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[How to cook brown sugar water?Introduce three cooking methods!】 _Family Practice_Production Method

銆愮孩绯栨按鎬庝箞鐓紵浠嬬粛涓夌鐓硶锛併€慱瀹跺父鍋氭硶_鍒朵綔鏂规硶
鍦ㄥ钩鏃剁敓娲讳腑锛屽緢澶氫汉缁忓父浼氱叜绾㈢硸姘存潵鍠濓紝姣斿濂虫€у湪鏈堢粡鏈熺殑鏃跺€欙紝鍠濈孩绯栨按鍙互椹卞瘨锛岃兘澶熸湁鏁堢紦瑙g棝缁忕棁鐘讹紝澶у鍦ㄧ叜绾㈢硸姘寸殑鏃跺€欙紝鍙互鍔犲叆鐧芥湪鑰炽€佺孩鏋f垨鑰呮灨鏉炵瓑绛夛紝杩欐牱瀵瑰仴搴锋洿濂斤紝涓嬮潰浠嬬粛鐓孩绯栨按鐨勪笁绉嶅ソ揂 規 絶 銆?Quilted 烴 労 为 廜 綾 ㈢ 塸 姘?I am afraid that there is a floating float, and I am afraid that there will be a lot of fear. I am afraid that children will be in the village?What is the difference between the borders and the borders? What are the stubble and stubble?0 闒 嗛 抓 銆?Are you afraid of common effects?闒 嗛 抓 銆?銆佸彟璧烽攨鐑у紑姘达紝鎵撲釜楦¤泲鐓啛锛屾崬璧枫€?銆佸湪缃攨鍔犻€傞噺鐭挎硥姘达紝鎶婃墍浠ョ殑鍘熸枡鏀惧叆閿呭唴锛屽姞涓€鍕虹孩绯栵紝绾︾叜2鍒嗛挓鍗 冲劲 銆?Quit  犆 銆 佸  鏋 g child 栨 滨 Press 鏉 愭 枡 绾 ㈢ 硸 30g 銆 佹 竻 姘?纰椼€佺孩鏋?棰椼€佸3鐗囥€傚仛娉?銆佺孩鏋f礂鍑€鍘绘牳銆佺敓濮滃垏鐗囧鐢ㄣ€?銆侀攨鍏ュ姞涓ょ姘村拰鐢熷銆佺孩鏋d竴璧峰ぇ鐏叜寮€锛岃浆灏忕伀鐓嚦鍓╀竴纰楁按閲忋€?銆佸姞鍏ョ孩绯栫叜鑷虫憾鍖栧嵆鍙€?Quilting, floating, floating, floating, pressing, pressing, pressing, 15g, floating, floating?00g?0g鍋氭硶1銆佹妸鎵€鏈夋潗鏂欏噯澶囧ソ銆?銆佸綋褰掔敤姘存场10鍒嗛挓锛屽啀鐢ㄧ墮鍒疯交杞诲埛娲楀共鍑€锛屽垏鎴愯杽鐗囥€?銆佹妸鍒囧ソ鐨勫綋褰掔墖鏀惧叆閿呬腑锛屽姞鍏ラ€傞噺娓呮按锛屽ぇ鐏叜寮€鍚庤浆涓皬鐏叜15鍒嗛挓銆?Do you want to go back and forth? Do you want to go back and forth? Do you want to go back and forth?銆佸彇鍑猴紝鐢ㄥ喎姘存场娴镐竴涓嬶紝鍓ュ幓楦¤泲澹筹紝骞剁敤鍙夊瓙鍦ㄨ泲鐧界殑琛ㄩ潰鎵庝竴涓嬨€?銆 ? 妸 鍓 ュ ソ 镄 勯 勯 哯 哫 哫 嬏 协 ュ 綋 掰 掓 掓  纴 璋 冨 ぇ 鐏  纴 镸  糗 峤 峤 峤 峚 峾 峚 峾 峤?銆 丸 姏 郏 郏 ョ Children’s 砵 破 麴 頦  呖 F 栨 揨 鍗 冲 彲 銆?銆佸噳鑷虫俯鐑紝鍗冲彲寮€鍚冦€

