[Barley water to brew milk]_Milk powder_How to brew

銆 愯 怏 綫虫 鍐 輐 插 ザ 銆 慱 濂 濂 開 蒙
In the world, you will be able to learn from the lawsuits, the lawsuits, the lawsuits, the lawsuits, the lawsuits, the lawsuits, the lawsuits, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, the lawsuit, and the lawsuit.It ‘s true that it ‘s not a good idea. It ‘s not a good idea. It ‘s crazy. It ‘s crazy. It ‘s a good idea. It ‘s very interesting.殑璇濓紝杩樺彲浠ユ秷鏆戙€傝€屼笖钖忕背绮ュ杞寲琛€绠★紝鎶楃檶鐥囬兘鏈夊緢濂界殑鏁堟灉銆傚鏋滃閲屾湁璞嗘祮鏈猴紝灏嗚枏浠佺背鍦ㄦ竻姘撮噷娴告场鍥涜嚦浜斾釜灏忔椂鍚庢斁鍏ヨ眴娴嗘満涓€傛寜涓What are you doing? You are a simple and effective person. You can read the link of the disease chain. You can’t do it. I’m afraid that I’m going to do it.You can find the best way to do it. You will be able to find the best way to do it. You will be able to find out how to use it.╅ 搴 楁 湁 頬 栏 潠 祮 銆 傝 描 潠 弸 弹 叄  竴 繏 練 瀹 瀹 瀹 痹 痹 獝 亊 纴 宁搁鍙互淇濇寔浜轰綋鐨偆鍏夋辰缁嗚吇锛屾秷闄ょ矇鍒恒€侀泙鏂戙€佽€佸勾鏂戙€佸濞犳枒銆佽澊铦舵枒锛屽鑴卞睉銆佺棨鐤€佺毑瑁傘€佺毊鑲ょ矖绯欑瓑閮芥湁鑹ソ鐤楁晥銆傝枏绫虫槸琛ヨ韩鑽敤浣冲搧銆傛What’s the matter? Do you think you’re awesome?6.2%: Just set?.6%: Aya?9.2%銆傚啲澶╃敤钖忕背鐐栫尓鑴氥€佹帓楠ㄥ拰楦★紝鏄竴绉嶆粙琛ラ鍝併€傚澶╃敤钖忕背鐓播鎴栦綔鍐烽ギ鍐拌枏绫筹紝鍙堟槸寰堝ソ鐨勬秷鏆戝仴韬殑娓呰ˉ鍓傘€傝枏绫崇殑绉嶄粊鍜屾牴鍙堣兘鍏ヨ嵂娌荤梾銆傛潕鏃剁弽鍦ㄣ€婃湰鑽夌翰鐩€嬩腑璁拌浇锛氳枏绫宠兘”鍋ヨ劸鐩婅儍锛岃ˉ鑲烘竻鐑紝鍘婚鑳滄箍銆傜倞楗锛屾不鍐锋皵銆傜厧楗紝鍒╁皬渚跨儹娣嬨€?I ‘m sorry, I ‘m sorry, I ‘m sorry for you. I ‘m going to go back to the village, I ‘m going to go back to the village, I ‘m going to go back to the village, I ‘m going to do itWhat are you talking about? What are you talking about?5%浠ヤ笂銆傞毦镐鏋楀湴鍖烘干镙伞镙峰敱阆掳细“钖忕背鑳滆绷鐏佃姖钻夛纴钻敤钀ュ吇浠峰€奸珮锛屽父鍚冨彲浠ュ欢骞村锛岃繑鑰佽繕绔ョ珛鍔熷姵銆?銆€鍋ヨ劸锛屾笚婀匡紝姝㈡郴锛屾帓鑴撱€傜敤浜庤劸铏氳吂娉伙紝鑲岃倝閰搁噸锛屽叧鑺傜柤鐥涳紝姘磋偪锛What are you going to do? Do you want to be abducted? Do you want to play a drama like your father? 9?0鍏嬨€傚埄婀垮仴鑴撅紱鑸掔瓔闄ょ椆锛涙竻鐑帓鑴撱€傝惀鍏讳环鍊兼€昏1. 瀵瑰績琛€绠$殑褰卞搷锛氭姂鍒跺懠鍚镐腑鏋紝浣挎湯绋嶈绠$壒鍒槸鑲鸿绠℃墿寮?. This is a cross-docking, and it is a cross-border indifference. It has a negative effect of 3 times. This is the most important thing in the world. The most important thing is that it’s a good thing. It’s a good thing. It’s a good thing. It’s a good thing. It’s 4 years old. 闄嶈绯栵細鍙捣鍒版墿寮犺绠″拰闄嶄綆琛€绯栫殑浣滅敤锛屽挨鍏舵槸瀵归珮琛€鍘嬨€侀珮琛€绯栨湁鐗 規 甩 癥 晥 5. It ‘s hard to pick it up, and it ‘s chopped up. It ‘s very hard to pick it up and catch it, catch it, catch it, and pick it up.。Rotate the stubble and stubbornly stubbornly squeeze six. 闀囬潤銆侀晣鐥涘強瑙g儹浣滅敤锛氬叿鏈夐晣闈欍€侀晣鐥涘強瑙g儹浣滅敤銆傚椋庢箍鐥圭棝鎮h€呮湁鑹7英镑 闄嶈閽欍€佸欢缂撹“鑰侊紝鎻愰珮鏈轰綋鐨勫厤鐤兘鍔涖€?.Lawsuits are forcing people to listen to all the questions about how to broadcast them, and how to broadcast them: what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on?What’s the matter?

