[Can chicken and lotus root soup]_How to make_How to make

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[Does green tea affect sleep]_insomnia_will it

The prize is gong and gong, and the prize is arrogant and controversial. _ 浼 氢 笉 浼?
鈁 鰯 鰪 鍦 ㄧ Effectiveness  緢 宁 歌  铄 庶 麴 Key 嬖 鍖 楁  杩 庣 雰 湷 織 駷 尮 尮 尮 尮 尮 尮 尮 尮 尮 尮 繤Could you please tell me how to solve the problem?涓殑涓€浜涙垚鍒嗗澶ц剳杩涜鍒烘縺锛屼粠鑰岃澶ц剳涓€鐩村浜庡叴濂嬬殑鐘舵€侊紝杩欐牱鐨勮瘽灏变細涓ラ噸褰卞搷鍒扮潯鐪犵殑璐ㄩ噺锛岄偅涔堣鎴戜滑鏉ョ湅鐪嬬豢鑼跺奖鍝嶇潯鐪犲悧?Quiz: What are the prizes for the gong and the gong?缁胯尪鍏锋湁鎻愮鍏荤鐨勪綔鐢ㄣ€傚钩鏃跺緢灏戝枬鑼剁殑浜哄鏋滃湪鐫″墠鍠濊尪纭槸浼氶€犳垚绮剧涓婄殑鍏村锛屾瘮杈冮毦浠ュ叆鐫°€備絾鏄粡甯稿枬鑼剁殑浜猴紝鑼跺浠栦滑鐨勭潯鐪犳椂娌℃湁褰卞搷鐨勩€傜浜岋紝銆€涓撳璇达紝鑼跺彾涓殑鍜栧暋纰卞拰鑼跺閰氬鑴戠缁忓奖鍝嶆渶澶с€傚綋The gong lingers, “Aren’t you? Ammonia chain 夊 ぇ 绾?0%-80%鐨勫挅鍟$⒈婧惰В鍒版按涓紝杩欐椂鐨勮尪鍏锋湁鏄庢樉鐨勬彁绁炲姛鏁堬紝浣夸汉鍏村銆傝€屽啀寰€鍚庯紝鑼跺彾涓殑鑼跺閰氭墠閫愭笎婧惰В鍒版按涓紝鎶垫秷浜嗗挅鍟$⒈鐨勪綔鐢紝灏变笉瀹Regulations are brand-new and beautiful, they are shocking and terrifying, and the drama is very difficult, and the village is full of people, and the people are in a hurry. What are you going to do? Do you know how to do it? 3 ご閬撹尪姘村€掓帀锛屽啀缁笂寮€姘撮噸鏂板啿娉★紝鎻愮鐨勬晥鏋滃氨涓嶄細閭d箞鏄庢樉浜嗐€傝繕鏈夛紝鏅氫笂鍠濊尪鏈€濂戒笉瑕佽窛绂荤潯瑙夐棿闅旀椂闂村お鐭紝鍚﹀垯杩樻槸浼氬奖鍝嶇潯鐪狅紝鐫″墠3灏忔椂鍠濈偣娓╁拰鐨勮尪鍙嶈€屽彲浠ュ畨绁烇紝淇冭繘鐫$湢銆傜豢鑼跺奖鍝嶇潯鐪犲悧?銆€缁胯尪鏄湭缁忓彂閰靛埗鎴愮殑鑼讹紝淇濈暀浜嗛矞鍙剁殑澶╃劧鐗╄川锛屽惈鏈夌殑鑼跺閰氥€佸効鑼In this way, you can distinguish between different types of data, as well as how to distinguish between different types of data, and how to distinguish them from each other.€ц川锛屽埡婵€鎬ф瘮杈冨己锛屽洜姝ゆ櫄涓婂枬鑼跺鏄撳鑷村け鐪犮€傚け鐪犵殑涓昏鍘熷洜鏄洜涓虹豢鑼朵腑鐨勫挅鍟″洜鍒烘縺浜嗙缁忥紝瀵艰嚧鑲句笂鑵虹礌鍒嗘硨锛屽嚭鐜扮簿绁炴尟濂嬬殑鐜拌薄锛屼絾鏄笉鍚屼汉浣撶殑鍜栧暋鍥犱唬璋㈡椂闂存槸涓嶅悓鐨勶紝姝e父浜虹兢涓変釜灏忔椂宸﹀彸灏卞畬鍏ㄤ唬璋紝鏈変簺浜轰綋璐ㄧ壒娈婂挅鍟″洜瀵瑰叾骞舵病鏈変綔鐢紝鏈変簺浜虹兢浼氳鍜栧暋鍥犲奖鍝嶅崄涓皬鏃朵箣涔呫€傛墍浠ョ豢鑼跺枬澶氫簡鏈夊彲鑳戒細瀵艰嚧澶辩湢銆?

