Hongfa shares (600885) 2019 first quarter report review: HVDC trend does not change, cars and GM perform poorly

Hongfa shares (600885) 2019 first quarter report review: HVDC trend does not change, cars and GM perform poorly

This report reads: Hongfa’s performance is in line with expectations. Q1 domestic new energy vehicle sales doubled the company’s high-voltage DC relay sales, and GM and traditional automotive businesses performed well due to industry-wide factors. It is expected to improve in the future.

Investment Highlights: Maintain Overweight rating.

The company’s performance is in line with expectations, maintaining the EPS for 2019-2021.

07, 1.

29, 1.

59 yuan, maintaining a target price of 36.

4 yuan to maintain the level of overweight.

Performance was basically in line with expectations.

The company released the 2019 first quarter report, of which Q1 achieved revenue of 16.

$ 2.5 billion, growing by 1 every year.

8%; net profit attributable to mother 1.

57 trillion over five years.

61%, the performance was basically in line with expectations.

The rapid growth of power relays resumed, and the growth rate of HVDC is expected to exceed 50%.

The company’s power relays are blooming at home and abroad: 1) benefiting from the increase in the market share of the British and French power grids and the rapid development of the Southeast Asian market, the company’s overseas market maintains a rapid growth rate; 2) the domestic market from the 19th State Grid first tenderThe overall demand has risen rapidly. Through the follow-up of the 09 version of smart meter replacement progress, it is expected that the internal power relay market will resume a rapid growth trend.

In terms of high-voltage DC relays, Q1 domestic new energy vehicle sales have doubled as a whole, and the company as an industry leader 苏州桑拿网 is expected to grow more than 50%.

GM and automotive relays performed poorly due to industry influence.

According to the data from the China Automobile Association, Q1 auto production and sales in 2019 were 633.

570,000 and 637.

240,000 vehicles, a decrease of 9 per year.

81% and 11.

32%; of which Hongfa ‘s main domestic and American standard sizes have been expanded, the overall speed is higher than the industry average, and the distance of the company ‘s automotive relay replacement is expected to be affected by this.

General relays are also affected by the adjustment of demand in the home appliance industry and intensified market competition, and their overall performance is not good.

Risk warning: New energy vehicle sales are less than expected, exchange rate changes

Ren Zeping: Ranking of China’s Urban Development Potential in 2019

Ren Zeping: Ranking of China’s Urban Development Potential in 2019

As a guide, we propose a standard analysis framework that is widely adopted: “Real estate looks at population in the long term, land in the medium term, and finance in the short term.”

  At present, China’s urbanization is entering the era of urban agglomerations. The real estate market has entered a new stage of development, with regional differentiation. The long-term real estate mechanism is rapidly changing. The “one-city, one-strategy” upgrade has huge differences in urban development potential. Urban researchBecomes particularly important.

  In this research, we have refined and quantified the classic framework for more than a year. Based on the previous 60 indicators and more than 100,000 data, we screened out 27 indicators and about 50,000 data to establish multi-dimensional and multi-level.The verifiable fundamentals of the city’s development potential + market-side evaluation model ranks the thematic development potential of the 336 prefecture-level administrative units except Sansha City, Hong Kong, Macao, and Taiwan.

  This study is of reference value for recognizing the potential of urban development, for the government to establish a long-term mechanism, to promote the stable and healthy development of the real estate market, for residents to live and work in peace, and for business investment decisions.

  Abstract Research background and analysis framework: The real estate market has entered an era of urban agglomeration with equilibrium and regional differentiation.

1) Background: Real estate has entered a new cycle, and urban development has entered the era of urban agglomerations.

China’s population aged 20-50 peaked in 2013, with the ratio of existing housing units to nearly one.

1 The acceleration of the establishment of a long-term real estate mechanism marks a departure from the high-growth stage of the Chinese real estate market and a new era and new cycle of transformation and development.

In the medium to long term, the three major dividends of urbanization, improved housing and urban renewal will support the steady development of China’s real estate market in the future.

From a regional perspective, China has entered the era of urban agglomerations, with prominent regional differentiation, huge differences in urban development potential, and more prominent urban research value.

2) Analysis framework: fundamental analysis trend and market analysis timing.

Fundamental analysis is the core of the research and judgment of urban development potential, and the key lies in the research and judgment of the population. The logical chain is: people follow the industry, industry determines the rise and fall of the city, and location factors such as economies of scale and transportation costs determine the industrial layout.

We focus on the demand-side population status, population potential and purchasing power, as well as supply-side housing stock and land financial dependence on a total of 23 indicators.

On the market side, four short-term indicators, such as the housing price cycle, demand overdraft rate, destocking, and land-price-to-price ratio, are used to determine the heat of the urban market to determine the timing of entry based on fundamental analysis.

Backtesting based on historical data, the accuracy is 75%.

  Fundamentals: Ranking of China’s urban development potential in 2019.

1) Overview of the list: In 2019, Shenzhen, Shanghai, Guangzhou, and Guangzhou ranked among the top 4 in the medium- and long-term development potential list. Among the second-tier cities, Chengdu, Nanjing, Wuhan, Chongqing, Tianjin, Hangzhou, and the top ten residences; 32 cities in the eastern region entered the topFifty, the Yangtze River Delta, the Pearl River Delta region is particularly outstanding; more than 80% of the cities in the Northeast are behind 200.

The top 100 cities use 13% of the country’s land to gather 50% of the population, create 73% of GDP, and account for 62% of the country’s commercial housing sales.

2) Population status: The population continues to gather in big cities, and core cities in the central and western regions have risen.

From a regional perspective, the population is returning to central and western provinces such as Wanchuan, Guiyu, and eastern provinces, such as Guangdong and Zhejiang, and the population has co-existed. The population growth in Beijing, Shanghai, Tianjin, Heiheji, and Liaoning is sluggish or even negative.

From the perspective of the split-line cities, the population continues to flow into the first- and second-tier cities, the third-tier cities’ overall inflows are basically balanced, and the fourth-tier cities continue to pass.

From the perspective of key cities, the population of Shenzhen, Guangzhou, and Hangzhou has increased, and the core cities of Xi’an, Chengdu, and Changsha have risen. The population growth of eastern cities such as Beijing, Shanghai, Tianjin, Suzhou, and Wuxi has increased.

3) Population potential: People follow the industry, and the foundation and potential of the first and second line industries are outstanding.

First and second-tier cities with 25.

5% of the population created 46.

5% of GDP, the potential for population agglomeration is great.

In terms of industrial innovation, the effects of the first- and second-tier cities are significant. The proportion of listed companies and the total number of invention patents authorized account for about 70% and 75%, of which the absolute highlands in Beijing and Shanghai, Hangzhou, Guangzhou, Suzhou, Nanjing, Chengdu, etc.City first.

In terms of transportation location, the number of high-speed railways from the first to the second-tier cities’ transportation hubs is as high as 740 and 149, respectively. The eastern region benefits from physical geography and the first to develop strategic transportation infrastructure.

In terms of public resources, high-quality education in first- and second-tier cities, intensive medical resources, and urban rail transit improve urban operating efficiency.

4) Purchasing power: The absolute purchasing power of first- and second-tier cities is higher, while the relative purchasing power is lower.

At an absolute level, per capita savings deposits in first-tier cities have disposable incomes as high as 11.

5, 6.

60,000 yuan, far higher than other cities.

From a relative level, first-tier, second-tier, third-tier, and fourth-tier cities have house price incomes of 20 respectively.

8, 10.

6, 8.

4, 6.

0 years, but because of insufficient supply in first-tier cities, housing prices are not determined by the median income group, but by high-income groups.
5) Housing supply: Housing supply in first- and second-tier cities is tight, and land finance in second- and third-tier cities is relatively high.

Housing supply in first- and second-tier cities is tight, and the ratio of dwellings is 0.

97, 1.

02. There is excess risk in the Northeast, and the ratio of registered households exceeds 1.

.

1.
In the east and central regions, the financial dependence of land is relatively high, at 57% and 52%, respectively; in second and third-tier cities, it is higher at 64% and 50%, respectively.

  Market: When is the best layout of the top 100 cities in 2019?

1) Overview of the list: Based on the fundamental analysis, the top 100 development potentials are classified into 3 levels based on market conditions. Among them, 15 cities such as Shenbei, Shanghai and Guangzhou are the first grade, and 25 cities such as Chengdu and Wuhan are the second grade. Lanzhou, Xuzhou and other 60 cities are third gear.

2) Volume and price trends: Demand in some third- and fourth-tier cities is clearly overdraft, and transaction volumes in some first- and second-tier cities have picked up, and the market is expected to stabilize.

The housing prices in some first-tier and second-tier cities and surrounding areas that have undergone significant adjustment will gradually stabilize, such as insufficient supply or some growth pressure; the sales volume surged by the monetization of the shed in the early stage, and some third-tier and fourth-tier cities lacking fundamental supportAdjust risk.

3) Destocking: In the western region, fourth-tier cities have higher overall inventory risks.

From the perspective of saleable inventory, in January 2019, the first, second, and third and fourth tier sample cities’ inventory de-removal cycles were 11 respectively.

7, 10.

5, 11.

In four months, third- and fourth-tier cities have risen since the second half of 2018.

From the perspective of generalized inventory, in the western region of 2017, the land digestion cycles of fourth-tier cities were 2 respectively.

5, 2.

1 year.

4) Land acquisition cost: In 2018, the land price and housing price dropped from the overall level, and a few cities were still higher.

In the March 2019 sample of 100 cities, the premium rates for the transaction of residential land in first-tier, second-tier, and third-tier and fourth-tier cities were 4, respectively.

2%, 21.

6%, 21.

4%, of which second-tier cities have been on the rise for 4 consecutive months, and third- and fourth-tier cities have been on the rise for 5 consecutive months.

In 2018, the first-tier, second-tier, third-tier, and fourth-tier cities had land price-to-price ratios of 29%, 25%, 19%, and 13%. Except for the first-tier cities, which increased slightly by one compared with 2017, the second-tier, third-tier, and fourth-tier cities decreased respectively.7, 5, 2 single.

  Embrace urban agglomerations and seize megatrends.

The productivity of the metropolitan agglomeration, led by the central city, saves land and energy, is the main platform to support China’s economic growth and 北京桑拿洗浴保健 development, and is the focus of China’s current and future development.

In 2019, 96 of the top 100 cities with development potential are located in 19 major urban agglomerations, and 54 of them are located in 24 million-level metropolitan areas.

From the perspective of per capita production efficiency, the per capita GDP by size has been decreasing from large to small; cities with more than 10 million people have 14 million GDP per capita, which is 2 to 3 million cities.

One time, about five times that of cities with less than 200,000 people.

At the scale of the urban agglomeration, the core of the 19 urban agglomerations lies in five urban agglomerations, including Beijing, Tianjin and Hebei, the Yangtze River Delta, the Pearl River Delta, the middle reaches of the Yangtze River, and Chengdu and Chongqing.

It is estimated that by 2030, about 80% of China’s 2 billion new urban population will be distributed in 19 urban agglomerations, of which about 60% will be distributed in the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei, the middle reaches of the Yangtze River, Chengdu-Chongqing, Central Plains, ShandongSeven urban agglomerations such as the Peninsula.

At the metropolitan area scale, there are 24 metropolitan areas with more than 10 million people.

7% of the land gathers 33% of the population to create about 54% of GDP. Among them, Shanghai, Beijing, Shenzhen Wanhui, Guangfozhao and other metropolitan areas have obvious development potential.

Outside the metropolitan area, there are still two types of third- and fourth-tier cities that deserve attention: one is the third- and fourth-tier cities where the economic strength of the eastern coastal areas is more prominent, and the other is the distance from the central metropolis, the size of the population in the jurisdiction or hinterland.Large inland regional central cities are located in multiple urban agglomerations.

  The implementation of a real long-term real estate mechanism will help the market develop steadily and healthily, which is also the common expectation of the people, the government, and enterprises.

The key to a long-term mechanism lies in the link between people and land, financial stability, and strategies based on the city.

For cities where housing prices are too high due to continuous population inflows and insufficient land supply, land supply is increased; for cities with excessive population and excessive stock supply due to excessive land supply, land supply is reduced; supply and demand balance is achieved through human-land connection to solve population and landSeparation, supply and demand mismatch caused the first and second tier housing prices are too high, the third and fourth tier inventory is too high.

From the experience of the United States, Britain, Germany, Japan, Hong Kong, Singapore, etc., excessive financial leverage on real estate is the source of risk, and monetary and financial stability is the root cause. To avoid excessive currency issuance, excessive leverage and excessive borrowing by residents, passVarious means such as currency, finance, budget, land, etc., support rigid demand and improvement demand, and restrain throwing demand.

  Risk warning: there is a certain deviation in the model prediction; some indicators have not released the 2018 data, which affects the model estimation; the logic of the tourist city is different from other cities, and the model is not considered separately.
Table 1 Research background and analysis framework: The real estate market has entered an era of balanced and regionally divided urban agglomerations.
1 Research background: Real estate enters a new cycle, and urban development enters the era of urban agglomerations.

2Analysis framework: Fundamental analysis trend, timing of market analysis2 Fundamental: Ranking 2 in China’s urban development potential in 2019.

1Overview of the rankings: Shenzhen North and Shanghai top the list, regional center cities and the Yangtze River Delta Pearl River Delta perform well, and Northeast China lags behind.

2 Population status: The population continues to gather in big cities, and the core cities in the central and western regions rise.

3 Population potential: People follow the industry, the foundation and potential of the first and second line industries are outstanding 2.

4Purchasing power: The absolute purchasing power of first- and second-tier cities is relatively high, and the relative purchasing power is sufficient.

5 Housing supply: housing supply is tight in first- and second-tier cities, and the financial dependency of second- and third-tier land is relatively high. 3 Market: When will the top 100 cities be best in 2019?