[Drink beer within one month of pregnancy]_Pre-pregnancy_Hazard

[Drink beer within one month of pregnancy]_Pre-pregnancy_Hazard

Pregnancy is a critical time for every female friend. Therefore, special attention needs to be paid to diet and other aspects during this period. However, many people do not know what harm is caused by drinking beer within one month of pregnancy.During the period of very rapid development of the ministry, drinking beer will definitely affect their intellectual development, so female friends need to fully understand this to avoid affecting the baby’s development.

One month of pregnancy, the fertilized eggs form a growth and shift into the uterus to implant and develop into a gestational sac. At this time, the brain develops particularly fast.

Guidance: From the perspective of eugenics, it is believed that drinking alcohol during the first month of pregnancy has an impact on the fetus, especially the development of intelligence. It is only a bottle of beer, and the impact will not be great. It is recommended that you do regular pregnancy tests and pay attention to the weight.Developmental conditions are fine.

If there are other abnormal circumstances, make a decision.

2Early pregnancy, especially in the first 3 months and 3 months before pregnancy, any drugs, alcohol, and colds may cause egg cells and developmental development to be affected. Guidance: It is recommended to keep the baby and do regular pregnancy tests.Do Tang’s screening at week, prenatal dysplasia of 4D color Doppler ultrasound at 22-26 weeks of pregnancy. If necessary, do amniotic fluid puncture and analysis of cord blood. 16 If you drink three times, it will not affect your baby much.

You have a regular pregnancy test.

Guidance: Do not eat spicy food during pregnancy, eat more nutritious food.

Keep your mood comfortable and pay attention to hygiene.

4 This has no effect, but the flow of people is also more harmful to the uterus.

Guidance: It is recommended to consider carefully, after all, reproduction is still very important, try to keep the baby.

5 Judging from your condition description, this situation has no effect on the fetus, don’t worry, because the amount of alcohol is too much and the degree of alcohol is used instead.

Guidance: It is recommended to pay attention to rest during early pregnancy, strengthen nutrition, eat more fresh vegetables and fruits, protein-rich and iron-rich foods, such as fish, pork ribs, chicken, eggs, pig liver, etc.

[How is ice cream made?

]_ Recommended diet

[How is ice cream made?
]_ Recommended diet

Ice cream is definitely one of the young people’s favorite foods now, especially for young children. But as parents, they will also worry about children eating ice cream outside. There will be problems on health and hygiene, so in fact we canLet’s find out how to make ice cream.

In fact, there is a simple home-made method for making ice cream. You need egg yolk, cream, caster sugar, chocolate sauce, and freshness box. You can start to prepare it. You must first add sugar to the egg yolk and stir it.At about 90 degrees, add the syrup to the egg yolk solution and boil, then add the chocolate and stir.

Then add the whipped cream into the egg yolk liquid and stir it, and put it in a fresh-keeping box to freeze it, but you should pay attention to it during the freezing process, you must take it out every half an hour, and repeat it about eight times.

Because it is the knowledge of ice cream made by yourself, and the health issues are guaranteed, it is also more secure in terms of nutrition and health. Ice cream is a substitute for high-quality protein and high sugar and fat foods, as well as amino acids, calcium and other nutrients.The effect of regulating physiological functions is actually beneficial to our human health.

However, any food will have its dietary taboos. Ice cream cannot eat too much and cannot eat too fast. It is easy to stimulate internal blood vessels and cause local anemia or absorption and digestion problems, especially for young children.It can also cause abdominal pain and gastroenteritis, so as a parent you should also supervise your child.

[Does rice cake get fat]

[Does rice cake get fat]

Rice cakes are a must-have on the dining table during Chinese New Year. Rice cakes are made from glutinous rice, which is soft and delicious.

For people who lose weight, the lure of the Spring Festival is simply too great. For example, the must-eat rice cake is one of them.