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銆 愮 幹 咆 咋 卋 卞 ぇ 鍏 ㄨ 咍 咆 幆 湁 鍝  簺 銆 慱 娉 ㄦ 剰 嵜 嬮 ”
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[Can dried garlic be sugar garlic?]_ Making sugar garlic _ is it OK

[Can dried garlic be sugar garlic?]_ Making sugar garlic _ is it OK

Many people who try to marinate sweet and sour garlic for the first time do not know how to deal with dried garlic. The first thing to do is to remove the garlic skin. Marinated sweet and sour garlic only needs the garlic in it.

The peeled garlic also needs to be soaked in water, so that the sweet and sour garlic marinated will be crispy.

This article introduces the method of processing garlic before marinating sweet and sour garlic and the method of marinating dried garlic. If you don’t understand, you can take a look.

How to marinate dried garlic 1. If you want to marinate delicious garlic, dried garlic needs to be processed in advance.

The best way is to remove all the garlic skins on the surface of the garlic, and get a fat condition inside, because when the garlic is dried, it only dries his garlic skin, and the moisture in the garlic cloves is not lost. Take them outAfter pickling directly, the garlic after pickling will be crispy and tender, especially delicious.

2. When the dried garlic is used for pickled garlic, you can also soak it with water in advance. The specific method is to remove the dried garlic, peel the garlic, and take out the garlic in the pot and put it in a pot. Soak it with water.Removing the garlic-filled spicy ingredients can also allow garlic cloves to absorb excess water, making it more crispy and tender after pickling.

Dried garlic marinating method 1, the marinating method of dried garlic and fresh garlic can be marinated sweet and sour flavor, salted garlic can also be marinated, you can also marinate spiced flavor.

If you want to marinate it into a sweet and sour flavor, you need to put the sugar and vinegar together with a small amount of edible salt together to make a sauce. When marinated into salty garlic, you only need to prepare salt and water.

Before pickling the five-flavored garlic, you need to prepare brown sugar and salt, raw soy sauce, and allspice.

2. Remove the garlic skin of garlic, take out the garlic cloves inside and soak it in clear water for 2 to 3 days. After soaking, remove the water from the surface, put it into a clean glass bottle, and then prepare it according to your tasteFor the juice, pour the prepared juice into a glass bottle. After the juice is piled up without the cloves, seal the mouth of the glass bottle, and marinate in a cool and ventilated place. After 10 to 15 days,Dried garlic marinates well.

[How to make a fructose snowball]_How to do_Homely

[How to make a fructose snowball]_How to do_Homely

Many people have eaten the maiden fruit, we are called little tomatoes.

I believe that raw food is eaten by many people, because the maiden fruit is small in size, rich in water and vitamins, and good for the skin.

The Virgin Fructose Snowball is a special method because it is necessary to wrap a layer of sugar on the outside of the Virgin Fructose, and then put it in the pot.

One bite when eating, sweet and sour, can be regarded as a small mouthpiece, both delicious and nutritious.

The practice of the first snowball maiden fruit.

Put an appropriate amount of water and sugar into the pot and heat until it melts. When you see small bubbles, you can turn off the fire. Invert the washed maiden fruit into the pot and stir fry. Each maiden fruit is evenly adhered.Sugar, stir fry until the sugar cools and then come out of the pan.

The practice of the second sugar maiden fruit.

The practice of sugared maiden fruit: 1.

Virgen Gotti, 2.

The maiden fruit is washed clean.

3.

Cut the washed maiden fruit into small cross-shaped openings, 4.

Put the cut maiden fruit into a plate and sprinkle with sugar, 5.

You can just eat it with sugar, or put it in the refrigerator and wait for the sugar to melt before eating.

The third sugar snowball approach.

Ingredients: 100 grams of hawthorn, 50 grams of rock sugar, or sugar, cool white 50ML, 1/2 tablespoon of white vinegar.

Practice: 1.

Wash 100 grams of hawthorn with water to control moisture.

2.

Use a small knife to remove the hawthorn fruit pedicle and scoop out the hollow at the other end, 3.

Set the pot on fire and add 50 g of rock sugar or white sugar, 4.

Pour into 50ML cool white open, 5.

Cook over medium-low heat and stir the melted rock sugar water with a shovel (when boiling sugar water, use a shovel to keep stirring, so as not to confuse the sugar pot and affect the taste).

6.

Boil until all the sugar or white sugar is melted, the water evaporates, and small white bubbles appear in the pot. Drizzle 1/2 tablespoon of white vinegar (drinking white vinegar can quickly crystallize the sugar juice and also neutralize the sweetness of white sugar).7.

Use a shovel to mix the white vinegar and rock sugar juice.

8.

Pour in the dried hawthorn, turn off the fire immediately, and stir quickly with a shovel (put in the hawthorn and turn off the fire immediately, then stir with a shovel, never open the fire and stir).

9.

Make the surface of the hawthorn evenly covered with sugar juice, continue to stir, 10.

As the temperature of the sugar juice decreases, the white crystals on the surface of the hawthorn begin to appear white crystals, until the temperature of the sugar juice cools down, and the white crystals become more obvious (be patient when stirring, gently stir evenly, and wait until the sugar temperature cools.See white crystallization) 11.

Take out the hawthorn balls, and the white sugar juice crystals remain in the pot. Is it difficult to look at it?

