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National Gold Strategy-Assuming VAT head tax rate is reduced to 13%

National Gold 佛山桑拿网 Strategy: Assuming VAT head tax rate is reduced to 13%

[National Capital Strategy Li Lifeng’s team]VAT-related calculations: Assuming that the VAT head tax rate is reduced from 16% to 13%, the others remain unchanged, which industries & listed companies benefit?
  Main points: China’s value-added tax was adjusted twice in 2017 and 2018: 1) On July 1, 2017, the value-added tax rate was adjusted to four and three levels, adjusted by 17%, 13%, 11%, and 6%.17%, 11%, and 6%; 2) The value-added tax rate will be reduced by one point on May 1, 2018. The tax rates are 16%, 10%, and 6%, which are currently in this tax rate;Extra-price tax, if only the product price is affected, and the supply and demand of the product does not change, then the value-added tax has no impact on corporate profits.
However, in practice, 1) the increase or decrease 重庆耍耍网 in the value-added tax rate will lead to the rise and fall in the prices of terminal goods, or affect the demand for products, which will affect the profit level of the enterprise;Different corporate profits have different impacts; 3) VAT adjustments have an impact on corporate cash flow, and at the same time have an impact on surcharges, which in turn has an indirect impact on corporate earnings; ③ based on the existing tax rate, assuming the highest VAT tax file16% down 3 points to 13%, other tax rates remain unchanged, which is good for “manufacturing, mining, wholesale and retail, leasing and business services”, etc. According to the financial reporting statistics of listed companies, the above areas are respectivelyThe tax reductions are in turn 767.
200 million, 447.
900 million, 65.
800 million, 8.
600 million, the total tax reduction calculated from this reached 1289.
500 million yuan, accounting for 3.7% of the net profit of all A shares
4% (according to the caliber of financial reports of listed companies); ④ Calculation of the profit elasticity of specific industries in the manufacturing industry: Based on the existing tax rate, assuming that the manufacturing value-added tax is reduced by 16% from 3% to 13%, the other tax rates are unchanged.Based on the 2017 annual report data of listed companies, we measured the manufacturing industry and ranked it according to “the proportion of underpaid VAT to the total profit of the industry after VAT reductions”. The top 5 industries that benefit from flexibility are: mining (4.
3%), non-ferrous (3.
5%), chemical industry (3.
4%), communication (3.
4%), machinery (2.
7%); ⑤ Estimate the absolute scale of tax reduction for listed manufacturing companies: Based on the current tax rate, assuming that the manufacturing value-added tax is reduced by 16% from 3% to 13%.Look, SAIC Group (33.
Billion), CRRC (19.
300 million), Baosteel (16.
200 million), Guizhou Moutai (16.
Billion), Midea Group (15.
900 million), Gree Electric (14.
0 billion), ZTE (9.
600 million), Qingdao Haier (7.
700 million) and other companies have a larger tax reduction; ⑥ Based on the net profit elasticity of listed companies in manufacturing,
3%), Huiyuan Communication (+325.
9%), North China Pharmaceutical (+301.
1%), petrochemical machinery (+292.
1%), Zhongke New Materials (+286.
0%), Hisun Pharmaceutical (+272.
5%), Yuanwang Valley (237.
2%), Dalian Heavy Industry (+205.
8%), etc., benefited greatly from the VAT reduction.
  ——————————- We have done detailed detailed calculation of VAT in the early stageThe benefit is relatively greater).

Construction Machinery (600984): 2019H1 Exceeds Expected Growth Tower Crane Leasing Leader Will Cater to Price Rise

Construction Machinery (600984): 2019H1 Exceeds Expected Growth Tower Crane Leasing Leader Will Cater to Price Rise

Event: The company announced the 2019 semi-annual results pre-increasing announcement.

880,000 yuan, an increase of 217 every year.

About 74%; net profit attributable to non-attributed mothers1 is expected.

8 percent, an increase of 210 per year.


Q2 single quarter profit 1.

660,000 yuan, the semi-annual report exceeded expectations: quarterly, Q2 single quarter net profit attributable to mothers, net non-attribution net profits were 1.

6.6 billion, 1.

5.9 billion, an increase of 154 each year.

3% and 143.

9%, the performance exceeded expectations. We analyzed the main reason. The subsidiary Pangyuan Leasing benefited from the increase in leasing prices and growth in performance.

Tower crane leasing leader Pangyuan Leasing will rise in price and price: The subsidiary Pangyuan Leasing is an important source of profit for the company, and its engineering tower crane leasing business, we analyze and believe that it will usher in a rise in volume and price, with strong performance flexibility.

