April 9

Unconventional placement comes to an end: the direction of A-share transaction breaks one trillion?

Unconventional placement comes to an end: the direction of A-share transaction breaks one trillion?
Come to Sina Finance University, listen to Yang Delong’s “20 macro data that must be understood in stock trading”, understand the actual value of macro data. Original title: the latest tuning!The initial announcement of the unusual launch has been returned.5 trillion!What is the mystery of a special statement?A-share turnover exceeded one trillion yuan. Want to choose a direction?  After completing the mission of stabilizing market confidence in a special period, the short-term liquidity of the open market after the Spring Festival gradually returned to normal.  On February 19, according to the advance public market operation announcement, the liquidity position of the existing banking system was at a reasonable and sufficient level, and no reverse repurchase operation was carried out on that day.No open market operations expired on that day, so net liquidity placement was zero.  However, at least yes, in the announcement on the 19th, a meaningful sentence was added afterwards, “The conversion of the reverse repo has ceased, and the short-term liquidity gradually released through the open market operation after the Spring Festival has basically been replaced.”This may indicate that a short period of extraordinary liquidity transfers to stabilize market sentiment affected by the epidemic will be announced.  Today, the A-share market has not been affected by it. However, the precise differentiation of the sector and the strong differentiation in the early stage are obvious. The limit stocks have started to increase.In terms of trading volume, the turnover of the two cities exceeded one trillion.The final close, the Shanghai stock index fell 0.At 32%, the Shenzhen Component Index lost 0.63%, GEM Index fell 1.45%.  Excessive analysis points out that the conversion has recently stabilized and the stock market has rebounded. The interest rate of money in the money market has continued to decrease. The need to gradually expand the issuance of short-term liquidity through reverse repurchases has increased. The focus of its monetary policy operations has restored the short-term stability of financial markets.Medium and long-term funding to repair the real economy.  Post 2 after the holiday.The 8 trillion reverse repurchase has expired and was withdrawn2.Since the opening of the 5 trillion yuan market on February 3, in order to stabilize the financial market sentiment, prevent irrational changes in the stock market and foreign exchange markets, etc., it has turned into a “care” of capital.From the operating practices of previous years, due to the return of funds to the banking system after the Spring Festival holiday, the liquidity of the banking system was already sufficient. The transition will generally suspend the reverse repurchase operation, and the reverse repurchase conducted before the holiday will naturally terminate the withdrawal of liquidity.However, due to the sudden outbreak during the Spring Festival this year, the overseas market fell sharply first, and the panic in the domestic market spread. It is especially necessary to maintain the stability of the financial market after the holiday.  In this context, warm winds have been blown frequently during the previous Spring Festival holidays, and policy signals of “the opening of the market after the festival will provide sufficient liquidity” have been repeatedly issued.Judging from the post-holiday operation of a series of liquidity placements, the market capital is characterized by “enough money but restraint”.Observation of the open market operation every week for the last three weeks after the festival has the following characteristics: First, liquidity is mostly concentrated in the first two days of the week, the frequency of operation is not high, but the amount of investment is excessive.The first two days after the holiday, two days ago, the breakthrough totaled 1 liquidity through reverse repo.7 trillion; the first two days of the second week of liquidity was as high as 1 trillion.  Second, due to the expiration of the reverse repurchase period, the liquidity of the extended issuance two weeks after the holiday has basically automatically terminated the withdrawal. Currently, only the 200 billion 14-day reverse repo launched on February 10 has not expired.In addition, in addition to the new work of 200 million MLF (intermediate lending facility) this Monday, 100 billion 7-day reverse repurchase was also launched.  Since the market opened on February 3, the transition has invested about 3 trillion yuan in liquidity, of which reverse repurchase has reached 2.8 trillion, reverse repurchase naturally expired and reached 2.5 trillion US dollars, 夜来香体验网 which is what is said in today’s announcement every year. “The short-term liquidity released through the open market operation after the Spring Festival has been basically replaced through the continuous reversal of the reverse reverse repurchase.”  Zhang Xu, chief fixed income analyst of China Everbright Securities, told a Chinese reporter at the securities firm that, in fact, when the liquidity was launched at the beginning of the month, the transfer was prominent in the “reasonable and abundant liquidity of the banking system during the special period of epidemic prevention and control.”Obviously, the long-term current “care” of capital interest rate is not mainly due to the distortion of the macro economy.The impact of the epidemic on the economy is temporary. China’s economy has been improving for a long time, and the fundamentals of growth have not changed.Therefore, after two weeks of liquidity “care”, gradually this week began to guide the return to normality of fund interest rates through the way of open market shrinkage.  Founder Securities (rights) chief economist Color also told brokerage Chinese reporters that monetary policy thinking is shifting from short-term stability maintenance to medium- and long-term economic recovery, which means that the amount of reverse repurchase may shrink, but medium- and long-term liquidityWill increase initially.  Under the “dilemma” of monetary policy, structural easing can still have excess supply of short-term liquidity. Since the post-holiday restructuring, the interest rate of money in the money market has shifted down as a whole.R007 (7-day pledged repo rate in the interbank market) was down to its lowest level in the past six months.  At the same time that the growth of short-term capital interest rates has declined, the single yield of inter-bank deposit certificates is approaching historical lows.On February 7, the one-year state-owned banks, joint-stock banks, and interbank deposit certificates of rural commercial banks all approached their historical lows in 2016.  The continued decline of short-term interest rates in the market in the short term will help financial markets stabilize, but if this is the case in the long term, it is easy to accumulate risks.With the current stock market, foreign exchange market and other expectations stable, the ultra-conventional operation of short-term liquidity investment has also returned to normal.Zhang Xu said that keeping the interest rate of funds low will cause some dispersion, and the change in macro leverage will have a significant negative correlation with the change in R001. If the interest rate of funds in the interbank market drops too quickly, it will not be conducive to macro leverageRate stability.  The 2019 macroeconomic leverage data released by the National Institute of Finance and Development (NIFD) recently showed that the real economy leveraged 245 in 2019.4%, an increase of 6 over the previous year.1 average value, the overall macro leverage ratio showed a high and low trend.Looking at the segment, the leverage ratio of residents is still the main driving force for the overall increase in leverage ratio, and the leverage ratio of government departments is also a significant increase compared to previous years.The leverage of the non-financial corporate sector has risen by only zero.The three averages are still in the process of deleveraging.Affected by the new crown pneumonia epidemic, under the pressure of economic growth in 2020, the probability of an increase in the macro leverage ratio will exceed that of 2019, and it is expected to increase by 10 percentage points.  ”In the near term, the policy focuses on seizing the balance between epidemic prevention and control and the restoration of production. In the medium term, it still holds the balance between stable growth and stable leverage, and the need to tolerate a further rise in leverage (mainly stemming from alternatives)).Zhang Xiaojing, Deputy Director of NIFD said.  Against the background of appropriately increasing tolerance for rising leverage to ensure steady growth, there is still room for further easing of structural monetary policy.Zhang Xu believes that monetary policy is facing a “dilemma” alternative: restructuring, increasing downward pressure on the economy and the need to strengthen countercyclical adjustments in monetary policy; restructuring, macro leverage is still high, and relaxing monetary policy will expand financial risks and solidify the structuredistortion.However, traditional monetary policy alone cannot easily coordinate the above two aspects. Certain tools are not easy to control the flow of funds. Funds in the financial system will be first seized by “dominant sectors” such as large state-owned enterprises and financing platforms.It is not easy for small and micro enterprises and private enterprises to obtain sufficient financial support.Therefore, structural tools are a good medicine to deal with the above-mentioned dilemma. They can achieve precise drip irrigation without the obvious increase of liquidity stacking, and directly transfer financial resources to the weak level of the national economy, such as small and micro enterprises.  The color indicates that in terms of the impact of the new coronary pneumonia epidemic on the economy, it is recommended to adopt short-term internal monetary policy to take precise interventions to prevent risks such as insufficient market liquidity and unexpected changes.For small and micro enterprises and private enterprises, especially those severely affected by the epidemic, targeted reductions in interest rates, targeted reductions in quotas, targeted reloans, and the establishment of “three fixed support”.After the company gradually resumes work in late February, policies such as targeted RRR cuts and interest rate cuts can all be expected.  However, even if monetary policy is structurally accommodative, in the context of abundant market liquidity supply, it is also good for large classes of assets.

