June 1St Stock Quintessence: The Third Largest Shareholder Of Sha Sha Shares Lifted The Pledge Announcement.

　　 1. Announcement review: Xishui shares (600291) participate in Tianan insurance to increase investment income.

Event: the company announcements are about to subscribe to 350 million shares issued by Tianan insurance company, with a price of 1 yuan per share.

Analysis:

1, Xishui is a cement building material enterprise located in Wuhai, Inner Mongolia. In 2009, the company achieved operating income of 683 million yuan, an increase of 20.71% over the same period, a net profit of 357 million yuan, and a net profit of 95 million 506 thousand yuan after deducting non recurring gains and losses, an increase of 1230.17% and 310.8% respectively over the same period last year.

2, the company's performance growth in 2009 is not only due to the profitability of the cement business, but also due to the sale of shares held by Societe Generale Bank. The company owns 76 million 106 thousand and 700 shares of Societe Generale Bank and its shareholding ratio is 1.52%. In 2009, the company's investment income was 379 million 826 thousand yuan, accounting for 90.52% of its operating profit, up 1254% from the same period last year, partly from the sale of 8 million 874 thousand and 200 shares of Xingye Bank, earning 345 million 100 thousand yuan, and the other part from 34 million 248 thousand yuan from dividends.

3, the company's participation in Tianan insurance is reasonable, and if Tianan insurance is listed, it will bring huge returns to the company.

4, the company's current stock price corresponds to 10, 11, 12 year earnings ratio is 26, 22, 16.8 times, slightly higher valuation, it is recommended to pay attention to the company's share trading opportunities brought by financial companies. (Duan Xiaoxiong)

　　 Two), announcement review: Yue Fuhua (000507) new shareholders + + interim results

Event: the first largest shareholder of the company, the state-owned assets supervision and Administration Commission of the Zhuhai Municipal People's government, transferred the 56568194 shares of the company's shares to Zhuhai port holding group Limited by Share Ltd without charge, and completed the transfer of state shares. The state owned assets supervision and Administration Commission of the Zhuhai Municipal People's government no longer directly owns shares of the company, but is still the actual controller of the company. The Zhuhai port holding group Limited by Share Ltd holds 56568194 shares of our company, accounting for 16.40% of the total share capital of the company. It is the largest shareholder of the company, and the shares are tradable shares with unlimited sale conditions. The company expects net profit of 70 million yuan -9000 million yuan in June 30th -2010 in January 1, 2010 to achieve losses.

Analysis:

1, according to the announcement of the previous period, the new shareholder Zhuhai port group will join the company in the next 12 months, and will accelerate the transformation of the main business in the next 12 months, make full use of the advantages of Zhuhai port's investment, construction and operation entities, make use of the existing project reserve resources, actively promote the integration of internal and external elements, and create the company as a "first-class port logistics operator, a comprehensive developer of port real estate and a power energy investor". The three major industrial development platforms of Zhuhai port practice companies, Zhuhai port logistics companies and power companies have been completed, and the non leading industries that have lost their independent development advantages will be introduced steadily and orderly, and the situation of the original main business of the company is not changed, and the subsequent growth will be exhausted.

2, the company's 45% stake in Wuhan beacon Fuhua optoelectronic project is based on the photoelectric transformer and digital substation industry. At present, it is still in the development stage, and the prospect of smart grid is broad. The Zhuhai liquefied natural gas (LNG) project with a share of 3% will become a new profit growth point of the company's power and energy sector, and it is expected to bring 40 million yuan investment benefit to the company every year.

3. The reason for this announcement is the loss of profits in the medium term. The reason is that the Zhuhai BP Chemical Co., Ltd., which shares 15% of the shares, has allocated 2009 profit. The company has confirmed the investment income by 93132870.90 yuan in nominal proportion, and in turn, it has lost its nominal business.

4, a simple estimate, the company's 2010-2012 year dynamic price earnings ratio is 23 times, 12 times and 9 times, the valuation is not high. (Luan Liping)

　　 Three), bulletin commented: Zhonghe electrical and mechanical (000925) drew up an additional fundraising fund of 590 million yuan.

Events: the company's board of directors adopted a non-public offering of shares.

