also said gao hua securities market external

Continuous Orient securities and the launch report, also said gao hua securities market external expansion promising songcheng shares the huge potential. Among them, the Orient securities "tianya everbrighten city" in sanya is expected to start in 2012, MBT Fumba. while in hainan middle exemption "policy stimulus" islands, the future is expected to sanya tourism person-times conservative estimate will substantially increase the project 2012 will attract tourists 400,000, 120 yuan per capita effective fares, a new company income project 4800 yuan. In addition, still in its quarterly songcheng shares, the future will emphasize in the domestic first tourist destination through investment or purchase staged several machines market influence way bigger tourism culture, performing arts business model to achieve the company further copying and expansionmbt uk sale of the market and have huge for imaginary space. The above two brokerages are given the "buy" rating.

Besides songcheng shares, wide concern and lijiang tourism (there were five 002033), recent home to the stock brokers out the olive branch. Among them, the first venture in lijiang tourism acting this "cable + unique combination of double sword," business model is very promising.

The first venture forward, firstly, grind quote yulong lijiang tourism is the monopoly operator, cable service after completion of cableway transformation, large current capacity increased 3 times, to 1,200 people/hour, this effectively promoted assets effectiveness and tourists around efficiency, make one day become possible. Two gambol cableway The first venture is expected, 2011 3 aerial ropeway tourists will refresh historic highs, the income scale year-on-year growth of 95%; The tourists into cable take rate is expected to over 100% in 2013, 8 years MBT Kamba of cableway not change in 2012 return ticket prices may rise, upward rate in appeared around 20%.

In addition, impression · lijiang is the most excellent snow-capped mountains the ac mastery of assets in 2009, one of its more than 74 million yuan, lijiang tourism will be injected new profit growth point, its as classic tourist routes, and an important part of the xixi everglade attendances, individual performances are still specific gravity and effective fares scope to raise.Christian Louboutin Evening Sale, The first venture is expected to increase attendance in 2011 will scale than 75% and income 2 billion yuan, holding 51% of equity income more than 4,000 yuan contribution. Based on this, the first venture give lijiang tourism 41 ~ 43 yuan target price for the company, and long-term and stable development, give "strongly recommend" rating.

But also mount emei 000888), phase A (it is 600837) and (haitong securities people's livelihood securities.

Haitong securities think, emeishan already the number of visitors from A low in 2008, and fully out of the traffic conditions to improve, the data will also under stable growth. In addition, since the last 6.164million adjust to spare, and is now three years with prices conditions, also will cable arrive in 2012. Time window prices Under various expected, haitong securities expects the shares its 2011 earnings per share for 0.55 yuan, profit growth to about 15%, operating current share price relatively reasonable, considering the future more, give "catalystTory Burch Sandals, immediately" rating.

In addition to the individual stocks outside, another 3 only nominated 3 only tourism shares dad-will combing weapon, including brokers of capital securities "recommend" 000978), guilin's tourism (joint chanted "buy" huatai of CITS (601888), tory burch online and days despite secretly "immediately" congenial 000802 tourism (Beijing).

Many factors affect audit schedule

He said, in "deregulation, strengthening the supervision of" MBT Fanaka principle, regulators have been in optimizing the approval process, but the length of time, audit procedures mainly depends on the speed of the enterprise reply feedback. As for the specific time, each enterprise is different, there may soon may also slow down a bit.
The chief says, from the current practice, gem watch from the cycle of accepting to issue for four months, affects the normal review progress main there are several important matters: a report is to take cues, currently require mbt shoes usa verification report from rivals mainly related to patent reports, financial information report; 2 it is must answer very seriously, a lot of feedback is may be inform against problem; A third is enterprise centralized declaration, wait in line when there. Meeting
The chief advice, issuers and the sponsor to shorten the audit time, hope sponsors get feedback after the initiative and the personnel communication, avoid by all means of many many times feedback, avoid by all means is squeezed on MBT Shuguli communication, feedback to reach the designated position, in principle, don't verbally feedback.
He also suggested that, feedback comments should be answered the question for don't have complete, secondary feedback. For audit save time, feedback comments can partial implement, such as requirements of the government not to subordinate supplement, can will other opinion first reply.

