First683chapter Smash!Until your heart beats!

Know that you have a heavy weight in others’ hearts,No one will be unhappy,Gordon Bell is no exception,Although he didn’t change his mind because of this,But I am very happy after all:Look,Although the guy Ken Olsen said he values me very much,But how much he values me,I don’t have this guy in front of me.?Pity,If I could get to know him earlier,Maybe we can be a good pair。vertexX23US
Wait for Chen Geng to finish,Gordon Bell just coughed slightly,Said:“Mr. Fernandez,Thank you very much for your importance,But I really don’t plan to work in a company right now,You know,My heart is not too good,Just had surgery a few months ago……”
“Speaking of this,This is what I want to say to you next,”Chen Geng said with a smile:“Mr. Bell,You may have heard of,I have a very good relationship with the senior management of China。”
“Yes,I heard it before。”Gordon Bell nodded,He does know this,Many people know this,Everyone in the computer industry in the United States knows that Fernandez Chen’s data research company’s computer picture tube,Quite a part from China,But Gordon Bell is curious,What does this matter have to do with my heart?
“So how much do you know about Huaxia’s Chinese Medicine?”
“Chinese Medicine?”Gordon Bell frowned:“I am not very clear,But I know they seem to be a kind of witch doctor,Always use some weird bugs、Animal hair、skeleton、Dead body or even feces as medicine……”
Speaking of which,Gordon Bell even shuddered:“Oh, God!This is crazy,This is absolutely unscientific。”
Stool as medicine?Chen Geng also shivered,Subconsciously want to refute,But then I remembered that there is a drug that is really animal feces:Luminosa,Which is bat droppings,It seems to be able to treat some eye problems。
Look at“Laozi is dead,Never touch Chinese medicine”Gordon Bell,Chen Geng wisely decided not to discuss with him whether TCM is scientific,But to say:“Mr. Bell,We are all technical people,Can not be falsely spread,But to believe in the final result。”
“Does Chinese medicine have therapeutic effects??”Gordon Bell murmured。
“How not?”Chen Geng smiled:“Miss Karen Carpenter, do you know?”

Lao Zhou feels a little bit unable to turn his mind,Abandoned monkey,Why did you become a spendthrift??

“Hey!Any more?”Pan Long and others are also very excited,Shout at the monkey。
Just finished,Something flies over again,Lao Zhou can’t help it anymore。
“Oh shit!How is stone?”Lao Zhou is extremely depressed。
A look at the audience in the live room,All laughed。
Hu Yang guessed:“Find something to eat,Take care of them,Follow up later。I think,This group of monkeys should have found the treasure。”
“Ancient tomb?”Everyone blurted out。
“Not necessarily an ancient tomb。”
The little high man was so excited,Unexpectedly this time not only found the bloodstone,Can also explore treasures。This opportunity,It’s a lifetime,Luck too。
everyone,All have a heart to explore treasures。
Lao Zhou nodded immediately:“I’ll get some fruit or something,You are waiting。”
Finished,I didn’t wait for everyone to react,Rushed out。
The audience in the live room,Especially friends from Zhejiang,Envy and envy,Some people regret not coming out。Be bold,Forcibly ask for a leave or something,At least there should be one of their shares,Isn’t it much better than they go to work honestly??
now,Even more to explore the treasure,How many people dream!
“Ugh!I also took time off,But the leader does not approve。Oh shit!Had known,I resigned and followed out。”
“me too,But dare not mess around,If the job is gone,Mortgage is terrible!”
“Waiting for Brother Hu to come to Jiangsu。”
“It is estimated that the next stop is the magic city?”

Really different!

