subsequent expansion of a total of 30 inches is completed, the company is expected to stand out and grow into a domestic organic silicon leader.

In-depth analysis of the unit cost, the value advantage of the integrated coal-power-silicon platform is highlighted. According to our calculations, the company’s single-ton industrial silicon and organic silicon (discount) at the current price can achieve excess income of about 1600 and 1,500 yuan / ton, respectively.

According to the 19-year industrial silicon sales volume 59.

6 cations, organic silicon (folded niobium) sales 2杭州桑拿1.

0 Initial calculations show that the annual value of the platform brought by the company’s coal-silicon integrated industrial chain advantage is approximately 12 billion yuan.

In the long run, after the company’s industrial silicon design capacity is fully opened and the organic silicon expansion is completed, the external sales can reach 60, respectively.

8 digits and 46.

5 Initially, the company’s entire coal, electricity, and silicon integration platform was valued at nearly 1.7 billion at current prices.

Investment advice and profit forecast are expected to be 1 for the company’s EPS in 19-21.



64 yuan / share, corresponding to 19/13/12 times the PE, the first coverage gives the “overweight” rating.

Risk Warning: Product and raw material price fluctuation risks, production capacity release progress is less than expected, environmental protection and production safety risks

The short-term material maintains the interval shock pattern, and the technology main line is clearer

The short-term material maintains the interval shock pattern, and the technology main line is clearer
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: The main line of science and technology is clearer □ Our reporter Niu Zhongyi on the 4th, the wind technology leading index increased by 2.87%, the stocks of Huiding Technology, Weir shares and other stocks.Within one trading day of the Air Force, funds poured into the technology ETF against the trend.This shows that the main line of the technology stock market is “more and more clear.”  Zhu Bin, a strategic analyst at Southwest Securities, said that although the epidemic has affected the market, the target with its own logic and long-term development space is still the focus of the market’s long-term capital layout.  According to Wang Jun, a strategic analyst at BOC International, the logic behind the main technology line is economic transformation, domestic substitution and global industry prosperity. The downstream demand and objective of new smartphones, smart wearable devices, semiconductors and new energy vehicles are objective.The correlation of events is weak, and the industry’s prosperity is more stable.  In the long run, the short-term material maintains an interval shock pattern. From the long-term perspective, A-share long-term bulls and slow-bulk foundations have been shaken continuously due to the impact of unexpected events, which has become the current market consensus.In the short term, the repair of A shares will not happen overnight.Some analysts pointed out that during the contraction period, A-shares will maintain an interval oscillating trend, and the short-term market is still vulnerable to emotional factors.In this regard, CICC’s strategic research indicates that epidemic prevention and control is still the key to determining the market and asset price trends.However, global experience shows that the epidemic itself is not a determinant of market trends, but has a great relationship with the macroeconomic and market environment at the time.  The above analysts said that from a technical point of view, the Shanghai Composite Index opened lower on the 4th and went higher at 2,685.27 points is both the opening price and the lowest price. It can be expected that the 2685-point line will become the starting point for a new round of A shares.  The research report of Zhongyuan Securities Strategy pointed out that the recent A-shares can often achieve self-adjustment within a period of time, and the bottom time is changing.  Sticking to the main line of science and technology, Zhu Bin said that from the perspective of the industry, medicine, electronics, and computers with long-term logic are still worthy of layout, and some of them are worthy of focus.In addition, leaders in various industries are also worthy of attention.The Internet and online shopping sectors, which are less affected by the epidemic, are worthy of phased deployment.  Guosheng Securities analyst Zhang Qiyao said that he continues to be optimistic about the main line of technology and believes that the triple driving force will lead the technology growth sector to take the lead in adjusting.The first is risk appetite.With reference to the experience of 2003, when the epidemic eases and the market rebounds, risk appetite is the main line of the market, and TMT has become the main force of the rebound, and the increase 无锡桑拿网 has far exceeded the market; secondly, it is driven by the liquidity environment.In the near future, the policy side has continued to release warmth, and has a clear attitude towards the physical and capital markets. With sufficient liquidity, the technology growth sector has benefited more; finally, it is driven by prosperity.On the basic surface, the technology growth sector also has support and prosperity advantages.  The latest strategic research report of Ping An Securities is also optimistic about the mainline of science and technology, and believes that high-prosperity emerging industries will remain relatively strong, and the medium-term mainline of the technology industry is deterministic.System reform, counter-cyclical adjustment of policies may be strengthened, and the subsequent economy may benefit from the development of counter-cyclical policies to stabilize again; instead, the GEM performance forecast shows that the GEM profit in the annual report for 2019 may improve, of which electronicsThe industry has achieved rapid growth, and emerging industries with high prosperity will remain relatively strong.

