Seeing the warmth and no resistance,Wen Guohao wants to maintain his appearance,Said to her,One is just for her。

“I bother!You for my good?Why don’t you send Wen Yunyun there,Treat her better?”
Caught off guard by being warm and spitting out,Wen Guohao was furious,I slapped the warmth directly,“brute!It’s not enough to be disrespectful to your mother last time,I dare to spit my mouth now?Really turned you back!”
Head hit to one side,The warmth is like not knowing the pain,Just staring at him with those eyes!
Be seen as a little guilty,Wen Guohao is not talking,Sat aside,Seeing him so embarrassed,A trace of hatred flashed in Yu Shan’s eyes,Then he looked at the servants next to him。
“Lock her up!”
at this time,There was a sound of footsteps,The Wen family suddenly broke in with a few security guards,Said:“Hello, Mr. Wen,Someone reported that you are illegally detained here,Please cooperate with us!”
Talking,I didn’t wait for them to react,Just put down those servants,Because of their identities,I didn’t embarrass Yushan and the others,Just warned,Take away the warmth。
Watching the warmth being taken away under my nose,Yu Shan was so angry,But there is no way!Now it is a society under the rule of law!Even if you have money,It can’t be anything!
Wen Nuan got into the security car and then realized,“How do you know that something happened to me?”
I didn’t notify the security in the community,How did they come so in time。
One of the younger security guards,Smiled shyly,Said:“We are not actually security guards,Our friend called us over。”

“Xiao Hu,Your luck,No one else。”Xin Zhao gets excited。

He might not care about such a small amount of money,But betting on rocks,Isn’t it just enjoying this process??Like buying lottery tickets,Suddenly winning the lottery。
“Hu Ge,This makes money?”Hua Zi asked。
Populus euphratica:“I didn’t spend any money,No loss,Earning is certain。”
Xin Zhao nodded:“Yes!Even if Xiao Hu bought it for half a million,He still won’t lose。right now,It depends on how many jadeites can be solved by this material。sky blue,Already pretty good。Look at this texture,Should be ice seed。”
everybody knows,Determine the value of emerald,Not color,But texture,Also known as“Species”,Such as glass、Ice seed、Water species、Glutinous species, etc.。
The outer surface of the ice seed is very shiny,Translucent to transparent,It is as clear as water, giving a feeling of ice and jade,Ice seed water head and foot,Very transparent,Very good texture。
This texture,It can be said that it is second only to glass jade,Belong to high-end jade。Good ice jade,A bracelet costs hundreds of thousands,Even millions。
Populus corrected slightly:“There should be no ice seeds,Blue Water Emerald Bar!”
“That’s pretty good too。”
The structure of the water type jade jade is slightly thicker than the old pit glass type,luster、The transparency is also slightly lower than the old pit glass,And similar or equivalent to ice。
Its characteristic is transparent as water but soft luster,Take a closer look at its internal structure,Visible a little“ripple“,Or there are a few stone and extrusion lines,Occasionally there are very few impurities、Cotton Willow。
“Let me see。”Old man Wang holding a flashlight in his hand。
He turned on the bright light of the flashlight,Shine in the face with jade。
“Ok!This color is very uniform,A large piece,Very transparent,Good stuff。unfortunately,This water jade is not clean water、Green water and purple water,Just blue water。”Old man Wang is a bit regretful。


