The Shenzhen Stock Exchange requires Kelan Software to verify the reasons for the large increase in its stock price in the short term. In addition, the Shenzhen Stock Exchange requires Kelan Software to explain the digital currency business and the specific content and methods of cooperation with Huawei, as well as the revenue directly generated by related products or projects in 2020. And the amount and proportion of net profit.

On the day the attention letter was released, the concept of Huawei Hongmeng continued to rise sharply, Kelan Software soared 20%, and its share price hit a record high. The stock has reached its daily limit 5 times in the past year. As of press time, Kelan Software has risen to 49.4 yuan, nearly 8.23 ​​yuan higher than the opening price of the day, with a turnover of 901,900 lots, a turnover of 4.257 billion yuan, a turnover rate of 37.56%, a price-earnings ratio of 200.64, and a total market value of 15.363 billion yuan.

According to the official website of Kelan Software, it was officially established in December 1999 and registered in the Beijing Economic and Technological Development Zone. It is a company formed by Wall Street financial practitioners and Silicon Valley technicians returning to China, specializing in financial software product application development and consulting services. enterprise. The company has more than 5,000 employees and has branches, R&D centers or joint ventures in Beijing, Shanghai, Zhejiang, Chengdu, Shenzhen, Hong Kong and other places.

Since the second half of 1999, Kelan has implemented the first online banking system. According to the official website, its customers cover banks such as Bank of China, Agricultural Bank, Construction Bank, Postal Savings Bank, Export-Import Bank and so on. Kelan has cases in various applications such as online banking (corporate, personal), mobile (mobile phone, PAD) banking, electronic payment, third-party payment, foreign exchange precious metal trading platform, bank-enterprise communication, financial portal content management, etc.; in banks The market share of electronic channel construction exceeds 60%.

According to the official website, on June 3, Huawei held the Smart Finance Summit, and Kelan Software was invited to attend as a core partner of Huawei’s ISV. At the meeting, Kelan Software and Huawei released compatible tools and solutions for Hongmeng Mobile Finance. At present, Kelan Software has become the only supplier in the industry capable of providing full-stack credit creation solutions for Internet finance.

In terms of digital currency, on June 11, Kelan Software issued an announcement of abnormal stock trading fluctuations, stating that in recent years, Kelan Software has implemented actual digital currency projects. However, the digital currency-related business is the company’s innovative business, and the revenue from the digital currency-related business of Kelan Software accounts for a relatively small proportion of the company’s operating income.

In the 2020 annual report of Kelan Software, Kelan Software stated that its “distribution side” in the central bank’s digital currency industry chain can provide banks with a full range of Internet financial products; on the “user side” it has a “wallet” that supports digital currency and Rich cases of its application scenario construction; On the “server” based on digital authentication, Kelan Software holds a license through its holding subsidiary Continental Cloud Shield and provides mobile digital authentication services.

Kelan Software is currently actively cooperating with operating banks, clearing transfer service institutions and other entities, and is gradually implementing the development and construction of related operating systems for bank customers including digital renminbi, digital bank cards, etc., and assisting bank customers to achieve digital financial service upgrades. During the reporting period, Kelan Software and Suzhou Xiangcheng District Finance Bureau actively explored more feasible application pilot programs. The digital renminbi application scenario that Kelan Software cooperated with a major state-owned bank was launched in the second half of 2020 and will be delivered in the second quarter of this year as planned.

As for the proportion of digital currency-related business revenue in the specific revenue of Kelan Software, it is not separately listed in the annual report.

According to the first quarter report of Kelan Software, the total revenue of Kelan Software in Q1 was 210 million yuan, a year-on-year increase of 35.68%; net profit was 5.691 million yuan, a year-on-year increase of 155%; total assets were 2.294 billion yuan, a year-on-year increase of 55.72%; total liabilities It was 1.152 billion yuan, a year-on-year increase of 59.41%; investment cash flow was -178 million yuan, a year-on-year decrease of 388.33%; financing cash flow was 10.3555 million yuan, a year-on-year decrease of 66.46%

Last year, according to data from the National Bureau of Statistics, the proportion of national online retail sales in the total retail sales of consumer goods officially exceeded the 20% mark. With the e-commerce dividends over the past decade, China has not only become the world’s largest e-commerce market, but also e-commerce giants such as Alibaba, JD.com, and Pinduoduo have been born in the capital market. The total market value of the three has exceeded RMB 5.5 trillion.

As the e-commerce industry thrives, there are two clearly visible industries: one is the logistics industry, and the other is the brand e-commerce operation service industry that is generally ignored by the market-providing a backstage for the digital business transformation of brand businesses Technical support and front office operations services, etc.

At the end of September last year, the industry leader Baozun e-commerce returned to Hong Kong’s “secondary listing”, or formally started a new wave of tapping the market value of many brand e-commerce companies hidden behind the e-commerce giants, followed closely. Yes, the deep-growing and vertical brand e-commerce companies have also received more attention from the capital market.

The arrival of Youquhui may reopen the window for the reassessment of the brand e-commerce industry.

The scale of revenue is industry-leading, and the pre-IPO valuation has increased rapidly

As a number of Japanese FMCG brands have captured a large number of loyal fans in China, Japan has become the country with the highest annual growth rate among the top five countries of origin in the cross-border online retail market, and the business trend of Youquhui has also increased.

According to the prospectus, Youquhui recorded revenue of 2.8 billion yuan in 2020. From the perspective of revenue growth from 2018 to 2020, the company’s revenue has shown a characteristic of steady growth. The company’s revenue scale in 2020 is comparable 247% of the company (Ruo Yuchen, which is positioned as a fast-moving brand e-commerce company on the A-share SME board), has a significant lead.

Another point of concern to investors is that Youquhui has net losses of 79.495 million yuan and 16.162 million yuan in 2019 and 2020, respectively, but according to the prospectus, the losses are mainly due to changes in the fair value of preferred stocks.

In the rapid growth of some companies, it is very common to issue convertible preferred stocks for financing development. During the rapid growth process, the company’s valuation continues to rise, resulting in a huge “book appreciation” of these preferred stocks. The International Financial Reporting and Accounting Standards require that the “book value increase” of this preferred stock be counted as a loss, which has created the illusion that many high-growth companies have a book “loss”.

To borrow from Kai-Fu Lee, the head of Innovation Workshop, the fair value loss of preferred stocks is not a real loss (here refers to a loss incurred in operation), but includes the value-added of investors. That is, the greater the increase in valuation, the greater the “book loss” caused by the fair value of preferred stocks, and these increasing “losses” are in fact a testament to the company’s rapid growth.

Excluding the influence of factors such as changes in the fair value of preferred shares, Youquhui’s adjusted non-IFRS profits for 2019-2020 should actually be 139 million yuan and 107 million yuan. Judging from the adjusted data, Youquhui’s profitability is relatively healthy, and it has been able to continue to generate relatively stable profits.

The company’s investment value and growth, or the changes in the fair value of preferred stocks shown on its books, have a preliminary “show”. The author is still looking forward to the listing of Youquhui, which will further demonstrate long-term value creation capabilities on the track of rapid growth potential. With the continuous release of performance, the company’s valuation may still have a large room for improvement.

Gross profit margin continues to increase, and internal growth is evident

As the TOP1 existence in the e-commerce operation service field of Japanese FMCG brands, we interpret the revenue structure of Youquhui from two dimensions.

First, it is divided according to the traditional distribution, agency sales and operation business of brand e-commerce. Youquhui’s business income mainly comes from B2B, B2C sales gap and brand operation service fees, of which B2B revenue accounted for 43.9%, B2C revenue accounted for 54.9%, and service fee revenue accounted for 1.2%; the overall value of B2C is higher. The proportion of revenue increased from 43% in 2018 to 55% in 2020.

The second method is to divide according to the cross-border trade, general trade and service fee models. According to the prospectus, the three models achieve revenues of 42.7%, 56.1%, and 1.2% respectively. Similarly, the gross profit margin is relatively low. The proportion of revenue generated by the high cross-border trade model has increased from 34% in 2018 to 43% in 2020.

The most direct result of the continuous optimization of the business structure is the continuous improvement of the company’s gross profit and gross profit margin, and the establishment of a relatively stable profitability. From 2018 to 2020, the gross profit margin of Youquhui is 24.3%, 28.9% and 31.7%, and the trend of continuous improvement is significant.

(Source: company prospectus)

According to the prospectus, Youquhui recorded a gross profit of 870 million yuan in 2020. According to statistics from 2018 to 2020, the company’s compound annual growth rate (CAGR) of gross profit reached 20.6%. The operating profit and adjusted net profit during the period can be steadily maintained at 140 million and 100 million or more respectively.

Based on the above, from the financial data, Youquhui has shown a good side, and it also has better performance data than comparable companies in the same industry. This is not only the advantage brought by the company’s scale effect, the author believes that it is also due to Brought by the company’s overall strength or the accumulated advantages formed by competitive barriers, as a leading enterprise in the FMCG brand e-commerce operation service track, Youquhui has demonstrated its “both offensive and defensive” in its latest prospectus. Characteristics, growth is also not lacking in certainty. Next, we will continue to expand our horizons and timeline, and look at the company’s investment value from a longer-term perspective.

Strong late-comer advantage, occupying a favorable position in the segmented track of brand e-commerce

As for the future growth space of Youquhui, it can be analyzed from its market position and service capabilities.

According to the information, Youquhui has a significant first-mover advantage in the cross-border field. It is not only the first batch of cross-border e-commerce operation service providers on Tmall International, and the first batch of e-commerce operation service providers to deploy warehouses in bonded areas, but also the first. Approved operation service providers responsible for Moony and Kobayashi brand Tmall International CIP (Centralized Import Procurement) innovation projects.

Youquhui has been awarded a five-star service provider on Tmall for many consecutive years, and it is also a purple star service provider on Tmall International. This is one of the few branded e-commerce service providers certified by China’s largest e-commerce platform. At present, Youquhui Operating 18 Tmall flagship stores and 26 Tmall international flagship stores.

In addition, Youquhui is also a member company of Jingdong Meili Alliance, and is a platform-certified beauty brand e-commerce service provider. According to the “Comprehensive Competitiveness Ranking List of Chinese Brand E-commerce Service Providers” recently released by the third-party data agency iiMedia Research, Youquhui was selected as one of the Top 15 Chinese Brand E-commerce Service Providers in Comprehensive Competitiveness, reflecting the company’s comprehensive strength and recent years The rapid growth is obvious to all in the industry.

According to the Insight Consultation report, Youquhui ranked first among Chinese branded e-commerce solution providers in terms of GMV of Japanese branded fast-moving consumer goods sold in China through e-commerce channels in 2019, with a market share of 5.5%.

(Source: company prospectus)

Currently, Youquhui operates 88 stores on major e-commerce platforms, providing a total of 28 brand partners and 66 brands with branded e-commerce solutions, of which 58 brands are from Japan.

Compared with general trade, cross-border trade is a breakthrough point for overseas brands to enter the Chinese market, especially for small and medium-sized brands, it is the most convenient choice for them to enter the Chinese market. Cross-border e-commerce supply often needs to coordinate multiple participants. Professional cross-border e-commerce solution providers like Youquhui continue to highlight their business advantages and can seize the opportunity of rapid market expansion.

According to reports from Zhuzhi Consulting and others, from 2014 to 2019, the market size of China’s imported brand e-commerce operation services increased to 559.2 billion yuan at a compound growth rate of about 40.2%. At the same time, the scale of this market is expected to continue to expand at a compound growth rate of about 8.2%, reaching 829.3 billion yuan by 2024. In the Japanese fast-moving consumer brand field focused on by Youquhui, the corresponding e-commerce service market has grown even faster, with approximately 43.1% from 2014 to 2019, and approximately 8.7% from 2019 to 2024.

(Source: company prospectus)

And it’s worth emphasizing that Based on data analysis, Youquhui also has outstanding brand marketing capabilities and content production capabilities.

Look at the data intuitively, The number of fans in all B2C flagship stores operated by Youquhui has exceeded 10 million Among them, the Sophie Tmall flagship store and Moony Tmall international flagship store have 3.3 million fans and 1.8 million fans respectively. In terms of content layout, Youquhui has established its own MCN agency Lido Culture, and incubates its own KOLs on e-commerce platforms such as Taobao, Xiaohongshu and Douyin.

Corresponding, Youquhui’s powerful new brand incubation capabilities cannot be ignored . Taking Gangwon Province as an example, using ECRP system and user behavior models to analyze and use data, Youquhui has successfully solved the challenges of low repurchase rate, low promotion efficiency, and unbalanced income structure faced by Gangwon Province’s new entry into the Chinese market. Successfully stimulated the stickiness of its brand users. Judging from the repurchase rate indicators of large domestic e-commerce festivals such as “Double 11”, the repurchase rate of Tmall international stores in Gangwon Province operated by the company has increased from 11% in 2018 to 29% in 2020.

Concluding part

In summary, the author judges that among the few powerful brand e-commerce service companies, Youquhui, which has differentiated competitive advantages, has the opportunity to break through and grow rapidly.

It is worth mentioning that Youquhui not only stands on the competitive track of cross-border e-commerce, fast-moving consumer products, and B2C e-commerce in the growth stage, but the company currently exhibits strong capabilities in capturing traffic, mining data, and marketing monetization. , And the new brand incubation capabilities generated by the platform that can comprehensively reflect the company’s integrated, omni-channel, high-value-added, and full-life-cycle e-commerce operation and comprehensive service capabilities, which provide a deep foundation for the company’s “late-mover advantage”. It is expected to accelerate the realization of the company’s ranking round and increase in influence in the industry. Therefore, the time of Youquhui’s listing fell above the critical point of the company’s new round of outbreak, which can be said to be in line with the law and trend of the development of things.

The menacing Youquhui will undoubtedly bring a lot of pressure on competing companies in the same industry, and even stimulate the entire branded e-commerce service industry to produce a similar “catfish effect”. The company’s continuous strengthening of the Internet platform’s “bilateral” “Network effect” is one of its important intrinsic values. With the deepening of the “moat”, Youquhui’s listing in Hong Kong is a good opportunity for it to continue to grow bigger and stronger. For investors, the same should not be done. Ignore such opportunities

First, it is divided according to the traditional distribution, agency sales and operation business of brand e-commerce. Youquhui’s business income mainly comes from B2B, B2C sales gap and brand operation service fees, of which B2B revenue accounted for 43.9%, B2C revenue accounted for 54.9%, and service fee revenue accounted for 1.2%; the overall value of B2C is higher. The proportion of revenue increased from 43% in 2018 to 55% in 2020. The second method is to divide according to the cross-border trade, general trade and service fee models. According to the prospectus, the three models achieve revenues of 42.7%, 56.1%, and 1.2% respectively. Similarly, the gross profit margin is relatively low. The proportion of revenue generated by the high cross-border trade model has increased from 34% in 2018 to 43% in 2020. The most direct result of the continuous optimization of the business structure is the continuous improvement of the company’s gross profit and gross profit margin, and the establishment of a relatively stable profitability. From 2018 to 2020, the gross profit margin of Youquhui is 24.3%, 28.9% and 31.7%, and the trend of continuous improvement is significant. (Source: company prospectus) According to the prospectus, Youquhui recorded a gross profit of 870 million yuan in 2020. According to statistics from 2018 to 2020, the company’s compound annual growth rate (CAGR) of gross profit reached 20.6%. The operating profit and adjusted net profit during the period can be steadily maintained at 140 million and 100 million or more respectively. Based on the above, from the financial data, Youquhui has shown a good side, and it also has better performance data than comparable companies in the industry. This is not only the advantage brought by the company’s scale effect, the author believes that it is also due to Brought by the company’s overall strength or the accumulated advantages formed by competitive barriers, as a leading enterprise in the FMCG brand e-commerce operation service track, Youquhui has demonstrated its “both offensive and defensive” in its latest prospectus. Characteristics, growth is also not lacking in certainty. Next, we will continue to expand our horizons and timeline, and look at the company’s investment value from a longer-term perspective. Strong late-comer advantage, occupying a favorable position in the segmented track of brand e-commerce As for the future growth space of Youquhui, it can be analyzed from its market position and service capabilities. According to the information, Youquhui has a significant first-mover advantage in the cross-border field. It is not only the first batch of cross-border e-commerce operation service providers on Tmall International, and the first batch of e-commerce operation service providers to deploy warehouses in bonded areas, but also the first. Approved operation service providers responsible for Moony and Kobayashi brand Tmall International CIP (Centralized Import Procurement) innovation projects. Youquhui has been awarded a five-star service provider on Tmall for many consecutive years, and it is also a purple star service provider on Tmall International. This is one of the few branded e-commerce service providers certified by China’s largest e-commerce platform. At present, Youquhui Operating 18 Tmall flagship stores and 26 Tmall international flagship stores. In addition, Youquhui is also a member company of Jingdong Meili Alliance, and is a platform-certified beauty brand e-commerce service provider. According to the “Comprehensive Competitiveness Ranking List of Chinese Brand E-commerce Service Providers” recently released by the third-party data agency iiMedia Research, Youquhui has been selected as the top 15 comprehensive competitiveness of Chinese brand e-commerce service providers, reflecting the company’s comprehensive strength and recent years The rapid growth is obvious to all in the industry. According to the Insight Consultation report, Youquhui ranked first among Chinese branded e-commerce solution providers in terms of GMV of Japanese branded fast-moving consumer goods sold in China through e-commerce channels in 2019, with a market share of 5.5%. (Source: company prospectus) Currently, Youquhui operates 88 stores on major e-commerce platforms, providing a total of 28 brand partners and 66 brands with branded e-commerce solutions, of which 58 brands are from Japan. Compared with general trade, cross-border trade is a breakthrough point for overseas brands to enter the Chinese market, especially for small and medium-sized brands, it is the most convenient choice for them to enter the Chinese market. Cross-border e-commerce supply often needs to coordinate multiple participants. Professional cross-border e-commerce solution providers like Youquhui continue to highlight their business advantages and can seize the opportunity of rapid market expansion. According to reports from Zhuzhi Consulting and others, from 2014 to 2019, the market size of China’s imported brand e-commerce operation services increased to 559.2 billion yuan at a compound growth rate of about 40.2%. At the same time, the scale of this market is expected to continue to expand at a compound growth rate of about 8.2%, reaching 829.3 billion yuan by 2024. In the Japanese fast-moving consumer brand field focused on by Youquhui, the corresponding e-commerce service market has grown even faster, with approximately 43.1% from 2014 to 2019, and approximately 8.7% from 2019 to 2024. (Source: company prospectus) And it is worth emphasizing that, based on data analysis, Youquhui also has outstanding brand marketing capabilities and content production capabilities. Intuitively looking at the data, the number of fans in all B2C flagship stores operated by Youquhui has exceeded 10 million, of which Sophie Tmall flagship store and Moony Tmall international flagship store have 3.3 million fans and 1.8 million fans respectively. In terms of content layout, Youquhui has established its own MCN agency Lido Culture, and incubates its own KOLs on e-commerce platforms such as Taobao, Xiaohongshu and Douyin. Correspondingly, Youquhui’s strong ability to incubate new brands cannot be ignored. Taking Gangwon Province as an example, using ECRP system and user behavior models to analyze and use data, Youquhui has successfully solved the challenges of low repurchase rate, low promotion efficiency, and unbalanced income structure faced by Gangwon Province’s new entry into the Chinese market. Successfully stimulated the stickiness of its brand users. Judging from the repurchase rate indicators of large domestic e-commerce festivals such as “Double 11”, the repurchase rate of the company’s Gangwon-do Tmall international store has risen from 11% in 2018 to 29% in 2020. Concluding part In summary, the author judges that among the few powerful brand e-commerce service companies, Youquhui, which has differentiated competitive advantages, has the opportunity to break through and grow rapidly. It is worth mentioning that Youquhui not only stands on the competitive track of cross-border e-commerce, fast-moving consumer products, and B2C e-commerce in the growth stage, but the company currently exhibits strong capabilities in capturing traffic, mining data, and marketing monetization. , And the new brand incubation capabilities generated by the platform that can comprehensively reflect the company’s integrated, omni-channel, high-value-added, and full-life-cycle e-commerce operation and comprehensive service capabilities, which provide a deep foundation for the company’s “late-mover advantage”. It is expected to accelerate the realization of the company’s ranking round and increase in influence in the industry. Therefore, the time of Youquhui’s listing fell above the critical point of the company’s new round of outbreak, which can be said to be in line with the law and trend of the development of things. The menacing Youquhui will undoubtedly put a lot of pressure on competing companies in the same industry, and even stimulate the entire branded e-commerce service industry to produce a similar “catfish effect”. The company’s continuous strengthening of the Internet platform’s “bilateral” “Network effect” is one of its important intrinsic values. With the deepening of the “moat”, Youquhui’s listing in Hong Kong is a good opportunity for it to continue to grow bigger and stronger. For investors, the same should not be done. Ignore such opportunities

CureVac vaccine not very effective Crash of a Bearer of hope

Status: 06/17/2021 12:31 p.m.

CureVac’s vaccine proves far less effective than hoped, with the biotech company’s stock plummeting. What does this mean for the vaccination campaign and German taxpayers?

From Angela Göpfert, tagesschau.de

For the company CureVac and its owners, dramatic scenes have taken place in the past few hours. The price of the Tübingen-based company listed on the US technology exchange Nasdaq had already halved in after-hours trading on the US stock exchange on Wednesday. This morning, the CureVac share then rushed in German retail by up to 52.4 percent.

Eight billion euros destroyed on the stock exchange

This destroyed around eight billion euros in market value within a few minutes. This melted down from over 15 to a good seven billion euros. The drastic course reaction shows how surprisingly, despite all previous doubts, such devastating study data as CureVac has now presented, came in the end – and how serious the consequences could be.

On Wednesday night, CureVac announced that its first-generation vaccine candidate was CVnCoV only an effectiveness of 47 percent against a Covid 19 disease of any severity. The company thus missed the intended statistical success criteria for approval.

Completely out of the vaccination campaign?

The study is to be continued, and the degree of effectiveness could change with higher case numbers. However, if the current trend continues, approval is unlikely. In this case, experts say CVnCoV would be a total flop for the company. For the German vaccination campaign, CureVac is therefore canceled until further notice. “According to these study results, it will be extremely difficult for CureVac to play a role at all in the current vaccination campaign”, told LBBW analyst Timo Kürschner tagesschau.de . According to the federal government, the setback for the Tübingen company does not upset the vaccinations in Germany. “This announcement has no effect on the speed of our vaccination campaign”said a spokesman for the federal health ministry.

Other manufacturers are still catching up

Industry observers believe that speed is just as important in vaccine development as it is in drug development. “Late bloomers like CureVac only have a chance if they have a better effect profile or fewer side effects”, explains pharmaceutical expert Kürschner.

“The more time that elapses, the more efficient the production of vaccines that have already been approved will be”says the pharmaceutical expert. “BioNTech & Co. are then more and more able to serve the required delivery quantities.” His conclusion: “We could get to a point where you actually no longer need the CureVac vaccine because the vaccination campaign is already so advanced.”

Hundreds of millions from the federal government

The severe setback for CureVac meanwhile has effects beyond the current vaccination campaign. It meets the German taxpayers – after all, the federal government has a stake of around 16 percent in the company and has supported vaccine development with a special program worth several hundred million euros. It is also a debacle for SAP co-founder Dietmar Hopp, who holds almost 50 percent of the shares.

Last but not least, the CureVac price disaster hits the countless private investors who have invested their money in the share. The paper of the company, which is legally based in the Netherlands, has been one of the most traded foreign stocks in the past few weeks on the Stuttgart Stock Exchange, where many private investors cavort.

Recently increased warning signs

Recently, there had been more and more indications that the CureVac vaccine could fail for the time being. Even when Health Minister Jens Spahn, according to media reports, deleted CureVac from the federal government’s planning for the current vaccination campaign, this could hardly affect the share.

The high market capitalization compared to rival companies was also a warning sign: Before the current price crash, CureVac had a higher market value than Novavax. The US manufacturer had already reported a Phase III study on Monday, according to which its vaccine had a has a high effectiveness of 90 percent .

Often high risk in the industry

For CureVac and its owners this is now the “Worst case” of a biotech company. At the same time, the CureVac case also shows the general risks facing the industry. Companies in this industry usually have very few active ingredients in their pipeline. If one then fails – for whatever reason – it often has fatal consequences for the entire company.

LBBW expert Kürschner also sees CureVac “a prime example of the risks involved in investing in biotech companies”. However, Kürschner does not fear negative consequences of the CureVac events for the German biotech industry. After all, there is a positive counterexample in the country. “I’m sure: BioNTech’s success story will outshine the rather negative course at CureVac.”

On the evening of June 20, Gree Electric announced the first phase of the employee stock ownership plan. The total number of employees who intend to participate in the employee stock ownership plan does not exceed 12,000. The capital scale of the employee stock ownership plan does not exceed 3 billion yuan, accounting for the company’s total share capital. 1.8%.

Southern Metropolis reporter noticed that, perhaps affected by this news, after the opening of the market on June 21, Gree Electric Appliances plummeted all the way. At the close of the market, Gree Electric Appliances stock price was 51.11 yuan, a decrease of 4.79%.

On the evening of June 20, Gree Electric announced the first phase of the employee stock ownership plan. The total number of employees who intend to participate in the employee stock ownership plan does not exceed 12,000. The capital scale of the employee stock ownership plan does not exceed 3 billion yuan, accounting for the company’s total share capital. 1.8%.
Southern Metropolis reporter noticed that, perhaps affected by this news, after the opening of the market on June 21, Gree Electric Appliances plummeted all the way. At the close of the market, Gree Electric Appliances stock price was 51.11 yuan, a decrease of 4.79%.
Gree Electric’s last large-scale equity incentive was in 2009. At that time, the major shareholder Gree Group transferred 16.042,500 shares of Gree Electric. The company’s senior executives provide equity incentives.
On April 15 this year, Gree Electric announced again that it plans to launch an employee stock ownership plan. The total number of stocks to be held in this employee stock ownership plan does not exceed 3% of the company’s total equity. The total number of stocks corresponding to the equity interests of a single employee The cumulative total does not exceed 1% of the company’s total equity. Gree Electric stated that the source of stocks for this employee stock ownership plan is the accumulated repurchased shares in the company’s special repurchase account and the shares obtained in a manner permitted by laws and regulations such as secondary market purchases.
Nandu reporter combed and found that since April 2020, Gree Electric has issued three share repurchase announcements. In 2020, Gree Electric Appliances repurchased shares twice, with a total of 12 billion yuan used to repurchase a total of 209 million shares, accounting for 3.48% of the company’s total share capital. On the evening of May 26, 2021, Gree Electric announced the highest of the new phase The 15 billion yuan stock repurchase plan is used to invest in equity repurchase for employee incentives, improve governance mechanisms, and do diversified businesses. The repurchase amount exceeds the sum of the previous two periods.
According to the announcement on June 20, the latest employee stock ownership plan intends to purchase the company’s repurchase shares at 27.68 yuan per share. The purchase price is equal to 50% of the company’s recent average price of repurchased shares, compared with the closing of the stock (53.68 yuan) last Friday. The price discount is as high as 51%. The total number of employees who intend to participate in this employee stock ownership plan does not exceed 12,000, including a total of 8 company directors (excluding independent directors), supervisors, and senior executives, as well as middle-level employees who have an important role in the company’s overall performance and medium and long-term development Cadres and core employees.

Among them, in this employee stock ownership plan, Dong Mingzhu intends to subscribe for a maximum of 30 million shares, and the proposed maximum amount of funds is about 830 million yuan, accounting for 27.68% of this employee stock ownership plan. Other directors or vice presidents subscribed for 600,000 shares, and employee supervisor Wang Fawen subscribed for 80,000 shares. The remaining shares are the company’s middle-level cadres and core employees. In addition, although employees can subscribe for Gree Electric’s shares at half price, this “benefit” also has additional conditions-the employee stock ownership plan has set a two-year performance appraisal period. The employee stock ownership plan assigns the corresponding rights and interests to the holders of the employee stock ownership plan in two phases according to the assessment results during the vesting evaluation period, and the attributable ratio in each phase is up to 50%. The evaluation indicators of the employee stock ownership plan are divided into company performance evaluation indicators and individual performance evaluation indicators. In the first vesting period, the net profit in 2021 will increase by no less than 10% compared to 2020, and the cash dividend per share for the year shall not be less than 2 yuan or the total cash dividend shall not be less than 50% of the net profit for the year. In the second vesting period, the net profit in 2022 will increase by no less than 20% compared to 2020, and the cash dividend per share for the year will not be less than 2 yuan or the total cash dividend will not be less than 50% of the net profit for the year. After the plan came out, some Gree Electric’s investors’ plan rebounded strongly, believing that the exercise and excitation conditions of the employee stock ownership plan were too loose: Due to the new crown epidemic in 2020, Gree Electric’s performance base for the year was very low. Performance as a benchmark to set the incentive conditions for employee stock ownership is too loose. In addition, Gree Electric’s share price has not risen significantly in more than two years. At this time, the employee shareholding plan stock price can be risk-free arbitrage at a 50% exercise. Some investors also believe that Dong Mingzhu’s personal shareholding is as high as 30 million shares, which is too high in the employee shareholding plan. In addition, the Southern Metropolis reporter noted that on December 31, 2020, Gree Electric’s share price reached its highest point of 69.79 yuan. But after 2021, its stock price has fallen all the way to early 50 yuan, and the cumulative decline has been close to 30%. Written by: Southern Metropolis reporter Kong Xueshao

That is to say, only when the Gree station is “high enough”, will there be this good news. Moreover, although this shareholding plan stipulates that employees can subscribe for Gree Electric’s shares at a 50% discount, Gree’s The employee stock ownership plan also sets a strict performance appraisal period. The evaluation indicators of the employee stock ownership plan are divided into company performance evaluation indicators and individual performance evaluation indicators. Among them, the company’s performance evaluation indicators are as follows: The lock-in period of the employee plan is 12 months, and the company’s performance evaluation indicators are based on 2020 as a reference benchmark. Among them, the company’s performance appraisal indicators are: the net profit of 2021 is compared with that of 2020 Increase not less than 10% , And the current year’s cash dividend per share shall not be less than 2 yuan or the total cash dividend shall not be less than 50% of the current year’s net profit; the net profit in 2022 will increase by not less than 20% compared to 2020, and the current year’s cash dividend per share shall not be less than 2 The total amount of RMB or cash dividends shall not be less than 50% of the net profit for the year. Gree Electric stated that the first assessment vesting period expires, and if the company’s performance assessment indicators do not meet the standard, the combined assessment will be deferred to the second assessment vesting period. If after the expiration of the second assessment vesting period, the company’s performance assessment fails to meet the standards, the management committee will make a decision to dispose of it, including cancellation or sale of stocks at an opportunity, etc., and the original capital contribution paid by the corresponding holder will be returned to the limit , The remaining income (if any) is returned to the company. That is, if the company’s performance evaluation indicators are not completed, everyone will not be able to enjoy the rights; if the company’s performance evaluation indicators are met, and the individual performance evaluation does not meet the standards, the individual will not be able to enjoy the rights. In addition, this provision is also mentioned in the employee stock ownership plan: Based on the needs of employees to increase stock appreciation gains and participate in corporate governance through centralized management, the holders of this employee stock ownership plan promise and authorize that they will directly hold the stock rights of this employee stock ownership plan before retiring from the company to their personal securities accounts. For some stocks, the union shall exercise the voting rights according to the will of the union (excluding the voting rights of the shares held by directors, supervisors, and senior managers). Without the prior written confirmation of the union, the union shall not sell or set a pledge on its own, otherwise the union has the right to withdraw it. The corresponding share income, related income is managed by a special account set up by the trade union and enjoyed by other holders, and the specific distribution method is democratically determined by the holders. To put it simply, Gree stated that this employee plan requires the holder’s commitment and authorization, and it is not possible to withdraw at will. The company enjoys the right to dividends before retirement, and the ban on sales can be lifted after retirement. As a result, it also largely restricts the behavior of employees selling stocks at will. It seems that in the face of this seemingly good employee stock ownership plan, Gree has many barriers to get it. Having said that, Gree’s “boots are on the ground” when it allocates employee housing some time ago to be delivered soon, but this time reading the content of Gree’s latest announcement, it is not difficult to see a big change in attitude. What’s more noteworthy is that Gree’s share price has fallen by four percentage points as of 11 am today. Gree’s market trend today clearly shows The capital market’s opposition to employee stock ownership plans. Finally, I would like to mention that this time the employee stock ownership plan, Dong Mingzhu made a floating profit of 800 million, Who is the big winner in the end? People may have thought of it…

The sound becomes sharper Fed sees two rate hikes in 2023

Status: 16.06.2021 8:59 p.m.