Hog breeding special report series III-Makihara (002714): Fupan Makihara shares leading to the giant

Hog breeding special report series III-Makihara (002714): Fupan Makihara shares leading to the giant

Highlights of the report Makihara’s shares have been listed for only 5 years, and they have become a small number of shares in the agricultural industry.

By reviewing the company’s progress trends, we consider it to be a good track. The company’s refined management and clear scale advantages and clear strategic ideas have jointly achieved 10 times Makihara shares.

At the same time when the inflection point of the African swine fever industry is coming, it will also force the industry to upgrade to refined management. It will continue to be optimistic about the company’s first-mover advantage and long-term growth potential, and it is recommended.

One of 杭州桑拿 the factors: a good track and a good company The company chose a good track-pig breeding industry.

It is mainly reflected in the following three points: 1. The scale of the pig breeding industry is large enough and the market space reaches one trillion; 2. The concentration of the industry is reduced, and leading companies must persist in improving the space.

The market of Wen’s shares and Makihara shares in 2018 were 3 respectively.

2% and 1.

6%, compared with the 2017 American industry leader Smithfield ‘s market share of 15%, and growth space transmission; 3, environmental protection policy banned overlapping epidemic situation production capacity cleared, the industry accelerated scale.

In the later period, African swine fever will force the industry to upgrade, and the market share of leading enterprises will enter an accelerated phase.

The second result: the industry’s diseconomies in scale lead to the company’s competitive advantage.

After the hog breeding industry reaches a certain scale, it will show scale diseconomy, that is, the long-term average production cost of the company will not decrease with the growth of production scale, but it will show a U-shaped structure.

We believe that the core of diseconomies of scale lies in imprecise management, and while Muyuan has grown in size, it has avoided the problem of breeding cost spillovers through refined management.

This also makes the company stand out among many breeding enterprises and become a leader in self-propagation and self-supporting integrated breeding.

Coefficient three: Cost advantage creates the company’s core competitiveness. The cost advantage is the company’s core competitiveness that can achieve continuous growth.

We estimate that the full cost of the company’s farming is only 11.

35 yuan / kg (2017), far below the industry average.

In addition to the company’s leading level of aquaculture technology, the company’s cost advantage lies in refined management, and the fundamental reason for achieving refined management is the company’s culture, the team’s youth and professionalism, and a fully improved incentive mechanism.

We believe that all of the above conditions require accumulation of time.

On the whole, the company’s cost advantage is expected to be maintained for a long time.

Indicator No. 4: Clear strategic positioning helps the company grow bigger and stronger Muyuan has a clear strategic positioning.

After the company was listed, it focused on the main breeding industry and assisted in capacity expansion through the capital market.

From 2014 to 2018, the company’s listing scale increased by 495%.

After the outbreak of African swine fever, the company is about to upgrade its own epidemic prevention system as a key strategic goal.

In the original epidemic prevention system, the company established effective prevention and control measures for the transmission of African swine fever in feed, transportation, personnel and other media.

In the context of the current epidemic that is forcing the industry to upgrade, the company is expected to continue to increase its market share.

Risk Warning: 1.

The swine epidemic in Africa has spread beyond expectations; 2.

The company’s sales volume did 成都桑拿网 not meet expectations; 3.

Pig prices did not rise as expected.

Ping An Bank (000001): The overdue ratio decreased month-on-month

Ping An Bank (000001): The overdue ratio decreased month-on-month

Event On April 23, Ping An Bank announced its 2019 first quarter performance report, in which operating income increased by 15 per year.

88%, net profit attributable to mothers increases by 12 per year.


  Brief Comment 1. The growth rate of performance has increased quarter by quarter, profitability has increased, and performance growth has continued to increase from quarter to quarter in 2018.

In the first quarter of this year, the company achieved operating income of 324.

76 ppm, an increase of 15 in ten years.

88% (18Q1 is 1.

13%), 0 higher than the 深圳桑拿网 previous quarter.

08 singles; realized net profit attributable to mother 74.

460,000 yuan, an increase of 12 in ten years.

