How will institutions reduce the number of investment events in January to support Wuhan’s unicorns?

How will institutions reduce the number of investment events in January to support Wuhan’s unicorns?

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  The number of investment and financing in January dropped by more than 60%!

Which epidemic impacts venture capital financing?

How will the organization support the “unicorn” in Wuhan?

  Source: Wealth management of Fuji Niubi. At 19:54 on the last February 2 of the reporter, 14489 cases of new coronavirus pneumonia were confirmed and 304 died.

  In January of this year, the outbreak of new coronavirus pneumonia in Wuhan city spread across the country, which has caused huge impacts on various industries, including the venture capital industry.

According to Zero2IPO private equity data, there were 188 domestic investment and financing incidents in January this year, citing the 480 cliff-like declines of 60 in January 2019.


Among them, there were 5 investment incidents in Wuhan where the company was registered, compared with 11 in the same period last year.

  At the same time, according to the “2018 China Unicorn Enterprise Development Report” (hereinafter referred to as the “Report”) issued by the Great Wall Enterprise Strategy Institute, as of the end of 2018, the number of “unicorn enterprises” in the country reached 202, of which 5 were in WuhanOn the list, all are located in Optics Valley.

Are these unicorn companies affected by the epidemic?

What measures have the investment institutions behind to support startups?

The Daily Economic News made a visit in this regard.

  According to data from Zero2IPO Private Equity, a total of 188 investment incidents occurred in January this year.

Among them, the industry with the most concentrated investment incidents was “IT services” with a total of 20 occurrences; followed by the general health sector with a total of 18 financings; meanwhile, there were 12 and 8 investments in other IT services and other network services.

And in the investment event in January, the largest amount was a round of fixed increase completed by China Merchants Shipping on January 8, with a total of 36 raised funds.

1,000,000; On January 9th, the $ 1 billion D-round financing completed by chronic disease digital health company “Zhiyun Health” (formerly Pocket Sugar Doctor) also attracted the attention of the market. In addition, digital operation services for new energy logistics vehiclesThe multi-million-dollar C1 round of financing completed by the company “ground railway”, and the pre-A round of ten-million-dollar financing obtained by the crypto asset service provider Keystore are also considerable in the industry.

  Let’s take a look at the round of financing in January: From this statistical point of view, the early angel round, round A and round B had the most investment events.

  Let’s take a look at the data of the same period last year-a total of 480 investment incidents occurred in January 2019.

Among them, the most concentrated industry is big health care (including biopharmaceuticals, bioengineering), a total of 60 cases occurred; followed by IT services, a total of 50 financing; network services, software and e-commerce three financing track eventsThere are 26 times, 22 times and 20 times respectively, which are also relatively long. At the same time, the frequency of investment and financing incidents in other machinery manufacturing, hardware, other hardware, environmental protection and other fields is also relatively high, 17 times, 16 times, 14 times and11 times.

Of the investment events in January 2019, the most noticeable of course is the two fixed increases by COSCO SHIPPING and Huaxia Bank, because the scale is relatively large; in January 2019, “Just on Time” announced the official completionA round of financing and settlement reached 2.4 billion yuan, setting the largest single financing record in the history of B2B supply chain logistics. In addition, there were several investment and financing of hundreds of millions of dollars in the month, such as the agricultural product trading B2B platform “one acre”Tian “completed a series of millions of RMB C round of financing, and” Jumeng Logistics “received more than one million Pre-A + rounds of financing, etc., both in terms of investment volume and scale, more than one year in January.

  Looking back at the proportion of investment rounds in January 2019, it can be found that the proportion of rounds B and further rounds exceeds 60%, and the trend of early investment is still very obvious.

  Some investors said in an interview with the Wealth Management Company (ID: buerniu5188) that the “black swan incident” such as the epidemic will indeed delay the progress of investment decisions and bring impact on the overall investment market throughout the year.

Objectively speaking, a large number of financing events in January were finalized or even completed before the outbreak, plus the Spring Festival holiday, so the subsequent impact may continue to manifest internally.

  Let’s take a look at the situation in Wuhan separately.

The following are the investment and financing events in Wuhan in January: to compare with the investment events in Wuhan in January 2019: Looking at the changes in the past two years, in January 2019, except for Beijing, Shanghai, and Shenzhen, these venture capitals are popular.In terms of regions, Wuhan’s investment events and scale are ranked higher in the country.

By this year, of the five investment cases, Optics Valley talent entrepreneurship accounted for two, and the amount of financing was far less than last year.

  Are the “北京夜网unicorns” in Wuhan all right?

  According to the “Report”, unicorn enterprises in Wuhan include Douyu Live, Anhan Optoelectronics, Curly Skin Network, Zebra Run and Medicine Help (small medicine).

Among them, Douyu landed on Nasdaq in July 2019; Anhan Optoelectronics’ application board for science and technology board was revoked in March 2019, but its IPO review was terminated in November of that year, when the company posted on the official websiteThe statement stated that it is not expected to completely resolve the litigation within the time limit for review, and “actively withdraw the application for the initial public offering of shares and listing on the science and technology board”.

  According to the private placement data and public information, Niu Mei compiled a list of several generally recognized unicorn companies in Wuhan: Niu Mei tried to contact the 杭州夜网论坛 companies in the form and found that some of the public telephone numbers were empty numbers, and some of the contact details were suspended.Use, there are still some companies or affected by the epidemic have not resumed work.

The final release, we have not received a response from the relevant company.