One thousand two hundred and seventy-two chapters Misfortune Xiaoqiang
And what Lu Menglin can think of,The best strategy is to take advantage of the opportunity of the ancient pan evil god not fully awakened,Concentrate all the power of this plane,Especially the core circle,Maybe there will be enough power to resist the evil spirits of the ancient pan,Expel the dark race,otherwise,Wait until the ancient pan evil god fully awakens,Then no chance。
The next step is to take advantage of the ancient pan evil god not waking up,Find a way to hunt high-level dark races,Get top offerings,And then fled back to Shenmin Mainland。
But this way,Is equivalent to giving up this plane。
It is precisely because of such concerns,So Lu Menglin deliberately interacted with the human race on this plane,Keep a certain distance,Don’t want to have any affection with them,Otherwise it will come to the time to decide,It will be very painful。This taste,Lu Menglin no longer wants to try。
“Hey!Surnamed Wu,You are ambitious,Do you really think there is no one in Korea at night??”at this time,No one thought,Hu audition, who has been silent, suddenly spoke up。
Hu Shijing is an outstanding figure among the second generation of Hu disciples,Hu Jungai,Hu Nanxing is also called the three males of Hu,Three are major generals,The backbone of the young school,It is also the pillar of Hu’s future。
Lu Menglin heard such a provocation,Not angry,Nod,Tao:“Yes,I think so!”
When Hu Shijing sneered and got up,I have crushed the pulse signal hidden in my palm。
A moment later,People keep vacating from the backyard of Hu’s mansion,One,Two,Three,Five,Nine people in total。
While these nine people are flying off,All turned on the armor,Completely entered a state of combat。
Almost simultaneously,There are already three big gun sight points,It fell precisely on Lu Menglin’s chest and neck。
And the remaining six,Drew knives in hand,Look forward to。
Hu Shijing in front of all the family,Also activated the armor device on his body,Protect yourself in a horned dragon armor。
Such a tense scene appeared,Suddenly frightened all the Hu clan members in the yard。
“Mirror,you,what do you mean?Don’t be reckless!”President Hu Jin immediately shouted and asked。


Batu sees the words above,I was a little happy at first,Not much after all,Just two or three flavors,But take a closer look,Direct loss of color。
Although there are not many medicinal materials on this,But every taste is the best of the best。
Millennium Dragon’s Blood Mushroom,According to legend, it only appears next to the real dragon,Has the miraculous effect of suppressing the demon。
Golden Jade Loquat,The size of a grape,Whole body golden light,The growth environment is harsh to the extreme,The five elements are required to be even and abundant,Before immature,Never be disturbed。
As for the last amethyst jelly,That is the thing of the sixth-level spirit beast Amethyst Lion King,Only after the other party has given birth to have a chance to appear,Extremely precious,Absolutely nothing priceless,It took a lot of effort to get what they saved.。
“Uh……Mr. Xia,Really sorry,The things on this are too precious,Not even us,But if Mr. is willing,I can exchange you for other crystal cores or medicinal materials of equivalent value,what do you think?”
“No?”Xia Chenglong’s tone was frustrated,“Since there is no, I am very sorry,Originally I went to the North Sea to find them,I can’t go back if I don’t have it,Go back and find!”
Xia Chenglong said,Turn around with Xia Xiaolong,Intend to return。
Just when they were about to move,Batu hurriedly said:“and many more!”
The face under the black robe showed a sly smile!
When the other party hesitates,He already knew that this guy definitely concealed something,So it’s easy to use sometimes!
“That one,I,I suddenly remembered,We seem to have gotten little amethyst jelly a few days ago,If the husband can help,Just give it to Mr. Yu。”
no way,It may be even more difficult to find a warrior with such a full artistic conception in the North Sea.,Not to mention even if you find it,People are not necessarily willing to make a move。
Maybe they will take the opportunity to propose dividends for participating in the Space Array。
Calculate the difference,Not less than this。
“Sorry,I forgot to say,Except for the medicinal materials,I still need ten crystal cores of level 5 spirit beasts。”Xia Chenglong grasps the opportunity,The lion opens his mouth。

Shout out,There is even a murderous momentum,Many people present couldn’t help but be shocked。

