Perfect World (002624) Annual Report 2018 and 2019 First Quarterly Comment: Redundant profitability of product reserves continues to increase

Perfect World (002624) Annual Report 2018 and 2019 First Quarterly Comment: Redundant profitability of product reserves continues to increase

First, the event company achieved operating income of 80 in 2018.

34 ppm, an increase of ten years.

31%; Net profit attributable to shareholders of listed companies.

0.6 million yuan, an increase of 13 in ten years.

38%; net profit of non-attributed mothers is 14.

47 ppm, a 10-year increase3.


In the first quarter of 2019, the company achieved operating income of 20.

42 ppm, an increase of 13 in ten years.

26%, net profit attributable to shareholders of listed companies.

860,000 yuan, an increase of 34 in ten years.

95%; net profit deducted from non-return to mother 4.

63 ppm, an increase of 56 in ten years.


Second, our analysis and judgment. The company’s performance in 2018 was affected by policies, and the growth rate was slightly lower than expected. In 2019, the industry environment continued to improve. The company’s various fine-quality games have been launched online. At the same time, the company’s film and television production reserves are sufficient.Growing rapidly.

(I) The gross profit margin of the game business has steadily increased, the platform has helped to expand the company ‘s influence reports, and the company ‘s game business has steadily improved, achieving operating income of 54 in 2018.

21 ppm, a decrease of 4 per year.

06%, operating costs reached 18.

1.3 billion, down 9 a year.

24%. Although the business scale has improved, the gross profit margin has increased to 66.

56%, an annual increase of 1.


The 苏州桑拿网 company’s classic end-games “Xianxian” and “Perfect World International Edition” continued to contribute stable revenue. At the same time, the company also deployed mobile and console games.》 Mobile game topped the top-selling list of iOS for more than half of the time, and was loved by players. Then in May, it moved to another online game developed by the company, the second-order mobile game “Cloud Dream Four Songs”.Significant improvement.

In addition, in 2018, the company reached a strategic cooperation with Valve Company to jointly establish Steam China, and the company’s platform attributes have been further improved. It is believed that the company’s influence will be further expanded in the future, while accelerating revenue growth.

(2) The growth rate of the three fee rates is stable, the company’s profit level 深圳SPA会所 continues to increase in 2018, and the company’s selling expenses have increased by 18.

41% to 8.

80 ppm was mainly due to the increase in marketing expenses for new games on the market; administrative expenses decreased and decreased7.

53% to 7.

04 million, maintaining stability; financial expenses are reduced by 11 every year.

71% to 1.

68 ppm was mainly attributable to a reduction in foreign exchange loss gains and losses.

Reporting the average, the company’s three fees as a whole remained stable.

Affected by the hospital line business, the company’s gross profit margin changed slightly in 2018, but after excluding the impact of the cinema line business last year, the company’s gross profit margin was restored in the first quarter of 2019, and the company’s products were gradually phased out. It is expected that the company’s profit level will continue to improve.
(3) The film and television business has sufficient product reserves and performance is worth looking forward to. In terms of film and television, the company achieved operating income in 201826.

13 ppm, an increase of 14 in ten years.

62%, mainly because the company’s investment in film and television business continued to increase.

Under the influence of industry policies, 2018.

78% to 33.5%, but the number of reports, the company’s many works performed well in the market, “Song of Fire” ranked third in the number of Internet dramas in 2018 with more than 8 billion network broadcasts, and “Youth Fight” became the bone TV drama list 2019The only original screenplay TV show that has hit the charts three times during the broadcast period since March.

From the perspective of TV drama reserves, there are 9 TV dramas that have been produced, 10 TV dramas in post-production, and another 3 dramas in shooting, and 14 dramas in preparation.Growth, it is expected that the company’s TV drama business will continue to grow in the future.

Third, the investment proposal estimates that the company’s net profit attributable to the mother in 19/20 will be 20 respectively.

8.7 billion / 24.

42 ppm, an increase of 22 in ten years.

3% / 17.

01%, the corresponding PE is 17 respectively.

8x / 15.

2x, give recommendation level.

Fourth, risks indicate that the game flow is lower than expected, the income from film and television works is lower than expected, and policy supervision is tightened.

Desai Xiwei (002920): The performance is slightly higher than expected, ASP is initially reflected in logic

Desai Xiwei (002920): The performance is slightly higher than expected, ASP is initially reflected in logic

Desai Xiwei released three quarterly reports: in Q3 2019, it achieved revenue of 12 quarters.

74 trillion, ten years +6.

10%, the net profit attributable to the mother is 40.5 million yuan, a year -21.

02%; Revenue in Q1 2019 reached 35.

460,000 yuan, at least -12.

70%, net profit attributable to mother is 142.74 million yuan, -57 for many years.


The performance was slightly higher than expected. Under the background of the auto market replacement, the company’s revenue has continued to reverse the trend for four consecutive quarters, partly because Volkswagen Tan Yue ‘s sales exceeded expectations and became explosive models, and partly due to the start of the bike ‘s limit value ASP

We published the weekly report “Computer Q3 Performance Forecast!” On October 8, 2019.

》 Desixiwei Q3 single-quarter revenue is expected to be 12.