Analysis:

1, the issuance price of the non-public offering stock is no less than 15.99 yuan / share, and the number of non-public offering stocks is no more than 40 million shares, and it is intended to raise 590 million yuan in fund raising. The total investment of the three projects totals 631 million 450 thousand yuan, namely, the supplementary operation of the rail transit project operation fund, 337 million yuan; the rail transit signal control system research and development project, 60 million yuan; Huaneng Hunan Yueyang Power Generation Co., Ltd. three phase 2 * 600MW unit flue gas desulphurization project special operation project, 194 million yuan.

2, at present, the main source of revenue of the company is monocrystalline silicon and its products business and rail traffic signal system. Hangzhou Haina Semiconductor Co., Ltd., which owns 97% of the company, has over 30 years of experience in silicon single crystal and silicon wafer production, and is one of the largest manufacturers of semiconductor silicon materials in China. The existing production capacity is silicon single crystal 60 tons / year, silicon grinding piece 6 million pieces / year. Rail transit business has gained 70% market share in 07 years, and the market share of 08 years and 09 years is about 20-30%. 2010 and 2011 will be a peak period for performance release.

3, the company's focus is the performance commitment of the two assets. Net new group commitment net new electromechanical 2010 net profit of not less than 48 million 76 thousand and 600 yuan. When the standard is not up to date, the net new group is chasing cash 10 million yuan. If 2009-2011 years, the total profit of the combined track is less than 24 million 715 thousand and 700 yuan, it will be supplemented by cash. Considering that this performance commitment has non regular and non-public issuance uncertainties, it is not for the time being to evaluate the company. (Zhang Shengguo)

　 Four), announcement review: Fenghua high tech (000636) incentive plan notice

Event: midterm incentive plan announcement for senior management of company

Analysis:

1, the company is now the largest scientific research, production and export base for new components, electronic components manufacturing equipment and electronic basic materials in China. It is one of the world's eight blockbuster manufacturers, and China's top 100 electronics enterprises.

2, the company extracts the incentive bonus calculation method: first, when the company's annual net asset yield is below 6%, the corresponding net profit is the benchmark of net asset return rate of 3%, the annual net profit is higher than the benchmark number, and the annual net profit is higher than that of the previous year. 8% of the increase in the net profit base of the year is incentive bonus, which is included in the current cost. Second, when the annual net asset yield reaches 6%, 5% of the net profit of the year will be incentive bonus. If the annual net asset yield should be increased by 1%, the incentive bonus ratio can be increased by 1%. When the annual net asset yield reaches or exceeds 9%, the 8% of the net profit of the year is extracted as incentive bonus, which is included in the current cost. The company's net asset return was 3.14% last year. Therefore, we believe that the incentive measures of senior management will help improve the efficiency of the company and make the company's net assets earning potential reach its potential level.

3, the company's current stock price corresponding to 10-11 years of net assets yield is 45 times, 38 times, the valuation is high. (Yu Ningbo)

　　 Five), bulletin comments: friendly group (600778) purchase assets

Event: goodwill group announced the purchase of assets.

Analysis;

1, the company intends to purchase the commercial property in the 1 District of Yuet yuan 1 building, 313 Aletai Road, Sha ybuck District, Urumqi (hereinafter referred to as the "project"), and set up a large supermarket (hypermarket) to meet the one-stop shopping needs of consumers. The total area of the project is 12012.69 square meters, the unit price of commercial housing is 5500 yuan / square meter, and the total price of commercial housing is RMB: 66069795 yuan. The total investment of this project is estimated to be 99 million 373 thousand and 500 yuan, including: (1) the purchase cost of property and the relevant taxes and fees are 69 million 373 thousand and 500 yuan (including: 66 million 70 thousand yuan in housing and 3 million 303 thousand and 500 yuan in taxes and fees); (2) re investment of 25 million yuan to meet the needs of commodity management (including: 15 million 599 thousand and 800 yuan for basic repair of business premises, 8 million 772 thousand yuan for equipment and facilities, 628 thousand and 200 yuan for electronic equipment); (3) working capital: 5 million yuan (including: 4 million yuan in supermarket, 1 million yuan in food and beverage). Before the profit of this project, it will have a certain impact on the company's profits. With the maturity of the project, the project is expected to become a new profit growth point for the company.

