Taiji shares (002368) 2018 annual report comments: cloud services, strong growth in net security business, cash flow improved significantly

Taiji shares (002368) 2018 annual report comments: cloud services, strong growth in net security business, cash flow improved significantly

Investment Highlights Event: The company released its 2018 annual report and achieved an operating income of 60.

1.6 billion, an increase of 13 in ten years.

52%; net profit attributable to mothers3.

16 ppm, a ten-year increase of 8.

29%; net cash flow from company operating activities6.

80 ppm, an increase of 111 over the previous year.


Strategic transformation facilitated performance growth, and the main structure was further optimized.

The report is significant, the company’s strategic business performance is strong, and the proportion of revenue continues to increase: the growth rate of 成都桑拿网 network security and autonomous and controllable business has accelerated to achieve revenue12.

5.5 billion, with revenue share from 16.

08% increased to 20.

85%; cloud services business grows rapidly, realizing revenue4.

670,000 yuan, income ratio from 6.

92% increased to 7.

77%; smart applications and services business maintained steady growth and achieved revenue10.

85 ppm, the proportion of revenue was basically the same as last year; the company’s traditional system integration services business achieved revenue 31.

780,000 yuan, the proportion of income from 58.

60% reduced to 52.


The cloud service system has been continuously improved, and its strategic traction role has been continuously enhanced.

In terms of cloud service product systems, Taiji Cloud’s customer-oriented government service cloud “service catalog” has increased by more than 30 items before 2017. In terms of cloud operation service systems, the company has developed a Taiji exception cloud supervision system suitable for government affairs cloud platform operation management.

According to the number of reports, the number of government cloud users has increased, and Beijing, Hainan Province, and Shanxi Province have increased their number of commissions and offices to 69, 43, and 45, respectively.

At the same time, in March 2019, the company successfully won the Tianjin Municipal Government Cloud, which is expected to expand to more provinces and cities in the future.

The industry leadership level of network security and autonomous and controllable industries has gradually formed.

In the field of network security, the company’s newly-developed Hawkeye intelligent iris acquisition and comparison equipment, bullfrog anti-drone jammer, blue whale human acquisition integrated machine, Feibao mobile command combat platform and other series of equipment have further increased market share.

In the field of self-controllability, in March 2018, the company released the Taichi secure and reliable cloud platform, and released supporting test tool sets, secure and reliable application support platforms, and software services on the cloud.

Profit forecast and investment suggestions: We expect the company’s EPS for 2019-2021 to be 0.

97 yuan, 1.

21 yuan and 1.

45 yuan, the adjustment level is “prudent increase (downgrade)”.

Risk reminders: 1) intensified competition in the enterprise service industry; 2) the government cloud 成都桑拿网 development is worse than expected; 3) business transformation risks.

Tsingtao Brewery (600,600): Sales volume declines slightly in the third quarter; expected decline in flexibility continues

Tsingtao Brewery (600,600): Sales volume declines slightly in the third quarter; expected decline in flexibility continues
Matters: On October 28, the company disclosed three quarterly reports, with revenue of 248 in the first three quarters.97 ppm, +5 for ten years.3%; net profit attributable to mother 25.86 million yuan, +23 a year.2%; net profit after deduction 22980,000 yuan, +27 a year.55%. Core point of view: In the first and third quarters, sales volume declined slightly, and structural upgrades and expected declines continued to drive up the ton price: Q3’s single-quarter company revenue was 83.5 ‰, at least -1.7%; net profit attributable to mother 9.55 ppm, +19 for ten years.8%; net profit after deduction of 8.5 ‰, +22 a year.7%.Among them, beer sales in the third quarter fell by 5.9%, Qingdao main brand sales fell 2.4%, mainly due to the overall increase in beer industry sales in July-August, which is expected to be related to the previous inventory digestion and weather and other factors; the company’s beer ton price in the third quarter increased by 4.5%, related to the expected downward revision and product structure upgrade. 2. Increased marketing efforts, the contribution of lowered growth and structural upgrades to the increase in profits: Q3’s single-quarter company’s net profit margin increased by 1.93pct to 12%, driving growth in performance, mainly due to the increase in gross profit margin1.3pct is expected to be related to the expected decline and the ton price increase brought about by the product structure upgrade.Moreover, due to the decrease and decrease, the proportion of taxes and surcharges in revenue has also decreased, which is related to the increase in tonnage prices and the reduction of the consumption tax rate.At the same time, the company’s sales expense ratio increased by 0 in the third quarter.8pct, this year’s marketing and promotion expenses have remained at a relatively high level overall; the management expense rate has decreased slightly, the asset impairment has decreased, and other income has increased. 3. In the medium and long-term, we are optimistic about the company’s product upgrade and development and the continuous improvement of profit after the improvement of management efficiency: the industry’s upgrade trend to the mid-to-high-end industry remains unchanged. In the future, the company’s main resource investment will also be concentrated in this area, and channel costs will gradually be streamlined.In fact, the company’s capacity utilization rate is low, and it has clearly proposed that it plans to close 10 factories in the next five years to reduce excess capacity, which is expected to gradually improve operating efficiency and promote sustained faster growth in 重庆耍耍网 profits than revenue. 4. Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 1.31/1.57/1.90 yuan, corresponding to PE is 37/30/25 times, maintain the “recommended” level! 5. Risk warning: the cost of glass bottles and barley increases; the progress of closing the plant exceeds expectations; intensified competition in the industry affects sales.

