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Modern Dairy’s profitability in 20193.US $ 500 million, showing synergistic benefits with Mengniu

Modern Dairy’s profitability in 20193.US $ 500 million, showing synergistic benefits with Mengniu
On the evening of March 23, “China’s largest dairy farming company” Modern Dairy announced its 2019 annual results, and its sales revenue was 55.1.4 billion US dollars, an annual increase of 11.2%; net profit is 3.500 million US dollars, an annual increase of 8.5.6 billion yuan, realizing a turnaround.Thanks to the synergy with the major shareholder Mengniu, Hyundai Dairy’s downstream liquid milk brand has achieved a profit of 35 million yuan, and special milk for Ruixing coffee production.Cost reduction and efficiency increase profitability In 2019, Hyundai Dairy’s total raw milk production reached 139 inches, an annual increase of 8.6%; the annual yield of adult dairy cattle reaches 10%.6 tons, an increase of 0 from last year.5 tons, the output and unit output have reached the highest level in history.Benefited from the improvement of operating indicators, while the performance of modern animal husbandry increased, the net cash generated from operating activities increased.7% to 20.4.9 billion yuan.Modern animal husbandry said that the company’s profitability improvement shows the advantages of large-scale pasture.In terms of cost control, through refined planting, optimized feed structure and increased silage usage, the cash cost of kilograms of raw milk was increased and replaced.32 yuan, the cost of kilograms of raw milk feed replaces 1.77 yuan, reaching a record low.At the same time, the company is committed to optimizing its procurement strategy, locking orders at low prices in accordance with the rules of bulk feed prices, and using direct procurement to save costs.In 2020, Modern Dairy said it will continue to reduce costs and increase efficiency, improve operational efficiency, promote profitability, and supplement professional teams to manage non-core assets and increase asset utilization.In September 2018, the Air Force signed a letter of intent on cooperation framework with CITIC Environment to integrate and sell the company’s energy assets.In December 2019, Hyundai Animal Husbandry and CITIC Environment affiliated funds established a joint venture company and sold the merged Bengbu, Feidong Ranch Energy Asset Company equity to the joint venture company.Mengniu’s brand milk sales benefited from the change in sales model and the synergy with major shareholder Mengniu. In 2019, Hyundai Dairy’s downstream liquid milk brand contributed approximately 35 million yuan in profits to Hyundai Dairy, an increase of nearly 40%.Modern animal husbandry said that the product layout has transitioned to Mengniu ‘s mature market strategy. The sales of main products are stable. The newly listed basic white milk, high-calcium milk and walnut milk have also grown rapidly.In addition to the traditional sinking channels, the first-tier cities adopt direct sales and supermarkets, while producing special milk for Ruixing Coffee.Modern animal husbandry said that the organic integration of upstream and downstream is an inevitable direction for the future development of China’s dairy industry.Affected by the impact of imported bulk powder, low raw milk prices, and the interruption of the downstream liquid milk business, Hyundai Dairy has continued to lose money from 2016 to 2018.Since Mengniu increased its shareholding in Hyundai Dairy and became a strategic shareholder in 2017, the synergy between the two parties in raw milk sales, branded milk sales, financial financing, and feed procurement has continued to deepen. Hyundai Dairy can concentrate its earnings on upstream breeding sites.In July 2019, Hyundai Dairy Dating New Hope Dairy was the second largest shareholder, and the two sides strengthened cooperation in the raw milk business.Regarding the outbreak of New Coronary Pneumonia, Modern Dairy said that raw milk production and sales were normal during the outbreak, “The company will continue to put production safety first, strengthen disinfection of production areas, pay attention to employee health, and strictly prevent epidemic.”Sauna, night net Guo Tie editor Li Yan proofread Wang Xin

