Dongbai Group is highly favored by shareholders, with an increase of over 10 million shares

Dongbai Group is a blue chip stock with the largest increase in shares by major shareholders since September and a relatively defensive stock with rising share prices. The company announced on September 20 that shareholder Fengqi Company purchased a total of 17.1866 million shares of the company through centralized bidding. The purpose of holding shares is to be optimistic about the company's long-term investment value, and it is not ruled out that it will continue to increase its equity in the company in the next 12 months.

In the period of concentrated chips

From the perspective of market performance, the company's stock price has been relatively stable since September. According to statistics from the Securities Daily Research Center, from the opening price of 7.8 yuan in early September to the latest closing price of 8.06 yuan last Friday, the stock price has risen by 3.33% this month, outperforming the Shanghai Composite Index by 4.35 percentage points. The corresponding dynamic price-earnings ratio is 33.18 times, the price-to-book ratio is 2.72 times, and the net inflow of large orders totals 23.1061 million yuan.

The 2012 interim report disclosed that among the top ten circulating shareholders, one fund and one insurance company held a total of 26.91 million shares (the previous period, two funds, one insurance company and two securities companies' collective products held a total of 38.05 million shares). Among them, one product of China Life Insurance held 16.43 million shares (unchanged); Fujian Fengqi Investment Co., Ltd., a new entrant in this period, held 16.5966 million shares, accounting for 4.84%. In the previous period, two collective products of Donghai Securities held a total of 8.09 million shares, and this period has withdrawn from the top ten. The number of shareholders decreased by about 9% compared with the previous period, and the chips were further concentrated.

The interim results show that the company achieved earnings per share of 0.14 yuan, net assets per share of 2.959 yuan, public reserve fund per share of 0.11 yuan, undistributed profit per share of 1.4231 yuan, operating cash flow per share of 0.06 yuan, main revenue increased by -4.55% year-on-year, net profit increased by 83.2% year-on-year (the decline in performance was mainly due to the impact of last year's demolition compensation income), and the return on net assets was 4.62%.

The company has significant regional advantages

The company currently owns 4 of the 9 department stores in Fuzhou (Dongbai Shopping Mall, Oriental Department Store, Yuanhong Shopping Plaza and Oriental Department Store Qunsheng Store). Both single-store sales and overall sales have long been at the top of the Fuzhou market, accounting for more than 50% of sales. Among them, the company's main store Dongbai Shopping Mall is located in the core business district of Fuzhou City-Dongjiekou Business District. Yuanhong Shopping Plaza has a total operating area of 96,300 square meters and is located in the commercial center of Taijiang District. From January to June 2012, the company's main business of department stores achieved a retail sales of 962 million yuan, a year-on-year decrease of 6.2%.

The company actively carried out promotional management activities in various stores to reverse the impact of multiple unfavorable factors. Dongbai Dongjie Store, which is increasingly affected by the construction of the subway, planned a series of "Super Sunday" special promotional activities to maintain its operating performance and stabilize the consumption power of VIP customers, and continued to promote the "VIP Customer Travel Season" activity.

Dongbai Xiamen Store focused on the development and integration of cross-industry resources and on good communication with suppliers to enhance the support and cooperation in terms of suppliers' product resources and promotion efforts; Dongfang Dongjie Store and Dongfang Qunsheng Store, as they are positioned as high-end department stores, mainly operate international first-tier, second-tier and Chinese famous brands. They are more obviously affected by the slowdown in economic growth and the decline in consumption power. Under this environment, the two stores insist on adopting a differentiated competition strategy, strengthening exclusive value-added services for VIP customers, and promoting preferential activities such as VIP customers returning to the store to accumulate gifts for consumption, so as to minimize the impact of unfavorable factors.

Shareholders are optimistic about the future and increase their holdings. In September 2012, the company's shareholder Fengqi Company continued to buy 17.1866 million shares of the company through centralized bidding transactions from August 21 to September 19, 2012, accounting for 5.01% of the total share capital. Among them, 4.6768 million shares were traded in August 2012, with a price range of 7.79 yuan to 8.14 yuan per share, and 12.5097 million shares were traded in September 2012, with a price range of 7.60 yuan to 8.34 yuan per share. As of the announcement date, Fengqi Company held a total of 34.4088 million shares of the company, accounting for 10.03% of the total share capital, meeting the conditions for raising the placard again. The purpose of holding shares is to be optimistic about the company's long-term investment value, and it is not ruled out that it will continue to increase its equity shares in the company in the next 12 months.

