CITIC Securities (600030) Annual Report Commentary: Leading Mergers Solidify Future Development

CITIC Securities (600030) Annual Report Commentary: Leading Mergers Solidify Future Development

Event: The company achieved operating income of 372 in 2018.

21 trillion, an average of 14 in ten years.

02%, achieving net profit of 93%.

90ppm, ten years average 17.

87%; total assets 6531.

US $ 3.3 billion, an increase of 4 from the end of the previous year.

41%, the net assets of the mother 1531.

4.1 billion yuan, an increase of 2.

twenty three%.

Investment points: The overall leader is solid and the competitive advantage is obvious: Due to the weak market performance, the company’s performance has fluctuated slightly. It is mainly dragged down by self-employed, investment banking and brokerage businesses, and accrues income impairment.Overall solid.

Judging from the disclosed annual reports and performance reports, the company’s operating income, net profit, total assets and net assets ranked first, and its competitive advantage was obvious.

Wealth management transformation was fully launched, and the market share of the brokerage market increased against the market: In 2018, the market-wide stock base transaction volume extended by nearly 20%, while the market share of CITIC Securities increased to 6 against the trend.

09%, keeping the industry second.

The company is the most securities brokerage with wealth management genes. Its clients, especially high-net-worth clients, are rich in resources and sticky alternatives. In 2018, the company renamed the Brokerage Business Development and Management Committee as the “Wealth Management Committee” to comprehensively transform wealth management and future transformation.With continuous upgrades, branch offices serve as regional customer acquisition platforms, and the future development of the market is worth looking forward to.

Asset management revenue has increased, and active management continues to exert its strength: the company achieved net asset management revenue of 58 in 2018.

$ 3.4 billion, an annual increase of 2.

27%, asset management scale 1.

34 trillion yuan, including 552.8 billion yuan in active management, both ranking first in the industry.

The company’s asset management business performed well, mainly due to the reduction of channel business and the active promotion of the transformation of investment and research results, the continuous expansion of the scale of active management, which resulted in the continued strength of the fund business and revenue growth9.

08%, stemming from the company’s increasing investment and research capabilities, the continuous enrichment of fund products, and the continuous development of institutional business.

The strength of the investment bank broke through, and the launch of the science and technology board was good for business development: The company’s investment bank continued to maintain its leading position. In 2018, the territory distribution underwriting scale was US $ 178.3 billion, with a market share of 14.

75%, the scale of bond underwriting is 765.9 billion yuan, and the market share is 5.

11%, ranking first in the industry.

After the launch of the science and technology board, securities firms with outstanding pricing capabilities and strong sales 武汉夜网论坛 capabilities will stand out in the new round of competition, the company’s investment banking advantages will be more obvious, and the city’s share will further increase.

The acquisition of Guangzheng strengthens the strength of the South China region and encourages employees to inspire vitality: If the company successfully acquires Guangzhou Securities, it will strengthen the company’s strength in the South China region and share the dividends of the Guangdong-Hong Kong-Macao Greater Bay Area.

The company released the draft employee stock ownership plan on March 4. If it is successfully implemented, it will help the company to bind high-quality talents and elders to improve the company’s operating efficiency and profitability.

Investment suggestion: The company’s leader is generally very stable, with strong performance and strong competitive advantages.

Against the backdrop of structural reforms on the financial supply side, the company, as a leading broker, attempts to enjoy the dividends of direct financing for capacity expansion.

If the acquisition of Guangzheng will expand the strength of South China and implement employee incentives to improve operational efficiency, we are optimistic about the company’s future development and maintain a “buy” investment rating.

Risk factors: market volatility exceeds expectations, operating conditions are less than expected, risk of M & A failure

Industrial Bank (601166): Steady improvement in asset quality and steady earnings growth

Industrial Bank (601166): Steady improvement in asset quality and steady earnings growth

Investment points: Industrial Bank’s asset structure has been gradually adjusted while asset quality has been steadily improved, so as to maintain 19 years of stable endogenous growth and maintain a “scale market” rating.

