I really went back to before liberation!.

However, what everyone didn’t expect was,Keiko’s wanton celebration caused Qiao Tianyu to laugh on his back,Everyone is creepy,Even Keiko stopped celebrating,Looking at Qiao Tianyu with a dazed expression。
“Hey,My dear nephew,Are you mad??”Keiko cat crying mouse fake mercy,Falsely hushing cold and asking for warmth。
“Is not,Haha,Aunt,Haha,You make me laugh for a while.”Qiao Tianyu kept smiling,Tears are all laughing。
“broken,Stupid stupid,The successor of Lao Qiao’s family was stupid by me,What a pity.”
Keiko said and glanced at Qiao Dahua,Geodahua quickly lowered his head。
“This wimp!I’m afraid of my wife,I am ashamed to claim to be the head of the Qiao family!”Everyone present began to look down on the Qiao family boss。
Regardless of whether Qiao Tianyu is a complete failure,Just say that Qiao Tianyu did it for Qiao’s family,For the entire Fuxing Club and the four major families,Exhausted,Busy all day long。
But you Geodahua,But help outsiders deal with their own people,Digging a hole to frame the Fuxing Society and the four big families,Your conscience is eaten by dogs,Is that woman so you can’t let go??Bastard fucking stuff!
Qiao Tianyu seems to have been clicked by someone,Haha laughing endlessly,I couldn’t stand up straight with tears,But everyone present looked uncomfortable,Even the always expressionless John began to sympathize with Qiao Tianyu。
indeed,The rise and fall of the huge Fuxing Society and the revitalization hope of the four major families,All on a young man in his twenties,And suffer betrayal and troubles from my family,Qiao Tianyu did take on too many things and important responsibilities that did not belong to his age!
Qiao Tianyu bent over and tried to suppress“Laughter”,It took a long time to stop the laughter gradually。
But when Qiao Tianyu straightened up again and looked there“Head of all evil”Keiko,But suddenly put on a murderous expression,It’s a different safety from the previous Qiao Tianyu,Keiko suddenly took two steps back。
“you.What do you want to do?”Keiko was frightened by Qiao Tianyu。
“Dear aunt,I laugh at you!”Qiao Tianyu wiped the tears from the corners of his eyes with his hands。
“You said it yourself just now,If Arrow Sakura wants to earn that7644The premise of billion dollars isOPECChange the direction of policy,Then you said Prince Shahid listened to you,Still listen to me?Call without me,Prince Shahid will makeOPECChange the direction of policy??”
“Haha,Qiao Tianyu,So you are laughing at this!”

Chen Geng smiled:“Thank me?I haven’t said the most important thing yet。”

“The most important thing is not said yet?”
“Yes,”Chen Geng said:“Don’t you realize,China can even take advantage of this cooperation opportunity,Realize a certain industry、At least it is also the technology upgrade and iteration of some companies?”
Like a flash of lightning across my heart,Ding Haijun was stupid on the spot:original……Is this the most important meaning of this project??
next moment,He nodded heavily in his heart:Yes,This is the most important meaning of this project。
First178chapter Deep participation
“Some of our comrades,Thoughts still stay at the level of the previous class struggle,For a job,They are not considering whether they can contribute to economic development、Raise the income level of the people,But to consider some messy things,Go online at every turn!”
At a high-level meeting,The elderly to the country andDSome irregularities within were criticized anonymously,He even quoted a passage that Chen Geng and Ding Haijun once said when chatting:“Our little friend Chen said,Is it necessary to do something,Don’t look at those messy things,Can be simpler,Depends on it helps liberate productivity、Conducive to strengthening the country’s comprehensive national strength、Conducive to improving the living standards of the people,As long as it meets this‘Three good’,This thing can be done,on the contrary,Then can’t do it。
That’s good,Although simple,Can be profound。I think the child Chen is humble,Not in line with this‘Three good’Can do,But as long as it meets this‘Three good’,We have to do!do not forget,We are a country where the people are the masters,weDWhat is the purpose of?Is to serve the people wholeheartedly!
How can we serve the people well?What kind of party can be regarded as a party that satisfies the people?Of course it can make the people live well、Better party of life。
Even children like Chen Geng who live in capitalist countries know the truth,Wouldn’t our own comrades think?I see,Some comrades are not unexpected,But the brain has not been converted,Haven’t soberly realized,Class struggle is a thing of the past,The main contradiction in our country is not class struggle,It is the contradiction between the growing material and cultural needs of the people and the backward social production,Comrades must correct their attitude、Change ideas,Put energy into new work……”
The old people’s respect for Chen Geng、In other words, it’s obvious!
After this meeting,Chen Geng is completely hung up on it,Although everyone remembered Chen Geng before this,But this time is obviously different,Chen Geng is no longer“Wealthy patriotic Chinese overseas Chinese”,But upgrade to“Patriotic Chinese and overseas Chinese that the elderly have been paying close attention to”,Although it seems that the difference is not great,But the actual difference is big。
Chen Geng did not know that his status in the country and the treatment he enjoyed had been upgraded to“An old friend of the Chinese people”the height of,Chen is watching closely now“family”——Yes,After intensive testing and preparation,“family”Going to market soon。
For Chrysler Automobiles, which is on the verge of bankruptcy and liquidation,“family”This model is really important,“family”Not even just a strategic model of Chrysler,It is also the key to whether Chrysler can turn losses into profits,to make sure“family”Can hit it off、Reversing the severe financial situation facing Chrysler,Lee·Iacocca even specially invited Chen Geng over,Let Chen Geng participate“family”In the publicity and promotion seminar before the listing。
After seated,Chen Geng didn’t talk to Li·Alacocca is polite,The good and bad selling of this model,Directly related to your own income,He directly addressed Li·Iacocca asked:“Mr. Iacocca,Dear sirs,You are sure‘family’Is there any market terminal guidance price??”
Lee·Iacocca glanced at everyone,To Chen Geng:“What everyone mean,Is to increase the price1000USD。”