2, the company as a leading commercial enterprise in Urumqi, the subordinate supermarkets belong to the supermarket store under the "department store + supermarket" format. At present, there is no specialized supermarket store on the scale. The Yueyuan friendship Supermarket Project of the Jia He Yuan will continuously optimize the business chain management mode of the company, so that the company will gradually develop from a single format operation to a multi format business mode, such as supermarkets, warehouses, convenience stores and professional stores, and further enhance the market competitiveness of the company. It is estimated that the dynamic P / E ratio of the company in the past 2010-2011 years is 29 times and 20 times respectively, and the valuation is basically reasonable. (Jing Jun Shi)

　　 Six), announcement review: China Haicheng (002116) light group steering, light sail design

Event: the China Light Industry Group, which is directly holding and holding the wholly owned subsidiary of Haicheng general hospital, which is directly held and held by the China Light Group, deducts the requirement to transfer the shares held by the social security fund (a total of 2483913 shares, accounting for 2.18% of China's total capital stock), according to the provisions of the implementation measures of the domestic stock market to transfer some state-owned shares to enrich the National Social Security Fund ([2009]94), all of which are held by the China Light Group (a total of 61919933 shares, accounting for 54.32% of China's total share capital).

Analysis:

1. China Haicheng's main business is engineering consulting, engineering design, supervision and engineering contracting at home and abroad. China Haicheng is one of the largest joint venture engineering and technology listed companies in China, which provides engineering consulting, design, supervision and procurement, construction, training, driving and other general contracting services. It is the vanguard enterprise of light industry engineering consulting and design industry in China, and has always been the leading position in the light industry construction field nationwide.

2. the main business of China Light Group is: the development and application of light industry raw materials and products; domestic and foreign light industry and related engineering general contracting and engineering planning, consultation, design, construction, supervision and technical services; light industry equipment R & D, manufacturing, sales and services; international economic and labor cooperation, import and export trade, exhibition and industrial investment.

3. China Haicheng, as one of the six major business segments of the China Light Group, is the core business of the engineering service sector, playing a vital role in the development of China light group. The adjustment of the two level enterprise direct management is conducive to the rapid development of the main business and the implementation of the strategic plan after the reorganization of China light group. (Lin Qiaosong)

　　 Seven), bulletin commented: Radio and television media (000917) share company Gem

Event: broadcast media (000917) announcement, approved by the Securities Regulatory Commission of the SFC, the Xi'an Dagang Road Mechanical Limited by Share Ltd (first round) was approved by the company.

Analysis:

1, the Shenzhen subsidiary of the radio and television media Co., Ltd., Dagen, Xi'an, holds 4 million 900 thousand Limited by Share Ltd shares, accounting for 10% of the total share capital issued by the company in Xi'an. Xi'an Dagang plans to issue no more than 16 million 350 thousand shares, and the total share capital after issuance will not exceed 65 million 350 thousand shares. Prior to the issue, earnings per share were 0.94 yuan in 2009 and 2.76 yuan in net assets per share. According to the price earnings ratio of 50 times after issuance, the issue price is expected to be around 35 yuan. The market value of the Guangzhou Media Holdings will reach about 170 million yuan, and the value of the EPS will be about 0.42 yuan.

2, the company's wholly-owned subsidiary of Shenzhen, Da Chen venture (registered capital of 100 million yuan) has been appraised as the "top 50 Chinese venture capital" by the authority for 8 consecutive years since 2001. Up to the end of 2009, the total investment of 59 projects has reached 59. 80% of the enterprises have reached the listing standards of domestic small and medium board or gem. At present, the company investment projects have already been listed on the gem and small and medium-sized boards, and nearly two companies have passed the initial trial of gem, so they have become a big winner in venture capital.

3, the company has three major branches of advertising, programming and network. Relying on the resource advantages of the seven major media in China Hunan TV, the company has hundreds of millions of TV audience groups and about 3000000 cable TV users in Hunan province. Among them, the number of digital TV users has reached about 2000000, forming the core competitiveness of the company's business.

4, in the short term, the company is in the stage of strategic transformation, and the main body of performance contribution will still be the investment income from venture capital business. At present, the dynamic P / E ratio in the 2010-2011 years is about 60 times and 50 times higher than that of the latter. The company's theme investment opportunities come from the pilot list of triple play. (Li Jinlong) {page_break}

Stocks risk warning

　　 1. ST Jinding is facing bankruptcy risk of reorganization.

Sichuan Golden Summit (Group) Limited by Share Ltd issued a risk warning notice.

