From the ups and downs around the Spring Festival since 2001, it can be clearly seen that there is a very obvious Spring Festival market effect in A shares: 5 trading days before the Spring Festival, the probability of A shares rising is 84%; 5 trading days after the Spring Festival, the probability of risingBuy Greek stocks Up to 79%, that is to say, holding shares for the Spring Festival is a statistically dominant strategy.
With more resources, better education, and a better living environment, the young people have a completely different investment attitude from those born in the 60s, 70s and even 80s. Some of them use stock trading as a learning tool, and some take stock trading as a career. The well-educated post-90s have more professional knowledge reserves than the former wavers, and value investment has become their core investment logic.
YouTube came in second, with total revenue of more than $78.4 million, an increase of 73% year-on-year from May 2019. About 57% of YouTube revenue comes from the United States, followed by 18% from Japan. Tencent Video and iQiyi ranked fourth and fifth respectively.
Introduction: During the National Day holiday, as a professional asset management media, Fund Jundi specially invited well-known domestic public equity fund managers, private equity investment managers and brokerage investment sponsors to write articles in person to summarize the stock and bond market conditions in the first three quarters and analyze future capital Market opportunities and investment layout, as a reference for everyone's investment layout after the holiday. Today, a total of nine powerful private equity investment managers submitted contributions. What do they think of the fourth quarter market? Please see~~
Behind the surge in the semiconductor sector, the operating income and net profit attributable to the parent of the entire semiconductor sector in the first quarter of 2020 were 30.4 billion yuan and 2.4 billion yuan, a year-on-year increase of 16% and 96% respectively. This is the second consecutive quarter of high growth. Industrial Securities explained that the main reason is that the construction of 5G base stations has begun to increase, and the demand for data centers has gradually recovered, and the shipments of network equipment such as servers, routers, and switches have increased.
[Summary of the research report]? Liquor: The industry is clearly differentiated, and the top wine companies are always strong. In the first half of 2020, liquor industry revenue and net profit attributable to the parent company were +3% and +1% respectively year-on-year, and the overall growth remained steady. However, the liquor industry is clearly differentiated, high-end liquor maintains strong growth, and industry agglomeration has accelerated. In terms of revenue growth in the first half of 2020, high-end wine (3%)> third and fourth line (-4%)> sub-high-end wine (-4%)> regional wine (-17%); growth rate of net profit attributable to the parent company , High-end wine (15%)> Sub-high-end wine (9%)> Regional wine (-8%)> Third and fourth line (-20%). In terms of profitability, the gross profit margin of the liquor industry in the first half of 2020 was 76%, an increase of 0.2% compared with the same period last year, and the gross profit margin of high-end liquor reached 83%, an increase of 0.3% compared with the same period last year. ?Beer: Dynamic sales gradually recovered, and the second quarter performance improved compared to the previous quarter. In the first half of 2020, beer industry revenue and net profit decreased by 3% and 0.3% year-on-year respectively. In the first quarter and second quarter of 2020, beer industry revenue was -26%/+15% year-on-year, and net profit was -68%/+41% year-on-year. The performance in the second quarter improved compared to the previous quarter. Affected by the epidemic, the beer industry’s performance in the first quarter of 2011 suffered a setback. With the recovery of consumption scenarios, beer sales gradually recovered. In terms of profitability, the beer industry’s gross profit margin and net profit margin in the first half of 2020 were 48% and 0%, respectively, an increase of 0.7 percentage points from the same period last year. In the future, under the influence of product structure upgrades, capacity optimization, and deep channel cultivation, the industry leader Profitability is expected to increase steadily. ? Condiments: Outstanding performance during the epidemic, and steadily increasing profitability. In the first half of 2019, the revenue and net profit of the condiment industry increased by 13% and 12% year-on-year respectively. Under the influence of the epidemic, the demand for condiments became rigid and the performance increased significantly. In terms of profitability, the gross profit margin and net profit margin of the condiment industry in the first half of 2020 were 41% and 27%, respectively, an increase of 0.0 percentage points from the same period last year, and profitability has steadily improved. ? Dairy products: Costs and expenses are stable and gross profit margin increased slightly, and demand rebounded strongly in the second quarter. In the first half of 2020, the operating income of the dairy industry was 71.4 billion yuan, a year-on-year increase of 0%, and a decrease of 9 percentage points from the same period last year. The net profit attributable to shareholders of the parent company was 4.9 billion yuan, -8% year-on-year, a 15% decrease from the same period last year. , The signs of recovery in the second quarter were obvious. Yili Mengniu grew steadily and performed well in the second quarter. In terms of profitability, the price of raw milk in the early period was unchanged and the increase in sales promotion resulted in a decline in gross profit margin. In the later period, the control of industry costs and expenses was stable, and gross profit margin rebounded slightly. ?Food integration: C-end demand is strong, and industry leaders have performed well. In the first half of 2020, the operating income of the integrated food industry and the net profit attributable to shareholders of the parent company were 607.2 billion yuan, an increase of 9% and 54% year-on-year, and -49 percentage points year-on-year. Three squirrels (300783), Sanquan Foods (002216), Qiaqia Foods (002557) and other industry leaders have performed well. We believe that in the future, under the influence of product structure upgrades, capacity optimization, cost reduction and efficiency enhancement, the industry The Buy Greek stocksprofitability of leaders is expected to increase steadily. ?Investment advice: select industry leaders and high-growth targets. 1) The performance of short-term liquor has been improved from the previous month, and the mid-to-long-term consumption scene has resumed and superimposed the Mid-Autumn peak season. It is recommended to pay attention to: Kweichow Moutai (600519), Wuliangye (000858), Luzhou Laojiao (000568), Shanxi Fenjiu (600809), Gujing Gongjiu 000596), Jinshiyuan (603369), etc.; 2) The current high-end beer is still in a period of continuous expansion, and the leading manufacturers have first-mover advantages in brands, channels, and products in the high-end beer field. It is recommended to pay attention to: Tsingtao Brewery (600600); 3 ) Increased industry concentration and changes in consumer behavior. It is recommended to pay attention to: Juewei Food (603517), Peach Plum Bread (603866), Guangzhou Restaurant (603043), Liangpin Shop (603719), Ganyuan Food (002991), etc.;
In addition, in the process of improving comprehensive capabilities, brokerage investment banks will also face difficulties in talent training and team building. An insider of a large brokerage firm in East China said that excellent talents are always scarce, and under the background that the industry's head effect becomes more and more obvious, more talents are attracted by large investment banks, which brings many challenges to small and medium investment banks.
In addition, in terms of the management of the concentration of loans issued by co-financing, commercial banks should fully consider their own development strategy, business model, asset-liability structure and risk management capabilities, and the total amount of loans issued jointly with cooperative institutions shall be based on the total retail loans or the corresponding proportion of the total loans. Incorporate limit management and strengthen the concentration risk management of cooperative institutions that jointly fund loans. Commercial banks shall implement interval management on the proportion of single loan capital contributions, and reasonably share risks with partners.