1.9 billion, previously + 1%, net profit attributable to the mother was 35 million yuan, each -32%, the company’s Q3 single quarter revenue and profit were slightly higher than our previous expectations.

In the single quarter of 2019Q3, the overall sales volume of passenger cars in China was six months.

04%; Desai Xiwei Q3 single-quarter sales of supporting vehicles for six months -9.


Although the company is still affected by the downturn in the passenger car market, sales of its Q3 supporting car series are still negative, but Q3’s single quarter revenue has begun to turn positive, indicating that ASP improvement logic has gradually begun to materialize, and new products such as the company’s T-BOX and automatic parking systems have successively Q3 WestThe sales performance of FAW-Volkswagen Tanyue models equipped with Via’s in-vehicle infotainment system exceeded expectations and also increased revenue.

“Scale effect” and mass production of new products led to a continuous increase in gross profit margin in a single quarter; credit impairment losses increased to offset profits, but the company’s customer structure optimization in the past two years has achieved significant results to ensure that future risks can be reduced; research and development costs have been reduced and flatQ4 is expected to remain stable.

(1) The gross profit margin increased quarterly as the “bright spot” of the financial report: affected by the annual decline, the company’s gross profit margin in 2018Q4 replaced the lowest valley of 20.

After 53%, the gross profit margin has picked up quarter by quarter since this year.

56% / 23.

28% / 24.

14%, Xiwei’s business has the expected “scale effect”. It is estimated that the rebound in gross profit margin should be caused by the increase in volume and dilute fixed costs. The other part is expected to be the mass production of new products with increased gross profit margin or high gross profit customers.Due to the increase in sales of supporting vehicles.

(2) The risk of bad debts and inventory depreciation is controllable in the future: The company generated -29.5 million assets impairment loss and credit impairment loss in 2019Q3, compared with -7.88 million in 2019Q2 and -14.07 million in 2018Q3, mainly due to accounts receivableDue to the provision for special bad debts.

In the past two years, the company proactively optimized the customer structure and converted resources to focus on the strength of the overall car plant customers. Xiwei New opened up Changan Automobile, Changan Ford, FAW Toyota, GAC Toyota, and maintained close business contacts with Toyota Japan.; This year, Geely is expected to enter the company’s top five customers, replacing GM Wuling, which has poor sales, and the overall risk is controllable and expected to be reduced.

(3) This year’s personnel requirements have been met, and R & D costs have remained stable: 2019Q3 R & D costs are 1.

67 trillion, +2 for ten years.

81%, -5.

34%, expenses remain stable.

It is estimated that the company’s R & D staff has increased from 1900 to 2,000 in the initial period. Due to the increase in order items, the demand for application research and development personnel recruited has been basically met, and the gradual research and development costs are expected.

At 17 ppm, Q4’s R & D expenses are the same as Q3.

Maintain profit forecast and “Buy” rating.

We maintain the Air Force profit forecast and expect EPS to be 0 重庆夜生活网 in 2019/2020/2021.

49 yuan / 0.

88 yuan / 1.

61 yuan, and maintain the “buy” rating previously specified.

China Merchants Bank (600036) Third Quarterly Report Review: Excellent Asset Quality and Strong Profitability

China Merchants Bank (600036) Third Quarterly Report Review: Excellent Asset Quality and Strong Profitability

Event: China Merchants Bank released three quarterly reports, and achieved operating income of 2077 in the first three quarters.

300 million, an increase of 10 in ten years.

36%; 772 net profit is gradually realized.

3.9 billion, an increase of 14 years.


Defective rate 1.

19%, a decrease of 4BP from the end of the previous quarter; provision coverage ratio was 409.

41%, an increase of 15 from the end of the previous quarter.

29 units.

The growth rate of net profit attributable to mothers increased compared with the previous two quarters, and the profitability was strong.

Net profit attributable to mother in the third quarter was 266.

27 ppm, an increase of 17 in ten years.

69%, the growth rate of net profit attributable to mothers continued to increase in the single quarter (the growth rates in the first and second quarters were 11 respectively.

32%, 14.


The growth rate of net profit is higher than the profit growth before provision, and provision has become a source of profit release.

Net interest margin fell month-on-month, but still maintained a high level.

Annualized net interest margin for the first three quarters2.

65%, which is 5bp lower than the net interest margin in the first half of the year and 2 in the third quarter.

57%, a decrease of 12bp from the second quarter.

The decline in loan interest rates and the rise in deposit costs have narrowed the narrowing of the net interest margin.

Thanks to the high proportion of retail business, China Merchants Bank’s net interest margin is still at a relatively high level among listed banks.

The growth rate of non-interest income increased, pushing the revenue growth rate higher than in the second quarter.

Net income from fees and commissions increased by 17 in the third quarter.

25%. It is estimated that due to the increase in net foreign exchange gains and losses, and gains from changes in fair value, non-interest income in the third quarter increased by 21% each year.

Driven by non-interest income, annual revenue growth in the third quarter (11.

85%) increased by 4 compared with the second quarter.

58 units.

The retail business has solid advantages and rapid revenue growth.