CITIC Trust releases 2019 earnings of 4.79 million per capita

CITIC Trust releases 2019 earnings of 4.79 million per capita
Among many financial sub-sectors, the per capita profit-making level of the trust industry has always been at the forefront.On April 27, “Trust One Brother” CITIC Trust released its 2019 annual report showing that the report was consolidated and the company’s trust asset balance was 1.57 trillion, down 4.9%; the company received a net profit of 35.9.3 billion, an increase of 6 every year.97%.Based on the company’s 750 employees at the end of the reporting period, the per capita profit was 4.79 million yuan.In the context of economic macroeconomics and the expansion of asset management across the industry, self-operated business has become a performance booster for trust companies.The financial report shows that in 2019 CITIC Trust’s net interest and investment income were 12, respectively.1.3 billion, 13.29 trillion US dollars, an increase of 57% and 46%, respectively, also drove the annual growth of operating income by 33.87% to 71.8.3 billion.Litigation fees and commission income are 49.4.9 billion yuan, a decrease of 11.1%.Financial equity investment is an important step in the layout of self-operated business.In June 2019, CITIC Trust will participate in 34 shares.9% of CITIC Consumer Finance was officially incorporated and became the first trust company in the Chinese trust industry to obtain a consumer finance license.In the number of reports, the size of CITIC Consumer Financial Assets has grown steadily, serving more than 400,000 customers.In addition, CITIC Trust owns the equity investment platform CITIC Juxin, and has also participated in Beijing Interstellar Glory Space Technology Co., Ltd., Beijing Tianlian Measurement and Control Technology Co., Ltd., etc., becoming the starting point for CITIC Trust to explore emerging and cutting-edge industries.In addition to self-employed business, another major part of trust company income is trust business.Far-end, “non-standard restrictions”, “de-channeling” and other regulatory requirements force the trust industry to innovate and transform.In 2019, among the trust assets of CITIC Trust, actively managed trust assets accounted for 46%, a continuous increase of 31%, and invested approximately 700 billion yuan in the real economy.The number of reports included 1,480 new trust projects, paid-in trusts of 520.5 billion US dollars, and 72.7 billion yuan of trust profits allocated to beneficiaries.Family trusts, asset securitization businesses, etc. have been transformed into outlets.In 2019, the total size of CITIC Trust’s family trusts and insurance trusts exceeded US $ 34 billion, and the balance of trust assets increased by nearly 90%; and through the collaboration with overseas subsidiary CITIC Huihui, the first overseas family trust was established.On April 10, the CITIC Trust Custody Program Manager’s “CITIC Trust-Hilton Shimao Hotel Asset Support Special Plan” was successfully issued on the Shanghai Stock Exchange. This is the industry’s first single-tier SPV structure commercial real estate mortgage asset securitizationProducts; Recently, the “CITIC Trust-Sutong Power Plant On-line Charging Income Right Asset Support Special Plan” of CITIC Trust Custody Program Manager has also been successfully issued. It is the first securitization project that CITIC Trust has applied for listing on the Shenzhen Stock Exchange.The “Ghost Li” which has appeared frequently in recent years has also accelerated the layout of trust companies on the wealth management side.In 2019, CITIC Trust newly established Shaanxi and Chengdu Wealth Centers to improve the layout of the western region.According to report intelligence, the company takes the initiative to manage product direct sales accounted for 59.9%, an increase of 20.3%.Sauna, Ye Wang Cheng Weimiao Editor Li Weijia proofread Chen Diyan

Alipay data: Shanghai May Day night consumer transactions increased by 40%

Alipay data: Shanghai May Day night consumer transactions increased by 40%
The Sinan Bookstore opened at 24 o’clock, the online red night supper shop’s takeaway breakthrough exceeded 10,000 orders, and the Expo Source business circle was still full of people at night . Alipay data showed that the Shanghai night economy took the lead in recovery, which was close to April 29, May 1.Night consumption increased by 40%, and the average amount of each purchase increased by more than 20%.The Awen Night Market Soybean Milk Fritters on Dongdaming Road in Shanghai is a net red night supper. During the May 5th Shopping Festival in Shanghai, did Awen get rid of hunger and launched a digital “consumption voucher”, consumers can buy 50% off the value8 yuan “consumption coupon”.”According to the calculation and analysis of our big data tools, although the amount of ‘consumer vouchers’ in small shops is not high, this setting is in line with the consumption habits of the catering industry.”Hungry, Yang Ruizheng, head of Shanghai, said.The increase in store orders also confirmed his statement that from April 30 to May 5, the store order volume increased by 6 times.In the detail page of the hungry shop, the monthly sales volume is back to the familiar number-“9999+”.There are still many merchants who seize the night economy of the “May 5th Shopping Festival” like this. Are you hungry? The data shows that the top commercial districts for takeaway supper sales are Baoshan Wanda Commercial District, Xiupu Road Commercial District and Dahua Tiger City.Business District, Longbai Sanhua Modern Business District, Yuyao Road Business District, Gongfu Business District, Changshou Road Business District, Sichuan North Road Business District, Weining Road Business District.Sauna, Yewang learned from Alibaba’s local life that only 18 hours and 12 minutes after the start of the May 5th Shopping Festival, the total consumption expenditure in Shanghai exceeded 10 billion yuan.Alipay data shows that about April 29, May 1st night consumption increased by 40%, the average amount of each purchase increased by more than 20%.The word of mouth is hungry. The data shows that the number of orders consumed at night increased by 30%.Sauna, Yewang Ouyang Xiaojuan Photo source Image courtesy editor Li Yan proofreading Li Shihui