  In fact, the data can be grinded. The financing time of the merged company has been a long time ago. Zebra Run, which was estimated to have exceeded US $ 5 billion, was still in the “operating storm” in early 2019.
  According to the “2019 Annual Optics Valley Gazelle Enterprise Development Report” prepared by Wuhan East Lake High-tech Zone, Optics Valley identified 414 gazelle enterprises in 2019, with a total revenue of 193.

4 trillion, an average of 49 in the past two years.


At that time, a person in charge introduced that the merger of Optics Valley Gazelle companies has gradually grown out of six unicorn companies such as Douyu Live, Medicine Help, and nine listed companies such as Polytechnic and Shengtian Network.

  Then, from another perspective, from the perspective of investment institutions, what kind of support will the institutions provide to the investees in the face of the upcoming epidemic?  Sun Yaying, a partner of Meiya Indus Fund, told Niu Mei that the main reason is that post-investment management measures are closer and interactions are closer, helping the investees to solve some problems they encounter in their operations.

  Founding partner of Shengshi Investment, Chairman Jiang Mingming also stated in a public explanation of today’s document that it will help the invested company manage the cash flow, pay attention to the accounts receivable and payable of the company in a timely manner, whether it is due to employee rework and upstream and downstream supply.The chain and other issues can normally operate production within the period, whether there is a risk of contract breach, etc., and open source and reduce expenditure.

  However, related to specific assistance measures and policies, a series of venture capital institutions interviewed by Niu Mei said that they are still discussing and researching, “taking into account the opinions and guidance of regulatory agencies, and it is estimated that they will not come out so soon.”

Changchun High-tech (000661): Investing in overseas dual-antibody platforms, lidocaine transdermal patch innovation pipeline layout is becoming increasingly rich

Changchun High-tech (000661): Investing in overseas dual-antibody platforms, lidocaine transdermal patch innovation pipeline layout is becoming increasingly rich
Events: (1) The company announced that it has signed an agreement with Antai Pharmaceuticals to invest no more than 62 million yuan to purchase the “5% Lidocaine Transdermal Patch” sales rights and global production rights in mainland China. (2) The company announced that it plans to establish an antibody platform joint venture with Amesino in the United States.Among them, Amesino holds 80% equity, Changchun Gaoxin invested 30 million yuan, and holds 20% equity. Comments: (1) 5% lidocaine patch (LMP) is a polyester patch containing lidocaine 700 mg, 10 cm x 14 cm in size, which blocks damaged C fibers through local diffusion of lidocaineThe barrier effect of sodium channel of Aδ fiber and patch achieves analgesic effect.LMP is recommended by the European Medicines Agency and the US FDA as a first-line treatment for postherpetic neuralgia, especially for patients who cannot tolerate systemic drugs, such as renal insufficiency.LMP is also recommended for other local neuropathic pain.In 2018, the national local anesthesia market was nearly 1 billion US dollars, especially drugs such as rocaine, lidocaine and tetracaine.Lidocaine 2018 PDB Sample Hospital Sample 1.1 ppm, an increase of 67% before 2017, most of which are injections and capsules. Only Beijing Tide Pharmaceutical Factory was approved for lidocaine gel patch. Such products were listed in the year when it was launched in 2018.40,000 yuan, 19H1 budget of 20,000 yuan, good growth momentum.There is currently no 5% lidocaine transdermal patch on the market in China. Anengtai Pharmaceutical has developed NAL1282 Lidocaine 5% patch.The company and Anengtai Pharmaceutical plan to jointly build a hydrogel patch pharmaceutical strategic production base and a hydrogel patch pharmaceutical laboratory in Changchun. Changchun High-tech is responsible for purchasing related instruments and equipment. Anengtai Pharmaceutical is responsible for upgrading the production baseGMP certification and production licenses that meet the requirements of the US FDA, EU EMA, China NMPA and global requirements.After the product is launched, Changchun High-tech is responsible for regional sales in China, and Anengtai Pharmaceutical is responsible for overseas regional sales.In the long run, the company will use the platform technology of transdermal patch preparations as an entry point to imitate and combine innovations to develop improved new drugs for transdermal preparations. (2) Bispecific antibody drugs are one of the most popular directions in the field of tumor immunotherapy in the world. At present, only three diabody antibody drugs are on the market, and domestic dual antibody projects are in the IND 南京桑拿网 or early clinical stage.The proposed antibody platform joint venture company will first select known targets for secondary development and speed up product development. Subsequently, it will develop recombination and innovative new target bifunctional antibody drugs. Earnings Forecast and Estimate: Maintain forecast for EPS 7 of 19-21.95/10.48/13.73 yuan. After the restructuring, the EPS after diluted for 19 years is 8.99 yuan (corresponding to 38X / 28X in 19-20 years).The company’s stock exchange has been steadily advancing. The current performance is highly compatible with the estimates, and the rating of “Buy” is maintained. Risk warning: uncertainty in the progress of the stock exchange; the progress of new product development is not up to expectations.

Jianyou Co., Ltd. (603707): Du Calcidol ANDA Approved for Export of Injectables to the Next City

Jianyou Co., Ltd. (603707): Du Calcidol ANDA Approved for Export of Injectables to the Next City

Event: The company announced that the ANDA injection ANDA was approved by the US FDA.

Ducalitol ANDA was approved, and the injection was exported to the next city.

On September 26, 2018, the company submitted its registration application to the FDA for the first time and obtained ownership of the drug 4mcg / 2mL (2mcg / ml), and was approved on February 11, 2020.

