Tianshan shares (000877): East China underpins safety pad infrastructure construction to drive demand in Xinjiang

Tianshan shares (000877): East China underpins safety pad infrastructure construction to drive demand in Xinjiang

This report reads: The company is the leading cement company in Xinjiang, and regional infrastructure development efforts have promoted driving performance elasticity, while East China has contributed to a safety margin.

Investment Highlights: Give “Overweight” rating for the first time.

We believe that Xinjiang ‘s infrastructure development efforts in 2019 may release demand dividends, which is expected to drive the company ‘s performance flexibility, and the company ‘s East China also has a capacity layout to provide the company with a long-term profit safety mat.

We expect the company to EPS1 in 2019-21.

55, 1.

68, 1.

78 yuan, respectively increased by 31%, 8% and 6%. According to the valuation of comparable companies, the company is given a 9x pe in 2019 with a target price of 13.

95 yuan.

Infrastructure construction is expected to drive Xinjiang to release demand dividends, and territorial cement leaders will give priority to benefit.

The 19Q1 Xinjiang’s incremental cement output calculated by the Cement Association is about 188.

53 cobalt, with the same increase of 19.

56%, the monthly output of cement in March increased by 21.


Xinjiang’s January Economic Working 武汉夜网论坛 Conference put forward the goal of “ringing in Xinjiang, getting in and out of Xinjiang and getting up quickly”, and is committed to speeding up the construction of railways, highways and other key projects.

In 2019, the full-scale construction of major projects such as Urumqi to Kuitun, Dahuangshan to Urumqi, and the Hetian to Ruoqi railway may drive Xinjiang to release demand dividends.

As the company with the largest cement production capacity in Xinjiang, the company is expected to benefit significantly.

East China has stable demand and contributes to a long-term safety mat.

We believe that the integration of the transitional Yangtze River Delta is gradually progressing, and the expanding population and land factors will support long-term cement demand in East China.

The company also has a cement clinker capacity 北京夜网 layout in Jiangsu, which accounts for about 18% of the company’s total capacity.

From the perspective of regional demand characteristics, Xinjiang’s off-peak season is distinct, and the construction period is mainly concentrated in the second and third quarters, while in East China, the off-season effect is relatively weakened, and the construction period is longer.

In fact, the company’s East China region revenue and profit ratio far exceeds the percentage of production capacity.

Comprehensive expectation of cement assets.

The company is affiliated to China Construction Materials. Under the “merger of two materials”, the parent company’s cement assets in the same region, Tianshan shares, Qilianshan, and Ningxia Building Materials have integration expectations to eliminate regional competition.

Risk reminder: real estate gradually increases and tightens, uncertainties in the consolidation of cement assets

China Life (601628) Company Comment: Replenishment and Existing Manpower Double Forces to Save and Guarantee Business Will Resonate

China Life (601628) Company Comment: Replenishment and Existing Manpower Double Forces to Save and Guarantee Business Will Resonate

Event: China Life announced 3 quarterly reports, of which the new business value increased by 20 in the first 3 quarters of 2019.

4%, the net profit attributable to the parent company increased by 190% to 57.7 billion, and the net assets attributable to the parent company increased by 22 from the beginning of the year.

1% to 38.88 million yuan, the total return on investment in the first three quarters reached 5.

73%, all data are good.

Increase the expansion of manpower imports, revitalize the existing manpower capacity, and profit from investment, claims and other departments. The premium structure of the first three quarters of China Life has continued to optimize. New single-item payments for 10-year and above quarters increased by 17% to 13.2 billion U.S. dollars.The ratio reached 82.

7%, the proportion of new orders in specific protection categories increased by 8.成都桑拿网

8pct, driving the nbv in the third quarter to maintain a numerical growth of 2; the end of the third quarter of China Life increased the insurance manpower by 15 earlier.

From 6% to 1.66 million people, the entry of additional agents has kept expanding rapidly. It is even more important to note that the average monthly effective manpower and the manpower for selling specific savings products have increased by 37% and 49%. The growth rate exceeds the growth rate of the total manpower.The revitalization of the stock of manpower is even more dazzling in the context of manpower adjustment in the entire industry; the net profit of China Life’s third-quarter return to mothers increased by 483%, allowing investment to continue the good performance of the first half of the year.It increased by 89% to 459 trillion. The reorganization 重庆耍耍网 of surrender and claims were actually optimized with an increase in premiums2, and the surrender rate in the first three quarters dropped by 2.