Although only left the stamping and welding workshop,The painting and assembly workshop has not yet gone,But looking at the situation in the workshop and the mental outlook of the workers,Chen Geng discovered,PresentAMCAnd the previousAMCAlready very different。
To be more specific,Before,Maybe I lost a tool on the floor of the press shop、Sidiu a part,but now,Never see this situation anymore,The ground is very clean and tidy,Tool placement is orderly,Where it should be,No helmets or collars left open deliberately in the workshop、Lazy、Sleepwalking workers who generally don’t know what they are doing,Everyone is busy with their work……One sentence,Busy and orderly,Busy but not chaotic。
In business management,There is a saying called “Jian Wei Zhi Zhu”,Through the management of the production site and the working status of the workers,You can get a rough idea of how a company is doing、What is the management level of the management of this company,Now is no exception,The conditions of the two major process workshops of stamping and welding have been proved,I invite Jack myself·Welch’s choice as the company’s chairman and chief executive officer was a brilliant choice.。
Seeing the expression on Chen Geng’s face,Jack·Welch actually breathed a sigh of relief in his heart。
Chen Geng is under great pressure,Actually he Jack·The pressure on Welch is also great,With such a high annual salary and dividends,Just willAMCThe car can’t take it out of the mud,Even recoveryAMCOld days“One of the four largest U.S. automakers”The identity of the last person in the middle is not good,At least surpass Chrysler。
Lee·How much annual salary did Iacocca get in Chrysler??60Ten thousand dollars only,My annual salary is Li·Almost ten times as much as Alacocca,If you can’t leadAMCBeyond Chrysler,I will become a big joke,You say jack·Welch’s pressure is not great?
But now it seems,What I did is pretty good。
Chen Geng,Comfort him:“Jack,Don’t worry,PresentAMC,All you need is stability、Reverse as soon as possibleAMCThe bad impression left to the American people in the past,I told you,Your first year’s task is to adjust and sort outAMCQuality management and control system,As long as this is done,Nothing else matters。”
“I know,”Jack·Welch nodded,But can’t help but frown:“But our current output……Loss every month。”
Chen Geng understands Jack·Welch’s meaning,AMCLoss every month,Refused to lend money to the bankAMCin the case of,Rely onbosstoAMCBlood transfusion here,As a professional manager with the highest salary in the United States,Jack·Welch has a lot of pressure on his shoulders!
“It’s ok,Didn’t I just talk about it at the beginning?,I am prepared to continue to lose money for one or two years,”Know Jack·Welch is worried,Chen Geng once again reiterated his promise to him:“In addition, you should also know,As long as our sales situation improves,The bank will open an opening……right now,In addition to paying close attention to management,Your job,Is to make sure that our two new products are a hit。”
Jack·Welch nodded heavily:The boss has already spoken to this point,What else can I say?Only roll up your sleeves and work hard。

Desperate trick,But once it broke,If these two dog things are unbalanced,I really want to burp。

at this time,Lu Menglin finally arrived。
The fight of the three great masters,Hit hard lasing,The scene is dangerous,No one else can intervene,Even with a gun,Ordinary gunmen can’t capture their movements at all,Because the action is too fast!
So even if Lu Menglin is close,The three didn’t take it seriously,No one thinks of a red-eyed soldier,Have the qualifications to influence this kind of battle。
In Fan Chu’s eyes,This kind of cannon fodder will be shaken to death by Gang Jin as soon as it gets close.,Don’t even think about it。
but,He has lost his judgment。
Because Lu Menglin was not only not killed by the Gang Jin who escaped from the three,But rushed to the front。
In an instant,Lu Menglin has fallen into the wrong horse,Stand firmly behind Tu Qinqin,Nothing,Open fist frame,Use your spine as a bow,Fist as an arrow,Cannon-shaped,Blasted dozens of punches in one breath。
Physical burst,Every punch is full of strength,The big net woven by Hong Taeran with vigour was blasted to the ground,Defeated。
have to say,Lu Menglin played extremely beautifully,He did not choose to fight against the Venerable,Rather than blasting the opponent’s remaining strength in mid-air with a fist,Strive for more space for Tu Chunchun。
Hong Tairan was pissed off at this moment,He endured it for so long,It was hard to work with Fan Zhuo to set up the killing.,How could it be ruined by a hairy boy?
Under annoyance,Hong Tairan shrank his body,The palms all over the sky are reclaimed,Then suddenly physical strength exploded,The whole person shot towards Lu Menglin like an arrow。
He wants to kill this variable as quickly as possible,Put the situation back under control。
And Fan Zhuo clearly understood Hong Tairan’s intentions,Suddenly once again increased the strength of the secret medicine in the body,Suppress Tu Ching Chu with an explosion。
He doesn’t even need his face anyway,Today we must kill Tu Qinchun,A dead lord,No one will speak for him,Only the survivors have the right to speak。
Fan Zhuo’s full burst,Tu Chunchun immediately felt the great pressure,He frowned,While resisting the pressure,A thought flashed in my mind。
Do you want to work hard?Laozi would rather die!Two Venerables join forces to deal with Lao Tzu,Death won’t let you do what you want!
And at this moment,But Lu Menglin’s voice came from the ears of Tu Qinchu。
“One for one,I hold him,You get rid of that shameless!If you can’t figure it out,I despise you!”

