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[9 month baby food supplement porridge]_Baby_What to do

[9 month baby food supplement porridge]_Baby_What to do

At 9 months, the baby’s gastrointestinal function is relatively good, and the baby’s nutritional needs will be higher during this period.
Parents need to add complementary foods and breast milk to feed their children.
But not every kind of food can be used as a complementary food to feed the child. If the wrong choice is made, the baby will not get nutrition and constipation.
For 9-month-old babies, most people recommend porridge feeding. The following will introduce the practice of supplementary porridge for 9-month babies.
1. Raw materials of ham and lotus root porridge: lotus root, ham, rice Method: Wash the rice clean, add water to the pot, boil the porridge —> lotus root washed, peeled, chopped diced, and cooked in the porridge —>Cut the diced ham into the porridge when it’s almost cooked and cook until it’s cooked.
(Hint: 1.
To choose noodles, crispy baby can’t bite; 2.
Lotus root can also be replaced with other vegetables to make ham and vegetable porridge) 2. Carrot ribs porridge ingredients: carrots, pork ribs, ginger, rice (or millet) Method: Wash the ribs, cut into small pieces, put the blood in the boiling water, and lift it upSpare —> Wash the carrots and cut into small pieces —> Put the carrots and ribs in the pot together, add an appropriate amount of water to cook the soup, add an appropriate amount of ginger slices to the fishy taste —> after the soup is cooked, boil with an appropriate amount of clear soupMaking rice porridge —> After the porridge is cooked, grab a few carrots and mix it into the porridge for your baby.
(Hint: the remaining carrot and pork rib soup, add salt and spring onion, adults can eat it, so it is more labor-saving.) 3. Yam oatmeal porridge ingredients: millet, yam, oatmeal, wolfberry.Add an appropriate amount of cold water —> Peel, wash, and cut small pieces of yam —> Put the yam pieces in a millet pot, boil porridge together, add an appropriate amount of wolfberry —> when the porridge is cooked, add oatmealAnd cook until cooked.
(Hint: Xiaomi can be replaced with rice; be sure to wear gloves when handling yam, or your hands are very itchy and itchy) 4. Raw material of millet yam porridge: yam, millet Method: Wash and peel yam, cut into small pieces —>Wash the millet clean —> Add an appropriate amount of water to the pot and boil, add the millet and cook for 5 minutes —-> add yam and cook together, cook for 5 minutes on high heat, and cook for 15 minutes on low heat.

[How to eat dried locust flower]_How to make_How to make

[How to eat dried locust flower]_How to make_How to make

Dried locust flower is a kind of ingredients after being dried with fresh locust flower. It has good health effects. Usually it can be eaten fresh when the locust flower blooms in April or May, or it can be stored after drying and then eaten.

There are many ways to eat dried locust flowers. You can soak them for a while and use them to soak in water, or use locust flowers to fry eggs.

How to eat dried acacia flowers1. Generally, the acacia flowers we eat are locust trees that bloom in April and May, and some places are also called acacia.

The flowers of this locust tree are white and edible.

There are two ornamental variants of Robinia pseudoacacia, Robinia pseudoacacia and Acacia chinensis. Although the flowers of these two trees are non-toxic, they are not recommended for consumption.

2. Another kind of locust tree is the Chinese locust tree that blooms in July and August. The flower of the Chinese locust tree is relatively strong. It is not recommended to be eaten as an ingredient. It may cause abdominal pain and fever.

3. Some locust trees on both sides of urban roads are not recommended to be eaten. Basically, they are sprayed with drugs or polluted by car exhaust. It is not good for them to eat.

Acacia flowers contain rutin, locust flower carboxylic acid, and vitamin A, which can improve capillary function and have some health and preventive effects on hypertension and diabetes.

From the point of view of traditional Chinese medicine, acacia flowers can clear heat and relieve fire, cool blood and stop bleeding.

Indications: hematuria, hemorrhoids, liver fire headache, red eyes, swelling and pain.

So how do you eat acacia flowers?

Note: No matter how the locust tree flower is cooked, it should be cleaned by soaking in water in advance, or it can be blanched with boiling water for a few seconds.

1. Sophora flower can be used to fry eggs.

a, the eggs are broken, add salt and other seasonings to the egg liquid according to your taste b, put the washed and drained acacia flowers into the egg liquid, stir well, and let stand for about 5 minutes.

c. Add oil to the hot pot. If the oil temperature is more than 7 layers, you can continue to fry.

2. Pagoda tree flowers can be used as fillings.

It’s almost the same as other green vegetables. It’s better to simmer the water in advance, then drain it, and season it with pork stuffing.

Sophora japonica is a good seasonal choice for making dumplings, buns or some kind of filling.

3. Steamed Huaihua Rice.

a. Wash the drained acacia flowers and mix with flour, salt, chili noodles or other favorite seasonings.

B, steam in the steamer for about 15 minutes. c. After steaming, you can mix some sesame oil. Sprinkle some green onions, soy sauce, and vinegar in the bowl.

[Can pharyngitis eat eggs]_Laryngitis _ Chicken _ Can you eat

[Can pharyngitis eat eggs]_Laryngitis _ Chicken _ Can you eat

Pharyngitis affects many people, so for patients with pharyngitis, they must be treated correctly and of course, and they must pay attention to the correct and correct diet. In fact, patients with pharyngitis can eat eggs, but be careful not to eat salted eggs.

1. People with pharyngitis can eat eggs, but salty eggs are not recommended.

Eggs are hair products, so it is best to eat less if you have inflammation.

Prevention of chronic pharyngitis is important.

There are many causes of pharyngitis. The key is the degree to which the patient protects his throat.

Usually, if you avoid the irritation of the throat by harmful gases or dust, you can strengthen your physique by strengthening exercise, and you can effectively prevent a cold. Generally, pharyngitis is rarely caused.

2, so patients should temporarily participate in physical exercise for the time being, improve work and living environment, quit smoking and other bad habits, and actively treat chronic respiratory diseases such as nose and trachea and other systemic diseases, which can enhance physical fitness, prevent upper respiratory infections and reduce throatThe occurrence of inflammation.

3. In addition, chronic pharyngitis is generally not treated with antibiotics, because chronic diseases are a long-term treatment process. Frequent use of antibiotics will cause bacterial rejection and make the treatment ineffective.

