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1. Set a micro comment: why purple investment Lenovo Holdings?
Set micro-channel news, the recent stock price has been sluggish Lenovo Holdings (03396.HK) out of a wave of amazing gains.
Since December 18, Lenovo Holdings shares rose continuously, up 4 days 42.18% .As of December 21 closing, the company shares have risen to 30 Hong Kong dollars, hit a new high for two years.
Why Lenovo stock prices skyrocketing?
First, Legend Holdings has been undervalued for a long time.
All along, Lenovo Holdings endured PB less than 1 times, PE less than 10 times the embarrassing situation in Hong Kong stocks in the context of a bull market, suffered a "unfair" treatment.
Lenovo Holdings shares long-term maintained at 17-21 Hong Kong dollars, the current net assets per share of 25.78 Hong Kong dollars, the stock price has long been below the net asset prices.
Second, Lenovo Holdings long-term market is not understood.
As is known in the industry, Legend Holdings is a large investment holding group that invests in six segments of IT, financial services, modern services, agriculture and food, real estate and chemical and energy materials.
Legend Holdings, the parent company of Legend Group (00992.HK), controls more than 30% of the consolidated financial statements and figures show that Legend Group provides nearly 94% of Lenovo's sales revenue.
However, since its launch, Lenovo has gradually weakened its contribution to Lenovo's net profit, and Lenovo made 40.9% of Lenovo's net profit in FY 2014, a key performance pillar, and by 2016 this figure has been Down to 27.5%, to mid-year report, its share of net profit even more to less than 1%.
However, the share price of Lenovo Holdings is severely limited by the performance of Lenovo Group, and the general investors' perception of the value of Lenovo Holdings also depends on Lenovo Group, as evidenced by the stock price movements of the two companies in recent years.
Lenovo's development strategy is to keep pace with 'strategic investment' and 'financial investment.' The market has given a 'two-wheel drive, unique' component, but the capital market does not fully understand the intent of this strategy.
Liu Chuanzhi has said publicly that the market does not understand Lenovo Holdings' business and still stays in the Lenovo Group, which is engaged in IT business. He also emphasized that Lenovo Holdings will not reduce Lenovo Group, will actively layout and strengthen strategic investment to balance the development and mitigation Lenovo Group generated the impact.
Such hybrid portfolios have traditionally been confused by the market, and investors have always avoided these businesses.Many investment institutions are "unable to understand" or "do not want to see" their attitude toward Legend Holdings.
However, as the Hong Kong stock market moves into a bull market and the companies invested by Legend Holdings grow and can really bring return on value, many investors will re-establish the analysis system of Legend Holdings.
Previously, Legend Holdings strategic investment Shenzhou Car Rental (00699.HK) was listed in Hong Kong in 2014.
Currently, La Kala pay is in the stage of the GEM application.
Group strategic investment and financial investment Two-wheel drive business model is gradually force, the gradual blossom of investment business results, which will be turned into a huge return on investment.
The true value of Lenovo Group is gradually recognized by the market.When the synergies between the various business segments truly reflect the performance of the enterprise market value will be gradually restored, Lenovo Holdings is walking in the repair of the valuation of this road.
Why Ziguang Group bought Legend Holdings shares?
From the point of view of value investing, there are two principles for buying stocks: first, they are cheap enough; second, they buy stocks of good companies and buy enough.
Good company standards include a good corporate governance structure and steady growth.
Obviously, the current Lenovo control stock price in line with the above two investment standards.
According to the announcement released on the evening of December 21, Ziguang Holdings (00365.HK), the subsidiary of Ziguang Group, increased its holding of 2.92 million shares of Legend Holdings from December 19 to December 21, accounting for 5.28% of the outstanding shares of the latter.
Ziguang Group is a high-tech enterprise under Tsinghua University.At present, the formation of a high-tech industry chain led by IC, from the core to the cloud.
Ziguang Group has grown into China's largest integrated integrated circuit companies, the world's third-largest mobile phone chip companies; ranked first in China and second in the world in the field of enterprise-class IT services.