Steam the glutinous rice and red dates together, and sprinkle white sugar after they are out of the pot. This is rice cakes. You have a lot of people. People who lose weight ca n’t stand the temptation. Take a few mouthfuls.

1.

Will rice cakes get fat after eating them?

In fact, eating too much of any food is not good. During the preparation process, rice cakes are usually added with sugar or made by fried cooking. Such rice cakes are high-sugar high-snack foods, which are unnecessary for people to avoid.of.

However, if the rice cake is boiled in water, the transformation is similar to the usual rice noodles. After all, the rice cake is made of glutinous rice. The transformation of 100 grams of rice cake is 154 calories. At this time, it is not because you eat too much and do not gain weight.of.
2.

How to eat rice cakes is easy to get fat. Generally, the sugar intake in the morning is easily absorbed by the body. If you eat rice cakes in the morning, you will get fat easily. People who want to eat but don’t want to get fat can eat rice cakes at noon. Lunch is one of the most people in a day.Meal, it ‘s not easy to gain weight if you eat a little more, and you ca n’t eat rice cakes at night. At night, all organs of the human body are in a half-rest state, and it is easy to become aunt after eating. In addition, if the rice cake is wrapped in flour bran and fried,Add sugar to eat, it is a high conversion food, it is easy to gain weight when you eat it.

3.

How to eat rice cakes is not easy to gain weight. If you want to increase fat and satisfy appetite, you can eat rice cakes like this. Steamed and cooked rice cakes can reduce the volume of rice cakes by 40%.

You can add matcha, red beans, pumpkin, and yam, which are low in trace amounts and nutrient-rich ingredients, to rice cakes. Cook and heat them when you eat them.

4.

How many rice cakes can eat in a day is not easy to gain weight. Adults with normal body metabolism are about 1200 calories to 1600 calories a day, and 100 grams of rice cakes are about 154 calories to 300 calories. Therefore, eating 200 grams of rice cakes a day can satisfy the appetite.Nutrition, without causing too much weight and causing weight gain.

5,

Precautions for eating rice cakes a. People who are implanted with diabetes, cardiovascular disease, and gastrointestinal diseases cannot eat rice cakes, which is likely to aggravate the disease.

b. The digestive ability of the elderly and young children is not strong. If you eat too much rice cake, it will not digest well, which will cause gastrointestinal upset and indigestion. c. You ca n’t eat too much rice cake at one time.Stomach acid, causing stomach acid response.

[Don’t make your tongue too strong 4 tricks make Ta addicted to you]

[Don’t make your tongue too strong 4 tricks make Ta addicted to you]

In love, kiss is a romantic label. The more alternately this label is used, the more romantic factors there are in love.

Therefore, it is definitely the key first kiss, or the daily kiss. Finding out the secrets, mastering the techniques and avoiding mistakes has become a required course for romantics.

Say the kiss you want. If your first kiss did n’t meet the expectations, or you always feel the kiss from your lover, please go forward before the next kiss, tell the other person what you want, and ask the other person what they likekind?

of.

This straightforward but intimate communication can make the next kiss more satisfying for both parties.

But be careful not to make such a request in the process of kissing, otherwise the other party will think it is a responsibility preparation or picky.

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Quick review of important events of Mingyang Intelligent (601615): batch disposal of wind farm assets in the first quarter of 2020 can report high growth rate can be expected

Quick review of important events of Mingyang Intelligent (601615): batch disposal of wind farm assets in the first quarter of 2020 can report high growth rate can be expected

Matters: Mingyang Smart announced on December 27, 2019 that it will sell 85% of the 4 wind power project companies located in Heilongjiang with a total capacity of 200MW. The transaction is expected to be completed in the first quarter of 2020, and the company will achieve 52 million yuanThe pre-tax profit is calculated at a tax rate of about 15% of the wind turbine manufacturing business, and it is expected to increase the quarterly after-tax performance of about 44 million.

Guoxin Telecom’s new perspective: 1) The substantial increase in the growth rate of the first quarter of 2020 results will bring at least 113% of the growth rate of marginal conversion.

2) Dispose of 200MW self-operated wind farm, reserve bank company rolling development strategy, optimize resource utilization.

3) Total 1.5 billion fixed assets and 9.

The US $ 700 million debt (audited) statement can improve the company’s asset turnover rate, replace supplementary arrears, reduce the company’s debt level and accounts receivable, and speed up the return of funds.

4) Investment suggestion: The company will continue to dispose of completed projects with compensation and insist on controlling the scale of wind farm assets, which will help optimize business structure, improve cash flow and control risks.

At the same time, it can realize stable transfer profits every year.

5) Risk reminder: the company’s first sale restriction 6.

