Yifeng Pharmacy (603939) Annual Report 2018 Review: Accelerate Store Expansion and Accurate Management Help Deterministic Growth

Yifeng Pharmacy (603939) Annual Report 2018 Review: Accelerate Store Expansion and Accurate Management Help Deterministic Growth
Event: The company announced the 2018 annual report, reporting a series of realized operating income69.1.3 billion, an increase of 43 compared to the same period last year.79%; net profit attributable to mother 4.160,000 yuan, an increase of 32 over the same period last year.83%; net profit deducted from non-return to mother 3.820,000 yuan, an increase of 23 over the same period last year.53%. The company intends to distribute a cash dividend of 3 per 10 shares.00 yuan (including tax). The company announced in the first quarter of 2019 that the reported operating income and net profit attributable to mothers were 24.6.9 billion and 1.4.7 billion, an increase of 66 over the same period last year.67% and 45.77%. The expansion of stores accelerated, with M & A as the main factor. The deadline for the increase in the self-built rate was the end of 18 years. The number of the company’s stores was 3,611, a net increase of 1,552, and an increase of 75 from 2,059 earlier.38%, 378 stores increased in 19Q1, the total number of stores reached 3958, covering nine provinces and cities, the speed of store expansion further increased.The company insisted on the expansion of “M & A + self-construction”. In 18 years, the company signed 13 new M & A projects, added 959 new M & A stores, and successfully completed the major asset reorganization of emerging pharmacies.546 new self-built stores were added, with a self-built rate of 67.6% dropped to 53.67%, can still afford upside in the future.Another 89 franchise stores were added, and 42 stores were closed. Refined management and key layout DTP pharmacy companies are in the forefront of refined management, with an average store efficiency of 61.05 yuan / square meter, 63 compared with the previous year.88 yuan / square meter decreased slightly, mainly due to the number of store mergers and acquisitions in 2018, but still in a leading position.The company’s expenses remained stable, and the sales expense ratio rose by 0 due to the expansion of sales scale.51% is 27.43%.The company has built more than 20 DTP professional 武汉夜网论坛 pharmacies, operated 42 nationally designated medical insurance reimbursement varieties, nearly 200 hospital prescription varieties, and established a DTP / DTC strategic partnership with nearly 80 suppliers. Member service + online pharmacy Cheng highlights The company has 23 million members and 81% of its member sales.45%.There are more than 2,500 O2O online pharmacies, covering major offline cities of the company, and can quickly cover M & A stores. Picking time, delivery time, order satisfaction rate and human efficiency are at the leading level in the industry. Investment suggestions and profit forecast The company’s large number of stores are expected to enter a mature period in the next one or two years. The overall efficiency and net profit are expected to rebound. Through the continuous expansion of the company’s 上海夜网论坛 sales scale, the company’s operating income for 19-21 is expected to be 100.44/129.92/167.7.3 billion, net profit attributable to mother 5.76/7.66/10.0.5 billion.The corresponding EPS is 1.53/2.03/2.67 yuan / share, corresponding to a PE of 38/29/22 times, with a target price of 68.85 yuan, maintain “Buy” rating. Risks suggest that industry competition is intensifying, mergers and acquisitions have failed, and industry policies have changed.

Hualu Hengsheng (600426): First-quarter results surpass expectations Coal industry leading bottom-line cost advantage highlights

Hualu Hengsheng (600426): First-quarter results surpass expectations Coal industry leading bottom-line cost advantage highlights

Investment Highlights: Company Announcement: The company released the 2019 first quarter report, which is expected to achieve operating income of 35.

4.3 billion (+3 year-on-year.

03%, QOQ + 0.

98%), achieving 南京夜网 net profit attributable to mother 6.

420,000 yuan (-12% year-on-year.

51%, QOQ +32.

40%), performance exceeded expectations.

In 19Q1, the company gave full play to its cost advantage and its performance exceeded expectations.

In the first quarter of this year, the prices of the company’s main products fell every other time. The average prices of urea, organic amines, adipic acid, acetic acid, octanol, and ethylene glycol Q1 were around 1930, 5600, 8430, 3100, 8000, and 4800 yuan / ton.Alternating 0%, -20%, -36%, -30%, -4%, -34%; the price of coal, the main raw material, was basically the same as the same period last year, and the prices of pure benzene and formaldehyde could replace 30% and 7% at most.

1Q1 company gross sales margin was 28.

55%, a decrease from the same period last year.

59 averages.

Compared with last year’s Q4, some of the company’s products such as urea and acetic acid stopped falling and rebounded. Urea and diol units achieved full load operation in the first quarter, and after the three sets of amino alcohol platforms were interconnected, the utilization 重庆耍耍网 efficiency of syngas continued to increase.Increase the annual ammonia production capacity by nearly 20 inches and further reduce costs; in late November of last year, the company’s annual maintenance of 16 indicators / year adipic acid, 5 concentration / year sulfuric acid and some urea units had a certain impact on Q4 performance.Interest rates increased significantly from the previous quarter.