As expected, the US Federal Reserve left its key interest rate unchanged. However, the loose monetary policy will not go on forever. The stock markets are falling, and the euro is also falling. Despite the waning corona pandemic and rising inflation rates, the US Federal Reserve continues to keep its key interest rate in a range between 0.00 and 0.25 percent. The monthly bond purchases of $ 120 billion are also expected to continue for the time being. At least until progress is made towards achieving the bank’s goals. In particular, this means “considerable progress in terms of price stability and employment”. This was stated by the monetary authorities after their two-day routine interest rate meeting in Washington. According to Fed Chairman Jerome Powell, the Fed is still a long way from achieving its goal: “But we are making good progress.” The bank continues to blame temporary factors for the recently stronger rise in inflation data. At the same time, she expects inflation to rise to 3.4 percent this year and drop to 2.2 percent in 2022. There is also increased economic activity and employment. Powell said the discussion about scaling back the extremely loose monetary policy had begun. The point is when it will reduce its regular bond purchases. However, Powell was not specific. Basically, the Fed chief said that if you will, you have talked about wanting to talk about the subject. With such cautious wording Powell should try to avoid panic-like reactions in the financial markets.

Two rate hikes envisaged in 2023

For the first time since the outbreak of the pandemic, however, the monetary authorities signaled that there could be two interest rate hikes of half a percentage point each in 2023. So far, the Fed’s interest rate projection provided for an unchanged monetary policy with a key interest rate close to zero. After all, seven monetary authorities are now even of the opinion that a tightening could come next year. Not only has the interest rate forecast been raised, expectations for economic growth and inflation are also higher in some cases. For this year, the Fed is expecting macroeconomic growth of 7.0 percent instead of the 6.5 percent previously expected.

Share prices are falling

Wall Street reacts with price losses, all leading stock indices give way in an initial reaction. The leading index Dow Jones lost around one percent, the other indices are slightly below. Prices are also falling on the bond market, with the yield on ten-year US government bonds increasing to 1.56 percent. The euro is losing significantly against the dollar and is currently trading at 1.2026 dollars, around one cent less than in today’s trading

Online competition is growing Fashion retail in upheaval

Status: 16.06.2021 7:16 p.m.

The sale of fashion on the Internet is booming: The Otto subsidiary About You, which launched successfully on the stock exchange today, is growing rapidly. Stationary fashion retailers, on the other hand, are increasingly disappearing. Do you still have a future? The former glamor of the fashion industry has long since vanished in German city centers. There is bare existential fear. Many fashion retailers feel they have been stripped down to the last shirt. In the corona pandemic, textile retailers and manufacturers had to give up in a row. Well-known names such as Escada, Hallhuber, Bonita, Appelrath Cüpper and Adler-Modemärkte filed for bankruptcy. More fashion retailers will soon follow, predict the credit insurer Euler Hermes and the textile trade association (BTE). Euler Hermes does not expect a return to pre-crisis levels until 2023.

“Home office and suit don’t go together”

During the lockdown, new clothes were hardly in demand. Who needs an expensive new outfit for work at home? “Home office and suit don’t go together,” says Gerd Oliver Seidensticker, President of German Fashion.

The turnover in the fashion industry shrank in the Corona year by more than 20 percent to around twelve billion euros. “The pandemic has plunged the fashion industry into a deep crisis,” complains German fashion boss Seidensticker. “Many of our companies are dependent on help from the state.”

Structural crisis even before Corona

But even before the pandemic, the stationary fashion houses were under pressure. Corona has accelerated the structural crisis in the industry. Sales in stationary retail have been declining for years. The death of fashion retailers began a long time ago. Between 2010 and 2019, the number of companies in the clothing industry fell by 31 percent, according to a study by the management consultancy PwC. Retail expert Gerrit Heinemann, retail expert at the Niederrhein University of Applied Sciences, speaks up tagesschau.de of a “collective restructuring case”.

The increasing low-cost competition from textile discounters such as Primark and the triumphant advance of online retail have long been troubling the classic fashion industry. Online retailers such as Zalando and About You are flourishing. Only H&M and Zara have successfully resisted the online competition and also held their own in the Corona crisis.

More and more mono labels

There is also a trend towards mono labels. More and more fashion manufacturers such as Hugo Boss or the sporting goods supplier Adidas are setting up their own flagship stores and selling their products there – to the chagrin of classic fashion retailers who traditionally follow the multi-label approach.

The end of the multi-month lockdown and the return of walk-in customers in the cities should give the stationary fashion retail some breathing space again in the short term. In the long run, however, the industry has to reinvent itself, demand experts. Only those who meet the needs of customers with innovative concepts will survive, says PwC retail expert Stefan Schwertel.

Regional or sustainable concepts as a way out?

Heinemann sees the Mannheim fashion retailer Engelhorn as a positive example. The company has focused on a regional market and now sells a good half of its clothing over the Internet.

Other fashion retailers focus on niches such as sustainability. Some also flee into the arms of their biggest competitor, Zalando. A good 2,400 stationary fashion retailers now also sell their clothing via the Zalando “Connected Retail” platform.

Model H&M and Zara

Above all, however, Zalando is using that and is not enough to save the stationary business permanently, complain experts like Gerrit Heinemann from the Niederrhein University of Applied Sciences. “This is a one-way street.” In his opinion, stationary fashion retailers should primarily operate on demand in the future – following the example of H&M and Zara. In fact, C&A is currently starting to produce jeans “on demand” at the Mönchengladbach location in Germany.

The traditional fashion house Köhler from Hessen is breaking new ground. It offers fashion advice and sales via video. The customer fills out a questionnaire on the Internet before receiving a video consultation. During the video call, the customer then decides what he wants to have delivered to his home. The concept is particularly worthwhile with regular customers, says Paula Vordemfelde, managing director of Köhler. Her motto: “We have to be creative and be able to react quickly.”

Shen Yiren said that mobile phone companies are aggressively increasing inventories because they worry about component shortages and increase inventories aggressively. Since the fourth quarter of last year, the global chip supply caused by automobile chips has been tight and has spread to the mobile phone chip industry. By the first quarter of this year, even the mobile phone chip giant Qualcomm said that it was facing a tight production capacity, and many domestic mobile phone companies have stocked up.

Another reason for domestic mobile phone companies to increase inventory is the decline of Huawei mobile phones. Since the fourth quarter of last year, Huawei mobile phones have mainly relied on stock chips to operate. Its shipments have gradually declined, and shipments in the domestic market have increased in the first quarter of this year. Compared with the same period last year, while the shipments of Xiaomi OV have increased significantly, mobile phone companies may think that they can occupy the market if they have production capacity.

Once again, mobile phone companies expect to enter the year of 5G popularization this year. 5G mobile phones will become the absolute mainstream of the smartphone market. Technology upgrades will help promote mobile phone sales. 4G has changed the pattern of the domestic mobile phone market. The opportunity to live in 4G has laid the current pattern, and for this reason they hope to seize the opportunity of 5G to consolidate their market position.

Just as the mobile phone companies are overly optimistic about the domestic mobile phone market, the market has hit them with a sap. According to data released by the Institute of Information and Communications Technology, the Chinese market shipped 22.968 million mobile phones in May, down 32% year-on-year. The Chinese mobile phone market is in a downturn and consumers lack the desire to buy mobile phones.

Among them, the performance of 5G mobile phones that mobile phone companies have high expectations is also unsatisfactory. 5G mobile phone shipments in May were 16.739 million units, an increase of 7% year-on-year, but compared to the peak of 27.498 million 5G mobile phone shipments in March this year, it fell by more than 10 million. Department or 39.1%. Another data shows that iPhone shipments in May soared more than 40% month-on-month to 3.8 million units, which means that the market share of domestic Android phones has been further squeezed.

The sluggish domestic mobile phone market is also related to the continuous price increase of domestic mobile phone brands. Today, domestic mobile phone brands are priced at nearly 1,000 yuan for low-end 5G phones, which is twice as expensive as 4G phones, as low as 500 yuan; high-end phones have broken through 3,000 yuan and 4,000 yuan. , Even more than 6,000 yuan, but as mentioned above, consumers prefer the iPhone when buying high-end mobile phones, driving the surge in iPhone sales while the overall sales of domestic mobile phones have fallen, and the price increase of domestic mobile phones has made the iPhone.

The domestic mobile phone market is in a downturn, especially the sales of 5G mobile phones have not continued to rise. This is undoubtedly a major blow to domestic mobile phone brands that are actively stocking. They all hope to clear their inventory during the 618 promotion period. However, domestic consumers are tired of promotional routines. Looking at 618 coldly, the dream of mobile phone companies hoping to rely on 618 to clear inventory is not satisfactory. Perhaps this is why Shen Yiren believes that the inventory of domestic mobile phone brands may have to be cleared until this year’s Double Eleven.

In the face of huge inventory pressure, domestic mobile phone brands have been promoting in other ways, such as student prices and other ways to greatly reduce prices. If inventory pressure cannot be released, they are likely to continue to reduce prices significantly in the future, so consumers who Shen Yiren said can wait. It makes sense to wait. The iPhone 13 will come in a few months. The domestic high-end mobile phones cannot compete with the iPhone 12. When the price of the iPhone 12 is further reduced, the domestic Android flagship will not be able to clear the inventory without jumping off the property.

A scene from the farmer group’s video. (Photo cut from clip) A “fashion show” with “models” who are Chinese farmers wearing clothes made from vegetables and agricultural products is becoming an exciting story for Chinese netizens. In the footage shot in Chenxi County, Hunan Province, four women wearing costumes and accessories made from agricultural products perform a catwalk on a dirt road, with music and rural settings. The video begins with a woman holding a large horn loudspeaker and proclaiming: “Let’s welcome our village flowers on a dazzling stage.” After that, the group of women walked confidently towards the camera, wearing skirts made of vegetables, accessories such as guavas, loofahs and eggplants. They seem to have learned some catwalk tricks, like making cool facial expressions, not looking directly at the camera, and slightly nodding their heads when approaching the camera. The 1-minute show is the way these women came up with a way to attract buyers of agricultural products. Group of women performing homemade costumes. (Photo cut from clip) The video was filmed by a woman surnamed Xu and posted on the account Douyin, an application similar to TikTok. “The first person is my mother-in-law. I go third. We are all one family,” Xu said in the introduction to the video. “We make skirts out of vegetables and hats using what we find in the surrounding garden,” says Xu. The woman said she hopes the video “can make her life better”. “Our organic vegetables are not being sold very well. So I thought to use my Douyin account to promote agricultural products,” Xu said. On Douyin, many people praised this group of women as cute and commented that the world famous fashion events sometimes have to compete with them. Xu is one of thousands of Chinese farmers who already know how to use social media. Over the years, rural life-themed clips have become popular on online platforms. Li Ziqi became one of the most popular stars on Chinese social media thanks to his videos about the rural lifestyle.

Produced｜Sohu Finance

Author｜Wu Ya

On June 15, the first trading day after the Dragon Boat Festival holiday, China Evergrande (HK:03333) opened a high of 11.34 Hong Kong dollars per share, up 1.06%; since then, China Evergrande’s stock price has fallen all the way, with a minimum of 10.98 Hong Kong dollars per share. The decline amounted to 2.14%, and the total market value was about 145.4 billion yuan. As of press time, China Evergrande reported 10.94 Hong Kong dollars per share, down 2.5%.

Prior to June 11, China Evergrande purchased approximately 2.69 million shares of its own at a price of 11.14 to 11.38 Hong Kong dollars per share, valued at 30.2 million Hong Kong dollars.

Since June 7, 2021, to June 11, China Evergrande has spent approximately HK$529 million to repurchase approximately 46.1 million shares in just five days.

Among them, China Evergrande had spent HK$336 million to repurchase 29.084 million shares on June 7, at a repurchase price of HK$11.08-11.84 per share. On June 9, China Evergrande announced that it will be released on June 9, 2021. 12.2 million shares were repurchased on a daily basis but not yet cancelled. The issued shares accounted for 0.0921% of the existing issued shares before the issuance of the relevant shares. The price per share was HK$11.20-11.60, and the total amount paid was HK$139 million.

In addition, on June 10, Evergrande repurchased 2.111 million shares for a total of 23,699,600 Hong Kong dollars.

Stock price information shows that since March this year, China Evergrande’s stock price has declined overall, from a high of 15.7 Hong Kong dollars per share on March 30 to 11.22 Hong Kong dollars per share on June 11 (the closing price of the last trading day before the Dragon Boat Festival holiday). Shares, fell 28.53%, and the total market value shrank by more than 48.9 billion yuan.

Since May, China Evergrande has repeatedly been caught in turmoil. On June 7, China Evergrande issued a statement, and responded positively to various rumors about the sale of houses at discounted prices, Evergrande’s operating conditions, and capital chain.

China Evergrande stated that the company’s production and operation are all normal, and malicious rumors will be held accountable in accordance with the law.

It said that the annual “May 31 House Buying Festival” was held recently, and the staged extra-large preferential measures introduced are limited to products such as large units, bottom and top floors, shops and other products that have a single-building sales rate of more than 95%. No adjustments have been made to the selling prices, discounts and payment methods of all conventional products.

In view of the fact that a very small number of commercial bills were not redeemed in time by individual project companies, it expressed great importance and arranged for redemption. In addition, regarding the financial business carried out with Shengjing Bank, Evergrande Group stated that they are in compliance with relevant national laws and regulations.

It also emphasized that “the company’s production and operation are all normal, and there has been no case of late payment of loan interest or overdue return of principal in the past 25 years since its establishment.”

In addition, Xu Jiayin, Chairman of the Board of Directors of Evergrande Group, revealed at the Evergrande Group’s annual strategic partner exchange meeting on June 3 that by the end of this month, Evergrande’s interest-bearing liabilities are expected to drop from last year’s highest of 874.3 billion yuan to Below 600 billion yuan, at least one of the three red lines will turn green.

However, on the evening of June 9, China Chengxin International stated that it maintained the subject credit rating of Evergrande Real Estate Group Co., Ltd. as AAA, and maintained “15 Evergrande 03”, “19 Evergrande 01”, “19 Evergrande 02”, and “Hengda 02”. “20Hengda 01”, “20 Hengda 02”, “20 Hengda 03”, “20 Hengda 04”, “20 Hengda 05” and “21 Hengda 01” debt credit rating is AAA, but they will The entity of Evergrande Real Estate Group Co., Ltd. and the credit ratings of the aforementioned debts are included in the credit rating watch list.

China Chengxin International stated that it will continue to pay attention to the implementation progress and effects of Evergrande Group and Evergrande Real Estate’s debt reduction strategy, as well as the negative impact on the company’s operations and debt repayment that a very small amount of commercial bills are not paid in time. And timely assess the impact of the above matters on the company’s credit status.

“In previous years, my husband and I often bought the whole garden, from when the lychee was still green until harvest, we would sell it to traders. Now the lychee is in the right season for the outbreak, so my husband and I decided to switch to drying and selling dry cloth. Because it was too urgent, I didn’t have time to make a drying oven, so after I harvested fresh lychees, I rented them to dry them and then sell them on my personal page as well as online market groups,” Thuy said. The price of dried fabric is halved compared to every year Ms. Thuy said that the drying time for a batch of fabric ranges from 5 to 6 days, depending on the drying process of each kiln owner. A satisfactory batch of dried lychee is that the lychee fruit must have uniform color, sharp sweetness, flexibility and a very characteristic aroma. Due to the impact of the epidemic, the price of dried lychee this year is much lower than every year. According to Ms. Thuy, in previous years, the average price of dried lychee was from 120,000-150,000 VND/kg, this year the price fluctuates around 60,000 VND/kg. This price is for Thuy and her husband to make it public on their sales page. She and her husband only do wholesale, not retail, with a minimum order of 10kg. Customers taking in large quantities, from 50kg or more, I will reduce the price a little more. “Because I have been selling for nearly 15 years, the number of regular customers is very large. There are customers who order immediately at 2-3 quintals, on average I output about 4 quintals a day. In less than a week, I sold 1.5 tons of dried lychees,” she said. Thuy and her husband only wholesale dried cloth for customers who buy 10kg or more “Actually, this year, I switched to selling dried lychees like this and didn’t make much profit. However, due to the Covid-19 epidemic, I want to join hands so that litchi growers don’t suffer much damage.” The woman shared that if the dried fabric meets the standards, it can be preserved for a whole year. Dried lychee can be used to eat directly, soak in alcohol or use to cook tea, as a spice for traditional Chinese medicine. How to choose a drying cloth In the market, there are many establishments that sell dried fabrics, but to choose quality dried fabrics, it is necessary to pay attention to buy them at reputable addresses. The dried fruit must be large, the outer skin is dry evenly, keep its shape or slightly dented. Dried fabric can be kept for a long time Especially when peeling, the lychee must be flexible, have a characteristic aroma, sweet taste, peel off without sticking to your hands, and have a dark color of cockroach wings. Long litchi with black color means it has been burnt, while long with light brown color means that it has not been dried enough, must be used immediately and cannot be stored for a long time. Methods of preservation In order to preserve the dried fabric for a long time, when we buy the fabric, we dry it under 2 or 3 times in the sun. During the drying process, pay attention to turning the fabric to the sun, and the fabric to dry evenly. Then put it in the shade to dry in the wind for another 3, 4 days, then put it in a tightly tied plastic bag. When storing, about 2-3 months, you should open the cloth bag to check the probability of a few fruits to see if the dried fabric is still of good quality or has been moldy, damaged or opaque. If you store a lot, every few months, you should take the fabric out to dry in the sun and follow the exact same preservation process for the first time, thus ensuring that the dried fabric can be kept delicious and nutritious for years to come.

Wen|Wang Xin

Edit | Take Shiyang

After taking the helm of Brilliance Group for 13 years, in April 2019, when receiving the retirement notice, Qi Yumin once left a message in the circle of friends: “Life is short, the past is cleared.” Last year, two weeks after Brilliance Group went into bankruptcy and reorganization, Qi Yumin was officially dismissed and investigated. Many people attribute his investigation to the continuous financial crisis of Brilliance Group in the second half of 2020.

Now, Qi Yumin, who has retired for two years, has not returned to his hometown of Xi’an as expected to live his longing for “Going Back to the Garden”. What he has to face is a serious accountability-due to the dereliction of duty in reporting the profits of Brilliance Group during his tenure, he was expelled from the party and collected illegal gains.

On June 15th, with the approval of the Liaoning Provincial Party Committee, the Liaoning Provincial Commission for Discipline Inspection conducted an investigation and investigation on the suspected 10 serious violations of discipline and law by Qi Yumin, chairman and president of Brilliance Automobile Group Holdings Co., Ltd. (hereinafter referred to as “Brilliance Group”). .

After investigation, Qi Yumin seriously violated the party’s political discipline, organizational discipline, integrity discipline, work discipline, and life discipline, constituted a violation of the law and was suspected of crimes of bribery, embezzlement of public funds, and crimes of abuse of power by state-owned company personnel. Research by the Standing Committee of the Provincial Commission for Discipline Inspection And reported to the provincial party committee for approval, decided to give Qi Yumin expelled from the party; cancel the treatment he enjoyed according to regulations; collect his illegal income; transfer his suspected crime to the procuratorial organ for review and prosecution in accordance with the law, and the property involved is also transferred.

During his 13 years as chairman of Brilliance Group, Qi Yumin left a lot of controversy. In the past 13 years, Brilliance Group relied on a joint venture with BMW, and its own brands eventually fell out of the mainstream market. Since then, Brilliance Group, which has lost its hematopoietic ability, entered the bankruptcy reorganization process at the end of last year, and its Hong Kong-listed company Brilliance China (01114.hk) has fallen into rumors of “privatization”.

Qi Yumin: In the past, it could not be cleared

Some people say that Qi Yumin is different from other Autobots. He never wanted to enter the auto industry.

Looking at his work experience, Qi Yumin has a complete resume of a state-owned enterprise. From 1982 to 2004, a planner from Dalian Heavy Machinery Factory has been the chairman and general manager of Dazhong, Crane Group. In 2004, he served as Deputy Mayor of Dalian Municipal People’s Government. Since 2005, he has been in charge of Brilliance Group for 13 years until retirement.

“I came to Brilliance in a daze. After I came, I really felt like I fell into a fire pit.” Qi Yumin said when he just took over the Brilliance Group.

At that time, the Brilliance Group, which was transformed from a privately-owned company to a state-owned holding company, experienced an unprecedented four-year era of great turbulence and chaos, and its development was in trouble. At this time, Brilliance Auto was in a huge loss for three years, unable to pay wages, and still owed the supplier 1 billion yuan in payment. Due to poor efficiency, there was a serious loss of personnel. The first thing Qi Yumin did was to go to the bank to borrow money everywhere, and in just 5 days he took a loan of 700 million yuan to open his salary, repay the arrears, reorganized parts suppliers, launched the Junjie model, and successfully raised 1.5 billion yuan in Hong Kong. , To solve the urgent need of Brilliance Auto.

Although Qi Yumin had hoped to make a breakthrough in the self-owned brand sector, many attempts were unsuccessful. After years of decline in the technical strength and sales performance of Brilliance’s independent business, it ranked bottom among large state-owned auto companies.

Public data shows that the sales of Brilliance’s own brands have been declining year by year in the past three years. In 2018, Brilliance Automotive’s overall sales volume was 89,400, a year-on-year decline of 31.7%, ranking bottom. In 2019, Brilliance Auto’s sales volume was 49,100. In 2020, Brilliance Auto’s sales slashed again to only 22,800 units, ranking bottom among state-owned auto companies again.

According to the data released by the Passenger Association, in 2020, coupled with the impact of the epidemic, Brilliance China, which had a high-light moment, suspended production and shifts, and its annual sales were even zero. Huasong MPV models also encountered the same dilemma.

The explanation for the decline in sales of independent brands by the executives of Brilliance Auto has always been that there are shortcomings in terms of channels and brand power. “Because the market operation cannot keep up with the product, the network system is relatively fragile and cannot provide support for the current sales target.”

In fact, Brilliance Auto was once a disruptor in the auto industry, aggressively and boldly experimenting with the shareholding system and the bankruptcy system.

In the era of Yangrong, Brilliance took three steps: in 1989, the Jinbei opened the way to introduce technology from Toyota and other companies; in 1992, Jinbei GM and 2003, BMW Brilliance launched a joint venture model; in 2000, China Motor launched its own autonomy. The prelude to research and development.

In addition, Brilliance International negotiated with Rover of the United Kingdom and Renault of France to conspire to acquire Shaanxi Qinchuan. However, due to the “Rover Project” in the later period, Yang Rong and the government had conflicts over the ownership of Brilliance. After the breakdown of the negotiations, Yang Rong went to the United States in 2002 and did not return. The Liaoning Provincial Party Committee dispatched a working team to Brilliance to conduct a comprehensive inventory of Brilliance’s assets, and thus took back control of Brilliance.

At present, as a state-owned enterprise in Liaoning Province, Brilliance Group directly or indirectly controls and participates in four listed companies, and through its listed company Brilliance China and BMW jointly established BMW Brilliance, which has its own brands Zhonghua, Jinbei, Huasong and BMW Brilliance, Two joint venture brands of Brilliance Renault.

But after 2002, Brilliance suffered from the “common problems of large state-owned enterprises”: product system confusion, lack of pillar models, excessive reliance on joint ventures, and the escape of a large number of talents and dealers caused Brilliance’s mid-level failure, which has not changed so far.

From a historical perspective, Brilliance Auto has lost many good opportunities, including the Rover project (termination of compensation), Renault domestic project (termination of compensation), Chevrolet SUV, domestic pickup project (integrated by SAIC GM), and joint venture projects in BMW China also lost the right to speak.

In the capital market, Brilliance has planned many plans, including adding some new listing platforms, but they have not been realized so far, including the listing of Shenyang special vehicles. In 2015, Brilliance had a plan to go public in two years, but it failed to materialize. As the No. 1 Jinbei brand in China, and even China Motors, which was once comparable to the international brands, it gradually became silent after news of wage arrears, suspension of production, and long vacations came out.

Earlier, some Brilliance insiders told AI Finance and Economics that the government-based management and the officialization of personnel are the fundamental reason for the decline of state-owned auto companies.

A 1 billion bond default triggers bankruptcy and reorganization

Everything is so sudden, Brilliance Group is “bankrupted”.

As Brilliance Group’s 1 billion private placement debt “17 Huaqi 05” expired on October 23, 2020 and failed to be paid on schedule, Brilliance Automotive was sold by its supplier, Gezhi Automotive Technology Co., Ltd. in Liaoning. The Intermediate People’s Court of Shenyang City in the province filed for bankruptcy and reorganization.

Since Brilliance Group has constituted a debt default amount of 6.5 billion yuan, the total amount of overdue interest is 144 million yuan. Brilliance was unable to repay due to tight funds.

On November 20, 2020, the Shenyang Intermediate People’s Court ruled to accept the creditor’s application for reorganization of Brilliance Auto Group, marking that Brilliance Group has officially entered the bankruptcy reorganization process. The reorganization only involves the self-owned brand sector of the group’s headquarters, and does not involve the group’s listed companies and joint ventures with BMW and Renault.

Since the second half of last year, problems such as the collapse of bonds, high debt levels, freezing of equity, zero sales, and decline of independent brands have continued to emerge. Brilliance Auto has undoubtedly become a brand that is on the verge of life and death.

“If I caught a cold, I entered the morgue.” This is the intuitive feeling of the outside world about Brilliance Automobile’s sullenness.

Who knows, such a billion-dollar giant can’t pay 1 billion private debts, and the fundamental problem is no longer an overnight disaster. Behind this, the assets of Brilliance Group are not healthy.

According to statistics, in the three years from 2017 to 2019, the total liabilities of Brilliance Automotive Group were 114.256 billion yuan, 119.585 billion yuan and 144.781 billion yuan respectively; and the asset-liability ratios for the three years were 70.84%, 69.93% and 74.11% respectively. .

In the first half of 2020, the total liabilities of Brilliance Group have reached 132.844 billion yuan. After deducting goodwill and intangible assets, the asset-liability ratio is 71.4%. In addition, as of October last year, Brilliance Auto had issued 34 bonds and 14 remaining bonds, with a total outstanding bond balance of 16.2 billion yuan.

In September of that year, Qi Kai, the vice president of Brilliance Automobile Group Holding Co., Ltd., who had just taken office, said in an interview that, in terms of finance, Brilliance Group did encounter the problem of shortage of funds and liquidity, but “Brilliance Group sits on 170 billion assets. , The debt is more than 120 billion, and the debt ratio is about 70%.” Therefore, “as a production and operation enterprise, the debt and assets are relatively reasonable, and the debt-to-asset ratio is at the middle level of the industry.”

While explaining the rationality of assets and liabilities, while exporting to the market confidence in boosting the sales of its own brands, Qi Kai’s presence did not divert everyone’s worries about the insolvency of Brilliance Group.

The latest news is that in May 2021, Brilliance Group issued a reorganization progress announcement stating that as of May 19, 2021, the administrator has received a total of 5,986 creditors to declare claims, and the total amount of claims is 53.673 billion yuan, of which the administrator The total amount determined in the preliminary investigation was RMB 39.1 billion.

Over-reliance on BMW’s own brand is weak

“I know that many people scold me for not engaging in self-owned brands, but in fact, if others are better than you, they are better than you. You have to be brave enough to admit it.” Qi Yumin said in an interview with the media in 2017.

The focus on joint ventures, the abandonment of autonomy, the lack of technical input, and the lack of pillar models have left hidden dangers for the decline of Brilliance Auto.

Critics believe that Qi Yumin’s “not enterprising” on products and his “ignorant” to the group are the important reasons for the decline of Brilliance.

“The money earned from BMW Brilliance will be returned to Brilliance’s independent business.” Qi Yumin said, “If you haven’t learned technology in 30 years, China should reflect on it. My reflection is that foreign teachers did not teach well and Chinese students did not learn well. .”

So Qi Yumin chose a shortcut: use joint ventures to feed back independence. Qi Yumin intends to use the “big plane” to provide power-technology comes from BMW, and then high technology to support his own brand, in addition to continue to integrate the automotive industry and capital markets, and finally corporate culture and management-internationalization, modernization, and marketization . Two tail wings: one is the engine and the other is diversified, including the capital market.

“Our proposition is a healthy interaction between the financial market and the automobile industry. The reason why I set up a capital company is to develop an independent industry. 100% of the money I financed and the return on investment I earn are invested in the two independent brands of Zhonghua and Jinbei. Development.” Qi Yumin said.

It is a pity that things go against people’s wishes.

BMW Brilliance almost supported the entire Brilliance Group and continued to provide blood transfusions for Brilliance, while Brilliance’s own brands have almost stagnated.