In the fields of enterprise information service, IT manufacturing, mobile equipment and other fields, there is a lot of room for cooperation between Ziguang Group and the enterprises invested by Legend Holdings.
In addition, Lenovo Holdings, a wealth of overseas M & A experience, will also be cross-border mergers and acquisitions with the Group's needs, resulting in an effective combination.
At present, governments of all countries have implemented strict technical blockade on IC industry. It is conceivable that Lenovo Holdings, which has operated a large number of overseas M & A projects, will undoubtedly help Ziguang's overseas acquisition plan.
Strive to become the world's strong science and technology group Purple Group, the need for strategic investment outside the repayment of heavily distributed storage chips and chip manufacturing, Purple Light Group also need to make a reasonable financial investment.
In addition, Lenovo Holdings listed in Hong Kong for nearly three years, many restrictions will be lifted, the Group's investment in Ziguang stamped on the point.
In view of the above reasons, the Group's investment in this group is a matter of course.
2. Violet Holdings even buy three consecutive holdings Lenovo Holdings more than 5%;
Set micro-grid news, Purple Holdings yesterday announced that in December 19 to 21 total holdings of 2.29 million shares of Legend Holdings, the cumulative holdings of more than 5%, Lenovo Holdings rose 40% this week.
Industry rumors, the driving factor behind this is that a South Korean entertainment company that is investing in it intends to apply for an IPO, and the market expects Legend Holdings to become a fully-circulating Pilot H-share company.
According to overseas media reports, Fang Hitcheon, founder and chief executive of the recently hit Korean entertainment company Big Hit, said that he had discussed with the existing shareholders, including Legend Holdings, but there are currently no specific plans, no timetables and no scale yet There is a verdict
Legend Capital, a subsidiary of Legend Holdings, acquired Big Hit with KRW10 billion (approximately RMB60 million) in 2016 to help the company enter the Chinese market.
Less than half an hour after Violet Holdings released the announcement of its holding of Legend Holdings on Thursday night, Lenovo Holdings issued a clarification statement saying that Korea BigHit Entertainment is a fund investment project of JL Capital and Lenovo Holdings does not know the listing of BigHit Company information.
Source: HKEx
Another factor that has spurred the soaring share price of Lenovo Holdings may be the expected full circulation of H shares.
Recently, media reports said the full circulation of Hong Kong stocks H shares will be launched as early as the first quarter of next year. The chairman of Hong Kong Securities Association, Zhang Weiguo, responded that full circulation will help increase the liquidity and market participation of relevant shares and enhance the market value of Hong Kong stocks2 Million to 3 trillion Hong Kong dollars.
Lenovo Holdings on November 20 proposed to amend the company's constitution, the new 'domestic shares can be converted into foreign shares', this change is likely to be fully prepared for the H shares.
However, compared with the two rumors, the continuous purchase of the Purple Holdings is clearly the biggest driver of Lenovo's share price rise.
Violet Holdings wantonly purchased Lenovo shares also triggered market speculation, together with the former disclosure of Lenovo MBG China Business Executive Vice President Ma Daojie officially joined the Purple Light Group on Monday, as senior vice president, Ziguang placards, to expand Legend Holdings, fear there will be new Strategic cooperation layout.
The act of holding the plaque licensing Purple Holdings, is listed on the Main Board of the Hong Kong Stock Exchange, is the only controlled by the Overseas Group, a listed company, in other words, Purple Holdings is the Group's main overseas investment and financing and capital operation platform .
3. Glory The next five years the world's top five goals, glory 9 youth version 1199 yuan release;
(Set micro / text) Glory China's top brand mobile Internet, the next target will be where?
December 21, Glory held its fourth anniversary in Shenzhen and Glory 9 youth version of the new conference.Golden president Zhao Ming said, according to statistics from January to November Sino total glory phone to 49.68 million units sold and 71.6 billion yuan sales Amount, topped the top of China's Internet phone brands.From the PPT data, the glory of January-November cumulative sales of more than 58.7 billion yuan of millet.