  3.

1 Overview of the list: Top 100 development potential 3 points 3.

Volume and price trends: Demand in some third- and fourth-tier cities is clearly overdraft, and transaction volume in some first- and second-tier cities has picked up. Housing prices have stabilized3.

3 Inventory removal: In the western region, the overall inventory risk of fourth-tier cities is relatively high.

4 Cost of land acquisition: Land prices and housing prices have fallen as a whole, and a few cities are still high. 4 Embrace urban agglomerations and grasp the megatrend. 1 Research background and analysis framework: The real estate market has entered a balanced and regionally divided urban agglomeration era.

1 Research background: Real estate enters a new cycle, and urban development enters the era of urban agglomerations. From an overall perspective, the population aged 20-50 peaked in 2013, the demand growth has passed, and the ratio of existing housing units is nearly 1.

1 The acceleration of the establishment of a long-term real estate mechanism marks a departure from the high-growth stage of the Chinese real estate market and a new era and new cycle of transformation and development.

On the demand side, the scale of China ‘s 20-50-year-old main home buyers reached expectations in 2013, with new housing starts in 2011 and 2013 reaching more than 14 billion square meters in double peaks, and 2018 sales of commercial housing reached 14.

800 million square meters, probably the starting point of budget history.

According to the current population development trend, China’s population will peak around 2024. If subsequent fertility is encouraged, the peak time will be repeated up to 2031.

On the supply side, since the reform and opening up in 1978, especially since the housing reform in 1998, Chinese urban residents have basically achieved a historic leap from Tongzilou to residential quarters, from dwellings to basic livables.To 0.

8 rose to close to 1.

1, indicating the end of the era of housing cancellation.

On the policy scale, the real estate planning thinking has undergone a major change, gradually transitioning from a short-term policy to a long-term mechanism construction.

Over the past 20 years, China ‘s actual adjustment target has repeatedly repeated between steady growth and controlling house prices. It has shifted its mindset to focus on restraining demand and increasing supply, focusing on short-term changes to a long-term mechanism, gradually taking measures to reduce administrative burdens, and reducing the increase in housing price adjustment.

In December 2016, the central government clearly defined “the house is used for living, not for speculation”, and began to propose the establishment of a basic system and long-term mechanism to promote substantial and healthy development. The practical ideas gradually moved from short-term policies to long-term effects.The transition of mechanism construction has changed from a game of chess across the country to the policy of the city, and from a commodity attribute to a housing system that highlights the residence attribute.

  In the medium to long term, the three major dividends of urbanization, improved housing and urban renewal will support the steady development of China’s real estate market in the future.

The first is the urbanization bonus.

Urbanization of China’s Permanent Population in 201859.

6%, with an estimated average urbanization level of about 80% and other growth space, and the urbanization rate of the registered population is only 43.

4%, the civic space is even greater.

The second is the living improvement bonus.

At present, the rate of complete sets of urban housing with kitchens and bathrooms is only 85%, and 20% of households live in poor-quality bungalows. The per capita housing area is less than 25 square meters, which is a significant gap from developed economies.

As China ‘s economy continues to grow and incomes increase, and the size of households is becoming smaller, the per capita housing area has increased further.

The third is the urban renewal bonus.

With the growth of the housing stock market, the housing stock is renewed, and the scale of demolition and reconstruction will continue to rise.

Generally speaking, the average annual demand of China’s real estate market will be about 1.1 to 1.3 billion by 2030. Although the demand is large, the scale is still large.

(See the December 2018 report of the Evergrande Research Institute, “Continuation of the traditional cycle, or is the long-term mechanism broken?

— Prospects for the Real Estate Market in 2019》) From a regional perspective, China has entered the era of urban agglomerations, with prominent regional differentiation, huge differences in urban development potential, and more prominent urban research value.

In the era of housing, the development potential of cities is not very different, but in the era of overall housing balance, the development potential of cities is significantly different.

The housing stock ratio is low, the industry is strong, and the population has the potential for alternative development in cities. The housing stock ratio is high, the industry is weak, and the cities with a continuous population lack development potential.

In this context, it is important to judge the development potential of different cities.
From the international and Chinese experience, population migration is divided into two stages: from rural to urban migration, and to the urban agglomeration in the middle and late stages of urbanization.
Although China has proposed to take urban agglomerations as the main form of urbanization since the “11th Five-Year Plan” in 2006, it has clearly promoted the construction of urban agglomerations and started a new type of urbanization construction started in 2014. 19 urban agglomeration plans have been issued successively.

In November 2018, the State Council’s “Opinions on the Establishment of a New Mechanism for a More Effective Regional Coordinated Development” called for the establishment of a central city to lead the development of urban agglomerations, and urban agglomerations to drive a new model of regional development and promote the integration and interactive development of regional plates.

In view of the immature development of most urban agglomerations, the central government takes metropolitan areas with large cities as the core as the breakthrough point and starting point for the construction of urban agglomerations.

In February 2019, the National Development and Reform Commission issued the “Guiding Opinions on Promoting the Development of a Modern Metropolitan Area”, which requires the construction of a one-hour commute circle in the same city direction, marking China’s entry into the era of urban agglomerations.

In fact, in the past few years, housing prices in first-, second-, third-, and fourth-tier cities have clearly differentiated, which is a direct manifestation of the significant differences in urban development potential.

In the first and second tier cities, due to the increase in population, insufficient land supply skyrocketed in 2015-2016; in the third and fourth tier cities, inventory was high for a time, and later, due to destocking policies, it rose sharply in 2017-2018.

1.2Analysis framework: Fundamental analysis trend, market analysis timing Based on the classic framework of “real estate long-term population, medium-term land, short-term finance”, we have 27 indicators from the two dimensions of “fundamental + market”Study the development potential of 336 prefecture-level administrative units in China in 2019 (excluding Sansha), and specifically judge the mid-to-long-term development potential of cities based on fundamentals, and use the market to assist in timing.

  Fundamental analysis is the core of the research and judgment of urban development potential. The key is to judge the population trend. The logical chain is: people follow the industry, and the industrial layout is determined by the location.

First, real estate looks at population for a long time, and population determines demand.

Population is the foundation of all economic and social activities, and it is the fundamental support for the development of the real estate market.

Due to the sharp decline in the number of births, China’s population increased by only 5.3 million in 2018, and the total population will peak in 2024-2031. Each region has gradually entered the era of the population game of population competition.

The fundamental driving force of population migration is the gap between actual income and living standards. The general rule is that people go with the industry and people go higher.

Second, industry determines the rise and fall of cities, industry rises and cities rise, and industry gathers population.

At present, China’s economy has shifted from a high-speed growth stage to a development stage. From the mid-low end of the global value chain to the mid-to-high end, the regional industrial structure has changed significantly.

At the regional level, a large number of manufacturing industries along the eastern coast have been affected by rising costs, and have already moved to the Chinese mainland and Southeast Asia.

From the perspective of urban agglomerations, core cities in developed urban agglomerations are clustering high-end manufacturing and high-end service industries, and general manufacturing is shifted to the surrounding areas. Manufacturing clusters in developing metropolitan areas continue to cluster and develop to core cities, and the general urban industrial structure outside the urban agglomerationPresent low-end manufacturing and low-end service industry.

Third, location determines the industrial layout, and economies of scale and transportation costs determine location.

The industrial layout of enterprises is aimed at maximizing profits, and regional location selection is necessary.

However, location factors are not static, and changes in factors such as economies of scale and transportation costs are included.

The key to the first development of the eastern coastal areas of China is not the policy of opening up first, but the location of the coast is conducive to exports; globally, about 60% of the total economic volume is concentrated within 100 kilometers of the coast.

High-end manufacturing and high-end service industries are clustered in core big cities, mainly due to cost reductions and increased efficiency brought by economies of scale.

  Specifically, we focus on the demand-side population status, population potential, and purchasing power of the population, as well as the supply-side housing stock and land financial dependence on a total of 23 indicators.

Among them, the current status of the population is divided into two dimensions: size and structure, including indicators such as immigrant population, population age structure, urbanization rate, and primary school students.

Based on the basic logic of “people follow the industry, people go higher”, we analyze population potential from four aspects: economic strength, industrial innovation, transportation location and public resources.

In addition to the economic aggregate, we use the economic-population ratio (regional economic aggregate / population ratio) as the overall population attractiveness to reflect the size of the economy, the number of listed companies with A + H shares, and the number of invention patent authorizations to reflect regional advanced industries and innovationAbility to reflect the location of traffic by the number of high-speed rail departures to the end, the density of the highway network, the distance to the central city, the number of college students, the number of practicing (assistant) doctors, and the density of the urban rail transit network of the highway.Medical resources, public transportation and other public resources.

In terms of purchasing power, we focus on absolute levels of per capita savings, human-dominated income, and relative levels of house-to-income ratios.

On the supply side, we focus on two indicators: the ratio of dwelling units and the dependence on land finance; of which, the ratio of dwelling units reflects the overall balance of the existing housing market, and the dependence on land finance reflects the dependence of local governments on real estate and related land transfer preference.

  On the market side, four short-term indicators such as destocking, housing price cycle, demand overdraft rate, and land-price-to-price ratio are used to determine the short-term changes in the urban market to determine the timing and priority of entry based on fundamental analysis.

Some cities even look at the medium and long-term development potential from the basic surface, but if the short-term demand overdraft is severe, the potential will still be developed in the short term.

We use four short-term indicators to reflect the market, including the land digestion cycle, the housing price cycle, the demand overdraft rate, and the land price to housing price ratio.

Due to incomplete data on saleable inventory, we use the general inventory depletion index of the land digestion cycle to reflect the urban house inventory.

The housing price cycle reflects whether urban housing prices are currently in a predetermined position, whether they are growing or falling, and the relevant duration.

The demand overdraft rate is the degree of change between the current growth rate of residential sales area and the growth rate in the past few years. If it deviates from the past average value, it is likely to mean a risk response.

The land price-to-price ratio can roughly reflect the current cost-benefit ratio of real estate companies’ land acquisition, but if there is no introduction of population and industries, regions with low land-price-to-price ratios also lack development potential.

  In addition, most short-term financial indicators have national identity and small regional differences, so the model consideration range is not divided.

Financial policies (interest rates, liquidity growth, credit, down payment ratio, etc.) are not only one of the main tools for macroeconomic transformation in various countries, but also the policy that has the most significant impact on short-term changes in the real estate market.

Housing development and purchase are highly dependent on bank credit support. Policies such as interest rates, down payment ratios, and credit will affect the ability of residents to pay, as well as the developer’s withdrawal of funds and expectations, and the impact on supply and demand changes in the housing market.

  All the data in this article come from public sources, including the national and local statistical bureaus, government public information, Wind, and some real estate professional data agencies.
For some regions or indicators that have not yet released 2018 data, we will use 2017 data instead.
  In terms of data processing, in order to eliminate the dimensional difference of the original data, the “optional-selection” method is adopted for the standardization of the original data.

Among them, for monotonically increasing indicators, linear conversion is 0-100, and for monotonically decreasing indicators, linear conversion is 0-100.

  In terms of weight processing, the analytic hierarchy process is used to set specific index weights from top to bottom, and the weight settings are optimized by back-testing historical data.

In the 2015-2016 data backtest, the accuracy of the model for ranking is 75%, and the goodness of fit to the index is 62%.

  2 Fundamentals: China’s urban development potential ranks second in 2019.

1 List overview: Shenzhen North and Shanghai top the list, regional center cities and the Pearl River Delta in the Yangtze River Delta perform outstandingly, and the Northeast is generally lagging behind. According to GDP, per capita disposable income of urban residents, and the political structure of the city, the country is divided into 337 prefecture-level units and above.It is a city of one, two, three and four, of which Sansha City is not included in the list because of the lack of duplication of public data.

Four first-tier cities include Beijing, Shanghai, Guangzhou and Shenzhen, with GDP of more than 2 trillion in 2018; second-tier cities are municipalities other than first-tier cities, multiple provincial capital cities, planned single cities and GDPs greater than 700 billion and urban residents’ per capita disposable income of 40,000 yuanThere are a small number of developed prefecture-level cities with a total of 35; third-tier cities are a small number of weak provincial capital cities and other prefecture-level units with a GDP of more than 200 billion US dollars; 85 fourth-tier cities are the remaining prefecture-level units with a GDP of less than 200 billion yuan.Each.

  In 2019, Shenbei, Shanghai, Guangzhou, and Guangzhou ranked top 4 in the medium- and long-term development potential list. Among the second-tier cities, Chengdu, Nanjing, Wuhan, Chongqing, Tianjin, and Hangzhou ranked among the top 10; 32 cities in the eastern region entered the top 50, and Northeast China hadOver 80% of the cities are behind 200.
The top 100 cities gather about 50% of the population with 13% of the country’s land and create about 73% of GDP, accounting for about 62% of the country’s commercial housing sales.

Shenzhen has the highest urban development potential, followed by Beijing, Shanghai and Guangzhou.

Among the second-tier cities, Chengdu, Nanjing, Wuhan, Chongqing, Tianjin, and Hangzhou rank among the top 10; Zhengzhou, Changsha, Xi’an, Jinan, Hefei and other provincial capitals, Xiamen, Qingdao and other planned cities, Suzhou, Dongguan, Foshan and other developed citiesTier Cities entered the top 20.

The capital cities of the province except Hohhot, Yinchuan, Xining, and Lhasa all rank in the top 50.

Among the top 50 cities, there are 32 in the eastern region, 6, 8, and 4 in the central, western, and northeast regions, respectively.