ST Jinding (600678), which is engaged in the production of cement and building materials, has made progress on the company's recent operation and the progress of the related matters, and the progress of the clearing of the capital occupied by the controlling shareholder of Warren Group Co., and the notice of risk warning. As of December 31, 2009, the guarantee amount provided by Zhejiang Dadi Paper Group Co., Ltd., Warren Group Co., Ltd., Fuyang stork Hill cable wire Co., Ltd. and Panzhihua state owned assets investment and Operation Co., Ltd. were 131 million 650 thousand yuan. As of December 31, 2009, the occupied balance of Warren Group Limited and other related parties was 71898119.76 yuan. The creditors of the company have applied to the Leshan intermediate people's court for reorganization of the company. There is great uncertainty about whether the company's application for reorganization is accepted by the court and whether the company has entered the reorganization process. Even if the court accepts the reorganization application, the reorganization of the company will not be successful, and it will face bankruptcy liquidation directly. (Duan Xiaoxiong)

　 Two) Tung Jun Ge shareholder reduction notice

The company is an old Chinese medicine enterprise and its main business is medicine and Commerce (Shenzhen Trading Code: 000591). Last night, the company announced that the company's shareholders Taiji group from April 1st to May 3rd, through the centralized auction trading way to reduce shares of the company's 1 million 999 thousand shares, accounting for 1.02% of the total share capital. After this reduction, Taiji Group's share of Tong Jun Ge shares decreased from 53.42% to 52.40%. Previously, Taiji group sold 2 million 600 thousand shares of Tong Jun Ge stock in Chongqing from two to 2 million 600 thousand this year, accounting for 1.3% of the total capital stock of Tong Jun Ge, earning 28 million 860 thousand yuan, and the initial cost of this part of the stock was 2 million 700 thousand yuan. In January 20th, Large shareholders reduce shares of the company, indicating that industrial capital believes that the value of the company has been overestimated. Investors should pay attention to the risk of excessive cold. (Yu Ningbo)

　 Three), sun share holding company.

Sunshine stock company's main residential development and commercial real estate holding business, the strategic goal is to become China's leading commercial real estate group (Shenzhen Trading Code: 000608). The company's third largest shareholder, the Limited by Share Ltd, from May 14, 2009 to May 31, 2010 through the centralized auction trading mode, reduced the company's share of 5598697 shares, accounting for 1.03% of the total share capital. After this reduction, the company still owns 25678803 shares of the company, accounting for 3.42% of the total share capital. At present, the valuation of the company is not high, and the reduction of large shareholders should avoid the risk of real estate regulation. Considering that the shareholder still has more shares, the possibility of continued reduction may continue. Investors should pay attention to reducing the risk. (Luan Liping)

　 Four), Changyuan group was reduced by shareholders.

Changyuan group issued a notice of shareholder reduction.

Changyuan group Limited by Share Ltd received the second largest shareholder, Huarun Shen Guo Trust Co., Ltd. (hereinafter referred to as Huarun Shen Guo investment) in May 28, 2010. It sold 487951 shares of the tradable shares of the company through the Shanghai stock exchange system from April 21, 2010 to April 28, 2010, accounting for 0.226% of the total share capital before the company was transferred. From April 29th to May 28th, the company sold 3225584 shares of the tradable shares under the Shanghai stock exchange system, accounting for 0.747% of the total share capital of the company, and 4310000 shares of the tradable shares under the block trading system of Shanghai stock exchange in May 28, 2010, accounting for 0.998% of the total share capital of the company.

After this reduction, Huarun has sold 8023535 shares of the company, accounting for 1.86% of the total share capital of the company, and holding 63187026 shares of the company, all of which are tradable shares with unlimited sale conditions, accounting for 14.63% of the total share capital of the company. It is estimated that the dynamic P / E ratio of the company in the past 2010-2011 years is 31 times and 24 times higher than that of the company. We need to guard against the risk of shareholders continuing to reduce their holdings. (Jing Jun Shi)

　　 Five), the release of the shares of the third largest shareholder announced that the pledge announcement

The third largest shareholder of the company has lifted the pledge of 5 million shares.

Sichuan's Cmi Holdings Ltd (Shanghai market code: 600137) the third largest shareholder, Shanghai Derun Investment Co., Ltd. (hereinafter referred to as the "company") tells the letter that the company holds 5 million shares of RMB common stock A shares and pledged to Zhongyuan Trust Co., Ltd. (see Shanghai Securities News August 22, 2009 and Shanghai stock exchange website announcement), and has all lifted the pledge. In May 28, 2010, it registered 5 million shares in the China Securities Depository and Clearing Co., Ltd. Shanghai branch. Investors should be vigilant against the risk of stock price reduction.