Dragon Ball Plane,Little Goku who was eating was the first to speak after hearing the new group members join,By the way to promote your own dragon ball,I can only say that after entering the chat group,Little Wukong also learned to do business。

“welcome green hands,If you don’t understand, see the chat group introduction,You can find me if you want to know the future。”
Li Qiuxian said he entered the group of two tragic characters,I have a few more ideas to conceive。
“All heavens?Chat group?”
Plane of Jade,Qingyunmen,Otake Peak,Back mountain,Zhang Xiaofan stopped cutting bamboo,Curiously looking at the screen in front of you,Dumbfounded after receiving the chat group message。
Fox Demon Plane,Royal family,King Power stopped practicing sword,Standing in place receiving the introduction of the chat group,Especially the future that the group owner said made him very curious,As the creator of the mask organization,He is full of curiosity about the outside world,If the chat group is real,He also wants to know whether his future self has solved the mystery outside the circle。
“Lord,I want to know my future。”
King power hegemony for a long time,Asked。
“Ding,Group owner uploaded《Zhu Xian》、《Fox Fairy Little Matchmaker》To group video。”
After Li Qiuxian uploaded the future of the two,So he set his sights on the plane of the fox demon,So-called out of circle,He is also curious,Subsequently,After perceiving the familiar breath of evil spirits and monsters,Know the so-called outsiders,It’s because a drop of the evil god’s blood falls on the plane of the fox demon,Attracted a large number of monsters,and so,The original evil god must protect himself in the chaos,Carelessly,It is possible to destroy a world。
chapter eight Blood of Cthulhu
“The fox demon plane is a small world,Tier 3 is already the top,The current kingship hegemony has a level of strength,Outside the circle is mostly second-order existence,There are also a few monsters of Tier 3,In the chat group,Ying Zheng is now second-order,Zhang Sanfeng also reached the second order,The fifth stage of the Snow Emperor,It seems that only the Snow Emperor can do it。”
Li Qiuxian silently calculated the strength of several people in the chat group,Without taking action,I can only let the Xuehuang take action,And the fox demon plane has been occupied by monsters most of the land,Facing the Snow Emperor to help his existence,Shouldn’t stop her from entering her world。
“Is it so dangerous outside the circle??Little sister,everyone。”
The kingship hegemony stays in place,After seeing that the mask organization is almost destroyed, it is no longer watching the future,I also have an understanding of the outside world that the elders are so taboo。
“King Power,Do you know how outside the circle formed?@Snow King,I’m afraid to solve the circle outside the fox demon plane,I need you to do it once。”
“Lord,How did the outside world of the hegemony world form??”

After talking, he shook his head,Continue speaking contemptuously:“It seems,We can’t get along with the rich,Why don’t you come to our department‘Aura’Smarter person?”