Long Mang Baili (002601): Proposed to bid for Xinli Titanium Industry to further improve the entire industrial chain of titanium products

Long Mang Baili (002601): Proposed to bid for Xinli Titanium Industry to further improve the entire industrial chain of titanium products
Event: The company intends to use its own funds and bank loans to bid for Yunnan Metallurgical Xinli Titanium Industry Co., Ltd. (hereinafter referred to as “Xinli Titanium”)Industry “)”) 68.10% equity and 52.1.9 billion claims.Listing base price 8.290,000 yuan, of which Xinli Titanium has 1 yuan of equity and 8 related debts.2.9 billion. Xinli Titanium Industry owns the titanium ore-titanium chloride white-sponge titanium industrial chain, which helps the company to build the entire titanium industrial chain layout.Xinli Titanium Industry is the country’s earliest titanium production and processing enterprise. It currently has domestic reserves of about 500 tons of titanium ore resources. The production capacity of chloride titanium dioxide is 6 replacements / year, and the production capacity of sponge titanium is 1 replacements / year.Slag capacity.The company has the same technology as Xinli Titanium Industry, and both use Tikan ‘s boiling chlorination technology, which will help the company to repair, technically modify, expand, and rapidly expand production capacity of Xinli Titanium production line to better meet domestic demand.Demand from foreign customers, thereby consolidating and improving the company’s leading position in the titanium dioxide industry; after the completion of the acquisition, the company will have the production capacity of titanium sponge for the first time, becoming a new profit growth point, and further improving the company’s titanium concentrate-titanium chloride slag-Chlorinated titanium dioxide-sponge titanium-titanium alloy industry chain. Xinli Titanium Industry has outstanding geographical resources advantages and outstanding synergy with the company.Xinli Titanium Industry is located in Lufeng County and Wuding County, Chuxiong Yi Autonomous Prefecture, Yunnan Province. It is a national hydropower energy base. The reduction of electricity price will greatly reduce the energy cost of high titanium slag and sponge titanium.Ports, import and export of appropriate raw materials and products, substitution can be in line with the company ‘s top 50 Panxi titanium concentrate upgrade and transformation of titanium chloride slag innovation project construction project in the company ‘s Panzhihua base, which can provide stable titaniumMineral resources will help the company to realize the localization of the titanium dioxide and high-end titanium alloy project raw materials and supply stability. The company’s chlorinated titanium dioxide project will soon be put into production, creating a layout of the entire titanium industrial chain.The company is currently the first in Asia and the third largest titanium dioxide producer in the world. The 20 / year chloride chloride titanium dioxide project (two 10-target / annual production lines) in Jiaozuo base will be put into production in 2019Q2 and 2019H2, respectively.In the next three years, the company will strive to achieve the production and sales of titanium dioxide 70, 85, 100 tons, of which chloride products reach 15, 25, 30 tons, and annual operating income of 120, 160, 20 billion US dollars.The company constructed 50 innovative Panxi titanium concentrate upgrade and conversion projects for titanium chloride slag in the upstream, and constructed a high-end titanium alloy new material project with an annual output of 3 to develop high-end titanium alloy materials.The company always adheres to the development goal of “doing deep manufacturing 杭州桑拿 of refined titanium products and making fine titanium derivatives”, continuously improving the company’s profitability and core competitiveness, and is committed to building an optimization and upgrade of the entire industry chain. Profit forecast and rating.We expect the company’s EPS for 2019-2021 to be 1.49 yuan, 2.01 yuan and 2.42 yuan, corresponding to 10 times, 7 times and 6 times the corresponding PE, maintaining the “buy” level. risk warning.The risk of a significant decline in the price of titanium dioxide, the risk that the construction progress of new projects is less than expected, and that the bidding progress and results are less than expected.