  Although the growth rate of revenue has decreased, the growth rate of profits has remained basically the same.

Societe Generale Bank recently released its 2019 performance report, and in 2019, it initially achieved two growth rates in revenue.

55%, compared with 19 in the first three quarters.

18% decline, we think it is mainly due to the gradual disappearance of the low base effect in 19Q4, the single quarter revenue growth in the fourth quarter was extended2.


The initial net profit attributable to mothers in 2019 is expected to achieve a ten-year growth rate.

66%, a growth rate of 8% in the first three quarters.

52% increased slightly, the growth rate in the fourth quarter of the single quarter was 9.


We calculate a minimum effective tax rate of 10.

8%, a slight increase of 0 from the 2018 full year ranking.

Eight shareholders, we believe that tax-free assets are still one of the company’s asset-side allocations.

  The growth rate of total assets is stable, and the proportion of loans may increase further.

Express performance report shows that Industrial Bank ‘s total assets in the final period of 19Q4 increased by 6 years.


The company’s half-year growth rate of total assets has stabilized at around 6% since the end of the second quarter.

Considering that the highest average growth rate of loans in the first three quarters was above 20%, we expect that loans will also maintain the same growth rate in the fourth quarter of 2019, and the proportion of loans will further increase.

The company’s loan ratio at the end of 3Q19 has increased by 4 compared with the end of 2018.

9 up to 49.


  NPL ratio continued to decline and asset quality improved.

The performance report shows that the non-performing rate at the end of 19Q4 was 1.

54%, down 1BP from the previous month.

The company’s non-performing rate has gradually declined since mid-2019.

At the end of 19Q2 and 19Q3, the interest rate of interest loans decreased marginally along with the non-performing rate. At the end of the two seasons, the interest rate of loans fell by 23 and 3BP, respectively.

We believe that the marginal decline in both the non-performing ratio and the interest-oriented loan ratio reflects that the company’s asset quality is gradually improving marginally.

  Investment Advice.

Industrial Bank’s asset structure has been gradually adjusted while the quality of its assets has been steadily improved, thereby maintaining a steady, endogenous growth of 19 years.

We use the DDM model (assuming the company’s EPS for the next three years is 3.

10, 3.

47, 3.

92 yuan, the fourth to tenth year of net profit growth was 8.

0%, the dividend ratio is 25%; the net profit growth rate in the sustainable phase is 5.

0%, perpetual dividend payout ratio is 30%, risk discount reorganization9.

73%) to get a reasonable value of 26.

08 yuan, and the comparable estimation method, according to the PB-ROE model, the company’s 2019E PB statistics are doubled (comparable company average 1).

10 times), corresponding to a reasonable value of 成都桑拿网 23.38 yuan.

Therefore, the 2019 PB assessment is given1.


12 times, corresponding to a reasonable value range of 23.


08 yuan (corresponding to PE for 2019 is 7).


4 times, the average PE of comparable companies is 8.

14 times), give “previous market” rating.

  Risk warning: the company’s ability to repay its debts has declined, and the quality of its assets has deteriorated severely; major changes have occurred in financial regulatory policies.

Previous rice and glutinous rice have some differences

Previous rice and glutinous rice have some differences

Grains and rice are headed.

The fragrant rice has always been an essential staple food for the Chinese.

Southerners are used to eating glutinous rice, while northerners prefer previous rice. What are the differences between the two kinds of rice?

  “Previous rice and glutinous rice were the two most common and most commonly eaten rice.

Liu Fangcheng, a senior engineer at the Beijing Food Society, told the Life Times that the rice grains were short, wide and elliptical, so some people called it “fat rice”. Common crystal rice, northeast rice, pearl rice, etc.Glutinous rice is deformed. Commonly used are Thai basmati rice and Chinese fragrant rice.

Because there are many rice grown in the north and more japonica rice in the south, there are some regional differences in eating habits.

  “These two kinds of rice are very nutritious, but there are still some differences.

Liu Fangcheng pointed out that the previous rice’s gel consistency requirement is greater than 70, and the glutinous rice only requires more than 60, so the rice is always much more sticky than the glutinous rice.