At the same time glory on the occasion of the fourth anniversary, glory released the glory of the first full screen four phone glory 9 youth version, equipped with 13 million high-definition positive and negative dual camera, with 5.65 inches 18: 9 full screen, built-in unicorn 659 eight core CPU, 3000mAh Battery, adapted to EMUI 8.0 intelligent system, there are seagull gray, pearl white, charm sea blue, dark night black four color.
Glory 9 youth version launched a total of three versions, respectively, 3GB + 32GB standard version of 1199 yuan, 4GB + 32GB high with version of 1499 yuan, 4GB + 64GB enjoyable version of 1799 yuan.Since December 21 to 25 in Huawei Mall, Jingdong, Lynx, Suning Tesco, the only product will be the country opened the United States, December 26 at 10:08 on the formal sale of the platform.
To become the first Internet brand in the world, the next three years the world's top five goals
According to statistics provided by Sino, Glory's cumulative sales reached 49.68 million units in January-November 2017, with sales reaching 71.6 billion yuan and its sales exceeding Millet by more than 10 billion yuan, nearly four times the sales of Meizu. Among the cumulative online and offline sales in November, Glory Mobile ranked second in the overall online-offline sales volume of China's mobile phone market after Apple, ranking No. 1 in Android mobile phone sales.
So far, according to Zhao Ming, glory playing X series cumulative sales reached 40 million, glory digital series sales reached 30 million cum cumulative glory of the overall product rating of the mobile phone up to 98% of which glory V10 favorable rate reached 99%, glory V9play and glory Play 7X good comment reached 100%.
In addition to the Internet in the domestic market aspirations of the first brand, in overseas markets, glory of mobile phone sales also made new breakthroughs, the market share continues to rise.Currently, Glory phone has ranked first in the market share in Finland, also made in the Russian market The market share of the third position, of which glory 9 in the 25-30K ruble price segment occupy the first place for sales.
In the face of such an answer sheet for 2017, Zhao Ming said: 'When we face the heavy first place again, I hope the glorious companions can calm down because our goal is not to stop there. The glorious future is far away '
Zhao Ming further said that Glory Mobile has set its sights on the global market, opened the era of AI mobile navigation and officially announced the new globalization strategy and target. From 2018 to 2020, Glory will be committed to become Global mobile phone sales top five brands in 2020, Glory mobile phone sales revenue both at home and abroad will each account for 50%.
2017 closing masterpiece, glory 9 Youth Edition to consolidate thousands of machine market position
In the fourth anniversary, Glory also introduced the close of 2017 masterpiece, released the new Glory 9 youth version. Since 2016, Glory has introduced glory 8, Glory 9 digital flagship, relying on the design concept and manufacturing process A new breakthrough.
As the glory of the first youth version of mobile phones, glory 8 Youth Edition introduced into the young trend of a new understanding of the young consumer groups to bring a differentiated aesthetic experience. In sales and reputation, Glory 8 Youth Edition market outstanding performance and Repeatedly hegemony, double 11 in 2017, Glory 8 Youth Edition Suning and Jingdong mobile phone sales rankings, access to omnichannel sales champion of China's mobile phone single product and sales of the 1000-1499 price segment champion.
The latest version of Glory 9 Youth Edition, but also the depth of technology and the trend of integration subversive thousands of machine market awareness, once again leading thousands of new mobile phone aesthetic trend, the definition of a new standard machine market.
Glory 9 youth version of full-screen four-screen positive and negative are the United States, glory is the first full-screen four-phone, 5.65-inch 18: 9 full screen, built-in unicorn 659 eight-core CPU and take the lead in carrying EMUI 8.0 intelligent system, it Based on the in-depth development of Android 8.0, the EMUI 8.0 intelligent system deeply optimizes the bottom layer, and supports the enhancement of F2FS file system, college cache optimization and system defragmentation. The system response speed is improved by 60% and the operation fluency is improved by 50% Cell phone system for a long time Caton problem.
