Month: May 2020

In the second quarter, Shanxi only scored 6 points, and the North Control ended four games in a row.

In the second quarter, Shanxi only scored 6 points, and the North Control ended four games in a row.
Sun Yue and other main players “punched off work” in advance.Figure / Sports North Control men’s basketball team tonight to victory over Shanxi team 109 to 86, with a wave of four consecutive victories for the first half of the regular season, is also the final game of 2019 ended, all the team mentioned after the gameDefensive execution is the key to winning.The Shanxi team played a single foreign aid game, and in the first quarter, it was still able to bite the score with the double foreign aid North Control team.But in the second quarter, the North Control team played a wave of 13 to 0 to open the score, the whole quarter only allowed the opponent to get 6 points, he scored 31 points, and played “flower” opponent in the half.The Shanxi team made 21 shots in this quarter, and only 2 sports battles broke out, which has made the game suspenseful.Sun Yue talked about the game after the game, and frankly said it was quite unexpected: “The opponent’s strength is still very strong. Although there is a foreign aid that cannot be played, the strength of the domestic players is still quite strong.He said: “We have made some targeted deployments on the defense, limiting the main points of the opponent.It’s good on the defensive end, but there is still something to be solved.”Head coach Marbury also mentioned that the team has put a lot of energy on the defensive end tonight,” we proved that we are a defensive team, and pointed out to the players that great progress has been made and provedI am a very good player.”The victory and defeat were split early, and Lao Ma replaced all the local main force at the beginning of the fourth quarter, giving all 12 registered players the chance to play, and finally won a victory brought by all.

