Category Archives: Foods & Culinary

Milk prices fell to test the super ranch, the modern animal husbandry, the original ecological anima 某主神空间的打工仔

Milk prices fell to test the super Ranch: the modern animal husbandry, the original ecological animal husbandry both losses, milk prices fell, test the big ranch, Luan low milk prices are testing the domestic super scale ranch mode. The two major milk enterprises of modern animal husbandry (01117.HK) and the original ecological animal husbandry (01431.HK) semi annual report released recently showed that the milk price fell and imports a large bag flour impact, after the listing of two companies suffered its first loss. According to the report of modern animal husbandry, due to the slow growth of domestic consumption and the impact of imported large package of powder, the company’s raw milk sales price fell from 4.5 yuan to 4 yuan, leading to the decline in the company’s original milk business income. In the first half of the year, the company’s revenue was 2 billion 230 million yuan, a decrease of 8.5% compared with the previous year, a loss of 570 million yuan, cash EBITDA (interest expenses, taxes, depreciation, amortization and fair value change, reduce the cost of cow sales profit before loss) was 650 million yuan, compared with the same period reduced by 24%. The original ecological livestock industry is also in the same situation, the announcement shows that in the first half of the year, the company sold raw milk price of 4005 yuan per ton, 4 yuan kilogram, compared with 2015 fell 12.9%. This also led to the company in the first half of the original milk sales increased by 9%, income decreased by 5% to 510 million yuan, gross profit decreased by 14.2%, the annual loss of 140 million yuan. The first Financial Daily reporter found that the original milk business of the two listed companies still maintained profitability, but the "fair value of biological assets change, reduce sales costs" this data has been a large loss. The gross profit of raw milk sales of original ecological animal husbandry was 180 million yuan, and the loss of fair value of biological assets was reduced by 260 million yuan. Modern farming dairy farming part profit 360 million yuan, biological assets fair value change, reduce sales cost loss is as high as 500 million yuan, and this is the main reason for the two companies loss. In response, the reporter sent an interview outline to the modern animal husbandry investor relations mail box, but as of press time did not get a reply. Dairy analyst Song Liang told the "First Financial Daily" reporters on "changes in cost reduction dairy sales losses" fair value, has a special way of computing industry, including raw milk prices led to the decline in valuation of biological assets such as cows, and in order to control the production enterprises will be eliminated to bring the loss of dairy cows. Reporters learned that the fair value of dairy industry in general calculating way is multiplied by the price of milk in the future the current amount of milk derived income minus the future costs calculated from cows fed, so the price of milk has great influence on this data. It is worth noting that, from the second half of 2014, the domestic milk prices will enter the down channel, the size of the ranch’s raw milk sales prices also began to drop sharply from 5~6 yuan high, has now dropped to 3.7~3.8 yuan kg. With the decline in milk prices, large-scale pasture deficit continues to expand. According to the national dairy industry technology system chief scientist Li Shengli introduction, the current domestic large-scale pasture deficit in about 60%. In contrast, the sale of raw milk in large scaled farms