As of the end of the third quarter, CMB’s retail loans accounted for 55.


In the first three quarters, China Merchants Bank achieved 1,069 retail financial business revenue.

08 million yuan, an increase of 22 in ten years.

18%, accounting for 55 of total revenue.

03%, retail finance business is still the main driver of revenue growth.

The asset quality is excellent, and the provision coverage ratio continues to increase.

As of the end of September, CMB’s NPL ratio was 1.

19%, down 4BP from the end of the previous quarter.China Merchants Bank’s bad confirmation is strict, historical burden is small, and the non-performing rate has decreased for 11 consecutive quarters.

Credit impairment losses in the third quarter were 118.

7.2 billion, down 26.

96%, an annual decrease of 11.


However, thanks to the improvement of the denominator, the provision coverage ratio was 409 at the end of the third quarter.

41%, still up 15 from the end of the previous quarter.

29 units.

China Merchants Bank’s level of provision coverage has provided it with a 武汉夜网论坛 higher level of safety, and also left room for profit release in the future.

Investment suggestion: China Merchants Bank’s asset quality continues to improve, and the length of profit release space.

The retail business has a solid advantage, and its performance has continued to increase, with a “Buy” rating.

Risk reminder: Pay attention to the risks of the decline in asset quality caused by the decline of the macro economy.

Guodian NARI (600406) Interim Report Comments: Interim Report Meets Expectations Steady Growth of ICT Business

Guodian NARI (600406) Interim Report Comments: Interim Report Meets Expectations Steady Growth of ICT Business

Event: The company released a 19-year semi-annual report and achieved revenue of 109.

34 billion, an increase of 3.

57%; net profit attributable to mothers was 1.2 billion, down by 11.

17%; deduct non-net profit 11.

14 billion, an increase of 4.

1%; mainly due to the impact of changes in the provision of bad debts, otherwise profits are expected to grow further, and performance is in line with expectations.

In a single quarter, the revenue in 19Q2 was 71.

8.3 南京桑拿网 billion, an increase of 7%; net profit attributable to mother 11.

25 billion, down by 10.


The gross profit margin was relatively flat, and the ICT and integrated gross profit margin increased: the gross profit margin of the company in 19H1 was 27.

52%, flat for one year, up 3 from the previous month.

41pct to 24.

11%; ICT gross profit margin 23.

26%, the same increase of 2.

94pct, the improvement of the business structure; the protection of relay protection and the decline in the gross margin of flexible transmission3.

31 points to 32.

83%, the competition is intensified, IGBT raw material prices have risen; the power grid automation gross margin has been reduced by 0.

92pct to 27.

53%, due to changes in business structure; integrated gross profit margin increased by 17.

45pct to 46.

66%, the increase in energy-saving equipment rental fees.

Order underwriting growth in 19 years: At the end of 18, the company had 33.1 billion orders on hand (+5.

83%), with 193 new orders annually.

700 million (+ 11%); 19H1 management expense ratio decreased by 0.

35pct. In one year, it is planned to realize revenue of 314 billion yuan (+ 10%), operating costs of 22.3 billion yuan (+ 10%), period expenses of 36 billion, and the period expense rate will further decline.

Ubiquitous electric power Internet of things, UHV business is expected to usher in a new round of growth: Ubiquitous electric power Internet of things, UHV business is expected to usher in a new round of growth; internally, in the next 2-3 years, it will contribute to the company’s DC transmission related business development.

Investment suggestion: The company’s EPS for 19-21 is expected to be 1.



At 31 yuan, the corresponding estimates are 17.



2 times, give 22 times estimate in 19, maintain “Buy” rating.

Risk reminder: grid construction is lower than expected, competition is intensified, and risk is assessed