If the answer is no,Our guess is wrong,The problem may become more complicated。

If their target is not iron ore,What else could that be,It is very likely that we cannot know,A more secret goal。
I really don’t want the situation to become so complicated,It’s just to develop the career,Now it’s like working as an agent!
Pure business,Is my pursuit。
Then too complicated things and too dangerous situations,I really don’t want to touch!
But all the things in this world are unsatisfactory,Sometimes the more you are afraid of,What will come。
After a week of survey,The result came out!
These two mines are indeed rich in iron ore,And it’s the kind of very high quality。
High quality means high iron rate,The price will naturally be more expensive。
Reserves estimated by experts,The value of these two mines is an amazing number!
I finally let go of a holding heart,Fortunately it’s just for money,Not for other purposes……
Chapter 52 release
Gao Qiang is a little slow。

A total of three funds were released during the year ‘s three RRR cuts1.How does 75 trillion affect the stock market and property market

A total of three funds were released during the year ‘s three RRR cuts1.How does 75 trillion affect the stock market and property market
After nearly a week of supervised “spoilers” several times, the third consecutive year ‘s announcement of the RRR cut on April 3 came as scheduled, but the excess reserve ratio was lowered for the first time in 12 years but it was “seeing for a long time”.Initially announced that for the rural credit cooperatives, rural commercial banks, rural cooperative banks, village banks and urban commercial banks operating only in provincial administrative areas, the deposit reserve ratio will be lowered by 1 on April 15 and May 15.Implemented in place twice, each time down to 0.Five averages, releasing a total of about 400 billion yuan in long-term funds.At the same time, it was decided to reduce the interest rate of the consolidated excess deposit reserve of financial institutions from 0 on April 7.72% down to 0.35%, the interest rate has been zero since 2008.99% down to 0.After 72%, no adjustment has been made.Many experts said to the sauna and Yewang that the reduction of the excess reserve rate and the “step” of the targeted reduction are consistent, all in order to allow financial institutions to use funds where they are most needed, namely the real economy, especially affected by the epidemic.Many industries and enterprises.Lian Ping, chief economist and director of the Institute of Phytosanitary Investment, also mentioned that this also reflects that the world economic recession is gradually showing changes to the Chinese economy, while the macroeconomic policy adjustment has been significantly increased.The three RRR cuts during the year gradually released about 1 long-term fund.The budget of 75 trillion US dollars announced that the initial long-term funds released by the preliminary targeted reduction of about 400 billion U.S. dollars, on average, each small and medium-sized bank has about 100 million U.S. dollars in long-term funds, effectively increasing the stable source of funds for small and medium-sized banks to support the real economy, and even reducingBank capital cost is about 6 billion per year.Regarding the implementation of the quantile reduction, the transition stated that it is to prevent the liquidity accumulation caused by excessive one-off release and ensure that the small and medium-sized banks will receive all the funds to reduce the cash input to small and medium-sized enterprises.”After the RRR cut, more than 4,000 small and medium deposit financial institutions (including rural credit cooperatives, rural commercial banks, rural cooperative banks, village banks, financial companies, financial leasing companies and auto finance companies, etc.) have deposit reservesThe rate has been deducted by 6%. From the previous history and above, the 6% deposit reserve ratio is a relatively low level.”Senior style.In the past week, supervision has repeatedly “spoiled” the targeted downward revision.The National Standing Committee meeting on March 31 made it clear that further reductions in the direction of small and medium-sized banks should be further implemented. At the press conference on the morning of April 3, Vice President Liu Guoqiang also mentioned this plan.This is the third round of RRR cuts during the year.The first time was a comprehensive reduction of the standard on January 6th, and the deposit reserve ratio of financial institutions was lowered by 0.5 digits; the second time is the targeted reduction of inclusive finance on March 16th, and the targeted reduction of 0 for banks that meet the assessment standards.5 to 1 single, and at the same time, additional eligible exchanges will be reduced for the qualified joint-stock commercial banks.The first two RRR cuts gradually released long-term funds of about 1.35 trillion yuan, the cumulative release of long-term funds of about 1 three times during the year.75 trillion.From the close of the implementation of the two directional reductions in the past, the urgency of steady growth and employment can also be smoothed.Bank of China Chief Analyst Zong Liang told Sauna and Yeewang that under the current epidemic situation, international monetary policy is generally relaxed, and we have more room to move from the perspective of monetary policy, and we must make decisions based on the economic situation of our country.A directional downgrade is very close, providing a reasonable basis for ensuring stable economic development.Why target small and medium banks?Analysis: The policy tilt allows more funds to support the small and medium-sized enterprises affected by the epidemic. The unemployment rate rose in the first two months, especially for small and medium-sized enterprises.”This time, the targeted permission has selected small and medium-sized banks. The customers of these banks are mostly small and medium-sized enterprises, especially rural credit cooperatives, rural commercial banks, etc., and gradually released the long-term funds of small and medium-sized banks through the RRR cut, so that they have more fundsSupport small, medium and micro enterprises.Pan Helin, executive dean of the Digital Economic Research Institute of Zhongnan University of Economics and Law, told the sauna, Yewang.Dong Ximiao, chief analyst of Xinwang Bank and a special candidate of the National Finance and Development Laboratory, also analyzed that there are about 4,000 rural small and medium-sized financial institutions and urban commercial banks that operate only in provincial administrative regions, accounting for more than 95 of the country’s banking institutions.