(1) Quantity: From 2013 to 2018, Pangyuan’s leasing revenue has a compound growth rate of 16%, which is significantly higher than that of the industry. It has proven its strength and has become a leading tower crane leasing company. The current market share is about 3%, and the future has room for improvement.

The long-term company has carried out a stable capital expansion plan. The new equipment purchases in 2016-2018 were 4 respectively.

2 billion, 10.

600 million and 10.

900 million, the announcement shows that the purchase of 2019H1 exceeds 32%, providing momentum for subsequent growth.

(2) Price: The lease price is determined by the number of tower cranes in the stock market and the actual construction volume. The highest point of tower crane sales is from 2011 to 2014. Based on the 8-10 year life cycle, it will be phased out in 2019.Tower crane sales have plummeted, resulting in a decline in tower crane ownership.

The real estate construction area has maintained an accelerated growth trend since 2015. Supply and demand substitution has appeared in the leasing market, and leasing prices have increased rapidly.

The risk of asset impairment has gradually decreased: the company experienced a large 重庆耍耍网 amount of asset impairment in 2016-2018, which caused pressure on its performance, mainly due to impairment of goodwill and bad debt reserves.

The 2018 annual report shows that Tiancheng Machinery has a goodwill of 75.47 million yuan on its book, continuing to impair its risk costs.

In terms of bad debt provision, in 2017 and 2018, the company made a high proportion of separate receivables, and the risk was substantially cleared. The remaining accounts receivable replaced the part based on aging.

We expect that the company’s historical problems will be gradually resolved and the risk of asset impairment will decrease.

Profit forecast and investment advice: We expect the company’s net profit for 2019-2021 to be 4 respectively.

6.7 billion, 7.

02 ppm and 9.

US $ 3.6 billion, corresponding to PE, 16 times, 11 四川耍耍网 times and 8 times, respectively, given a “buy” rating.

Risk reminder: the risk of asset impairment and the deterioration of tower crane leasing competition.

Jihong shares (002803): Cooperation with Huobi China to explore blockchain applications

Jihong shares (002803): Cooperation with Huobi China to explore blockchain applications

Event: The company released an announcement: The company signed a Strategic Cooperation Framework Agreement with Shanghai Huoyu Technology Co., Ltd. (Huobi China) on October 25, 2019.And other areas.

Comments: Cooperation with Huobi China to strengthen cross-border e-commerce and core competitiveness of precision marketing business.

Huobi China’s main military computer technology, network technology, technical consulting and other services.

The company’s cooperation with Huobi China will rely on its leading industrial and technological advantages in the blockchain industry, and cooperate in the blockchain’s product traceability, enabling cooperation in the areas of precision marketing and point circulation.

The company’s main cross-border e-commerce business can enhance the security and traceability of product packaging through blockchain technology, which greatly improves security.

In addition, the company’s subsidiary, Longyu Star, is mainly engaged in precision marketing business, and achieved revenue of about 2 in the first half of this year.

33 million, a year-on-year increase of about 210% +.

The cooperation with Huobi China will enhance the company’s information technology capabilities, and the precision marketing business is expected to continue to grow rapidly.

In addition, the company is exploring two-dimensional code marketing and organically combining online advertising resources and offline packaging resources. The business barrier is extremely high: 1.

Need to have a wide range of offline product resources that can reach end consumers; 2.

Strong advertising and marketing capabilities, possessing marketing design capabilities to design products suitable for different use scenarios.

After the company acquires Anhui Jihong (Anhui Weizhi) and the scheduled increase project is put into production, it will become a domestic leader in QSR packaging, and its products will cover a wide range of end consumers.

At present, the company has reached a cooperation with Netease Koala and Dali Garden on the QR code marketing business. After the model runs through, it is expected to 杭州桑拿网 form a demonstration effect.

This framework agreement will cooperate with Huobi China in the circulation of points. We believe this will further expand the company’s advantage in the field of two-dimensional code marketing, and future revenue is expected to usher in an explosion.

Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 1.

48, 1.

84, 2.

20 yuan, corresponding to PE is 17X, 14X, 11X.

Maintain “Buy” rating.

Risk reminder: cooperation is less than expected, business development is not smooth

AVIC Sunda (000043) Semi-annual Report Comment: Both the scale and profit of the property management business increased, and the main business was further focused

AVIC Sunda (000043) Semi-annual Report Comment: Both the scale and profit of the property management business increased, and the main business was further focused

Event: The company achieved operating income of 25 in the first half of the year.

8 ‰, ten years ago 7.

66%; net profit is 8480.

67 million, up from 32 per second.

61%; net profit after deduction is 7,855.