Pien Tze Huang (600436): H1 Pien Tze Huang’s performance in 2019 maintained steady growth and gradually increased by 20.

4% meet expectations

Pien Tze Huang (600436): H1 Pien Tze Huang’s performance in 2019 maintained steady growth and gradually increased by 20.

4% meet expectations

Investment Highlights From January to June 2019, the company achieved revenue growth of 20.

40%, net profit attributable to mothers increases by 20 per year.

89%, in line with expectations: The company announced the 2019 semi-annual report and achieved a total operating income of 28.

9.4 billion, an annual increase of 20.

40%; net profit attributable to shareholders of listed companies7.

470,000 yuan, an increase of 20 in ten years.

89%, net profit attributable to non-recurring gains and losses of shareholders of listed companies7.

45 ppm, an increase of 23 in ten years.

10%, in line with expectations.

In Q2 2019, the company realized revenue of 14.

10 ppm, an increase of 19 in ten years.

33%; Net profit attributable to shareholders of listed companies.

42 ppm, an increase of 17 in ten years.

42%; non-net profit attributable to shareholders of listed companies.

42 ppm, an increase of 21 in ten years.

41%, in line with expectations.

Pianzai’s core product sales are growing steadily, and the general drug, commercial, and cosmetics sectors are accelerating: from the data in the interim report, although the base in the same period of 2018 is relatively high, the company is still in a high-speed growth trend, and the revenue and net profit growth rates have remained atAbove 20%.

Among them, the company’s parent company report is the sales composition of its core product Pien Tze Huang series.

At the baseline of the report, in the company’s parent company statement, the income and net profit attributable to the parent were 11, respectively.

9.1 billion and 6.

8.9 billion, an increase of 14 each year.

80% and 11.


After July 2017, the company’s product prices remained relatively stable, and its parent company’s statement income fully reflected the continued growth of Pien Tze Huang’s sales.

In terms of general medicine, the company comprehensively combed general medicine products and adhered to one product and one strategy, and changed the core core general medicine varieties such as Chuanbei Qingfei Syrup, Niuhuang Jiedu Tablets, Shaolin Zhenggujing, Huoxiang Zhengqishui, Yindan Pinggan CapsulesFocus on development.

At the same time, the report merged the company to advance the equity transfer project of China Resources Pien Tze Huang Pharmaceutical Co., Ltd. to further improve the production and sales management of generic drugs.

In addition to the company’s “one core”, the company’s “two wings” toothpaste, cosmetics and other products also maintained rapid growth.

From January to June 2019, the company’s pharmaceutical business income increased by 2.

52 million, sales of cosmetics segment increased by 8696 million, maintaining a good growth trend, becoming an important driving force for the development of companies outside core products.

Profit forecast and investment 杭州夜网 grade: 2019 to 2021 will usher in a period of rapid growth in performance, and its sales revenue is 60.

2.1 billion, 74.

74 million and 91.

27 ppm, an increase of 26 in ten years.

3%, 24.

1% and 22.

1%; net profit attributable to parent company is 14.9.5 billion, 19.

19 ppm and 24.

33 ppm, an increase of 30 in ten years.

8%, 28.

3% and 26.

7%; EPS is 2.

48 yuan, 3.

18 yuan and 4.

03 yuan.

In view of the scale, clear curative effect of the traditional Chinese medicine industry of Pianzi 癀, and the change in the trend of “volume and price”, the space for price increases and the number of customer groups is very broad in the future. We believe that the company’s growth model is clear and is expected to becomeOne of the flags in the field of Chinese medicine health care in China, therefore, maintain the company’s “Buy” rating.

