"Mr. Wu, Mr. Li, why don't you greet me when you come!"

Just as Li Yanhe was talking to the two major shareholders of Jinjia in front of him, he heard a panting voice coming into his ears behind him.

Li Yan looked back and found that Sun Kai walked briskly towards him with his head covered in sweat.

"Mr. Sun?" Li Yanleng paused, and subconsciously glanced at Wu Zhilin. I came over by myself and was temporarily brought by her. I don't know what the situation is today. As for Sun Kai's appearance, Li Yan was even more at a loss.

didn't figure out what was going on, so Li Yan didn't ask much. With a harmless smile on his face, he nodded at Sun Kai and greeted him.

Wu Zhilin said at this time: "I just came here today to open an account, but Mr. Yuxia introduced a business to him. Isn't this a good conversation, but I didn't expect you to come. ”

"Mr. Wu, this is your fault. Come over and don't say hello to my grandson, if Xia Yu hadn't told me, I wouldn't have known you were coming. After Sun Kai's pet Zhilin said hello, he immediately turned to Li Yan and said, "How can you stand at the door......?" Go in and talk, go in and talk. ”

Sun Kai did not put on the shelf of the CEO of Modu Securities in front of Li Yan and Wu Zhilin, but owed his body a kind of flattery.

Li Yan smiled and didn't say much, just looked at the door of the business department of Modu Securities, and suddenly felt a little emotional. When he came out of Modu Securities before, he was still a penniless small employee, but after several setbacks, when he stepped into this gate again today, he became the leader of the demon hunting dream.

I don't know whether I should lament the impermanence of life, or whether I should say that life and myself have made a joke.

Following Sun Kai and others, Li Yan stepped into Modu Securities. Everything seems to have changed here, the security guard is still the same security guard, and the staff are still the same staff.

"Li Yan?" someone saw Li Yan from a distance, following Sun Kai and Xia Yu, and walked towards the general manager's office. And she was followed by a big beauty with a cold temperament, and almost everyone here could see that Li Yan was not following them as a passerby!

"What's going on, isn't that kid Li Yan on long-term sick leave? Why ...... today?"

"Who is that woman next to Li Yan? It seems that her relationship with Li Yan is not ordinary!"

"How do you see something out of the ordinary?"

"You see that woman has not always been on the same line as Li Yan, and she is still leaning towards Li Yan intentionally or unintentionally! Damn! Is there any reason in this world, has Li Yan eaten swan meat? Hasn't that kid always been in a state of confusion about women? When will he become ......?"

At this moment, Yang Jie really walked to his workstation with a few materials. I saw Li Yan standing around Sun Kai and Xia Hua and walking towards the general manager's office!

"Li Yan?" Yang Jie subconsciously called at Li Yan.

Li Yan smiled at Yang Jie and nodded, but Li Yan didn't say anything, just pointed to the door of the general manager's office in the distance, and passed by Yang Jie.

Pushing open the door, Xia Yu warmly entertained everyone present.

"This is the Tieguanyin that I just brought back from Quanzhou, a few people try it. When Xia Yu greeted everyone warmly, Sun Kai frowned and muttered: "Mr. Wu's account opening, it doesn't seem appropriate to come to me, right?"

Wu Zhilin frowned, and said coldly: "Why is it not suitable? I came to take care of my own business." You're complaining about me, aren't you?"

Li Yan didn't understand what Wu Zhilin and Sun Kai were talking about from beginning to end, although he could hear that it was about opening an account, but he didn't know that this account had something to do with him.

Xia Yu picked up the teapot and said with a smile: "Let's talk about our own affairs behind closed doors." Chen Hua, President Chen and Zhong Guangneng are still waiting here today, are we going to deal with their affairs first and talk about other things?"

Sun Kaien sighed and glanced at Chen Hua and Zhong Guangneng.

Wu Zhilin turned his head and looked at Li Yan, which naturally means that you continue to talk about it......

"How did you two come up with us to help you operate Jinjia shares......? Presumably the two of you should have heard something about us, right?" As soon as Li Yan's voice fell, he saw Zhong Guangneng stand up and nodded at Li Yan and said, "We do know the current situation of the Demon Hunting Alliance, but the main reason why I wanted to contact you through Mr. Xia before is that the director of Silver Seed Wine is our good friend. ”

As soon as these words came out, Wu Zhilin paused. Tilting his head to look at Li Yan, his brows condensed.