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April 4

Hualu Hengsheng (600426): Quarterly Results Bottom Out Project Investment Continues High Growth

Hualu Hengsheng (600426): Quarterly Results Bottom Out Project Investment Continues High Growth

The event company released the 2018 annual results announcement on the evening of March 18, 2019, and the company achieved revenue of 143 in 2018.

5.7 billion, an increase of 37 in ten years.

94%; net profit attributable to mother 30.

2 billion, an increase of 147 in ten years.

10%; a cash dividend of 2 for every 10 shares distributed to all shareholders.

00 yuan (including tax).

The appraisal of both price and price rises in 2018. The company’s performance in 2018 has greatly increased the company’s 2018 revenue and net profit have achieved rapid growth. The increase in revenue is mainly due to the increase in the company’s main product prices and sales volume (especially fertilizers, polyol sales growth rate exceeded20%); the increase in net profit over the increase in revenue was mainly due to the company’s general increase in gross profit margin, in particular, acetic acid maintained a strong growth in 2018, and the increase in gross profit margin increased by 24 alternatives.

In terms of three expenses, the sales expense ratio, financial expense ratio, and management expense ratio (including R & D expenses) are 1, respectively.

81%, 1.

23%, 1.

46%, 0, -0 changes in ten years.

23, -0.

18 expenses, three expenses continued to decline; net cash flow from operating activities was 39.

4.1 billion, the current net ratio remains good.

Total demand and supply eased, Q1 2018-Q1 2019 performance improved a month-on-month, and the worst performance indicators have been achieved. For the quarter, Q3 was affected by the weak season in demand. The price of most of its main products, the price difference has been down, especially acetic acid.However, the decline was the largest and supported the rebound of the company’s product prices during the rise in crude oil prices from late August to early October; however, in late October, with the onset of demand in the off-season and the decline in crude oil prices, the company’s products completely entered the downward trend.Channels, prices and spreads are only up in the Q3 quarter. Only urea (as shown in the table below) caused the company’s fourth-quarter performance to continue to grow gradually. For the Q1 quarter of 2019, downstream demand gradually recovered after the Spring Festival.The price of the product is close to the worst level in 15-16 years, and the price has basically bottomed out and stabilized or has rebounded successively. In terms of chain ratio, the main differences in the 2019Q1 spread are asphalt, DMF, adipic acid, and n-butanol. We believe that 2018Q4 and 2019Q1 resultsAlready achieved.

150 announced that the new green material project announced that it will invest in construction. The second phase of the fair accelerated the implementation of the company’s active response to the conversion of old and new kinetic energy in Shandong. The 13th Five-Year Development aims at 150 candidate green chemical new material projects-including powder, refined adipic acid, amino resin, and amideAnd nylon, etc., will further expand the company’s future growth space.

The company announced that it will invest in the construction of “acidic acid quality improvement project” and “amide and nylon new material project (30 tons / year)” with a total investment of 65.

500 million, with an estimated construction period of 24 months, and a total contribution 青岛夜网 of 7

4.2 billion, continue to increase the future growth.

In the second half of 2018, the company implemented the second phase of the stock incentive plan, gradually improved the establishment, improved the company’s long-term incentive mechanism, attracted and retained outstanding talents, fully mobilized the enthusiasm of the company’s directors, senior management personnel and other key personnel, and effectively transferredThe interests of shareholders, the company and the individual interests of the operators are combined to pay close attention to the long-term development of the company.

