洗浴

Taiji shares (002368): the company’s performance flexibility is underestimated and the debt protection is better

Taiji shares (002368): the company’s performance flexibility is underestimated and the debt protection is better

Event: The company recently issued a prospectus for convertible corporate bonds. The issuance of convertible corporate bonds was 100 million yuan, the number of issuances was 10 million, and the term was 6 years from the date of issue.

Steady growth in performance and improvement in gross profit margin due to business structure optimization: The company is a leading company in domestic e-government, smart city and key industry informatization. By transforming and transforming business transformation, the company has gradually formed a new business structure, mainly including cloud services, Network security and autonomous controllable, intelligent applications and services and system integration services.

In the first half of 2019, the company realized revenue of 30.

13 ppm, an increase of 11 in ten years.

75%; net profit attributable to mothers was 21.48 million yuan, a year-on-year increase of 7.

At the same time, thanks to the continuous optimization of business structure, gross profit margin increased by 4 over the same period last year.

66 points.

In the first half of the year, the new contract value exceeded US $ 5 billion, and the high-security sector grew rapidly. In the first half of the year, the company strengthened its market development efforts, and the number of newly signed contracts increased. The contract value exceeded US $ 5 billion.

In terms of sub-businesses, the “Great Security” segment achieved total revenue6 in the first half of the year.

79 trillion, an increase of 46 in ten years.

19%.

The subsidiary NPC Jincang’s business developed rapidly in the first half of the year, and its operating income increased by more than 50% compared with the same period last year.

In the first half of the year, three new products of Jincang HTAP distributed database KSOne, Jincang distributed video database system KVDB, and Jincang parallel data synchronization software KFS were launched. They are based on the integration of distributed, video image processing, and multiple data synchronization technologies.New journey in database segmentation.

It is estimated to be low and the performance elasticity is underestimated: the company currently expects to be 28.

50 yuan, corresponding to a PE TTM of 37X, at 5 is 无锡桑拿网 more than the expected bottom.

The company estimates that it far exceeds Neusoft Group (608.

63X), China Software (271.

93X), Dongfangtong (60.

57X) etc.

Considering that the company is backed by China Electronics Technology Corporation, its products and integration capabilities in the independently controllable market are in an internal leading position.

With the country’s continued efforts to promote localization, the company’s future performance growth is expected to accelerate.

Concentrated shareholding structure, low pledge risk and no pressure to lift the ban: The company’s shareholding structure is scattered and concentrated, and the major shareholder is the 15th Research Institute of China Electronics Technology Group, with a share of 38.

86%, the remaining shareholders hold less than 5%.

At present, the company’s total equity pledge is zero.

20,000 shares, low pledge risk.

The company’s last lifting of the ban was the circulation of restricted shares in September 2017. There is currently no pressure to lift the ban, and there will be no new lifting of the ban in the near future.

The redemption price is 112 yuan, and the debt protection is better: the coupon rate of the company’s convertible bonds is 0.

4%, 0.

6%, 1.

0%, 1.

5%, 1.

8% and 2.

0%, expired refund rebate is 112 yuan (including the last year’s annual interest), the period is 6 years, and the face value corresponding to YTM is 2.

75%; the debt rating is AA, and the 6-year maturity yield is 4 with the CSI rating of CSI.

97% is used as the discount rate interest rate and the debt floor value is 88.

17 yuan, debt protection is better.

The initial conversion price of the convertible bonds issued this time is 31.

61 元/股,下修条款为[15/30,90%],有条件赎回条款 [15/30,130%],有条件回售条款[30,70%,面值+当期应计利息]. Investment suggestion: It is expected that EPS for 2019-2020 will be 0.

92 yuan, 1.

14 yuan, corresponding to 31 and 25 times the corresponding PE, maintain “Buy-A” rating, 6-month target price of 37 yuan.

Risk reminder: the influx of industry giants intensifies market competition.

Satellite Petrochemical (002648): Profit growth rate in line with expectations

Satellite Petrochemical (002648): Profit growth rate in line with expectations

I. Overview of the incident The company released its semi-annual report and achieved operating income 杭州桑拿 of 516,007 in the first half of the year.

810,000 yuan, an increase of 18 in ten years.

39%; net profit attributable to shareholders of listed companies 55,671.

510,000 yuan, an increase of 70 in ten years.

43%.

Second, the analysis and judgment of profit growth in line with expectations, the release of new production capacity to ensure performance growth in the first quarter of the company is expected to return to the mother net profit growth in the first half of 65.

31% to 86.

74%, profit growth in line with expectations, profit is at the median notice.

In the first half of the year, an annual output of 45 second-stage units of acrylic acid dehydrogenation to propylene was inserted, and a second-stage unit with an annual output of 15 polypropylene and polypropylene was successfully put into operation. Increasing production capacity and release significantly improved performance.

At the same time, the average gross profit margin of the main products increased, and the company’s overall gross profit margin increased by an average of 6.

75 units.

