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What the global economic barometer Dr. Copper rebates during the year means-

What does it mean that the global economic barometer “Dr. Copper” retreated during the year?

What does it mean that the global economic barometer “Dr. Copper” gave up the year’s gains?

  Since May, investors’ height of the global economic outlook has affected almost all asset types, and industrial metals, crude oil and the stock market have not been spared.

  The international copper price, which is regarded as a barometer of the global economy, has started a continuous adjustment mode since it broke through the year ‘s high of US $ 6,600 / ton on April 18. The weekly record of five consecutive overcasts and once fell below US $ 5900 / tonMark, the maximum range fell nearly 11%.

  Initially, the overwhelming decline in copper prices was a change in the trading environment and the global economic outlook that weighed on the demand for industrial metals.

Judging from the recent performance of US stocks, the increased volatility within the day also reflects the intensification of future economic growth. If negative expectations continue, US stocks will continue to face adjustment pressure.

  Copper prices have fallen back to their initial lows as an important raw material used extensively in construction and manufacturing. The price trend of copper is often a barometer of the health of the global economy.

In the first two months of this year, industrial metals represented by copper have ushered in a general rise, with an average increase of more than 10%.

At the time, in the context of the world’s fastest economic growth, the Fed’s reserves and the pace of interest rates temporarily halted the strong U.S. dollar, world trade improved, and China’s steady growth measures provided an opportunity for potential demand recovery.

  However, it took only one month for investors to turn the bulls back, the copper price fell back to its early lows, and the continued deterioration of the technology pattern also indicates that the copper price has not bottomed in the short term.

  The expected distortion of the trading environment is one of the reasons for the continued weakness in copper prices.

On May 20, the latest issue of the World Trade Outlook Index (WTOI) released by the World Trade Organization (WTO) was 96.

3, well below the index’s benchmark value of 100, indicating that trade growth continued to decline in the first half of 2019.

WTO economists predict that the volume of merchandise trade in 2019 will be converted to 3% in 2018 and further replace2.

6%.

  Based on statistics from the International Monetary Fund (IMF) on trade flows of Bank of Canada, Bank of Montreal found that global export channels, exports to developed economies and exports to the European Union are all approaching or hitting their lowest levels since 2009, almost the same as during the financial crisis.
In the Asia-Pacific region, the latest foreign trade data released this week by Japan, South Korea, Thailand and Singapore shows a trend of continued deterioration.

  The economic recovery of various countries is still struggling. The OECD released the “Global Economic Outlook Report” on May 21, which predicts that the global economic growth rate in 2019 will be 3 from last year’s forecast.

9% down to 3.

1% believe that trade tensions have dragged down the recovery of economies and will continue to threaten investment and growth.

At the same time, global manufacturing activity continued to be sluggish, with the euro zone ‘s manufacturing PMI changing for the first time in May47.

7. For four consecutive months, it was below the Rongkuang line. The situation of Germany, the “locomotive” of the European economy, was not optimistic. In May, the U.S. Markit manufacturing PMI index unexpectedly rose to 50.

9, the lowest since September 2009.

  Chris Williamson, chief economist at IHS Markit, said the eurozone economy is still in a doldrums, while the economy is spreading from manufacturing to services.

The decline of the US manufacturing industry is still continuing, so the speed of economic expansion may be extended to less than 2%.

  In recent weeks, bearish bets on copper by hedge funds and other speculative investors have continued to rise.

The CFTC data from the US Commodity Futures Commission showed that net short positions in COMEX copper futures and bills held by speculators for the 武汉夜生活网 week of May 21 increased by 1710 contracts to 36,967 contracts, setting a new high since the end of January.

The London Metal Exchange is also dominated by shorts, and the net short position has risen to 7%, a near seven-month high.

  US stock market adjustment pressure still exists in the three major US stock indexes, the Dow has fallen for five consecutive weeks, a record of continuous decline since 2011, the Nasdaq and the S & P 500 have recorded three consecutive weekly overcast, this week’s stock index daily amplitude increasedBig also reflects the worry of investors.

Bank of America Merrill Lynch survey of fund managers in May shows that more than 34% of nearly 250 dieters said they have adopted risk hedging measures in response to abnormal changes in the stock market that may occur in the next three months. This ratio also created Bank of AmericaProspects since Merrill Lynch began its preliminary research in 2012.

  As the basis of the trend of the US stock market, the US economy is facing the risk of a decline in growth. Long- and short-term U.S. Treasury bonds have experienced a reversal of yields after two months, triggering the solution of potential recession risks. Until the close on May 24, threeThe monthly US Treasury yield was reported at 2.

349%, 10-year US Treasury yield was reported at 2.

324%, the lowest since 2017.

Except for the May manufacturing PMI index, which reached a nine-year low, the US durable goods orders in April were at the 2nd position.

1%, industrial carbonic acid ring than formaldehyde 0.

5%, less than market expectations, the manufacturing sector has been negative for four consecutive months.

The producer price index PPI increased by 2 year-on-year in April.

4%, an 11-month low, the growth rate is unlikely to improve in the short term, the US retail sales in April position 0.

2%, suggesting that US consumer spending may fall into a downturn in the second quarter.  Mitsubishi UFJ Bank chief economist Rupki (Chris Rupki) pointed out that due to the reduction of economic uncertainty and geopolitical risks, since the second quarter of the United States, the net investment of companies is decreasing, business confidenceSpread in manufacturing.
As some surveys show, a large number of corporate executives believe that the possibility of economic growth is increasing, so they cancelled orders in March and reduced equipment orders in April.