Except for municipalities directly under the Central Government, provincial capitals, and cities with separate plans, the top 50 prefecture-level cities are mostly located in the Yangtze River Delta and Pearl River Delta regions, including 8 Yangtze River Delta city clusters, 4 Pearl River Delta city clusters, Haixi city clusters, and Shandong PeninsulaThere are 2 city clusters each.

In terms of different regions, the proportion of cities ranked after 200 in the east, central and western regions is 4 respectively.

6%, 22%, 64.

1%; 30 cities in Northeast China rank behind 200, accounting for 83 of the prefecture-level units in the region.

3%, the development potential is generally lower.

It should be noted that the development potential index synthesized after each index is standardized has only a certain ordinal meaning.

2.

2 Population status: population continues to gather in big cities, the rise of core cities in the central and western regions. From a regional perspective, the current population returns to the central and western provinces such as Wanchuan, Guiyu, and eastern provinces, such as Guangdong and Zhejiang.Population growth is sluggish or even negative.
From the reform and opening up to around 2010, the population moved to export-oriented coastal developed areas on a large scale.

Since 2010, industrial transformation and upgrading in the transitional coastal areas, industrial undertakings in the central and western regions, and the growth of the older generation of migrant workers, some of the population has gradually returned to the central and western regions, and the population growth rate in the eastern region has slowed down, while the population in the northeast region has begun to grow negatively.

The current population return is obvious in Anhui, Sichuan, Guangxi, Henan, Guizhou and other provinces. The average annual increase of the permanent population in Anhui rose from -330,000 in 2000-2010 to 370,000 in 2010-2015, and then increased to 2015-2018.In the year of 600,000, Sichuan rose from -560,000 to 320,000, and then increased to 460,000.

The resident population growth in Guangdong, Zhejiang and other provinces was once significantly offset by the return of population, but the population re-obviously gathered in 2015-2018, with the current average annual increase of 1.66 million and 660,000 respectively.

Jiangsu replaced 520,000 in 2000-2010 from 250,000 in 2010-2015 and 250,000 in 2015-2018. There was no significant improvement. The population agglomeration difference between Jiangsu and Guangdong was similar to the difference in economic development, and the overall economy of the two places began in 2016.Gradually widen.

  From the perspective of the split-line cities, the population continues to flow into the first- and second-tier cities, the third-tier cities’ overall inflows are basically balanced, and the fourth-tier cities continue to pass.

From 1982 to 2017, the average annual growth rate of the first- and second-tier cities was significantly higher than the national average, and the first-tier cities had a higher growth rate, indicating a long-term net inflow of population and a greater concentration in first-tier cities.

Among them, from 1991 to 2000, from 2001 to 2010, and from 2011 to 2017, the average annual growth rate of population in first-tier cities was 3.

9%, 3.

4%, 1.

5%, second-tier cities are 1.

9%, 1.

8% and 1% indicate that the population migration in first- and second-tier cities since 2011 has been vertical but still agglomerated. The reasons for this include Beijing-Shanghai controlling people, aging migrant workers returning, and so on.

In the above three periods, the annual average growth rate of the total population of the third and fourth lines was 0.

63%, 0.

29%, 0.

44%, while the average national population growth rate is 1.

04%, 0.
57%, 0.
52%, indicating that underpopulation has been flowing back since 2011, but that net decline continues.

Among them, the average annual growth rate of population in third-tier cities from 2001 to 2010 and 2011 to 2017 was 0.

50%, 0.

44%, basically unchanged from 0 nationwide.

57%, 0.

52% of the population growth rate; the average annual population growth rate of fourth-tier cities is zero.

14%, 0.

38%, significantly lower than the national average.

  From the perspective of key cities, the population of Shenzhen, Guangzhou, and Hangzhou has increased, and the core cities of Xi’an, Chengdu, Changsha and other central and western cities have started to grow. The population of eastern cities such as Beijing, Shanghai, Tianjin, Suzhou, and Wuxi has grown significantly.

The past two decades have witnessed profound changes in the pattern of urban agglomeration.

Except for Beijing and Shanghai, which have taken the initiative in 2013, other cities have recently been “grabbing people”, but they are different.

From 2000 to 2010, the top five cities with the largest average annual increase in resident population were Shanghai, Beijing, Suzhou, Shenzhen, and Tianjin, with an average annual increase of 66, 61, 37, 34, and 310,000.

From 2010 to 2015, the top five cities with the largest average annual increase in resident population are Tianjin, Beijing, Shanghai, Shenzhen, and Zhengzhou, with an average annual increase of 50, 42, 22, 20, and 180,000.

From 2015 to 2018, the top five cities with the largest average annual increase in resident population were Shenzhen, Guangzhou, Hangzhou, Changsha, and Xi’an, with an average annual increase of 55, 47, 26, 24, and 230,000; Chengdu, Zhengzhou, and Chongqing (mainly(City) The average annual increase of the resident population also exceeds 150,000, while the traditional population agglomeration cities Beijing, Shanghai, Tianjin, Suzhou, and Wuxi have an average annual increase of less than 50,000. Beijing has sustained negative growth for two years from 2017 to 2018, and Tianjin once experienced negative growth in 2017.
  Judging from the household registration situation, there are a large number of immigrants in major cities, and there is a lot of room for localization of the population. The deepening of the reform and transformation of the household registration system will help release part of housing demand.

The central government requires that, with the exception of Beijing and Shanghai, a few megacities, other cities need to open up and settle down restrictions.

At present, the difference between the resident population and the registered population is more than 5 million people. There are 6 cities in Shanghai, Beijing, Shenzhen, Dongguan, Guangzhou, and Tianjin. Among the 2-5 million people, there are 5 cities in Suzhou, Foshan, Wuhan, Zhengzhou, and Ningbo.There are 15 cities with 1 to 2 million people and 18 cities with 500,000 to 1 million people.

The 44 cities mentioned above may be municipalities directly under the Central Government, provincial capitals, and cities with separate plans, or developed cities in the Yangtze River Delta, the Pearl River Delta, and the west side of the Strait.

In recent years, under the background of the reform of the household registration system and the “grabbing war”, the registered population of some large cities has grown rapidly.

In 2018, the registered population of Xi’an, Chengdu, Wuhan and Guangzhou increased by 86 compared with the previous year.

6, 40.

8, 30.

1, 29.

80,000 people, mainly due to the increase in household registration machinery.

2.

3 population potential: people follow the industry, the first and second tier industry foundation and potential highlight the first and second tier cities to 25.

5% of the population created 46.

5% of GDP, the potential for population agglomeration is great.

The current first-tier city is 5.

2% of the population created the country12.

3% of GDP, 20 in second-tier cities.

3% of the population created 34.

With a GDP of 1%, the population share of the third-tier cities and the economic share are basically the same, respectively 33.

9%, 34.

0%, the population expenditure of fourth-tier cities clearly exceeds the economic share, which are 39.

7%, 24.

5% (due to statistical problems, the total regional GDP differs from the national total).

From the perspective of economic-population ratio, in 2017, the number of cities in the first, second, third, and fourth tiers was 2, respectively.

4, 1.
7, 1.
0, 0.

6; From the perspective of the tertiary industry-population ratio excluding the industrial factor, in 2017, the number of first-, second-, third-, and fourth-tier cities was 3 respectively.

2, 1.

7, 0.

8, 0.

5.
From the perspective of economic growth, from 2015 to 2017, the average annual economic growth rate of first-tier, second-tier, third-tier, and fourth-tier cities was 7 respectively.

5%, 7.

9%, 7.

8%, 6.

8%, the fourth-tier economy has a small base, but the growth rate is still weak.

From a regional perspective, the areas with relatively low economic growth in recent years are the areas where water has been squeezed by data such as Liaoning and Shanxi, and remote areas such as Northeast and West, where the economic growth rate is mostly below 6%; while in many central regions, the economic growth rate is 8Between -10%, more than 10% in parts of the southwest.

Generally speaking, the population of the future will continue to converge towards metropolitan areas and regional central cities, and the population of third- and fourth-tier cities will continue to change in the future.

  In terms of industrial innovation, the top effect of first- and second-tier cities is obvious, with absolute highlands in the depths of Beijing, Shanghai, and Hangzhou, Guangzhou, Suzhou, Nanjing, and Chengdu.

The urban difference of industrial innovation is more obvious than the economic strength. This is mainly because innovation requires a high degree of concentration to be more efficient.

Judging from the number of A + H-share listed companies reflecting leading enterprises, Beijing accounts for 10% of the country.

7%, Beijing, Shanghai and Shenzhen combined accounted for 27.

5%, a total of 69 in the first and second tier cities.

9%.

From the perspective of the number of invention patents granted, Beijing has occupied the country’s top 14 because of its advantages in production, education and research resources.

4%, Beijing, Shanghai and Shenzhen accounted for 26 in total.

8%, the proportion of first- and second-tier cities reached 75.

5%.

The third-tier cities that rank relatively high in terms of industrial innovation are mainly Shaoxing, Changzhou, Taizhou, Jiaxing, Zhuhai and other cities in the Yangtze River Delta and the Pearl River Delta.

  In terms of transportation location, the number of high-speed trains at the high-end of the first- and second-tier urban transportation hubs is 740 and 149, respectively. The eastern region benefits from natural geography and the first to develop strategic transportation infrastructure.

From the perspective of physical geography, the eastern coastal areas have the first-mover advantage.

Under the strategy of the first development in the east, the transportation infrastructure such as high-speed rail and expressways has developed rapidly, especially in the Pearl River Delta, Yangtze River Delta, Beijing, Tianjin and Hebei.

From the perspective of high-speed rail accessibility, the average daily high-speed rail services of first-, second-, third-, and fourth-tier cities are 974, 460, 155, and 54; currently, 107 cities have not opened high-speed rails, mainly in the central and western regions.

In terms of the number of trips from the beginning to the end of the high-speed railway day, the average number of first-, second-, third-, and fourth-tier cities is 740, 149, 17, and 6 respectively, of which Guangzhou, Shanghai, Beijing, Shenzhen, Chengdu, Wuhan, Chongqing, Tianjin, Tianjin, Changsha, and Xi’an rank among the top ten in the country.

From the perspective of highways, the difference in road network density between first-tier and second-tier cities and third-tier and fourth-tier cities is still very obvious, which are 1001, 506, 330, and 99 km / 10,000 square kilometers respectively. Fourth-tier cities are only 10% of first-tier cities.

In 2016, the National Development and Reform Commission’s “Medium and Long-term Plan for the Railway Network” required that on the basis of the “four vertical and four horizontal” high-speed railways, a “eight vertical and eight horizontal” main passage be used as a skeleton, regional connection lines be connected, and intercity railways be replaced.High-speed railway network.

Among them, the eight verticals refer to the coastal passage, the Beijing-Shanghai passage, the Beijing-Hong Kong (Taiwan) passage, and Beijing-Harbin?
Beijing-Hong Kong-Macao Channel, Hunan Channel, Beijing-Kunming Channel, Bao (Silver) Sea Channel, Lan (West) -Guangzhou Channel; Baheng refers to Suiman Channel, Jinglan Channel, Qingyin Channel, Along the Yangtze River Channel, Shanghai-Kunming Channel, XiamenChongqing channel, Guangkun channel.

  In terms of public resources, quality education in first- and second-tier cities, intensive medical resources, and urban rail transit improve urban operating efficiency.

Public resources are supporting the development of the industry. High-quality public resources are obviously attractive to the population.

From the perspective of education, municipalities and provincial capitals often have the highest quality primary and secondary school and higher education resources in the region. The number of 985/211 universities in total accounts for 81% of the country, and the number of college students owns 58% of the country;Beijing, Tianjin and Shanghai rank among the top three in the country in terms of a college entrance rate.

From the perspective of medical resources, the number of practicing (assistant) physicians per 1,000 population in the first-, second-, third-, and fourth-tier cities was 3.

2, 3.

1,2.
2, 1.

9, and the quality of medical resources is vastly different, the country’s best quality medical resources are mainly concentrated in first-tier and second-tier cities.
From the perspective of urban rail transit, according to the latest approvals from the official websites of the city subway companies and the Development and Reform Commission, as of March 2019, there were 35 cities with urban rail transit (excluding trams) in the country, and the number of cities that had been approved for non-opening increasedTo 45.

Tier 2 cities in Taiyuan, Hohhot, Nantong, Quanzhou, and Yantai have not yet opened urban rail transit, and Tier 3 cities are currently only open in Wenzhou.

In addition to the three second-tier cities in Taiyuan, Hohhot, and Nantong that have been approved for opening subways, they include seven third-tier cities including Baotou, Xuzhou, Changzhou, Shaoxing, Jinhua, Wuhu, and Luoyang.

2.

4 Purchasing power: The absolute purchasing power of first- and second-tier cities is relatively high, and the relative purchasing power is only the per capita storage of first-tier cities, and the disposable income is as high as 11.

5, 6.

60,000 yuan, far higher than other cities.
Absolute purchasing power is completely disposable income, and should also include per capita savings deposits. Although the current “storage and moving” phenomenon is obvious, it still reflects the relevant situation.

Judging from the per capita savings deposits of urban and rural residents, the number of Tier 1 and Tier 2 cities in 2017 was 11.

5, 6.

60,000 yuan, 4 for third-tier and fourth-tier cities.

1, 3.

20,000 yuan.

From the perspective of disposable income of urban residents, the number of Tier 1 and Tier 2 cities in 2017 was 6.

4,4.

50,000 yuan, third-tier and fourth-tier cities are 3 respectively.

6, 3.

10,000 yuan.

In addition, Baotou, Ordos, Hohhot and other resource-based cities have higher per capita deposits and disposable income.

  First-tier, second-tier, third-tier, and fourth-tier cities have house price incomes of 20 respectively.

8, 10.

6, 8.

4, 6.

0 years; but because of insufficient land supply in first-tier cities, housing prices are not determined by median income people, but by high-income people.