The Lianyungang project progressed in an orderly manner, and refinancing progressed smoothly.
Lianyungang Petrochemical 320 Progress / Young Hydrocarbon Comprehensive Utilization and Processing Project has been implemented smoothly, and the work has been advanced in time.

The refinancing work is progressing smoothly. In the first half of the year, the company obtained approvals for the issuance of corporate bonds with a size of not more than US $ 2.8 billion; the plan for the non-public offering of shares to raise less than US $ 3 billion and the interbank financing plan of not more than US $ 3 billion have been approved by the company’s boardPassed, this financing plan helped the construction of Lianyungang project.

At the same time, the resumption of Sino-U.S. Trade negotiations is expected to have a positive effect on future raw material procurement.

The C3 industry chain is complete, production capacity continues to increase, and product price growth results are flexible. Large companies currently have a molecular weight of 90 on the C3 industry chain to replace (by-product 2).

6 methyl acrylate), polypropylene 45 acrylate, acrylate, acrylate and acrylate increase production capacity by 360,000 tons.

The strength of the company’s C3 industrial chain integration has strong anti-risk capabilities and high product price flexibility.

At the same time, the transformation of environmental protection across the country has become increasingly stringent, and industry concentration has inevitably increased, and the profitability of the top three companies in the industry has improved.

Third, the investment proposal is expected to the company in 2019?
The EPS in 2021 will be 1.

39 yuan, 1.

51 yuan, 2.

60 yuan, corresponding to PE is 10 times, 10 times, 6 times, the current industry average is estimated to be about 15 times, maintaining the “recommended” level.

4. Risk warning: The prices of major products will fall, and the storage schedule for new projects will be uncertain.

Oupai Home (603833): Greater than expected growth in big home strategy

Oupai Home (603833): Greater than expected growth in big home strategy

Investment Highlights The company released its 2018 annual report & 2019Q1 quarterly report: the company achieved operating income of 115 in 2018.

09 million yuan, an increase of 18 in ten years.

53%, achieving net profit attributable to mother 15.

72 ppm, an increase of 20 in ten years.

9%; operating income in the first quarter of 201922.

03 trillion, an annual increase of 15.

57%, realized net profit attributable to mother 0.

92 ppm, an increase of 25 in ten years.

14%.

It is expected that operating income will increase by about 15% per year and net profit will increase by about 20% per year in 2019.

  Multi-category efforts are underway, and the big home strategy is steadily advancing.

Cabinets: Revenue 57 in 2018.

650,000 yuan, 7 compared to the same period last year.

67%; 19Q1 realized revenue of about 10.

30,000 yuan, an increase of 3% year-on-year.

The company promoted the company’s stable growth in a dual way of horizontal expansion of single value and preliminary budget.

Among them, the sales of cabinets in 2018 increased by 6 every year.

69%, and led the assembly performance to exceed 3.

500 million.

In 2018, the company’s overall cabinet store net increased by 126 to 2,276, and the number of wardrobes: in 2018, it achieved 41.

480,000 yuan, an increase of 25.

86%; 19Q1 realized revenue of about 8.

400 million, a year-on-year increase of 26%.

Sales increase by 17 per year.

70%. In 2018, there was a net increase of 271 wardrobe stores to 2,113. Bathrooms: In 2018, the income was 4.

5.3 billion, 49 year-on-year.

51%; 19Q1 realized revenue of about 1.

08 million yuan, an increase of 54%.

Sales increased by 31 year-on-year.

55%. In 2018, the total number of bathroom stores increased by 116, reaching 559. Wooden doors: revenue in 20184.

750,000 yuan, 47.

69%; 19Q1 realized revenue of about 0.

7.9 billion, a year-on-year increase of 24%.

Sales increase by 26 each year.

10%. In 2018, the total number of bathroom stores increased by 191 to 825, with a total of 6,708 in all categories.

On the basis of continuously consolidating traditional channels, we will continue to promote new sales channels, and e-commerce sales will account for 20% of sales.

  In bulk, the business of assembly business contributed to the increase in performance, and the gross profit margin of large businesses steadily increased, showing the leading advantages.

In 2018, the company’s major business channels achieved revenue14.180,000 yuan, 47.

04%, gross profit margin reached 49.

48%, an increase of 1.

52 points.

  1Q1 company’s revenue account is 4.

20,000 yuan, 196.

0%, the increase in the company’s accounts receivable was mainly due to the increase in engineering business volume.

It can be seen that the company’s engineering business volume has accelerated; in 2018, Oupai took the lead in proposing 夜来香体验网 a large-scale home furnishing model that directly cooperates with leading home improvement companies around the world. The company uses its own advantages to brand the home improvement company and synchronize the products to quickly seize market share.

At present, the company has promoted the strategy of large-scale home furnishings in multiple cities and pilots. It has blossomed in 22 cities and has emerged successful cases of Yibin and Changsha models. The introduction of large-scale home furnishings has contributed significantly to local performance, and the effect of the model has been obtained.The initial appearance.

  The company is currently a leader in custom home furnishings, and ranks first in the industry by volume.