Risk warning: Pien Tze Huang rises more than expected; market promotion exceeds expectations; risk of supply and price fluctuation of raw materials and Chinese medicinal materials

Zhejiang Mida (002677) 2019 Interim Report Review: Q2 Profitability Improves and Channel Expansion Continues

Zhejiang Mida (002677) 2019 Interim Report Review: Q2 Profitability Improves and Channel Expansion Continues

Guide to this report: The second-quarter performance is slightly better than expected, profitability has improved, the penetration rate of integrated cooking stoves has continued to increase, the company is actively upgrading its products, expanding channels and branding, and gradually leading its advantages.Overweight.

Investment points: Maintain profit forecast and maintain target price of 20.

7 yuan, increase.

The penetration rate of integrated stoves has continued to increase. The company actively promotes product upgrades, channel expansion and brand promotion. The leading advantages have gradually solidified, and it will fully enjoy the industry’s high growth dividend.

Maintain 2019 EPS forecast of 0.



21 yuan, maintaining a target price of 20.

7 yuan, corresponding to 27xPE in 2019, increase holdings.

Q2 杭州夜网论坛 revenue was in line with expectations and performance was slightly higher than expected.

Revenue for the first half of 20197.

0.4 billion (+25.

24%), net profit attributable to mother 1.

8.2 billion (+25.

04%), gross margin of 53.

45% (+2.

25pct), net interest rate is 25.

85% (-0.


Q2 single quarter income 4.

1.4 billion (+21.

05%), net profit attributable to mother 1.

07 billion (+27.

38%), gross profit margin 53.

18% (+4.

14pct) and a net interest rate of 25.

81% (+1.


Q2’s profitability improved, and the company’s efforts to increase advertising costs continued to increase.

Product structure optimization combined with the decline in raw material prices, Q2 gross profit margin +4 for ten years.

14pct; the company continues to increase marketing efforts, and the sales 深圳丝袜会所 expense ratio is +5 for half a year.

27pct; the company increased support for dealer credit lines, the increase in accounts receivable + bills at the end of the first half of the year increased by 104 compared with the end of 18 years.

72%, operating capacity improved, and net cash flow from operating activities continued to grow21.


The penetration rate of integrated stoves has continued to increase, and the company’s active omni-channel layout will fully enjoy the industry’s high growth dividend.

The company actively promoted channel sinking and terminal outlet expansion, adding 70 first-tier dealers and 300 terminal stores in the first half of the year; accelerating the distribution of KA channels, and opening 100 KA stores in the first half of the year; continuing to expand its brand promotion efforts, and continued its efforts in CCTV and HSRPlatform for ad serving.

The company’s industry leader is gradually solidifying, which will fully benefit from the increase in industry penetration.

Risk warning: industry competition intensifies; real estate completion is less than expected.

Jerry shares (002353): better-than-expected electric drive fracturing attempts to leverage the North American market

Jerry shares (002353): better-than-expected electric drive fracturing attempts to leverage the North American market

This report reads: The company ‘s three quarterly results exceeded market expectations, domestic shale gas fracture demand returned to the boom cycle, and equipment orders and prices rose.

The introduction of new electric fracturing products is expected to enter the North American shale gas market.

Investment Highlights: Conclusion: The company’s three quarterly results exceeded market expectations.

Considering the domestic demand cycle of shale gas fracturing, the EPS for 2019-21 is raised to 1, respectively.

41 (+0.

16), 1.

74 (+0.

1), 2.

05 (+0.

09) yuan, raise the target price to 38 yuan, corresponding to 22 times PE in 2020, increase holdings.

The company’s third quarter results exceeded market expectations, and equipment orders and prices rose.

① The company’s revenue for the third quarter of 2019 was 42.

40,000 yuan, an increase of 45 years.

9%; net profit attributable to mother 9.

0 ‰, an increase of 149% in ten years;

75 ppm, a year-on-year growth of 158%; performance growth exceeded market expectations.

② The company’s gross profit margin will increase in the short term8.

Two averages reached 36.

4%, net margin increased by 8.

Seven averages reached 21.

7%, a new high since 2014; net profit margin increased to 24 in the third quarter.


The company added 34 new orders in the first half of the year.

70,000 yuan, an increase of 30 in ten years.

Among them, orders for drilling and completion equipment increased by more than 100%.

Domestic shale gas fracturing demand has returned to the boom cycle, and the results of the financial report confirm that orders and prices are rising.

The launch of new electric drive fractured products is expected to move from China to the North American shale gas market.