In 2017, first-tier, second-tier, third-tier and fourth-tier cities had house price income of 20 respectively.

8, 10.

6, 8.

4, 6.

In 0 years, the inter-city differentiation was significant, which is consistent with the higher housing price income in other core cities around the world.

Among them, the price-to-income ratio of Beijing, Shanghai and Shenzhen is 26.

5, 22, 21.

4 years; housing prices in second and third-tier cities in Sanya, Xiamen, and Fuzhou are also high, at 31.

2, 24.

2, 21.

For five years, Sanya was a national tourist city, and house prices were mainly affected by the purchase of houses by outsiders.

In principle, in markets where supply and demand are basically balanced, house prices are determined by median income people; in markets where supply is significantly greater than demand, house prices are determined by low-income people; in markets where supply is significantly less than demand, housing is determined by high-income peopleDecide.
Moreover, it is obviously different from foreign countries. Due to cultural differences, there is a “six wallets” phenomenon in Chinese people ‘s house purchase, that is, parents and other children ‘s financial support usually resist each other, which usually deviates from the traditional house income ratio.

However, considering the fact that the indicators and data cannot be better relative to the purchasing power in reality, the ratio of house price to income is still used here.
2.

5 Housing supply: Housing supply in first- and second-tier cities is tight, and financial dependence on land in second- and third-tier cities is high. Housing supply in first- and second-tier cities is tight.
97, 1.

02, there is excess risk in the Northeast, and the ratio of occupants exceeds 1.
.

1.
We reported in November 2018, “China’s Housing Stock Estimation: Surplus or Surplus?

》 Public housing unit ratios of provincial and prefecture-level units in 2017 were published.

By region, in 2017, the ratio of urban occupants in the eastern, central, and western regions, including students and their dormitories, was 0.

99, 1.

05, 1.

03, 1 in Northeast China.

13; The ratio of households excluding students and their dormitories in the eastern, central, and western regions is 1.

02, 1.

09, 1.

08, 1 in Northeast China.

17.

In terms of lines, the occupancy ratio (including students and their dormitories) in the first-, second-, and third- and fourth-tier cities in 2017 was 0.

97, 1.

02, 1.

06. Housing supply in first- and second-tier cities is tight.

Of the 336 prefecture-level units nationwide (excluding Sansha), in 2017, 89 cities had a home ownership ratio of less than 1, accounting for 26.

5%; there are 157 cities with a residential unit ratio of 1.
.

0-1.

Between 1, accounting for 46.

7%; the ratio of households in 72 cities is between 1.

1-1.

Between 2 accounts for 21.

4%; the ratio of households in 18 cities is higher than 1.
.

2, accounting for 5.

4%.

  In the east and central regions, the financial dependence of land is relatively high, which are 57% and 52% respectively; the second- and third-tier cities are 64% and 50%, respectively, which are higher than those of the first- and fourth-tier cities.

To a certain extent, the degree of land financial dependence means that local governments depend on house prices.

In terms of different regions, the land financial dependence (land transfer income / local general public budget income) in the eastern and central regions in the past three years was 57% and 51, respectively.

7%, higher than 31 in the west and northeast.

6%, 19.

4%.

This is due to the relatively weak demand in the west and northeast, and the ability of real estate to stimulate the economy is limited.
In terms of lines, the land financial dependence of second- and third-tier cities in the past three years was 64.

2%, 49.

5%, higher than 42 in first-tier cities.

2% and 35% in fourth-tier cities.

Among them, Shanghai and Shenzhen’s land financial dependence were 25% and 26%, while Beijing and Guangzhou reached 50% and 68%.
Of the 336 prefecture-level units (excluding Sansha) in the country, 16 cities have financial dependence on land greater than 100%, accounting for 4%.

8%; 31 cities are between 70% and 100%, accounting for 9%.

2%; there are 98 cities between 40% -70%, accounting for 29.

2%; there are 191 cities below 40%, accounting for 56.

8%.

3 Market: When will the top 100 cities be best laid out in 2019?

  3.

1 List overview: Top 100 development potentials are divided into 3 levels. Based on fundamental analysis, we have classified the Top 100 Development Potentials into 3 levels based on market conditions. Among them, 15 cities including Shenbei, Shangguang, and Chengdu are listed as first.25 cities are second gear, and Lanzhou, Xuzhou and other 60 cities are third gear.

The market is composed of four indicators: the inventory removal cycle, the demand overdraft rate, the housing price cycle, and the land price to housing price ratio.

We first divided the top 100 cities with three development potentials according to the development potential index, and then analyzed the market-oriented indicators to upgrade the cities with better current market trends, leaving other cities unchanged.

  3.

2 Volume and price trends: Demand in some third and fourth tier cities is clearly overdraft, transaction volume in some first and second tier cities is picking up, and house prices are stabilizing. In the early stage, sales volume surged due to the monetization of the shed, and some third and fourth tier cities lacking fundamental supportDemand overdraft risk.

For example, the sales growth rate of a city in the past 3-5 years has been below 20%. With little change in the fundamentals, the sales growth rate of a certain year has soared to about 50% and above. Such cities have a short-term existence.The risk of overdraft of demand is mainly from the third-tier and fourth-tier cities stimulated by the monetization of the shed reform.

Since 2017, sales of commercial housing in first-tier cities have declined significantly, and second-tier cities have remained basically the same. Third-tier and fourth-tier cities have continued to increase their share of housing by monetization and resettlement.

The sales volume of various tier cities has a rotating characteristic. The sales area of commercial residential buildings in first-tier cities increased by 14% in 2015, 10% and 26% in 2015 in second-tier cities, 26% in 2016, and 22% in third- and fourth-tier cities in 2016 and 2017.%, 13%, some of the third- and fourth-tier cities lacking fundamental support are obviously overdraft.

  From the perspective of the housing price cycle, housing prices in some first-tier and second-tier cities and surrounding areas that have undergone significant adjustments in the early stage will gradually stabilize, such as insufficient supply or some growth pressure.

From historical experience, in the past, housing prices in a large number of cities existed in a small cycle of about three years, rising a period of adjustment and a period of time. Behind the small cycle are changes in real estate, local dependence on land finance, demand release and overdraft.

From 2015 to 2016, housing prices in some cities in the Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta and some provincial capital cities have been in a downturn for more than 2 years. At present, the transaction volume has improved and the market has gradually stabilized.

The first-tier cities include Beijing, Shanghai, Guangzhou and Shenzhen, the second-tier cities include Tianjin, Nanjing, Wuxi, Suzhou, Hangzhou, Jinan, Zhengzhou, Wuhan, Dongguan, etc. The third-tier cities include Langfang, Wenzhou, Jiaxing, Zhuhai, Huizhou, and Zhongshan.Wait.
In some early stages, housing prices have been mainly stimulated by the monetization of the shed reform. At the same time, third- and fourth-tier cities lacking fundamental support have certain adjustment risks.

  3.

3 Inventory removal: In the western region, the overall inventory risk of fourth-tier cities is relatively high. From the perspective of available inventory, the inventory de-removal cycles of the first-tier, second-tier, and third-tier and fourth-tier sample cities in March 2019 were 11.

7, 10.

5, 11.

In four months, the destocking cycle of third- and fourth-tier cities has increased since the second half of 2018.

The availability of saleable commodity housing data is poor, and we selected the sample cities for analysis.

4 cities for first-tier cities: Beijing, Shanghai, Guangzhou, Shenzhen, 16 cities for second-tier cities: Tianjin, Chongqing, Nanjing, Wuhan, Chengdu, Suzhou, Xiamen, Xi’an, Changsha, Ningbo, Fuzhou, Qingdao, Changchun, Hangzhou, Jinan,Nanchang, the third and fourth tier cities selected 9 cities: Xuzhou, Putian, Dongying, Wuhu, Jiaozuo, Nanping, Sanming, Luzhou, Anqing.

Since 2015, thanks to the shed reform monetization policy, the destocking cycle of sales in third- and fourth-tier cities has continued to decline. The lowest period in May-June 2018 is less than 7 months, but it has gradually increased.

In March 2019, the first, second, and third- and fourth-tier cities’ saleable commercial housing de-recycling cycles were 11 respectively.

7, 10.

5 and 11.

4 months.

It should be noted that the inventory de-removal cycle is very sensitive to sales. The sales volume of commodity housing in some cities is currently at historical low levels. Once the transaction is warmed up, the de-recycling cycle will obviously decline.

  From the perspective of general inventory, in the western region, the inventory of fourth-tier cities is relatively high, and the land digestion cycle in 2017 was 2 respectively.

5, 2.
1 year.
In view of different regions, the inventory in the eastern, central and northeast regions continued to improve, and the inventory improvement in the western region was obviously insufficient.

In 2017, the digestion cycle of land in the eastern, central and northeastern regions was all 1.

15-1.

35 years, compared to 2 in the western region.
5 years.

Looking at the dividing line cities, in 2017, the land digestion cycles of first-, second-, third-, and fourth-tier cities were 0.

8, 0.

9, 1.

2, 2.

1.
Although first-tier cities were affected by the tightening of the reorganization started in 930 in 2016 and market sales continued to cool, the land digestion cycle was basically less than 1. The fourth-tier cities had weak sales and continued to increase land supply, and there were still inventory risks.

3.

4 Land acquisition costs: Land prices and housing prices have fallen compared to the overall situation, and a few cities are still relatively high. Recently, land transactions have picked up.

In the 2018 sample of 100 cities, the premium rates for residential land transactions in first-tier, second-tier, and third-tier and fourth-tier cities were 6, respectively.

1%, 12.

5%, 18.

1%, compared with 21 in 2017.

9%, 38.

3%, 45.

3% clearly interfered.

However, from the recent half-year data, land transactions have picked up. In March 2019, the premium rates for residential land transactions in the first-, second-, and third- and fourth-tier cities were four.

2%, 21.

6%, 21.

4%, of which second-tier cities have been on the rise for 4 consecutive months, and third- and fourth-tier cities have been on the rise for 5 consecutive months.

  The land price and housing price ratio have fallen, but the cost of land prices in a few cities is still high.

In 2018, the land price and housing price ratios of first, second, third, and fourth tier cities were 29%, 25%, 19%, and 13% respectively. Except that first-tier cities increased slightly by one compared with 2017, second-, third-, and fourth-tier cities fell by 7 respectively., 5, 2 subdivisions (because the price data for new houses at the prefecture level are incomplete, and the second-hand housing prices are used for analysis, the estimated land price-to-price ratio may be low).

Although the land price and housing price ratios of the various cities are not significantly different, the differences between specific cities are huge.

In addition, the current “price-limit, bid-for-price” land transfer model promoted by some cities has effectively stabilized the price of new homes, but it is easy to cause new homes to be snapped up under insufficient supply.

4 Embracing urban agglomerations and grasping the megatrends Urban agglomerations led by central cities are transforming production efficiency, saving land and energy, and are the main platforms that support China’s economic growth and development, and are the focus of China’s current and future development.

According to the fundamental ranking, 96 of the top 100 cities with development potential in 2019 are located in 19 major urban agglomerations, of which 54 are in 24 million-level metropolitan areas.

In November 2018, the State Council’s “Opinions on the Establishment of a New Mechanism for a More Effective Regional Coordinated Development” called for the establishment of a central city to lead the development of urban agglomerations, and urban agglomerations to drive a new model of regional development and promote the integration and interactive development of regional plates.

Based on the permanent population in the urban area of the Ministry of Housing and Urban-Rural Development, the cities are divided into seven categories: more than 10 million, 5-10 million, 3-5 million, 1- 3 million, 500,000-1 million, 200,000-500,000, and less than 200,000.

From the perspective of per capita production efficiency, the per capita GDP by size has been decreasing from large to small; cities with more than 10 million people have 14 million GDP per capita, which is 2 to 3 million cities.

One time, about five times that of cities with less than 200,000 people.
From the perspective of per capita urban construction land, large cities obviously save more land resources, and the per capita GDP creation by scale shows an increase in scale from large to small. In 2017, the per capita construction land in cities over 1,000 years was only 74.

5 square meters, while cities with 1 to 3 million and below 200,000 are 117 respectively.

3, 135.

5 square meters.

  At the scale of the urban agglomeration, the core of the 19 urban agglomerations lies in five urban agglomerations, including Beijing, Tianjin and Hebei, the Yangtze River Delta, the Pearl River Delta, the middle reaches of the Yangtze River, and Chengdu and Chongqing.
The 2014 National New Urbanization Plan (2014-2020) and the 13th Five-Year Plan require the construction of the Yangtze River Delta, the Pearl River Delta, Beijing-Tianjin-Hebei, the Shandong Peninsula, the west coast of the Strait, Harbin, Central and South Liaoning, Central Plains, and the middle reaches of the Yangtze River19 urban agglomerations, including Chengyu, Guanzhong Plain, Beibu Gulf, central Shanxi, Hubao Eyu, central Guizhou, central Yunnan, Lanzhou-Xining, Ningxia along the Yellow River, and the northern slope of the Tianshan Mountains.

Among them, the Yangtze River Delta, the Pearl River Delta, and the Beijing-Tianjin-Hebei urban agglomerations are the three most mature ones, with 23% of the country’s 5% land area.

3% of the population created 39.

3% of GDP has become the main platform for China’s economic growth and development and participation in international economic cooperation and competition, and has now risen to the national strategy.

In addition to the three major urban agglomerations, Chengdu, Chongqing and Wuhan with Chengdu as the core, the middle reaches of the Yangtze River have the most potential for development.
2% of the land area gathered 15.

5% of the population created 15.

6% of GDP.

Usually it is the Shandong Peninsula, the west coast of the Straits, the Central Plains, the Guanzhong Plain, Hachang, and central and southern Liaoning.