270,000 yuan, 33 years ago.

40%, mainly due to the contraction of development business, the company’s property management revenue increased 21%, profit increased 36%, property management area increased 37%.

  The overall revenue slightly declined, and the development business contracted strategically: the company achieved operating income of 25 in the first half of 2019.

800 million, down 7 every year.

66%, mainly because real estate development settlement settlement decreased, development settlement income4.

500 million, accounting for 17 of the company’s operating income.

48%, a drop of 55 per year.


After the reorganization of the company, the property asset management business has gradually become the company’s main source of income. In the future, the company’s strategy will focus on the property asset management business. Around this direction, the company continues to promote the transfer of remaining real estate development projects and continuously optimize the asset structure.

  The area of property management increased by 37%, and the profit margin of property management 杭州桑拿网 could be improved: the company’s property management business revenue accounted for 77 of the total revenue.

36%, realizing property management revenue in the first half of 201919.

96 ppm, an increase of 21 in ten years.

19%, achieving a net profit of 1.

30,000 yuan, an increase of 35 in ten years.

9%; property net profit margin 5.

16%, 0 per year.

6 points.

  As of June 2019, there were 613 national property management projects of AVIC Property (an increase of 138 over many times), with a management area of 76.34 million square meters, a substantial increase of 37% each time.

The company’s property management business continues to innovate, accelerate the construction of technology application capabilities, increase the research and development and promotion of the smart property π platform, and adjust it to a new management and control mode according to the organizational structure and layout settings.

  After the completion of the reorganization of China Merchants Property, the leading property owner set sail: According to the plan, after the reorganization, the company’s largest shareholder is China Merchants Shekou, and the company will hold 100% of the equity of China Merchants Property.

After the completion of the merger and acquisition, AVIC Sunda’s property management area is nearly 1.

At 500 million flats, AVIC Sunda will become a wholly-owned company in China Merchants Shekou. The volume and quality advantages will promote blessings, and it will become a leading property developer.

If the reorganization is successful, the pro forma revenue in 19/20/21 will be 127.



610,000 yuan, the net profit attributable to the mother is 6, respectively.




  Investment suggestion: The company’s overall revenue slightly declined due to the contraction of development business, but property revenue increased by 21%, property management area increased by 37%, and property management net profit reached 5.

16%. If the reorganization with China Merchants Property is successful in the future, it is expected to become a leader in stock property. Due to the substantial increase in the company’s property income, we expect the company to achieve operating income from 59 to 2019.

5 ppm / 67.

4 ppm / 79.300 million is raised to 74.

1.5 billion, 8.7 billion, 106.

300 million, is expected to achieve net profit attributable to mother.

5 ‰ / 4.

4 ‰ / 5.

4 megabytes are unchanged, and the corresponding EPS are 0.



81 yuan.

Maintain “Buy” rating and target price at 14 for 6 months.

56 yuan.

  Risk warning: real estate cycle fluctuates, commercial real estate operations are less than expected, restructuring progress is less than expected

Fu Rong Technology (603327) New Share Inquiry Report

Fu Rong Technology (603327) New Share Inquiry Report
Company profile The company’s main military consumer electronics product research and development, production and sales of aluminum structural materials.The company’s main products are aluminum structural materials for consumer electronics such as smartphones, tablets, and laptops. After further processing of the product, Samsung, Huawei, OPPO, VIVO and other brands of smartphones and Apple and other tablets and notebook computersMainly smart phones.At present, the company’s products include smart phone casings and middle frame materials, tablet computer casing materials, notebook computer casing materials, etc., mainly smart phone casings and middle frame precision saws. Company highlights (1) Through years of continuous R & D and technology accumulation, the company has very mature technology in the field of production of aluminum structural parts for consumer electronics products. It has also actively carried out the storage 佛山桑拿网 and application of new technologies. (2) The company has formed a full-process new product development and operation model. It has completed the rapid response ability to deliver qualified samples within one week from the client’s acceptance of the development task. The initial production capacity of aluminum structural parts for consumer electronics products can ensure the ability to achieve mass production in a short time after the start of large projects; the company has established a stable strategic supplier system and procurement, logistics and distribution network, after years of running-in,The company has established a good cooperative relationship with well-known aluminum ingots, high-quality round ingot suppliers and logistics companies, which provides the company with a basis for mass production and timely delivery after receiving large orders. (3) The company has been intensively engaged in aluminum structural parts for consumer electronics products for many years. The overall research and development capability is at the leading level in China. It has successfully developed many domestic and foreign well-known brand manufacturers and customers by continuously reducing production costs and improving product technology.Help customers reduce procurement costs and enhance the competitiveness of customer end products.At present, Samsung, Huawei, Apple, OPPO, VIVO, Xiaomi and other well-known brand manufacturers / finishing companies have become stable customers of the company, and the company’s customer advantages are obvious.