6 units.

Coal-to-glycerin and melamine projects have reached production, contributing to significant performance gains.

The 50 acetic acid / year cholesterol project was completed at the end of September 2018, and was officially put into operation in early October; the melamine phase 2 5-cation unit was put into operation at the end of 2018.

At present, both sets of equipment have basically maintained a good operating condition at full load.

Although the previous price was almost non-slump and most of the domestic coal-made blood glucose devices have been reduced, the company’s blood glucose project has further reduced the cost after running at full capacity and achieved stable profitability.

In 2018, the total domestic cholesterol production capacity was 1055, the actual output was 710 inches, and the industry operating rate was only 67%. At the same time, the demand for polycarbonate by polyester reached 1,550 variables, and the import dependence of ethylene glycol was still above 50%.

We believe that although the planned production capacity of coal-based sulfuric acid is limited to the technological route and investment progress, Nigeria’s import dependency situation is difficult to reverse in two to three years. The company surpassed the industry’s production costs and took the lead to benefit from the vast space of import substitution.

It is planned to invest in the construction of new amide and nylon materials and refined adipic acid projects to build an integrated new material industrial base.

The report summarizes that the company coordinated the “13th Five-Year Plan” and promoted the rapid advancement of high-end transformation. It completed the identification of the Shandong Chemical Industry Park, and the company’s park-based production gradually became a system.

Based on the existing coal gasification platform, starting from the discovery of high value-added applications of syngas, and combining the company’s existing raw materials, steam, power and other advantages, the company plans to invest in the construction of new caprolactam and nylon new materials and refined adipic acid projects.To build an integrated new material industry base.
Amide and nylon new material projects are planned to invest 49.

800 million US dollars, construction period of 30 months, 30 tons of caprolactam (of which 20 esters are for personal use), toluene 20 esters, nylon 6 chips 20 replacement, sulfur 48 tons, etc. will be formed after completion. It is expected to achieve an average annual operating income of 56 after reaching production.

13 ppm, total profit 4.

4.6 billion; 16.

66 Initial refined adipic acid project plans to invest 15.

USD 7.2 billion, with a construction period of 24 months, the project will achieve high-end products and enter the first echelon of the industry. It is expected to achieve an average annual revenue of 19 after reaching production.

86 ppm, total profit2.

9.6 billion yuan.

Earnings forecast and investment grade: Maintain the company’s profit forecast for 2019-2021, and predict that the net profit attributable to the mother in 19-21 will be 25.

53, 28.

69, 32.

73 ppm, corresponding to PE of 10X, 9X, 8X, maintaining the “overweight” level.

China Shenhua (601088): 2018 results and forecasts are consistent; earnings and balance sheet are stable

China Shenhua (601088): 2018 results and forecasts are consistent; earnings and balance sheet are stable

2018 results and forecast are in line China Shenhua announced 2018 results: stock operating income of 2641 trillion, an increase of 6.

2%, net profit attributable to mothers was 4.39 million yuan, a year-on-year decrease of 2.

6%, corresponding to a profit of 2.

21 yuan, net profit after deduction is 4.61 million yuan, an increase of 2 a year.

1%, H shares return to the mother net profit 佛山桑拿网 of 441 trillion, a continuous decline of 8%.

In the fourth quarter of 2018, the company’s stock income was 700 trillion, quarterly / quarterly +5.

7% / + 5.

0%, the net profit attributable to the mother is 860,000 yuan, a decrease of 8 over.

5%, a 30% decrease from the previous month.

The company’s final dividend for 2018 is 0.

88 yuan / share, pay dividends?

Comments: 1) 4Q18 output slightly increased.

Commercial coal production in 2018 2.

9.7 billion tons, +0 in the past.

4% in the fourth quarter of 2018 was 7,660 inches, +3 per year / mo.

4% / + 3.


2) 4Q18 coal prices fell slightly.

Average coal sales price in 2018 +0.

9%, the average price of 422 yuan / ton in the fourth quarter of 18, many years / -3.

2% /-1.


3) Coal unit cost increases.

The unit cost of self-produced coal for A shares in 2018 was 113 yuan / ton, +4 for ten years.

5%, raw materials, fuel and power +5.

1 yuan / ton, 120 yuan / ton in the fourth quarter of 18, +5 per year / mo.

9% / + 13%.

4) Power generation and transportation continue to grow.

In 2018, the turnover of self-owned railway transportation was + 4% per week, and the amount of electricity generated / electricity sold was +8.

5% / + 8.

7%, long-term freight volume / turnover volume for ten years +11.

4% / + 11.


5) 2018 financial expenses + 18% / +6.

30,000 yuan, asset impairment decreased by 62% / 16.

80,000 yuan, non-operating expenses increased by 1.
8x / + 220,000 yuan (partly due to separation and transfer of “three supply and one industry”); 6) 2018 operating cash flow of 8.88 million yuan, a decrease of 7.

