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Tianmu Lake (603136): Steady growth of existing business and follow-up on new projects

Tianmu Lake (603136): Steady growth of existing business and follow-up on new projects

The company announced its 2018 annual report, and its performance growth was comprehensive and stable. In 2018, the company achieved operating income4.

89 ppm, an increase of 6 per year.

2%; net profit attributable to mother 1.

30,000 yuan, an increase of 22 per year.

2%; deduct non-net profit 9373.

870,000 yuan, an annual increase of 12.

3%.

One quarter of Q4 achieved operating income1.

22 ppm, an increase of 11 years.

2%; net profit attributable to mother 859.

430,000 yuan, an annual increase of 38.

8%.

The company’s expense control is better, and the number of reports is steadily increasing. As a result of the increase in employee compensation, the company’s gross profit margin has decreased by 1.

6 points to 62.

1%, the net margin rose to 24.

1%, an annual increase of 2.

9 points.

The increase in the company’s net interest rate was mainly due to the decline in financial expenses and the contribution from non-recurring losses. In 18 years, the company received a large amount of various government subsidies totaling 7.45 million yuan, and the company’s total investment income was 6.25 million yuan, further increasing its profits.

The company’s expense control is good, and the expense ratio during the period decreases by 3 every year.

0%, the sales expense ratio increased by 0.

5pct, the management expense rate drops by 0 every year.

9pct, every 2 decrease in financial expense ratio.

6pct, mainly due to the reduction of interest expenses caused by repayment of long-term loans.

The main business of the scenic spot performed well, the hot spring hotel continued to grow steadily in 2018, and the company’s scenic spot business achieved revenue3.

61 ppm, an increase of 5 in ten years.

9%; gross margin decreased by 1.

64pct to 61.

9%.

In terms of attractions, in 2018, Shanshui Garden and Nanshan Zhuhai received 101 tourists.

80, 101.

680,000 person-times, an increase of 1 every year.

7%, 4.

9%; revenue is 1.

60, 1.

29 ppm, an increase of 4 per year.

0%, 9.

9%; gross margins are 63.

7%, 67.1%, a decrease of 1 per year.

5pct and 1.

9 points.

The hot spring business realized zero revenue.

55 ppm, a 10-year increase3.

0%; gross margin 57.

7%, down 2 every year.

0pct.

Hotel business realized revenue of 0.

95 ppm, a five-year increase of 5.

4%, gross margin decreases by 0 per second.

9 points to 63.

8%.

The second phase of the hot spring project is expected to be put into operation in 19 years. Follow-up attention will be paid to the progress of the convertible bond project. On April 27, 18, the company announced that it would originally invest the remaining funds raised from the Tianmu Lake cultural entertainers.

The US $ 8.1 billion and interest are all for the second phase of the hot spring project. The company strives to complete the 武汉夜网论坛 construction and use of the second phase of the hot spring project within 19 years, which will bring new profit points to the company.

In addition, the company issued an announcement on March 8 that it plans to issue convertible bonds and raise US $ 300 million for the Tianmu Lake Mountain and Water Park Sightseeing Tram Project and the Nanshan Zhuhai Cableway Upgrade. After completion, it will greatly improve internal transportation and the company’s profitability.The construction period is one year. If the issuance of convertible bonds is smooth, the new project is expected to land before 2020.

The private enterprise mechanism and the potential for secondary development are the company’s core advantages. First of all, it covers companies with “overweight” ratings as operators of private bases. It has the advantages 北京夜网 of strong market sensitivity and high management efficiency. The surrounding area and its own area are also of high quality.After listing, the company actively expands new projects and further taps the secondary consumption potential of attractions.

Due to the uncertainties in the issuance of convertible bonds, the profit forecast will not consider its impact for the time being, and the company’s EPS is expected to be 1 in 19-21.

44、1.

61, 1.

78 yuan / share, corresponding to PE is 27/24/22 times.

We are optimistic about the secondary development potential of the company’s reorganization and the performance boost brought by subsequent fixed-increasing projects. The average company of the same type is estimated to be 35 times, and we will give the company a reasonable value of 43 based on 19 years of PE. 43

2 yuan / share, for the first time to give the “overweight” rating.

Risk reminder: there is uncertainty in convertible bond projects, the risk of natural disasters, and the risk of increased market competition.

State Laojiao (000568): The Interim Report will create another double-billion mark in the near future

State Laojiao (000568): The Interim Report will create another double-billion mark in the near future

Investment Highlights Event: The company achieved revenue of 80 in the first half of 2019.

13 ppm, an increase of 24 in ten years.

81%, net profit attributable to mothers27.

500,000 yuan, an increase of 39 in ten years.

80%, basic profit income 1.

88 yuan, an annual increase of 39.

76%.

Performance exceeded expectations, Guojiao, special song two-wheel drive.

19Q2 company income and net profit growth rate was 26.

01% and 35.

98%, the performance exceeded market expectations, mainly due to the national cellar, the volume and price of special song rose, and the price increase of high-end wine driven profit growth.

In 2Q19, the company’s advance receipts reached 13.

9.2 billion, an increase of 8 from the previous month.

24%, an annual increase of 27.

24%, taking into account the advance income factor, the actual performance is better.

By product: 1) 19H1 premium 43 income.