12

Pour an appropriate amount of cold water into the pot, or add a few hawthorns and boil them into the hawthorn syrup, so that the pot is washed and there is a cup of drink.

A-share performance period is approaching foreign cautious attractions, and layout of high-barrier companies

A-share performance period is approaching foreign cautious attractions, and layout of high-barrier companies

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

  Original title: A-share performance period is approaching, foreign countries are cautiously following hot spots, and global stock markets with high-barrier companies have continued to rebound since the fourth quarter of 2019, and multiple spots of A-shares have been sought after by the market.

However, this translates into an improvement in the performance disclosure period, and the truth of the crowded “attraction companies” will be tested again.

As of January 16, a total of 750 A-share listed companies released the 2019 annual report performance forecast, of which 548 were expected to be happy and 202 were expected to lose.

Institutions also believe that goodwill risks remain vigilant this year.

  After the A-share “starter”, how exactly will the subsequent market be interpreted?

In the context of crowded attractions, how will active foreign countries be deployed?

In this regard, Xu Tao, an investment manager of Bi Sheng Asset Management (APS)淡水桑拿网, said in an exclusive interview with First Financial reporter that “the current market is quite crowded, including 5G or Huawei’s industrial chain, and last year’s cyclical stocks that all sectors considered to be undervalued.Some companies’ advances have almost reflected the profit expectations for many years to come.

In 2020, the market’s breakthrough focus fell on the performance expectations in 2021. Therefore, the focus of the allocation in the first half of the year needs to be transformed from hype, the company must be more carefully selected, and the layout of long-term continuous competition barriers, relatively uncongested, and reasonable conversion.Of companies, types of companies are still the targets of long-term outperformance.

APS is an early (2004) foreign institution that participated in domestic A-share investment through QFII quotas. Its style is more localized. Currently, it includes Bi Sheng, Qiaoshui, BlackRock, Fu Dun and other WFOE (foreign-owned enterprises) in China.) Has obtained an investment advisory license.

  Beware of “congestion in transactions”
Recently, a series of established foreign investors interviewed by First Financial News said that “congestion in transactions”
has become a problem to be vigilant, especially during the performance period, and it is also an opportunity for differentiated layout.

According to the report of the Haitong Securities Research Institute, in terms of the position of PE in various industries since 2005 (100% is the largest, 0% is the smallest), computers are located at 93%, communications are 89%, electronic components are 82%, and home appliances are 60%.
Under the ranking, real estate is 7%, building materials 7%, and construction 5%.

  ”The most intuitive example is to use Fuyao Glass as a reference. Its share in the global automotive glass supply is as high as 30%, and its share in the Chinese market is as high as 70%.

But in proportion, the market value of companies such as some fractures and potassium fluoride are also approaching the same level.

From a long-term perspective, the bubble has accumulated, and after entering the mature period, it is estimated that it may face the risk of major contraction.

“Xu Tao said.

  The current 5G industry chain is typical of high estimates and crowded transactions.

Although there are some opinions that the high estimate does not mean that there is no room for continued growth in the future, because referring to the 4G cycle, 5G capital expenditure will be a continuous expenditure process. Although the investment will not meet expectations and may fluctuate in the process,The trend does not end.

The problem, however, is that many companies currently have previously factored in profits for many years to come.

  APS research also found that from 4G to 5G, half of the added value will be obtained by TSMC, which shows that the biggest beneficiary is not in A shares.

The latest financial report shows that in the fourth quarter of 2019, TSMC achieved revenue of 3172.

NT $ 3.7 billion (about 730.

2 ppm), exceeding market expectations and growing by 9 per year.

5%, an increase of 8 from the previous month.

3%; net profit is 1160.

3.5 billion Taiwan dollars (about 267.

08 ppm), an increase of 16 per year.

1%, an increase of 14 from the previous quarter.

85%; net profit increased by 36.

6%.

  ”Therefore, we also need to avoid excessive speculation on Huawei’s industrial chain.

Huawei has almost exclusively contracted the most advanced technology products, such as Hisilicon chips, and the foundry companies are responsible for technical content parts, so there are really high barriers to competition and limited high-tech companies.

“Xu Tao also believes that,” different from Apple’s industrial chain, the problem of Huawei’s industrial chain is that the relevant suppliers’ bargaining power is not strong and Huawei’s products are updated quickly. Therefore, when the supplier is still halfway through the ramp-up period of capacity, that is, capacity utilizationThe rate is only 50%?
At 60%, new products are often replaced, which will squeeze the profitability of related companies.

“Budget and related consumer electronics concepts are constantly rebounding. All circles believe that this is related to the” Apple New Year “in 2020, but many exchange fund managers interviewed pointed out that even the New Year can only fully reflect the current situation.It is expected that if indicators such as replenishment thereafter exceed expectations, or the impact on expectations.

“In 2020, two of the most important selling points of mobile phones are 5G communication capabilities and camera optical functions.

