Month: March 2020

AVIC Optoelectronics (002179)： Focusing on the conversion premium of photoelectric conversion bonds, the stock market may usher in a short window of allocation

AVIC Optoelectronics (002179): Focusing on the conversion premium of photoelectric conversion bonds, the stock market may usher in a short window of allocation

Investment highlights: Event: The company issued the first redemption announcement of “optical conversion bonds”: the company’s stock closed on 15 trading days for 30 consecutive trading days from August 2, 2019 to September 12, 2019The price is not less than 40.

13 yuan / share, has triggered a conditional redemption clause.

On September 16, 2019, the company’s consolidated board of directors passed a relevant resolution and decided to exercise the conditional redemption right of “optical-to-electrical debt”.

Converted debt redemption background profile: AVIC Optoelectronics (002179.

SZ) publicly issued 13 million convertible bonds on November 5, 2018, each with a face value of 100 yuan, with a total issuance of 1.3 billion U.S. dollars, with a maturity of 6 years.

Photoelectric to debt (128047.

SZ) was listed on the Shenzhen Stock Exchange on December 7, 2018, and entered the conversion period on May 9, 2019. The initial conversion price was 40.

26 yuan / share.

On May 16, 2019, the company implemented the 2018 equity distribution, and the conversion price of photoelectric conversion bonds was adjusted to 30.

87 yuan / share.

The compulsory redemption clause stipulated in the company’s “Prospectus” 深圳养生会所 is: After the convertible bonds are terminated or the compulsory redemption conditions are triggered, the company will redeem all unconvertible convertible bonds at the par value of the bond (100 yuan) plus the currentAccrued interest rate, which will be much lower than the market value of the underlying stock.

The compulsory redemption condition is: during the period from May 9, 2019 to November 5, 2024, if the company’s stock meets at least 15 trading days out of 30 consecutive trading days, the closing price is not lower than the current conversion price30 years old

130 yuan (including 130%) at 87 yuan / share, or 40.

13 yuan / share.

Details of the redemption system for convertible bonds: According to the Shenzhen Stock Exchange, after the company decides to redeem the redemption right, it should be released at 武汉夜生活网 least within five trading days after the first redemption condition is met (that is, September 16 to September 20, 2019)The three redemption implementation announcements announced the relevant redemption of the holders of the “optical conversion bonds”.

The announcement of the first redemption of convertible bonds clarifies the redemption registration date, redemption procedures, and other redemption procedures and time schedules. The specific content is as follows: (1) “Photoelectric Convertible Bonds” redemption registration date: October 29, 2019, The company will refund the full refund to the “Photoelectric Convertible Bonds” (2) “Photoelectric Convertible Bonds” registered on the redemption registration date after the market closes. Redemption date: October 30, 2019 (3) “Photoelectric Convertible Bonds”Redemption price: 100.

20 yuan / Zhang (including current accrued interest, the current annual interest rate is 0.

2%, and the current interest rate includes tax), the company will redeem all unconvertible convertible bonds at that price on the redemption date. (4) “Photoelectric Convertible Bonds” Stop Trading Day: October 16, 2019.The trading hours of the announcement date of the reversion announcement to October 15, 2019, the “optical conversion bonds” can still be traded normally. (5) The “optical conversion bonds” will stop the conversion date: October 30, 2019, published in the redemption announcementDuring the trading hours from October 29, 2019, the “optical conversion bond” can still be converted normally. If you choose to participate in compulsory redemption and conversion, you must ensure that the market closes on the registration date (October 29, 2019).Former holders of “optical conversion bonds”, according to the convertible bond T + 0 trading system, can choose to buy at the latest trading time on the day of redemption registration and hold to close.

Until October 15, 2019, holders can still choose to trade convertible bonds. Until October 29, 2019, holders can still carry out conversions. If held to the redemption date, all the shares heldConvertible bonds will be forcibly redeemed.

Discussion on the arbitrage of the convertible bond system: For investors, if they choose to participate in the compulsory conversion of shares, they need to ensure that they hold “optical convertible bonds” before the close of the redemption registration date (October 29, 2019).Debt T + 0 trading system, you can choose to buy at the latest trading time on the day of registration of the refund, and hold it until the market closes.

Until October 15, 2019, holders can still choose to trade convertible bonds, and until October 29, 2019, holders can still convert into shares.

According to the manifestation, according to the closing data on September 18, 2019, AVIC’s closing price was 41.

41 yuan / share, the current price of photoelectric conversion bonds is 133.

80 yuan, the calculation can get the expected increase of 134.

14 yuan, conversion price premium -0.

26%; As the current conversion premium of the photoelectric conversion bonds is negative and the absolute value is reduced, there is significant room for cross-market arbitrage.

The specific calculation method for the conversion premium rate is: suppose you buy a conversion bond now, one 133.

80 yuan, each can turn 100/30.

87 = 3.

24 shares, according to the latest closing price of the main stock of AVIC, 3.

Market value of 24 shares 3.

24 * 41.

41 = 134.

14 yuan; therefore, the corresponding conversion premium 133.

80/134.

14-1 = -0.

26% (the specific calculation method for the conversion premium is shown here).

Discussion on conversion bond investment opportunities: Focus on changes in the conversion premium rate. If this indicator is negative in the future and the absolute value is sufficient to measure, investors can consider the following arbitrage strategies between convertible bond market and stock market:The latest conversion premium rate, before the day of October 16, 2019, in the bond market, waiting for machines to buy “optical conversion bonds”, assuming the conversion premium offsets the negative and the absolute amount is large enough. Considering transaction costs, liquidityAnd other trading mechanisms. Before the redemption date, the debts will be held in accordance with the requirements to convert into shares, and then the shares will be sold in the underlying market. It is expected that there may be cross-market arbitrage between the bond market and the stock market. Investment risk and tradingCosts please investors to pay attention.
(2) Considering that there may be a certain selling pressure after the conversion, investors can consider selling short stocks in the stock market and waiting for the opportunity to buy “photoelectric conversion” on the bond market before October 16, 2019.Debt “, taking into account transaction costs, liquidity and other trading mechanisms and expenses, convert the holding bonds into shares before the refund date, and then buy and return the stocks to the stock market. It is expected that there will beInvestors should pay attention to the possibility of cross-market arbitrage, investment risks and transaction costs.
Maintain profit forecast and buy rating.

Maintain the company’s net profit attributable to mothers for 19/20/21 years at approximately 12.
.

51/17.

60/22.

310,000 yuan, the EPS in 19/20/21 is about 1.
.

22/1.

71/2.

17 yuan / share, currently sustainable (2019/09 / 18,41.

41 yuan / share) corresponding PE is 34/24/19 times.