① PetroChina’s exploration expansion plan goes beyond history and welcomes China’s shale gas revolution.

Energy security will become the main investment line of the oil and gas industry chain, and the correlation between oil prices and domestic exploration expansion will weaken. Shale gas is the main force.

At present, in general, the supply and demand of shale gas drilling and completion equipment, the company’s competitive advantage is outstanding, and we are welcoming China’s shale gas revolution.

② The world’s first 7000 electric drive fracturing fracture independently developed by the company was successfully rolled off the production line.

According 北京桑拿洗浴保健 to Spears and Coven data, the actual working capacity in the United States is about 16 million water horsepower, and the average annual update demand is expected to release 1.5 million water horsepower.

Compared with traditional fracturing vehicles, electric drive fracturing has improved significantly in terms of economy and efficiency. The company’s integration of new products is expected to enter the North American shale gas market.

Catalyst: Obtained large orders from customers at home and abroad.

Core risks: the risk of falling crude oil prices and the risk of exchange rate fluctuations.

Hegang Iron & Steel Co., Ltd. (000709) Annual Report Review

Hegang Iron & Steel Co., Ltd. (000709) Annual Report Review

Event: The company released the 2018 annual report and the 2019 first quarter report: in 2018, it realized revenue and attributed its net profit to 1,209.

5.7 billion, 36.

2.6 billion, an increase of 10 in ten years.

99%, 99.


Revenue in the first quarter of 2019 was attributed to net profit of 293.

3.6 billion, 3.

70 ppm, an increase of 17 in ten years.

19%, -0.


Basic earnings for 2018 were zero.

34 yuan, it is proposed to distribute a cash dividend of 1 yuan for every 10 shares.

Investment points: Production and operation status in 2018: The company’s steel production and sales in 2018 were 2,577, respectively.

9 for the first time, 2558.

9 for the first time, growing by -2 per year.

28%, 0.


The preliminary main business structure, the main products of steel, billet, vanadium products in 2018 achieved revenue of 990.

100 million, 35.

700 million, 17.

2 ppm, revenue increased by 10 over the previous year.

4%, 95.

85%, 57.


In terms of 北京桑拿洗浴保健 profitability, the gross profit margins of steel, billet and vanadium products were 14 respectively.

31%, 19.

65%, 49.

69%, an increase of 1 over last year.

59 points.


02 minutes

, 16.

17 points.

, Comprehensive gross profit margin increased by 1.

93 points.

To 14.


In 2018, the toxicity per ton of steel (steel), the cost per ton of steel and the gross profit per ton of steel were 3,839 yuan / ton, 3,315 yuan / ton, and 553 yuan / ton, which gradually increased by 341 yuan / ton, 237 yuan / ton, and 104 yuan / ton.
Cost reduction and main financial indicators: The company’s 2018 performance has grown steadily, and its profit has increased 54.
300 million and a record high.

In terms of cost control, the total revenue of the three fees and R & D expenses increased by 1 pct.

To 9.

3%, the coefficient 南京桑拿网 decreased by 3 from the beginning.


To 71.

8%, still high.

Operating cash flow 1082.

4 ‰, an increase of 25 per year last year.


Reaching the standard for ultra-low-emissions transformation, returning profits to the right track, and intending to allot shares to reduce financial leverage.

As the company’s main production areas are located in the Beijing-Tianjin-Hebei production-restricted area, capacity utilization has been restrained to some extent.

In 2018, the company continued to consume ultra-low-emissions transformation, and now the main environmental protection indicators have reached national standards and industry-leading.

With the loosening of the production restriction margin, the company’s capacity increase will be lifted in 2019.

In addition, the company announced that it plans to place no more than 3 shares for every 10 shares to all shareholders, and plans to raise no more than 8 billion US dollars to repay debts.

The current company’s debt ratio is relatively high, which will effectively reduce financial leverage.

Covered for the first time, giving an overweight rating.

As the company’s production capacity continues to increase and the proportion of high-end customers and high value-added products increases, it is expected that profits will gradually return, and the capital raised from the rights issue will optimize the capital structure.

Regarding the rights issue for the time being, it is expected that the company’s EPS for 2019-2021 will be 0.



23 yuan, corresponding to PE 13.



82 times, covering for the first time, giving an overweight rating.

Risk warning: The macro economy is lower, and downstream demand is lower than expected; iron ore prices have risen sharply; the rights issue plan has stalled.