Risk capital research in the first half of the year

Risk capital research in the first half of the year
In the first half of the year, insurance capital researched 263 listed companies that were more than 80% continuously expanding and the highest increase was more than 5 times. This year, reporter Su Xiangzheng, insurance capital has conducted intensive research on A-share listed companies.”Securities Daily” reporter according to the Oriental Fortune Choice combing shows that this year as of yesterday (June 25) closing, the insurance capital (insurance company + insurance asset management company) surveyed a total of 263 listed companies.  From the development trend of the companies surveyed by the insurance capital, 217 of the 263 companies have an annual internal growth (unreinstated), accounting for 83%, and the highest increase is more than 500%.In the eyes of most people, listed companies surveyed by insurance companies are generally expanding but have a certain relationship with better fundamentals. However, the market situation this year is even a major reason.  From the perspective of the industries of the companies surveyed, the “information transmission, software and information technology services” (CSRC industry (2012)) technology companies were surveyed the most, with a total of 44 companies, accounting for 17%; in general,There were 18 companies surveyed in chemical preparation, chemical raw materials and other industries; 5 companies in communications supporting services and communication transmission equipment companies were surveyed.  From the frequency of surveys, large insurance companies such as China Life and Ping An are the most diligent. From yesterday, this year, the insurance capital found a total of 710 listed companies, down 13% from 806 times in the same period last year.  Oriental Fortune Choice data shows that since this year, China Life has surveyed 93 listed companies; Ping An Pension has surveyed 36 listed companies.In addition, Xinhua Insurance, PICC, China Insurance, Happiness Life, etc. have gradually found listed companies.  Take China Life Insurance as an example. In addition to the listed companies whose research scope includes Qingsong, Jiuqi Software, Huichuan Technology, Desaixiwei, Sunlord Electronics, East China Medicine, Yuxin Technology, Shenzhen Chiwan, China Merchants Port, XuediLong, Lixun Precision, etc.  From the perspective of companies researched by venture capital, eight companies including Hikvision, Huichuan Technology, East China Medicine, Dabeinong, Guanglianda, Northern Huachuang, and Senma Clothing were found more than 10 times.Among them, Hikvision was surveyed 37 times on insurance capital, and 28 institutions have called them “stepping points.”  In fact, since this year, the company has received a total of 1,002 financial institutions of various types, ranking first in the survey of institutions, and fund companies, private equity, and insurance have attracted attention.Orient Securities believes that Hikvision is a global security leader with a stable 北京桑拿体验网 team, strong R & D strength, and outstanding channel advantages; the security market is still worth looking forward to, and the company’s market share will continue to increase; innovative business as a new business for the company, from 2019 toIt will grow rapidly in 2021.  Judging from the development trend of the company under study, according to a reporter from the Securities Daily, this year, 217 of the 263 listed companies surveyed by the insurance company have continued to grow (unreinstated) and 46 have changed since yesterday.Among them, 10 companies including Zhongjian Technology, Daily Interaction, New Media Shares, Leading Puzzle Manufacturing, Jinyi Technology, Mingyang Intelligent, Shun Ye (right protection), Longma Sanitation, and Tangrenshen rose more than 100%.  The impact of equity investment on the profits of 天津夜网 insurance companies Although the investigation of insurance capital does not represent the actual investment, research is an important change before the investment of insurance capital, and alternative discoveries to a company or industry can also reflect the development prospects of this fieldunderstanding.  In addition, since this year, the supervision has frequently encouraged insurance capital to enter the market as long-term funds. As long as the news reports that the scale of insurance companies’ equity investment is expected to increase by another 10% to 40%, in this context, the exploration of insurance capital is more valued by listed companies.  From the insurance fund utilization survey data recently released by China Insurance Asset Management Association, as of the end of 2018, the asset allocation of insurance companies is still mainly solid income, with bond investment accounting for 39% and bank deposits accounting for 12.3%, financial product assets accounted for 18.5%, stocks and public funds accounted for only 10.8%, the equity investment ratio is far below the regulatory upper limit.  In addition, the latest data from the China Banking Regulatory Commission showed that as of the end of April this year, the balance of funds used by the insurance industry was 16.$ 99 trillion, of which about 2 were invested in equity and securities investment funds.14 trillion yuan, accounting for about 12.6%. Although the investment ratio has been further increased from the end of the previous year, there is still room for improvement in the actual insurance equity investment ratio.  In fact, although the proportion of equity investment in the overall asset allocation of insurance capital is not large, its impact on the profits of insurance companies penetrates.Tianfeng Securities believes that listed insurance companies have reported dazzling profits and premiums in the first quarter of this year. After the improvement of the asset side, it is confirmed that it can further increase the estimated net profit and increase the total growth.4%, net assets increased by 9 earlier.6%, the main reason is the growth of equity market.  For the overweight equity investment in insurance funds, Song Jin, an analyst at Shengang Securities, believes that “at present only bonds and equity investments can meet the requirements for insurance capital income.”Compared with bonds and equity, the benefits of non-standard assets have just been realized. The amount of investment research required for insurance companies is higher than the expected return rate of various insurance companies.Means the end of old investment ideas.

Chengde Lulu (000848) 2018 financial report review: steady transition of new products and gradually increasing growth in 19 years

Chengde Lulu (000848) 2018 financial report review: steady transition of new products and gradually increasing growth in 19 years

Event: On March 16, the company released its 2018 annual report, and the company achieved operating income of 21 in 2018.

2 ‰, increasing by 0 every year.

48%; net profit attributable to mothers4.

13 ppm, a decrease of 0 per year.


Among them, Q4 company achieved revenue4.

48 ppm, a decrease of 18 per year.

80%, achieve net profit attributable to mother 0.

63 ppm, a reduction of 33 per year.


The company’s net cash flow from operating activities in 2018.

23 ppm, an increase of 251 over 2017.

48% point of view: the increase in ton prices has led to a slight increase in performance, and new product revenue has been slightly lower than expected.

The company achieved operating income in 201821.

20,000 yuan, a slight increase of 0 in ten years.

48%, distorting the continuous trend of revenue in 16 and 17 years.

First of all, the company’s performance has increased slightly. First, the plant protein beverage industry has ushered in a recovery in the background of Yili, Danone and other companies promoting soy milk and other products, and the upgrading of the company’s product structure.

Industry sales revenue increased by 11 in 2013.

92% slide all the way to 17 of 4.

97%, rose to 7 in 18 years.

More than 32%.

As the industry leader, the company took the lead in benefiting from the rapid growth of the industry.

Second, the company’s new product Lulu went public, which boosted the company’s ton revenue.