  JP Morgan Chase released the latest forecast report on May 24th, forecasting the growth rate of US GDP in the second quarter from 2 in the previous period.

25% is effectively reduced to 1%, which is much lower than 3 in the first quarter.

2% GDP growth.

Xiao Mo believes that the latest durable goods orders and retail data are very bad, indicating that economic growth in the second quarter will increase from the previous quarter, and that the probability of interest rate cuts caused by downward risk growth is rising.

Civilian Goldman Sachs expects the US economy to grow from 1 in the second quarter.

5% down to 1.

At 3%, the Atlanta Fed’s GDP model now predicts the same.

  Changes in sector performance and stock market capital flows have shown changes in investor sentiment. In the past five months, with the adjustment of the S & P 500 Index, the chip semiconductor sector has suffered from the accumulation of selling weight, and companies with a high degree of trade correlation have beenSpread, funds began to shift from cyclical stocks to defensive stocks to avoid risks.

However, with the panic and panic decline in the fourth quarter of last year, investors’ risk aversion is still at a relatively low level. If the trade outlook and the global economic outlook continue to deteriorate, perhaps the short-term US stock market adjustment has not ended.

Chenguang Stationery (603899): Annual Report Fu is expected to acquire Anshuo Pencil for internal and external synergy and continue to recommend

Chenguang Stationery (603899): Annual Report Fu is expected to acquire Anshuo Pencil for internal and external synergy and continue to recommend

On the evening of March 25, Chenguang Stationery released its 2018 annual report.

  In 2018, the company realized operating income of 85.

35 ppm, an increase of 34 in ten years.

26%; Net profit attributable to shareholders of listed companies.

07 million yuan, an increase of 27 in ten years.

25%; net profit attributable to shareholders of the listed company after deduction.

49 ppm, an increase of 37 in ten years.

63%.

  By quarter, the company’s 2018Q1 / Q2 / Q3 / Q4 revenue was 18 respectively.

40/19.

46/23.

37/24.

11 ‰, an increase of 30 in ten years.

25% / 41.

81% / 36.

86% / 29.

36%; net profit attributable to mothers is 2.

05/1.

70/2.

50/1.

82 ppm, an increase of 23 in ten years.

22% / 38.

24% / 24.

02% / 27.

06%.

  The company also announced at the same time that it intends to use 1.

U.S. $ 9.3 billion in own funds acquired 56% of Shanghai Anshuo’s equity. After the acquisition, Shanghai Anshuo will become the company’s controlling subsidiary.

  Our analysis and judgment1. The traditional business has grown steadily and new businesses have continued to develop strength. In 2018, the company focused on “structuring and promoting growth”, focused on and deepened the terminal, comprehensively promoted four race tracks, continued to expand office direct sales, and accelerated developmentLarge retail stores, online sales continue to improve, product research and development is innovated, internal management is constantly optimized, channel upgrades, product upgrades, brand upgrades are multi-pronged, and business performance has grown steadily.

  In terms of products: (1) Writing instruments realized operating income19.

46 ppm, a ten-year increase of 8.

82%, of which sales volume and sales unit price increased by 3 respectively.

64% and 5.

00%; gross margin is 34.

83%, an increase of 0 over the same period last year.

48 points; (2) Student stationery realized operating income of 18.

580,000 yuan, an increase of 13 in ten years.

79%, of which sales volume and unit price increased by 5 respectively.

92% and 7.43%; gross margin is 33.

50%, an increase of 1 over the same period last year.

89 points; (3) Office stationery realized operating income of 46.

1.3 billion, an increase of 62 in ten years.

82%, of which sales volume and unit price increased by 28 respectively.

24% and 26.

97%; gross margin is 18.

97%, an increase of 0 over the same period last year.

09 points.

  In terms of business: (1) Traditional core business: We estimate that the company’s traditional business realized operating income of approximately US $ 5.6 billion in 2018, an increase of approximately 16% per year compared with 2016.

  (2) Chenguang Klip: Continue to maintain rapid growth and achieve operating income of 25 in 2018.

86 ‰, an increase of 106% in ten years, and realized a net profit of about 30 million yuan.

  (3) Chenguang Living Museum / Jiumu Miscellaneous Agency: operating income in 20183.

0.6 million yuan, an increase of 49 in ten years.

15%, the report continued to reduce losses.

  2. Traditional businesses continue to develop channels, channels and products. The company continues to focus on key terminals, promotes the improvement of single store quality, the upgrade of franchise stores and the optimization and upgrade of distribution centers, promotes the creation of boutique cultural and creative zones, office zones, children’s art zones, and enhances businessCircle share and expand market share.

As of the end of 2018, the company’s retail terminals exceeded 7.

60,000, a net increase of more than 1,000 in 2017.

  According to the announcement, the company plans to take 1.

US $ 93.2 billion in its own funds to acquire 56% of Ashuo Stationery (Shanghai) Co., Ltd.

Shanghai Anshuo still has complementary competitive advantages in the wood pencil industry, with strong technical research and development capabilities. The MARCO brand it owns has a high brand awareness in the wood pencil industry, and it has abundant technical reserves in color lead and color.The product covers children, masses to professional lines.

After the acquisition of Shanghai Anshuo, Chenguangwen has the hope to achieve synergy in research and development, products and channels.

The target company, Shanghai Anshuo, has an overall estimate of 3.

4.5 billion, the consideration for the acquisition of 56% of the equity is 1.

932 million, corresponding to a PB of 1, which is reasonable.

  3. Klipp maintained rapid growth, and major customer development continued to advance Klipp’s revenue in 201825.

8.6 billion, an increase of 106.

03%.

The company continued to strengthen major bidding projects and major customer development. In 18 years, it was shortlisted for government customers such as the central government procurement e-commerce platform, the State Administration of Taxation office supplies e-commerce platform, and the Shenzhen government e-commerce platform., Financial enterprise projects.

In addition, the company invested five central warehouses in five major regions across the country and set up new branches in Wuhan, Guangzhou, and Chengdu to improve customer service experience.

  4. Comprehensive development of living hall and Jiumu Sundries Club, continuous exploration of large retail stores. The company actively builds the goods and service model of boutique cultural and creative stores, comprehensively develops Jiumu Sundries Club, and constantly optimizes the Chenguang Living Hall to provide scene-basedProduct solutions.

Income from Living Hall / Jiumu in 20183.

0.6 million yuan, an increase of 49 in ten years.

15%, report significant and significant loss reduction.

 北京夜网 With regard to the Chenguang Living Museum, the company will continue to upgrade the store image, optimize the product portfolio and scene display, and improve the quality of single store operations.

  In terms of Jiumu Sundries, the company will speed up the channel layout, strengthen the operation team construction, strengthen original development, and achieve dual upgrade of channels and products.

Beginning in the third quarter of 2018, the franchise has expanded and expanded from Jiangsu, Zhejiang and Shanghai to the whole country. At present, Jiumu Sundry Club has settled in 32 cities.

At the same time, the company continuously improves and adjusts its product categories, gradually forming the influence of the company’s products. By meeting the consumer demand for cultural and creative products brought about by consumption upgrades, the company further expands its market share in boutique cultural and creative industries and promotes the company’s brand upgrade.

  5. The product structure upgrade continued to drive up the gross profit margin. In terms of profitability, the company’s comprehensive gross profit margin in 2018 was 25 in terms of profitability due to the continuous payment of selling expenses.

83%, rising by 0 every year.A score of 10 was mainly due to the upgrade of traditional business products and improvement of Klipp’s profitability.

Net sales margin was 9.

46%, a decrease of 0 every year.

41 points.

By quarter, 2018Q1 / Q2 / Q3 / Q4 company sales gross profit margin was 27.

19% / 24.

11% / 25.

22% / 26.

78%, net sales margin was 10 respectively.

86% / 9.

01% / 10.

94% / 7.

34%, reporting performance The company’s profitability remained basically stable.

  In terms of period expenses, the company’s selling expenses in 2018 were 9.

25%, an increase of 0 over the same period last year.

28pct, mainly due to the company’s increase in labor salary and labor services, housing rents, business promotion and channel construction costs.

Management expense accounting 5.

79%, a decrease of 0 compared with the same period last year.

24pct; financial costs are -0.

80 ppm, an increase of 182 in ten years.

81%, mainly due to exchange rate fluctuations and increased exchange gains and interest income.

  6. Investment suggestion: The two wings of the company are advancing steadily. We expect the company’s total operating income to be 111 in 2019 and 2020 respectively.

15,139.

6.7 billion, an increase of 30 each year.

23%, 25.

66%; net profit attributable to mothers is 10 respectively.

09, 12.

4.6 billion, an increase of 25 each year.

03%, 23.

48%, corresponding to the latest PE of 31.

7x, 25.

7x, maintain “Buy” rating.

Desai Xiwei (002920): Smart cockpit leader

Desai Xiwei (002920): Smart cockpit leader

Cockpit electronics enters the era of intelligence.

Intelligent cockpit and ADAS are still in a period of rapid growth, and have become the core selling point of the model.

Cockpit electronic upgrade trends include the upgrade of mechanical instruments to full LCD instruments, the upgrade of traditional central controls to large-size touch central controls, the addition of HUDs, car networking modules, co-pilots, and rear entertainment systems. We estimate the cost of bicycles from 2,000 yuan to 4,000 yuanthe above.

The global average cockpit electronics growth rate is 9% from 2017 to 2022, and the market size will reach US $ 49.2 billion by 2022.

Smart cockpit manufacturers have a horizontal layout of ADAS.

For smart cockpit manufacturers, how to find a new position in the ADAS industry chain will become the key to the success of the layout.

We believe that for the first layer, the system integration capability is the core competitiveness. It needs to balance the cost control, OEM supporting, quality control, and production capacity requirements, which can be specifically divided into two types of positioning.

Positioning 1: The sensing end has at least one kind of sensor capability, which can be packaged with the system to increase the amount of value, which can reduce costs and increase profits; Positioning 2: Through algorithm fusion capabilities, AR positioning and camera ranging can be combined, and ADAS sensingEnd-convergence has very high requirements for cockpit manufacturers; Positioning 3: Based on the experience of a single-chip cockpit domain controller, challenge the most difficult ADAS domain controller solution. This positioning is the most radical.

Desai Xiwei: Smart cockpit leader.

The company benefited from the upgrade of in-vehicle infotainment system in 13-17 years, with a compound revenue growth rate of over 30%. We believe that the penetration bonus of the IVI industry has basically ended, and the space for the company’s bicycle value to increase in the future lies in digital instrumentation, vehicle networking, and ADAS sensor terminals.

The company has the ability to develop a virtual instrument platform, double 12.

The 3-inch screen has been mass-produced with the Changan CS75 Plus, the surround-view 360 order 深圳spa会所 has been mass-produced, and the 24GHz millimeter-wave radar has already received orders. The performance improvement is ready to go.

In addition, it is working closely with the OEM to develop cockpit domain controllers and ADAS domain controllers.

Earnings forecasts and investment advice.

The company is a leader in the automotive electronics industry, and there is already room for increasing the value of bicycles. We estimate that the EPS for 2019/2020/2021 will be 0.

55/0.

73/1.

02 yuan, BPS is 7 respectively.

62/8.

16/8.

91 yuan.

With reference to the estimated level of companies in the same industry, considering the company as a leader in automotive electronics, the future smart seat bay and ADAS have ample space, giving 47-50 times PE in 2019, with a reasonable value range of 25.

85-27.

50 yuan, corresponding to 3 PB.

39-3.

61 times, the first coverage given the “initial market” rating.

risk warning.

The automotive industry is gradually developing; R & D progress is anticipated; capital expenditure exceeds expectations; cabin intelligence and ADAS progress is less than expected.

The Shanghai Composite Index fell 0.

71% domestic chip concept strengthened

The Shanghai Composite Index fell 0.

71% domestic chip concept strengthened

Securities Times. The two cities consolidated at low levels in the afternoon, and the domestic chip sector strengthened again. The related targets of Redecive also rushed higher. Individual stocks fell more or less, the fried plate rate went up, and the overall profit-making effect was general.

Medical waste, non-ferrous sector changes, the index fell again in the late stage, the closing was terminated, the Shanghai Composite Index reported at 2906.

07 points, down 0.

71%; GEM reported 2064.

60 points, down 0.

99%.

Net inflows of northbound funds were 33 that day.

1.3 billion yuan.

  Guosheng Securities believes that under the impact of the new crown epidemic, counter-cyclical adjustment policies continue to increase.

On February 12, the Standing Committee of the Political Bureau convened a meeting to analyze the situation of the new crown pneumonia epidemic situation, strengthen prevention and control, and requested to increase the intensity of macroeconomic policy adjustments to maintain stable economic operations.

This meeting again clearly called for greater efforts to adjust macro policies and increase confidence in stabilizing the market.

Subsequently, the new crown epidemic gradually eased, the hedging effect gradually emerged under the loose policy environment, long-term funds continued to enter the market, and the A-share market after the epidemic twists and turns will continue to return to the long bull, slow bull track.

In terms of sectors, after the surge in technology, the revaluation of core asset values will continue.

The impact of the epidemic on the economy will be quickly digested, and after 青岛夜网 the early “digging”, it will gradually enter the repair process.

As the epidemic disturbs the past and counter-cyclical adjustments increase, the economy will show a “low front and high back”, and it will gradually usher in repairs after “digging” at the beginning of the year.

The impact of subsequent restructuring epidemics was gradually digested, the normalization of business start-ups, and the effect of countercyclical changes appeared. After the economic “digging”, repairs were ushered in. The reassessment of cyclical core assets will continue, and mid- to long-term allocations will continue to be recommended.

  Shanxi Securities pointed out that the index is likely to remain volatile, and new structural opportunities still need to wait for marginal changes in the news and data planes.

Regarding the sector, we can focus 上海夜网论坛 on 5G and related sectors next.

The 5G sector is still an opportunity for transition in 2020, and the new market is most likely to emerge from 5G and its related sectors.

There are two opportunities for 5G and related sectors: one is the investment side, changing the epidemic situation and resuming production in key industries; 5G investment is expected to return to the right track; operators will continue to purchase related equipment; the second is cloud computing,Increased demand, clear marginal improvement of the industry, will also increase the demand for 5G equipment.

Virus epidemic prevention, online education and other sectors have two opportunities for follow-up: one is the oversold rebound, and the other is that funds choose this sector to avoid risks after adverse changes in the epidemic situation.

CCIC Energy (000600) 2019 Third Quarterly Report Review: Significant Cost Improvements but Power and Investment Income Slow Performance

CCIC Energy (000600) 2019 Third Quarterly Report Review: Significant Cost Improvements but Power and Investment Income Slow Performance

Core view The company’s first three quarters EPS0.

26 yuan, lower than expected performance.

The thermal power in the province was compressed by outbound power transmission and new energy, which caused the company’s Q3 power generation to be under pressure and the single-quarter investment income turned negative, which slenderly dragged down its performance; it lowered its EPS forecast for 2019-2021 to zero.

43/0.

68/0.

86 yuan, given 1 in 2020.

2x target PE, target price 7.

70 yuan, maintain “Buy” rating.

  EPS0.

26 yuan, lower than expected performance.
The company’s operating income for the first three quarters was 101.

8 megabits, divided by 0.

7%; net profit attributable to mother 4.

60,000 yuan, an annual increase of 63.

9%; converted to EPS0.

26 yuan, an increase of 63 a year.

9%, performance was lower than expected.

By quarter, Q3 operating income was 32.

1夜来香体验网 ppm, a five-year average of 5.

1%; net profit attributable to mother 0.

$ 7.2 billion, an average of 24 a year.

4%, converted to EPS0.

04 yuan.

  The pressure on electricity in Q3 was the main cause of poor performance, and the decline in coal prices helped improve gross margins.

Q3 revenues were reduced or replaced by zero power generation. Outsourced power generation and new energy squeeze led Q3 Hebei’s thermal power generation to replace 7.

6%, the single-quarter growth rate was 4 in 19Q2.

0% has dropped significantly. As the main body of energy supply in the province, the power of its subordinate power plants may also be under pressure.

In Q3, the average thermal coal price index for the third and third quarters in southern Hebei and northern Hebei was 480/454 yuan / ton, 3 consecutive years.

6% / 3.

1%, the downward shift in fuel costs led to an increase in Q3 gross profit margin2.

9 digits to 17.

6%.

In terms of period expenses, Q3’s financial expense ratio increased slightly by 0 every year.

3 perfect to 4.

5%, the management expense rate increased by 1 in ten years.

0 digits to 5.

9%.

The investment income of Q3 was -22.83 million yuan, or it may be related to the share of coal-fired power plants subject to the same amount of power pressure.Q3 Net cash flow from operating activities13.

0 trillion, continued outstanding performance.

  Hebei’s location advantage is obvious, and the increase of production capacity will release the subsequent performance space.

The long-term benchmark for coal power installed capacity in Hebei where the company is located. Hebei’s thermal power utilization hours in the first three quarters were 3,650 hours, which was significantly higher than the country’s 3,174 hours. It also indirectly brought market price discounts. It is expected that the company’s location advantage will continue.

At the beginning of July, Zunhua Thermal Power No. 1 was put into production, followed by coal, electricity and coal projects in Shanxi, Inner Mongolia, Shaanxi and other places, dedicated to improving performance space.

  Key assumptions: Considering the power situation in the first three quarters, will we
4% reduction in electricity forecast for 2021?
5% to 424/449/455 billion kWh, will the company 2019?
The investment income forecast for 2021 is revised down to 1.

04/1.

46/1.

4.7 billion yuan; maintaining the company in 2019?
It is assumed that the unit price of standard coal to be reduced by 5% / 5% / 5% will remain unchanged in 2021.

Risk factors: Coal prices fell below expectations, power generation fell short of expectations, and electricity prices fell below expectations.

Investment suggestion: Considering the pressure on power generation and investment income in the third and third quarters, after updating the key profit forecast assumptions, we have reduced the company’s EPS forecast for 2019-2021 by 23% / 22% / 21% to 0.

43/0.

68/0.

86 yuan, the company’s current sustainable corresponding 2019?
2021 dynamic PE is 12/8/6 times.

With reference to the past historical estimates of the industry and the company, the company will be given 20201.

2x target P / B with a target price of 7.

70 yuan, maintain “Buy” rating.

Annual report series of company’s special analysis-Chenguang Medical (430300): MRI core component supplier’s net profit attributable to mothers will increase by about 36% annually in 2018

Annual report series of company’s special analysis-Chenguang Medical (430300): MRI core component supplier’s net profit attributable to mothers will increase by about 36% annually in 2018

The company released its 2018 annual report. The net profit attributable to mothers increased by approximately 36% each year in 2018: Chenguang Medical Report was able to achieve an operating income of approximately 1.

52 ppm, an increase of 12 in ten years.

58%; net profit attributable to shareholders of listed companies is 15.4 million yuan, an increase of 36 per year.

twenty four%.

The net profit attributable 无锡桑拿网 to shareholders of the listed company after excluding non-recurring gains and losses was approximately 1256 million, a long-term increase of 100.

74%.

The company is a supplier of core components for magnetic resonance systems (MRI).

The company has long been committed to independent research and development of the core components of the entire superconducting RF industry chain, such as: MRI superconducting inverters, RF systems, gradient systems, etc.

The company has independent core technology and independent innovation strength, and has sustainable development, design and research to prevent the competitive advantages of the core components of the entire industrial chain.

The company’s domestic profit income accounted for 47% of revenue.

63%, growth rate income growth boosted performance growth.

The company’s domestic profit income (revenue ratio is about 47.

63%) increased by 12 per year.

71%; Revenue from domestic system integration accessories increased in ten years.

53%.

As domestic revenue and domestic system integration accessories account for a higher proportion of operating income, domestic operating income has grown significantly.

In 2018, the company’s domestic revenue performance increased by 21.

25%, foreign revenue declines by 10 every year.

47%, overall performance increased by 12.

58%.

The company’s customer structure is gradually improving.

The company’s customer categories include MRI system manufacturers, end customers (including existing hospitals, medical institutions and R & D institutions, etc.), national laboratories, science centers, university research institutes and well-known scientific instrument companies.

The company’s top five customers account for about 84.

29%.

The top three customers are: Wandong Medical, Langrun Medical, and Philips.

In 2016, 2017 and 2018, the company’s contribution to Philips Medical’s total operating income was 40.

60%, 21.

26% and 18.

05%, dependence on Philips has improved.

The company has obtained 72 authorized patents, and the ratio of R & D investment to revenue in this period has reached 24.

26%.

As of the end of the 2018 reporting period, Chenguang Medical obtained 72 authorized patents, including 10 invention patents, 40 utility model patents, and 22 appearance patents.

There are 14 patent applications under review, including 12 invention patents and 2 utility model patents.

In 2018, the company invested about 36.95 million yuan in research and development, accounting for 24 of its revenue.

26%.

Chenguang Medical has 7 doctors and 10 masters.

After the company successfully completed the testing of the 230MeV superconducting proton therapy and the main inertia, it co-operated with the China Institute of Atomic Energy’s “250MeV cyclotron superconductor cutting-edge research and development” project in March 2018.

This superconducting crystal is used to generate a higher energy proton beam, and is further optimized and upgraded based on the 230MeV cyclotron superconducting physics. The company plans to advance several important projects in 2019.

The company’s annual report states that the company will continue to enrich the research and development projects of high-field and ultra-high-field strength superconducting waveguides, such as high uniformity and less liquid helium.

5T Superconducting Dynamics, 9.

4T superhigh field animal imaging superconducting coaxial.

By cooperating with the near institute of the Chinese Academy of Sciences, the China Nuclear Group Atomic Energy Institute, the China Institute of High Energy Physics and major universities, we have accelerated the promotion of the application of superconducting technology in the scientific research field.

Projects include: 250 MeV cyclotron superconducting sliders for proton therapy, 14T ≤ three tin + titanium-titanium composite super high field strength superconducting sliders, HIAF heavy current heavy ion accelerator device, 10 cycles, 50 cycles and full size 100The electric field of a periodic superconducting oscillator.

(Note: The business plan does not constitute a performance commitment.) Investment reference: The company’s asset-liability ratio (consolidation) increased only slightly, reaching 36%.

Net cash flow from operating activities was approximately 32.78 million, which continued to improve.

Initial net assets are approximately 3.

27 yuan.

In the latest closing, the company can continue to be 5.

49 yuan, the market value is 3.

77 trillion, corresponding to about 24 in 18 years 杭州夜网论坛 PE.

5X, the estimated level is lower than that of A-share medical device companies in the same industry.

Suggest attention.

Risk warning: single customer sales account for a relatively high risk, policy risk

Actually, boiling hot tableware does not sterilize

Actually, boiling hot tableware does not sterilize

To achieve the effect of high temperature disinfection, two conditions must be achieved, one is the temperature of the action, and the other is the time of the action.

  Miss Wang, who is always in the outer layer, has developed a fixed habit. No matter how high-end restaurants they go, they are used to carefully boiling their dishes with boiling water.

“I always feel that the bowls in the restaurant have not been cleaned. I just look at Bai Jing, and I do n’t know how many bacteria there are. I always rest assured.

The customer said.

  More than 80% of the people who go to restaurants eat their own dishes.

Boiling hot water is the most common one. Others include wiping paper towels or wet paper towels, and even one gentleman said that he would pour some of the high-grade white wine on the table into the bowl and light it with a lighter.”This is the most thorough sterilization!

“Boiled bowls cannot be sterilized.” For tableware, high temperature boiling is indeed the most common disinfection method. Many germs can be killed by high temperature disinfection.

Relevant experts said, however, boiling water to iron the bowl did not achieve such an effect, and only removed the dust from the tableware.

  Tips: Generally speaking, most of the pathogenic colon, Salmonella, Vibrio cholerae, etc., will die after being heated at 100 ℃ for 1-3 minutes or heated at 80 ℃ for 10 minutes.

Therefore, boiling the bowl with boiling water before eating can only kill a very small number of microorganisms. It is effective to boil, circulate steam or sterilize the cupboard with infrared rays.

Of course, hot water can at least wash away the dust or oil in the bowl, which is not bad.

  Do not wipe the paper towels with wet towels. Experts say that as long as they are wiped with paper towels, they will not be disinfected.

Too many people find disinfecting residue on wet tissues, so they are used to wipe dishes.

This is actually wrong.

Wet paper towels contain a variety of chemical ingredients such as emollients, which may not always be in the mouth. Wiping the bowl with them will increase the safety hazard.

  In fact, hot bowls with boiling water are mostly worried about food poisoning.

It is true that there will be microbial residues on incompletely sterilized tableware, but the hidden dangers in food are the most important.

For example, meat that has not been thoroughly heated, cold dishes that have been left for too long, or fruit cuts.

Keeping good food is the most important thing.

Tame sensitivity makes you really say goodbye to little red face

Tame sensitivity makes you really say goodbye to little red face

The spring is warm and the cold, the temperature is high and low, dry weather, wind and dust, and terrible pollen may all become our source of sensitivity. How can we tame sensitive skin? Let us follow the dermatologist of Beijing Southeast HospitalFind the best care method for sensitive skin!

Are you sensitive skin?

Maybe you do n’t have a red bump or something else due to the change of seasons, but in the usual time there will be various corrections of allergies. If you are not sure if you belong to sensitive skin, first understand the characteristics of sensitive skin., Three of them belong to sensitive skin, you need special care for sensitive skin!

1. Sting sensation after using most skin care products; 2. Redness and fever on the skin when it is in an unventilated environment for a long time; 3. Thin skin and redness when it is exposed to sunlight; 4. Capillaries are exposed with red face; 5, It will be itchy when dry, or dry inside and outside, but the skin is oily but not shiny.

The first trick of tame sensitivity-moisturizing spray watering at all times!

Spring is the season most likely to induce skin sensitivity. In fact, the dry air in spring is the root cause of sensitivity. Therefore, to prevent and prevent allergies, we must always do the moisturizing work, do it everywhere, and carry the moisturizing spray with you!

Moisturize from time to time, soothing the skin!

The second trick of tame sensitivity-light irradiation to remove red blood cells If other methods still can not improve the condition of red blood cells, experts in Southeastern Dermatology suggest that you can remove red blood cells by strong pulsed light.

Red face disease uses the principle of photopyrolysis of a specific spectrum to selectively act on hemoglobin in microvessels, and at the same time, closes superficial capillaries to necrosis and is swallowed by macrophages in the body.

So as to get rid of red face, red bloodshot effect.

Tame Sensitive Tips 1 Do not expose delicate skin to extremely cold or hot environments for long periods of time.

2 If you have red blood on your face, dryness will make your skin worse. It is necessary to hydrate your skin in time.

3 Choose a mild cleanser and toner.

4 It is best not to use steam to steam the face, even when taking a bath, try not to spray directly on the face with hot and cold water.

5The epidermal layer of the skin with red blood on the face is already very thin. Exfoliating products will only make the problem more serious. At the same time, you must use skin care products or wash your face lightly, otherwise it will only make fragile capillaries more ruptured.Red bloodshot is more serious.

6Avoid anything that swells capillary tubes-sometimes hot, spicy, alcohol, coffee, and cola.

Autumn fruit is on the scene, this season is so delicious, cheap and healthy!

Autumn fruit is on the scene, this season is so delicious, cheap and healthy!

The weather has become cooler, and the temperature difference between morning and evening brings people into the fall, through the changes of the season, and the autumn fruits are on the scene.

Although people pursue the concept of “should be season”, in fact, they are quite cold and should be the fruits of the season, but always grab the products that are precocious, and would rather spend the high price.

However, early-maturing varieties are usually not as good as late-maturing varieties and have high prices.

People are tired of precocious fruits or off-season fruits. When they go public, they always feel that things are worthless, and often they lose interest and disdain.

The end of the best quality late-season seasonal fruits is low-priced sales, and even a lot of rotten. Today, health and health give you the consequences of the September and October seasonal fruits that can bring health to our health.

From September to October, glucose glucose grapes contain a variety of amino acids required by the human body. Grapes on the vegetative vegetative dysfunction and excessive fatigue have a great benefit.

Some substances contained in grape skin are natural antioxidants, have anti-cancer effects, can inhibit cell malignant transformation, and destroy the ability of leukemia cells to replicate.

Kiwifruit Kiwifruit is rich in vitamins, especially vitamin C. Is it 4 of orange?
12 times, 30 times that of apples and 60 times that of grapes.

Recent studies have confirmed that kiwifruit contains an active substance produced by a “nitrosamine” which is carcinogenic in human body, and thus has a good anticancer effect.

The active ingredient of pomegranate pomegranate can inhibit the proliferation of prostate cancer, prostate cancer, skin cancer, colon cancer, lung cancer, bladder cancer and other tumor cells, and promote metabolism.

At the same time, it can resist gastric ulcer, lower blood sugar, anti-atherosclerosis, lower blood fat, lower blood pressure, immune regulation, and improve brain circulation.

Pear has the effect of moistening and moistening, clearing away heat and phlegm, purging heat and quenching thirst, moistening lung and relieving cough, nourishing blood and nourishing muscle.

Pears are very rich in nutrients. Modern medical research suggests that pears are rich in fructose, glucose, malic acid, vitamins and minerals.

Pear can promote the secretion of gastric juice, help digestion, promote appetite, and still have the effect of lowering blood pressure and calming.

Among the various pear varieties, Sydney is one of the varieties with higher nutritional value.

What fruits should I eat in other months?

The following fruit calendar tells you all!

Since fruit is an essential food in our daily lives, you may not know all the tips for choosing fruit.

Send you a few tips and tricks, from the point of doing things to do.

01 In terms of nutritional value, the varieties with deep color are usually only light-colored varieties, and the varieties with deep colors are usually usually light-colored varieties, which is a high probability time.

For example, the purple black large anthocyanin content is higher than the red variety, and the red one is higher than the yellow one.

The same is true for mangoes, and the orange-yellow varieties have high levels of carotene and a light yellow content.

For kiwifruit, the varieties of dark green flesh usually have higher levels of folic acid and vitamin C.

For grapes, it is also purple-black, and the purple-red variety has higher antioxidant substances than green and white meat.

02 The fruit with rich flavor has little relationship with the nutrient and health care ingredients of the fruit with higher nutritional value.

Relatively speaking, for the same kind of fruit, the taste is slightly sour, and the content of vitamins and antioxidants is higher.

For example, citrus, which is particularly sweet and sweet, has a little bit of sourness, and the polyphenol content is lower than that of a slightly sour taste.

This is because most of the health ingredients have an unpleasant flavor or taste, or acid, or sputum, or bitterness, which is basically independent of sweetness.

This is not to say that the fruit is not sweet, just that if there is only sweetness and no other flavor, the health value may not be as good as the fruit of the flavor.

03 Fruits are eaten and cooked. Some fruits are still eaten better, such as strawberries, grapes, watermelons and other juicy fruits.

But not every fruit is rich in vitamin C. Those low-vitamin C and fleshy varieties, such as apples, pears, peaches, and bananas, can be considered for cooking, such as fruit soup, steamed fruit, roasted fruit, and flavor.All are good, you can eat more.

The fruit is sour and the preservation rate of vitamin C is relatively high during heating.

When eating, use the fruit as a cold dish, and eat it with hot food.

04 hard fruit, please eat this kind of hard fruit, many friends do not know how to eat, eat hard, it is too difficult to eat; eat those who are a little soft, often the fruit is soft and hard, the taste is not good, tasteNot sweet, and finally don’t buy it.

In fact, these fruits are delicious, just wait a few days for patience.

First of all, when you buy it, you should touch it carefully and the fruit should not be bruised.

Once there is an injury, the plant will soften locally in advance, fermenting or even rotting and odor, but other places are not cooked or sweet.
This will be very difficult to eat.
It is good to have a hard body.

However, the fruit can not be over-produced, it must grow to a sufficient volume, the fruit looks full and up, and there is no feeling of curling or tipping.

Don’t be bumped or squeezed on the way home.

Then, after buying it, put these blunt fruits into a plastic bag without a break, then put one or two apples, sea bream, pears and other aroma-smelling fruits, and tie the mouth together to let the ripe fruits release.The ripening gas “ethylene” comes into play.

Over 3?
After 5 days, gently press the base of the fruit, if it is slightly softer (must not be easy to click to soften!

), it means that you can eat, eat in order of softness.

The mature and moderately made kiwifruit flavor is sweet and sour, and the flesh has a little bit of softness when it is soft; the flavor of Yantai pear is the most charming when it has the taste of wine; the flesh of avocado is soft and smooth, and a little bit of condensed milk is especially delicious.

[Good Life Election]Wanshidao is a high-quality lifestyle brand that integrates sales of export commodities. It selects export commodities that meet international certification and origin qualifications, and pursues safer and healthier products. It is dedicated to exporting high-quality, high-standard products.Directly targeting domestic consumers, with the brand concept of “good life, choice of export”, let the people have the quality of life of international standards.

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Refusing to be a yellow face woman

Refusing to be a yellow face woman

Did the “Women’s Day” just now make you feel a lot and feel like you are slowly becoming a “yellow face woman” in the passage of time.

Taking a self-portrait in the mirror, I found that the white and translucent skin in the past has already turned yellow, and looks dull and rough.

Eliminate the yellow war, start now, do not let yourself be reduced to “yellow face woman”.

  · What are the causes of yellow gas on the face?

  Yellow air means that the skin on the face is dull, dull, dull, and has a yellowish complexion.

There are many reasons for this. Except for natural causes, excessive exposure to ultraviolet light; chronic skin dehydration; aging; poor blood circulation; or hotter weather and more sweating, it is easy to yellow the skin.

  · What are the main types of products that remove yellow gas on the market?

In addition, what is the principle of removing yellow gas?

  From the big aspects, there are skin care and make-up. The make-up mainly refers to the foundation, and the effect is immediate. After you apply it, your face will look better immediately.

Here I mainly talk about skin care.

At present, there are several types of skin care products for removing yellow gas: whitening; moisturizing; brightening skin tone; and antioxidant.

  The principle of whitening products to remove yellow gas is to whiten the skin, lighten pigmentation, and make the skin clear and transparent.

Suitable for patchy skin.

  The principle of removing yellow gas from moisturizing products is: replenish skin moisture, so that the skin is nourished.

Suitable for oily and dry skin.

  The principle of removing yellow qi from brightening complexion products is that skin care products containing vitamin C can promote blood circulation and make the skin shiny.

  The anti-yellow gas principle of antioxidant products is: inhibit the production of melanin.

  · Many products that remove yellow gas say that since their products can whiten, they can also remove yellow gas. Is the whitening product the same as the product that removes yellow gas?

  Some products are indeed like this, which can whiten or remove yellow gas, but the whitening products are mainly to lighten spots, and then brighten the complexion and make the skin look alternative.

The pure anti-yellow gas products mainly improve blood circulation.

  · Do you use yellow skin care products with other products of the same brand?

  Can be used together.

But with other brands of products, there is no problem.

The key is to see if the skin accepts it.

  · What things can you pay attention to in life to get rid of yellow gas?

  80% of the skin’s aging is caused by ultraviolet radiation, so if you want to make your skin tone free of yellow gas, you must sunscreen. In Guangzhou, you must use sunscreen with a sun protection index of 40-50 in summer.

On cloudy days, rainy days, or sitting in the office, you should also apply sunscreen, because the ultraviolet A wavelength is very long, it can penetrate glass and directly irradiate the dermis layer of the skin, so that the dermis layer prolongs and breaks.

  · How to adjust the diet can eliminate yellow gas?

  Eat more vitamin C foods, such as oranges, kiwis, tomatoes, and strawberries.

  · People with oily skin, dry skin and mixed skin are suitable to choose a certain anti-yellow gas product?

  For oily skin, choose refreshing products, multi-layer lotions, water, and gel-like products.

  Dry skin can be moisturized with a creamy product.

  But the most important thing is to see the penetrating power. If it feels very moist after rubbing, but it feels very dry in the afternoon, then there is no penetrating, just the surface layer hydrating.

  Skin wounds, please scab before use!

  · If black people have acne, invisible acne, or a small scratch on their body, is it suitable for skin care products that remove yellow gas?

How do I perform maintenance?

  It works, but it is recommended to use a light spot product.

If there is a wound, it is recommended to use it after scabbing, and use whitening essence and sunscreen products.   · Can sun-damaged skin be treated with yellow skin care products?

  It is recommended to use curry-like whitening products to remove yellow gas.