78 points to 1.

67%; the starter has a good momentum, and the resonance effect of China Life’s starter and the protection business is obvious. China Life’s 2020 starter was officially pre-entered on October 20. China Life continued the 19-year starter’s successful tactics, namely asset-liability linkage and early action.
We expect the short-term three-year reserve of 45.5 billion credits to be fully replenished soon, and it is expected that we will soon switch to the sales of 10-year savings products with a higher value rate; we believe that with the growth rate of disposable income, high net worthIn the context of the difficulty of a large number of customers, the advantages of early start-up are very obvious; for a company such as China Life’s guaranteed sales that is still at an early stage, we think that the resonance effect of the starter and guarantee will be more obvious: About the institutionIn general, after KPI is guaranteed, there will be more time income for the training and training of guaranteed business. For the agent, the good performance of the starter will form a benchmark and competition, and the desire to drive self-transcendence is the best incentive.Form, in terms of customer resources, annuity insurance is a good way to obtain supplements; based on the current 15% growth of China Life’s individual insurance agents, overlapping Dingxin projects require a 200,000 bank insurance planner team to be merged into individual insurance teams,As well as a good start to 2020, we believe that China Life’s underwriting end will still maintain a good trend in 2020; investment advice: China Life’s outstanding 3Q performance, we predictThe annual debt end will continue to perform well against the background of high-quality growth of human resources. As of the end of the third quarter, there is still a surplus of 20 billion available-for-sale financial assets on the investment end that can be realized. We expect EVPS to increase by 19 in 2018.

4% to 33.

1 yuan, currently expected to correspond to 19 and 20 years pev is 0.

93 times and 0.

81 times, maintain BUY rating.

Risk reminder: The equity market has fallen sharply, the long-term risk-free rate of return has continued to fall sharply, and the growth rate of new single premiums has not been as expected.

China Merchants Bank (600036): Industry growth rate shifting stock bank leader’s performance is highly certain

China Merchants Bank (600036): Industry growth rate shifting stock bank leader’s performance is highly certain

Main indicators: 1. From a long-term perspective, cumulative macroeconomics has entered the “new normal”, GDP growth has shifted gears, and economic restructuring has deepened. The net profit growth of the banking industry has also stepped out of the “L” shape.Platform period.

From the perspective of the short-term financial cycle, the effect of the policy is gradually expanding. It is expected that the growth rate of the banking industry’s assets will stabilize, but the pressure on the debt end to “ensure the scale” + “control costs” is still large, and the overall net interest margin of the industry will remain stable;The diversified development of intermediate business will continue to increase the proportion of non-interest income; since 2018, the non-performing ratio of listed banks has continued to decline, with excessive provisions, and credit costs are expected to stabilize in the short term.

2. Against the background of rising uncertainties in the industry’s operating environment, the industry’s development focus in the short term will be on risk prevention, low consumption, and stability: ① strengthen asset quality control and digest poor stocks; ② rationally use capital and increase low capitalProportion of assets and business consumed; ③ adjust the balance sheet structure in the regulatory framework, make up for shortcomings, give play to comparative advantages, and improve the stability of performance.

3. China Merchants Bank is the leader of the stock bank. The company’s ability to respond to structural adjustments and risk pricing balances has shifted, its asset and liability structure is stable, and its asset quality has 武汉夜网论坛 improved. The company’s light banking business has undergone a smooth transition, saving capital and expenses; the company is a leading retailerBanks, retail deposit and loan businesses, and retail non-interest income all performed well, and their contribution to performance continued to increase.

It is estimated that the company’s operating income for 2018-2020 will be 2393 trillion, 2545 trillion, and 273.8 billion yuan, an annual increase of 8%.

35%, 6.

32%, 7.

6%; net profit was 794 trillion, 859 trillion, 916 trillion, and therefore increased by 12.

52%, 8.

16%, 6.