7) Capital expenditures of 23.2 billion in 2018 are mainly used for planting and the Huangda Railway, and 27.1 billion are planned for 2019.

8) At the end of 2018, the net debt ratio was about -3%.

Development Trend 2019 Plan: Commercial coal production 2.

900 million tons (previously reduced by 2.

2%), the unit cost of self-produced coal increased by less than 5%, the three fees were 229 trillion yuan (reduced by 9%), and the sales of electricity exceeded 47% (Guohua joint venture company Shenhua holds 42 shares).

5%, investment in thermal power assets is no longer consolidated).

Industry view: the adjustment of coal prices in the off-season; the average reduction in port coal prices in 2019 will decrease by 8%.

Earnings forecast changes based on assumptions such as price, output, etc. We cut A / H shares 2019e EPS by 2.

1% / 4.

9% to 2.


32 yuan?
A / H shares 2020e EPS 2.


37 yuan.

Estimated and recommended company A shares are expected to correspond to 19/20 9.


1x P / E, H 深圳桑拿网 shares correspond to 19/20 7.


3 times P / E, maintaining the company’s A / H shares neutral rating and target price of 20 yuan (19/20 8).


6x P / E, 5% decline) / 19 Hong Kong dollars (19/20 July.


1x P / E, 3% decline).

Risks Coal demand fell short of expectations; coal prices fell more than expected.

Ruiming Technology (002970): Commercial Vehicle Video Surveillance Informatization Leading Ten Billion Market Is Rising

Ruiming Technology (002970): Commercial Vehicle Video Surveillance Informatization Leading Ten Billion Market Is Rising
The company’s main business is the development, production, and sales of commercial vehicle monitoring information products, which mainly involve domestic transportation, rental, two passengers and one danger, slag sanitation market, and overseas school buses, buses, and rental markets.According to the IHS Global Automotive Video Surveillance Market Report, the company’s market share in automotive video surveillance was 10% in 2017, ranking second globally. The tens of billions of market space for in-vehicle video surveillance informatization industry: policy formulation, benefiting from the government ‘s increasing recognition of driving and safe driving of public vehicles in recent years, driving passenger cars and trucks has issued relevant policies that are targeted at active safe driving functionsRequirements, the company deeply cultivated the commercial vehicle market and fully benefited. The commercial vehicle monitoring information products have been developed as the third-generation products. They can not only transmit video data in real time, but also use AI for big data analysis to achieve active safety management.The value-added of three generations of products and the enhancement of ASP are in the ascendant, and there is huge space for the future. We have calculated the market space of each segment: ① The domestic second-generation bus products have been adjusted. Considering that ASP will increase the market size of the third-generation products by about 4.2 to 7 billion; ② Two passengers and one danger are currently only in Jiangsu, Sichuan, Hunan, Hebei, etc.Some provinces and cities have begun to penetrate (the company ‘s market share conversion is the first), the future space is huge, the potential market size of two passengers, one danger and heavy trucks is about 12.4 billion;We estimate the domestic market size to be approximately 4.8 billion; ④ The potential market size of the taxi industry is approximately 2.8 billion.In summary, the total size of the potential market exceeds 200 trillion. If the overseas market is counted, the scale may be doubled. Product technology intensive, AI blessing, high research and development promotion: Today’s third-generation vehicle video surveillance system is an integrated 杭州夜网论坛 technology-intensive product. It requires not only basic hardware such as cameras, but also complex video image processing technologies such as AI.Enterprises are transitioning from pure equipment suppliers to total solution providers.The company started to deploy AI in 2014 and currently has more than 100 professional teams. The product can provide a variety of intelligent video monitoring functions such as safe driving assistance, driver status monitoring, and blind spot detection.The company always attaches importance to the investment of human capital, and the R & D investment ratio remains above 10%, laying a foundation for product upgrades and the company’s sustainable development. 2018 company sales to the United States1.5.6 billion, accounting for 14 of the main revenue.40%, but the impact of trade friction is not large, the US customers reappeared to reduce or cancel purchases from the company, the company’s comprehensive gross margin in the first three quarters of 201943.40%, ten years +1.31 points.And the company further strengthened the chip’s self-controllability. The new generation of intelligent processing chip is based on the design of HiSilicon and is gradually completing the replacement of imported chips. Profit forecast: It is estimated that the company’s net profit attributable to mothers will reach 2 in 2019-2021.19, 2.86, 3.71 ppm, first coverage, giving “overweight” rating. Risk warning: market competition intensifies, raw material prices fluctuate, exchange rates fluctuate

Xinhua Pharmaceutical (000756): Performance in line with expectations

Xinhua Pharmaceutical (000756): Performance in line with expectations

Event: The company released its 2018 annual report: 成都桑拿网 2018 revenue 52.

$ 1.5 billion.

33%; net profit attributable to mother is 2.

51 trillion US dollars, an annual increase of 19.

68%; net profit after deduction is 2.

3.3 billion, an annual increase of 38.

37%; EPS per share is 0.