We expect the company’s EPS for 2019-2021 to be 1.

62, 1.

75, 1.

84 yuan, the corresponding PE is 9 respectively.

4X, 8.

7X, 8.

3x, maintain BUY rating.

Risk Warning: The unexpected expansion of crude oil prices, additional risks in macroeconomics.

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March 29

Pan Xiangdong: How will the epidemic affect the stock and bond markets?

Pan Xiangdong: How will the epidemic affect the stock and bond markets?

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

  Source: Macro of the New Era. This is Dr. Pan Xiangdong, Chief Economist of the New Era Securities. The conference call for investors on the evening of January 31, 2020 replaced the minutes.

  Dear guests, friends, good evening!

First of all, I would like to say goodbye to you over the phone!

Today on the phone, I will analyze the impact of the upcoming new coronavirus pneumonia on the national economy and financial markets, and predict how the country will respond in the future. Of course, it will also provide investors with some operational suggestions.

The question involves eight aspects.

  1. From the perspective of time and space, the impact of this epidemic on the economy is relatively large. Of course, most of us are not experts in public health and it is difficult to give our own opinions. But we went from Wuhan to the WHOSpecial attention must be paid to the characterization of the epidemic.

Many of us have experienced SARS in 2003. At that time, everyone was very nervous and very pessimistic. The five golden flower quotes that A-shares had at that time also died because of the emergence of SARS.

But in hindsight, I was worried about excessiveness at that time. The Chinese economy experienced only a small quarter of adjustment, and then sang along.

After this epidemic emerged, two views have now emerged. Those who have not experienced SARS are relatively pessimistic and those who have experienced SARS are relatively optimistic.

Everyone who knows how to invest knows that we often experience success and failure.

SARS appeared that year, but first-tier cities such as Beijing and Guangzhou were relatively nervous, and even Shanghai and Jiangsu and Zhejiang were not affected much.

It was once and twice that Hubei was affected. Except for Xinjiang, Tibet, Qinghai and other western provinces, the country suffered less. The other provinces and cities, whether urban or rural, were under strict control, and economic activity was almost half stopped.

From this perspective, future outbreaks will be effectively controlled.

From the perspective of time, it has been more than two months since the outbreak, and it is still in the intensive period of the outbreak of the population. From the public information available, individuals are expected to need a period of effective relief.

Therefore, from the perspective of time and space, the impact of this epidemic lasted for a long time and the coverage was wide. SARS is incomparable with this.

  2. If the epidemic situation is controlled in this way, the impact on the supply side will be relatively limited. In China, the Spring Festival itself is a vacation season. Generally, adequate arrangements will be made on the supply side before the Spring Festival.

Therefore, even during the Chinese New Year, the impact of production on the control of population movements is relatively limited.

In the first quarter, there were two sessions after the Spring Festival. The north was still in the cold season, and production activities were not very active.

Judging from the composition of China’s GDP, the proportion of GDP in the first quarter was relatively minimal.

Although the proportion of previous consumption expenditures to GDP has increased, judging from the data, the extent of the passive increase in the first quarter is still relatively limited.

Of course, if the outbreak lasts longer, it will inevitably affect industrial production and construction.

Therefore, we need to pay close attention to the data changes in the coming week. If the supplementary diagnosed cases are effectively controlled and the trend will decline, it is expected that some factories and construction sites will enter production and resume work, then the impact will be relatively small.

  3. The epidemic mainly affects the economy through the consumption sector. The proportion of consumption is significant. An increase in this proportion is a passive increase because investment has fallen rapidly.

During the Spring Festival, it is the peak consumer season.

In order to control the epidemic, from the information learned, the existing government’s control of the epidemic can be said to be unprecedented.

In some cities in the eastern and central regions, some communities have stopped allowing strangers to enter and leave, and some public transportation has stopped operating.

The people’s government in the rural areas also checked and restricted personnel step by step. The most active gatherings and gatherings during the Spring Festival in rural areas were banned by local governments.

Some tourist attractions, theaters and clubhouses originally belonged to the peak season this season, but they were closed to thank guests.

From the perspective of consumer psychology, these activities will gradually resume only when the epidemic situation is fully controlled and no new cases appear in some cities.

The impact on tourism, film, logistics, catering and other industries is expected to be relatively large, and these consumptions are lost, and it is difficult to make up for them.

  4. The new coronavirus pneumonia epidemic has constituted a “PHEIC” (public health emergency of international concern), which has aggravated the impact of external demand on the economy. On the evening of January 30, WHO Director-General Tan Desai announced thatThe ongoing epidemic of new coronavirus pneumonia has constituted a “PHEIC” (public health emergency of international concern). The decision is valid for three months. In the event of a major change in the epidemic, the Director General has the right to hold an early meeting to lift the state of emergency.
This decision determines that it can bring more human, financial and medical resources to the expectation, and help to gradually improve and better fight the epidemic, but it also triggers countries’ restrictions on their travel, trade and international investment.

The Air Force WHO made five similar announcements, including H1N1 flu in 2009 (announced one month after the outbreak and was quickly controlled at the time), polio in 2014, and Ebola in West Africa in 2014.Zika virus in 2016 and Ebola outbreak in DRC in 2019.

Of course, Tan Desai also said that because “the Chinese government has taken very powerful measures”, “restrictions on international trade and travel are not currently recommended”, and the wording is relatively mild.

However, we must see that the United States and the United Kingdom have implemented controls on China’s flights. As a result, of course, in the short term, it will recognize that the Chinese economy has an external impact. Before it is cancelled, China will still face international travel, international trade, and international investment activitiesBasis and restrictions.

  5. The current economy is fragile and the lethality of external shocks. In 2003, when SARS appeared, the Chinese economy had begun a new growth cycle since 1999, and it was in a period of acceleration and acceleration.