6%; P / B is expected to be 1 in 2019-2020.


48 with a target price of 27.

72, 28.


Risk Warning: Retail 3.

0 The implementation effect has yet to be observed. The impact of the “One Two Five” indicator of the CBRC, and the economic exceeding expectations will gradually lead to the deterioration of asset quality.

Huaneng International (600011): Profits are still at the bottom to increase the layout of wind power

Huaneng International (600011): Profits are still at the bottom to increase the layout of wind power

I. Overview of the event On March 19, the company released its 2018 annual report 深圳桑拿网 and actually realized revenue of 1699 trillion, of which +11.

04%, net profit attributable to mother 14.

390,000 yuan, at least -17.

42%, the performance slightly fell short of our emerging report expectations.

Second, the analysis and judgment of the fourth quarter profit gradually changed, and entered a profit situation basically the same as 2017. The company may still be in the fourth quarter.

500 million US dollars, slightly lower than our baseline expectation of a basic loss.

The national coal price index for Q4 and Q5500 power coal for Qingang fell by 13,64 yuan / ton, respectively, while the company’s single quarter Q4 gross margin was 7.

87%, lower than the same period last year 1.

46 units.

In addition, the company’s Q4 confirmed investment income of 1.4 billion U.S. dollars, mainly due to the establishment of the Hong Kong Energy for Pakistan Sahiwal Power Generation Project from a joint venture to a subsidiary.

The company’s annual gross profit margin for 2018 was 11.

3%, the same as in 2017, and the expense ratio is basically stable.

The growth rate of sales of electricity is slightly higher than that of the whole country. In 2019, the layout of wind power companies will increase the growth of sales of electricity within the power plants9.

3%, higher than the electricity consumption of the whole society in 20188.

The previous growth rate of 5% is consistent with Air Force announcement data.

In 2018, the company’s total newly-produced power generation capacity of 653 MW was all clean energy, and its controllable installed capacity further increased1.


The new chairman of the board, Shu Yinbiao, proposed at the Huaneng Group’s working conference this year that “achieve two breakthroughs”, one of which is to increase the proportion of clean energy.

The company’s planned capital expenditure in 2019 is US $ 35.4 billion, an annual increase of US $ 14 billion, of which US $ 24 billion is planned for wind power, an increase of US $ 17 billion.

Under high capital expenditure, the company’s future asset-liability ratio is expected to remain at 75%.

Coal prices continue to be high, and subsequent performance repairs still need to wait for coal prices to fall. In Qingang Q5500, the final coal breakthrough in 2018 increased by 9 yuan / ton, and the average price remained at a high level of 647 yuan / ton.

The company’s unit fuel cost for electricity sales in 2018 exceeded growth4.

9%, higher than the national electricity coal price2.

The increase of 9% is estimated to be due to regional performance differences in the price of thermal coal.

The company’s coal-fired units account for 85% of the installed volume. It is expected that the Qingang coal price will decrease by RMB 10 / ton, and the company’s net profit attributable to the mother will increase by about 6 trillion. Subsequent performance repairs still have to wait for coal prices to fall.

Third, investment recommendations The coal supply due to the recent penetration of security inspections has shrunk. The coal price in Qin and Hong Kong will be raised to 590 yuan / ton in 2019, and the company will be reduced in 2019.
Profit forecast for 2021 to zero.



64, corresponding to the current expected PE23 / 12 / 11x.

We are still optimistic about the recovery of the company’s performance brought about by the drop in coal prices in the next two years and maintain the “recommended” level.

4. Risk warnings: 1. Coal prices fell less than expected; 2. Electricity prices fell more than expected.

Riyue Co., Ltd. (603218): Casting Leader Steadily Expands Cross-strait Strategy Upwind

Riyue Co., Ltd. (603218): Casting Leader Steadily Expands Cross-strait Strategy Upwind

Leading enterprises in wind power castings have steadily expanded their market share.

The company’s main 深圳桑拿网 business is the production and sales of wind power castings and injection molding machines. At present, it has a production capacity of 30 tons. The production and sales of wind power castings are the largest in China. The domestic market accounts for 29% and the global market accounts for 12%.