The strategy of big home is steadily advancing, and the company’s core competitiveness will 重庆耍耍网 continue to be enhanced in the future.

The company released the 2018 annual report and the 2019 first quarter report. We adjusted our profit forecast and estimated that the net profit attributable to mothers in 2019/2020/2021 will be 18 respectively.

87/23.

07/28.

2.1 billion, with EPS of 4.

49/5.

49/6.

71 yuan, corresponding to PE26.

7/21.

9/17.

9 times (based on closing price on April 30, 2019).

  Risk warning: industry competition intensifies; new business development risks; policy risks

Zhonggong Education (002607) 2019 First Quarterly Report Review: The leading effect of high growth in 19Q1 performance continues to appear

Zhonggong Education (002607) 2019 First Quarterly Report Review: The leading effect of high growth in 19Q1 performance continues to appear

投资要点 业绩总结:公司] 2019Q1 实现营收 13.12 ppm, an increase of 61 in ten years.

93%, net profit attributable to mothers1.

0.6 million yuan, an increase of 304 in ten years.

47%, a decrease of 51.94 million yuan in 2018Q1, a substantial turnaround.

The performance has grown rapidly, and the leading effect continues to appear.

2019Q1 company achieved revenue of 13.

12 ppm, an increase of 61 in ten years.

93%, net profit attributable to mothers1.

0.6 million yuan, an increase of 304 in ten years.

47%.

Total revenue in 2018 was 62.

37 ppm, an increase of 54 in ten years.

72%; net profit attributable to mother 11.

5.3 billion, an increase of 119 in ten years.

67%, higher than performance commitment9.

300 million, exceeding expectations for 2018 performance commitments.

The gross margin level remained fairly stable at 59 compared with the previous year.

08%, net profit is 18.

5%, an annual increase of 5.

5%.

The increase in performance was mainly due to the continuous increase in the number of scholars participating in training, the increase in the level of customer unit prices, and the transformation of fine digital operations such as dual divisions and IT system upgrades to increase production and efficiency.

The advantages of the whole category layout are obvious, and teacher training has become a new growth point.

With the rise of various new fields of professional employment, the company’s multi-category layout advantage has become prominent, and it is expected to maintain sustained and steady growth in performance.

In terms of business, the recruitment of civil servants is still the main source of revenue for the company, and it achieved revenue of 30 in 2018.

82 ppm, an increase of 49 in ten years.

15%, accounting for more than 50% of the overall business revenue.

Teacher training revenue has grown rapidly, growing by 60 per year.

58% to 10.

75 ppm, accounting for 17% of overall business revenue, has become a new growth point for the company’s performance.

Recruitment of public institutions to achieve revenue 7.

85 ppm, an increase of 37 in ten years.

91%.

In addition, online training revenue reached 4.

4.4 billion, a 57-year growth of 57.

64%.

Revenue from comprehensive face-to-face training camp 8.

28 ppm, an 87-year increase.17%.

The “quantity + price” has steadily increased, and the track expansion has ample power.

The number of companies participating in training continued to increase. In 2018, the number of trainees expanded to 230.

790,000, an annual increase of 57.

43%.

Among them, the number of face-to-face training was 119.

210,000, an annual increase of 35.

10%; 111 online training sessions.

580,000, an increase of 91.

19%, a high increase in online users to achieve traffic for offline business.

In terms of customer unit price, the company’s continuous increase in the proportion of long-term courses has driven the long-term increase in the unit price of face-to-face training.

98% to 4840 yuan / person.

The whole category has multiple channels to motivate, increase the graduate test, IT and other sub-tracks, and there is huge room for growth.

It is expected that the vocational education track will continue to be developed in the future 北京桑拿洗浴保健 to provide more growth points for the company’s performance.

The nationwide distribution of business outlets has highlighted the scale effect.

The total number of employees grew by 34 in 2018.

83% to 25718, mainly due to the rapid growth of R & D and teaching staff.

The number of R & D personnel is 1,350, an increase of 36 in ten years.

92%, the number of teachers is 9,424, an increase of 44.

32%.

The vocational education business market is widely distributed throughout the country, and the company has established 701 learning center networks covering 319 prefecture-level cities, an increase of 27.

twenty two%.

The scale advantage is obvious, and the county will become a new focus of channel sinking in the future.

Profit forecast and rating: As the leader of the civil servant examination and training 佛山桑拿网 sector, Zhonggong Education has advantages such as brand reputation, business outlet channel layout, and teacher reserve.

Considering the rapid growth of the company’s overall performance, the continuous increase in the number of trainees and customer unit prices, and the improvement in operating efficiency, it is expected that the company’s future net interest rate will continue to grow.

It is expected that the EPS of CPG Education from 2019 to 2020 will be 0.

26 yuan / 0.

35 yuan, corresponding to an estimated 47 times / 35 times.

Combined with a comparable company assessment, we give 45 times PE in 2020 with a corresponding target price of 15.

8 yuan / share, the first coverage given a “buy” rating.