Whole grain biscuits may not be really healthy

Whole grain biscuits may not be really healthy

In the morning 杭州桑拿 hours, many people like a fast-food breakfast – a glass of milk + a few biscuits.
Although biscuits have been listed as one of the top ten unhealthy foods by the World Health Organization, in recent years, the emergence of coarse-grain biscuits and fiber biscuits, with the appearance of sugar-free, dietary fiber-rich, seems to change the unhealthy image of biscuits.
However, experts pointed out that the so-called coarse grain biscuits and fiber biscuits may not be healthy because of high oil and the like.
  高纤维饼干油脂不少  如今市场上有很多粗粮饼干、纤维饼干,如八宝杂粮饼、全麦饼、五谷珍宝消化饼干等,这些饼干的价格要比普通饼干高,口味上也有多种选择,Such as wild vegetables, green onion, sesame and glutinous rice flavor.
  Are whole grains biscuits and fiber biscuits really healthier than regular biscuits?
Fan Zhihong, an associate professor in the Department of Nutrition and Food Safety of the College of Food Science, China Agricultural University, pointed out that the food and beans contained mainly insoluble fiber, which is rough, and many people who are used to white rice noodles do not like this roughness.
For them, 3% of crude fiber foods are very “striped”, and some high-fiber biscuits can have fiber content of up to 6% or even 10%.
  Experts stress that high-fiber foods can be tasteless, thick and not rough, but the oil acts as a “lubrication” inside, and the fibers become soft after oil absorption.
Therefore, the higher the fiber, the higher the fat content.
Moreover, because saturated fat-softening fibers work better, manufacturers often use hydrogenated vegetable oils containing a large amount of saturated fat or animal oils such as butter, lard, and butter to process these products to make them taste crispy.
Therefore, the crisper the biscuit, the more oil, especially the high saturated fat.
  Refining vegetable oil for soup without changing medicine Many people now know that hydrogenated vegetable oil is not healthy.
In the interview, the reporter found that some of the coarse grain cake ingredients used are refined vegetable oil instead of hydrogenated vegetable oil.
  Is refining vegetable oil more healthy?
Fan Zhihong pointed out that refined vegetable oil is a vague term, including hydrogenated vegetable oil, as well as refined palm oil rich in saturated fat (expanded instant noodles and oil commonly used in potato chips).
Because hydrogenated vegetable oil is notorious, palm oil is not very good, so many companies use refined vegetable oil to play sloppy eyes.
  Sugar-free biscuits may not be really sugar-free. The reporter also saw that some coarse-grain biscuits and fiber biscuits are branded with no sugar, so as to attract consumers who are afraid of eating blood sugar after eating biscuits.
  For “sugar-free” biscuits, Fan Zhihong pointed out that not only sucrose, but also the blood sugar rising rate caused by refined starch, is fast enough to make the blood sugar rise rapidly.
In addition, dextrin, maltodextrin, maltose syrup, glucose syrup, fructose syrup, etc., which are made from starch, are more effective than sucrose in raising blood sugar.
These ingredients are often seen in biscuits that claim to be “sucrose-free”, and consumers should pay attention to identification.
  The best choice for biscuits with vegetables is that experts, no matter how improved, biscuits are still made of flour + oil + sugar, which is unhealthy food.
If you like biscuits very much, you should carefully check the ingredients and nutrients on the package when choosing cookies.
Relatively speaking, biscuits containing vegetables, salty and sweet taste, and low in fat content, that is, crispy 佛山桑拿网 and not crispy, are healthier.
  >>爱心提示  早餐吃粗粮饼干不如八宝粥  目前很多粗粮饼干、纤维饼干都在包装或宣传上用粗粮或豆类来吸引消费者,许多粗粮饼干、纤维饼干的配料中还注明添加了麦麸皮, peanuts and other coarse grains or beans.
  Experts point out that the nutritional value of such biscuits does increase, as coarse grains and beans are rich in vitamins and minerals.
However, if you add a lot of unhealthy oils while adding these substances, the disadvantages will outweigh the benefits.
There are indeed thick and not oily biscuits in foreign countries, but there is no domestic one. This is probably related to the fact that the Chinese people are too pursuing a taste.
  Therefore, experts reminded that if you want to get the benefits of coarse grains and beans, it is best to make your own rice, bean rice, rice pudding, and soy milk.