In the photo, glory 9 youth version 13 million front dual camera, with 16 Selfie large aperture and hardware-level bokeh, front portrait mode more layered.In addition, the new mobile phone also introduces 3D stereo light fusion algorithm to achieve Modeling the facial contour of the contours of the outline, the mobile phone can quickly identify the facial contours, showing a precise customized beauty effect. Rear lens, with the same 13 million double camera, with a professional portrait photography, large aperture blur, PDAF Speed focus, multi-frame synthesis and HDR HDR high dynamic range function, shoot people are excellent.
Since the second half of 2017, 18: 9 full screen mobile phone broke out in full swing, glory 9 Youth version of the screen also uses 18: 9 design, in large games, online reading and web browsing to bring more screen and text information to provide more open The visual impact of the screen display more intense, while the 2160 × 1080 FHD + Full HD resolution blessing, the screen display is also more clear and natural addition, the mainstream full-screen design also makes Glory 9 youth version compared to the traditional The phone is more slender, 5.6-inch view with 5.2-inch grip, portability has been fully enhanced.
Overall, Glory 9 Youth Edition is a 1000-yuan extension of the glorious array of tide products. With user-oriented insight as the lead, Glory 9 completes the $ 1,000 ladder-like layout of tide products. At the same time, Play a force 7X 1000 machine market, and further consolidate the benchmark market position thousand machine.
Zhao Ming said: 'Glory Digital Series hit record sales of more than 30 million units, is illustrated in the context of consumer escalation, the consumer demand for smart phones more quality and personalized, glorious technological tide of the development path and Strategy, depth fit the needs of young people beats.But glory 9 youth version into the glory of the new understanding of the trend, the ultimate aesthetic design and cutting-edge innovation and technology to get through to young people with a more dynamic and quality experience , The tide of science and technology will really introduce thousands of machine market, empowerment of the market '.
Mobile phone industry analysts believe that glory 9 Youth Edition depth docking thousand machine consumer market demand for upgrading, process design and technological innovation continue to improve, will completely activate the market thousands of machines, or become the trend of science and technology trend. With glory 9 Youth Follow-up Listing hot, thousands of machine market evolution will also be kicked off for younger users to create more exciting consumer experience.
In addition, at the anniversary, Zhao Ming announced the Global AI strategy on behalf of glory, glory will lead the era of AI mobile navigation, build the global AI ecosystem. Glory will be 'core', 'end', 'cloud' three levels open AI capabilities to provide partners with development tools, remote commissioning, application access, SDK download, document online, real-time customer service and application promotion services, is committed to working with developers, partners around the world to build the AI ecosystem , Achieve win-win cooperation.
4. The first version of the 5G standard released today 5G key milestone in the evolution!
In the meantime, 3GPP (mobile standardization agency) formally signed the first version of Non-Standalone 5G (NSA) standard in Lisbon, capital of Portugal today, in which China Mobile is the only speaker and The chief editor of the agreement, led the completion of the 5G air interface scenarios and requirements research project, output 5G air interface technology programmatic document 3GPP TR 38.913 This means that all parties have reached consensus on the 5G network standards from 5G commercial network set up and run A solid step was taken because it set a hard standard for every company, which meant that the hardware vendor's device development efforts could start now.
According to the 3GPP plan, the 5G standard is divided into two types: NSA and Standalone Independent Network (SA) networking, in which the 5G NSA network is a transitional solution, which follows the 4G core network (EPC), 4G as the anchor point of the control plane, And 5GNR dual connectivity to deploy 5G in the existing LTE network to meet the first deployment of 5G by some operators.A NSA mainly aims to improve hotspot area bandwidth without independent signaling plane and relies on 4G base stations and core networks 5G NSA calls the threshold is very wide, down to 600 ~ 700MHz, up to 50GHz (Qualcomm calls the millimeter wave.) According to the MIIT's program, China's 5G bearer frequency band is Sub 6GHz IF, also covered in this standard range.
The five key wireless technologies that enable 5G NR include scalable OFDM digital with a subcarrier spacing of 2 ^ N; flexible standalone slot architecture; flexible standalone slot architecture; Massive MIMO; mobile millimeter waves. The 3GPP 5G NR specification Will lay the foundation for enhanced mobile broadband and beyond, but the 5G technology roadmap is just beginning and the industry is already embarking on many new technological inventions that will drive the future growth and expansion of 5G NR networks and equipment.