9% (18Q1 is 6).

13%), 4 higher than the previous quarter.

83 units.

In the first quarter, the growth rate of the company ‘s return to net profit accelerated beyond market expectations. Our expectation was 9%, mainly due to the improvement of NIM and the acceleration of the growth rate of intermediate business revenue.

  From the perspective of profit breakdown, net profit attributable to mothers increased by 8 in the first quarter.

$ 5.1 billion, of which, due to the quarterly improvement in NIM and the rise in the growth rate of intermediate business revenue, revenue increased by 44.

50 ppm; operating expenses increase by 33 per year.

670,000 yuan, mainly due to an increase in management fees11.

100,000 yuan, the new provision increased by 19.

9 ‰; expected income increases by 2 every year.

5.3 billion.

  Profitability rises every year.

The annualized nominal average ROE in the first quarter was 12.

15%, 0 higher than the same period last year.

28 units.

EPS is 0.

38 yuan, an increase of 15 over the same period last year.

2%; BVPS at the end of the season was 13.

45 yuan, an increase of 5 earlier.


  2. The interest margin increased by 2 BP month-on-month, and the loan yield was still rising for a quarter, achieving a net interest income of 207.

74 ppm, a 10-year increase of 11.

17%, of which interest rate income increased by 10 in ten years.

19%, while budget expenditures fall by 1 each year.


  In the first quarter, the net interest margin was 2.

53%, an increase of 18 blood pressure over 18 years, an increase of 2 blood pressure over the previous quarter; net interest margin was 2.

44%, also increased by 18 blood pressure year-on-year and 3 blood pressure compared with the previous quarter.Among them, the comprehensive yield of interest-earning assets increased by 9 BP from the previous quarter, mainly due to discounted bills and inter-asset asset yields increased by 39 BP, and the borrowing yield increased by 8 BP, while bond investment yield decreased by 3 BPThe comprehensive cost ratio of interest and debt increased by 6 BP compared with the previous quarter. Only the deposit cost ratio increased by 9 BP, while the interbank offset, the cost ratio of coping with bonds decreased by 9 and 3 BP, respectively.

  3. Non-interest income grows by 25 per year.

At 30%, the growth in wealth management scale accelerated for one quarter, and non-interest income reached 117.

02 ppm, an increase of 25 in ten years.

30%, accounting for 36% of revenue.

0%, rising by 2 every year.

7 units.

Among them, intermediate business income reached 95.

60 ppm, an increase of 11 years.

24%, mainly due to the increase in bank card fee income and bottoming out of wealth management business income; other non-interest income21.

420,000 yuan, an increase of 187 in ten years.

52%, mainly due to the increase in investment income brought about by changes in the new financial instrument accounting standards.

  At the end of the first quarter, the total scale of wealth management products reached 6,526.

44 trillion, an earlier increase of 5.

19%; of which 5584 is the non-capital-guaranteed wealth management balance.

61 ppm, an earlier increase of 3.

85%; the balance of principal and wealth management is 941.

8.3 billion, an earlier increase of 13.


In addition, the balance of structured deposits was 4,848.

0.6 million yuan, an increase of 11 from the beginning of the year.


In 2018, the annual growth of non-capital-guaranteed wealth management increased by 7.

3%, principal-guaranteed wealth management has fallen by 36 per year.

At 1%, structured deposits grew by 99%.

20%, so we expect the growth of Ping An Bank’s wealth management products to accelerate in 2019, while the growth of structured deposits will slow.

  4. Asset quality indicators continued to improve, and provisioning efforts were greatly improved.

  The bad rate decreased by 2 BP from the previous month.

At the end of the first quarter, the non-performing loan surplus reached 354.

12 ppm, an increase of 1 from the beginning of the year.

45%; adverse consequences1.

73%, down 2 BP from the beginning of the year.

The decline in non-performing ratio mainly came from the corporate business, which dropped 8 BP earlier; while the non-performing ratio in the retail business increased by 3 BP from the beginning, Xinyidai, Auto Finance, mortgage and credit card non-performing ratios increased by 14, 8, 5, and2 BP.

The rise in retail non-performing rate is mainly due to the decline of the macro economy, the rise in the risk of co-debt, and the replacement of automobile consumption. As a result, the company has already started the risk prevention and control strategy in advance, and the effect will gradually change.To the good trend.

  The proportion of focus loans fell by 15 BP.

At the end of the first quarter, attention loans amounted to 529.