The price of the new Lulu is 25% higher than the price of the ordinary model, which can also increase the company’s ton revenue in 2018 to 9,728.

08 yuan / ton, previously +11.


In terms of quarters, the company’s single quarter growth rate decreased quarter by quarter, with Q1-Q4 being 13 in turn.

19% / 14.

97% /-5.

27% /-18.


The company’s growth rate started to decline in the third quarter. First, the company decided in May 18 to promote the new product “Hot Drink Lulu Almond Dew” in key cities across the country, and at the same time canceled the sales of ordinary Lulu.

The 武汉夜生活网 cultivation of new products usually requires a certain process. After the market accepts them, Lulu tries to become a new profit growth point for the company.

The new product performance is worth looking forward to, and the company’s gross profit margin and net profit margin are expected to continue to improve.

The company achieved net profit attributable to mothers in 20184.

13 ‰, at least -0.

13%, the slight fluctuation in profit was mainly caused by the surge in selling expenses.

We believe that the company’s performance is expected to improve significantly in the future as the cultivation of new products continues to mature.First of all, the launch of the new product Lulu increased the company’s gross profit margin to 50 in 2018.

76%, an increase of 3 over the same period of the previous 17 years.

5 points.

The company’s next focus is to expand the sales market of new products Lulu, while accelerating channel sinking.

As the proportion of new products Lulu continues to increase, the company’s gross profit margin is expected to continue to improve.

At the same time, the adjustment of the company’s advertising expenses and the adjustment of its expenditure system will help the company more effectively market cultivation and new product promotion, and thereafter will partially promote the growth of sales and income, and improve the company’s profitability.

Brand marketing efforts have been strengthened, and the budget system has been adjusted to stimulate new sales vitality for the company.

The company incurred selling expenses in 20184.

780,000 yuan, +26 a year.

6%, sales expense ratio 22.

53%, an increase of 4.

65 points.

In order to cooperate with the promotion of new products, the company’s significant expansion of sales expenses in the first half of the year, 2018H1 sales expenses extended 79.


The increase in sales expenses mainly comes from two aspects. The integration is the company’s new product promotion efforts and advertising efforts.

The company’s advertising costs in 2018 were 2.

$ 3.5 billion, an increase of 55 per year.


The company builds a bridge between brands and consumers by combining new marketing models of online marketing and offline promotion.

At the same time, the company has adjusted the sales staff’s income composition from 2018 to make the income directly linked to performance.

Increase investment in the front line of sales, through system management, grasp personal performance and income in real time, and stimulate their enthusiasm and subjective initiative.

We believe that the adjustment of the company’s advertising costs and the adjustment of its bidding system will effectively stimulate the company’s sales vitality and provide a good foundation for the company’s future performance growth.

In the future, as the new product market gradually matures, the increase in the company’s selling expenses is expected to weaken.

Conclusion: With the continuous promotion of new products Lulu and sinking of channels, coupled with consumers’ favor of the concept of “healthy drinks”, we continue to be optimistic about the company’s future development.

The company is expected to achieve operating income in 2019-2021.

2.8 billion, 23.

5 billion and 24.

9.2 billion, an annual increase of 4.

99%, 5.

50% and 6.

01%, achieving a net profit of 4.

5.7 billion, 5.

1.1 billion and 5.

7.5 billion per year.

87%, 11.

70% and 12.


EPS are 0.

46, 0.
52 and 0.
59 yuan, currently the corresponding PE is 19 respectively.

94x, 17.

82x and 15.

81x, give the company a “Recommended” rating.

Risk reminders: food safety issues, the decline in plant protein industry demand, the company’s new product promotion is less than expected, etc.

Jinhe Biological (002688): Benefit from the concentration of aquaculture to improve the transformation of chlortetracycline leading results