Since 2011, Brilliance China’s annual operating income has been maintained at 5-6 billion yuan, but its net profit has ranged from 1.8 billion to 5.3 billion yuan. At the same time, BMW Brilliance provides annual profits of Brilliance China of RMB 1.7-5.5 billion, accounting for 94.9% -119.6%. In the five years from 2015 to 2019, if the profit of BMW Brilliance is excluded, Brilliance Auto has been at a loss, with a cumulative loss of 3.484 billion yuan.

In 2018, the 15th anniversary of BMW Brilliance, BMW acquired 25% of the shares of BMW Brilliance for 3.6 billion euros, with a shareholding ratio of 75%, which caused an uproar in the industry.

Many people worry that when the shareholders of BMW Brilliance complete the equity change, it may be the beginning of the loss of Brilliance China. It is also said that Brilliance Auto is likely to be completely reduced to BMW’s foundry.

At that time, Qi Yumin responded to the change in share ratio on TV: “Hong Kong’s listed companies are mainly supported by BMW Brilliance. As soon as the share ratio is released, the capital market will react soon, but they only know that Brilliance will leave BMW and it will be over. Since the 75% share ratio is nothing to talk about, then I have to talk about other benefits. I have limited two, one is to ask the joint venture to make the cake bigger and at least double it, otherwise it would be meaningless to liberalize the share ratio. The second is that the shareholders of both parties need to obtain greater economic benefits. Even if Brilliance’s equity ratio changes from 50% to 25% in three years, the interest at that time must be greater than the current 50% equity ratio.”

On February 3 this year, Brilliance China’s stock changed, and even the stock price of the same automobile Jiefang soared. There are rumors that FAW Group will acquire the shares of Brilliance China. The transaction value is about 7.2 billion U.S. dollars (about 46.7 billion yuan) in an attempt to privatize Brilliance. , But soon, Brilliance China responded: “I don’t know the source of the information contained in the media report.”

At present, this is the biggest good news for Brilliance Group in the process of bankruptcy and reorganization.

This article was originally produced by AI Finance and Economics, an account of “Finance World” Weekly. Please do not reprint it on any channel or platform without permission. Offenders must be investigated.

The medical beauty business is growing fast, and women’s clothing is still the company’s largest business

Longzi shares three major business segments: fashion women’s clothing, medical beauty and green babies and children. Thanks to the popularity of medical beauty concepts, since 2020, the stock price of Langzi shares has risen by as much as 600% in the last 250 trading days. Langzi shares believes that this is related to the rapid growth of the company’s medical beauty business and the gradual increase in its contribution to the company’s overall profit.

The annual report of Longzi shares shows that in 2020, the company will achieve operating income of 2.876 billion yuan, a decrease of 4.35% from the same period of the previous year; net profit of 142 million yuan, an increase of 141.65% from the same period of the previous year. At a time when the revenue of women’s clothing and other businesses has declined due to the impact of the epidemic, the net profit of the medical beauty business, which is the second largest in revenue, reached 68,867,900 yuan, which contributed nearly half of the net profit of Langzi.

In its reply, Longzi shares stated that as of the end of 2020, the company has 19 medical aesthetics institutions, and the medical aesthetics business sector is also the key development direction in the near future, but it still needs long-term continuous intensive cultivation. The executives of Longzi shares also stated in investor relations activities that medical aesthetics is a long-term, heavy investment industry, and you must be patient with returns. The company will not change its long-term development strategy due to short-term market fluctuations. The development direction and strategic layout of Longzi Medical Beauty is very determined, that is, it adheres to the combination of endogenous growth and extensional expansion to implement the brand expansion plan.

At the same time, Longzi also clearly pointed out that as of the end of the first quarter of 2021, among the company’s three major business segments, women’s clothing is still the company’s largest business segment, and the company’s fundamentals have not undergone major changes.

Purpose of liquidation and reduction of holdings: It is to express the true meaning of supporting the children’s business

The fundamentals of Langzi shares have not undergone major changes. Since June, the stock price has changed its upward trend and has begun to fall, and it has even reached its limit for two consecutive trading days. The fuse that caused the stock price of Langzi to fall into a one-word limit is the company’s controlling shareholder, actual controller Shen Dongri and actual controller Shen Jinhua’s father Shen Bingyun’s clearance plan.

On June 4, Langzi disclosed the “Announcement on the Pre-Disclosure of Shareholding Reduction Plan for Shareholders” (hereinafter referred to as the “Announcement of Shareholding Reduction”), announcing that Shen Bingyun, the third largest shareholder of the company in the past eighty years, was based on his life It is planned to reduce all the shares held for the needs of arrangement and asset planning.

After the two lower limits on June 7 and June 8, the “Announcement on Receipt of Commitment Letters from the Actual Controller and Controlling Shareholders Acting in Concert” (hereinafter referred to as the “Commitment Announcement” According to China, Shen Bingyun promised that after the implementation of its share reduction plan, it will assist the strategic implementation of the medical aesthetics business of Langzi with no less than 500 million yuan through compliance channels and appropriate methods. In the view of the Shenzhen Stock Exchange, Shen Bingyun’s use of funds to reduce holdings is inconsistent.

In its reply, Longzi shares stated that Shen Bingyun confirmed that the real reason for the reduction was due to his advanced age and the needs of his own living arrangements and asset planning. The allocation of no less than 500 million yuan to support the development of the medical beauty business of Langzi shares is based on Shen Bingyun’s careful consideration and confidence in the company’s future development prospects and the development of the company’s medical beauty business, as well as supporting its children’s business. There is no conflict with the reason for the reduction in the real meaning made, and there is no inconsistency.

In the response, Shen Dongri, Shen Jinhua and Shen Bingyun all denied using the “Announcement of Commitment” to maintain the company’s stock price and cooperate with the share reduction.

In addition, in response to some non-compliance statements in the “Commitment Announcement” pointed out by the Shenzhen Stock Exchange, the supplementary announcement issued on June 15 by Longzi shares also clarified the performance method and time. Within 2 years of the expiry of the holding reduction period of this share reduction plan, Shen Bingyun will support the development of the company’s medical beauty business by providing loans and participating in the company’s establishment of a medical beauty industry fund. If after the expiration of the commitment period, Shen Bingyun provides the company with less than 500 million yuan in financial support, Shen Dongri promises to provide the company with the difference in financial support within one month according to the same performance method.

Longzi Medical’s 2020 performance commitment has been changed from “achieved” to “not touched on performance compensation”

In addition to supplementing some of the contents of the “Commitment Announcement”, Longzi shares also issued a correction announcement on the company’s “Expressions on the Performance Commitment of the 2020 Annual Report”.

In August 2019, Longzi shares issued shares to Shen Dongri and 4 other counterparties to purchase the remaining 41.19% of the shares of Longzi Medical and raised funds. Shen Dongri promised that the audited non-net profit of Langzi Medical from 2019 to 2021 shall not be less than 55.7 million yuan, 68.1 million yuan and 70.4 million yuan respectively. If the accumulated net profit achieved by Longzi Medical as of the current year does not reach the cumulative committed net profit as of the current year, the compensation obligation of Shen Dongri will be triggered in the current year.

In the 2020 annual report, the audited non-net profit of Longzi Medical in 2020 is 67,019,300 yuan, and the cumulative net profit from 2019 to 2020 is 133 million yuan, and the cumulative committed net profit is 124 million yuan. Longzi shares call it “Performance commitment has been fulfilled.” In its reply, Longzi changed the above expression to “the cumulative realized net profit is greater than the cumulative committed net profit, and performance compensation has not been touched”.

In addition, in view of the mismatch between the net profit and the net cash flow generated by operating activities in the first to fourth quarters of 2020, the company replied that the main reason was the impact of the epidemic, as well as the company’s women’s clothing business and medical beauty business. It is caused by the time difference between cash flow and operations, which is consistent with the company’s actual operating conditions. In addition, the fourth quarter net profit of Longzi shares was significantly higher than that of the previous three quarters, which was also related to the sales income generated by the sale of 7.14% of L&P’s equity in 2020.

As of the close of June 15th, Langzi shares closed at 45.52 yuan per share, a decrease of 1.11%, and the market value was about 20.1 billion yuan.

Beijing News reporter Wang Zhenzhen

Editor Zheng Yijia proofreads Yang Xuli

Investors in high spirits Why the DAX rushes from record to record

Status: 14.06.2021 4:03 p.m.

While the economy is only slowly picking up pace after the Corona openings, the German stock market does not seem to be stopping. What are the main reasons for the price boom? From Lothar Gries, tagesschau.de The German leading index DAX rose by up to 0.7 percent in the morning and climbed to a record high of 15,802 points – the 23rd record this year. The index has risen by 15 percent since the beginning of the year. The stock exchanges are also in record-breaking mood at the European level. The Stoxx 600 index, comprising 600 values, also climbed 0.7 percent today and reached its 38th high this year with 460.51 points. The stock markets are fired from several sides. The most important driver is the expansionary monetary policy of the central banks in the USA and Europe. Since the European Central Bank (ECB) lowered the key interest rate to zero on March 10, 2016, i.e. more than five years ago, the returns on traditional savings offers from banks and savings banks have also shrunk to such an extent that even risk-averse German investors are looking for alternatives have looked around. In addition to real estate and precious metals, stocks are very popular.

More and more shareholders

In this country there were as many shareholders last year as last year in 2001, as determined by the German Stock Institute (DAI). According to this, 12.4 million people in Germany have invested in the stock market, i.e. they owned exchange-traded securities such as fund shares or stocks. Compared to 2019, that’s an increase of 2.7 million or 28 percent. The downward trend of previous years has thus been completely reversed. After the dot-com bubble burst in 2000, the number of equity investors in Germany steadily declined – until interest rates sank to virtually zero. But the ECB has not only boosted the number of shareholders and thus share investments, it is also active on the capital markets itself. In order to keep the economic effects of the corona pandemic as low as possible, the central bank is pumping many millions of euros into the market every day. To do this, it buys bonds issued by governments and companies. By the end of March 2022, she wants to spend the gigantic sum of 1.85 trillion euros, a number with twelve zeros. A considerable part of it flows into the stock market and drives prices to ever new heights.

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No end of the flood in sight

In the past few weeks, there have been repeated suspicions that the central banks in Europe and the USA will soon be able to turn the money off again because inflation is reporting back and price increases have shot far beyond the monetary authorities’ targets. But both Jerome Powell, the head of the US Federal Reserve (Fed), and ECB President Christine Lagarde initially gave the all-clear. Just today, Lagarde said in an interview with the magazine “Politico” that the time was not yet ripe for a discussion about an end to the crisis bond purchases by the central bank. “It is far too early to debate these issues,” said Lagarde. The economic recovery must be firm, solid and sustainable. Don’t take a patient’s crutches off until the muscles begin to build up sufficiently – so that the patient can move on their own two legs again.

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V-shaped economic recovery expected

In addition, investors are assuming that the pandemic-related restrictions will end soon. “The pandemic is no longer an issue at the latest with the now significantly lower number of new infections, and investors also seem to be able to come to terms more and more with the fear of inflation,” says market expert Milan Cutkovic from brokerage firm Axi. With the decline in Covid-19 restrictions, growth expectations are skyrocketing around the globe. The Organization for Economic Cooperation and Development (OECD) expects the global economy to grow by 5.7 percent this year. For Germany, the federal government expects growth of up to four percent. The prognosis from the beginning of the Corona crisis that there will be a V-effect in which the economy first collapses, but then quickly recovers, seems to be confirmed. This is rather good news for equity investors, because they hope that a growing economy will generate increasing profits and thus rising prices for listed companies.

Price turbulence ahead?

This combination of a zero interest rate policy, a glut of money from the central banks, a growing number of shareholders and the expectation of a rapid recovery in the global economy is driving share prices to ever new heights. But the air is getting thinner. Many investors are watching the Fed’s monetary policy deliberations this Wednesday. It is true that the Fed is not expected to deviate from its current course and end the boom in the financial markets. “But their projections on inflation, interest rates and the economy could cause price turbulence,” says Naeem Aslam, chief market analyst at the brokerage firm AvaTrade.

Online optician Mister Spex wants to go public

Status: 14.06.2021 11:16 a.m.

The list of companies that want to go public on the Frankfurt Stock Exchange this year is getting longer and longer. Now the online optician Mister Spex is also planning to go out onto the floor to finance its expansion course. The Berlin online optician Mister Spex needs fresh money to finance its expansion plans abroad and wants to go public on the Frankfurt stock exchange by the end of September. The company would like to sell new shares from a capital increase as well as papers from existing shareholders and raise at least 225 million euros. It is Mister Spex’s second attempt to go public. There were already plans in 2018 to finance growth with the help of an IPO. Ultimately, however, the company managed to raise the necessary money through new financing rounds from private investors, so that the IPO was canceled. The shareholders include investors such as Goldman Sachs, DN Capital, Intershop founder Stephan Schambach and StudiVZ founder Ehssan Dariani. Global Growth Capital, a subsidiary of the Internet holding company Rocket Internet, also provided a loan.

Strong increase in sales

Founder and CEO Dirk Graber is quoted as saying: “The IPO is the next logical step for us to strengthen our position as a leading, fundamentally digitally oriented European omnichannel optical brand and to support our long-term growth strategy.” In fact, since its founding at the end of 2007, Mister Spex has succeeded in taking market share from the dominant optician chains in Germany, Fielmann and Apollo, and showing that buying glasses on the Internet can work just as well as in brick-and-mortar stores. Last year, the company increased its sales disproportionately to 164 million euros (plus 18 percent), while Fielmann’s revenues fell by six percent to 1.4 billion euros.

More than 40 own branches

At the European level, revenue in the eyewear market has even fallen by 13 percent. In the first quarter of 2021, Mister Spex is also reporting “sustained momentum” with sales growth of 27 percent compared to the first quarter of 2021. In addition, Mister Spex achieved a positive operating result of seven million euros last year. Despite the strong growth on the Internet, Mister Spex has opened more and more stationary branches in recent years. The company now operates 42 branches of its own in Germany, Austria and Sweden. The managing director Mirko Caspar told the “Handelsblatt” that in the long term half of the sales should be generated in the branches. The figures showed that the combination of online shop, own stores and 400 partner opticians enabled rapid and extensive growth.

Nandu Shenzhen Newsphone:0755-82121212

Southern Metropolis Reporter Huang Liangdong On the evening of June 15, Dongpeng Beverage issued an announcement stating that as of June 15, the company’s closing price was 209.1 yuan.At present, the company’s stock price has seriously deviated from the company’s fundamentals.SignificantHigher than the industry average, there is a risk of higher valuation. Since its listing on May 27, Dongpeng Beverage has harvested 13 consecutive daily limit. Prior to this, the company has issued two risk warning announcements on the abnormal fluctuations of the stock price’s consecutive daily limit.

Dongpeng Beverage said that from 2018 to 2020, the income of energy drinks accounted for more than 90% of the company’s total income. The product structure is relatively single, and the operating performance is highly dependent on the sales of energy drinks. Can it continue to respond to market changes in a timely manner in the future? There are certain uncertainties and risks. In addition, the company also has the risk of a relatively concentrated sales area, the risk of intensified market competition, and the risk that the promotion of new products falls short of expectations.In view of the recent fluctuations in the company’s stock price, investors are invitednoterisk.

Dongpeng Beverage is at risk of overestimation

P/E ratio is much higher than the industry average

As of June 15, 2021, the company’s closing price was 209.10 yuan, and the P/E ratio was 103.00 times, which was significantly higher than the industry average P/E ratio. In accordance with the relevant provisions of the “Shanghai Stock Exchange Trading Rules”, the company has disclosed the “Announcement on Abnormal Fluctuations in Stock Trading and Risk Warnings of Dongpeng Beverage (Group) Co., Ltd.” on June 12, 2021, after excluding the overall factors of the market , The company’s stock price has fluctuated greatly recently, and the turnover rate on June 15 was 15.34%.

Dongpeng Beverage said that at present, the company’s stock price has seriously deviated from the company’s fundamentals and is also significantly higher than the industry average. There is a risk of higher valuation.

Dongpeng Beverage faces a relatively single product structure

And the concentration of sales area and other risks

Energy drinks are the company’s leading product. From 2018 to 2020, the revenue of energy drinks accounted for 94.99%, 95.11% and 93.88% of the company’s total revenue, which accounted for a relatively high proportion. The relatively single product structure makes the company’s business performance more important than energy drinks. With a high degree of reliance on sales, there are certain uncertainties and risks in whether the future can continue to respond to market changes in a timely manner.

From 2018 to 2020, Dongpeng Beverage’s Guangdong regional sales revenue accounted for 61.10%, 60.12% and 55.74% of the company’s main business revenue, respectively. The company’s operating results depend to a certain extent onThe districtMarket conditions in the domain, ifThe districtChanges in consumer consumption habits in the domain will have a certain impact on the company’s future profitability.

Increased market competition in the energy drink industry

The company faces the risk of new product promotion less than expected

After years of development, my country’s energy drink industry has a relatively high degree of marketization, and well-known brands such as Red Bull, Dongpeng Special Drink, Lehu, Physique Energy, and Warhorse have been formed.With the rapid development of the industry, in recent years, some well-known companies have launched new energy drink products, such as Goo Ran under Uni-President, XS under Amway, and Yili underWake upThe competition is fierce. In the future, whether the company can continue to maintain its competitive advantage in the market and whether it can continue to respond to market changes in a timely manner remains uncertain and risky.

In recent years, the company has launched new products such as citrus lemon tea and Chen Pit drink, which has further enriched the product line. Although the new products launched by the company will undergo strict internal analysis and demonstration, preliminary market research and regional pilot projects, there may still be a risk that the new products are not fully recognized by the market.

At the same time, since new products usually require a certain amount of incubation time, more resources need to be invested in advertising, marketing and consumer promotion in the early promotion process. Therefore, some products may have lower profit margins during the incubation period. If the promotion of new products is effective Less than expected, it may have a certain impact on the company’s future operating results.

Economic Observer Network reporter Zhou Yifan How high can the “energy” of Dongpeng Special Drink help the company’s stock price soar?

On June 15th, Dongpeng Beverage (605499.SH) opened a single-digit daily limit, and this is also the 13th single-digit daily limit that the stock has gone out as of today. As the new shares that landed on the main board of the Shanghai Stock Exchange on May 27, based on the current daily limit price of 209.10 yuan per share, the one-time sign that is 1,000 shareholders Peng Beverage can earn close to 160,000 yuan. If Dongpeng Beverage continues to maintain its daily limit in the next two trading days, the company’s market value will exceed 100 billion yuan, and the first-sign profit will reach 206,700 yuan.

According to data from Oriental Wealth Choice, currently, the most profitable IPO company in the A-share market is Kanghua Biotech (300841.SZ) on the GEM, which can earn up to 243,700 yuan per sign. Calculated at the closing price of the day, Dongpeng Beverage’s profit temporarily ranks No. 5. If it hits 200,000 earnings, it will become the second most profitable new stock in the history of A-shares, and it will also be the largest profitable new stock in the coming year this year.

The prospectus shows that the main business of Dongpeng Beverage is the research and development, production and sales of beverages. The main products include Dongpeng Special Drink, Yugan Lemon Tea, Chenpi Special Drink, and packaged drinking water, among which Dongpeng Special Drink is the company’s leading product. As one of the pioneers of energy drinks, Dongpeng Beverages is committed to promoting the development of energy drinks. After years of hard work, it has shaped the “Dongpeng Special Drinks” and other brands that consumers are familiar with. Currently, the company ranks second in the domestic energy drink market share.

According to Euromonitor’s calculations, the sales of energy drinks in my country will increase from 23.493 billion yuan in 2014 to 44.778 billion yuan in 2020, with a compound annual growth rate of 11.35%. It ranks second in the soft drink industry sub-track. The proportion of total beverage sales in my country has reached 7.8%. It is estimated that in 2025, the total sales and per capita sales of my country’s energy drink market will reach 65.485 billion yuan and 46.3 yuan, an increase of 46.24% and 44.69% over 2020.

However, Dongpeng Beverage stated in the prospectus that my country’s energy drink industry has a relatively high degree of marketization. After years of development, well-known brands such as Red Bull, Dongpeng Special Drink, Lehu, Fitness Energy, and War Horse have been formed. The rapid development of China has attracted many participants. In recent years, some well-known companies have launched new energy drink products, such as Goo Ran under Uni-President, XS under Amway, Huan Xing Yuan under Yili, etc. The competition is fierce.

“The functional beverage industry has strong stickiness and first-mover advantages. Consumer demand for functional attributes reduces the uncertainty of consumption. The current market competition pattern is showing a “one super, many strong” situation. Through the analysis of the competitive environment, we He believes that Dongpeng is currently in a relatively good competitive environment, relying on its own capabilities to achieve rapid expansion.” Tianfeng Securities analyst Liu Chang said.

In fact, behind Dongpeng Beverage’s widespread attention by investors, one of the reasons that supports its rising stock price may have something to do with the company’s performance exceeding expectations.

Public data shows that from 2018 to 2020, Dongpeng Beverage’s operating income was 3.938 billion yuan, 4.209 billion yuan and 4.959 billion yuan, and the net profit attributable to the parent was 216 million yuan, 571 million yuan and 812 million yuan, respectively. In the first quarter of this year, the company achieved operating income of 1.711 billion yuan, a year-on-year increase of 83.37%; realized a net profit of 342 million yuan attributable to the parent, a year-on-year increase of 122.52%; realized a net profit of 337 million yuan deducted from the parent, a year-on-year increase of 108.25%.

Kaiyuan Securities also pointed out in the research report that the long-term growth space of the energy drink track is worth looking forward to. At the same time, Dongpeng Beverage, as the second largest energy drink brand in the country, has outstanding competitiveness in the mid-market. In recent years, the company has focused on developing the gap outside the province. The market has strong growth momentum and broad room for nationalization. It is estimated that the net profit attributable to the parent in 2021-2023 is 11.27, 14.90, and 1.905 billion yuan, corresponding to 2.82, 3.73, and 4.76 yuan per share for 2021-2023, a year-on-year increase of 38.8%, 32.2%, and 27.8%. The current price corresponds to 55.8, 42.2, and 33.0 Times P/E ratio.

Liu Chang pointed out that the focus of Dongpeng Beverage’s IPO raised funds is on the national production capacity layout and channel network construction, demonstrating the company’s strategy and determination to expand nationally. The company’s future growth comes from volume on the one hand, and price on the other. With the continuous improvement of its brand tonality, the company’s scene, crowd and category are expected to open up room for growth.

Talking about future performance, Dongpeng Beverage stated in the prospectus that as of the end of 2020, the company’s contract liabilities (advanced accounts) reached 950 million yuan, a significant increase from 265 million yuan in 2019. The company predicts that in the first half of 2021, revenue will be between 3.25 billion and 3.65 billion, and net profit will be between 570 million and 720 million, both with double-digit growth year-on-year.

Technically. In the trading session on June 15, 2021, VN-Index had the 3rd consecutive gaining session. However, the index created a candle with a small body when testing the adjacent old peak, showing the struggling sentiment of investors. Besides, the trading volume is close to the 20-day average. The Stochastic Oscillator has given a buy signal. The MACD is approaching the signal line. If this indicator also shows similar signal, the index’s situation will be better. The zone of 1,390-1,410 points (100% Fibonacci Projection level) will still be the target that the index is aiming for. In case the index suddenly corrects, the short-term uptrend line (starting from January 2021) will be the nearest support. The Middle Band is also near this support so the reliability is quite high. The HNX-Index created a small-body candle, showing investors’ hesitation. The trading volume dropped again (below the 20-day average) showing the cautious sentiment of investors. If the uptrend is maintained, the index is likely to test 330-340 points (100% Fibonacci Projection level). The Stochastic Oscillator has bought, thereby supporting this possibility. On the contrary, 290-300 points (the old peak of April 2021 was surpassed and the 50-day SMA) will be an important support if the index shakes strongly again. Returning to the session, HOSE had 183 gainers and 198 losers, VN-Index gained 5.64 points (equivalent to 0.41%), to 1,367.36 points. The total trading volume reached more than 730.94 million units, worth 24,425.3 billion dong, down nearly 6% in volume and more than 3% in value compared to yesterday. The put-through transaction contributed more than 24.37 million units, worth 1,241.4 billion dong. The VN30 basket had 12 gainers and 15 losers, with BID, MBB, and KDH standing for reference, with the notable point being that the trio of Vin stocks all inched up, in which, VRE +2.8% to 32,850 dong, VHM +2.5% to 112,600 dong, VIC +1.4% to 121,700 dong. Relatively good gains were also REE +2.5% to 56,900 dong, BVH +2% to 61,200 dong, HDB +1.9% to 34,750 dong, while VNM, NVL, VCB, VJC, PDR, TCH increased slightly. On the contrary, VPB was suddenly sold strongly again in the afternoon session and at one point fell to the floor price, before closing -6.2% at 66,500 dong, becoming the biggest drag on the market. Liquidity this session VPB led HOSE with more than 37.8 million matched units. Bank codes that fell deeply had SBT down 3.8% to 20,500 dong. The rest decreased slightly like MSN, HPG, PLX, TCB, TPB, CTG, GAS, MWG. Besides some highly liquid bluechips such as VPB, STB, MBB, HPG, CTG, PLX, the rest are mostly Midcap stocks. In which, stocks of real estate, construction, and industrial parks such as KBC, D2D and HCD hit the ceiling price, SCR increased by 5.7% to 12,150 dong, HBC increased by 3.3% to 15,700 dong. , DIG increased by 2.7% to 26,200 dong, SZC increased by 4.9% to 40,900 dong, IJC increased by 2.2% to 33,000 dong, in which, KBC suddenly matched orders with more than 20.8 million shares. Securities companies still maintained their attraction with FTS most prominently increasing by 7% to 34,500 dong, HCM by 6.5% to 44,900 dong, VCI by 4.1% to 102,000 dong, APG increased by 4% to 11,650 VND. In contrast, TSC dropped to the floor price at 12,850 dong, matched more than 6.11 million shares, related stock FIT dropped 2.9% to 14,950 dong, LPB took profit strongly and fell 5.5% to 29,000 dong, PVD dropped 2% to 22,450 dong, ANV fell 4.6% to 28,800 dong. On the HNX, the HNX-Index gradually inched up in the afternoon session, but with the extension of the falling momentum of SHB, it strongly influenced this index, causing another drop to reference and closing in the red. At the close, HNX had 73 gainers and 116 losers, HNX-Index decreased by 0.72 points (equivalent to 0.22%), to 318.29 points. Total matched volume reached more than 152.9 million units, worth 4,134.4 billion dong. The put-through transaction added more than 72.6 million units, worth more than 2,270 billion dong. SHB plummeted 4.1% to 28,000 dong, matched orders of more than 31.3 million units, the highest on HNX. Besides, PVS dropped 2% to VND 28,700, BVS dropped 1.7% to VND 28,800, PVI dropped 2.5% to VND 43,700, CEO dropped 1.9% to VND 10,200, and many other losers at TNG , PVC, HUT, ART, TVB, VCS. Creating great support was SHS up 5.6% to 43,200 dong, matched only after SHB with more than 17.4 million units, VND 2.8% up to 44,700 dong, PAN up 1.5% to 27,300 dong. when BSI, MBS only inched slightly. In particular, IDC shares jumped to the ceiling price of +9.7% to 39,400 dong, matched more than 11.4 million shares. Closing the session, UpCoM-Index increased by 0.05 points (equivalent to 0.05%), to 88.87 points. Total matched volume reached more than 71.6 million units, worth 1,304.1 billion dong. The put-through transaction added more than 16.5 million units, worth 386.8 billion dong. In the absence of supporting information like the present, the probability of the index correcting down in the next few sessions before short-term profit-taking pressure is still significant, however, today’s positive movement showed that the index has dropped. There is a certain improvement in the general expectation of investors about the overall outlook of the market. Temporary investors should only consider disbursing exploration with a small proportion when the index is still around the threshold of 1,370 points and should not use leverage. The current goal is still to gradually accumulate stocks that maintain positive growth potential in the second half of 2021 for the medium-long-term portfolio.

Opec Plastics Joint Stock Company, also known in English as Opec Plastics, is headquartered at 13th Floor, BIDV Tower, 194 Tran Quang Khai, Hanoi. The history of the enterprise stretches with important milestones since 2002 as follows: 2002 year Asia Plastic Factory was established and built in Nhu Quynh industrial cluster, Hung Yen province. 2004 Established subsidiaries, namely Dong A AID and Nam A AID, specializing in supplying raw materials for production and distributing products for Asia Plastics Factory. 2006 – 2008 Won Gold Cup for Vietnamese Products, Gold Cup for Environmental Protection, WTO-compliant Products on Intellectual Property, Competitive Trademark. 2009 Established Opec Plastic Joint Stock Company (Opec Plastics., JSC), acquired Asia Plastic Factory. Year 2010 – 2011 The company invests methodically with large capital, senior personnel from abroad, business strategy highly focuses on the value chain and supply chain of the plastic – chemical industry. Year 2012 Put the new factory into operation, in Pho Noi A Industrial Park, Hung Yen province, specializing in the production of export PE packaging. The company became a strategic partner of Dung Quat Oil Refinery, distributing most of PP plastic products for the Plant. 2013 With its position as one of the leading plastic enterprises in Vietnam, with professional management, Opec Plastic continues to expand production and business, create more jobs for workers, and ensure the living standards of the people. employees. Year 2014 to present As the Top Plastic Enterprise in Southeast Asia, the largest plastic resin distributor in Vietnam and Southeast Asia, Opec Plastics always strives to connect and support Plastic enterprises in Vietnam and in the world. world in order to create added value for the parties through win-win and sustainable cooperation. In addition, Opec Plastics is also known as one of the leading manufacturers of biodegradable packaging in the country. Opec Plastic Joint Stock Company is growing and expanding In addition to the head office in Hanoi, Opec Plastic Joint Stock Company also has representative offices and many logistics centers in 3 North – Central – South regions, and representative offices in the United States, Singapore, Indonesia, the Philippines, and China. Quoc, Dubai … have factories producing plastic packaging for export with a total area of ​​​​nearly 10 hectares in Pho Noi A Industrial Park, Hung Yen and at Km 56, Highway 5, City. Hai Duong. These achievements have helped Opec Plastics rank 40th in the Top 100 Largest Private Enterprises in Vietnam and 91st in the Top 500 Largest Enterprises in Vietnam in 2020. As can be seen, the business has completely confirmed it. Top position in Vietnam plastic industry in both depth and breadth. Branch system and factories of Opec Plastic JSC HANOI OFFICE at 13th floor, BIDV Tower, 194 Tran Quang Khai – Ly Thai To Ward, Hoan Kiem District, Hanoi. HO CHI MINH CITY BRANCH at Lot L12A-16, Floor 12A, Vincom Center Dong Khoi Building, 72 Le Thanh Ton, Ben Nghe Ward, District 1, HCMC. CENTRAL BRANCH at Building C1-13, Van Tuong Binh Son Urban Area, Quang Ngai. HAI PHONG BRANCH at Room 703, 7th Floor, LP Builing, No. 508 Le Thanh Tong Street, Van My District, Ngo Quyen District, Hai Phong City, Vietnam. FACTORY 1 at Lot 16, Street 206, Zone A, Pho Noi A Industrial Park, Dinh Du Commune, Van Lam District, Hung Yen Province. FACTORY 2 at Km 56, National Highway 5, Nam Dong, Hai Duong City, Hai Duong Province. How does Opec Plastic Joint Stock Company do business?Continuously increasing capital Formerly known as Asia Plastic Factory, established in September 2009, Opec Plastic Joint Stock Company, formerly known as Asia Plastic Factory, operates mainly in the field of manufacturing foam bags, plastic packaging, etc. plastic beads… with initial charter capital of 55 billion dong. This number is contributed by 3 founding shareholders, including Chairman of the Board of Directors and General Director Dinh Duc Thang (VND 30.25 billion); Mr. Nguyen Minh Tu (19.25 billion VND); Mr. Nguyen Duc Ha (5.5 billion VND). Up to now, through many capital increases, the charter capital of Opec Plastics has increased to VND 550 billion, 10 times higher than before. Total assets by the end of 2019 of Opec Plastics reached VND 7,210 billion, nearly double that of the end of 2016. Equity even reached VND 675 billion at the end of 2019, an increase of more than 8 times in the period. this time. With the ratio of liabilities to total assets regularly maintaining over 90%, most of Opec Plastic’s assets are still financed from debt capital, although this debt ratio is showing signs of decreasing. The business results of Opec Plastics are also significantly affected by the use of high leverage. Revenue far exceeds many “big guys” in the plastic industry Opec Plastic’s revenue grew strongly in the period of 2016-2019 during the expansion process, sometimes reaching double the figure of Tien Phong Plastic (code NTP) and Binh Minh Plastic (code BMP) combined and high much higher than the target of An Phat Xanh Plastic (code AAA), these are all “big guys” in the same listed plastic industry. Specifically, in 2019, Opec Plastics grew 11.5% compared to 2018 when it recorded VND 16,162 billion in revenue. The record revenue that An Phat Xanh Plastic, another big player in the industry, achieved in 2019 is 9,258 billion VND, which is only about 57%. Profits eroded by leverage In 2019, net profit decreased by 64% compared to the previous year when this business only earned 37 billion dong in net profit. With 1,000 dong of revenue, it brought in just over 2 dong of profit, equivalent to a net profit margin of only 0.22%. Profit margins of Opec Plastics are only low because profits cannot keep up with capital raising process. In 2019, the return on equity (ROE) was only approximately 5.5%, and the return on assets (ROA) was only 0.5%.