Not only Halfway Island, 15 films to see the end of the Pacific War

Not only “Halfway Island”, 15 films to see the end of the Pacific War
The Pacific War was a war between the evil axis country headed by the Japanese Empire and the Allied Powers headed by the United Kingdom and the United Kingdom in the Second World War. It was triggered by the Japanese attack on Pearl Harbor on December 7, 1941, until August 1945.The surrender of Japan ended on the 15th, which lasted three and a half months, and casualties and losses were difficult to count.Among them, the sneak attack on Pearl Harbor, the Battle of Midway Island, the Battle of Iwo Jima, and the Battle of Okinawa have all been brought to the big screen by the United States and Japan many times.We used 15 films to connect the Pacific War. When the film “The Midway Island” was released, we used historical materials and film stills to outline the war for the audience.Schematic diagrams of several major battles in the “Pacific War.”1. Japanese attack on Pearl Harbor Time: December 7, 1941 History lesson: The Japanese Navy attacked the Pearl Harbor of the US Pacific Naval Fleet base and the U.S. Army and Navy airports on Oahu, becoming the fuse for the outbreak of the Pacific War,Eventually involved the United States in the Second World War.Battle situation in the United States: was sunk and injured more than 40 ships of various types, including 4 battleships, 2 heavy cruisers, 2 light cruisers, and 2 destroyers.265 aircraft were destroyed.A total of 2,403 people were killed and 1,778 were injured.Japan: 29 aircraft were destroyed, 70 were injured, 55 pilots were killed, 5 pocket submarines were destroyed, and 1 pocket submarine was captured.Sneak attack on the historical photos of Pearl Harbor.● Related videos: “Tiger!tiger!tiger!1970 (US-Japan co-production) presented the incident from the perspective of both the US and Japan.Stills of “Pearl Harbor”.”Pearl Harbor” 2001 (U.S.) The 40-minute sneak attack explosion was shocking.The opening battle of Midway Island in 2019 (US) is relatively brutal and realistic.2. Coral Sea Battle Time: May 4th to May 8th, 1942 History Class: This is the world’s first duel between aircraft carriers. “It is the first sea battle in which surface ships have not fired each other.”In this campaign, the Japanese won the battle tactically, but the US military prevented the Japanese invincible strategic attack that prevented the Japanese army from driving straight in.The loss of two other injured Japanese aircraft carriers and pilots had an impact on the Battle of Midway.Battle situation in the United States: The aircraft carrier “Lexington” sank, a destroyer and an oil tanker were sunk, 66 aircraft were destroyed, and 543 people were injured.Japan: The light aircraft carrier “Fengxiang” sank, 1 destroyer and 3 landing ships were sunk, 77 aircraft were destroyed, and 1047 people were injured.Historical photos of the Battle of the Coral Sea.● Related film: “Coral Sea Fighting” poster.”Coral Sea Destruction” In 1959 (USA), the escape process of a US submarine crew was mainly discovered, and a short “Coral Sea” naval battle scene appeared at the end of the film.3. Time of Battle of Midway Island: June 3rd to June 6th, 1942 History Lesson: Midway Island is 2800 nautical miles away from San Francisco, USA and Yokohama, Japan. It is halfway on the Pacific route between Asia and North America.Is a strategic location.This was an important battle on the Pacific battlefield during World War II. From then on, the US military switched from strategic defense to offensive, and the Japanese joint fleet was no longer in sight.Battle situation in the United States: Loss of 1 aircraft carrier (York City), 1 destroyer and 147 aircraft, 307 people were killed.Japan: Lost 4 aircraft carriers (Akagi, Kaga, Canglong, Flying Dragon), 1 heavy cruiser, 52 aircraft were shot down, more than 280 aircraft sank to the bottom of the ship, 3507 people were killed, including hundreds of trainedNavy pilot.Historical photos of the Battle of Midway.● Related film: The Pacific Ocean 1960 (Japan) The whole film from the perspective of the aircraft carrier “Flying Dragon” is aimed at the journey from the Japanese attack on Pearl Harbor to the fiasco of Midway, beautifying Japanese militarism.”The Battle of Midway” in 1976 (U.S.) has a high degree of historical restoration from “Tiger!tiger!tiger!”” Appropriate “a lot of lenses.Poster of “Middleway Island”.The “Decisive Battle Midway Island” 2019 (U.S.) film will sneak into Pearl Harbor, the Battle of the Coral Sea and the Battle of Midway Island on the screen without any details.4. Battle time of Saipan: History class from June 15, 1944 to July 9, 1944: American forces captured Saipan, creating conditions for the capture of other islands in the Mariana IslandsThe B-29 long-range strategic bomber provided a base for bombing Japan.The situation in the United States: more than 3,400 people were killed and 1 injured.310,000 people.Japan: Land and Navy casualties 4.More than 10,000 people were arrested and nearly 2,000 people were killed. Two-thirds of the island’s residents were killed here.US military captures historical photos of Saipan.● Related film: “Jade Broken Saipan” The description of war scenes in the 1960 (U.S.) film is not the focus. The protagonist was adopted by families of both American and Japanese origins. In the battle of Saipan, in order to avoid moreBlood, he went to the Japanese army to persuade the surrender, so that the Japanese army on the island laid down their weapons and accepted peace.Still from “The Miracle of the Pacific”.”A Miracle in the Pacific” In 2011 (Sunday), a Japanese officer led a 46-year-old man in Saipan with the actual events of 16 months of working with the US army as a model for the story.5. Battle of Iwo Jima: History lesson from February 19 to March 26, 1945: After the US military seized Iwo Jima, the combat barrier of the fighter plane covered the mainland of Japan, which can effectively cover the strategic bombing of the bomber against the Japanese mainlandThe Japanese bombing has become more intense and intense, and the effect of alternating bombing has more than doubled, greatly speeding up the collapse of Japan.Battle situation in the United States: 6821 people were killed and an escort carrier was sunk in Japan: 22703 people were killed in historical photos of the Battle of Iwo Jima.● Related film: “The Battle of Iwo Jima” Some of the shocking war scenes in the 1949 (U.S.) film came from a record film taken by the US Army ‘s Third Command team.Stills of “Flags of Fathers”.”Flags of Fathers” and “Letter from Iwo Jima” The 2006 (U.S.) film used six soldiers to rush to the heights of Iwo Jima to insert the national flag and the Japanese Lieutenant General Li Linzhong to restore this brutal war.6. Okinawa Battle Time: April 1st to July 2nd, 1945 History Lesson: This is the last battle for islands between Japan and the United States on the Pacific battlefield. It is also the bloodiest and most tragic battle. Churchill called it “”One of the most fierce and famous battles in the history of war.” After the US military won Okinawa, a strategic place, it was only 610 kilometers from Kyushu, Japan.The situation in the United States: casualties 7.50,000 people, 763 aircraft lost, 36 ships sunk, 368 ships including 8 aircraft carriers, and 372 tanks destroyed.Japan: 110,000 casualties, 9,000 captured, and 7,830 aircraft lost, including 16 surface warships and 8 submarines inside the battleship Yamato were sunk.In addition, more than 100,000 civilians died on the island.Historical photos of the Battle of Okinawa.● Related movie: “Blood War Okinawa” 1971 (Japan) exaggerates the firmness and bravery of the Japanese army from a one-sided perspective.Stills of “Blood Warsaw Ridge”.”Blood Warsaw Ridge” 2016 (U.S.) is based on the real experience of Desmond Daws, a top military doctor in World War II, telling the story of his refusal to carry weapons on the battlefield in the battle of Okinawa Hacksaw Ridge.story.7. Japanese surrender time: August 15, 1945 History lesson: The United States dropped atomic bombs on Hiroshima and Nagasaki, Japan on August 6 and August 9, Japan declared an unconditional surrender, and the Pacific War ended.The overall situation of the Pacific War America: about 120,000 killed in Japan: about 1.55 million Japanese surrendered historical photos.● Related film: “The Longest Day in Japan” 2015 version stills.”The Longest Day in Japan” In 1967, 2015 (Sun) expanded to more than two hours before and after Japan surrendered to the Allied forces on August 15, 1945, but the so-called war reflection attitude is very vague.Sauna, Ye Wang Teng Chao editor Huang Jialing school drafted by Fan Jinchun Xu Xiao Ni Ping