Jinhe Biological (002688): Benefit from the concentration of aquaculture to improve the transformation of chlortetracycline leading results
Abstract: 1. Global chloramphenicol oligopoly, growth in downstream demand boosted performance.The company has been cultivating in the field of veterinary drug additives for many years. It is tied with Chia Tai and is the world’s two oligarch for aquaculture.In the context of African swine fever, large-scale farming has higher requirements for biological control, and the market demand for chlortetracycline has expanded. It is expected that domestic chlortetracycline prices will remain high in 2019, and the company will benefit significantly. 2. Vaccines: The technological advantages are obvious, and future development is expected.The core competitiveness of the company’s round whole virus inactivated vaccine “Yuyuanbao” and live pig blue ear vaccine (PC strain) is high antigen purity and high antigen concentration.In 2017, the average total protein 四川耍耍网 content of all “Yuyuanbao” was below 100 μg / ml, and the concentration and intactness of intact circovirus particles were significantly higher than similar vaccines.Obtained production qualifications for live porcine parvovirus vaccine (NJ strain), inactivated swine erysipelas vaccine, live swine fever vaccine, etc., and the application for registration of importation of Mycoplasma hyorhinis-porcine circovirus type Ⅱ double vaccine has been steadily progressing.Ascension provides protection. 3. The starch business industry chain was extended, the third phase of the environmental protection project was completed, and the depreciation of the RMB increased exchange gains.Affected by the recovery of the downstream industrial chain, the sales of corn starch and co-products increased, and the increase in the price of corn starch increased to offset the impact of rising corn costs. After the completion of the third phase of environmental protection at the end of 2018, it is expected that capacity utilization will increase in 2019, and operating costs willSignificant decline; the rapid depreciation of RMB in H1 2019, and long-term exchange gains will significantly increase the company’s performance. Earnings forecast: Buy rating.It is expected that the company’s net profit attributable to the parent in 2019/2020/2021 will be 1.99/2.40/2.8.6 billion, corresponding to 0 EPS.31/0.38/0.45 yuan.Give 25 times PE in 2019, corresponding to 2019 target price of 7.75 yuan, closing price 4 on August 23, 2019.94 yuan, up 56.88%, give “Buy” rating. Risk reminders: 1. The risk of rising raw material prices.The proportion of raw material corn in the company’s product cost has broken through, so the increase in corn price has an impact on the company’s product cost. 2. The risk of abnormal exchange rate fluctuations.The assets denominated in US dollars and the company’s overseas sales revenue are related to changes in exchange rates, so changes in exchange rates will have a certain impact on the company’s performance. 3. The risk of new product market development falling short of expectations. The company’s veterinary vaccine business has the risk of new product market expansion falling short of expectations. 4. Policy risks.The company’s overseas revenue accounts for a large proportion, so the risks of import and export policies have an impact on the company’s performance.

Report: Creating a favorable interest rate environment for fiscal policy expansion through interest rate cuts

Report: Creating a favorable interest rate environment for fiscal policy expansion through interest rate cuts

Original title: Renmin University report proposes interest rate cuts to create a favorable interest rate environment for fiscal policy expansion. CSI (Reporter Zhao Baizhinan) “China Macroeconomic Forum” hosted by the National Development and Strategic Research Institute of Renmin University of China on the 21st released monthly macroeconomic data”Analysis Report (October 2019)”.

The report said that in the first three quarters of 2019, it was faced with unfavorable factors such as internal structural adjustments and the release of contradictions, the decline in the external world economy and trade, and the increase in uncertainty in the international trade environment, which led to a huge increase in the economic gap. The main macroeconomic indicators remained atReasonable interval.
Facing the downward pressure of the macro economy in the future, we need to actively respond.

  The report recommends that the first is to increase the adjustment of counter-cyclical macroeconomic policies, and to reduce the interest rate of monetary policy to cope with the easing monetary policy competition that has occurred internationally, and to create a favorable interest rate environment for the further expansion of fiscal policy.Synergies are formed between policies, structural adjustment policies, and policies to further deepen reforms and expand openness.

In a more lenient interest rate environment, fiscal policies and structural adjustment policies are used to guide and cultivate effective investment and demand that are oriented towards improving people’s livelihood, and form a continuously strengthening positive interaction between domestic demand growth, investment growth, and effective supplementation.
  The second is to deepen the high-level economic and trade cooperation with Japan, ASEAN, the European Union, Russia, and the countries along the Belt and Road in the context of the overall 佛山桑拿网 downturn in the world economy and international trade.

Actively carry out preliminary, regional and sub-multilateral level cooperation and policy coordination to create favorable conditions for gradually responding to the uncertainty of external trade.

  The third is to actively participate in and effectively promote the improvement and development of the rules-based international trade and investment system, adopt more flexible and pragmatic negotiation strategies under the WTO framework, promote the improvement and development of the multilateral trade and investment system, and fundamentally promote the international trade environmentImprovement.

A pragmatic “China plan” on competition policy, copyright protection, government subsidies, government procurement, investment policies, digitization, fintech and inclusive 南京桑拿网 growth.

During the Great Cold Season, two nos is maintained in health, and four doors are often opened