But now, the Chinese economy has been in the economic clearance cycle since 2008, and it is still in the most difficult period of clearance. Many companies have only one breath to support in the conflict.The number of defaults can be polished.If they are made worse by the impact of the epidemic, they are likely to fall.

Enterprises are not like engineering projects. Engineering projects can be postponed because of external forces.

This also shows that the longer the epidemic lasts, the destructive power will change, and the destructive power to the economy will show a non-linear characteristic.

If we must compare the same experience with history, we can consider the 1997 Southeast Asian financial crisis, when the developing countries’ economies continued to clear, and that round of economic clearing bottomed out in 1999.

  6. Impact on the financial market If there is no effective policy tool hedging before the opening of A-shares next week, the impact on the financial market will be relatively large in the short term. After the Chinese New Year holiday on the 23rd, the A50 futures index 13910 will fall to 16:00 today.12830, down 7.


Observe the development of the epidemic after a short-term shock.

If there is a downward trend in suspected supplementary cases and complementary medical observation cases next week, the A-share market may form a middle bottom area.

If there is no effective suppression, then we need to look at our policy tools again. Without a lasting policy tool, the market will still be under pressure and seek a mid-term bottom.

Commodities will also be under pressure in the short term, and LME’s copper, aluminum, zinc, etc. have experienced long-term declines in the near future.

The trend of BDI also shows the interests of investors. From January 17th, it has fallen from 768 points to today’s 500 points, which has dropped by nearly 35%.

Due to the short-term pressure on the economy in the future, investors expect monetary policy to become accommodative, and due to the sharp contraction in demand, the pressure on prices will ease in the future, which will form a short-term positive for the bond market.

Therefore, for investors, if they are short-term operators, then the short-term trends still need to be observed. If they are medium- and long-term investors, this change can be ignored, and on the contrary, it will give everyone an opportunity to increase their investment.

  7. The impact of the epidemic on A-share industries In the short term, the affected industries are mainly concentrated in offline consumption, catering, logistics, film and television, food and beverage industries, and many people are afraid to go out and consume because of the fear of the epidemic.Everyday consumption is simple at home.

These infringing industries will be lost in the short term, and there will be no deferred extensions. This is not like production, engineering construction, and consumption of durable goods such as housing. These are deferred and delayed, and the short-term epidemic will not worsen.They have the effect of cracks, and the epidemic situation will be resolved in the future. They can also make up by working overtime.

Therefore, the performance of these industries this year is expected to be affected by the impact of interference.

Of course, everyone does not go out, and it will have a positive impact on online consumption, software development and online entertainment, especially online games, hot videos (like vibrato).

Due to the emergence of the epidemic, biomedicine will have a positive short-term impact, and everyone’s understanding of health will also change. Therefore, the impact on this sector is medium and long-term.

Relative to the extent and duration of the impact of all these sectors, this depends on future data. When supplementary suspect cases and supplementary medical observation cases show a trending decline, these short-term shocks have already occurred.

So investors need to pay close attention to changes in these data.

  8. The final policy proposal. In the face of external shocks, we feel that we can reduce interest rates as soon as possible, reduce the quota and issue special government bonds in 2008. The launch of the 4 trillion yuan in 2008 has been criticized by many people.The sequelae are “three poisons of medicine”, because the economy stabilized later, and there was no collapse, so all we see afterwards are the “three poisons of poison”.

The main reason for this is that it is difficult for economic operations to perform preliminary experiments in the laboratory.

Let’s think about it, what would happen if we didn’t do that?

Of course, it is controversial that the intensity of the operation can be not so great, which is all hindsight.

Many of today’s listeners are investing. When you look at the stock market trend afterwards, you can see it clearly and a lot of it can be explained clearly. But what about the future?

The only relief of this epidemic situation is that it provides policy space for our steady growth. Monetary policy can choose to cut interest rates and lower the quota as soon as possible.

Of course, interest rates have been reduced, and the pressure on fiscal repayments has eased, and the space for operation has also opened up.

  After tax reductions of around 2 trillion yuan in 2019, coupled with continued economic downturn, fiscal pressure is distorted.

Judging from the budget goals of the two local congresses, the budget revenue growth rate has generally been reduced, let alone spending. Some provinces and cities have directly adjusted to negative growth. The central government has also called on everyone to prepare for a tight schedule, that is, to save expenses.

The tax cuts that were expected previously can drive the economic recovery, but it is not significant at present. Whether the Laffer curve is effective in China remains to be verified.

Of course, in response to this emergency, the central government may consider initiating the issue of special government bonds.

  Due to the impact of African swine fever last year, meat prices have increased to varying degrees, and the CPI growth rate has continued to reach new highs. Due to constant concerns about the 北京夜网 impact of rising pork prices, monetary policy has maintained vigilance on prices in operation., Mainly through spicy powder (MLF) and wife meat (LPR) in small steps.

The emergence of this epidemic has greatly suppressed some consumption. As the supply was relatively well prepared a few years ago, the result is that the worry of rising prices will be lifted.

Relative to the Internet, some areas in Hubei have increased the prices of supermarkets due to restrictions on some commercial activities. This is only a temporary phenomenon in some regions. The increase in external supplies will ease the phenomenon of hoarding and prices will fall.

  Since there is no need to worry about future prices, monetary policy can remain relatively aggressive, and interest rate cuts and RRR cuts can be considered as soon as possible.

The 杭州桑拿网 direct effect of cutting interest rates is to reduce the capital cost of enterprises, reduce the cost of debt of local governments, and provide strong confidence to both enterprises and financial markets.

Especially for the short-term, it will help to partially resolve the worries of financial markets brought by the epidemic.

  Even if the interest rate cuts correct the real estate market and the foreign exchange market, which have undesired effects, we can consider suppressing them through administrative reforms. They cannot affect the overall situation of stable growth because of them. Moreover, from a medium and long-term perspective, only economic growth is stableIf we stay, the foreign exchange market can stabilize, and the real estate market can hope to maintain relative stability.

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March 21

Dahua Shares (002236) 2019 Interim Report Express News Review: Significant improvements in internal reforms continue to improve performance

Dahua Shares (002236) 2019 Interim Report Express News Review: Significant improvements in internal reforms continue to improve performance

Core point of view H1 company’s revenue in 2019 is 108.

07 billion, ten years +10.

11%, achieving net profit of return to mother 12.

39 trillion, ten years +14.

51%, of which 64 in the second quarter.

59 trillion, ten years +4.

23%, net profit attributable to mother 9.

23 ppm, +17 a year.

31%, showing a seasonal 北京spa会所 improvement trend.

We have long been optimistic that the intelligentization of the video security field will lead to heavy industrial upgrades, and we will pay attention to the improvement of the company’s profitability and the acceleration of overseas market expansion brought by the new reforms, and maintain a “Buy” rating.

  2019H1 performance average +14.

5%, close to the upper limit of performance indicators.

The company’s revenue in 2019H1 was 108.

07 billion, ten years +10.

11%, achieving net profit of return to mother 12.

39 trillion, ten years +14.

51%, close to the upper limit of performance indicators.

In terms of a single quarter, the company achieved revenue of 64 in Q2 2019.

59 trillion, ten years +4.

23%, net profit attributable to mother 9.

23 ppm, +17 a year.

31%. The growth rate of Q2 revenue was partly due to the high revenue base caused by the strategic contraction of the company’s restructuring in the same period last year. The growth rate of Q2 net profit was far better than the growth rate of revenue, and partly benefited from the company’s internal management reform and preferential income policies.
We estimate that the company’s income tax rate for 2019H1 is about 9% -10%. Once it is significantly reduced, it comes from the tax shield effect brought by preferential policies such as the addition of research and development expenses.

  It is expected that the company’s performance will continue to improve in the second half of the year, and the expected growth rate is expected to reach 25%?

Industry scale, domestic commercial demand shifts to corporate efficiency improvement, driving ASP of single projects to increase significantly, and is expected to grow faster than the domestic market as a whole; we estimate that domestic government security projects ‘bidding amounts in the first half of the year were -7% / + 1%The government-side demand is gradually improving; the channel-to-customer demand for AI upgrades is expected to maintain steady growth; there is still uncertainty in overseas markets, but emerging market demand is gradually released and it is expected to maintain a steady growth rate.

At the company level, the company has gradually adopted a contraction strategy since the start of H2 in 2018, laying a good foundation for the company’s H2 growth in 2019; we have noticed that the company won the bid for Q2 2019 in Jinhua City (6 billion) and Gaochun District (1

500 million) and other large security projects, considering the initial characteristics of costs, we are optimistic about the company’s overall performance in the second half of the year.

Overall, through the gradual recovery of the external environment + internal expense control, we expect the company’s second-half performance to continue to improve, and the gradual performance growth rate is expected to reach 25%?

  It is planned to increase the capital of Dahua Robot by 80 million yuan to accelerate the expansion of industrial automation business.

The company issued an announcement that it plans to increase the capital of Dahua Robots by 40.8 million yuan (a total increase of 80 million yuan).

Dahua Robotics is a newly established innovative business subsidiary of the company in 2018, focusing on the three major business scenarios of AGV handling, industry inspection, and security patrol. We believe that the company’s move is mainly to increase the industrial automation field.

At present, the application of industrial automation and big data analysis in the commercial market is progressing rapidly. The company has expanded its investment in the field of robotics (mainly AGV), is committed to improving the overall competitiveness of industrial solutions, and is able to better grasp this round of business.Dividend from the expansion of the end market.

  Long-term optimistic about the stable development brought about by the company’s internal reforms.

Since taking office in 2017, the reform is still ongoing. Overseas will promote the gradually integrated management and actively participate in large projects around the national “Belt and Road” strategy. In 2019, it will successfully secure safe city projects in Dubai, Mexico, the Czech Republic and other countries.The business is divided into four major segments: 2G + 2B + SMB + 2C, which improves operating efficiency. At the same time, the company mainly promotes the HOC architecture to provide customized solutions for existing customers.

We expect the company reform to continue, and we are optimistic about the company’s steady development brought about by internal reforms.

  Risk factors: Government demand is lower than expected; AI exceeds expectations ahead of time; exchange rate change risks; internal reforms of the company are lower than expected, overseas market development is blocked, and supply of key components is blocked.
  Investment suggestion: The new leader reform will bring about improvement of the company’s profitability and acceleration of overseas market expansion.

We maintain the company’s EPS forecast for 2019-2021.


73 yuan, giving a 20x PE estimate for 2019, corresponding to a target price of 21.

60 yuan, maintain “Buy” rating.

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March 13

Hongya NC (002833) Annual Report Review: New Product Rapidly Increases Gross Margin by Business

Hongya NC (002833) Annual Report Review: New Product Rapidly Increases Gross Margin by Business

Investment highlights: The company announced the 2018 annual report 淡水桑拿网 and the 2019 first quarter report: the company achieved revenue in 201811.

94 ppm, an increase of 45 in ten years.

59%; realized net profit attributable to mother 2.

700 million, an increase of 15 in ten years.

31%; Deduction of non-net profit 2.

31 ppm, an increase of 11 years.


The company achieved revenue 2 in Q1 2019.

98 ppm, an increase of 15 in ten years.

43%; net profit attributable to mother is 0.

76 ppm, a ten-year increase of 8.

18%; realized non-net profit deduction of 0.

580,000 yuan, reduced by 1 every year.


From the income side: From the perspective of the company’s single business, the edge banding machine achieved revenue in 20185.

12 ppm, an increase of 19 in ten years.

18%; machining center realized revenue 2.

320,000 yuan, an increase of 401 in ten years.

11%; Panel saw realized sales revenue 2.