4.9 billion shares are expected on January 23, 2020, which may put pressure on expectations; future offshore wind subsidy policies may exceed expectations.

Maintain the United Nations profit forecast. It is expected that net profit attributable to mothers will be 19-21.

31/10.

12/11.

9.2 billion, corresponding to 0 EPS.

45/0.

73/0.

86 yuan, corresponding to the current total PE is 27.

5/17.

2/14.

6X, the company is the second-largest maker of domestic offshore wind power in terms of new order capacity in 2019. It has a very certain performance growth and maintains 13.

33-15.

The estimated range of 77 yuan maintains the “overweight” level.

Comment: The sale of 85% stakes in 4 wind farms will increase performance by more than 113% in the first quarter of 2020.

On December 25, 2019, the company signed four equity transfer agreements with counterparties Fengyuan Green Energy and Runhe Venture Capital to sell 85% of the equity of the wholly-owned subsidiaries of four wind power projects in Daqing City.In 2020, the company announced a profit of 52 million yuan before tax. The company announced that Daqing Zhongrui had a discount of 2,751 on an 85% equity transaction.

The reason for the 50,000 yuan is the 220KV booster stations (original value of 3,504) for the four projects.

630,000 yuan) and transmission and transformation project (origin value 4,044.

220,000 yuan) of investment, are included in the book value of assets of Daqing Zhongruihao Company, and the income generated by these assets belongs to the four-phase project, so there is a discount situation in Daqing Zhongruihao, and the premium of other three-phase projects is divided byIn addition to the normal investment premium, the value generated by the above-mentioned supporting facilities included in Daqing Zhongrui is also included.

The company’s continued holding of 15% of the equity of the target company is due to the transferee’s “state-owned mixed capital reform” requirement as a substitute condition for the transaction, and the company’s continued holding of 15% of the equity will not have a significant adverse effect.

In 2020, the first-quarter results of the booming tide are expected to increase by about 400%, and the company expects wind turbine sales to be about 2 in 2019.

About 5GW, due to strong demand for rush installation in 2020, it is expected that the external sales capacity will double to 5GW, of which 4GW is onshore sales and 1GW is offshore sales.

As of the end of the third quarter of 2019, the company had a total of 12 orders for hand fans.

56GW, of which 8GW are pending orders, and 4 unsigned contract orders were won.

56GW.

Thanks to the high prosperity of the wind turbine market, the company is expected to achieve sales of wind turbines of about 700-800MW in the first quarter of 2020, and its operating income will increase by about 70% to 29.

9 trillion, net profit attributable to mothers increased by 301% annually to 1.
.

5.6 billion.

Investment suggestion: huge orders are in hand, and the high growth performance in 2020 is highly certain. The issuing company that maintains the increase in holdings transfers to four wind directions and realizes a pre-tax profit of 52 million yuan, making the high growth performance of the first quarter of 2020 more certain.

In the 2020-2021 boom, the company will show better development momentum in the next 2-3 years.
Risk Warning: The company’s first sale restriction 6.
4.9 billion shares are expected on January 23, 2020, which may put pressure on expectations.

Maintain the United Nations profit 杭州夜网 forecast. It is expected that net profit attributable to mothers will be 19-21.

31/10.

12/11.

9.2 billion, corresponding to 0 EPS.

45/0.

73/0.

86 yuan, corresponding to the current total PE is 27.

5/17.

2/14.

6X, the company is the second-largest maker of domestic offshore wind power in terms of new order capacity in 2019. It has a very certain performance growth and maintains 13.

33-15.

The estimated range of 77 yuan maintains the “overweight” level.

Risk Warning: The company’s first sale restriction 6.

4.9 billion shares are expected on January 23, 2020, which may put pressure on expectations; future offshore wind subsidy policies may exceed expectations.

The social security fund entered 36 new stocks in the second quarter, and the top 10 stocks were 8 for large consumption.

The social security fund entered 36 new stocks in the second quarter, and the top 10 stocks were 8 for large consumption.
Original title: “Stock Market Sharpshooter” laid out some companies?  As of August 20, a total of 953 stock dividends were disclosed in the semi-annual report. The social security fund appeared in the top 10 tradable shareholders of 169 stocks, holding a total of 26 shares.500 million shares, holding a market value of 459.800 million yuan.  The semi-annual report reveals that it has entered the final sprint stage, and the institutional holdings have gradually surfaced. Among them, the layout of the social security fund known as the “shooter of the stock market” has received particular attention.  As of now, 953 listed companies have submitted their “transcripts” for the first half of the year, and social security funds have appeared in the top ten circulating shareholders of 169 companies, of which 36 are new.  In the second quarter, 36 new stocks were added. From the perspective of the industry holding the warehouse (according to the Shenwan third-level industry), the top three are biological products, food comprehensive and feed, with market value of 6.5 billion and 23 respectively.200 million and 19.200 million yuan.  Of the top ten stocks in the social security warehouse, except for Beijing Construction Materials and Huada, the remaining eight are from the large consumer sector.At present, the highest holding stock market value is Changchun High-tech. At the end of the second quarter, the Social Security Fund held 981.910,000 shares, with a market value of 33.2 ppm, of which the social security 416 combination Masukura 16 in the second quarter.630,000 shares to 157.40,000 shares, ranking the seventh largest shareholder in circulation.The Social Security Group 118, 101 Group and 114 Group were ranked third, fourth and ninth largest shareholders of circulation.  The confidence of the social security fund to increase its position comes from the performance of Changchun High-tech.Based on its latest disclosed first half of 2019 results, the company achieved revenue of 33.USD 9.2 billion, an annual increase of 23.36%, net profit 7.2.7 billion, an annual increase of 32.60%.From January to June, the company’s pharmaceutical industry contributed revenue 28.3.8 billion, accounting for 83 revenue.7%.Among them, biopharmaceutical products achieved revenue of 25.47ppm, gross profit margin reached 92.54% is the main contribution segment of Changchun Hi-tech’s revenue in the first half of the year.  Shuanghui Development is also one of the key stocks of the social security fund in the first half of the year. At the end of June, the social security fund held a total of 6680 in Shuanghui Development.140,000 shares, with a total market value of 16.600 million yuan.Among them, the basic endowment insurance fund 802 portfolio and the social security fund 113 portfolio were newly introduced in the second quarter, and they were newly introduced 1221.70 thousand shares and 1112.50,000 shares.At present, a total of 4 social security funds are gathered in the development of Shuanghui, accounting for 2 of its outstanding shares.02%.  The stock with the highest proportion of social security funds in circulation is Wowu Bio.At present, the combination of social security 112, 115 and 406 and the basic pension insurance fund 805 combination holds a total of 4,722.90,000 shares with a market value of 16.2 billion yuan, accounting for 10 of its outstanding shares.33% is the only stock with a social security fund accounting for more than double digits.  At present, there are 18 companies with social security funds holding more than 5% of tradable shares.  There are 36 stocks, which are new in the second quarter of this year.Ping An Bank is one of them.The 104 portfolio of social security funds bought 5516 in a big way.With 940,000 shares of Ping An Bank, the stock market value was about 7 at the end of the second quarter.About 6 billion.Ping An Bank performed well in the secondary market this year, starting from 9.It started near 2 yuan and rose all the way to a maximum of 15.22 yuan, an increase of 62% during the year. If the social security fund does not reduce its holdings, the value of the stock market will further expand in the third quarter.  In the first half of this year, Ping An Bank’s revenue reached 678.2.9 billion yuan, an annual increase of 18.5%; net profit 154.03 trillion, an increase of 15 a year.2%.  Social security average investment income 7.82% of the 35 stocks whose stocks were damaged in the second quarter were underweighted by social security funds. Sunshine Power, Yueda Investment, and Shengyi Technology were all coupled with their underweight reductions. The number of overweighted stocks exceeded 17 million.In the second quarter, the social security fund 420 portfolio reduced its holding of Sunshine Power 421.20,000 shares, the latest holding 1732.90,000 shares, the social security portfolio is only new to Sunshine Power in the first quarter of this year; the pension fund 1206 portfolio and the social security 118 portfolio are directly out of the top ten circulation shareholders.  The reason for being “abandoned” is related to poor performance.Sunlight Power’s semi-annual report for 2019 shows that it has achieved a total operating income of 44.6.2 billion, an annual increase of 14.56%; Net profit attributable to shareholders of listed companies.3.3 billion, down 13 each year.15%; Net profit attributable to shareholders of listed companies after the replacement of non-recurring gains and losses.8.6 billion, a decline of 15 per year.53%.  Yueda Investment’s semi-annual report shows that in the first half of 2019, it achieved total operating revenue of 1.3 billion, an increase of 29% year-on-year.5%; net profit attributable to mothers was 20,000 yuan, a year-on-year increase of 102.7%; budget revenue is 0.24 yuan.On the surface, its performance in the first half of the year is remarkable, but careful analysis is not enough. Reports are in series, and the impact of non-recurring gains and losses on the company’s performance, totaling 3.US $ 300 million, of which the change in gains or losses or investment income from holding financial assets held for trading is 2.400 million yuan.The implied non-recurring profit or loss after returning to the mother’s net profit is -1.300 million, down 304 every year.7%.At the same time, investment income has increased by 172 per year.1%, boosting performance growth.  Therefore, the social 西安耍耍网 security fund 103 portfolio in the second quarter significantly reduced its holdings of Yueda’s investment of 20 million shares, the latest shareholding was 999.60,000 shares, 66% reduction.7%; The 903 portfolio of budget pension insurance funds directly withdrew from the top ten circulating shareholders.  ”The social security fund generally recognizes the magnitude of the company and prefers blue chips.For stocks that continue to grow, they will choose to “abandon.”In the first few months of this year, the leading stocks in the food, beverage, liquor, finance and other industries hit a record high, with social security funds stationed in them.On the whole, consumer stocks are still the companies with the most stable performance growth in upstream industries, and their performance growth levels and cyclical stocks have been very stable.Whitehorse’s long-term allocation logic will not change.”A person in charge of a private equity fund in Guangdong told a 21st Century Business Herald reporter.  The Social Security Fund has always been the “shooter” of A shares. The “transcript” recently submitted by the National Social Security Fund Index (hereinafter referred to as the “Social Security Foundation”) shows that at the end of 2018, the Social Security FundAnd local entrusted funds) The asset scale exceeds 2.235 trillion yuan, the average annual investment income since the establishment of the Social Security Fund increased by 7.82%, the cumulative investment income has reached 955.2 billion yuan.  This week, the National Social Security Fund Index released the “2018 National Social Security Fund Index Basic Pension Insurance Fund Trusted Management Annual Report”. In 2018, the basic pension insurance fund equity investment income was 98.6.4 billion yuan, with an investment yield of 2.56%.Among them, the realized amount of income was 145.2.7 billion yuan (realized yield of 3.81%), the change in fair value of transaction assets was -46.6.3 billion yuan.Since the basic pension insurance fund was commissioned in December 2016, the accumulated investment income has reached 186.8.3 billion yuan.  In comparison, the Shanghai Composite Index fell by 10 in 2018.61%, Shen Chengzhi fell by 20.45%, the ChiNext fell nearly 30%.  The intellectual property rights of the content published in the 21st Century Business Herald and its clients belong to the Guangdong 21st Century Global Economic News.No one may use it in any way without written authorization.Click here for details or to obtain authorization information.