Risk reminder: the risk of declining enrollment and the failure to fulfill performance commitments.

The daily limit on January 16 has long been known: seven positive expectations for fermentation

The daily limit on January 16 has long been known: seven positive expectations for fermentation

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Sina Finance News January 15 news, there are seven major benefits that may affect tomorrow’s stock market, specifically: Taihua Shares (right protection): It is expected that 2019 net profit will reverse losses and become profit Taihua Shares (600281). The evening announcement on January 15th is expectedIn 2019, the net profit was 35 million to 50 million yuan, and the losses were turned into profit for many times.

The company expects 1 in the same period last year.

1.5 billion yuan.

Government land transfer payments and construction demolition compensation received during this period increased by 5645 million over the same period of the previous year; asset impairment losses are expected to decrease by 1 compared with the previous year.

3.8 billion yuan.

  North China Pharmaceutical: The company’s medicine passed the generic drug consistency evaluation. North China Pharmaceutical (600812) announced on the evening of January 15 that the company received the amoxicillin capsule (0.

5 grams, 0.

25g) and dimethylbisbutyl chloride tablets (0.

5g) “Approval for Supplementary Drug Application”, the above drugs have passed the consistency evaluation of the quality and efficacy of generic drugs.

  New Culture: Strategic cooperation with Beautiful Wrist and its own artist Li Jiaqi New Culture (300336) On the evening of January 15, the company and Beautiful Wrist (Shanghai) Network Technology Co., Ltd. merged the “Strategic Cooperation Framework Agreement”. Both parties actively cooperated nationwide.Internally, based on beautiful artist Li Jiaqi and the company’s superior resources, provide customers and integrated marketing solutions for beautiful artists, increase offline visibility and budget revenue of beautiful artists.

In addition, the company, through strategic cooperation with beautiful artist Li Jiaqi, strengthened its connection with customers and the promotion of online media channels, and formed a “mobile Internet media + traditional media” all-media integrated marketing plan.

  Zoomlion:西安耍耍网 Net profit for 2019 increased by 113% -123% Zoomlion (000157) disclosed the 2019 annual performance forecast on the evening of January 15th, and the company expects to achieve a net profit of 4.3 billion-4.5 billion in 2019, an increase of 112.

89% -122.

79%.

Demand for downstream industries such as domestic real estate and infrastructure has maintained a high growth rate in 2019, and the construction machinery industry has continued to thrive and maintained a medium to high speed growth.

  Kexin Mechanical and Electrical Co., Ltd .: It is expected that the annual increase in net profit in 2019 will be 542% -571%. Kexin Mechanical and Electrical (300092) disclosed the 2019 annual performance forecast on the evening of January 15, and the company expects to achieve net profit of 43.88 million-45.9 million yuan in 2019, an increase of 541.

63% -571.

18%.

With the number of reports, the company increased marketing efforts and opened up marketing orders with high added value.

The company’s operating income and gross profit margin have increased, leading to an increase in net profit.

  Zoomlion: Net profit for 2019 increased by 113% -123% Zoomlion (000157) disclosed the 2019 annual performance forecast on the evening of January 15th, and the company expects to achieve a net profit of 4.3 billion-4.5 billion in 2019, an increase of 112.

89% -122.

79%.

Demand for downstream industries such as domestic real estate and infrastructure has maintained a high growth rate in 2019, and the construction machinery industry has continued to thrive and maintained a medium to high speed growth.

  Luxiao Technology: Subsidiary Vietnam Project put into operationThe main products are series-excited motors, permanent magnet DC motors, brushless motors, etc., which are expected to reach an annual production capacity of 12 million units.

At present, the preliminary work of the project construction, equipment installation and commissioning has been completed, and it will be put into operation on January 15.

275 major stocks with less than 20 billion stocks

275 major stocks with less than 20 billion stocks

The source of the increase in low market capitalization stocks is the source of problems: Beijing Commercial Daily’s total market value represents the company’s strength in the capital market and investors’ recognition of the company’s value.

A Beijing Business Daily reporter found through statistics that the stocks of the Shanghai and Shenzhen stock markets with a total market value of less than $ 2 billion have surged since the beginning of this year.

The performance of these low market value stocks is generally poor, and they have also been affected by multiple negatives such as filing investigations.

Preliminary people believe that the perfect delisting system, the accelerated IPO, and the unicorn’s accelerated return have all squeezed the value of shell resources. The era of speculation in shells has ended, and the market will return to the era of value investment.

  The number of 275 stocks with a market value of less than US $ 2 billion has recently seen a sharp increase in the number of stocks. The market closed on June 19 for a total of 275 stocks in Shanghai and Shenzhen, with a total market value exceeding US $ 2 billion.

  According to Wind statistics, as of the close of June 19, there were 275 stocks with a total market value of less than 2 billion in the two cities, including 37 ST shares.

On June 19 last year, there were only 8 stocks with a total market value of less than 2 billion 武汉夜生活网 in the two cities. Except for Tianlong Optoelectronics, the remaining 7 stocks were only allowed to be listed.