Institutions are relatively optimistic

In the past three months, institutions have given 56 recommendations on the company's stocks, including 12 "buy" ratings and 44 "increase" ratings. Shanxi Securities said that the company's 2012 business plan is to increase operating income and net profit attributable to shareholders of listed companies after deducting non-operating items by more than 10% year-on-year, and the cost plan is 2.195 billion yuan. The grant date of the company's equity incentive is August 19, 2010, and the first exercise period is from the first trading day after 12 months from the authorization date to the trading day after 24 months from the authorization date. The company's current share price of 7.57 yuan is lower than the exercise price of 10.88 yuan in the equity incentive plan. The company's earnings per share are expected to be 0.33 yuan and 0.38 yuan in 2012 and 2013 respectively, and the corresponding dynamic price-earnings ratios are 23 times and 20 times respectively, giving an "overweight" rating.

Haitong Securities said that according to the latest situation of the interim report, the company's profit forecast has been slightly adjusted. The company's earnings per share are expected to be 0.32 yuan and 0.38 yuan in 2012 and 2013 respectively. The company's current share price of 7.57 yuan corresponds to a price-earnings ratio of 23.6 times and 19.7 times in 2012 and 2013 respectively, and the valuation is higher than the industry average. However, considering that the company is currently in the most difficult period of operation, after adjustments and improvements, the company's main stores are expected to return to normal operating levels next year and the year after; at the same time, the company's future external expansion projects guarantee long-term performance growth, the performance release momentum that equity incentives (exercise price of 10.88 yuan) may bring, and the company's own gaming attributes, we believe that we can give the company a certain valuation premium and maintain the six-month target price of 8.30 yuan (corresponding to a price-earnings ratio of 26 times the main business in 2012) and the investment rating of "overweight".

Kingfa Technology is sought after by large orders, with a net inflow of 10.54 million yuan this month

Kingfa Technology is one of the stocks sought after by large orders among the major shareholders' increased holdings since September. The company's stock price showed the characteristics of going strong against the market trend. Since September, it has increased by 6.49%, outperforming the Shanghai Composite Index by 7.51 percentage points, closing at 5.58 yuan, with a corresponding dynamic price-earnings ratio of 18.71 times, a price-to-book ratio of 1.98 times, and a total net inflow of large orders of 10.5359 million yuan.

The company announced on September 13 that Chengxin Investment, a person acting in concert with the controlling shareholder, increased its holdings of 1.39 million shares of the company (accounting for 0.0528% of the total share capital) through the Shanghai Stock Exchange trading system on September 11, with an average increase price of 5.725 yuan per share. After this increase, Chengxin Investment holds a total of 41.39 million shares of the company (accounting for 1.5711% of the total share capital). In the next 12 months, Chengxin Investment plans to continue to increase its holdings of the company's shares through the secondary market according to market conditions, and the total number of shares increased shall not exceed 50 million shares (including this time).

According to statistics from the Securities Daily Research Center, from January to June this year, the company achieved earnings per share of 0.16 yuan, net assets per share of 2.82 yuan, public reserves per share of 1.1532 yuan, undistributed profits per share of 0.5584 yuan, operating cash flow per share of -0.05 yuan, main business income increased by 2.51% year-on-year, net profit increased by -29.9% year-on-year, and return on net assets was 5.93%.

The company's interim report analyzed the reasons for the decline in performance. In the first half of the year, the company sold 442,200 tons of various plastic products (including trade products), a year-on-year increase of 11.3%; net profit decreased by 29.9% year-on-year, mainly because the sale of 75% of Gao Xin Real Estate's equity in the same period last year generated an investment income of 215 million yuan. Excluding the impact of this factor, the net profit attributable to shareholders of listed companies in the first half of the year increased by 7.41% year-on-year; in the next three years, the company will consolidate its leading position in the modified plastics industry, strive to achieve more than 1.2 million tons of modified plastics products by 2015, and emerging chemical new materials products such as fully biodegradable plastics and special engineering plastics will contribute a considerable proportion to the company's profits.