4. If you feel a little uncomfortable, such as dry throat and pain, you can take some buccal tablets, such as grass coral coral tablets, watermelon cream tablets, etc., or you can take some pills to clear throat and throat.

Be careful not to get tired too often and stay up all night, as this will easily get angry and your throat will be easily irritated.

Tobacco and alcohol should also be moderate to reduce throat irritation and cause sore throat.

[How to make beef stew in summer]_how to do_method

[How to make beef stew in summer]_how to do_method

Summer is a relatively hot season. We should eat more cool foods. For hot and dry foods like beef, we should eat less.

There are many methods of beef. We should choose the method of beef according to our own taste. If you want to stew beef, it is best to choose burdock and beef tendon meat. The taste of these beef after stew is better, and it will not change.In the old case, for the practice of beef stew, everyone can learn the following.

1.

First, pay attention to the choice of beef. Generally, it is better to use burdock or beef tendon meat; 2.

2. Drift with boiling water first to remove dirty things; 3.

Before frying, fry the beef with a small amount of oil; 4.

Add some ginger when you stew. You can stew beef with potatoes. Tips for beef stew should use hot water, not cold water, because hot water can quickly solidify the protein on the surface of beef, prevent the loss of amino acids in the meat, and keep the meat delicious.
After the high heat is boiled, open the shell and simmer for 20 minutes to remove the odor. Then cover it and use a low heat to keep the oil floating on the surface of the soup to a certain temperature to suppress the effect of radon.

In the cooking process, salt should be added late, and water should be added once. If too little water is found, add boiling water.

The day before the stew, use the mustard to wipe the surface of the meat, and wash it off with cold water before stewing, so that it will cook quickly and the meat will be tender.

Wrap a small amount of tea with gauze and stew it in the oven with beef. The meat is cooked quickly and has a delicious flavor.

Add some wine or vinegar (based on 2-3 tablespoons of wine or 1-2 tablespoons of vinegar for 1 kg of beef) to make the meat softer and tenderer.

Putting a few hawthorn or slices of radish in the meat will make the beef ripen quickly, and it can remove the odor.

Beef mushroom 2-3 pounds ginger, 1 fragrant leaf, anise amount, anise star, 2 cinnamon bark, 1 pepper, 1 small tomato, 2 onion, 1 carrot, 1 Pleurotus eryngii, 2 green pepper, 1 salt, pepper, and an appropriate amount1.

Cut the beef into large pieces, soak it in clean water for 20 minutes, pour off the blood and wash it again and again.

Put it in a cold water pot. After the water is boiled, remove the surface foam and wash it for later use.

2.

Add another pot of water and add the sautéed beef, ginger, fragrant leaves, cinnamon, star anise, peppercorns and other spices and cook over low heat and simmer for more than 1 hour until the beef is rancid.

3.

Take out the beef required for a meal and cut into thick slices for later use. Wash the tomatoes, Pleurotus eryngii, carrots, onions, and green peppers separately and cut into hob pieces for later use.

4.

Add 2 tablespoons of oil to the wok, add the fragrant leaves and cinnamon to fry the aroma, then add the onion to sauté.

Add carrots, tomatoes, and Pleurotus ostreatus in order.

5,

Add boiled beef and 1 bowl of beef broth and bring to a boil. Reduce to low heat and simmer for 20 minutes.

Finally, add the green pepper and mix with salt, pepper, and cook until the green pepper is mature.

6.

Tips for serving delicious beef stew beef, it is best to choose fat and thin burdock, the taste after continuous stewing is better.

Beef stew must use a low fire. Slow-simmering will slow down the meat. If the fire continues, it will be hard and affect the taste.

Beef stew should be seasoned with salt only at the final stage. If the beef is not stewed enough, seasoning the beef with salt is not easy to stew and affect the taste.

When cooking beef, you can cook more at a time, so that the beef tastes better and saves energy.

If you ca n’t finish a meal, you can cook it according to steps 1-2 above, and then pack it into several packages. Take one package each time. In addition to spending a little time cooking at the beginning, the next few meals are very easy.

[Can I eat glutinous powder on an empty stomach]_Powder powder _ consumption taboo _ precautions

[Can I eat glutinous powder on an empty stomach]_Powder powder _ consumption taboo _ precautions

Many people like to eat delicious food with high nutritional value, and the taste of rice noodles is also very good, but many people are very concerned about when rice noodles are the best to eat.Starch, has a variety of effects such as laxative and diarrhea, spleen appetizer, etc., so eating lotus root on an empty stomach has no effect.

: Can you drink on an empty stomach?

Powder is a processed product of lotus root, with high nutritional value.

The powder is relatively mild, suitable for all people, and can be consumed at any time, even on an empty stomach in the morning.

It should be noted that after getting up in the morning, you should first drink a glass of boiling water, which can replenish water, eliminate toxins, gently wake up the stomach, dilute the stomach acid, keep the stomach and stomach in the best state, and better absorb nutrients.

What kind of dessert can be made with flour: First, osmanthus osmanthus cake material: 20g x 3 servings of glutinous rice flour, 30g x 3 servings of glutinous rice flour, 15g x 3 servings of sugar, 8g x 3 servings of sweet osmanthus, 1 drop of cantharis essential oil, 33g x 3 servings of water

Method: 1. Take three bowls. Add 20g of rice flour, 30g of glutinous rice flour, 15g of sugar, 8g of sugar osmanthus and 33g of water to each bowl.

Add a drop of cantha oil to a bowl and stir well.

2. The mold is laid out in a fresh-keeping bag, and the original color batter is poured into the mold and steamed in a pot.

3. After boiling for 7 or 8 minutes, pour in green batter and steam for 7 or 8 minutes.

4. Pour in the original batter and steam for another 7 or 8 minutes.

5. Apply sugar osmanthus on the surface and steam for another 10 minutes.

6. Take it out of the mold, let it cool, cut the pieces into a tray after the knife is wet.

2. Gummy material: 120g of flour, 3 tablespoons of jam, cold water is added according to the actual situation.

Method: 1. Ravioli powder and water are thick and can be stirred and have poor fluidity.