The company’s export of injectables went to the next city, and the pipeline was further enriched.

  The drug was originally developed by the United States Genzyme Corporation, and is mainly used for the treatment of secondary hyperparathyroidism in patients with chronic kidney disease and diabetes. It was launched in the United States in 2000.

The original research product is called Heterol, the specification is 2ml: 4μg.

According to the Orange Book, there are currently 16 docecalcid injections in the United States, owned by 10 companies.

According to Bloomberg data, the market size of docalciferol is USD 200-300 million, and only 4 companies produce and sell it.

In addition, the company has filed a domestic application in April 2019, and was approved for clinical use in December. At present, there is no domestic market for the sale of docecalol products, and only two companies have applied for the application.

We expect the company to become the first domestic listed company of this product and further enrich its product pipeline.

In 2020, the company is expected to usher in the rise in the price of heparin API, the price of heparin preparations, and the fundamental resonance of the heavy volume of heparin preparations.

With the completion of the tightening and restructuring of the heparin industry chain in 2018, the price of heparin API has increased significantly, and the supply caused by overlapping swine fever has become increasingly scarce. The standard heparin price in Europe and the United States has already increased, and the price of low-molecular-weight heparin preparations is expected to rise.

The company’s standard heparin ANDA has been approved in the United States in 2018. 杭州夜网论坛 Enoxaparin ANDA was approved in the European Union, Brazil and the United States in March, August and December 2019, and the global core market layout has been basically completed.

In 2020, the accelerated approval of products, varieties + production capacity + channels, export of injections is imminent.

The company acquired 83 of Meitheal in 2019.

33% equity in the US market.

At the same time, convertible bonds were issued to raise 5 trillion, and 2 high-end injection production lines were built to enrich subsequent production capacity.

The company’s R & D platform has been completed and its products have been approved one after another.

At the beginning of 2019, the heavy-duty Enoxaparin injection has been approved in the global core markets such as the United States, the European Union, and Brazil. Besylate cisatracurium and levobolic acid have been approved by the United States ANDA. Full standard heparin specifications have been obtained in the United States.Approved.
It is expected to usher in accelerated product approval in 2020. It is expected that 5-10 products will be approved each year in the next 2-3 years, which will continue to accelerate.

The company’s research, production and sales layout is complete, and the export of injections is worth looking forward to.

Profit forecast and estimation discussion: We expect the operating income for 2019-2021 to be 24.

03, 33.

79 and 41.

0.6 million yuan, an increase of 41 in ten years.

32%, 40.

64% and 21.


Net profit attributable to mother 6.

02, 8.

32 and 10.

89 ‰, an increase of 41 in ten years.

90%, 38.

08% and 30.


Considering that the company is a leading company in the export of domestic injections, the export logic has been continuously strengthened, and swine fever has continued to strengthen the boom cycle of the heparin industry.

Risk alert events: the risk of narrowing the price gap between raw materials and APIs; the risk of concentration of sales customers; the risk of ANDA approval or sales not meeting expectations; the limitations of forecasting methods and results were found

AVIC Capital (600705) Interim Review: AVIC Leasing Performance Increases and Production Continues to Deepen

AVIC Capital 合肥夜网 (600705) Interim Review: AVIC Leasing Performance Increases and Production Continues to Deepen

Event: The company recently released its 2019 Interim Report and achieved a total operating income of 85.

44 ppm, an increase of 28 in ten years.

98%; net profit 24.

50,000 yuan, an increase of 17 in ten years.

32%; return on equity 5.

23%, a decrease of 1 per year.

44 per share; total assets at the end of the period were 3069.

86 ppm, an earlier increase of 2.

22%; net assets attributable to mother at the end of the period 285.

43 trillion, an earlier increase of 3.

01%; EPS is 0.

16 yuan / share.

AVIC’s leasing scale has continued to expand and its performance has improved significantly.

In the first half of the year, AVIC leased total assets of 1,562.

32 ppm, an earlier increase of 17.

36%; net assets 天津夜网 174.

24 ppm, an earlier increase of 16.

16%; total operating income during the reporting period was 481,698.

920,000 yuan, an increase of 54 in ten years.

07%; operating profit 11.

20 ppm, an increase of 41 in ten years.

06%; net profit 8.

75 ppm; 43-year increase of 43.


AVIC Leasing has contributed more than 50% of the company’s operating income, and its business expansion has driven the company’s overall revenue significantly.

An aviation industry industry fund was established to deepen the integration of industry and finance.

Relying on the background of AVIC’s shareholders, the company leveraged its industrial advantages to launch an aviation industry fund.

On July 2, 2019, the company announced that the company and the aviation industry had initiated the first phase of the aviation industry industry investment fund.

The fund regulations are set at RMB 4 billion, of which AVIC Capital intends to contribute RMB 600 million.

Increase capital in subsidiaries to strengthen industrial investment capabilities.

On May 29, 2019, the company issued an announcement that AVIC Capital increased capital by RMB 900 million each into emerging industry investment and aviation industry investment; the company’s holding subsidiary AVIC Securities invested 2.

9 billion yuan to establish alternative investment subsidiaries.

After the implementation of stock repurchase, 30% was used for employee stock ownership plan, showing development confidence.

As of June 14, 2019, the company has repurchased a total of one company’s shares.

7.9 billion shares, accounting for 1 of the company’s total share capital.

9893%, the highest price of the transaction was 6.