The company’s cost control ability is strong, the company’s gross profit margin has been higher than the highest for nearly 15 subdivisions for a long time, and it ranks first in the profitability industry.

The cost of raw materials is expected to decrease and profitability will increase.

The raw materials of the company’s wind power casting business are pig iron and scrap steel. Due to the increase in raw material prices, earnings in the past two years have been at the bottom of the cycle.

In the next two years, pig iron and scrap prices are expected to fall at a high level, and the company’s gross profit margin is expected to return to the historical central range of 25% -30%.

Rush installation of wind power will bring both volume and price.

Affected by wind power installation, the domestic demand for wind power castings is expected to increase to 36% and 21% in 19-20.

The initial new casting capacity of Riyue shares 10 is expected to be put into production by the end of 2019, and the segmented expansion of production will alternate, transforming the release of the company’s capacity and the company’s performance will increase.

The Shuanghai business progressed smoothly and the gross profit margin increased.

The company is one of the few domestic enterprises with batch production capacity of offshore wind power castings, and the advantages of offshore wind power leaders are obvious.

In terms of overseas business, 15% of Vestas and 8% of GE’s castings are provided by the company, and Siemens has received large-scale orders.

The gross profit margin of the cross-strait business is 15-20pct higher than the domestic onshore wind power business. By increasing the proportion of cross-strait business, the gross profit margin has increased and thickened.

The planned nuclear waste storage business has a market space of 3 billion yuan.

The domestic price of nuclear waste storage containers is 50% -70% lower than overseas, and the domestic demand for replacement is strong. Riyue shares established Ningbo Riyue Nuclear Equipment Manufacturing Co., Ltd. to trial-produce nuclear waste storage tanks. The potential for new business growth is huge.

Investment suggestion: The company’s 2019/2020/2021 operating income is expected to be 32.



8.1 billion yuan, net profit attributable to mothers was 4.



6.3 billion yuan, with EPS of 0.



62 yuan, we give the company a 19-year industry average PE valuation of 25 times, the corresponding target reached 22.

25 yuan, the first coverage given a “buy” rating.

Risk Warning: 1.

Risks of wind power policy; 2.

Risks of rising raw material prices; 3.

Overseas business fell short of expectations.

Guoyuan Securities (000728): Steady growth and leadership change

Guoyuan Securities (000728): Steady growth and leadership change

The performance was in line with expectations, and the “leadership change + rights issue” helped steady development. On January 14, 2020, the company released a performance report, which is expected to return to its mother net profit in 20199.

17 trillion, +36 a year.

8%; operating income 33.

30,000 yuan, 30 per year.

1%; expected ROE is 3.

67%, the performance was basically in line with expectations.

In general, the 天津夜网 company’s self-investment, brokerage business and subsidiaries are the main drivers of performance.

On December 30, 2019, the company’s board of directors was re-elected. Chairman Cai Yong was no longer a director of the company due to his retirement age.

The board of directors has appointed a new candidate for the board of directors. In the future, the new leadership team is expected to continue to lead the company’s transformation and development.

In addition, the company intends to raise no more than 5.5 billion funds through public placement of shares, and strengthen the capital to help transform and develop.

EPS0 is expected for 2019-2021.


39 yuan, BPS 7.


87 yuan, maintain overweight rating, target price of 10.


83 yuan.

Self-employed investment, brokerage and subsidiaries are the main drivers. The average price, except for credit business, has increased by more than 2019, capital market reforms have advanced, major stock market indexes have fluctuated, trading activity has increased, and the bond market is better.

The company strives to transform into wealth management, appropriately increases financial leverage, adjusts investment structure in a timely manner, and increases the average income of other main businesses except credit business.

Among them, self-operating equity investments accurately judge market opportunities, and solid income investments continue to strengthen research and optimize investment structures.

We expect investment to be the main driver of performance in 2019.

Brokers strengthened investment and investment construction, enriched wealth management product lines, and improved service efficiency and quality through fintech.

Liangrong strengthened market expansion through measures such as flexible pricing and optimized assessment and incentives.

Investment banks focus on improving project screening and identification capabilities, pricing and sales capabilities; actively expanding convertible bonds, ABS and other businesses.