奶价下跌考验超大牧场:现代牧业原生态牧业双双亏损   奶价下跌 考验超大牧场   栾立   处于低位的奶价正在考验着国内超大规模牧场模式。   国内两大原奶企业现代牧业(01117.HK)和原生态牧业(01431.HK)近期公布的半年报显示,由于奶价下跌和进口大包粉的冲击,两家企业遭遇上市后首度亏损。   现代牧业中报显示,由于国内消费增长缓慢,且遭遇进口大包粉的冲击,公司原奶对外销售价格从4.5元 公斤跌至4元 公斤,导致公司原奶业务收入下滑。上半年公司收入22.3亿元,较上年同期减少8.5%,亏损5.7亿元,现金EBITDA(利息开支、税项、折旧、摊销及公平值变动减乳牛销售成本产生的利润 亏损前盈利)为6.5亿元,较同期减少了24%。   原生态牧业也处在同样的境地,公告显示,上半年公司所售原奶价格为每吨4005元,折4元 公斤,较2015年下跌12.9%。这也导致公司上半年原奶销量上升了9%,收入却减少5%到5.1亿元,毛利减少14.2%,全年亏损1.4亿元。   《第一财经日报》记者发现,两家上市公司的原奶业务还保持盈利,但“生物资产公平值变动减销售成本”这一数据都出现了大额亏损。原生态牧业原奶销售毛利为1.8亿元,生物资产公平值变动减销售成本亏损为2.6亿元。现代牧业奶牛养殖部分盈利3.6亿元,生物资产公平值变动减销售成本亏损则高达5亿元,而这也是两家公司亏损的主要原因。   对此,记者向现代牧业投资者关系联络邮箱发去采访提纲,但截至发稿时并未获得回复。   乳业分析师宋亮告诉《第一财经日报》记者,关于“公平值变动减乳牛销售成本的亏损”,行业里有一套专门的计算方式,包括了原奶价格下降导致奶牛等生物资产估值下降,以及为了控制产能企业将奶牛淘汰带来的损失等等。   记者了解到,行业中一般计算奶牛的公允价值的方式是,以当期的奶价乘以未来产奶总量计算而得的收入,减去未来的奶牛饲喂成本支出计算而得,因此奶价的高低对此数据影响较大。   值得注意的是,从2014年下半年开始,国内奶价就进入下行通道,规模化牧场的原奶销售价格也从5~6元 公斤的高价开始大幅回落,目前已经跌至3.7~3.8元 公斤左右。而伴随着奶价的下滑,大规模牧场亏损面也不断扩大。   据国家奶牛产业技术体系首席科学家李胜利介绍,目前国内规模化牧场亏损面在60%左右。相比之下,大型规模化牧场的原奶出售价格远高于市场平均水平,而其大面积亏损也引发了行业内对于大牧场模式的质疑。   宋亮告诉《第一财经日报》记者,由于国内土地成本高于国外,同时苜蓿等高蛋白饲料缺乏,只能依靠进口,牧场管理经验不足,且防疫费用较高等一系列因素导致了超大型牧场系统性成本高,而这也导致了规模不经济。据估算,成熟的大型牧场的生产成本是3.5元 公斤,而2013年之后新建的超大型牧场的原奶生产成本或超过3.8元 公斤。如此一来,在遭遇市场环境恶化的时候,新建超大型牧场抵御市场风险的能力就比较差。 进入【新浪财经股吧】讨论相关的主题文章:

Foreign media said that Chinese stocks all routines every major reorganization of the stock will ris 披荆斩棘共赴未来

Foreign media said that Chinese stocks "all routines": every major reorganization of the stock will rise data map: August 15th, investors in Hangzhou securities business hall concerned about the stock market quotations. Foreign media said Chinese stock "is routine: every major reorganization of the stock will rise, reference news network September 3 news media said, despite the acquisition of common sense suggests that once the acquisition plan, seek the acquirer’s stock is likely to fall, but in the Chinese market is happening on the contrary. According to Bloomberg News reported on September 2nd, show a China 20 of the largest transaction data collected by the agency, in the past year, revealed to be the "major reorganization" (in China means potential acquisitions, mergers and acquisitions) the average monthly price increase of 31%. In the United States, the same news, will lead to stock prices fell by 4%. Reported that, for many concerns, such as the management will pay the excessive acquisition costs, excessive growth targets or trust aspiring to dilute the shares held by shareholders of the way to provide funds for the acquisition plan, developed market traders tend to sell the stock acquisition of enterprises. In China, the proportion of retail investors on the stock market is high. Despite the lack of evidence that regulators crack down on misleading acquisitions and the long-term benefits of acquiring firms, people bet that acquisitions will produce expected results. In charge of the week before consulting business China Meritor company responsible for all that Chinese investors attitude is that if a company intends to make acquisitions, it will make money". He is now running a financial consulting firm in Beijing. Retail investors generally pay close attention to what other people want them to believe." In China, most of the mergers and acquisitions are followed by the same routine. One company said it planned to make a major reshuffle and the company’s shares were suspended. A few weeks later, the company disclosed more details, stocks resume trading, most of the stock prices rose. The report says all this is not an ordinary takeover. Last year, 7 of China’s 20 largest transactions were reverse acquisitions, also known as backdoor listing. These transactions usually involve a listed company issuing shares to absorb the assets of a larger company. According to Samson Lo, the head of Asia’s merger and acquisition in Hongkong, UBS said that some acquiring company’s stock prices were rising, and there was some truth. Samson Lo said that compared with domestic investment, Chinese companies often obtain higher value from foreign acquisitions and gain overseas earnings to maintain or improve their existing valuations. In May, China appliance manufacturers U.S. group announced a majority stake in German robot maker KUKA company offer. A month after that, Midea’s shares rose by 13%. Under the deal, the Midea Group is committed to upgrading the plant and reducing labor costs. By the end of next year, revenue will increase by 20%. It’s a big risk to buy stocks because of mergers and acquisitions. In the past year, only 7 of China’s 20 largest transactions have been completed so far. At the same time, the China Securities Regulatory Commission has raised concerns about false acquisition plans and insider trading. On June, the regulatory authorities

