1, Ping An of China: weight 10.97%; the insurance industry itself is extremely broad space, and the probability that the future will continue to grow at a higher rate of 10-15%, it is worth mentioning that the head of the insurance industry, 5-6 companies accounted for more than 95% of the net profit of the industry.
It can be imagined that the industry in the middle and lower reaches of the company is actually quite miserable, which is precisely the reason why the government to reduce the tax burden on the insurance industry, we should not only look at the head of a few companies to draw the wrong conclusion that the insurance industry is very profitable. This point can also show that the insurance industry actually has a huge brand and business management barriers, the head of the insurance company has a deep moat.
Ping An of China's company management and business performance are undoubtedly the best in the industry, in 2018 Ping An life insurance ROE as high as 40%, twice the industry average, the 2019 interim net profit growth of 68%, "the crown jewel" deserved.
2, Guizhou Maotai: weight 5.62%; as high-end liquor proud of the existence of the herd, Guizhou Maotai's brand value even if the liquor industry from the second to the fifth place together is also quite as bad as the liquor consumption upgrade in the context of Maotai's advantage is more prominent. Over the past decade, the long-term gross profit rate of more than 90%, net interest rate of about 50% of the superb level, worthy of the A-share market, "King of the King".
3, China Merchants Bank: weight 4.33%; "King of Retail" China Merchants Bank, whether in the level of business management, asset quality, revenue and net profit level, can be called the leading banking industry, especially in the past few years, many joint-stock banks are mired in the asset quality crisis, China Merchants Bank, a single outstanding impressive.
Chinese banks 2014-2018 non-performing loan ratio of 1.11%, 1.68%, 1.87%, 1.61%, 1.36%, respectively, reported coverage ratio of 233.4%, 178.9%, 180%, 262.1%, 358.2%; in the first quarter of 2019, the non-performing loan ratio of 1.35%, the provision coverage ratio of 363.17%. capital adequacy ratio of 13.28%.
4, Societe Generale: weight 3.2%; "King of the industry" Societe Generale, in the first few years of the central bank's suppression of the scale of the same industry, had been confused, into the plight of the low growth rate of revenues and net profit, the non-performing loan rate of 1.57% in 2018, the provision coverage rate of 207.28%, from the quarterly report of the non-performing rate, the provisioning ratio and several other recent bank reports, Societe Generale should be able to get out of the woods this year.
Overall, although Industrial Bank is not as good as China Merchants Bank in terms of asset quality and profit level, it is still the better of the joint-stock banks.
5, the United States Group: weight 3.05%, the previous article has been described, 2018 revenue of 261.8 billion, net profit of 20.2 billion, gross profit margin of 27.5%, net profit margin of 8.34%, ROE 25.66%, as one of the white power duo.
6, Gree Electric Appliances: weight 3.05%; previously described, 2018 revenue 200 billion, net profit 26.2 billion, gross profit margin 30.2%, net profit margin 13.31%, ROE 33.36%, as one of the white power duo.
7, Wuliangye: weight 2.69%; liquor industry brand value second only to the existence of Maotai, ate all the dividends of the rise of high-end liquor in the past few years, at the same time the new management ability is significantly better than the previous one. Over the past decade, the gross profit margin is basically more than 70%, most of the annual net interest rate of more than 30%.
8, Hengrui medicine: weight 2.38%; China's pharmaceutical industry absolute leader, investing huge sums of money in research and development each year, China's new drug research and development in the field of the most promising star of hope. In 2018, for example, R & D investment of 2.67 billion, an increase of 52% year-on-year, accounting for a proportion of revenue of 15%, this local pharmaceutical company to the world is also worth looking forward to.
9, Yili shares: weighting 2.19%; although it is said that Yili is in the limelight because of the recent equity incentive event, but the company's excellence is beyond doubt, has firmly occupied the dairy industry's jianghu boss position, 2018 ROE as high as 24.33%, gross margin of 37.8%, the net interest rate of 8.17%, operating performance is undoubtedly the most outstanding dairy products.
10, CITIC Securities: weight 2.1%; securities industry over the years, the competitive landscape is more and more miserable, even as the industry's most well-known companies, CITIC Securities 2018 ROE is only 6.2%, and this is still in the case of 75% of the high debt ratio of the results of the future can not be seen in the competitive landscape of the day to get better, can only rely on the bull market fire one.