Asset management continues to improve its proactive management capabilities.

The election of the board of directors, the new leadership team will continue to guide the transformation and development in the future. On December 30, 2019, the company’s board of directors was re-elected. Due to the restoration of retirement age, the chairman Cai Yong will no longer serve as a director of the company.

Cai Yong participated in the founding of Guoyuan Securities in 2001. Since 2012, he has served as the party secretary and chairman of the State-owned Yuan Securities, and promoted the company’s stable alternative development.

At present, the board of directors has appointed eight non-independent director candidates such as Yu Shixin and Xu Bin, all of whom are long-term non-independent directors or core leaders in the company, which helps maintain the company’s strategic consistency and sustainability.

In the future, the company will undergo a steady transformation under the change of the new leadership team, and the company’s development prospects will be more clear.

Allotment of shares strengthens capital and maintains an overweight rating. The company is backed by Guoyuan Financial Control, a financial control platform owned by Anhui Province, with a clear geographical advantage.

On October 15, 2019, the company released the proposed public placement budget, and the amount of funds raised was no more than 5.5 billion US dollars.

On October 28, Guoyuan Financial Holdings, the company’s controlling shareholder, promised to fully subscribe for placing shares in cash.

At present, the company has responded to the feedback from the CSRC, and the share placement plan is steadily advancing.

Forecast EPS0 from 2020-2021.


39 yuan, corresponding to PE28 and 23 times.

Forecast for BPS7 from 2020-2021.

87 yuan, corresponding to PB 1.
18 and 1.

16 times, comparable company 2020PBwind consensus expected average 1.

32 times.

Considering the significant advantages of the company’s shareholders, the premium is given to 2020PB1.


4 times the target price of 10.

83 yuan to maintain the level of overweight.

Risk Warning: Business development is less than expected, market fluctuation risk

Lingrui Pharmaceutical (600285): Leading plaster enterprise strategy to create a leading consumer of orthopedics

Lingrui Pharmaceutical (600285): Leading plaster enterprise strategy to create a leading consumer of orthopedics
Recommended logic: After the company ‘s new chairman Xiong Wei took office, the corporate culture was reorganized,佛山桑拿网 and refined investment promotion and sales system reforms activated employee enthusiasm; the paste is a pre-spectrum product of aging diseases, and the overall income is basically not affected by medical insurance control costs; the companyMarketing focused on high-margin products, and the overall gross profit margin increased significantly. Under the background of consumer upgrades, the company’s other pastes were significantly underestimated, and the replacement of hardcovers to paperbacks helped return the value of plasters. Looking at the global market, Japan is a large country in the production and sale of patches, the United States is a large country in the consumption of patches, and Asia (especially China) is a high-growth region for patches.The global patch market is estimated in 2015. From the perspective of usage, the top two in the world are the United States and 杭州夜网论坛 Japan, and Asia is predicted to be the region where the global growth of the patch will accelerate in the future.The US market and market forecast predict that the global market for transdermal drugs such as topical preparations will replace US $ 5.7 billion in 2018 and increase to US $ 7.1 billion by 2023, but the growth rate in Asia (especially China) will accelerate. Orthopaedic consumer products Chinese medicine patches are pre-spectrum products of aging diseases, and the industry growth rate will accelerate.About 13-15 million babies were born every year before 1962, but about 25 million babies were born every year from 1962 to 1972, of which the babies born in 1962 were 57 years old, and bone density decreased significantly after 55Osteoporosis, fractures and other orthopedic diseases.Additives for external use in retail pharmacies in 201748.600 million, an annual growth rate of 14.3%, orthopedics is the pre-aging cycle, and its industry growth is bound to accelerate.Japan’s Jiuguang Pharmaceutical is a global patch leader with an analgesic and anti-inflammatory patch as its main business and core competitiveness. Its annual revenue is nearly 9 billion yuan. Lingrui’s pharmaceutical patch revenue is only about 1.4 billion. China is fully aging and has a huge space. Orthopedics is the pre-aging cycle, cut into sports medicine and medical insurance catalog adjustment, focus on Tongluo Qutong cream high gross profit margin products; under the upgrade of consumption, Zhuanggu cream, wound damp cream, joint pain cream and Huoxuexiaotong will realize valuereturn.Exclusive product Tongluo Qutong Ointment, “medical insurance + basic medicine” double-span, 19 years of medical insurance reimbursement changed from inpatient to outpatient and pharmacy; create “Tongluo Qutong ointment + Huoxuexiaotongming” sports product portfolio, forecast 19It is said that 700 million people are expected to exceed 2 billion.Approximately 1.6 billion patches were sold in 18 years, with an average of about 0 per patch.8 yuan, 8 yuan for each friend’s discount, huge consumption upgrade space.A search from the JD terminal found that: Zhuanggu, Injury, and Joint Pain were upgraded from paperback to hardcover, the price was 5 yuan, 25 yuan; 8 yuan, 35 yuan; 6 yuan, 25 yuan; but hardcover is still cheaper than friends;Calculated according to the paperback, the three accounted for about 40% of the company’s paste revenue. Profit forecast and rating.It is expected that EPS for 2019-2021 will be 0.54/0.68/0.86 yuan (without considering the impact of price increase), the company’s performance growth has accelerated, orthopedic consumption attributes, and large growth space. With reference to comparable companies, the company is given 26 times PE in 2020, corresponding to a target price of 17.68 yuan, maintain “Buy” rating. Risk Warning: Business integration may be lower than expected, product sales may be lower than expected, systemic risk

