CITIC Securities (600030): M & A Incentives Two-Pronged Brokerage Leader

CITIC Securities (600030): M & A Incentives Two-Pronged Brokerage Leader

Event: In 2018, the company achieved operating revenue of 37.2 billion (YoY-14%; Guojun-4.

6% / Haitong notice -16%), net profit attributable to mother is 940 thousand yuan (Monarch-32% / Haitong notice-41%), average ROE 6.

2% (Monarch 5.

4% / Haitong notice 4.

4%), the corresponding leverage ratio rose to 3 after excluding customer margin.

63 times (2017: 3.

51 times).

We believe that the company’s highlights include: (1) the brokerage business is rooted in institutional customers, the transaction market share has steadily increased, and the commission rate can be maintained at a high level; (2) the company’s investment banking capabilities, institutional customer resources and capital strength advantages are obvious, and it is expected thatBusinesses such as institutional sales and direct investment will benefit from the science and technology board policy; (3) Self-operated transitional trading investment banks, launching significant market effects of strategic effects and high ROE characteristics of derivatives market making business, which is expected to significantly improve the company’s overallProfitability; (4)) It is planned to merge and acquire Guangzhou Securities and formulate an employee incentive plan. It is expected that the company can continue to strengthen its capital and business strength at a reduced cost, and expand its leading edge in the industry.

Brokers: Rooted in institutional clients, the market share and commission rate both rose.

The company’s net income from securities business (including seat leasing) decreased by 9% year-on-year, which was better than the industry level (YoY-27%, Monarch-23%).

The company adopts the development strategy of key service agencies and high-net-worth customer transaction service and wealth management needs, and its customer base and service capabilities are prominent.

In 2018, the large securities firm China Taijunan, Shenwan Hongyuan and CITIC Construction Investment all experienced a certain amount of trading volume, but the market share of CITIC Securities’ stock-based trading volume6.

09%, an increase of 0 from 2017.

46%, reflecting the market trend of concentrated leading; the existing company’s brokerage business (including seat lease) net commission rate rose to 5 ten thousandths.

5 (4 / 10,000 in 2017.


We expect the average daily stock-based trading volume in 2019 to maintain a level of more than US $ 600 billion, and the company’s stock-based trading volume market share will steadily increase to 6.

15%, the commission rate may face some pressure to reduce (substitute 4 ten thousandths.

8), one year brokerage business income is forecast to grow by 40% per year.

Credit transactions: Liangrong’s stock quality income is stable, and impairment expectations are flushed back.

The company achieved a net interest income of US $ 2.4 billion, an annual increase of 1% (industry-27%, monarch + 2%).

Among them, the interest income of Liangrong and fair interest on pledge dropped by 1% and 2%, respectively.

In 2018, the balance of equity pledged financing funds has decreased by 51% to US $ 38.5 billion (Monarch 383 trillion, -50%). Through regulatory policies to resolve equity pledge risks and the gradual recovery of the secondary market, some of the company’s asset impairment provisions are expected to be offsetreturn.
Investment bank: The business advantage is obvious, benefiting from the introduction of the science and technology board policy.

The company’s investment bank revenue was US $ 3.6 billion, a year-on-year decrease of 17% (industry-27%, monarch-26% / China Construction Investment 6%).

The company has rich reserves of high-quality projects, outstanding investment banking capabilities, a solid institutional customer base and leading capital strength. It 杭州桑拿网 is expected that the company’s investment banking, direct investment, and institutional sales will all benefit from the introduction of the science and technology board policy.

Self-employed: transformational transaction investment bank.

The company’s self-employed business income was 8 billion US dollars, a 37% decrease every year. The growth in performance was related to the downturn in the stock market and the above-mentioned focus in the fourth quarter of 2017 to form a high base effect.

In the future, the company will transform into a trading and investment bank and realize derivatives market-making business with significant door biological effects and high ROE characteristics, which is expected to significantly improve the company’s overall profitability.

Asset Management: Active transformation has 上海夜网论坛 advantages.

In 2018, the company’s asset management revenue was US $ 5.8 billion, an increase of 2% year-on-year (industry -11%, monarch -16%), of which fund management revenue was US $ 4.1 billion, an increase of 9% year-on-year.

The company’s active management scale is in a leading position in the industry. At the end of 2018, the company’s active management scale was US $ 552.8 billion, maintaining the number one in the industry, and its proportion rose to 41% (2017: 35%).

It is planned to purchase the Guangzheng to make up for the shortcomings, and employee shareholdings show confidence.

The company intends to issue shares to acquire Guangzhou Securities. After the completion of the acquisition, the company will supplement the company ‘s South China network with shortcomings at low prices (1.