Where do institutions go in a week-more than a hundred institutions focus on Central shares (list)

Where does the agency go in a week?

More than 100 institutions focus on Central Shares (list)

Where does the agency go in a week?
Central Stocks Wins 100 Institutions Concentrated Research (List) Source: Securities Times Online Week (7.


19) A shares fluctuated, and the Shanghai Composite Index fell by 0.

22%, the Shenzhen Component Index rose 0.


iFinD statistics show that a total of 76 listed companies disclosed the survey reports in the two cities that week.

From the perspective of industry distribution, the companies being researched are concentrated in chemical, machinery and electronics industries.

  Looking at the research focus of the chemical industry as an institution, the companies surveyed last week were mainly concentrated in the three major industries of chemical industry, machinery and equipment, and electronics. The number of companies involved was 9, 8, and 7 respectively.

  In the chemical industry, the domestic yellow phosphorus operating rate has continued to decrease recently, and prices have continued to increase. At the same time, the downstream price of yellow phosphorus has increased significantly, and price fluctuations have begun to appear.

The Southwest Securities Research Report pointed out that as of last weekend, the high-end offer in the yellow phosphorus market was around 28,000 yuan / ton, and the mainstream offer was 23,500-25,500 yuan / ton, up 4,000 yuan / ton from last week.(Resumption of production). In most areas of Yunnan, the yellow phosphorus enterprises in Mabian, Sichuan are still out of operation. The in-produced enterprises are not reported.

68% (32 last week.

98%), 5.

7% (0% last week), 78.

14% (74 last week.


Yellow phosphorus companies in Guizhou and Yunnan are expected to suspend furnaces for about 30-50 days, depending on environmental protection and rectification. The resumption time in Sichuan Mabian area is yet to be determined.

Investors are advised to pay attention to potential domestic related companies with yellow phosphorus production capacity.

  In terms of machinery and equipment, Northeast Securities industry analyst Liu Jun pointed out that at present, about 158 companies in the machinery industry have released mid-year performance forecasts. Overall, due to the macroeconomic downturn and changes in fixed asset investment, 79% of the company’s net profit is positive., 61% of the company’s net profit growth rate is positive.

In terms of different industries, the oil and clothing preparation industry, the construction machinery industry performed better, photovoltaic equipment, lithium battery equipment performed neutrally, 3C equipment, rail transit equipment, industrial robots and automation industries performed poorly, and the industry’s interim report performance was mixed.

If the average is calculated, the average net profit of the 158 companies that have issued the interim report performance forecast is between 38.99 million and 55.07 million.

From the perspective of growth rate, the median value of 96 杭州夜网 companies reported a positive growth rate, accounting for 61%, and the median growth rate of 59 companies was negative, accounting for 37%.

From an absolute point of view, the median reported profit of 125 companies is positive, accounting for 79%, and 33 companies are negative, accounting for 21%.

  In the electronics industry, BOC International Securities industry analyst Zhao Qi said that the science and technology board will be opened on Monday and it is recommended to actively pay attention to the technology stock market; this translates into the current half-year disclosure period of A shares, and investors should pay attention to the resultsExceeding expectations.

Among them, the international wafer foundry leader TSMC’s second-quarter performance forecast exceeded expectations, showing strong demand in some areas of 天津夜网 semiconductors, the economy is improving, and A-share serial IC companies’ second-quarter results are also expected to exceed expectations.

  According to the iFinD data that these listed companies are most concerned about, in terms of individual stocks, there are 114 Central Share Conversion Receiving Institutions, ranking first; Golden Card Smart gradually accepts 49 institutions, ranking second, and Yingqu Technology gradually accepts 31 institutions, rankingthird.

  At the survey meeting of Zhonghuan, the relevant person in charge introduced the company’s latest capacity situation. It pointed out that the first 12-inch polishing pad production line was officially put into operation in the first quarter of 2019. Yixing’s 8-inch expansion production was put into operation in the first half of 2019.The company has built an 8-inch production capacity of 300,000 wafers / month and a 12-inch production capacity of 20,000 wafers / month. Subsequent production capacity will be translated into continuous progress in the construction of the project; photovoltaic silicon single crystals will continue to June 2019, photovoltaic silicon single crystalsThe output exceeded the monthly output target, and the production capacity reached 30GW.

After the construction of the next five phases of the project is completed, the overall production capacity will exceed 56GW, and the global market share will be 45%.