It is true that the volume of mobile phones will increase slightly in 2020, but most consumers will not change phones until the personal replacement cycle is reached, and they will not change phones early because of 5G. After all, the killer application of 5G mobile phones has not yet appeared.
“A foreign agency TMT analyst reporter mentioned.
  What’s more worth mentioning is that cyclical stocks have been a hot spot in the market over the past few months. The cement and other sectors have risen more than expected. The logic behind it is that infrastructure investment has stabilized and the global economy is picking up. Improving domestic and foreign demand may drive PPI.And the growth rate of industrial enterprises’ interest rates rose moderately.

“But the prices of most cyclical stocks have fully reflected the expectation of economic stability. The current policy is more about a” stable economy “rather than a” strong stimulus “, so the expected difference in infrastructure investment is very small.

“Xu Tao said.
  High-barrier companies will outperform in the medium and long term. After the attractions have been blasted back and forth, some people lament that the good bids are too expensive, but others are overweight and temporarily left out.

At present, such as some high-quality real estate companies, cyber security concept companies have been replaced by many established foreign investors for strategic layout targets.

  As for food and beverage, home appliances and other foreign keen layouts, Xu Tao believes that even the recent transfer has improved, but at this time it may be a good time to “catch up”.

“Just 2020 needs to be further carefully selected, the growth rate of the included industry will slow down, and the differentiation of food and beverages, home appliances and medicine will continue to increase.

“As far as real estate is concerned, through the acceleration of industry consolidation, the leaders with obvious first and second-tier advantages and high turnover rates are undoubtedly high barrier enterprises in the eyes of foreign exchange.

Recently, foreign countries have also paid more attention to China’s urbanization2.

0 Potential for Real Estate.

“China has high-level experience in developing large urban agglomerations such as Europe, the United States, and Japan, and the current policy of real estate in cities, which is good for real estate developers in that it complements urbanization2.

0 demand, the overall demand is more stable, and the gradual transformation declines, and after the policy change is reduced, the intrinsic value can be further focused.

At the same time, real estate inventory is currently generally low, so there is also a potential difference in expectations.

Xu Tao told reporters.

  Morgan Stanley, a developing country, also noted that the Yangtze River Delta, Beijing-Tianjin-Hebei, the Greater Bay Area, the middle reaches of the Yangtze River, and Chengdu-Chongqing, the five super metropolitan areas, will lead to urbanization2.

0.
The positive consensus is that the strategy places greater emphasis on the establishment of megacities in developed regions, is more market-oriented, and avoids inefficient investments in overpopulated and remote areas.

This is different from previous regional rebalancing and replacement (including the “Western Development” from 2000 and the “Northeast Revitalization” from 2004). These changes will reduce the regional income gap and reduce the pressure on the population to move to developed coastal areas.

  Because of this, APS has now returned the leading land to “growth Alpha (excessive returns)”. This kind of Alpha is stable and generally acceptable (positions greater than 3 years), accounting for 70% of APS ‘s total positions?
80%.
“For example, in the early years, Moutai, Guizhou was a typical leader in consumer upgrades. Of course, it also includes information security concept stocks. Such stocks seem not cheap, but in the long run, 30?
40 times PE still has good investment value.

“Xu Tao said.
  At the same time, the field of network information security is also a key area for foreign mining of long-term high barriers.

Founder Securities (right protection) has been cited, and network security has become the fourth largest IT infrastructure for networks, computing, and storage.

As an accompanying requirement of the IT industry, network security has been transformed into a continuous development of network security and is shifting to basic needs.

The proportion of China’s IT security industry investment is much lower than the US and global averages. In the future, the proportion of China’s IT security expansion will continue to increase.

  More core asset assessments will enhance another trend that has attracted much attention since last year, such as Han’s Laser (002008.

SZ), Shanghai Airport (600009.

SH) and other foreign favored targets are on the verge of “buying explosive”. Recently, Midea Group (000333).

SZ) foreign shareholding ratio is approaching the position limit.

According to the relevant regulations of the Shanghai and Shenzhen Stock Exchanges, the sum of all foreign investors’ shareholdings in the A-shares of a merged listed company shall not exceed 30% of the total shares of the listed company.

  In this regard, Xu Tao also told reporters that there were still a small number of targets that were “buyed”, and foreign countries would continue to differentiate and overweight other high-quality targets.

“Although MSCI suspended the expansion of the A-share split in the first half of 2020, active capital will continue to be injected into the value-added core assets of China. This trend will continue for a long time, and the estimation of core assets will continue to increase in the future.

Pioneer Pilot recently said that in the long run, global assets will continue to face a low return environment. Global investment “60/40 rule” portfolio (60% stock market, 40% bond market) can obtain an average annual return of 10% since 1970There have been 7 since 1980.

An average return of 5%, which will drop to 4% in the next ten years?
6%, so the Chinese bond market is also a destination for investors to seek relatively high returns.

  Xu Tao believes that under the trend of institutionalization and internationalization, A-shares are experiencing great changes caused by changes in investor structure.

Therefore, looking at the problem from a historical perspective and replacing the current new changes, it is easy to cause misjudgments such as “white horse crash” and “estimate bubble”.
Therefore, for “true white horse”, its estimation system will gradually be in line with international standards.

Northbound capital inflows exceed 80 billion during the year and resumes pursuit of traditional white horse large-cap stocks

Northbound capital inflows exceed 80 billion during the year and resumes pursuit of traditional white horse large-cap stocks

Original title: Net inflow of northbound funds has exceeded 80 billion during the year, and resumed the pursuit of traditional white horse large-cap stocks. On February 20, the bulls staged a forced short market. The Shanghai and Shenzhen stock markets once again increased in volume, and the daily limit of the two cities exceeded 100., Shanghai Composite Index rose 1.

84% at 3030.

At 15 o’clock, the station successfully reached the 3000-point mark; the Shenzhen Stock Exchange rose 2.

43% at 11,509.

09 points; GEM Index rose 2.

21% to 2186.

74 points.

  Net inflow of northbound funds for the second consecutive trading day, especially accelerated inflows late.

As of the close of February 20, the total net inflow of northbound funds was 38.

9.7 billion yuan.

Among them, Shanghai Stock Connect has a net inflow of 10.

6.4 billion yuan, the net inflow of Shenzhen Stock Exchange 28.

3.3 billion yuan.

  Since then, the net inflow of northbound funds has exceeded 80 billion since 2020, reaching 804.

3.6 billion.

Among them, Shanghai Stock Connect had a net inflow of 375.

There were 2.8 billion yuan in net inflows from Shenzhen Stock Connect to 429.

09 billion.

  However, since the opening of the Lunar Year of the Rat, that is, February 3, Northbound funds seem to have resumed their pursuit of traditional white horse large-cap stocks.

Statistics show that since February 3, the total net inflow of northbound funds has been 420.

4.4 billion yuan, of which the net inflow of Shanghai Stock Connect was 262.

7.9 billion yuan, Shenzhen Stock Exchange net inflow of 157.

6.5 billion.

  Recently, Northbound funds have bought a lot of stocks with a net cash amount. Too many of them are traditional white horse stocks that have continued to increase over the course of Northbound funds. Guizhou Maotai (600519) is still the most popular target of Northbound funds.

Among the top ten stocks traded on the Shanghai-Shenzhen Stock Connect on February 20, Guizhou Moutai, Ningde Times, and China National Travel Service received net purchases of 7, respectively.

2.5 billion, 4.

5.2 billion, 3.

4.7 billion yuan.

Ping An of China ranked first in net sales, with an amount of 3.

2.2 billion.

Hikvision, BOE A were net sold 2 respectively.

1 billion yuan, 1.

0.5 billion.

  At the same time, the international index’s expansion of the A-share division factor will also promote a net inflow of northbound funds.

FTSE Russell recently said that the expansion of the A-share division factor in the third quarter of March this year will not be affected by the epidemic and will proceed as scheduled.

Guojin Securities believes that this expansion will bring about $ 28 billion in passive incremental funds.

In the short term, passive incremental capital inflows will drive market sentiment, and many will enter at the same time as investment funds.

  Haitong Securities believes that the market has been seriously overbought in the short term. At present, investors are advised to stay drunk while staying awake. Investors holding these mainstream sectors can still enjoy the trend and follow 合肥夜网 the trend. There is no mainstream sector positionInvestors must pay attention to pursuing high risks. Due to the huge profitability of these sectors, major adjustments may occur at any time. If you want to increase your position, it is recommended to choose some technology stocks that are still low.In terms of specific operations, investors are still advised to repeatedly dig deeper into 5G, big data cloud computing, industrial Internet and new energy vehicles, and high-quality enterprises in the connected car industry chain, and actively absorb dips.

  The strategy team of Tianfeng Securities pointed out that after the completion of MSCI’s “three steps” expansion of A shares, it may be in the “gap period” in the future.

In this context, industrial trends and the integration of individual stock industries (corresponding 厦门夜网 to the report, that is, the stability and sustainability of performance) are factors to consider in the allocation of exchanges. In the long run, consumption (China’s dominant industry) and technology (new) Industry trends) will be more favored.

  The agency believes that foreign behavior is not static but changes as industry trends develop.

The huge domestic consumer market and the increase in per capita consumption levels, using the consumer industry to obtain long-term growth space, consumer blue chips have long been the core assets of foreign allocation.

In addition, the technology industry trend is the most important main line in the next few years. The rise of 5G, new energy automobile and other industrial trends will bring ToC applications (cloud games, VRAR games), and ToB applications (big data, industrial Internet, physicalInternet, artificial intelligence, autonomous driving, etc. are gradually implemented, and the industry chain will generate more investment opportunities, but in the end, there are a small number of companies that can continue to show their performance, which is still subject to long-term market verification.

Haitong Securities (600837) 19th Annual Report Review: Self-operated flexible and complex leasing subsidiary landed on HKEx

Haitong Securities (600837) 19th Annual Report Review: Self-operated flexible and complex leasing subsidiary landed on HKEx

Introduction to this report: The elasticity of self-operated investment income has been greatly released, driving the 19H1 performance to increase significantly in the past ten years.

The average value of routine procedure fees maintained a relatively high growth, and the premium rate for stock pledge performance increased, and the company’s existing PB1.

3 times, lower than comparable companies, increasing holdings.

Investment Highlights: Maintain “Overweight” rating and maintain target price of 17.