Empty chopping group adds another person, Lillard 60 joins in vain

“Empty chopping group” adds another person, Lillard 60 joins in vain
The Warriors and Trail Blazers were against both sides in the Western Conference finals last season, but this season, the two teams unexpectedly became brothers and brothers, and their rankings continued to decline.In today’s game, the two teams have scored 50+ stats. Russell scored 52 points to create a career high. Lillard also refreshed his personal record with 60 points, but they both led the team to the end.Lillard is the first player to get 60+ in a single game this season.Before this game, the Trail Blazers had a record of only 3 wins and 5 losses, and did not win a win at home. This campaign sat in the Moda Center against the Nets led by Irving.The audience sent a victory.From the whole game process, Lillard is really hot, 19 of 33 shots, 7 of 16 three-pointers, 15 of 15 free throws, and finally contributed 60 points, 4 rebounds, 5 assists, once led the ballThe team overtakes the score.Helpless with two fists, Irving and Ding Weidi scored 67 points together to help the Nets win 119 to 115.There is no doubt that if you don’t look at the final victory, Lillard’s personal performance has been very perfect, 60 points set a record in his personal career.Since the start of the new season, Irving, Harden, Russell and other players have scored 50+ in a single game. Lillard is the first player to get 60+ in a single game this season, which is also the highest single score this season.After cutting down 50+ games, he failed to lead the team to victory. Lillard joined Irving, Russell and others, and became a member of the “empty cut group”.However, after this campaign, Lillard became the sixth active NBA player to score 60+ in a single game. Prior to this, only James, Thompson, Harden, Walker and Booker had done it.Editor Zhang Yunfeng proofreading Wang Xin

2020 San Diego Comic Con will be held online: no need to wait in line

2020 San Diego Comic Con will be held online: no need to wait in line
Sauna Night Network News On May 9, the San Diego Comic Con (SDCC) 2020 announced that it will be held online, and the specific details have not yet been announced.SDCC released a video on the official social platform, which reads: “Free parking, comfortable seats, special snacks, no queuing, welcome pets, everyone has tickets, front row per capita, watch at home.”SDCC is an important promotional site for Hollywood blockbusters and blockbuster American dramas. A large number of Hollywood stars have appeared, and thousands of anime fans will also hold Cosplay and other activities in the venue.The shift to the online exhibition may mean that many new trailers of blockbuster movies and episodes will be broadcast online as soon as possible.It is reported that the first trailer of “Eternal Race” will be announced in this exhibition.On April 18, affected by the new coronary pneumonia epidemic, the SDCC announced its cancellation in 2020.This is also the first time that SDCC, as a major annual event in animation and film and television, has been cancelled in 50 years.>>> The San Diego Comic Con was cancelled due to the epidemic, and it was the first time in 50 years that the editor of the sauna night net Xu Meilin proofread Li Xiangling

Proposed to increase by 4.900 million, strengthen the concept of Internet celebrity