The company is an outstanding enterprise in the world connector industry and domestic defense technology industry that has both product competitive advantages and perfect governance structure. The company is in the acceleration phase of a new round of military procurement expansion cycle, and merges new products into production.Cycle; the company continues to optimize the customer structure of civilian products and control production costs, promote product upgrades and category expansion, and its profitability of civilian products may be further opened.

Considering that the compulsory redemption may save the company more financial costs, as well as the dual dividends of demand release and autonomous controllable policies for military industries and EV, 5G and other demand releases that are expected to benefit in the future.

Therefore, maintain BUY rating.

Risk reminders: 1) Uncertainty of order release rhythm and order confirmation progress in the downstream military and civilian products industry; 2) Risks of new business and overseas business market development; 3) Risk of squeezed profit margins due to fierce industry competition; 4)The risk of falling profitability caused by the decline in the proportion of new products; 5) New energy vehicles or communications 5G civilian products profitability improvement pace is not as expected.

GAC Group (601238) Interim Report Review： Independent Sales Pressure Interim Report Performance Meets Expectations

GAC Group (601238) Interim Report Review: Independent Sales Pressure Interim Report Performance Meets Expectations

The independent sales volume is large, and the interim report performance is lower than expected. The company released the 2019 semi-annual report on August 31, and the company achieved revenue of 281 in 2019H1.

23 ‰, at least -23.

38%; net profit attributable to mother is approximately 49.

19 ppm, ten years -28.

85%; net profit after deducting non-attribution is about 32.

670,000 yuan, at least -50.

77%; 19Q2 revenue was 139.

770,000 yuan, at least -21.

24%; net profit attributable to mother 21.

41 trillion, ten years -29.

42%; we think the company is dragged down by the increase in sales of independent brands, and the company’s performance in the first half of the year is in line with our expectations.

Looking forward to 2020-21, we believe that the company will continue to benefit from the strong sales performance of Japanese joint venture models. It is expected that the company’s net profit attributable to its mothers in 2019-21 will be 99.

12/109.

82/124.

55 trillion, EPS is 0.

97/1.

07/1.

22 yuan, maintaining the “overweight” level.

　　The lack of independent performance has led to a reduction in gross profit margin. We look forward to the remodeling and the launch of new models. The total gross profit margin of the company in 2019H1 is 9.

1% for a year -13.

19pct; of which the gross profit margin of the independent brand is 2.

82% a year -16.

44%, we believe that the promotion of independent brands has increased, and sales have increased.

We believe that the sales volume of the conversion company has changed to GS4, remodeled GS8, new GA6 and new energy model Aion S. The company’s gross profit margin is expected to gradually rise.

In terms of expense ratio, the overall expenses of the company in 19H1 were 13.

53%, ten years +0.

23pct; of which selling expenses are 6.

12% a year -1.

68%, mainly due to factors such as the decrease in after-sale expenses with sales; administrative expense ratio (including R & D) is 7.
.

2%, ten years +1.

64pct, mainly due to the increase in research and development expenditure; financial expenses 0.

21%, ten years +0.

27pct, mainly due to the increase in borrowings and the decrease in interest income.

　　The joint venture Guangfeng Guangben performed strongly. The sales volume of Guangfick and Guang Mitsubishi changed in 2019H1, and the company realized investment income of approximately 49.

600 million, at least -3.

03%.

Against the background of the decline in industry sales, the company’s investment income declined slightly, and we believe it is mainly due to the strong sales performance of Guangben Guangfeng.
According to data from the China Automobile Association and the company’s announcement, the domestic passenger car sales growth rate in 2019H1 is -14%, and the joint venture Guangfeng achieved sales of 31.
120,000 vehicles, +21 in the past.

86%; Guangben achieved 39 sales.

450,000 vehicles, +16 per year.

41%; Guangfei Ke achieved sales 3.

580,000 vehicles -48 per year.

99%; Guang Mitsubishi achieved sales of 6.

310,000 vehicles, at least -16.

06%.

We believe that through the introduction of Guangfeng and Guangben’s subsequent benchmark RAV4 and C-RV sister models, sales of Guangfeng and Guangben will continue to maintain a good momentum of growth; Guangfick and Guangmitsubishi are affected by air traffic interference.Short-term sales are unlikely to improve significantly.

　　Benefiting from the strong performance of Japanese joint venture car companies, maintaining “overweight” rating According to data from the China Automobile Association, Japanese cars accounted for 21% of domestic passenger car sales in the first six months of 2019.

5%, +3 per night.

7pct, the market share of Japanese models has grown significantly. We expect the strong market performance of Japanese models to continue. We maintain the company’s 2019-21 profit forecast and expect to achieve net profit attributable to mothers of 99, respectively.

12/109.成都桑拿论坛

82/124.

55 ppm, corresponding EPS is 0.

97/1.

07/1.

22 yuan.

The average PE of comparable companies in the industry in 2019 is estimated to be about 12.

5X, considering that the company will continue to benefit from the strong sales performance of Japanese joint venture car companies, giving the company a 14-15X PE estimate for 2019 with a target price of 13.

58-14.

55 yuan remained unchanged, maintaining the “overweight” rating.

　　Risk warning: Passenger car market sales are less than expected; the company’s new product launch progress and sales are less than expected; the company’s new energy business development is less than expected; capacity expansion progress is less than expected.

Tongwei (600438)： short-term pressure on gross profit margin to expand production and reduce costs to support performance