2. Mix 3 tablespoons of jam with well-concentrated powdered water, stir well and sieve to prevent particles.

3, steam into the mold 3?
For 5 minutes, blow to a dry place until the surface is dry, release the mold, and then vent the other side.

Tips: The thicker the better, the too thin the finished product is not Q bomb.

Xingsen Technology (002436): Obvious development cost management of technology barriers

Xingsen Technology (002436): Obvious development cost management of technology barriers

Event: The company released the semi-annual report for 2019 on August 13, and realized operating income for the first half of 2019 17.
.

US $ 6.6 billion, an increase of 4 from the same period last year.

39%; net profit attributable to mother 1.

$ 3.9 billion, an increase of 44 from the same period last year.

64%; net profit after deducting non-attribution is 1.

21 trillion, an increase of 58 from the same period last year.

31%.

Opinion: Breakthrough in capacity growth and solid growth in semiconductor business.

Among the main business revenues, PCB prototypes and small batches have an operating revenue of 13.

5.8 billion, accounting for 76.

91%, a decrease of 0 every year.

76%; in the semiconductor business, semiconductor test board operating income was 2.

280,000 yuan, accounting for 12.

89%, an annual increase of 38.

73%; IC package substrate operating income is 1.

35 trillion, accounting for 7.

67%, an annual increase of 18.

59%.

In terms of semiconductor business, the company has broken through the related capacity growth, and the increase in capacity has brought about a steady growth in related business revenue.

The budget management has been strengthened, and cost management has achieved remarkable results.

Among the related fees, the selling expenses are zero.

96 trillion, down 5 a year.

77%; administrative costs are 1.

49 trillion, down 6 every year.

10%; financial expenses are 0.

32 ppm, an increase of 62 in ten years.

18%; R & D funding is 0.

96 ppm, 杭州桑拿 an increase of 17 in ten years.

81%.

The company’s implementation of cost reduction and efficiency enhancement, and improved budget management business strategies, during the period of management costs, sales costs have shown a downward trend; the increase in financial costs is mainly due to the increase in income in the current period, the exchange gains decreased; meanwhile, the company continued to increase research and developmentThe investment will further enhance the company’s core competitiveness.

Establish technical barriers to boost performance.

Yixing Silicon Valley, a subsidiary of the company, maintained stable production and operation, improved product delivery, and improved yield. Another subsidiary’s exceptional company management level was further improved, and the implementation of cost management measures achieved results.

Thanks to continuous R & D investment, the company has developed certain technical barriers in key technologies such as high speed and high efficiency, coupled with the distribution of 5G licenses and internal support for the semiconductor industry, all of which have further promoted the company’s future profitability.

Maintain “Buy” rating.

We are optimistic about the high growth of the company’s performance brought about by the outbreak of 5G demand in the future.

Expected company 2019?
In 2021, the EPS will be 0.
19/0.

25/0.
32 yuan, corresponding to PE is 33/26/20 times, maintain “Buy” rating.

Risk warning: upstream raw material prices fluctuate, and industry demand is less than expected.

Guosheng Securities: Refinancing Loosening Focus on Brokerage + Technology

Guosheng Securities: Refinancing Loosening Focus on Brokerage + Technology

Source: Yao Wang’s potential last week. In the weekly report last week, we clearly prompted the refinancing of unbundling, focusing on brokers + technology. This week, we have lived up to expectations and continued to improve.

  Review of core viewpoints: The annual strategy on December 14, 19 was the first to propose “2020, Cycle Revaluation” in the entire market.

“Strategically Looking at Multi-Cycle Core Assets” on December 21, and “Cycle Core Assets: Will Meet the Historical Revaluation” on December 29 highlighting the three combined forces that will promote the reassessment of cyclic core assets.

January 5 “Continue to look at multi-cycle core assets”.

On February 2nd, “The shock is short-term, and the victory will eventually belong to optimists.” It is predicted that the shock will be short-term, and the index will go out of the “golden pit.”

On February 4th, “Cleaning Lead Blooms, Resurgence of Science and Technology” clearly judged that technology was the main line of the stage.

  Outlook: Refinancing unbundling, focusing on securities firms + technology-the new rules are formally implemented, and refinancing will accelerate unbundling.

On February 14, the new regulations for refinancing of the Securities and Futures Commission were officially released.

The contents of this adjustment mainly include: 1) Reducing the risk of the GEM refinancing door: canceling the profit condition for GEM stocks to increase for two consecutive years; canceling the condition that the asset-liability ratio of the GEM publicly issued securities at the end of the latest period exceeds 45%.

2) Optimizing the institutional arrangement for the fixed-income increase: First, flexible pricing for strategic investors.

Second, adjust the fixed price and lock-up mechanism.

Changed the pricing range from 10% to 20%; shortened the lock-up period to 18 months and 6 months, respectively, and was not restricted by the reduction rules.

Third, increase the number of fixed-income objects.

Adjust the number of stocks to be fixed to no more than 35.

3) Extend the validity period of the refinancing approval from 6 months to 12 months.

4) Moderately relax the restrictions on the size of the fixed-income financing, and it must not exceed 20% to 30% of the total share capital before the issuance.

  -Which sectors benefit the most?

First of all, the growth of science and technology can achieve three dimensions to benefit from the refinancing loosening: 1) directly benefit from the relaxation of refinancing conditions on the GEM.

The lifting of resistance restrictions directly benefits TMT, some midstream manufacturing (mechanical equipment, electrical equipment), medicine, and chemicals.

The removal of profit restrictions directly benefits TMT, some midstream manufacturing, medicine, and public utilities.

Taken together, the restrictions on refinancing of GEM are loosened, and the direct benefit industries are basically the same, focusing on TMT, medicine, and some midstream manufacturing.

2) From a static perspective, historically there is a great need for refinancing.

Mainly concentrated in chemical industry, some midstream manufacturing, medicine, TMT.

3) The dynamic angle was suppressed by the previous round of refinancing, and the coefficient of elasticity was relaxed after relaxation.

It mainly includes TMT, some midstream manufacturing, real estate, and chemicals.

  As a whole, the industries that most benefit from the refinancing loosening are growth industries (TMT, pharmaceuticals), and some midstream industries (machinery, electrical equipment, chemicals, public utilities).

Specifically, this policy adjustment measure has led to a recovery in corporate refinancing needs and provided business increments for brokerage investment banks, resulting in improved performance.