Marubeni (603983): Revenue growth improved month-on-month, net profit increased significantly

Marubeni (603983): Revenue growth improved month-on-month, net profit increased significantly

The revenue growth rate improved month-on-month, the sales expense ratio increased, and eventually the net profit increased, which significantly increased the company’s disclosure of the third quarter of the year of 19, and the quarterly revenue of the third quarter of the year19.

97 ppm, an increase of 21 in ten years.

3%, the revenue growth rate improved significantly; the net profit attributable to mothers1.

$ 15 billion.


The growth of the company’s single-quarter profit growth in 3Q19 was mainly caused by the company’s quarterly expenditure expenditure quarterly breakthrough. The 3Q18 sales expense 杭州夜生活网 rate base reached 46%, and the 19Q3 sales expense rate replaced 13.

84pp drove a significant increase in net interest rate14.


In terms of categories, 3Q19 fist products achieved revenue of 1.

43 trillion, with an average budget increase of up to 0.

34%; Skincare achieved revenue 1.

91 ppm, with an average millennial decline of 4.

6%; cleansing category achieved 55.35 million yuan in revenue, an average increase of 24 per thousand times.


In terms of channels, the growth rate of e-commerce in the first three quarters was about 20%, and the improvement in the third quarter was obvious; department stores and beauty salon channels achieved more than 20% growth, benefiting from high-end series;

In terms of brands, the main brand Marumi is still the main driver of growth.

The gross profit margin is relatively stable, the company’s gross profit margin is relatively stable, and the profit margin is relatively stable.

07pp to 66.

98%; the management expense rate increases by 1 every year.

55pp to 6.


The profit quality and operating capacity are good: the net cash flow generated by the company’s operating activities in the third quarter of 2019 was 90.79 million yuan, which basically matched the net profit.

Inventory turnover days increased by 15 sequentially.

16 days to 105.

25 days.

Accounts receivable turnover days decreased by 0 from the previous month.

2 days to 0.

5 days; net operating cycle is -82 days, reflecting the company’s strong upstream and downstream bargaining power.

Earnings forecast and investment advice The company’s main brand medicine beauty is positioned at the mid-to-high end, consolidated in the eye cream field, and has high-quality brand equity.

The company actively responds to changes in industry trends: deepening the research and development of products and anti-aging segments, and increasing the promotion of elite categories; strengthening brand building and new marketing in branding and marketing to achieve brand rejuvenation.

Enhance online and offline integration on channels and strengthen member operations.

It is estimated that the company’s net profit attributable to the mother in 19-21 will be 5 respectively.

2 billion, 6.

3 billion, 7.

60,000 yuan, an increase of 25 in ten years.

0%, 21.

2%, 20.

7%.With reference to the evaluation level of comparable companies, consider the positioning of the main brand drug beauty mid-to-high-end, high brand premium, and stable eye market advantages; and the company’s excellent report quality, net profit margin, cash flow, turnover rate, ROE and other indicators to measure comparable companies, and give the company20 years PE evaluation 46XPE, reasonable value 72.

22 yuan / share, give “overweight” rating.

Risks suggest that the macroeconomic downturn has a significant adverse impact on optional consumption; the breakdown of e-commerce growth rates and the conversion of offline channel growth rates; the incubation of new brands and new categories did not meet expectations.

Biological Stock (600201): Non-recurring profit and loss factors affect the bottom margin improvement of the Q4 performance cycle in progress

Biological Stock (600201): Non-recurring profit and loss factors affect the bottom margin improvement of the Q4 performance cycle in progress

The company released a performance forecast: FY19 is expected to achieve net profit attributable to mother 2.


500 million, down 66.

86% -72.

17%, realizing a net profit of 2-2.

400 million, down 67.

24% -72.


Initial performance is at the bottom of the cycle and is mainly affected by the elimination of downstream capacity, receivables and inventory impairment.

  Prolonged, the African swine fever epidemic affected pigs, and the number of fertile sows was reduced. According to the Ministry of Agriculture, the number of pigs / capable sows in October dropped by 41.

4% / 37.

8%, the deep de-production of downstream capacity has caused the company’s swine vaccine product sales to decrease significantly.

Therefore, due to the replacement of FMD number in 18 years and the backlog of African swine fever, the impairment loss was gradually accrued in the first three quarters of approximately 43 million.