"Silver Seed Wine, then you are looking for the wrong person, right? The Lin Teng Department has been leading, and I did participate in it, but ......" Li Yan's words were not finished, Chen Hua hurriedly explained: "We are not short of money, let alone what we think of the Lin Teng Department." It's just that we feel really good about the operations you have when you deal with Silver Seed Wine. So we think it's better to find the Lin Teng system than to directly ask our Demon Hunting Alliance to help!"

Zhong Guangneng smiled at Li Yan and said: "Some things are boring to say too much, if you nod your head, the operation of Jinjia shares will be handed over to you this time." ”

Li Yan didn't agree or deny it, just turned around and clicked on Xia Yu's computer. Quickly called up the trend from it and looked at the situation of Jinjia shares.

Chen Hua and Zhong Guangneng glanced at each other with a happy face, and suddenly heard Li Yan ask, "What is the result of what you want to do...... Make money? Or do you want to help that e-cigarette OEM?"

Chen Hua hurriedly said, "Haha...... Of course, our ultimate idea is that we can maintain our leading position in the real industry and produce a beautiful statement in the capital economy. This way we can get more OEM orders. However, with more orders, our stock price will definitely continue to rise, and a virtuous cycle that repeats itself solves the problem of capital and enhances the development capacity of our real economy!"

Li Yan sighed, glanced at Chen Hua, and then glanced at the monitor screen and said, "Then can I ask a question?"

Xiong Guangneng knew that since Li Yan was willing to understand and watch, he naturally had the intention to participate. At this time, as long as the question he asked was not particularly sensitive, he was willing to tell the truth!

"I see a lot of big players in the industry participating in your stock investments. For example, the equity investment partnership of Century Express, the Kirin No. 5 collective asset management plan of Industrial Securities, the insurance dividends of Taikang Life Insurance and ordinary insurance products, as well as Taikang's personal omnipotence, Taikang's preferred growth, and our Oriental Allianz Asset Management Company in Beijing also participated. After Li Yan finished speaking, he pointed to the monitor screen and the corners of his mouth curled: "The relationship between Taikang and you should be very good, why don't you find Taikang to do it?"

Xiong Guangneng's expression suddenly became a little embarrassed, and finally Chen Hua said: "If they can succeed, won't we look for you?"

In a word, it seems that there are too many feelings.

Li Yan nodded, not asking more questions. Instead, he changed the tone and said, "Then tell me, if I get involved in helping you operate, what do you want me to make a fuss about on that subject?

Chen Hua said with a touch of pride on his face: "As the standard setter of the cigarette label industry, our company has a competitive advantage in technology research and development and brand effect in the industry. The company has 150 new patent applications from subsidiaries within the scope of consolidated statements, including 28 invention patents; 135 patents have been newly authorized, including 19 invention patents. Including the scope of consolidated statements, the subsidiaries have obtained a total of 277 patent authorizations, including 18 new beginnings of the consolidated units, including 44 invention patents, including 1 new beginning of the consolidated units; It has obtained 6 software copyrights and continues to maintain its leading position in the industry. ”

In May this year, the tobacco monopoly bureaus in many places across the country successively issued a "Notice on Prohibiting the Sale of Imported New Cigarettes" to retail terminals. He also pointed out that the relevant products sold in the market at present have entered the domestic market through illegal channels, which has greatly disrupted the business order of the cigarette market.

After the ban was issued by the National Bureau, although it had an immediate impact on the original channel sales of heat-not-burn products represented by iQOS, it still could not control the huge domestic demand. Some Taobao stores will sell iQOS e-cigarettes under the name of iQOS leather cases. According to conservative statistics, the average price is 990 yuan, the monthly sales volume is 5404 units, and the monthly sales are 5.35 million yuan. Many domestic purchasing agents are also selling, the machine is about 700 yuan a piece, the price of cigarette cartridges is about 350 yuan, and the price of the machine will be expensive, about less than 2,000 yuan.

According to statistics, the real size of China's new tobacco market in 2016 was about 3.2 billion yuan. This includes a total online sales of 1.8 billion yuan (from the two absolute main B2C platforms of Alibaba and JD.com, and the real data can appropriately remove a small part of the virtual amount of swiping orders), as well as about 1.2 billion offline e-cigarette physical store sales (the WeChat store/WeChat sales of physical stores are counted as this item), and finally other retail channels contribute about 200 million sales.