Tongwei (600438): short-term pressure on gross profit margin to expand production and reduce costs to support performance
1.Event company announced the first three quarters of 2019 results announcement, the company achieved revenue of 280.25 ppm, an increase of 31 in ten years.03%; net profit attributable to mother 22.430,000 yuan, an increase of 35 in ten years.twenty four%.The company achieved revenue of 119 in the third quarter.10,000 yuan, an increase of 33 in ten years.32%; net profit attributable to mother 7.92 ppm, a ten-year increase of 7.02%. 2.Our analysis and judgment are under short-term pressure on gross profit margin.The company’s overall gross profit margin for the third quarter of 2019 was 15.68%, down 6 from the previous month.18 averages, falling by 2 each year.The gross profit margin of 12 units is under pressure in the short term, mainly due to: (1) the slow start of the domestic photovoltaic market in the third quarter, which led to the decline in battery prices; (2) the aquaculture industry was relatively sluggish, and the company seized market share through partial concession. The expense ratio increased slightly.In the first three quarters of 2019, the company’s overall cost subsidy10.24% (one year +1.00pct), in which R & D, sales, management, and financial expense ratios are 2.33%, 2.75%, 3.32%, 1.84%, respectively +0.57pct, -0.46pct, +0.12pct, +0.77pct.Among them, the primary purpose of the company’s increase in financial costs is to: (1) gradually transfer the project to solid; (2) convertible bonds accrue interest according to the actual interest rate method. High-purity crystalline silicon: scale and cost continue to lead.The company has formed high-purity crystalline silicon production capacity 8 at the end of 2018, which are located in Leshan and Baotou respectively. Through cumulative conversion, the proportion of single crystal materials has continued to increase (80% -85% by the end of 2019), driven by scale effects.Costs continue to fall (expected to be less than 4 million / ton) and continue to lead. Cells: Expansion of production against the trend, cost down, market share increased.The company has formed a solar cell capacity of 12GW, which is respectively located in Hefei and Chengdu. In addition, the high-efficiency single-crystal battery capacity is under construction of 8GW (Chengdu Phase IV and Meishan Phase I projects). It is expected to be completed and put into operation in the end of 2019 to the first half of 2020.By then, the company’s battery capacity will reach 20GW, and the scale advantage will be further highlighted.At the same time, the decline in prices in the third quarter may restrain the industry’s expansion expectations, and the company’s market share is expected to continue to increase.At present, the company’s non-silicon monocrystalline cell cost is about zero.2-0.25 yuan / W, through the subsequent use of large-sized silicon wafers, the comprehensive non-silicon cost gradually realized to zero.2 yuan / W is close. 3．Investment suggestion The company is a global leader in silicon materials and solar cells for the photovoltaic industry. Its scale and cost advantages are prominent.We believe that the scale of the domestic photovoltaic industry is expected to start from the fourth quarter of 2019 to the first quarter of 2020. Product prices may stabilize accordingly. Overlapping companies will increase their production capacity and start production one after another.We estimate the company’s operating income for 2019-2021 to be 359.4.6 billion, 424.810,000 yuan, 485.760,000 yuan, EPS is 0.74 yuan, 0.96 yuan, 1.13 yuan, corresponding to the current total PE is 16.6 times, 12.8 times, 10.9 times, covering the company for the first time with a “recommended”杭州桑拿 rating. 4．Risk prompts 1) Risks of PV demand falling short of expectations; 2) Risks of falling PV industry chain prices falling below expectations; 3) Risk of battery technology innovation

Consumption stocks stagnate, Hong Kong stocks smashed by smart money

Consumption stocks stagnate, Hong Kong stocks smashed by smart money

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

　　Three minutes to read the financial report | Consumer stocks weak?

These Hong Kong stocks were copied by smart funds after a year. Reporter | Edited by Yuan Yingqi |

Looking at the trend after the year, the computer, agriculture, forestry, animal husbandry and fishery and electronic sectors rose strongly, increasing by 17.
.

5%, 16% and 15.

6%.

The gains in the household appliances and textile and apparel sectors fell to the bottom third and fourth in the industry, only 2 respectively.

6% and 4.

4%.

Other consumer goods, such as retail, food and beverage, and tourism sectors also underperformed, with only a few gains.

　　Despite the short-term impact of the epidemic, the long-term trend of consumption upgrades remains unchanged.

Is the stagnation of consumer stocks a good opportunity for the layout?

If you want to make a layout, is it worth investing in a certain stock?

The proportion of institutional investment in Hong Kong stocks is high, and to a certain extent it can represent the institutional perspective.

Let us see that these “smart funds” have bottomed out some Hong Kong stocks consumer stocks after the year.

Image source: Feng, Zhou Heiya, Research Department of Interface News, Hotpot stocks are popular. From January 30 to February 18, the statistics show that Zhou Heiya (0023.

HK) Among all Hong Kong consumer stocks, Masukura ranks first.

Masukura 0.

86 averages.

During the same period, Zhou Heiya increased 7 ahead of time.

9%.

Zhou Heiya announced the opening of the franchise at the end of last year, increasing by more than 50% in the short term, and then falling again.

Zhou Heiya is still mainly in direct-operated stores, and labor and rent costs are allocated.

The impact of the epidemic will also be larger than the scale of the savory food that is mainly franchise.

In addition, the raw material prices of these marinated foods are expected to further 佛山桑拿网 increase in the future.

Zhou Heiya wants to catch up and I am afraid there is still a difficult road to go.

　　In fact, Haidilao (0337.

HK) and his supply chain company Yihai International (0003.

HK) all gained Masukura 0.

36 averages.

Ranked third in all consumer stocks.

Xiabu Xiabu (0520.)

HK) also acquired Masukura over 4 million shares.

The suspension of the catering industry during the epidemic, especially during the New Year, was originally the peak season for the catering industry, which will always have a certain impact on this year’s performance.

It is obvious that the static price-earnings ratios of Haidilao and Yihai International are estimated to reach 82 times and 78 times respectively.

　　Other food and beverage stocks include China Tobacco Hong Kong (0321.

HK), COFCO Meat (0101.
HK), Manor Ranch (0468.
HK) and Ausnutria (0400.

HK) also achieved Masakura with alkaline ratio.

　　Traditional clothing was sold at a low price, and high-sports sportswear was lightened. Last year was a painful year for the apparel industry. For a long time, well-known brand clothing declared bankruptcy.

But it is undeniable that the bottom of the clothing industry has arrived in the “severe winter”.

Some “smart funds” have begun to copy traditional clothing.

Jiangnan Commoner (0173.

HK) ranked second in all Masukura Masukura and gained Masukura 0.

48 averages.

Others include La Chapelle (0525.

HK) and textile leader Shenzhou International (0721).

HK) get Masukura 0 respectively.

21 and 0.

19 averages.

　　It is obvious that the sportswear stocks, which have always maintained a high degree of prosperity, have encountered severe reductions in their positions.

Take Li Ning (3888.

HK) as the head, lighten up 0.

81 averages.

Anta Sports (6100.

HK), followed by lighten up 0.

33 averages.

Xtep International (2343.

HK) and 361 degrees (1361.

HK) is no exception.

Li Ning and Anta Sports are estimated to be 40 times and 36 times respectively.

　　In addition, Bosideng (3998) with outstanding growth in Air Force performance.

HK) also suffered an outstanding lightening of 0.

6 averages.

　　Beer stocks are collectively cold. While food and beverages are optimistic, beer stocks are collectively lightening up.

China Resources Beer (2688.

Hong Kong) and Tsingtao Brewery (0817.

HK) were lightened by 0.

38 and 0.

37 averages.

Global beer leader Budweiser Asia Pacific (1257.

HK) positions remain unchanged.

All along, beer stocks in Hong Kong stocks have maintained high estimates.

Beer stocks suffered a wave of distortion before the festival, and the rebound was not obvious after the year.

This is mainly due to the increased uncertainty of the institutions’ expectations for the annual report.

In particular, Budweiser Asia Pacific ‘s first financial report was worse than expected, and it is also a shadow of whether beer stocks can improve profitability as expected.

Shengyi Technology (600183) Q3 2019： 5G-driven high-frequency materials leader set sail

Shengyi Technology (600183) Q3 2019: 5G-driven high-frequency materials leader set sail

Net profit attributable to mothers in the third quarter4.

13 ‰, a year-on-year growth of 49%, in line with market expectations of 94 in the first three quarters.