However, the protein content of glutinous rice is higher than the previous rice, the protein content of glutinous rice is more than 8%, and the previous rice is only 7%.

  Because of the gelatinization temperature, gel consistency, rice grain elongation, and flavor of the two rice varieties, the method of consumption varies.

Liu Fangcheng said that it has always been a high consistency of rice gelatin, suitable for porridge, used to make porridge; glutinous rice amylose and protein content is high, steamed rice is placed in a soft and delicious.

In addition, the previous rice has a certain antihypertensive and lipid-lowering effect, while the glutinous rice has the effect of warming the stomach and helping the yang.

People can choose according to their own taste and constitution when eating.

In addition, Liu Fangcheng also reminded everyone: “No matter how the meter, the heating time should not be too long, otherwise the vitamin will be lost a lot.

Six rules for husband and wife loving together

Six rules for husband and wife loving together

1, often remember the love: love is the precursor of marriage, men and women in love, the kind of affection, a moment of hard to leave, it is really wonderful.

After marriage, often recalling the pre-marital love scene, can evoke the emotional resonance of the couple, and add romantic emotions in the memories, yearning for the future, thereby enhancing the relationship between the couple.

  2. Arrange the “honeymoon” again: The honeymoon during marriage is the time when the couple have the strongest feelings.

At that time, the two set aside all the disturbances and completely entered the world of love over honey and enjoyed the joy of “Eden”.

After marriage, if you can take advantage of holidays and arrange “honeymoons” that vary in time every year, such as traveling to a different place, recreating the love world of the two, and revisiting the dreams of the past, you will continue to set off waves of love and make the couple ‘s feelings more and more intense.
  3. Celebrating commemorative holidays: wedding anniversary, partner’s birthday, commemorative anniversary, etc., are important days in the love history of both parties.

At that time, taking an appropriate form to commemorate it will make both sides feel that the other side has a deep love for themselves, which will have a great effect on consolidating the relationship between husband and wife.

  4. Compensation for past love debts: Too many couples use the ideal form to return to each other’s love when they are married due to conditions, such as replacing honeymoon, buying a decent gift for the lover and so on.

A few years later, when the conditions are right, remember to complete these unfinished matters in order to repay the debts owed in the past, which will make the other party feel that you are a very affectionate and affectionate person, and love youIt will multiply. For example, many gay men buy gold jewelry for their loved ones after marriage, and many couples who have passed the age retake wedding photos.

  5, learn to please your lover: some men and women, when dating with each other before marriage, always try to please each other, but after marriage, they no longer care about each other’s feelings about themselves.

This approach will hurt the relationship between the couple.

Therefore, after marriage, lesbians must be gentle and caring, and care for their husbands as usual; while gays should carefully understand the wife’s inner feelings, not only to take care of his wife everywhere, but also to learn some skills to please his wife.For example, as a high-ranking ginseng for her clothing purchases, help her make a beauty plan, and come to humor from time to time.

  6. Create unexpected surprises: Unexpectedly surprise each other, often leading to the role of emotional “stimulants”.

Therefore, creating a little surprise is good for enhancing the relationship between husband and wife.

Such as hiding the other party, bringing his or her relatives in the distance to meet, buying the same thing for the other, creating an event for the couple that the other party did not prepare but loved, etc., may be unexpectedly unexpected.In this way, the flowers of strong feelings burst out in surprise, setting off a jubilant love wave.

Yoga moves to solve gastrointestinal problems

Yoga moves to solve gastrointestinal problems

When it comes to gastrointestinal problems, almost everyone has them. Some people spend a lot of money still can’t solve the problem, which is really a headache.

Gastrointestinal complications and causes are more common: 1.

Ulcers: Gastric ulcers or duodenal ulcers. The cause of ulcers is generally that the organs are stimulated by food such as coffee, alcohol, spices, or exacerbated by mental fatigue, and some are caused by incorrect posture;

Loss of appetite: there are many reasons, such as excessive mental fatigue, insomnia, inflammation of the stomach, intestine, liver, kidney and other parts, constipation, dysentery, etc .; 3.