Of course it can only be Cao Wen,She was angry,Full of anger at Lu Menglin,Came over angrily。
“Lu Lin,What’s the matter with you!Bring students to this place,Do not apply in advance with the school!”Cao Wen shouted angrily。
Lu Menglin was a lady at first sight,And the tone is still rushing,Smiled suddenly。
“you are?”Lu Menglin asked with a smile。
Wei Xiaoxing winked at him quickly,Whispered:“Head of the Military Department,Cao Wen。”
Cao Wen sternly face,There are so many eyes watching all around,Angrily staring at Lu Menglin。
“The official letter of the Fifth Military Region should be delivered to the school, right??This teaching action was approved by the teaching director Sun Tongguang,So my procedures are complete。”Lu Menglin said with a smile。
Although his face is smiling,But the words don’t let the wind blow,Typical Mianli Tibetan Needle。
Cao Wen’s face turned blue with anger,Anger:“The procedure is a fart!They are all freshmen!Freshmen who have only entered school for ten days,You bring them to the red zone,Want to kill them??”
Unexpectedly, after Lu Menglin listened to her,,Actually nodded,Then shouted at Wei Xiaoxing and He Bu:“Have all your training tasks been completed??”
Wei Xiaoxing was taken aback,He wanted to answer right away,But I don’t know why,Actually a little scared,After all, he is not the monitor,In case the answer is wrong at this time,But it’s not a joke。
Now it is Teacher Lu and Teacher Cao Wen,The two gods are fighting,We mortals rush into it,But it will suffer。
“All trained。Twelve classmates here,Everyone completed the training task assigned by the teacher,I am optimistic about each one。”He Bu nodded honestly,Replied。
Although this child is usually muffled,But the critical moment,He is still very responsible,As expected to be the monitor personally selected by Lu Menglin。
Lu Menglin nodded,Turned away,Said to Cao Wen very seriously:“They have all completed my training mission。”
Cao Wen was slightly taken aback by him,I don’t quite understand what this means,Still thinking,Could it be that I forgot something?What does it mean for these children to complete the training task?
“What do you mean?”Cao Wen was surprised。
Lu Menglin said with a smile:“It means they work hard!People who work hard are eligible to come to the red zone!”
“This,What is the logic?Do you understand!They will be dangerous if they stay in the red zone。”Cao Wen was shocked and angry,I thought how could there be such a person in the world,It’s just a chicken talking to a duck,Unreasonable!

Guoxuan Hi-Tech (002074): Performance in line with expectations Expected to continue to benefit Benefits Increased iron-lithium penetration for passenger cars

Guoxuan Hi-Tech (002074): Performance in line with expectations Expected to continue to benefit Benefits Increased iron-lithium penetration for passenger cars

Event On August 29, the company released the 2019 semi-annual report, which reported and realized operating income36.

07 billion, an annual increase of 32.

86%; net profit attributable to mothers3.

52 ppm, with a ten-year average of 24.

49%; net profit after deduction of non-return to mother 2.

92 ppm, an increase of 10 in ten years.

34%; Realize basic profit income of 0.

31 yuan, down 24.

39%; net cash flow from operating activities -2.

6.1 billion.

A brief review of the large increase in installed capacity in the first half of the year led to rapid revenue growth and better cost control is the leading domestic lithium iron phosphate power battery. In the first half of the year, the total installed capacity in the domestic new energy vehicle market was approximately 1.

77GWh, a big increase of 92 a year.


Benefiting from this, the company’s battery pack revenue was 32.

79 trillion, a 48-year increase.

71%; battery pack gross margin is 30.

35%, a slight decrease of 2.

12 units, an increase of 5 units from the second half of 2018; gross profit margin of transmission and distribution products 14.

34%, above average budget.

In terms of expense control, the sales expense ratio and management expense ratio decreased by 1.

10, 1.

57 units, the financial expense ratio increased by 2.

54 averages, during which the expense ratio decreased by one.

1 unit.

The strength of lithium iron phosphate is outstanding, and the ternary battery energy storage company is ready. Through the optimization of the material system, the improvement of the cell structure design, and the improvement of equipment control capabilities, it is currently the only company that has developed a single-cell battery with an energy density exceeding 190Wh / kgAnd it has successfully industrialized and merged into passenger car users such as JAC, Chery New Energy, etc. According to the statistics of the high-tech lithium battery company, the installed capacity of lithium iron phosphate batteries for passenger cars accounted for nearly 40% of the company’s overall.

As the replenishment continues to decline, lithium iron phosphate batteries are expected to rely on its cost-effective advantages to continue to increase the penetration rate in the passenger car field. As the leader of lithium iron phosphate, the company is the first to benefit from the lithium iron phosphate batteries for passenger cars, which is the core benefit.Subject.

On ternary battery products, the company has completed design verification and mass production, and is currently supplying ternary battery products in batches for Chery Little Ant and other models.

The company’s ternary battery has achieved a single cell energy density of more than 210Wh / kg and a cycle life of more than 1500 weeks.

With the upgrade and transformation of the ternary production line completed, the annual output of 4GWh ternary is expected to achieve iron and lithium, and the ternary will go hand in hand.

The whole industry chain layout can effectively respond to the company’s existing capacity of 13,000 tons of ferric phosphate silicate conversion materials affected by the decline of the slope, Sanyuan 622 has a capacity of 6,000 tons, and 16,000 tons of lithium iron phosphate are being constructed, and 10,000 tons of high nickel ternary replacementMaterials and 5,000 tons of silicon carbon nanomaterials, and through the joint venture with Xingyuan Materials, has a wet diffusion capacity of 80 million square meters, and will continue to expand to an annual production capacity of 500 million square meters.