37 yuan / share, corresponding to 19P / B1.

6 times.

The company’s operating income for 19H1 / net profit attributable to its parent was 177.

3/55.

300 million, previously +62.

1% / + 82%, ROE 4.

56%, ten years +2.

0 points; 19Q2 net profit 17.

600 million, -53 from the previous month.

4%, in line with our expectations.

At the end of the period, the net assets attributable to the mother was 122.4 billion yuan, +3 earlier.

9%.

The self-operated investment income surpassed the big increase to drive the company’s performance growth, and we maintain the company’s EPS forecast for 2019-21 is 0.

77/0.

91/1.

12 yuan.

The company’s 19-year performance and asset quality have been maximized and improved, currently P / B 1.

3 times, which is lower than the estimates of comparable companies.

The self-employed elasticity was released outstandingly, and the stock pledge performance ratio rebounded significantly.

1) 19H1 self-operated income (including fair-loss loss gains) of 60 billion yuan, + 275% over the 杭州夜生活网 same period, accounting for 43% of main income. It is expected that directional investment in equity will be the main force for incremental growth.

2) 19H1 company’s stock base turnover exceeds + 30% (A shares as a whole + 29%), net income from securities brokerage business + 19%, commission rate 10,000.

04, a 9% decline each year.

3) At the end of June, the company’s two financial surpluses were 39.6 billion yuan, + 14% from the beginning of the year, and its market share was 4%.

35%, -0 from the beginning of the year.

24pct.

The size of stock pledges was 48.8 billion, which was -9% earlier, and the rise in the stock market led to the fulfillment ratio rose to 245%, + 50pct earlier.

19H1█ Net income 22.

500 million, previously -15%; credit impairment loss of 10.

600 million yuan, the provision of shares and leases increased sequentially.

4) 19H1 investment bank net income16.

500 million, ten years + 8%, 19H1 successfully applied for six science and technology board projects, two projects in July the first batch of IPO.

5) The scale of asset management at the end of the period was -14% from the beginning of the year, and net income from asset management business was 6.

700 million, previously + 96%, it is expected that the collective performance management floating performance compensation will continue to increase.

It is planned to increase the net capital by US $ 20 billion, and Haitong Hengxin will be listed on the Hong Kong Stock Exchange.The company’s leased subsidiary, Haitong Hengxin, was listed on the Hong Kong Stock Exchange and became the company’s third overseas listing platform.

Haitong Hengxin 19H1 net profit 7.

300 million, previously + 12%, with an estimated ROE of 11.

4%, non-performing rate is 0.

96%.

Catalysts: The implementation of capital market reform and innovation policies; increased market activity.

Risk warning: the stock market has fallen sharply; industry supervision has become stricter.

Yunnan Baiyao (000538): H1 deduction non-performance previously expected to establish a sound long-term incentive mechanism

Yunnan Baiyao (000538): H1 deduction non-performance previously expected to establish a sound long-term incentive mechanism

The event company released the semi-annual report for 2019 and the directors and supervisors’ KPI assessment plan. In the first half of 2019, the company realized operating income. The net profit attributable to the parent and the net profit after deduction were 138 respectively.

9.7 billion, 22.

47 ppm and 11.

3.5 billion, an increase of 5 each year.

72%, 8.

59% and -25.

93%, achieving a budget benefit of 0.

48 yuan, on the one hand operating cash flow2.

16 yuan, the net profit after deduction is lower than our expectation.

The company announced the management measures (draft) on the remuneration and assessment of core personnel such as directors and supervisors.

A brief review of drug moisture, cost adjustments, and asset impairment charges H1 deducted non-attributable net profit In the first half of 2019, the company’s non-recurring profit and loss totaled 11.

11 trillion, of which non-current assets disposal gains and losses (including the write-off portion of the provision for asset impairment) is 10.

US $ 7.1 billion, mainly because the company will focus on the main business in the future and will merge and acquire two subsidiary financial business subsidiaries acquired after Baiyao Holdings for asset replacement. It is expected that similar asset disposal will not occur in H2.

The business scope of the parent company is mainly the company’s pharmaceutical division. The parent company’s revenue in 2019H1 is 25.

33 ppm, a ten-year increase of -1.

48%, net profit -0.

830,000 yuan, an increase of -124 in ten years.

87.

The decrease in parent company’s net profit was mainly due to the provision for asset impairment losses and credit impairment losses, both of which were 1.

62 ppm and 2.

51 ppm, of which the asset impairment loss was mainly due to the inventory depreciation loss of Sanqi, and the credit impairment loss was mainly the loss of other receivables.

Excluding the interest income and investment income factors, we estimate that the company’s pharmaceutical division H1 has achieved digital segmentation, and channel clearance is still ongoing.

The Health Products Division is mainly Yunnan Baiyao Group Health Products Co., Ltd., with operating income of 24 in 2019H1.

74 ppm, a five-year increase of 5.

2%, net profit 9.

56 ppm, a ten-year increase of -0.

6%, the increase in cost-side investment has dragged down the business unit’s performance growth.

The main expenditures at the expense end are: 1) toothpaste series products: continued 19H1, Baiyao toothpaste market share increased to 20.