During the Great Cold Season, “two nos” is maintained in health, and “four doors” are often opened
Editor’s note: The Great Cold is the last solar term in the winter, and it is also the coldest solar term of the year. There is a saying in the folks: “Great Cold, Small Cold, Cold in the Body, Frozen Old Man” to describe the harshness of the freezing cold.So, how to keep fit during the Great Cold Season?In this issue, I will chat with you.The great cold health has always been an important period of health care. At this time, the yin qi is extremely strong, and it will change from “winter Tibetan” to “spring life”. Chinese medicine believes that the great cold health must achieve the “two nos”: noIt hurts yang and does not damage yin and jin.Does n’t hurt yang: When going out “fully armed”, pay special attention to keeping your feet warm. Traditional Chinese medicine believes that cold can easily damage your body ‘s yang.The blood in the human body is easy to flow when it is warm, and it is easy to stagnate when it is cold.The cold weather will make the blood flow in the human blood vessels not smooth, and even cause congestion, which will increase the incidence of cardiovascular and cerebrovascular diseases. It will also cause tension in the body, causing pain and discomfort and various diseases.For patients with hypertension, arteriosclerosis, coronary heart disease and other diseases, we must pay more attention to cold protection and warm clothes, and add clothes in a timely manner. Clothes must be warm and soft, and not loose. They should not be worn too tightly to facilitate blood flow.Sooner or later, go out less often. If you must go out, remember to wear a mask, hat, scarf, and cotton shoes to protect yourself from the cold.You should get up as late as possible in the morning and wait about one hour for outdoor activities at noon or in the sunny afternoon.Sun exposure has many benefits to the body, both warm and calcium supplementation, can also promote blood circulation, enhance metabolism and immune function.On a fine winter day, you can stretch out your hands and feet outdoors to let the sun shine directly on your hands and feet, or you can directly back to the sun.Keeping your feet warm is very important, because your feet are the “second heart” of your body. Numerous nerve endings in your feet are closely connected to the brain and are closely related to human health.In cold seasons, you should double your feet, strengthen your foot movements, and walk as much as possible when you go out.You can also do in-situ running exercises indoors until your whole body is hot and your hands and feet are warm.Soak your feet in hot water every day before going to bed.When soaking the feet, rub and stimulate the acupuncture points of the feet, adjust the vitality, strengthen the waist and strong tendons, and delay aging.Do not damage Yinjin: rehydrating without losing water, another important point of health during the great cold is to nourish the yin.Generally, in the Yangtze River Basin, precipitation decreases from the winter solstice, and after one month the Great Cold and Solar Terms are the driest period. The average air humidity during the day is generally less than 50%, and sometimes the indoor humidity is only about 30%.With the decrease of water vapor between the heavens and the earth, the yin fluid in the human body will also be easily deficient. Many people with chronic diseases in the respiratory system will often feel coughing or sputum thick, and the phlegm is not clean.Patients with cardiovascular disease are more likely to cause increased blood viscosity.If vascular elasticity decreases due to hypertension, old age, etc., it is more likely to induce dangerous conditions such as myocardial infarction, cerebral infarction, and cerebral hemorrhage.In terms of living, if the room is always open with heating or air conditioning, in addition to paying attention to regular ventilation, it is best to use some air humidifiers or the like to increase the humidity in the air. If you use electric blankets at night, try not to turn on overnight orIt’s too hot.Drink as much water as possible and don’t wait for your mouth to dry before drinking.Drink a glass of warm water every day before going to bed and after getting up.It is best to drink a little water before and after bathing to replenish the lost water.During the big cold season, do not exercise too much and sweat too much to avoid the Yang Qi coming out with sweat and being damaged.Exercise should be carried out in the place of Xiangyang Square. For sports, you can choose brisk walking, jogging, square dance, etc. according to your preferences.Exercise intensity depends on your physical condition, and it is best to sweat slightly.It is near the Spring Festival, when it is the busiest time to work, coupled with sweeping the courtyard at home, purchasing new year’s goods, etc., to prepare for the New Year, people are also prone to fatigue and exhaustion.Proper rest and calm mood are also important for nourishing yin.Dahan diet strategy Because Dahan is the last solar term of the year, and it is connected with the beginning of spring, it should be slightly different from Xiaohan in diet. Dahan should follow the principle of nourishing yin and yang.Should eat mild and bitter cold. The diet is still mainly warm. The cold season is still relatively cold. You can eat red fruits and vegetables and warm foods such as red pepper, red dates, carrots, red apples, chicken, beef and mutton, cabbage,Rape, etc., increases the body’s thermal energy and strengthens its resistance.And colds occur frequently, eating more fruits and vegetables can also resist the attack of cold viruses.Foods such as ginger, peppercorns, cinnamon, and other warm foods can warm the Yang and dispel cold, and have a certain relief effect on colds and colds. You can eat some appropriately.Winter itself is severely cold, windy, and dry. Many people eat hot pot or fatty food in three days and two, and the dry heating in the room makes it easy to get angry.Therefore, it is necessary to eat bitter bitter cold and diarrhea, such as bitter chrysanthemum, bitter gourd, celery, and lettuce.In addition, you must clear your stomach, and eat some spleen and dampness foods, such as hawthorn, 成都桑拿网 grapefruit, porridge and so on.Tonic begins to decrease. The amount of tonic during the great cold should be gradually reduced in order to adapt to seasonal changes.On weekdays, you can eat more dates, black beans, walnuts, black sesame, longan, fungus and white fungus.In general, in the tonic, some foods with a dispersing property should be appropriately added, such as coriander, onion, mustard, white radish, pepper, ginger, garlic, fennel, etc., but not excessive.Great cold diet should also be estimated to supplement.The root of the plant is a storehouse of energy. Eat more root vegetables, such as taro, sweet potatoes, yam, potatoes, pumpkins, etc. They are rich in starch and many vitamins.Cold seasons should not eat cold and sticky products, so as not to damage the spleen and stomach yang.At this time of the great cold, don’t make big supplements. People with strong yang, constipation and irritability, let alone deliberate supplements, and gradually start to change to a light diet.When tonic, you can add some foods that are conducive to yang, such as cooking beef and mutton, adding some white radish and cabbage to adapt to the transition from the cold to the beginning of the spring.In the morning, you can drink some ginseng soup appropriately to promote the growth of yang.The “Four Doors” often open during the big cold season, and people’s weak yang will also decrease, especially for those who are already forced by some depression or normal work pressure. This period is more likely to enter the sensitivity of bad emotions.period.At this time, regulating the liver and gallbladder meridian can not only raise yang and prevent wind and cold, but also disperse the depressed and depressed mood in the heart.The Qimen acupoint is the acupuncture point of the liver meridian, which is a specific point where the viscera and qi are gathered in the chest and abdomen.It is equivalent to the staff of the liver. When the liver is in trouble, it will stand up and help the “general officer” to make suggestions and solve problems.In the ancient Chinese book “Treatise on Febrile Diseases”, this acupuncture point is considered to be the first point to relieve liver and gallbladder, and it has a very good effect on conditioning the liver. It is often used clinically to treat hepatitis.Zhangmen means “gate of obstacles”. It is not only an acupoint for the liver and gallbladder meridian, but also a spleen for acupoints, which is specially used to treat spleen deficiency and emotional depression.Qimen and Zhangmen have two acupoints, two on each side, so they are called “four gates”.Qimen acupoint is located just below the nipple, the 6th intercostal space, and 4 inches beside the front midline.The Zhangmen acupoint is at the midline of the arm, the front end of the first floating rib, and the elbow tip is exactly when the elbow is bent and closed.It does n’t matter if you ca n’t find a specific acupuncture point, as long as you stick the palms of your hands under the breasts and push them down in the form of a figure, you can stimulate these four points.Repeatedly push for about 5 minutes each morning and evening, you can consider worrying that the mood is gradually dissipating.(People’s Health Network Comprehensive Beijing Morning Post Network, China Medical Daily, Health Times) ☆ Recommended reading ☆ Why should mobile phones stay away from induction cookers and use charging treasures?Winter health is focused on tonifying the kidney, strengthening the kidney, and strengthening the kidneys. Eat more “black five” sleep well and suffer from blood vessels!Do 8 things often. How much work does a blood vessel do not add to the kidney every day?Four things to do to prevent kidney failureThese six performances show that you have grown old and do n’t want your liver to be sick. 9 ways to protect your liver

Indian women break through temple taboos, trigger multiple demonstrations

Indian women break through temple taboos, trigger multiple demonstrations

Immigrant Indian women sneaked into a Hindu temple under police protection on the 2nd, breaking through long-term taboos and triggering demonstrations by conservatives.

  [Successful challenge]This implanted female was in her 40s and entered the Sabarrimara Temple in the southern Kerala state under the protection of plainclothes police in the early morning of the 2nd.

  According to the traditional concept, women between the ages of 10 and 50 are not allowed to enter the temple pilgrimage, because women of this age have menstrual periods and will defile the temple.

This traditional taboo was supported by the High Court of Kerala in 1991.

  However, the Supreme Court of India ruled in September 2018 that women of all ages could enter the Sabarrimara Temple. Some women then repeatedly tried to challenge the restricted area according to law, but were blocked by conservatively sending believers.

杭州龙凤桑拿网  This placed the woman two weeks ago trying to enter the Sabari Mara Temple unsuccessfully.

They broke through the barrier again in the early morning of the 2nd and eventually succeeded.

The video showed that they covered their heads, lowered their heads, and quickly walked into the temple without encountering obstacles.

  The two told media reporters that they did not follow a sacred step on the pilgrimage road, but were assisted by police to enter the temple from the employee passageway under the protection of dozens of plainclothes police.

  Kerala’s Chief Minister Pinarai Vijayan confirmed that the replacement of women into the temple and the protection of the police, of course, the police want to protect anyone who wants to visit the temple.

  Kerala is governed by a left-wing party, and the state government supports the Supreme Court’s decision to allow all women to enter the temple.

An official, speaking on condition of anonymity, told Reuters reporters that the police have carefully arranged to help insert women into the temple and intend to gradually help more women do so.

In addition, the police arranged police forces outside the women’s residence to protect their safety.

  [Contradiction]Implanting women into temples has triggered street demonstrations in Kerala.

During a demonstration in the capital Tiruvanentabura, police used tear gas and high-pressure water guns to disperse the crowd.

  After their successful entry, the temple was closed for a time to purify the ceremony with antiques.

  The tradition of barring women from certain age groups from entering the Temple of Sabarimara has the support of the ruling party, the People’s Party of India.

In response to the women’s taboo breakthrough in this regard, the Kerala branch of the Indian People’s Party intends to launch a two-day demonstration.

The leader of this division identified the state government as conspiring with the inclusion of women.

  The Indian People ‘s Party ‘s political opponent, the Congress Party, also targeted the masses, warning the state government that it would pay a price to go against tradition.

  In addition, many Indians support lifting restrictions on women’s access to temples.

In response to the call of the Kerala government, a large number of women formed a wall of more than 600 kilometers in Kerala on the 1st, called gender equality.

Kerala’s ruling party, the Indian Union (Marxists), said about 5.5 million women participated in the event.

  Advocate for women’s rights writer Mina Kandersamy tweeted on social media on the 2nd to support the involvement of women.

I wept with joy as they entered the temple. She pointed out how long it took us to advance the space for us and write us into the annals of history.

(Hui Xiaoshuang) (Xinhua News Agency Special) Original title: Indian women placed taboos to break temple taboos, triggering street demonstrations in many places