980,000 yuan, down 2 from the beginning of the year.

85%, accounting for 2.

58%, down 15 BP from the beginning of the year.

  The proportion of loans overdue for more than 90 days decreased by 4 BP month-on-month; at the end of the first quarter, the proportion of loans overdue for more than 90 days was 1.66%, 4 BP earlier; Scissor difference was 95.

99%, continued to decrease by 1 compared with the beginning of the year.

34 units.

  Significant increase in provisioning.

At the end of the first quarter, the loan impairment reserve balance 604.

08 million yuan, an increase of 11 from the beginning of the year.

48%; provision covers 170.

59%, an increase of 15 over the beginning of the year.

35 units; loan-to-loan ratio is 2.

94%, an earlier rise of 0.

23 units.

  5. The proportion of retail loans continued to rise, and corporate loans began to stabilize and rebound to the asset side. The proportion of retail loans continued to increase, and the growth rate of corporate loans stabilized and rebounded.

At the end of the first quarter, retail loans reached 1.

19 trillion yuan, an earlier increase of 3.

16%, accounting for 58% of total loans.

03%, an earlier rise of 0.

26 units.

The growth of retail loans was mainly due to credit card receivables, which increased in value earlier4.

02%, accounting for 41 of total retail sales.

35%, an increase of 0 earlier.

34 units.

  Loans to corporates amounted to 8,609.

13 ‰, an earlier increase of 2.

06%, compared with a decrease of 0 in the previous quarter.

42%, corporate loans started to stabilize and rebound.

The increase was mainly due to discounted bills, an earlier increase of 48.

6%, while general corporate loans fell by 0 from the beginning of the year.


  On the debt side, retail deposits have grown significantly.

At the end of the first quarter, retail deposits reached 5,215.

740,000 yuan, an earlier increase of 12.

99%, compared with the previous quarter’s growth rate of 9.

71%, showing an accelerating trend; retail sales accounted for 22% of total deposits.

81%, an increase of 1 from the beginning of the year.

12 units.

  6. Retail transformation 2.

0 Continuous advancement, all three major business modules have achieved significant achievements. Basic retail focus on customer acquisition and operation.

In the first quarter, the company used a variety of methods to promote customer acquisition and improve the customer’s operating efficiency and productivity through scene-based and technological methods.

At the end of the first quarter, the retail customer AUM reached 1.

66 trillion yuan, an increase of 17 from the beginning of the year.4%, the number of retail customers reached 87.01 million, an increase of 3 earlier.

7%; Ping An Pocket Bank APP registered customers reached 67.65 million, an increase of 8 earlier.

7%; the number of monthly customers reached 26.03 million.

  Private wealth strengthens sustainable management transition strategy.

In the first quarter, the company actively promoted the implementation of its strategy through products, systems and mechanisms. At the end of the quarter, the number of wealth customers reached 66.

450,000 households, an increase of 12 over the beginning of the year.

3%, private customers meet the standard 3.

50,000 households, an increase of 16 earlier.


  Consumer finance has proactively optimized its loan product launch strategy, appropriately increased the intelligence of credit cards and loan placement doors, and pushed the target customer base upward.

In the first quarter, the amount of credit card transactions increased by 43 each year.

2%, the balance of credit card loans increased 4 compared with the earlier period.

0%; “New One Loan” increased by 0 earlier.

9%; Mortgage loans increased earlier 2.

1%; auto-melting is down by 1 from the beginning.


  7. Tier 1 capital continues to be consolidated, and supplementary pressure will gradually decrease. At the end of the first quarter, the core Tier 1 capital adequacy ratio and Tier 1 capital adequacy ratio will be 8.

75% and 9.

59%, an increase of 0 from the beginning of the year.

21 and 0.

20 averages, but the capital adequacy ratio can be increased by 11.

50%, unchanged from the beginning of the year.

Initially, the company redeemed 9 billion and 6 billion tier 2 capital bonds on March 7 and April 10, respectively.

  On January 25, the company completed the issuance of 26 billion convertible bonds and will enter the conversion period on July 25. The conversion price is 11.

77 yuan, the compulsory conversion price is 14.

12 yuan, now the sustainability has exceeded the mandatory conversion price.

It is expected that the probability of full conversion will be higher, which will increase core tier 1 capital income1.

09 number, it is expected that in the second half of the year, Ping An Bank will increase its investment in public debt and will also improve its debt end.