Guangri Co., Ltd. (600894): Performance maintained rapid growth, cash flow improved significantly

Guangri Co., Ltd. (600894): Performance maintained rapid growth, cash flow improved significantly

Event: The company recently released its January-September 2019 results: January-September 2019 operating income was 45.

26 ppm, an increase of 11 years.

92%, net profit attributable to shareholders of listed companies.

61 trillion, an increase of 38 over the same period last year.

85%.

3.
Net profit attributable to shareholders of listed companies.

40,000 yuan, an increase of 63 in ten years.

7%.

Comments: Hitachi ‘s contribution to investment income contributed to the company ‘s significant improvement in cash flow: The company’s main business is elevator sales and maintenance of elevators, elevator components, etc. According to business classification, in 2018, operating income of elevator components, elevators, and intelligent manufacturing equipment,LED, logistics, packaging, installation and maintenance accounted for 44 respectively.

51%, 28.

69%, 1.

83%, 142%, 8.

83%, 6.

52%, 6.

1%.

The increase in revenue was mainly due to the increase in production and sales over the same period of the previous year. The rapid growth in the profit side was mainly due to the increase in investment income brought by Hitachi. From January to September 2019, the investment income reached 3.

250 thousand yuan, investment income from January to September 2018 is completely 1.

690,000 yuan, an annual increase of 92.

3%, mainly due to the improvement of Hitachi’s operating conditions, and the head office from January to September 2019 to achieve revenue 45.

2.6 billion (+11.

92%), with a gross profit margin of 13.

81%, a year increase of 0.

06 points.

From the perspective of expenses, the management expenses, sales expenses, financial expenses and R & D expenses are 2 respectively.

9 (+0.

55%), 1.

23 (+5.

4%), -0.

16.1.

72 (+22.

2%).

From the balance sheet perspective, the company’s inventory from January to September 2019 was 9.

50,000 yuan, an increase of 9% in ten years, and the advance receipt is 6.

71 ppm, an increase of 13 in ten years.

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

83%, still reflects the company’s order situation is good.

From the perspective of cash flow, the net cash flow from operating activities reached 1.
380,000 yuan, an annual increase of 529.
66%.

As competition intensifies, it will further seize market share: January 9, 2019, the country will gradually increase elevator output growth by 15%.

8%, but at the same time the price of steel is still higher than in previous years. Through price competition, market expansion has begun to seize the low-end market, which has increasingly squeezed the living space of second- and third-tier elevator brands. The entire elevator market is facingWith hindered operating pressure, the company has better capital strength and is expected to further seize market share. According to a grassroots survey, the company’s prices have basically remained stable this year.