Jiangsu Satellite TV Spring Festival Gala announced the preliminary, Fan Chengcheng Ouyang Nana Zheng Yunlong and others joined

Jiangsu Satellite TV Spring Festival Gala announced the preliminary, Fan Chengcheng Ouyang Nana Zheng Yunlong and others joined
In 2020, Jiangsu Satellite TV ‘s Spring Festival Gala announced the star lineup. This year ‘s Spring Festival Gala audience can see Pan Changjiang, Gong Hanlin, Tengger, Jiang Dawei, Guan Mucun, Luo Zhongxu, Xie Xiaodong, Yang Yuying and other performing arts circles “Evergreen Tree”, as well as Phoenix Legend, Zhang KailiThe backbone of Jia Bing, Hu Xia, Yu Kewei and others joined in to surpass Fan Chengcheng, Ouyang Nana, Liu Yuning, Zheng Yunlong, Huo Zun, SNH48 and other new generations.It is reported that the Spring Festival Gala of Jiangsu Satellite TV will be broadcast at 19:30 on January 25, 2020.This year Jiangsu Satellite TV ‘s Spring Festival Gala invited many Spring Festival Gala “evergreen trees”, among which Pan Changjiang and his team will bring the sketch “Come on for Dreams”. This time he focused on “Anti-Internet Fraud” and caused an inspirational struggle story of an internet anchor;Gong Hanlin and his son Gong Tiankuo starred in the sketch “Express Happiness”, and once again cooperated with the students of Teacher Zhao Lirong for the first time.Tengger has been on the Jiangsu Satellite TV Spring Festival Gala for three years in a row, and every year his cover songs attracted much discussion.This year, Tengger revealed ahead of time that he would cover Guo Fucheng’s “Endless Love for You”.Singer Luo Zhongxu and Yang Yuying are ready to take the audience to the time machine of singing and sing “Chinese Stars”, “Tell You Lightly” and other Chinese golden songs.In the CCTV Spring Festival Gala in 1995, Xie Xiaodong had a song “Today’s Really Happy” that became a household name. This time he will perform the suites “Today’s Really Happy”, “Calorie” and “Health Song” together with Zhao Lusi.The Forces nouvelles will also contribute brilliant performances.Ouyang Nana and Fan Chengcheng will jointly present the annual “Healing Divine Comedy” “The Beauty of the World is Linked to You”; and Liu Yuning and Han Tiantian who once sang a song “Beyond Light Years” in “The Variety”Continue the “most adorable height difference” combination to bring “Under the Flying Cloud”.Zheng Yunlong will join hands with the Dunhuang Dance Troupe to bring the song and dance performance “Zi Zi Tian”.Sauna, night net editor Zhang He Tong Na proofreading

Rongbai Technology (688005): A leading domestic supplier of lithium battery initial materials

Rongbai Technology (688005): A leading domestic supplier of lithium battery initial materials

Main business.

The company is a multinational group company specializing in the research, development and operation of military lithium battery primary materials.

The company achieves profit mainly through research and development, manufacturing and sales of ternary transition materials and their precursors.

The company’s main products include NCM523, NCM622, NCM811, NCA and other series of ternary subdivided materials and their precursors. Product categories These customer-leading high-energy density batteries are mainly used in new energy vehicles, energy storage equipment, and electronic products.Downstream areas.

The company’s ternary alkaline material production capacity is in the first echelon in China. Its main customers include Ningde Times, BYD, LG Chemical, Tianjin Lishen, Funeng Technology, BAK Power and other well-known large-scale lithium battery manufacturers at home and abroad.

The company has internationally leading core technologies, and is one of the earliest single crystal NCM523, single crystal NCM622 material manufacturers, and the first high-nickel NCM811 mass-production enterprise.

The company’s high nickel products took the lead to pass the certification process of mainstream lithium battery manufacturers at home and abroad, forming a clear first-mover advantage and a good market reputation in the industry.


The company’s revenue for 2016-2018 was 8.

8.5 billion, 18.

7.9 billion, 30.

4.1 billion, net profit was 0.

0.7 billion, 0.

3.1 billion, 2.

13 ppm, the compound length of main business income and net profit in the three years is 85.

4% and 456.

4%, the company’s gross profit margin in 2018 was 16.

62%, net profit increased by 6.


Industry scope and competitive advantage.

The company is a domestic leader in high nickel ternary alkaline materials. It is mainly engaged in the research, development, production and sales of lithium battery polar materials and precursors. It is a leading domestic supplier of lithium battery micro materials.

The company is one of the earliest single crystal MCM523, single crystal NCM622 ternary conversion material manufacturers, and the first high-nickel NCM811 large-scale production company.