40 yuan.

It is proposed to distribute 1 yuan of cash (including tax) for every 10 shares.

Key points of investment: The volume and price of the bulk drug business are rising, revenue continues to grow steadily, and revenue in the fourth quarter of 2018 is 12.

48ppm, an increase of 17 per year.

The overall growth rate in the second half of the year was 42% higher than that in the first half of the year. We believe this is related to the increase in the price of ibuprofen, the main drug substance, in the second half of the year.

According to winddata, the domestic price of 厦门夜网 ibuprofen in the first half of 2018 was 110 yuan / kg, and it continued to increase to 180 yuan / kg in December 2018, an increase of 64%.

Considering the company’s main export of ibuprofen and the lag in the price increase effect, combined with the current high trend in 2019, we believe that ibuprofen will maintain a trend of rising volume and price in 2019.

Initially, the company’s API revenue in 201823.

1.9 billion, an annual increase of 18.

07%, the total sales volume of API is 3.

18 years, an annual increase of 11.


In terms of preparations, it achieved revenue of 22 in 2018.

13 percent, an increase of 11 per year.

At 65%, the company focused on the sales of six new preparations including Shutaide, implemented one product and one policy, and the new preparations continued to grow by 40.

4%, compared with 33 in 2017.

The 91% growth rate continued to increase.

Profitability continued to improve, and the selling expense ratio increased.

In 2018, the company’s comprehensive gross profit margin was 29.

92%, an increase of 1 per year.

Among the 84 units, the gross profit margin of the bulk drug business was the highest among the three businesses, while the benefit volume and price rose, and the gross profit margin of the bulk drug increased by 3.

07 to 31.


In addition, it benefited from the further expansion of the sales scale of preparations. The gross profit margin of the preparations business was 31 in 2018.

89%, an increase of 1 per year.

60 mm.

Overall, during the company’s strategic transformation, the overall gross profit margin 5 continued to increase, from 20 in 2014.

47% continued to increase to 29 in 2018.


In terms of period expenses, the three expense ratios totaled 21 in 2018.

82%, sales expense ratio, management expense ratio and financial expense ratio are 12 respectively.58%, 8.

58% and 0.

66%, of which the sales expense ratio and management expense ratio increased by 1.

29 digits and 0.

06; The financial expense ratio decreases by 1 every year.

11 digits.

Consistency evaluation continues to advance, and international cooperation projects are expected to contribute incrementally.

The company actively promotes the consistency evaluation of generic drugs. There are 10 varieties and 14 specifications that passed clinical BE, 6 varieties, and 8 document numbers have been declared to CDE and recognized. 3 products have completed on-site inspection by the State Drug Administration.Consistent evaluation approval for leading 5 varieties.

Considering that the revenue of existing companies’ formulation-compatible varieties has exceeded 100 million yuan, most of them are in the scale of millions and tens of millions, and most of them are low-priced generic drugs. Therefore, the price reduction has little impact on the company.Come to breed quickly.

In addition, the first phase of the company’s modern pharmaceutical international cooperation center has passed GMP certification and is ready to be used. The second phase of the project will complete the main cap in November 2018 and enter the purification and decoration phase.

With the appointment of more international cooperation projects, this part is expected to become a performance increase.

Maintain the “Recommended” level.

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

49 yuan, 0.

59 yuan and 0.

71 yuan, PE is 16 times, 13 times and 11 times respectively. The estimated level should be considered at present. Considering the company’s formulation strategy, the drug substance business is expected to contribute performance flexibility and maintain a “recommended” rating.

Risk warning: the downturn of APIs; unfavorable market sales; faster-than-expected cost growth.

Santai Holdings (002312): Performance Forecast Turns Loss into Profit

Santai Holdings (002312): Performance Forecast Turns Loss into Profit

Event: After the company’s comprehensive transformation of the fine phosphate business, the company released its first performance forecast, which is expected to achieve zero net profit attributable to its mother in 19 years.


10 billion, turned around before (-2 years ago).

1.9 billion).

Long Mang Dadi consolidated Q4, non-recurring gains and losses increased performance: 1) Merger and acquisition of the target Long Mang Dadi 19Q4 consolidated, increasing profits1.


200 million (both industrial and ammonium phosphate prices and prices rose); 2) Non-recurring gains and losses increased.


3.4 billion, mainly including the original controlling shareholder of Yantai Weian Cheng Chun2.

200 million performance compensation funds, shares of Zhizhi Hechuang 0.

1.6 billion changes in fair value gains, zero government subsidies.

1.5 billion and compensation for China Post Zhidi Technology 0.

3.2 billion, non-recurring losses due to changes in fair value of the equity investment in Santai 0.


9.5 billion; 3) The 34% equity held by China Post Zhidi Science and Technology is set in accordance with the initial accounting assessment statement of equity method1.

7.7 billion.