7 billion, an increase of 6% in ten years, and net profit attributable to mothers10.

4.2 billion, an increase of 29% in ten years.

Q3 revenue was 34.

9.7 billion, an annual increase of 10%, revenue growth rate higher than in the first half of the year2.

85% growth rate; net profit attributable to mother 4.

1.3 billion, an increase of 49% in ten years.

The company’s net profit grew faster and faster than revenue growth, mainly due to the higher growth of high value-added products for 5G applications, driving the company’s gross profit margin and net profit rate to increase.

Gross margin for the first 3 quarters was 26.

81, increase by at least 6.

45pct, net interest rate 11.

85%, an increase of 2 per year.

29 points.

Q3 gross profit margin 28.

45%, an increase of 1 from the previous quarter.

31pct, net interest rate 12.

73%, an increase of 0 from the previous month.

05pct.

The company’s profitability has increased quarter by quarter.

The PCB business maintained better growth, and the high-frequency, high-speed, accelerated volume measurement company’s Q3 copper clad laminate and placement chip revenue was 20%.

6.8 billion, an annual increase of 9%, the company’s high-speed product Q3 single-quarter revenue has exceeded 1 billion, a rapid growth quarter-on-quarter.

Calculate Q3 revenue of PCB board business7.

16 ‰, a year-on-year growth of 24%, and a net interest rate of more than 15%.

Mainly due to the differences in manufacturing of 5G and high-end products, the expansion of the PCB unit price has improved, resulting in steady growth in revenue and outstanding performance, driving the company’s gross profit margin and profit.

The quarterly financial indicators performed well, and the growth of fixed assets was expected to be a new production capacity company Q3 ROE.

44%, an increase of 0 every year.

86pct, the company’s inventory turnover days were 75 days, an increase of 1 day from the previous month, and accounts receivable turnover days of 114 days, a decrease of 3 days from the previous 杭州夜生活网 month.

Operational indicators all performed better.

Fixed assets 43.

2.4 billion, an increase of 8 from the previous month.

5.5 billion, construction in progress 8.

4.2 billion, down 5 from the previous month.

57 billion, it is expected that the company is mainly due to the initial commissioning of the new production lines in Shaanxi and Jiujiang.

The leader of 5G high-frequency materials has started a new growth cycle. The company is given a “Buy” rating as a domestic-leading copper clad laminate company. The breakthrough in high-frequency products is a typical industrial upgrade. New products will greatly increase the company ‘s profitability. In the 5G eraThe company is no longer a simple gradual company, and the industrial upgrade has entered an accelerated growth period.

Estimated 2019-2020 net 杭州桑拿网 profit14.

48/18.

18 ppm, an increase of 45% and 26% per year, corresponding to PE37 / 30 times, giving a “buy” rating. Risks suggest that the PCB industry is weaker than expected

Daily limit resumption： turnover of the two cities 1.

4 trillion technology can be strong again

Daily limit resumption: turnover of the two cities 1.

4 trillion technology can be strong again

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

　　Sina Finance News February 25 news, affected by the overseas stock market crash, the three major stock indexes opened lower.

Subsequently, the Shanghai stock market index fluctuated and stood back above 3,000 points again. After several twists and turns, the stock index turned red again and strengthened again.

On the disk, the rise of wheel rotation speeded up, the masks, antiviral drugs sector bucked the trend, the related concepts of smart cars rose, and the agricultural sector rebounded slightly.

The market closed early in the morning, and the market situation suddenly changed. The three major stock indexes weakened rapidly. The CPI once fell by more than 4%. The Shanghai and Shenzhen stock indexes also expanded.

After the short-term bottom, the three major stock indexes rebounded rapidly, and the Shanghai and Shenzhen stock exchanges traded more than 900 billion yuan in half a day.

On the disk, in the early session, the strength of the strong sector was fully narrowed. Masks and anti-virus concept stocks were stubborn. The gold sector rose slightly.

In the afternoon, the index continued to strengthen, and the index index staged a deep V reversal and turned red, falling more than 4% in the early morning.

On the surface of the disk, the concept may continue to recover, and the car-related concepts are rising.

The panic in the early morning continued to be released, the bombing rate was reduced, and the market gradually stabilized.

At the end of the day, the decline in the Shanghai Index narrowed again, the Shenzhen Component Index rose and turned red, and the CPI once rose by more than 1.

2%, a new high of rebound.

Disk, 5G, semiconductor and other technologies can fully strengthen, and the market sentiment has risen again.

　　The turnover of Shanghai and Shenzhen markets reached 1.

42 trillion, a new high since November 2015, and also maintained above 1 trillion for 5 consecutive days.

Shenzhen’s turnover exceeded 900 billion yuan, and GEM’s turnover exceeded 320 billion yuan.

　　Specifically, at the end of the day, the Shanghai Composite Index was quoted at 3013.

05 points, down 0.

60%, the turnover was 513.1 billion (the turnover on the previous trading day was 451.6 billion); the Shenzhen Component Index reported 11856.

08 points, up 0.

71%, with a turnover of 902.2 billion yuan (7704 trillion in the previous trading day); the Pioneering Index reported 2287.

31 points, up 1.

03%, with a turnover of 320.3 billion yuan (the turnover of the previous trading day was 280.5 billion yuan).

　　First, the daily limit data Shanghai and Shenzhen daily limit of 147 (covering new stocks and ST), 2 daily limit, an increase of 1158 stocks, 44 flat, down 2677 stocks.

　　Second, the attractions sector 1, mask search Yute, Huasheng shares, Daun shares, Yanjiang shares, Teda shares, Zhende Pharmaceuticals, Xinlong Holdings Nanwei shares and other shares rose.

　　News: Recently, the number of confirmed cases of new coronavirus infection in Japan and South Korea continues to rise, among which the number of confirmed cases in South Korea has increased.

Recently, the South Korean government has raised the early warning of new crown pneumonia to the highest “severe” level.

In addition, new diabetes in Italy, Iran and other countries also increased.

　　2. Intelligent car Huayang Group, Luchang Technology, Vidi, NavInfo, Qiming Information, Baolong Technology and other stocks followed suit.

　　News: Yesterday, 11 national ministries and commissions, including the National Development and Reform Commission and the Ministry of Industry and Information Technology, jointly issued the “Smart Car Innovation and Development Strategy”. The “Strategy” proposed that by 2025, China’s standard smart car technology innovation, industrial ecology, infrastructure, regulatory standards, productsSupervision and cyber security systems have basically formed.

The realization of smart cars with conditional autonomous driving has reached large-scale production, and the realization of highly automated smart cars for market application in specific environments.

　　3. 5G ZTE, Hudian, Yitong Century, Luxiao Technology, Hite High-tech, Yongding and other stocks performed strongly.

　　News: The epidemic of new crown pneumonia has spread, and the whole nation has continued to fight the “epidemic”.