With the technical advantages in the field of single crystal and high nickel ternary transition materials, the world’s first echelon of ternary transition materials has been decomposed.

Among them, the company’s NCM811 products take the lead in reducing new energy vehicles in the world. NCM811’s product technology and production scale are in the global leader. In terms of customer service, the company focuses on establishing long-term services and supporting development cooperation with mainstream lithium battery manufacturers at home and abroad.At present, the main customers include Ningde Times, BYD, LG Chem, Tianjin Lishen, Fu Neng Technology, BAK Power and other well-known large-scale lithium battery manufacturers at home and abroad. The products are in the front-end high-energy density batteries of such customers.

Overall evaluation and evaluation recommendations.

According to high-tech lithium battery calculations, China’s lithium battery initial material market size in 2018 was 53.5 billion US dollars, an annual increase of about 28%.

Among them, NCM’s ternary primary material market size is 23 billion yuan, accounting for about 43%.

In the ternary system, due to the pursuit of higher energy density, high nickelization is the general trend. From the perspective of the technical path planning of various countries, the energy density will generally reach 300wh / kg in 2020.The most feasible solution.

Compared with NCM 523, the energy density of NCM 811 can be increased by 25%, and the performance of subsequent high nickel oriented products can be improved by more than 30%.

The company is a domestic leader in high-nickel ternary alkaline materials, and is at the forefront of the industry in the field of high-nickel.

Has a high competitive advantage in the market.

The average price-earnings ratio of Shenwan’s other chemical products 杭州夜网 industries in the past 5 years (historical TTM, arithmetic average method, excluding negative values) is 107.

91 times, maybe 35.

63 times.

Based on the comprehensive budget, it is estimated that the company’s estimated range is 38 yuan to 53 yuan.

China National Travel Service (601888): Strong tax-free growth policy to help expand

北京桑拿洗浴保健 China National Travel Service (601888): Strong tax-free growth policy to help expand

Event: China National Travel Service released its 2019 Interim Report, and the company achieved revenue of 243 in 19H1.

44 billion / + 15.

46%, net profit attributable to mother 32.

7.9 billion / +70.

87%, deducting non-net profit 25.

00 billion / + 30.

86% (non-recurring gains and losses are mainly from the investment income confirmed by the alternative China Travel Service); Q2 achieved revenue of 106 in a single quarter.

53 billion / -12.

94% (effect of divestiture of China National Tourism Administration), net profit attributable to mother 9.

7.3 billion / + 28.

21%, deducting non-net profit 9.

10 billion / + 20.


Opinion: The growth of the main business of tax exemption is strong.

Revenue: 19H1 company revenue 243.

44 billion / + 15.

46%, of which tax-free / taxable / tourism services respectively achieved revenue of 229.

0.8 billion / 6.

19 billion / 5.

9.9 billion, an increase of 53.

26% / 21.

14% /-88.

98% (China National Tourism Administration has ceased to consolidate since February).

Sanya Haitang Bay achieved revenue 53.

29 ppm / + 28.

72%, of which 51 is tax-free income.

81 ppm / +28.

50%; Shanghai Airport (Pudong + Hongqiao) contributed 73.

7.7 billion / + 92.

41% (consolidated from March 18); Capital Airport (T2 + T3) contributed revenue 43.

6.5 billion / + 25.

54%; Hong Kong Airport realized tax-free income12.

9.6 billion / + 36.

13%; Guangzhou Airport realized tax-free income8.

44 ppm / + 193.


Profit side: 19H1 company realized net profit attributable to mother 32.
7.9 billion / +70.
87%, of which Sanya Store / Shanghai Shanghai / Sunrise China contributed 8 respectively.

3.3 billion / 3.

2.1 billion / 95.17 million, respectively increased by 5.

63% / 49.

44% / 71.


Profitability: The company’s comprehensive gross profit margin was 51 in 19H1.

05% / + 9.

83pct, mainly due to the increase in the proportion of goods sold by the China National Tourism Administration and the higher gross profit margin (from 18H1 to 73).

99% increased to 97 in 19H1.


The gross profit margin of the 19H1 commodity sales business was 51.

76% /-0.

09pct (tax-free 52.

29% /-0.

20 pct, with tax 32.

10% / + 4.

48pct), mainly for cost savings brought about by scale effects.

19H1 company net profit margin 13.

47% / + 4.

37 pct; from a breakdown perspective, the net profit margins of Sanya Haitang Bay / Sunrise China / Sunrise Shanghai are 15 respectively.

62% / 4.

95% / 8.

13% each year -3.

42pct / -2.

60 pct / + 1.

68 pct.

Expense rate: The period expense rate is 32.

66% / + 6.

96pct with a sales expense ratio of 30.

29% / + 7.

24pct (Shanghai and Shanghai consolidated tax & airport duty-free lease expenses and expenses increase), management expense ratio 2.