72 yuan / share, the lowest price of the transaction is 4.

38 yuan / share, the total amount paid is 9.RMB 990,000 (excluding transaction costs).

30% of the total number of shares repurchased this time is used to implement employee stock ownership plans or equity incentives, and 70% is used to convert corporate bonds issued by listed companies into convertible stocks.

Investment suggestion: The company’s performance is stable and good, relying on the background of shareholders, it has competitiveness in military industry investment.

Forecast EPS0 for 19/20/21.



40 yuan.

The company evaluates PB1.

47 times, slightly higher than the industry average.

Risk reminders: the advance of value-added is less than expected; the risk of market fluctuations; the macroeconomic downturn.

Hongcheng Water Industry (600461) Research Brief: Regional Public Platform for Steady Development

Hongcheng Water Industry (600461) Research Brief: Regional Public Platform for Steady Development

Nanchang City’s comprehensive public platform, all three major businesses are attractive. The company is a comprehensive public platform in Nanchang City, Jiangxi Province. It is mainly engaged in water supply, sewage, gas and other businesses. The lowest price / day 杭州桑拿网 is in an absolute leading position in Nanchang urban area. The supply business is subject to price increases. In November 2018, the price of first-class residents in Nanchang was 1.

58 yuan / ton increased to 2.

03 yuan / ton, up by 0 per ton.

45 yuan, directly driving the company’s water supply business in the first half of 2019, the revenue growth of 32%; 2) 236 sewage treatment capacity.

4 Daily / day, occupying more than 80% of the market in Jiangxi County. Sewage treatment is subject to standardization and expansion: nearly one hundred wastewater treatment plants of the company need to complete first-level standardization and upgrading by 2020, and 1/3 of 2020 will be completedAround the time, the upgrading and upgrading led to the steady growth of the company’s sewage treatment business, and at the same time the company actively developed large-scale sewage treatment plants in the city; 3) The market share of gas in Nanchang has exceeded 90%.The conversion rate is about 70%, and there is still much room for development.

Dingzeng completed the completion of the protection project, and the Three Gorges shareholding expects synergy. On November 15, 2019, the company issued shares 1 non-publicly.

5.3 billion shares, net proceeds raised.

US $ 6.6 billion for the second phase of the Chengbei Water Plant and nine sewage treatment expansion and upgrade projects, as well as repayment of bank loans

The completion of the fixed increase can guarantee the accelerated implementation of the project and increase the company’s performance.

In addition, Three Gorges Capital purchased company stock from the secondary market to 4.

The 1065% stake is the seventh largest shareholder of the company.

Three Gorges Capital is a holding subsidiary of the Yangtze River Three Gorges Group. The Yangtze River Three Gorges Group was expanded into the Yangtze River Economic Belt by the Party Central Committee and the State Council and played a key role in capturing the protection of the Yangtze River.

The recent dividend of Three Gorges Capital’s shareholding shows the recognition of the company’s future development prospects. Restructuring as a strategic shareholder of the company can help the company in project resources and funds, help the company grow, and look forward to the synergy effect in the Yangtze River protection.

Advanced stock-binding shareholders are conducive to the company’s long-term development. On December 13, 2019, the company completed the share incentive.

The incentive objects of the stock issue include the chairman, general manager, secretary of the board of directors, chief financial officer, deputy general manager in charge of each department and the company’s backbone, a total of 15 people.

50,000 shares, accounting for 0 of the company’s total share capital.

62%, grant price 3.

05 yuan / share.

The performance evaluation target is: the average annual ROE from 2020 to 2022 is not less than 9%, and the compound revenue growth rate is not less than 10%.For the quantile value, we have calculated that the 13 corresponding companies with the 75th quantile in 2017-2018 had revenue growth rates of 20 respectively.

33% / 15.

38%, corresponding to a ROE of 9.

61% / 8.

85%, showing that leaders are confident in the company’s future development.

In addition, it is required that the annual dividend ratio from 2020 to 2022 is not less than 40%.

As a state-owned enterprise, the company’s launch of this listed stock incentive can fully mobilize the enthusiasm of the company’s leaders, bind the company’s interests with personal interests, and help the company’s long-term development.

Earnings forecast and investment rating: Maintaining the company’s obvious geographical advantage in Nanchang, Jiangxi, the three major businesses are all attractive, we are optimistic about the company’s development prospects.

Considering the impact of management expenses caused by the company’s equity incentives, we slightly adjusted the company’s profit forecast. It is expected that the company’s 2019-2021 EPS will be 0.

49, 0.

56, 0.

63 yuan, corresponding to the current expected PE of 12, 11, 9 times, maintaining the company’s “Buy” rating.

Risk reminder: expected risks for the progress of supplementary projects and projects in progress, upward interest rate risks, macroeconomic downward risks, and expected risks of synergy with the Three Gorges.

Nangang Iron & Steel (600282): Minority shareholders profit or loss is conducive to eliminating thickening company performance

Nangang Iron & Steel (600282): Minority shareholders profit or loss is conducive to eliminating thickening company performance

Event summary: The company issued an announcement intending to purchase Nanjing Nangang Industry Development Co., Ltd. (“Nangang Development”) from its controlling shareholder, Nanjing Steel United Issuance Co., Ltd.38.

72% equity, Nanjing Jinjiang Metallurgical Furnace Charge Co., Ltd. (“Jinjiang Furnace Charge”) 38.

72% equity, the issuance price adjusted for this transaction is 3.