Looking at 19Q4 alone, the net profit attributable to mothers is expected to be -0.

3.8 billion to 0.

The $ 02 billion range is mainly affected by non-recurring profit and loss factors, including the provision of expected credit losses for corresponding accounts and long-term receivables, and provision for bad debts after credit evaluations of some downstream customers.

At present, we can see the marginal improvement, and the post-cycle logic is worth verifying and looking forward to.

Large-scale, large-scale pig farm production resumes quickly. In December, the number of pigs / capable sows in pig farms with 深圳桑拿网 an annual production scale of more than 5,000 pigs increased by 2.

7% / 3.

4%, both for 4 consecutive months of growth. Since the company ‘s KA + TOP customers account for 90% +, it is expected that the trend of the decline in revenue in the 19Q4 market will narrow. It is expected that the growth rate in 20Q1 will be sequential.20-year extended performance elasticity.

At the same time, channel inventory has been basically digested, and there is little inventory impairment in 19Q4. At the same time, the pre-purchase situation has also decreased significantly. The overall situation is improving marginally.

From the perspective of growth, the company actively seeks new breakthroughs after years of R & D expansion and technical reserves: 1) The new park brings a comprehensive upgrade of intelligent manufacturing, which will expand the production scale to meet the single batch capacity of large-scale breeding groups, and the product quality reaches internationalStandard, vaccine stability is strong, and reduce operating costs.

The P3 laboratory has obtained CNAS certification, and has the hardware conditions for related highly pathogenic pathogenic microorganism experiments. Related experimental activities are being applied for, and the research and development strength will be further strengthened.

2) Accumulate and implement multiple defenses, and steadily promote the promotion. Specific schemes and packages have entered the head of large enterprises, and the combined schemes have promoted sales of various products.

3) Strengthen the layout of pet vaccines. The company and Japan co-operate to lay out a blue ocean market for highly compounded growth of pet vaccines. In-depth cooperation in research and development, production technology, channel expansion, brand building, etc., enriching the product matrix, is expected to tap new profits in the futuregrowth point.

Earnings forecast and investment rating: Regardless of African swine fever vaccine, we expect the company to achieve revenue of 19-21.



10,000 yuan, the same increase -38.

1% / 38.

9% / 29.

5%; net profit attributable to mother 2.



7 trillion, the same increase -71.

0% / 137.

4% / 48.

3%, the current sustainable corresponding PE is 106.4X / 44.

8X / 30.

2 times.

Considering that the current industry as a whole is at the bottom of the fundamentals, the performance inflection point is transitioning, and the leading product matrix is enriched and overlapped. The prospective layout of the new international standard park is clear.Strong growth drive, maintain “Buy” rating!

Risk Warning: Risk of Uncertainty in African Swine Fever Epidemic, Market Competition Risk, Industry Policy Risk

The gradual approach of the science and technology board may generate new financial IT needs