%, The implementation of targeted reductions in these two types of banks will help reduce the cost of capital for small and medium-sized banks, promote small and medium-sized banks to provide preferential loans to small and medium-sized enterprises, better serve rural revitalization and economic and social order recovery, stabilize growth and stabilize employmentOf great significance.Liu Guoqiang said at the press conference of the State Council Office that the monetary policy will grasp the strength, focus and rhythm in stages. The early stage was the epidemic prevention and control stage, and later it was gradually resumed production. Now it is necessary to enter the entire industry chain to resume production.To maintain reasonable and sufficient liquidity, there will never be a “money shortage” in the market, nor will the money “grow.”Policy tools to help small, medium, and micro enterprises overcome difficulties include refinancing and discounting.The National Convention on March 31 proposed to increase the re-discount limit of small and medium-sized banks by another 1 trillion, and expand the credit coverage of agriculture-related, foreign trade, and industries heavily affected by the epidemic.The Air Force has established a special refinancing fund of US $ 300 billion and a refinancing quota of RMB500 billion.The unexpected “reduction of excess reserve ratio” and “let financial institutions use money where they need it most” are not unexpected. However, the first reduction of excess reserve ratio after 12 years is “seeing for a long time.”Lianping told the sauna and Yewang that the excess deposit reserve is a requirement for commercial banks to pay statutory deposit reserve in accordance with the continuous requirements. If the funds are ample, they can also be placed in replacement and pay interest.”This time the emerging interest rate of excess deposit reserve will be reduced from 0.72% down to 0.The 35% range is not small, basically very clear, that is, if you want commercial banks to have ample funds, do n’t place them, but more can play a role in supporting the real economy, such as credit and investment bonds.”Lian Ping said.Zong Liang also believes that the transition is to allow financial institutions to use their money where it is most needed, rather than depositing it gradually.The reduction of the excess reserve ratio and the targeted RRR cuts are unified and coordinated, so that financial institutions’ funds can be more compact and flow more into the real economy, providing better support for the development of the real economy.This rare operation also carries more signals.Lian Ping said that the reduction of the excess reserve ratio also reflects the positive effect of the world economic recession on the changes of the Chinese economy. It is absolutely necessary for macro policies to increase the code from all angles, and macro policy adjustment efforts have been significantly increased.”Monetary authorities can be said to be using various means to promote commercial banks to make better use of financial resources to support the real economy, especially to further promote the recovery of the real economy’s demand and recovery.”” Lian Ping said.An analysis of the “blow-wind” of the stock market and property market: To prevent speculations from lowering standards around the world, especially by intermediary agencies, lowering standards also helps to boost confidence in the stock market.China Merchants Fund said that this targeted RRR cut has released a greater signal of counter-cyclical adjustment intensity. Before the two sessions of this year, the market’s expectations for stimulus policies are still good, and it is also constantly protecting the market, thereby boosting market confidence.In terms of the impact on the property market, Yan Yuejin, director of the Shanghai Yiju Real Estate Research Institute, said that the previous monetary policy adjustments have had a large number of positive effects on the property market.First, the liquidity of commercial banks has increased, and the overall pace of subsequent lending will be accelerated, and the related loan business can also be well supported.The second is that the cost of related loans will be further reduced. The follow-up will have a positive effect on the reduction of loan interest rates for housing companies and buyers, and further activate the real estate development and housing sales markets.However, he also reminded that the recent housing transaction market is better than expected. It is necessary to prevent speculations such as speculation and lowering of standards in various agencies, especially intermediary agencies, to prevent various types of housing sales from arbitrarily increasing prices, and further promote the supplement of housing and housing speculation.Analysis of remaining space for RRR cuts and interest rate cuts: The deposit interest rate is more directly related to the people, and adjustments need to be comprehensively considered in public statements such as Politburo meetings and mergers, and will continue to promote the reform of the loan market quoted interest rate (LPR) to guide banks to the real economy.Make profit.The policy tool driving LPR’s decline is not only the RRR cut.On Monday, the reverse repurchase was restarted 29 trading days after the beginning of the year, and the interest rate was rarely reduced by 20 basis points at a time.Too many members of the public believe that the downward pressure on the economy in the first quarter of the country is high. The G20 meeting is also expected to strengthen policy coordination. It is expected that the interest rate of the 4-month minimum credit limit (medium-term lending facility) operation and the quoted interest rate of the LPR loan market will be synchronized.Downgrade.However, the decline in LPR has compressed bank interest spreads, and there has been increasing speculation about lowering the benchmark interest rate of deposits to “reduce the burden” on banks.Going forward, Liu Guoqiang said that the deposit interest rate is more direct to follow the relationship between ordinary people, adjustments need to consider the feelings of ordinary people, and also consider factors such as price, economic growth, internal and external balance.There are many ways to “reduce the burden” for banks, at least to provide budget funds.Lian Ping also analyzed that the current reduction in the benchmark deposit interest rate is not very suitable, because it affects many aspects, including the deposit income of ordinary people, the RMB exchange rate and so on.”There are some dilemmas in this situation.The real economy has encountered such a big impact as the world economic recession. This time the gradual reduction of the impact will be greater than during 2008 and 2009. Therefore, the policy intensity should be further increased. Reducing the deposit access rate by a certain amount is one of the policy options, but it is also necessary.Consider whether there is any impact.Many experts believe that there is still room for future RRR cuts and interest rate cuts.Dong Ximiao believes that in the early stage, the banking industry generally reduced the concession fee for the prevention and control of epidemic services and the resumption of production and production.Under the circumstances that the profit growth of the bank is affected, can the benchmark interest rate of deposits be lowered in a timely and appropriate manner, increase and reduce the cost of bank liabilities, and enhance the initiative and sustainability of banks to improve services.Regarding the decline in the benchmark interest rate of deposits, Lian Ping believes that the growth rate of existing bank deposits is not high, and loans will also be hindered.The benchmark interest rate for deposits has limited downward space and it is difficult to continue a substantial downward adjustment.Pan Helin believes that the upcoming RRR cut will gradually eliminate the market’s expectation of a comprehensive RRR cut and interest rate cut. In the context of the Fed’s interest rate cut, the space for the gradual comprehensive RRR cut and interest rate cut has been opened, but it is just waiting for a more appropriate time window.Sauna, Ye Wang Cheng Weimiao editor Chen Li proofreading Yang Xuli