It is estimated that by 2030, about 80% of China’s 2 billion new urban population will be distributed in 19 urban agglomerations, of which about 60% will be distributed in the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei, the middle reaches of the Yangtze River, Chengdu-Chongqing, Central Plains, ShandongSeven major urban agglomerations, such as the Peninsula (see Evergrand Research Institute’s July 2018 report “Migration of China’s Population”).

  In the metropolitan area coefficient, 24 metropolitan areas with a population of 10 million or more are 6.
.

7% of the land gathers 33% of the population to create about 54% of GDP. Among them, Shanghai, Beijing, Shenzhen Wanhui, Guangfozhao and other metropolitan areas have obvious development potential.

The development of the current mainstream urban agglomerations is immature, and the production factors of some core cities are clearly overflowing to the surrounding areas. The central government has taken the metropolitan area with large cities as the core as a breakthrough point and a starting point for the construction of urban agglomerations.

In February 2019, the National Development and Reform Commission issued the Guiding Opinions on Promoting the Development of a Modern Metropolitan Area. This is China’s first central document with the theme of the “Metropolitan Area”, which requires the promotion of the foundations of large cities and surrounding areas for the same city.The integration of facilities, the strengthening of industrial division and collaboration among cities, the acceleration of the construction of a unified and open market, and the promotion of co-construction and sharing of public services, including the creation of a one-hour commute circle based on rail transit.

According to the relevant urban agglomeration plans and relevant local plans, China currently has 10 metropolitan areas with more than 20 million people, including Shanghai, Beijing, Guangfo Zhao, Hangzhou, and Shen Wanhui, and 14 1000 cities such as Chongqing, Qingdao, and Xiaquanzhang.10,000 to 20 million metropolitan areas.

There are 24 10 million-level metropolitan areas nationwide.

7% of the land gathers about 33% of the permanent population and creates about 54% of GDP.

From the perspective of development potential, Shanghai, Beijing, Shenzhen Wanhui, and Guangzhou-Foshan-Zhaozhou metropolitan areas are in front, followed by Su Xichang, Tianjin, Nanjing, Changzhutan, Hangzhou, and Chongqing.

It should be noted that some metropolitan areas overlap, and some Shanghai metropolitan areas and Hangzhou metropolitan areas overlap.

  Outside of the 24 metropolitan areas, there are still two types of third- and fourth-tier cities that deserve attention: the first group is third- and fourth-tier cities with outstanding economic strength in the eastern region, many of which are located inside urban agglomerations, such as Wenzhou, Zhuhai, Zhongshan, and Xuzhou, Haikou, Jinhua, Tangshan, Taizhou, Baoding, Weihai, etc.

Zhuhai, Zhongshan is the central city on the west bank of the Pearl River Estuary, with a population of 958 at the end of 2017.

70,000, is expected to become the next million-level metropolis.

Wenzhou, a coastal industrial and trade city with a developed coastal economy in Weihai; Tangshan and Baoding are located in the “Beijing, Tang and Qin” and “Beijing Baoshi” industrial development belts in the “three axes” of the Beijing-Tianjin-Hebei coordinated development space layout.

The only city in this category that is not in the 19 largest urban agglomerations is Xuzhou, the central city of the Huaihai Economic Zone.

In the “Huaihe Ecological Economic Belt Development Plan” of the National Development and Reform Commission in 2018, the “Huaihai Economic Zone in the North” part of the National Development and Reform Commission clearly stated: “Efforts should be made to improve the radiation-driven capacity of the central city of Xuzhou, and play the role of the eastern starting point of the Lianyungang New Asia-Europe Continental Bridge Economic Corridor and the land-sea interchange hub.And promote the coordinated development of the Huaihai Economic Zone “, and is defined as the Huaihai Economic Zone including Xuzhou as the core of 3 provinces and 10 cities, with an area of 8.
.

90,000 square kilometers.

  The second category is the central and western regional central cities that are far away from the central big cities and have large population in the jurisdiction or hinterland, such as Luoyang, Baotou, Yinchuan, Ordos, Yueyang, Mianyang, Hengyang, Anyang, Guangan, Suining, Liuzhou, NanyangEtc. Most are also located in urban agglomerations.

Among them, Yinchuan is the provincial capital, Luoyang, Baotou, Ordos, Yueyang, Hengyang, Liuzhou, and Nanyang are the provincial sub-central cities of the province.

In addition, Yichang, Changde, Zunyi, Xiangyang, Ganzhou and other local central cities currently do not have one of the top 100 cities with development potential, but in the long run it is still sufficient for certain development potential.

  Source: Zeping Macro Articles: Ren Zeping, Evergrande Research Institute, Xiong Chai, Yan Kai, Li Zhenhui, Bai Xuesong Interns Jiang Wenkun, Gu Caixin, Xu Zheng, etc. have contributed here

Gree Electric (000651) Annual Report Comments: Dividend Rate Recovers Nearly 50%, Continues to Continue and Raises Expectations

Gree Electric (000651) Annual Report Comments: Dividend Rate Recovers Nearly 50%, Continues to Continue and Raises Expectations

Leading revenues have been increasing overall, maintaining the “Buy” rating. On April 28, 2019, the company disclosed its 2018 annual report, which was in line with expectations. The total operating income in 2018 was 2000.

2.4 billion, +33 per year.

33%, net profit attributable to mother 262.

03 trillion, +16 a year.

97%, net profit after deduction 杭州夜生活网 is +20.

83%.

The company intends to distribute a cash dividend of 15 yuan for every 10 shares to all shareholders (the company’s mid-2018 dividend is 36.

09 million yuan, the annual report 2018 dividends of 90.

24 ppm with a 10-year dividend payout ratio of 48.

twenty one%).

We expect the company’s EPS to be 5 in 2019-2021.

06, 5.

97, 7.

07 yuan, maintaining the company’s “Buy” rating.

The company’s main product power, channel power and brand power continue to lead, and its revenue has maintained rapid growth. The company’s total operating income in 2018 was 2000.

24 ppm, +33 a year.

33%.

Among them, 2018Q4 total revenue was 499.

74 trillion, +31 ten years ago.

53%.

In terms of products in 2018, the air-conditioning business revenue was 1556.

820,000 yuan, +26 a year.

15% (According 杭州桑拿 to industry online data, the company’s total sales of air conditioners in 2018 +7.

3%.

Among them, domestic sales +3.

4%, export +18.

8%.

The total market share reached 32.

8%, 0 per year.

3PCT), income from household electrical appliances business 37.

940 thousand yuan, ten years +64.

90%, smart equipment income 31.

09 million yuan, +46 for ten years.

19%.

By region, the main domestic revenue was 1483.

2.3 billion, +30 a year.

46%, overseas main income 222.

70 trillion, +20 for ten years.42%.

The price of raw materials is running at a high level, depreciation is accelerating, and the gross profit margin is under pressure. The price of raw materials has remained high in 2018. At the same time, the company replaced some fixed asset depreciation periods in 2018, and the gross margin level has declined.

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

89% every year -2.

74PCT.

Among them, in the fourth quarter of 2018, the gross profit margin was 31.

22% per year -7.

00PCT.

In terms of products, the gross profit margin of the air-conditioning business was 36.

48% every year -0.

59PCT, gross margin of household appliances is 18.

23% per year -2.

42PCT, gross margin of smart equipment business is 6.

48%, ten years +0.

63%.

In terms of different regions, the main domestic gross profit margin was 37.

23% per year -2.

68PCT, overseas main gross margin level is 13.

34%, ten years +2.

81PCT.

Strengthen sales control and reduce the sales expense ratio, increase the value of employees’ remuneration, and manage the R & D expense ratio.

45%, a year -1.

66PCT, “gross profit margin-sales expense ratio” is 21.

44%, down by 1 every year.

09PCT.

At the same time, the company increased employee compensation, increased depreciation stalls, etc., and the management and R & D expense ratio continued to increase, of which the management expense ratio reached 2.

18%, ten years +0.

54PCT, R & D expense ratio reached 3.

49%, ten years +1.

08PCT.

At the same time, due to exchange rate fluctuations, the company’s exchange losses and gains decreased by 13.

$ 7.5 billion with a budgeted financial cost of -9.

4.8 billion.

In 2018, the company achieved net profit of 262.

03 trillion, +16 a year.

97%, of which, in 2018Q4, net profit attributable to mother was 50.

840,000 yuan, at least -26.

75%.

The leader maintains its advantage and is optimistic about future growth. We predict that the company’s EPS for 2019-2021 will be 5.

06, 5.97, 7.

07 yuan, the average PE of the reference industry in 2019 is 12.

70 times.

Considering 1) the governance structure or improvement, the company is expected to accelerate the development of integration leader.

2) The dividend rate has recovered to nearly 50%, which is expected to further repair the company’s assessment.

3) MSCI’s increase in the A-share segmentation factor and foreign expectations of replacement have driven the company’s expectations.

4) Compared with the three major white power companies, Gree PE TTM estimates that it is expected to be restored to the 14-16X range in the future. If new shareholders in the future have significantly improved the company’s business synergy, the company’s size may be further increased.

Recognition given to the company 14 in 2019?
16xPE estimates, corresponding to a target price of 70.

84?
80.

96 yuan / share, maintain “Buy” rating.

Risk Warning: Foreign exchange inflow is lower than expected.

Macroeconomic downturn.

Land impact may exceed expectations.

Moutai, Guizhou (600519): The Model of Value Does Not Change

Moutai, Guizhou (600519): The Model of Value Does Not Change
The main points of the 重庆耍耍网 report are the events described in Guizhou Moutai’s annual report for 2018: roughly 771 total operating income.99 ppm, an increase of 26 in ten years.43%, net profit attributable to mother 352.40,000 yuan, an increase of 30% in ten years; of which total operating income of Q4 was 222.30 ppm, an increase of 34 per year.12%, net profit attributable to mother 104.70 ppm, an increase of 47 per year.56%. Event comment: The volume and price of Moutai liquor are rising at a rapid rate, and the increase in series of wine prices has gradually become a new growth pole: the company achieved Moutai wine sales in 20183.25 for the first time, growing by 7 per year.48%, realized sales income of 654.870,000 yuan, an increase of 24 in ten years.99%, of which the leading product Feitian Maotai raised the price by about 18% at the end of 17th, which 夜来香体验网 has a conductive contribution to income elasticity.It is expected that through the continuous upgrade of the product structure of Moutai liquor and the increase in the proportion of direct sales, the average price of Moutai liquor can still increase space.Series of wine sales in 2018 2.98 for the first time, at least slightly down to 0.43%, realized sales income of 80.770,000 yuan, benefiting from the contribution of price increases and structural upgrades, an annual increase of 39.88%.The increase in revenue of Moutai series of wines achieved without a gradual increase last year. This year, we will adhere to the four major projects of “building a network, grasping display, engaging in tasting, and branding”, and continue to enter the 10 billion club without increasing the increase. Net operating cash flow increased, and advance accounts increased year by year: the actual net cash flow from operating activities was 413.850,000 yuan, a sharp increase of 86.81%, mainly benefited from the increase in sales and average prices.Advance receipts increased for two consecutive quarters, and advance receipts reached 135 in the fourth quarter.7.7 billion, an increase of 24 from the previous month.09 million yuan, mainly due to dealers in advance payment. Benefiting from price increases and structural upgrades, gross profit margin improved and profits grew faster than revenue growth: Benefiting from price increases and structural upgrades, the company’s overall gross profit margin reached 91.6%, increase by 1 every year.28pct; long-term cost rate 10.3%, a decline of 2 per year.27pct, in which the sales expense ratio, management expenses (including research and development expenses) ratio, and financial expense ratio were changed by -1.56 points, -0.8 pcs, 0 pcs, 09 pct, the sales tax and the proportion of the additional rose by 0.86 points to 14.6%.The company’s net profit attributable to its mother reached 352.40,000 yuan, an increase of 30% in ten years, profit growth faster than income growth, net interest rate reached 45.60%, increase by 1 every year.25 points. The branding trend has not changed, and we continue to be optimistic about the steady growth of Moutai’s performance.We believe that the future growth of the liquor industry will be driven by consumption upgrades and increased concentration. Branding is still the main theme. As an absolute leader in the industry, Moutai is also the biggest beneficiary of brand dividends, and its long-term steady growth can be expected.We expect the EPS for 2019/2020 to be 33.$ 02/39.31 yuan, corresponding to PE is 24 times / 21 times, maintaining the “buy” level. Risk Warning: 1. The volume of direct sales channels was less than expected; 2. Liquor consumption tax adjustment and other policy risks.