From the perspective of shareholders' holdings, the 2012 interim report disclosed that among the top ten circulating shareholders, one securities firm and two funds held a total of 174.04 million shares (in the previous period, one securities firm and two funds held a total of 122.49 million shares, and implemented a 10-for-3 bonus and 3-for-3 bonus in June); among them, Penghua Fund withdrew in this period (held 27.6 million shares in the previous period), and the newly entered Industrial Bank Global Fund held 25.06 million shares; the number of shareholders increased by about 8% compared with the previous period, and the concentration of chips was average.

From the fundamentals, the company is one of the companies with the most complete product coverage in the global modified plastics industry, and it is also the largest and most complete modified plastics manufacturer in China, with more than 100 varieties and more than 4,000 brands of products in four major series, including flame retardant resins, reinforced resins, toughened resins, and plastic alloys. In the future, the company will continue to aim at the specialization and scale of high-performance chemical new materials, and strive to become one of the "first echelon" of world-renowned chemical new materials companies by 2015. In the first half of 2012, the company sold 442,200 tons of various plastic products, an increase of 11.3% year-on-year.

From the perspective of operation strategy, Wanlian Securities believes that Jinfa Technology's main downstream customers are the home appliance and automobile industries. Due to the economic slowdown, these two industries are facing the problem of declining growth. The growth rate of the total industrial output value of the home appliance industry has fallen from 25.3% in 2011 to 9.7%, while the sales volume of the automobile industry in the first half of the year increased by less than 3% year-on-year. If the economy hits bottom in the future and downstream consumer demand gradually picks up, the company's performance will pick up with the economic cycle. It is predicted that the earnings per share in 2012 and 2013 will be 0.32 yuan and 0.45 yuan respectively. The company's main business performance remains stable in a weak market, and the additional issuance of investment projects will support future business. The performance and stock price are expected to pick up with the future economic cycle. The "overweight" rating is given for the first time.

Nanshan Aluminum's price-to-book ratio is only 0.83 times

Among the defensive stocks in the Shanghai Stock Exchange that have seen major shareholders increase their holdings, rising stock prices, and price-to-earnings ratios below 33.33 times since September, Nanshan Aluminum is the stock with the lowest price-to-book ratio, with a price-to-book ratio of 0.83 times. According to data statistics from the Research Center of Securities Daily, as of last Friday, Nanshan Aluminum closed at 6.70 yuan, with a price-to-earnings ratio (TTM) of 13.88 times, and the cumulative net inflow of large orders since September was 17.6524 million yuan, with an interval increase of 6.18%.

On September 20, 2012, the company announced that the controlling shareholder, Nanshan Group, increased its holdings of the company's shares by 7.5285 million shares through the Shanghai Stock Exchange trading system on September 19, 2012, accounting for 0.39% of the company's total shares. After this increase, Nanshan Group holds 829,528,500 shares of the company (accounting for approximately 42.89% of the total share capital). Nanshan Group intends to continue to increase its holdings of the company's shares in the next 12 months (starting from the date of this increase), with the cumulative increase not exceeding 2% of the company's total share capital (including some of the shares already increased this time), and promises not to reduce its holdings of the company's shares during the implementation of the increase plan and within the statutory period after the completion of the increase plan.

From a fundamental perspective, the company is currently the world's most complete aluminum processing enterprise in the short-distance (45 square kilometers) aluminum industry chain. It currently has a complete aluminum industry chain from thermoelectricity-alumina-electrolytic aluminum-hot rolling-cold rolling-foil rolling and aluminum profiles. It is the second full-process aluminum industry enterprise after China Aluminum Corporation. The company's electrolytic aluminum production requires alumina and electricity for self-supplied; the company's aluminum profile product production and sales volume leads China, the aluminum profile production line has reached China's advanced level, the aluminum profile surface treatment technology and mold processing capabilities lead China, and the aluminum sheet and foil project has reached China and the world's rare advanced level.

CITIC Securities believes that based on more cautious assumptions about the company's main product output and unit gross profit, we have lowered the earnings per share forecast for Nanshan Aluminum in 2012, 2013 and 2014 to 0.52 yuan, 0.83 yuan and 0.98 yuan (originally 0.6 yuan, 0.92 yuan and 1.03 yuan). The current share price is 6.31 yuan, corresponding to a price-earnings ratio of 12 times, 8 times and 6 times in 2012, 2013 and 2014; the company's latest net assets per share are 8.11 yuan, corresponding to a price-to-book ratio of only 0.78 times. The company has excellent qualifications and strong risk resistance, and its "overweight" rating is maintained.