39 yuan / share, the predicted value of the transaction target and the planned price have not yet been determined.

After the transaction is completed, the target company will become a wholly-owned subsidiary of the listed company.

This plan needs to be submitted to the China Securities Regulatory Commission for review and approval before implementation; it can help to increase the company’s performance: by acquiring a minority stake in a listed company’s controlling subsidiary, the company’s net assets and net profit attributable to the owner of the parent companyAchieving improvements will help increase the profits of listed companies and protect shareholders’ interests.

In 2018, the company’s net profit attributable to its parent was 40.

8 million yuan, the total profit and loss of minority shareholders 7.

3.3 billion, of which Nangang Development and Jinjiang Furnace Charge are 6.

61 ppm and 0.

4.4 billion.

Assuming the plan is successfully implemented, taking last year as an example, the proportion of increase in net profit attributable to mothers is 17.


In addition, after the completion of the issuance, the supplementary shares of the listed company subscribed by Nanjing Steel Federation shall not be transferred within 3 years from the end of the issuance, 北京spa会所 reflecting the confidence of the controlling shareholder in the listed company; the company ‘s profitability industry is more stable: just proceed with the finalSince the quarter-to-quarter reduction in the industry’s supply-side budget policy, steel output has continued to hit new highs, meanwhile, demand has shown a shift, and inventory has maintained a normal rate of depreciation between advance and retreat, and the absolute level of steel profits has remained high after a reasonable return.
The first quarter report of the previous industry was released one after another. The data basically conformed to the industry situation. Under the background of high bases and the significant rise in iron ore prices and the periodical erosion of steel company profits, the industry generally declined in fluctuations, and more of the previous ultra-high profit was normal.Profit returns.

Nangang achieved operating income of 118 in the first quarter of 2019.

1.6 billion, an increase of 14% in ten years; net profit attributable to mothers8.

USD 3.7 billion, a year-on-year decrease of 17%, and the decline in performance exceeds the industry average, reflecting the effectiveness of the company’s products and brands; future development directions-innovation, wisdom, and transformation: The company uses “integration of two industries” as its means, “JIT + C2M”Based on the model, we will accelerate the construction of the Industrial Internet and continue to improve our intelligent manufacturing capabilities. In 2018, the company delivered 98 steel products under the “JIT + C2M” model.

7 Initially, it grows by 50 per year.

7%, covering varieties such as ship plates, wind tower steel, rib steel, and high-strength steel.

While strengthening the main steel industry, relying on the revival of the professional investment platform, the company will focus on the development of new materials, intelligent manufacturing and other industries that are more complementary to the main industry in the future.The recovery has formed a new growth point. According to the traditional steel companies, the estimated premium will be predicted. Investment advice: The acquisition of minority stakes in holding subsidiaries through the issuance of shares will basically eliminate the profit and loss impact of minority shareholders and increase the profits of listed companies.

The company’s first-quarter performance was more robust than the industry performance, reflecting the company’s product and brand effectiveness as a leading plate manufacturer.

At the same time, the potential for transformation and upgrading is huge, which is the highlight of the future differentiated development of some other steel companies.

The company’s EPS for 2019-2021 is expected to be 0.

71 yuan, 0.

81 yuan and 0.

84 yuan, the corresponding PE is 5 respectively.

5 times, 4 times.

8X and 4.

6X, maintain “overweight” rating; risk alert event: trading may be suspended, terminated or cancelled risks, the macroeconomic decline, supply side releases more than expected.

DBS Bank Ge Ganniu: Long-term bullish on China’s capital market

DBS Bank Ge Ganniu: Long-term bullish on China’s capital market

Our reporter Zhang Ye The further opening of the financial industry in developing countries is attracting more foreign institutions to participate.

  ”China is actively promoting the opening up of the financial industry, especially the banking industry. Basically, as long as the banks can do it, DBS Bank will actively promote it.

For example, we have submitted the application materials to the Securities Regulatory Commission and look forward to obtaining a license from a securities company. This also shows that DBS has a long-term optimism about the Chinese capital market, because China’s capital market is also an important product and area for us to serve Chinese corporate customers. “, CEO of DBS Bank (China) Co., Ltd. and President Ge Ganniu recently told the Securities Daily and other media that DBS Bank has witnessed the opening of China’s financial 西安耍耍网 industry to foreign trade. Since 1993, it has established a representative office in Beijing.By 2007, it became the first group of foreign banks to establish wholly-owned corporate banks in China; from the establishment of several branches to more than a dozen branches; more and more licenses . DBS Bank has always been accompanied by China’s opening up of the financial industry.

  According to the information released by the Securities and Futures Commission on March 29, DBS Bank intends to apply for the establishment of a foreign equity securities company, and the Securities and Futures Commission has received relevant materials.

  Ge Ganniu made the above remarks during an interview with Securities Daily and other reporters on the sidelines of the “2019 Guangdong-Hong Kong-Macao Greater Bay Area Innovation and Development 杭州夜网论坛 Forum” conference held by DBS Bank.

  According to Pang Huayi, Chief Executive Officer of DBS Bank (Hong Kong) Limited, “The Greater Bay Area is not the future for DBS Bank, but the present.

DBS Bank has the genes of Asia. We judge that China’s financial industry will continue to reform and open up or the development process of the Greater Bay Area in the future. We also believe that we will see more reforms every year in the future.