For Mr. Nguyen Van Hau: A fine of 70,000,000 VND (Seventy million VND) as prescribed in Clause 3 Article 5, Point dd Clause 2 and Clause 5 Article 33 of Decree No. 156/2020/ND-CP dated 31/03 12/2020 of the Government on sanctioning of administrative violations in the field of securities and securities market. Because there has been an administrative violation: Not disclosing information about the expected transaction (January 25, 2021, Mr. Nguyen Van Hau is a person related to Mr. Nguyen Van Hung – Member of the Board of Directors of Hanoi Southern Urban and Housing Development Investment Corporation (stock code: NHA) sold 205,000 NHA shares (equivalent to VND 2,050,000,000 par value of NHA shares) but did not disclose information about the expected deal). For Mr. Dao Minh Tuan: A fine of VND 25,000,000 (Twenty-five million VND) as prescribed in Clause 3, Article 5, Point a, Clause 4, Article 33 of Decree No. 156/2020/ND-CP dated December 31st/ 2020 of the Government stipulating the sanctioning of administrative violations in the field of securities and the securities market. Because there was an administrative violation: Disclosure of information on time when owning 5% or more of the voting shares of a public company (December 15, 2020, Mr. Tuan bought 829,946 shares of Saigon General Services Joint Stock Company (stock code: SVC) and became a major shareholder of Saigon General Services Joint Stock Company. Ho Chi Minh City Stock Exchange has just received the report of becoming a major shareholder of Mr. Dao Minh Tuan.

In any conversation related to US military rifles, it is impossible not to mention the M4 – a more compact version of the legendary M16 rifle. The M4A1 rifle. Photo: US Army Although the M4 and M16 are quite similar in appearance, overall, the M4 is still lighter and shorter, with a weight of 2.88kg and a length of 83.82cm (including the stock). This design is intended to maximize the advantage of the M4 when used in situations where compact, easy-to-carry weapons are required, such as urban combat, for cavalry or in battle. cramped armored vehicles. Like the M16, the M4 uses standard 5.56 x 45 mm NATO ammunition. However, because the barrel is 37 cm long, shorter than the M16, the effective range is slightly lower. The M4 assault rifle has the longest range of 600m, a maximum rate of fire of 950 rounds/minute with a warhead velocity of 884m/s. M4 is quite popular in the world. It is widely used in Latin America, the Middle East, Europe and some other regions. FNSCAR The SCAR series of rifles was born in response to the request of the US Special Operations Command for a rifle designed in a modular form (allowing for quick configuration changes, compatible with other types of equipment). supported), uses a standard 5.56 x 45 mm and 7.62 x 51 mm magazine. FNSCAR rifle. Photo: US Army The gun can be assembled to convert into a light version CAR-L and a heavy version SCAR-H. Both models can be used as marksman rifles or melee weapons because they have 3 different barrel types: short, standard and long. Despite their similar appearance, the SCAR-L uses the standard NATO STANAG magazine while the SCAR-H uses a magazine designed by the Belgian company FN Herstal. Assault Rifle M27 The Marine Corps’ new M27 assault rifle is considered one of the most accurate rifles in the US military’s arsenal. M27 rifle. Photo: US Marines The M27 is the designation of the automatic rifle line developed from the German-designed Heckler & Koch 416 prototype, put into service by the US Marines since 2011. The Heckler & Koch 416 was used to destroy bosses. Osama bin Laden during the famous US Navy SEAL raid in Abbottabad, Pakistan. The M27 has significantly improved accuracy, range and reliability over the M16 and M14, thanks to a free-oscillating barrel with a length of about 420 mm and a short-stroke gas piston system. This gun uses NATO standard ammunition size of 5.56x45mm, has a rate of fire from 700 to 900 rounds per minute. Currently, the Marines are considering upgrading the M27’s lethality. Video: US Marines practice firing live ammunition with M27 rifles. Source: AirSource.com Rifle M14 The M14 rifle, produced since 1959, is 1,181 mm long, has a rate of fire of 725 rounds per minute and a range of 460 m, with a wooden stock. It is quite solid, has high accuracy as well as great destructive power thanks to the use of NATO standard 7.62 x 51 mm magazine. Rifle M14. Photo: US Navy The M-14 was the main weapon used by the US infantry in the early stages of the Vietnam War. Although a good rifle, it was not suitable for the Vietnam battlefield because it was too heavy, too long, and the wooden parts were prone to warping due to the humid climate. Finally, the US military upgraded and improved this gun to create a new version, the Mk14 rifle. Rifle Mk 14 EBR The Army and US Special Operations Command redesigned the M14 rifle, creating the Mk 14 Enhanced Battle Rifle (EBR). Compared to the M14, the Mk 14 EBR has the same firing mechanism but different materials. The MK14 EMR rifle. Photo: US Department of Defense The Mk 14 features an all-metal, composite and alloy design, an adjustable stock grip, and an easily retractable gun mount. It also has a Picatinny rail for attaching more modern accessories and scopes. Although the gun is heavier than the M14, it has more stability and durability. M39 EMR The US Marines had similar ideas as the Army, but they decided to modify the M14 slightly, which led to the introduction of the M39 EMR rifle. The M39 EMR rifle. Photo: US Marines The M39 EMR also features a custom stock, collapsible gun mount, and accessory rails. However, this version was quickly replaced by more modern marksman rifles.

Control room of Ham Thuan factory with IP-based surveillance camera system Start digital transformation from equipment upgrade projects Concept “ Digital conversion ” has been widely used in the media in recent times. Since it is a new concept, each person can understand digital transformation in his or her own way. However, the basic thing of digital transformation is that the process of digitalization combined with the application of achievements of the Industrial Revolution 4.0 into practice has created many transformations. powerful changes in life. The application of digital technology (Digital technology) has been approved by the Company UD implemented since 2004 when implementing the Da Nhim Power System Restoration Project. Da Nhim hydropower plant was put into operation in 1964 with a control system based on analog signals with countless knobs, knobs, switches, switches… The system of bulky, power-consuming equipment is prone to breakdowns due to its long-term use, reducing reliability. After 40 years of operation, the equipment system needs to be replaced to meet the reliability and efficiency in power production. Operation room of Da Nhim hydropower plant before digitalization Da Nhim power system restoration project (2004 – 2006) was invested by Vietnam Electricity Corporation (now Vietnam Electricity – EVN) and assigned Da Nhim – Ham Thuan Hydropower Company – Da Mi (now Da Nhim – Ham Thuan – Da Mi Hydropower Joint Stock Company: DDD) is the Project Management Board. The project includes 3 main packages to renovate and replace Da Nhim’s equipment system, including: Package No. 1- Generator and electrical equipment; Package No. 2 – Water turbine and water pipeline equipment; Package 3 – Hydrological data collection system. In particular, Package 1 with the application of digital technology to electrical equipment and control systems has created a new and modern appearance for Da Nhim hydropower plant with a stable operating equipment system. , computer controlled high availability, replacing obsolete analog equipment system. The control system with Alstom’s ALSPA P.320 HMI interface combined with GE Fanus’ PLC has created a turning point in operation control. All operation of the device is done by clicking on the computer screen instead of turning the knob or pressing the mechanical button as before. OCC operation room of DHD Company – The first remote control model of power plants in the power industry Da Nhim Hydropower Plant Expansion Project (Operating Phase 1 with a capacity of 80MW in 2018) continues to apply the latest digital technologies to the control equipment system, creating a Da Nhim hydropower plant. more modern. Inheriting their knowledge and experience through the Da Nhim Restoration Project, the Ham Thuan – Da Mi Hydropower Project, from 2008 to 2010, the Company’s engineers UD has successfully researched, programmed and put into operation the DCS system of Song Pha hydropower plant with a combination of WinCC control interface and Siemens S7-300 PLC. With the new control system, Song Pha hydropower plant seems to be wearing a new shirt, the outdated analog control system has been completely replaced by digital equipment. Operation room of Song Pha hydropower plant in 2006 The memorable milestone of the application of Science and Technology 4.0 in power production operation was in 2013 when the General Assembly Company and the domestic contractors successfully installed and put into operation the Operation Control Center (OCC – Operation Control Center). Center). This is considered the first OCC center at power plants in Vietnam to remotely control power plants. Since the OCC Center came into operation, combined with the IP-based CCTV system, DHD Company has optimized its operation and improved labor productivity. With OCC’s remote control and monitoring capabilities, the number of operators at hydroelectric power plants is reduced from 5 to 2 to 3. The OCC model of AGM Company was then replicated to other units in the industry and brought many practical benefits. The operation room of Song Pha hydroelectric power plant is now with the control system designed and installed by DDH Company Combining digitization and industrial science 4.0 Responding to the digital transformation of Electricity of Vietnam (EVN) and Power Generation Corporation 1 (EVNGENCO1), the General Assembly Company applied the results of the Industrial Revolution 4.0 on the digital platform to create a remarkable transformation in production management and administration. On the digital platform that has been deployed at power plants, DDT Company has gradually upgraded telecommunications infrastructure to create a smooth connection between the OCC Center, power plants and dispatching centers for business purposes. operate production and offer electricity prices in the market with high efficiency. The application of IP-based surveillance camera system helps the operator to monitor lake water level, discharge status of water supply to downstream… creating many advantages in coordination between the Company and local authorities in the company. disaster prevention and search and rescue. For administration, the General Meeting of Shareholders thoroughly handles incoming/outgoing documents, internal documents, on the e-Office system while accelerating the speed of case handling and convenience in work. storage and retrieval while saving printing paper and protecting the environment. In the bidding work, the Company conducts online bidding to ensure that information is provided to contractors quickly and accurately, to ensure transparency in bidding and to save printing costs. Currently, cloud computing technology (i-Cloud) is widely applied and becomes more and more familiar to the employees of the Company. The company has registered a Google Drive account with unlimited storage, sharing capacity to each unit for use. Employees store files and documents on shared Google Drive so that they can easily perform their work on smartphones and tablets even if they are far from the working location. Using i-Cloud for work has become popular at the University of Da Nang Timekeeping, collection of opinions, statistics, surveys, etc. when there is a need for the coordination of many people, is easily done by Google tools such as Google doc, Google sheet, Google form. The digital transformation is making the work processing steps at the General Meeting of Shareholders more and more convenient, in line with the general trend of the whole society. E-learning is also being applied and achieving positive results. Digital transformation plan at the Company in the next period Although the digital transformation is bringing initial results, creating many advantages in operation and production and business, in order to achieve greater results, AGM needs to further promote infrastructure investment Information technology combined with human training. Mr. Le Van Quang – General Director of DHD Company commented: “Digital transformation has brought practical results that every employee in the Company can clearly see. Previously, employees in the Company had to save each monthly pay slip to track their income, now they can look up information about income, vacation days, earnings, deductions… through through payroll software developed by the Company itself. This is an example of digital transformation at AGM.” Following the direction of EVN and EVNGENCO1, the General Meeting of Shareholders established a Steering Committee for Digital Transformation and Technology Application of the 4th Industrial Revolution in production and business activities at the Company by the Chairman of the Board of Directors. serve as Head of the Board. According to the Digital Transformation Plan for the 2021-2025 period, the General Meeting of Shareholders focuses on two major areas of work, including: Applying digital transformation in governance, administrative reform, improving labor productivity and Modernizing systems and infrastructure. In governance, the Company continues to carry out typical tasks such as: Raising awareness about digital transformation, capacity to use information technology for management and employees; Provide digital signatures for all employees in the Company; Establish a library, store documents on Google Drive; Do 100% internal writing via E-Office; Renovate the company’s web, build an online web-based working environment, to share resources, manage work, create the ability to work anytime, anywhere, any means; Building a forum for questions (of employees) and answers (of experts in the company), serving training; Digital invoice management; Digitizing internal and external reports; Record device parameters online on the basis of image recognition; Operation log no… Continuing, modernizing the equipment system and infrastructure, DDT Company will perform the following items: Setting up an unmanned Da Nhim Water Purification Station; Carrying out scientific research on unmanned power plants for Da Mi Solar Power Plant, Song Pha Hydropower Plant; Upgrade the IT system operation monitoring center, information security policy for information security, according to ISO 27001 standard; Complete security for information systems according to the specified safety level.

Jade yang goat is “praised” by many people as an effective “panacea”. That’s why goat pearls are becoming more and more popular. Photo: Thitdetuoi. Jade yang or jade onion, also known as goat’s goat, goat’s pin, and goat’s egg, is the testicle of a male goat. Photo: Decuubaoquan Since ancient times, Vietnamese people have spread among themselves that the dish from jade yang goat is ranked first in the dishes used to nourish men’s sexual vitality, enhance men’s ability, kidney and yang. ..Photo: Decuubaoquan It is also for this reason that at many restaurants specializing in goat meat dishes, jade yang goat is always very popular, even “out of stock”. Photo: Vinhhanhfood. On the market, goat pearls are for sale at prices ranging from 200,000 to 300,000 VND/kg. Accordingly, each set of goat pearls costs from 300,000 to 500,000 VND, depending on the size. Photo: Internet. Mr. Tam (owner of a goat meat shop in Ho Chi Minh City) said: “Men are very fond of dishes from goat pearls. My restaurant often stews, stir-fries or pickles wine to serve customers”. Photo: Internet. Uncle Quang – specializing in goat meat business in Ninh Binh revealed that with Ninh Binh rock goats, jade can be up to 1 million VND/set, even several million VND depending on the age of the goats. However, do not want to buy is there. Photo: Internet The reason is that this type of jade is supposed to be obtained from goats raised in the rocky mountains of Ninh Binh, where the climate is four seasons and there are many medicinal leaves, so when the goats eat it, it will accumulate in the meat, the new jade will reach the highest quality. best quantity. Ngoc Duong goat can be processed into many different dishes such as stewing with traditional herbs, cooking hot pot….Photo: Decuubaoquan Video: Bridge for goats to go up the mountain to feed in Hoa Binh. Source: VTV24

A poem by a poet of the Tang Dynasty, about the phenomenon of burning books in the Qin Dynasty. “What CEO Wang posted is an anti-government poem. It shows that he is under a lot of pressure because of the investigations,” said Hao Hong, an analyst at Bocom International in Hong Kong. CEO Wang deleted the post on May 9 and denied the above rumor. He claimed to only use the verse to refer to the company’s competitors. A spokesperson for Meituan made a similar comment. Mr. Wang Xing, CEO of Meituan. Photo: China Daily. In October 2020, billionaire Jack Ma publicly criticized the Chinese banking system. As a result, Jack Ma’s startup Ant Group was forced to stop its $35 billion listing, Alibaba was investigated and fined $2.8 billion for violating antitrust laws. “Many people think that the poem posted by Wang Xing is a criticism similar to what Jack Ma said. This is not the time for Chinese businessmen to raise their voices.” Bloomberg quoted Kerry Goh, Investment Director of Kamet Capital Partners as saying. In recent years, the Chinese government has tightened supervision of technology companies. The Hang Seng Technology Index is down a record 30% from its peak in February. Meituan is also the subject of investigation by Chinese authorities for monopolistic behavior. Meituan is accused of forcing merchants to sign exclusive business contracts on its platform. On May 10, the Shanghai Consumer Council criticized Meituan for infringing on the rights of consumers.

As reflected by residents of the new Lideco urban area – North of National Highway 32 (Hoai Duc district, Hanoi), the Son Ca preschool project located on the plot of land plot for kindergarten NT1 of the urban area has been damaged. International Joint Stock Company – TIC “acquired”, misused for the wrong purpose when sending hundreds of trainees waiting for labor export to come here to live and sleep. International Joint Stock Company – TIC has an address at NT1 – Lideco urban area with advertising signs at the main gate of the urban area. Learn about PV Newspaper of Knowledge and Life , on 10/3/2011, City People’s Committee. Hanoi issued a Decision on the recovery of 3,847.5 m2 of land in the new urban area North of National Highway 32, Tram Troi town, Hoai Duc district under the management of Tu Liem Urban Development Joint Stock Company and assigned to Son Ca Kindergarten implements the project to build Son Ca Kindergarten in the form of land allocation with collection of use fees and a term of 50 years from the date of signing the decision. On June 25, 2018, Hoai Duc District Education and Training Department issued a decision to allow educational activities for Son Ca kindergarten located in the new urban area north of National Highway 32, Tram Troi town, district. Hoai Duc, City. Hanoi. However, after only one year, Hoai Duc District Education and Training Department submitted a proposal to change the owner of Son Ca Kindergarten. Accordingly, on April 25, 2019, Hoai Duc District People’s Committee issued a decision to allow the conversion of the owner of Son Ca kindergarten from Mrs. Nguyen Thi Theu to the new owner, Mrs. Nguyen Thi Hang, with a bachelor’s degree. Preschool education. However, since “acquiring” the entire land area of Son Ca Kindergarten Ms. Hang did not conduct enrollment and organize preschool education. Instead, it is to bring all students who are studying and waiting for the labor export of International Joint Stock Company – TIC to come here to eat, sleep, and live. Reported by PV, all classrooms of the kindergarten were renovated by TIC Company into students’ bedrooms with the arrangement of beds and kitchens like a student dormitory. Part of the school’s campus is arranged as a parking place for staff and students. Even the drying of students’ clothes takes place right in the school yard… The government is tired of waiting for the report On July 21, 2020, Hoai Duc District Urban Management Department held a meeting with Tu Liem Urban Development Joint Stock Company and a representative of Son Ca Kindergarten to check the status of the planned land. project. Here, the Department of Investment Management has requested Son Ca Kindergarten to synthesize and provide all legal documents, planning documents, project documents, written reports on the project implementation process, synthesize problems, problems and suggestions if any. The area and infrastructure of the Son Ca kindergarten in the Lideco urban area was turned into a residence by the International Joint Stock Company – TIC, for students waiting for labor export. However, as of September 1, 2020, the Urban Management Department of Hoai Duc district still did not receive all relevant documents on planning, land, construction investment projects and did not have a consolidated report of the Government. At the request of the unit, it issued Official Letter No. 619/QLDT sent to Son Ca Kindergarten to urge the “collection of records and reports related to the improper use of land in the plot of land for housing planning.” NT1 children in the new urban area North of National Highway 32, Tram Troi town, Hoai Duc district. Dossiers and reports should be sent to the Department of Management and Investment before September 18, 2020. However, this proposal continued to be deliberately ignored by the kindergarten owner when “Currently, Son Ca kindergarten has not sent documents and reports on the misuse of land in plot NT1 to the District People’s Committee. Hoai Duc. In fact, International Joint Stock Company – TIC is using the above land area. We are still urging and will handle it,” an officer of the Urban Management Department of Hoai Duc district informed PV in early May 2021. Although the government of Hoai Duc district has clearly identified the work in cell NT1, Ms. Tran Thi Hue – Head of Administration Department of International Joint Stock Company – TIC denied and said: “The company did not mention or do anything in the area. Son Ca Kindergarten” (!?). Knowledge and Life newspaper will continue to report the case. Invite readers to watch more videos: Prosecution of former chairman and accountant of Guangzhou commune for land violations Source: TTV

If the decline in performance in 2020 is caused by the epidemic, it is a bit confusing that its performance in the first quarter of 2021 is still declining when the performance base for the first quarter of 2020 is already low enough. On the day after the results were announced, 360’s stock price also gapped and opened lower, eventually closing down 5.65%, and the stock price hit a new low since its successful backdoor listing. As one of the Internet giants in the past, the 360 ​​in the mobile Internet era is clearly unaccustomed. In terms of operations, since 2016, 360 has repeatedly missed the vent, and finally defeated in the mobile Internet era; in the capital market, its stock price has continued to fall in the past three and a half years, and now its stock price is only at its peak. About 20% of the total, participating investors suffered heavy losses; in terms of word of mouth, 360 has also become the spokesperson of the bundled installation of “Family Bucket” from the eulogized Internet changer in the past. What happened to the former cybersecurity leader? The performance dropped again and again, the stock price has plummeted 79% in three and a half years “I thought that the performance of the first quarter of 2020 was already the worst, but I did not expect the performance of the first quarter of 2021 to be worse!” This is a message from an investor in the stock bar after the announcement of the 360 ​​results yesterday. On April 21, 360 announced its 2020 annual report and quarterly report for the first quarter of 2021.In addition to the unsuspecting performance decline in 2020, what people did not expect is that with the performance of the first quarter of 2020 already such a low base, the performance of three or six zero in the first quarter of 2021 will actually be stolen. Regarding the reasons for the decline in the first quarter of 2021, as it was not stated in the first quarter report, we dare not guess. However, judging from the data in recent quarters, its performance is not very good. Since the best single-quarter performance was achieved in the second quarter of 2019, in the next seven quarters, the net profit growth rate in five quarters of 360 and 60 was negative, and the trend of performance decline was quite obvious. Under the influence of the performance, the share price of 360 has also been “declining steadily” and has continued to decline since the beginning of 2018.Today, its stock price is only 13.18 yuan, which has fallen by 79.12% from the high point on February 28, 2018, and its market value has evaporated by 380 billion yuan. Transformation attempts continue, but advertising is still inseparable Recently, there has been news on the Internet that the 360 ​​may try the auto business. According to a report from the AI ​​Finance and Economics Agency, on the opening day of the 2021 Shanghai International Auto Show, the founder of 360 Company, Hongt Zhou, appeared at the Nezha Auto booth and plans to cooperate with Nezha Auto to build cars; however, the 360 ​​will soon make a move. In response, he said that he had no comment on the news of the car. According to previous media reports, 360 has been planning to build a car for some time, and will put the car building on the agenda in early 2020. Currently, the project team has about 10 people. An insider of Nezha Automobile revealed that the two sides have been in contact for two months. Zhou Hongt once took his team to the Nezha Automobile Factory to investigate and experience Nezha automobile products. Of course, these are all market rumors. As for whether 360 will end up building cars in the future, we don’t know. However, many Internet companies such as Huawei, Xiaomi, Baidu and others have participated in this car war. In fact, it is not surprising that the next car is built. In fact, this is not the first time Three Six Zero has tried to develop a new business. From cooperating with Coolpad and LeTV to develop mobile phone business in 2016, then transforming to make games in 2018, and then transforming to bet on government-enterprise network security business in 2020, although there are no good results in the end, it is not difficult to see that in fact, in recent years Over the past few years, 360 has been trying to transform. However, as of December 2020, although there have been many attempts and bets on the security of the transformation of government and enterprises in 2020, the most profitable business of 360 is still in “advertising.” According to the analysis of the main business composition, for the whole year of 2020, 360’s advertising revenue will be 7.512 billion, accounting for 64.68% of the total revenue, and the profit ratio will reach 72.69%; followed by smart hardware and the Internet. Value-added services, revenues were 2.142 billion and 1.134 billion, accounting for 18.44% and 9.77% of revenue, and 5.43% and 13.44% of profit. And its government-enterprise network security business that it wants to transform bets has revenue of only 808 million, accounting for only 6.96% of 2020 revenue. Poor reputation, it’s a bit difficult for 360 to break the game In addition to declining performance, plummeting stock prices, and frequent failures in transformation, there is also the issue of its reputation. At this year’s 3.15 party, CCTV exposed 360 Search’s illegal placement of false medical advertisements. In the screenshots exposed by CCTV, a 360 search platform was used to search for Chengdu Second People’s Hospital for short “City Second Hospital”. The results were all advertisements for other hospitals including Chengdu Zongnan Hospital. In fact, this is not the first time that 360 has had a word-of-mouth problem. In recent years, with the development of Internet technology, the network environment has become more and more secure, and the 360, which has network security business as its core, has undoubtedly been hit hard. As security protection software is used less and less frequently, 360’s presence is getting lower and lower, but once the 360’s software is installed, it will continue to pop up advertisements, which arouses users’ disgust; , Many netizens even jokingly called him “the spokesperson of the whole family bucket”: once the 360 ​​software is installed, a lot of software will be bound to it, and it is easy to install and difficult to uninstall. As an Internet company, users are undoubtedly the most precious resource. And 360’s rogue advertisements and bundled downloads have undoubtedly left a bad impression on users. Under such a background, it may be difficult for 360 to break through the current predicament.

Recently, according to media reports, a person familiar with the situation revealed that Biden will formally propose a tax increase plan next week. This plan proposal is mainly aimed at the wealthy people with an annual income of not less than 1 million yuan. The capital gains tax rate is 39.6%, which is higher than the current rate. The 20% tax rate has nearly doubled, plus the existing 3.8% investment income surcharge, which means that the wealthy may face a capital gains tax of 43.4%.

What is capital gains tax?

Capital gains tax is a kind of temporary tax, which refers to a tax levied on the realized capital gains of taxpayers who are not specialized in the sale of real property and valuable securities.

The capital gains tax increase plan is undoubtedly a great negative for the U.S. stock market. As soon as this news came out, U.S. stocks fell sharply at the opening. The three major stock indexes all closed down about 1%. On the other hand, Bitcoin fell nearly 6%. Once dropped to around $50,000, Bitcoin’s fall is the first time its share of the cryptocurrency market has fallen below 50% in two years.

It is understood that if Biden’s tax increase plan is implemented this time, some capital gains taxes that were originally taxed may exceed 50%. Among them, New York and California will bear the brunt. The Biden administration’s view on the tax increase is to increase Capital gains tax will not have a negative impact.

However, many professionals still believe that Biden’s increase in the capital gains tax rate will stimulate selling. A large number of investors will reduce their positions in order to avoid higher capital gains taxes, leading to a large number of stocks being sold in the stock market. As a result, the value of the stock fell sharply.

Some professional organizations also said that the plan will cause greater turbulence in the market. The increase in capital gains tax will have a greater impact than the increase in corporate tax. Investors’ investment methods may change, and the investment market may experience a significant cooling in the future. .

Although many people think that Biden’s tax increase is not surprising, they did not expect the tax increase to come so fast, and the tax rate increase is so high, which many people did not expect.

Only two years after listing on the US capital market, Ruhan Holdings is about to delist.

Before the market on April 21, Eastern Time, Ruhan announced that it had completed the privatization transaction and the company was delisted from the Nasdaq immediately. As a well-known MCN company, Ruhan Holdings chose to delist soon after it went public, which aroused widespread concern.

Complete privatization and delisting

On April 22, Ruhan Holdings announced that in accordance with the agreement and merger plan announced on February 3, 2021, Ruhan Holdings and RUNION Mergersub Limited (hereinafter referred to as “Merger Sub”) have completed the merger. RUNION Holding Limited is the target company of Ruhan Holdings, and Merger Sub is a wholly-owned subsidiary of RUNION Holding Limited. After the merger, Ruhan Holdings completed the delisting of US stocks and became a wholly-owned subsidiary of the parent company.

At present, Ruhan Holdings has suspended its trading of American depositary shares on NASDAQ at the close of trading on April 20, 2021 (New York time). The company has also requested Nasdaq to submit a form to the U.S. Securities and Exchange Commission (SEC) explaining the delisting from Nasdaq and the cancellation of the company’s registered securities.

On April 3, 2019, Ruhan Holdings completed an IPO on Nasdaq with an issue price of US$12.5.But it broke at the opening,Quote $11.5, As of the day’s close, fell 37.2% to 7.78 US dollars, with a market value of 649 million US dollars.

At present, Ruhan has been suspended on Nasdaq, April 19 is the last trading day before the suspension.It closed at US$3.4, a 72.8% reduction from the issue price, and the total market value was US$281 million.

On November 25, 2020, Ruhan announced that it had received a privatization offer from the company’s three founders, Feng Min, Sun Lei, and Shen Chao (buyer group). According to the offer,The buyer group proposes to privatize at a price of 3.4 US dollars per ADS.This price is higher than Ruhan’s stock price at that time, but much lower than the IPO issue price.

According to wind data, as of February 3, 2021,Feng Min holds 25.75% Equity, Sun Lei holdsHaveWith 12.84% of the equity, Shen Chao holds 5.64% of the equity, and the three of them hold a total of 44.23%.

Ruhan Chairman Feng Min Picture source: every photo by reporter Zhang Jian (data map)

On February 3, 2021, Ruhan issued an announcement stating that it had signed a privatization agreement. According to the agreement,The buyer’s group will acquire all out-of-stock shares at a price of US$0.7 per share (or US$3.5 per ADS) in cash.