外媒称中国人炒股“全是套路”:逢重大改组股票必涨 资料图:8月15日,股民在杭州一证券营业厅关注股市行情。   外媒称中国人炒股“全是套路”:逢重大改组股票必涨   参考消息网9月3日报道 外媒称,尽管并购常识表明,一旦收购计划泄露,寻求收购方的股价很可能会下跌,可是在中国市场上正发生着恰好相反的事情。   据彭博新闻社9月2日报道,该社收集的、关于中国规模最大的20笔交易的数据显示,在过去一年中透露将进行“重大改组”(在中国意味着并购)的潜在收购企业,其股价平均单月涨幅为31%。而在美国,发布同样消息后,会导致股价下跌4%。   报道称,出于诸多担忧,比如管理层将过多支付收购费用、过度信任雄心勃勃的增长目标或以稀释股东所持股份的方式为收购计划提供资金等,发达市场的交易者一般会卖出收购企业的股票。在中国,股市上散户比例较高。尽管监管层打击误导性收购信息以及收购企业将长期获益的证据不足,可是人们赌,收购交易将产生预期结果。   美驰咨询公司负责中国业务的前主管周凡说,中国投资者的态度是,“如果一家公司打算进行收购交易,那么必然将赚钱”。他如今经营着北京的一家金融咨询公司盛金资本。“散户一般会密切关注他人有意让他们相信的事情。”   报道称,在中国,大多数并购交易的宣布都遵循着相同套路。一公司称,计划进行“重大改组”,公司股票停牌。几周后,该公司透露更多详情,股票复牌,股价多半上涨。   报道称,此类消息宣布后,并非全都是普通收购。去年,中国规模最大的20笔交易中,有7笔是反向收购,又称借壳上市。这些交易通常涉及一家上市公司发行股票,以吸收一家规模更大的公司的资产。   监管机构出手   据瑞银集团驻香港的亚洲并购负责人萨姆森・罗说,一些收购公司的股价上涨,有一定道理。萨姆森・罗说,比起在国内投资,中国公司常常从对外收购中获得更高的价值,获得海外收益以维持或提高其现有估值。   5月,中国家电制造商美的集团宣布要约收购德国机器人制造商库卡公司的多数股份。在此之后一个月,美的集团的股价上涨了13%。在该交易下,美的集团致力于升级厂房,削减劳动力成本。预计到明年年底,其收益将提高20%。   报道称,因为并购消息而买入股票有很大的风险。在过去一年中,中国20笔最大交易中仅有7笔迄今已完成。同时,中国证券监督管理委员会提出了担忧,担心虚假的收购计划及内幕交易。6月,监管部门公布管理办法草案,作为试图确保公司声明真实性的部分努力。   散户抢购   报道称,就连债务违约公司在宣布“重大重组”后,其股价都上涨。大约一年前,当总部设在中国东部城市南京的船舶制造商江苏舜天船舶有限公司宣布股票停牌时,它有超过8亿元的债务违约。该公司于7月复牌,在披露通过定向增发股票来购买资产的计划后,其股价在四周内上涨了23%。该公司在8月的好几份文件中说,它仍有破产风险,而且该交易需得到政府批准。   就像世界任何其他地方一样,对中国的收购计划下赌注面临监管风险。7月,天津天海投资发展股份有限公司发表声明称,计划收购总部设在加利福尼亚州的IT分销商英迈国际,之后5天内,天海投资公司股价飙升了61%。有报道称,在此项收购通过反垄断调查后,天海投资股价一度涨停。   恒生资本管理有限公司的基金经理戴明说:“散户因为并购故事而抢购股票,其中许多故事都未成真。”戴明说,随着监管部门加紧监管,宣布收购计划后上涨的股价,其涨幅很可能将有所减缓。(编译 胡婧)   来源:参考消息网 进入【新浪财经股吧】讨论相关的主题文章:

ETF the best tool for indexing investment 独孤十三夫

ETF: the index of investment in the best tool for newspaper reporter Zhao Rui ETF (Exchange Traded Funds) Chinese commonly known as exchange traded fund, this is not a literal translation, but hold the most important "exchange" and "two characteristics of redemption". ETF can be divided into stock ETF, currency ETF, bond ETF and commodity ETF and other types. Stock index ETF is the most important and mainstream variety at home and abroad, and is also the main character of this article. If you want to invest in an index, the best choice under comprehensive consideration is ETF, none of them. Why? Here’s two things: cheap, transparent. 1, do not know than, than the cost of domestic people an important symbol of a jump is not mature is not sensitive to the cost, but the cost is the most important reason causing active funds in the long run lose generally ETF years, a comprehensive rate of active management funds than ETF generally cost more than 200%, may be a bit hard one year deposit to earn back the money. Specifically, ETF’s cheapness includes going in cheap and holding cheap. The so-called import and export cheap, one is free for ransom, two is trading as low as 2/10000 to three of the transaction commission, three is no stamp tax, compared to ETF, other OTC funds in and out of the general cost of dozens of times. Hold cheap because ETF management fees and hosting fees only 0.6% per year, only 1.75% of the active fund about 13, in addition to very low turnover and transaction commission rate, ETF each year compared to the active fund transaction costs savings rate may be as high as 90%. 2, tracking accurate, real-time transparent ETF most favored by rational investors, because the index of the preparation rules and market performance itself is transparent, the investment index of ETF is possible, and indeed achieved close to real-time transparency. People will choose, people will change the style, people will have a variety of emotions, but the index will never, if you adhere to the "do not buy their own cannot read something, so please consider it under the ETF: ETF full warehouse operation, adhere to the iron discipline and not timing tracking; ETF daily published the list of subscription and redemption (PCF), can be regarded as the basic position of the fund; ETF every 15 seconds (IOPV), the disclosure of reference to the net value of geometric approximation in real time visible; ETF share published daily, and even can be used during the annual data and foreclosure cases with approximately estimated positions. Thanks to the unique physical redemption mechanism, even if compared with other index funds including grading funds, the transparency advantage of ETF is also very prominent, the most intuitive manifestation is that the ETF tracking error is far lower than other index funds. Ordinary index fund because need to deal with cash foreclosure (classification fund under the large redemption when the defect will be interpreted to the extreme), in the scale of change is often unable to achieve accurate tracking, if not allowed, and what about transparency? Based on the above advantages, ETF is not only the highest form of index investment, but also an indispensable basic tool for financial engineering. Financial engineering is similar to building blocks, and grotesque building blocks are often not gregarious, while the four square and steady ETF are the most important