Li Shujun said:“Our department does not have,Doesn’t mean we won’t go to other departments。”
Zhou Qingqing said again:“Hey,Don’t you say,The more inconspicuous the person, the more not to be underestimated,Maybe it’s just pretending to be humble!”
Li Shujun stunned,Recognition road:“Maybe that’s the case,Makes sense。”
Zhou Qingqing concluded:“Let’s observe first。”
Li Shujun seemed a little disappointed to sigh the conclusion of his own judgment:“I think Xie Xiaomei and Ye Xingkong,Two humble people,Why is it not connected with the children of senior management?。”
Zhou Qingqing continues to stick to her point of view,Said:“Not afraid of ten thousand,Just in case,People can’t look。”
Li Shujun said:“I hope one of them is from the senior management’s child。”
Zhou Qingqing said:“Ok,Hope,Let us feel extravagant。”
Two people talk strangely,Emoji too“cream of the crop”。
Ye Xingkong’s success in entering the workplace,It’s just a case,In the workplace, not everyone is easy to see each other as an enemy,Ye Xingkong who can’t speak at least,Will not pose a threat to the promotion and future of other employees,There is no conflict of interest,So let other employees relax their vigilance。
after get off work,Li De opened on time.Car to pick up Ye Xingkong。
Try to ensure the convenience of Ye Xingkong commuting to and from get off work,This is Chen Limu’s special care for Ye Xingkong。
After Li De received Ye Xingkong,And didn’t go back to the Mid-Levels apartment,But drove him to the training ground,Ask the coach to teach him to train。

Wanhua Chemical (600309) follow-up comments: MDI price increases continue to catalyze leading technology, parks, and integration advantages have long-term benefits

Wanhua Chemical (600309) follow-up comments: MDI price increases continue to catalyze leading technology, parks, and integration advantages have long-term benefits

Event: The company issued an announcement. Starting in April, the listed MDI distribution market price in China was 17,800 yuan / ton (up 2600 yuan / ton from March prices), and the direct market price was 18,300 yuan / ton (up 2800 yuan from March prices/ Ton) / ton); pure MDI listing price of 26,200 yuan / ton (up from 1,500 yuan / ton in March).

  Main points: 1.

MDI raised prices again, Q2 overhaul and Q3 peak season, the price is expected to be strong. Following February 3, 2019, the company’s aggregated MDI distribution market in China increased by 700 夜来香体验网 and 2,000 yuan / ton, respectively, and rose by 2600 yuan / ton in April.To 17,800 yuan / ton, the listing price of the direct selling market increased by 2,800 yuan / ton to 18,300 yuan / ton, and the pure MDI listing price was increased by 1,000, 1,500 yuan / ton to 26,200 yuan / ton from March to April.

  We analyze the main reasons for this round of MDI growth: (1) Maintenance adjustments in the second quarter.

According to statistics, Shanghai Lianheng Phase I 35 forecast, maintenance from May 10 to June 3; Phase II 24 forecast, April 10 to June 3 maintenance; Shanghai Covestro 50 is expected to overhaul for 5 months; EastCao Ruian 8 inserts the rectified fraction for maintenance from April 1 to April 21; Tosoh Japan 40 is expected to have 25 days for maintenance in 5 months.

(2) For the oligopoly market, manufacturers have strong bargaining power, and some manufacturers have limited supply and started to raise prices.

Beginning in August 2016, MDI started a rapid growth market. Due to the decrease in the previous period, the MDI price has continued to adjust since 2018, with a decline of more than 50%.

Beginning in February 2019, major manufacturers began to raise prices.

Huntsman and others first announced the April price increase, Wanhua, and BASF subsequently announced price increases.

(3) The third quarter is expected to be the peak season, and refrigerators and real estate post-cycle support demand.

  Judgment for the later market: (1) the industry utilization rate increased from 54% at the beginning to 70% last week. Overhaul seasons are expected to be strong. Q2-Q3 prices are expected to be strong. (2) The current prices are comfortable and the profitability of production companies is good.The importance of oligarchs and their ability to accept downstream, not the cost of aniline.

(3) After experiencing the unilateral price trend since 2018, although the adjustment time is not long enough, the lowest price level has been touched in 2015. Considering the price increase effect of inventory buying, it is expected that this round of aggregate MDI price rebound will push to reachAbove 2 million / ton.

  The company’s current MDI production capacity of 210 emissions, the world’s first, Yantai Industrial Park plans to add 50 tons / year, Ningbo Industrial Park plans to add 30 tons / year, and plans to invest in the United States to build 40 tons / year, the polyurethane leading layer is stable.


Strong self-hematopoiesis ability, obvious advantages in technology, park and integration. The company has strong self-hematopoiesis ability. From 2015 to the third quarter of 2018, it transformed into long-term asset expansion 223.

400 million, among the best in the industry.

