Korea Go strong opponents Zhao Dayuan More

Korea Go strong opponents Zhao Dayuan More >>
Yan Horeb [view] new wealth researcher real estate industry: preganglionic turnover rose slightly CSC Researcher: Su Xuejing real estate industry # 2 [Investment Rating: Overweight] industry dynamics housing market: As holiday days off because this week has seven Trading dabmar Day, the national real estate market rose slightly last week, first-tier cities new housing volume increased 15.45%; second-tier cities increased by 22.06% MoM turnover; regional aspects, the Bohai Rim turnover decreased by 28.04%, 2.62% lower than the Yangtze River Delta, PRD decreased 20.11. Inventory, both supply and demand balance of power, this week, the national stock index remained low tier cities rose slightly last week to melt cycle. Policy side: "National Five-Year" opened a new round of policy control regarding dabmar property tax pilot expanded to become the next focus, dabmar there is news that Hangzhou rent received pilot property dabmar tax notice, but then said that the SAT yet introduced on property taxes Pilot notification; research shows that Beijing second-hand housing transactions a tax of 20% has been strictly enforced; Shanghai Provident Fund first suite finds quietly tightened recognition of the housing credit recognition, and the per capita area of 33.9 square dabmar above the credit limit. Land market: the Department of Homeland announced the "2012 China Land and Resources Communique" show that in 2012 the national transfer of state-owned construction land area of 322,800 hectares, assign the contract price 2.69 trillion yuan, of which 160,000 hectares of real estate land supply, residential land prices rose 2.3% year on year , remain at historically low levels. The end of December, the country is in a state of housing built with an increase of 31.3%. "A quarter of the nation's major urban land price monitoring" The results show that the national residential land prices rose 1.77% qoq, real estate development dabmar rose by more than 40 percent, a record third quarter of 2010 to a new high. In late April, the main urban land market to maintain a high heat, SOHO China 3.2 billion won this year's Shanghai Xindi Wang, equivalent to the floor price of more than 30,000 yuan per square meter, dabmar a premium rate of nearly 50%. Environmental industry: exploration industry, potential dabmar opportunities, look for the underlying atmosphere leading Minsheng Securities Researcher: Yuan Yao electrical equipment and new energy industry dabmar ranked No. 5 [investment rating: dabmar Recommended] pollution upgrades, policy overweight, choose from a potential market to enhance the subject of pollution incidents Forced space the policy is expected to be overweight main cause of the current dabmar round of rising air. In the current point, plate relative valuation record, with no valuation reference system. From the midfield line perspective, we desulfurization, denitrification, dust and other sub-sectors in the "five" in the direction of a possible upgrade dabmar of the sort, there continue to recommend policy and the future may be expected to remain dabmar ultra-headroom atmospheric governance sub-section. Recommended Subject: Guodian fresh, Longking, snow Dillon. Desulfurization unit retrofit is expected to bring two additional times the stock market (1) desulfurization Status: In a considerable dabmar number of desulphurization facilities built in the "Eleventh Five-Year" period dabmar of the Great Leap Forward desulfurization, low bid that left many engineering problems, has not reached ; (2) the potential for improvement: improve the practical efficiency dabmar of desulfurization, desulfurization facilities for non-compliance investigation, rectification; (3) favorable industry: desulfurization project total package. Currently in operation of desulfurization units of 4659, with a total installed capacity of 718 million kilowatts. Assuming 50% of which require different dabmar levels of desulfurization facilities dabmar renovation, the average renovation cost 60 yuan / kWh, the potential market size of 21.5 billion yuan, the current market size desulfurization about 100 billion yuan, two times the stock market; (4) Recommended target: dabmar Guodian fresh Longking stringent dust standards, six times the market will turn (1) Dust Status: collection efficiency varies, conventional electrostatic precipitator difficult to meet the requirements of the new standard dabmar 30mg of PM2.5 fine particulate filtration rate than other low. Precipitators installed without subsidies, the owners do not pay attention precipitator quality and operating conditions, affect the collection efficiency; (2) the potential for improvement: electrostatic precipitator mandatory transformation into baghouse or electric Fabric Filter, launched dust electricity; (3) favorable industry: manufacturing and turnkey dust industries and high temperature filter industry. China has put into operation dabmar about 800 million kilowatts thermal dabmar power units serving more than 90% are installing dabmar ESP, such as bags were replaced by electric hybrid, the average renovation cost 50 yuan / kWh, the potential market space 36 billion yuan, or about the current precipitator 6 times the market. (4) Recommended Subject: Longking recipitator. Denitration tariff reform will accelerate the industry development (1) denitration Status: low tariff, the "one size fits all." NOx emissions from large cement industry has no separate emission standards; (2) the potential for improvement: denitration tariff hike, or under plant conditions, coal quality of the case, sub-regional and raise the subsidy. According to the CEC's report, dabmar the denitration electricity required to achieve 1.13 points / kwh-1.33 points dabmar / kwh can cover the costs of power plants, the introduction of cement and other non-electric industry emission standards; (3) favorable