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In the August-September period, domestic and international sports competitions will come one after another. As a field where the people are highly concerned, industrial development attracts attention. At the same time, the intensity of policy support in the sports industry has increased in the near future, and the enthusiasm of various capitals is still high, and future development is worth looking forward to.
At present, China's sports industry is positioned as a key industry that spurs domestic demand and economic transformation and upgrading, and is given the status of a national strategic pillar industry. The state has always attached importance to sports, but the characteristics within the system have also restricted the market size of the sports industry. In recent years, the market scale of the entire sports industry has been expanding under the impetus of the government's policy of decentralization and decentralization. In comparison, the global sports industry's GDP accounted for an average of 2%. China's sports industry GDP is only 0.70%, and per capita sports consumption is only 151 US dollars. There is huge room for improvement in the future.
We believe that the issue of "Several Opinions on Accelerating the Development of Sports Industry and Promoting Sports Consumption" is an important symbol. It has clearly defined policies for promoting sports consumption in terms of finance, taxation, land, employment and market environment. It is pointed out that the sports industry and the national fitness will be upgraded to the national strategy, and the sports industry will be fostered as a green industry and a sunrise industry. This is also consistent with the progress of the National Sports Administration in promoting the development of national fitness. In addition, we combine the data released by the previous General Administration and the planning investment of the sports industry in the next few years by the governments of several provinces. Together with the recent introduction of the 13th Five-Year Plan, it is no doubt that the development of the sports industry will usher in an outbreak. It is still believed that the industrialization of the sports industry and the development of securitization will be promising in the future.
We know that there will be a series of important events from June to September this year, including the European Cup, the America's Cup, the Olympic Games and the Top 12 of the National Football World Cup. This will inevitably boost media dealers, advertisers and sports industry companies. The degree of attention, and from the historical point of view, the capital market before the major events, including the cultural media sector, is generally more active. It is worth noting that the next step will be in August, and the curtain of the Olympic Games will be opened. The highlight of this sports year is expected to stimulate the enthusiasm of the Chinese people and the sports industry. The attention of the sports industry will be significantly improved.
We believe that the state's expenditure on cultural and educational entertainment is an important area for the construction of modern service industry and the direction of national key support. As far as the sports industry is concerned, after 2015, it will be the year of industrial reform promotion and the year of development. With the success of China's bid to host the Winter Olympics and the promotion and implementation of the follow-up sports reform, the future policy support in fiscal and taxation, competition approval, operational transactions, industrial support and investment attraction is worth continuing to look forward to. At the same time, China's sports industry will continue to play an important role in the context of China's consumption upgrade, and the accelerated reform of the industry is expected to benefit listed companies. We cut into the relevant industries, and we will continue to pay attention to several types of listed companies. First, sports goods, including various types of equipment; second, sports communication, including two-way media for advertising fees and viewing fees; third, sports competitions. Including the online and offline interactive events, etc.; the fourth is the large outdoor category, involving transportation, tourism, automotive and other composite industries; the fifth is the stadium operation and operation, including sports venues, sports and leisure real estate; sixth is the sports lottery category. , involving color variety research and development, sales and channel management. Continue to pay attention to China Sports Industry, Double Elephant, Pathfinder, Rhine Sports, Hualu Baina, People's Network, Xinlong Industrial, Tianyin Holdings. (Aijian Securities Hou Jialin)
2. Public utilities and environmental protection industry research weekly report: the preferred solid waste, hazardous waste and sewage treatment leaders focus on electricity reform
Investment points
We are optimistic about solid waste, hazardous waste and sewage treatment platform-type enterprises, and the leading enterprises in various regions are gradually emerging. Key recommendations: (1) Dongjiang Environmental Protection: 27% of the assets of the Guangdong state-owned enterprise, with a total asset of RMB 140 billion, is a privately-owned company, which indicates that Dongjiang Environmental Protection will be transformed from a private enterprise into a state-owned enterprise with the background of the State-owned Assets Supervision and Administration Commission of Guangdong Province. This move will enable Dongjiang Environmental Protection and the company of Guangsheng Assets to generate strong synergies; Dongjiang Environmental Protection is an irreplaceable leading enterprise in the medium term, with the most complete qualifications, the most extensive layout, the largest amount of hazardous waste treatment, and the qualification of industrial hazardous waste treatment. It is 1.3 million tons/year, which is the standard of “negative reduction, resource utilization and harmlessness†of the whole industry chain. In 2015, the company invested nearly 1 billion yuan in the hazardous waste treatment field, and the production capacity gradually expanded. At the same time, the company introduced The large-scale restricted stock incentives cover more than 300 core management personnel, and the employee benefits are deeply bound to the company's development prospects. (2) Enlighten Sander: The solid waste leading company, as an environmental protection platform under Qingkong, will use the Tsinghua brand to obtain more opportunities for resource integration, which will help the company to develop into a comprehensive and high-value environmental protection enterprise. In 2015 and the first quarter of 2016, the company achieved total operating income of 63.41 and 1.634 billion yuan respectively, an increase of 44.95% and 74.00% respectively. At present, the company's current sanitation project plus more than 70 Bengbu city appearance and environmental sanitation market projects that have won the bid recently, it is expected that more urban sanitation projects will be included in the future. At the same time, the company's solid waste project is in a concentrated construction period. It is expected that there will be seven projects that can be put into operation this year, increasing the performance of the company's solid waste sector and further enhancing the company's core competitiveness. The total amount of funds raised by the company for non-public offering of shares is not more than 9.5 billion yuan, which is used to expand the business of sanitation and sanitation, and further open up the whole industrial chain of solid waste, demonstrating the strength and confidence of the company as a leader in the solid waste industry. (3) Indigo environment: The company has steadily expanded in the field of solid waste and hazardous waste, and has public utilities gas, water supply sewage and solid waste business. Among them, the gross profit margin of the utility business (gas, water supply, sewage) is relatively low, but the gross profit margin and revenue growth are stable. The gross profit margin of the solid waste business is relatively high and the operating income is growing rapidly, laying a foundation for the company's future solid waste expansion and accelerated performance. The company has made significant investments in Nanhai District of Foshan City. The project covers various aspects such as garbage transfer, incineration, sludge treatment, and catering waste treatment. It expands horizontally to form a complete industrial chain. At the same time, the company cooperated with foreign advanced technology suppliers to jointly establish a joint venture company to establish Foshan's first hazardous waste project, Foshan Green Industry Service Center. It is based on Foshan and aims to expand to the surrounding provinces. The compound growth rate of performance in the next three years is expected to reach 30%. (4) Snow Wave Environment: The company is the earliest enterprise in the field of waste incineration in China. It is a leading enterprise in the field of waste incineration and flue gas treatment, with a market share of up to 20%. Since 2014, the company has actively carried out the layout of hazardous waste areas, acquired Wuxi work and waste, increased capital of Jiangsu HSBC, increased capital Shanghai Changying, acquired Yixing Lingxia, extended M&A expansion, and initially realized industrial hazardous waste layout in the Yangtze River Delta region. Obviously, at the same time, the company will raise 400 million yuan to further increase the outsourcing of hazardous waste business. According to business data, the net profit attributable to shareholders of listed companies in the first half of 2016 was 32.108 million yuan to 38.242 million yuan, an increase of 5% to 25% over the same period of the previous year.
The sponge city construction boom kicked off, and the PPP project promoted the prevention and treatment of water pollution. The "Guidelines for the Construction of Sponge City" issued by the State Council will measure a total market volume of 4 trillion yuan and an average annual investment of 300 billion yuan. At the same time, the recent floods have been fermented again. The construction of the sponge city has been valued by the local governments, and the policies have been continuously and refined from the central to the local. At present, there are two batches of 30 cities in China as pilots, and the sponge city project has covered most provinces and the promotion has accelerated. Key recommendations: (1) Hongcheng Water: As the only listed company in Jiangxi Nanchang Municipal Holdings, regional monopoly and municipal pipe network construction provide stable cash flow for the company and gradually form a regional environmental protection and public utility platform. (2) Guosheng Environmental Protection: As an environmental protection enterprise in Anhui Province, it won the bid for the PPP project of Hefei Hudayu Wastewater Treatment Plant. The project design scale is 100,000 cubic meters per day, and the total investment is expected to be 395 million yuan. The franchise period is 29 years (including the construction period of 2 years). (3) Oriental Garden: The company proposed the “Trinity†model in line with the essence of the sponge city, and established the TTOrient Design Institute in cooperation with the US sponge city professional company TetraTech. The design and construction experience and the service capability of the whole industry chain are expected to create a sponge city leader in the next few years. Since the beginning of this year, the company has announced that it has won over 30 billion yuan of ecological garden PPP projects to ensure future performance. (4) Wuhan Holdings: As a regional water listed company, it has the dual advantages of regional monopoly and asset value revaluation. At the same time, this year's rains are abundant and the water treatment market in the Central Plains, with Hubei as the core, is further expanded. (5) Jiangnan Water: The company is expected to achieve a net profit of 60% in the first half of the year. Thanks to the wholly-owned subsidiary Jiangnan Water Municipal Engineering Co., Ltd. has continuously expanded its foreign engineering business and completed more projects such as municipal pipe network renovation and water meter transformation. This year, the company established a 5 billion yuan industrial fund with Huasing SEG and Huaneng Technology, the leading companies in the two major fields of sponge city and black odor river management. It is mainly used for the construction of sponge city projects and other environmental protection fields in China. The project performance and cooperation have promoted Jiangnan Water into the first echelon of the sponge city and the black river, and embraced the trillion water environment management market. In addition, in 2015, the company increased its sewage treatment capacity by 25,000 tons/day through acquisition, and the sewage business revenue increased by 17.6%. In order to expand the business of hazardous waste, the company has also established a solid waste company, and its performance will grow rapidly in the next three years. It is estimated that the net profit attributable to 16-18 years will be 3.8, 4.9, and 590 million yuan respectively, corresponding to EPS of 0.41, 0.53, and 0.63 yuan, and the compound growth rate will be 30%.
Environmental technology and new materials will be used to promote high-speed trains on the PPP project. The improvement of environmental quality demand and the implementation of PPP mode require more integrated environmental governance. A single business type company seizes the opportunity to gradually transform into a large-scale integrated industrial chain through mergers and acquisitions. Key recommendations: (1) Xingyuan Environment: The company is located in Hangzhou, Zhejiang Province, and the traditional main business is filter press equipment production, since 2014 Since then, it has successively acquired a number of companies such as Zhejiang Dredging, Zhejiang Shuimei, Yinjiang Environmental Protection, Shanghai Hao, Zhongyi Ecology, and Hon Hai Environmental Protection. The business layout has extended to the entire industrial chain of water treatment and has gradually transformed into an environmental comprehensive treatment service provider. (2) Three-dimensional wire: The subsidiary company Xiamen Perting and Formosa Plastics signed a contract price of 11 million US dollars to help the main reason for the high performance of the semi-annual performance. (3) Bosch and Concentration Technology: two environmental technology companies that integrate R&D, design, production, environmental assessment, environmental monitoring and environmental protection, and use local advantages and PPP project promotion to build monitoring, environmental assessment, design consulting, engineering, investment and financing. The entire industry chain of operations.
The new electricity reform and power adjustment were both good and the hydropower performance was strong. From January to June 2016, the national electricity supply and demand was generally loose. The traditional main thermal power generation has dropped significantly, with a cumulative year-on-year decline of 3.1%, and individual provinces have fallen by more than 30%. The second largest source of electricity, hydropower, generated 481.1 billion kWh of electricity in the first half of this year, up 13.4% year-on-year, and continued to perform well. Judging from the average utilization hours of power generation equipment in the country, only hydropower increased by 146 hours year-on-year, and the rest decreased by 194 hours. Comparing the changes in production and utilization of power generation equipment, it can be seen that the state has adjusted the initial effect of power distribution, and the traditional high-energy and high-polluting thermal power is gradually developed to clean energy with low energy consumption, low pollution or even zero pollution. As the second largest source of electricity, hydropower continues to maintain relatively high growth. Benefited from this year's rainy years and the macro-level interest rate downturn, low investment income, and large-scale asset allocation, the endogenous value of hydropower assets with stable returns and low valuations and high dividends increased. At the same time, the new power reform program gives hydropower enterprises a significant advantage in power-supply side power supply and users. They are optimistic about the mainstays of local power plants, distribution networks, and large power users in the reform pilot area. The key hydropower standards are: Guiguan Power, Wuyuan Power, Guang'an Aizhong, Shenzhen Gas, Yangtze Power and Wenshan Power.
Investment Advice
In terms of environmental protection engineering and service sectors, leading enterprises in solid waste, hazardous waste and sewage treatment platforms have gradually emerged. At the same time, the sponge city construction boom kicked off, and the PPP project promoted the prevention and treatment of water pollution. In terms of the power sector, the new electricity reform and power adjustment are both good and the hydropower performance is strong.
Dongjiang Environmental Protection, Enlighten Sander, Indigo Environment, Snow Wave Environment, Jiangnan Water and Wuyuan Power are recommended. (Guojin Securities Su Baoliang)
3, computer industry weekly report: the Internet of the wind will be autonomous controllable application software
This week's focus: car networking, military information (including information security and control); car networking: [Solo shares], [Gaohong shares]; military information: [Jisei technology], Phoenix optics, long-term Yinhai , Fetion letter; network security: [Qi Xing Chen], NSFOCUS, Weishitong; independent control: [UF network] (new transfer), [Hande information], [Great Wall Computer & Great Wall Information], [Taiji shares] , [Oriental], [Chinese Software]
As of July 24, 2016, there were 125 companies that had disclosed the performance forecast. The upper and lower ranges of the overall net profit growth rate of the industry were 65.5% and 33.9%, respectively, with an average growth rate of 49.7%, compared with the full segment of the same period last year. The growth rate of % has increased significantly. However, the industry differentiation is serious. Specifically, there are 38 companies with a year-on-year decline in performance, accounting for 30%; 47 companies with a year-on-year growth of 0-50%, accounting for 38%; 40 companies with an increase of more than 50% year-on-year. Compared with 32%; 26 of them increased by more than 100% year-on-year, accounting for 21%. We expect the main reason for the increase in performance is that the outreach of M&A will gradually drive the performance of listed companies to grow steadily. In the future, this will still be the main kinetic energy of the industry's performance growth. However, due to the tightening of M&A policies, the computer industry companies have shown a declining elasticity. The overall growth rate of the follow-up industry may fall. Continue to recommend companies with outstanding performances such as Felix, Taiji, Gangtai Holdings, Dongfangtong and so on. The Ministry of Industry and Information Technology said that the research on the "Intelligent Networked Vehicle Development Technology Roadmap" has been basically completed and is ready to be released in August. The gradual improvement of the top-level design will clear the obstacles to the development of the industry. Focus on Suo Ling shares (ADAS and smart driving), Venus Chen and NSFOCUS (the safety of the Internet of Vehicles is related to life and property safety, the urgency is more than the safety under the traditional IT environment, the safety investment of the car network will be synchronized with the development of the car network Rather than lag; in addition, the safety investment of the Internet of Vehicles is directly linked to the number of vehicle terminals, rather than the number of LANs in the traditional IT environment, the future space is huge), NavInfo (map navigation and chips). In addition to the Internet of Vehicles, we continue to recommend information security and event catalyzed military informationization. Previously, the market's awareness of the controllability of information security was mainly in the direction of basic software and hardware, and the application software was expected to be low. However, large-scale application software such as ERP is the nerve center of enterprise informationization, which can collect data from many aspects of the enterprise. Therefore, the autonomy of ERP is imperative, and we expect that the policy and progress will exceed expectations. Judging from the listed company's statements, UFIDA's revenue growth rate in the first quarter of this year reached 19.2% and re-ranked double digits, reversing the situation of stagnation in the past two years, and confirming the independent and controllable advancement.
In August, the Ministry of Industry and Information Technology will release the roadmap for the development of intelligent networked car technology. Intelligent driving will usher in a good opportunity for layout. Near the mid-term report period, the companies with outstanding performance will receive excess returns, focusing on Feilixin, Gangtai Holdings, NSFOCUS, Huayu Software, Straight Flush; We believe that the blockchain is expected to be the most attractive investment opportunity for this year's sector, followed by the event-catalyzed military informationization, and the IoT industry chain with accelerated standardization and continuous Internet medical treatment. (Soochow Securities Hao Hao)
4, the media industry weekly report: VRAR will become ChinaJoy protagonist Fintech consumer financial space
Investment points:
Industry view: We continue to recommend the VR/AR sector this week and invite investors to continue to focus on the Fintech sector:
1) miniStation was released on July 18th by Tencent and Skyworth, and shipped at the same time; pay attention to Taobao “Creation Festival†and this year's ChinaJoy catalyzed VR industry investment opportunities. According to the sales situation of Jingdong, we judged that the sales volume is good, Jingdong received rave reviews, and it is recommended to continue to pay attention to the subsequent miniStation sales, APRU, user activity and other data to be verified. In addition, Skyworth's miniStationVR version, which will be launched on the Shenzhen Stock Exchange interactive platform, will be a mobile form of information. We believe that the split design breaks the hardship of most good experience VR devices can only sit or experience in a small space, the content form has more possibilities, and is expected to be supported by developers and users. The LBS+AR model has great potential and focuses on the launch of similar domestic models in games and marketing. Last week, Taobao "Creation Festival" and next week in ChinaJoy, VR / AR became the protagonist, e-commerce, games, film and other applications have been linked to VR / AR and a wide variety, VR / AR application products accelerating, user awareness Constantly improving.
2) The development of AR is accelerating. We publish the In-depth Report of Augmented Reality (AR) Industry: Beyond Reality and Reshape the World. Last week, we released the AR industry in-depth report, systematically expounding AR types, display principles and application areas. Due to the popularity of PokemonGo, the general user's awareness of AR will accelerate the recognition and market base of AR among ordinary users. AR is expected to accelerate its consumption level or B2B2C level in the field of pan-entertainment, complying with “industrial applicationsâ€. “Specific vertical industry†goes to “personal life assistants in specific scenarios†to “general evolutionâ€. In addition, we propose that the current VR and AR do not actually conflict, because the AR image can be run through the video-based AR rendering technology, and the VR and AR fusion is natural. Focus on the possibility of mobile VR products in the use of AR content.
We recommend forward-looking AR/VR industry to benefit from rapid development of the industry and user awareness, and the high-quality products of Lianchuang Optoelectronics (600363.SH), Skyworth Digital (000810.SZ), Xunyou Technology ( 300467.SZ), Palm Share (002431.SZ), Meisheng Culture (002699.SZ), Aofei Animation (002292.SZ), Lingnan Garden (002717.SZ), GQY Video (300076.SZ), Hengxin Mobile ( 300081.SZ), Shunwang Technology (300113.SZ).
3) Re-emphasize Fintech's investment opportunities, focusing on consumer finance targets. We re-emphasize Fintech's investment opportunities. The improvement of the quality and quantity of big data, the increase of awareness of enterprises and governments, and the onlineization of data mean that the application of big data has ushered in a new round of realizable period, and the most potential application area is the financial field. In the field of consumer finance, Fintech has solved the financial needs of long-neglected long-tail customers for financial institutions. The new blue ocean of finance has gradually emerged. The accurate data of banks with a large number of customers has not been utilized, and the gradual release of future data will bring huge profits. space.
Connite (300061.SZ), which focuses on the field of consumer finance, recommends focusing on Xoceco Electronics (600870.SH). In addition, continue to recommend Liou shares (002131.SZ), Keda shares (600986.SH), Zhejiang Furun (600070.SH).
In summary, maintain the industry's "recommended" rating.
risk warning:
1) Industry competition risk; 2) Macroeconomic risk; 3) Risk of failure of related target mergers and acquisitions; 4) Major policy changes in the industry. (Guohai Securities Kong Lingfeng)
5, smart car series industry comment report 12: smart car technology development roadmap will release smart + network joint force
1 event.
Wei Weizhen, Director of the Automobile Division of the Ministry of Industry and Information Technology, pointed out at the "2016 Automotive and Information Communication Integration Development Forum" that the intelligent network development vehicle development technology roadmap has been basically completed and is ready for release in August.
2 comments.
ADAS+ car network = intelligent network car, speeding up.
The Director of the Automobile Division of the Ministry of Industry and Information Technology pointed out that the overall promotion plan for the development of intelligent networked vehicles will be released soon. Some policies and measures will be promoted together, including: 1) The intelligent networked vehicle standard system plan has been completed to solicit opinions; 2) apply for the establishment of intelligent networked car sub-technology The committee will jointly develop refinement standards; 3) accelerate the development of specific standards for information security such as intelligent assistive technology; 4) and the Ministry of Public Security is also studying and formulating the specifications for the intelligent roads for public roads, and the models that meet the requirements in the future can be tested on the road. Technological advancement has forced the regulations to be liberalized, and the policy has been gradually improved from the overall planning to the detailed project. We believe that the Advanced Auxiliary Driving System (ADAS) will be the first, and the vehicle networking (V2X) will jointly achieve unmanned driving.
The test base has more blossoms, accelerating the breakthrough of intelligent driving software technology.
In the construction of the vehicle intelligent network test base, the Ministry of Industry and Information Technology actively promoted the construction of the Shanghai Intelligent Network Linked Vehicle Demonstration Zone, and officially opened the park on June 7 this year. After the opening of the Shanghai test base, the test bases of various regions blossomed more and more, showing an increasing trend. . The Intelligent Vehicle and Smart Transportation Innovation Demonstration Zone is an important cross-border platform for the Ministry of Industry and Information Technology to promote “Made in China 2025â€. The demonstration areas currently awarded by the Ministry of Industry and Information Technology are Beijing (co-constructed with Hebei), Shanghai, Zhejiang and Chongqing, Shenzhen, Changchun and Wuhan. Other cities are also reporting. Shenzhen and the University of Michigan have reached a cooperation to build a driverless demonstration base; Baidu has built its own driverless test base in Wuhu and Wuzhen tourist attractions in Zhejiang; BAIC and the Honghe Beach scenic spot in Panjin City have jointly built an unmanned driving experience project. With the advancement of the technology of intelligent networked vehicles, the testing of different simulated road conditions of automobiles will accelerate the realization of technological breakthroughs in intelligent driving software and promote industrial upgrading.
The Advanced Assisted Driving System (ADAS) first, plus the Internet of Vehicles (V2X) will work together to achieve driverlessness.
In the process of driving, intelligent networked vehicles not only need to achieve intelligent driving, but also interact with the surrounding environment, vehicles and road conditions in real time; therefore, the combination of bicycle intelligence and network connection has become the technical route to realize intelligent networked vehicles. Cycling intelligence mainly relies on Advanced Auxiliary Driving System (ADAS) to gradually improve vehicle intelligence. Bosch, Continental and Delphi have begun to provide reliability products for high-end vehicles with an industrial base. The intelligent network connection vehicle development technology roadmap to be released by the Ministry of Industry and Information Technology in August is expected to accelerate the unification of the V2X communication standard and eliminate the biggest obstacle to V2X promotion. In addition, the rapid promotion of 4G network and the breakthrough of 5G network communication technology, V2X ushered in the turning point of industrial transformation.
3 investment advice.
This year is a smart car year, focusing on smart cars (increase in bicycle intelligence) in the first half of the year, and focusing on smart cars + car networking (V2X) in the second half of the year. Global technology advancement + regulatory improvement + Internet enterprise promotion + vehicle enterprise acceleration, smart car will remain the key investment direction in the future. Suggested attention to the combination: intelligent [Top Group + Shuanglin shares + Wanan Technology + Asia Pacific shares], networked [Ningbo Gaofa + Suo Ling shares + Wei Di shares + Gao Hong shares].
4 Risk warning: The policy landing situation is less than expected, and the industrialization process is lower than expected. (Guojin Securities Cui Wei)
Institutional analysis: Hotspots and stocks on Tuesday (with stocks)
1. Cultural and educational entertainment industry: policy dividends continue to be good as the next big industry continues to develop