Changan Automobile (000625): Changan Ford’s retail volume continues to grow sequentially and continues to grow

Changan Automobile (000625): Changan Ford’s retail volume continues to grow sequentially and continues to grow
Core point of view Changan Ford’s wholesale sales have decreased, the retail side has improved significantly, and the sales volume of the new Focus has increased.  Changan Ford sold 1 in August.480,000, 38 in the past.3%; cumulative sales from January to August 10.800,000, at least 60 in ten years.8%.From the retail point of view, Changan Ford sales reached 2 in August.140,000 vehicles, an increase of more than 30% from the previous month; sales of major models all increased sequentially, of which the sales of the new Focus increased by more than 60% from the previous month.It is expected that the new Focus Active, Sharp ST / ST-Line and Taurus will further promote sales in September.Corsair, Lincoln’s first domestic SUV, accelerated its landing.As the sales of new models of Changan Ford gradually expand, it is expected that sales will improve month-on-month in 9 months; after the new Lincoln models are launched, sales will be further improved.  Changan Mazda sales decline, the new Mazda 3 starts pre-sale.Changan Mazda sold 1 in August.30,000 vehicles, 20 in the past ten years.4%; cumulative sales from January to August 8.300,000, 26 in the past ten years.5%.From a retail perspective, Changan Mazda sold 10,000 units in August, with cumulative sales of 8 from January to August.720,000 vehicles.At the recent Chengdu Auto Show, the new generation of Mazda 3 Angkor Silla started pre-sale. It is expected to be officially listed at the end of September. After the new Mazda 3 is launched, it will promote the long-term sales of Changma.  Changan’s independent sales are growing, and new models such as CS75 PLUS are expected to drive sales growth.Changan autonomous sales in August 5.720,000 vehicles, an annual increase of 7.8%, the growth rate increased by 6.9 units.From the retail point of view, Changan sold 5 independently in August.09 million vehicles, an annual increase of 7.3%; cumulative sales from January to August of 45.840,000 vehicles, previously 18 per year.3%.Among them, Changan CS75 retail sales reached 1 in August.200,000 units, an increase of 55 in ten years.7%; sales from January to August 8.450,000 vehicles, at least twice a year.4%.At the Chengdu Auto Show, the new SUV model CS75 PLUS of Changan’s own brand was launched, which is expected to become another hot-selling product that comes with Changan; the Auchan X7 and Changan Auchan’s new models also appeared at the auto show.With the launch of CS75PLUS and other targeted models that improve product competitiveness, it will drive independent sales growth.  Financial forecast and investment advice: The forecast for 2019-2021 is 0.14, 0.87, 1.16 yuan, due to the company’s expectations, we use PB for estimation.Comparable companies have an average PB of 1 in 19 years.About 1 times, the company will be given PB1 in 2019.1x estimate, target price 10.74 yuan, maintain BUY rating.  Risk warning: Changan Ford sales volume is lower than expected risk, Changan Mazda sales 杭州夜网论坛 volume is lower than expected risk, Changan independent brand sales volume is lower than expected risk.

GF strategy: A-shares will meet rising risks

GF strategy: A-shares will meet rising risks

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

  Original title:[Guangfa Strategy]Risk Appetite Takes Over “Discount Rate Bull Market”-Five Minutes on the Weekend (February Issue 4) Source: GF Strategy Research Dai Kang (Jin Qilin Analyst) Zheng Kai (Jin Qilin Analyst)) Summary of the report ● The discount rate is driving the slowdown of the financial supply side, and 12 reports in the beginning of the year continue to recommend the growth of technology.

At the beginning of 19, we proposed that the discount rate would drive down the “financial supply side slow bull” of A shares. In the report before the opening of the Spring Festival, after the outbreak of the epidemic, “the core logic in the next stage will switch to a more friendly change in the denominator”The value of the A-shares has exceeded 1 trillion. The turnover of the A-shares in the last two rounds broke through the center and exceeded 1 trillion. They appeared at the end of November 2014 (the surge in December) and the end of February 19 (March Zhongyang).Interest rate + risk premium) driven downward.

  ● How to interpret the “discount rate bull market” in 14-15?

— Interest rates led the way, and risk appetite took over.

  Stage one, 14.

1-14.

11 The risk-free interest rate fell by 110BP, with a loose margin; 14.

11-15.

6. The risk-free interest rate center is flat while the index doubles, and the risk expectation value.

The characteristics of the risk preference relay: ① Residents and leveraged funds entered the market frantically, and fund issuance was hot.

② The volume of M & A and restructuring on the ChiNext has opened up a space for performance imagination.

③ Changes in the rising structure of the stock market, which value “forward space, long-term performance” is better than “spot performance”, and the company with a higher “next year profit forecast” factor outperforms.

  ● In 19 years, the “discount rate slow cow” was opened — interest rates led the downward trend, but the risk appetite was “owed to the east wind.”

  The difference between the “financial supply-side slow bull”: ① “flooding floods” are difficult to reproduce, and the interest rate center is slowly moving downwards; ② financial supply-side reform is to find a balance between “prevention of risks” and “prevention of risks to deal with risks” and replaceRepeatedly, risk appetite is only gradually repaired.

Therefore, the overall improvement of risk appetite in the early stage of 19 “is still owing to Dongfeng”: ① the two conditions for residents to enter the market only triggered one of them, and the lack of a “money-making effect” in the initial period of the securities transfer from bear to bull;The size of GEM mergers and acquisitions is still not high. ③ The growth structure of the stock market has changed (technological growth has begun to manifest), but it is still dominated by consumption-aware varieties (consumption).

  ● At present, A-shares will usher in a drive for increased risk appetite, and logic and investment opportunities will change accordingly.

  The discount rate consists of two parts: interest rate and risk appetite.

Looseness has become a consensus in the market. Residents must meet two conditions to enter the market (the actual interest rate is lower and lower, and the money-making effect). The money-making effect is basically satisfied. It is close to November 2014, which is better than the beginning of 19. The increase in market risk appetite will drive a new roundResidents enter the market, and refinancing is loose. The change in the stock market’s rising structure is also confirmed from the side.

  ● Continue to be bullish, “forward performance” is better than “spot performance”, and technological growth is from “hard” and “soft”.

  Last week’s quarterly 19Q4 cargo policy report and Politburo meeting (“Prudent monetary policy needs to be more flexible and moderate” and “more”), the market no longer needs to doubt the loose tone of Q1, and the “financial supply side slow bull” driven by the downward discount rate is currentlyThe driving force of more meaningful risk expectations, forward performance is more important than current performance, and continues to be optimistic about the growth of technology.

Continue to configure: (1) consumer electronics, panel, LED, new energy vehicle theme; (2) high-definition video, games, cloud office, medical information (see 2.

18 “Embracing the Third Scenario Revolution in the World”); new recommendations (3) brokerage firms (including financial IT).

  ● Core hypothetical risks: Repeated epidemic control, economic growth exceeding expectations, and overseas uncertainty.

  The core text of the report 1 Express delivery (1) At the beginning of 19, we proposed that the discount rate would drive down the A-share “financial supply side slow bulls”. This week ‘s A-share turnover exceeded three trillion yuan for the third consecutive day.The upward over trillions appeared at the end of November 2014 and the end of February 19, respectively, both driven by the downward trend of the discount rate (interest rate + risk premium).

Our report before the opening of the Spring Festival proposed that after the epidemic shock, “the core logic will switch to a more friendly change in the denominator in the next stage. Historical experience shows that event shocks do not have a trend effect on the stock market. The deterioration of the epidemic damages the discount rate and drives the financial supply side down.”Slow Cow’s Main Logic”, since the beginning of the year, we have continued to recommend 12 technology core growth reports—1.

12 “Down with a discount rate to increase the” Winter Warmth “” prompts “Down to increase the discount rate.”

19 “Why the New Year’s Market Turns to Technological Growth” prompts that “adequate interbank liquidity will strengthen the three-factor resonance of technology growth stocks”; 2.

2 “03 is a mirror, more thinking than re-engraving history” prompts “It is recommended to use the opportunity of risk reduction and liquidity staged discounts to allocate technological growth”;

5 “The bottom is now” prompts “Seize the opportunity of oversold rebound and continue to recommend the growth of technology.”

In the process, we also released a series of special reports, focusing on new energy vehicles and 5G to continuously recommend investment opportunities in the technology growth segment.

This week’s blockbuster “Scenario Revolution” kicks off. Two reports provide an in-depth analysis of “embracing the third scenario revolution in the world.”

We recommend that investors pay attention to the gradual progress of the investment guide, and the logic of technology development from “hard” and “soft”.

  This week, the total A transaction volume has broken through trillions. The last two rounds of A-share transaction volume broke through the center and surpassed the trillions. At the end of November 2014 (the surge in December) and the end of February 19 (March Zhongyang), exactlyBoth are driven downward by the discount rate (interest rate + risk premium), and we analyze and compare the corresponding scenarios.

  (B) how to interpret the classic “discount rate bull market” in 14-15 years?

-Interest rate led the way, risk appetite took over.

  The 14-15 year “discount rate bull market” (looseness + wind bias increase) is no stranger, and more and more investors compare the current technology stock market with it.

The market can be roughly divided into two phases: Phase I, the growth of January-November 2014, and the downward interest rate; and from December 2014 to June 15, the interest rate center remained flat, and the risks went up.In the first stage, from January to the end of November 2014, under the loose stimulus, the risk-free interest rate went from 4.

6% interest rate 3.

At this stage, Fengquan A will gradually increase by 37%, leading the sector to increase by 50-60% (military industry, computers, and brokers); in the second stage, the high point in December 2014 to June 15 will be no longer the risk-free interest rate centerContinue to fall, interest rates from 3.

5% to 3.

At this time, the growth rate of Fengquan A reached an alarming 125%. It can be seen that the downward trend of the discount rate has significantly increased the positioning range from risk. The leading sector has moved from construction and non-silver to TMT, and the interval income has exceeded 150% (computer, construction, Media, textile clothing), among which the outstanding performance of the construction and textile clothing sector are not the logic of the industry itself, but driven by the theme of “1 Belt and 1 Road” and “Internet +”.

  How to enter the second stage with a reasonable discount rate?

What are the characteristics of “risk appetite relay”?

① Residents enter the market, and the issuance of funds is hot.

Residents opened new A-share accounts, the balance of the two financings, and the amount of bank transfers began to increase sharply in November 2014, indicating that incremental funds such as residents and leverage have begun to enter the market; the Xinfa Fund was hot, from December 2014 to June 15The average new common stock + hybrid fund share reached as high as 150 billion yuan per month over the 7-month period (compared to a monthly average of only 10 billion yuan between November 13 and November 2014).

② M & A and restructuring volume, opening up performance imagination space.

In the second half of 2014, the M & A and reorganization policy was further relaxed. In October, the CSRC issued two consecutive documents to support M & A and reorganization. GEM mergers and acquisitions significantly increased: 15-year Q1-Q2 GEM mergers and acquisitions exceeded the growth rate of more than 200%, and the average quarterly M & A size exceeded300 billion, the previous 14-year average doubled.

③ Changes in the rising structure of the stock market, the market valued “forward performance, long-term space” rather than “immediate performance”.

The gap between small market capitalization and large market capitalization companies has further widened, and the theme is active (state-owned enterprise reform, 1 Belt and 1 Road, Internet +). Among the stock market factors, companies with higher “next year profit forecasts” have an advantage, meaning that the market is valued “far””Period performance”, textile services, light industry and other only cross-border mergers and acquisitions brought “vision space” stocks and industries began to lead.

  (3) The “discount rate bull market” in the early 19th was bumpy-interest rates went down, but the risk appetite was “not yet in the east”.

  Early 19th global risk-on (see 1.

6 “Global Risks-On, A-shares spring restlessness starts”). As you can see, global tightening has shifted to easing + risk transfer to promote the decline in joint participation discount rate, and then we propose that the “financial supply side slow bull” is opened.

Understand the difference between the “financial supply-side slow bull” opened in 19 years and the 14-15 discount rate bull market: ① The “flooding flood” under financial supply-side reforms does not reappear, and the interest rate center slowly moves downward; ② risk substitution instead of “take over””The financial supply-side reform is to find a balance between” prevention of risks “and” prevention of risks to deal with risks “. Repeatedly, the risks can only be gradually repaired.

  Therefore, the three characteristics when the height of the increased risk in early 19 and 14-15 years are called “still owed to the east wind”: ①The two conditions for residents to enter the market only trigger one of them, and there is still a lack of a “make money effect”.The two conditions are “reduction in the real interest rate of the residential sector” and “profit effect of the stock market”. The former condition was met at the beginning of 19, but the other conditions did not exist yet, and the stock market was still at the starting point of a new round of bull and bull switch.

② The tightening of M & A and restructuring has eased, but the scale of GEM M & A is still not high.

In the fourth quarter of 2018, the strict restrictions on mergers and acquisitions and reorganization of the Securities Regulatory Commission began to loosen, but the size of the Q1 GEM M & A was still low.

③ The rising structure of the stock market has changed, but it is still dominated by the current performance.

In the first quarter of 19G, semiconductors, livestock and poultry breeding, which focused on long-term performance, began to grow, but industries with more definite current results such as liquor and white electricity still dominated.

  (IV) We recommend that the current logic and investment opportunities may be progressively changed. It is still a “slow bull on the financial supply side” where the discount rate is down. However, unlike in early 19th, after the consensus on loose expectations is basically formed, the market is veryMay be ushered in another driving force-increased market risk appetite!

  First, “looseness” has become a market consensus.

According to the 19Q4 air cargo government affairs report released last week (strengthening counter-cyclical adjustments and increasing credit support for epidemic prevention and control), this week ‘s Politburo meeting (“Prudent monetary policy needs to be more flexible and appropriate” adds the word “more”), Both indicate that 20Q1 can still maintain optimistic expectations on currency and credit.

  In fact, increasing market risk appetite will drive a new round of residents entering the market.

Residents must meet two conditions to enter the market (the actual interest rate goes down and the profit-making effect is low). At present, it is basically met, which is similar to the end of 14 and better than the beginning of 19.

The refinancing is loose, and the changes in the rising structure of the stock market have also been confirmed from the side.

The two conditions for residents to enter the market are basically met. Condition one. Historically, residents of several scales need to enter the market with real interest rates continuously falling for more than one year. In 2020, the real interest rate of the residential sector will fall by more than one year and reduce negative numbers.”Make Money Effect”.

After more than a year of “financial supply-side slow bulls”, the stock market’s money-making effect has been more significant since 19 years. The increase rate of Wonderful A conversion has exceeded 40%, which is close to 50% from January to November of 2014.The recovery from the bear market is obviously better. From the perspective of the new fund issuance scale, the current scale of residents ‘capital entering the market, if the future rises from risk to a growing market, the breadth of the market is expected to continue to break through with the promotion of residents’ capital entering the market.

In addition, other indicators of increased risk appetite are also more significant than in early 19th.

First, the new rules for refinancing are more relaxed than at the beginning of 19 (see 2).