Proposed to increase by 4.900 million, strengthen the concept of Internet celebrity
On March 10th, the three major A-share indexes turned red in the early trading hours. However, the net red economic concept stock Zhongguang Tianzhi fell after the opening, and stopped issuing articles, closing at 31.19 yuan / share.In the evening of the previous day, Zhongguang Tianzhi proposed a fixed increase plan and proposed to increase by 4.9 trillion to promote the company’s transformation and rapid development in the MCN market.Fixed increase 4.9 million US dollars to promote the development of MCN, Sino-Guangzhou Tianzhi merged in the evening of March 9, Zhongguang Tianzhi issued a non-public offering of A shares stock plan, the announcement shows that the size of this non-public offering of funds raised does not exceed 4.9 trillion, of which 36562.500,000 yuan for new media content production and operation projects, 12437.500,000 yuan for the Malanshan Video Cultural and Creative Industry Park headquarters base project.The subscription targets for this non-public offering are strategic investors identified by the board of directors, including Yuntu Asset Management, Founder Fubon, Qianhai Wufeng, Great Wall Fund, and Huachangsheng Investment.The restricted period of this non-public offering of shares is 18 months.Zhongguang Tianze officially entered the MCN market in 2018 and established the Zhongguang Tianze New Media Center. It has launched a key strategic layout in the MCN market-the “Thousand Plan”, the main business model is “network video development and operation + head, waist”Platform promotion + film and television entertainment promotion + commercial customer cooperation” will continue to increase the research and development and production of new media accounts and content in the future, incubate more original IP, and use MCN business as the company’s new profit growth point.Democracy. On March 2 and the following three trading days, Zhongguang Tianze went out of the three-tier market. Zhongguang Tianze issued an abnormal transaction announcement that the company began to deploy short video services in 2018 and began to realize it in 2019.Revenue, MCN platform revenue in 2019 accounted for a small proportion of the company’s total revenue.At present, this business has no significant impact on the company’s performance.During midday on March 9 and March 10, Zhongguang Tianzhi expects a daily limit.In the first three quarters of the year, the results fell sharply. The shareholders reduced their original shares to the current cultural enterprise that is absolutely controlled by Changsha Radio and Television Group. The main business of Zhongguang Tianze is the production, distribution and marketing of TV, Internet and mobile Internet video content; TV dramasBroadcast rights operation.In August 2017, Zhongguang Tianzhi landed on the A-share market. The next year after its listing, its performance changed greatly, and its attributable net profit fell.The operating conditions in the first three quarters of 2019 are not very optimistic. Zhongguang Tianzhi achieved operating income1 in the first three quarters.8.5 billion, a decrease of 17.44%, attributable net profit was -1164.850,000 yuan, a decrease of 156 per year.twenty three%.In 2018 and the first three quarters of 2019, the net cash flow generated by China Guangtian’s operating activities was reset to a negative number, and the number of accounts receivable increased year by year.For the company’s growing receivables accrual risk and other half of the risk concentrated on the top five customers, Sauna, Yewang called Zhongguang Tianzhi Dong Mi Office many times on the morning of March 10, and no one answered the call.At the end of 2019, Tianguang Xinghua, Tiantu Xingrui, Tiantu Xingrui, Tiantu Investment, and Tiantu Venture Capital (collectively, “Tiantu Co-Operators”) issued a reduction announcement.Tiantu Company’s concerted action holders held 1420 shares of Zhongguang Tianzhi Unrestricted Circulation Shares.890,000 shares, accounting for 10 of the company’s total share capital.93%.As of March 6, Tiantu Company’s concerted action has increased its shareholding by 132.270,000 shares, accounting for 1 of the total share capital.02%, the total amount of reduction is 2331.590,000 yuan, its reduced shares were obtained before the IPO.The announcement shows that the current reduction of the shareholding of the Tiantu Company’s concerted action needs to be independently determined according to its own capital arrangements. It is the normal shareholder reduction behavior and will not have a significant impact on the company’s governance structure and future continued operations.Sauna, Ye Wang Zhang Yanbian editor Li Weijia proofread Wang Xin

Sina holding company Tianxiaxiu completed A-share first day show closing gain of nearly 10%

Sina holding company Tianxiaxiu completed A-share first day show closing gain of nearly 10%
On April 21st, ST Huiqiu successfully took off his hat and changed his name, and traded with the “World Show”. At the end of the first day, the price rose and stopped, and the closing price was 17.97 yuan, up 9 on the day.98%.Tianxiaxiu is the first red-man new economy company in A shares.The company’s suspension of trading on the 20th announced that on February 27, 2020, the company’s name was changed to “Tianxiaxiu Digital Technology (Group) Co., Ltd.” and the company’s main business was changed to new media marketing.After revoking other risk warnings, the A-share securities abbreviation changed.In September 2016, Huiqiu Technology was changed to “ST Huiqiu”.Until December 2019, listed companies completed major asset restructuring and achieved strategic transformation.The assets of smart city and property management are placed, and the assets of new media marketing are placed.Some analysts pointed out that the two concepts of “red man economy” and “cap removal” have promoted the company’s continuous development.A few days ago, the 2019 financial report disclosed by the world show that the company achieved operating income of 19.7.7 billion, an annual increase of 63.47%; net profit attributable to shareholders of listed companies is 2.5.9 billion, an annual increase of 63.79%, completed the 2019 performance commitment.Among them, new media customer agency services recorded revenue17.0.8 billion, an annual increase of 89.23%, mainly due to the continuous growth of the merchants and celebrities gathered on the WEIQ platform of the company’s self-developed red advertisement advertising big data system, as well as the continuous growth of the SMART business that provides deep services to brand customers based on the WEIQ platform.Completely, the services of the new media advertising transaction system have matured and achieved revenue2.6.9 billion yuan, basically stable.The decrease, due to the increase in business scale, the increase in consulting service fees, rents and other expenses, the management fees of the world show increased by 36.79%; increased the R & D investment and R & D expenses related to the WEIQ platform37.46%.According to the Air Force ‘s annual report, the actual controller of the world show is Sina Group and the company ‘s chairman and general manager Li Meng.Sina has a wholly-owned Xiu Tianxia Hong Kong holding listed company through a multi-layer equity structure19.79% of the shares, as well as holding 8 shares through Weibo Cayman.79%, gradually holding 27 shares.79%, Li Meng holds a listed company through Lizley and Yongmeng, which hold 99% of their shares5.68% equity and 7.75% equity.Sina Group and Li Meng are acting in concert with each other.Information shows that Li Meng is the founder and CEO of Tianxiaxiu. The company was founded in 2009.Sina and Weibo have participated in multiple rounds of the company’s financing, and then Weibo CEO Wang Gaofei joined the company’s board of directors.In December 2017, Sina Group and Li Meng signed a concerted action agreement.However, the 2019 financial report shows that Ge Jingdong, vice president of Sina and general manager of the automotive business department, is a member of the board of directors of the world show, not Wang Gaofei.Tianfeng Securities recently released a research report saying that in 2016-2019, the world’s show revenue will grow at a compound rate of 60.73%, the compound growth rate of net profit attributable to mother reached 63.56%, the company’s performance continued to maintain a high growth of more than 60%, in a dividend period of rapid growth.At present, the stable “Red Economic Ecosphere” has been completed, and the next five years will be based on mature B2B business and the “B2B2C project plan” will be launched.Tianfeng Securities believes that Tianxiaxiu is China’s largest scarce target centered on Reds ‘social marketing. It is expected that Reds’ social new media marketing prosperity and high growth probability will be maintained for at least three years, optimistic about the company’s medium and long-term value.Sauna, night net editor Liang Chen Li Weijia proofreading Li Xiangling

Han Ding Yuyou will turn from profit to loss in 2019, and its subsidiaries will have a false increase in business

Han Ding Yuyou will turn from profit to loss in 2019, and its subsidiaries will have a false increase in business
Subsidiaries have increased their business, and Han Ding Yuyou has made many adjustments in its 2019 annual report.On April 30, Han Ding Yuyou’s financial report showed that it will achieve operating income in 20194.5.2 billion, a decrease of 14.43%.However, Han Ding Yuyou turned from profit to loss in 2019 with a net profit of -7.9.3 billion yuan, compared with the adjusted net profit of the previous year.2.4 billion, down 738.17%.Due to the false increase in business of the subsidiary Good Medical Friends, Han Ding Yuyou adjusted the net profit and other data for the first three quarters after self-examination.  Information shows that Han Ding Yuyou currently has two core businesses of smart city and finance, smart medical and business, and has invested in companies including micro-loan, aurora big data, bee assistant, Xu Nuo Pharmaceutical and other companies. Summary of the report, Hannuo Yuyou’s shareholding subsidiary Xu Nuo Pharmaceutical (stock code: XYN) was listed on the Nasdaq Stock Exchange, and the shareholding subsidiary Bee Assistant entered the listing counseling period.  In the financial report, Han Ding Yuyou announced a correction of accounting errors.In 2018, Han Ding Yuyou acquired Haoyiyou Medical Technology Group Co., Ltd., referred to as its holding subsidiary, and began to merge and merge in June 2018, with a shareholding ratio of 40%.  In 2019, Han Ding Yuyou conducted a self-examination of the income, cost confirmation, and expenses of Haoyiyou during the consolidated statement, and found that in this report, it inflated business and inflated revenue, costs and other matters.Han Ding Yuyou adjusted the financial data on this matter, involving revenue and net profit for the first three quarters.Among them, the net profit attributable to shareholders of listed companies in the first quarter was reduced by 104.860,000 yuan, net profit attributable to shareholders of listed companies increased by 79 in the second quarter.330,000 yuan, net profit attributable to shareholders of listed companies decreased by 137 in the third quarter.490,000 yuan.  In addition, Han Ding Yuyou revealed that the good medical friend in 2018 increased the main business income through the remote medical service business by 7533.690,000 yuan, the main business cost 3923.730,000 yuan and the period cost 3388.410,000 yuan, affecting the net profit attributable to shareholders of the parent company -34 in 2018.180 thousand yuan.Before the correction, the net profit achieved by good doctors in June-December 2018 was -1349.940,000 yuan.  While disclosing the 2019 financial report, Han Ding Yuyou also released its first quarter report for 2020.The data shows that during the period of Han Dingyu You revenue, net profit every two intervals.24% and 141.94%.  Regarding the reasons for driving changes in business income, Han Ding Yuyou explained that the report was affected by the macro environment and the company’s business income declined year-on-year.Among them, the progress of the construction projects of the smart city business, the tendering of new projects, and the delay in the delivery and settlement of completed projects have caused the company’s new projects and confirmed revenue to decline significantly.The theater segment to which the company belongs has ceased business since January 23, 2020, and has not resumed work at the end of the reporting period, resulting in a substantial decline in its operating income compared with the same period last year.Reporter Chen Peng editor Sun Yong proofreading Li Ming