In this epidemic prevention and control, 5G’s intelligent medical treatment frequently plays a role, and new communication technologies represented by 5G have provided powerful support for epidemic prevention, including the application performance of intelligent medical treatment, big data, and cloud industryVery dazzling.

　　Third, today’s daily limit stock analysis Today’s daily limit stock analysis name rise current price daily limit analysis open times Shenhua Holdings 10.

22% 2.05 Wind Power 0 Jiangnan High Fiber 10.

17% 3.

25 masks 0 Jingwei shares 10.

15% 3.

58 hydrogen fuel cell 18 oriental electric heating 10.

15% 2.

935G0 Zotye 10.

15% 2.

93 new energy vehicles 8 Lifan shares 10.

14% 3.

26 hydrogen fuel cell 3 Jia Linjie 10.

13% 4.

13 new virus protection 5 Kang Sheng shares 10.

11% 2.

94 hydrogen fuel cells 0 Neptune bio 10.

09% 5.

89 masks 2 North Glass shares 10.

09% 6.

33 Tesla 1 JAC Car 10.

08% 5.

35 new energy vehicles 1 search in special 10.

08% 2.

73 new viral genes 3 HNA investment 10.

08% 2.

73 Hainan 5 Huawu shares 10.

08% 6.

88 Military Industry 2 Zhejiang Shibao 10.

08% 5.

57 auto parts 3 sea and land heavy industry 10.

07% 5.

9 gallium nitride 2 Vetron shares 10.

07% 7.

54 equity transfer 10 blue cursor 10.

07% 7.

98 net red economy 3 black peony 10.

07% 8.

31 OLED3 Chaohua Technology 10.

06% 7 copper clad sheet 3 Huasheng shares 10.

05% 6.

13 masks 10 trillion shares 10.05% 6.

46Mini LED3 enlightenment information10.

05% 10.

84 connected cars 1 Runbang shares 10.

05% 6.

9 Medical waste treatment 0 Wanwei High-tech 10.

05% 4.

6 large airplanes 7 Harbin Pharmaceutical shares 10.

04% 5.

04 Medicine 1 Xinli Finance 10.

04% 10.

08 Diversified Finance 6 Changshan Beiming 10.

04% 13.

04Huawei Concept 0Jinan Guoji 10.

04% 11.

07 copper clad laminate 1 Xinjiang Zhonghe 10.

04% 5.

59Graphene3 铜 峰 电子 10.

04% 5.

59 passive components 0 Chujiang new material 10.

04% 8.

99 Military Industry 4 East Crystal Electronics 10.

04% 12.

39 quartz crystal 5 Weiming medicine 10.

04% 9.

32 Medicine 0 Wuzhong Jiangsu 10.

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65 medicine 4 and 10 win shares.

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89 lithium batteries 0 Shuanglin shares 10.

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8 —- Lightning Lightning Protection 10.

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82 —- Blonde Technology 10.

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53 —- Lingyun shares 10.

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74 —- Huayang Group 10.

03% 16.

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5 —- Boteng shares 10.

02% 23.

93 medicine 4 Shengtong shares 10.

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16 online education 0 new building shares 10.

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27 Rail Transit 0 Huatian Technology 10.

02% 17.

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02% 28.

77 car network 4 Ortega 10.

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02% 31.

41 rare earth permanent magnets 0 silver round shares 10.

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63 Tesla 5 Soviet Daweig 10.

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63 masks 1 should pass through the century 10.

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71 medicine 2 days medicine shares 10.

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58 new energy vehicles 3 Dong Yi Ri Sheng 9.

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52 new material concepts 5 Anjubao 9.

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62 Tesla 1 Tyre shares 9.

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52 supercapacitors 0 Weidi shares 9.

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95% 6.

52 medicine 2 sunshine shares 9.

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92% 5.

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66ST plate 0 * ST bus 4.

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64 performance pre-increased by 1 * ST Xiagong 4.

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33ST plate 13 * ST Xinhai 4.

85% 2.

38ST plate 34, yesterday’s daily limit analysis Yesterday’s daily limit analysis Yesterday’s daily price analysis Yesterday daily limit analysis Open times Jiangnan High Fiber 10

17% 3.

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15% 3.

58 hydrogen fuel cell 18 oriental electric heating 10.

15% 2.

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33 Tesla 1 Sea and Land Heavy Industry 10.

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9 gallium nitride 2 Vetron shares 10.

07% 7.

54 points transfer 10 black peony 10.

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31 OLED3 Chaohua Technology 10.

06% 7 copper clad sheet 3 Huasheng shares 10.

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13 masks 10 trillion shares 10.

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46Mini LED3 Runbang shares 10.

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9 Medical waste treatment 0 Wanwei High-tech 10.

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6 big airplanes 7 Sony Financial 10.

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08 Diversified Finance 6 Xinjiang Zhonghe 10.

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59 passive components 0 and 10 win shares.

03% 16.

89 lithium batteries 0 Huayang Group 10.03% 16.

68 automotive electronics 0 new building shares 10.

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13 chips 1 Luchang Technology 10.

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77 car network 4 Ortega 10.

02% 6.

15 Tesla 0 Yujing shares 10.

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41 Rare Earth Permanent Magnet 0 Shanghai Xiba 10.

02% 35.

04 Sewage treatment 0 Net reach software 10.

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63 masks 1 should pass through the century 10.

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58 Huawei Concepts 0 Tony Electronics 10.

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85 wireless headphones 0 Yongding shares 10.

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61 quantum communication 0 star semiconducting 10.

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69 new shares 0 will communicate smoothly 10.

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56 wind power 0 Teda shares 9.

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58 new energy vehicles 3 Fenghua Hi-Tech 9.

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98% 12.

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98% 21.

93 Online Education 2 ZTE 9.

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62 Tesla 1 Tyre shares 9.

96% 5.

52 super capacitors 0 Sai Teng shares 9.

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65 Ring Hangzhou Bay Area 0 Sichuan Changhong 9.

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26 Biomedicine 0 Dongxu Optoelectronics 8.

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99 new energy vehicles 7 Northern Huachuang 3.

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42 —- Chinese Information 1.

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65 —- Transportation shares 1.

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25 —- Guiguang Network 1.36% 10.

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Oupai Home (603833)： Predicts 15% increase in net profit in the first half of the year.

Oupai Home (603833): Predicts 15% increase in net profit in the first half of the year.

Performance preview maintains outperforming industry forecast earnings growth of 15%. The company released 1H19 performance bulletin to achieve revenue of 55.

100 million, an increase of 13 in ten years.

7%, net profit attributable to mother 6.

33 ppm, an increase of 15% over a ten-year period, in line with our estimates of revenue and profit growth close to 15% in the UN report.

By quarter, Q1 / Q2 company revenues increased by 15 each.

6% / 12.