At the same time, it will increase market activity and promote long-term health of the market.

Therefore, the brokerage sector will benefit in the short and long term.

  -In the medium and long term, long-distance cattle are being bred.

Unbundling refinancing is bound to attract medium- and long-term funds from various institutions and industrial capital to enter the market, thereby providing admission opportunities and channels.

As a result, the entire capital market will usher in a two-way expansion of the chip end and the capital end. With the gradual improvement of the registration system and the exit mechanism, the capital market will be more healthy and mature, and it will better serve the entity.

In the medium and long term, it is an inevitable trend for capital markets to improve.

At present, the market is still at the bottom of the long cycle, and the long-term expansion of long-term cattle is being bred.

  Investment strategy: focus on brokers + technology-brokers: After the introduction of the new regulations, it will gradually bring business increase to brokers, gradually increase market activity, and promote long-term healthy upward market.

Therefore, the brokerage sector will benefit in the short and long term.
  -Technology growth: It is still the main line of the stage and directly benefits from the refinancing loosening.

Focus on the electronics, electronics, computer and other industries.  -Cyclic core assets: policy counter-cyclical efforts continued to increase, and then the epidemic eased and resumed production accelerated, and the economy returned to normal.

The cyclical revaluation of core asset values will continue.

  Risk warnings: 1. The epidemic situation has exceeded expectations; 2. The macroeconomic changes have exceeded expectations.

  Review of the main body of the report: The annual strategy on December 14, 19 was the first in the market to propose “2020, Cycle Revaluation.”

“Strategically Looking at Multi-Cycle Core Assets” on December 21, and “Cycle Core Assets: Will Meet the Historical Revaluation” on December 29 highlighting the three combined forces that will promote the reassessment of cyclic core assets.

January 5 “Continue to look at multi-cycle core assets”.
On February 2nd, “The shock is short-term, and the victory will eventually belong to optimists.” It is predicted that the shock will be short-term, and the index will go out of the “golden pit.”

On February 4th, “Cleaning Lead Blooms, Resurgence of Science and Technology” clearly judged that technology was the main line of the stage.
  Strategic outlook: Refinancing unbundling, focusing on brokerage firms + technology 1, the new rules are officially implemented, and refinancing is accelerating unbundling.

On February 14, the new regulations for refinancing of the Securities and Futures Commission were officially released.

The contents of this adjustment mainly include: 1) Reducing the risk of the GEM refinancing door: canceling the profit condition for GEM stocks to increase for two consecutive years; canceling the condition that the asset-liability ratio of the GEM publicly issued securities at the end of the latest period exceeds 45%.

2) Optimizing the institutional arrangement for the fixed-income increase: First, flexible pricing for strategic investors.
Second, adjust the fixed price and lock-up mechanism.
Changed the pricing range from 10% to 20%; shortened the lock-up period to 18 months and 6 months, respectively, and was not restricted by the reduction rules.

Third, increase the number of fixed-income objects.
Adjust the number of stocks to be fixed to no more than 35.
3) Extend the validity period of the refinancing approval from 6 months to 12 months.
4) Moderately relax the restrictions on the size of the fixed-income financing, and it must not exceed 20% to 30% of the total share capital before the issuance.

  2. Which sectors benefit the most?

First of all, the growth of science and technology can achieve three dimensions to benefit from the refinancing loosening: 1) directly benefit from the relaxation of refinancing conditions on the GEM.

The lifting of resistance restrictions directly benefits TMT, some midstream manufacturing (mechanical equipment, electrical equipment), medicine, and chemicals.

The removal of profit restrictions directly benefits TMT, some midstream manufacturing, medicine, and public utilities.

Taken together, the restrictions on refinancing of GEM are loosened, and the direct benefit industries are basically the same, focusing on TMT, medicine, and some midstream manufacturing.

2) From a static perspective, historically there is a great need for refinancing.
Mainly concentrated in chemical industry, some midstream manufacturing, medicine, TMT.

3) The dynamic angle was suppressed by the previous round of refinancing, and the coefficient of elasticity was relaxed after relaxation.

It mainly includes TMT, some midstream manufacturing, real estate, and chemicals.

  Therefore, on the whole, the industries that most directly benefit from the refinancing loosening are the growth industries (TMT, pharmaceuticals), and some midstream industries (machinery, electrical equipment, chemicals, public utilities).

In essence, the refinancing is loosened, and the refinancing needs of enterprises are gradually realized, and incremental business is brought to the investment bank of securities companies, which will bring about a certain degree of performance improvement.

At the same time, it will increase market activity and promote long-term health of the market.

Therefore, the brokerage sector will benefit in the short and long term.
  3. Long and medium-term long-distance cattle are being bred.

Unbundling refinancing is bound to attract medium- and long-term funds from various institutions and industrial capital to enter the market, thereby providing admission opportunities and channels.

As a result, the entire capital market will usher in a two-way expansion of the chip end and the capital end. With the gradual improvement of the registration system and the exit mechanism, the capital market will be more healthy and mature, and it will better serve the entity.

In the medium and long term, it is an inevitable trend for capital markets to improve.

At present, the market is still at the bottom of the long cycle, and the long-term expansion of long-term cattle is being bred.
  Investment strategy: focus on brokers + technology-brokers: After the introduction of the new regulations, it will gradually bring business increase to brokers, gradually increase market activity, and promote long-term healthy upward market.

Therefore, the brokerage sector will benefit in the short and long term.
  -Technology growth: It is still the main line of the stage and directly benefits from the refinancing loosening.

Focus on the electronics, electronics, computer and other industries.  -Cyclic core assets: policy counter-cyclical efforts continued to increase, and then the epidemic eased and resumed production accelerated, and the economy returned to normal.

The cyclical revaluation of core asset values will continue.
  The growth of science and technology is a periodic mainline epidemic shock, and the short-term market has changed dramatically, with risk appetite at the core.

Similar to this epidemic, during the SARS epidemic in 2003, during the SARS peak period from mid-April to mid-May, investor panic also spread, and the market became the main contradiction for the epidemic.

In addition to the obvious resistance to decline in the pharmaceutical and some high-boom industries, most of the sectors were adjusted centrally.