08 million yuan, an increase of 16 in ten years.

73%; sales of CNC drills (including multi-row drills) 1.

81 ppm, an increase of 55 in ten years.


The company’s traditional main business edge banding machine business remained stable, and new business maintained rapid growth.

Gross profit margin: The company achieved a gross profit margin of 37 in 2018.

56%, a decrease of 0 per year.

62, we believe that mainly due to product structure changes, the proportion of businesses with reduced gross profit margins such as processing centers increased.

From the perspective of one-way business, the average gross profit margin of the company’s target products increased, and the gross margin of the company’s edge banding machine business increased by zero.

37 units; cutting board sawn hair interest rate increased by 1.

07 units; multiple rows of drills to boost 2.

15 averages.

2019Q1 achieved a gross profit margin of 36.

30%, a year to raise 0.

46 units.

Net interest rate end: Net interest rate achieved in 201822.

86%, a decrease of 5 per year.

76 averages; 25% net profit achieved in the first quarter of 2019.

58%, a decrease of 1 per year.85 units.

The decrease in the net interest rate in 2018 decreased, and we believe that it is mainly due to: 1) 2257 million asset impairment losses were accrued in 2018 (only 33 in 2017.

950,000 yuan); 2) Due to the acquisition of MASTERWOOD consolidation, etc., the sales expense ratio in 2018 increased by 2.

21 countries; 3) The company’s R & D revenue in 2018 was 4,598.

530,000 yuan, an increase of 45 compared with the same period in 2017.


With the increase of the company’s research and development costs, the company launched a dual-drill package with five-sided CNC drills, a dual-drill package with six-sided CNC drills, a four-spindle dual-station machining center, a CNC drilling center connection, and a precision heavy-duty double-end edge banderAnd other new CNC products, the product 深圳桑拿网 line has been continuously enriched to provide support for the company’s sustainable and healthy development.

Profit forecast and estimation: We expect the company’s net profit attributable to mother to be 3 in 2019-2021.



2.9 billion, an increase of 14 each year.

44% / 31.

75% / 29.

80%, earnings per share are 2.



91 yuan.

We believe that the company’s 19-year reasonable PE estimation interval is 20-25 times and the reasonable value interval is 45.

80 yuan -57.

25 yuan, previous market rating.

Risk warning: low expectations for real estate investment; low expectations for new product expansion.

Category: 桑拿 | Comments Off on Hongya NC (002833) Annual Report Review: New Product Rapidly Increases Gross Margin by Business
March 8

Bai Ao Chemical (603360) Semi-annual Report Review: Volume and Price Rise, Interim Report

Bai Ao Chemical (603360) Semi-annual Report Review: Volume and Price Rise, Interim Report

Volume and price rose together, Interim Report beautiful company issued an Interim Report to achieve revenue3.

500,000 yuan, an increase of 38 in ten years.

81%; net profit attributable to mothers1.

13 ppm, an increase of 78 in ten years.

42%, with a budget benefit of zero.

60 yuan, the company’s performance growth is strong, in line with market expectations.

The company’s revenue and profits both increased, mainly due to the release of investment projects and the rise in the prices of BIT and o-chlorobenzonitrile products, which also increased the overall gross profit margin11.

28PCT to 53.


The company expense ratio increased, and the comprehensive expense ratio increased by 2.

80PCT to 15.


  In terms of products, industrial fungicides achieved revenue3.

400,000 yuan, an increase of 60 in ten years.

11%, sales were 13,488.

19 tons, an increase of 53 in ten years.

87%; o-chlorobenzene intermediate intermediates achieved zero revenue.

30 ppm, an increase of 20 in ten years.

66%, with sales of 579.

01 tons, with a ten-year average of 46.


By quarter, Q2 achieved revenue of 2.

13 ppm, an increase of 68 in ten years.

56%, achieve net profit attributable to mother 0.

810,000 yuan, an increase of 125 in ten years.


Q2 revenue and profits increased significantly. First, industrial fungicide sales rose 48% from the previous month.

06% to 8050.

64 tons, the 12,000 tons of CIT / MIT production capacity invested in Q2 have been fully released; the second is that the prices of BIT and o-chlorobenzonitrile are respectively 76 from Q1.

47 yuan / kg and 31.

04 yuan / kg rose sharply to 140 in Q2.

03 yuan / kg and 80.

85 yuan / kg.

  O-chlorobenzonitrile is still declining, and the contribution from the second phase of production is more.
Incremental 南京桑拿网 o-chlorobenzonitrile is an important organic synthesis intermediate. Downstream includes BIT, disperse dyes and sartan drugs. Total domestic demand is expected to exceed 3 indicators.

The security incident in Yancheng affected Lianhua Science and Technology. Jiangsu Changhai totaled 2 throughputs, accounting for about 2/3 of the domestic market, and the gap was obvious.

The company’s existing o-chlorophenylmethane production capacity 1 was added, of which the first phase of 3,000 tons was put into production in September 2017, and the second phase of 7,000 tons was put into production in July 2019. We expect the gradual release of the second phase of 7,000 tons of production capacity, which is expected to drive the companyThe performance in the third and fourth quarters continued to improve month-on-month.

  Raised project projects put into operation to ease industrial fungicide capacity supplement The company’s industrial fungicide metabolism has been replenished to capacity conversion, converted into 12,000 tons of CIT / MIT or 2000 tons of MIT, 400 tons of OIT, 2500 tons of BIT series productsThe formal commissioning effectively relieved the company’s current shortage of industrial fungicide capacity, further enhanced economies of scale, and reduced unit production costs.
The company also has the ability to mass-produce BIT series products for the first time, complementing the company’s short board in the isothiazolinone industrial fungicide product series, enriching the company’s product structure, becoming a semi-annual and even such company in 2019An important driver of improvement in operating performance.
We believe that the release of neutral o-chlorobenzaldehyde capacity upstream of BIT has been shifted, and the BIT capacity load has also been increasing.