32% /-0.

39 pct, financial expense ratio 0.

05% / + 0.

11pct (increased financial handling fees due to tax-exempt business growth).

Favorable policies & economies of scale, the growth of tax-free leaders is expected.

Outlying islands tax-free benefited from the policy of increasing quotas and expanding categories. In the future, Haitian Free-Injection and Haikou Duty-Free City will bring new attractions.

Airport tax-free preferential traffic advantage, the company operates a number of important airport duty-free shops (Capital Airport / Shanghai Airport / Hong Kong Airport / Baiyun Airport / Beijing Daxing Airport, etc.), the scale effect helps to improve gross profit margin.
Duty-free Beijing / Dalian / Qingdao / Xiamen 杭州夜生活网/ Shanghai stores have been opened in the city. Among them, Shanghai stores can provide duty-free booking services for people who are about to leave China.
In 2018, China Immunity ranked among the top four global travel retailers, and its international influence has further increased. New leadership has been injected into the senior management, and the company’s future development is expected.

Investment suggestion: The company’s operating income is expected to be 440 in 2019-2021.

57 billion / 510.

27 billion / 597.

9.8 billion, net profit attributable to mother is 45.

6.9 billion / 48.

5.3 billion / 57.

2.7 billion, an increase of 48% / 6% / 18%; corresponding P / E is 41 times / 38 times / 33 times, maintaining the “Buy” rating.

Risk reminders: tax exemption policy risk, exchange rate fluctuation risk.

Chen Guangming Ruiyuan declares the second public offering-3 years and 20 years veteran Zhao Feng will manage

Chen Guangming Ruiyuan declares the second public offering: 3 years and 20 years veteran Zhao Feng will manage
Original title: Chen Guangming’s Ruiyuan Fund declares its second public offering: the second public offering of a three-year holding fund “fund leader” Chen Guangming’s subsidiary Ruiyuan Fund Management Co., Ltd. (“Ruiyuan Fund”)finally come!  SFC product declaration information According to the website information of the SFC meeting, on December 12, Ruiyuan Fund reported a product application application registration material called Ruiyuan Balanced Value Three-Year Holding Securities Investment Fund, and the SFCAccepting the material on the same day, this means that the launch of Ruiyuan Fund’s second public offering fund product will officially begin the “countdown”.  Since October this year, the CSRC has launched a reform of the registration mechanism for public fund products, which has significantly improved the registration efficiency. The four major conventional products of active equity, passive equity, hybrid, and bonds are subject to rapid registration procedures, and the registration period does not exceed 10 days., 20 days, 30 days, more than 2/3 longer than the original registration cycle.  Soon afterwards, the Hua’an Quality Living Hybrid Fund declared by Hua’an Fund had the fastest approval rate of public funds in the past three years. It took only 5 working days for the product to receive materials from the CSRC and obtain approval.  ”Recently, the approval of equity products has been substantially accelerated, and product approvals have been obtained for the accelerated product within 5 working days.” A fund official predicts that if there is no accident, Ruiyuan Fund’s new product is expected to be completed by the end of 2019.Get product approval.  In March 2019, Ruiyuan Fund established Ruiyuan Growth Value Mixed Fund, the first public fund product affiliated, and Zhu Pengbo, deputy general manager of the company, partnered with Zhu Ye as 四川逍遥网 the fund manager.In November 2019, the fund added Chen Kunyuan as a fund manager.The public fundraising “single seedling” of this Ruiyuan fund has been robbed by the market on both the first day of issuance and the day when the large purchase limit was released, which shows the attractiveness of the market.  At present, apart from the product name reported by Ruiyuan Fund, no more information has been disclosed. However, some people have speculated that the proposed fund manager of this product may be the “veteran level” of low-key joining Ruiyuan Fund in early November.Fund manager Zhao Feng.  Public information shows that Zhao Feng has 20 years of experience in the A-share market, a bachelor’s degree in economics from Renmin University of China and a master’s degree from Columbia University. He entered the public fundraising industry in 1999 and has been an analyst at Penghua Fund.The fund manager is an earlier domestic fund manager; in 2005, he joined the Bank of Communications and Rhodes Fund as the fund manager, deputy director of investment, and director of special account investment.  In 2014, Zhao Feng resigned to start a private equity career. He co-founded a private equity fund, Shanghai Xingju Investment Management Co., Ltd. (“Xingju Investment”), with the former vice president of Xingquan Fund Wang Xiaoming and Zhang Huiping, the former fund manager of Xingquan Herun.Director, investment manager, Zhao Feng is also one of the company’s partners.In November 2019, Zhao Feng, 46, returned to the public fund industry again after five years in the private equity fund industry.  Wind statistics show that Zhao Feng’s 2006 annual performance return of 135 selected by Bank of Communications during the management period.29%, ranked in the top 30 of the industry’s public offering funds, and actually outperformed the benchmark for performance comparison.Zhao Feng acted as a private equity fund manager, and the performance of Xingju Wealth No. 1 managed during the period was also at the forefront of similar funds.