However, measures must be taken to deal with the situation in time. From mid-May, SARS was gradually controlled and entered the period of mitigation of the epidemic.

At this time, the risk was obviously repaired, and at the same time became the main line to guide the market.

  Therefore, the gradual inheritance of the epidemic has gradually eased, and the estimated risk is expected to enter a period of repair.

The market is expected to step out of the golden pit and usher in a rebound.

And the structure may become the focus of determining the level of excess returns.

We believe that the triple driving force will lead the technology growth rate to go out and adjust first: 1) Risk appetite drive: With reference to the 2003 SARS epidemic, when the epidemic eases and the market rebounds, risk appetite is the main line of the market.

And the electronic, computer, media and other industries affected by the increase in risk have become the main force of the rebound, and the increase has far exceeded the market.

We believe that after the epidemic has entered a mitigation period, risk compensation and repair will also lead to the growth of science and technology to obtain significant excess returns.

  2) Driven by liquidity environment: Secondly, the recent supervision continues to release warmth, and clearly protects the physical and capital market markets.

With ample liquidity, the technology growth sector has also benefited even more.

Recently, the CSRC and the CBRC have made intensive voices, clearly demanding that monetary and credit support be increased to maintain reasonable and sufficient market liquidity during the epidemic prevention and control period.

As a result, growth stocks that are more sensitive to the denominator will be more conducive to a loose monetary environment.

  3) Prosperity-driven: On the basic surface, the support of technological growth and the advantages of prosperity coexist simultaneously.

Judging from the results of the 2019 performance forecast, the performance of the GEM in the fourth quarter of 2019 will rebound sharply, and it has a significant advantage over the performance of the main board.

Specifically, after GEM eliminated Wen’s shares, LeTV, Ningde Times, Jianrui Woengeng and Guangguang Media, its growth rate in the fourth quarter was expected to be 48.

8%, compared with 7 in the third quarter.

0% rebounded 41.

7 partnerships; GEM refers to the fourth quarter performance growth is expected to be 5.
.

9%, compared with -8 in the third quarter.

4% rebounded 14.

4 performance; GEM heavy stocks (total market value accounted for the top 20 stocks) 4 quarterly performance growth is expected to be 53.

4%, compared with 40 in the third quarter.

5% rebounded 12.

9 averages.

  From the perspective of the subdivided industries, as of January 24, the industries with a repetition rate greater than 50%, the industries that have been continuously improved in the last two periods are mainly power equipment, Internet media, consumer electronics, semiconductors, environmental protection and public utilities.

Therefore, on the whole, the prosperity of the sub-areas of technological growth continues to improve.

  The science and technology board will become an important “main battlefield” in the future. The science and technology board index will lead the world’s major indexes, and the excess income will be significant.

As of January 2020, the science and technology board has been running smoothly for 7 months. Based on the overall performance of listed companies in the science and technology board, the science and technology board index (based on the tradable share capital as the weight of the Papex index is calculated in increments.It will be subdivided after 5 trading days, and the index base period is July 30, 2019.) Track the performance of the science and technology board.

The science and technology board index achieved significant excess returns and led the world’s major indexes.

As of the close of February 7, 2020, the Science and Technology Board Index has gradually increased by 30.

47%. 北京夜网 During the same period, the Shenzhen Composite Index and the Shanghai Composite Index increased gradually by only 13.

78% and -1.

93%.

In terms of benchmarking overseas, the investment income of the science and technology board also increased significantly. The three major stock indexes of the U.S. stock market, meanwhile, the Nasdaq, S & P 500, and Dow Jones Industrial Index continued to expand by a range of only 17.
08%, 12.
26% and 9.

36%.

  Public fundraising has been invested in science and technology innovation, and domestic institutions are gradually rushing to raise funds.

In the first quarter of the listing of the science and technology board, public fundraising began to invest in the science and technology board. Lanqi Technology and Nanwei Medical have entered the top ten heavy positions of some funds in 2019Q3, and the latest 2019Q4 public fund position data shows thatThe number of science and technology board standards that have entered the top ten heavy positions has expanded to 19, and the market value of science and technology board positions has significantly increased compared to the third quarter, and the proportion of positions held from 0 in 2019Q3.

09% has expanded to 0 in 2019Q4.

44%.

As of the end of 2019, there are 281 publicly-funded funds in the top ten heavy storage stocks that involve the science and technology board standard. Domestic institutions are gradually increasing their attention to the science and technology board standard, and the science and technology sector’s grabbing is being staged.

  In the age of equity financing, the science and technology board welcomes historic possibilities.

At present, the routine is at an important historical stage of economic transformation. Economic momentum is gradually shifting from capital-driven to technology-driven. The science and technology board is shouldering the historical task of easing the financing difficulties of science and technology enterprises.

Referring to overseas experience, direct financing, especially equity financing, will become a strong support for the economic transition period. Moreover, the long-term financing structure faces a situation where equity financing accounts for less than 5% for a long time, and the development potential is huge.

In the future, developing countries will usher in a big era of equity financing, and the science and technology board will also have huge development potential.

  Focusing on technological innovation, the science and technology board is rapidly rising.

Since the successful listing of the first batch of science and technology board companies on July 22, 2019, the share of science and technology board IPOs has continued to rise.

As of February 7, 2020, the number of IPO companies in the science and technology board has exceeded 50%, and the science and technology board is becoming the “main force” for the increase of multinational listed companies.

From the perspective of industry distribution, science and technology board enterprises are concentrated in electronics, machinery and equipment, computers, and medical biology. The top 4 industries account for 78%, and the IPOs of companies in such industries are basically concentrated in science and technology boards, of which medicineSince July 22, the bio-company IPO has all chosen to land on the science and technology board, and the other three industry science and technology board also accounted for more than 50%.

In the future, science and technology innovation shows in electronics, machinery and equipment, computers, pharmaceutical and biological industries are expected to gather here, and the science and technology board will become an important battlefield for investment in such industries.

  In summary, the future will be a big era of equity financing, and the science and technology board will usher in historical possibilities.

In the future, the number of enterprises, the weight ratio and the segmentation of the science and technology board will continue to increase.

In fact, the science and technology board will attract more and more institutional investors to participate, and it will inevitably become one of the “main battlefields” of A shares in the future, and it will also become an important source of excess income.

  The core asset cycle estimation system for the strategic allocation cycle has yet to be “disordered anyway”, and leading companies generally discount.

According to the series of reports in our “New Strategy” series of leading companies in mature markets represented by the United States and Japan, leading companies enjoy estimated premiums. The current A-share valuation system is experiencing “disorder anyway.”

Consumer, technology and other industry leaders have gradually moved from discounts to premiums, and many cyclical industry forecasts have not yet begun to “disorder anyway”, and the leaders are generally discounting.

Regardless of the combination of the top 20 leading companies in the industry by market value or the largest leader in the industry, cycle leaders are generally discounted relative to the industry. With the remodeling of the cycle leader estimation system, it is expected to usher in a breakthrough in the future.

  We have always been committed to institutionalization and internationalization. What a stock is going through is not a simple reincarnation, but a historical change.

In the process, a stock’s estimation system will gradually be in line with international standards and derailed from history.

Therefore, we need to break the shackles of the historical estimation framework. Horizontal (international) estimation comparisons will be more reasonable than initial (historical) comparisons.

The performance is stable, and the high ROE industry leaders will continue to enjoy the valuation premium.

The stock consumption leader estimation system is the first to complete international standards, but with US stock rankings, the core assets of the stock cycle are still passing through the replacement repair space.

  From the perspective of PB-ROE, compare the estimated levels of China and the US cycle leaders.

Leading stocks are estimated to be relatively profitable, especially in the energy, building materials, construction, and real estate industries.

For comparison between China and the United States, the GICS industry classification is adopted.

  Energy industry: A-share leaders are estimated to be low, and some are more profitable.

China Shenhua PB is estimated to exceed US stocks leader, and ROE advantage is significant; Sinopec, China Petroleum PB is estimated to exceed US stocks leader.

  Building materials industry: A-share leader estimates are reasonable and profitability is stronger.

Conch Cement, Huaxin Cement, and Oriental Yuhong are estimated to be close to US stock leaders, but ROE is much higher than US stock leaders, and it is estimated to be more attractive.

  Construction industry: A stock leader is estimated to be more reasonable and profitable.

China Construction, China Communications Construction, China Railway Construction, and China Railway Evaluation are far lower than the leading US stocks, and ROE has advantages and is estimated to be more attractive.

  Real estate industry: A stock leader estimates the earnings and the profit is stronger.

Huaxia Happiness, Vanke A, China Merchants Shekou, Poly Real Estate are estimated to be far lower than the leading US stocks, and the ROE is higher and the attraction is stronger.
  Electrical equipment industry: The matching degree of A-share leaders is similar to that of US stocks.
  Chemical industry: A-share leaders are reasonably valued and match similar to US stocks.
The valuation and profitability of A-share chemical leaders are at a medium level. Machinery industry: A-share leaders have low valuations and low profits, and their matching degree is similar to that of US stocks.
Weichai Power and Sany Heavy Industry have lower valuations but lower ROE.
  Paper industry: A-share leaders have low valuations, medium profits, and better matching.
The valuations of Shanying Paper, Sun Paper, and Chenming Paper are relatively low. The ROE of Shan Ying Paper and Sun Paper are both at a medium level, and the valuation is more attractive than that of US stocks.
  Aviation & Railway Industry: Leading A-shares have low valuations and low profits, and their matching is similar to that of US stocks.
  Logistics industry: A-share leaders have reasonable valuations and moderate profitability, and their matching degree is similar to that of US stocks.
  Metals, non-metals and mining: Most A-share leaders are overvalued.
The valuation of Baosteel is low, and the matching of earnings and valuation is more attractive.
Other leading valuations are on the high side.
  Over the past few years, some cyclical leaders are experiencing “cyclical blue chip”, and we have seen that earnings stability has become the key to improving valuations.
With Conch Cement as its representative, along with the convergence of economic fluctuations and the optimization of the industry’s competitive landscape, its earnings growth rate has declined and fluctuated, showing a “blue chip” characteristic of solid growth.
Even if the performance growth in 2018 was affected, the ROE level remained high and its valuation was the first to usher in a repair.
For most of the cycle leaders represented by China Shenhua, the valuation has not yet been repaired.
The company is an industry leader in the fields of coal, power, railways, and ports, and has strong competitiveness.
受益于“煤电化路港航”全产业链的协同效应和纵向一体化优势,即使在煤价下行周期中,业绩底部依然明确,19Q3单季净利润创近 6 年新高,抵御风险能力强劲.
The company has ample cash flow, low valuation and high dividends, but the valuation is still low.
In the future, a cyclical leader similar to China Shenhua may usher in “valuation disorder” anyway.
  As economic fluctuations converge in the future, the stabilization of profitability will promote more cyclical stocks to usher in valuation.
On the one hand, as the economy stabilizes and fluctuations converge, more cyclical stocks with stable performance and stable cash flow will emerge in the future.
On the other hand, under the stock economy, the profit will be further concentrated to the leader, and the cycle leader’s valuation will have more room to repair.
  As earnings stabilize, cyclical stocks’ “low valuation trap” concerns will gradually ease.
Why did the previous cycle continue to have lower valuations and weak revaluations?
Mainly because investors are generally worried that the economic downtrend or the cycle will accelerate its earnings downward, and thus fall into the “low valuation trap.”
Recently, with the recovery of economic data, the central bank has continuously lowered the policy interest rate and reached a first-phase agreement through negotiations between China and the United States, the market’s expectations for subsequent economic stabilization have risen.
Therefore, the “low valuation trap” of the cycle is expected to be gradually lifted, at least in a phased relief, and it is expected to promote the repair of cyclical stock valuation.
  Review of market performance this week Market capital situation 面 Performance of major global markets

Hengli Hydraulics (601100): Cycle + growth logic continues to deliver on the long-term growth of the hydraulic faucet

Hengli Hydraulics (601100): “Cycle + growth” logic continues to deliver on the long-term growth of the hydraulic faucet

The main points of the report describe the company’s release of the 2018 annual report and the 2019 quarterly report: 2018 actually achieved revenue 42.

110,000 yuan, an increase of 50.

65%, net profit attributable to mother 8.

3.7 billion, an increase of 119.

05%; 2019Q1 achieved revenue of 15.