The company’s layout of midstream battery materials can basically ensure that the materials are self-sufficient, can effectively reduce 苏州夜网论坛 production costs, and stabilize the gross profit margin level against the backdrop of supplementary decline.

The blue ocean market for energy storage is actively deployed. Overseas overseas is expected to bring more lithium iron phosphate batteries. Earlier ternary batteries have advantages such as good safety, long cycle life, and low cost. In markets other than power, such as energy storage and electricTools and other fields have broad application prospects.

Recently, the company’s wholly-owned subsidiary Hefei Guoxuan High-tech Power Energy Co., Ltd. and Huawei have long-term “lithium battery supplier procurement cooperation agreement”, which has agreed to expand in-depth cooperation in the field of lithium battery energy storage applications.

In addition, the company has signed a purchase agreement with Bosch to provide 佛山桑拿网 lithium-ion batteries, modules and battery pack products to Bosch as its qualified supplier.

In terms of overseas markets, the company recently announced that it intends to establish a joint venture with India’s Tata Group in India. The Indian new energy industry started late, the penetration rate of electric vehicles is extremely low, and the potential for new energy vehicles in the future is huge. The company has advanced into the Indian power battery market.Enjoy dividends from overseas markets.

Profit forecast we expect 2019?Revenue in 2020 was 81.

9.5 billion, 119.

68 ppm, 164.
8.8 billion; net profit attributable to mothers was 7, respectively.

3.8 billion, 8.

7.8 billion, 10.

79 trillion; current sustainable corresponding PE is 19 respectively.


34, 13.

29 times.

Maintain “Buy” rating.

Hongqi Chain (002697) 2019 Annual Results Express Comment: The main business of the franchise has adopted various measures to achieve rapid growth in net profit

Hongqi Chain (002697) 2019 Annual Results Express Comment: The main business of the franchise has adopted various measures to achieve rapid growth in net profit
Event: On February 26, 2020, Hongqi Chain released the 2019 annual results report, and the company’s operating income in 2019 was 78.2 ‰, an increase of 8 in ten years.35%; net profit attributable to shareholders of the listed company is 5.20,000 yuan, an increase of 59 in ten years.90%; basic profit return is 0.38 yuan, an annual increase of 58.3%.  Opinion In 19 years, the company’s net profit increased rapidly, in line with expectations.The net profit attributable to shareholders of Hongqi Chain’s listed companies increased by 59 each year in 19 years.90%, profit growth is basically focused on the main business, technology innovation makes full use of big data, store upgrades and upgrades, optimize product structure, strengthen internal control management and internal open source savings.Specifically, the company improved customer flow and enhanced customer stickiness through fresh food transformation + date meals + rich value-added services. The drainage effect of the fresh food sector increased the average store by 20% -30%, and the profit of stores with better operating conditionsIt can be increased by 10%. Benefiting from the upgrade of the supply chain, the direct procurement and overall coordination ratios are reduced to reduce intermediate conversions, and the proportion of imported products with higher gross profit is substituted. The company’s profitability has been continuously improved.  Through the “self-built + acquisition” method, the store was quickly displayed, and the initial merger and acquisition integration was basically completed.As of the third quarter of 19, the company’s number of stores has reached 3027. It is expected that the company’s net increase in stores will exceed 210 in 2019. Since Yonghui is the company’s second largest shareholder, Yonghui has accelerated the transformation and empowerment of fresh stores and is expected to gradually create fresh stores.There are about 300 convenience stores, and more than 300 instant dining restaurants.The merger of the company accelerated the market expansion through the “acquisition + exhibition” approach. Benefiting from the company’s portal’s store operation and management capabilities, the initial merger and acquisition integration was basically completed, and the company’s profitability improved significantly. In 19 years, the company’s merger and acquisition pace restarted.  The 19-year investment income is expected to exceed 1.700 million, after excluding the impact of investment income, the growth rate of net profit is expected to be about 20-30%.In the first three quarters of 19, Xinwang Bank, which holds 15% of the company’s shares, contributed investment income1.300 million US dollars, with an annual growth rate of over 200%. It is conservative to assume that in 19Q4, the investment income of Xinwang Bank exceeded 100% growth. It is expected that the company’s investment income in 19 will be at least 1.700 million, an increase of over 200% in ten years.After excluding the impact of Xinwang Bank’s investment income, the company’s net profit in 19 years is expected to exceed the growth rate by about 20-30%.  Maintain the company’s “overweight” rating We expect the company’s operating income for 2019-2021 to be 78.3, 84.3, 90.700 北京夜生活网 million, an annual increase of 8.4%, 7.6%, 7.7%; net profit attributable to shareholders of the parent company is 5, respectively.1, 6.3, 7.500 million, an annual increase of 59.2%, 21.8%, 19.2%; EPS for 2019-2021 are 0.4, 0.5, 0.5 yuan / share; corresponding to 2020, 25 times PE for the main business and 10 times PE for Xinwang Bank.  Risk warning: Costs continue to increase; store expansion, reconstruction progress is less than expected; Xinwang Bank’s performance is less than expected.