According to the 3GPP push schedule, the 5G SA standard will freeze the functional part in June 2018 and freeze the overall standard in the third quarter, when the first version of the 5G global standard will be officially finalized. The first release of 5G NR The completion of the standard is an important milestone in the all-round development of 5G, which will greatly enhance the capabilities of the 3GPP system and create more opportunities for the development of the vertical industry. 3GPP will continue to develop Release 15 version and increase the independent networking standard of 5G NR. The 5G NR standard will support both independent networking and non-independent networking, laying the foundation for the establishment of a globally standardized 5G ecosystem.
Attended AT & T, BT, China Mobile, China Telecom, China Unicom, Deutsche Telekom, Ericsson, Fujitsu, Huawei, Intel, KT, LG Electronics, LG U +, MediaTek, NEC, Nokia, NTT DOCOMO, Orange, Qualcomm, Samsung Electronics, SK Telecom, Sony Mobile Communications, Sprint, TIM, Telefonica, Telia, T-Mobile, Verizon, Vodafone and ZTE all agreed that the completion of the first 5G NR standard will drive the global industrialization of 5G NR Development and laid the foundation for the 5G large-scale pilot and commercial deployment in 2019.
With the gradual approach of commercial time point in 2020, the standard is undoubtedly a "cardiotonic" for the industry chain.In its latest version of the "Mobile Market Report," Ericsson pointed out that by the end of 2023, 5G will cover more than 20 % Of the global population will reach 1 billion registered 5G Enhanced Mobile Broadband subscribers The first commercial network based on 5G new air interface will be put into operation in 2019 and large-scale deployment will start from 2020. It is expected that a number of markets, including The United States, South Korea, Japan and China) will be the first to deploy 5G. By 2023 global mobile data traffic will approach 110 EB / month
Industry trends and manufacturers voice
Previously, users exposed a Qualcomm / Huawei / Intel / Samsung 5G baseband reserves, the progress and technology are more similar.Currently, Qualcomm confirmed the first 5G mobile phone launched in the first half of 2019, Huawei is the second half.
Source: Weibo
In terms of communications equipment providers, Huawei and ZTE led the 5G commercial communications equipment, and Huawei joined hands with China Mobile to complete the world's first 3.5GHz band miniaturization 5GCPE terminal. ZTE and Qualcomm completed the world's first 5G new air interface system interworking with Qualcomm.
On chip makers, Qualcomm continued to lead the way, followed by Huawei In October 2017, Qualcomm announced its Snapdragon X505G modem chipset to deliver the world's first officially released 5G data connection in the 28GHz millimeter-wave band.
Intel plans to launch its 5G commercial chips around 2018. Huawei HiSilicon expects 5G commercial chips to launch in 2019. Spreadtrum and MediaTek 5G commercial chips are likely to launch around 2020.
Terminal manufacturers, the mainstream manufacturers have released 5G terminal planning.China mobile phone manufacturers have to develop 5G terminal research and development plans, is expected to launch 5G commercial or pre-commercial mobile phones in 2019. Huawei is expected in the second half of 2019 launch of commercial 5G handsets; vivo plan in 2019 Launch of 5G pre-commercial terminals in the coming year and launch of 5G smartphones in 2021; Nubian plans to launch 5G pre-commercial handsets in 2019. Apple, though Apple has not released its 5G terminal development technology yet, disclosed from the US Federal Communications Commission Of the documents, Apple is applying for testing in the 28GHz and 39GHz bands, meaning it is preparing for 5G terminal production.