July / year PC (commissioned in January 2018), 30 digits / year TDI (December 2018), May / year MMA (commissioned in January 2019), August / year PMMA (2019) January(Commissioned) began to be completed and put into operation in 2018.

PC Phase II 13 budget / year is expected to start production in 2019.

At the same time, the company steadily promotes a 100-ton / year large ethylene project, supporting 15 tons of EO, 45 tons of LLDPE, 30/65 tons of PO / SM, 5 tons of butadiene, and 40 tons of PVC.

The company further extended from the C3 / C4 industrial chain in the first phase of the Octagon Industrial Park to the C2 industrial chain in the second phase.

The company’s industrial chain layout is expected to lead the second growth, and the long-term allocation value is prominent.


Earnings forecast and rating We estimate that the company’s net profit attributable to its parent for 2019-2020 will be 114.

1.1 billion, 136.

4.1 billion yuan, corresponding to 3 EPS.

63 yuan, 4.

34 yuan, PE 12.

5 times, 10 times.

5 times.

As the recent increase in MDI prices has catalyzed the rapid and rapid growth of the company, the market is worried about adjustments considering the scale of transactions and the continued and continuous growth of MDI.

We believe that the company has strong self-hematopoiesis capabilities, obvious advantages in technology, parks and integration. The industrial chain layout leads the second growth, and the future growth space is large. The long-term configuration value of high-quality leaders with overlapping short-term price increases is prominent, and we maintain a “Buy” rating.

  Risk warning: Product prices fluctuate sharply, and the progress of projects under construction is less than expected.