Zhejiang Mida (002677) Interim Review: Revenue Maintains Faster Growth, Profitability Increases MoM

Zhejiang Mida (002677) Interim Review: Revenue Maintains Faster Growth, Profitability Increases MoM

Revenue maintained rapid growth, and profitability increased quarter-on-quarter. Profit growth was slightly higher than expected. The company disclosed the semi-annual report for 2019: 2019H1 company realized revenue7.

0 million yuan (+25 compared with the same period last year).

2%), realizing net profit attributable to mother 1.

800 million (+ 25% year-on-year.

0%), corresponding to a net profit margin of 25.

9% (YoY-0.

04pct); of which the company achieved revenue in the fourth quarter of 20192.

10,000 yuan (YoY + 21.

1%), to achieve net profit attributable to mother 1.

1 ppm (YoY + 27.

2%), corresponding to a net profit margin of 25.

8% (+ 1% year-on-year.


The industry’s low penetration and high growth bonus + increase in kitchen product supporting rate promotes the company’s revenue growth against the trend (1) Integrated stove industry dividend promotes continued growth of leading companies: Aowei Cloud and Zhongyikang data show that the total retail scale of kitchen appliances in H1 2019 reached 28.1 billionYuan (YoY-9.

5%) underperformed under the influence of the real estate downturn.

The integrated stove is bucking the trend, with a retail scale of 7.2 billion (YoY + 29.

2%), of which 1.5 billion online (YoY + 57.


As the industry leader, the company has a stronger brand awareness and a more complete product + channel layout, and fully enjoys the industry dividend; (2) Under the perfect channel layout, the supporting ratio of cabinets and sinks has increased to contribute to the company’s growth: 2019H1Revenue from integrated stove business 6.

300 million (+24 year-on-year.

3%); cabinet income 2221.

80,000 yuan (YoY + 38.

7%); income from other products was 5,128.

90,000 yuan (YoY + 31.


Product upgrade + cost reduction + tax reform to increase profit, increase marketing + R & D expansion layout In the future, the company’s profitability will be improved against the background of product upgrade + cost reduction + gradual reform. The gross profit margin in the first half of 2019 was 53.

5% (+2 year-on-year.

3pct), with Q2 gross margin of 53.

2% (+4 compared with the same period last year).

2 pct); Expenses The company looks at the marketing and R & D expansion that will continue to grow in the future. Report progress: (1) The sales expense ratio reaches 16.

5% (+5 compared to the same period last year).

1pct), in which advertising and promotion costs are the main part of the occupation, reaching 0 respectively.


10,000 yuan (+99 compared with the same period last year).

0% / + 83.

In this context, the company’s channel layout has been further improved. While expanding its coverage, it has also deepened its cooperation with the KA channel.

The interim report shows that at the end of the 2019H1 period, the company’s first-tier dealers reached 1,400, with 2,500 terminal stores, an increase of 70 dealers from the previous month, and 300 new stores (of which 100 new stores were opened by KA);Reached 3.
5% / 4.

4%杭州桑拿 /-0.

6% (+0 year-on-year.

7pct / -2.

8 points / -0.

2pct), which have suffered from the continuous growth of R & D expansion, the decrease of overdue share payments and the increase in interest income.