6.9 billion yuan, an increase of 61.

63%, net profit attributable to mother 3.

2.6 billion, an increase of 108.

13%.

  Event 杭州夜网论坛 comment The dual resonance of the “cycle + growth” business helped the company’s performance continue to grow rapidly.

The growth of the company’s various segments is frequent, and in terms of products, the sales volume of internal excavator cylinders is 41.

350,000, an increase of about 51%, achieving revenue of 18.

1.1 billion, an increase of about 57%. Based on the sales volume of excavators in 18 years, the company ‘s market share of excavator cylinders increased by about 2 pct to 51%. Non-standard cylinders were gradually affected by the adjustment of production capacity to excavator cylinders, and their revenue gradually increased.

US $ 4.4 billion, a slight increase of about 10% over the past ten years, of which, shield machine cylinder revenue3.

The 4.4 billion yuan fell by about 28%, and the lifting series of 成都桑拿网 oil cylinders benefited from the prosperity of the overseas market and the company’s cooperation with high-quality customers such as Manitowoc, Snorkel, JLG, and its revenue increased significantly by 214% to 5.

9.7 billion; the market share of small digging pump valves rose to about 30%, and the large and large digging pump valves accelerated their volume, resulting in pump valve revenue4.

79 trillion, an increase of about 92%, the average, hydraulic systems, cylinder accessories and castings also increased significantly.

Looking at the first quarter, the sales volume of beneficiary excavators continued to increase rapidly and the market share of leading companies increased significantly. The company ‘s market share of excavator cylinders should be further increased. The output of Zhongda excavator pump valves was rapidly increased, and Q1 results were released more than expected.

  Scale effects and optimization of product structure are expected to drive the company’s future profitability.

The company’s comprehensive gross profit margin increased by approximately 3 in 2018 in the short term.

76pct to 36.

58%, of which excavator oil cylinder, non-standard oil cylinder, hydraulic pump valve are raised by 2 each time.

55, 3.

34, 11.

09pct to 41.

35%, 35.

07% and 29.

66%, with the scale effect, especially the rapid growth of the scale of revenue after the pumping of the Zhongda pumping valve, the overall gross profit margin still has room for improvement.

In addition, the company’s three fees have been further reduced, and its 18-year net interest rate has continued to increase ROE.

  The boom in the excavator industry continued, the market share of excavator pump valves continued to increase, and new non-standard pump valves and motors injected continuous growth momentum.

Real estate stabilized, infrastructure increased, environmental protection and the release of updates promoted the continued prosperity of the industry. The company bound with leading customers, and the excavator cylinders gradually continued to benefit from the steady increase in the market share of the leading market. At the same time, as the production capacity of Zhongda’s pump valves approached full capacity, 19 Annual pump valve revenue is expected to double. According to our calculations, the domestic market for excavator pump valves exceeds USD 7 billion. In the future, the company ‘s pump valve market share will still increase; therefore, the company will expand non-standard pump valve development efforts.The developed 6-50t class excavator rotary motor was installed and verified at the main engine factory, and gradually made contributions in 19 years.

Emerging businesses are expected to help companies cross the cycle.

  Optimistic about the company’s long-term growth ability as a core component company.

It is expected that the net profit attributable to mothers will be 11-21 in 19-21.

91, 14.

87 and 16.

44 ppm, with the latest equity and current sustainable calculations, EPS is 1 respectively.

35, 1.69 and 1.

86 yuan / share, corresponding to PE of 23, 18 and 17 times, maintain “Buy” rating.

Risk reminders: 1) Significant increase in infrastructure and land growth; 2) The company’s capacity release is less than expected; 3) China-US trade talks progress is less than expected; 4) Raw material prices increase.

China Metallurgical (601618) 2019 Interim Report Comments: Results Meet Expectations Strong Overseas New Strongly Signed Housing Construction Metallurgical Orders

China Metallurgical (601618) 2019 Interim Report Comments: Results Meet Expectations Strong Overseas New Strongly Signed Housing Construction Metallurgical Orders

The company’s performance was in line with expectations, Q2 revenue and profit accelerated, overseas orders were strong, and housing construction and aluminum alloy orders increased rapidly.

Considering the moderate recovery of infrastructure and abundant orders in hand, we maintain EPS forecast for 2019-21 of 0.

30/0.

33/0.

35 yuan, the corresponding PE is 9 respectively.

2/8.

3/7.

9x, maintain “Buy” rating.

The performance was in line with expectations, and the business segments were differentiated. Housing construction income in the engineering business increased rapidly, and Q2 revenue and profits were faster than Q1.

The company’s 2019H1 revenue is 1590.

20,000 yuan (ten years +26.

1%), net profit attributed to mother 31.

600 million yuan (+8 per year).

6%), the performance was in line with expectations.

In terms of business, the engineering / real estate / equipment manufacturing / resources business revenue was US $ 145.04 / 104/37 / 2.3 billion, which is +30 per year.

4% /-1.

0% / + 14.

3% /-29.

4%; metallurgical / house construction / transport infrastructure / other engineering income in the engineering business was 294/674/310/172 trillion, +12.

0% / + 55.

9% / + 11.

8% / + 23.

1%.

By quarter, Q2 achieved revenue of 959.

1 ‰, +35 per year.

2%, net profit attributable to mother 13.

9 trillion, +11 for ten years.

5%, Q2 revenue and profit growth have increased compared with the previous Q1.

The company plans to generate 3,050 trillion in revenue in 2019, completing 52 in the first half of the year.

1%.

Inflated gross profit margins and increased R & D expenditures have led to higher expense ratios.

The company’s 2019H1 consolidated gross profit margin is 11.

0%, year -1.

2pcts, of which the gross profit margin of engineering / real estate / equipment manufacturing / resources business is 9 respectively.

4% / 27.

6% / 11.

4% / 19.

2% per year -0.twenty one.

9 / + 0.

1 / -17.

At 8pcts, the cost of raw materials for engineering business rose, the macro scale of the land affected, and fluctuations in prices such as nickel and cobalt caused drifts in the gross profit margin of each segment.

The company’s comprehensive expense ratio is 6.

7%, +0 per year.

7pct, of which sales / management / R & D / financial expense ratio is 0.

6% / 2.

6% / 2.

3% / 1.