  8. Investment suggestion The significant improvement of potential risks on the asset side of Ping An Bank and the continuous improvement of the retail side will help its estimated repair.

The operating performance of the first quarter of 2019 shows that the growth rate of performance has been increasing quarter by quarter; the NIM has increased sequentially; the asset quality indicators have continued to improve; the asset side, the proportion of retail loans is still rising, and corporate loans have also started to achieve positive growth; the negative sideThe growth of retail deposits will accelerate, and the continuous improvement of retail AUM will lay a solid foundation.

Although the retail NPL ratio has increased from the beginning of the year, it is mainly affected by industry factors, and the company has increased its risk prevention and control and proactively adjusted its asset structure. It is expected that the retail NPL ratio will remain stable and improve.

  We believe that the significant risk of the company will continue in 19 years, and the retail side will continue to improve, and it is estimated that the repair requirements are higher.

  We expect the company’s operating income to increase by 19/20 in each of 19 years.

51% / 22.

22%, net profit increased by 14 each year.

52% / 15.

97%, EPS is 1.


92 yuan, BVPS is 16 respectively.

05/17.78 yuan, corresponding PE is 8.


33 times, the corresponding PB is 0.


79 times.

6-month target price of 17 yuan, maintain “Buy” rating.

Changdian Technology (600584): Huawei Kunpeng Layout Accelerates Benefits of Land-Only Large-Package Specimen

Changdian Technology (600584): Huawei Kunpeng Layout Accelerates Benefits of Land-Only Large-Package Specimen
On January 9, 2020, Huawei and its partners jointly announced the launch of the “Pengxiao” server based on the Kunpeng processor, which was first applied on the Ningbo Municipal Affairs Cloud. On January 14, Huawei announced adjustments to its internal organizational structure.Cloud & AI BU rose to BG, becoming Huawei’s fourth largest BG. The “Pengxiao” server is an important demonstration of the ecological opening of Kunpeng’s industrial chain.Peng server chip is an important cornerstone of Huawei cloud computing and data center business.In addition to using 杭州桑拿网 it on its own Taishan server, Huawei has adopted in-depth cooperation with various cloud and server manufacturers to jointly build the Kunpeng ecosystem.”Pengxiao” server, equipped with Huawei Kunpeng chip and motherboard, software and integrated technology provided by partners.Bank of Ningbo, Ningbo Dongtou Group, Ningbo Mobile, Ningbo Telecom, Ningbo Unicom, etc. became the first batch of “Pengxiao” users.We believe that the landing of “Pengxiao” in Ningbo is expected to become a model case for Kunpeng Ecology. In addition, Cloud & AI BU upgrade to Huawei’s fourth largest BG, marking that Huawei’s cloud computing business has entered a new stage and further accelerated Kunpeng industrial layout. The only super-large package target in mainland China already has Kunpeng 916 chip packaging capabilities.It is said that the “National 10th Anniversary Conference of the National Packaging and Testing Union” released that Changdian is the only OSAT factory on the mainland with an ultra-large packaging capacity of 50mm and above. Currently, it has integrated 60 * 60mm packaging technology capabilities, and 110 * 110mm ultra-large packaging projects are under development.The Peng 916 package size is 57.5 * 57.5mm, Kunpeng 920 package size is 75 * 60mm.At present, the company has the research and development strength of Kunpeng 916. Through the enhancement of its large packaging technology capabilities, it is expected to become an important part of the domestic substitution of Kunpeng. Kunpeng chip has a high unit price and it is very difficult to super-large package technology.Kunpeng chip benchmarks the sample to the processor, and the unit value is high.The manufacturing cost of advanced packaging accounts for a higher proportion of the total cost of chip manufacturing.The oversized packaging business is expected to become a new driving force for the company’s growth. Maintain “Buy” rating.It is estimated that the company’s revenue from 2019 to 2021 will be 237, 283, 38 billion yuan, and EPS will be 0.1, 0.32, 0.87 yuan, corresponding to PS value 1.56、1.31, 0.98. Risk reminder: domestic replacement progress is not up to expectations, and advanced package development progress is not up to expectations.