  Profit forecast and investment suggestions: Through the company’s fund-raising projects CIT / MIT, the production capacity of products such as o-chlorobenzonitrile and BIT is released, and the company’s performance will continue to improve.

We estimate the company’s net profit attributable to its parent to be 3 to 2019-2021.



850,000 yuan, the current price corresponds to 14 in 2019 PE.

6x, maintain “Buy” rating.

  Risk reminder: The progress of the fundraising investment project exceeds expectations, and the product price reduces the risk.

Category: 桑拿 | Comments Off on Bai Ao Chemical (603360) Semi-annual Report Review: Volume and Price Rise, Interim Report
February 20

[Can you eat chicken when pregnant]_Pregnancy_Impact

[Can you eat chicken when pregnant]_Pregnancy_Impact

If you are already pregnant, you need to have a good pregnancy. In this way, you can solve the problem of obesity and more healthy growth and development in your abdomen, and avoid any occurrence of threatened abortion. Especially on the diet, you should pay more attention to it.Can not eat any cold food, these will cause miscarriage, you can eat some chicken, this food can lead to a nourishing effect.

First of all, it is necessary to ensure sufficient supply of thermal energy. It is best to add 400kcal on the basis of daily supply of 2200kcal for normal adults, in order to provide the consumption of sex life, and at the same time accumulate energy for pregnancy, so that”To create the necessary conditions for conception and eugenics.

Basically, to ensure the supply of high-quality protein, both men and women should consume 40-60g of high-quality protein in the diet every day to ensure the normal development of fertilized eggs.

The third is to ensure the aunt’s supply.

Aunt is the main source of the body’s thermal energy, and the essential fatty acids it contains are substances that cannot be taken up by corpse cells and tissues. Increasing the intake of high-quality aunt is beneficial to pregnancy.

The fourth is concentrated inorganic salts and trace elements. Calcium, iron, zinc, copper, etc. form bones, make blood, improve intelligence, and maintain metabolic balance in the body.

The last is to supply the right amount of vitamins, which can realize the development and growth of sperm, eggs and fertilized eggs, but excessive vitamins, such as fat-soluble vitamins, can also be harmful to the body. Therefore, it is recommended that both men and women ingest more food and supplement vitamin preparations carefully.

Malnutrition and partial eclipse, sperm production requires raw materials, so spermatogenic function and nutritional level are closely related.

It doesn’t have to be turtles or scallions.

But eating more lean meat, eggs, fish, vegetables, and ensuring the supply of necessary proteins, vitamins and trace elements is still essential.

People with a partial eclipse are often prone to certain nutritional deficiencies.

Zinc is a component of more than one hundred enzymes or activators in the human body, and plays a significant role in the brain development of certain obese women.

Pregnant women need at least 100 mg of zinc daily.

Before and during pregnancy, women should take more zinc-rich foods, such as oysters, shellfish, kelp, soy beans, lentils, malt, black sesame seeds, pumpkin seeds, lean meat and so on.

In addition, phospholipids lecithin, taurine, and multivitamins and trace element foods, such as egg yolk, sunflower seeds, soybeans, sardines, sweet almonds, walnuts, and fresh vegetables and fruits also play a role in seed development, and should also be supplemented.
Different foods contain different nutritional ingredients and their contents vary.

Therefore, couples preparing to conceive should try to eat more mixed, not partial eclipse, not to avoid mouth, to ensure a balanced and comprehensive nutrition.

From the perspective of eugenics, imbalances in the body nutrition of pregnant women will bring more or too much of certain nutrients required for development, which is not good for eugenics.

Category: 桑拿 | Comments Off on [Can you eat chicken when pregnant]_Pregnancy_Impact
February 15

[Three Preludes to Sex]

[Three Preludes to Sex]

“A good start is half the battle.” We are convinced that “acceptable sex” gradually turns into “sex hormone secretion” and is also closely linked to “sex prelude”.

So red wine, A films, baths and other aphrodisiac meals . all the warming systems of the body’s emotional atmosphere you can think of are all associated and activated.

But you only think of this passionate beginning, but you do not expect the end of defeat.

Basically, no one has formulated sex hormone injections. I heard that wine, romantic double baths, erotic movies, etc. can stimulate the secretion of sex hormones, so many people use them to create a sex atmosphere, everyone knows . Dangerous Prelude 1: Alcohol Danger Index:Five stars ★★ I don’t know if it really originated from ancient customs or the director’s flashy romantic fabrication. In short, alcohol has become a common sexual stimulant in movies.

Shakespeare first pointed out that “wine stimulates lust, but turns action into bubbles.”

That’s true. Alcohol on the surface helps, but it’s unsuccessful.

Since ancient times, Chinese medicine has believed that drinking and exhausting qi and trauma to the room.

Although the excitability of the brain’s nervous system temporarily increases after drinking, sexual function temporarily decreases.

Women may have ovarian dysfunction, which affects normal ovulation; men have difficulty erecting or shortening the persistence time.

Drinking sex will increase the insulin pill binding globulin in men, damage the retinal pill, and reduce its ability to produce insulin pill ketones (sex hormones).

In addition, 70% of spermatozoa after drinking may be underdeveloped. If conceived in this situation, 26% of hypertension will have health problems, especially mental retardation.

Tips: Whether you choose imported champagne, spirits, Volkswagen draft beer, or wines that have always been labeled with health signs, they will be “abstinent” within 2 hours after drinking.


Category: 桑拿 | Comments Off on [Three Preludes to Sex]
February 8

[Fitness Food Recipes Encyclopedia]_Diet Conditioning_Diet Taboos

[Fitness Food Recipes Encyclopedia]_Diet Conditioning_Diet Taboos

With the development of the economy, people’s material needs have been fully met, and more and more people are not just enjoying the pleasure brought by appetite, but they are beginning to value the benefits of physical exercise on the body.