market rumours write-downs to impose capital gains tax

Bad rumours "Fried fall" B a-shares "accompany behead" by four even Yin
Yesterday (April 27), in the grail was already down for 3 consecutive days under the background of the expected rebound, investors in fast-changing, however, eventually but afternoon composite index were four even Yin. Speculation by multiple bad B shares markets yesterday, dragged down by first launched diving, B shares index plunged 7.5%, also once directly drag a-share market plunged in the afternoon.
Analytic personage points out, cause the vibrations substantially yesterday market are the main factors which caused many bad rumours raid.
B shares diving cause rebound failure. Market
Tuesday (26 April) after the markets closed, investors to the expected rebound developed grail enhanced, so yesterday morning, market present high jump empty open situation. The Shanghai index 2954.22 points with high open, gradually concussion uplink, after rising 2960.18 points to the plate.
However, B shares market yesterday afternoon with gradually increasing, especially in fall when, after 14 B shares index suddenly plunge, just 20 minutes, more than 10, crash 7.5% only B shares encounter drop stop, this directly drag a-share market, the Shanghai index fell rapidly once 2907 point 30 points to drop nearby. B shares index plunged to 14 didn't appear when 19 points, A shares rebounded reason more late to 14 didn't appear when 44 points with rebound. Eventually the Shanghai index fell 13.57 point, drop 0.46%. Shanghai yesterday from volume, volume and see only on Tuesday rather, clinch a deal 1165 billion yuan. So, the Shanghai index has already suffered since last Friday, four even Yin.
Four bad speculation without spectrum dense bombing most
Originally, but axon market is expected to rebound by B shares tumbled, MBT Fanaka remarkably, the day yesterday, bad rumours and mainly concentrated bombing in B shares market.
Bad, is an international board launched one of the calls, and up is rumored to have more international board, and the draft released or future international giant HSBC, this makes currently listed in Shanghai B shares market, so big discounts by charm of foreign selling; Bad another, is the speculation says the fed QE2 (second round to end quantitative looser monetary policy), then led to the American funds from overseas aggressively evacuated; Third, market rumours write-downs to impose capital gains tax; The four, "write-downs mbt shoes usa may holiday will open again, raising interest rates to the window. It is reported that the central bank may again on May 2, rates or announced to raise deposit reserve rate, the more heavy market speculation concern.
Clearly, yesterday's multiple bad rumours, constitutes a weapon to the market, but the huge what rumours have substantial impact on what rumours and, without spectrum?
The big securities research institute LiDaXiao in accepting the daily economic news reporter interviews that, yesterday's bad rumours majority lack, especially according to imposing a capital gains tax speculation in the current, MBT Sawa more remote possibility. But the market in rumours quashing apparent next appear, proved again that area of 3000 pressure. Meanwhile, high valuations varieties of risk have begun to show, so market outlook need very carefully.
Indication of average daily line support test 60 yesterday, Shanghai obvious end city rise, the Shanghai composite index in 60 barrel eventually average above the line. Analysts, on average 60 can constitute grail line later will determine effectively support to market. Shanghai a private fund investment manager said that at present market movements before National Day holiday with somewhat similar to last year. In late September last year, after the narrow after repeated grail concussion average index, 60 line on form apparent support, the stock index never fell below this important averages. And the National Day holiday, a wave after strong rally quickly spread. At present, the market average 60 dip again, if can rapidly line position, then indication of digestive write-downs are expected to enjoy a wave of powerful rally. But if the before and after the may holiday, such as raising interest rates, and 60 cash bad news daily line is also declared fort, is grail indication facing larger MBT Shuguli advised investors to temporarily patient difficulties, watching.

29 points and 3000 mark

Stock index by four even Yin one touch way, 29 points and 3000 mark, now 29 points integer became perilous. Although yesterday end dish some copy bottom fund intervention, but signs of short-term movements still difficult to optimistic market. Small cap stocks plunged in blue-chip stocks and the weight of attack on fatigue contusing badly market confidence, so, despite the rapid decline in existing technical rebound after the market demand, but the market did not show obvious rebound intend, expected short-term a-share MBT Fanaka will still continue downtrend.

In pannikin plunge drag grail to the downside

Market to change the style of doing much power fail cause overall failure. Performance malaises continue to push small board, high pressure, plus high valuations gem grade sent shares performance risk overall released, more big market adjustment pressure. 2010 annual report released this week is a quarterly and 2011 performance last week, also is the concentrated debut performance of poor strands of recent time, and this was the theme shares hit a storm very heavy. The last few trading day from view, stocks market performance, including universal tumbled by theme shares and in pannikin particularly serious, capital of large-scale outflow make these varieties suffered heavy MBT Sawa defeat, in pannikin peremptory became market the worst-hit areas.

When the performance of listed companies than expected growth when frustrated, stocks low-growth firms already is rapidly disappearing, beautiful aura of the myth of the changes as lies, even when the bubble burst in its stock price also is in rapid reaction, stocks will by original song type all the evolution of loneliness and soaring fall difficult to resist. From the disk look, mbt shoes usa gem index has approximation of the last October 18, historically low, medium and small board index declines, and become more fierce and a powerful market declines impetus.

Liquidity shortage

The attack on weight strands fatigue

When the grail impact 3,000 points, had previously been market the grail failed to have great expectations, leading role play repair although be weighted stock valuations of chance, but liquidity staged the shortage will make weight bearing drive index continue to shares uplink burden. From January to see, rallies this round a-share market has been in moderate volume that state, this has never been incremental capital market, but only on the participation of operation of stock fund only in the way local market trade sex opportunity formed.

As the market's most popular basic bank and performing it, these two plates schooling. In the country the control power enhancing estate repeatedly circumstance, industry in low valuations advantage tighten, earnings growth expected liquid under the background of increasing uncertainty also appear relatively reluctantly, thus make the confidence of the market for weight shares has not established, capital operation a distinctly short game properties. But the limited funds can only choose between each plate back and forth in the works, when plate continuous turning make much power in constant consumption gradually, after the failure of market power also rose liters unsustainable.

Corrections

Judging from time level this weekend, "51" little holiday comes rumors, higher interest rates to let the market weak of mental state, and weak background write-downs rumours apparently appear amplification effect, adding to the market declines. Due to holidays has almost become the central bank raised interest rates from Christmas, law, after the Spring Festival, to the tomb-sweeping day, is the central bank raised interest rates in recent times, therefore, the date, the inertia, market increased thinking for the may holiday raise interest rates to further tightening liquidity expectations. So far, the first half of this year is severe, the CPI inflation situation high, April inflation data are expected to remain to be optimistic, data supportive situation is changing, so hard short-term still central bank raised interest rates again and RRR hikes objective conditions are still fully. Although the move after a series of tightening of market impact liquidity is limited, but the cumulative effect of tightening policy are not to be ignored, and that only exacerbate the tense situation, market funds will also increase the production cost pressure of small and medium-sized enterprises.

Technology, in short, after continuous drop anytime grail may appear super fell rebound. However, considering the market confidence is down sharply, in the short term recovery is unlikely, besides amid news surface is still uncertain, therefore, short-term declines reerse is unlikely. Market two trading days before the opportunity to have the too big, still expected to give priority to with weak concussion. Operation, suggest remain cautious and control positions.

Tourism shares into eruption season

Tourism sector continued to rise on Friday, market yunnan travel harden, CITS, Tibet tourism (600749) 5.67% 5.59% respectively, rose. Data shows main funds massive inflow tourism sector. Tourism sector's strong and drive hotel, airline trend up well.

Analysis indicates that in the big consumer background and short-term positives influence, the industry boom were undermined rallies, prompted tourism sector are still ZhongChangXian chance late uplink space.

As the May Day holiday and China tourism approaching, tourism sector also about to embark on short-term market outbreaks season. Recent hainan islands and yunnan bridgehead exemption policy and planning of the news further release industry development potential, not only drive aviation transportation, hotel business, general merchandise, etc. The company performance better off, related the stocks of a listed company held by heat.

Orient securities analysis thinks, the high-speed development of the tourism industry is in the doldrums, scenic area will be the core of travel big development carrier, brand chain economy hotel future growth potential is tremendous. Just valuations in historical concerned, however, the overall valuations low, 2011 30 to 35 times dynamic p/e ratio since 2006, far below the average of the 52 times. In the short term, expected continued catalyst will remain market popularity, suggested in the second quarter of ultra matches the tourism sector.

Attention materiality benefit

Select tourism sector stocks should pay attention to identify the company's main business, pay attention to its various business than and growth of passenger flow, pay attention to the tourist season for its achievement materiality benefit. Data shows, lijiang tourism for tourism, real estate, though hotel, transportation, food and beverage, etc, but its industrial investment construction main source of income is passenger aerial ropeway transportation service and hotel service, business last year by the relatively single, cableway influence incomes, profit drop transformation over 70%.

Minsheng securities analysis, lijiang airport upgrades, company rises in lijiang items have impressed may, hotel management is expected to significantly improve, bridgeheads planning etc will be the company's share price catalyst. In the second quarter of the effect of large capacity expansion cableway will get fully manifests, is expected to bring more than 13.5 million above the profit increase. Expected 2011 to 2012 following the EPS of $1.13, maintain and target price this year, corresponding augusts yuan for 40 times PE.