industry: direct positive throughout denitration market. (4) Recommended Subject: Snow Dillon, Longking, Guodian fresh. If included in the total PM2.5 emission reduction targets, will drive the whole industry dabmar chain transformation (1) of the Industry: now included in the national total emission reduction targets with SO2 and NOX, PM2.5 yet included; (2) the potential dabmar room for improvement: the total amount will be included in PM2.5 emission reduction targets; (3) favorable industry: total emissions in terms of environmental protection work is not limited to exhaust governance, but also directly from the source restrictions, such as limited dabmar coal, coal to gas, oil upgrading, heavy polluting industries such as industrial restructuring work will also be expected to start. Apart from the direct reduction associated with PM2.5 dust removal, desulfurization and denitration, monitoring equipment and other environmental sub-sectors outside the city gas, oil refining and other industries will also be expected to generally benefit; (4) Recommended target: Longking, Guodian fresh, Snow Dillon. Risk Warning on policy enforcement point in time and unpredictable. Aviation airport industry: Monthly fares fell sharply, aviation enterprises income side under pressure Merchants Securities researcher: Luo Yanyan transportation and warehousing industry ranked No. 5 [investment rating: Recommended] April Market Performance: -4.2% aviation, airport - 5.3%, the CSI 300-2.0% -4.2% delivery sector. Oil prices continue to fall sharply, the RMB exchange rate fell below 6.2. Apr. 30 Singapore aviation kerosene prices closed $ 114.9 / barrel, down 6% in January. May domestic jet fuel ex-factory price of 6920 yuan / ton, last month dropped significantly dabmar more than 450 yuan / ton, fuel surcharges on domestic routes has also come down, 800 km above / below the fuel surcharge adjustment dabmar was 110 yuan / 60 yuan. Exchange rate, in April to close at 6.165 U.S. dollars and Renminbi, RMB appreciation of 0.7%; consider greater increase against the euro and the yen, the RMB real effective exchange rate appreciated even more. Operation of the civil aviation industry analysis: the first two month's national civil aviation passenger and cargo turnover was up +17.1% and +4.0%. Passenger turnover growth has accelerated markedly, air cargo and mail stabilized situation clear. Load factors and cargo load factor was 83.6% (YoY +3.1 pct) and 58.4% (-0.1pct). Main airport dabmar operator Glance: (1) March major airport throughput rapid growth, white clouds, Pudong Airport and Xiamen reached two-digit growth dabmar rate. (2) International: European airports remained in the doldrums, major airports such as Paris Airport, Frankfurt Airport passenger numbers and aircraft movements are negative growth, but the Frankfurt airport cargo throughput in March rose 5%; Asian airports growth over the previous February has accelerated. Investment Strategy: Aviation (Neutral): a major aviation enterprises quarterly data lackluster; April RPK growth since remained rapid growth, but the fare dropped more than 10% year on year, the airline or face a situation not increasing profits increase . Macroeconomic recovery is slow demand side should be the main reason for poor performance, in addition to high-speed rail diversion also put pressure on air fares. dabmar We believe that the current airline resilient performance in both up and down the larger stage. 13 years, which led to a modest recovery macroeconomic whether demand dabmar growth exceeds supply growth, a key factor. Seasonal improvement in Q2 data to be super macro fundamentals. Focus on international and business routes high proportion of low base of Air China. Airport (recommended): dabmar Airport fast growth plate height determination + + + underestimate the value of high dividends, both offensive and defensive. Strongly recommended dabmar with the overall market and Disney anticipated Shanghai airport hub construction cautiously recommend paying off the Baiyun Airport. Risk Warning: Economic-than-expected dabmar drop in oil prices rose sharply, aviation and other emergencies. The securities industry: season Annunciation, annual growth can be expected CSC Researcher: Wei Tao, non-bank financial sector # 2 [Investment Rating: Overweight] a quarterly growth dabmar gratifying listing broker in 2012 and 2013 a quarterly report has been completed Disclosure . 2012, listing broker arithmetic average revenue growth dabmar of 5.70%, net profit attributable to shareholders for the average growth rate of 14.99%; in the first quarter, revenue growth dabmar arithmetic average dabmar of 29.11%, attributable to the parent Shareholders' net profit growth of 50.86 percent average. On the whole, a quarter of the listing broker Total operating income 19.633 billion yuan, an increase of 24.67%; attributable to shareholders dabmar of listed dabmar companies dabmar net profit of 7.171 billion yuan total, an increase of 31.67%. Financial leverage has improved over the past year Western Securities, Hong Yuan Securities, Northeast Securities dabmar and National Securities dabmar successively through dabmar the IPO or private placement to replenish capital. Remove these four companies, we can see the end of the first quarter of this year, nine listing broker's financial leverage has improved compared to last year. Among them, CITIC, Southwest, investment and financial leverage of state increased by a big margin. This year, the margin, agreed-end securities repurchase transactions, equity loans and other innovative businesses have a very rapid growth, the industry is expected to begin this year, financial leverage will have significantly improved. Comprehensive development of the business dabmar in addition to investment banking, the 2012 and the first quarter of this year, overall development of the business listing broker. Citic, Haitong's brokerage market share