In other words, if you exclude the stocks that have just been listed, only one stock with a total market value of less than $ 2 billion in the same period last year.

As of the end of May this year, a total of 120 stocks in the two cities had a market value of less than 2 billion US dollars, less than a month, and the number of stocks in the two cities below 2 billion US dollars has more than doubled.

  On the whole, from the perspective of the listed board, there are 137 main board companies, 53 small and medium-sized companies and 85 ChiNext, respectively.

Specifically, among the 275 stocks, the top 10 stocks with the smallest total market capitalization are delisting Kunji, * ST Huangtai, * ST Shenglai, Tianlong Optoelectronics, * ST Bus, Western Animal Husbandry, * ST InnovationXing, Commercial City, ST Yangfan and Jinya Technology. Among the top 10 stocks with the smallest total market capitalization, the number of ST stocks accounts for 50%.

Among these 10 stocks, the stock with the smallest total market value is the delisted Kunji, which ranks 7th in the total market.

9.1 billion, the total market capitalization of * ST Huangtai and * ST Saint-Lai also does not exceed 1 billion.

  If we exclude the withdrawal of Kunji, the stocks with the lowest total market capitalization in the two cities are * ST Huangtai, the current total market ranking of the stocks.

$ 400 million, followed closely by * ST Shenglai and Tianlong Optoelectronics, with a total market value of 9 respectively.

600 million and 10.

400 million yuan.

In addition, Shenke, Sanbian Technology, and Lanzhou Yellow River also appeared in the list with a total market value of less than 2 billion U.S. dollars. They closed on June 19 consecutively. The total market value of Shenke, Sanbian Technology, and Lanzhou Yellow River was 12 respectively.

9.9 billion, 12.

4.8 billion and 13.

6.9 billion yuan.

  According to statistical data, the short-term total market value of these 275 stocks is about 4599.

9 ppm, as of June 19, the total market value of ICBC is about 2 trillion yuan, the total market value of these stocks is less than 1/4 of ICBC.

  The 275 low market capitalization stocks are generally poorly affected by most stock problems. At the same time, some companies have also been affected by multiple negatives such as investigations and filings, and have therefore shown a downturn.

  According to Wind statistics, out of 275 stocks with a market capitalization of more than 2 billion, 59 companies’ net profit attributable reached a negative value in 2017, and the amount of net profit attributable to 4 companies exceeded 2 billion cents.maximum.

Financial data shows that * ST Yihua’s attributable net profit in 2017 replaced approximately 50.

9.1 billion, a decline of 307 each year.

44%.

Generally, they are * ST Longli, * ST ICT and * ST buses, and the corresponding amounts of attributable net profit in 2017 are about 34.

8.3 billion, 24.

7.9 billion and 20.

3.3 billion yuan.

  Excluding ST shares, Yichang was the worst performing stock in 2017.

Yichang Co., Ltd. is an enterprise engaged in the research and development, production and sales of household appliances and automobile structural parts. In 2017, the performance of Yichang Co., Ltd. has changed dramatically.

Financial data shows that Yichang shares achieved operating income of approximately 56 in 2017.

9.8 billion, a decline of 0 every year.

98%, the corresponding attributable net profit can replace about 4.

79 trillion, a decrease of 2591 over the same period in 2016.66%.

Fengshen shares, cloud investment ecology in 2017 the expected net profit attributable constant is above 4 trillion.

  * ST Saint-Lay ‘s performance, which is also a low market capitalization stock, is also not satisfactory. * ST Saint-Lay ‘s attributable net profit in 2017 replaced about 5,689.

830,000 yuan.

In addition to poor performance, * St. Lai was also devalued by the Securities and Futures Commission for inflated profits.

According to * ST St. Lai ‘s “Information Letter on Administrative Litigation” disclosed on the Securities and Futures Commission on April 14, * ST St. Lai ‘s 2015 fictitious film and television copyright transfer business and financial subsidies, falsely increased 2015 revenue and profit of 10 millionYuan, net profit increased by 7.5 million yuan, * ST Shenglai was called by the top panel of the Securities and Futures Commission.

  An investment banker who asked not to be named believes that “poor performance, typical news has led to a sluggish forward trend, and the corresponding company’s total market value has continued to shrink, which has also become the possible reason for the above-mentioned total market value.

  According to Wind statistics, from January 1st to June 19th of this year, out of 275 stocks with a market value of less than 2 billion, 35 stocks had a “slash”, * ST Longli, * ST Xintong, etc.Six stocks fell more than 70%, of which * ST Fukong’s gradual decline was 85.

63%.

Even * ST Fukong’s net profit in 2017 was positive, but due to the company’s 2017 financial report, the audit firm issued an audit report that could not express its opinion. At the same time, * ST Fukong was investigated by the Securities and Futures Commission for suspected violation of securities laws and regulations.

  In response to issues related to * ST Fukong, a reporter from Beijing Commercial Daily called * ST Fukong’s secretary’s office for an interview. Someone answered the phone before posting as a reporter.

  Due to the change in investment logic In the eyes of some people, the surge in the number of low-value stocks in the past month is mainly related to the rapid depreciation of shell resources and changes in the logic of stock speculation by investors.

  The aforementioned investment bankers said that in the past, IPOs had been scheduled for a long time and it was difficult to approve them. Restructuring and listing has become a shortcut for some companies to quickly access the capital market. For some companies with difficult operations, the market has replaced them with higher market value.

As the issuance of new shares continues to accelerate and the delisting system is improved, the value of the shell will naturally decline, which is also determined by market supply and demand.

The person also said that the unicorn’s accelerated return and other factors have squeezed the value of shell resources. Under the background of the value investment concept, the era of poor speculation has come to an end.Double blow.

  In the view of Song Qinghui, a famous economist, the sudden increase in low-market value stocks is also related to the change in the logic of stock speculation by investors.

“In the current A-share market, through the continuous increase of institutional investors, investors’ investment concepts have begun to shift to value investments. More investors have turned their attention to blue-chip stocks and paid more attention to corporate operating capabilities rather than substitution.

The performance of many small market capitalization stocks before was not good, but they were speculated based on so-called expectations or substitutions. After gradually converting to value investment, the market for such stocks has become smaller and smaller, “Song Qinghui said.

  There are also opinions that the more mature the capital market system is, the easier it is to list, and the lower the shell value. In the long term, the shell value can still penetrate the downward space.

However, if there are policy factors such as halting the issuance of new shares in stages, re-financing and other loosening such as M & A and restructuring, there will be room for a period of rebound in shell value.

But in general, most small-market-cap varieties are still very high from an estimation perspective.

Regarding whether these low market value stocks have investment value, Song Qinghui believes that it is necessary to gradually and rationally judge from multiple aspects.

  Song Qinghui boots said that to do a good job of market value management, it is necessary to manage through an effective, long-term mechanism, and it is impossible to achieve results in a short time.

In order for listed companies to do a good job of market value management, they need to achieve all-round improvement, which can allow investors to see multiple clear contexts in the short and medium term.

  Beijing Commercial Daily reporter Dong Liang Liu Fengru

Massage method for nourishing kidney and strengthening kidney

Massage method for nourishing kidney and strengthening kidney

Chinese medicine believes that the kidney is the innate foundation, the source of life, the source of human development, the motive force of the internal organs and organs, and the functions of Tibetan essence, main water, and main bone.

The physiological and pathological changes of the human spirit, bones, hair, and teeth may be closely related to the kidney.

By massage, the health effects of nourishing kidney and nourishing kidney can be achieved.

  Whether the kidney function is normal or not is of great importance to health. At the same time, the theory of traditional Chinese medicine believes that “there is more than kidney qi, and the pulse is always strong” is the first condition for prolonging life.

Therefore, the protection of the kidneys usually plays an important role in human life.

We can achieve the purpose of nourishing kidney and nourishing kidney through some simple massage methods and techniques. The specific operation method is as follows: rubbing the waist eye point: the waist eye point is opened next to the fourth lumbar spinous process3.

5 inches.

Hold the fists with both hands and place the joints of the knuckles on the waist-eye point. Press and knead 9 times in the clockwise direction, and then 9 times in the counter-clockwise direction for 36 consecutive times.

  Rubbing the waist: After rubbing the heat with both hands, use the palms of the two hands to cling to the sides of the spine of the waist, and pass straight through the rubbing of the waist adjacent to each other.
180 times, I think the heat of the waist is getting stronger and stronger and reaches the whole waist.
  Rubbing the Shenshu point: The Shenshu point is opened next to the spinous process of the second lumbar spine.

5 inches.
Grip with both hands and place the joints of the knuckles on the Shenshu acupoint. Press and knead 9 times clockwise, and then knead 9 times counterclockwise. This is a continuous crop of 36 times.

  Rubbing the Mingmen acupoint: The Mingmen acupoint is located in the waist, when the posterior midline is in the depression under the spinous process of the second lumbar spine.

Make a fist with your right or left hand and hit the gate with your finger and knuckle joints. Press and knead 9 times clockwise, and then knead 9 times counterclockwise. Repeat this operation 36 times.

  Knead Dantian: Knead with both hands, massage at the belly Dantian 30?
50 times.

  Sweeping the outer ear: Sweep the ear from back to front with both hands, and you will hear the sound of “嚓嚓”.

20 times each time, several times a day.

  Ferris wheel: Hold the fist in both hands, use your thumb and forefinger to rub the wheel up and down along the earwheel until the earwheel is congested and feverish.

  Full ears: After rubbing the palms of both hands to heat, massage the ventral surface of the ears (the front of the ears) backwards, and then massage the ears forward, then repeatedly massage 5?
6 times.

Solve eye confusion 3 points to get bubble eyes

Solve eye confusion 3 points to get bubble eyes

Often staying up late, poor microcirculation around the eyes, long-term short-term invisibility, etc., may cause eye puffiness.

In addition, lack of sleep, excessive fatigue, aging, excessive drinking water before going to bed, incomplete makeup removal, etc. can also cause “bubble eyes”.

Bubble eyes will make your eyes look smaller and seriously affect your aesthetics.

  Frequent crowds: single eyelid, single eyelid or double eyelid with thick eyelids is determined by the amount of aunt on the upper eyelid.

If the amount of stool on the upper eyelid skin is small, wrinkles will be formed, that is, the double eyelids; and if the amount of stool on the upper eyelids is high, it will be difficult to form wrinkles and become a single eyelid.

It is precisely because of the high trace content in the eyelid of a single eyelid that the eye is particularly prone to cause puffiness.

If the eyelids are thicker than the single eyelids, eye puffiness is even more unexpected.

  Find the cause: The eye puffiness is mainly because the skin under the eyes is very thin and loose, causing the moisture to stay there.

  How to prevent eyelids from getting rich?

Here are some tips for daily rescue: 1.

Clean eye circles carefully before going to bed.

  2.

Chilled cucumber with slight firming properties can be used, sliced on the eyelids and rested for ten minutes.

  3.

Using several pillows as high pillows and high sleep methods will naturally reduce swelling.

  4.

Thin slices of raw potatoes or pressed into the eyes for 15 minutes are also effective methods for swelling.

  5,

Refrigerated green beans: A small packet of refrigerated green beans can shrink the swollen blood vessels and relieve eye swelling.

  6.

Frozen Eye Cream: Put the gel eye cream into the refrigerator and freeze it, then take it out, it can effectively reduce swelling and calm the skin.

  7.

A cup of bitter coffee: Many models like to use this method to rescue bubble eyes in the early morning. The principle is that coffee can promote the drainage of water from the body, but this method is not very healthy and can only be used at a critical moment.

  8.

24-hour massage: Regular exercise of the muscles around the eyes is a long-term cure for preventing eye puffiness.

Teach you the easiest way: close your eyes, carefully feel the bones around the edge of the eye socket, and then use your middle finger to gently circle inward from the outer edge of the eye socket until the eyebrow and nose bridge are squeezed slightly.

  Frequent crowds: single eyelid, single eyelid or double eyelid with thick eyelids is determined by the amount of aunt on the upper eyelid.

If the amount of stool on the upper eyelid skin is small, wrinkles will be formed, that is, the double eyelids; and if the amount of stool on the upper eyelids is high, it will be difficult to form wrinkles and become a single eyelid.

It is precisely because of the high trace content in the eyelid of a single eyelid that the eye is particularly prone to cause puffiness.

If the eyelids are thicker than the single eyelids, eye puffiness is even more unexpected.
  Find the cause: The eye puffiness is mainly because the skin under the eyes is very thin and loose, causing the moisture to stay there.
  How to prevent eyelids from getting rich?

Here are some tips for daily rescue: 1.

Clean eye circles carefully before going to bed.
  2.

Chilled cucumber with slight firming properties can be used, sliced on the eyelids and rested for ten minutes.
  3.

Using several pillows as high pillows and high sleep methods will naturally reduce swelling.
  4.
Thin slices of raw potatoes or pressed into the eyes for 15 minutes are also effective methods for swelling.
  5,

Refrigerated green beans: A small packet of refrigerated green beans can shrink the swollen blood vessels and relieve eye swelling.

  6.

Frozen Eye Cream: Put the gel eye cream into the refrigerator and freeze it, then take it out, it can effectively reduce swelling and calm the skin.
  7.

A cup of bitter coffee: Many models like to use this method to rescue bubble eyes in the early morning. The principle is that coffee can promote the drainage of water from the body, but this method is not very healthy and can only be used at a critical moment.

  8.

24-hour massage: Regular exercise of the muscles around the eyes is a long-term cure for preventing eye puffiness.
Teach you the easiest way: close your eyes, carefully feel the bones around the edge of the eye socket, and then use your middle finger to gently circle inward from the outer edge of the eye socket until the eyebrow and nose bridge are squeezed slightly.

Art of War: How to Face Your First Job

Art of War: How to Face Your First Job

Nearly July, the new college graduates will leave campus and enter different industries to meet the challenge of their first job in life.

Although there is a saying of “employment before choosing a career”, for graduates who are not deeply involved in the world and lack the ability of career planning, whether the first job can be selected and done well is basically the same.

  A psychological survey showed: “If a person is satisfied with a job, he can use 80% -90% of his full talents and can maintain high efficiency without being tired; on the contrary, if he is not satisfied with the job, thenOnly 20% -30% of the full talent can be exerted, and it is easy to get tired.

It can be seen that the subjective evaluation of the first job determines whether you can do it well, and it is more related to future career development.

Here, the reporter interviewed Dou Ji, director of the human resources research department of E-House (China) R & D Center, which has a good research on career planning and occupational psychology.

He divided the newcomers into three categories and prescribed corresponding prescriptions.

  The first category: satisfaction is high. Those who enter the favorite enterprise enter a favorite enterprise. Newcomers are often full of longing for vision, strong performance and enthusiasm for work.

Driven by a positive attitude, he will turn challenges into motivation in his work and complete his tasks better.

  Here’s a reminder: As you head into your work, slow down and do three homework: 1. Familiar with the internal organizational structure of the company.

Including the company has certain departments, the layout of each department, how it operates, the functions and parts of its own department in the company, the titles and ranks of colleagues within the department, and the company’s promotion mechanism.

With the concept of the company’s overall framework, you can initially clarify your development prospects in the company, instead of focusing on work and neglecting the development direction, you can turn passive acceptance of transfers, job assignments and promotion into active participation and planning.

  2. Understand the company’s level within the industry.

After finishing the first homework, you should look farther and pay attention to the strategic development of the company, whether such a company is a leader in the industry, whether it is facing internal and external problems, and performance is happening.

In this way, you can know what development opportunities the company has in the industry, how far you can go with the company, and your 3-5 year plan has taken shape.

  3. Understand the development of the industry.

You need to conduct a macro analysis of the industry: Is it a sunrise industry or a sunset industry?

In this way, you can know how the work experience accumulated after a few years will help your career development.

If you transfer to a related industry, you need to supplement certain skills, or you can conduct research in some areas to develop yourself.

You can continue to pay attention to industry comments in your work, listen to the views of seniors, and gradually deepen understanding.

  After completing the three homework tasks, we can focus on our work beyond planning and purpose.

Otherwise, after entering the company for half a year, you will still be ignorant, and the working status will be an obvious “parabola”: from initiative to enthusiasm disappearing, to acceptable replacement, and finally blindly hopping.

  The second category: general satisfaction, the second best. The second category accounted for the graduates.

Graduates are generally reluctant to enter a company that is more competitive than others.

Therefore, in the early stages of entering the company, such graduates often see more disadvantages than advantages, resulting in a relaxed and negative mentality.

Under this kind of mentality, newcomers tend to regard work as a means of earning a living, so they pay more attention to remuneration and expenditures, only do good housework at work, do not take the initiative to work overtime, and lack a sense of accomplishment.

After working out a budget, if the salary does not meet expectations, or if there are difficulties in interpersonal relationships, the idea of a blind job change will occur.

In this regard, experts made two suggestions: 1. Correct attitude and actively study.

Although the sparrow is small and has all the internal organs, even if the company is not the best in terms of scale, profitability, compensation, etc., for a newcomer like a blank paper, it is most valuable to have enough things to learn.

Work skills, corporate rules and regulations, corporate management, job accumulation, and knowledge of workplace etiquette, office politics, and other potential workplace rules are all important foundations for workplace survival.

  2. Focus on career opportunities.

While doing your job and accumulating workplace experience, you can also actively prepare for your next job.

For example, to understand the professional definition of the desired profession and the vocational skills that should be possessed, the core competitiveness, and use the spare time to improve self.

  The third category: satisfaction is very low. Helpless signers often have newcomers who have just settled into a job position. They are lifeless, slack and passive, unable to work, and even jump jobs many times.

These performances are the result of dissatisfaction with the current work.

In this regard, Dou Ji has the following suggestions: First of all, do not easily decide the first job.

First of all, the first career experience of a newcomer is very important, it will affect future career mentality and career planning.

Therefore, it is not correct to rush to accept a job that you are not satisfied with in order to find a job before graduation, or under pressure from other students to sign a contract.

  First, adjust your mindset and know yourself.The first thing to do is to analyze your shortcomings, rather than repeating this seemingly poor job.

If you still can’t find a satisfactory job like other students after hard work, it means that your professional competition is weak, and you may be lacking in professional knowledge, teamwork and communication skills.

Therefore, the focus of your attention should not be how bad and small the company is, but you should see your weaknesses.

Again, although a sparrow is small, it has everything you need, and you need to learn a lot from the company.

Please start from your first day at work, exercise your ability in all aspects, learn from each other, and actively prepare for your next job.

Mizuno

Mizuno

Mizuno was founded by Japan’s Mizuno Corporation in 1906. After nearly a century of continuous efforts to transfer anti-war to become the world’s leading manufacturer of sports equipment, clothing and footwear.

Strive to serve all kinds of sports and make every effort to make sports life more enjoyable and exciting.

The product range is complete, covering almost all major sports, reaching more than 300,000 categories.

  The development of Mizuno products is based on extensive scientific research, combining strong technology with human sensibility to create perfect quality.

It uses imported high-quality fabrics with reliable performance.

The image is stable, generous, orthodox, capable, abandoning tedious and fancy, full of vitality, giving people confidence and strength.

  Shanghai Mizuno Co., Ltd. is one of the main production bases in Asia. It has three factories of garments, baseball gloves and golf clubs, and a domestic sales department responsible for the operation and sales of the Chinese market.

Excellence in quality control is the foundation of Mizuno products.