Cristiano Amon, Executive Vice President and President of CDMA Technologies at Qualcomm, said: "We are very pleased to have made this milestone as one of our members and once again stand at the forefront of the industry and plan to be the first to achieve the 5G vision by 2019. We look forward to Continue to work with mobile industry partners to launch 5G NR based commercial networks and devices to enable smartphones and other terminals to use the Sub-6GHz and mmWave bands by 2019. We will continue to invest in 5G technology to provide connectivity to emerging industries New business and experience for the future. '
Yang Chaobin, president of Huawei 5G product line, said: "As a key member of the 5G industry, Huawei is committed to promoting the achievement of the global 5G unified standards and is closely linked with other government agencies including governments, regulatory agencies, research institutes, universities, industries and all walks of life International organizations have made concerted efforts to push forward the first 5G NR standardization work of 3GPP and made significant progress, starting from 2018, Huawei will continue to work with global industry partners to bring 5G to a new stage of global commercial scale.
As the leader of China Mobile's chip design, Zhanxun's Zhanxun always keep up with the national strategy and international timetable in 5G research and development. The technical scheme verification of the second phase of China's 5G technology research and development organized by China IMT-2020 (5G) in September , Successfully completed the interoperability docking test (IODT) with Huawei 5G prototype base station.The successful docking shows Spreadtrum's landmark achievements in accelerating 5G standardization and commercialization.In addition, Spreadtrum has realized the latest 5G terminal prototype Platform Pilot V2, and will launch the first mobile chip that supports the 3GPP R15 5G standard in 2018.
In recent years, MediaTek has continuously expanded its investment in R & D and technology standardization of 5G new technologies and successively selected important seats in relevant organizations, including Vice Chairman of 3GPP Working Party, Standard and Technology Project Rapporteur, GTI 5G Sub-6GHz Project leader, chairman of Taiwan's Capital Industry Standards Association and other positions.MUNFA senior vice president and CTO Dr. Zhou Yujun pointed out: 'The 3GPP release 5G standard is a key milestone in achieving the commercialization of 5G is very important goal As one of the major contributors to the 5G standard development, MediaTek will continue to strive to promote the evolution of the 5G standard in the future.As the standard development progresses, our focus will start to provide commercial solutions to promote 5G in the application On the full potential.
As a major participant and contributor to 5G global technology and standards research activities, ZTE actively participates in discussions on the 5G standard including 5G NR, etc. Since this year, three members of ZTE Corporation, Sergio Parolari, Yang Li and CAO Ai-jun, Choosing three new 5G standards seats for RAN2, RAN3 and RAN4, etc. CTO Xu Hui-jun of ZTE said: "The completion of the 5G NR standard for non-independent networking is an important industry milestone and I am grateful to 3GPP for its challenging goal As one of the contributors to 5G standardization, ZTE will work hand in hand to accelerate the large-scale verification and deployment of 5G NR.
5. Andrews knelt Apple Face ID actually greatly user praise;
Set micro-network news, (Luo Ming / text) In a vote of Android machines are in the era of sliding to unlock, Apple iPhone5s took the lead to add a fingerprinting mobile phone, after a year or two, Android machines Keep up with the pace of the apple, all-fingered with the fingerprint recognition, I thought I can take a break when I did not expect Apple out of a Face ID brush face to unlock, Android machines this time is moving stool watching the movie.
According to a report released by Strategy Analytics, a third-party market research institute, users who purchase iPhone X on the e-commerce platform have praised its camera with Face ID, especially with respect to the Face ID function. The evaluation of consumers is especially positive.
Why is Face ID so popular with users? First look at the principle of Face ID , Apple's Face ID uses a dedicated projector to project more than 30,000 infrared spots on the face and then use an infrared lens to shoot these spots as infrared spots are projected in a regular rectangular arrangement , Encounter ups and downs of the surface, the shape will change, we only need to observe the graphics changes, you can get the surface of the 3D image of course, the infrared camera can shoot at night Oh.
Look at Android's face recognition , Most still exist in the 2D level, through the front camera to read your face pictures, and then use the software to compare, so when the light is poor, can not read the face picture, naturally can not be identified (always can not always Next night before unlocking also open a front flash it).
6. Four Figure Analysis iPhone X suppliers, the proportion of mainland profits in the end how much?
According to Nikkei's comprehensive Apple supplier data, the statistics of the share of countries and regions in the component suppliers of iPhone X and the profit share analysis of some components and parts are given.