1%, has leapt to the first place in the country, and has surpassed black toothpaste; 2) Mask products: The company adopted the mask products 19H1 to strengthen product promotion.

In the Chinese Medicine Resources Division, we estimate that the 19H1 will achieve a steady increase in number, and the growth in profit will decline. This is mainly due to the loss of inventory from the March 7 inventory, but the overall profit volume of the division is limited, which will have a small impact on the company’s consolidated statement of profit.
In the pharmaceutical business sector, operating income was 89 in 19H1.

50 杭州夜网 ppm, an increase of 12 in ten years.

86%, net profit (caliber of provincial pharmaceutical company) 1.

0.94 million yuan, an increase of -14% in ten years.

Provincial pharmaceutical companies ‘net profit decreased mainly due to: 1) As the company absorbed M & A Baiyao Holdings, the corresponding data of the same period last year and the end of the previous year were adjusted accordingly, and the comparable caliber has changed; 2) Provincial pharmaceutical companies’ business development momentum is good, and the expenses are somewhatImproving growth and dragging down current performance.

Announcing the KPI evaluation plan for core personnel such as directors and supervisors, and improving the incentive mechanism to reform The KPI evaluation plan for core personnel such as directors and supervisors is based on the principles of marketization, internationalization, differentiation, and diversification; it applies to company directors, supervisors, and other core personnel ((Including managers and core backbones who do not participate in the company’s party and mass system, etc.), excluding independent directors.

The core lies in budget composition and adjustment and annual performance evaluation. Specifically, annual compensation consists of fixed salary, short-term incentives, incentive funds and long-term incentives.

1) Fixed salary: It is a fixed part of salary, which is determined based on factors such as job value, job responsibilities, risks, pressure and market competitiveness.This part of the bonus is generated according to the actual working month.

Fixed salary = standard fixed salary × position coefficient. The standard fixed salary is comparable to the same-sized peer-level salary level of the benchmark industry. It is determined to be 1.8 million yuan (before tax). The standard fixed salary has significantly improved compared with the achievements of directors and supervisors in 2018.Incentive: It is the part that is linked to the current performance of the company and the result of individual performance.

55%, allocated according to the annual performance completion rate indicator plan; 3) Incentive funds: incentives that are linked to long-term performance, the total package is (the company’s current net profit-previous year’s net profit) × 15%, only for the current yearAccrual is only carried out when the performance completion rate is ≥100%.

All incentive funds are reserved for the fund pool, which will be used by future directors and supervisors and other key personnel to invest in emerging projects of the company, increase the shareholding of listed companies, equity incentives, or employee equity investment; 4) Formulate long-term incentive plans.

Annual performance assessment: 1) indicator level: divided into company size assessment indicators and individual work performance assessment indicators; 2) indicator types: financial indicators and management indicators; 3) management scales, job responsibilities and differences for different personnelSet the proportion of each assessment index.

We believe that this company ‘s KPI assessment plan for key personnel such as directors and supervisors covers a wide range of people. The annual budget involves short, medium and long-term incentives for key personnel such as directors and supervisors.

In addition, the company has revised the executive budget management and assessment method in November 2017, and the executive budget has achieved significant growth.

Considering the employee shareholding plan that will be launched after the current stock repurchase is completed, we believe that the company will establish a comprehensive incentive mechanism covering core personnel in the future.The company is healthy, sustainable and stable.

Operating cash flow has decreased significantly, and the expense ratio has increased. The remaining financial indicators are basically normal. In the first half of 2019, the company’s comprehensive gross profit margin was 29.

04%, a decrease of 1 per year.

Four, mainly due to the increase in the proportion of low-gross commercial income and the increase in the proportion of low-gross industrial drugs; the increase in sales expenses increased by one.

62%, mainly due to structural adjustments, the cost of drugs from the health products and commercial sectors tilted.

Management expenses have increased significantly78.

57%, mainly due to the annual increase in employee compensation, intermediary agency service fees, equity expenses, and delivery period expenses.

Finance costs increase by 208 per year.

51%, mainly due to the decrease in interest income; accounts receivables and bills receivables increased slightly and were basically normal; the net cash flow from operating activities decreased significantly by 111.

86%, mainly due to the increase in the revenue of the pharmaceutical sector and the increase in the advancement of pharmaceutical business.

The remaining financial indicators are basically normal.

Earnings forecast and investment rating We have lowered our earnings forecast and expect the company to achieve operating income of 289 in 2019-2021.

11 ppm, 319.

45 ppm and 353.

47 trillion, net profit attributable to mothers was 35.

2.9 billion, 38.

9.3 billion and 43.

7.0 billion, an annual increase of 6.

7%, 10.

3% and 10.

6% (Originally expected to return to the mother net profit of 36.

5.6 billion, 40.

3.7 billion and 44.

520,000 yuan, an increase of 10 each year.

6%, 10.

4% and 10.

3%), equivalent to 2 respectively.

81 yuan / share, 3.

10 yuan / share and 3.

43 yuan / share, corresponding PE is 28.

0X, 25.

4X and 23.