16 “Impact of the Dingzeng Spring on the Capital Market”), although it is weaker than the M & A drivers in 13-15 years, the regulatory easing is still a hotbed of active M & A. Second, there has been some change in the growth 四川耍耍网 structure of the stock market since 2020.

“Visionary space” such as military industry, semiconductor design, and new energy vehicle industry chain is stronger than “immediate performance”.

  (5) Risk appetite for the bull market driven by the “declining discount rate”, how should the stock selection idea respond?

The market looks at “forward performance” over “spot performance”, which is why we are at 2.

18 began to recommend “embracing the third scene revolution in the world”.

For about 14 to 15 years, the market expected to enter the risk market places more emphasis on “vision space” and “forward performance”. Therefore, the growth of science and technology is accompanied by other styles, and the “application scenario” within the growth of technology replaces hardware equipment.

We launched the heavy recommendation series “Embracing the Third Scenario Revolution in the World” this week, which is also based on the change in investment thinking brought by the increase in risk appetite.

The global scene revolution has transformed into the route era of the “PC Internet scene revolution era-mobile internet scene revolution era”, and 5G will bring “the Internet of Everything scene revolution era”.How to grasp the rhythm under the idea of “scene revolution”?

One method is to grasp the big investment rhythm of application scenarios according to “eMBB-uRLLC-mMTC”. This year’s achievements are the first to achieve high-definition video, cloud games, online education, AR, etc.

The second method is to grasp the rhythm of revolutionary investment in staged scenarios based on six categories of catalysts; how to score various scenarios?

According to the order of 5G application landing, profit expectations, estimated levels, and fund allocation, the first grade: high-definition video, online education, cloud games.

Second gear: AR / VR, cloud office, connected car / autonomous driving.

Third level: telemedicine / medical information technology, industrial internet (see 2 for details).

18 “Scene Revolution” series one or two).

  (6) Continue to be bullish, and the growth of science and technology is from “hard” and “soft”.

The “financial supply-side slow bull” driven by the downward discount rate should pay more attention to the driving force of increasing risk appetite. Long-term performance is more important than current performance, and it continues to be optimistic about the growth of technology.

According to the 19Q4 Air Cargo Policy Report and Politburo meeting released last week (“prudent monetary policy needs to be more flexible and moderate” and the word “more” is added), the market no longer needs to doubt the loose tone of Q1. We have emphasized the looseness over the past yearThe driving market has gradually become the consensus of the market after the impact of the NCP epidemic, and investors may have increased risk. The residents ‘driving force to enter the market is far from sufficient, which is reflected in the trillion-dollar turnover in only three days and the sensitivity to transaction volume.Of brokerage stocks have not yet reached a new high for the current round (financial IT stocks have already performed well).

According to the risk appetite for improving investment ideas, we should pay more attention to the logic of long-term performance. We recommend that technology be gradually changed from “hard” to “soft”. We continue to recommend the “scenario revolution” of 5G applications.

Continue to configure: (1) consumer electronics, panel, LED, new energy vehicle themes; (2) high-definition video, games, cloud office, medical information; supplementary recommendations (3) brokerage companies (including financial IT).

  2 Important changes this week 2.

1 Real estate demand downstream of the Meso industry: Wind30 large and medium-sized city transaction data show that on February 21, 2020, the real estate transaction area of 30 large and medium-sized cities gradually decreased by 35.

78%, about -28 last week.

48% continued to decline, and the real estate transaction area of 30 large and medium-sized cities fell 90% month-on-month.

26%, a monthly decrease of 79.

08%, up 173 from the previous week.

40%.

  Automobile: According to the data of the Federation of Passenger Unions, the retail sales of passenger cars increased by 34% in the third week of February 2020, citing a slight decrease of 40% last week.

  Midstream steel manufacturing: The average price of steel prices fell this week, and the rebar price index fell by 1 this week.

68% to 3608.

49 yuan / ton, the price index of cold rolled steel fell by 1.

64% to 4204.

28 yuan / ton.

As of February 21, the rebar futures closed at 3,485 yuan / ton, an increase of 2 from February 14.
.

56%.

According to the data of Iron and Steel Network, the average daily output of crude steel from key iron and steel enterprises in early February was 193.

In 94 months, it was down by 2 from the end of January.

68%.

  Cement: National High Standard 42.

5The average price of cement dropped by 0 from last week.

36% to 458.

2 yuan / ton.

Among them, the average price in East China dropped by 0 from last week.

54% to 530.

71 yuan / ton, the Central South area fell 0.

98% to 503.

33 yuan / ton, North China remained unchanged at 445.
0 yuan / ton.
  Chemical industry: Domestic urea rose 2.

02% to 1720.

00 yuan / ton, light soda ash (East China) remained unchanged at 1500.

00 yuan / ton, PVC (acetylene method) fell 1.

82% to 6262.

00 yuan / ton, polyester filament (POY) fell 0.

10% to 7100.

00 yuan / ton, styrene butadiene rubber fell 3.

23% to 10057.

00 yuan / ton, pure MDI stabilized at 15,550.

00 yuan / ton, the international chemical prices, international ethylene fell 3.

30% to 732.

00 US dollars / ton, the international pure benzene stabilized at 731.

50 US dollars / ton, international urea rose 3.

33% to 217.

00 USD / ton.

  Excavator: In January, the sales volume of the company’s excavator was 9,942 units, compared with the 20155 unit in December last year, which decreased by 15 each year.

40%.

  Upstream resources coal and iron ore: This week’s iron ore prices have fallen, iron ore stocks have fallen, coal prices have risen, and coal stocks have increased.

The average domestic iron ore price fell by 1.

73% to 745.

58 yuan / ton, Taiyuan Gujiao car plate price including tax stabilized at 1440.

00 yuan / ton, Qinhuangdao Shanxi mixed outstanding liquidation 5500 prices rose 1 this week.

10% to 570.

40 yuan / ton; in terms of inventory, Qinhuangdao coal inventory increased by 12 this week.

31% to 520.

In April, the port’s iron ore inventory decreased by zero.

60% to 12394.

23 months.

  International Bulk: WTI is up 0 this week.

32% to 52.

At $ 75 / barrel, Brent gained 1.

26% to 57.

At $ 82 per barrel, the LME metal price index stabilized at 2862.

40, the commodity CRB index rose 0 this week.

97% to 174.

65; BDI index rose 16 this week.

94% to 497.

00.  2.

2 Stock market characteristics Stock market fluctuations: The Shanghai Composite Index rose sharply this week 4.

21%, the top three gains in the industry are electronics (13.

40%), national defense industry (12.

19%) and communication (11.

11%); the last three increases were medical and biological (1.

64%), banks (1.

60%) and real estate (0.

twenty two%).

  Dynamic estimation: The overall PE (TTM) of A shares this week from last week 17.

05 times rose to 17 this week.

96 times PB (LF) from last week 1.

64 times rose to 1 this week.

72 times; A shares excluding the financial services industry PE (TTM) from 27 last week.

82 times to 29 this week.

37 times PB (LF) from last week 2.

12 times rose to 2 this week.

24 times; GEM PE (TTM) from 195 last week.

76 times to 213 this week.

55 times, PB (LF) from last week 4.

22 times rose to 4 this week.

58 times; small and medium plate PE (TTM) 48 from last week.

21 times rose to 51 this week.

17 times, PB (LF) from last week 2.

83 times to 3 this week.

03 times; the total market value of A shares has increased by 5 from last week.

17%; the total market value of the A-shares excluding financial services industry increased by 5 from last week.

76%; required consumption relative to cyclical listed companies’ relative PB from last week 2.

45 times down to 2 this week.

41 times; relative PE (TTM) of ChiNext to CSI 300 from 16 last week.

61 times to 17 this week.

45 times; relative PB (LF) of ChiNext to CSI 300 from last week 2.

99 times rose to 3 this week.

14 times; equity risk premium from 0 last week.

73% dropped to 0 this week.

56%, stock market returns from last week 3.

60% dropped to 3 this week.

41%.

  Fund size: This week’s new equity + hybrid fund share is 718.

8.3 billion copies, up from 173 last week.
3.4 billion shares; this week the fund market gradually expanded with a net increase of 751.
8.1 billion copies.

  Active trading account ratio: According to the company’s data, as of February 22, the number of new investors for the week was 31.

570,000, ranked 20 last week.

630,000 fell.

  Balance of margin financing and securities lending: As of Thursday, February 20, the balance of margin financing and securities lending was 10,897.

22 billion, up 3 from last week.

64%.

  Restrictions on restricted shares: 796 restrictions were lifted this week.

2.1 billion yuan, 963 is expected to be lifted next week.

7.8 billion.

  Size non-reduction: The overall size of A shares this week is non-net reduction of 45.

07 billion, the industry that has reduced the most this week is pharmaceutical bio (-11.

2.9 billion), national defense industry (-7.

53 billion), food and beverage (-5.

1.3 billion), the industry that has increased the most this week is real estate (3.

4 billion), public utilities (0.

92 billion), commercial trade (0.

16 billion).

  Funds from the North: This week, the net inflow of funds from the North China Stock Connect to the North was 64.

9.4 billion yuan, a net inflow of 43 last week.

7 billion yuan.

  AH premium index: The A / H share premium index rose to 125 this week.

82, the A / H share premium index was 123 last week.

73.
  2.
3Liquidity termination February 22, the transition this week, a total of 4 reverse repurchases expired, accumulating a total of $ 122 billion; 1 reverse repurchase, a total of $ 100 billion; issued 1 budget note swap for 12 months,A total of 1.5 billion; the net return of open market operations (including treasury cash) totaled 920 billion.

  As of February 20, 2020, R007 was down 4 this week.

61BP to 2.

29%, SHIB0R overnight interest rate increased by 9.

90BP to 1.

355%; the direct interest rates of the Yangtze River Delta and the Pearl River Delta have fallen this week, and the Yangtze River Delta has fallen by 6.

00BP to 2.

40%, the Pearl River Delta dropped by 9.

00BP to 2.

41%; term spreads are up 1 this week.

43BP to 0.

92%; credit spread decreased by 4.

07BP to 0.

71%.
  2.

4 Overseas United States: On Tuesday, the US February NAHB house price index was 74, lower than the previous value of 75 and lower than the predicted value of 75.

The US January PPI was announced on Wednesday: final demand increased by 0 sequentially.

5%, higher than the previous value of 0.

2%; January PPI: Final demand increased by 2.

1%, higher than the previous value of 1.

3%; core PPI rose by 0 in January from the previous month.

3%, higher than the previous value of 0.

2%; core PPI exceeded 0 in January.

7%, unchanged from the previous value; New housing starts in January: 109 private houses (thousands).

1, lower than the previous value of 109.

70.
Existing home sales in January in the U.S., which were announced on Friday, fell by a month.

27%, lower than the previous value of 3.

95%, lower than the predicted value of 1.

30%.

  Eurozone: The ZEW economic sentiment index for February in the Eurozone was released on Tuesday.

40, lower than the previous value of 25.

60, lower than the predicted value of 30.

00.
Eurozone services PMI (initial value) for February announced on February 52.

80, higher than the previous value of 52.

50, higher than the predicted value of 52.

20; February ‘s PMI (initial value) 49 for Eurozone manufacturing.

10, higher than the previous value of 47.

90, higher than the predicted value of 47.

50; Eurozone comprehensive PMI (initial value) 51 in February.

60, higher than the previous value of 51.

30, higher than the predicted value of 51.

00; EU CPI rose by 1 in January.

70%, higher than the previous value of 1.

60%; In January, the CPI in the euro zone decreased by 1 from the previous month.

00%, lower than the previous value of 0.

3%, unchanged from the forecast value; in January the euro zone CPI rose by 1 year on year.

40%, higher than the previous value of 1.

30%, in line with the forecast.

  United Kingdom: Unemployment rate in the UK for December was announced on Tuesday 3.

80, unchanged from the previous value.

Wednesday announced that the UK’s January CPI fell by 0 from the previous month.

3%, lower than the previous value of 0.
0%; CPI continued to rise in January.
80%, higher than the previous value of 1.

30%; Core CPI in January decreased by 0 from the previous month.

55%, lower than the previous value of 0%; core CPI rose by 1 in January.

60%, higher than the previous value of 1.

40%.

  Japan: 142 GDP for the fourth quarter of 2019 announced on Monday.

9 trillion, a decrease of 1 from the previous month.

60%, lower than the previous value of 0.

1%, a decline of 0 per year.

40%, lower than the previous value of 1.

70%.

It was announced on Friday that January CPI fell by 0 from the previous month.

10%, lower than the previous value of 0.

00%, rising by 0 every year.

70%, lower than the previous value of 0.

80%.

  Overseas stock markets this week: The S & P 500 is down 1 this week.

25% closed at 3337.

75 points; FTSE London fell 0.

07% closed at 7403.

92 points; German DAX fell 1.

20% closed at 13579.

33 points; Nikkei 225 fell 1.

27% closed at 23386.

74 points; Hang Seng fell 1.

82% closed at 27308.

81.

  2.5 Macro social financing scale: The supplementary social financing scale in January was 5.

07 trillion yuan, higher than the previous value of 2.

1 trillion, an increase of 39908 billion over the same period last year.

  Money supply: At the end of January, the broad money (M2) balance was 202.

31 trillion yuan, an increase of 8 in ten years.

4%, 0 lower than the end of last month.

3 digits, unchanged from the same period of the previous year; the balance of narrow money (M1) was 54.

55 trillion yuan, unchanged from the same period of the previous year, with an increase of 0% for many years, which is 4 lower than the end of last month and the same period of the previous year.

4 and 0.

4 averages.

  RMB loans: RMB loans increased in January3.
34 trillion, up from 1 last month.
14 trillion yuan, an increase of 110 billion yuan over the same period last year.