13 ppm, an increase of 30 in ten years.

47%, gross margin increased by 0.

53pct, the company followed the price increase in the first half of the year, and the volume and price rose together to drive the continuous growth of Guojiao 1573.

2) Revenue from mid-range wines22.

24 ppm, an increase of 35 in ten years.

14%, gross margin increased by 5.

03pct. Among them, the growth rate of special song products is expected to be about 30% -40%, accounting for about 80% of mid-range wines. The old-fashioned special song is used as a channel product. It is expected that the price increase contribution will be more significant in the first half of the year.With this, the 60th edition of Special Songs continues to focus on group purchases and maintain rapid growth through word-of-mouth marketing. Preserved wines are still in the adjustment period, and the number of products is expected to increase. The products are mainly promoted for 60 and 90 years.

3) Low-grade alcohol income13.

840,000 yuan, an increase of 0 in ten years.

68%, gross margin increased by 6.

58pct, low-grade wine is also in the channel and organizational structure adjustment. We believe that price increases have hedged sales substitution, and it is expected to usher in improvement next year.

In terms of different markets, we expect that the growth rate of traditional dominant markets such as Southwest and North China will be relatively stable. The East China market will continue to perform 佛山桑拿网 well after the expansion, and the South China market needs further development.

Gross profit margin increased significantly, and profitability further improved.

The company’s gross profit margin was 80 in 19Q2.

30%, a substantial increase of 5 per year.

11pct, allowing further upward movement of product structure, the proportion of national cellars increased by 5 from the end of 18th.

06pct to 53.

91%, once contributed from the price increase of national cellars, time-honored products and other products; the cost was 25 during the period.

69%, an increase of one year.

53pct, of which selling expenses cost 21.

67%, an increase of 2 a year.

72pct, mainly because the company has increased the support for the terminal, pay more attention to the terminal cultivation work than before; the management cost is reduced.21%, down by 1 every year.

83pct, financial 成都桑拿网 expenses cost -1.

19%, a year up 0.

64 points; taxes and surcharges up to 14.

21%, an increase of 1 per year.

87pct, mainly due to the partial increase in the consumption tax levy after the product price increase; net interest rate was 31.

88%, increase by 1 every year.

57 points, profitability further improved.

2Q19 The company’s net cash flow from operating activities was 11.

$ 4.6 billion, a sharp increase previously, with outstanding cash flow performance.

The initial income growth is expected to be close to the planned upper limit, and the decisive victory of the old cellar will accelerate.

Laojiao, as the three companies with the most flexible mechanisms in high-end wines, has outstanding brand marketing capabilities. Its volume and price planning has always followed strategies, and its ability to resist risks and adjust is stronger, which will bring favorable foundation for long-term development.

From the initial point of view, 2019 is the year of the company’s 13th Five-Year Strategy’s three-year sprint period. The planned revenue will increase by 15% -25%. The company will definitely strive to achieve more than 20% growth. We think this goal is expected to be successfully achieved.: At least, according to the performance of existing channels, the national cellar stacking price has initially risen to more than 790 yuan, and there is still an upward trend. The enthusiasm for stocking in the Mid-Autumn Festival in Hunan and other places is higher, and the performance in the second quarter is better; further, the price of Maowu continued to riseThe transaction price of the Puwu terminal has exceeded 1,000 yuan, which provides enough space for the national cellar price to rise.

Taken together, we expect to achieve the expected revenue growth and accelerate the realization of the maximum plan. The profit performance will improve better under the drive of price increases and product structure upgrades. We continue to be optimistic that the company will achieve the two-wheel drive of the state reserve and special song.Performance growth.
Investment suggestion: Maintain “Buy” rating.

We adjust our profit forecast and expect the company’s operating income for 2019-2021 to be 161.

51/192.

04/225.

59 trillion, an increase of 23 in half a year.

71% / 18.

90% / 17.

47%; net profit is 18.

60/23.

18/28.

500,000 yuan, an increase of 34 in ten years.

91% / 24.

61% / 22.

27%, corresponding to 3 EPS.

21/4.

00/4.

89 yuan.

Risk warnings: San Gong’s consumption restrictions will increase; competition for high-end wine will increase; food quality accidents.

Shenzhen Huaqiang (000062) coverage report for the first time: deep cultivation of upstream and downstream endogenous and epitaxial two-wheel drive in the electronics industry

Shenzhen Huaqiang (000062) coverage report for the first time: deep cultivation of upstream and downstream endogenous and epitaxial two-wheel drive in the electronics industry

5G commercialization is accelerating the 杭州夜网 prosperity of the industry, and the company is expected to benefit as a leader in electronic component distribution.

The company accelerates the integration of the same industry, improves the scale advantage, and continuously extends to the upstream and downstream of the industrial chain to enhance competitiveness.

  Investment highlights: Investment recommendations: 5G commercial acceleration accelerates the industry’s prosperity, accelerating integration highlights the leading advantages.

  EPS is expected to be 0 in 2019-2021.

77/0.

89/1.

02 yuan, with reference to comparable companies to give 22X PE in 2019 with a target price of 16.

9 yuan, the first coverage, given a “cautious increase” rating.

5G commercial acceleration is expected to improve the prosperity of the electronics industry, and electronic component distribution leaders are expected to benefit.

In 2019H1, the electronics industry is in the alternating phase of the old and new innovation cycles, which is transformed into 5G commercial acceleration. The new round of innovation cycles is expected to boost the prosperity of the electronics industry. According to StrategyAnalytics, 5G mobile phone sales in China are expected to reach 80 million units, accelerating the industry’s accelerated growth.

The company, as a leading domestic authorized distributor of electronic components, has achieved outstanding results.

Accelerate outbound mergers and acquisitions and strengthen leading advantages.

Pioneer has successively acquired excellent distributors in Xianghai Electronics, Pengyuan Electronics, Qinuo Technology, and Xinfei Electronics. Among them, Xianghai Electronics focuses on passive electronics, Pengyuan Electronics focuses on power electronics, new energy, and Qi Nuo Technology focuses on consumption.electronic.

Initially completed the dual agents of upstream passive + active components, dual agents of foreign + domestic product lines, and the layout of electronic component distribution platforms with full coverage in different downstream application areas.

The company established Huaqiang Semiconductor Group in 2018, further integrated and deepened, and once again enhanced the negotiation ability and core competitiveness in project mergers and acquisitions, product line development and new customer development.

In 2018, the company’s operating income and total assets scale exceeded 10 billion on average, leading advantages further strengthened.

Online and offline integration and development to create an innovative entrepreneurship service platform.

Huaqiang Electronic Network, a subsidiary of the company, focuses on the B2B business of electronic components, and Jieyangxunke focuses on the long-tail market of electronic components. The online trading platform of 19H1 electronic components has exceeded 60.85 million yuan in revenue, integrating online and offline development.

The company builds the Huaqiangbei International Maker Center to provide start-up enterprises with a full range of supporting services such as entrepreneurship guidance, industrial alliances, venture capital, and technological achievement display to enhance long-term competitiveness.

PetroChina (601857) Third Quarterly Report Review: Performance Exceeds Expectation Exploration Results Decline MoM

PetroChina (601857) Third Quarterly Report Review: Performance Exceeds Expectation Exploration Results Decline MoM

This report reads: The operating profit of the exploration sector has decreased sequentially, and the expected volume and price of the natural gas sector have risen in the fourth quarter.

青岛夜网 Investment points: downgrade to cautious overweight rating and lower target price to 6.

68 yuan.

As the company’s downstream segment refining and sales competition intensifies, we lower the company’s EPS to 0 in 2019-2021.

30, 0.

31 and 0.

34 yuan (original value 0.

35, 0.

41 and 0.

45 yuan), with a decrease of 17%, 32% and 32%, corresponding to PE of 20/19/17.

The company’s profitability has dropped, giving it 1 PB in 2019, and lowering its target price to 6.

68 yuan, downgraded to a prudent overweight level.

The performance of the exploration sector increased each year and decreased month-on-month.

The company’s performance was lower than our expectations, and the company’s exploration segment achieved operating profit of RMB769 in the first three quarters of 2019.

350,000 yuan, an annual increase of 32.

9%, but a drop of 41% from the previous month, natural gas production maintained a rapid growth, increasing by 8 per year.

7%, we judge that the decline in the performance of the exploration sector is mainly caused by two factors. First, the decline in crude oil price Q3 relative to Q2, which affects profits;

Breaking through the newly discovered reserves in the future, the company’s performance in the exploration sector has been promoted.

The refining and selling segment was significantly affected by the industry’s downturn.

With the accelerated production of large refining and chemical companies in the third quarter, the overall prosperity of the refining and chemical industry declined, competition became more intense, and the prices of chemical products and refined oil continued to decline.

The company’s operating profit in the refining and chemical segment decreased by 89%; the operating profit in the chemical segment decreased by 58%, mainly due to the continuous decline in the spread of refined oil and chemicals.

The company’s sales segment, due to intensified competition and other factors, continued to decline in profits, interrupted by a single quarter, fell by 93%.

The natural gas sector entered the peak demand season in the fourth quarter.

The natural gas segment realized operating profit of RMB219.

50 ppm, an increase of ten years.

3%, but imported gas is expected to be 217.

64 ppm, an increase of RMB 18 over the same period of the previous year.

07 billion.

The company’s initial gas concentration is initially due to the impact of exchange rates, which has led to an increase in the cost of natural gas purchases, while the realized price of domestic gas has increased, the arrival of the conversion heating season, increased demand, increased sales prices, and the performance of the natural gas sector will increase.
Risk reminder: Oil prices have fallen sharply, and the national pipeline company has fallen short of expectations.

Goertek (002241) Quick Review of Major Events: General Intelligent Hardware Giant Benefits 2020 Wearable Device Track

Goertek (002241) Quick Review of Major Events: General Intelligent Hardware Giant Benefits 2020 Wearable Device Track

Review the growth path of Goertek, and analyze the company’s future development path.

It is optimistic that the company will become a general intelligent hardware giant in the future high-quality wearable track.

  Guoxin Electronics View: Raise the military profit forecast, and estimate that the net profit attributable to mothers in 19-21 will be from the previous 12.

74/17.

87/22.

7 trillion is raised to 12.

73/22.

15/30.

700 million.

Earnings per share are 0.

39/0.

68/0.

95 yuan, a year-on-year growth rate of 46.

7% / 74.

0% / 38.

6%, currently sustainable corresponding to PE 32 in 20/21.

2/23.

2x, maintain “Buy” rating.

  Comment: Fupan Goer’s growth path: from electro-acoustic device and product experts to general intelligent hardware giant Goer AG’s main military acoustic optoelectronic precision components and precision structural parts, intelligent complete machines, high-end equipment research and development,Manufacturing and sales.

From upstream precision components, modules, to downstream intelligent hardware, from molds, injection molding, surface treatment, to the independent design and manufacturing of high-precision automatic lines, GoerTek has created precision machining and intelligent manufacturing that are vertically integrated in the value chain.platform.

Since the listing, the company’s strategic layout, its own technical level, and the entire consumer electronics industry have undergone several significant changes: 1. The company went public in 2008 and started with electro-acoustic components + electro-acoustic devices. At this stageBenefit from the rapid growth of the smartphone industry.

  2. In 2014, the company adjusted its business development strategy, fully implemented the four strategies of “big acoustics, wearables, sensors, and precision manufacturing”, continued development and expansion around major customers, and completed product line expansion and private label establishment.

  3. Since 2016, the consumer electronics industry has continued to innovate, and the company’s strategic transformation direction has been further expanded, focusing on the four major strategies of audible, wearable, visual, and robotic to optimize the layout of the industrial chain.

  4. After the expansion of smartphone expansion in 2018, the intensified acoustic competition led to the decline in company performance.

The company adheres to the “parts + finished products” development strategy has formed the ability to provide customers with products such as acoustics, optics, wireless communication and other technologies as one, and with the explosive growth of TWS, watches and other wearable products, the company in 19Performance returns to growth.

With the company’s comprehensive layout and development in the fields of precision components, acoustics, intelligent hardware and other fields, we believe that the company has built the core technology of wearable products, as well as the construction of process platforms, and its precision manufacturing capabilities have continued to increase.

With the outbreak of wearable products in the 5G era, the company is expected to enjoy a new round of industry dividends and usher in a new round of growth cycles.

  From the expansion capabilities of consumer electronics products, the company ‘s capabilities are mainly divided into three major categories: Intelligent hardware: including smart wearables, AR / VR, smart audio, and smart home products.

In the field of intelligent hardware, the company can already provide customers with overall solutions for wearable devices from ID design to manufacturing, from acoustic design, acoustic algorithms, hardware integration, optical design, VR system solutions, electronics and structural design, vertical integration, etc.Comprehensive technical and service capabilities.

  Second, parts: The company has a full range of solutions and products such as sensors, miniature microphones, miniature speakers and receivers, speakers, antennas, optical modules, etc., which are widely used in various categories of consumer electronics.

The company has leading precision manufacturing and intelligent manufacturing capabilities, forming a unique advantage of large-scale production of high-quality products.

  Third, the module and complete solution: including AR / VR overall solution, miniature speaker and antenna module, miniature microphone and pressure sensor module, etc.

  Through strong vertical integration, system integration capabilities and years of technology accumulation, the company can provide products and complete solutions such as VR, joysticks, peripherals, audiovisual, image processing, speaker and antenna modules, microphones and pressure sensor modules.

  The company has formed some leading precision manufacturing and intelligent manufacturing capabilities, and has achieved self-made core materials such as plastic parts, metal parts, die-cut parts, diaphragms, etc., in optical lens, optical path design, virtual reality / augmented reality, micro display /Micro-projection, sensors, MEMS, 3D packaging and other microelectronics fields form precision manufacturing capabilities. In the production process, advanced technologies such as powder metallurgy, ultrasonic welding, and laser technology are applied.

  The company has established a complete technology platform, and through continuous innovation and transformation, solid quality customer resources, and a constantly stable management team, all constitute the company’s core competitiveness.

In this way, the company can continuously meet the needs of customers for rapid and continuous innovation in the field of consumer electronics, while welcoming itself in the era of 5G Internet of Everything, wearable devices usher in a new round of growth.

  TWS is gaining momentum, and the explosive effect brings a new round of dividends to the industry. According to the TWS headset report released by Counterpoint Research, in the third quarter of 2019, more than 33 million wireless Bluetooth headset devices have been sold, an increase 深圳桑拿网 of 22% over the second quarter.
The convenience of wireless headphones and the introduction of new noise reduction features continue to drive consumer desire to buy.According to the report of Rising Sun Big Data, in 19 years, the global exchange platform headset market has replaced about 1 brand.

600 million units. It is predicted that in 2020, the global TWS headset market will undergo a brand transformation of 400 million units.

The above data has not been included in the reorganization of the white-brand TWS headset.

According to the October TWS Bluetooth chip breakdown ranking released by the Rising Sun Big Data, the top three chip manufacturers, Jerry, Zhongke Lanxun, and Luoda, have totaled more than 100 million in a month.

The actual market space of TWS exceeded market expectations.

  GoerTek is currently one of the major OEMs of TWS headsets for customers and H customers, and all TWS headset production lines are now in full production.

  With the continuous heavy volume of TWS, the expansion of production lines and production capacity, the company’s yield improvement time is shorter than the previous period, and the profitability has continued to increase. It has become the biggest winner who has benefited from both the iOS and Android TWS outbreaks.

At the same time, the company’s active layout in wearables such as watches, AR / VR will also win stronger and sustained growth for 20 years.

  Investment suggestion: High-quality general-purpose intelligent hardware giant, profitability is expected to continue to improve, maintain “Buy” rating.

  The company has built the core technology of wearable products, as well as the construction of technology platforms, and its precision manufacturing capabilities have continued to improve.

With the outbreak of wearable products in the 5G era, the company is expected to enjoy a new round of industry dividends and usher in a new round of growth cycles.

  The average profit forecast is raised, and the net profit attributable to mothers in 19-21 is expected to be 12 from the previous one.

74/17.

87/22.

7 trillion is raised to 12.

73/22.

15/30.

700 million.

EPS0.

39/0.

68/0.

95 yuan, a year-on-year growth rate of 46.

7% / 74.

0% / 38.

6%, currently sustainable corresponding to PE 32 in 20/21.

2/23.

2 times, maintain “Buy” rating, risk reminder one, the overall consumer electronics demand is not up to expectations.

  Second, the growth rate of the wearable and wireless headset market is not up to expectations.

  Third, the traditional acoustics market has intensified competition and the gross profit margin has decreased.

Banking stocks popular northbound funds have continued to increase positions since October

Banking stocks “popular” northbound funds have continued to increase positions since October
On October 21, the net inflow of northbound funds was 29.1.5 billion yuan, of which the net inflow of Shanghai Stock Connect was 21.2.8 billion yuan, Shenzhen Stock Connect net inflow7.8.7 billion.  Among the top ten trading stocks, the top three net purchases were Huatai Securities, Zhengbang Technology, and Midea Group, which each received a net purchase of northbound funds8.5.2 billion, 2.0.5 billion, 1.600 million yuan.  The top three net sales were Shanghai Airport, Makihara, Hikvision, and net sales were 2.7.3 billion, 2.25 billion, 2.22 billion.  Analysts said that the recent Shanghai stock index trading volume has shrunk, the performance of heavy stocks is sluggish, the market has not continued the trend to guide the market to break through the previous high, the market is weak and volatile, the market is mainly based on the decline to find the bottom, the 2900 point overall support is supported, the stock index tends toThis area stopped falling and rebounded.  Northbound funds plus positions These Choice data show that northbound funds had a net inflow for four consecutive trading days in the first four trading days last week, and a net inflow of 12 on the 18th.4.3 billion yuan, a total net inflow of 96 last week.0.5 billion.With a net inflow of nearly 10 billion yuan last week, the total accumulated net inflow of northbound funds reached 8409.8.9 billion yuan, exceeding 840 billion yuan for the first time in history, of which the net inflow of Shanghai Stock Connect was 4,652.The net inflow of Shenzhen Stock Exchange was 6.1 billion yuan, which was 3757.2.8 billion.  Data show that last week, Northbound funds increased a total of 707 stocks, and Focus Media, which has the largest number of increased shares, was increased by Northbound funds by 9,726.580,000 shares, Feng Yuzhu with the least number of shares increased by 200 shares.  In terms of the number of Northbound funds holdings last week, the top ten stocks of Northbound funds holdings are Focus Media, China Construction, First Venture, Bank of Jiangsu, Bank of China, China Eastern Airlines, Nangang Steel, Vanke A,China Construction Bank, China Merchants Shipping, and additional warehouse positions were 9,726.580,000 shares, 4,529.270,000 shares, 3904.610,000 shares, 3545.270,000 shares, 3,313.500,000 shares, 3202.59 million shares, 2520.920 thousand shares, 2416.750,000 shares, 2402.990,000 shares, 2392.690,000 shares.It can be seen that Focus Media, which had better gains last week, obviously increased its position in the north, and Focus Media gradually increased last week.91%, Northbound funds increased nearly 100 million shares.In addition, it is worth mentioning that bank stocks are still favored by northbound funds.  From the perspective of industry preferences, China Merchants Securities said that the industry with a higher net purchase of Northbound Capital last week was pharmaceutical and biological (28.4 percent), non-bank finance (20 percent), banks (14.2 ppm), among which the pharmaceutical, biological, and banking industries have led net purchases for many consecutive weeks.  BOCI Securities pointed out that the current stable performance of the banking sector and the estimated level of substitution will gradually support it, and the sector is still defensive.As the pace of A-share internationalization accelerates, the continued inflow of overseas incremental funds will benefit banks, and it is recommended to increase the long-term allocation value of the sector.  In terms of long-term trends, the analysis believes that the trend of net inflows of northbound funds will not change.Zhou Longgang, the leader of the strategy group of Huachuang Securities, said that in 2019, A-shares will replace MSCI in three steps and integrate into the rich. The A-share growth from 2019 to 2020 will be about 450 billion US dollars. From the perspective of passive funds, the current foreign entryAbout enough.At present, the Chinese economy still maintains a relatively rapid global growth. From the perspective of financial scale, China is still one of the major economies that is still in a state of normal monetary policy. China ‘s gradual reform and opening-up policy is still steadily advancing and injecting into the economy.New kinetic energy.As the Chinese economy enters the expected stage of development, the relative attractiveness of A-share assets will continue to increase, and financial reform and opening up will continue to advance at the same time. Foreign investment in A-share holdings will be a long-term trend.  The institution is optimistic about the growth opportunities in the fourth quarter. Guotai Junan believes that technically, the Shanghai Index broke through the half-year support during the session. The low point was near the 60-day moving average. It evolved from the lower edge of the previous box.It doesn’t have to be too pessimistic.At the same time, the National Development and Reform Commission also clearly stated that there is no factual basis to question the “serious deviation” of the Chinese economy, and the quality of development continues to improve.Operationally, the Tmall Double Eleven event has begun to warm up, and can layout related stocks on dips; in addition, it continues to look for opportunities for stocks that have been supported by performance and have been mistakenly killed in the early stage.  China Merchants Securities believes that the market has entered a consolidation state in the past month.Economic and financial data released basically in line with expectations.The growth rate of GDP further declined, the CPI broke 3, and the growth rate of new social financing remained sluggish.This macro-variable combination productivity policy has entered a wait-and-see state.The current market will still maintain relatively low volatility, investors can consider switching investment ideas, layout for the coming year.  Orient Securities said that it is optimistic about the growth opportunities of A shares in the fourth quarter, but 淡水桑拿网 it will not grow overnight. It is still possible to repeat. Investors with higher positions can not lose their chips, and investors with positions can increase their positions at dips.In terms of the allocation direction in the fourth quarter, leading companies that are more optimistic about profitability (ROE) and have a more stable business climate (performance growth rate) are mainly more than companies that are securities companies such as the Shanghai Stock Exchange and Shanghai Stock Exchange.

Bad breath can not be ignored and can be analyzed

Bad breath can not be ignored and can be analyzed

Tone is divided into physiological and pathological. Physiological tone refers to a transient phenomenon that people produce in life. For example, after eating certain irritating foods (onions, garlic, etc.) during drought, they do not brush their teeth in the morning after smokingWait.

Pathological tone can be divided into oral source and systemic source.

  Breath is also known as bad breath and oral odor. Although it is not life-threatening, it is unbearable to the surrounding people. Patients are often persecuted, isolated, hindered social, and the quality of life is reduced.

  Tone is divided into physiological and pathological.

Physiological tone refers to a short-lived phenomenon that people produce in their lives, such as eating certain irritating foods (onions, garlic, etc.) during drought, smoking, and not brushing their teeth in the morning.

Pathological tone can be divided into oral source and systemic source.
The tone of systemic origin is caused by systemic diseases or various infections, such as gastritis, sinusitis, hepatitis, diabetes, etc.

Most of the breath is of oral origin, mainly degradable sulfides, caused by the breakdown of amino acids by fatigue oxygen bacteria in the mouth.

  In addition, there are fake breath and breath phobia.

Pseudo tone means that the patient feels that there is an oral odor, but the test results are not abnormal, and can be improved through interpretation and psychological counseling.

Tone phobia is manifested in patients with true and false tones. After treatment, the clinical symptoms disappear, but psychological disorders cannot be eliminated, and treatment is still required.

  Breath detection methods include nasal measurement, which can eliminate sulfide concentration in the mouth by measuring instruments.

The treatment of breath is divided into five steps: first, instructions and oral hygiene guidance; second, treatment of oral diseases, such as periodontal cleaning and specialized oral cleaning; third, consultation and treatment by doctors in relevant departments; fourth, Psychological test, individual guidance and instruction based on the results; Fifth, transfer to psychiatry or psychology for treatment.

  The causes are different, and the treatment methods are different: Step 1 is used for physiological tone; Step 1 and 2 are used for pathological tone from oral cavity; Steps 1 and 3 are used for pathological tone from whole body;Four; tone phobia, then use steps one and five.

Eating tomatoes is a great way to lose weight

Eating tomatoes is a great way to lose weight

I heard that eating tomatoes can lose weight, is it true?

  If you eat more tomatoes and eat less high-conversion foods, it does have a weight loss effect.

Tomatoes are very low in energy, containing only 19 kcal per 100 grams, while the weight loss food that apples often eat-apples contains 76 kcal per 100 grams.

The energy of a tomato (about 200 grams) is only equal to 1/8 of a bowl of rice.

Such low energy makes it the first choice for weight loss.

  The small tomato is not instantaneously low, but it can also produce sufficient satiety and promote the excretion of the body, which is mainly due to the replacement of fiber.

People always want to eat because the brain ‘s satiety center sends a “satisfaction” signal, and implanted fibers cause the stomach to expand and stimulate the satiety center.

Tomato’s estimated fiber can absorb excess feces in the intestine and excrete the feces with food residues, which has the effect of promoting defecation.

Based on these two reasons, if you eat tomatoes often, the conversion absorbed by the human body will be reduced a lot to achieve the effect of weight loss.

  There are no hard and fast rules for tomato weight loss, but tomato replacement can generally be used.

Breakfast and lunch are a normal diet. For dinner, you can eat 3-4 tomatoes or drink 2 cans of tomato juice; you can also eat less for dinner and eat one tomato or drink 1 can of tomato juice.

Moreover, tomato juice is more easily absorbed by the body than lycopene from fresh tomatoes.

The golden recipe for rheumatic diseases

The “golden” recipe for rheumatic diseases

In order to “know what it is and why it is,” we conducted in-depth discussions on the prescription and treatment of this drug in clinical treatment. We learned that the drug consists of two-sided needles, horse chestnuts, broadleaf, andGanglong, Weilingxian, and Jiguxiang are mixed together.
Any one of the medicines in this recipe is a “classic” medicine used by folks to treat rheumatism, and the scientific compatibility of the six flavors of medicine is really the “upper recipe” in the “classic”.
The role of this drug is particularly prominent is the double-sided needles and horse chestnuts, which are used as king medicines.
The two-sided needles of the rutaeaceae plant have the functions of relieving qi and pain, promoting blood circulation, removing blood stasis, and removing wind and dehumidification. The folk are mostly used for bruises, rheumatism, stomach pain, toothache, poisonous snake bites, and burns.
  Double-sided needles with wide tendon can relieve wind and nourish blood, and relieve pain.
The main rheumatism paralysis, clinical joints can be seen in limb joints, soreness and mobility, acute redness, swelling, heat and so on.
Aesculus chinensis with Wei Lingxian has the functions of dispersing cold and analgesics, and the main pain and paralysis of rheumatism. It can be seen clinically that the limbs and joints remain cold and painful, and when it is cold in one place, it is slower when exposed to heat.
Guoganglong is equipped with broad-leaf vines, which has the functions of soaking wet, turbidity, nourishing qi and swelling, and pain relief. The main rheumatism is paralysis. Clinically, the limbs and joints are severely swollen, even swollen, but not moved or red.
Granite with chicken bone incense, it has the functions of clearing heat and detoxifying, promoting blood circulation and relieving pain, main rheumatism and heat paralysis, clinically visible limb joint pain, redness and swelling in the pain, swelling and pain are cold and slightly relieved.
The above 6 medicines are used in combination and have very good curative effect.
  We selected 100 patients with rheumatism in our outpatient clinic to observe the curative effect for half a year.
They are all sick for more than 5 years, the longest is 16 years, aged 42-63 years old, 32 males and 68 females.
  Treatment: Oral compound Fengshining tablets.
  Efficacy observation: follow-up examinations before and two weeks after treatment, and check blood routine, urine routine, liver and kidney function once, and record the time and frequency of the onset of the disease.
  Observation results: 58 cases were cured, 10 cases were markedly effective, and 30 cases were effective. The erythrocyte sedimentation rate was reduced, and liver and kidney function were not damaged. Another 2 patients were ineffective.
The drug has an effective rate of 95 for treating pain caused by rheumatic joint diseases.
8%, the effective rate of dysfunction reaches 92.
6%.
  In the clinic, we found that for patients with rheumatism treated with compound rheumatoid arthritis, patients with short illness and mild illness only need 1-2 courses of treatment, and patients with longer illness but less than 10 years of severe illness need 2-5 courses.
  For patients over 15 years, we recommend the use of “shock” therapy: For patients with severe morning stiffness and obvious pain, take 5 capsules in the morning on the first day, and 3 capsules each at noon and evening.
Patients with obvious pain at night, take 5 pills at night, and 3 pills each in the morning and noon.
For patients with no obvious morning and night pain, take 3 capsules each morning, noon, and evening on the first and second days, and return to normal dosage on the third day.
  In clinical treatment, we also found that some patients had symptoms that aggravated the initial reaction, such as “stiffness” in the legs and back, which disappeared in about a week, which was an improvement response.

Ancient skin care know ancient classic recipes

Ancient skin care know ancient classic recipes

Too many MMs are very advocating ancient skin care, Xiaobian deliberately summarized the ancient skin care methods accepted by more MMs.

You may wish to find a good recipe for you.

  Recipe 1: Essential oils for pain relief Ancient Greeks liked to apply essential oils on their bodies after bathing, and often used the essential oils to wipe the dust and the parts of the heart. They thought that the pleasant odor could play an analgesic effect.

  Decryption: Essential oils are high-molecular, highly permeable things that can penetrate into the blood vessels and lymphatic circulatory system in about 10 seconds, transforming the effects of nourishing the skin and analgesic.

Lavender oil can soothe and relax our tired bodies and nerves. Rosemary oil has a soothing effect on joint pain. And the essential oil is absorbed in the body, which can have antibacterial and antiviral effects, and the effect is very good.

After taking a bath, apply the essential oil to your body and massage gently to help the essential oil gradually penetrate into the skin, or drop a few drops of the essential oil into the water, either washing your face or bathing.

  Intimate tips: The characteristics of essential oils are to help our body clean, detoxify, and relieve stress. It can only relieve pain. It can’t treat diseases such as angina pectoris and arthritis, so don’t take it for medicinal purposes!

  Secret recipe 2: Milk bath Cleopatra of Cleopatra brings incredible beauty and style.

It is said that Cleopatra especially liked to take a donkey milk bath to make her skin delicate, soft and smooth.

Actress Yasmia.
Filali followed her example and took a milk bath at least once a week.

  Decryption: After adding milk, the bath water will become very soft, and in addition to moisturizing, milk can also tighten skin and astringent.

If your eyes or body are swollen when you wake up, taking a milk bath can reduce swelling. Soaking milk before going to bed can relax your body and mind and promote sleep.

  However, the temperature of the water in the milk bath is preferably 40 ° C to 60 ° C. The water is too cold, the pores are not easy to open, and the water is too hot, which will destroy the nutritional content of the milk.

Mix the milk at a suitable temperature and rinse it for about 20 minutes. If the time is too long, the bacteria in the milk will cause damage to the skin.

  Intimate reminder: If you think that the milk has been soaked, then it will not prevent the facial skin from fully absorbing the boiling milk vapor when cooking the milk. The heating and evaporation of nutrient-rich milk will promote facial blood circulation, accelerate metabolism, and persist in causingYou will feel ruddy, smooth, and tender.

  Secret recipe 3: Aromatic vinegar Aromatic vinegar treatment is a more popular beauty method nowadays.

Although everyone knows that vinegar is particularly good for our health, it can lose weight and soften blood vessels, but now vinegar has begun to be used externally, and many celebrities in foreign countries have “battered” vinegar on their bodies to rejuvenate their skin.

  Decryption: A large number of vitamins and antioxidants in vinegar can promote metabolism, whiten and sterilize, dilute melanin, quickly eliminate exfoliated keratin, supplement skin nutrients and moisture, can promote blood circulation, reduce rough pores, and resist oxidation.

It is especially suitable for skin after sun exposure, rough skin, oily, yellowing, pigmentation and other problems, which can be effectively solved.

  Intimate reminder: The origin of vinegar in Shanxi has a special cosmetic vinegar for external use, and edible vinegar. It has a short fermentation time and little irritation to the skin. It is also available in some big supermarkets in Beijing.Look for it.

In addition, soak the raw eggs in vinegar, soak and peel the egg skins, and then use the vinegar-soaked egg liquid as a mask or wash your face, the skin will become delicate.

  Secret recipe 4: Vaseline lip pateau and charming lips, every day will apply light lipstick on sexy lips, and after makeup, gently touch the lips with Vaseline to protect the lips like thiseffect.

  Demystified: Applying petroleum jelly is a good way to prevent dry lips.

Vaseline will not be absorbed by the lips, and even form a layer of moisture barrier, so that the moisture on the lips will not be evaporated and lost, and the lips will not be invaded by foreign objects.

  Intimate reminder: Although Vaseline can moisturize the lips, it is more greasy. If you apply it more, you will feel a film on the lips, which makes it difficult to speak.

It is recommended that you apply a layer of lipstick before you apply a few drops of petroleum jelly on your lips.

  Secret recipe five: Strawberry bright teeth Zeta.
In addition to his beautiful appearance, Jones had white teeth.

She said that her bright white teeth are due to strawberries. She brushes her teeth with strawberries at least once a week. It seems to work well. Can strawberries really achieve the “whitening teeth” effect?

  Decryption: Strawberry is particularly rich in vitamin C, but it is a natural whitening sacred product.

Strawberry can brighten teeth and remove stains on the teeth and between the teeth. Because the malic acid contained in it has astringent effect, it can remove tooth stains and tartar. It can effectively help melanin reduction and whitening.

Of course, its effect is not comparable to bleached teeth, but it does make your teeth look brighter.

  Try it at home, mash the strawberries into a paste and add a little baking powder.

Put it on the toothbrush like squeezing toothpaste, use the toothbrush to “apply” to the teeth, “fix” for about 5 minutes, and then rinse it.

  Intimate reminder: Not only strawberries, apples are also rich in malic acid. The fine fibers in apples can remove the dirt between teeth, can also whiten the teeth, and can also effectively disperse the accumulated accumulation in the body, preventingGain weight.

  Recipe 6: Special Firming Fanaomi Campbell uses well-developed coffee for firming and beauty every week.
Horn said that the reason why she can stay youthful is mainly an ointment that is usually only used to shrink hemorrhoids. Horn uses this ointment to apply under the eyes to remove wrinkles and firm the skin on the eyes.
  Decryption: Caffeine is a natural body drainage agent, which can drain excess water from the body and eliminate edema.

At the same time, the caffeine in coffee can also stimulate the central nervous system, stimulate skin cell excitement, and promote skin smoothness and nourishment. Medical ointments are very unscientific to use on the skin and skin. Although it can tighten the skin, it may cause theCauses skin epidermal necrosis, and the skin will slowly shrink.

  Intimate reminder: coffee can be considered, after all, you can drink and wipe, but the ointment for hemorrhoids is best to avoid it, after all, it is not something to apply on the face.
  Recipe 7: Vegetables and Fruits The most natural skincare method for the face is to use vegetables and fruits, Christine.
Aguilera wipes her face with raw potatoes every day, Cindy.
Crawford will rub the eyelids with fresh potatoes before going out, initially to remove the wrinkles under the eyes and lighten the dark circles.

Onila.
Mudidi likes to use a kiwi cleansing cream, add some honey and yogurt to the kiwi pulp, and then apply it to the shell tender skin, and some people add honey and olive oil to the cleansing cream.

  Decryption: The potato juice dissolves in the bones to have a whitening effect, and if the potato is affixed to the eyes for 30 minutes, it can restore the puffiness of the bags under the eyes. Applying a raw potato mask on it can also eliminate facial puffiness and stretch your face, so thatFacial skin is smooth and tender.

  Kiwi, tomato, lemon, cucumber and other vegetables and fruits, supplemented with vitamin C, whitens the skin, can also treat freckles and stains, and delay skin aging.

  Intimate tips: Apply fresh vegetables and fruits directly to the skin. Pure nature will not harm the skin. Why not?