Wangfujing (600859) Annual Report Commentary: Multi-format Synergy Effect Appears to Increase Consumption Under Pressure

Wangfujing (600859) Annual Report Commentary: Multi-format Synergy Effect Appears to Increase Consumption Under Pressure

In the second half of 2018, the industry’s pressure-bearing company’s revenue was lower than expected, and Ole contributed revenue growth. On March 23, 2019, the company released its 2018 annual report: a total of 267 internal revenue.

1.1 billion (+2.

38%); net profit attributable to mothers12.

1.0 billion (+66.

95%), equivalent to an EPS of 1.

55 yuan / share.

Among them, the company achieved a total of 75 operating income in the fourth quarter.

1.3 billion; net profit attributable to mother 2.

1.3 billion yuan.

Emerging department store / shopping mall revenue rose -0.

09%, gross profit margin increased by 0.

01%, Ole revenue increased by 8.

52%, gross margin increased by 0.


  The gross profit margin increased, and the expense ratio decreased during the period. The company’s gross profit margin was 21 in 2018.

18% (+0.

46pct), net interest rate 4.

59% (+1.

02pct), excluding the impact of quarterly revenue in the first quarter, net margin increased (+0.


The total of the three fees dropped to 14.

08% (-0.

49 points).

Among them, the sales expense ratio dropped to 10.

85% (-0.

11pct); the overhead rate increased to 3.

68% (+0.

01pct); financial expense ratio decreased by -0.

45% (-0.


  Changchun Ole opened at the end of the year. The number of new stores in 2019 is expected to significantly increase the company’s 苏州夜网论坛 compliance with the macroeconomic structure, deepen the integration and development of the format, and enhance the format advantage.

The department store format further extended the scope of business, increased the function of shopping centers, introduced Olle elements, and adjusted the business model.

It also accelerated the development of the capital operation mode of the supermarket, and established a joint venture with Shouhang. The first Wangfujing Shouhang supermarket opened during the year, which has increased the richness of the business format and promoted the future chain development of supermarkets.

Four department stores (Beijing Daxing Store, Chongqing Jiefangbei Store, Guizhou Guochen Store, and Xiamen Jiahe Store) were closed in the south. On December 30, 2018, a new Changchun Ole family was opened.

On March 22, the company intends to

900 million cash to 深圳桑拿网 buy Ordos City 6.

20,000 square meters of leased properties, the number of new stores is expected to increase significantly in 2019.
  Multi-formats help increase revenue, solidify Wangfujing brand influence, maintain “strongly recommended” rating company has formed a comprehensive department store, shopping mall, outlet, supermarket multi-format collaborative development, Wangfujing brand has received national influence and surpassed the brandThe influence continues to expand shopping malls and outlets, boosting revenue growth.
The company’s controlling shareholder, Wangfujing Dong’an, and BTG Group implemented a strategic reorganization, which effectively integrated corporate culture and system construction. It accelerated the marketization process in terms of systems, mechanisms, and expenditures; changed the resources advantage of BTG Group and actively created lifestyle servicesThe new positioning of the industry industry group strengthens the business interaction of various formats, improves the efficiency of resource allocation, forms a strong development synergy, effectively enhances Wangfujing’s comprehensive competitiveness, and the company’s profitability continues to improve. We increase the company’s EPS for 2019/2020/2021To 1.

55 (+0.

19) / 1.

71 (+0.

25) / 1.

84 yuan to maintain the company’s “strongly recommended” rating.

  Risk Warning: Macroeconomic Risks; Downside Consumption Risk; The Company’s New Store Opening Is Less Than Expected

Progress in the relief of private enterprises in the securities industry has gradually shown that asset management plans have been implemented