The price of this privatization agreement,72% reduction from the issue price. Regardless of dividends and other circumstances, investors who participated in the subscription during the IPO held a floating loss of more than 70%.

Over-reliance on head influencers

According to Wind data, from fiscal year 2019 (April 2018 to March 2019) to fiscal year 2020, Ruhan Holdings’ revenue was 1.093 billion yuan and 1.296 billion yuan, but its net profit has been at a loss.

Wind data shows that from fiscal year 2019 (April 2018 to March 2019) to fiscal year 2020, Ruhan Holdings’ gross profit margins for sales were 31.28% and 37.79%, respectively; however, the company’s net sales margins were always negative, respectively. -7.77%, -7.55%.

According to Ruhan Holdings’ financial report for the second quarter of fiscal 2021 (corresponding to the third quarter of 2020), the company’s total revenue for the quarter was 248.5 million yuan, a year-on-year decline of 9%; net profit was a loss of 31.2 million yuan.

Behind this, Ruhan Holdings has never created another top-flow internet celebrity.

According to public information, from 2018 to 2020,Ruhan Holdings’ head internet celebrity Zhang Dayi’s stores contribute more than half of the company’s revenue. The side effect of this structure is that when the top artist faces major negative news, the company will suffer losses together.

In April 2020, Zhang Dayi’s negative incident was exposed. Ruhan stated in previous documents that the incident had a significant adverse impact on the company’s reputation, business, and ADS transaction prices.

According to the financial report of Ruhan Holdings, as of September 30, 2020, the number of the company’s contracted Internet celebrities increased from 146 in the same period of the previous year to 180, and the total number of fans increased from 188.8 million in the same period of the previous year to 295.3 million. The number of head influencers increased from 5 to 8 in the same period last year, and shoulder and waist influencers increased to 45.

However, the service revenue generated by the 8-bit top influencers in the platform mode only accounts for 28% of the total service revenue, None of the newly added internet celebrities contributed 10% of their revenue.

Miss the live broadcast

In addition to relying too much on top-flow internet celebrities, missing the live broadcast may be another mistake of Ruhan Holdings.

In the early days, Zhang Dayi used Weibo to promote and serve as a Taobao traffic portal. On Double Eleven in 2016, Zhang Dayi’s store broke into the second place in the Taobao women’s clothing category, with a transaction volume exceeding 100 million. At the same time as Zhang Dayi, there are also traditional Internet celebrities such as Sydney and Yu momo. At that time, Taobao even made a documentary called “Internet Celebrity” specifically for her.

In fact, Zhang Dayi started very early in the field of live e-commerce. At the Taobao Live Festival in 2016, she drove 20 million transactions in two hours, and the number of viewers exceeded 410,000, setting a record. At that time, Taobao Live was only established for 100 days.

After the Double Eleven live broadcast in 2016, Zhang Dayi said in an interview with The Economic Observer: “It’s a bit tired. The long live broadcast mode of competition will cause everyone to be aesthetically tired. I think after Double 12, this mode will change. Because the conversion rate of live broadcast is decreasing.” In the same year, Wei Ya stepped onto the live broadcast stage.

Image source: Data map taken by reporter Zhang Jian

By the Double Eleven in 2019, the number of viewers who squeezed into the live broadcast rooms of Wei Ya and Li Jiaqi exceeded 40 million and 30 million, respectively, while the number of people in Zhang Dayi’s live broadcast room was 10 million; Wei Ya’s live broadcast sales exceeded 2.7 billion yuan, and Li Jiaqi’s Sales exceeded 1 billion yuan, while the personal brand turnover of Zhang Dayi’s Taobao store during the same period was 340 million yuan.

Double Eleven in 2020,Li Jiaqi and Wei Ya’s live broadcast sales reached 7.06 billion yuan and 8.76 billion yuan, respectively, while Zhang Dayi’s data was only 240 million yuan..

In essence, Zhang Dayi is not a “carrying anchor”. She has her own store and produces her own branded products. Ruhan also supports her with a huge factory and supply chain system.She is a “seller anchor + shop owner”, Appearing in the live camera is also to promote the products of their own stores, it is difficult to reverse their thinking to help other brands’ sales.

On the other hand, Li Jiaqi and Wei Ya are cooperating with multiple brands, and at most they produce some co-branded models. This model is obviously “much lighter” than Zhang Dayi’s online celebrity store.

One thing that cannot be denied is that the era of graphics and text with Zhang Dayi as the mainstream has passed. Guosen Securities Research Report pointed out: “Internet celebrity delivery methods are constantly advancing to a more efficient mode, from early graphic dissemination to current short video/live broadcast, etc., Drove the growth of batch after batch of Internet celebrity KOLs, and at the same time increased the difficulty of continuous operation of Internet celebrities. ”

It is worth noting that as early as when Ruhan Holdings broke out on the first day of listing, Wang Sicong once commented: “There are three problems with Ruhan’s business model: first, the large amount of marketing expenses is puzzling; second, it relies too much on top brand. Red Zhang Dayi; third, no new internet celebrities have been cultivated, and the internet celebrity marketing model has not been successfully verified.

Edit| Sun Zhicheng Wang Jiaqi

Proofreading| Lu Xiangyong

Daily Economic News Comprehensive Every Economics App, China Business News, Red Star News, etc.

Daily economic news

Economic Observer Network reporter Xie Chuchu On April 22, the “first share of Internet celebrity e-commerce” Ruhan (NASDAQ: RUHN) announced that it had completed the privatization transaction. From the listing of Guangxi in April 2019 to the privatization now, Ruhan has ended its two-year listing journey.

With the privatization and delisting of Ruhan, how the Internet celebrity company maintains sustained and healthy profits has also become a topic of concern in the market.

Share price has shrunk 72%

According to public data, the affiliated company of Ruhan is Hangzhou Ruhan Holdings Co., Ltd., which was established in 2001. It is a celebrity e-commerce service provider. It is mainly engaged in the operation and establishment of social e-commerce online stores of Internet celebrities, with a fixed style. , For users whose personal brand has been formed, provide them with basic operation services such as supply chain management. In April 2019, Ruhan was listed on the Nasdaq, known as the “first share of Internet celebrity e-commerce”, and its well-known Internet celebrity “Zhang Dayi” appeared at the listing site.

Zhang Dayi is also the core of Ruhan. In 2014, with the first internet celebrity Zhang Dayi to establish a clothing store on the Taobao platform, Ruhan created a new model of “Internet celebrity e-commerce” and won SAIF Asia’s Series A financing in the same year. Subsequently, Ruhan gradually transformed from a single “Internet celebrity + supply chain” to a “Internet celebrity + Internet celebrity incubation + supply chain” model. At present, Zhang Dayi, the co-founder of Ruhan Holdings, is also the CMO of Ruhan Holdings. The clothing store “My Favorite Wardrobe”, founded by Zhang Dayi and opened the door to Ruhan, currently has more than 10 million fans; in 2016, Zhang Dayi opened an underwear shop and a make-up shop on Taobao; June 2018 , Zhang Dayi founded his own beauty brand BIGEVE BEAUTY, with more than one million fans.

Behind Ruhan, Alibaba is also the key. According to official website information, Ruhan is the only MCN (Internet celebrity economic operation model) institution in which Alibaba has invested. In 2016, it received hundreds of millions of C rounds of financing led by Alibaba, and landed on the NEEQ in the same year.

Although it is the “first share of Internet celebrity”, Ruhan’s performance in the capital market is not good. Ruhan’s issue price was US$12.5, but it broke at the opening. As of the end of the day, it fell 37.2% to US$7.78, with a market value of US$649 million.

Pursuant to the terms of the merger agreement, on the effective date of the merger (the “effective time”), each American depositary share (“ADS”) of the company representing the company’s five Class A common shares will be issued and the U.S. deposits circulated immediately before the effective date. The depositary receipts and the related shares represented by such American depositary receipts are cancelled in exchange for the right to receive $3.50 in cash (without interest) per American depositary receipt. This price is a far cry from Ruhan’s issue price (US$12.5) two years ago.

Behind the delisting

Why do we have to exit quickly after only two years of listing? What plans will there be in the future? In this regard, Ruhan responded to the reporter of Economic Observation Network, and all the announcements shall prevail.

According to Ruhan’s financial report, as of the third quarter of 2020, the company’s revenue was 249 million yuan, a year-on-year decrease of 9% from 272.7 million yuan in the same period in 2019, and a net loss of 31.2 million yuan. According to external analysis, Ruhan’s loss and delisting were due to the fact that, on the one hand, too many resources were concentrated on the head, such as Zhang Dayi himself; on the other hand, he missed the live broadcast.

In fact, when Ruhan went public, Wang Sicong, the son of Wanda Group CEO Wang Jianlin, once commented: “The monetization of Internet celebrity KOL is not the problem, but Ruhan’s company. Ruhan’s business model has three problems: first, The large amount of marketing expenses is puzzling; secondly, relying too much on the top-brand internet celebrity Zhang Dayi; thirdly, no new internet celebrities have been cultivated, and the internet celebrity marketing model has not been successfully verified.”

The “reliance on top-brand internet celebrity Zhang Dayi” is also reflected in the company’s financial performance. According to public information, from 2018 to 2020, the stores of Zhang Dayi, the leading internet celebrity of Ruhan Holdings, accounted for more than half of the company’s revenue. In April 2020, Zhang Dayi’s negative incident occurred. On the same day, Ruhan’s stock price plummeted by 10%, and its market value lost $22 million overnight. In the third quarter 2020 financial report, Ruhan also attributed the significant reduction in product sales to Zhang Dayi’s negative publicity impact since April 2020.

According to Qixinbao data, on May 29, 2020, Hangzhou Ruhan Holdings Co., Ltd. undergoes an industrial and commercial change. Alibaba (China) Network Technology Co., Ltd. and other 8 corporate shareholders withdraw from the investor sequence. After the exit, the company has a total of 4 The natural person shareholders are Feng Min, Annan, Shen Chao and Zhang Yu.

Regarding the problem of missing the live broadcast outlet, according to the reporter of Economic Observation Network, Ruhan has always emphasized that it attaches great importance to the value of “live broadcast”, and will start to deploy its live broadcast business separately in the second half of 2019. In addition, since 2017, Ruhan has begun to sign external celebrities, gradually extending from a single self-operated Taobao store model to a platform model where third-party brands and stores bring goods. As of September 30, 2020, there are nearly 180 celebrities in the head, middle and lower parts.

According to Ruhan’s 2020 third-quarter financial report, the proportion of revenue from live broadcast to platform model revenue has increased from 2% to 26%. From the perspective of the income of celebrities, the top celebrities are still the main force in generating income. The financial report shows that as of September 30, 2020, Ruhan has 8 top celebrities, generating about 28% of the total income; there are 24 central celebrities, and the income is similar to that of the top celebrities, accounting for about 33% of the total income. %.

In the midday of April 23, the “A-share first-quarter performance pre-increasing king” Hotview Bio once again rose by the daily limit, the stock price reported 174.13 yuan per share, and the total market value exceeded 10 billion yuan. In the past 9 trading days, there were 6 daily limits, and the stock price has increased by more than 3 times since April.

As the king of pre-increasing A-share performance in the first quarter, Rejing Bio realized a net profit of 660 million yuan attributable to the parent in the first quarter, a year-on-year increase of about 1,200 times. Regarding the reasons for the pre-increasing performance, Hotview Bio issued an announcement stating that the company’s two new coronavirus antigen detection kits have been certified by the German Federal Institute of Medicines and Medical Devices and can be sold in German supermarkets and pharmacies. Affected by the performance forecast, from April 12th to April 19th, Hotview Biotech gained 5 daily limit on 6 trading days.

It is worth noting that the company’s major shareholders violated regulations to reduce their holdings after the stock price of Hotview Biotechnology soared. Rejing Bio announced that in October 2020, shareholders of Fortune Group announced that three companies will reduce their holdings, and the reduction plan will expire on April 9. During the period, a total of 4.57 million shares were reduced, accounting for 7% of the company’s total share capital. The price of the reduction is maintained at around 40 yuan, and the amount of the reduction is 194 million yuan.

After the expiration of the shareholding reduction, the three Dachen companies are still reducing their shareholdings. Rejing Bio issued an announcement on this matter, stating that due to the negligence of the staff to reduce the shareholding procedures, the three companies of Dachen Group reduced their holdings of 1.368 million shares through a centralized bidding transaction, accounting for 2.2% of the company’s total share capital, and 2.2% after the stock price soared. The reduction in holdings is also close to 100 million yuan. (Text | AI Finance and Economics Zhu Quanhong)

“Let’s live up to the new era and go on a new journey together”, hosted by Shenzhen Private Equity Chamber of Commerce, Private Equity Ranking Network, and co-sponsored by Huabao Fund and Century Securities, Ping An Securities, China Securities, Yunxi Fund, Hongxi Fund, Co-organized by Senrui Investment, specially co-hosted by Shenzhen Local Financial Supervision and Administration Bureau, specially supported by the People’s Government of Futian District, Shenzhen, and supported by the Fund of Funds Research Center as a strategic support unit The 15th China (Shenzhen) Private Equity Summit Forum kicked off on April 22, 2021 at the Futian Shangri-La Hotel, Shenzhen.

Zhao Yuanyuan, vice president of Shenzhen Qianhai Jianhong Times Assets, has been engaged in securities investment research for 15 years, master of economics from Southwestern University of Finance and Economics, CFA holder. He once engaged in macro strategy research at Guotai Junan and other securities firms, and was shortlisted as the best analyst of “New Fortune” in 2009. He successively served as a fund manager in public equity institutions such as Caitong Fund and Huashang Fund, and won the 13th China “Golden Fund” Partial Equity Mixed Fund Award. The 1-year, 2-year, and 3-year champions of private equity strategic products (private equity ranking, data as of the end of 2020).

Zhao Yuanyuan, Vice President of Shenzhen Qianhai Jianhong Times Assets

The following is the full text of the speech:

The host has already introduced that our company is the champion of the stock strategy group in 2020, and we are also the champion of the stock strategy subjective long strategy in the past 5 years (the scale of 100 million to 100 million). At the same time, I am also the ranking net in the first quarter of this year. The champion of the stock strategy fund manager ranking.

Since last year, our company has changed from managing its own funds to raising capital from outsiders. Everyone may be curious about why our products have performed very prominently in the past two years. Looking at this performance curve, we have not only made a good profit, but also a very small drawdown. We are one of the few companies in the market that can control the drawdown very small while achieving high returns.

Everyone would like to know our strategy very much. Today I will be very frank with you colleagues to exchange our strategy. no doubt, Stock selection is very important, and we have done a very outstanding job in this regard. But if only relying on an excellent stock selection strategy, can the performance be so smooth? The answer is no. We think that we can make the performance curve so smooth by timing . Many friends don’t trust the timing strategy so much, but I will tell you why we can do this timing strategy well.

I remember that in January this year, many reporters and friends came to interview and asked what do you think of the championship spell? The so-called championship spell is that if you win the first place last year, it is usually possible to fall to the bottom half in the second year. . This is how I answered. Of course, this is my personal understanding, not necessarily correct. What is the reason for the championship spell? The first is that many fund managers are good at stock selection, and they are only good at stock selection. Such fund managers generally have their own ability boundaries, and they tend to be in the direction that they are familiar with, such as growth, such as consumption or For medicine, choose a company that has been thoroughly researched in the field you are familiar with.

We say that a good company does not necessarily perform well in every period. After all, it is a stock. As a stock, it will definitely be affected by the macro cycle or market risk appetite. If your investment target is also confined to a single field that you are good at, it may appear to be very good in the field you are good at last year, but due to the rotation of styles in the second year, the performance of that industry will not work. At this time, the so-called championship spell appeared.

We made good use of a macro cycle last year, and many times our stock picks also benefited from the epidemic. But if I just rely on this, it cannot explain why this year, I have still been able to win the championship in the stock strategy group. Our timing strategy is to ensure that in every economic cycle or every monetary cycle or style preference cycle, we can select the best performing industry at the time. Only in this way can we ensure low retracement and high returns. If it is always confined to one industry or one type of industry, there will be a relatively large drawdown. This is the first point I want to emphasize, The important reason for ensuring low retracement is the timing strategy.

Second, whether the championship spell can be broken or not depends on whether the strategy itself is objective. Although we call the subjective stock strategy, we are not actually making decisions with our heads. In our timing strategy, every step of our decision-making is based on objective economic data. Whether it comes from macro or market data, we are all Rely on these objective variables to guide the operation. If a company that won the championship does not rely on objective strategies to guide operations, but rely on subjective judgments to operate, there may be a “championship curse” problem.

There are many methods for timing strategy, quantification is one method, and we adopt a top-down macro strategy. Why use this? Or why I think I can use this strategy well, but this strategy is not suitable for everyone? This has something to do with my background.

Why can I do a good macro strategy? First of all, I studied economics in my school, and my macro skills are very good. Later, I did 7 years of macro strategy research in an institution like Guotai Junan. At that time, the direction was the allocation of large-scale assets and industry allocation. When should I take a high position and when should I buy which industry? This is what I studied at the time. The direction, after seven years, has laid a good foundation. Compared with those fund managers with industry research background, my way of thinking may be quite different from him.

Second, I later worked as a public fund manager for 5 years. In these 5 years, I basically applied my previous top-down strategy to my public offering products. In public offerings, position restrictions and individual stock restrictions cannot optimize this strategy, but as the strategy gradually matures, we have also achieved good returns during the public offering, ranking in the top 14%. After the private placement, because my position can change drastically and the industry configuration can also be extreme, I have maximized the advantages of this strategy. This is what everyone sees that I have achieved in private equity.

This is myself, Why should I do a macro top-down strategy and timing strategy are related to my discipline and background.

Let me introduce our team. Mr. Bian I work in an insurance company. Everyone knows that insurance companies manage large funds. Mr. Bian is also very accurate in the general direction, and he guides us. Although I said that the macro can guide us to do some asset allocation, after all, it cannot be refined to the daily operation, because in my experience, the macro variables can guide the weekly level operation is already very good, but if you want to refine it to the day level In fact, it needs some other indicators and other capable people to cooperate.

We also have two outstanding fund managers, Chen Zhihui Sir, his way of thinking is slightly different from mine. He pays great attention to the signal reflection of the market itself. Mr. Guo It is our quantitative fund manager, and we also have a relatively small amount of quantification. Relying on Mr. Guo and Mr. Chen, they cooperate with the two fund managers in front of us who are guided by the macro, and we can refine our operations from cycle to day. This is our team.

The performance has just been introduced. Let’s go directly to our top-down investment strategy.

What is the first important factor that determines the stock index? Maybe many people like to use the economic growth rate to be linked to the stock index. This method is correct, but it is not entirely correct. Only when there is a sharp turning point in economic expectations, we will judge the stock index by economic growth. The so-called sharp turning point refers to a major event such as a trade war or an epidemic that can greatly reverse economic growth expectations. Only then do we need to consider the impact of economic growth on the index.

Last year there were two significant adjustments: one was the outbreak of the epidemic in China. The second time was the outbreak in the United States, and these two times led to market adjustments. Maybe some people didn’t pay much attention to it when the news of the epidemic first came out. But it only took me an hour to study this. The RNA virus is a single-stranded ribonucleic acid that can be recombined with any other nucleic acid fragments. The variability of this virus causes this matter to not end so quickly. So before the Spring Festival, we reflected on this matter. This is the first factor that affects the index, the economic expectation has a big turning point.

What is the second factor? It’s currency. Everyone may look at different monetary indicators. Some people look at interest rates. I remember that when the market adjusted last week, a sell-side analyst came out and said that our social financial data was not as good as expected, but I personally didn’t think so. Because in all the research I have done, there is only one macro variable that affects the index, that is, the base currency. Only it has a great correlation with the index, so I can’t tell the story by looking at the social financial data. In my case, social financial data affects the price of industrial products, and social financial represents the currency flowing into the real economy. Our index not only considers the liquidity of the real economy, but also considers the virtual economy, especially the virtual economy.

The basic data is the sum of the currencies issued by the central bank, and it also includes the virtual economy and the real economy. Only by considering this can it be complete. This law is not only established in China’s A-shares, Hong Kong stocks and the US S&P 500 are most closely related to the base currency, or the size of the debt side of the central bank’s balance sheet.

For example, there was a wave of small adjustments in January this year, which was one or two weeks before the Spring Festival. What happened to the base currency at that time? In fact, there are many variables for us to track the base currency reference, such as reserves, such as targeted loans, these are all possible. Another important reference variable is the central bank’s attitude towards the interest rate corridor. We should not stare at the open market operation itself, but should look at the background of the open market operation under what interest rate background, and what shape he wants to describe the interest rate corridor.

From this perspective, on January 15th, the MLF was shrinking at that time. That was the reason for the market adjustment in January. We judge the central bank’s monetary policy in two dimensions, the first is forecasting, and the second is tracking. Forecast, what can you look at? Generally speaking, we look at inflation and economic growth. These two data are more reliable.

When the market adjusted last week, some sellers said that our inflation data was too high, which would allow the central bank to collect currency. I also hit X in this sentence. why? In fact, when we look at whether an economic variable has an impact on the central bank, we need to look at its comparison with its target value. For example, for inflation, the central bank’s target for this year is 3%, but according to my forecast model, the highest value of CPI this year will be around 1.9 in May and around 2.1 in November, which means that the level for the whole year is certain. It is below 2, which is far from the 3% target. For the rest of this year, there is no need to consider whether inflation will affect the central bank’s monetary policy, and no need to consider at all.

in contrast, Economic growth will actually have a greater impact on the central bank’s monetary actions . The GDP in the first quarter was not as good as expected, and the two-year compound growth rate was only a few 5% points, which has not yet reached the 6% level. Especially in the manufacturing industry, the first quarter was very poor. In this context, I think it is unlikely that the central bank will make monetary adjustments in a tighter direction at the Politburo meeting. This is my judgment. It depends on which economic variable the central bank is mainly considering at the time, and what the target value of this variable corresponds to. Therefore, this year there is no need to consider inflation, only growth.

In addition, the central bank may also consider other things. For example, when the RMB appreciated the most against the US dollar last year, the central bank said at that time that our monetary policy should consider employment. What’s the meaning behind this? The exchange rate is related to exporting companies, and exporting companies, especially small and medium-sized export companies, are very important entities for employment. So what the central bank said at the time meant that if the renminbi continued to appreciate in this way, we would release the water. I think The meaning behind him is this. Fortunately, within two months, the U.S. dollar began to appreciate against the renminbi, so the current exchange rate does not need to be considered, but at that time, the currency policy of the central bank did not need to be considered.

There is also an unconventional factor. For example, the base currency was actually very abundant in November and December last year. It was because of the large number of defaults on credit bonds at that time. The central bank took some unconventional measures in order not to proliferate this matter. The currency was released in November and December. This can also explain why the currency will start to be collected on January 15, when it was not particularly obvious at the time, but it was indeed shrinking. It is because at the end of last year, the liquidity of credit debts needs to be corrected in January, because the problem of default of credit debts was not so obvious in January, and there is no need for the central bank to do anything. So the central bank accepted the currency in January.

Just now I told you how to predict the monetary policy of the central bank, looking at the distance between conventional economic indicators and economic targets, and considering some unconventional economic indicators in light of the current situation. Conventional economic indicators are inflation and growth, and unconventional economic indicators include credit debt and so on. If it is not pre-judged, you can also track some of the high-frequency behavior of the central bank. If it is a stock index futures, it will be easier to understand. If the MLF is shrinking on January 15th, you can empty the stock index that day. This is an explanation of the January adjustment.

After February, everyone knows that we have continued to do the MLF in the same amount for three consecutive months. In other words, in these three months, the global index or, specifically, the Fed’s liquidity will affect the index. The Fed’s liquidity is a very important factor that led to the adjustment of the Shanghai and Shenzhen 300 Index on February 18. Why cut from domestic monetary policy to foreign countries?

Because the domestic economic variables at that time were completely meaningless, and the same amount was continued for 2, 3, and 4 for three consecutive months. When domestic currency changes can no longer guide you to look at the index, you must consider foreign ones. Because we track the Northward funds every day, we calculate the correlation between the Northward funds and the CSI 300 every day. Once we find that the correlation between the Northward funds and the CSI 300 analysis graph has improved on many trading days, the focus should be shifted to foreign countries at this time. Liquidity.

In addition, we also need to look at the real interest rate of US Treasury bonds, the ten-year real interest rate, the exchange rate of the US dollar against the RMB, and the MSCI emerging market index. Beginning in mid-March, U.S. Treasury bonds began to plummet, and emerging market indexes began to plummet. At that time, the exchange rate of the US dollar to the RMB also began to figure out, and it was in an upward direction. In addition, the correlation between Beijing Capital and the CSI 300 has begun to increase, and at this time the focus should be on changes in foreign liquidity.

Why did the Shanghai and Shenzhen 300 plummet at that time, and the so-called Baotuan Baima stocks represented by food and beverages began to collectively slump? It is because at that time, as the number of new crowns in Europe and America dropped every day, crude oil and copper began to skyrocket. Once this phenomenon occurs, it is natural to think that the capital or foreign capital will begin to withdraw from the A-share market.

The most sensitive to the Fed’s currency is emerging markets or some highly valued U.S. varieties The so-called risk assets are the most sensitive to the Fed’s currency. Once such a phenomenon occurs, we can know that foreign capital is about to go, and that all the baijiu that foreign capital has heavy warehouses should go away first. I will talk about industry configuration next. This will not only affect my judgment on the index, but also my judgment on industry configuration or market style. This is how domestic and foreign liquidity affects the index.

Up to now, in recent weeks, since the daily number of new crowns in the United States has flattened out, capital from the North China has not flowed out, and liquor beverages have bottomed out. At this time, I returned to focus on domestic monetary policy. Why did the market fluctuate in the last two days and everyone always said that the central bank adjusted its monetary policy? It is because now that we no longer care about foreign countries, the number of new additions in the United States has been flat. Later, if I want to predict the next market index, I may also focus on the expected changes in domestic liquidity.

In fact, when the macro cycle fluctuates greatly, for example, last year, it was judged that the stock index should contribute a lot to the performance. But like this year, I think that the possibility of obtaining excess returns is not a judgment on the stock index, but a judgment on the industry.

What industry when? What I have listed here are the contributions of all fund managers in our investment department, which I think are good tracks. In January, when I was interviewed by many media, I made it very clear that the four industries I am optimistic about this year are intelligent automotive, the second is carbon neutrality, and the third is demand-side reform. Next comes advanced manufacturing. But this does not mean that I bought these stocks. These are two different things. This is the difference between research and investment.

These stocks are well studied just to put the stock pool in. When should they buy carbon neutral? When to buy an intelligent car? When should I buy the value economy and lazy economy listed at the end of my list, and when should I buy these for consumption? This is another timing system to answer this question. This is more of a bottom-up stock selection. This should be the most similar to its peers. It is to pick a good track first, and pick a good stock from a good track, just like its peers. But the next point I want to talk about is that I am different from my peers, that is, I am optimistic about these things, when I will buy them into my stocks.

Three factors are mainly considered:

The first is market risk appetite. The most important reference factor is interest rate or spread.

The second is the funding trends of institutions, which are more of game thinking.

The third is the verification index, echoing the same industry.

The first risk appetite , I see a lot of information every day, all kinds of good and bad, should we turn the news we read every day into our trading behavior? In fact, you need a framework like you to filter this information. For example, I currently have more than 500 WeChat groups, and I don’t know how much information is available every day. Let’s filter inside, what can be transformed into your buying behavior, and what can’t?

First of all, the first point is to judge the risk appetite of the market. The most reliable way is to look at how the market responds to the news. For example, in the past two days, a policy for electrified energy storage has been issued. How do the stocks of relevant electrified energy storage reflect? If it rises before the news comes out, but does not rise after the news comes out, how does the stock react to the good news? This way of reflection directly reflects risk preference. But this is a bit subjective. I said that our strategy must be objective, and the strategy must be linked to actual data.

The objective data I pay more attention to include: For three-year government bonds, or the spread between ten-year and two-year periods, credit spreads are occasionally looked at. This concretizes my judgment on risk appetite. Why look at the three-year national debt? This is the relationship between the three-year Treasury bond and the industry that performed best in the past five years. It can be seen that the industry that performed best when interest rates fell is generally the cycle or growth, or theme.

If interest rates are rising, the best performing industries are either big consumption or big finance. Why is it a three-year period? I personally understand that because generally speaking, the interest rate of treasury bonds for a period of one or two years reflects the liquidity of the market, while the interest rate of the forward period, like a ten-year period, contains information on liquidity, inflation expectations and risk appetite inside. If the interest rate difference is made, the ten-year period minus the two-year period will only have risk appetite, while the three-year Treasury bond interest rate has both liquidity and risk appetite information in it.

After the Spring Festival last year and before May 1st, interest rates fell sharply, and the currency and finances were both loose. At that time, it should be selected in the growth and cycle. Combined with the situation at that time, in terms of stock selection, due to the sharp drop in interest rates at that time, everyone had a high tolerance for risk, so instead of choosing some transformation stocks, they performed better than IDC stocks in the main business. This is an example from last year.

Interest rates began to rise on May 1st last year, and this upward trend basically continued until December last year. After May 1st last year, we participated in several relatively good industries. One was medical supplies, such as gloves. Later, he participated in new energy vehicles, and finally participated in a little bit of liquor. Why did you choose these industries? Because the entire interest rate is in an upward cycle, we should be biased towards large consumption in terms of industry selection.

Everyone remembers news about semiconductor shortages and price increases. In fact, it started in the third quarter of last year. In the third quarter of last year, we often saw such information when reading the news, but then we saw the information about semiconductor shortages and price increases. At that time, would you buy semiconductors? My answer is no. why? Because the semiconductor is a TMT industry, it is essentially a growth-type industry. When the interest rate rises sharply, the performance of the growth-type industry is unsatisfactory. This is how I rely on the risk appetite system to guide me to choose the industry and the news we see.

However, this strategy is not very easy to use after February this year, so my chart has not been updated because interest rates have flattened since February. At this time, we can no longer use the framework of risk appetite to do industry configuration. Instead, we should look at another major factor that affects industry configuration: the game of capital. We know that the preferred industries of Beijing Capital and Insurance, and the preferred industries of public offerings and individual investors are slightly different.

For example, carbon neutrality. When I was interviewed in January, I listed it as my second industry optimistic. But I didn’t buy it. The time when I really bought carbon neutrality was after the Baima stock group collapsed, that is, after February 18. Why did you choose this time? Just now I told you how I used the U.S. Treasury bond interest rates, exchange rates, emerging market indexes, and the correlation coefficients between Northbound funds and the Shanghai and Shenzhen 300 ticks to determine when the Great White Malaysia stocks collapsed.