Renhe defeated Dalian, hitting a record low of 14 points in 30 rounds

Renhe defeated Dalian, hitting a record low of 14 points in 30 rounds
The 2019 Chinese Super League ended this afternoon, and the Beijingers who relegated two rounds ahead of schedule lost 0-2 to the Dalian side.This season they only scored 14 points, setting a record for the lowest record in the Super League.Those who had already determined to be relegated before the game and hope to win a victory in Dalian to avoid this embarrassing record.However, one side lost to Tianjin Tianhai 1 to 5 at home in the last round. The abnormal performance of the “assistant” opponent relegation attracted Dalian fans to condemn.Manu celebrated scoring a goal, but unfortunately was found invalid.Figure / Vision China looks at Renhe, the battle is still injured and paused, only Manu played with a foreign aid, and Chen Jie changed to play the central defender.Renhe once broke the goal twice in the match, but was blown away by the referee twice.”If we have another foreign aid on the field today, I believe the result will be different.”” Coach Wang Bo was very sorry when summing up the game after the game.After 30 rounds, Renhe recorded 3 wins, 5 draws and 22 losses. He only scored 14 points throughout the season, which also set a record for the lowest score in the history of the Chinese Super League.In the 2013 season, the Wuhan Zall team also ranked in the penultimate relegation, but also scored 16 points that season.”Many young players today have shown very good potential. This is our biggest gain.”Head coach Wang Bo believes that the team will return to the Super League in the future.Feature: Sheng Dan Net End Ugly Inventory 2019 Chinese Super Drama Editor Zhang Yunfeng Proofreading Li Xiangling