  From the perspective of specific research institutions, private placement of Gaoyi Assets, Jinglin Assets, and Xingshi Investment have all studied Zhonghuan shares, Kaishi Fund has studied Zhouming Technology, Zhejiang Meida; and in terms of public funds, Boshi Fund has investigated Zhouming Technology, Central Holdings, Golden Card Smart, etc., Huaxia Funds studied Red Flag Chain, Central Holdings, Opening Medical, etc. Harvest Funds studied Chau Ming Technology, Central Holdings, Sunlord Electronics, etc., Southern Funds studied Zhongshi Technology, MonaliSha, Wen’s shares, etc .; For overseas institutions, KGI Securities studied Taisheng Wind Energy, and JP Morgan Chase studied Sunlord Electronics.

Foreign countries have continued to enter China bonds for 7 consecutive months

Foreign countries have continued to enter China bonds for 7 consecutive months

Original title: Foreign countries continue to enter the market for 7 consecutive months to increase positions in Chinese bonds Foreign exchange has continued to enter the market for 7 consecutive months to increase positions in Chinese bondsThe scale of holding Chinese bonds reached a record high, reaching 16,452.

3.8 billion yuan.

Net increase in June was 346.

US $ 1.9 billion, the seventh consecutive month of increased foreign holdings of Chinese bonds.

At the same time, at the end of June, foreign institutions held 3090 positions in the Shanghai Clearing House.

4.3 billion Chinese bonds, a net increase of 400 in the month.

8.2 billion.

This shows that the enthusiasm of foreign countries to enter the Chinese bond market continues unabated, and continues to expand to increase Chinese bonds.

  Vice President Liu Zhe of the Weber New Economics Institute told the Securities Daily reporter that there are two backgrounds for foreign investors to continue to increase their holdings of Chinese bonds. One is China’s economic background.

Since the reform and opening up, China ‘s rapid and stable economic development has become the second largest economy in the world. The development of the bond market is related to the development of the Chinese economy and is mutually reinforcing. The second is the background of financial development and financial openness.

The bond market is an important indicator of the degree of financial development. A large increase in investment in Chinese government bonds is mainly based on a comprehensive judgment of the three aspects of the liquidity of the bonds, the stability of returns, and the convenience of transactions after the financial opening.The decision-making marks 天津夜网 that China’s financial market has entered a new stage of “precise development”.

With the continuous enrichment of the product system of the Chinese bond market, the continuous improvement of related systems, and the continuous optimization of investor structure, it will promote the Chinese economy and help industrial transformation.

  Analysts believe that foreign countries continue to “buy, buy and buy”, another reason is that foreign investors’ access to the Chinese bond market has been continuously expanded, attracting a continuous influx of external resources.

  From April 1 this year, China’s bonds have been divided by the Bloomberg Barclays Global Composite Index, and it is expected to become the FTSE World Treasury Bond Index and the Global Emerging Market Diversified Bond Index affiliated with JP Morgan Chase in the future.

FTSE Russell Asia Pacific director Li Zhanying said that FTSE Russell will routinely evaluate whether to replace Chinese bonds in September, and the results may be officially announced in October.

This shows that the conversion of bonds into bonds gradually exceeds the international mainstream index, and the demand for foreign investors to invest in income bonds will rise.

  Liu Zhe said that with the continuous increase in the proportion of foreign capital allocation, the linkage between China’s bond market and the global market will also increase, which also places higher requirements on the risk control of the bond market.

At the same time, hedging instruments in the Chinese bond market have more room for improvement. With sufficient hedging instruments, they can better meet foreign demand for risk control, thereby increasing the attractiveness of the Chinese bond market.

  Previous analysts also believe that the spread factor is also one of the reasons affecting foreign investment.

Since this year, the spread between Chinese and foreign bonds has expanded significantly, making the cost-effectiveness of Chinese bonds outstanding.

Investors began to look for opportunities in the Chinese market and kept adding Chinese bonds.

  According to the latest data from the Central Government Bonds Registration and Clearing Co., Ltd., the July 10-year Treasury yields were converted.

15%, down 36.

28 basis points, continue to decline.

In the US Treasury market, 10-year Treasury yields increased by one.

956%, the lowest level since November 2016.

In this environment, the attractiveness of Chinese bonds to foreign countries is bound to continue to increase.