0X, maintain BUY rating. Risks prompt fierce competition in the consumer goods industry; new shareholders and management team run in longer than market expectations; outbound M & A progress and intensity are difficult to predict;

NavInfo (002405): The harvest of Huawei’s official purchase order indicates the inflection point of business

NavInfo (002405): The harvest of Huawei’s official purchase order indicates the inflection point of business

Event: The company announced in the evening that the company recently received an application from Huawei for purchasing autonomous driving map data in the area specified by the company.

The company will provide Huawei with advanced map testing and verification services. At the same time, the two parties will jointly complete the Huawei autonomous driving verification project and promote the implementation of the Huawei autonomous driving project.

Opinion: Eliminate market doubts and achieve substantial progress in cooperation.

According to the official website of the Ministry of Natural Resources, Huawei announced in July that it became the 20th domestic navigation electronic map production level A qualification means the owner (level A qualification means that it can legally make autonomous driving maps (high-precision maps)).

Investors in some markets are worried that after Huawei obtains a map surveying and mapping license, it will compete directly with the company, which will affect the relevant cooperation between the two parties in the autonomous driving business.

We have always believed that Huawei’s application for licenses does not necessarily involve a large-scale entry into the advanced map market. Instead, Huawei’s business cooperation with the company has been proceeding in an orderly manner in consideration of high-precision map data updates and storage compliance requirements.

The landing of the order cooperation announced in this announcement proves that the two parties have a good tacit business cooperation, trying to dispel market doubts.

The order fully confirms the company’s absolute strength in the high-precision map industry.

The core elements of the fine map competition are production service quality and data ecology.

Judging from the above two dimensions, NavInfo’s new advanced map products are highly competitive.

Owned, from the perspective of production and service quality, the company has nearly 20 years of map collection and production experience, and the quality (precision, accuracy, etc.) of map products and services have been unanimously recognized by mainstream car manufacturers.

At the same time, from the perspective of data ecology, the company has taken the lead in binding Didi, Huawei, BMW and other giants, which has unparalleled advantages in data.

The upcoming Huawei high-end high-precision map service project is a full recognition of the company’s high-precision map data and service research and development capabilities and product performance.

The “Huawei” combination has great potential for the smart car industry.

Huawei is an important strategic partner of NavInfo. The two parties formally signed a “strategic cooperation agreement” at the Shanghai Auto Show in April. They will carry out all-round and in-depth cooperation in cloud service platforms, intelligent driving, connected cars, and road-coordination.In the future, we will create a “Huawei + Four-dimensional” smart car technology overall solution for the entire industry.

Huawei’s mission is to build a “smart world of connected things”, and 4D is committed to building a “smart car brain”. Both parties have a high degree of consensus and judgment on the transformation of the automotive industry, and there are obvious synergistic and complementary effects on genes and businesses.

The release of this order is an important landing for the cooperation between the two parties in the field of maps. We also look forward to the development of business cooperation between the two parties in the fields of vehicle networking and vehicle-road coordination.

Multiple business inflection points are approaching, laying the foundation for next year’s performance potential.

1) Core map business.

According to reports from Wall Street, Tesla’s Shanghai plant is about to start production, and the annual output of the project is planned to be 500,000 electric vehicles.

The commissioning of the Shanghai plant will lead to an increase in Tesla deliveries and a significant reduction in sales prices.

Considering the high cost performance of the domestic version of Tesla, it is very likely to become the explosive model of the domestic auto market.

As the exclusive supplier of Tesla Maps, the company will fully benefit.

In addition, the company’s previous announcement 成都桑拿网 to win Honda’s long-term core map orders will also bring a small increase; 2) Telematics business: The company has successively won the BMW CNS (Automotive Interconnect System) service agreement, and TLP (Interconnected Car Location Data Platform))) Service agreement, Honda real-time traffic information data, Mercedes-Benz connected car services, the above-mentioned newly locked mid-to-long-term contracts are expected to help the growth of connected car business; 3) Location big data business: the company ‘s location big data business growth in the first half of the year increased by more than 80%, performanceEye-catching, ample orders in hand, is expected to maintain high growth; 4) Chips: According to the “Performance Requirements and Test Methods for Tire Pressure Monitoring System of Passenger Cars” requirements, mandatory installation on all vehicles from January 1, 2020, tiresDemand for the pressure monitoring chip market will usher in a substantial increase.

According to the company’s introduction in the investor interactive Q & A, Jiefa Technology’s tire pressure monitoring chip is about to undergo annual conversion in 2019 and is expected to benefit fully.

Investment suggestion: The company has successively obtained multiple heavyweight orders since the second half of the year, and has continued to expand the industry “friend circle” and influence through multiple strategic cooperation agreements, which fully reflects the interests and strength of industry leaders.

We are very optimistic about the company’s strategic prospects for building a “smart car brain” and its industry competitiveness. It is expected that the company’s EPS in 2019 and 2020 will be zero.

22, 0.

32 yuan, maintain Buy-A rating, 12-month target price of 22 yuan.

Risk warning: NavInfo’s cooperation with Huawei has exceeded expectations; the development of innovative businesses has fallen short of expectations.