Because in January, the discussion was in full swing when the group would collapse. In fact, I don’t think there is any need to participate in the discussion. There are really many objective indicators. You can stare at these economic indicators. The four indicators I mentioned earlier will know when to escape from liquor stocks and home appliances. Or the industry preferred by foreign capital.

The reason why carbon neutrality can only start slowly after February 18th has a lot to do with the escape of Beijing capital from A shares. , If there is no such factor in it, I don’t think it will be fully involved in the theme of carbon neutrality. But at that time, I cut out everything related to consumption because I saw the outflow of funds from the north, which led to a change in the industry style of the entire market. Because we are a stock game, when the big white horse does not work here, funds will definitely look for some hot spots in the small and medium caps. But how many positions you have to take to participate in this kind of theme investment should also be judged based on the performance of the white horse and blue chips at the time.

In addition to the collapse of the White Horse stock market, there is another factor for carbon neutrality, that is, everyone expects that this industrial policy will come out before and after the two sessions. Therefore, we also cooperated with the timing of the two sessions and chose to participate at that time instead of participating when we told reporters in January. This is an example I cite. At certain times, for example, when our risk appetite or interest rates begin to not guide you to judge the industry, how do you judge the industry configuration from the perspective of institutional gaming?

The third is the verification indicator. There is another special thing in the past two years, that is, our industry allocation must consider not only the domestic economic cycle, but also the foreign economic cycle. In theory, according to the logic diagram I just mentioned, after November last year, cyclical stocks should have no chance of performance, because there is neither loose currency nor loose finances. From November last year to February this year, the strength of cyclical stocks was actually related to foreign economic cycles.

The reason why it started in November last year is because the vaccines were distributed after they passed the test. After about a month later, we saw that the number of daily new additions in the world began to decline. The situation of cyclical stocks in the past was actually a special case. This happened when the economic cycle quarters of China and foreign countries were not balanced. , It is basically synchronized in normal times. At this time, you can completely follow the logic diagram model I showed you before to layout, and judge whether to participate in cyclical stocks based on currency and finance. Now, it may be necessary to consider not only the domestic economic cycle but also the foreign economic cycle.

Cyclical stocks had a wave of performance in February. In fact, as early as January, the cyclical industry began to emerge strong stocks. In March, the concept of carbon neutrality appeared again, and the cycle showed another expression through this east wind. In this process, we saw a phenomenon, that is, within the cycle of the entire large industry, in fact, each sub-industry is rising in rotation, such as non-ferrous, black, and chemical industries. Assuming that in a large industry, only a few industries are rising. This industry cannot be said to be particularly strong. Only when all sub-sectors in a big industry are rising in rotation, this industry is strong enough. This can be a good explanation for the previous cyclical stock market.

Back to the present, as I said, both domestic interest rates and changes in foreign liquidity expectations have flattened out. At this time, we cannot rely on these two factors to judge. This state may be maintained from April or even to the first half of May. There is no obvious dominant state among cycle, growth, and consumption. This is related to the flattening of currency interest rates and the flattening of foreign liquidity expectations.

But on the other hand, it can be verified from the middle view that there are only one or two special strengths within each major industry. For example, in the past two days, medical beauty and liquor, or the entire alcohol and medical beauty are relatively strong. But other consumer branches are not so strong. Going back to an earlier point, the smart car line should be the strongest in the TMT field, but if you look at other branches, such as the panel or the Apple industry chain, these will not work.

What i want to say is At present, there is no industry that possesses the middle view to reflect internal rotation, that is, there is no inter-correspondence relationship within the major industries. This is a reference indicator. I think the first two indicators may be the focus of my consideration. This is my industry. The method of configuration. I tell you so much. It’s not about how to select industries from top to bottom. It’s more about how to use this framework to filter information when you see a piece of news to decide whether to transform it into Your trading behavior.

Looking forward to the future, From February to May, domestic interest rates were flat. But I think that starting from May and June, our inflation will start to go down. This has something to do with the trend of commodities, such as the South China Industrial Products Index and crude oil. At the same time, referring to the difference between the growth rate of base currency and social financing, I think it will enter a downward channel for the PPI in May and June. For people who do stocks, what is the reference meaning of this information to us? That is, our risk appetite should be improved, and we should pay more attention to growth stocks. To put it bluntly, we can also pay more attention to some story-telling stocks.

There is no performance this year, but the performance may be reflected in the next two or three years. Like this type of stock, such as autonomous driving, I think there will be no performance in autonomous driving this year. The most optimistic situation is that there will be performance next year. To cite this example is that when your interest rate starts to go down, this kind of stock that can only reflect performance in the future, but can not reflect the performance now, you can also participate. When interest rates rise, this kind of thing should not be involved.

If the interest rate goes down after May and June, everyone can participate in this kind of growth, or the storytelling in which performance is reflected in the future but not in the present. So recently many reporters have asked me whether I am optimistic about wine or banks. I think I am optimistic about May at most, even my favorite medical beauty, after May, it is impossible to participate in such a large position .

This is my industry prediction for the future based on my judgment framework.

But in fact, there are still many uncertain factors, including what I said about whether foreign capital will come in and out in the future. I can’t tell you my judgment now, because I look at the number of epidemics every day. There is also, for example, the relationship between China and the Western world. Some time ago, China and all Western countries had very fierce conflicts on the ideological level. Will this conflict be transformed into a trade conflict in the future? Affect the trend of A shares, or the trend of industry allocation? Foreign investment is more sensitive to the political situation, will it have an impact on industry allocation and index? I can’t judge right now. I can only say that there is a string in our psychology. In the future, if something I said happens, for example, the overseas epidemic suddenly goes up or down, or the conflict between China and the Western world suddenly intensifies. It has penetrated into the trade level again. At this time, the judgment of the industry and the index is different. But now I tell everyone that my judgment on the style after June is based on the information I have now.

Stock picking is not my strong suit, so I’ll make it simpler. The stocks that can enter our stock pool must be stocks with no major fundamental problems. In terms of stock selection preferences, I also have a focus. When should I participate in stocks with medium and small market capitalizations that are highly elastic? Usually it happens when I think the market risk appetite is high, or when I am prepared to participate in this topic for a short time, I will look for that kind of stock. When do you choose to participate in the industry leader? Of course, if you can, you can also double the participation in margin financing and securities lending. In fact, it will happen when the market risk appetite begins to ebb. I think that if I have been involved in this industry for a long time, I may choose some that have performance support. This is a rough idea.

Let’s show our scoring system for entering the stock pool, and scoring each stock. There are basically these four latitudes:

The first latitude is how the product industry’s track is. This should be the most weighted, basically accounting for 40%.

The second is that the company’s competitiveness must be consistent with the key elements of the industry. For example, if you give a score to Amic, will you carefully analyze whether the ingredients in it are degradable? will not. Because when you look at a to C consumer product, your focus or the basis for scoring should be his brand power, not his technical threshold. For example, when choosing advanced manufacturing stocks, is the scoring basis based on brand power? not necessarily. The scoring basis should be based on technical barriers.

As for cyclical stocks, timing is the most important. If cyclical stocks can influence the spot price through the monopoly of the industry and hoarding stocks, if there are actions in this respect, it should also be a bonus. In other words, when scoring a company, it is based on its industry attributes and from different angles. This is the second point I mentioned. The competitiveness of the company must be consistent with the key elements of the industry in which it operates.

The third is the company’s strategic thinking and actions, whether it is consistent with the future development direction of this industry. For example, the future of automobiles is new energy and intelligent. Does the company pay enough attention to the future development path of this industry? In terms of the degree of importance the company’s leaders attach to, investment, and finding strategic partners, are they moving in this direction? We look at so many car-making forces in China today, and some new car-making forces are particularly sensitive to intelligence, such as Xiaopeng. But in other companies, he seems to feel that his actions are half a beat slower than others in this regard, and the investment is not particularly enough, which will cause him to score very low on the third item.

Fourth is the company’s own governance , Not much to say here. For example, this is what everyone recognizes as a big white horse. This is the text when I had a meeting with Betteni last year, and I haven’t changed a single word until now. I just give an example. As a consumer goods industry, he can score high in the three items I just mentioned. Why is it said that the sensitive skin track is better than the average skin care track because of the current excessive medical beauty and staying up late. Vibrato and excessive skin care. The second is to look at the double eleven rankings. Look at the rankings of skincare apps. He is relatively high, so he scores the second highest. The third is the marketing strategy. As a new brand born from online marketing, it has adopted online direct sales from the very beginning and found a large number of doctors to do live broadcasts and deliver goods.

I won’t say more about other examples, because time is running out, thank you for listening.

The flash crash of the White Horse Stock Market is cause for concern. However, behind the white horse stock flash crash, there is also a phenomenon that has attracted the attention of the market, and that is the phenomenon of foreseeers in the market. For example, Beinmate, although stimulated by the public opinion of the “multiple births” policy, it has emerged from a three-linked sharp rise from April 15th, but on April 12th, the stock also joined the ranks of the flash crash. The stock plunged 9.86%. However, Beinmate’s performance change announcement was only released on the evening of April 12, and its 2020 performance has changed from a pre-profit of over 50 million to a huge loss of over 300 million. This means that before the announcement of Beinmate’s face change, there are foresighters who ran away from Beinmate’s stock. For this reason, some investors even reported to the Shenzhen Stock Exchange.

A similar situation also happened to the health of Meinian, the first unit of physical examination. On the evening of April 12, Meinian Health released the “First Quarter 2021 Performance Forecast”, announcing a loss of 380 million to 430 million yuan in the first quarter. Prior to this, Meinian Health’s stock price had already seen a 6-day losing streak, especially on April 6th and 7, when Meinian Health’s stock price fell to a limit. This also means that investors in Meinian’s health stocks also have foresight.

Foresight is a kind of singular function. People with this kind of singular function are certainly talents. From the country’s perspective, they need to be protected and used in order to serve the country. As for whether there are such prophets in the stock market, this is a question mark. For one thing, using the bizarre function of foresight in the stock market is an overkill. Secondly, most of the so-called foresighters in the stock market are actually suspected of breaking laws and regulations. For example, internal information leakage at the level of listed companies, or insider trading activities involving investors, etc. In fact, as far as the foresighters in the stock market are concerned, the suspicion of violations involved should be greater.

For this reason, it is necessary for the regulatory authorities to investigate the foresighters in the market. After all, this kind of foresight behavior violates the principle of fairness for investors in the secondary market, and even disrupts the normal order of transactions. Foresighters can know the internal news of listed companies in advance, which is equivalent to putting their cards in their hands, which also means putting themselves in an invincible situation. In the face of such a prophet, other investors simply can’t play anymore. Other investors have only one way to lose money except to follow the pace of the prophet. For other investors, this is of course a violation of the “three fairs” principle.

And more importantly, the foresighters in the stock market are more involved in information leakage or insider trading behavior of listed companies, which is suspected of violation of laws and regulations. Once convicted, they need to be punished in accordance with the law. For example, if insider trading is involved, not only the illegal income must be confiscated, but also a fine of more than one time and less than ten times the illegal income. In addition, according to the Criminal Law, if the circumstances are serious, they shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and a fine of one to five times the illegal gains shall be concurrently or individually imposed; if the circumstances are particularly serious, they shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years. A fine of more than one time but not more than five times the illegal gains shall also be imposed. Therefore, the foresight behavior in the market must not be condoned, and if it constitutes an illegal crime, it must be investigated for legal responsibility in accordance with the law. Therefore, it is indeed necessary to check for the foreseeers in the market.

Of course, if it is really found out that certain prophets in the stock market are indeed people with singular abilities, then such people with singular abilities can also be recommended to the relevant state departments and let them serve the country. This is for the country. It is also a great contribution. Therefore, it is necessary to check for the foreseeers in the stock market. What’s more, foresighters in the stock market are more likely to violate laws and regulations. From the perspective of strengthening stock market supervision and “zero tolerance” for violations of laws and regulations, such foresighters cannot be allowed to go unpunished. This is also a need to regulate the information disclosure of listed companies, crack down on insider trading, and protect the legitimate rights and interests of investors.

Therefore, for the current A-share market, the white horse stock flash crash is a normal market phenomenon or a normal market behavior. However, the emergence of the foresighters who flashed behind the white horse stock flash crash is abnormal and deserves the market’s attention, and it is also worth checking by regulators. I believe that every inspection of the foresight by the supervisor will be different, and there will be different discoveries.

Consumer exposure platform scan code report

The seventeenth issue of Shenzhen Consumer Reputation List

Price reduction promotions or preferential marketing, as common methods in the business field, often bring more traffic and transactions to merchants. But sometimes, there are often the following situations that are not cautious enough to lead to misleading propaganda and “the goods are not on the right board”.

Recently, some consumers reported to Nandu that they had successfully sold low-priced durians at JD Daojia’s Wal-Mart Fuxing store. However, the merchants forced the cancellation of the order without informing the consumers of the reason before the delivery. Consumers questioned the suspected false propaganda of relevant businesses. Similarly, another consumer, Xiang Nandu, said that the digital renminbi was not successfully used in the blt supermarket of Binhe Times Building recently because the purchased products did not include products that the merchant had already discounted. The specific threshold for use was not clearly stated in the initial promotional materials.

Consumer case

After the spike is successful, the order is cancelled immediately after the delivery

Communicating with related businesses shows that they have been waiting in line

On April 9th, Mr. Huang, who often visits Taobao and JD.com on weekdays, successfully sold low-priced durians for the first time in the Wal-Mart Fuxing store on JD Daojia’s platform. According to the normal delivery date, Mr. Huang will receive the delivery reminder the next morning; but until the delivery, Mr. Huang has not received the relevant reminder. After logging into the Jingdong Daojia App, he found that the merchant had not informed Mr. Huang of the reason. The order was cancelled, and the related spike product durian has also been removed.

Reluctantly, Mr. Huang can only appeal to the merchant. I found the customer service staff of the Wal-Mart Fuxing store in the JD Daojia App. I planned to ask about the reason for the goods being taken off the shelves and the reason for the cancellation of the order. I never wanted to keep the dialog box showing in the queue. After waiting for a period of time, Mr. Huang chose to appeal to the customer service staff of Heimao Complaint Platform and Jingdong Daojia respectively.

About an hour and a half after completing the complaints on the three platforms, Mr. Huang received feedback from JD Daojia. The staff of JD Daojia stated that this activity was initiated by the merchants and the complaints from consumers have been reported to the Wal-Mart headquarters.

After that, the Wal-Mart clerk also called Mr. Huang to explain that the reason for canceling the order was that the store was out of stock and could not deliver goods temporarily. “At present, the company is actively contacting customers and providing two solutions: If the customer agrees to cancel the order, Wal-Mart will compensate for each order with a 40 yuan no-threshold coupon; if the customer does not agree to cancel the order, they are willing to continue to wait. Contact customers as soon as the goods arrive at the end of the month, and purchase them at the order price.” said the relevant staff of Wal-Mart. However, as of press time, Mr. Huang said that he has not received the latest arrival notice.

Comment: When the merchants settled on JD Daojia, the goods were sold out of stock after a successful spike. No wonder consumers would have doubts. Obviously, there is a lack of information between the third-party platform and the merchant’s product update information, and it is worth noting how to improve the relevant links. In addition, when a related problem occurs, should the emergency measures be improved to inform consumers in a timely manner; and the complaints and appeal channels should be more concise and clear to speed up the processing progress.

Digital currency payment can enjoy full discount

Before the checkout, I told you that there are other thresholds for use

Lin Li (pseudonym), a citizen of Shenzhen, also encountered inconsistent propaganda from the merchants during the consumption process. On April 15, Lin Li, who received the digital renminbi, went to the Blt supermarket on the ground floor of KKONE, one of the designated merchants, to make purchases in accordance with the guidelines of the promotional materials.

According to the instructions of the promotional materials, during the event, when users of the “Digital RMB App” use digital RMB to spend at designated merchants across the city, they can enjoy additional discounts for exclusive digital RMB payment methods based on the merchant’s existing discounts. In the discount column of many designated supermarkets, the discount of RMB 50 minus RMB 300 is indicated, and the threshold for specific use is not specified.

“On the basis of the merchant’s original discount, they can enjoy the full discount of digital renminbi payment. It is this wording that makes me feel that there is no other special threshold for this digital renminbi payment discount.” Lin Li told reporters.

On April 15, the first time she entered the Blt supermarket on the first floor of KKONE, Lin Li confirmed with the store staff whether it was possible to pay with digital renminbi. After getting an affirmative answer, Lin Li went into the store to purchase.

When waiting in line to check out, the clerk told me that the products participating in the full 300 minus 50 did not include the discounted products in the store. Excluding the discounted products, Lin Li bought less than 300 yuan. In the end, Lin Li only selected some of the products to check out, which cost 290 yuan. Lin Li said that she did not see any relevant posted notices on the scene at the time, telling the specific rules of use.

In response to this situation, the relevant person in charge of blt supermarket also responded positively after receiving feedback from consumers. The specific requirements for the use of “digital renminbi” in merchants have passed the government and bank’s filings and permits. However, the previous store publicity about the “digital renminbi” information was a unified document announcement issued by the government and the bank, and there are actual conditions for individual merchants to use it At present, after re-communication and authorization with relevant departments, the supermarket has updated the specific store use requirements of the “digital RMB” and publicized it in each store, which will not cause consumers to understand ambiguity again.

Comment: Price reduction promotion or preferential marketing, which are commonly used methods in the commercial field, often bring more traffic and transactions to merchants. But sometimes, there are often situations where insufficient prudence has led to misleading propaganda and “the goods are not on the right board”. How can marketing better target fans? Paying attention to details and improving the early warning mechanism as early as possible can effectively avoid the difficult problem of “goods not right on the board” consumer psychology.

The latest developments in the focus of consumer events this week

Consumer incident: Yonghui responded to the closure of Super Species, saying that it was a normal business adjustment

Companies involved: Super Species, Yonghui Supermarket

Event review: On the 13th of last week, the consumer reputation list reported that the Super Species store in Shenzhen had been closed. At that time, the relevant person in charge of Futian Galaxy Commercial Property said that the store has not yet closed but is indeed in an adjustment period, and the subsequent adjustment plan is still under internal discussion.

Corporate response: On April 20, the relevant person in charge of Super Species has closed stores in many places. The relevant person in charge of Yonghui responded to the media saying that Super Species is no longer the core business of the group and is a normal business adjustment. In the future, Yonghui will return to the main supermarket business. .

Consumption event: Can mobile phone grow fruit trees make money?Emergency statement from a well-known company in Shenzhen

The company involved: Baiguoyuan

Event review: Some consumers reported that they encountered a scam in a software called “Sunshine Orchard” under the subsidiary of Baiguoyuan. The latter used the subscription of fruit trees to generate revenue as a gimmick to attract users to recharge. Since April 10, Sunshine Orchard has been unable to withdraw cash normally, and then users cannot open the App and check transaction status normally.

Corporate response: Shenzhen Baiguoyuan Industrial (Group) Co., Ltd. publicly stated that this App is not its product and has no relationship with the company. Guangzhou Baiguoyuan Information Technology Co., Ltd. also issued a statement stating that the “Sunshine Orchard” App illegally misappropriated the name and business license of “Guangzhou Baiguoyuan Information Technology Co., Ltd.” to deliberately mislead users.

Latest follow-up: The company has reported the case to the public security organs and will pursue the legal responsibility of the embezzler.

Lawyer’s opinion: “Sunshine Orchard” attracts public investment by establishing a virtual mining model platform, and encourages investors to pull new investors into the platform. Judging from its basic operating model with no actual operating products, clear organizational hierarchy, and the need to develop offline, it is a typical “Ponzi scheme” financial trap.

Consumption event: online ride-hailing driver picks up passengers over long distances, and the order is cancelled after half an hour

The company involved: Didi Travel

Event review: On April 13, Shenzhen Express driver Master Zhang grabbed the passenger’s reservation for the express train. After driving 36.5 kilometers to the passenger’s departure point, the passenger cancelled the order because he was dissatisfied that the driver did not take the initiative to help carry the luggage. At the same time, the passenger claimed that he was insulted by the driver and asked the platform to punish the driver.

Corporate response: Didi said that taking into account the long empty distance of Master Zhang, it will issue relevant subsidies for him. At the same time, he expressed his understanding of Master Zhang’s feelings, but did not provide good car service to passengers this time, and the follow-up will carry out corresponding education and punishment for the abusive behavior of Master Zhang.

Consumption incident: A woman was hit by a barbell, and grade 10 disability was identified!Gym response

The company involved: large fitness studio

Event review: Ms. Chen reported that on March 25, she was exercising at the gym named “Big Fitness Studio” in Qinghu District, Longhua District. After guiding her personal trainer to pick up the barbell, a 2.5 kg barbell lost her balance. She slipped and smashed her left little finger, and was subsequently identified as a grade ten disability. It was believed that the accident was caused by the coach’s negligence.

Corporate response: The staff stated that the coaches in the accident were officially hired by the gym with relevant qualifications. The accident was caused by the “sloppy” of the person involved, and that they were “willing to take responsibility for the responsibility.”

Consumption event: How many more yuan will be charged for invoicing on the homestay booking platform?Merchant said the price includes tax

The company involved: Airbnb

Event review: Mr. Wang reported that he booked a homestay invoicing on Airbnb on April 13, and checked the request to issue an invoice for a few hundred yuan more than if he did not check it.

Enterprise response: If users need to apply for a VAT invoice to Airbnb, they must select “Invoice Required” before placing the order. Choosing to place an order means that the user understands and agrees to the “Terms of Domestic Business Travel and Accommodation Service Tenants” and agrees to pay the value-added price of business travel and accommodation.

Relevant departments responded: If the platform or the landlord informs in advance the price including tax (that is, the price including tax) and the price without tax, it is reasonable. Since the value-added tax policy currently does not specify which party should bear the taxes and fees, consumers can only negotiate the final product price with the Airbnb platform or the homestay landlord. If the price setting is unreasonable, they can contact the market supervision department Feedback.

Southern Reporter

Chen Yingshan

Data analysis and content provision: Liu Jiayi, researcher at Narada Shenzhen Big Thing Think Tank

Photo is for illustration only. (Source: CNBC) Closing the last session of the week, the main indicators are above Wall Street stock market All went up thanks to positive data on economic activity and new home sales in the US, however, the rise of the 23/4 session did not compensate for the decline for the whole week of volatile trading. . In the first session of April 19, the US stock market went down due to profit-taking activities after the Dow Jones and S&P 500 index ended last week at record highs. The decline continued into the next session (April 20) when stock prices fell amid concerns about pricing and the spread of the COVID-19 pandemic that had a strong impact on markets and investor sentiment. private. Coming to session 21/4, the indices regained momentum after two previous declining sessions, with most sectors having an active session, when experts commented that market movements declined in The previous session is the signal for investors to buy. However, at the end of April 22, the indexes all declined significantly, although the number of applications for unemployment benefits for the first time in this country was lower than expected. Markets flooded in red after Bloomberg News and several other firms reported that President Joe Biden intends to propose an increase in capital-gains tax from 20% to 39.6% for individuals with income of more than 1 million USD / year. In the last session of the week 23/4, investor sentiment recovered thanks to a series of positive profit reports from large enterprises and data showing the “healthy” state of the US economy. Closing the session on April 23, the Dow Jones industrial index rose 0.7% to 34,043.49, the S&P 500 composite index advanced 1.1% to 4,180.17, and the Nasdaq Technology Index rose 1. , 4% and closed at 14,016.81 points. However, for the whole week, the Dow Jones decreased by 0.5%, the S&P 500 and Nasdaq decreased by 0.1% and 0.3 compared to the previous week. Regarding the proposed tax increase for the richest class of the US, experts say the plan is in line with Mr. Biden’s campaign commitments, but the rate of tax increase is likely to be narrowed in negotiations in the National Assembly of this country. Chris Weston, head of research at Pepperstone, commented that the 39.6% figure is not surprising, but actual developments show that the current financial market is more “sensitive” to bad news and this is the period. volatile paragraphs. American market strategist David Joy of Ameriprise Financial, also noticed stock prices are recovering after the market reacted unexpectedly to news that the White House would propose a tax increase while President Biden mentioned to this issue while campaigning. Besides, senior market analyst for America at OANDA, Mr. Edward Moya pointed out that factors contributing to the stock market’s rally are positive data about the US economy. According to a report by the US Department of Commerce, new home sales in March (seasonally adjusted to increase) reached 1,021 million units – up 20.7% from the previous month. The IHS Markit Purchasing Managers’ Index (PMI) in the manufacturing sector rose from 59.1 in March to a record 60.5 in April. Meanwhile, the PMI of the service sector also increased from 60.4 points to 63.1. The 50-point threshold defines whether an economy is growing or declining. The IHS Markit PMI is considered a prestigious indicator of “economic health.” In general, the profit of the companies that reported early were all higher than expected. According to IBES Refinitiv, the first quarter profit of enterprises is expected to increase by 33.9% over the same period last year. Ron Temple, head of the US equities division at Lazard Asset Management, said the US economy is expected to see its strongest growth in 50 years, with growth of more than 6% both this year and next year. Federal Reserve (Fed) will allow the economy to accelerate faster than before, further boosting prospects for high growth./.

However, in the past few months, intermediaries cutting, polishing and selling diamonds have massively purchased raw gemstones. The inventory is sold cleanly. Therefore, the leading diamond producers in the world such as De Beers or Alrosa PJSC started to increase their prices. The dizzying change took place at diamond grinding centers in India and Antwerp (Belgium). Unable to travel, wealthy consumers around the world are willing to spend money on luxury goods. De Beers said it sold 13.5 million carats of diamonds in the first quarter, nearly double the amount of gems it mined in the first three months of the year. Bloomberg that difference shows that inventories of the world’s largest diamond producer are plummeting. Demand for diamonds increased sharply after a long period of being affected by Covid-19. Photo: Bloomberg. Meanwhile, inventories of Alrosa – the Russian diamond maker – fell 60% in the six months to the end of March to 12.8 million carats. This is the lowest level in the past 3 years. Manufacturers are simultaneously increasing the price of diamonds. De Beers pushes prices up from the end of 2020 and earns $ 1.6 billion from three sales of rough diamonds earlier this year. “Alros and De Beers will free up inventory in 2020 without affecting diamond prices. The prospects are bright this year, ”said Liberum Capital analyst Ben Davis. However, the diamond industry still faces many risks. In India, the diamond industry faces a threat of stagnation due to the impact of the second Covid-19 wave. Manufacturing in India may not be enough to meet the needs of Chinese and American customers.

Visual China

Reporter | Tao Zhixian Edit | Chen Feiya Reporter | Tao Zhixian Edit | Chen Feiya On the evening of April 22, SF Holdings (002352.SZ) announced the highly anticipated quarterly report for 2021. Data show that the company’s operating income was 42.62 billion yuan, a year-on-year increase of 27.07%; the net loss attributable to shareholders of listed companies was 989 million yuan, compared with a profit of 907 million yuan in the same period last year. In addition, the company’s business volume increased by 44% year-on-year. Since SF Holdings announced its pre-losing performance forecast on April 9, the stock price has fallen by 21.49%. Since the Spring Festival, the stock price has fallen by 40.46%, and the market value has evaporated by nearly 200 billion. Now that the quarterly report of “worth” 200 billion yuan has been finalized, why did SF Holdings lose money? Behind the sharp drop in stock prices, who is the “beneficiary”? Time-sensitive parts business falls short of expectations The most fundamental reason for the loss of SF Holdings is that its high-margin aging parts business is not as good as expected. Time-sensitive parts mainly refer to businesses such as SF Express and SF Express, and are the company’s most important source of profit. In the first quarter of 2020, due to the impact of the epidemic, many physical stores closed, and consumption was mainly online, which drove the growth of express delivery business. In addition, the rapid growth of medical equipment, masks and other businesses has also promoted the company’s business development. As the epidemic in my country has been effectively alleviated, many offline consumption have resumed, which has caused the company’s business to fall short of expectations during the same period.

Competition during the Spring Festival has also become more intense. In 2020, Santong Yida was affected by the epidemic, and its franchisees were slow to resume work and basically did not participate in the previous logistics competition. At that time, SF Express logistics showed a huge advantage and occupied the majority of the market. This year, the Tongda Department participated in the Spring Festival logistics war, and to a certain extent diverted SF Express, which caused its business volume to fall.

The fierce competition during the Spring Festival is also reflected in subsidies to front-line logistics employees. SF Holdings responded to the advocacy of the Spring Festival in situ to meet the service needs of e-commerce platforms and customers not closing during the Spring Festival. It increased the number of staff on duty, such as collection staff, warehouse managers, and transfer operators, so it gave higher subsidies to first- and second-line staff , Increased the related costs to a certain extent. The company’s cash paid to employees in the first quarter of 2021 was 8.872 billion yuan, an increase of 28.86% from the 6.885 billion yuan in 2020. Both the increase and the value are the highest in the company’s history.

After the electronic invoices and commercial insurance policies, SF Holdings also lost some of its customers. In recent years, the electronicization of invoices and commercial insurance policies has affected part of the original business. High-end commercial items represented by luxury goods have not been filled in time, so the overall growth rate has been affected to a certain extent. For the express delivery industry, fixed-end costs such as the fixed part of employee compensation, self-owned vehicles, space leasing, and depreciation and amortization account for about 60%. Once a large amount of production capacity is invested, there will be a sharp decline in gross profit if the income is less than expected. .

In order to supplement the source of customers, SF Holdings sinks the e-commerce market to participate in price wars, which affects gross profit. Prior to this, SF Holdings has always been the absolute leader in the field of commercial express delivery, and the company’s comprehensive gross profit margin has been maintained at 16% to 18%. In contrast, Yunda (002120.SZ), which is mainly engaged in e-commerce, has a gross profit margin of only 9.99% in the third quarter of 2020. Since last year, SF Holdings has begun to sink into the e-commerce market, and its gross profit margin has fallen from 17.42% in 2019 to 16.35% in 2020, while only 7.16% in the first quarter of 2021. Take the company’s single ticket price in March this year as an example. The single ticket price of its express logistics business was 15.74 yuan, a 12.12% drop from 17.91 yuan in the same period last year. Operating income increased from 12.163 billion yuan to 13.792 billion yuan, an increase of 13.39%. Obviously, SF Holdings has adopted a business strategy of trading price for volume. In this regard, the company also said that its sinking e-commerce market demand is strong, and the business volume of economic express delivery products special distribution is growing rapidly. Therefore, the proportion of parts of this part of the low-priced products has increased rapidly, which puts a certain pressure on the overall gross profit.