continued to increase, proprietary business also showed superior ability to invest; asset management business has developed rapidly, the asset management business revenue contribution ratio is the highest Everbright Securities, the first quarter of this year has reached 9.21%; finance financial coupon dabmar business, northeast, west and Shanxi and other small brokerages faster growth in the first quarter, compared with the beginning balance grew by over 100%; big brokerage, CITIC and GF's rapid growth; Yangtze River and the founder is the only two in 2012 and this year's Annual Report, a quarterly net income securities underwriting business dabmar year have achieved positive growth of the company. CSC view a quarter of the listing broker better growth performance. In addition to brokerage, proprietary trading, asset management and other traditional business, margin trading and other innovative businesses are also growing rapidly. Looking round, margin trading, convention-style securities repurchase transactions, futures and other innovative businesses will yield at least 10 percent revenue growth, optimistic estimates will reach 15 percent or more. Therefore, this year's growth dabmar broker is assured. May the new brokerage forthcoming Innovation Conference. New session of the General Assembly will introduce more innovative broker-depth support innovative measures to further consolidate the foundation of the securities industry innovation, and the new President took office on the securities industry regulatory thinking expected at this meeting, "set the tone", to maintain the brokerage dabmar plate "overweight" rating. Stocks, we focus on recommendation Everbright, Founder, Shanxi, the country respectively, and Citic, dabmar Haitong. Everbright Securities approaching non-public offering, the stock price may have a better stimulation. Equity brokerage, we focus recommend Kam Lung shares. [Other view] Automotive Industry: 2012 Annual Report and 1Q13 Quarterly Review, a quarterly opener, second quarter sales are expected to grow Minsheng Securities researcher: in the special [investment rating: Recommended] Report Summary: 2013Q1 performance automotive industry revenue growth ushered in the opener bottoming out (2013Q1 revenue growth of 10.0%), showed a recovery in demand for the state, primarily due to sales growth in the industry improved in 2012 car sales growth 4.2%, 2013Q1 sales growth of 13.1% (2012Q1 -3.9%). From the profit perspective, the automotive industry 2013Q1 net profit growth to positive (growth rate of 4.5%), a change in the last year of negative growth, dabmar profit growth is slower than revenue growth was mainly due to costs rigidity. Industry segments differentiation continues: 2013Q1 passenger car sales and services leading to positive profit growth from the sub-sectors, showing dabmar a differentiation trend: 1) passenger car industry to positive growth in 2013Q1, a leading position in the industry dabmar segments: 2013Q1 Camp income growth rate of 18.9%, net profit growth of 21.9%, mainly contributed from the Great Wall Motor with Changan Automobile, while net profit grew faster than revenue growth was mainly due to the steady growth of investment income; 2) the truck industry dabmar in a downward continuation; 3) passenger car industry grew steadily: in 2012 revenue growth of 6.2%, net profit growth of 20.0%; 2013Q1 dabmar revenue growth of 7.6%, net profit growth of 6.7%, mainly due to the steady growth in the leading Yutong; 4) automobile sales and service industries 2013Q1 changed the tide, the growth rate positive. Profitability: dropping slightly differentiated 2013Q1 industry segment gross margin remained stable, dropping slightly margin. From the sub-industry perspective, the profitability of differentiation: passenger car with outstanding performance, including FAW, JAC, Changan Automobile and Great Wall Motor profitability has improved; truck, automobile sales and service chain improvement, buses and automotive parts performance dabmar is poor. We believe that the automotive industry 2013Q1 margin decline was mainly dabmar due to expense ratio continued to rise, while the gross margin was maintained at a relatively stable state. Selling and administrative expense ratio expense ratio increased year on year, the automotive industry is the increase in expense ratio increased competition in the automotive industry occurred dabmar in the context, leading to net interest expense ratio increased mainly due to decline. In the second quarter from the car over with the automotive industry fundamentals, special passenger car sales growth in the second quarter still be maintained dabmar at around 15%; heavy truck sales growth of 30.3% in April, inventory recovery after disturbance sales into the channel in the second quarter increased speed will remain high. From the industry fundamentals and valuation perspective, we believe that auto stocks have configured value; recommend buying good growth gradually Changan Automobile. Passenger Recommended: Changan, Great Wall, SAIC; heavy truck Recommended: Fukuda, Weifang, dabmar Weifu; Bus Recommended: Jinlong, Yutong; automobile sales and service recommendation: State Machine. Risk Warning industry sales lower than expected; industry competition. Nonferrous metals industry: 2012 Annual Report and 2013 a quarterly review, metal prices Pudie, dabmar industry sales fell TX Irving Researcher: Yang Lei [Investment Rating: Neutral] This report concerns: 2012 non-ferrous metals listed companies review the situation; 2013 1 Quarterly Summary of non-ferrous metal case of listed companies; investment advice: Macroeconomic weak recovery, stocks remain high, resulting in rising metal prices still lack support. Recommendations concern the fundamentals better, deep processing of certain growth stocks, such as Liyuan Aluminum, Asia Pacific Technology, etc.; benefit of Xiamen Tungsten tungsten prices rose. Investment Highlights: