Conditions for the purchase of non-public A shares
[Summary of the research report] Cinema operations have basically returned to normal. In terms of the increase in the concentration of head films, the current domestic cinema operations are basically close to normal. We believe that this year’s National Day box office decline is mainly due to the 75% restriction on attendance caused by the epidemic: this year’s number of movie viewers decreased by 17% year-on-year to 92 million people, basically in line with the box office growth rate; while ticket prices remained the same as the same period last year . However, as a whole, the recovery rate of domestic theaters has reached 90%. Under the premise that domestic epidemic control continues to be stable, the overall resumption of the film industry is basically close to normal. Therefore, the subsequent market performance still lies in the supply and rhythm of high-quality films. The concentration of film box office continues to increase, leading to differentiation in the upstream of the industry. From the perspective of box office performance, the market share of the head films of the National Day in 20 years has continued to increase. As of October 7, "My Hometown and My Hometown", "Jiang Ziya" and "Win the Championship" single films have accumulated more than 3 billion yuan in box office, accounting for more than 90% of the box office of National Day stalls. The trend of increasing concentration is very obvious, so we It is believed that this phenomenon will continue to drive the upstream production-distribution industry chain of the industry to further integrate, and the trend of the strong will be inevitable. Downstream film investment also experienced increased concentration. From July 20th to October 7th, the national box office revenue totaled 9.7 billion yuan. The top 3 market shares of film investment companies were Wanda Cinemas (002739), Dadi Cinemas and Hengdian Cinemas, respectively. 17%, 3% and 2%, compared with the same period last year increased by 8%, 0.5% and 0.2% respectively, the trend of increasing market share is obvious. We believe that the effect of the epidemic on the differentiation of downstream theaters is continuing to show, so the concentration in this field will also be steadily increasing. To sum up, we believe that the overall performance of the National Day box office in 20 years is in line with expectations. The overall operation of the film industry is close to normal. The follow-up box office performance needs to observe the supply rhythm of popular films; in addition, the overall concentration of the industry is continuously increasing. Trends, it is recommended to pay attention to leading companies with competitive advantages in the upstream and downstream sectors of the industry. In summary, we continue to maintain a favorable investment rating for the industry, and recommend leading compConditions for the purchase of non-public A sharesanies in the industry, Guangguang Media (300251) (300251), Movies (600977) (600977), Wanda Movies (002739), and Movies (601595) (601595). Risks indicate a downturn in the macro economy; major industry policy changes, epidemic control risks, film supply falling short of expectations, and popular films box office falling short of expectations.
From the perspective of institutional attention, CATL has been recommended by 24 brokerages in 32 research reports within one month. The highest target price is 295 yuan/share, and the lowest target price is 243 yuan/share, as of the close of November 2 , CATL’s stock price has exceeded 260 yuan per share, and today’s rise is over 5%.
On the evening of January 20th, Feilo Acoustics (600651) announced that it is expected that the net profit attributable to shareholders of listed companies in 2019 will be a loss of approximately 17.4 billion yuan. At the same time, the net profit in 2018 has already lost 3.3 billion yuan. The Listing Rules stipulate that company stocks may be subject to delisting risk warnings.
On June 23, the settlement will send a final confirmed list of dormant accounts from the brokerage firm, and we will perform dormant processing of the securities accounts involved in the counter system based on the list. The general manager of the brokerage business department of the aforementioned securities company to be listed stated that the dormant accounts will not be allowed to trade on the trading system from the next trading date, which is next Monday.
According to the announcement, the FTSE flagship index FTSE Global Equity Index Series (FTSE GEIS) has newly included 88 A-shares this time, and 53 selected stocks have been reclassified based on the latest market value changes, and 1 stock has been removed from the micro-cap. The above changes will take effect before the market opens on March 23.
On the eveningConditions for the purchase of non-public A shares of January 30, Beijing Culture (00080SZ), which has been promoted to the upstart of film and television with a 48.8 billion yuan hit movie "Wandering Earth", released its 2019 annual performance forecast. The company expects a loss of 1.5 billion to 2.5 billion yuan in 2019.
In September, the Fed's sixth Federal Open Market Committee meeting in 2019 decided to lower the target range of the federal funds rate by 25 basis points to 75%-00%. This is the second interest rate cut by the Fed this year. The last interest rate cut took place in August.
On May 20, the China Banking and Insurance Regulatory Commission announced that after review, it agreed to transfer the 289.6 billion shares of People's Insurance Group Co., Ltd. held by the Ministry of Finance to the National Council of Social Security Funds, requiring PICC to go through the procedures for changes in accordance with relevant regulations.