China Pharmaceutical

18.57% increase since September

Among the defensive stocks in the Shanghai Stock Exchange that have seen major shareholders increase their holdings, rising share prices, and price-earnings ratios below 33.33 times since September, China Pharmaceutical is the stock with the highest increase since September, with an interval increase of 18.57%. According to statistics from the Securities Daily research, as of last Friday, China Pharmaceutical closed at 20.75 yuan, with a price-earnings ratio (TTM) of 18.79 times, and the cumulative net inflow of large orders since September was 15.2239 million yuan, with obvious signs of capital inflow against the market.

On September 20, 2012, the company announced that the company's controlling shareholder, General Technology Group, increased its holdings in the company by approximately 1.2 million shares on September 10, 2012. As of September 19, 2012, the cumulative increase in holdings by General Technology Group in accordance with the subsequent increase plan had reached 1% of the company's total share capital. After the increase, General Technology Group held 193 million shares of the company, accounting for 62.18% of the total shares, and plans to continue to increase its holdings of the company's shares through the Shanghai Stock Exchange system in the next 12 months, with the total increase amount not exceeding 1 billion yuan.

The company gradually realizes its layout in China

In August 2012, the company planned to absorb and merge Tianfang Pharmaceutical by exchanging shares (according to the dividend-adjusted ratio of 0.31:1, that is, the company's exchange price is 20.64 yuan/share, and Tianfang Pharmaceutical's exchange price is 6.39 yuan/share); at the same time, it planned to increase 14.7125 million shares to General Technology Group and others at 20.64 yuan/share after dividend adjustment, acquire 35% of Sanyo's shares, 100% of Xinxing Huakang's shares, 51% of Wuhan Xinyi's shares and 65.33% of Xinjiang Tianfang's shares, with a book value of 176 million yuan and an assessed value of 304 million yuan, with an appreciation rate of 72.31%; it also planned to increase the supporting financing by no less than 20.64 yuan/share and no more than 996 million yuan to supplement working capital. After the completion of this reorganization, China Pharmaceutical's operating income in 2011 has exceeded 10 billion yuan, and its total assets at the end of 2011 have reached about 10 billion yuan, an increase of more than 45% and 60% respectively compared with before the reorganization. In 2013, it is expected that the income of New China Pharmaceutical will exceed 15 billion yuan and the net profit will exceed 450 million yuan.

After the reorganization, the pharmaceutical business will gradually realize the layout in China: After the completion of this reorganization, New China Pharmaceutical's direct sales network for the hospital market will be expanded to important pharmaceutical consumption areas such as Henan and Xinjiang, mainly including Beijing, Guangzhou, Henan, Hebei, Hubei, Xinjiang and other provinces, municipalities and autonomous regions, with nearly 1,500 registered medical institutions; and the allocation network for pharmaceutical commercial institutions will cover 28 provinces, municipalities and autonomous regions in China, including Beijing, Hebei, Shandong. New China Pharmaceutical's pharmaceutical business has a rich variety of product types, with nearly 7,000 types in Beijing, Guangzhou and other regions, more than 3,000 types in Xinjiang, and nearly 4,000 types in Henan. At the same time, New China Pharmaceutical is also a national designated pharmaceutical reserve unit, with a total reserve of 26 million doses of anti-influenza A drugs and antiviral drugs oseltamivir phosphate ("Tamiflu").

Future pharmaceutical asset injection commitment: For pharmaceutical assets not included in the scope of this reorganization, the controlling shareholder General Technology Group promises that within 4 years after the completion of this reorganization, it will choose an opportunity to inject 45.37% of the equity of Jiangxi Pharmaceutical Group, Hainan Kangli, Great Wall Pharmaceutical, Shanghai Xinxing and Wuhan Xinyi into the surviving company China Pharmaceutical or transfer it to a non-related third party; transfer Heilongjiang Tianfang and Tianfang Times to a non-related third party or cancel them; General E-commerce will be injected into the listed company after it has strong profitability and in compliance with relevant laws and regulations; Mekang Traditional Chinese Medicine is not suitable for injection into the listed company due to its own business reasons, and will be entrusted to the surviving company China Pharmaceutical for management.