[Can chrysanthemum and honey make tea together]_Bee sugar_Benefits

Chiseled gong, gong, bomb, slab, tentative, preliminary, strong, and powerful, ready for Chinese, Chinese, Chinese, Chinese, Korean, Chinese, Chinese, Korean, Chinese, Korean, Chinese, Korean, Asian, Chinese, Korean, Asian, Chinese緢阅嶈镄勫吇鐢熼鍝侊纴钖堢悊椋熺敤铚傝湝锛屽彲浠ヨ濂崇敓寤剁紦琛拌€侊紝姘搁┗闈掓槬銆備絾鏄鏋滀娇鐢ㄤ笉褰擄紝浼氶€犳垚韬綋鐤剧梾锛岀敋鑷崇毊鑲よ“鑰併€傞偅涔堬紝鑿婅姳鍜岃渹铚滃彲浠ュ悓鏃舵湇鐢ㄥ悧锛熸湁鍝簺闇€瑕佹敞鎰忕殑浜嬮」鍛紵涓€銆佹场娉曟潗鏂欙細鑿婅姳8鏈点€侀€傞噺铚傝湝锛涜渹铚滆強鑺辫尪铚傝湝鑿婅姳鑼舵场娉曪細鐢ㄥ紑姘村皢鑿婅姳鍐叉场寮€锛岀瓑鑼舵按娓╀笅闄嶅彉娓╀箣鍚庡啀鍔犲叆铚傝湝锛岃皟鍖€鍗冲彲楗敤锛涘姛鏁堬細娓呯儹鍘荤伀銆佹竻鑲濇槑鐩€侀檷铏氱伀銆佹鼎鑲犳鐕ャ€侀槻娌讳究绉樼瓑鍔熸晥銆傛敞鎰忎簨椤?娉¤渹铚滆強鑺辫尪鏃舵渶濂界瓑鑼跺噳涓€浜涘啀鍔犺渹铚滐紝浠ュ厤鐮村潖铚傝湝鐨勮惀鍏绘垚鍒嗭紝寮€姘Storing the chisel, the gong, the gong, the gong, the gull, the gull, the grub, the grub, the grub, the grub, the grub, the grub, the grub, the grub, the grub, the grub, the grub, the grub, the grub, the grub铚滅殑钀ュ吇涓嶄細娴佸け銆備簩銆佸埗浣滄柟娉曢厤鏂癸細铚傝湝500鍏嬨€侀矞鑿婅姳鐡?000鍏嬨€?銆 丸 椴 椴 滆 强 铺 铚 尚 鏹 g 儌 姽 姞 姘 姘 厧 鎬 焬 Kun Hao 濂 抂 銆?銆 乛 缛 缁  觱 娆 $ 瓑 Read the 堙 栵 纴 婊 ら 嫎 嬫 嬫 福 銆?銆 佸 邎 閞 Duo 報 哆 哆 卙 栨 恨 槫 總 璬 鐏 Lu 缂 ╄ 呖 500 姣  崌 銆?銆佸緟鍑夎嚦60鈩冧笅鍔犲叆铚傝湝锛岃皟鍖€銆備笁銆佽強鑺辫尪鍔熸晥鑿婅姳鑼跺叿鏈夋洿楂樼殑楗敤浠峰€笺€傝倽鐏椇銆佺洰娑╋紝鎴栫敱椋庛€佸瘨銆佹箍寮曡捣鐨勮偄浣撶柤鐥涖€侀夯鏈ㄧ殑鐤剧梾鑿婅姳鑼跺潎鏈変竴瀹氱殑鐤楁晥銆備富娌绘劅鍐掗鐑紝澶寸棝鐥呯瓑銆?鑿婅姳鑼堕櫎姝ゅ姛鏁堜笌浣滅敤澶栵紝瀵圭湬鏅曘€佸ご鐥涖€佽€抽福涔熷叿鏈夐槻娌讳綔鐢ㄣ€傝強鑺变腑鍚湁鎸ュ彂娌广€佽強鐢欍€佽吅鍢屽懁銆佹皑鍩洪吀銆佽儐纰便€佹按鑻忕⒈銆佸皬铇栫⒈銆侀粍閰被銆佽強鑹茬礌銆佺淮鐢熺礌锛屽井閲忓厓绱犵瓑鐗╄川锛屽彲鎶楃梾鍘熶綋锛屽寮烘瘺缁嗚绠℃姷鎶楀姏;鍏朵腑It ‘s been squeezed ╄ by the hazel ╄ Sichuan stubble 粡 琡 recovered tweet  敱 鍩 鹩 湁 鹁 鏁 铁 铄 還 嬬 尦 尦 尦 尦 尧 尬 尬 尬 尬 度 尦槻琛拌€佺瓑鏂归潰鍗撴湁鎴愭晥銆傝強鑺辨矎鑼跺挨鍏堕€傚悎涓婄彮鏃忓鍠濓紝鍥犱负鑿婅姳瀵归槻骞茬溂寰堟湁鏁堛€傜幇浠h嵂鐞嗗垎鏋愯〃鏄庯紝鑿婅姳閲屽惈鏈変赴瀵岀殑缁寸敓绱燗锛屾槸缁存姢鐪肩潧鍋ュ悍鐨勯噸瑕佺墿璐ㄣ€傝強鑺辫尪鑳借浜哄ご鑴戞竻閱掋€佸弻鐩槑浜紝鐗瑰This is the most important thing in the world. It’s hard to hold. It’s a bit of a tweezer. It’s a bit of a chain and it’s a bit of a chain. It’s a real thing. It’s all about the world.猴纴灏ゅ叾鏄父浣跨敤鐢佃剳鐨勪汉锛屽鍠濅簺鑿婅姳鑼跺緢鏈夊ソ澶勩€傜溂鐫涜繎瑙嗙殑浜烘洿鏄粡甯告劅鍒扮溂鐫涘共娑╋紝甯稿枬鑿婅姳鑼惰兘鏀瑰杽鐪肩潧鐨勪笉鑸掓湇锛屽娌荤枟鐪肩潧鐤插姵銆佽鍔涙ā绯婃湁寰堝ソ鐨勭枟鏁堛€?

[Can yam and oats be eaten together]_ oats _ native potato _ eat together

[Can yam and oats be eaten together]_ oats _ native potato _ eat together

Yam and oat are two kinds of foods that are very common in daily life. Yam contains a variety of vitamins and nutrients. Regular consumption of yam can also achieve blood replenishment. Oatmeal is a high-fiber food that can effectively supplement body nutrients.However, yam and oats are generally not recommended to be taken at the same time, so as not to affect the absorption of nutrients.

Yams are often used as supplements in health products or medicines!

Oatmeal is a nutritious meal with high fiber characteristics and transformation!

Therefore, it is best not to consume yam and oatmeal at the same time. Although there is no major obstacle, it may affect the degree of absorption of both. Yam can not be used with Gan Sui. Yam can nourish the kidney, spleen and lungs.Increase intestinal peristalsis and produce laxative effects. These two effects are completely opposite and cannot be taken together.

Yams cannot be taken with yams with alkaline drugs. When yam is taken with alkaline drugs, the amylase in yam is not effective, reducing the nutritional value of yam.

Yam and pig liver cannot be eaten together. Yam is rich in vitamin C. Pig liver contains copper, iron, zinc and other metal trace elements. When vitamin C meets metal ions, it will be oxidized and destroyed, reducing nutritional value. Therefore, after eating pig liver,Should not eat yam.