The gradual approach of the science and technology board may generate new financial IT needs
On January 23, the sixth meeting of the Central Committee of Comprehensive and Deepening Reform was held in Beijing. The meeting approved the “Overall Implementation Plan for Establishing a Science and Technology Innovation Board and Pilot Registration System in the Shanghai Stock Exchange”, and “About Establishing a Science and Technology Innovation Board in the Shanghai Stock Exchange”Opinions on the Implementation of the Pilot Registration System.  The data shows that after the above news was published, 3 securities firms published 5 paper research reports on the same day, and yesterday, when the Securities Daily reporter was released, another 16 securities firms published research reports, of which two daysThe number of research reports of the science and technology board exceeds the total of the past month.  According to the statistics of this reporter, the main focus of the brokerage research report is many details to be discussed in the bone market, such as whether to accept the red-chip structure and the VIE structure, how to price and set prices, and the design of the trading system (T + 0, limit of fluctuation)), Listing standards, whether to accept different rights for the same shares, etc.  The market reached a four-point consensus. Yesterday, the discussions on the science and technology board and the registration system of the securities firm were further fermented. Within a day, 16 securities firms issued research reports. According to the listing standards of the science and technology board, the trading system and other details.  Among them, the National Gold Securities strategy team believes that the market has reached a basic consensus on at least four points regarding the positioning of the science and technology board and the design of trading procedures: First, the important on-market market is incremental reform, not stock;The second is that the registration system does not perform audits. The core of the registration system audit is information disclosure; the third is that the Science and Technology Board will implement a strict delisting system; the fourth is to “in line with national strategies, master core technologies, and high market recognitionEmerging industries and strategic emerging industries “.It is expected that the “first batch” of listed companies on the science and technology board will be mainly “hard technology”.  According to the statistics of the “Securities Daily” reporter, the merger securities firm also expressed similar views in the research report, and has become an industry that investors can focus on.  For example, the research report of Huatai Securities pointed out that the acceleration of the listing of science and technology board may promote the prosperity of the “hard technology” industry represented by aerospace, optoelectronic chips and new energy, and China ‘s “high-end manufacturing” and “hard technology” representing the future direction.It is expected to become a new driving force to drive the economic growth of developing countries, and win in the gradual development of the industry to become one of the main lines of the market.Horizontal comparison between China and foreign countries, the domestic “high-end manufacturing” sector leader may welcome historical changes and is expected to grow into a large market value company with global influence.The conditions or parcels and openness of the IPO under the registration system, because some companies may have good growth, but are currently not profitable; or because the company’s core competitiveness of “hard technology” is the first in the country, noAppropriate comparable companies cannot be estimated simply by traditional PE or DCF estimation methods.This issue may promote the innovation of the estimation system, or the market 南宁桑拿 inquiry system determines the pricing of new shares issuance.The only way to increase the concentration of the high-end equipment industry or to gradually mature the industry.  In the research report of CICC (Hong Kong Stock 03908), it was mainly concerned about the listing of overseas Chinese stocks or unicorn companies with outstanding sample size in the future.CICC said that in the long run, the launch and smooth development of the science and technology board is expected to make a positive contribution to enriching the level of the capital market, trying to improve the supervision of the capital market, improving the pressure on SME financing, and promoting technological innovation and economic transformation.  The construction of the core IT trading system will promote the impact of the establishment of the science and technology 无锡夜网 board on the brokerage industry. Bohai Securities believes that the impact has three main aspects: First, it challenges the business capabilities of the brokerage investment bank, because the registration regulatory authority only discloses information about the issuer.Supervision is conducted, and issuance pricing is not audited. Therefore, the introduction of the registration system challenges the understanding of the investment bank team of the brokerage firm on the market, pricing capabilities, and underwriting capabilities, which is good for professional brokerage firms.To a certain extent, it also facilitates the direct investment business of securities companies.The M & A and reorganization of the previous stage of the Securities and Futures Commission has quickly expanded the exit path of investment funds in a small amount to a certain extent. Now it has launched a science and technology board and expanded its venture capital launch channels again, which is conducive to the development and growth of emerging industries.The revenue of brokerage-related businesses increased; third, it brought the cake of incremental business to the brokerage. With the implementation of the registration system of the science and technology board, it brought a certain amount of incremental business to the entire business chain of the brokerage. Boots increased the revenue of the brokerage.  In addition to the above-mentioned “conventional topics” that have been hotly debated in the market, reporters from the Securities Daily noted that most securities companies such as Haitong Securities (Hong Kong stock 06837), Shenwan Hongyuan (Hong Kong stock 00218) and other securities companies mentioned the research and development board yesterdayAnd registration will generate new financial IT needs.  Shen Wanhongyuan believes that the new trading environment of the science and technology board will promote the construction of core IT trading systems.There are no clear official documents on the rules of the science and technology board (according to T + 0, limit of increase and decrease, market maker system), but it is certain that the board will be issued, traded, delisted, and appropriate for investorsA series of new systems have been implemented in areas such as gender, and new business requirements mean new financial IT requirements.The advancement of the science and technology board is the national core strategy. It is expected that the brokerage firm, funds, insurance, bank wealth management and ten billion private placements will all choose to update the science and technology board module.

Hongdou Shares (600400) Annual Report Comments: Faster Growth in Clothing Revenue Deepens Omni-Channel Distribution