2xPB) to obtain high-quality assets and expand the leading edge of the industry.

At the same time, the company’s employee shareholding plan, referring to Guoyuan and Industrial, refers to the gap between employee shareholdings of CITIC Securities but not comprehensive coverage. For key employees, the overall cycle is continuous and the lock-up period is shorter, which promotes employee motivation and also demonstrates consensus and confidence.

Investment advice: Buy-A investment rating.

In 2019, we are optimistic about the fundamental rebound of securities stocks, and the negative factors in the market are expected to be gradually digested; CITIC Securities will continue to lead the trend of centralization under the trend of upgrading the capital market, shape the core competitiveness with intelligent gates, and maintain its advantage in market competition.The copyright must estimate the premium bonus.The company’s EPS for 2019-2021 is expected to be 1.

15 yuan, 1.

31 yuan and 1.

5 yuan, giving the company a 2xPB estimate, raising the 6-month target price to 28.

54 yuan.

Risk reminder: risk of severe contraction of trading volume / risk of equity mortgage default / risk of policy change

Great Wall Motor (601633): Focusing resources and focusing on core business marketing efforts to increase market share

Great Wall Motor (601633): Focusing resources and focusing on core business marketing efforts to increase market share
1H19 results are in line with our expected 1H19 results: revenue 413.8 ‰, at least -15.0%, MoM-18.1%; net profit attributable to mother 15.2 trillion, corresponding to a profit of 0.17 yuan, -58 for ten years.9%, +0.4%, in line with the Air Force performance forecast. Development trend budget important accounting policy adjustment.Great Wall Motors made the following supplementary accounting policy adjustments in this interim report: 1) Transportation costs were included in operating costs from sales expenses, so that transportation costs from the same period last year were 65 ‰ dropped to 1.0 million yuan, assuming that transportation costs are flat every year, we estimate that this adjustment in accounting policy will reduce its sales expense ratio by 1.3ppt, gross margin decreased by 1.3ppt; 2) Great Wall Bank Silver, an auto finance company. The decrease in average price has caused the growth rate of revenue to significantly exceed the growth rate of sales.According to the caliber disclosed in the semi-annual report, the company’s sales in 1H19 dropped by 2 year-on-year.5%, but vehicle sales revenue is down by 15 per year.9% to 364.We believe that the average price of leading companies has been extended to approximately 7 due to the average price of Euler and the export business.90,000 yuan, the budget company’s accounting policy will be exported but not yet delivered to the end customer sales are not included in the current income, but also have an impact of 5-6ppt. Focus resources on core business, continue to sell car travel business and leasing, and purchase auto import and export companies from controlling shareholders.The company price was 4 in February this year.6.4 billion will be sold in 4 subsidiaries of “Tianjin Shared Car”, “Hover Leasing”, “Europe Information” and “Funshi Technology”, bringing 1 to Interim Report.79 billion investment loss, the company is expected to announce today that it will continue to sell the automobile travel subsidiary “Xiongan Sharing” and the car rental subsidiary “Wanli Friendly”. The products continue to focus on the SUV and pickup markets. The domestic market has increased advertising costs, innovated sales channels to expand, and increased overseas market development efforts.Against the backdrop of weak domestic car market demand, we understand that the company will continue to focus on SUVs and pickups in its products. The increase will come more from the increase in market share. That is, when the current independent brand car companies enter the knockout competition, Great WallIncrease advertising costs (37 per year).8%), and through a joint venture with financial institutions such as ICBC to set up a car financing lease company “at first sight” to try new sales methods. Earnings forecasts and estimates are based on lower sales and average bicycle prices. We lower our net profit for 2019 and 202011.0%, 11.9% to 37.400 million, 41.0 million.Current Great Wall A / H corresponds to 19 times 20 times and 11 times P / E.We maintain our Neutral rating, but based on our earnings forecasts and estimates, we lower our A / H target price by 2.2%, 11.3% to 9.0 yuan, 5.5 Hong Kong dollars, corresponding to 22.0 times, 12 times 19 years P / E, 9 than current expectations.2%, 11.6% upside. Risks The sales volume of new models 苏州夜网论坛 is lower than expected; the sales promotion has an unexpected impact on profitability.

Want to adjust your coronary heart disease?

First of all, figure out the five medicines for conditioning coronary heart disease!

Want to adjust your coronary heart disease?
First of all, figure out the five medicines for conditioning coronary heart disease!

Now people are more and more aware of health and disease prevention and longevity, but this is mainly due to the fact that everyone is “serving the old”!