Therefore, we have adopted such a long-term vision for our operations and investments in the Greater Bay Area. We believe that in the future, more economic integration can make DBS’s onshore and offshore businesses in the Greater Bay Area more seamlessly connected.

In addition, we are more willing to invest in China and expand our business in China.

“The Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area” states that it will give full play to capital markets and financial services functions in Hong Kong and Macau, Shenzhen, Guangzhou and other regions, and expand cooperation, internationalization, and cross-regional technological innovation investment and financing systems.

  Ge Ganniu said, “During the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, financial interconnection and deep integration are critical.

Finance must serve the development of the real economy, unblock capital flows, optimize resource allocation, and improve industrial efficiency.

星展银行举办‘粤港澳大湾区创新发展论坛’,旨在搭建平台,整合政府、企业、学术、资本等各方资源,建立‘大湾区生态圈’,为区内的企业和个人带More opportunities for resource docking and information sharing will promote the development of more world-class industrial growth and leading companies in the Greater Bay Area, leading and supporting China’s economic transformation and upgrading.

More than 500 semi-annual reports found a big secret-big funds layout these outstanding stocks

More than 500 semi-annual reports found a big secret: big funds to distribute these outstanding stocks

More than 500 semi-annual reports found a big secret: big funds have already laid out these performance stocks in advance. Data show that some listed companies with good performance have received continuous capital increase in institutional funds.

  After combing the current 500-year semi-annual report of the shareholder list, it can be found that whether it is warrants, Huijin, northbound funds through the Shanghai-Shenzhen Stock Connect, and insurance capital that is good at long-term holdings, all follow their investment logic and choose to increase positionsQuality stocks.

  And one of the salient features is that most of the companies that have been overweight are partially prominent in the industry, and their performance is also remarkable.

  Zhengjin Huijin: When the word of stability first enters the financial report disclosure season, the shareholders of a listed company in the quarter can always attract the attention of investors.

  A private equity person in Shanghai believes that, especially when the overall performance of the secondary market is weak, combing warrants, Huijin’s shareholding trends are easier to guide than usual.

  Reporters’ statistics found that among the listed companies that have published half-yearly reports, Zhengjin and Huijin held more than 100 stocks in the second quarter, of which Huijin held more than 100 stocks in the second quarter and Zhengjin held more than 40 stocks in the second quarter.Individual stocks (with overlaps with Huijin’s holdings).

  In terms of plate holdings, Zhengjin and Huijin currently hold a total of nearly 40 Shanghai Stock Market companies, about 30 GEM companies, 40 small and medium-sized board companies, and about 20 Shenzhen Stock Market companies. The style of the plate configuration is relatively balanced.

  In terms of industry positions, in the second quarter, the number of holders of Zhengjin Huijin was relatively concentrated in the computer communications, electronics, mechanical equipment, biomedical and chemical industries.

  Specific to the changes in positions, from a comprehensive point of view, compared with the first quarter, the position of Zhengjin Huijin constantly changes, and the overall remains consistent with the first quarter.

Times Publishing, which has disclosed the semi-annual report, Xishan Coal Power and other companies, in its shareholder list, the holdings of Zhengjin Huijin are roughly the same as in the first quarter.

  According to the disclosure, the current companies with changes in the holdings of certificate gold include CICC Environment, Lujiazui, Beijing Urban Construction, etc. However, after carefully reviewing the information of the shareholder list, the “addition of warehouse positions” in the quarter was only a “passive” move.

  Taking the CICC environment as an example, Zhengjin was listed in the top ten shareholders of tradable shares before the first quarter of this year, so it was 2249 in the second quarter.

480,000 shares appearing on the shareholder list will be mistaken by investors as new.

However, looking through the company’s Air Force shareholder list, the exact number of shares has appeared in the third quarterly report of 2018. Combined with the “gate information” of the top ten tradable shareholders’ list of the past three quarters, they are higher than 2249.

With 480,000 shares, it is known that Zhengjin’s recent holdings of CICC Environment have undergone excessive changes.

  In addition, the increase in Zhengjin’s shareholdings in companies such as Lujiazui and Beijing Urban Construction is affected by dividends.

  Huijin also has some.

The semi-annual report shows that its shareholdings in companies such as Industrial Wealth, Meihua Bio, Oriental Fortune, Fangda Carbon, etc. have all increased, but most of them were lifted by restricted stocks, dividends and changes in the “threshold” of the shareholder listDue to comprehensive effects.

  Social security, pension: the same fancy performance, social security funds, pensions, stock selection, style of building positions is often regarded by the market as a “vane.”

From the semi-annual reports of listed companies that have been disclosed so far, the two funds have increased their positions in some stocks.

  Ping An Bank’s semi-annual report shows that at the end of the second quarter, the social security portfolio 104 held the company 5516.

940 thousand shares, thus to 0.

The 32% shareholding ratio has stepped on the “gate biological line” to enter the list of top ten shareholders of circulating stocks.

Above that, the company ‘s circulated shareholder list, “Biology” at the end of the second quarter, was about 6 million higher than at the end of the first quarter.

  Looking through the Ping An Bank’s shareholder list, the latest social security 104 combination appeared in the circulation shareholder list in the 2015 semi-annual report, when the social security 104 combination held 40.1 million shares.

  Tongwei shares were favored by the social security 108 combination, which was terminated at the end of the second quarter and the combination held the company 4040.

970,000 shares, ranking the ninth largest shareholder of outstanding shares.

At the end of the first quarter, the portfolio had not yet entered the company’s shareholder list.