Recently released the outline of the development strategy plan for 2020-2025. In the future, the main business will be highlighted. Relying on Long Mang Dadi will focus on the development of fine phosphate business. The expansion of business from traditional financial services will reduce the volume, and the key innovative business in the “transitional development stage” has beenCompleted the non-company’s main business. After repeated research, comparison and selection, the company completed the acquisition of industry-leading fine phosphate company Longman Dadi in September 2019.

In the future, the company will be committed to the development of fine phosphate business, and other unrelated businesses will be reorganized and adjusted to completely achieve strategic transformation and development.

Dragon Python is a leading fine phosphate company in China with rich product structure and obvious advantages of industrial chain integration: 1) In addition to traditional phosphate fertilizers and compound fertilizers, Dragon Python deeply cultivates technical contents such as industrial monoammonium phosphate and feed-grade calcium hydrogen phosphate.And fine phosphate products with higher added value will continue to be refined and stronger along the industrial chain in the future.

2) In terms of supporting raw materials, the self-sufficiency of phosphate rock has been further enhanced. Among them, Hongxing Phosphate (this year’s 杭州桑拿 recoverable phosphorus ore) is expected to be depleted and closed in 20 years.It is also expected to support standards for sulfuric acid production capacity of 100 and above for synthetic ammonia production capacity of 10.

3) In terms of profit commitment, Longman’s net profit for non-return to mothers in the years 19/20/21 shall not be less than 3.



50 billion.

The equity incentive plan has been released, and the company’s strategic transformation is long-term optimistic: the company released the 2020 dividend savings incentive plan (issue), which is intended to grant 664 objects to 51.37 million income shares (accounting for total equity 3).

7%), the grant price is 2.

14 yuan / share.

Assessment target: The cumulative net profit for the two years from 2020 to 21 is not less than 900 million; the cumulative net profit for the three years from 2020 to 22 is not less than 1.5 billion.

This equity incentive will enhance the cohesion of the core team and the competitiveness of the company, and firmly believe in the company’s long-term development.

EPS is expected to be zero in 19-21.



37 yuan, PE is 75/16/13 times respectively. The company successfully merged Longman Dadi to transform the fine phosphate business, highlight the main business, and have a clear development path. In the future, it will be refined and strengthened along the industrial chain.grade.

Risk Warning: Product and raw material price fluctuation risks, environmental protection and production safety risks, potential risks of associates.

The first batch of FOFs will earn an average of 9 in 2 years.84%

The first batch of FOFs will earn an average of 9 in 2 years.84%
Source: Financial Investment News Original title: The first batch of FOFs will have an average annual return of 9 years.84% is still a month away, and the first batch of domestic FOFs will usher in their two-year birthday.In the past two years, the total domestic FOF capacity has been expanded to 66, with a roughly estimated asset size of about 25 billion US dollars. In terms of types, 77% of them are targeted FOFs for the elderly.Benefiting from the recovery in the stock and bond markets, the average FOF yield has increased by 9 this year.84%. Since its establishment, almost all FOFs have achieved positive returns.It is worth mentioning that in order to encourage investors to invest in the long term, the newly established ordinary FOF has also seen the shortest holding period.  Pension target FOF accounts for 77%. The first domestic FOF was born on October 20, 2017. It is called the Southern All-weather Strategic Hybrid Fund Fund (FOF), with a total fundraising of over 3.3 billion yuan.Immediately following the establishment of the fund are Castrol Pioneering Asset Allocation, TEDA Manulife All-Around Choice, Jianxin Fuze Antai, Huaxia Juhui’s solid goals, and Haifutong Juyou Selection.These six first-established FOFs announced that domestic fund investment has entered a new era of asset allocation.After one month, the domestic FOF will usher in the second anniversary.  In the past two years, the pace of FOF development has opened up the acceleration mode.WIND data show that as of September 17, there were 66 FOFs in the market, of which 42 were established in 2019, accounting for 64%.In terms of product attributes, 51 of them are targeted FOFs, accounting for 77%, and the rest are ordinary FOFs.On September 13, 2018, Huaxia Pension’s three-year goal in 2040 was established, becoming the first FOF in China, and it has been a full year.It can be said that the development of the old age goal FOF has come to the forefront.  In terms of investment types, all FOFs currently on the market are hybrid.From the perspective of fund companies, 66 FOFs belong to 34 fund management companies, of which 8 companies have at least 3 FOFs, the largest is Huaxia Fund, which has 6 FOFs, 4 of which are pension target funds.Jiashi, Nanfang and Yinhua each own four, Huitianfu, Jianxin, Penghua, and Yifangda each have three.  However, FOF has encountered ups and downs in the past two years.As of the end of the second quarter of this year, the total size of FOF assets issued in the interim report was US $ 20.4 billion, which was reduced by 39 from the asset size data at the time of issue.52%.The total number of FOFs issued since the third quarter is about 44.4.3 billion yuan.According to preliminary estimates, the current total size of FOF is about 25 billion yuan.  Don’t worry, the development of new things is not always smooth. There are many new funds in the public fund, and the investment value is recognized after many years, such as short-term debt, bond index funds, etc.  The average return on FOF during the year was 9.84% this year, benefiting from the rebound in the stock and bond markets, the net FOF value has also gradually increased.WIND data show that as of September 11 this year (the FOF net value was updated later), the average increase in the FOF arithmetic of 24 only 西安耍耍网 before 2019 was 9.84% (only category A), of which Qianhai Kaiyuan Yuyuan and Haifutong Juyou Select two funds yielded 37.63% and 30.47%, mainly due to the higher equity asset allocation of the two funds.On the investment of Morgan Shangrui, China and Europe foresee a pension A of 2035 in three years, and a return of 16 years for A in 2035.44%, 12.70%, 10.76%.And since its establishment as of September 11, almost all 66 funds have received positive returns.  Compared with ordinary equity funds, FOFs are more stable and long-term. Therefore, investors need to be clear about the risk and return characteristics of FOFs, and they cannot blindly compare with the increase of equity funds.  It is worth mentioning that there have been new changes in the recently established FOF, that 南京桑拿网 is, the shortest holding period for ordinary FOFs.On September 6, 2019, Rich Nations Zhicheng Select was established for 3 months, and the initial fundraising scale was 3.5 billion yuan. The fund has established a minimum holding period of 3 months, that is, investors must hold for 3 months after buying.Before they can be redeemed.This is mainly due to regulatory adjustments.  In June of this year, the Securities and Fund Institutions Supervision Department issued the latest issue of the “Institutional Regulatory Situation Report” and the “Fund in Fund (FOF) Review Guide” updated version, which put forward new requirements for the operation of new FOF products.Including “further subdivision of FOF product categories” and “application for registration of FOF with at least three full-time military investment or research personnel”, “investable Hong Kong mutual recognition fund shares”, “rich product operation methods, development with certainThe “closed” operation period or the shortest holding period of FOF encourages investors to hold for a long time.”And so on.Therefore, the FOFs recently reported and issued also set a minimum holding period.

Winter is always freezing hands and feet, a few warm recipes to keep you warm through the winter

Winter is always freezing hands and feet, a few warm recipes to keep you warm through the winter
Editor’s note: When winter comes, many people will feel chills, freeze their hands and feet, how can they warm themselves through the winter?Of course it is tonic!Today, People’s Health Network talks with you about using health recipes to help yourself get rid of cold and warm the winter.Ginger Su Ye Yin to prevent colds: take 3 grams of ginger, 15 grams of brown sugar, and 3 grams of perilla leaves; wash the ginger, cut into thin filaments, put it into the cup with the perilla leaves, add brown sugar, and brew with boiling waterCover with a lid and let it sit for 10 minutes, taking while hot, twice daily.Among the recipes, perilla leaves are singularly warm, can be released cold, Yitong muscle surface, evacuation of stagnant lung Qi, qi and joint management, can treat cold with fever, headache, nasal congestion, or cough, chest tightness and other symptomsColds, and gastrointestinal colds with symptoms such as nausea, vomiting, stomach pain, and bloating.Compatible with ginger, can enhance the effect of relieving cold.The brown sugar is sweet and warm, which can disperse the cold and warm the perilla leaves and ginger, and can also be used as a seasoning to relieve the spicy and bitter taste.In addition, this side has a certain effect on nausea and vomiting during pregnancy, nausea and nausea after eating fish and crabs, and diarrhea in children with cold and vomiting.After being hit by heavy rain, ice, snow, cold wind, or wet water, a cup of ginger sugar Su Ye drink can also prevent colds.It should be noted that people who have tiredness, faintness, dullness in their chests, lack of appetite, and sticky stools should not take it.Angelica ginger mutton soup warm blood to take 250 grams of mutton, 15 grams of angelica, 30 grams of ginger; washed, cut into pieces, drained with boiling water; angelica and ginger were washed with water, ginger slices; ginger in the potStir fry for a while, then stir-fry the mutton until the blood is dry, put it into the casserole with angelica, add an appropriate amount of boiling water, and boil over high heat, then use a low heat pot for 2 to 3 hours, season.Angelica ginger and mutton soup comes from the “Golden Crisis” by Zhang Zhongjing, a doctor of the Eastern Han Dynasty.Among the prescriptions, Angelica sinensis is used for nourishing and regulating menstruation, promoting blood circulation and removing blood stasis, relieving pain and analgesic, and intestinal laxative. It is characterized by nourishing blood without stagnation and promoting blood circulation without harming blood.Mutton is warm, tonifying in the warmth, tonifying the kidney and filling essence, appetizing tonicity, dispersing cold and dehumidifying, and compatible with angelica to enhance the power of tonifying the yang, both blood and pain.Ginger is warm and scattered, which helps the lamb to disperse cold and warm the stomach, and eliminates the bad taste.The three flavors are used together, the composition is simple, the effect is remarkable, the flavor is unique, and it has the effects of warming blood and regulating menstruation and dispersing cold.This prescription is especially suitable for those with physical weakness who have symptoms such as pale complexion, cold hands and feet, and clear urine, and can also relieve women’s menstrual delay or low volume, amenorrhea, dysmenorrhea, menstrual headache, restlessness, and postpartum abdominal pain and dizziness;It is also suitable for male impotence, cold hernia, prostatitis, benign prostatic hyperplasia and other diseases; elderly people who are frail and have various degenerative diseases can also be taken regularly.In addition, those with severe cold in the body can add ginger; those who often have fever, sore throat, and mouth ulcers should use this prescription with caution.Salvia miltiorrhizae, to relieve abdominal coldness, take 200 grams of salvia miltiorrhizae and 1 kilogram of rice wine; crush danshen, soak it in rice wine for half a month, take it in the morning and evening, 15 ml each time; or 10 ml each time, 3 times a day.Take it warm.In the recipe, Salvia miltiorrhiza has bitter taste, mild coldness, and enters the liver and kidney two meridians.Modern pharmacological experiments show that salvia miltiorrhiza has the effect of expanding coronary arteries, can increase coronary blood flow, and slow heart rate, which is of great benefit to elderly diseases such as coronary heart disease.The warm nature of rice wine not only passes the blood, but also makes the medicine stronger, and has a relief effect on heartache and cold phlegm caused by cold.Danshen sparkling wine is especially suitable for women with blood stasis and amenorrhea, dysmenorrhea, and accompanied by abdominal coldness. It can also be