5%, net profit attributable to mothers increased by 25.

1% / 13.

5%.

　　Attention point 1. In the first half of the year, both revenue and profits increased by double digits, and market share continued to increase.

In 1H19, the sales area of commercial residential buildings decreased by 1%, and the household industry still faced pressure from falling external traffic and increasing internal competition.

As the leader of the custom home furnishing industry, Opai 四川耍耍网 can achieve adversity growth and increase market share in the first half of the year, mainly due to: 1) the channel end, expanding the multi-channel model, the continuous decline of home store stores, large home furnishings, 2B engineering businessAccelerate development and increase online drainage; 2) On the marketing side, focus on “3.

15 “,” 5.

1 ”Two major promotion conventions launched explosive packages, which increase marketing efforts while improving marketing efficiency and seize industry traffic; 3) On the product side, we expect solid growth in cabinets and wardrobes in the first half of the year, rapid growth in wooden doors and bathrooms, and continued expansion of the large home product lineextend.

　　2. A large proportion of major shareholders participated in the placement of convertible bonds, and the fund-raising and investment projects helped the company grow sustainably and rapidly.

Recently the company issued no more than 14.

95 billion convertible bonds, the company’s controlling shareholder Yao Liangsong (holding company 68.

54% shares) promised to prioritize 8 trillion placements, accounting for 54% of the total issue, demonstrating confidence in the company’s continued growth.

In 2018, the company’s production capacity of cabinets / closets / bathrooms / wooden doors was 690,144 / 30 / 460,000 sets (樘), and the production capacity can be replaced by more than 90%. According to the company’s announcement, the three convertible bond investment projects have reached full production capacity.(Company estimates after 4 years) 25 cabinets / closets / wood doors capacity will be added.

8/198/95 million sets (樘) will be the basis for the company’s long-term sustainable growth or replacement.

　　3. Multi-channel model, large home product line helps custom leader Hengqiang.

Facing the trend of decentralized terminal traffic, the company increased the construction of a multi-channel model. Looking at the expansion, we expect that the self-contained large homes will contribute about 800 million in revenue, and the 2B bulk business will also maintain rapid growth.

At the same time, relying on the company’s successful experience in extending the product line from cabinets to wardrobes, we expect that the long-term wooden doors and bathroom products category will maintain rapid growth.

In the long run, we are optimistic that the company’s market share will continue to increase, and competition barriers will deepen.

　　Estimates and recommendations We maintain the company’s 2019/20204.

46/5.

The profit forecast of RMB 35 remains unchanged. The current targets correspond to 23/19 times P / E respectively. Re-outperform the industry rating and maintain the company’s target price of RMB 136, corresponding to 30/25 times P / E in 2019/2020. There may be 32%upside potential.

　　Risk real estate forecasts exceeded expectations, and raw material prices rose more than expected.

China Power (600482)： Issuing shares and convertible bonds to acquire subsidiary equity to optimize company capital structure

China Power (600482): Issuing shares and convertible bonds to acquire subsidiary equity to optimize company capital structure

In the evening of June 26, the company issued an announcement saying that the company intends to issue ordinary shares and convertible corporate bonds to 8 counterparties, including China Huarong, in order to purchase some of its equity interests in 7 target companies, including Guanghan Power.The price of the ordinary shares subordinated to the issue, and the initial conversion price of the convertible bonds changed by 20.

23 yuan / share, the total transaction consideration is 1,004,633.

880,000 yuan.

In addition, the company plans to issue supplementary funds for the non-public issuance of convertible bonds to no more than 10 investors. The maximum amount of funds is no more than 150 million yuan, which is expected to not exceed 100% of the restructuring transaction price.

Brief comment on the strike. The company has held the 29th meeting of the 6th Board of Directors on January 30, 2019 to pass the reorganization plan and merge with the previous reorganization. The company intends to make the original plan for the transaction as followsAdjustments: 1) The minority stake in Jiangsu Yonghan held by Harbin Guanghan is no longer purchased in this transaction; 2) The minority stake in Hechai Heavy Industries held by CSSC Heavy Industry Group is no longer purchased in this transaction;Reconstruction and reorganization will pass the review before January 31 of the following year, and the target asset gains and losses of the previous year will be shared according to the shareholding ratio.

This adjustment does not constitute a major adjustment to this restructuring transaction plan.

Issuance of shares and convertible bonds acquired part of the equity of 7 subsidiaries. After the completion of the acquisition, 6 of them were wholly-owned subsidiaries of China Power, with Hechai Heavy Industries accounting for 98.

53%.

The company intends to separately issue common shares and convertible corporate bonds to China Huarong, Dalian Defense Investment, National Military-civilian Integrative Industry Investment Fund, BOC Investment, China Cinda, Taiping Guofa, China Shipbuilding Industry Corporation, and China National Heavy Industries.Guanghan Power 7.

79% equity, Changhai Power pushed 8.

42% equity in China Chuanchai 47.

82% equity in Wuhan Shipbuilding 44.

94% equity, Hechai Heavy Industry 26.

47% equity, 35 Shaanxi Heavy Industry.

29% equity in Heavy Gear Company 48.

44% equity.

The total consideration of the underlying assets is 1,004,633.

880,000 yuan, of which 940,383.

The consideration of 880,000 yuan was paid by the listed company in the form of ordinary shares, 64,250.

The consideration of RMB 0 million was paid in the form of convertible corporate bonds.

In this transaction, the initial conversion price of convertible bonds is changed by 20 when the common shares are issued.

23 yuan / share, not less than 90% of the average stock trading price 20 trading days before the pricing benchmark date.

Raise matching funds not exceeding 150 million yuan.

The company intends to raise matching funds from non-public issuance of convertible corporate bonds to no more than 10 investors. The total amount of matching funds raised will not exceed 150 million yuan, which is expected to not exceed 100% of the restructuring transaction price.

The initial conversion price of convertible bonds is not lower than 90% of the average trading price of the company’s stocks in the 20 trading days before the pricing benchmark date, and the pricing benchmark date is the first day of the issuance period of the company’s raised supporting funds.

Among the companies intending to acquire specimens in this transaction, the average asset premium of the specimens was reset.

21%, estimated / expected 2018 net profit is 32.

71 times.

Guanghan Power and Changhai Power have higher acquisition premium rates of 166, respectively.

41% and 42.

43%, the remaining target acquisition premiums are below 20%.

Judging from the expected / 2018 net profit, due to China Ship Diesel, Wuhan Ship Machinery’s 2018 net profit penetrated from the decline in 2017, so the PE multiples were higher, which were 116 respectively.

74 times, 527.

39 times.

In addition, the PE ratio of Hechai Heavy Industry is relatively high. The average PE value of Guangchai Power, Changhai Electric Push, Shaanxi Heavy Industry, and Heavy Gear is below 30 times.