As such, the most recent shareholding data for the portfolio was less than 300,000 shares in the first quarter of 2005.

  The reporter found that the stocks of the Social Security Fund’s Masakura mainly had performance support.

  Tongwei’s semi-annual report shows that the company achieved revenue of 161.

2.4 billion, an increase of 29 a year.

39%; Net profit 14.

5.1 billion yuan, an increase of 58 a year.


In the context of strong overseas market demand in the first half of this year, the price of high-efficiency monocrystalline PERC cells remained high, and the company achieved net profit in the second quarter.

600 million yuan, an increase of more than 60% each year.

  The social security 503 portfolio was built in the second quarter of Hefeng Animal Husbandry, with 13.5 million shares.  The semi-annual report shows that the profitable white feather broiler market is booming, chicken prices have continued to rise and have remained at a high level, and the company’s meat and poultry industry chain layout has been further improved and other factors.

5.9 billion US dollars, a year of growth more than doubled, of which single-quarter profit growth reached 200%.

  In the second quarter of the year, pensions also showed a clear tendency to increase their positions.

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


In addition, in January of this year, the six-year-old pension portfolio that has already opened positions in the second quarter chose to continue to increase positions, increasing its holdings by nearly 3 million shares.

Not only pensions, but also the two social security fund portfolios, which took in company shares in the second quarter, totaling more than 10 million shares.

  In addition, the pension also entered the top ten list of circulating stocks of companies such as Gloria, Power Source, Antu Bio, and Shuangyi Technology in the second quarter.

According to the semi-annual report, the company as a whole has a good performance.

  Risk capital that is good at long-term holders also frequently moved in the second quarter.

  The Financial Street semi-annual report shows 成都桑拿网 that Great Wall Life Insurance Co., Ltd.-owned funds increased their holdings of the company by 2275 in the second quarter.

07 million shares, the proportion of total equity rose to 1.


  There is also Haige Communications. After two consecutive quarters of increasing holdings, Xinhua Life Insurance Co., Ltd.-Dividends-Individual Dividends-018L-FH002 Shenzhen significantly increased its holdings by 2185 in the second quarter of this year.


  Northbound funds: Running into the northbound funds was not idle in the second quarter, the old people did not go, and the new ones came again.

The reporter combed and found that through the Shanghai Stock Connect, the Northbound capital position of Shenzhen Stock Connect in investing in A shares has also improved.

  For example, Jerry shares, Hong Kong Securities Clearing Co., Ltd. began to buy company shares in the second quarter of last year, and entered the company’s top ten circulating shareholders list in the semi-annual report of 2018, ranking the fourth largest shareholder.In the semi-annual report, it has jumped to the second place of the company’s top ten tradable shareholders, with its shareholding ratio (accounting for total equity, the same below) from the original 1.

54% increased to 10.


In addition, the Macau Monetary Authority (own capital) has continued to increase positions after its debut in Jerry’s 2018 annual report, and currently ranks fifth in the company’s top ten circulating shareholders.

Similar to Angel Yeast, the company has also received the attention of northbound funds in recent years, and has maintained a relatively stable rate of increasing positions to increase its holdings of the company’s stock.

At present, Hong Kong Securities Clearing Co., Ltd. has become the company’s second largest shareholder with tradable shares, with a shareholding ratio of 12.


  In terms of industry, appliances and electronics are still highly sought after by northbound funds.

  For example, TCL Group, Hong Kong Securities Clearing Co., Ltd. increased their stocks in the second quarter of this year, and appeared in the company’s top ten list of circulating shareholders in the 2019 semi-annual report. At present, it holds about 1% of the company’s equity, ranking the first among shareholdersTen.

Similarly, Jiuyang shares were favored by northbound funds in the second quarter.

Looking at Shengyi Technology, Hong Kong Securities Clearing Co., Ltd. maintained the momentum of increasing positions in the first quarter in the second quarter, increasing its holdings by 1,487.


Overall, since the second quarter of 2016, Hong Kong Securities Clearing Co., Ltd. has maintained a clear rhythm of increasing its holdings.

  In addition, in the semi-annual report of this year, North International Capital, Kelu Electronics, etc. appeared on the company’s top ten shareholders list.

Some market analysts believe that the company has completed the transformation, the industry’s prosperity has increased and the business has ushered in an inflection point or northbound funds to increase the main reasons for the above companies.

  According to the preparation test caliber, TCL Group achieved net profit in the first half of this year.

40,000 yuan, an increase of 69 in ten years.


In April this year, the company completed the reorganization and replacement of smart terminals and supporting businesses, shifting from related diversified operations to focusing on the semiconductor display and materials industry.

In addition, in the first half of the year, the company also proposed a share repurchase program of US $ 1.5 billion to US $ 2 billion, which has now been completed.

600 million yuan.

  The continued improvement of industry fundamentals has allowed Shengyi’s performance to continue to increase steadily.

Against the backdrop of heavy communications high-frequency and high-speed business, Shengyi Technology ushered in a significant increase in profitability regardless of CCL and PCB during the second quarter of the off-season.The company achieved net profit in the first half of the year.

2.9 billion, an annual increase of 18.

02%, single quarter net profit increased by more than 30%.

Guanghui Automobile (600297): Foreign exchange and asset impairment dragged down net profit performance improvement can be expected

Guanghui Automobile (600297): Foreign exchange and asset impairment dragged down net profit performance improvement can be expected

Event: The company released its 2018 annual report, and the company achieved revenue of 1611 in 2018.