Hongdou Shares (600400) Annual Report Comments: Faster Growth in Clothing Revenue Deepens Omni-Channel Distribution
I. Event Overview The company achieved operating income in 201824.8.3 billion, down 8 a year.89%, of which men’s clothing business income 23.400,000 yuan, an increase of 28 in ten years.23%; net profit attributable to mother 2.07 billion, down 66 every year.06%, mainly due to the gains from the recognition of the equity of the holding subsidiary 杭州夜网 Hongdou Real Estate sold in May 2017. If the above factors are excluded, the net profit attributable to mothers increased by 15.12%; budget benefit 0.08 yuan.Second, analyze and judge the rapid growth of clothing revenue, increase in inventory turnover, the company’s total operating income in 2018 fell slightly, mainly due to the real estate sales in 20177.7.8 billion, excluding the impact of real estate sales, total operating income increased by 27 compared to 2017.48%.The main clothing business realized operating income23.400,000 yuan, an increase of 28 in ten years.23%, mainly benefited from the growth of offline stores and online sales revenue, the gross profit margin decreased by 1.68pct to 28.27%; Yarn printing and dyeing business contributed revenue1.420,000 yuan, an increase of 16.21%, gross margin increased by 3.11 points 杭州桑拿网 to 21.90%.Selling expenses increase by 6 per year.46%, mainly due to the increase in chain franchise stores, the expansion of operating personnel expenditures and prop-type asset amortization increase, as well as online and group purchase business growth service fees increased; management expenses rose 26.77%, mainly due to the increase in salaries and benefits of managers; R & D expenses increased by 27.49%, we believe that the increase in expenditure and material costs of employees who are mainly employed or the impact of the increase; financial costs decreased by 65.03%, mainly due to the decrease in final income and expenditure caused by the sale of the holding subsidiary’s Hongdou Real Estate equity in May 2017.In addition, the company’s clothing inventory turnover investment in 20187.05%, 6 before 2017.81% has improved, as of the end of last year, the company was 65.29% of the inventory age of clothing inventory products is within 6 months. Generally speaking, the inventory age of inventory products is the cause. Stores continue to optimize and upgrade, and promote online and offline omni-channel layout. The company continues to optimize the chain franchise model, focuses on developing brand image stores in provincial capital cities, accelerates its presence in mature shopping malls, and promotes multi-store layout in key cities to strengthen channel scale effects.As of the end of 2018, there were a total of 1,338 men’s clothing stores in Hodo, a net increase of 245 so far.At the same time, the company actively expands online channels, cooperates in depth with third-party e-commerce platforms such as Tmall,, Vipshop, Suning, etc., and conducts strategic cooperation with to open ‘s first clothing-free retail store “Hongdou Home””Fashion life experience store” is expected to rely on JD Logistics platform to improve logistics efficiency.The company’s online sales revenue in 20183.260,000 yuan, an increase of 35 in ten years.77%; 13% of total income.94%, a year to raise 0.77pct.We believe that advancing the online and offline omnichannel layout will help the company accurately target customer needs, upgrade the shopping experience, and further enhance the brand image.Third, investment advice The company’s clothing main business income grows rapidly, and the channel continues to optimize and upgrade.EPS is expected to be 0 in 2019-2021.11/0.13/0.14 yuan, corresponding to PE is 40/34/30 times, the first coverage, given a “cautious recommendation” rating.Fourth, risks indicate that terminal demand exceeds expectations; channel expansion is less than expected.

Shinzo Abe claims that putting the economy’s highest priority on constitutional amendments aside?

Shinzo Abe claims that putting the economy’s highest priority on constitutional amendments aside?

The Prime Minister of Japan, the Liberal Democratic Party’s Prime Minister Shinzo Abe and the first press conference after the reorganization of the Liberal Democratic Party’s top management said that the development of the economy should be given the highest priority, and the constitutional amendment was expressed as a timetable, suggesting that it be put first.

  Since the beginning of this year, Abe ‘s cabinet has been deeply intertwined with scandals, and public opinion approval rates have plunged. The Liberal Democratic Party ‘s defeat in Tokyo ‘s parliamentary elections has shaken the party, and Abe ‘s constitutional revision policy has been widely criticized.

However, it remains doubtful whether Abe really wants to focus his work on the economy.

  [Lost Constitutional Initiative]The Daily News reported that Masahiko Takamura, the deputy head of the Liberal Democratic Party, said at the party ‘s high-level meeting on the 3rd: The Constitution has just been handed over to the party, and the top priority of the cabinet is economics.

Abe agreed.

  Abe’s cronies, Acting Secretary-General of the Liberal 杭州夜网论坛 Democratic Party, Koizumi Tatsuichi acknowledged that this was a track correction.

  Gao Cun’s statement reflects the uneasiness within the LDP.

The constitutional amendment is controversial in the Liberal Democratic Party.

Takamura hinted to media reporters that day that he was not in a hurry to propose a constitutional amendment plan in the autumn interim parliament.

Secretary-General Toshihiro Nikai, who has not supported the constitutional revision of the new policy investigation committee chairman, Kumada Fumio, also said that he must be cautious again.

  Abe ‘s previous timetable for amending the constitution was based on the Liberal Democratic Party ‘s constitutional amendment plan. The discussions between the opposition parties and the opposition parties were started during the autumn interim parliament, and then gradually amended in the regular parliament next year.

The current term of the House of Representatives will expire in December next year, and Abe has not even denied the possibility of simultaneous election of the House of Representatives and referendum on constitutional amendments.