ETF:指数化投资的最佳工具   ⊙本报记者赵睿   ETF(Exchange Traded Funds)中文一般称为交易型开放式基金,这并非直译,但却抓住了其最重要的“交易所交易”和“可申赎”两个特点。ETF可分为股票ETF、货币ETF、债券ETF和商品ETF等类型,股票指数型ETF是海内外最重要和主流的品种,也是本文的主角。   如果你想投资指数,综合考量下的最佳选择就是ETF,没有之一。为什么呢?这里只谈两点:便宜,透明。   1、不比不知道,一比吓一跳的费用   国内基民不成熟的重要标志就是对费用不敏感,殊不知费用是造成主动基金在长期普遍跑输ETF的最重要原因,一只主动管理基金的年综合费率比ETF普遍贵200%以上,可能辛苦存上一年定期存款都赚不回这笔钱。具体而言,ETF的便宜包括进出便宜和持有便宜。所谓进出便宜,一是申赎免费,二是买卖低至万分之二到三的交易佣金,三是无须缴纳印花税,相比ETF,其他场外基金进出费一般贵了几十上百倍。持有便宜是因为,ETF的管理费和托管费合计只有0.6%每年,仅为主动基金1.75%的1 3左右,此外极低的换手率和交易佣金率让ETF每年相比主动基金的交易费用节省幅度可能高达90%以上。   2、跟踪精准、实时透明的ETF最受理性投资者青睐   因为指数的编制规则和市场表现本身透明,投资指数的ETF才有可能也的确做到了接近于实时透明。人会择时,人会改变风格,人会有各种情绪,但指数永远不会,如果你坚持“不买自己看不懂的东西”,那么请考虑下ETF吧:ETF满仓运作,坚守铁一样的跟踪纪律而不择时;ETF每天公布申购赎回清单(PCF),基本可被视为基金持仓;ETF每隔15秒披露参考净值(IOPV),价值几何近似于实时可见;ETF份额每日公布,甚至可以用年报数据和期间申赎情况近似估算出详细持仓。   得益于特有的实物申赎机制,即便与包含分级基金在内的其他指数基金相比,ETF的透明度优势也十分突出,最直观体现就是ETF跟踪误差远低于其他指数基金。普通指数基金因为需要应对现金申赎(分级基金下折时的大额赎回更将此缺陷演绎到极致),在规模变化时往往无法实现精确跟踪,如果跟不准,又何谈透明?   基于以上优点,ETF既是指数化投资的最高形式,也是金融工程不可或缺的基础工具。金融工程类似搭积木,奇形怪状的积木往往不合群,而四四方方、稳稳当当的ETF最适合和其他小伙伴儿一起玩儿出无尽的想象:ETF可以和个股或一篮子股票结伴而行,可以与股指期货共同徜徉于基差套利,可以和期权舞出各种优美的曲线……   ETF没有秘密,但她的美需要悉心发现,有缘人请继续跟随我们的脚步吧。THE_END 进入【新浪财经股吧】讨论相关的主题文章:

Still far away, is or happening What are the consequences of global central bank credibility bankrup 飘渺尊者2

Still far away, is or happening? What are the consequences of global central bank credibility bankruptcy? (multi) FX168 news at the Bank of Japan (BOJ) policy effect from the Almighty reduced to completely incompetent, seems to be global investors for other major central banks trust also fell to the freezing point. The FED’s "control power" and its credibility decline with the increase in interest rate probability Pricing: not only that, but fundamental data are also constantly thrown into question. First, inventory sales ratio rose to a record high since the global recession: payrolls data on Fridays but apparently get both praise and blame, "bad news" more, wage growth has entered a "decline": the employment participation rate also unable to reverse the decline: This is not enough? The financial markets also confirmed the inability of central bank policymakers: the collapse of stock markets exposed the market confidence has been discouraged, the rise of gold and U.S. debt futures show investors no sense of security". There is no doubt that the Fed chairman Yellen (Janet Louise Yellen) and congressional testimony night is a good time for investors to "prick". Enter Sina Financial shares] discussion