1% for ten years + 0 / -0.

4 / + 1.

2pct / -0.

1pct.

In addition the company’s investment net income -1.

9.8 billion yuan (0 in the same period last year.

6.3 billion yuan), mainly due to bills receivable and account receivables that are transferred after discounting, factoring, asset securitization, etc. 2

500 million losses.

Net operating cash substitution 52.

300 million (net decrease of 81 in the same period last year.

100 million); net reduction in investment cash by 33.

5 trillion (net decrease of 63 in the same period last year.

600 million); net cash inflow from financing 18.

300 million (net inflow of 167 in the same period last year.

300 million).

Overseas orders were strong, and housing construction and steel orders increased.

The new contract of 2019H1 company is 3,815 trillion, +20 a year.

5%; of which 1.31 million yuan was newly signed overseas, +68 throughout the year.

9%, mainly for newly signed Vietnam waste incineration power plant projects (19.

700 million), Indonesia OBI nickel-cobalt project (12.

600 million), Sri Lanka highway project (5.

600 million) and other large projects.

In the new millennium, the number of single-project contracting projects was 366.5 billion yuan, which is +22 per year.

3%; of which, construction / infrastructure / metallurgical projects were newly signed for 674.310 / 648 billion (10,000 yuan + 56% / + 12% / + 46%).

Metallurgical engineering grasps the displacement of technological transformation and relocation, and comprehensively deploys new infrastructure areas such as pipe corridors, theme parks, and water treatment.

In traditional metallurgical engineering business, the company grasps changes in production capacity replacement, steel plant relocation, and industrial upgrading, and gradually the metallurgical order is expected to maintain a better situation; the company’s overall layout of new infrastructure, in the corridor / theme park / industrial environmental protection / waterGovernance / characteristic small towns and other areas expand the layout.In 2019H1, there are 31 key orders in these areas.

4/80.

3/17.

3/23.

2/67.300 million; the company is in the leading position in the pipeline corridor market. On July 30, the company won the first bid for infrastructure in Xiong’an New District. The project includes construction of pipeline corridors, roads, bridges and other projects.

Risk factors: non-ferrous metal prices fluctuate; real estate, infrastructure investment falls short of 深圳spa会所 expectations; business conversions fall short of expectations.

Investment suggestion: The company’s performance is in line with expectations, Q2 revenue and profits are accelerating, overseas orders are strong, and housing construction and metallurgical orders are increasing.

Considering the moderate recovery of infrastructure and ample orders in hand, we maintain our EPS forecast for 2019-2021.

30/0.

33/0.

35 yuan, the corresponding PE is 9 respectively.

2/8.

3/7.

9x, maintain “Buy” rating.

Jianghe Group (601886) in-depth report: Building quality improvement, incremental medical advancement, domestic leader

Jianghe Group (601886) in-depth report: Building quality improvement, incremental medical advancement, domestic leader

Summary of the report: We believe that the growth rate of new orders for the company’s construction business is significantly stronger than the market, and revenue has risen steadily. We are optimistic that the company will actively use preferred orders and internal assessments to gradually replace continuous improvement in profit and turnover, as well as the increase in the company’s internal business.It is believed that it has at least four visible sources of incremental growth and will be an important growth driver for the company’s construction business in the future.

  The company resolutely implements the “dual-main business” development strategy, and continues to expand its ophthalmology and third-party diagnostics markets with strong growth. The internal linkage efforts are made to become larger and stronger.

At present, the core competitiveness of the medical business is the grafting output of the technology management brand advantages of overseas first-tier brands in the domestic market. In the future, the overall scale of development will be comparable to the domestic medical service leader, realizing the true parallel development of the dual main industries.

It is optimistic that the company will eventually be able to acquire more shares in Healius after going through twists and turns.

  What’s different from the market view: The market generally underestimates the company’s increasing dominance in the curtain wall market and the potential increase in profits.

The curtain wall market has the lowest concentration, but only a few brands have expanded their recognition. The company has gradually tilted away from the big differences initially, and has advanced to a unique level. It has achieved the first market share since 2017, with an RMS of 1.

4 times, the curtain wall revenue in 2018 has reached a large one.

At the same time, it is actively adopting 北京夜生活网 preferred orders and internal assessment measures to improve profitability and turnover, and the relevant financial indicators are in a significant upward channel; the market generally underestimates the positive significance of Chengda’s share trading, and the huge increase in interior business that it may bring.the amount.

We believe that the transaction will not accelerate the company’s substitution of Chengda’s control and current profits to accelerate the acquisition of Healius and improve the medical layout. At the same time, Yunnan Urban Investment Group is a leading company in the urban development field in the southwest region, the nation’s largest convention and exhibition group, and Intercontinental Hotel Group.The world’s largest single owner, holding 138 companies, has many industrial resources in the areas of exhibition development, hotels, tourism and real estate, etc. The transaction will deepen the cooperative relationship between the two parties, empower the company’s construction medical business, and the interior business will take the lead to benefit. Chengda GroupThe construction decoration business in mainland China is expected to usher in a huge increase, and its positive significance is far greater than the contingent impact of the reduction; the market generally underestimates the possibility of the company’s acquisition of Healius.

We comprehensively analyze from the main points of divergence, the company’s funding situation, the Australian government’s political demands, the evolution of Sino-US relations, the company’s close follow-up to Healius and the successful case of acquiring Vision, and we are optimistic that the company will eventually acquire more shares of Healius;  Investment strategy: It is estimated that the company’s operating income for 2019-2021 will be 176.194 billion and 21.5 billion, respectively, and the total revenue will be 0.

68 yuan, 0.

86 yuan and 1.

06 yuan, corresponding to PE are 13.

3X, 10.

5X and 8.

5 times.

Select 9 decoration companies / 4 medical representative companies for comparison, their average PE in 2019 is 16 times / 46 times.

Using the FCFF estimation method to obtain a reasonable value for the company’s absolute value is 10.

77 yuan.

In summary, we believe that the company is reasonably actionable10.

77 yuan, corresponding to 16 times the PE in 2019, which has 20% growth space compared with the same period last year.

Covered for the first time and given a “strong recommendation” rating.

  Risk Warning: Financial risks, competition risks, overseas business risks, acquisition or integration are less than expected.