Data source: WIND, Interface News Research Department “Benefit” fixed increase party

Business disruption can only affect the company’s gross profit, and the lack of real-time returns on a large amount of investment has led to SF Holdings’ losses. In recent years, the company has actively implemented a large logistics strategy. In order to expand new business and expand market share, it has increased its pre-investment in new business, including network construction of express, Fengwang, intra-city express delivery, warehouse network, and integration of various stations and lines. , In order to improve the timeliness of land transportation services. Taking the construction in progress as an example, SF Holdings increased by 1.079 billion yuan in the first quarter of 2021 compared with the third quarter of 2020, an increase of 23.76%.

SF Holdings’ large-scale production capacity is for the future. In the future, many logistics businesses, including e-commerce parts, will follow SF’s own logistics lines. Therefore, since the fourth quarter of last year, the company has increased the automation construction of the transit yard, and increased the production capacity processing scale, and the investment in fixed assets such as venues and equipment. This leads to an increase in amortization and depreciation costs, and in the initial stage of the integration of various businesses, there is a phenomenon of overlapping resources, which leads to an increase in costs.

Wang Wei, the actual controller of SF Holdings, has previously stated that he will certainly not lose again in the second quarter of this year, but the annual profit will not return to the same period last year. It is expected that through the integration of various network resources and with the growth of business scale, the performance is expected to gradually release the scale effect in the second half of this year. As for next year, SF Express may continue to implement the policy of expanding production and increasing capacity. In other words, the performance of SF Holdings in the past two years will have been under pressure.

The sharp drop in the stock price of SF Holdings has attracted much attention to the company’s ongoing fixed growth. On February 10 this year, SF Holdings issued a plan for non-public issuance of stocks. It plans to raise 22 billion yuan, mainly for capacity construction and supplementary liquidity. The relevant issuance price is not lower than the average stock transaction average of the 20 trading days before the pricing benchmark. 80% of the price, the pricing base date is the first day of the issuance period and the day after the sponsor sends the subscription invitation. SF Holdings still needs to respond to the CSRC’s project review, so the pricing benchmark will be based on SF’s stock price after the sharp drop. The recent sharp drop in stock prices will “benefit” the future fixed-increasing party in disguise.

It is worth mentioning that Wu Weiting, the chief financial officer of SF Holdings, was transferred. Since April 24, he has resigned from the posts of member of the audit committee, chief financial officer and deputy general manager of the company’s board of directors. He will continue to serve as a director of the company, and at the same time, the company will hire Wu Weiting as a capital operation consultant for the company’s logistics industrial park.

China Times (www.chinatimes.net.cn) reporter Shuai Kecong and Chen Feng reporting from Beijing

Due to President Biden’s plan to substantially increase capital gains tax, the US stock market plunged sharply on April 22 (Thursday), and the three major stock indexes closed lower across the board.

According to a US media report at noon on the 22nd local time, Biden intends to propose a plan to substantially increase the capital gains tax rate imposed on the wealthy in the United States. U.S. media quoted sources familiar with the matter as saying that for people with an annual income of more than $1 million, the capital gains tax will nearly double, from 20% to 39.6%.

Due to the sudden news, the three major U.S. stock indexes plummeted during midday and eventually fell. The US stock market index S&P 500 closed down nearly 1%, the biggest drop in nearly a month.

As of Thursday’s close, the Dow fell 0.94% to 3,3815.9 points; the Nasdaq fell 0.94% to 13,838.41 points; the S&P 500 index fell 0.92% to 4,134.98 points.

Market analysts pointed out that Biden’s proposal will essentially make the millionaires pay higher investment costs. For investors, the higher the return on investment, the more taxes they need to pay. If this proposal is finally passed, U.S. stocks are expected to face tremendous pressure, especially technology stocks, which have experienced considerable gains in recent years.

The large US technology stocks all suffered a sharp sell-off during the session on Thursday, and eventually closed down across the board. The stock prices of Apple, Microsoft, Amazon, Google, Facebook and other companies all fell by more than 1%, and Tesla’s stock price fell by more than 3%.

US media reported that Biden’s plan, if implemented, will set the highest investment income tax rate in the United States since the 1920s. The plan is part of the White House’s comprehensive reform of the US tax system to enable the wealthy and large companies to pay higher taxes. Pay for Biden’s ambitious economic agenda.

However, any tax increase plan of this kind needs to be passed by the US Congress. Biden’s Democratic Party has a weak advantage in Congress, and this plan is obviously unlikely to receive Republican support. Whether it can be passed and legislated in the end is still worth watching.

US media said that the details of Biden’s proposal are expected to be announced next week, and the content of the plan may still change. In addition, White House officials are discussing other tax increases, such as increasing inheritance taxes for the wealthy in the United States.

Before the news of Biden’s proposed tax increase came out, the US stocks digested better-than-expected economic data, and rose for a while in early trading. The U.S. Department of Labor reported on Thursday that the number of initial claims for unemployment benefits in the United States last week was 547,000, a record low in more than a year, far better than market expectations.

Also on Thursday, U.S. Democratic senators put forward a proposal worth 568 billion yuan, which covers construction of bridges, airports, roads, etc., hoping to replace Biden’s $2 trillion infrastructure plan. This shows that there are still big differences between the two parties in the US infrastructure plans, and there is no hope for the US infrastructure plans to be released in the short term.

In terms of US-listed Chinese concept stocks, the Nasdaq Golden Dragon China Index, which measures the overall performance of Chinese concept stocks, closed up 1.56% on Thursday, and most Chinese concept stocks recorded gains.

Among popular Chinese concept stocks, Alibaba and Baidu basically closed flat, Pinduoduo rose 3.61%, JD.com rose 0.52%, NetEase rose 2.22%, Shell rose 1.73%, Tencent Music and Bilibili rose 3%. NIO and Ideal Motor both rose more than 1%, while Xiaopeng Motor fell 0.71%.

It is worth mentioning that the online education company GSX, which has been short-selling frequently in the past two years, announced on the 22nd that it changed its name to “Gaotu”. A major reason for the change is that its main business Gaotu classroom revenue has accounted for nearly 90%. . After the news was announced, GSX’s stock price closed down by more than 9% on Thursday.

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By Victor Gojdka When stock market trader Oliver Roth comes to his workplace in the Frankfurt Stock Exchange in the morning, he walks past the large, black price board every day. Roth has been in business for the securities trading house Oddo Seydler for years. Little can scare him. But Roth gives thought to the fact that the German leading index DAX is at more than 15,000 points – higher than before Corona. What he could say after three decades on the stock exchange: “The trees don’t always grow into the sky. On the stock exchange, too, there will be other times again,” says Roth.

Record hunting with doubts

Many dealers currently have such doubts on the floor. Outside, in front of the stock exchange, there is a partial lockdown. Inside, on the traders’ financial computers, there is one record after another – regardless of whether it is the German DAX or the American Dow Jones index. Folker Hellmeyer from the fund company Solvecon can explain that. He says: Mainly large corporations are listed on the stock exchange – and they do a lot of business with China, where there has long been no lockdown. “We can see that large parts of the economy are already doing really well,” says Hellmeyer. The profits were bubbling up. “That will also become clear in the current reporting season. That is also and especially the industrial sector. So from there: no overheating.”

Investors fear rising interest rates

But one concern remains, especially when the economy is running smoothly. Then prices could rise sharply in a few months. Central bankers could then raise interest rates as an antidote. And when interest returns, stocks automatically become less attractive. The well-known US finance professor Jeremy Siegel also fears this. “In the end, the central bank will have to step in and say we have a little too much inflation,” Siegel told the US broadcaster CNBC. “But now I’m not yet skeptical, the bull market is still going.” The bull market? In stock exchange jargon, the term stands for rising prices. But the first doubts are there: In a survey by Bank of America, suddenly rising interest rates are the most feared scenario for equity investors.

Impending bubble among young tech companies

Another concern: a suspicious number of hip tech start-ups from the USA suddenly make the leap onto the floor. Exchange trader Roth finds clear words for this: “This is definitely a bubble,” he says. That reminds me a “bit of the New Market at the turn of the millennium, investing in a technology that is initially just a headline. And at some point it will be said: The Kaiser has no clothes on.” But Roth also says: They are still just small stock market players. They are not included in the major indices anyway. On the contrary: tech giants like Amazon and Co. could continue to play their strengths here, says Christian Kahler from DZ-Bank. The big technology stocks – be it Facebook, Google, Amazon – are doing surprisingly well. “They are on the way solid in terms of profit growth,” says Kahler. “These are the titles that should continue to drive the overall market for the next few years.” Because these values ​​now stand for almost 25 percent in the US benchmark index S&P 500. How they are doing sets the tone on stock exchanges around the world. Like so much on the stock market, you can see it as an opportunity – or a risk.

Closing the session on Thursday, the Dow Jones dropped by 321.41 points (1%) to 33,815.90 points. This index sometimes bottomed out when it dropped to 420 points. The S&P 500 index lost its momentum at the beginning of the session and lost 0.9% at the close to 4,134.98 points. The Nasdaq Composite also fell 0.9 percent, to 13,818.41 points. The Dow Jones decreased to 321.41 points (1%) to 33,815.90 points at the close of the session on April 22. Photo: AP Bloomberg News on April 22 reported that President Biden is planning to raise surplus tax to increase capital to 43.4% for wealthy Americans. The proposal would raise the capital gains tax rate to 39.6 percent for those earning $ 1 million or more, up from the current 20 percent, according to Bloomberg News. Then, Reuters news agency and The New York Times also reported on this issue. Jack Ablin, founding partner and chief executive officer of Cresset Capital Management, commented: “Mr. Biden’s proposal doubled the capital surplus tax rate for those earning $ 1 million. That is quite a cost increase for long term investors. According to Ablin, a wave of sell-off on Wall Street is expected to appear this year if investors feel this proposal has a chance to become law next year. The bulls led the decline in Thursday’s trading. Shares of Tesla and Amazon lost 3.3% and 1.6%, respectively. Before the news of the proposed tax increase, the major indexes fluctuated slightly as investors waited for the series of business results reports that major technology companies are expected to release next week. “Market cash flow is currently focused on a few growth stocks”, Mr. Mark Yusko – CEO and Chief Investment Officer of Morgan Creek Capital Management said. “Because investors are afraid of a shock increase in the securities interest tax, investors can sell off to take profits and push the market into an adjustment zone”. Shares of Southwest Airlines also turned down 1.6% at the end of the session, although the airline announced that the number of bookings for travel continues to increase and is expected to break even or make a profit next June. Shares Dow Inc. down 6% even after the chemical company surpassed expected revenue and profit in the first quarter of 2021. However, as of the beginning of this year, the stock Dow Inc. is still up nearly 10%. Most companies are currently recording results exceeding Wall Street’s expectations this earnings season, but the first quarter’s strong results did not help the market soar after repeatedly setting record levels. in recent weeks. Regarding economic data, the US Department of Labor on April 22 said that the number of people applying for unemployment benefits for the first time was 547,000 people last week, lower than the forecast of 603,000 by Dow Jones. Also on April 22, the Republican Party made a plan to oppose the US President Joe Biden’s $ 2,000 billion infrastructure investment package. Senators have proposed a $ 568 billion package that includes funding for bridges, airports and water systems. This proposal does not include tax increases. However, concerns about the capital gain tax increase could be overblown as Democrats hold a narrow majority in both the Senate and the House of Representatives, which may make it difficult to pass any proposals. Be positive ./.

Compared with last year’s quarterly report, this year’s A-share listed companies’ quarterly report performance is generally expected to be happy. The reason is that, on the one hand, the base number last year was low, and it is very difficult for performance growth this year compared to the same period last year; on the other hand, the expected economic recovery this year has risen significantly, and the performance recovery of listed companies will also be significantly enhanced.

In fact, due to the special environmental impact in the first quarter of 2020, the data in the quarterly report of listed companies last year did not have much reference. For the market, it is more willing to conduct a comparative analysis with the quarterly report data of 2019. In reality, although many listed companies reported a substantial increase in the performance of this year’s quarterly report compared with the same period last year, there is still a gap compared with the 2019 quarterly report. In other words, if the performance of a listed company in the first quarter of this year is stronger than that of the first quarter of 2019, then for this listed company, the growth advantage is still relatively obvious. On the contrary, it may reflect that the profitability of listed companies is not strong. It is just that compared with the first quarterly report of 2020, there has been a repairable performance, and the performance of market prices will naturally be greatly reduced. As a result, this can explain the reason why some listed companies have announced their performance pre-history, but the capital market does not buy it.

In addition, there is also a phenomenon that the performance of listed companies is growing well. This year’s quarterly report not only increased significantly compared with the same period last year, but also showed signs of growth compared to the first quarterly report of 2019. However, judging from the price performance of the secondary market, it is still being sold off by market funds, which may be related to the high valuation factors of listed companies themselves. Or, in the context of intensified institutional grouping and disagreement, there is pressure for institutions to concentrate on selling.

Since February 18 this year, the A-share market has shown a trend of “killing valuations”, which is mainly concentrated on the white horse stocks in the A-share market. However, from the perspective of these white horse stocks that have been sold by institutions, they mainly have the characteristics of institutional grouping, high valuations and large previous increases. In contrast, blue-chip stocks with low valuations and small gains in the previous period did not show a significant downward trend, becoming the most stable listed company this year.

The white horse stock market’s “killing valuation” is largely related to the anticipated advancement of the inflection point of loose liquidity, which is also a manifestation of partial de-bubble. In addition, as the “anchor” for the valuation and pricing of global core assets, the yields of US 10-year Treasury bonds have soared, which has also accelerated the compression rate of the global core asset valuation premium.

As the white horse stocks occupying a higher weight in the market, this round of irrational decline in the market has a greater impact on the market index. However, due to the impact of many large blue chip stocks, the decline in the market index is not very significant. Since the beginning of this year, the Shanghai Stock Index has performed relatively well in the Shenzhen market.

A shares fell below 3400 points again, and the total trading volume of the Shanghai and Shenzhen markets shrank to less than 700 billion yuan, which shows that the investment sentiment in the market has dropped to a freezing point. As the market continues to shrink, it actually heralds that the market’s turning point is approaching. However, from another perspective, if the major A-share market indexes have fallen below the half-year line and the annual line, and the average daily trading volume of the Shanghai and Shenzhen markets has fallen below the level of 500 billion yuan, then the A-share market may be declared Step into the bear market again.

Over the years, the A-share market has often been characterized by a bull market for only three years and a bear market for only five years. Whether this market curse can be broken this time, there are still certain unknowns. However, according to the current valuation level of the A-share market and the analysis of the economic environment, the A-share market does not yet have the basis for entering a bear market again. Even according to the relatively weak trend, it is difficult for the A-share market to re-enact the unilateral decline in 2015 and 2018, and it is more likely to complete the process of turbulence and bottoming in the form of time for space.

From the overall analysis, although the decline of the market index will be relatively limited, judging from the rapid decline of the White Horse stock in the last two months, the market is more inclined to partially defoam, rather than defoaming and deleveraging. Market. Compared with 2019 and 2020, the A-share market in 2021 will look more dull, and the structural market has become the main tone of this year’s market.

However, with the experience and lessons learned from the deleveraging market in the second half of 2015, at the level of policy supervision, the attitude of the bull market in the financial market may be cautious. However, under the background of the comprehensive advancement of the registration system, the support of a continuous bull market environment is required. Therefore, from a policy perspective, I do not want the stock market to see a trend of ups and downs. It is more likely that I hope that A shares will go out of 2016 to 2017. Slow Bull Quotes of the Year.

After the wind and rain, the real grass is still the most fragrant. According to the latest data, in January, the world’s largest Chinese equity fund, which reduced its holdings in Moutai, played high selling and buying low, and bought it again!

The world’s largest Chinese equity fund increased its holdings of Moutai in March!

According to the latest data from Morningstar’s official website, the world’s largest Chinese equity fund “UBS (Luxembourg) China Select Equity Fund (USD)” increased its holdings in Kweichow Moutai in March, with its share increasing by nearly 15%. As of March 31, Guizhou Moutai is the fund’s third largest stock. In addition, it has also increased its holdings in Tencent, and its heavy holdings include Ping An of China, Alibaba, and NetEase.

As of the end of March, the market value of Moutai in Kweichow held by this fund is US$877.9 billion, which is equivalent to more than RMB 5.7 billion.

You know, this fund reduced its holdings in Moutai in late January this year. At that time, it was reported that as of the end of January, Guizhou Moutai was the fund’s fifth largest holding stock. Compared with the end of 2020, the fund held Guizhou. Moutai decreased by 3.66%.

In addition to this fund, funds under the US Capital Group have reduced their holdings of Moutai at the end of 2020.

After foreign capital reduced its holdings of Moutai, various core assets have begun to fall back this year. Take Moutai as an example, it has withdrawn 23% from the high point this year.

However, it is worth noting that the capital group that holds the largest number of shares in Moutai in the world, its “New World Fund” is still reducing its holdings in Moutai in March, and Morningstar’s data shows that its share has dropped by 7%.

It seems that foreign investment also has different views on Moutai.

Shareholders: Foreign investors are doing T?

Is white wine still fragrant?

On April 8th, China Merchants Food invited several guests to discuss the valuation of liquor, which investors are more concerned about, in the form of interviews. Share how to price liquor assets and how to invest in liquor under different investment frameworks.

It mentioned that Huang Ruiqi, Senior Fund Manager of Allianz Global, mentioned The stock price of the liquor sector rose too fast last year, which exceeded the support provided by profit growth. The latter part mainly relied on the increase in valuation, and a more dangerous situation appeared. The stock price correction is only a matter of time. After the Spring Festival holiday, investment sentiment changed, triggering a sharp drop in stock prices. We tracked the channel and found that the fundamentals have not changed much, so we judged that the fluctuations since the beginning of the year have little to do with the basic factors, mainly due to the outflow of profitable funds brought about by the change in investment sentiment.

The valuation increase of A-share liquor stocks in the past few years is also partly due to foreign participation. Overseas institutional investors generally focus on the balance of returns and risks, so they are willing to give higher valuations to stocks with stable growth (such as food and beverages). The same situation has occurred in A shares in recent years.

As for the flow of funds, I believe that the inflow of funds into A-shares will be a long-term structural growth, because the proportion of China’s A-shares in global asset allocation is still seriously low. If you look at the current A shares, they actually only account for less than 5% of the MSCI index. Eventually, if the A shares are fully included, the proportion will be more than four or five times the current amount. Therefore, overseas investors are very clear about this. Whenever A shares fall severely, they will seize the opportunity. The stable growth sector of liquor must be given priority.

Hou Hao, manager of China Merchants China Securities Liquor Fund, said, The problem with high valuations is that any disturbance will bring changes in marginal funds, which will lead to follow-up of trend funds. This is the situation in which disturbances occur after the holiday, and the volatility caused by the follow-up of marginal funds and trend funds increases. From the perspective of the next 3-5 year cycle, this year is the starting point for many companies in the liquor industry in the 14th Five-Year Plan period. I learned at the rum party that the future development pattern and trend of the entire industry will be better. The future space looks at prices first, and prices change with changes in the level of economic development and per capita income. In terms of volume, some high-end and sub-high-end brands, especially sauce wine and companies with base wine reserves, will see obvious marginal changes in the next five years. Another major change factor, which has been discussed a lot, is the change in the price band of overtaking in the corner that may be brought about by the change in opinion leaders’ views. This point is actually hard to ignore.

U.S. stocks hit a new high

Dow rose to 34,000 points for the first time

A-share stockholders cried with envy, and US stocks hit a new high tonight.

On the 15th, US time, driven by positive economic data and earnings reports, the three major U.S. stock indexes opened higher. For the first time in history, the Dow broke through the 34,000-point mark.

The US Department of Commerce reported that US retail sales in March increased by 9.8% month-on-month, a new high since May last year, far exceeding expectations of 5.9%. According to data from the US Department of Labor, the number of people applying for unemployment benefits for the first time last week fell from 744,000 in the previous week to 576,000, a record low since the week of March 14 last year. It was better than market expectations and both helped US stocks rise.

The three major European stock markets opened higher and the European Stoxx 600 index hit a record high

On the other hand, European stock markets opened higher due to a series of March inflation data released by major European economies. As of 10:11 pm on the 15th, Beijing time, the London FTSE 100 index rose 0.68%, the Frankfurt DAX index rose 0.26%, and the Paris CAC40 index rose 0.35%.

The Pan-European Stoxx 600 Index hit a high of 438.29 points, which is more than 55% higher than the low on March 18 last year. Analysts said that because European stocks are still at a low level compared with US stocks, there is still room for further gains in European stocks. JPMorgan Chase analysis indicated that the pan-European Stoxx 600 index is expected to rise 3% this year. Bank of America analysts expect the index to rise by 7% by the end of this summer.

Just now, the National Big Fund reduced its holdings of SMIC by 100 million shares!Biden imposes new sanctions on Russia

The overseas new crown vaccine “thrombus gate” continued to ferment. Following AstraZeneca, Johnson & Johnson’s vaccine was also urgently stopped.

On April 13, the U.S. Centers for Disease Control and Prevention (CDC) and the U.S. Food and Drug Administration (FDA) issued a joint statement stating that in view of the fact that the U.S. has reported 6 cases of “rare and severe” thrombosis after being vaccinated by Johnson & Johnson, It is recommended to suspend vaccination of Johnson & Johnson’s new crown vaccine.

In this regard, vaccine expert Tao Lina (Vaccines and Science) told the reporter of China Times that even if it is finally confirmed that the vaccines of AstraZeneca and Johnson & Johnson have caused rare blood clots, it is necessary to weigh the pros and cons before making a decision.

As the vaccines of AstraZeneca and Johnson & Johnson are both adenovirus vector vaccines, CanSino shares continue to fall sharply. From April 14th to 15th at noon, Cansino A shares reported 349.16 yuan per share, a cumulative decline of about 8% during this period; Hong Kong stocks reported 270.8 Hong Kong dollars per share, a cumulative decline of about 14% during the period.

Johnson & Johnson Vaccines Was Urgently Stopped by the U.S.

According to the official website of the FDA, Johnson & Johnson’s vaccine was approved for emergency use on February 27 for use by people over 18 years of age. It was developed by Johnson & Johnson’s Janssen Pharmaceuticals. This vaccine is an adenovirus vector vaccine. It only requires one dose. The most common side effects are pain at the injection site, headache, fatigue, muscle aches and nausea. Most of these side effects occur within 1-2 days after vaccination, and are mild to moderate and last for 1-2 days.

The above 6 cases of adverse reactions occurred during the vaccination process of more than 6.8 million doses of Johnson & Johnson vaccine, all women aged 18-48, who developed cerebral venous sinus thrombosis and thrombocytopenia at the same time 6 to 13 days after vaccination. This side effect is “extremely rare” and the treatment is different from common blood clots.

On April 14, the CDC’s Immunization Practice Advisory Committee met to discuss these cases, and the FDA has also begun investigating these cases. At present, it has not been confirmed that there is a clear causal relationship between rare thrombotic events and Johnson & Johnson’s new crown vaccine. The two agencies recommended that states suspend continued vaccination against Johnson & Johnson until the complete investigation process is over.

In response, Johnson & Johnson issued a statement on the 13th, saying: “We have been reviewing these cases with European drug regulatory agencies. We have decided to proactively postpone the promotion of the vaccine in Europe, and suspend all clinical trials of the new crown vaccine, and update the research. The guidance of the participants and the participants.”

Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the suspension of the Johnson & Johnson vaccine is out of cautious consideration, allowing relevant institutions to further understand the status of patients with adverse reactions and the mechanism of side effects. The probability of such side effects is extremely low, so those who have been vaccinated by Johnson & Johnson need not be anxious.

The health department recommends that people who experience severe headache, abdominal pain, leg pain, or shortness of breath within three weeks after receiving the Johnson & Johnson new crown vaccine should contact their healthcare provider.

At present, the suspension of Johnson & Johnson vaccination will not have a major impact on the progress of the new crown vaccination in the United States. Jeff Zienz, an expert on the US White House’s New Crown Epidemic Response Team, said that Johnson & Johnson vaccines account for less than 5% of the current US vaccination records. The US government is working with states and partners to help the Johnson & Johnson vaccines that have been booked. The patient should be rescheduled to receive Pfizer or Modena vaccine as soon as possible.

In fact, four days before the United States stopped Johnson & Johnson’s vaccination, the European Union has begun to review the safety of the vaccine. The vaccine was approved for conditional marketing in the EU in March, but has not yet been delivered. According to the plan, Johnson & Johnson will provide at least 200 million doses of the new crown vaccine to the EU within this year.

Following AstraZeneca’s footsteps?

It seems that Johnson & Johnson has followed in the footsteps of another multinational giant, AstraZeneca.

In March, due to the symptoms of bleeding, thrombosis and reduced platelet counts among medical staff in Denmark, Norway and other places after vaccination, nearly 20 countries including Germany, France, Denmark, Norway, Iceland, Italy, Thailand, Austria, etc. once called for a stop. Sleek vaccination.

On April 7, expert teams from the European Medicines Agency (EMA) and the World Health Organization (WTO) successively issued statements stating that the vaccine developed by AstraZeneca and the University of Oxford may be related to rare blood clots. The EMA Safety Committee (PRAC) believes that rare thrombosis with thrombocytopenia should be classified as a very rare side effect of the AstraZeneca vaccine. However, the overall benefits of the vaccine in preventing new coronary pneumonia outweigh the risk of side effects.

PRAC conducted an in-depth review of the 62 cases of cerebral venous sinus thrombosis and 24 cases of splenic vein thrombosis reported in the EU drug safety database as of March 22, 2021. Among them, 18 cases were fatal. These cases were mainly from the spontaneous reporting system of the EU and the United Kingdom. Approximately 25 million people have received the vaccine.

PRAC pointed out that thrombosis occurs in cerebral veins (cerebral venous sinus thrombosis) and abdominal veins (splenic vein thrombosis) and arteries, accompanied by low platelet levels and sometimes bleeding. So far, most of the reported cases have occurred in women under 60 years of age within 2 weeks of vaccination.

AstraZeneca said that it will update the vaccine product instructions and add information about the vaccine and “very rare” thrombosis on the new label. Together with the WTO and EMA, we are conducting unified observations on patients with symptoms after vaccination and conducting further research.

At present, many countries have announced adjustments to the AstraZeneca vaccination groups, including the United Kingdom, the Philippines, Australia, South Korea, Belgium, etc., but there are differences in age. The United Kingdom advises against vaccinating AstraZeneca for people under 30 years of age, Belgium suspends vaccinations for people 55 years of age and under, Australia suspends vaccinations for people under 50 years of age, and Spain, South Korea and the Philippines only for people over 60 years of age Get the vaccine.

Recently, the “New England Journal of Medicine” published two important studies at the same time, analyzing the symptoms of thrombosis and thrombocytopenia in patients after vaccination with AstraZeneca.

In the first study, the Norwegian research team reported that 5 cases of rare venous thrombosis and thrombocytopenia were found in more than 130,000 vaccinators. High levels of antibodies against PF4-polyanion complex were detected in the blood of all patients. This antibody can activate platelets, leading to abnormal formation of thrombus and a decrease in the number of free platelets.

In the second study, the German research team analyzed the clinical and blood test data of 11 patients who experienced thrombosis or thrombocytopenia after being vaccinated with AstraZeneca in Germany and Austria. Testing of patients’ blood samples also found high levels of antibody responses to PF4-heparin complex or PF4. Historical studies have shown that other factors besides heparin may also trigger symptoms very similar to heparin-induced thrombocytopenia.

China’s Cansino vaccine implicated

It is worth noting that the vaccines of Johnson & Johnson and AstraZeneca both follow the path of adenovirus vector technology. Now that one after another is involved in the “thrombus gate”, are other adenovirus vector vaccines still safe?

At present, in addition to Johnson & Johnson and AstraZeneca, the satellite 5 (Sputnik-V) developed by Russia, and the new crown vaccine developed by China’s Cansino Biotechnology Co., Ltd. also belong to the adenovirus vector technology path. However, according to public information, the adenovirus vectors used in these four vaccines are different. The AstraZeneca vaccine uses the chimpanzee adenovirus vector, the Johnson & Johnson vaccine is based on the Ad26 adenovirus vector, and the Cansino vaccine uses the Ad5 adenovirus as the carrier. The first dose of the Russian satellite 5 vaccine uses Ad26 as the carrier, and the second dose uses Ad5 as the carrier. Carrier.

Affected by this news, Cansino’s stock price plummeted, A shares fell by 13%, and H shares fell by 18%. CanSino Bio had to issue an emergency statement stating that the Ad5 vector used by the company’s new crown vaccine is a common adenovirus that infects humans, which is different from the adenovirus vector used by AstraZeneca and Johnson & Johnson vaccines. As of the 14th, about one million people vaccinated with Cansino vaccine have not received reports of serious adverse events related to thrombosis. After the company’s statement was issued, the decline in Cansino’s share price narrowed. As of the close, Cansino A shares closed at 356.20 yuan per share, the decline narrowed to 6%; the decline of Hong Kong stocks also narrowed to 8%.

CITIC Securities believes that this phenomenon has not been found among the millions of vaccinators of Cansino vaccine; this has not been found in the previous use of Ad5 in other vaccines and drugs; after all, Ad5 is a viral vector with a high infection rate in humans. It is different from AstraZeneca, Johnson & Johnson and Carrier, and the probability of thrombosis is very different.

So, is Ad5 adenovirus vector safer? Taolina said that there are some studies on the thrombocytopenia caused by adenoviral vectors, but these studies are based on the results of high-dose systemic therapeutic applications.

In September 2011, Yu Xiunan and other researchers from the First Affiliated Hospital of Harbin Medical University published an article “Research Progress in Adenovirus Type 5 and Thrombocytopenia” in the Journal of Modern Laboratory Medicine, which mentioned that thrombocytopenia Symptoms are a major side effect of high-dose systemic application of adenovirus as a vector for gene therapy of carriers. Adenovirus can bind to CAR receptors on platelets, and can also bind to integrin receptors on platelets. “Recent studies have found that adenovirus may cause activated platelets. Adenovirus-induced thrombocytopenia is considered to be dose-dependent, saturated and reversible, which is consistent with the ligand-receptor mechanism. There are multiple views on the mechanism.”

Regarding the Johnson & Johnson vaccine, “I’m still suspending the use and continuing to evaluate it, but compared to no vaccination, I am expressly willing to accept the adenovirus vector vaccine.” Taolina said.

Produced | Sohu Think Tank

Edit | Yuan Changyou

Xiao Gang, a member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission, recently stated in the “National Wealth Lecture Hall” program that in the future, the proportion of financial assets in residents’ wealth will become higher and higher, and the capital market should become a carrier of wealth appreciation.

Xiao Gang said that in the past we mainly relied on indirect financing and used bank leverage to mobilize savings to support technological innovation and manufacturing investment. However, in the historical stage of building an innovative country, the development of direct financing, especially equity financing, has become an inevitable trend. The next step in the reform of the financial market should focus on expanding the role of direct financing, especially equity financing, in supporting technological innovation and industrial transformation and upgrading.