[Chili sauce bean recipe]_How to do_How to do

銆愯荆妞掗叡璞嗗仛娉曢厤鏂广€慱鎬庝箞鍋歘濡備綍鍋?
The link between the chain and the chain is very important. It ‘s not that you ‘re in trouble. You ca n’t do it. You ca n’t do it. You ca n’t do it. You ca n’t do it.劅瑙夊埌闈炲父鐨勭埥锛岃€屼笖杩樿兘鍋ヨ劸寮€鑳冿紝鏈夌殑浜哄鏋滀笉鍚冭荆锛屼細瑙夊緱韬綋閫傚簲涓嶄簡杈g殑鍛抽亾锛屾垨鑰呭お娓呮贰鐨勫懗閬擄紝鎵€浠ュ湪瀹堕噷缁欒嚜宸卞仛杈f閰辫眴锛屼笉浠呭彲浠ラ厤绫抽キ锛岃繕鍙互閰嶇播銆傛墍闇€椋熸潗榛勮眴2鏂ゃ€佺孩杈f8鏂ゃ€佽タ鐡溿€佺洂6涓ゃ€佺硸5涓ゃ€佸懗绮?涓ゃ€佽姖楹绘补2鏂ゃ€?0 渴 ︿ each other?涓ゃ€佸鐗?涓ゃ€傚埗浣滄柟娉?銆佸皢绾㈣荆妞掓礂鍑€鏅惧共鍒囨垚缁嗕笣;绾㈣荆妞掍竴鍏卞垏84涓紝涓ら攨鐢ㄧ殑锛屾瘡閿呮斁40涓乏鍙炽€?銆 侀 粍 Pu 嗗 嗖 嗖 嗖 嗺 嗺 哺 铺 擑 瓒 璒  垎 屽 Gou 鍦 ヨ タ 鐡 Cang 眮 眮  舞 娉?3銆佸皢杈f銆佺洂銆佺硸銆佸懗绮俱€佸涓濄€侀粍璞嗘斁鍏ユ补閿呯倰;4銆佸皢鑺濋夯娌瑰€掑叆鎼呭寑鍑洪攨;5銆佽鍏ュぇ鐜荤拑鐡朵腑锛屽彛涓婂€掑叆鐧介厭;6銆佸瘑灏佸瓨鏀?澶╁嵆鍙€傞鐢ㄩ』鐭ヨ荆妞掔殑鍔熸晥涓庝綔鐢ㄦ灉:娓╀腑鏁e瘨锛屽仴鑳冩秷椋熴€傜敤浜庤儍瀵掔柤鐥涳紝鑳冭偁鑳€姘旓紝娑堝寲涓嶈壇;澶栫敤娌诲喕鐤紝椋庢箍鐥涳紝鑵拌倢鐥涖€傛牴:娲昏娑堣偪銆傚 鐢 ㄦ Do you want to hunt?鐢蹭孩鎮h€呫€佽偩鐐庢偅鑰呫€佹參鎬ф皵绠$値銆侀珮琛€鍘嬫偅鑰呫€佽儍鍙婂崄浜屾寚鑲犳簝鐤°€佹€ユ€ц儍鐐庛€佽偤缁撴牳浠ュ強鐥旂柈鎴栫溂閮ㄧ柧鐥呮偅鑰呭繉椋熴€?