Main Business Covers Five Major Areas

The company's main business covers five major areas: in the natural medicine business field, it has an internationally leading product quality traceability management system and China's first-class Chinese medicine preparation production and processing platform, and occupies a leading position in the international trade of natural medicines; in the pharmaceutical chemical business field, it has a modern anti-infective specialty chemical preparation production platform, and cooperates with many well-known international pharmaceutical companies; in the medical device business field, it is one of China's largest imported medical device logistics distributors; in the pharmaceutical commerce business field, it has established a pharmaceutical commerce network and distribution channels covering China's key drug-using cities and radiating China, and is gradually forming an integrated pharmaceutical commerce network system outside China; in the comprehensive trade business field, it has professional international trade talents and network resources all over the world, forming a unique competitive advantage in the trade business of bulk commodities and key markets.

GF Securities believes that the company's performance in 2012-2013 is expected to be 1.58 yuan, 1.80 yuan, and 2.01 yuan. If the company's additional share issuance and exchange is taken into account, the share capital may increase to 503.5 million, then the company's original performance will be diluted to 61.75%, and the profit will increase by about 33.4 million (calculated according to the 2011 level of the injected company). The company's valuation still has a safety margin. Therefore, the company is given a "buy" investment rating and investors are advised to pay attention.

Huawei Electronics outperformed the market by 5.65 percentage points during the same period

Among the defensive stocks in the Shanghai Stock Exchange that have been increased by major shareholders, with rising stock prices and a price-to-earnings ratio of less than 33.33 times since September, Huawei Electronics outperformed the market by 5.65 percentage points, and its dynamic price-to-earnings ratio (TTM) is 33.29 times. According to the statistics of the Research Center of Securities Daily, as of last Friday, HuaWei Electronics closed at 3.84 yuan, with an increase of 4.63% since September.

On September 15, 2012, the company announced that Shanghai Pengsheng increased its holdings of the company's shares by 1.01 million shares through the Shanghai Stock Exchange's secondary market bidding transaction method on September 13 and September 14, 2012. After this increase, Shanghai Pengsheng holds 173.5 million shares of the company's unrestricted tradable shares, accounting for 25.59% of the company's total issued shares.

From a fundamental perspective, the company mainly produces power semiconductor devices and ICs, which are used in consumer electronics, energy-saving lighting, computers, PCs, automotive electronics, communication protection and industrial control. It is one of the 20 brand suppliers of power discrete semiconductor devices in China (the other 18 are foreign companies). The main product power transistor accounts for 54% of the discrete device market share.

From a performance perspective, the 2012 interim report disclosed that during the reporting period, the company achieved operating income of 550 million yuan, a year-on-year increase of 0.90%, and a net profit of 18.5679 million yuan, a year-on-year decrease of 55.88%. The decline in the company's net profit was mainly due to the sluggish global economic environment during the reporting period, the intensified competition in the semiconductor market, the reduction in the prices of some of the company's products, and the insufficient utilization of production capacity, which led to an increase in the unit cost of products, resulting in a decrease in the company's overall gross profit margin in the first half of the year compared with the same period last year.

From the perspective of shareholders' holdings, the 2012 interim report disclosed that the top ten circulating shareholders, Zhonghua Rong Securities, held 3 million shares, which was newly entered in this period, and Huaxia Shengshi Fund and an insurance product of China Life Insurance held a total of 3.8 million shares and exited in this period. The number of shareholders decreased by 4% compared with the previous period, and the chips were relatively concentrated.

Weixing shares outperformed the market by 2.69 percentage points during the same period.

Against the background of weak market and light trading, some stocks with defensive characteristics were obviously favored by shareholders. According to statistics from the Market Research Center of Securities Daily, among the stocks that have been increased by shareholders in the Shenzhen Stock Exchange and have risen since September, Weixing shares' latest dynamic price-earnings ratio is 13.47 times, with obvious valuation advantages.

Statistics show that Weixing shares have been increased by shareholders by 1.0324 million shares since this month, and the market value of the increased holdings is about 9.4919 million yuan.

From the current market performance of Weixing shares, Weixing shares' latest closing price is 9.15 yuan, with a cumulative increase of 1.67% since September, outperforming the market by 2.69 percentage points during the same period.

The company specializes in the research, development, manufacturing and sales of clothing accessories such as buttons, zippers, artificial crystal diamonds, and metal products. It is one of the world's largest button manufacturers and a leading company in China's clothing accessories industry. It has five major production bases and has formed a complete product system. It is also the first listed company in China's button and zipper industry. The "one-stop (full-process) clothing accessories supply" brand created by the company enjoys a high degree of popularity and reputation in the industry.