The transaction will optimize the 北京桑拿洗浴保健 company’s capital structure and improve the company’s operating quality.

The company intends to supplement shareholders’ supplementary capital through this transaction, thereby optimizing the capital structure of listed companies, reducing leverage, reducing the financial burden of the company’s subsidiaries, improving the quality of operations, and promoting the completion of quality and efficiency improvements for listed companies to achieve operating performance and profit levels.improve.

Dating specific investors will promote listed companies to deepen the reform of state-owned enterprises, stimulate the company’s endogenous growth vitality, strengthen the company’s comprehensive strength, and lay a solid foundation for the company’s long-term sustainable and healthy development.In addition, it also fulfilled its previous restructuring commitments and gradually eliminated peer competition.

The gas turbine technology broke through the monopoly, and domestic substitution promoted the market to enter a period of rapid growth. Guanghan Power undertook 703 core gas steam power business, which has obvious technical advantages and barriers.

Guanghan Power’s gas turbines have achieved technological breakthroughs and industrialization in both military and civilian products.

In terms of military products, Guanghan Power is the main supplier of gas power units and steam power units for large and medium sized naval vessels.

In terms of civilian products, Air Force Guanghan Power has broken through the foreign technology monopoly in the field of gas turbine-driven compressor units, achieved domestic production of 30MW gas turbines, and has obtained bulk orders for natural gas transportation projects.

Recently, the company’s gas turbine products have been implemented on offshore engineering platforms, which will further open up the space for the civilian product market and gradually transform into a new market for offshore engineering platforms, which will gradually increase market demand.

At the same time, the company plans to make integrated investments in the upstream and downstream industrial chain of gas turbines, and plans to make capital contributions1.

US $ 900 million in equity investment in Jiangsu Yonghan Special Alloy Technology Co., Ltd., Jiangsu Yonghan’s main product direction is precision casting of high temperature end parts required for gas turbines, which is the upstream industry of gas turbines and is expected to have synergy with the company’s gas turbine business.
We believe that the gas turbines produced by Guanghan Power, a subsidiary of China Power, are sufficiently competitive with foreign countries in terms of price and maintenance, and there are already prototypes in use, which will replace imported equipment and accelerate the localization process.

The performance of China Power Gas Turbine segment will enter a period of rapid growth.

All-electric power is in line with the development of the industry. Comprehensive electric propulsion facilities with a broad market space in the future are featured by flexible layout and fuel saving. It is suitable as a propulsion system for military ships. In the future, the ship’s propulsion system will advance to integrated power.

At the same time, domestic military and civilian ships have continued to increase their requirements for informatization and intelligence, which will generate huge market demand for integrated electric propulsion systems.

Shanghai Submarine, a subsidiary of the company, is a leader in the field of domestic electric propulsion systems. It has transitioned to the technical advantages of the core components of the propulsion system of the 712 subordinate of China Shipbuilding Industry Corporation, realizing ship electrical system products with single-axis propulsion power below 20MWAll localized.

On the basis of technological advantages, the company’s market share advantage is obvious, the military product sector has an absolute monopoly level, the market share has reached more than 90%, and the civilian product sector has also reached more than 70%.

We believe that all-electric power is the main development direction of future ship power. At present, it has taken the lead in implementing applications in 3,000-ton civil ships such as sea cruise ships, marine police ships, business ships, and scientific research ships. The continuous maturity of technology will gradually expand.To large and medium ships.

At the same time, with the continuous improvement of economy, there will be room for growth in civilian products. In the future, the company’s all-electric power sector is expected to reach an annual growth rate of more than 20%.

Benefiting from the construction of offshore floating nuclear power plants, the performance of nuclear power may accelerate. In the future, the market space for offshore nuclear power platforms will be about 40, and the market size will reach $ 100 billion.

Neptune, a subsidiary of China Power, was a leading manufacturer of civil nuclear power equipment business earlier. It has civil nuclear safety design licenses and manufacturing qualifications for nuclear-grade valves. EU CE, US API600 and API6D and other qualified companies have participated in the first ocean of China Shipbuilding Industry.The construction of nuclear power platform is mainly responsible for design, pipelines, valves, testing equipment, protective equipment and maintenance. The company assumes that the system accounts for about 15% of the cost of offshore nuclear power platforms.

We believe that with the resource advantages of the parent company of CSSC, Neptune will replace the market leader or even the occupier in the offshore nuclear power platform power equipment.

After the offshore nuclear power platform achieves mass production, it will significantly stimulate the company’s offshore nuclear power business development.

Full coverage of diesel engine types. After integration, the market influence greatly increased and surpassed the recovery of the new shipbuilding market. The company’s diesel engine business promoted accelerated growth.

The new shipbuilding market has experienced a recession period of nearly 10 years, starting to bottom out in 2017, and new orders have begun to accelerate growth, effectively driving the company’s diesel engine power orders growth.

Although the prices of these orders are still low, the profit margin of the final assembly manufacturers is still not in any contradiction of profitability and difficulty. Instead, the final orders favor the internal supporting enterprises. In fact, the decline in the order price will promote the final assembly plant to choose more domestic supporting facilities.Manufacturer’s equipment.

Therefore, the progress of domestically produced alternatives to conversion power systems has accelerated, and these orders will effectively drive the company’s diesel engine orders to accelerate growth this year and next.

In terms of capacity building, the company intends to invest in China’s Chuanchai to optimize and adjust the layout and process of the Qingdao plant to meet the demand for the 1 million horsepower marine low-speed diesel engine assembly capacity in the Yichang plant to move to the Qingdao plant, and to form a dual-fuel low-speed diesel engine.And final assembly capacity; transform and upgrade the production line in the Dalian plant, and improve the efficiency and quality of final assembly of marine low-speed diesel engines.

At the same time, the establishment of the Southwest Research Institute will further strengthen the company’s R & D and production capacity of core components for diesel engines, and increase the core competitiveness and industrial added value of the diesel engine business.

Earnings forecast and investment grade: The value-added indicates shareholders’ confidence in the company’s development. Maintaining the level of increase in holdings. We believe that the company is a leader in internally covered marine land power systems. It is expected to be in the all-electric propulsion system, gas steam power andOffshore nuclear power and other business segments achieved rapid growth.

Traditionally advantageous businesses such as diesel power and chemical power will integrate platform integration advantages and maintain steady expansion.

The operating revenue is expected to show a steady growth trend. The integration of various business segments has been completed, the scale and synergy effects have gradually emerged, and the company’s product gross margin may have steadily increased.

It is expected that the company’s net profit attributable to its parent from 2019 to 2021 will be 16 respectively.

2.1 billion, 18.

9.1 billion, 22.

35 ppm, an increase of 20 per year.

23%, 16.

67%, 18.

21%, the corresponding 19 to 21 years of EPS are 0.

94, 1.

10, 1.

30 yuan, corresponding to the current expected PE is 25.