Progress in the relief of private enterprises in the securities industry has gradually shown that asset management plans have been implemented
A person in charge of a large securities firm in the south said that it is actively promoting the implementation of the asset management plan, hoping to recover some of the difficulties of private enterprises as soon as possible. Our reporter, Hou Jiening, Securities Daily reporter learned that all securities companies are actively promoting the implementation of a series of asset management plans.It has completed a total of 527 commitments from 42 securities companies.500 million yuan.According to the latest data from the China Securities Association, as of December 14, 2018, 28 securities companies have established 31 series of asset management plans and 3 sub-plans, with a total investment scale of 417.1.1 billion yuan.  ”We are actively promoting the implementation of the asset management plan, and we hope that the difficulties of some private enterprises will be recovered as soon as possible.A person in charge of a large southern securities firm told reporters that they have reached cooperation intentions with many parties one after another.  The reporter learned that since the securities industry’s series of asset management plans to support the development of private enterprises have been fully launched, they have received positive responses from various agencies in the industry.For example, the series of asset management plans of Guangfa Securities Management will close to 70 million yuan on November 13, 2018. It will finance the controlling shareholder of Meishang Ecology by means of 成都桑拿网 debt investment, and develop a practical and flexible exit mechanism to achieve this.The project’s rapid implementation; Tianfeng Securities Management’s series of asset management plans to invest 200 million yuan on November 19, 2018. It was established in cooperation with local financial institutions such as Taizhou Financial Investment Co., Ltd., Zhejiang Agricultural Bank Phoenix Investment Management Co., Ltd.A partnership company, by transferring part of the shares held by the controlling shareholder of Crystal Optoelectronics, melted the funds, and improved the capital structure of the controlling shareholders without affecting the control of the listed company; Soochow Ventures ‘private equity subsidiary Soochow Venture Capital invested inRaised funds on December 3, 2018 to set up a series of asset management plans, which 南宁桑拿 were financed by the transfer of part of the shares held by the controlling shareholder of Shengli Precision.  Statistics show that as of December 18, 2018, a series of asset management plans managed by 5 securities companies have invested in specific projects, with a total investment amount of 19.500 million yuan.  The head of a securities investment bank said that it is a very special thing for a securities company to launch a securities industry to support the development of a collective asset management plan for private enterprises, which is conducive to supporting the healthy development of the private economy, as well as improving the ability of securities companies to expand their business in response to the crisis.Capacity and the securities industry as a whole have improved the risk management level of equity pledge financing business.  ”Each securities company takes advantage of the investment banking expertise at a critical moment to effectively mitigate the risks of private enterprises.The relevant person in charge of the China Securities Industry Association said that in the next step, the association will advocate and guide securities companies to actively take action under the principle of “marketization, name, and individualization”, promote relief practices to achieve fruitful results, and support the alternative development of the private economy.

Yuntianhua (600096): Asset-liability ratio declines steadily

Yuntianhua (600096): Asset-liability ratio declines steadily

The company released the first quarter report of 2019, and the performance was in line with expectations.

In the first quarter of 19, the company achieved operating income of 137.

RMB 870,000 (+35 compared with the same period last year).

89% in the 15th quarter.

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

120,000 yuan (+119 compared with the same period last year).

05%, QoQ-180%), basically in line with expectations.

Of which, non-recurring gains and losses were 77.97 million yuan, an increase of 56.66 million yuan each year, including a transition period gain of 3029 for the acquisition of Dadi Yuntianhua.

730,000 yuan and 2483 government subsidies.

260,000 yuan, etc., net profit after deduction to mother is 3445.

30,000 yuan, an increase of 14 every year.


The main reason for the increase in net profit was the increase in prices and production and sales of phosphate rock and diammonium phosphate.

Benefiting from the continued prosperity of the phosphorus chemical industry chain, the prices of diammonium phosphate and phosphate ore have continued to rise, the volume and price of urea have risen, and the price of polyformaldehyde has replaced.

In the first quarter of 19th, the prices of the company’s diammonium phosphate and phosphate ore continued to increase by zero.

59%, 15.

98% to 2548, 254 yuan / ton, but the price of monoammonium phosphate has improved due to the weakness of the compound fertilizer industry, and the price of 1Q19 monoammonium phosphate has declined.

88% to 2178 yuan / ton.

The sales volume of diammonium and monoammonium increased by 14 each year.

9%, 3.

3% to 87.

56, 27.

39 minimum tax rate, supplementary supply-side reforms of environmental protection measures, small and medium-sized phosphate fertilizer enterprises accelerated their elimination, and the market continued to move closer to the top.

At present, the Ministry of Ecology and Environmental Protection stated that it will continue to revise and improve the work plan for the special investigation and rectification of the “Three Phosphorus” of the Yangtze River and issue and implement it as soon as possible. Through the improvement of environmental protection in the country, the domestic supply of phosphate ore and phosphate fertilizer will continue to shrink in the future, and from a global perspective,Looking at the increase in production capacity of phosphate fertilizer in 19-20 years, the growth rate of demand is less than the growth rate of demand, so we judge that the prosperity of the phosphate industry will continue, and the company’s integration of mineral fertilizers will fully benefit from the continued prosperity.

Urea maintained an upward trend, and the company’s 杭州桑拿网 cost advantage was extremely strong. In 1Q19, the urea price and sales volume increased twice.

81%, 17.

5%, and the price of polyoxymethylene dropped continuously due to the drag on demand8.

9% to 11,128 yuan / ton.

At the same time, the company continued to strengthen the centralized procurement of bulk raw materials, and the procurement costs have dropped. It has paid close attention to the long-term operation of production units and reduced the unit fixed cost of products.

55%, 2.


Continue to optimize and control expenses, and the improvement of the balance sheet will bring the elasticity of the income statement.

The amortization of equity incentive expenses is expected to be approximately 1 billion in 2019 and approximately 25 million in 1Q19.