In the middle of 2012, the company achieved earnings per share of 0.32 yuan, net assets per share of 6.04 yuan, public reserve per share of 2.9462 yuan, undistributed profit per share of 1.6719 yuan, operating cash flow per share of 0.31 yuan, main business revenue increased by -6.32% year-on-year, net profit increased by -19.67% year-on-year, and return on net assets was 4.86%.

From the perspective of shareholders' entry and exit, the 2012 interim report disclosed that the number of shareholders increased slightly compared with the previous period, and the concentration of chips continued to decrease. Among the top ten circulating shareholders, 2 funds, 2 asset management plans and 2 insurance companies held a total of 19.38 million shares.

For the company's future development, China Merchants Securities said that with the arrival of the annual production peak in the second half of the year, it is expected that the signs of improvement in orders will gradually strengthen, and due to the low base of the same period last year, profits may achieve a small positive growth. The earnings per share for 2012-2014 were slightly adjusted to 0.80 yuan, 0.92 yuan and 1.09 yuan respectively, corresponding to a price-earnings ratio of 12.6 times in 2012. Given that the current stock price of the company is lower than the price at which the major shareholders increased their holdings, if the fundamentals improve quarter by quarter as expected in the later period, the stock price is expected to rebound. However, considering that the current signal of recovery in demand in the domestic and foreign markets is not strong, it is necessary to observe the strength of performance recovery in the second half of the year to judge the investment value. Maintain the investment rating of "prudent recommendation-A".

Orient Securities is more optimistic, giving the stock an "overweight" rating and predicting that the stock's earnings per share will be 0.77 yuan, 0.91 yuan and 1.15 yuan from 2012 to 2014.

Since September, Huaying Agriculture's major shareholders have increased their holdings by 20.452 million yuan

Since September, as the market continued to be sluggish and hit new lows, Huaying Agriculture has risen against the market trend, and its major shareholders have accumulated 3.49 million shares, with an increased market value of 20.452 million yuan, becoming the stock with the largest increase in holdings among the stocks that rose against the market trend in the Shenzhen Stock Exchange.

The concentration of chips has increased significantly

It is reported that on September 7, the Shenzhen Stock Exchange disclosed that on September 7, directors, supervisors and senior executives Cao Jiafu, Li Shiliang, Min Qun and Yang Zhiming bought 1.89 million, 500,000, 500,000 and 600,000 shares of the company through block transactions, with an average transaction price of 5.3 yuan per share; the number of shares outstanding on the same day was 1.89 million, 500,000, 500,000 and 600,000 shares respectively.

According to statistics from the Research Center of Securities Daily, since September, Huaying Agriculture has accumulated a 3.99% increase, a monthly turnover rate of 25.79%, a net outflow of 3.9442 million yuan, the latest price-to-book ratio of 1.68 times, and the latest price-to-earnings ratio (TTM) of 22.7 times.

According to the interim report, the company currently has earnings per share of 0.126 yuan, net assets per share of 3.42 yuan, public reserve fund per share of 1.4546 yuan, retained earnings per share of 0.8309 yuan, operating cash flow per share of 0.023 yuan, main revenue increased by 16.45% year-on-year, net profit increased by -33.47% year-on-year, and return on net assets was 2%.

From the performance point of view, the company expects the net profit attributable to shareholders of listed companies to change by -50% to -20% from January to September 2012, with a change range of 34.82 million to 55.71 million yuan. The net profit in the same period last year was 69.64 million yuan. The reason for the performance change is that the price of raw materials and labor costs continue to rise, but affected by the overall environment in China, consumer demand is not strong, product prices have increased slowly, and the prices of some products have even fallen, resulting in a year-on-year decline in operating performance.

From the perspective of institutional holdings, the interim report shows that among the top ten circulating shareholders, three new institutions have joined, namely Changsheng Tongzhi Advantage Growth, which has newly joined 2.6 million shares, Ping An Life Insurance Products, which has newly joined 2.3 million shares, and Morgan Stanley Huaxin Multi-Factor Selection, which has newly joined 650,000 shares; after the 10-for-10 stock split on April 18, 2012, the number of shareholders has increased slightly, but the concentration of chips has increased significantly.

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