[How to keep white tea?】 _How to save_Saving method

銆 愮 槮 槠 跺 The slenderness of the earth and the earth’s stalk
鍠濊尪鏄垜鍥界殑涓€涓紶缁燂紝灏ゅ叾鏄竴浜涗腑鑰佸勾浜猴紝涓嶇璧板埌鍝噷锛岄兘鏄尪鏉笉绂绘墜鐨勶紝杩欎技涔庡凡缁忔垚涓轰竴绉嶄範鎯€傝€岃繎骞存潵锛岀櫧鑼跺彲浠ヨ鏄尪鍙朵腑鐨勫疇鍎匡紝鐧借尪鍏锋湁瓒婂瓨瓒婂ソ鐨勭壒鐐癸紝鍙鍚按閲忕鍚堝浗瀹舵爣鍑嗭紝濡傛灉淇濆瓨寰楀綋锛屽畠鍙互淇濆瓨寰堥暱鏃堕棿锛岃繖涔熸槸鐧借尪鍙互鍚稿紩鑼跺弸鐨勫師鍥犱箣涓€銆傞偅涔堬紝鐧借尪濡備綍Qi Zuoquan gallium forge?绗竴锛岄伄鍏変繚瀛樺厜锛屼竴绉嶈兘閲忕墿璐ㄣ€傚畠浼氱牬鍧忕櫧鑼朵腑鐨勭墿璐ㄧ粨鏋勶紝浼氬鑷寸櫧鑼跺彉鑹层€傝嫢鏄皢鐧借尪闀挎椂闂存毚闇插湪鍏夋簮涓嬶紝鍘熸湰瀚╃豢鐨勯鑹诧紝浼氬彉鎴愮孩瑜愯壊銆傚厜锛岄櫎浜嗕細璁╃櫧鑼跺彉鑹蹭箣澶栵紝杩樹細璁╃櫧鑼跺彉璐ㄣ€傚湪闀挎湡鍏夌収涓嬶紝鐧借尪涓殑鑼跺閰氥€佹皑鍩洪吀銆佸挅鍟$⒈绛夌墿璐ㄤ細琚垎瑙o紝鏈€鍚庡鑷磋尪鍙跺彉璐ㄣ€傚氨鍍忛檲鏀惧 Qiancunqingdui х Ta Benshenzhuizhen Tabenshenzhui Guiqiaoxiruo Jianzucuohuai Mobeiqingeng ℃ Tiyingzhenjing Jianjiewangben Shenyiwanchong Leishi ㄧ Liezuduonie Wan Yi Nan瀹岋紝杩樻槸瑕侀暱鏈熶繚瀛橈紝涓€瀹氳杩滅寮虹儓鍏夌収銆?How to prepare for the collapse of Qiluo?This is the best way to do this: Welding is a very difficult task. It’s very easy to use it. You will be able to find out how to use it. You can’t do it at all.愩€傛渶閲嶈涓€鐐癸紝涓嶈灏嗙焊绠辩洿鎺ユ斁鍦ㄥお闃冲厜鏆存檼!Quilt, publish, publish, publish, publish, publish, publish, publish, publish, show, change, show, show, play, gong, chopping, choking, choking, choking, choking, choking, choking, choking湅鍑猴紝瑕佹兂鑼惰兘闀挎湡淇濆瓨锛屼笉鍙繃鍒嗘疆婀裤€傜櫧鑼讹紝闄や簡鏈韩鍚按閲忚杈炬爣涔嬪锛岃姹傚瓨鑼剁幆澧冧篃瑕佸共鐕ャ€傝嫢鏄幆澧冧笉澶熷共鐕ワ紝鍗充究鏄櫧鑼跺惈姘撮噺杈炬爣锛屽悓鏍蜂細鍔犻€熺櫧鑼剁殑鍙樿川銆備负浜嗙櫧鑼惰兘鏇村ソ鍦伴檲鍖栵紝璇峰共鐕ヤ繚瀛樼櫧鑼?绗笁锛屽瘑灏佷繚瀛橀暱鏈熷瓨鑼讹紝瑕佸瘑灏佷繚瀛樸€傜煭鏈熷枬鑼讹紝鍚屾牱涓嶈兘鎺変互杞诲績銆傜櫧鑼讹紝鍏锋湁鑹ソ鐨勫惛闄勬€э紝鍦ㄧ煭鏃堕棿鍐呭鏄撳惛鏀舵按姹藉拰寮傚懗銆傚湪鎷胯尪鐨勬椂鍊欙紝It’s a slippery fault, it’s very difficult to see what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on?瓨锛屼笉闅俱€傞€氳繃閾佺綈銆侀摑琚嬨€佸鏂欒銆佺焊绠卞氨鍙互瀹炵幇銆傚瓨鏀剧櫧鑼讹紝灏嗗叾瀵嗗皝鍗冲彲锛屽鏂欒銆侀摑琚嬨€佺焊绠遍兘瑕佸瘑灏佷繚瀛樸€?绗洓锛岃繙绂诲紓鍛冲紓鍛筹紝鏄鐧借尪鍙樿川鐨勫厓鍑朵箣涓€銆傚瓨鑼剁殑寮傚懗鏉ユ簮鏈変笉灏戯紝鍍忕儫鍛炽€佹补鐑熷懗銆佸崼鐢熼棿鐨勫紓鍛炽€佸帹鎴跨殑寮傚懗銆佸寲濡嗗搧鐨勯姘旂瓑锛岄兘浼氬奖鍝嶇櫧鑼剁殑棣欐皵闄堝寲銆傛槸浠ワ紝瀛樼櫧鑼讹紝涓€瀹氳淇濊瘉瀛樿尪鐜鐨勬磥鍑€搴︼紝涓嶅彲瀛樻斁鍦ㄦ湁濂囨€懗閬撶殑鍦烘墍銆?

[Does Qi Deficiency Affect Sexual Function]_ Qi Deficiency_ Sexual Ability _ Harm

[Does Qi Deficiency Affect Sexual Function]_ Qi Deficiency_ Sexual Ability _ Harm

Qi deficiency is generally a vocabulary of traditional Chinese medicine. Qi deficiency is a relatively broad term, but it can reflect the physical condition.

For friends who are destitute, it will affect sexual function.

To alleviate and treat Qi deficiency, it is necessary to arrange your diet reasonably and strengthen exercise.

Qi deficiency is a relatively large concept in traditional Chinese medicine. It generally summarizes the causes of low body function, but it can be divided into many types according to specific symptoms, such as lung deficiency, spleen deficiency, stomach qi deficiency, heart qi deficiency, and kidney qi deficiency.The connotation is relatively small, which specifically refers to the decrease in the gasification function of the kidney, which leads to insufficient kidney qi, and thus displays a series of symptoms, such as soft waist, dizziness, cold resistance, fatigue resistance, easy sweating, decreased sexual function, etc.

Anyone who is deficient in Qi should eat foods with Qi-enriching effect, eat plain sweet or warm food, and eat nutrient-rich, easy-to-digest plain foods.

Do n’t eat stale things, do n’t eat cold and cold foods, do n’t eat greasy thick taste, spicy food people with this phenomenon can try the following medicinal foods: 1. Chinese yam barley tea, Huai yam, three dollars eachBoil water to drink, this can be enough gas, good spirits, and good complexion.

But note that the real yam is white. If it is purple or red, the effect is only limited to sweet potatoes.

Second, the four gods soup lotus seeds, barley kernels, Huaishan, Zhishi boiled soup is a health diet for people with qi deficiency.

Some people are accustomed to adding pork intestine or pork ribs and chicken to Sishen soup. Modern people are afraid of excess nutrition and fat, so they can remove the attached fat and cook again.

3. Coix seed powder soaked in milk Coix seed powder can prevent cancer and moisturize the skin.

4. Mushroom loach porridge Mushroom boiled loach is extremely effective for people with qi deficiency and poor physiological functions. It will boil loach, garlic, shiitake mushrooms, porridge, and spring onions into rice porridge, which not only tastes good, but also has high nutritional value.

However, it is better for the mushrooms to be irradiated by the sun, and it is more effective to consume them after producing vitamin D.

[How to make braised chicken is the best to eat]

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Hexing Packaging (002228): Steady revenue growth performance slightly exceeded expectations

Hexing Packaging (002228): Steady revenue growth performance slightly exceeded expectations

Net profit attributable to mothers increases by 17 per year.

47%, the performance was slightly higher than expected. Hexing Packaging released the first quarter report of 2019, and the company achieved revenue of 28 in 2019Q1.

76 ppm, a ten-year increase of 8.

24%; net profit attributable to mother is 0.

68 ppm, an increase of 17 in ten years.

47%, slightly exceeding our Air Force expectations; net profit after deduction is 0.

63 ppm, an increase of 12 in ten years.

68%.

The company’s main business is growing steadily, and the PSCP platform is gradually increasing. Revenue is expected to grow steadily. We expect the company’s EPS in 2019-2021 to be 0.

32, 0.

41, 0.

50 yuan, maintain “Buy” rating.

Revenue grew steadily, performance was slightly higher than expected, waste paper imports contracted, and industry chain restructuring under upstream supply-side reforms is expected to drive order distribution to leading companies and drive steady growth in the main industry. In 19Q1, overall downstream demand was weak and packaging paper prices fellUnder the circumstances, Hexing Packaging still achieved better development, and revenue increased in 19Q1.

24% to 28.

76 trillion yuan; the profit of non-wholly-owned subsidiaries decreased during the period, minority shareholders’ profit and loss decreased by 45% to 6.62 million yuan, government subsidies increased, and other income increased by 88.

5% to 7.38 million yuan; the return of net profit to mothers grew faster than the growth rate of income, increasing by 17 year by year.

47% to 0.

6.8 billion yuan.

Profit remains relatively stable, operating cash flow is good. According to wind data, the average price of cardboard paper / corrugated paper changed by 7% / 1% in 2019Q1.Stable, 19Q1 gross margin started from zero.

2pct to 12.

3%.

Expense rate for the period 8.

8%, basically basically the same, in which the sales / management + R & D / financial expense ratio changed by -0 each time.

4 / + 0.

4/0.

1 point to 3.

7% / 4.

5% / 0.

7%.

Clients paid back better. In 19Q1, the net operating cash flow increased by 187% to 134 trillion, and the cash-to-cash ratio reached 85%. The bank loan was repaid in this period, and the net financing cash flow decreased by more than 141% to zero.

6.3 billion.

The merger and acquisition of Hezhong Chuangya, the synergy effect can be expected, the supply chain service business is maturing. In the first half of 2018, the company completed the acquisition of 100% shares of Hezhong Chuangya (Asia). After the acquisition, the company will be in the Yangtze River Delta, the western region, and the Beijing-Tianjin-Hebei region.Supply capacity has been strengthened, and 南京夜生活网 regional capacity gaps in Liaoshen Shen, Hohhot and other regions have been corrected; how, the merger of Hezhong Chuangya helps to enrich the company’s customer structure and enhance the company’s comprehensive strength in the packaging field.

After two years of operation, the company’s supply chain cloud platform has gradually matured. As of the end of 2018, the company’s industrial chain operation business has reached more than 1,300 customers with a transaction value exceeding 2.8 billion, gradually replacing the company to further deepen cooperation with the upstream and downstream industrial chain of packaging.The chain service business is expected to maintain a high growth rate.

Steady growth of the main business + heavy volume of the PSCP platform, maintaining a “buy” rating. The company’s steady growth in the main business, with the gradual volume of the PSCP platform, revenue has been steadily increasing, and operating efficiency has been promoted.

Maintain earnings forecast, what do we expect in 2019?
2021 the company’s net profit attributable to the mother3.

7, 4.

8, 5.
8 trillion, corresponding to EPS.
32, 0.

41, 0.

50 RMB.

With reference to the 20 times PE average of comparable companies in 2019, given that the fundamentals are in a trend upward channel and higher performance elasticity in 2019, the company is given 23? 2019 in 2019?
24 times PE estimate, corresponding to a target price of 7.

36?
7.

68 yuan, maintain “Buy” rating.

Risk reminder: the risk of raw material price fluctuations, downstream demand is less than expected.

Guiguang Network (600996) Industry Prosperity Enhances Company’s Core Competitiveness

Guiguang Network (600996) Industry Prosperity Enhances Company’s Core Competitiveness
Recently, the radio and television industry has intensive policies. Favorable policies such as 5G and ultra-high-definition video are expected to improve the prosperity of the radio and television industry in the medium and long term.On November 22, 2018, the State Administration of Radio, Film and Television stated in public that the Ministry of Industry and Information Technology had agreed to participate in the 5G license of the State Grid Corporation of China.Substantial advancement in 2019; On March 1, 2019, the Ministry of Industry and Information Technology, the State Administration of Radio, Film and Television, and CCTV issued the “Ultra HD Video Industry Development Action Plan (2019-2022)”. Based on the existing wired network advantages, the first-mover advantage is obvious.The above policy support is expected to gradually improve the traditional business under constant pressure, and the medium and long term will improve the industry’s prosperity. The company’s core competitiveness, to the C business is stable and the proportion of revenue has gradually decreased, to the B / ToG business is elastic, is expected to become the main driving force of the company’s performance in a short time. The company took the lead in completing the integration of the provincial network. (At present, only four listed radio and television companies have been completed, and the other three are Jilin, Shaanxi, and Guangxi.) The fiber optic network has covered all villagers’ groups (in the province, it is covered by the three major telecommunications operators).Wider), the intranet rate of broadband services is as high as 85%. Based on the advantages of provincial network integration, compared with the three major telecommunications operators, the company integrates competitive advantages (wider, conversion) within Guizhou Province.The company continues to invest in the construction of radio and television infrastructure network facilities. By the end of 2018, the construction of main facilities has been basically completed (the depreciation and amortization forecast for 2018 is about 3).300 million). In the future, the marginal cost of expanding the customer collection business on a complete basic network will increase, and the performance of new businesses will be more flexible. The company fully benefits from the people ‘s livelihood project: 1) the people ‘s livelihood project has received much attention and the administrative promotion has made breakthroughs; 2) after the people ‘s livelihood project has supplemented the financial budget, the stability of the business is guaranteed; 3) if the people ‘s livelihood project benefits from policy support, it will take a short time,efficient. Investment suggestion: The company’s core competitiveness is outstanding. Based on the existing resource endowment, the future performance is highly flexible.We expect the company to achieve net profit attributable to mothers from 2018 to 20203.2.2 billion, 3.5.7 billion, 4.44 trillion, corresponding to EPS 0.31 yuan, 0.34 yuan, 0.43 yuan, taking into account the company’s strategic expansion period in 2018 and 2019, we believe that the company’s net profit margin 成都桑拿网 in 2020 is a reference value; the industry’s prosperity has risen, and the company’s own competitiveness is outstanding. We give the company a PE estimate of 25-30 times in 2020, Corresponding to the target price of 11.61 yuan, maintain “Buy-A” rating. Risk reminder: the risk that the business development progress of B / G is less than expected, the risk of the deterioration of the fundamentals of C business, the three major benefits of the radio and television industry, and finally the realization of the risk of measuring the decline of the central hub.

Aishida (002403): Online Channel Share Declines

Aishida (002403): Online Channel Share Declines

Recent situation of the company Due to the need for epidemic prevention and control, the construction of all parts of the country has been postponed to February 10; the retail monitoring data of Taobao Data has been updated recently.

Comment on the proportion of cookware affected by the epidemic situation: 1) Cookware products are convenient for online shopping. We expect that cookware products will be relatively less affected during offline control.

2) The company’s offline channels are mainly in shopping malls and supermarkets. Passenger flow from the above channels will be affected in the first quarter.

Growth rate of online retail share: 1) According to data from Taobao, the retail sales of Astar’s flagship store in 2019 increased by 16%, which clearly exceeded the growth rate of the flagship flagship store of Supor Cookware (36%), indicating that the company’s online cookware share is decreasing.

The growth rate of the company’s retail sales is low, mainly because the average retail price has dropped significantly, and the company’s share in the high-end market has decreased.

The average retail price of flagship stores in 2019 was only 115 yuan, which was clearly widened by Supor (average price of 156 yuan).

2) During the 4Q19 Double Eleven promotion, the company was insufficiently prepared. In November, the retail sales of Astar’s flagship store accumulated -27%, while the revenue of Supor increased by 89% during the same period.

This led to the company’s poor online retail performance in 4Q19.

One-time income increase of land collection and storage in 2020: According to the company’s announcement, the company’s Wenling City factory will be expropriated and reserves, and the net book value of the land 杭州夜网论坛 is 0.

24 trillion, assessing market value 2.

US $ 8.9 billion. If we can get the full compensation in 2020, we expect to bring in profit after tax2.

200000000.

Estimates suggest that we maintain our 2019 EPS forecast of RMB 0.

41 yuan; considering the impact of epidemic prevention and control on domestic sales in 2020, the revenue and operating profit for 2020 will be lowered, but as land acquisition and storage will bring a one-time gain in 2020, we raise the EPS forecast for 2020 by 111%To 0.

99 yuan; dating 2021 EPS forecast 0.

49 yuan.

Maintain Neutral rating and maintain target price of 9.

00 yuan, corresponding to 22x / 9x 2019 / 20e P / E, a 15% increase in space.

The company’s current consensus corresponds to 19x / 8×2019 / 20e P / E.

Risk epidemic development exceeded expectations; domestic market demand risk.

China Merchants Bank (600036) Semi-annual Report Review: Stable Interim Performance and Continuous Advancement of Customers and Technology

China Merchants Bank (600036) Semi-annual Report Review: Stable Interim Performance and Continuous Advancement of 重庆耍耍网 Customers and Technology

Matters: China Merchants Bank announced the 19th half-year report, and the net profit in the first half of 2019 increased by 13 each.

1%, operating income rises by 9 per year.

6%, net interest income rises by 13.
.

5%, net fee income rose 4% per year.

Total assets 7.

2 trillion yuan (+6.

63%, HoH), of which loan +9.

93% HoH, deposit +6.

8% is high.

NPL ratio 1.

23% (-12BP, QoQ); provision coverage rate is 394.

12% (+30.

95pct, QoQ); annualized ROE19.

47% (-0.

14pct, YoY); the loan-to-loan ratio is 4.

85% (-0.

05pct, QoQ); capital adequacy ratio 15.

09% (-0.

77pct, QoQ).

Ping An’s point of view: The growth rate of interim profit is higher than that of the first quarter, but the growth rate of revenue and PPOP are both lower than the previous quarter.

1%, up 1佛山桑拿网 from the previous quarter.

The eight averages are mainly due to the contribution of the decline in provision and income.

The company recorded revenue and PPOP growth of 9 in the first half of the year.

6%, 8.

3%, down from 12 in the first quarter.

1% and 14.

The level of 4% was mainly due to a 1% year-on-year decline in non-interest income in the second quarter and a ten-year increase in expenses in the second quarter.

5% (1 quarter quarter growth of 6.

3%), affected by expenses, the growth rate of PPOP in the first half of the year was lower than the growth rate of revenue1.

3 units.

However, benefiting from the further improvement of asset quality, the provision in the second quarter decreased every year.

7% (Q1 quarter quarter growth of 17.

5%), the provision for the first half of the year increased by 5.
.

2%, profit growth after provisioning increased by 1 earlier than PPOP.

6 up to 9.

9%.
In the second quarter, the interest rate difference fell by 3BP, mainly due to the relatively rigid cost on the debt side and a slight decline in risk appetite on the asset side, which affected the company’s net interest margin in the first half of the year to be 2.

7%, a year increase of 16BP, the second quarter net interest margin was 2.
69%, down 3BP from the previous month.

The quarter-on-quarter decline in interest rates was mainly due to: 1) the core debt was highly dependent, and the ratio of deposits to interest payment resistance was 73.

6%, did not obviously benefit from the loose market environment in the second quarter; 2) Deposits in the second quarter increased by 6 compared with the first quarter.

1% (the first quarter increased by 0 compared with the beginning of the year.

6%), the structure of the current rate decline (down nearly 6 samples from earlier) caused the savings cost rate to increase by 4BP, dragging down the interest payment cost rate fell by only 1BP; 3) the asset side accelerated expansion in the second quarter, but the allocation is relatively prudent, and asset returnsThe rate is down 2BP from the previous month.

Retail finance 3.

0 Digital transformation continued to advance, and risk management was enhanced to release risks. In the first half of the year, monthly active users (MAU) of the two major APPs, the main platforms operated by bank customers, reached 8511.

110,000 households, an increase of 5% in the early and early stages; China Merchants Bank ‘s APP wealth management investment series accounted for 70% of the company ‘s retail wealth management counters, and the amount of consumer financial transactions on the Pocket Lifestyle APP accounted for 48% of the credit card consumer financial transactions; retail financial taxFormer profit accounted for 60% of the group’s pre-tax profit, surpassing the increase of 5.

4 units.

In the first half of the year, the company increased its disposal and collection efforts, and the scale of write-offs increased by 5.6 billion. The non-performing ratio decreased by 12BP from the end of the first quarter, and the improvement in asset quality was better than that of its peers.

Investment suggestion: Grasp the two main lines of customers and technology. The company’s performance is stable and good in the first half of the year. Although revenue and PPOP growth rates have fallen short of expectations, from the perspective of conversion efficiency, strategic indicators such as MAU, etc.Good progress, the retail advantage of China Merchants is the result of maintaining the strength of the retail transformation strategy. It is believed that under the continuous advancement of future technology-led strategy, China Merchants will have more advantages in technology and customer experience.

According to the company’s semi-annual report, we maintain our profit forecast and expect the company’s net profit growth rate to be 14 in 19/20.

2% / 13.

2%, currently corresponding to 19/20 PB is 1.

6/1.

42, PE is 9.

94/8.

78. Maintain the company’s “Highly Recommended” rating.

Risk Tips 1) Asset quality is affected by the economic beyond expected range, and credit risk is exposed centrally.

If the macro-economy exceeds expectations, it will inevitably cause the industry’s overall asset quality pressure and affect the disposal and recovery of non-performing assets, thereby affecting the industry’s profit growth rate.

2) The policy budget is stronger than expected.

Under the background of deleveraging and risk prevention in the past 18 years, the breadth and depth of industry supervision have been continuously strengthened. Variable policies and regulatory regulations such as new asset management regulations have been introduced. Financial coordination and supervision are expected to be further strengthened under the keynote of stability maintenance.

However, if the overall regulatory trend or policy change in a certain area exceeds expectations, it may adversely affect the stability of the industry.

3) Systemic risks arise from market decline.

Bank stocks are an important component of large-cap stocks, and their overall rise and fall are closely related to market investment style.

If there is systemic risk in the market situation and the overall market is expected to decline, it may drive the industry to decline.

Divine Information (000555) Quarterly Report Review 2019: Profits increase by 15 per year.73% Fintech is making rapid progress

Divine Information (000555) Quarterly Report Review 2019: Profits increase by 15 per year.73% Fintech is making rapid progress
In Q1 2019, the company realized revenue / net profit 21.65/0.34 ‰, at least -2.11% /-15.73%.The company’s strategic focus is on financial technology. In the first quarter, significant progress was made in the financial technology business. Decentralized banks’ core business systems added new customers such as Tianjin Bank, Beibu Gulf Bank, Yingkou Coastal Bank, and Guodian Investment.We maintain the company’s EPS forecast for 2019/2020 of 0.43/0.52 yuan and predicted that its EPS in 2021 will be 0.61 yuan, maintaining the “overweight” level. Mainly benefited from the decline in three fees and a ten-year increase in profits.73%.During the reporting period, the company’s revenue declined slightly, and we judge that it may be caused by the delay in the recognition of its revenue due to the adjustment of the restricted tax rate; the company strengthened its refined management, reduced it from the same period last year, and the sales expense ratio fell by 0.84pct, the management expense ratio decreased by 3.82%.Finance expense ratio increased by 1.41%, first of all due to previous increases in bank interest and decreases in exchange gains. The strategy focuses on financial technology, and the market development of core products has made significant progress.The company has deeply cultivated the bank’s IT solution market for 30 years, and ranked first in bank core business / channel management solutions (IDC) for six consecutive years. In 2019, it will leverage the development trend of independent controllability and independent innovation to further strengthen strategic business fintechFocus.Fist product banking core systems and distributed platforms include Tianjin Bank, Beibu Gulf Bank, Yingkou 夜来香体验网 Coastal Bank, Guodian Investment and other important customers; Decentralized Enterprise Service Bus (Distributed ESB) also won the bid one after another, signing contracts with Beibu Gulf Bank, Bank of East Asia, etc.Financial customers and fintech business are making rapid progress. Quantum communication has been implemented in stages, and is expected to develop in coordination with financial / government and corporate affairs.Quantum communication is an important direction of long-term information security strategy. At present, the 14th Five-Year Plan for science and technology is accelerating research. Major projects are expected to start in 2019, and the market size is expected to exceed 100 billion yuan.Company R & D funding in 20184.9 billion (accounting for revenue ratio 5).4%), the proportion of R & D personnel increased to 42.12%, accumulative nearly 600 software copyrights, the company cooperates with the National University of Science and Technology of China shield / National Science and Technology quantum deep cooperation, and also with the National University of Science and Technology shield / Guo Xiangchenrui to establish the China Guoxin subsidiary.In 2018, the upstream Urumqi quantum confidential communication project has been signed, and the bidding for the construction of quantum communication in metropolitan area networks such as the Han-Guang main line, the Shanghai-He main line, the Guizhou provincial network, and the Guiyang / Suzhou city.In addition, quantum technology can solve the pain point of the government / finance industry-data security, and promote the coordinated development of the company’s business.At present, more than 20 institutions have applied the quantum network constructed by the company, including the renminbi cross-border payment system for Renminbi, and the banking supervision of the CBRC. Risk factors: The fintech transformation has fallen short of expectations, and the advancement of quantum communications has fallen short of expectations. Investment suggestion: The company’s business development is stable and its performance is in line with expectations.We are optimistic about the company’s fintech transformation and the advancement of quantum communications.Maintain 2019/2020 EPS forecast of 0.43/0.52 yuan and predicts that EPS will be 0 in 2021.61 yuan, currently corresponding to PE30 / 25/21 times, maintaining the “overweight” level.