Lianhua Technology (002250) Third Quarterly Review: Jiangsu Chemical Industry Remediation Policy Landing Company Will Usher in a Turning Point in Performance

Lianhua Technology (002250) Third Quarterly Review: Jiangsu Chemical Industry Remediation Policy Landing Company Will Usher in a Turning Point in Performance
Event: The company announced the third quarter report of 2019, and achieved operating income of 33 in the first three quarters.01 billion, an annual increase of 26.65%, net profit 2.9.3 billion, previously turned losses.In the third quarter, the company realized a net profit of 54.61 million and a net profit of 97.04 million after non-deduction. This was mainly due to the non-operating loss caused by the disposal of scrap equipment, and the overall performance was in line with expectations.  Jiangsu chemical industry rectification policy is implemented, the company’s pesticide business is expected to bottom out and the company’s important subsidiary Jiangsu Lianhua and Yancheng Lianhua are located in the Xiangshui Chemical Park was cancelled, the government implemented “one enterprise, one policy” for related enterprises, and the policy encourages developmentHigh-quality chemical companies with standardized management and controllable safety and environmental risks allow them to continue production as key chemical monitoring points.  Jiangxi Soviet Union and Yancheng Lianhua have complete three waste treatment facilities and high levels of safety in production. At the same time, another subsidiary of the company, Dezhou Lianhua, has also been approved as a key monitoring company in Shandong. We believe that it has high potential for re-production as a company pesticideThe important production base of the business, the resumption of production by Jiangsu Lianhua will significantly improve the company’s performance.  Steady progress in the strategy of major customers, the pharmaceutical business has entered a period of rapid development, and the pharmaceutical CDMO customer certification cycle is long. However, after certification, the customer has high stickiness. The company has always adhered to the strategy of major customers and has established cooperative relationships with many international leading pharmaceutical companies.As of the end of 2018, the company has seven pharmaceutical CDMO products in the commercialization stage, with a 南京桑拿网 segmented product called over 40 million, which has achieved rapid growth in the number of products and alternative products.  The company’s Jiangkou factory has passed the US and European Union certifications. In the future, it will continue to introduce advanced intermediate and API products. At the same time, relying on a large amount of land reserves in Zhejiang Linhai, the company continues to expand production.  The Black Swan incident does not reduce the company’s core competitiveness and maintains the “strongly recommended” rating. Important subsidiaries of the company suspended production due to the Xiangshui accident, but have accumulated customer reputation and excellent craftsmanship and customer benefits for many years.”As a quality enterprise above the designated size, the company has the ability to gain recognition from the government and certain experts.The company’s pharmaceutical business has developed over the years and has entered a period of rapid development. We expect the company to achieve net profit in 2019-2021, respectively3.81, 5.41, 6.7.7 billion, the current sustainable corresponding PE is 32, 22, 18 times respectively, the company’s performance will usher in an inflection point, maintaining the “strong recommendation” level.Risk reminder: Resumption of production of important subsidiaries is less than expected, major safety and environmental accidents, and customer loss

Baoxin Software (600845) 2019 Third Quarterly Report Review: Consolidated Factors Affect Phased Performance Does Not Change Long-term Development Trend

Baoxin Software (600845) 2019 Third Quarterly Report Review: 成都桑拿网 Consolidated Factors Affect Phased Performance Does Not Change Long-term Development Trend

The growth rate of revenue in the first three quarters of 2019 was in line with expectations, and the growth rate of net profit was slightly lower than the expected revenue of 45 in the first three quarters of 2019.

1.9 billion (+12.

01%), net profit attributable to mother 6.

08 thousand yuan (+24.

82%), net of non-attributed net profit5.

900,000 yuan (+23.


Q3 achieved revenue of 17 in a single quarter.

3.0 billion (+13.

57%), net profit attributable to mother 2.

1.5 billion (+7.


The company’s revenue growth rate is in line with market expectations, and its net profit growth rate is slightly lower than market expectations. In essence, the company’s project settlement is lagging, and it has been consolidated with Wuhan Iron & Steel Group since July 2019.There are advantages.

The gross profit margin in the single quarter decreased slightly, and the expense ratio decreased slightly. The gross profit margin in the first three quarters of 2019 was 29.

89%, rising by 1 every year.

14pp; 2019Q3 single quarter gross profit margin 27.

64%, down by 1 every year.


Prior to Q3, the company’s gross profit margin continued to increase. In the end, the company’s IDC business with a higher gross profit margin grew faster than the overall revenue growth, and its revenue share continued to increase.

The gross profit margin of Q3 decreased for the first time, which is mainly due to the delay in settlement of IDC business.

Company sales expense ratio 2.

70% (-0.