Tunnel Shares (600820): Revenue Accelerates, Profitability Attempts to Stabilize

Tunnel Shares (600820): Revenue Accelerates, Profitability Attempts to Stabilize
Event: Tunnel Shares released three quarterly reports for 19 years.The company achieved revenue of 277 in the first three quarters.3 billion, an increase of 18.2%, net profit attributable to mother 13.9 billion, a year-on-year increase of 8.5%; 114 in the third quarter.2 billion, up 21.8%, net profit attributable to mother 5.1 billion, a year-on-year increase of 15.5%. Revenue accelerated, and orders in hand were relatively redundant: the company earned YoY 18 in the first three quarters of 19 years.2%, 10 years growth rate +0.7pct, of which the single third quarter revenue was 21 year-on-year.8% growth rate +4 per second.0, single-quarter revenue accelerated significantly.In 杭州桑拿 the first three quarters of 19 years, the unit amount for the new decade was 393.4 billion, a year-on-year increase.4%, a growth rate of ten years -13.9pcts, the proportion of new long-term units in the construction business increased by more than 0.6 points to 93.5%.In terms of business, in the first three quarters of 19, YoY for rail transit / municipal / road / house construction new length was -26.4% / 25.3% /-28.1% / 88.8%, with growth rates of -19 per year.2 / + 15.4 / -73.2 / -43.3pcts, municipal acceleration, housing construction continued to increase rapidly, rail transit, and new road signs are slightly more obvious. Considering that the integration of the Yangtze River Delta drive the regional infrastructure needs to be supported, it is judged that the new replacement unit growth rate has room for improvement.In the first three quarters of the new decade, the unit amount was 1 of the same period.4 times, there are relatively many orders on hand, and subsequent results are supported. Profitability declines, there is little room for judgment to continue downward: the company’s comprehensive gross profit margin for the first three quarters of 19 was 11.7%, one year -1.1 piece; the combined gross profit margin in the third quarter is 11.0%, twice -2.0, it is judged that the decline in gross profit rate is due to 1) the change in the structure of orders in hand, and the proportion of orders such as housing construction that has been reset by the gross profit rate has increased; 2) the impact of price increases on raw materials and labor costs in some regions.Considering that the proportion of relatively high-quality municipal orders is also increasing, the increase in costs is gradually digested through price adjustments, and there is little room to judge that the gross profit margin will continue to decline.During the first three quarters of 19, the benefit rate improved during the period, which led to an annual decrease in the expense ratio by zero.3pct to 7.4%; good repayments led to an increase in the receivables turnover rate, and at the same time, the proportion of impairment losses to income decreased by 0.2pct to 0.1%, the value of some equity investment assets led to an increase in the proportion of investment income to income in the same period by 0.2 points to 2.3%, comprehensively caused the net profit attributable to the mother in the first three quarters to decrease by 0.5 points to 5.0%, close to the lowest level in recent years.Subsequently, the gross profit margin was gradually stabilized, the management efficiency continued to improve, and the repayment was strong, and it was judged that the subsequent net profit rate was gradually improved. The performance increase plan boosts initiative and maintains a “buy” rating: The company passed the performance increase plan at the end of 18, and the 18-year performance met the requirements. The plan will help boost the relationship and stimulate the company’s vitality.As the regional underground engineering leader, the company is expected to deeply benefit from the integration of the Yangtze River Delta and continue to drive regional infrastructure investment to maintain a high level of prosperity.Taking into account the single-point growth rate of the new starting point, the profit margin is slightly lower than our expectations, and slightly reduced the net profit forecast for mothers in 19-21 to 21.4/23.8/26.500 million (previous value was 21.7/24.0/26.700 million), currently corresponding to 19 years of PE 9x, maintain “Buy” rating. Risk warning: Infrastructure investment, rail transit project approval is less than expected; raw material prices rise sharply

UK funded 16-week clinical trial on new coronavirus vaccine

UK funded 16-week clinical trial on new coronavirus vaccine
Overseas 杭州桑拿网 Network, February 4th, local time. On February 3rd, local time, the British Ministry of Health and Social Security announced that the British government will accelerate the development of a new coronavirus vaccine, which is expected to be developed based on the pathogen’s gene sequence in a 16-week clinical trial.New vaccine.  According to CNN, Matt Hancock, the UK’s health minister, said in a statement that the government would pay £ 20 million (about 1).800 million yuan) was delivered to the CEPI and the funds will be used for three new projects to develop a vaccine against the new coronavirus.Matt Hancock said: This will help us continue to develop new defenses against emerging diseases, including new coronaviruses, with globally recognized vaccine development capabilities.  CEPI CEO Dr. Richard Hatch said he hopes a 16-week clinical trial of the experimental vaccine can be conducted.The rapid spread of the new coronavirus around the world is closely related to the unique epidemiological characteristics. Dr. Richard Hatch said: We hope that with the help of partners, the pathogen-based genes can be obtained in 16 weeks of clinical trials.Sequentially developed vaccines.The initial stage of clinical trials (the first stage) is to test the safety of clinical laboratory vaccines. This process takes about 2 to 4 months.  It is understood that the Alliance for Epidemic Response Innovation (CEPI) was established in 2016 with the goal of establishing an early stage of vaccine development without knowing that infection will occur in some form, thereby shortening the time for development and distribution, and at the same timePreliminary adjustments to vaccines to increase their effectiveness against specific epidemics.The program targets: possible outbreaks of Lassa fever, Marburg primary fever, Middle East respiratory syndrome (MERS), atypical pneumonia (SARS), Nipah virus, Rift Valley fever, etc.(Overseas Zhu Huiyue Intern Song Jing) Original Title: UK Intervention in Research and Development of New Coronavirus Clinical Trials for 16 Weeks

Guosheng Financial Holdings (002670) Interim Review: Brokerage, self-employed to boost the performance of the securities business to improve the stability of foreign investment income

Guosheng Financial Holdings (002670) Interim Review: Brokerage, self-employed to boost the performance of the securities business to improve the stability of foreign investment income

Event: The company recently released its 2019 Interim Report and achieved operating income7.

70 ppm, an increase of 21 in ten years.

23%; net profit attributable to mother 2.

80 trillion, an increase of 260 in ten years.

31%, ROE is 2.

44%; EPS is 0.

14 yuan / share.

Securities brokerage business: The number of customers has increased and the securities brokerage business has developed rapidly.

The company promotes the customer experience by creating a wealth management development model, accelerating the construction of intelligent investment consulting, and giving full play to the advantages of the institute to provide customers 重庆夜生活网 with high-quality investment research services, thereby increasing the number of customers and increasing market share.

The number of accounts opened at the end of the monthly reporting period increased by 28 from the beginning of the year.

77%, the amount of assets under custody increased by 35 compared with the beginning of the year.

65%. At the same time, the market share of shares of Jijiji increased by 11 compared with 2018.


In the first half of the year, the company’s securities brokerage business has made tremendous progress under the dual effects of a warming market, an increase in the number of customers, and an increase in market share.

In the first half of 2019, the company’s securities business income was 9.

100,000 yuan, an increase of 277 in ten years.


Operating profit increased by 30.

16%, an annual increase of 90.


In the first half of the year, the company realized a net brokerage business commission and commission income of 2.

26 ppm, an increase of 68 in ten years.

03%, of which the net income from securities trading business is 1.

70 ppm, an increase of 31 in ten years.

54%, investment research business: The improvement of investment research capabilities promotes the development of brokerage business.

The company treats investment research as a strategic business now and in the future.

Since the establishment of the Guosheng Research Institute in early 2018, the company’s fund warehouse income has grown rapidly.

In 2018, the industry achieved the highest growth rate in the income from warehouses. The Institute’s income from warehouses in the first half of 2019 reached 80% of the same period of the previous year. It is believed that it is the company’s strategic business and the strength of investment research will be stronger in the future.

The net income from the leasing business of trading unit seats was 53.62 million yuan, an annual increase of 1678%, which has strongly promoted the development of the securities brokerage business.

Securities self-operating business: grasping market conditions and rapidly growing income.

According to the number of reports, the domestic securities market is picking up. The company seized market opportunities and focused on high-grade bonds to achieve stable returns.

Reported that the securities company’s self-operated business income of the first-tier company was 3.

5.5 billion, accounting for 39% of revenue.

04%, more than 32 of the brokerage business.


In the same period last year, the income from securities self-operated business was -1.

5 billion.

Therefore, the recovery of the securities self-operated business is the primary reason for the annual increase in revenue and net profit. Credit intermediary business: The business scale and revenue have grown steadily, and the market share has increased rapidly. Interest income needs attention.

The company’s competition in the Jiangxi region has obvious advantages. As of the end of the reporting period, the company had 105 branches in Jiangxi Province, and the number of branches in the province ranked first.

At the same time, the company actively develops business outside the province, and the number of branches ranks first in the industry.

Credit intermediary business scale and revenue grew steadily.

As of the end of the half-year in 2019, the total size of the company’s credit intermediary business reached 75.

890,000 yuan, an increase of 40 earlier.

twenty four%.

Among them, the business scale of Liangrong is 31.

410,000 yuan, an increase of 81 from 6 years.

51%, mainly due to the improvement in customer financing intentions.

The market’s two financing figures have improved until the end of the half-year in 2019 of 9107.

90ppm, ten-year average -0.

93%, so the size of the company’s dual-finance business has increased against the market.

The market share of Liangrong’s surplus increased by 48.

56% to 0.

At 345%, the market share was increased by a breakthrough; the size of the stock pledge business was 44.

480,000 yuan, an increase of 20 from the beginning of the year.


Credit intermediary business realized segment revenue during the reporting period1.

26 ppm, an increase of 61 over the same period last year.

twenty three%.

Investment banking: The team is maturing and the business is growing rapidly.

Affected by the market recovery, the investment banking business income in the report period was 68.19 million yuan, an increase of 185 in the decade.


Investment banking fees and commissions net income was 66.76 million yuan, an increase of 179 per year.


In terms of bond underwriting, in addition to underwriting corporate bonds, the company also completed underwriting of four financial bond products including financial debt and credit asset securitization products during the reporting period, expanding the scope of underwriting business and achieving full coverage of financial bond business products.

During the same period, financial advisory business grew steadily, and 10 projects were completed in the first half of the year.

During the reporting period, the industry’s total underwriting amount of corporate bonds ranked 55th, an increase of 31 from the previous year, a gap of improvement.

The company’s investment banking business has developed rapidly and has potential.

Collaborate with the Investment Banking Department to achieve stable returns.

The Group’s investment segment collaborated with the investment banking department of the securities business to expand project reserves.

During the reporting period, the Group’s investment business realized a total of changes in fair value and investment income.

3.5 billion.

Investment suggestion: The company’s securities business is developing rapidly, foreign investment is steadily advancing, and the rating of “overweight” is maintained.

Risk reminders: The company’s transformation and development are less than expected, and external risks in the industry.