70,000 yuan, an annual increase of 3.

4%; net profit attributable to mother reaches 32.

600 million, down by 16 a year.

3%; the company 北京夜网 intends to distribute cash dividends of RMB 0 for every 10 shares.

15 yuan (including tax).

In 2018, the revenue side increased slightly, and the profit side shifted due to the exchange rate and asset impairment.

In 2018, the company achieved 88 new car sales.

20,000 units, an increase of 0 in ten years.

5%, the new car sales growth rate clearly outperformed the industry sales growth rate; in 2018 the company achieved total revenue of 1611.

700 million, +3 a year.

4%; Affected by the friction of Sino-US trade war and fluctuations in automobile industry sales in 18 years, the company’s net profit was affected by exchange losses (+5 over the same period.

700 million) and impairment of goodwill and equity investments (+3 per year).

800 million), the company’s net profit attributable to its mother reached 32 in 2018.

600 million, down by 16 a year.

3%; excluding the impact of foreign exchange cash and asset impairment, the company’s net profit attributable to its parent in 2018 is expected to reach 42.

100 million, previously +8.


The overall gross profit margin increased slightly, the beneficiary brand structure improved, and the gross profit margin of vehicle sales improved.

The company’s overall gross profit margin in 2018 was 10.

31%, a year up 0.

6 points.

Looking at the quarter, Q1 / Q2 / Q3 / Q4 gross profit margins were 10 respectively.

48% / 11.

05% / 10.

6% / 9.

27%, in terms of business, gross profit margins for vehicle sales / after-sales maintenance / commission agency / leasing business were 3 respectively.

86% / 35.

73% / 77.

33% / 73.

02%, ten years +0.

01pct / -1.

74pct / -2.

2pct / + 0.

38 points.

The industry’s sales volume has recovered, and the leading distributors have benefited first, maintaining the “prudent increase” rating.

The decline in the industry’s sales growth rate has gradually narrowed since 19 years. It is expected that sales volume will stabilize and rebound in the second half of the year.

Both the Air Force Development and Reform Commission and the Ministry of Commerce have stated that they will introduce relevant stimulus policies for the automotive industry, and industry sales will resume. Guanghui will be the first domestic distributor to strive for the benefit.At the same time, through mergers and acquisitions of luxury brand stores, the company’s brand structure has continued to improve, with new cars as the starting point to continuously improve the development of derivative businesses such as insurance, second-hand cars, maintenance, and financial 淡水桑拿网 leasing.

We are optimistic about the company’s future development. It is expected that the company’s net profit attributable to mothers will be 37 in 2019-2020.

100 million / 42.

800 million, for the first time announced net profit attributable to mothers in 2021 49.

200 million, maintain “Buy” rating.

Risk warning: the store expansion progress is less than expected, and the stimulus policy is less than expected; the risk of goodwill impairment;

Sany Heavy Industry (600031) Annual Report 2018 Review: High Performance Growth Leader Continues to Go Up

Sany Heavy Industry (600031) Annual Report 2018 Review: High Performance Growth Leader Continues to Go Up

Dynamic Events The company released its 2018 annual report and achieved operating income of 558.

2.2 billion (+ 45% YoY).

61%); net profit attributable to mother 61.

160,000 yuan (+192 compared with the same period last year).


Matter Comments 2018 performance ushered in high growth.

The company’s gross profit margin in 2018 was 30.

62%, an annual increase of 0.

55 points; net interest rate 11.

29%, an annual increase of 5.

48 points.

The company’s revenue has grown rapidly, but the growth of labor costs and depreciation and amortization has been limited, resulting in a decline in the expense ratio.

Cash flow from operating activities of the company 105.

2.7 billion (+22.

91%), a record high.

Finance costs 1.

35 trillion, financial expense ratio is 0.

24%, a significant decrease from 2017.

Sales of construction machinery remained high, and the market share of leading companies continued to increase.

The sales of construction machinery in 2019 will remain in the boom range.

From January to February 2019, the company’s excavator sales were 8,384 units, an annual increase of 83.

4%, market share is 27.

5%, an increase of 4.


The company’s excavator sales far exceeded the industry’s growth rate, and its market share continued to increase.

We expect the excavator industry to expect sales of 22?
230,000 units, an annual increase of 10%?

The company’s excavator sales remained high.

From January to February 2019, the company’s truck crane sales were 1,521 units, an annual increase of 91.


Truck cranes and road machinery, as post-cycle varieties, are expected to see high growth in relay excavators this year.

Concrete machinery benefited from a new round of infrastructure construction and stock renewal, and also ushered in a high increase.

Spring 2019 ushers in the peak season of construction, and long-term competitiveness.

In the spring of 2019, the construction machinery industry ushered in the peak season of construction, which promoted the improvement of company performance under wide credit.

In the long run, the leading market share growth, the company’s well-repaired balance sheet will bring continuous improvement in operating efficiency, and the three long-term competitions in which overseas sales will continue to increase, driving the company’s sustainable development 杭州桑拿养生会所 in the future.

Investment Advice.
The company’s sales revenue for 2019/2020/2021 is forecast to be 648.

84, 763.

81, 819.
8.4 billion, net profit of 91.

38, 114.

75, 132.

1 trillion, EPS is 1.

09, 1.

37, 1.

58 yuan, the corresponding PE is 11.


4, 8.

2x, maintaining the company’s “overweight” rating.

risk warning.

Industry sales fluctuate and macroeconomic fluctuations.