依然遥远or正在发生?全球央行信誉破产会有啥后果?(多图)   FX168讯 在日本央行(BOJ)施政效果从全能沦落到彻底无能,似乎全球投资者对于其他主要央行的信任感也降至了冰点。   美联储(FED)的“掌控力”及其公信力随着加息概率定价跌落谷底:   非但如此,基本面数据也在不断抛出质疑。首先,库存-销售比升至全球衰退以来的新高:   上周五的非农就业数据毁誉参半,但显然“坏消息”更多,薪资增速进入了“下降通道”:   就业参与率也无法扭转颓势:   这些还不够?金融市场同时确认了央行决策者们的“无力”:   股市原油的崩跌暴露了市场信心已泄气,金价和美债期货的上涨彰显投资者毫无“安全感”。毫无疑问,美联储主席耶伦(Janet Louise Yellen)晚间的国会证词又是投资者“挑刺”的好时机。    进入【新浪财经股吧】讨论相关的主题文章:

Fang Xinghai deeply listened to the work report of Shenzhen and Hong Kong to ensure the opening duri 怀化学院厚德网

Listen to Fang Xinghai in the deep Shenzhen Hong Kong and report the work to ensure that during the opening of sina App: Live on-line blogger to guide Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future? Sina Hong Kong stocks launched "Hong Kong stocks are not attractive" big discussion, with a rational and constructive attitude, welcome to pay attention to Hong Kong stocks, people concerned about the capital market, together with Hong Kong stocks for advice and suggestions, and conspiracy of Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Sina Hong Kong News August 25th news, according to the twenty-first Century economic report, the day before the Commission of Shenzhen and Hong Kong through special working group vice president of group chaired in deep rectangular Xinghai Shenzhen and Hong Kong through the work of the forum, listen to the work of Shenzhen exchange, China settlement and part of the securities company ready to report on the progress and suggestions, and work related to the deployment, ensure the opening of the Shenzhen tong. Fang Xinghai stressed that the Shenzhen Tong is the CPC Central Committee and the State Council and a major deployment of capital market reform and opening up, marking the China capital market in the internationalization and the direction of the market and has taken a solid step, is conducive to strengthening cooperation between the mainland and Hongkong in a wider range, higher level and deeper extent, enhance the ability of international economy competitiveness and service entity of China’s capital market, the Commission Party attaches great importance to this work. All parties involved in the forum said that under the unified deployment of the China Securities Regulatory Commission, the organization and coordination should be carefully organized to ensure the completion of the preparations for the start on schedule, to ensure smooth start and safe operation. Enter Sina Financial shares] discussion

方星海在深听取深港通工作情况汇报 确保年内开通 新浪财经App:直播上线 博主一对一指导 新浪港股APP:实时行情 独家内参   港股还值不值得投资?出现了什么问题?未来出路在哪里?新浪港股发起“港股还有没有吸引力”大讨论,以理性、建设性的态度,欢迎关注港股、关注资本市场的人士,一起为港股建言献策,共谋港股市场的明天。来稿请至hkstock_biz@sina 。   新浪港股讯 8月25日消息,据21世纪经济报道,日前,证监会深港通专项工作小组组长方星海副主席在深主持召开深港通工作座谈会,听取深港交易所、中国结算以及部分证券公司准备工作进展情况汇报和意见建议,并就相关工作进行部署,确保年内开通深港通。   方星海强调,深港通是党中央、国务院对资本市场改革开放的又一重大部署,标志着中国资本市场在国际化和市场化方向上又迈出了坚实一步,有利于在更大范围、更高层次、更深程度上加强内地与香港合作,提升我国资本市场的国际竞争力和服务实体经济能力,证监会党委高度重视此项工作。参加座谈会的各方表示,将在中国证监会的统一部署下,精心组织、密切协同,确保如期完成启动准备,确保平稳启动、安全运行。 进入【新浪财经股吧】讨论相关的主题文章: