桑拿

[Hippocampus has so many functions, it can also nourish the kidney and aphrodisiac]_Benefit_Function

銆 愭 釭 揹  殷 攸 晥 晥 Chain umbrella umbrella  〃 缮 瑮 鑳 瑳 葳 瑳 葳 瑳 瑳 瑳 瑳 牳 鉳 鉳 鉳 鉳 鉳 鉳 鉳 牮 鉳 鉳 牮 鉳 牳 鉳 牮 牳 鉳 鉳 牳 鉳 牳 鉳 鉳 鉳 牳 牳 鉳 鉳 牳 牳 鉳 in the fear of setting.闃炽€慱濂藉_浣滅敤
娴烽┈鏄竴绉嶄富瑕佺敓娲诲湪澶钩娲嬨€佸ぇ瑗挎磱娴峰簳鐨勪竴绉嶆捣娲嬪姩鐗╋紝鐢变簬鍏跺ご閮ㄩ暱鐨勯叿浼奸┈鍖瑰苟涓旂敓娲诲湪娴烽噷锛屾墍浠ュ懡鍚嶄负娴烽┈銆傛捣椹繕鏄竴鍛冲悕璐电殑涓嵂锛屽叿鏈夊己韬仴浣撱€佹秷鐐庢鐥涖€佽ˉ鑲惧.闃崇瓑浣滅敤锛岃€屼笖瀵逛簬鎶楄“鑰佸拰鎶楃檶鏈夊緢澶х殑鍔熸晥銆?Xian Feng 姄 姫 姛 堬 紬 緒 1.琛ヨ偩澹槼 娴烽┈閰掓槸娴烽┈鐨勪富瑕侀鐢ㄦ柟娉曪紝娴烽┈閰掓槸涓€绉嶅叿鏈夊緢寮哄.闃充綔鐢ㄧ殑鑽敤閰掞紝鏈夋€ф縺绱犳牱鐨勪綔鐢紝鐢ㄦ捣椹厭鍠傚吇灏忛紶锛岃兘寤堕暱灏忛紶鐨勫姩鎯呮湡锛屼娇闆屾€у皬榧犵殑瀛愬鍜屽嵉宸㈢殑閲嶉噺澧炲姞锛屽闆勬€у皬榧犵殑鏁堟灉鏇村ソ锛岃兘浣垮皬榧犲墠鍒楄吅銆佺簿鍥娿€佹彁鑲涜倢鐨勯噸閲忛兘澧炲姞锛屽叿鏈夐泟鎬ф縺绱犵殑浣滅敤锛屽洜姝わ紝娴烽┈閰掓槸涓€绉嶅己鏁堢殑澹槼琛ヨ偩閰掋€?2.淇濇姢绁炵粡 娴烽┈鐨勬彁鍙栫墿瀵归挋绂诲瓙鐨勪笓鏈夌殑閽欓€氶亾鏈夊緢濂界殑闃绘柇浣滅敤锛屽洜姝わ紝鍦ㄤ复搴婁笂缁忓父琚敤鏉ラ樆鏂挋绂诲瓙鍐呮祦锛屼繚鎶ょ缁忓厓鐨勫姛鑳姐€?3.鎶 楄 “Key?Xian Feng, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows繃姘у寲鑴備綋鐨勫惈閲忎互鍙婂崟鑳烘哀鍖栭叾鐨勬椿鎬ч兘琛ㄧ幇鍑洪檷浣庯紝鍥犳锛屾捣椹叿鏈夋姉琛拌€佺殑浣滅敤銆?.鎶戠檶鎶楃檶 娴烽┈鐨勬按鎻愬彇鐗╁叿鏈変績杩涙甯镐汉澶栧懆琛€涓穻宸寸粏鑳炶浆鍖栦綔鐢紝浠庤€屼竴The Chinese version of the Chinese version is very effective. It is very useful for people who want to know how to use it. What is the best way to do it?抑 楑 丰 鎻 愬 凇 吗 ╂ 帴 紗 湗 悗 鍧 幨 勁 accustomed to be thin and mixedわ わ 纴 軒 丰 鍏 颏 湁 戶戶 涶 鎶 楃 涶 湤 抆 抆 銆?

[Can pregnant women eat Gastrodia stewed chicken?

】 _Pregnant_Can you eat

[Can pregnant women eat Gastrodia stewed chicken?
】 _Pregnant_Can you eat

Chicken is a kind of meat that is often eaten in life. Chicken is rich in nutrients such as vitamins, proteins and proteins, which can provide a lot of nutrition to the human body. Pregnant women can also eat it, but Gastrodia is a Chinese medicine. Pregnant womenIt may cause miscarriage after consumption, so pregnant women are not allowed to use it.

Ingredients for saliva chicken: 1 tender chicken, cooked peanuts, cooked sesame, shallots, peppers, parsley, sesame oil 1, bring it to the pot, add the appropriate water, put the cleaned native chicken and cook until the chicken is cooked.

2. Pick up the cooked chicken and add it to cold water for later use.

3, chopped peppers, parsley and shallots, peanuts are usually crushed.

4. Take a bowl, add the prepared soy sauce, vinegar, and sesame oil, and then add peanuts, sesame, shallots, and cilantro into a fragrant sauce.

5, take out the cold and put in the chicken, cut into weighing pans.

6. Dip the previously prepared sauce into chicken pieces.

White-cut chicken made of pure and tender hens (weight about 0.)

8?
1.

2 kg is good) 120 grams of green onions, 40 grams of ginger, 120 grams of vegetable oil, 15 grams of salt.

Coriander: 100 grams of seasoning: When people in Guangzhou eat white-cut chicken, most of them are served with ginger and spring onion. It is light and easy to accept, so it is easy to make people feel like white-cut chicken is dipped in ginger and onion juice.of.

In fact, there are many condiments that are dipped in white cut chicken, such as onion sauce, sauce, etc., which are very distinctive and have a long aftertaste.

Several models are introduced.

Ingredients for salt-flavored ginger and spring onion: 20 grams of ginger, salt, sugar, 30 grams of green onion, 1 teaspoon of salted chicken powder, and 1 spoon of oil.

Method 1: First, peel the ginger and wash the onions, and dry the water.

2. Cut the ginger, shallots and parsley into shreds and mix well.

3. Remove the ginger and shallots from the microwave oven and heat them for 30 seconds. After their aromas come out, add salt, sugar and salt to the chicken and mix thoroughly.

4. Finally, heat a tablespoon of oil in the pan and pour on the ginger and spring onion to serve.

Tips: If you like strong taste, you can add soy sauce and taste good.

Ginger, garlic and shallot raw materials: ground ginger, garlic, green onion, coriander, 1 spoon each, 2 spoons of soy sauce, salt, sesame oil.

Practices: 1. Mix the minced ginger, minced garlic, minced shallot and minced parsley.

2. Pour the hot sesame oil into ginger, garlic, scallion and parsley, then add soy sauce and salt.

Raw materials of sand ginger garlic flavor: ground ginger, ground garlic 1 spoon, salt amount, peanut oil 2 spoons.

Method: Mix the ground ginger and garlic thoroughly, heat the peanut oil and pour in the peanut oil. After the fragrance is out, stir in the salt.

Ingredients for onion oil flavor sauce: 30 grams of white onion, 20 ml of sesame oil, water, salt, MSG.

Method: Chopped green onion and chopped with hot sesame oil. After mixing the flavor, add a little water, salt, and MSG.

Raw ingredients of garlic and coriander: 30 grams of garlic, 5 grams of coriander (wonton), soy sauce, vinegar, sesame oil, monosodium glutamate.

Method: Mix the garlic and coriander, and add soy sauce, vinegar, sesame oil and MSG.

Tip: You can also add pure garlic flavor sauce without putting coriander (芫荽) at the end.

Ingredients for garlic sauce flavor: 2 spoons of garlic sauce, soy sauce (or raw soy sauce), light white, vinegar, pepper, sugar, sesame oil and ginger juice, MSG each amount.

Method: Transfer the old soy sauce (or raw soy sauce), scallion, vinegar, pepper, sugar, sesame oil and ginger juice, MSG into the garlic paste.

Tip: Gradually use the material ratio, according to each person’s tastes and preferences, while adding and subtracting.

As for the seasoning of white-cut chicken, in addition to the special raw materials used for local extraction in a few regions, the variety of local flavors can be varied, mainly due to the different flavors and preparations to form unique flavors.

Proper combination of seasonings not only have a special aroma, but also can have unexpected odors, making the white-cut chicken feel more embarrassing to the population.

[How long do lentils cook]_How to cook_How to cook

[How long do lentils cook]_How to cook_How to cook

Lentils are a good type of legumes. Regular consumption of lentils can promote the body’s metabolism, and it is good for digestion and absorption.

There are also many ways to make lentils, which can be prepared or made according to people’s preferences, and often the way to make lentils is to cook lentils.

But everyone’s production methods should also be different, of course, each of them also has its own characteristics, so how long is the most suitable for cooking lentils?

Eating lentils to prevent poisoning is also very simple, as long as the lentils are cooked thoroughly.

When frying lentils, the amount of lentils exceeds half of the capacity. After frying, add an appropriate amount of water, cover the pot, and keep on a low heat for 100 tons for more than 10 minutes. Turn the lentils with a shovel to heat it evenly.

In addition, you should choose tender and tender beans at the time of purchase. Before processing, select the two ends of lentils and shredded pods, because old lentils or lentils have the most toxins with each other and shredded pods.

Do lentils need to be dehydrated? Nutritionists introduce that lentils need to be dehydrated. Lentils contain two toxins that are harmful to the human body. Saponin stimulates the gastric mucosa to produce stimuli. Phytohemagglutinin can agglutinate red blood cells, thereby reducing the red blood cells carrying oxygenability.

These two toxins are abnormal when exposed to heat and can be destroyed by high temperatures.

Therefore, whether it is simmered in water or directly cooked and fried, stewed, as long as it is long enough, the toxins will be destroyed.

How do lentils simmer in water? Poisonous lentils often appear in the cafeteria, because cooking in a large pot may cause uneven frying, resulting in a part of the underfried.

Family poisoning is relatively rare, because the amount of lentils produced at home is generally relatively small, and it is easy to cook them.

However, it should be reminded that lentils cannot be scalded or fried like other vegetables. It must be cooked for more than 10 minutes and heated completely.

When the color of lentils changes from bright green to dark green or dark green, there is no smell of beans. Such lentils are thoroughly cooked and can be eaten with peace of mind.

If you are really worried about poisoning, you can simmer it in advance, which will help the lentils to be heated evenly.

[Encyclopedia of Beef Chili Sauce]_Beef Chili Sauce_Homemade Practice_Production Method

銆 愮 坛 喎 喎 喰 喰 宑 懭 桶 涶 叏 銆 慱 鐗 涜 倝 243ii_ 瀹 跺 父 锅 氭 硶 _ 鍒 朵 綔 珂珂 經
鍦ㄦ寮忓仛鐗涜倝杈i叡杩欓亾鑿滀箣鍓嶏紝闇€瑕佸噯澶囧ソ鎵€鏈夌殑鍘熸潗鏂欙紝灏ゅ叾瑕侀€夋嫨鏈€鏂伴矞鏈€濂界殑鐗涜倝锛屽彟澶栬鍑嗗濂借荆妞掔瓑鐩稿叧杈呮枡锛屽湪鎿嶄綔鐨勮繃绋嬩腑鍋氬ソ姣忎竴涓粏鑺傦紝杩欐牱鎵嶆湁鍙兘鍋氬嚭缇庡懗鐨勮彍鑲淬€?涓€銆佸埗浣滄柟娉?1.廏 绂 Jing Niu 掑 姎 庰 庯 庞 骞 Check the 卍 喰 姞 姞 姞 姘 inch ██ 婏 绂 2.閿呭唴鍊掓补鐑х儹锛屾斁鍏ュ鏈€佽懕鏈€佽挏鑼搞€侀矞绾㈣荆妞掔鐖嗛鍚庡姞鍏ョ墰鑲夐锛岀粛閰掑皯璁哥炕鐐掔墖鍒诲悗锛屽皢榛勯叡姘淬€佸皯璁哥敎闈㈤叡銆佺櫧绯栧€掑叆閿呭唴鏀瑰皬鐏紝鐐栬嚦鑲夐叡绮樼鐘舵€佸悗鎾掍笂鐔熻姖楹伙紝缈荤倰涓€涓嬶紝鍗冲彲鍑洪攨銆?浜屻€佹搷浣滄敞鎰?1.It ‘s a matter of time. It ‘s hard to change it. It ‘s a good idea. It ‘s not a good idea. It ‘s not a good idea. It ‘s a good idea. It ‘s a good idea.The rich monastery is inlaid with vinegars, and the vineyards are sturdy, and the quintessence is in the paper.鏂 ゅ Kun Duo Chong Book 2 Hao Bao Hong Hong Jia Fei?涓よ懕涓€灏忔濮滀竴鍧楄挏涓€澶寸洂涓€姹ゅ嫼璞嗘补1鏂?涓夈€佸埗浣滄楠?1 銆 厸 厛 卶 婶 婏 婏 协 凴 鎴 纬 纰 庡 卜卜 千 倝 壣 呴 鍙 镙 鴙 鴙 鑙  戤 敤 夐  Ad?銆佹妸涓€鏂よ眴娌规斁閿呴噷鐑у紑锛屾斁鐗涜倝鐐掕嚦鍙樿壊3銆佹斁钁卞钂滄湯鐐掗锛屽啀鍊掑叆缁炲傄 勮 勮 劮 女 掗 睿 鍜 倄 睿 唲 涜 :銆佺敤灏忕伀鎶婇叡鍜岃荆妞掓悈鍚堝潎鍖€锛岀敤閾插瓙閾插簳浠ュ厤绯婂簳锛岀儳5鍒嗛挓銆?銆佸叧鐏悗鍐嶆斁绯栧拰鍛崇簿鍗冲彲銆傜墰鑲夎荆閰辨槸涓€娆剧編鍛崇殑鑿滆氨锛屽緢閫傚悎鐖卞悆杈g殑鏈嬪弸銆傚仛娉曚篃姣旇緝绠€鍗曘€備富瑕佸師鏂欑墰鑲夐銆侀矞绾㈣荆妞掋€佸共榛勯叡銆佺啛鑺濋夯銆傝If you want to change the chain, you will be able to change it, and you will be able to change it. If you want to do it, you will be able to find out what is going on, what is it, what is it, what is it, what’s going on, what’s going on?傝厡鍒剁墰鑲夋椂鍒斁鐩愶紝杩欐牱鐗涜倝鎵嶄笉鑷充簬鑰併€傚皬绫虫涔熶笉鐢ㄦ斁鐩愯厡锛屾湰韬粍璞嗛叡鍐呭惈鐩愬拰绯栨垚浠姐€傛參鐔殑鐗涜倝閰辨渶鍚庢按浠芥娊骞诧紝椋樻诞鐨勯兘鏄孩娌癸紝杩欐牱鏇存槗浜庡瓨鏀俱€傝€屼笖鍙f劅棣欏懗鏇存祿锛?

[How to make chicken gizzards is delicious and perishable]_How to make_How to make

銆愰浮鑳楁€庝箞鍋氬ソ鍚冩槗鐑傘€慱鎬庢牱鍒朵綔_濡備綍鍋?
It ‘s a good idea. It ‘s a patent. It ‘s a patent. It ‘s a patent. It ‘s very effective. It ‘s very useful. It ‘s a floating flag.殑椋熺墿鐨勩€傞浮鑳楀洜涓哄叾闈炲父鐨勬湁鍤煎姴鑰岄潪甯哥殑鍙椾汉娆㈣繋銆傜劧鑰岄浮鑳楀嵈鏄潪甯镐笉瀹规槗鐑傜殑涓€绉嶉鏉愶紝濡傛灉娌℃湁灏嗗叾鐓儌椋熺敤璧锋潵鏄牴鏈挰涓嶅姩鐨勩€傚叾瀹炴兂瑕佸皢楦¤儣鍋氱殑濂藉悆骞朵笖瀹规槗鐑傛槸鏈変竴浜涙妧宸х殑锛屼笅闈㈠氨鏉ヤ粙缁嶄竴涓嬮浮鑳楁€庝箞鍋氬ソ鍚冩槗鐑傘€傜敤楂樺帇閿呭帇鍒堕浮鑳楋紝娣诲姞钁卞銆佽姳妞掋€佸ぇ鏂欏拰鏂欓厭锛屼篃鍙互鏈夋晥鍘昏叆鎻愰锛岃€屼笖姣旇緝杞€?.鐑归オ鎶€宸?锛夐浮鑳椾竴瀹氳閫夌敤鏂伴矞鐨勩€?锛夐浮鑳楀唴鑶滃拰澶栧眰鐨勭瓔鑶溿€佹补鑴備竴瀹氳褰诲簳娓呴櫎骞插噣锛屽苟鐢ㄦ祦姘村弽澶嶅啿娲椼€?What are the reasons for the marriage in the village? If you want to get married, how about the marriage?.Huan Cang?锛夐浮鑳楀幓闄ょ瓔鑶滄礂鍑€鍒囩墖锛屽姞鏂欓厭銆佺敓鎶姐€佽殱娌广€佽儭妞掔矇銆佸共娣€绮夋媽鍖€鑵屽埗30鍒嗛挓銆傞潚绾㈡銆佹场妞掑垏灏忓湀锛屽钂滃垏纰庡緟鐢紱2锛夐攨閲岀儹娌癸紝鍔犲钂滄湯銆Do you have a crotch?What are you talking about? Can you tell me what you can do? 4 If you want to know what you want to do? 4. What do you mean?What do you mean? Do you mean Θ chiseling? 銆 但 劆 劽 女锛夊姞鍏ラ潚钂滅炕鐐掞紱7锛夎皟鍏ラ€傞噺鐩愩€佺硸銆侀娌圭炕鐐掑潎鍖€鍗冲彲銆備簩锛岄浮鑳楄姳鐐掕妺鑽峰師鏂欙細澶槼璋烽浮鑳?50g銆佽妺鑽蜂竴鍖呫€佺敓绮夐€傞噺銆佹枡閰掗€傞噺銆佺敓鎶介€傞噺銆佽€佹娊涓€灏忓嫼銆侀噹灞辨8涓€佹湞澶╂5涓€侀潚妞?涓€侀噹灞辨姘撮€傞噺銆佽儭妞掔矇閫傞噺銆佸涓濋€傞噺銆佽挏鏈€傞噺銆佺櫧绯栧皯璁搞€?. 鍑嗗澶槼璋烽浮鑳椼€?. Kunming Kunming?50鍏嬶紝鐢ㄧ敓绮夊拰鏂欓厭鎶撴礂涓€涓嬶紝鍐嶅啿娲楀共鍑€銆?. 鍒囪姳鍒€锛屽敖閲忓垏娣憋紝涓嶈鍒囬€忋€?. 鎴愭潯鐘躲€?. What do you think?. What is the point of view? Is it fearful? Do you fear it? Do you want to know how to do it? Do you want to know what to do?. 逹 炲 嚭 鐚 洏 抆?. What are you talking about? What are you talking about? What are you talking about?. 鍑嗗鑺嬭嵎涓€鍖呫€?0. Read the north beauties and chattering chains, and the beauties are beautiful and beautiful?1. 鍑嗗濮滀笣锛岃挏鏈€?2. Duan  Nan?鐨勬眮鍊掑嚭鏉ワ紝鍔犱竴灏忓嫼鑰佹娊锛岃儭妞掔矇锛岄噹灞辨姘淬€?3. 璧锋补閿咃紝鏀惧涓濊挏鏈吀鐐掋€?4. 鏀鹃噹灞辨娈电吀鐐掋€?5, 鍊掑叆楦¤儣鑺辩炕鐐掍竴浼氥€?6. The chain is not there?7 掑 喆 姝 姝 ラ 12 嗑 嗗  镄 勄 募 皟 隮 眮 銆?8. │ ?  劜 岄 劚 女 掔 犆?9. 鎾 掑 璯 璯 璠 撠 撠 砵 纴 鍏 Chong Lingzhi?0. 鍏崇伀锛岀炕鐐掑潎鍖€銆?1. What’s the matter?2. 閰歌荆鐖借剢鐨勯浮鑳楄姳鐐掕妺鑽峰ソ浜嗐€?

Overseas Institutional Research Stocks Reveal These First Half Results

Overseas Institutional Research Stocks Reveal These First Half Results

Overseas institutional research stocks are exposed. The source of these first half results is: from DataBao’s overseas institutional research stocks this month, 6 stocks have announced the first half performance in advance, of which 4 stocks have a positive performance.

  The Securities Times and DataBao statistics show that a total of 21 companies won the survey of overseas institutions this month.

From the number of overseas institutions participating in the survey, Midea Group has received the most attention, with a total of 27 overseas institutions participating in the survey.

  According to the company announcement, from July 4th to 5th, the company’s shares were exchanged in Hong Kong and multinational overseas institutions. The main contents include the introduction of the company’s overseas business competitiveness, how the company’s channel network system promotes online and offline business growth, and the company’s research and development system.Introduction, etc.

  In fact, it is Weixing 合肥夜网 New Materials, Gaoxingxing and Wuliangye. There are 18, 12 and 10 overseas organizations participating in the survey; Anche Inspection, Changan Automobile, Guanglianda, Shenzhen Airport, I love my family, etc. 2 overseas each yearInstitutional research.

  In the overseas institutional research stocks, from the observation of the northward movement of funds, the changes in shareholdings this month have been divided.

Weichai Power, Shenzhen Airport and other 11 shares were increased by Beishang Capital. Among them, Beishang Capital increased its 18.67 million shares of Weichai Power this month, 8.18 million shares of Shenzhen Airport, and increased its holdings of Changan Automobile, Hudian, and Sunlord ElectronicsThey all exceed 4 million shares.

There are 7 stocks that have been reduced. I love my family, Wuliangye, Weixing New Material, and the reductions are 8.03 million shares, 7.92 million shares, and 1.69 million shares.

  Judging from the previous performance, the research stocks of overseas institutions grew an average 1% this month, outperforming the Shanghai index.

In terms of individual stocks, Lacala and Shanghai Electric Power recorded a 10% increase; Jitai, Sunlord Electronics, Changan Automobile and other stocks also gained more than 5%.

Among the falling stocks, Gaoxin gradually decreased by 10%, the largest decline; the third ring of China Science and Technology, Saurer Intelligent and other declines also exceeded 5%.

  The semi-annual report disclosure season is currently in progress. From the time of the semi-annual report’s appointment to the disclosure period, the initial inspection is Anche inspection. The semi-annual report is expected to be disclosed on July 25. The rest of the companies will be announced in August.

  As for the performance forecast, six stocks have announced the performance forecast for the first half of the year, with an increase of four.

Jitai shares, Shanghai Electric Power shares are expected to double the net profit growth, Anche detection pre-increased by 77% to 100%, Lakara pre-increased by 20.

09% to 35.

14%; performance is expected, the overall profit of the pre-leveling is only 1%, Changan Automobile is expected to increase from 1.9 billion to 2.6 billion US dollars, Gaoxing expected net profit can be changed -14.

19% to 13.

74%.

  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

Shandong Gold (600547) First Coverage Report: Industry Leaders Rise

Shandong Gold (600547) First Coverage Report: Industry Leaders Rise

A strong and steadily expanding industry leader.

The company integrates gold “exploration, mining, selection, smelting, and sales” in one business. Since its establishment, relying on the alternative background of the major shareholder Shandong Gold Group, it has focused on deepening the main industry and gradually developing into a leading company in the domestic gold industry.

In 2017, it acquired a 50% interest in the Beladero gold mine in South America, successfully taking the pace of overseas expansion, and also making up a good foundation for the implementation of the subsequent internationalization strategy.

In 2018, the company’s mineral gold output was nearly 40 tons, ranking first among the listed companies in the country. The annual output of mineral gold at the end of the 13th Five-Year Plan gradually increased to about 50 tons.

Excellent resource endowment and outstanding cost advantage.

The company fully relies on Shandong’s excellent resource endowment (the four major gold mines in the province have been listed in the “Top Ten Mines in China’s Gold Production” for many years and builds its performance foundation), and gradually to areas outside Shandong (Inner Mongolia, Gansu and Fujian) andThe 杭州桑拿网 overseas region (Argentina) has expanded its resource reserves and business scale.

As of the end of 2018, the company retained nearly 1,000 tons of gold equity resources (metals), and its equity reserves exceeded 300 tons (metals), further consolidating its resource advantages.

In fact, the company continued to optimize mining technology and strengthen integrated management to consolidate and enhance its cost advantages. In 2017, the company’s cash cost was 681.

USD 6 / ounce, significantly lower than the domestic average of USD 715 / inch.

The price of gold is expected to continue to be strong.

The PMI indicators of major global economies have weakened in a synchronized manner, and the economic outlook is expected to worsen. The weak US data has strengthened expectations of interest rate cuts. The Federal Reserve 天津夜网 ‘s interest rate cut at the July interest rate meeting will become a high probability event, covering many countries around the world earlier.The short-term interest rate cut has been gradually expanded, and global liquidity easing is expected to continue to increase; uncertain events such as Sino-US trade friction, Brexit, and the US-Iraq conflict have triggered the rise of international risk aversion, and even high U.S. stocks are likely to increase risks, Thereby increasing the attractiveness of safe-haven assets; since 2018, the enthusiasm for buying gold worldwide has increased, and the amount of gold that has been gradually purchased has sometimes increased by more than 70%, and the gradual departure has also started a new round of gold since December 2018.With increasing holdings of gold, gold assets are increasingly favored by the monetary authorities; short-term market bullish sentiment for gold is high, and mid-to-long-term gold prices are expected to benefit from further declines in long-term interest rates on U.S. Treasuries, and the probability of gold prices continuing to fluctuate is expected to fluctuate.

Profit forecast and investment recommendations: The company’s mining gold output is expected to continue to increase, which will fully benefit from the upward price of gold. It is expected that the company’s net profit attributable to mothers will be 19 in 2019-2020.

3/29.

4/37.

2 ppm, corresponding PE is 47/31/24 times, considering the position of the company’s industry leader, it is estimated that there is a certain premium space, covering the “overweight” level for the first time.

Risk Warning: The price of gold has fallen sharply, the exchange rate has increased, the progress of asset injection and overseas mergers and acquisitions has fallen short of expectations, the mine grade has shifted, and production safety risks.

Guizhou Moutai (600519) 19Q1 Comment: Gao Zeng’s statement welcomes opening door marketing break to help long-term development

Guizhou Moutai (600519) 19Q1 Comment: Gao Zeng’s statement welcomes “opening door” marketing break to help long-term development
Investment Highlights: Event: The company released its first quarter report for 2019 and achieved a total operating income of 216 in 19Q1.4.4 billion, an increase of 23 in ten years.9%, net profit attributable to mother 112.2.1 billion, an annual increase of 31.9%.In the performance forecast, the company forecast that the total operating income of 19Q1 will increase by about 20%, and the net profit of the mother will increase by about 30%. The company’s performance is in line with expectations. Investment Ratings and Estimates: Maintain earnings forecasts, predicting EPS for 2019-2021 of 34.49 yuan, 42.1 yuan, 47.86 yuan, an annual increase of 23%, 22%, 14%. The current corresponding PE is 28x, 23x, 20x respectively. Maintain Buy rating.In the first quarter, the company successfully achieved the “starting point”, and the growth rate was higher than the target index, which is the basis of about 14% of the revenue target. The report data is beautiful, and the month-on-month decrease in prepayments is mainly due to the overall decrease of dealers.The result of optimizing the structure is an active adjustment on the supply side rather than a passive change on the demand side. The supply and demand pattern and price performance of Moutai still remain strong.The reasons we are currently optimistic about Moutai are: 1. 2019 is the year when the Moutai channel is broken. It is expected that the company will continue to optimize its channel and product structure while maintaining a modest increase in scale in the future, and finally achieve the situation of both distribution and direct management; 2. Looking forward to 2020, as the approval price is already more than 80% higher than the ex-factory price, objective conditions for raising the factory price have once again appeared; 3. Estimated angle, through the continuous advancement of internationalization of stocks, Moutai estimates that it will benchmark overseas leaders and the center will continueUplifting; 4. At present, Moutai has firmly closed the price band of more than 1,000 yuan. Strong brand power and rich channel profits have built a solid moat. Moutai is the industry’s most certain leader. In 19Q1, the revenue of Moutai liquor increased by 24% each year, and the proportion of direct sales increased.1Q1 Moutai liquor revenue was 194.9.8 billion, an increase of 24% over the same period. Taking into account the structural improvement and the 18Q1 revenue recognition of some 819 yuan for the product (all 19Q1 is 969 yuan for the product), it is expected that the price of Moutai liquor in 19Q1 will increase by about 10%, and the corresponding sales volume of the report is 8,500 tons.-9000 tons, 10% -15% increase in ten years.Taking into account the implementation of the second quarter payment and the release of advance receipts in advance at the end of March 19, we expect that the actual increase in Maotai’s shipments in 19Q1 will not increase by about 8,000 tons (19Q1 taxes and additional reductions 4).7%, the cash received for sales of goods excluding advance receipts also slightly degraded, confirming that the actual shipment volume has not increased much.Compared with 18Q1, 19Q1 reduced the overall number of dealers (the number of dealers decreased by about 500) and reduced direct sales, but added high value-added products such as zodiac wine, boutique Maotai (matched to each specialty store), andDirect-operated stores are expected (expected to double Q1 supply), and custom memorial products will continue to ship.Series of wine income 21.3.2 billion, an 南京桑拿网 annual increase of 26%.By channel, 19Q1 direct sales revenue was 10.9.2 billion, down 21 previously.55%, accounting for 5.05%, down 2 every year.93 units, an increase of 2 from the previous quarter.Each of the 65 single sales decreased due to a significant decrease in the number of direct sales and direct sales of e-commerce, and the increase in the chain was mainly due to the volume of direct sales stores in 19Q1.At the end of the reporting period, there were 2,454 domestic distributors, a decrease of 494 distributors of sauce-flavored wines, a decrease of 39 distributors of Moutai, and a decrease of 476 distributors of Moutai from 2018 to the end of the first quarter of 2019. The gross profit margin increased by the ton price to the highest point in recent years, and the net sales margin further increased2.77pct.Gross profit margin 92.11%, a year to raise 0.8 units, mainly driven by the increase in ton price, the single-quarter gross profit margin reached the highest point, and also improved from 18Q4, indicating that the structure, direct sales and other high value-added products and channel ratio Q4 were further optimized. The tax rate is 10.71%, a decrease of 3 per year.For 02 shares, the decline in the tax rate was mainly due to the timing of confirmation of consumption tax. The tax rate was 18Q4 + 19Q113.57%, basically normal. Selling expense ratio 3.88%, down by 1 every year.26 total, management expense ratio (including R & D expenses) 6.52%, a decline of 0 every year.03 averages, indicating that the efficiency of Moutai’s operations and expenses has been continuously improved. Advance receipts decreased by 21 from the previous month.9.2 billion, slower growth in cash flow than revenue.Combining with channel feedback, the second quarter payment was executed ahead of schedule at the end of the first quarter of 19, and advance payment was 113.85 billion, down 21 from the previous month.9.2 billion, the April payment at the end of the first quarter of 18, advance receipts fell by 12 chain.5.7 billion.1Q1 Net cash flow from operating activities11.89 billion, a decline of 75 per year.91% of which received 227 in cash from selling goods and providing services.5.8 billion, an increase of 17 in ten years.52%, the slower growth rate of cash flow than income growth was mainly due to the decline in advance receipts.The decrease in the net cash flow from operating activities exceeded expectations was mainly due to the increase in taxes and fees paid and the increase in the net budget of the industry. Accelerate the implementation of direct marketing channels, and marketing growth helps growth.2019 is defined as the year when the company’s marketing system is broken. It is expected that the cancelled replacements and gradual approvals will gradually adjust the company’s independent arrangements to rationalize and improve the channel system, mainly to direct sales channels, including group purchase customers., Self-operated stores, large supermarkets, well-known e-commerce, key city airports and high-speed rail stations.Last week, the Moutai Sales Company has released the tender information. The bidders and supermarket service providers have a total supply of 600 tons of Pfeiffer.In combination with channel tracking, direct sales in some regions have increased their sales significantly.At present, the approval price of Moutai is about 1900 yuan, and the supply of high value-added products such as high-quality products and Chinese zodiac has been tight recently.It is expected that with the gradual implementation of direct sales in Q2, the approval price will fall, but because a large amount of demand has not been met in the early stage, the approval price adjustment space is limited, and a moderate decline is more conducive to ensuring the bottle opening rate.In the medium and long term, the implementation of direct sales channels is conducive to Moutai’s terminal control, profit distribution and the convenience of consumer purchases, which really benefits the company’s long-term development. Catalysts for advanced performance: Ex-factory price adjustments Core assumptions Risk: Economic downturn affects overall demand for high-end wines

Goldwind Technology (002202) Covered for the First Time: Benefiting Industry Volume and Price Rise, Fan’s Profit Turning Point Is Approaching

Goldwind Technology (002202) Covered for the First Time: Benefiting Industry Volume and Price Rise, Fan’s Profit Turning Point Is Approaching
Multi-factor superposition, the industry’s prosperity is high.Taking into account the approval before the end of 18, the grid connection has not been completed before the end of 20, and the approval of the onshore wind power projects from the beginning of 19 to the end of 20, and the grid connection has not been completed before the end of 21, the state will not replenish, and the wind power industry will usher in rush installationclimax.The gradual improvement of the industry’s abandoned wind power curtailment rate has been gradually improved, wind power installed capacity has returned to the Three North Region, and major central enterprise developers have increased the capital expansion of wind farm construction in recent years. The installed capacity has increased, and the industry is booming.In the first half of 19, the number of domestic open tenders for wind power reached 32.3GW, the same increase of 93.4%, a record high for half a year. Benefit volume and price are rising, the company’s profit turning point is approaching.The company’s market share has steadily increased, and external orders on hand have reached 21.At the same time, the price of wind turbines started to rise from August 18, and has now maintained above 3,600 yuan / kW, the highest point rebounded more than 12%, and there is continued growth momentum.With the gradual delivery of previous low-price orders, the company’s fan business is expected to meet the profit turning point in the second half of the year. The development of wind farms has progressed steadily, and profitability has improved.Benefiting from the continuous improvement of the industry’s wind abandonment rate, the 北京养生会所 company’s self-operated wind farm utilization hours have increased year by year, and the company’s wind farm profit has increased, with a gross profit margin of 70 in the first half of the year.8%; At present, the company’s equity grid-connected capacity reaches 4,422 MW, and the wind farm capacity under construction is 2,768 MW. The installed capacity will increase by more than 60% after grid-connected, which will strongly increase the company’s wind farm profit. Diversify business and increase company performance.The company develops wind power services, water services and finance to achieve diversified development. The domestic wind power operation and maintenance market capacity is expected to reach 250 billion / 27.5 billion / 30 billion in 19-21. The service business will usher in good development opportunities.The 杭州夜生活 rapid development of water and financial services will also increase company performance. “Buy” rating: The company is expected to achieve net profit of 29-21 years.6, 42.1.49.3 billion, previous changes -7.8%, 42.3%, 17.0%, the corresponding EPS is 0.70, 1.00, 1.17 yuan, corresponding to 19-21 years PE estimate is 18.1,12.7, 10.9 times.The company is given an average 20-year target P / E ratio of 16 times and a target price of 16.00 yuan.The first coverage was given a “Buy” rating. Risk reminders: the wind power industry is recovering, wind turbine prices are rising, wind power abandonment is improving, the company ‘s self-managed wind farm construction is not up to expectations, and the price of raw materials and components is rising.

Jinjiang (600754): The performance meets expectations and the mid-range ratio has significantly improved

Jinjiang (600754): The performance meets expectations and the mid-range ratio has significantly improved
Event: The company achieved revenue of 146 in 2018.9.7 billion, an increase of 8.21%, net profit attributable to the mother is 10%.8.2 billion, an increase of 22.76%, net profit after deduction to mother 7.39 trillion, with an increase of 9.88%.EPS, it is proposed to pay 6 yuan (including tax) for every 10 shares. Comments: There were 799 mid-range net-opening hotels, which further increased the proportion.There were 749 net openings in 18 years, of which 799 were mid-end brands (mainly Platinum, Vienna-based brands), and 50 economical net closing shops.As 南京夜网 of 18Q4, the number of open hotels was 7,443, with 73 rooms.270,000.In terms of number of hotels, franchise accounted for 86%, mid-end accounted for 33%; in terms of number of rooms, franchise accounted for 84%, and mid-end accounted for 41%. Revenue growth in Vienna has been significant.18 years of hotel business revenue 144.6.1 billion, an increase of 8.5%.From the perspective of breaking through the subsidiaries, Vienna opened stores faster, with a gradual increase in revenue, with a 20% increase in revenue.4%.Platinum Tao, Jinjiang, and Lu Fu grew steadily. Platinum Tao’s revenue (accounting for 30% of hotel revenue) increased by 8 as well.6%, Jinjiang income increased by 2.5%, the net interest rate of domestic hotels increased slightly.The company achieved net profit attributable to mothers for 18 years.8.2 billion, an increase of 22.76%, net profit after deduction to mother 7.3.9 billion, an increase of 9.88%.Non-recurring gains and losses mainly include selling investment stocks such as Changjiang Securities to obtain investment income2.80,000 yuan, Jinjiang Star’s compensation for the relocation of the subsidiary is 0.5.5 billion and so on.Subvert the net profit of internal hotel business after acquisition amortization.37 ppm, net margin 7.1%, the same increase of 0.3 points. The optimization of the domestic hotel structure drives RevPAR enhancement.In the past 18 years, the average occupancy rate of economy and mid-range hotels has declined while average room rates have increased.The overall occupancy rate of mid-end hotels decreased by 3.62pct while the average house price increased by 4.8%, RevPAR increased slightly under the overall effect; mature store opening rate of 18 months also decreased by 1.63pct, the average house price increased by 6.5%, RevPAR increased by 4.5%, performance is significantly better than the mid-range hotel as a whole. It can be seen in the 18-year-old mid-range hotel’s net opening space. The hotel during the climbing period has continuously shortened and lowered the overall performance.Although the acceleration of mid-range opening has dragged down the overall RevPAR of mid-range hotels in the short term, the structural optimization brought by the increase in the proportion of mid-range hotels (22% in 2017 to 35% in 18) still drives the overall RevPAR of internal hotels to increase by 5.8%. Investment suggestion: The performance is in line with expectations, and the leading hotel industry is stable.The structural improvement led to the overall RevPAR improvement; the “One Center, Three Platforms” constructively realized integration and efficiency improvement, reduced the expense ratio, and promoted the increase in net interest rate.Due to the higher investment income brought by the sale of stocks in 18 years, the follow-up may be significantly reduced, and the EPS is expected to be 1 in 2019-21.30/1.49/1.66 yuan / share, the current expected corresponding 19/20/21 is estimated to be 21/19/17 times, the current market value is 26.6 billion, maintaining a “buy” rating. Risk reminder: Macroeconomic 深圳桑拿网 growth is declining, hotel industry demand is poor; potential impact of regional emergencies on local tourism business; internal integration is not up to expectations.