used as a health medicine for patients with coronary heart disease and angina.This prescription is not suitable for pregnant women.Wuwei wolfberry drink for early cough, take 50 grams of schisandra, 50 grams of wolfberry, 20 grams of white sugar; Schisandra is packed in a small gauze bag, the wolfberry is chopped and put together in a casserole; add water 1.5 liters, boil over low heat, filter out the medicine and pour into the cup, add white sugar and stir well before serving.Among the formulas, schisandra is sweet and sour, warm to the lungs, kidneys, and heart meridians. It has the effects of constricting the lungs, nourishing the kidneys, regenerating sweat, astringent essence, and reducing diarrhea.Lung deficiency caused by injury, cough, kidney weakness, long-term low back pain and other evidence.Lycium barbarum is sweet, flat, and belongs to the liver, kidney, and lung meridians. It can nourish the liver and kidneys, moisturize the lungs, and alleviate the fatigue and cough caused by lung and kidney yin deficiency.In the “Compendium of Materia Medica”, white granulated sugar is also a blind Chinese medicine, which can be used to treat urgency and irritability, and is often used to treat lung deficiency cough and lung dryness cough.The three flavors can be used to strengthen the spleen and stomach, nourish the liver and kidney, nourish the heart and blood, and promote the thirst for thirst. It is suitable for the symptoms of fatigue and weakness caused by deficiency of the five internal organs in the winter, lack of blood, lack of blood, softness of the waist and knees, and insomnia.It should be noted that this prescription should be used with caution in patients with early cough and infestation. Patients with high blood sugar and diabetes can use less or no white sugar.Black tea warms the stomach and dispels cold. First, black tea can warm the body and fight cold.During the autumn and winter seasons, the physiological function of the human body decreases, the yang is weakened, and energy and nutrition requirements are high. At this time, a cup of black tea can play a role in preventing disease.The black tea is sweet and warm, it can raise yang, and the soup color is carmine, which can give people a warm feeling. Black tea is rich in protein and sugar, heats and warms the abdomen, and can strengthen the body’s cold resistance.Secondly, black tea can nourish the stomach.Tea polyphenols contained in tea have an astringent effect, have a certain stimulating effect on the stomach, and are more irritating under fasting conditions, so sometimes drinking tea on an empty stomach may feel uncomfortable.Drinking black tea with sugar and milk often can reduce inflammation and protect gastric mucosa. It also has a certain effect on the treatment of ulcers.However, black tea should not be drunk cold, as it will affect the effect of nourishing and warming the stomach, and may also reduce the nutritional content due to being left for too long.Third, black tea can help digestion.Black tea can be greasy, help digestion and absorption, promote appetite, and strengthen heart function.When your daily diet feels greasy and bloated, drink more black tea to reduce greasiness and promote digestion.Fourth, black tea can prevent colds.Experiments show that black tea has strong antibacterial power. Rinsing mouth with black tea can filter the virus to prevent colds, prevent tooth and food poisoning, and lower blood sugar and hypertension.Winter warm-up food list 1, protein and iron foods such as lamb, beef.30% of the energy contained in the protein will become transformed and emitted from the body surface, while the energy contained in the doping will only be 5%?6% is lost as a conversion, compared to 4% for my aunt?5%.Therefore, eating high-protein foods in winter can help the body to resist cold.It is obvious that in certain protein foods, red meat and animal offal are also good sources of iron.Iron participates in the synthesis of hemoglobin in the body, which can improve the oxygen carrying capacity of blood. Iron deficiency can reduce the oxygen supply across tissues, and feel cold due to insufficient heat production.Need to remind everyone that don’t eat more than two or two meats a day.2, Laminaria, laver, sea fish and other potential iodine foods.Thyroxine is an important hormone of the human body’s metabolism, which affects the body’s metabolic rate, growth and development, nerve and muscle function.It promotes protein, starch in the body, which is slightly converted into energy to resist cold.Iodine is an important raw material for synthesizing thyroxine. If you lack iodine, your body’s ability to protect against cold will be reduced.Sea water is rich in iodine, so a variety of marine foods are a good source of iodine replacement, 杭州夜生活网 such as kelp, laver, sea fish, etc., should be eaten often in winter.3, fresh dates, kiwi and other foods added vitamin C.Studies have shown