Chronic gastritis: Divided into hyperacidity with too much fluid and anacidity without gastric acid secretion; 4.

Chronic ulcers: Causes of eating too much, drinking too much, lack of gastric acid, lack of digestive juice caused by pancreatic disorders, diseases of the small and large intestines, and neurosis

Constipation: Because the peristalsis of the large intestine is weak, the abdominal muscles are also weak, and the instructions of the brain and the intestine do not cooperate, which is caused by excessive use of laxatives.

If the disease is not very serious, as long as the tension is eliminated and blood circulation is improved, correct adjustment of the autonomic nerves on the spine can quickly obtain obvious results.

The more effective methods are: 1.

Name: Baby-style movements: 1) Lie on your back, bend your right knee, hold your hands to the upper part of the abdomen, and inhale and press on the abdomen.

  2) Exhale, raise your head, touch your knees, keep your left leg straight, hold for 10 to 15 seconds, and return.

  3) Hold your knees, press your knees to the upper level, exhale, lift your head and touch your knees, take a deep breath 4 times, return to relax, repeat the other leg.

  Role: Treat constipation and increase bowel movements.


Name: Crocodile-style action: 1) Lie on your back with your arms flat and your palms facing down on the floor.

  2) Inhale and lift your left leg at a right angle.

  3) Exhale, hold your left leg to the right, and keep your shoulders steady for 5 to 10 seconds.

  4) Inhale, lift your left leg at a right angle, exhale back to its original position, and repeat the other leg.

  Tip: Also do your legs together.

Or bend your knees and lie on your back, and your knees will fall down.

  Role: Treatment and prevention of gastric ulcer, duodenal ulcer and low back pain.

Trick to teach you through his nonsense

Trick to teach you through his nonsense

Scene one: Wife: Why do you always come home so late?
  Husband: There are a lot of things in the unit during this time.
  Breaking through the diorama: I occasionally go home late one or two times, and may really work overtime in the unit, but return late every day for a week or two or even a month or two in a row.
If he happens to be a new female secretary or driver during this time, and if his client partner is a beautiful and single woman, it is even more doubtful.
  Clues: A. When I got home, supper was eaten out.
  B. Laying in bed in the morning.
Although he said that the unit was busy, he would rather be late or hit and sleep for two more hours.
  C. When you tell him things, he always can’t remember.
He was told to change the light bulb in the bathroom, but he bought a new lampshade and returned.
>>> Treasures Alternative countermeasures for the third party “wisdom retreat” Mrs. Kwon countermeasures: Kwong A, come home later than him.
If necessary, occasionally do not return all night.
  B. Pretend to be on the way, often visit his unit.
Remember to dress like a noble white swan.
  C. Make the home more comfortable, then make a good table, prepare his favorite wine, make a cup of hot tea and wait for him to go home, so that he realizes that the person who loves him the most is you or you.
  Scenario No. 2 Wife: How come the salary is so small these months?
  Husband: I funded a child out of school.
  Dividing the Diorama: If it is a friend ‘s marriage and followers, he will notify you in advance; if the work is mistaken and the bonus is deducted, it is only occasional.
But the salary he has given you is getting less and less for several months in a row, and he insists that you give a noble and perfect reason until you ask, it is difficult to guarantee that he is not fooling you.
If by the way he tells you the way . then you can be more sure that he is engaged in some less noble activities under the noble coat.
>>> The only reason for a man to get married[Pictures and signs: A. Occasionally there will be lipstick marks on the neckline, and there will be one or two long brown or red hairs on the sweater.
  B. His singing skills and dancing skills have suddenly improved.
  C. He renovated in the spouse’s house.
  D. The phone shuts down intermittently, explaining that the phone is out of power-lies are always used to cover up and improve.
  Mrs. Countermeasure: A. Occasionally follow.
It’s not bright, but it is the most effective way.
  B, knock sideways.
To get to know someone, look at the friends around him and find out what those people are doing.
  C. Buy designer fashion, go to a beauty salon, sign up for a ballet training class—in a word, reinvent youth and spend money on beauty.