Yam and cucumber cannot eat vitamin C decomposing enzyme in cucumber. If eat with yam, vitamin C in yam will be broken down and destroyed.

Yam and pumpkin cannot be eaten together. Pumpkin contains vitamin C decomposing enzymes. If eaten with yam, vitamin C is broken down and destroyed, thereby reducing the nutritional value of yam.

Yams and carrots cannot be rich in vitamin C, while carrots contain vitamin C decomposing enzymes. If consumed at the same time, vitamin C is broken down and destroyed.

Chinese yam and bamboo shoots cannot eat vitamin C decomposing enzymes together. Chinese bamboo shoots and yam eat vitamins, and the vitamin C in yam will be decomposed and destroyed, leading to a reduction in the nutritional value of yam.

Opportunities in the A-share industry chain under the second shock due to the outbreak of Japan and South Korea

Opportunities in the A-share industry chain under the second shock due to the outbreak of Japan and South Korea

Original title: Japan and South Korea outbreak intensified!

The opportunity of the A-share industry chain in the second shock Source: 21st Century Business Herald Japan, South Korea’s new crown pneumonia outbreak still occurred in a large area!

  As of the evening of February 24, a total of 850 cases of new coronary pneumonia have been confirmed in Japan, and 4 cases have gradually died.

Japanese government experts believe that there are many cases in Japan where the path of infection cannot be confirmed, which may spread rapidly in the future.

If the epidemic expands further, Japan’s medical system may collapse and social and economic activities will fall into chaos.

  At 9 am on February 25th, South Korea released epidemic data. The latest 84 confirmed cases were added, and the number of confirmed cases has gradually reached 977. 8 deaths have occurred in South Korea.

A week ago, there were only 28 confirmed cases in South Korea.

  Japan and South Korea’s new crown pneumonia crisis has intensified, leading to panic in the external market last night.

  The three major U.S. stock indexes closed down across the board, all falling by more than 3%; European stocks also suffered a general setback, with major indexes in Germany, Britain, France, and Italy falling by 3% to 5%.

In terms of commodities, the United States and Cloth Oil fell nearly 4%.

  Amidst the turmoil in the surrounding markets, domestic investors instinctively focused on the potential dangers that the intensification of Japan and South Korea ‘s epidemic could cause to the Chinese industry chain.

  Potential impact of the outbreak of Japan and South Korea on the domestic industry chain Japan is China’s fourth largest trading partner.

  According to Guotai Junan’s analysis, China’s imports from Japan are relatively dependent on imports of parts and intermediates.

If the epidemic breaks out, it will cause Japan’s production capacity to shrink, and it may have an impact on China’s domestic automobile, equipment manufacturing, semiconductor, and chemical industries in the future.

The specific major products affected are: 1) Mechanical and electrical equipment, audio-visual equipment and parts and accessories: Among the products that China relies on and imports from Japan are concentrated in industrial robots, mechanical shovel, engines, electric storage batteries, and ignition start equipment.

  2) Major products of vehicles, aircrafts, ships and transportation equipment: China’s dependence on Japan focuses on the coupling devices and bogies, ships, automobiles, vehicle gearboxes, engine parts, etc. of railways, trams, or locomotives.

  3) Optical and electronic equipment, medical and other instrument products: China’s dependence on Japan focuses on cameras, photographic laboratory instruments, dental accessories, optical components, etc.

  From the perspective of the industrial chain, Japan’s computer electronics and optical equipment, electrical equipment, basic metals, rubber and plastics, machinery and equipment, and automotive and transportation equipment industries are located upstream of China.

  Once the epidemic crisis passes, then China will have two industrial chain influences: one is the automobile chain, associated rubber, chemical industry, and metal products industry; the second is the high-tech manufacturing chain, which mainly includes electrical equipment, mechanical equipment and electronic opticsEquipment industry.

  China and Thailand Securities believes that in terms of absolute trade, Japan and South Korea’s exports to China are mostly mechanical and electrical products, mainly integrated circuits and semiconductor components; Japan and South Korea’s most imported from China are also mechanical and electrical products, mainly terminal products such as telephones.

China-Japan-ROK trade is very close and 杭州夜网论坛 the industrial chain is very close. The new crown epidemic in Japan and South Korea may have a certain impact on the production and industrial chain development of developing countries.

  Japan-South Korea epidemic or promote domestic substitution to accelerate the outbreak of Japan-Korea epidemic, and even a new wave of spreading trends that may be caused overseas has become an indisputable fact.