Yang Delong: Dow fell more than 20% into the technical bear market

Yang Delong: Dow fell more than 20% into the technical bear market
On March 9, due to the double blow of the collapse of international oil prices and the spread of the epidemic, the opening of the S & P 500 index fell to 7% within 5 minutes, triggering a meltdown, and suspended trading for 15 minutes.As of now, the Dow fell 1884.88 points, reported 23979.90 points, a decrease of 7.29%; the S & P 500 index fell 7% to 2764.21 points; the Nasdaq fell 6.86%, reported to 7987.44 points.In the United States trading quotes, the fuse mechanism can be divided into three levels.(1) The primary market fuse refers to a market decline of 7%.(2) The secondary market fuse refers to a market decline of 13%.(3) The tertiary market fuse refers to a market decline of 20%.The United States has recently peaked and fell, and there has been a cliff-like decline, which verifies the 9th article of the 2020 “Top Ten Prophecies” that I proposed on December 10 last year, that is, US stocks will peak and fall this year.The spread of the epidemic overseas, or the collapse of international oil prices, have become a catalyst for US stocks to peak.U.S. stocks will drop significantly after peaking. According to the experience of U.S. stocks, the 20% decline is generally referred to as the bull and bear dividing line. If it falls below 20% and does not pull back, it indicates that the bearish trend is confirmed and further declines by 20%.And now the Dow Jones index has dropped more than 20% from the high point, and technically entered the bear city!An important factor affecting the US stock market today is the sharp drop in crude oil prices. On March 9, Brent crude oil futures jumped sharply and opened lower, opening 25%, and then falling more than 31% to 32.At 14 US dollars / barrel, the decline in WTI crude oil futures quickly expanded to 27% to 30.07 US dollars / barrel, the price of crude oil plummeted, mainly because OPEC did not reach an agreement to reduce production, while Saudi Arabia expressed its intention to increase crude oil production, which caused the collapse of crude oil prices.Last Friday, OPEC and Russia broke down and could not reach an agreement to further reduce production by 1.5 million barrels per day. Saudi Arabia then launched a comprehensive oil price war, which markedly lowered the pricing of major crude oils of different grades. The reduction was at least the largest in more than 20 years, which meansAs Saudi Arabia wants to increase production to seize the market and push as much crude oil as possible to the market, Saudi Aramco has completed its listing, so Saudi Arabia does not have too many concerns. In some cases, Saudi Arabia is to directly attack Russian oil companies in the European market.After the obvious price reduction, there is a marked increase in production. Saudi Arabia expects that output next month will far exceed 10 million barrels per day, and may even reach a record high of 12 million barrels per day. This month’s output is 9.7 million barrels per day.Saudi Arabia confronted Russia by drastically lowering oil prices and increasing production, which may push oil prices further into the abyss.One thing is that the peak of US stocks this time is actually not the main reason for the spread of the epidemic. I think it is mainly because the US stocks have experienced a ten-year bull market. There are no feasts in the world, and the feast of the bull market will also end.However, some factors that promote the growth of US stocks are quietly changing. For example, the Fed has no room to cut interest rates. This emergency rate cut is to boost market confidence, but it has not changed the trend of the United States peaking, and even has seen consecutive plunges.Another factor in the peak of US stocks is that the risk of a decline in US economic growth is increasing. The European economy is already on the verge of recession. In particular, the locomotive of the European economy has experienced negative growth for two consecutive quarters in the second half of last year. The European economy has been affected by the epidemic.Affecting trade, which may cause the European economy to enter into a decline early. These will affect the performance of the US economy, because the United States is the world ‘s largest economy, and the performance of the global economy must have an impact on the United States, and this outbreakIt also increases the interests of investors, so the rapid growth of US listed companies may come to an end, and the marginal utility of major tax reductions for listed companies will gradually decrease, because after continuous tax reductions, the profits of listed companies last year are the most in history.In a good year, with a high base this year, the growth rate will definitely decline, and the profit of listed companies will end the high growth again, which will inevitably lead to a peak in the market.I think that 2020 is a year when US stocks peak, A-shares bottom, U.S. stocks down, and A-shares up. Now it has been initially verified.In the U.S. stocks and Europe, when the Japanese and South Korean stock markets have undergone major changes, whether the A-share market can get out of the independent market, I think the answer is yes.I told you when the U.S. stocks began to plunge. The impact of the U.S. stocks plunge on A shares was short-lived.In the long run, the plunge of US stocks will help investors to profit from US stocks and enter A shares to bargain. In addition, A shares themselves are also a relatively good basis. The base of A shares is low.At 3000 points, although the middle has exceeded 5000 points, the bubble has now been fully released, and the overall market is relatively low. Coupled with the large transfer of household savings, the effect of real change is gradually generated, and the turnover of second-hand housing has dropped significantly.As a result of the restrictions on purchases and loans, real estate speculation has become unprofitable. At this time, residents ‘savings will be transferred to the stock market in large quantities.Funds and other institutional products, these two methods will bring a continuous flow of ammunition to the A-share market, which is the driving force to promote the A-share bull market.At the beginning of 2019, I proposed that the A-share market will usher in a golden decade. The next decade will be a carnival for stock investors, and a feast for value investors. It is gradually being accepted by the market and gradually verified by the market.U.S. stocks are at the top of the 10-year cycle expansion cycle, while A-shares are at the bottom of the 10-year cycle. This is the most important factor in the relatively large differences in the trends of Chinese and US stock markets.□ Yang Delong, chief economist of Qianhai Open Source Fund, editor Wang Jinyu