Why did they divorce?

Why did they divorce?

1. Marriage without love or marriage that cannot grow up together Such cases are often encountered in marriage counseling.
A marriage without love means that it is not love but other factors that maintain the marriage relationship.
Such as: hasty marriages and practical marriages, the parties covet the other party’s social status, money or marriage against their will.
This type of marriage develops to a certain stage and usually ends with a divorce.
Usually men will attract women with his wealth and social status. They feel that as long as they have money, they can reach the hearts of women. They do not know that women will pursue emotional satisfaction when their material life is fully satisfied.
Therefore, many wealthy women live unhappy, and some people make up for the regrets in their marriage by finding extra-marital lovers.
  A marriage that cannot grow simultaneously means that the husband and wife cannot progress and develop together.
For example: the husband or wife is good at learning, while the other party is doing nothing, playing cards all day, not paying attention to the cultivation of their own qualities.
There will be less and less common language and interest between the couples, and the world outlook and values will also be different, which will lead to the breakdown of the marriage.
  2、缺乏两性相处的技巧与方法,不懂的如何满足对方的需求,彼此感受不到对方的爱,误认为感情已经破裂而导致的离婚   在婚姻咨询中,此种原因引起的婚姻破裂占很A large proportion, and most of them are young couples.
The reason has a lot to do with the improvement of China’s material living standards.
On the basis of meeting their material needs, people began to pursue spiritual and emotional satisfaction.
But because men and women have very different cognition, thinking, and behavior patterns, it is difficult to meet this basic need.
Sometimes both husband and wife give love, but this love may not be needed by the spouse.
The reason is not knowing what the spouse really needs?
Some people think they know their spouses well. In fact, they know nothing about their spouse’s psychological needs. Love often disappears in this misunderstanding.
  3. Extramarital affairs or personality mismatch Affair is a companion to human marriage, and the “affair” phenomenon contains a very complex social-family-individual psychological content.
There are many reasons for the affair, but there are two main reasons: First, it is caused by the social culture of males and females, so men have a higher proportion of affair.
The second is due to personal dissatisfaction in marriage.
An affair generally hurts all relationships related to it.
Among them, 65% of affair marriages end in divorce (USA).
Divorce cases caused by extramarital affairs in our country are increasing year by year.
According to a survey in a district in Beijing, the number of divorce cases caused by third-party involvement was 14% in 1982, and reached about 40% in 1988.
  Personality mismatch refers to the disparity in personality traits between couples.
One is very extroverted, one is very introverted or one is very dependent, and one is very independent. Such a couple combination is prone to marriage problems.
  4. Divorce due to one’s physical or other reasons Generally refers to a divorce caused by a spouse’s physical, infectious or mental illness.
Other aspects such as divorce due to housing problems, long-term separation between the two places, or one party going abroad, and some false divorces due to child registration issues also occur.
  5. Divorce caused by economic problems or major changes in life is the foundation and the guarantee of spiritual life.
  One of the essential factors in marriage life.
With the transition of China’s economic system and the development of science and technology, social competition has become increasingly fierce, and laid-offs and unemployment have increased people’s psychological pressure.
Unemployment and laid-offs often cause people’s continuous anxiety. Some couples blame each other, which intensifies the conflict between the couples, causes the marriage to break up, and the destructive effect of unemployment on marriage is far more than we imagine.
The author found in a survey and analysis of the marriage quality of divorced people that in the comparison of various factors of marriage quality, the economic arrangement factor showed a significant difference between the divorced group and the married group (P <0. 001). In fact, poverty does put too much pressure on marriage, so that divorce rates for poor couples are twice as high as for rich couples. Some foreign studies have found that couples who are divorced or quarreled due to economic problems are mostly couples with lower education levels. Highly educated couples rarely quarrel over financial issues. On the other hand, some high-income couples in China also have differences and contradictions in terms of economic arrangements and consumption patterns. Serious cases can also lead to marriage crisis.