At the same time, there are different levels of impacts on China and even the global industrial chain.

However, the scale also provides Chinese companies with opportunities for domestic substitution and technological upgrading.

  Tianfeng Securities believes that if the epidemic in Japan and South Korea spreads, it will form a second blow to the global industrial chain, especially in the automotive and electronics manufacturing 南宁桑拿 where the supply chain is connected in series and the division of labor is complex.The increase may disrupt production plans in the East Asian manufacturing industry chain and affect downstream companies in China’s industry chain, but may also accelerate domestic alternatives in some areas.

  Specifically, the impact of the Japan and South Korea epidemic on the domestic industry can be divided into positive and vertical parts: the reverse part, which will form a second blow to the global industrial chain, which will most directly impact downstream companies in the Chinese industrial chain; the positive part, the domestic partIt is biased towards the upstream industry chain, and its main competitors are in Japan and South Korea. The epidemic has promoted market demand for related enterprise products and accelerated domestic substitution.

  In addition, Zhongtai Securities pointed out that from the perspective of mature terminal demand in Japan and South Korea, the Japanese and South Korean products that domestic residents rely on may be affected by the epidemic, which may lead to import substitution effects in the medical and aesthetic industries and the food industry.

China Everbright Bank (601818) Interim Report Comments: Outperformed Expectations, Earnings Performance is Unique, Asset Quality Meets Positive Improvement

China Everbright Bank (601818) Interim Report Comments: Outperformed Expectations, Earnings Performance is Unique, Asset Quality Meets Positive Improvement

Event: Everbright Bank disclosed its semi-annual results for 2019.

1H19 achieved operating income of 661.

40,000 yuan, an increase of 26 in ten years.

6%; net profit attributable to mother is 204.

40,000 yuan, an increase of 13 in ten years.

1%, exceeding our expectation (the original increase in net profit attributable to mothers in 1H19) 8.

5%, mainly due to better-than-expected mid-income performance and poor improvement).

Non-performing rate in the second quarter of 19

57%, a quarter-on-quarter decrease of 2bps; provision coverage ratio was 178.

04%, a quarter-on-quarter decrease of 0.

7 units.

The interest margin widens every year, and the middle-income advantage continues to strengthen, leading to outstanding performance beyond expectations.

Since 14 years, China Everbright Bank’s performance growth rate has only maintained its number growth, and this time, China Everbright Bank’s net profit attributable to mothers increased by 13.

1%, exceeding the market expectations, and also hit a historical high.

From the perspective of the decomposition of driving factors for performance growth, 1) the reduction and the extension to the widening of interest margins for many years led to a high increase in net interest income, which is the main cause, and has a positive contribution to performance growth.

1%; 2) Restructuring, China Everbright Bank’s long-term middle income advantage has been strengthened again.

Affected by changes in fair value, changes in profit and loss, 1H19 non-interest income increased negative growth, but focus on the core net fee income can be found: After reclassifying credit card installment income to interest income in 19 years, the core traditional bank card service fee netIncome above the growth rate remained above 20% (1Q19 and 1H19 were 24 respectively.

7%, 21.

7%), positive contribution to performance growth4.


The core tone of optimizing the asset-liability structure has not changed, and the loose structure of overlapping interbank debt interest rates has jointly created an outstanding performance in interest margins.

1H19 Everbright Bank spread wide 48bps to 2 in ten years.

At 28%, we estimate that the annualized interest rate difference in the single quarter of 2Q19 also narrowed slightly by 1bp to 2.


In terms of price, the pricing of restructured asset-side loans continued to increase, and the loan yield in 1H19 rose by 34bps to 5.

68%, but the expected debt yield will gradually decrease under the broad currency environment; instead of the debt end, more benefit from the displacement of the cost of interbank liabilities, the cost rate of interbank liabilities will gradually decrease by 70bps, which effectively hedges the pressure on storage costs and pays interestThe resistance cost is reduced by 22bps.

But more importantly, the main tone of China Everbright Bank in optimizing its asset and liability structure is still continuing: 1) Vigorously consolidate the physical foundation, while benefiting from the decline in the cost of interbank liabilities, it is also more proactive in focusing on deposition.

In the first half of the year, new deposits accounted for 138% of the total new debt, and deposits increased by 20%, which is expected to be at the top of the stock bank.

2) The proportion of loans in 1H19 increased to 55.

8%, but in 1H19, China Everbright Bank’s credit disposition assumes public debt, and public debt accounts for 53% of total new loans.

6%, while retail credit card loans accounted for 30% of incremental incremental loans.