When I was old, I realized that I had accumulated a lot of roots when I was young. Especially when I was young, I had no taboos. I didn’t know how to take care of my spleen and stomach and blood vessels, which led to cardiovascular diseases in the later years.Two major chronic diseases of hypertension and coronary heart disease.

But now these chronic diseases are no longer patents for the elderly, and they are now tending to be younger.

As the saying goes, “It is a disease that relies on medicine and seven points.”

“It is important to raise seven points, and the medicine can not be ignored!”

Sometimes a lot of people suffering from diseases are defeated by the “less” medicine. In terms of coronary heart disease, most patients are taking western medicine to control the development of diseases, but it must be said that Chinese medicine is also used here.Play a decisive role!

There are 5 kinds of traditional Chinese medicines that can regulate coronary heart disease. The benevolent sees the wise and sees wisdom!


Pueraria lobata has a function of passing through the activity, but according to pharmacological studies, it can dilate the coronary artery, lower blood pressure, effectively reduce the damage to the heart, and it is also commonly used to improve coronary heart disease.Commonly used drugs for angina can be soaked in water.


Consolidation is a qi medicine. What does it have to do with coronary heart disease?

This is mainly due to its efficacy of “dissolving phlegm and dispersing phlegm”. Most of the diagnosis of coronary heart disease is chest sputum. Among the treatment factors of this disease, there is a remedy for phlegm and blood stasis.Greasy, pulse slippery and other symptoms, sedative qi, but also phlegm, so it is suitable for improving the symptoms of coronary heart disease; and on the other hand, it has a certain cardiotonic effect, it can increase the heart and brainBlood flow, enhance the contractility of the myocardium, and significantly improve the ability of the heart to capture blood.


The traditional Chinese medicine of safflower is familiar to everyone. The color is red and the heart has won the coronary heart disease. It is a kind of traditional Chinese medicine that belongs to the heart. It has the effect of promoting blood circulation, relieving pain and relieving pain.It can effectively reduce myocardial oxygen consumption, reduce cardiac load, eliminate vasoconstriction, and have a certain vasodilating effect. Clinically, it can better relieve heart and blood stasis type coronary heart disease!


Astragalus membranaceus can stabilize the antiperspirant, has a better cardiotonic effect, can increase the nutritional blood flow of the heart muscle, increase the blood SOD activity in patients with coronary heart disease, and then eliminate the damage of myocardial damage caused by various causes of oxygen free radicals.Can nourish cardiomyocytes, supplement the lack of heart, especially for patients with shortness of breath, can often drink yellow water to drink.


Three-seven-seven-seven Chinese medicine is the favorite traditional Chinese medicine for patients with coronary heart disease. People like to take it after grinding. The reason why Chinese medicine is very popular among patients with coronary heart disease is mainly because it has the effect of promoting blood circulation, relieving pain and relieving pain.For patients with chest pain, right upper extremity or shoulder pain, multiple suitable.

Different Chinese medicines have different effects on different types of coronary heart disease patients. In general, several Chinese medicines can be used alone.

Finally, for the commonly used drugs for coronary heart disease, many patients have disobedient “suspects” when they use them. The behavior of self-replacement drugs often occurs. In fact, it is only used in the treatment of drugs that are beneficial to the treatment of diseases.Refers to the clinical treatment of coronary heart disease, some words still have to be on the mind: the drug that is “profitable” for the disease – can be used, is unfavorable to the disease – to terminate immediately, the commonly used – do not stop casually!

[This article is exclusive to the new media of “Jinlan Chinese Medicine Society”, the image decomposition network.

Author Yuan Yuji, authorized to authorize, do not reprint, copy]