Profit forecast We believe that the kitchen appliance industry has determined the growth space in the long-term dimension, and the industry characteristics of low penetration and high growth of integrated stoves give the company the opportunity to give full play to its first-mover advantage and help it enjoy the industry growth dividend; continue to enhanceResearch and development and marketing promotion can also help the company further strengthen its competitiveness.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 4 深圳桑拿网 respectively.

5, 5.

2, 5.

80,000 yuan, the annual growth rate was 19.

8%, 15.

0%, 12.

3%, the latest closing price corresponds to 18 in 2019 PE.

6x, giving a fair value of 14.

0 yuan / share, corresponding to 2019 PE20.

0x, maintaining the “overweight” level.

Risks suggest that the real estate boom continues to decline; the wide-spread publicity expense is less than expected; industry competition is deteriorating.

Big Motors: Four major factors cause A shares to rise more than expected and focus on the impact of resumption on earnings

Big Motors: Four major factors cause A shares to rise more than expected and focus on the impact of resumption on earnings

Come to Sina Finance University and listen to Guan Qingyou talk about economic and financial indicators and countermeasures during the “epidemic” period. Original title: Damo: Four factors to A-shares rose faster than expected. Focusing on the impact of rework rate on profitability. In the future, we will continue to pay attention to the rework rate.It serves as an indicator of the impact of new coronary pneumonia on China’s GDP and corporate profits.

  After the market fell sharply on the first day after the market opened on February 3, A-shares continued to rise, and the Shanghai Composite Index rose 2 on the 17th.

28%, the GEM index rose sharply3.


On February 18, the Shanghai Composite Index closed up slightly.


In the face of the epidemic, the market has temporarily transitioned temporarily, focusing on the long-term pattern.

  On February 17, the latest research released by Morgan Stanley stated that there are four major factors driving the continuous rise of A shares, including easing policies, new refinancing regulations, fewer confirmed cases of new crown pneumonia, and sudden shocks overseas.

Morgan Stanley’s A-share sentiment index also shows that the latest reading is maintained in the middle of the 40 range. Although the epidemic has caused production to shift, market sentiment continues to rise.

Approximately, when the A-share market rebounded strongly in the first quarter of last year, the reading was about 50, and it fell below 30 in the second half of the year.

The agency also said that it will need to continue to pay attention to the return to work rate in the future as an indicator of the impact of new coronary pneumonia on China’s GDP and corporate profits. In the near future, the agency will change the 2020 profit expectations of MSCI China and Shanghai and Shenzhen 300Reduced by 3% and 4% to 7% and 6%, respectively.

  Four factors boost China’s stock market. First, gradually lower the medium-term borrowing facility (MLF) interest rate by 10 basis points (BP) to 3.

15%, Morgan Stanley believes that this also paves the way for subsequent LPR (loan quote interest rate) reductions, and at the same time the market still has expectations for directional and comprehensive RRR cuts.

  About the evening of February 14th, the Securities Regulatory Commission formally issued refinancing rules.

The biggest highlight is that this revision adjusts the pricing and locking mechanism of non-public offering of shares, which is also considered to be the core of the current refinancing market.

The revised rules have relaxed the discount rate for refinancing issuance prices, and at the same time shortened the lock-up period of shares, and the relevant restrictions of the reduction rules do not apply.

At the same time, after the formal revision, if a listed company applies for a non-public offering of shares, the number of shares to be issued shall not be increased from 30% to 30% of the total share capital before the issuance in principle.

Morgan Stanley believes that this will boost the A-share market flow, especially in the small and medium-cap markets.

  In addition, the number of confirmed cases of neocoronary pneumonia began to decline.

Morgan Stanley also said that the return rate should be used as one of the indicators to measure the impact of the new crown pneumonia on China’s GDP and corporate profits.

  Another surprising idea is not due to the world ‘s largest worm raging once in 25 years, which caused the United Nations to issue a profound forecast. On February 17, a wave of agricultural stocks rose in the A-share market.

  However, Morgan Stanley said that the risk to be alert is that once the situation gradually normalizes, policy effects may be replaced.

For the time being, communication services are still the most oversupplied sector. Online companies continue to be optimistic about connected activities, such as online games and e-commerce; and over-configuration infrastructure related sectors (materials, industry).