82 times, 22.13 times, 18.

72 times.

If the completion of the transaction is considered, the net profit attributable to the mother for 2019-2021 will be 19 respectively.

05 billion, 23.

04 billion, 27.

80 ppm, an increase of 22 per year.

07%, 20.

97%, 20.

68%, the corresponding 19 to 21 years EPS are 0.

87, 1.

06, 1.

27 yuan, corresponding to the current expected PE of 27.

92 times, 23.

08 times, 19.

13 times.

Orchid Science and Technology (600123)： Volume increase, price decline, performance

Orchid Science and Technology (600123): Volume increase, price decline, performance

This report reads: The decline in sales prices of main products has led to poor overall performance of the company, and the expected increase in performance due to bankruptcy and liquidation of subsidiaries cannot be achieved.

Investment Highlights: Revise down earnings forecasts and maintain a “cautious increase” rating.

Revenue in the first three quarters of 2019 was 四川耍耍网 61.

6.1 billion yuan, net profit attributable to mother 7.

400,000 yuan, achieving a budget income of 0.

65 yuan, down 25 before.

15%, lower than expected results.

We lower the 2019-20EPS to 0.

81/0.

83 yuan (previous forecast was 0.

97/1.

04 yuan), plus EPS0 forecast for 2021.

84 yuan, maintaining a target price of 6.

96 yuan, corresponding to 2019 PE8.

6 times, maintain the “cautious increase” rating.

Product sales have risen, prices have fallen, and overall operating performance has declined.

In the first three quarters, the company sold 611 products such as coal, urea, dimethyl ether, and lactam.

37/67.

96/21.

86/8.

93 Initially, it is increased by 13 each year.

9% / 7.

9% / 5.

3% /-1.

5%, the calculated unit of coal / urea / dimethyl ether / lactam replaced 570/1714/2835/11215 深圳桑拿网 yuan, a decrease of 11.

1% / 1.

9% / 20.

5% / 19.

6%.

The sharp drop in prices dragged down performance, and Orchid Science and Technology achieved operating profit in the first three quarters9.

$ 1.6 billion, an average of 22 per year.

2%.

Subsidiary bankruptcy and liquidation will increase company performance.

The report summarizes that Chongqing Lanhua Solar, a subsidiary of the company, has entered bankruptcy liquidation procedures and will no longer consolidate the scope of consolidated statements. It will write back the offsetting impairment loss of 264.9 million yuan. The previous year’s excess income will be transferred back to confirm the investment income of 190.48 million yuan, a total amount of 4.

5.9 billion, increasing company performance.

Interest-bearing debt has been compressed, financial costs have fallen, and debt ratios have remained low.

Total scale of short-term borrowings in the first three quarters / non-current debt due within one year / long-term borrowings.

29 ppm, a decrease of 2 per year.2%, incurring financial expenses 2.

4.5 billion (down 18 a year.

6%).

The gearing ratio increased by 1 compared with the beginning of the period.

03PCT, reaching 55.

45%, still relatively low in three years.

risk warning.

Falling prices of coal and chemical products; the impact of environmental protection and limited production; macroeconomic risks.

5G sector Dongshan rises, liquor stocks sold by 1.1 billion

5G sector Dongshan rises, liquor stocks sold by 1.1 billion

The resurgence of the 5G sector, the liquor stocks suffered a major sell-off of 1.120 billion, the main funds have different views on Huawei concept stocks, and there has been differentiation.

　　On the 20th, the three major stock indexes fluctuated sideways and closed collectively.

At the close, the Shanghai Composite Index fell 0.

41% reported at 2870.

60 points; SZSE Component Index closed down 0.

93% to 8916.

At 11 o’clock, the February gap has been covered; the GEM Index fell 0.

64% to 1469.

31 points.

　　Today the market is shrinking again, with a turnover of 4625.

15 ppm, a significant reduction of more than 100 billion yuan from last Friday.

　　In terms of main funds, today the main funds replaced 219.

US $ 5.7 billion, a decrease of nearly US $ 30 billion from last Friday ‘s excess.

Oversized orders and large orders replaced 65 respectively.

6.7 billion and 153.

9.1 billion; retail investors did not improve the market trend, medium and small single inflows of 7 respectively.

8.9 billion and 211.

6.9 billion yuan.

　　In terms of industry sector, affected by Xi Jinping’s news about the development of the rare earth industry, rare concept stocks rose sharply in the afternoon; the overall performance of technology stocks was good, and domestic alternative concepts such as chips and software continued to lead the rise, and Huawei’s industrial chain was differentiated;Pork and artificial meat-led agricultural stocks have apparently fallen.

Of the 28 Shenwan Tier 1 industries, 6 industries became popular.

The defense industry, computers and non-ferrous metals rose the most, while the agriculture, forestry, animal husbandry and fishery industries fell by more than 5%.

　　Funds flow upwards, except for small inflows of defense military workers.

Outside of 1.7 billion, the remaining Shenwan Tier 1 industries have all been sold off by major funds.

Among them, medical biology, agriculture, forestry, animal husbandry and fishery, and chemical industry were the hardest hit areas with major capital fleeing, which were located in 29.

7.2 billion, 27.

$ 8.5 billion and 18.

7.1 billion yuan.

　　Specific to the subdivided industries, the three major industries 杭州桑拿网 of computer equipment, terminal equipment and aeronautical equipment are the most favored by the main forces, which flowed into 3 respectively.

1.9 billion, 2.

$ 8.5 billion and 2.

1.9 billion yuan.

Liquor, insurance, and Chinese medicine were sold by the main force for two years, respectively, to 11.

3.8 billion, 9.

3.6 billion and 9.

2.1 billion yuan.

　　Today, there were 959 stocks with the main capital inflows in the two cities, and 2627 stocks with reduced capital.

74%; 1571 stocks in the two cities closed up, 1949 stocks turned green, and the market’s profit-making effect was 44.

63%.　　Foreign flows are up, and today northbound funds are replacing 24 again.

27 trillion, a reduction of 31 over Friday.

8.4 billion.

Among them, the Shanghai Stock Connect and the Shenzhen Stock Connect replaced 14, respectively.

7.8 billion and 9.

4.9 billion yuan.

　　The Great Wall of China, as a stock of hardware localization concepts, is affected today by 4.

US $ 0.4 billion in main fund raising and strong upswing; Eastern Communications and Eastcom Peace were also bought by the main funds under the 5G concept blessing; the new stock Youyou Food plunged over 9% today, but attracted 200 millionFund dips.

　　Liquor stocks are still the focus of the main selling. Guizhou Moutai and Wuliangye were sold by the mainstays with nearly 800 million funds. Huawei concept stocks were differentiated and Chunxing Seiko attracted 1.

600 million main funds, an increase of 600.

85%, while Hudian shares hit the limit, Sanan Optoelectronics.