In the first quarter of 19, the asset-liability ratio 淡水桑拿网 dropped by 0 compared with the end of 18th.

03 good to 90.


However, due to the increase in interest rate uplinks and short-term borrowings, the financial costs of the company decreased significantly.

1.5 billion, an annual increase of 9%.04%, 5.

13%, short-term loans increased by 22.

82 to 260.

900 million.

In the future, the company will continue to optimize and control the controllable expenses and strive to reduce costs.

Careful analysis reveals that the peak period of capital expenditure has passed, and the construction in progress has basically been solidified, with only 8 remaining in construction at the end of 1Q19.

1.5 billion, the business layout is getting better, and operating cash flow continued to increase in 1Q19.

3 to 9.

81 trillion, currency and cash increased by 17.

5.3 billion to 143.

89 trillion, very abundant.

The company is actively optimizing its asset structure, reducing leverage, and improving overall profitability.

Profit forecast and investment rating.

Maintain the profit forecast. It is expected that the company’s net profit forecast for the mother from 2019-2021 will be 5.

12, 6.

40, 7.

800,000 yuan, EPS is 0.

36, 0.

45, 0.

55 yuan, the current market value of the corresponding PE is 21X, 17X, 14X.

Selected as a “Double Hundred Enterprises” to welcome the historical opportunities of state-owned enterprise reform, fair incentives to demonstrate the reform decision and confidence in the future operation, mineral integration will enable it to fully benefit from the continued prosperity of the phosphorous chemical industry, and through the progressive development of the company’s asset-liability structureImprove, performance is expected to usher in an inflection point, and maintain overweight rating.

Sino-Singapore (002912): Steady profit growth, high attention to online content security

Sino-Singapore (002912): Steady profit growth, high attention to online content security

The company predicts that the first three quarters of profit will increase by 10 each year?
20% Sino-Singapore released the 2019 third quarter report notice, from January to September 2019 attributable net profit1.


880,000 yuan, ten years + 10%?
20%, net profit attributable to a single quarter in the third quarter1.


1.3 billion, ten years + 10%?

Attention points The attributable net profit has grown steadily, and it is expected that the income-side growth will be around 20%.

(1) The net profit attributable to the first quarter of 2019 was -6.21 million yuan, compared to 2.92 million yuan in the same period last year, but the net profit growth rate in the second quarter of the single quarter was 23%, which is now recovering.

(2) We estimate that the single quarter net profit growth rate in the third quarter is 12%?
20%, single quarter profit grew steadily.

(3) Based on the net profit margins reported in each quarter of 2018/19, we estimate that the revenue growth rate for the three quarters may be 15%?
It is about 30%, which is basically the same as the 26% increase in the income of the Interim Report.

In terms of specific business, we expect that the revenue recognition of broadband network products will be better and have greater growth potential.

(1) Interim reports on broadband network products increased by 76%. We expect that the growth of broadband network business lines will be better guaranteed in the third quarter and subsequent support by orders such as telecommunications projects.

(2) Mobile network products are in the middle stage of product life cycle, while the number of manufacturers is reduced and market competition is fierce. We expect that the unit price of products will continue to decline in the second half of the year.

(3) The mid- and long-term business in the semi-annual report continued to decline in 1H19, resulting in lower overall 南京夜网论坛 revenue growth than we and the market expected. If the overall revenue growth rate in the third quarterly report is basically the same as the intermediate report, it may indicate that the business growth rate still needs to be improved.

The state’s highly recognized cyber security will ensure that the segment in which Secco is located maintains a high degree of prosperity.

(1) On September 29, the Ministry of Industry and Information Technology issued the “Guidelines on Promoting the Development of the Cyber Security Industry (Consultation Draft)”, which requires that by 2025, a large number of cyber security companies with annual revenues of more than 2 billion U.S. dollars will be cultivated, forming a number ofThe backbone of internationally competitive cyber security enterprises, the scale of the cyber security industry exceeds 2000 trillion; (2) On October 9, the Political Bureau of the CPC Central Committee conducted the 36th study on the implementation of the strategy of cyber power, and General Secretary Xi Jinping pointed out that it was necessary to “accelerate”Cyberspace security defense capabilities “,” Accelerate the promotion of the right to speak internationally and rulemaking in cyberspace “; (3) Driven by relevant policies, we expect that the cybersecurity industry and content security, network visualization and other subdivided areas will remainWith a high degree of prosperity, the system construction of relevant units will continue to strengthen.

Estimates and recommendations We maintain our profit forecast unchanged. The current forecast corresponds to a P / E of 37x / 27x in 2019/2020.

We maintain our target price of RMB 118, corresponding to a P / E of 43x / 32x in 2019/2020, and there is still 16% upside compared to the current existence. We maintain our Outperform rating.

Risk-related policies fell short of expectations; systematic estimates.