And by ", lijiang tourism wastelands.she as strategic concept boost, yesterday yunnan travel charge harden to draw a root 14.74 closed at $changyang county lines per share. Although yunnan tourism dozen "tourism shares" banner, but its main operating income not from tourism, but sales of commercial property, 2010 sales of commercial property business accounted for its operating income 74.34%, as the government tourism business operations accounted for only household questionnaire survey.

Data shows, the government has annual losses, business prospects is not very optimistic, in the tourist season approaching, yunnan tourism "tourism + estate" mode will be limited benefit degree fear.

Tibet tourism yesterday rose, closing at 5.59% 17.18 yuan/shares. mbt shoes usa It's been shown that Tibet tourism of the net profit growth faster, and analysis on the future of the company think predication and growth is stronger.

Be careful quarterly performance "suddenly turn hostile"

Due to the present in the a-share market is strong market, most investors prefer performance is good, can continue to profit stocks. But recent annual reports and quarterly with continuous disclosure, MBT Fanaka investors should be careful performance "suddenly turn hostile" stocks.

Reporter discovery in the tourism sector also have such stocks, MBT Sawa guilin tourism 2010 7044.15 million yuan, profit, and 104.70% year-on-year growth in the first quarter of this year forecast instantly "suddenly turn hostile" performance, guilin tourism achievements, according to the forecast is expected to net losses in the first quarter, 16 million ~ rmb17.00 million in the first quarter of guilin's tourism is mainly its lijiang great falls about 669 yuan hotel losses year-earlier period losses 3.42 million yuan, continue to expand, loss. April 14, guilin tourism achievements news, advance kui, share prices plunged in open quotation drop, eventually closing at homeopathic 13.42 yuan/shares, a decline of - 4.07%, prophase four even Yang movements are broken.

By April 22 closing, tourism sector still has some ten stocks has not released first quarter results, some stocks 2010 annual also have yet to be announced, investors should be carefully whether there will be stocks appear performance "suddenly turn hostile" situation.

2010 national grid company

Market 2011 SGC expects continued stable growth. 2010 national grid company and signed the contract, currently.347 billion yuan still did not confirm the scale in the income producing 6,100 thousand yuan. Although 2010 revenue recognition WangDa order is countries the peak, but the following three factors will ensure that the company's sales income from priorities in 2011 remain stable and slightly growth: SGERP engineering to SGC intensive and deepen the application is given priority to, from investment than before, will not have an apparent decline in general average level two years before the equivalent of about 70 percent; The 2011 company will begin charging software system maintenance service, we estimate that amount may be in more than 50 million; Rural reconstruction will launch a huge market demand, expand the overall scale of power market at present.

The 2011 business focus turned to power the market. In addition to the outside, financial software in asset management, supply chain, etc have mature solution. The 2011 company business focus turned to power generation, we think the market in 2011 generation producers sales will have more rapid growth, while under the influence of scattered clients structure, sales rate may rise further.

Give "buy" investment rating. According to the current company's latest 2.60 billion equity, not consider HKV mainly annual income, we forecast real estate 2011 the 2011-2013 respectively the fully diluted EPS for 0.94 yuan, 1.31 yuanhe 1.87 yuan, corresponding to the 2011-2013 respectively for 26 times dynamic p/e ratio, 18 times and 13 times. Give "buy" rating, according to the investment in 2011 to 30 times PE, 12 months reasonable target of 28.2 yuan.

Risk warning: electric power industry signed new orders below expectations risk; Core staffs loss risk. (wide hair negotiable securities (000776))

Wuhan ZhongBai (the 000759) : performance slightly below expectations increasing

By 1Q2011, company outlets, including ZhongBai reached 702 family home, ZhongBai 163 storage supermarket and surface, department stores and supermarkets 534 family home. Single quarter of 23 new outlets the families, with the storage supermarket increase nine, convenience supermarket 14 home. The company currently remain stable and development of denotation, we believe the faster speed as the 2011 August company of the logistics distribution center construction investment is used, will effectively support company, which further extension expansion must adhere to the further expansion of the supermarket formats scale effect. Report period year-on-year rise, the company integrated c.m 30k percentage point to 18.62%, largely due to the continuation of the products 1Q2011 brought in proportion improve straight gross margin, we think with future ascension, and the expansion of the scale of higher margin of good help BianMinDian speeding up, c.m still have improve space.