Especially for fitness people, in order to achieve better fitness results, in addition to the selection of some fitness items, the food mix is also very important.

So what’s the recipe for fitness food?

Pricing principle 1, “do not get tired of food.”

The intention is to be diverse.

2, the food mix can help the role of nutritional supplements or supplement some defects or make up for some damage.

3. Food matching must avoid the “inappropriate” of “phase grams” that is safe and non-toxic.

4. Strive to match foods with common properties to enhance nutrition and health care.

5. Combining modern nutrition theory with traditional Chinese medicine health theory to guide the reasonable mix of food and the skills to complete the mix.

Staple Food Matching Tips 1. Thickness and thinness, mixed with grains and beans such as two rice noodles (standard flour, one half each of cornmeal), mung bean millet porridge, sesame flower rolls, sweet potato porridge.

2. The most common food, vegetable, and fruit combinations are pumpkin rice and carrot rice. If you add some fruits, such as red dates, lotus seeds, chestnuts or nuts, it will even increase the vitamins and unsaturated fatty acids in the staple food.It also makes sense that the staple food has a unique flavor.

3. The combination of staple food and wheat The content of protein, trace, B vitamins, calcium, zinc and other nutrients in oats, buckwheat, rye, etc. are higher than wheat flour, and some ingredients have health effects such as lipid reduction.

Such as buckwheat, corn porridge; barley, sorghum rice porridge; buckwheat, home-made cakes of standard flour and so on.

4. Grain dishes are matched with rice and vegetarian dishes, such as rapeseed rice.

5. The daily diet of rice and noodles is rice. The method of eating rice and noodles is more scientific.

Techniques for collocation of non-staple food1. The combination of meat and vegetable meat is not only complementary to taste, but the complementarity of meat and vegetable structure is more important.

Such as stir-fried pork with greens, fresh bamboo shoots and winter melon balls, stewed chicken with potatoes and so on.

Prime matching is an important principle and the key to matching.

2, vegetable mix such as roasted three mushrooms, stir-fried vegetables, mushrooms and yuba.

3, a small amount of flour with the main ingredients and ingredients are soft, crisp, tough with tough, such as fried squid with garlic; tender with tender chicken like vegetables.

If the diet of men’s fitness matches too much exercise, they should add more nutrients: 1. In addition to eating foods containing animal protein, protein should also eat more soy products rich in plant protein.

Soybean sprouts are rich in aspartic acid, which is beneficial to the metabolism of lactic acid in muscles, and the appearance of gradual fatigue is a kind of inexpensive and good food for fitness exercisers.

In general, protein demand peaks during the 90 minutes after training, at which point protein supplementation works best.

Foods with trace amounts of protein are: lean meat, eggs, fish, milk and beans.

2. Vitamins Fresh vegetables and fruits are rich in multivitamins. As long as you often eat different varieties of vegetables and fruits, you can get the multivitamins that the human body needs.

3. Supplementation Generally, extra supplements should be added before fitness exercises to ensure the storage of liver glycogen, to prepare energy for training and to maintain blood glucose levels; to supplement in time after exercise to promote the recovery of muscle glycogen and liver glycogen.

The highest carbohydrate foods are: rice, cereals, potatoes, vegetables and fruits.

4, energy ratio The basic nutrition in fitness is energy.

The nutritional ratios of plasma, aunt, and protein in the diet claim to vary.

Generally 20% protein, 60% carbohydrate, 20% aunt is more suitable.

Protein mainly repairs the muscle fibers damaged during high-intensity training. Some bodybuilders do not know when to take protein and often drink milk and yogurt while training, which will cause waste and damage the body.

5. After sweating, you must add water and inorganic salts in time.

The correct method of hydration depends on different fitness intensity, but you must pay attention to drink slowly, the water temperature should not be too low, light salt water or sports drinks rich in various minerals and vitamins necessary for the human body, but do not take it by yourselfMedicines containing certain minerals and vitamins to avoid causing complications.

This is to try to maintain the balance of the internal environment of the body as much as possible, so that the slight burning effect brought by exercise can be fully exerted.

Ingesting rich nutrients from a wide variety of estimates is the best solution.

In addition to scientific training, following the scientific diet method, complement each other, and the fitness effect can be prominent.

If you understand the principles of dietary matching and the principle of staple foods, then make a nutrition diet for yourself!

The more you match, the more mouthfeel you have.Just realize it by yourself!

I hope that everyone can match the most healthy and suitable diet.

Category: 桑拿 | Comments Off on [Fitness Food Recipes Encyclopedia]_Diet Conditioning_Diet Taboos
February 5

[How to make colorful pineapple fried rice]_Hometown practice of colorful pineapple fried rice_How to make colorful pineapple fried rice_How to make colorful pineapple fried rice

[How to make colorful pineapple fried rice]_Hometown practice of colorful pineapple fried rice_How to make colorful pineapple fried rice_How to make colorful pineapple fried rice

Colorful pineapple fried rice is a very common part, but this dish can also eat a lot of tricks, and a variety of people give different visual and taste stimuli.

It looks very delicious. The light taste is also very delicious without peppers. If the taste is heavy, you can add more peppers. I hope it is delicious.

1. Slice the pineapple into the salt water for soaking. 2. Wash the side dishes for future use. 3. Cut the diced diced diced so easy4. Fill the hot pan, stir in the diced carrots, stir-fry the green peppers, and then add the rice.The spatula is flat to let the rice grains spread out, and then the cucumbers and pineapples are stir-fried in turn.

Fill up a whole bowl, buckle it into the plate, and you’re done!

The method of colorful pineapple fried rice is simple. The ingredients used are very common and common in our lives, but the taste is quite good.

Category: 桑拿 | Comments Off on [How to make colorful pineapple fried rice]_Hometown practice of colorful pineapple fried rice_How to make colorful pineapple fried rice_How to make colorful pineapple fried rice