“Science and technology innovation requires a large scale of investment, a long investment cycle, and high investment risk. Many innovations ultimately fail. In this case, the use of bank credit may put a heavy burden on innovation entities. Bank borrowing is corporate debt and needs to repay the principal and interest, which will inhibit the enthusiasm of innovation entities. Direct financing, especially equity financing, fits the characteristics of innovation well.”

The development of the equity investment market requires reforms in many aspects. First of all, Xiao Gang said that many private equity investment funds currently invest in mid- to late-stage projects, while technological innovation often requires strong support for early-stage projects, which requires more long-term and patient capital. Therefore, it is necessary to introduce more incentive policies to attract capital investment in early-stage, technological projects to promote technological innovation.

Second, he said that the current comprehensive reform of the exchange market has achieved obvious results, but further reforms are needed to expand the proportion of equity financing. For example, the NEEQ has achieved initial results in last year’s reforms. It mainly serves private and innovative small and medium-sized enterprises. The development potential after the reform is worth looking forward to.

Regarding the over-the-counter trading and over-the-counter markets of securities companies, Xiao Gang emphasized that in the past we paid more attention to on-exchange and standardized trading, but in fact, there are over-the-counter markets that need to be standardized. “In the past, there were many problems in the OTC market, such as non-standardization, information asymmetry and opacity, lack of trust mechanisms, etc. However, with the help of financial technology, such as blockchain, big data, artificial intelligence and other technologies, it was combined with OTC transactions. It may make up for the shortcomings in the over-the-counter market in the past.”

Xiao Gang believes that the current share of financial assets in residents’ wealth is still low. With the reform and development of the equity investment market, the proportion of financial assets in the wealth of residents will become higher and higher in the future, and there will be a trend of “financialization of wealth”. Resident assets will no longer consist of real estate, but will have more financial instruments. In the future, the capital market should provide richer products and become a carrier for the appreciation of residents’ wealth, so that investors can obtain more property income.

[Sohu Think Tank: Gather the wisdom of scholars and entrepreneurs to get the pulse of economic trends. If you are interested in contributing or contacting on-site reports, interviews, and program cooperation matters, please send an email to zhikucaijing@sohu.com]

Many macro factors will support the market’s growth trend in the whole year 2021. Photo: Duy Dung. The probability of VN-Index falling is not high According to BVSC’s report, compared with the movements of the VN-Index in the past, the current P / E of the VN-Index is already higher than the 5-year average. However, according to BVSC’s observation, at the current P / E, the probability of a market decline is not high. In addition, with the recovery of the economy, according to BVSC’s forecasts, profits of listed businesses will grow by 27.3% by 2021 (compared to 2020). With the profit growth of listed companies, the P / E of the VN-Index is likely to drop to 15 times – lower than the 5-year moving average (16.41 times) of the VN- Index; therefore, the 2021 P / E level of the market is still attractive. BVSC’s experts believe that the Vietnamese market is attractive compared to other markets in the region, but it is very important to the ability to attract foreign capital, connect with the flow of investment capital in the world. equals the valuation of Vietnamese stocks in terms of general ground. Up to now, the market liquidity and the ETFs participating in the market have also contributed to help the Vietnamese market’s valuation ground closer to other markets in the world. As of April 9, 2021, compared to the sample of 12 markets observed by BVSC, including countries in frontier, emerging and developed markets, the P / E of the VN-Index is currently at 19.11 times. – 4th low out of 13 markets followed and just above P / E of Shanghai Index (17.61 times) of China, Hang Seng (14.86 times) of Hong Kong and KOSPI (12.99 times) of Korea. These are also 3 markets with a sharp decrease of more than 10%, in February and March. Meanwhile, “the rate of return on equity of the companies listed on the HSX stock exchange is at the highest level among the markets we monitor. This shows that, in general, with high return on equity, stocks in the VN-Index basket are being traded at very attractive price ranges when compared with other markets. other securities in the region and internationally ”- said BVSC’s expert. The market still maintained an uptrend throughout the year According to experts from BVSC, despite facing an interest rate hike in 2022, the stock market can normally recover and then rebound after early monetary tightening. first. The reason for this is that central banks in many countries often practice monetary tightening since the economy is still in the growth phase, when businesses still have positive business results and do. reduce the impact of increasing operating rates. Therefore, BVSC believes that the world stock market is not too concerned when central banks of countries implement interest rate hikes or monetary tightening for the first time. In the past, markets often reversed and fell into a downward phase at the third rate hike by central banks. For Vietnam, according to BVSC’s experts, with the context that GDP growth is accelerating again and can grow impressively in the second quarter; Other macro indicators are operating stably, supporting business activities; listed companies will have good growth in 2021, especially many industries with high growth in the first quarter such as banking, steel …; and beyond, foreign capital will continue to flow into Vietnam market thanks to its ability to be upgraded and the attractiveness of a dynamic and rapidly growing economy. “These are factors supporting the market’s growth trend in 2021” – stressed BVSC expert. However, BVSC also notes some potential short-term risks. Accordingly, when the positive information has been reflected in the price, the new cash flows into the market cannot keep up with the price increase, the cash flow is withdrawn from major shareholders – or companies that sell stocks. Fund … Besides, when the opportunities to gain from pure stocks derive from cash flow factors, lack of support in the core positive change of the business, will create potential risks. on the ability of the market to correct in the short term./.

After the valuation of A shares has risen sharply, in 2021, Hong Kong stocks in the moderate valuation area will be favored by funds from the south. It is reported that Dacheng Hong Kong Stock Selected Mixed Fund (QDII) (code: Class A 011583, Class C 011584) under Dacheng Fund has been put on sale on April 15. This fund is personally helmed by Bo Yang, the director of Dacheng International Business Department and the research director of Dacheng Fund’s cross-border team. Bo Yang has lived in Hong Kong for 22 years, managed cross-border assets of more than 10 billion Hong Kong dollars, and has invested in Hong Kong stocks for more than 10 years. He is very close to the Hong Kong stock market and is familiar with global liquidity. Bo Yang had academic experience. After graduating from the Junior Class of the University of Science and Technology of China, he was the youngest assistant professor at the Business School of the University of Hong Kong. Later, he moved to the financial market and became the youngest Asia-Pacific and emerging market strategist at Morgan Stanley. Bo Yang’s investment framework is a combination of top-down and bottom-up. It has a global perspective, is good at asset allocation and selected individual stocks. It has previously won the Overseas Golden Bull Award twice (awarding institution: China Securities Journal; time: 2018 August 3, 2019, December 27).

22 years of residence in Hong Kong in the first round of public offerings

Bo Yang, Director of International Business Department of Dacheng Fund and Research Director of Dacheng Fund’s Cross-border Team. Born in the Junior Class of the University of Science and Technology of China, PhD in Finance from the University of Hong Kong, with more than 10 years of experience in Hong Kong stock investment management, he has won the China Securities Journal’s second and third overseas fund golden bull awards for two consecutive years.

According to the data, Bo Yang joined Dacheng Fund in 2015, and since March 2018, he has served as the investment manager of the first batch of Southbound Stock Connect commissioned portfolios of the National Social Security Fund. Prior to this, he has been in contact with institutional investors that dominate the Hong Kong market for a long time during more than 20 years of cross-industry experience in academia, research, and investment, including large global sovereign funds, large foreign long position funds, hedge funds, and Chinese and domestic investors. He has a strong grasp of his style preference; at the same time, he has a deep understanding of global liquidity and plays an important role in investing in Hong Kong, a capital market where the currency is directly linked to the US dollar.

As Bai Yang said, in the Hong Kong stock market, “the one who does not seek the overall situation is not enough to seek a domain.” Only from the forest of global assets can we see the specific tree of Hong Kong stocks clearly.

At present, Bo Yang manages a number of cross-border special account products, with a total asset scale of more than 10 billion yuan, of which the equity product management scale is about 5 billion yuan, which is mainly invested in Hong Kong stocks.

Deeply research individual stocks and focus on risks

Markets often underreact to the beginning of long-term structural changes and overreact to short-term events. Relying on the long-term market strategy research experience of top investment banks, Bo Yang is good at accurately grasping the direction in the early stage of major macro-trends, and capturing the drift of market winds and the formation of large-scale investment themes. Different from the mainstream of the market, Bo Yang’s stock selection is based on top-down, and the investment style remains open. It does not exclude any asset in growth, value, or cycle, nor is it limited to one or certain industries. The existing management investment targets range from the “old economy” to the “new economy”, from consumption, finance, real estate to health care, and information technology, covering all industries in the entire market.

Bo Yang believes that investment should maintain an open mind, not set limits on oneself, and not antagonize growth and value. For long-term management institutions (including social security funds) special accounts, Bo Yang’s investment style is a bit of an absolute return style, so he attaches great importance to risk control and dislikes large drawdowns, because drawdowns are directly related to the speed of returning to net worth. Bo Yang emphasized: Going air is not a risk, but losing money is!

Bo Yang Investment is mainly held in the medium and long term. Only in a few extreme cases will significant position adjustments and style switching be carried out. Bai Yang believes,

Accurately grasp the market trend, dare to grasp the turning point and concentrate on trading

Bo Yang’s investment framework is a combination of top-down and bottom-up, and tends to be top-down: judge the status quo of macroeconomic and monetary and fiscal policies, and then observe the expectations of the capital market, valuations, and valuations of various sectors , Earnings growth rate, selection of countries, regions and industries with the best price/performance ratio, and finally stock selection based on in-depth bottom-up individual stock research. There are more choices of industries and styles, and fewer choices. There are exceptions only when the market is in extreme valuation and sentiment situations. This is consistent with the results of the academic analysis of fund performance, that is, the vast majority of investment returns come from asset allocation, followed by stock selection, and very few come from timing. The difference between a top-down investment framework and a purely bottom-up framework is that the former can simultaneously obtain the benefits of style selection and sector rotation in asset allocation.

Bai Yang said that if he judges that the market valuation level or style rotation is close to an important turning point, he will do long and concentrated transactions. In addition, his investment is mainly based on steady and slow substitution, and the overall annual turnover rate of the investment portfolio is not high.

He believes that benefiting from the dual changes in the size and structure of Hong Kong stocks and the valuation of Hong Kong stocks dragged down by the global epidemic last year, Hong Kong stocks will most likely outperform A shares in 2021. In terms of volume, Hong Kong stocks have been active in IPOs, and their volume has continued to increase. At present, it is almost half the value of the A stock market, and has ranked among the top three in total global IPO value for two consecutive years. Structurally, due to the differences in the listing rules between Hong Kong and the Mainland, the Hong Kong stock market has gathered a large number of extremely dynamic TMT and biomedical companies. He believes that Hong Kong stocks are very likely to become the Chinese version of Nasdaq in the future. According to the GICS industry classification, the proportion of the “new economy” component of the Hong Kong stock Hang Seng Index in the total market value has increased from 16% five years ago to 39% at present. In addition, Hong Kong stocks have recently benefited from the return of China’s concept stocks, looking high.

In terms of general allocation, he pays attention to “three U assets” (Under-loved, Under-owned and Undervalued), that is, stocks that people don’t like, are seldom held by institutional investors, and are deeply undervalued. He believes that this type of There are good medium and long-term investment opportunities hidden in stocks.

The competitive situation of the kitchen appliance industry has moved from an incremental market to a stage of stock competition. In 2020, the overall market demand for kitchen appliances has shrunk. According to data from Aowei Cloud Network, the sales of range hoods and gas stoves have fallen by 7.6% and 8.1%, respectively. However, kitchen appliances such as embedded kitchen appliances have maintained steady growth. Scenario, integration, integration, and intelligence have become the main trends in the development of the industry.

Under the new trend, many home appliance brands have launched whole-house solutions including integrated kitchens. Many brands began to label their products with health, intelligence, and scene labels.

But can these products really meet the needs of users? Many products advertise high-end and wisdom, but the user experience is not good. For example, some cooking appliances still have pain points such as poor firepower and uneven heating. Not only did it not bring convenience to users, but it also smashed the signboard of smart kitchen appliances.

Of course, there are also a few brands that have made products that really solve the pain points of users. For example, during the 2021AWE, Casarte released the C6 ideal home kitchen appliance series. This set of kitchen appliances claims to define a “high-end kitchen” with high-end products, high-end smart kitchen full-scene solutions and full-process gourmet ecology, and to meet users’ cooking needs for Chinese and Western cuisine with leading industry technology. So let’s take a look at how she defines “high-end kitchen”.

Regarding stoves, fine control of firepower is a trend in the development of stoves. However, most products still have a 3-ring fire, and the heating area is small. When the fire power is adjusted, the number of flame rings will also change, which will cause uneven heating of the bottom of the pan. When frying the steak, it is easy to cause uneven heating of the steak, and some places have already been fried. Paste, some places are not yet fully cooked. The Casarte multi-ring synchronous fire gas stove pioneered the multi-ring uniform heat combustion technology, which can make the fire more fierce, and the synchronous fire of the reduced fire without reducing the ring increases the heated area by 40%, and ensures the same temperature of the same pot, and precise temperature control ± 1℃, the heating is more even, and the juicy steak can be fried easily, and the kidneys can be fried in 15 seconds.

In terms of hoods, although many hoods in the industry advertise large suction power, the problem of oil fume escape is common, and the powerful engine is noisy, which affects the cooking experience. Casarte’s first self-managed oil fume self-management 1m submersible large-platform house hood can not only automatically sense the flue pressure, but also customize it according to the user’s cooking method, automatically sense the amount of smoke and adjust the suction power, and the oil fume escape rate is close to 0. Large house users open kitchens have problems such as heavy oil fume and easy to run out of smoke.

At the same time, the celebrity kitchen oven pioneered 300℃ ultra-high temperature self-cooking technology, 300℃ ultra-high temperature baked Italian crepes and pizza in 3 minutes, self-cooking technology can automatically determine the maturity of the food, the whole cavity uniform temperature accurately controls the temperature ±1℃, Putting several layers of food can be cooked and roasted thoroughly, which solves the embarrassment of different color and taste when baking multiple layers of food.

The celebrity cooker’s steaming oven pioneered multi-dimensional simultaneous steaming. The independent steam system allows the steam to reach each layer directly, and the whole cavity is uniform in temperature. Not only can it be steamed in multiple layers, but also in multiple layers. The food-grade disinfection cabinet is the first to create food-grade room temperature quick disinfection, realize normal temperature food sterilization, and ensure the health of imported food. The rapid disinfection process can also complete two-star disinfection within 15 minutes to avoid long waiting.

In addition to high-quality “hardware”, “software” is also indispensable if you want to truly solve user problems.

In the high-end kitchen scene created by Casarte Ideal Home Kitchen Appliance System, users can enjoy the kitchen experience of interconnection, active service, and learning user habits. Behind the interconnection is the food ecological platform of Casarte. Casarte has united more than 400 ecological resource parties around the user’s need for “eating” to open up the food ecology in different scenarios of buying, storing, eating, cooking, washing, and security.

For example, for the Beijing roast duck dish, users only need to place an order through the refrigerator linked to the kitchen and electricity, and the courier will deliver the Beijing roast duck embryos to the door. When they want to eat, they can directly put the duck embryos into the steaming oven to bake. With the ideal kitchen, you can eat the master dishes of the eight major cuisines.

There is hardware technology support inside, and scene experience and gourmet ecological undertaking outside. The high-end kitchen of the IoT era constructed by Casarte Ideal Home Kitchen Appliance System is not only the innovation of hardware and technology, but also breaks the shortcomings of the industry’s “fighting” products. The designer of Casarte can provide users with professional suggestions and design schemes, to ensure the consistency of the kitchen set, break the simple stacking of multi-brand cabinets and appliances, and realize the perfect integration of kitchen and home style.

High-end kitchen appliances and smart kitchen appliances are used to better serve users, not as selling gimmicks. On the basis of solving user pain points, supplemented with AI technology, is the real high-end and wisdom. Kitchen appliances that don’t care about user pain points and don’t care about usage problems can’t achieve true wisdom even with AI technology.

Those products that only ignore the pain points of users for the purpose of gaining eyeballs and cheating sales will sooner or later be baptized by the market, and will be buried by bad reviews.

[WangJiweichannelfocusingonTMTandIoTfocusingondigitaltransformationandprocessautomation】

Does it give people a sense of surprise to discover the New World? This bag can be said to be a legacy of the sea. From the original old Celine 2016 spring and summer series under the charge of Phoebe Philo, it came into being. It was not until this year that it began to become popular and became a big name. The ace bag that is vying to respect.

Coach also specializes in a Super Jumbo Pillow Bag for this purpose.

To say that it is able to return to the furnace again and re-explode, I think it is inseparable from its fluffy and chic appearance and unique concave shape function that does not hit the bag, coupled with the soft and delicate texture, it is difficult not to be tempting.

What’s even more exciting is that the pillow bag is a master of atmosphere in terms of occasions. It can not only accompany you to take beautiful photos on vacation, but also becomeLove atmosphere conciliator, as for how amazing it is, today I will take you to find out.

Pillow bags, as the name suggests, are named because they look like pillows with a fluffy appearance. They are generally divided into hierarchical quilted bags and simple and clean pure color bags.

Let me talk aboutBest for holiday back Quilted Pillow Bag , This kind of bag-shaped design is like bringing your own sofa to the left and right anytime, anywhere, the ancestor of the explosion of pillow bags Martin Margiela Glam Slam Bag is a good example.

This bag as a whole not only gives people a sense of life, the most important thing is that it is suitable for concave shape, and the carrying is super light, not as heavy as imagined, it is really big and light, and it can be installed practically. Handbags, I will carry them every other time when I am going out for a little holiday.

The bb I have bought must know that this one was only medium and large before, and now it’s out New small model , The appearance design has not changed much, but the size is more exquisite. In the details, the original handle design has been removed from the small size. Now it has become more everyday and can be carried by hand or carried on the shoulder.

Source: Xiaohongshu Seeya_L

In addition, it has a new narrow version Red carpet Glam Slam bag , It is more refined and portable than the classic model. It is also more decent when worn on the shoulder with a thin chain. It is not as bloated as before. It is very suitable for carrying when going out to play.

Source: Little Red Schoolbag Chelsea

The same model is also available in black and red. The black is low-key and calm, and the red is more atmospheric, which is very suitable for European and American style bb.

Except for Martin Margiela,BV is also a pillow bag making machine that does my part. The face value design of his pillow bag is double online. The most important thing is that the knitting blessing is super recognizable. It is not wrong to be cut when the leeks are cut.Let me talk aboutThis high-value Padded CASSETTE handbag , Look at your sister-in-law’s home, travel, and you will know how suitable it is for a holiday.

This bag can be said to be the most worthy pillow bag for BV. It is not only high in appearance, but also in many colors. Compared with the low-key simplicity of the white model, the black model is more domineering and can be worn in all seasons. paragraph.

It is divided into leather shoulder strap and chain clause; leather shoulder strap feels casual and lighter, and the weight of the chain clause increases, and the back is more individual.

If you feel that black and white is a bit dull, I suggest that you enter the color style. After all, the temperature has risen. Why go out to play? The bright color handbags are still the most seasonal choice. In addition, the bright colors give people an unstoppable good mood. , It looks good no matter what.

In addition to the blazing CASSETTE handbags, the new shiny sheep leather handbags are also very beautiful. This bag is not inferior to the CASSETTE handbags in terms of style. The only drawback is that it is a bit expensive. You can see from the details. Look at it carefully. The double-sided woven plaid is diagonally cut, so that it is bigger and more individual, and there are asymmetric handles, the whole bag is a capitalized personality.

The same style is also available in cream yellow color scheme, fresh appearance and iconic appearance, and knitting items are good-looking and eye-catching.

Compared with the unique appearance and super concave shape ability of BV pillow bag, Saint Laurent latest model Loulou Puffer Pillow Bag Practicality is stronger, just listening to the name is very casual, so is the real thing, holding it in your hand is as soft as a sofa.

The reason why it is so textured is because the entire bag type has been added on the basis of keeping the classic version unchanged. New quilting filling process Combining the Y-shaped pattern, with washed faded denim and YSL logo embellishment, the whole bag exudes a strong retro atmosphere from the inside to the outside. Girls who love denim and usually go sexy are sure to buy it.

Lambskin material is more classic and durable, and the upper body is lighter and softer. It is more suitable for bb that focuses on practicality.

Also useful and beautiful Prada System nappa leather patchwork shoulder bag , Its bag type is the classic shoulder bag type that everyone is very familiar with. It is both rigid and soft, and the black upper body is cool and rusty.

The white model is more modern, which is very suitable for the back of intellectual girls; it is worth mentioning that a new pink model has been added recently, and the upper body is super nice.In addition, I think this bag has another advantage that is powerful. The small bag on the shoulder strap can also hold keys and AirPods; it is also equipped with a wide nylon braided shoulder strap for blessing, even if it is Never press your shoulders on the road .

If the quilted pillow bag is an indispensable holiday concave shape artifact, the non-solid color pillow bag is a daily necessity. It is different from the angularity of the quilted pillow bag. The solid color pillow bag is more pure, simple, and fluffy. The appearance of the girl is combined together, it’s like carrying a pillow to the left and right and carrying it on a date. Not only is it full of scheming, but the boyfriend can’t help his heartbeat speeding up when he sees it.

I recommend everyone to start with the white model Ferragamo Viva Cloud Bag , This bag can be said to be the king of dating atmosphere in this year’s pillow bag. What attracts me the most is the same color finish of the bag. Vara bow buckle , Combined with the airy solid-color wrapper, the girly feeling is bursting, carrying it on to date, one by one.

In the first love period, choose light pink, which will appear white when you reduce the age. In the hot love period, pick dark pink directly. The upper body is generous and intellectual without losing its sweetness.

For a big woman, I think it’s best to buy Lanvin’s new 2021 Spring Sugar Pillow Bag. This bag is not only a good match for your qualifications, but the most important thing is that the body is square and concise, without multi-element embellishment, and the back has a distinctive temperament. There is an aura.

In addition to the clean and neat body, what impressed me most about this bag is the soft and delicate texture. The NAPPA sheepskin bag is very light in the hand, just like a fluffy newspaper. The lavender purple is fresh, vibrant and chic. It belongs to the appearance. The kind that can win a lot.

The sky blue color is more modern, and the upper body is very dynamic. The advantage is that it is very summer, but the disadvantage is that it is not very good with clothes. Another detail is that you can put the bag chain directly away when you carry it, and it is more domineering with the back sandwiched.

In addition to a large number of big names, light luxury brands have also released their own pillow bags, and they are not inferior to the big-name bags in acting as a reconciler of the dating atmosphere. The most tempting is the high cost performance and good appearance.

Take Coach, the new spring and summer 21 Pillow Tabby 26 handbag In other words, the designer incorporated super soft leather on the basis of the classic Tabby 26 handbag, making the whole bag fluffy and cute. What’s interesting is that this bag is also available in a special size oversized version, and it has become a popular social platform recently.

The pink color is pleasing, and the appearance is unique. It is not strange to be praised for good taste when you date with it. In detail, this bag is equipped with two detachable shoulder straps, which can be hand-held or used as a short shoulder bag or messenger bag.

In addition, there are orange and green models to choose from, especially the green model. I strongly recommend that you start with it. It has a good personality and is the most indispensable color this year. Not to mention the pillow bag trend, let alone how unique it is.

In addition to Coach, the Marc Jacobs pillow bag is also very good. His family is not only high in value, but the most important thing is the rich style and sweet style, which is very suitable for young girls to start dating.This one Pillow underarm bag , I was planted when I first saw it. It is also one of the few pillow-type underarm bags this year. Every color of the color model is very beautiful.

Both black and dark gray are timeless classic models, which are relatively more suitable for daily wear, but they are equally outstanding in terms of age reduction.

And this one Pillow shoulder bag It’s also pretty, it’s more feminine than the underarm bag, it’s exclusive to sexy lady , Simple and clean flap shoulder bag type with adjustable leather shoulder straps and gusset shoulder straps, not only good-looking but also practical, the pink version is just right now, it can be matched with floral shirts and various fairy skirts.

There are three colors of ice cream green, navy blue and elephant gray available in the same style. Each one is very special. You can wear it without hitting the bag. You can buy the fairy you like directly on Farfetch. Some models are also discounted at 20%. .

If you go outing or outing with your boyfriend, I would recommend the pillow tote bag in front of you. It is practical not to mention the atmosphere, and you can hold all the necessary daily necessities when you go out.

Do you think the pillow bag is cool and capable of playing? Not only does it look unique, it has a full sense of design, but it is also practical and can be recessed. The most important thing is that it is very changeable and can adapt to the needs of backpacks on many occasions.

If you recently bought a bag that has fallen into an endless loop, such as shoulder bags, underarm bags, bucket bags, etc., if you are aesthetically tired, I think you must try this wave of new trends. It is really a beautiful and unique choice for bags. Five If you go out and have an atmosphere on a date, you can surely win.

See the end Which one do you like the most?What other pillow packs can also be shared Yeah, see you in the comment section!

Editor of this article: RUK

Art Editor: Jingjing

Chic and beautiful pillow bag,

Vacation appointments can’t be less~?

As of midday’s close, the Shanghai Stock Exchange Index reported 3,14.74 points, up 0.46%; the ChiNext Index reported 13,672.76 points, down 0.05%; the ChiNext Index reported 2,770.81 points, down 0.71%.

On the disk, the sector is generally popular, with liquor, digital currency, coal, second-child concepts, and automobiles leading the list of gains; a few sectors such as semiconductors, sub-new stocks, non-ferrous cobalt, and military industries performed weakly.

[News side]

1. National Bureau of Statistics: In the first quarter, my country’s GDP was 24,931 billion yuan, a year-on-year increase of 18.3% at comparable prices, an increase of 0.6% from the fourth quarter of 2020, an increase of 10.3% from the first quarter of 2019, and an average increase in two years. 5.0%.

2. Civil Aviation Administration of China: China’s air passenger traffic in the first quarter increased by 38% to 102 million passengers, China’s air cargo volume in the first quarter increased by 29% to 1.78 million tons, and the civil aviation cargo volume in March increased by 35% to 655,000 tons.

3. National Bureau of Statistics: The price of pork has been declining year-on-year for several consecutive months. At present, thanks to various measures to maintain supply and stabilize prices, the production capacity of live pigs has been significantly restored. The live pig stock increased by 29.5% year-on-year at the end of the first quarter. The live pig stock has increased sequentially for six consecutive quarters, and the production capacity of live pigs has recovered relatively quickly. From this perspective, there is a basis for the continued decline in pork prices.

【Institution Hot Discussion】

Soochow Securities pointed out that the overall index is still slowly adjusting the rhythm amidst turbulence. The sharp drop in the previous two months may be difficult to occur, but it is indeed not easy to expect the index to have a big chance. However, in this kind of high shock, the activity of individual stocks is not bad. Tickets from large institutions such as nonferrous metals, coal, and steel, as well as tickets for new and high transfers of hot money, have good short-term opportunities. Set stop losses and lighten Warehouse participation is still feasible.

Bairuiying believes that in the short term, the previous view will be maintained, the market is still in the process of bottoming, and energy, confidence and patience will be repeatedly consumed. But there is no need to be impatient. How complicated it is to go here, the strength of the mid-term rebound will be. For now, before the index does not test the clear support of the double bottom of the 3350 line, try to reduce the operation as much as possible and keep the chips within the half position.

A-share market sector and individual stocks ranking

External market

As of press time

Author: Cheng Connaught Editor: small sister city

“Chinese Partners” said, “Don’t partner with a good friend to start a company.” It seems that entrepreneurial partners can only work together but not share sufferings.

16 years ago, they started a company in partnership; 16 years later, he was kicked out by himself. Even business partners who have been in partnership for many years are never reluctant to fight inwardly.

In more than 500 days, the founder Gong Dou was staged twice within the company, and the chairman and the president dismissed each other. The stock price has fallen all the way, and the cumulative decline has even exceeded 90%.

This company is known as Xunyou Technology, which provides acceleration services for Tencent’s “League of Legends”.

In 2015, Xunyou Technology successfully went public under the aura of “the first share of online game accelerator”. At the beginning of its listing, the stock price once crushed Moutai and became the veritable “strongest demon stock” that year.

On April 9th, at the extraordinary shareholders meeting of Xunyou Technology, the board of directors simultaneously carried out a proposal for the removal of directors from chairman Zhang Jianwei and president Yuan Xu. In the end, Chairman Zhang Jianwei was dismissed with a very high number of votes, and President Yuan Xu smoothly stayed on. At this point, Zhang Jianwei was completely out of this infighting!

▲Voting at the general meeting of shareholders

As the founder of the company, why is Zhang Jianwei so unpopular?

Zhang Jianwei founded Xunyou Technology’s predecessor-Lanyue Technology in 2005 as the founder.

Under his management, the company’s stock price soared by 567% in the early days of listing. As high as 297.3 yuan/share, it beat Maotai at that time.

But now, with the gradual passing of the end game era, the popularization of 4G and 5G technologies, the improvement of network facilities, and the improvement of game manufacturers’ own operation and maintenance capabilities, players’ demand for accelerators is gradually decreasing. The competition of major manufacturers such as NetEase UU accelerator and Tencent online game accelerator has made market competition increasingly fierce. Xunyou Technology has experienced skyrocketing and plummeting. For now, its stock price is 168 times different from Kweichow Moutai.

The stock price plummeted and the continuous losses were the responsibility of the management. Chairman Zhang Jianwei became the target of public criticism. Therefore, in more than 500 days, Zhang Jianwei was asked to be removed from the chairmanship twice.

Summarizing the reasons for the two recalls, it was because other directors and shareholders of the company believed that Zhang Jianwei lacked a sensitive understanding of industry changes and an understanding of the company’s development strategy and other directions in the process of transforming from traditional interconnection to mobile and intelligent interconnection. explore.

The official sentence of Zhang Jianwei’s evaluation is very harsh. He is like a programmer over 35 years old. He has gone through a golden age, but he has been left behind by the era of rapid renewal. If you move forward, you will be disgusted; if you stop, you will be abandoned.

But about Zhang Jianwei’s “out”, some people think: in the final analysis, this is a struggle of people’s hearts. Everything on the board of directors is for the good “coat” of the company, and it is flooded with power and interests! And Zhang Jianwei is just the loser.

Is the former founder and chairman of the glorious period abandoned by the times or lost to the hearts of the people?

Disclaimer

This article relates to the content of listed companies. It is the author’s personal analysis and judgment based on the information publicly disclosed by listed companies in accordance with their legal obligations (including but not limited to temporary announcements, periodic reports, and official interactive platforms, etc.); the information or opinions in the article are not It constitutes any investment or other business advice, and Market Value Watch does not assume any responsibility for any actions resulting from the adoption of this article.

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