  Mainstream institutions concerned about the resumption of work and profitability of mainstream companies generally believe that the recent market activity reflects more the goodwill of policies, including the easing of monetary policy and the relaxation of regulatory policies, and the stock market has not yet responded to the downward pressure on the economy and the decline in corporate profits.Therefore, the stock market trend should not be pessimistic after the sharp fall on the first day after the holiday, but it should not be blindly optimistic after continuous forcing short-term growth, and the continuous long-term trend still needs to reflect fundamental changes.

  At present, the decline in the market’s risk-free rate of return may not yet fully hedge the decline in corporate profits.

Affected by the new crown pneumonia temporarily, on February 14, Morgan Stanley lowered the 2020 target prices of MSCI China and Shanghai and Shenzhen 300 to 84 and 3960, respectively, and reduced the 2020 profit expectations of MSCI China and Shanghai and Shenzhen 300 in the scenario, respectively.Down 3% and 4% to 7% and 6%.

The reason for the adjustment is that, assuming the epidemic peaks in February or March, the impact on GDP growth in the first quarter is expected to be zero.



At 5%, the recovery of corporate and consumer sentiment has improved, and the agency’s Z-score model of Chinese consumer activity also reflects this.

The Air Force’s Chinese consumer activity has been improving, and it is worth observing the follow-up situation.

  In response to resumption of work and profits, Eastspring recently traced the risk exposure of the electronic equipment manufacturing end in the technology industry.

The total number of employees in such companies in listed companies in China is tens of thousands, or even 100,000, and small and medium-sized enterprises with a few people can be found everywhere.

How to prevent new coronavirus pneumonia in such a dense and populous environment, and promptly identify and isolate cases when they occur, while ensuring normal production is challenging.

  In addition, Morgan Stanley also mentioned that the fundamentals of the first quarter will be damaged due to the traditional Chinese New Year factors. The revenue of alcohol, beverage, food and brand clothing companies generally exceeds 25%.?30%, corresponding profits accounted for 30%?
40%, attractions, education and training enterprises accounted for 20% of revenue?
25%, profit accounted for about 25%; hotel and catering companies accounted for 20% of revenue, but the relative proportion of profits was about 15%.
However, leading companies have the ability to penetrate faster and expand in times of industry crisis. The growth rate of these companies will remain the same or even higher in 2021. Some tax exemptions, hotels, offline training leaders, travel platform services and high-quality scarce attractions.

  Therefore, mainstream institutions believe that even if the index subsequently adjusts moderately, it will be more conducive to the healthier operation of the stock market, and moderate 都市夜网 adjustments will allow hesitant off-market funds to enter the market and will be more conducive to long-term market optimism.

  In addition, Morgan Stanley pointed out that even though it is difficult for MSCI to continue to promote A-share substitution factors this year, foreign investment in A-shares is still in a very early stage, and overseas investors ‘holdings of A-shares have only reached 3% of the total market value.

5% (as of December 2019).
Since June 1st last year, the most ideal sectors for Beijing’s capital are consumption, capital goods, banking, and healthcare.

  On February 13, MSCI released its February 2020 quarterly adjustment list on its official website, and the relevant changes will take effect after the close of February 28.

The elimination of Midea Group has long been expected, which is also associated with suffering from being “buyed”.

According to the relevant regulations of the Shanghai and Shenzhen Stock Exchanges, individual foreign investors hold the shares of a listed company through qualified investors, and the shareholding ratio must not exceed 10% of the total number of shares of the company; all foreign investors’ shareholding ratios in the A listed shares of the alternative listed companyThe sum does not exceed 30% of the total shares of the listed company.

  According to Morgan Stanley’s calculations, the top ten stocks with the highest foreign shareholding currently are: Midea (27.

2%), China Test (27.

1%), Bank of Nanjing (18.

6%), Tiger Medical (18.

3%), Founder Securities (right protection) (17.

9%), Sofia (17.

9%), Bank of Ningbo (17.

3%), Gree (16.

9%), the boss appliances (16.

3%), Angel yeast (16.