Under the strong demand, the sales volume and price of iQOS products have also been rising. The continuous large-scale sweep of these domestic middlemen has had a direct impact on Japan's domestic sales, and local specialty stores have even launched a sales plan to sell the full set of iQOS equipment only to their nationals, and foreign consumers can only buy matching cigarettes. This shows that China's market demand is huge and its purchasing power is strong.

Investment opportunities embedded in iQOS:

Goldman Sachs, an international investment bank, released a report saying that in the next few years, the market size of new tobacco will reach 10 billion US dollars, accounting for more than 10% of the market sales and 15% of the profit of the overall cigarette industry by 2020.

Most of the world's new tobacco products or accessories are produced in China, especially Shenzhen, and domestic manufacturers produce about 90% of the world's new tobacco. According to the data, the vast majority of domestic new tobacco manufacturers use OEM/ODM for sales, and although some manufacturers have gradually established their own brands to enter the market, they cannot be compared with the brands of international tobacco giants.

In terms of the development trend of tobacco in the world, traditional cigarettes have begun to enter the downward range, and the number of smokers, smoking rates, and smoking volumes are declining. Under the influence of health awareness, the decline of traditional cigarettes seems to be an irreversible and definite trend, which is a serious challenge that all tobacco companies need to face.

The emergence of iQOS is, firstly, that the consumption of traditional cigarettes can be used to hedge against the impact of the decline, and secondly, it can obtain new consumer groups. Therefore, the rapid development of iQOS is a major trend.

At present, it is believed that at least before the national team's complete set of product solutions has not been launched on the market, iQOS will enter China in the short term is a small probability event. It is precisely for this reason that such cigarettes that have been successfully developed by enterprises are not allowed to be unveiled in the name of adapting to iQOS. However, judging from the country's suspension of iQOS retail in May this year, it is already ready to start intervening in this industry, and it is expected that China's iQOS will develop quickly in 1-3 years.

Secondary market speculation path

On August 27, 2013, Dongfeng shares (601515, shares) announced that it was planning and negotiating with other parties to jointly invest in the establishment of a project company, engaged in research and development, production of electronic product atomizers, and the stock rose sharply for three consecutive trading days, with a cumulative increase of up to 31%.

On October 15, 2013, the media disclosed that low-tar cigarettes and Chinese herbal cigarettes can not reduce the harm caused by smoking, but are easy to induce smoking 002565.

On November 25, 2014, the Legislative Affairs Office of the State Council solicited opinions on the Regulations on the Control of Smoking in Public Places (Draft for Review). The draft for review clarifies that all indoor public places are to be non-smoking. Affected by this news, the price limit of e-cigarette concept shareholders in the A-share market, Shanghai Green New rose 7.5%, and EVE Lithium Energy (300014, stock bar) rose 3.11%.

Since tobacco is still present in these heating rods, the development of this product will also be regulated in the same way as regular cigarette products. The future development model should be the unified management of the national license, entrusting the OEM enterprise to OEM production, so the future will speculate on the OEM enterprise.

Investment advice

In the above targets, it can be seen that there are no obvious investment opportunities at present. Domestic e-cigarette OEM companies are basically doing traditional e-cigarette oil atomization e-cigarettes (such as Avips). And this kind of atomized e-cigarette market is actually not large-scale at all, after all, most of the people who play this kind of atomized e-cigarette are young people who want to have fun. Atomized e-cigarettes cannot completely replace traditional cigarettes like iQOS, and their status is completely lower than iQOS, and they will not become a climate in the future. And once the national team starts to allow large-scale sales of iQOS, then the foundry of iQOS will definitely not be only Heyuan under Jinjia shares (002191, shares), and Heyuan's performance is also deteriorating, and it is in a difficult situation to protect.

The market size of China's tobacco industry has reached trillions, and iQOS, as the lifesaver of the tobacco industry in the future, is obviously a large piece of fat, and many domestic companies have developed iQOS equipment, but when will this piece of fat be eaten? How to eat it? It is recommended to continue to pay attention to the stock selection and believe that the outbreak of iQOS in China will not be too far away.