AVIC Shen Fei (600760): China’s first naval and air force aviation construction backbone company

AVIC Shen Fei (600760): China’s first naval and air force aviation construction backbone company

As a conventional heavy fighter R & D company, the company directly benefited from the advanced 深圳桑拿按摩网 construction company of the navy and air force. It was a fighter manufacturer in the early days of New China.

From the J-5 series of the first generation fighter to the J-8 series of the second generation, and from the J-11B, J-15, and J-16 series of the third generation to the J-31 of the fourth generation, the company has been the Chinese Air Force.And Navy Aviation provide advanced fighter products.

The company will continue to benefit from the modernization of naval and air forces.

The J-16 multi-purpose fighter is in great demand and has a strong replacement space for the J-16, in addition to the outdated JH-7 series and the Qiang-5 series, and the Su-30MKK, which was transferred around 2000 and is nearing its life limit.There are also some J-7, J-8II in active service of the Air Force and Naval Air Force.

After 杭州桑拿网 refitting the J-16, these units redeployed a variety of operational forms, such as air interception, ground-to-sea attack, and anti-radiation, which were previously deployed as a single interceptor or ground attack mission.

It is estimated that the total market space of the J-16 is close to 200 billion yuan.

The F-15 carrier-based aircraft and the F-31 stealth fighter benefit from the development of naval aircraft carrier-based aviation. The replacement of the F-15 carrier-based aircraft in our army is similar to the US F / A-18E / F / G series.With the development of the military aircraft carrier fleet, the total market space is close to 220 billion yuan.

At present, the annual carrier and various related combat equipment are still in their infancy, and the growth of carrier-based aircraft can provide the company with considerable performance growth.

The naval aviation of the world’s major powers is in the midst of replacements of the third and fourth generations. The demand for the medium-sized four-generation stealth fighters is huge.

The total space of the J-31 market is about 180 billion yuan.

Investment suggestion AVIC Shen Fei, as an important domestic fighter manufacturer, considers the increase in company performance brought by the demand for fighter jets in the first army-wide remodeling, as well as the reform of military pricing mechanism and the reform of institutions and other policies.The price-earnings ratio is compared with military general assembly enterprises, considering the company’s growth and scarcity.

Taking PE as 40-55 times, calculated according to the estimated EPS in 2021, the corresponding two-year reasonable estimate is 36.


5 yuan, an increase of 18.

6% -48.

3%, maintain BUY rating.

Risks suggest that the construction of the Air Force and the Navy may be less than expected, and the progress of the reform of military industry central enterprises may be less than expected. The above factors may cause the company’s performance to be less than expected.

Fund Weekly Review: Super Qicheng Fund Growth Technology Net Fund Soars

Fund Weekly Review: Super Qicheng Fund Growth Technology Net Fund Soars

China Net Finance January 17 news The two cities adjusted sideways this week, but it is still difficult to stop the madness of technology stocks. The net value of technology-themed funds has skyrocketed, and this week, over 70% of funds have grown.

Among them, ordinary stock funds and hybrid funds increased by over 70%; tiered funds increased by over 60%; ETFs were mixed; enhanced index funds increased by over 60%; QDII funds were mixed; mixed FOFs increased by over 90%, only 40%Only decreased; bond funds increased by more than 80%; the yield of money funds fell significantly from last week.

  This week, ordinary stock funds and hybrid funds increased by over 70%.

Among them, China Resources Yuanta Information and Media Technology Co., Ltd. grew by 9%.

70%, the largest increase, Great Wall Jiujia’s innovative growth and flexible deployment of mixed growth9.

47%, Guolian An’s preferred industry mixed growth9.

38%, Guolianan Technology Power shares rose 9.

05%; Wanjia Select Mix fell 3.

27%, the largest decline, Wanjia macro timing and multiple strategies fell 3.

24%, Wanjia Ruixing Mixed fell 3.

05%, Wanjia Xinli fell 2.


  The grading fund rose by over 60%, and the overall increase in the theme B of technology and Internet theme was the largest, while the overall decline of the theme B of steel and coal theme 深圳桑拿网 was the largest.

Which rich country industry 4.

0B rises by 8.

19%, the largest increase, CSI Shenwan Electronics rating B increased by 7.

79%, Rich Country Mobile Internet B grew by 5.

99%, Penghua Internet B increased by 5.

84%; China Merchants Securities CSI Coal B fell by 5.

68%, the largest decline, Penghua Steel B fell by 5.

58%, Zhongrong Coal B fell by 5.

58%, Wells Fargo Coal B fell by 5.

twenty three%.

  ETFs are mixed.

Its China Security CSI All-Share Semiconductor ETF rose by 10.

73%, the largest increase, Cathay Pacific CES Semiconductor ETF increased by 10.

36%, Guolian An CSI refers to the semiconductor product and equipment ETF connection A rose 9.

78%, Guolian An CSI refers to the semiconductor product and equipment ETF connection C rose 9.

77%; Huitianfu CSI Energy ETF fell 南宁桑拿 2.

88%, the largest decline, the GF China Securities All-Share Energy ETF fell by 2.

At 71%, the Tim Fortune CSI State-owned Enterprises One Belt One Road ETF fell by 2.

At 31%, E Fund’s CSI State-owned Enterprises One Belt One Road ETF fell by 2.


  Enhanced index funds increased by over 60%.

Among them, the Changxin CSI 500 Index increased by 5.

36%, the largest increase, the rich country CSI high-end manufacturing index enhanced growth3.

47%, the theme index of CSI in the rich countries increased by 2.

88%, Huitianfu CSI Environmental Governance Index (LOF) C rose by 2.32%; Western China Securities CSI State-owned Enterprise Dividend Index increased by 1 and decreased.

28%, the largest decline, Qianhai Kaiyuan CSI Big Agricultural Index increased by 1 and fell.

At 01%, the CSI China Connect 100 China Sustainable Development Index enhanced A and dropped 0.

At 81%, the Xingquan Shanghai-Shenzhen 300 Index (LOF) C fell 0.


  QDII funds were mixed.

Among them, China Mobile Mobile Internet Hybrid (QDII) (USD cash / USD cash) increased by 4.

34%, the largest increase, the rich blue-chip select stocks rose 4.

19%, China Mobile Mobile Hybrid (QDII) (RMB) rose 3.

37%, on the investment in Morgan China’s biomedical hybrid growth3.

16%; Huabao oil and gas dropped by 3.

51%, the largest decline, E Fund’s crude oil C class RMB fell 3.

35%, Yi crude oil Class A RMB fell 3.

34%, Cathay Pacific fell 3.


  The hybrid FOF increased by over 90%, and only four declined.

Among them, NORD’s category selection (FOF) increased by 2.

36%, the largest increase, and China Merchants and Wyatt’s balanced pension three-year hybrid (FOF) increased by 1.

At 17%, Huaxia Pension’s holdings of mixed ownership (FOF) increased by 1 in 2050.

At 11%, Huaxia Pension increased its holding hybrid (FOF) A by three in 2045.

05%; Zhongrong Quantitative Selection FOF C dropped 0.

13%, the largest decline, Zhongrong Quantitative Selection FOF A fell 0.

12%, Qianhai Kaiyuan Yuyuan dropped 0.

At 09%, BOC Ankang’s prudent old-age pension target fell by 0 per year.


  Bond funds rose by over 80%.

Among them, Western China’s stable double-interest bond C rose by 1.

83%, the largest increase, the western region benefited from a stable double-interest bond A increased by 1.

82%, human security benefits are set to increase by three months.

At 72%, China Merchants Tianrong’s three-month initial bond issuance A has increased by 1.

62%; Hongta Red Earth Ruixiang Pure Bond C fell by 2.

08%, the largest decline, Ping An Huilong pure debt fell by 1.

85%, Haifutong convertible bonds preferred bonds decreased by 1.

54%, Xinyuan Hengxin Yield Enhancement Bonds fell by 1.


  The rate of return of money funds has dropped significantly from last week, and the average rate of return of money funds this week was 0.

048%. According to the data on January 16, only 48 currency funds have an annualized return of over 3% on the 7th, and only 32 currency funds have an income of more than 1 yuan per 10,000 funds, which is more than half of the previous number.

Tongling Nonferrous (000630) Interim Review: Downward processing fees dragged down second-quarter results.

Tongling Nonferrous Metals (000630) Interim Review: Downward processing fees dragged down second-quarter results The company ‘s overall performance was in line with expectations
Core point of view The company’s second-quarter earnings narrowed. The overall performance was in line with expectations: Recently, Tongling Nonferrous Metals released the 2019 semi-annual report, and the company achieved revenue of 468 in the first half of the year.59 ppm, an increase of 15 in ten years.09%; net profit attributable to mother 4.1.4 billion, an annual increase of 0.18%; net profit after deduction to mother 3.39 ‰, an average of 12 in ten years.02%.Q2 revenue was 236.83 ppm, a ten-year increase3.02%; net profit attributable to mother 1.34 ‰, 36 years average.85%; the company’s Q2 profit has narrowed compared to Q1, but the overall performance is in line with market expectations. The main production and sales continued to increase and the decline in processing fees dragged down the gross profit margin: the company produced a total of 70 copper halide in the first half of the year.76 for the first time, growing 8 per year.84%; copper content of copper concentrate 2.73 for the first time, growing by 4 per year.2%; copper processing material 17.31 for the first time, growing by 4 per year.85%; sulfuric acid 214.52 Initially, it grows 8 per year.twenty four%.Although the production and sales of products continue to increase, due to the decline in TC / RC costs of copper processing and the drop in sulfuric acid prices, the company’s comprehensive gross profit margin will increase from 5.37% dropped to 4.2%, resulting in a substantial narrowing of earnings in the second quarter.At present, the price of sulfuric acid is in a downward trend, and there is limited room for decline. However, the copper processing fee is affected by the mismatch between the growth rate of the copper supply side and the smelting side.Toxicity, the future may recover through copper downstream consumption 苏州夜网论坛 recovery.On the whole, the company’s gross profit margin will have limited downside in the second half of the year, and the combined new production capacity will gradually expand. The company is expected to supplement the price by volume to drive performance growth. The future 5G copper foil with high-end lithium battery copper foil production capacity is expected to become a new growth point: Company 2 has completed the first phase (1 ton) of the ultra-thin electronic copper foil project for advanced energy storage, and has been gradually delivered.A 2 ton high-purity metal rhenium production line has also been in trial production in the middle of the year, trying to promote the company’s performance growth.At present, the company has 4 initial copper foil production capacity, including 2 standard foils.25 inches, lithium battery 杭州桑拿网 copper foil 1.75 millimeters, technically 6 micron and 7 micron lithium foils have been mass-produced. At present, research and development of high-end copper strips and 5G copper foil products is being promoted, and it is expected to become a new performance growth point in the future. Investment suggestion: We expect the company’s EPS for 2019-2021 to be 0.07 yuan / 0.09 yuan / 0.10 yuan, the corresponding PE is 30.27/25.99/22.88 times, maintaining the “recommended” level. Risk warning: Copper processing fees fall, sulfuric acid prices fall, project advances are less than expected