  3A list of data to be released next week Highlights next week: US GDP (forecast) for the fourth quarter of 2019, US core PCE price index in January, China ‘s official manufacturing PMI in February Wednesday, February 26: US new house sales in January

  Thursday, February 27: US fourth quarter 2019 GDP (forecast).

  Friday, February 28: January American branch distribution income, US personal consumption expenditure in January, US core PCE price index in January.

  Saturday, February 29: China ‘s February official manufacturing PMI and February ‘s non-manufacturing PMI.

  Risk reminder: The epidemic situation is still uncertain, which will further impact the economy and corporate profits.

Minsheng Plus Bank Select 4% in the first half of the year. 9-year total return is still replaced.

Minsheng Plus Bank Select 4% in the first half of the year. 9-year total return is still replaced.

Source: I am Ji Minqi. I have it every year, and every year is different.

  The old Jie Fund found a wonderful fund, selected by the people’s livelihood and silver, twice in the first half of the year.

11%, ranking the bottom of all partial equity funds (more than one year after its establishment).

The penultimate place is still 1.

64% positive returns.

  In other words, in the first half of this year, the only alternative fund, Green Hat, has been selected by Minsheng Plus Bank to become a partial-equity fund (founded more than one year).

  In the first half of the year, A-shares recovered, and stock funds and partial-share mixed funds became big winners.

The average return exceeded 20%, outperforming the Shanghai Stock Index.

  Some officials will say that short-term performance does not explain anything. There are still stocks in the bull market that lose money. It looks normal and needs to give the fund manager some time.

  Ha ha, indeed, the redundant fund companies are now indifferent to the short-term performance of the funds.

In this market, channels are king and funds with good performance are not selling well.

  But what was the original intention of the public fund?

Focusing on performance, we strive to bring sustained and stable positive returns to investors.

  Minsheng Jiayin’s selection of this partial-shares hybrid fund is really amazing to investors.

  Let’s take a look. Where is the fund of Minsheng plus Bank?

I don’t know if Li Caogang, the new general manager of Minsheng 南京桑拿网 and Bank of China, has just been in office for less than 3 months.

  Exquisite work 1: 9 years since its establishment, the total income continues to increase. Minsheng Jiayin Select was established on February 3, 2010 with a first fundraising scale of 24.

75 billion.

  As of June 28, 2019, the total return was -6.

6%, negative annualized return.

In the past three years, it has continued to grow, and its performance ranking has continued to count down.

  The scale has dropped even worse. For the consecutive quarterly report, the scale of the people’s livelihood and silver selection is only 1.

1000000000.

  It can be seen that the nine years of the establishment of Minsheng Jiayin Select are a history of investors continuously voting with their feet and painful cutting of meat . Data source: WIND Exotic 2: Replacement and replacement of fund manager, nine years of establishment, 8 years of replacementSource data for fund managers: According to WIND statistics, WIND has selected 8 fund managers for Minsheng and Bank Select, and the average length of employment is only one year and three months.

  Among these eight fund managers, only Cai Fengliang, who took office on July 7, 2014, seized the leveraged bull market in 1415, two years of service salary, and a total return of 73.

01%, surpassing the benchmark return of 31.

49%, in the same ranking, squeezed into the top 1/3.

  The remaining fund managers ended with intervention.

  Ironically, it is this, Cai Fengliang, the only fund manager who is serving and who has received excessive returns, that was revealed last year, involving a mouse warehouse.

  For details, see last year’s article “The 10th Anniversary of the People’s Livelihood and the Addition of Silver, the 700 Million Mouse Warehouse Case!”

Fund Manager Replaces the Hidden Secrets of the Stock Exchange “Wonderful 3: The first largest heavy stock in Guizhou Moutai. In the first half of 2019, it replaced the bottom of the people’s livelihood and the selection of silver. The quarterly report shows that its largest heavy stock is Guizhou Moutai, accounting for 5% of the net worth.

19%.

In the second quarter, Guizhou Moutai rose by 16.

93%. In the first half of this year, Guizhou Maotai rose nearly 70%.

  Take a look at Minsheng Jiayin’s selection of other heavy stocks, or you can understand why it still causes it.

  Data source: WIND In April 2019, the Minsheng Banking Fund issued an announcement on the change of executives to welcome the new general manager Li Caogang.

  The announcement shows that Li Caogang has served as the general manager of the Minsheng Bank of China Fund since April 12 this year.

  Li Caogang used to work for Huaxia Securities, and successively served as the deputy general manager of the East Fourth Sales Department of Huaxia Securities, the general manager of Huaxia Securities Clearing Center, and the deputy general manager of Huaxia Fund.  As an old man of Huaxia Dongsi, after leaving Huaxia Fund, he joined the financial internet company China Finance Online, Sunshine Insurance, and Pengyang Fund.

  In the first half of this year, people’s livelihood and silver surrounded the dragons without heads, and the internal management was in an awkward situation.

Some media have reported that on January 25, Minsheng Plus Bank Fund disclosed the Minsheng Plus Yinruitong 3-month debt-based fund prospectus, fund release announcement, fund contract summary and other legal documents.

However, in the series of announcements, there were many low-level errors, including even the title of the announcement.

  In April of this year, people’s livelihood and banking recurred. The first pension fund promotional materials were wrong, and the official website publicity was suspected of violation.

  It was also this month that Li Caogang officially took office as the new general manager.

  Faced with such a wonderful fund, I don’t know Li Caogang, general manager of Minsheng and Bank of China, what do you think?

Chinese companies in Lagos and overseas Chinese are actively fighting domestic epidemic of new crown pneumonia

Chinese companies in Lagos and overseas Chinese are actively fighting domestic epidemic of new crown pneumonia
Chu Maoming, Consul General of the Chinese Consulate General in Lagos, met with Chinese-funded enterprises and overseas Chinese representatives (Photo courtesy of the Consulate General in Lagos) People’s Network Lagos February 21 (Reporter Jiang Xuan) faced in the past few daysIn the new crown epidemic, Lagos’s Chinese-funded employees and the vast majority of overseas Chinese have a heart-bound relationship with the motherland and support the domestic fight against the epidemic in various ways.The Lagos Chinese Enterprises Association and major overseas Chinese organizations actively donated and gradually became the most urgently needed medical protection materials in China.On the 21st, Consul General Zhu Maoming in Lagos met with representatives of Chinese-funded enterprises and overseas Chinese who donated donations to the internal fight against the new crown epidemic, expressing heartfelt thanks to everyone for their love, saying that it showed the 夜来香体验网 blood of Chinese children.The sincere emotion and unity of Yu Shui, the national spirit of unity.Chu Maoming introduced the latest progress in the prevention and control of the new crown epidemic in China. He said that under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, the spread of the epidemic has been initially curbed and prevention and control work has achieved staged results.Chinese companies and overseas Chinese in Lagos should actively pass on the firm confidence of the Chinese government and people to unite against the epidemic, and gradually improve international understanding and support. At the same time, remind everyone to take effective measures to ensure local infections such as Lassa fever.Disease prevention and control work.After the meeting, the consulate general in Lagos held a donation ceremony and accepted donations from some Chinese-funded institutions and overseas Chinese.According to statistics, in the Southwest Division Manager of Nigeria Company of Nigeria, China National Ocean Shipping, CNOOC, Gezhouba Group, Shaanxi Construction Engineering, Sany Heavy Industry, Seventh Chemical, Sinoma International and Ogun Free Trade Zone and other companies and NigeriaOverseas Chinese Association, Chinese Business Enterprise Association, Huazhu Foundation, Chinese Entrepreneurs Association, Fujian Tongxiang Association, Guangdong-Hong Kong-Macao Tongxiang Association, China Timber Association, Huaxing Art Troupe, Anhui Chamber of Commerce, Shandong General Chamber of Commerce, Overseas Chinese Chinese Women AssociationDiaspora organizations such as the General Conference, the Lagos China Assistance Center, the Jiangxi United Chamber of Commerce, the Lagos Confucius Institute and other organizations have donated to the country through the Central United Front Work Department, the Chinese Overseas Chinese Federation and the Chinese Consulate General in Lagos.4.7 billion naira (about 279 million yuan) and 64 million yuan, 810,000 masks, and more than 10,000 pieces of protective clothing.Ni Mengxiao, head of the Huaxing Art Troupe and chairman of the Nigerian China Business Enterprise Association, said that the epidemic prevention and control should be extremely serious. The Nigerian overseas Chinese, overseas Chinese groups, and overseas Chinese leaders are in Africa, care about the motherland, donate gifts, and support the motherland.The patriotic feelings of overseas Chinese.

Ji Gao Public (873133): Jining High-tech Zone Heating Enterprise

Ji Gao Public (873133): Jining High-tech Zone Heating Enterprise

Main points of investment Jining High-tech Zone Heating Enterprise The company’s main business is steam sales and heating operation. It provides steam and heating services for enterprises and residents in Jining Emerging Industrial Development Zone, which belongs to the heat production 武汉夜网论坛 and supply industry.

The existing steam pipe network of the company and its subsidiaries is about 60 kilometers. It supplies steam to 30 production enterprises, provides centralized heating to 30 residential quarters and 25 enterprises and institutions, and supplies about 78 sets of steam annually.

At present, it is planned to construct a high-temperature water pipe network of 85 kilometers, to provide heating for existing buildings and new buildings in the high-tech zone, and the planned heating area will reach 8.51 million square meters.

Fast growth in performance In 2018, the company achieved operating income2.

30 ppm, an increase of 29 over the same period last year.

52%; Realize net profit attributable to owners of the parent company.

810,000 yuan, an increase of 91 over the same period last year.

68%; gross 南京夜网 sales margin is 24.

05%, an increase of 5.
.

05 averages.

The increase in performance was mainly due to the increase in residential heating and supporting costs due to the increase in hot water residential heating projects in 2018; when an additional supplier was added, the unit price settled by the company and the new supplier decreased, resulting in lower average unit costs and operating costs.The growth rate is smaller than the growth rate of operating income, which will increase the level of gross profit margin.

With management experience and regional advantages, the company has an excellent management team and an experienced operation team, and has many years of experience in thermal operation management.

The company has formulated a relatively complete operation management system, internal financial control system, etc., and has consistently implemented it and implemented it effectively.

The company is currently a centralized heating operator in the region and has certain regional monopoly advantages.

The company and its subsidiaries have obtained the Jining High-tech Zone heating business license on average and converted to Jining High-tech Zone for development. The rapid growth in demand for heating, industrial steam, power generation and other public products will bring development space for the company’s business.

Risk factors: policy risk, non-heat source risk and other risks.

Shaanxi Coal Industry Co., Ltd. (601225) Annual Report 2018 Comments: Stable Performance and Upgrading Expected New Mine to Release Capacity to Promote Growth

Shaanxi Coal Industry Co., Ltd. (601225) Annual Report 2018 Comments: Stable Performance and Upgrading Expected New Mine to Release Capacity to Promote Growth
Investment Highlights Shaanxi Coal released its 2018 annual report: 2018 revenue of 572.2.4 billion yuan (+12 per year.36%), achieving net profit of 109.9.3 billion (five years + 5).20%); basic profit income1.10 yuan, the proposed dividend of RMB 0.33 yuan / share (including tax), the dividend ratio is 29.11%. Prosperous coal production and sales, stability: the company achieved coal production in 20181.0.8 billion tons (佛山桑拿网previously +7.05%), to achieve coal sales 1.43 billion tons (previously +15.84%), of which self-produced coal sales1.05 billion tons, an increase of 797 every year.46 For the first time, trade coal sales were 3757.04 for the first time, increasing by 1157 each year.04 initial.The average purity per ton of coal is 372.96 yuan / ton, up 0 before.94%.In 2018, the company’s coal business income was 549.7.2 billion, accounting for 96 of total revenue.07%. The Xiaobaodang No.1 mine will undergo trial production. The release of production capacity in the future will bring development growth.At the end of 2018, the Xiaobaodang No.1 mine trial production (1500 tons / year capacity, 60% equity), the mine is about to complete the test run inspection receipts in the first half of 2019; the second phase of the mine No. 2 project (capacity of 13武汉夜网论坛00 tons) /(Year, equity accounted for 60%) is planned to be completed in 2019.  After the Xiaobaodang No.1 mine is officially put into production in 2019, it can gradually release its production capacity. The opening of the Menghua Railway is conducive to coal sales to central China’s coal-deficient provinces: Hongliulin, Zhangjiabang, Caragana Pagoda, Xiaobaodang No. 1 and No. 2 (under construction) along the Menghua Railway in MenghuaThe opening of the railway will change the transportation environment and expand new sales areas. Abundant cash flow, large repurchase gradually landed to strengthen investor confidence.The company’s balance of cash and cash equivalents at the end of 2018 was as high as 131.160,000 yuan, an increase of 47 in ten years.25% with plenty of cash.As of March 26, 2019, the company has actually repurchased company shares3.5.0 billion shares, accounting for 3 of the company’s total share capital.05%, the average repurchase price of 8.207 yuan / share. Investment strategy: The company’s production and operation are stable, the construction of new mines is progressing steadily as planned, and the overall operation is in line with expectations.With the gradual release of Xiaobaodang Mine’s production capacity in 2019, the company’s production and operation will be further improved.Based on the company’s core coal assumptions of -3%, -2%, and -1% changes in the next three years, we have adjusted our profit forecast and expect to achieve net profit attributable to mothers 114–2021 respectively.4.3 billion, 121.7.4 billion, 127.59 trillion, corresponding to EPS 1.14 yuan, 1.22 yuan, 1.28 yuan, PE corresponding to the closing price on April 11 were 8 respectively.0X, 7.5X, 7.2x, maintain “Buy” rating.  Risk warning: economic growth stalls, policy expectations risks, coal prices fall sharply, and mine construction progress is less than expected.