17pp), management expense ratio 3.

30% (-0.

73pp), R & D expense ratio 9.

89% (+0.

54pp), financial expense ratio -0.

70% (-0.


Expense rate totals 15.

18%, a decline of 0 per year.


In addition, at the end of 2019Q3, the balance of payable employees’ pay was 2.

47 trillion, compared with 2 in the same period last year.

1.3 billion, achieving rapid growth.

Operating cash flow continued to grow rapidly. Cash received from sales in the first three quarters of 201943.

9 billion (+18.
72%), the relative cash content of sales is 97.
14%; net operating cash flow 8.

7.6 billion (+47.


The company benefited from the continuous increase in the proportion of IDC business. In the first three quarters of 2019, the cash growth rate of sales received was higher than the income growth rate, the efficiency of collections was improved, and operating cash flow was significantly improved.

The delivery speed of the company’s Phase IV 杭州夜网 IDC exceeded expectations, which is expected to continue to drive the company’s performance and improve related operating indicators.

Risk warning: IDC indicators fall below expected risks; IT investment in the steel industry is below expected risks.

Investment suggestion: Reduce earnings forecast and maintain “Buy” rating.

The company’s profit in the third quarter is slightly lower than market expectations. Considering the consolidation of WISCO Industrial Technology Group, we will return the profit forecast for 2019-2021 to the net profit of the mother9.



61 trillion down to 8.



750,000 yuan, annual profit growth rate is 32% / 32% / 27%, diluted EPS = 0.



29 yuan, maintain “Buy” rating.

Guizhou Moutai (600519): The increase in the average price of Moutai wine promotes the rapid growth of first-quarter results

Guizhou Moutai (600519): The increase in the average price of Moutai wine promotes the rapid growth of first-quarter results
The increase in non-standard share and the lagging effect of price increase were realized, which promoted the first quarter performance growth and the company’s 19Q1 revenue 224.81 ppm, an increase of 22 in ten years.twenty one%.Among them, Maotai Liquor earned 194.9.8 billion, an annual increase of 23.7%.The main reasons for the rapid revenue growth are: 1) We think the company may increase the launch of non-standard products in 19Q1, which promotes the increase in the average price of Maotai liquor.2) The company’s advance receipts in 18Q1 decreased by 12 苏州夜网论坛 from the previous month.USD 5.7 billion, because the company’s pre-receivables at the end of 2017 are mainly based on RMB 819 per bottle. We believe that the price increase effect was not fully reflected in 18Q1 revenue, and this price increase effect was reflected in 19Q1.3) The company received 113 advances in 19Q1.8.5 billion, down 21 from the previous month.9.2 billion, down 13 a year.57%, we think it may be related to the adjustment of the company’s distribution policy.The company’s net profit attributable to its parent was 112 in 19Q1.2.1 billion, an annual increase of 31.91%.The company’s 19Q1 net profit growth was significantly faster than the increase in gross profit margin, the decline in sales expense ratio, and the decline in sales tax and surcharges. In the future, the volume of direct sales will significantly increase the average price. In 19 years, the company’s performance will strive to maintain rapid growth. According to the company’s announcement and annual report, the company’s 19-year revenue target is about 14%, and Moutai’s sales target is 3.About 1 announced, we believe that the company is expected to achieve its goals: 1) According to, the company disclosed at the dealer conference at the end of 18 that it will maintain the dealer plan in the future.7 remains unchanged, the rest are issued through direct sales channels, while increasing the proportion of high value-added products such as zodiac wine, and promoting the increase in the average price of Moutai.2) According to the company’s dealer conference, the series of wine will be adjusted and optimized in 19 years, and we expect that the revenue will increase by more than 15% each year. Earnings forecast We have raised our earnings forecast. We expect the company’s revenue to be 911 in 19-21.51/1113.49/1319.5.9 billion, an increase of 18 each year.07% / 22.16% / 18.51%; net profit attributable to mothers is 435.20/546.94/656.520,000 yuan, an annual increase of 23.62% / 25.67% / 20.04%; EPS are 34.64/43.54/52.26 yuan / share, corresponding to PE is 28/22/19 times, the company’s brand moat is high, and the profit stability in the next 3 years is strong. We give 30 times PE in 19 years, a reasonable value of 1039 yuan, maintaining a buy rating. Risk reminder: Macroeconomic growth rate, consumption upgrade exceeds expectations, food safety risks.