Artificially, rental costs rise, during 1Q2011 MBT Fanaka significant 0.46 percentage points

During the period, our company 1Q2011 rise faster, achieve significant 14.67% year-on-year increase 0.46 percentage points. Including sales/management/financial fee for 11.14% / 3.35% / year-on-year change respectively, predictive within 0.7-0.85 / - 0.35 / - 0.07 percentage points. Company sales rate have relatively substantially rise, the main reason is the employee wages, welfare increased labor costs and higher overheated personnel loss also resulted in recruitment, training input costs increased. In addition, the new open stores rent rises also increased company rents cost pressures. And the company is mainly due to financial costs decline in February 2010 to raise funds, get the match has won more interest income cause.

We think CPI high cost pressure after transmission to the MBT Sawa supermarket now gradually listed companies, this is a gradual process, so future appeared during the present condition should be significant slow rise.

Maintain increasing rating: we maintain company 2011-13 years EPS respectively 0.46/0.58/0.75 yuan in 2010, the forecast for the next three years, CAGR26.7 % base price target for six months 13.80 yuan, corresponding 2011 30 mbt shoes usa times price-earnings ratios of main business. Because at present, the company is still in the extension expansion, the future high-speed period second venture will lead to short-term profit ability is weak, and the supermarket sector overall face higher labor costs double pressure with store rent rises. In the present retail sector have band during sexual rebound opportunity, we don't recommend beta values smaller supermarket plate as rob rebound varieties, maintain increasing rating. (everbright securities TangJiaRui)

big adjustment inoculation big opportunity

Reiterated core investment logic: big adjustment inoculation big opportunity. Last year the company has experienced strategic adjustment, development strategy of the four by "1 + 4 + 1" adjustment for "two wheel drive, Japan, innovation management, spanning development", the company level for huadian group raised secondary unit, with Chinese electricity 601179) cooperation, plus (the company's extensive technical reserves and constantly optimize the management structure, guodian south since entering the great-leap-forward development. 2010 performance than expected initial display strategy transformation effect, the nextMBT Fanaka few years the company is expected to remain more than 40% of the strategic adjustment of the compound rate, the big opportunities conceived.
A quarterly off-season features, with annual can still high growth. The 2011 quarter, to achieve the company income 4 billion, up 11%, realize the negative net 191 million yuan, 45.24% year-on-year, realize the negative net attributable to the parent company owners 2.13million year-on-year growth of 3.9 percent, earnings per share for 0.007 yuan. By a second equipment enterprises, the company is the traditional slack in the first quarter, with a quarterly off-season features new receive orders because last year in recent years, expected annual peak can still keep high growth.
Comprehensive c.m a high rate level also higher MBT Sawa gross margin, quarter for 30.4%, comprehensive higher than last year's 27.98%, explain the company product structure and process control the optimization effect is obvious, product comprehensive profitability is good. Quarter sales rate for 17.48%, management fee, due to 17.29% cardinal relatively low income, making higher level relative in significant.
Management fee of high is mainly from the original company operating mode of the branch (division) model into a parent and subsidiary companies mode and increase scope of consolidated financial statements. Financial use rate is also 7.61%, higher level, the company issued 7 billion short review securities, adopt various financing means to reduce the financial costs.
5 billion invested in construction of jiangning) since (south guodian intelligent grid industrial park. Guodian south jiangning) intelligent grid since (industrial land area, planning to about 319 mu, and building area is about 23.9 million m2, the project total investment is expected to 500 million yuan. After the completion of the project will mainly devotes to develop intelligent power system, intelligent power system, intelligent substation system and other smart grid equipment, and information security, content online, reactive compensation, new energy access system of new industries. Expected 2014 can realize operating income (not including tax) 24 million yuan RMB, the investment capital is recovered in a 520 (including 2 years construction), financial internal rate of return for 29.41% increased).
Add endowment south since colin company. The south since will hold power meters (55%) equity assets expected shares (in real 6.7 million evaluations shall prevail) and cash to colin company 3,730 yuan endowment. Colin company is a wholly-owned subsidiary, south since the main business of urban sewage treatment and industrial wastewater treatment projects, analyze instrumentation sales etc. Expected 2012 sales income may receive 1.213 billion yuan, financial internal rate of return for 20.21%, dynamic investment payback period is 4.21 years.
Maintain buy rating, target price of $40. We maintain the earnings, mbt shoes usa expected 11 years respectively - 13 years EPS 0.62 for $1.50 and 1.01, 2010-2013, expected for four consecutive years, giving more than 50% compound growth after the 2012 diluted 40 times PE, corresponding target price of 40 yuan, maintain company buy rating. 10 years of PS is only 3.71, industry average PS 11.5, value is low, and net profit exists improved market space.
Share price catalyst: intelligent grid, new energy, energy efficiency, out of stock policy (ZouHui) Orient securities institute