4%, in an environment where credit card risks have been improved in a timely manner, and proactively expand the pace of investment, which further reflects its prudent 苏州夜网论坛 operating style.

The non-performing rate has declined steadily. After the initial bad stocks are gradually cleared out, and after actively realizing the asset quality, the asset quality ushers in a more positive marginal improvement.

Everbright Bank’s asset quality has been under pressure since the second half of 2018, and the performance of Everbright Bank from year to date has basically reflected investor approval.

For the Air Force, we judge that the second half of 19 is expected to usher in a bad turning point, and it has been verified in this interim report.

In the second quarter of 19, China Everbright Bank’s non-performing ratio decreased by 2bps to 1.

At 57%, we calculated that the negative generation rate of 2Q19 plus write-offs decreased by 23bps to 151bps from 1Q19.

Concerned about the loan ratio fell 11返回码: 500 网站打不开?重查bps to 2 compared to 18 years.30%, of course, the United States and China is slightly inadequate, the loans within 90 days of overdue loans increased by 25 compared to the end of 18 years.

With an impact of 7%, overdue loans increased by 17 sequentially.

9%, and the overdue loan rate is also 2 by the end of 18 years.

36% rose to 2.


However, according to the banks that have been disclosed in the interim report, most of the banks’ loans overdue within 90 days in the first half of 19 were up on a month-on-month basis, which is mainly due to credit card overdue.

In addition, Everbright Bank continued to strictly identify bad, 1H19 “overdue for more than 90 days / non-performing loans” was 88.

69%, and the overall level of provision remained adequate, and the provision coverage ratio in the second quarter of 19 decreased slightly by 0 quarter-on-quarter.

7 up to 178.


From the current point of view, we believe that China Everbright Bank ‘s basic initial release of poor stocks has been completed and asset quality is expected to be in the first echelon of listed banks for a long time, which is a good foundation for steady growth in future performance.

Investment suggestion: Everbright Bank ‘s mid-term report performance exceeded expectations, strong revenue and unfavorable improvement. After the new position is in place, focus on subsequent more proactive marginal changes.

Increase the profit forecast, it is expected that net profit attributable to mothers will increase by 15 in 2019-2021.

0%, 15.

7%, 16.

2% (previous forecast was 7 respectively.

8%, 8.

3%, 8.

9%, mainly adjusting income and interest margin), the current total corresponds to 19 years 0.

61x PB, maintain BUY rating and first recommendation combination.

Risk reminder: adverse risks caused by economic substance.

Aerospace Development (000547) 2019 Third Quarterly Report Review: Strong Revenue Performance Growth, Gross Margin Drops Significantly

Aerospace Development (000547) 2019 Third Quarterly Report Review: Strong Revenue Performance Growth, Gross Margin Drops Significantly
Investment Highlights The company achieved operating income in the first three quarters of 201923.52 ppm, an increase of 44 in ten years.07%; net profit attributable to mother 3.08 million yuan, an increase of 39 in ten years.31%.The company’s growing operating income is primarily due to the increase in defense equipment industry income and the expansion of the consolidated scope of statements.  The company’s gross profit margin in the first three quarters of 2019 was 37.65%, a 北京夜生活网 decline of 5 per year.78 units; the gross profit margin in the first three quarters was 32.79%, 43.13%, 37.85%.  In terms of quarters, the company’s first and second quarter operating income in 2019 was 7 respectively.5.4 billion (+43 year-on-year.90%), 7.3.8 billion (+ 45% YoY).33%); net profit attributable to mothers is 1.3.0 billion (+41 y / y.58%), 1.200,000 yuan (+34 compared to the same period last year).91%); the company achieved revenue in the third quarter8.60 ppm, an increase of 43 in ten years.14%, an increase of 16 from the previous month.55%, net profit attributable to mother 0.850,000 yuan, an increase of 43 in ten years.08%, down 28.77%.  Prepayments and accounts payable reflect sufficient orders from the company.As of the third quarter of 2019, the company’s prepayments increased to 7.100,000 yuan, an increase of about 203 佛山桑拿网 in the initial stage.07%; the company’s accounts payable increased to 16.1.6 billion yuan, an increase of about 61 in the initial period.48%.  Earnings forecasts and investment advice.According to the latest financial report, we forecast the company’s net profit in 2019-2021.84/7.30/8.75 ppm, corresponding to the closing price of PE on October 24 is 27.9/22.3/18.6 times, maintaining the level of “prudent overweight”.  Risk warning: gross profit margin continues to decline; new business expansion exceeds expectations.