The rest of the business maintained stable development: The company has carried out a certain diversified layout. We expect that the main main businesses are expected to grow rapidly, and Songxing Electric is expected to grow rapidly.

1. Songxing Electric has made certain achievements in cross-industry layout this year, mainly due to some intelligent detection equipment for high-speed rail. 南宁桑拿 The undercarriage detection robot system of the EMU developed by the holding subsidiary Songxing Electric passed China in March this year.Final technical evaluation of the railway corporation.

In September 2019, Songxing Electric and Hong Kong Railway (MTR) co-developed an intelligent axle detection system and an intelligent relay detection system. In February 2019, the first vehicle bottom inspection robot has been delivered.

2. LED business: to maintain steady development, the company is more cautious about the actual qualifications and collection requirements.

3. Three-dimensional garage: The company has outstanding technical advantages. Since this year, the company has obtained multi-dimensional warehouse projects including Guiyang, Guangzhou and other places.

4. The maintenance business will have a rapid growth in recent years, and maintenance services are better and more profitable.

Profitability forecast and estimation.

We estimate that the company’s net profit attributable to shareholders of the parent company will be 4 in 19-21.

77, 6.

67, 7.

900 million, EPS is 0.

55, 0.

78, 0.

92, corresponding to an estimated 15, 11, 9 times, and maintain an overweight rating.

Risk Warning: Downstream Completion Ends Less Than Expected; Industry Price Wars Intensify

AVIC Capital (600705): Stable growth of military financial control trust securities will welcome improvement

AVIC Capital (600705): Stable growth of military financial control trust securities will welcome improvement

Event: AVIC Capital released the 2018 annual report on March 14, 2019.

The company’s total operating income in 2018 was 13.9 billion (YoY + 27%), and its net profit attributable to its mother was 3.2 billion (YoY + 14%).

We believe that the company’s important marginal changes are: (1) the performance of trust subsidiaries and securities subsidiaries will usher in significant opportunities for marginal improvement; (2) deepen the integration of military and civilians, and enjoy the dividends of mixed military and industrial reform.

Leasing, bright financial results, trust securities will welcome improvement.

In 2018, the leasing and financial subsidiaries respectively achieved revenue growth of 29% and 48%. The business will be further developed after the lease capital increase of 5 billion.

As the scale of trust loans and securities trading volumes pick up, trust and securities subsidiaries strive to meet major marginal improvements.

(1) AVIC Leasing: Capital increase guarantees steady revenue growth.

AVIC Leasing achieved operating income of 7.2 billion (YoY + 29%) in 2018, accounting for 52% of total operating income.

As a group-owned leasing company with an aviation industry background, in 2018 aircraft and ship leasing increased and the leasing scale increased by 75% to 79.7 billion.

AVIC Leasing received a 50 trillion capital increase, and the expansion of capital can meet the demand for steady growth in future revenue.

(2) AVIC Trust: Actively develop proactive management.

In 2019, the trust industry has ushered in major marginal improvements. In January, trust loans changed from negative to positive, and the pace of passive business dechannelization has improved, and the trend of marginal relaxation of regulatory policies is obvious.

In 2018, AVIC Trust achieved operating income of 3 billion (YoY + 9%), accounting for 22% of total operating income.

At the end of the year, the assets under trust management reached 632.7 billion (YoY-4%), which was higher than the industry level (YoY-14%).

The initiative management ability is better, the scale of collective trust accounts for 58%佛山桑拿网, and 24% of the funds are invested in industry.

The company subscribed to Guangfa Bank for 5.3 billion shares3.

88% of the equity, making full use of the development of the bank’s private customers, triggering the participation will further promote the transformation of AVIC Trust to wealth management, thereby deepening the company’s financial business layout.

(3) AVIC Securities: The self-employment of asset management has grown significantly, raising funds to enhance its strength.

Affected by the market downturn, the operating income of AVIC Securities in 20188.

500 million (YoY-12%), accounting for 6% of total operating income.

Among them, asset management and self-employed businesses performed well, with revenues rising 103% and 92% respectively.

At the beginning of 2019, the trading volume of the stock market has clearly rebounded, and the operating environment of the brokerage firm has ushered in a marginal improvement. AVIC Securities has received US $ 3 billion in value-added funds in 2018. It is expected to make more breakthroughs in the treasury business, thereby maximizing the profit growth rate.value.

(4) AVIC Finance: Steady profit growth.

In 2018, AVIC’s financial operating income was 2.3 billion (YoY + 48%), accounting for 17% of total operating income, and the amount of loans granted reached 26 billion (YoY + 13%).

AVIC Finance mainly provides diversified financial services such as financial management for group member units. This business model guarantees stable profit growth.