  Some media have analyzed that after the reshuffle of the leadership of the Cabinet and the Liberal Democratic Party, Abe ‘s constitutional amendment agenda will inevitably exist and will be postponed. Abe ‘s initiative in the two-year constitutional amendment will also be reduced.

  However, according to the “Daily News”, Abe’s blockage on the political agenda has led to the argument that economic development is a priority, and it has become a common routine after he took office for the second time.

  Kyodo News reports that Abe still regards constitutional amendment as an important agenda of the cabinet and intends to continue the discussion on constitutional amendment.

A Liberal Democratic Party official said: The Prime Minister will not stop at the beginning of the constitutional amendment.

  [Economic policy is not optimistic]At the press conference, Abe stated that the economy should be the most important ES of the cabinet.

In this reorganization, in addition to remaining Deputy Prime Minister and Finance Minister Taro Aso, Minister of Economy, Trade and Industry Seiko Hirose, Abe also made former Liberal Democratic Party’s Chairman of the Political Consultative Conference Motoki to serve as Minister of Economic Regeneration, and it can be said that it is an economically mobilized elite.

But “Daily News” commented that Abe’s economics, which has been advocated since Abe’s second term, has hit the ceiling.

  Since 2012, Japan ‘s gross domestic product (GDP) growth and unemployment rate have both improved to some extent, but consumer demand remains sluggish due to stagnant wage growth and insufficient confidence in social security.

Aso acknowledges that in order to create effective demand, it is inevitable to increase fiscal expenditure.

“Daily News” believes that this will inevitably worsen the stretched Japanese finances.

  According to data released by the Japanese Ministry of Finance in July, the country’s fiscal year 2016 totaled approximately 55.

5 trillion yen (about 3 yuan).

4 trillion yuan), a decrease of one year.

5%, with growth and decline again after a lapse of 7 years.

“Asahi Shimbun” quoted data released by the Cabinet Office in the same month and reported that the nominal GDP removal rate remained at 2.

In the case of 5% to 3%, by fiscal year 2020, Japan’s basic fiscal deficit will still expand to 8.

2 trillion yen (500 billion U.S. dollars), and the nominal GDP synthesis in fiscal 2016 was only 1.


According to economic analysts, according to this, by fiscal year 20, it will become empty talk to no longer rely on the issuance of government bonds to supplement fiscal revenue.

  In addition, Bank of Japan, the head of the Bank of Japan, Tohiko Kuroda announced last month that the target of 2% inflation in 2018 was postponed for one year.

This shows that Japan has not yet reached the expected state of deflation.

Some Japanese media pointed out that this is already the sixth time to extend the relevant policy goals since the implementation of Abe Economics. No matter what exams, six times down the list, your brothers have no courage to encourage you.

  [New team is difficult to gather together]Various problems have been pointed out, which has caused the people’s distrust. I express my deep reflection and apologize to the people.

At the beginning of the press conference on the 3rd, Abe apologized.

  As a result of scandals such as land price gates, extra school academies, and the Ministry of Defense’s concealment, the approval rating of Abe’s cabinet fell into a dangerous area.

  After successive scandals, Abe’s official hat seemed to turn into a potato, not as popular as before.”Sankei Shimbun” disclosed that following the rejection of Abe’s invitation by the former Speaker of the House of Representatives Ibuki Civilization, the new Minister of Northern Okinawa, Ezaki Tezuma, also refused to join the cabinet, and reluctantly agreed after his own faction leader, Nikai Junbo.

  The Asahi Shimbun quoted people familiar with the matter as saying that the new Minister of Education, Culture, Sports, Science and Technology, Lin Fang, was receiving an invitation to enter the cabinet and marveled: what is it to me!

  In addition, Abe appointed former political opponent Masako Noda as the Minister of General Affairs to highlight the former suspects of donation.

Instead, a female politician made it clear after taking office that she will again participate in next year’s Liberal Democratic Party election.

  It can be seen that although Abe made a wish by reorganizing the feudal officials, hoping to obtain the support of various factions within the party to consolidate the foundation of governance, but from the current point of view, there has been a change in the minds of the party.

  On the opposition side, the DPP has stated that it will continue to pursue land prices and add scandals to schools.

The Democratic Progressive Party Chairman Takahashi Otsuka said: After the cabinet reshuffle, the scandal could not be ignored.

  Fangsheng Yamashita, deputy chairman of the Japanese National Assembly, said that the cabinet ‘s support rate is diving, and the cabinet staff has some responsibilities, but the biggest responsibility lies with Abe himself. Reorganizing the cabinet alone cannot solve the problem.

(Li Jiazheng) (Xinhua News Agency special feature) Original title: Abe claims that the economy has the highest priority to amend the constitution?