In-depth-Company-BYD (002594): Toyota cooperation highlights the advantages of new energy technology development prospects

Depth * Company * BYD (002594): Toyota cooperation highlights the advantages of new energy technology development prospects

The company recently announced an agreement with Toyota Motor on July 19, 2019. The two parties will jointly develop pure electric models of cars and low chassis SUVs, as well as jointly develop the power batteries required for the above models.

The company is a domestic leader in new energy vehicles, with an average market share of new energy vehicles and power batteries exceeding 20%.

New cars have been launched successively, and high-priced models such as the Tang DM have continued to sell well. The high growth in production and sales is expected to bring great performance flexibility.

The company streamlined the business of parts and components, and gradually supplied externally advantageous businesses such as power batteries and IGBTs with huge development potential.

This announcement in cooperation with Toyota Motor is a powerful endorsement of the company’s new energy vehicle technology and battery technology, and promotes the rapid development of new energy vehicle sales and power battery external supply.

We expect the company’s estimated earnings for 2019-2021 to be 1.

69 yuan, 2.

15 yuan and 2.

At 41 yuan, the company’s new energy vehicle sales overlapped with an operating inflection point, and the outlook is bright. We maintain our Buy rating.

  Key points of the official rating New energy vehicle technology is leading domestically, and Toyota cooperates to enhance brand value.

The company has obvious competitive advantages in the fields of new energy vehicle technology, supply chain, and brand. It has long ranked first in domestic new energy production and sales. Tang EV / DM and other models have exceeded the price limit of 250,000 yuan and have continued to sell.

  The company has already cooperated with Mercedes-Benz in the field of new energy vehicles. The cooperation with Toyota to develop cars and low-chassis SUV pure electric vehicles is another proof of the company’s new energy vehicle technology leadership and is expected to further enhance the company’s new energy vehicles.Brand value helps sales continue to grow.

In addition, Toyota has invested heavily in electric vehicles, further consolidating the development direction of electric vehicles, and the company’s new energy prospects will have a long-term layout.

  Toyota’s endorsement of power batteries, etc., the prospect of external supply is expected.

The sales of new energy vehicles at home and abroad continue to grow at a high speed, but the supply of high-quality batteries is scarce. At present, the company in Ningde era is the largest, but the long-term layout may change.

The company’s power battery has extremely strong competitiveness in the fields of performance, cost, safety, consistency, etc., and its market share reached 24 in the first half of the year.

8% (real lithium research data), but mainly self-supplied.

Pioneer’s power battery capacity is expanding rapidly, and it actively explores external customers. At present, cooperation with Changan and Dongfeng continues to advance, and it is expected to explore more customers in the future.

This announcement of the company’s cooperation with Toyota in the field of power batteries is a powerful endorsement of the company’s power battery products, trying to help open up more external customers.

Toyota Motor proposed at the June 2019 electrification strategy conference to advance the original goal of achieving 1 million BEV / FCEV sales by 2030 to 2025. The company’s power batteries are also expected to receive some orders, and future development prospects are expected.

  New energy sales continue to grow rapidly, and performance is expected to increase steadily.

According to data from the China Automobile Association, domestic sales of new energy vehicles from January to June 2019 were 61.

70,000 vehicles, an increase of 49 per year.

6%; the company’s sales of new energy vehicles from January to June reached 14.

60,000 vehicles, an increase of 94 in ten years.

5%, the market share is as high as 23.

6%, up 3 by 2018.

9 points.

The company’s air force foresees a net profit of about 14 attributable to mothers in the first half of the year.


5 ppm, an increase of 202 in ten years.



With the successive listing of Song Pro DM / EV and e-series new cars, the company’s new energy sales are expected to maintain rapid growth, and through measures such as cost reduction, it will actively respond to the decline in compensation, and the company’s performance will promote rapid growth.

  We estimate that the company’s earnings for 2019-2021 will be 1.
69 yuan, 2.

15 yuan and 2.

At 41 yuan, new energy vehicle sales exploded and overlapped operating inflection points, and the development prospects are bright. 杭州桑拿网 We maintain our Buy rating.
  The main risks facing the rating 1) New energy vehicle sales are lower than expected; 2) External supply of power batteries is lower than expected.