Shanghai Yoga Venues

Shanghai Yoga Venues

Guangyin Yoga Guangyin Yoga Address: Block 19B, Building 3, Yinglong Building, No. 1358 West Yan’an Road, Changning District, Shanghai (near Dingxi Road) Tel: 021-62837217 52303052 Youga Yoga Center (Luban Road) EYOGA  Address: Ginkgo Home Club, No. 15, Lane 277, Luban Road, Luwan District, Shanghai Tel: 021-64074214 63038140 Eucalyptus Yoga Center (Huating) EYOGA Address: Clark Hatch Club Mingshi YogaClubhouse (Dalian West Road) Address: Shanghai Heda Yoga Club (Julu), Heda Yoga Club (Julu Store), Lane 1288, Dalian West Road, Yangpu District, Shanghai Address: 361 Julu Road (Maoming, Luwan District, Shanghai)Intersection) Tel: 021-262180955 62187563 Guangya Yoga (Luxi Road Head Office) SUN RAY YOGA Address: Block 18B (Building 5), Minzu City, 251 Luxi Road, Xuhui District, Shanghai Tel: 021-64089077 54481907  Fanling Yoga (Yan’an West Road) Address: Room 308, Building D, 3 / F, Miramar Business Building, No. 2633 West Yan’an Road, Changning District, Shanghai. Tel: 021-62095212灵Yoga (Chang’an Road) Address: Block F, 7th Floor, Zhongfang Huadong Building, 1138 Chang’an Road, Zhabei District, Shanghai Tel: 021-61235065 61235075 Fanling Yoga (Lujiabang Road) Address: Lupu, Huangpu District, ShanghaiRoom 708, Funan Building, No. 976, Jiayu Road (near Nanzhan Road) Tel: 021-63187277 Alexander Hall (Tianyaoqiao) Address: No. 318 Tianyaoqiao Road, Xuhui District, ShanghaiRoad Store) Address: 5-6 Floor, Zhongchuang Building, No. 819 Nanjing West Road, Jing’an District, Shanghai Telephone: 021-62553535 Limeijian (Changshou Road Store) Address: 4th Floor, Hengda Plaza, 285 Changshou Road, Putuo District, ShanghaiRoad) Tel: 021-62762922 Hada Yoga Club (Wanping Branch) Shanghai Yoga Fitness Club Address: 1F, No. 650 Wanping South Road, Xuhui District, Shanghai Tel: 021-664273923 Jinglan Fitness Center (Hongkou Branch) Address: Dongjiang, Hongkou District, ShanghaiGate 1 in Hongkou Football Stadium, No. 444 Wan Road, Tel: 021-556669786 Dualism Yoga (People’s Square) eze Yoga Address: 7th Floor, Workers’ Cultural Palace, 120 Xizang Middle Road, Huangpu District, Shanghai Tel: 021-63501086 Y + Yoga Life Hall (Fuxing Store) Y + Yoga Address: 299-2, Fuxing West Road, Xuhui District, Shanghai (near Huashan Road) Phone: 021-664334330 Panyu Yoga Fitness Club Address: 1885 North Sichuan Road, Hongkou District, Shanghai3rd floor phone: 021-556668966 Fanling Yoga (Dingxi Road) Address: Room 402, Zhaoyi Building, No. 1281 Dingxi Road, Changning District, Shanghai (near Xuanhua Road) Phone: 021-62514885: 上海徐汇区漕溪北路41号汇嘉大厦28楼C-D室  电话: 021-54904413 54900261  优伽瑜伽中心(水清路店)EYOGA地址:上海闵行区水清路1012-1018号珠玛瑜伽(Xuhui Store) Address: 31st Floor, Building 1, Hui Cuihua Park, Lane 737, North Xixi Road, Xuhui District, Shanghai, China Tel: 021-524533310 54253312

Personality from bathing

Personality from bathing

There are several different bathing methods below, please choose based on your intuition. This little divination can also divinate your personality!

  A ordinary water bath F candy bubble bath answer analysis: the result of your choice is: A person who likes to bathe with spring water is a very casual person who knows life very well, whether in school or workPossess leadership and charisma.

Usually people who like to bathe in spring water are also more organized people. Most of these people have a good habit, that is, they like to settle their thoughts while taking a bath, think about what to do tomorrow, and then take a full bodyRelax your heart and enjoy the pleasure of taking a bath.

This type of person is less emotional, and the likes and dislikes of things are not easy to show in the shell, but the real thoughts are hidden in the heart. In addition, such people have a fairly high career success index.
  The result you choose is: B The person who likes to take a bath with petals is the kind of small-hearted person. This kind of person likes romance. When he is with friends, he always wants others to obey his arrangements.

Usually people who like to bathe in petals are also relatively narcissistic, and like to spend a lot of money and time for themselves. Such people like new things and enjoy themselves.

This kind of person is not smooth enough in dealing with others and does not value others ‘strengths, but rather cares about others’ weaknesses.

In terms of work, they are reasonably strong, lacking opinions, and it is not easy to accept criticisms and opinions given to others, and they will waste time and money on things like arranging various cares after bathing!

  The result you choose is: C people who like to bathe with lavender and lemon slices belong to the people who do first and then talk. They value their desires and then try their best to satisfy themselves.

Usually people who like to bathe with lavender and lemon slices are relatively straightforward and have no city government. They are less likely to plan their work in advance, even though they set high goals and even demand perfection.

In fact, this person’s attitude to doing things is very down-to-earth.

It’s best to work one step at a time in your work. Don’t rush to achieve everything, so as not to end up in the end and hope you are so, disappointed!