Sunshine City (000671) 2018 Annual Report Comments: High Performance, Rich Soil Reserve Margins Steady Up, Revenue Improved

Sunshine City (000671) 2018 Annual Report Comments: High Performance, Rich Soil Reserve Margins Steady Up, Revenue Improved
The 18-year performance has increased rapidly, + 46% per year, and the profit margin has steadily rebounded. The subsequent yield may reduce the company’s operating income for 564 years.700 million, +70 ten years ago.3%; net profit attributable to mother 30.2 ‰, +46 per year.4%; the corresponding return is 0.66 yuan, +29 for ten years.4%.Gross profit margin and net profit margin were 26.1% and 6.9%, +1 each year.0pct and +0.2pct.Three fees formic acid 7.0%, ten years +0.2pct.At the end of 2018, the company received advance accounts 621.2 ‰, +54 a year.7%, covering land settlement income for the year1.12 times.In addition, due to the principle of prudence in 2018, the company accrued 3 projects in Fuzhou and other places.5 trillion inventory depreciation reserve.The company’s 17-18 year yields are 38% and 39%, mainly due to the impact of irresistible deduction costs in previous M & A projects. It is estimated that the 18 years of conversion to M & A will exceed 160 billion sales, more than + 78%In 2018, the company’s sales amount was US $ 169.2 billion, an annual growth of 78%; the equity ratio was 73%, and Kerui ranked 14th. Among them, the strategic cities in the Mainland and the Yangtze River Delta accounted for 37% and 28% respectively.In 2018, the company took a cautious approach to land acquisition, with an initial land acquisition amount of 560 megabytes until -35.2%, of which the equity ratio is 55%; the land area is 13.33 million pixels, up to -54.1%; the average land price is 4,204 yuan / square, accounting for 33% of the current average selling price, and the cost is properly controlled.In 2018, the company’s land acquisition accounted for 34% of the sales amount, and the land acquisition area accounted for 105% of the sales area. The saleable area is 4,400, with a corresponding value of 560 billion, of which 75% of the value is on the first and second lines. As of the end of 2018, the company has a land reserve (unsettled caliber) of 44.18 million square meters and an equity ratio of 63%; the progressive cost of land is only RMB 4,339 /Square meters, accounting for only 34% of the average sales price in 2018; corresponding to a saleable value of 5,681 trillion, covering the sales amount in 20183.5 times to ensure a high increase in subsequent sales.In terms of saleable area distribution, strategic cities in the Mainland accounted for 48%, mainly including Changsha, Nanning, Xi’an, Chongqing, Taiyuan, etc., which accounted for 7 respectively.5%, 5.8%, 5.3%, 4.6%, 4.5%, the five major cities together accounted for 27.7%; Greater Fujian, the Yangtze River Delta and the Pearl River Delta are evenly distributed, 15%, 17% and 15% respectively.In terms of energy levels, the area of the first and second lines accounts for 65%, and the value of goods accounts for 75%. High repayment, cash flow continued to improve, debt ratio steadily declined, the rating during the year may be increased to about 80% of the company’s repayment rate in 2018, and the operating net cash flow is at least + 148%, which is positive for two consecutive years and continues to improve.At the same time, the company’s debt ratio has steadily declined. At the end of 2018, the asset-liability ratio and net debt ratio were 84% and 182%, respectively, -1.2pct and -70.4pct; interest-based denials amounted to 112.3 billion yuan, a slight decrease of 0 per year.9%; average financing cost 7.94%, ten years +0.86pct, basically controllable uplink.It is expected that under the background of active and loose funds in 2019, the company’s debt structure will improve, and the flexibility of funds will also improve. 杭州桑拿网 The double decline in interest and financing costs is expected to significantly contribute to performance, and the rating may be improved during the year. Investment suggestion: high performance, abundant soil reserves, steady upward profit margin, and improved resistance. Maintain “Strong Push” rating. Sunshine City started in Fujian, deepened and strengthened the second line. After three contributions from the star management team, the company achieved 70 years and 70 times.High sales growth, breaking through the foundation of future settlement heavy volume; the comprehensive change after the “Shuangbin” team combined will also bring refinement and standardization of management, meanwhile, the company will actively deleverage and merge credits, and the credit trend will become loose, and the downward interest rate environment must also be the company’s salesAnd performance elasticity indicators, and to achieve quantitative and qualitative improvements, and estimates are also expected to be improved.We forecast the company’s 10-year earnings for 2019-21 to be 1.00, 1.35 and 1.82 yuan, the current price corresponds to 2019 PE7.4 times, and a 50% discount from the previous NAV, click the 35% NAV discount to raise the target price to 10.00 yuan, equivalent to 2019 PE10.0 times, maintaining the “strong push” level. Risk warning: Third- and fourth-tier sales are lower than expected and industry capital is improving less than expected.