The military-civilian integration fund was launched, and the industry-financing capacity continued to improve.

On September 18, 2018, AVIC Capital and China Electronics Technology Investment and other four companies jointly initiated the establishment of Huihua Fund Management Co., Ltd.

AVIC Capital contributed 60 million yuan and the equity ratio was 51.

28%.

The company actively implements the national military-civilian integration strategy, realizes the development of financial business around the aviation industry industrial chain, uses financial capital to help the defense technology industry, promotes production, and integrates production and finance to achieve a win-win situation for both finance and industry.

The increase in fund management fee income will bring considerable profits to the company, assuming that the management fee range is 0.

5% -1%, the first batch of funds is 50 billion, it is expected to bring 2 to the company in the early stage.

5-5 billion US dollars in management fee income, future follow-up investment income can be expected and project and customer resources can be obtained.

AVIC Investment Strategic Investor Dating Completed.

In November 2018, AVIC, a wholly-owned subsidiary of the company, added US $ 100 million in value, including six strategic investors within China Life Insurance Co., Ltd., and its registered capital increased to 121.

900 million.

The strength of AVIC’s investment funds has been further strengthened, laying a good foundation for the company’s long-term rapid development and better exerting the overall synergy effect.

Investment recommendation: Buy-A investment rating, 6-month target price of 7.53 yuan.

We expect the company’s EPS for 2019-2021 to be 0.

5 yuan, 0.

7 yuan, 0.

89 yuan.

Risk Warning: Macroeconomic Downside Risk / Operational Risk / Policy Risk

Top Group (601689): Substitute the performance of the auto market under short-term pressure optimistic about the company’s long-term growth

Top Group (601689): Substitute the performance of the auto market under short-term pressure optimistic about the company’s long-term growth

Event: The company released its semi-annual report for 2019. The report merged and the company realized operating income24.

3.8 billion, down 20 every year.

70%; net profit attributable to mother 2.

11 trillion, down 51 a year.

76%.

Downstream demand is sluggish and overlapping depreciation impacts the company’s performance under 苏州桑拿网 short-term pressure.

In the reporting year, the decrease in the company’s revenue and profits was mainly due to the decline in downstream demand: in the first half of 2019, the wholesale sales volume of local passenger cars was 993.

240,000 vehicles, down 14 every year.

02%; of which the company’s main customer Geely sold 65.

170,000 vehicles, down 14 each year.

99%; SAIC-GM sales of 83.

410,000 vehicles, a decrease of 12 every year.

89%.

In addition, the company’s houses and buildings were transformed in the first half of the year6.

8.9 billion, machinery and equipment transferred to solid + purchase a total of 1.

95 ppm, leading the company to report depreciation suppression.

Gross margin inflation, and the expense ratio increased slightly.

In the total number of reports, the company’s comprehensive gross margin is 26.

03%, 1 less than the previous year.

96 single, the preliminary estimate of the decline in gross profit margin is a decline in downstream demand + increase in depreciation.

In terms of business, the gross profit margin of shock absorbers was 31.

22%, down 3.

51 units; gross profit margin for interior features 19.
.

94%, a decrease of 2.

64 units; gross profit margin of the chassis system 16.

58%, down 4.

54 units; gross profit margin of intelligent braking system 32.

09%, down 7.

20 units.

In terms of expenses, the company’s fee during the 2019H1 period is fifteen.

79%, an increase of 3 over the previous year.

21 units, of which management costs increase every year due to increased depreciation.

60%; R & D expenses increase due to the company’s increasing R & D investment9.

50%.

Lightweight layout and automotive electronics open up the company’s long-term growth space.

On the basis of traditional shock absorption and interior business, the company vigorously lays out lightweight and automotive electronics businesses.

Among them, the lightweight business has opened up customers such as Geely, BYD, Volvo and Tesla and continues to contribute revenue, conversion, and transformation into the advancement of Tesla’s domestic projects in an attempt to bring new performance growth to the company;The company’s electronic vacuum pump has been developed to the third generation of products, and the research and development of IBS products has also been continuously promoted, optimistic about the long-term development of the company’s automotive electronics business.
Earnings forecast and rating: Due to the sluggish demand in the passenger car market and the company’s depreciation pressure gap, we revise down the company’s earnings forecast.
It is expected that the company’s net profit attributable to the parent in 2019-2021 will be 5 respectively.

01 厦门夜网 billion, 6.

45 billion, 7.

8.6 billion, EPS is 0.

47 yuan, 0.

61 yuan, 0.

74 yuan, the price-earnings ratio is 23.

51 times, 18.

26 times, 14.

98 times, maintaining the “overweight” rating.

Risk Warning: The sales volume of supporting customers is less than expected, and the progress of new projects is less than expected