  The result you choose is: D. People who like to take a bath with milk belong to those who have a certain aesthetic taste. Such people have good living habits and work habits. They like to do something at home with a scent of milk.
People who usually like to bathe in milk like to pursue beautiful things, and that kind of tender and lingering feelings.

The emotional stories of such people are also quite romantic!

Usually people who like to bathe in milk prefer to be alone, not accustomed to the noisy group life, even if they go out with friends, they can’t be wronged and will be others.

In terms of work, this kind of people also don’t like to be too rigid, prefer manual and beauty-related work.

  The result you choose is: E people who like to bathe in ordinary water are economical and practical people. They do n’t waste too much time and money on enjoyment. They think that it can be washed in ordinary water.No need to make it so complicated.

Usually this type of person is a more savvy and capable person, they have concepts about time and money, and they have a set of financial management!

This kind of person plans before doing one thing, waits for the plan to be done, then evaluates the probability of success, and then waits for all conditions to mature before starting to act.

People of this type should avoid watching money and honor too much, and don’t become a workaholic without self!

  The result you choose is: F people who like to take a bubble bath with candy flavor are people who are childlike, and this kind of people refuse to grow up!

Everything habitually accepts the arrangement of others, likes to be taken care of by others, and it may not be a little bit to ask him to take care of others!

Personally, this kind of person is more easy-going, has no opinion, and gets along well, and does not conflict with others in school. They are vulnerable people.

In terms of work, they are more obedient and obedient employees, and everything is handled according to the intention of the leader. People with this personality are often a little sad, and they are often scapegoats for no reason.Still more eyes, mature a bit!

There is a magic formula for evil Chinese medicine in the early days

There is a magic formula for evil Chinese medicine in the early days

In the early days, the evil Chinese medicine called “Bianyu”, which is what we usually call “Xunzi”.

It is a common skin disease caused by human papilloma virus infection.

Horrible demon.

Its onset is related to factors such as decreased immune function, skin abrasions or scratches.

With the increase of age and the continuous improvement of immunity, most of them can heal themselves, and a small part of them can be left for life, which not only affects the appearance, but also has the possibility of canceration, so if it cannot be subsided or continuously expanded, treatment measures should be taken immediately.The following introduces several prevention, easy, safe and effective external treatment methods, everyone does not hinder it: 1.

Take 30g of white fresh skin, 30g of bright staff, 30g of purslane, 30g of sage root, 15g of safflower, add 2000ml of water, and boil for 15 minutes, then smoke and wash the affected part twice a day for 30 minutes each time.

Generally, the skin lesions become white and soft after 2 doses, and the skin lesions all disappear after 6 doses, and it is not easy to repeat.


Proper amount of fresh leaves of Lantern grass, wash the affected area, routinely disinfect the warts with 75% alcohol, then place the lantern leaves on the blocked body, rub repeatedly, as long as you rub and crush 1 wart, other warts can subside on their own.

For the first time, you can feel the burning sensation or slight pain in the mole. Do not wash with water after rubbing.

Once a day for 3 consecutive days.

Usually 7 days after treatment, the color of the wart becomes brown or gray, and the desquamation of the wart disappears after 15 days.


Cut the single garlic into 2 mm thick slices with the same diameter as the wart, disinfect the affected area with 75% alcohol or iodine (iodine), and then fix the garlic slices on the affected area with adhesive tape.

Change once a day in the morning and evening, 4 courses a day.


Take 2-3 fresh citronella leaves and rub the affected area for 3-5 minutes.

2 times a day.

Generally, the warts disappear or fall off in about 15-30 days, and the local skin is normal.

Fresh cilantro leaves are satisfactory in treating common warts, the method is reduced, and the patient is painless.


Take an appropriate amount of fresh Eclipta prostrata, place it on the tortoise of your finger, and rub it repeatedly with your finger until there is a burning or slight pain, 2-3 times a day, wash the affected area before rubbing, do not use after rubbingWash the affected area with water.


Take 2-4ml of Bupleurum injection, wet the cracked surface with medical disinfectant cotton swab dipped in medicinal solution, 2-3 times a day, 20-30 minutes each time, usually 1-2 weeks can be cured without leaving scars.

First of all, the warts are routinely disinfected locally, the surface cuticle is scraped with a scalpel, and a few pills of Liushen Pill are ground into fine powder, which is applied to the affected area and fixed with adhesive tape outside.

1 time a day, usually 5-7 days can be scabbed and healed.


Fresh dandelion leaves in an appropriate amount, wash and cool the water drops on the dry leaves in a cool place, and then knead them into a ball. Repeat the test on the warts for 5 minutes each time.

3 times a day, 7 days as a course of treatment.