that eliminating a large amount of vitamin C can significantly reduce its correction temperature drop due to cold, eliminate the excessive stress response of the adrenal glands, and enhance the body’s tolerance to cold.Dark vegetables such as bell peppers, tomatoes, and fruit pigments such as citrus, fresh dates, and kiwi.4, coarse grains, green leafy vegetables and other foods added B vitamins.Most of the B vitamins in the body, coenzymes play an important role in glucose, trace and protein metabolism, such as vitamin B1, vitamin B2, nicotinic acid, etc. are closely related to energy metabolism.Vitamin B1 is mainly found in coarse grains such as oats, nuts, lean pork and animal offal.Vitamin B2 foods include animal liver, egg yolk, dairy products, green leafy vegetables and so on.Obviously nicotinic foods include whole wheat products, coarse rice, beans, sesame, peanuts and so on.5, pepper, ginger and other spices.In the cold winter, proper eating of spices can bring you taste enjoyment and help people resist the cold.For example, capsaicin in pepper has the potential to produce heat, which can promote blood circulation, improve cold resistance, and frostbite. Research by the US Department of Agriculture found that adding cinnamon to the diet can increase the body’s metabolism and promote heat production; the volatile oil in ginger can quicklyThe blood circulates, excites the nerves, and warms the whole body.Therefore, when cooking in winter, you can put more spices such as pepper, cinnamon, ginger and so on.Chinese medicine teaches your body to keep your feet warm.Feet are the most feared part of the whole body.The meridians of the kidney and spleen and stomach originate from the feet, but because the feet are farthest from the heart, the “distance” of blood flow is prolonged, and blood supply is often insufficient.If your own thermal energy is insufficient, you need to ask for “foreign aid”. The best way is to soak your feet with hot water every day to promote blood circulation around the body and keep your whole body warm.Each time you soak your feet for 20 minutes, the water temperature is about 42 ° C. At the same time, the cocoa massages the Yongquan points on the soles of the feet, axially regulates the internal organs, and relieves the effects of meridians.Shoes and socks are best to keep warm and breathable, and good moisture absorption.waist.The second part of the waist is afraid of cold. It is the kidney of the kidneys. The kidneys are warm and cold. Once it feels cold, it will immediately “emotions”.Therefore, men and women must wear mid-length coats when the weather is cold, and do not expose their waists.You can usually rub your waist with both hands: After heating with both hands, press tightly on the lumbar eye (located under the spinous process of the third lumbar spine and open 3).5 inches depression), once a day in the morning and evening, 50-100 times each time, can warm the kidney yang, smooth blood.head.The head is the master of the body. Zhuyang knows that the pulses are connected. Once encountering the cold evil, it is easy to cause colds, rhinitis, headache, toothache, and trigeminal neuralgia.The head is also the area that is least good at retaining parts.The study found that at a temperature of 15 ° C, the person who does not wear a hat at the static state accounts for 30% of the total transformation in the human body and 60% at 4 ° C.Therefore, the colder the day, the more warm your head. In winter, you must wear a hat. It is best to cover your forehead.Do not take off the hat immediately after sweating on the head, you should first go to the room to slowly sweat, to avoid direct cold wind.In addition, combing your hair more than a hundred times in the morning makes the scalp slightly warm, which is beneficial to the smooth flow of qi and blood in the meridians of the head, and promotes the rise of Zhuyang and qi and blood.neck.Suffering from the “fortress” of the human body, the upper part of the skull, the lower part of the veins, or the main throat, is also the only way for the cardiovascular and cerebrovascular, which makes it “body” extraordinarily precious.Pharyngitis and cerebrovascular disease will follow.It is best to wear a stand-up collar in winter, especially for the elderly. Be sure to wear a scarf when going out, which is good for preventing hypertension and cardiovascular disease.lap.A cold knee can cause local muscle and blood vessel constriction in the joint, causing joint pain.The key to protecting the knee joint is to keep warm and cold, wear knee pads, or choose thick woolen trousers on the knees, pay attention not to exercise too much.Except for winter, rain and snow, and summer air-conditioned rooms, the knee joints will not be cold and wet.ear.The ears are small in size and have a large area in contact with the air.In addition, the skin of the ear is thin, and the skin of the auricle is protected by the subcutaneous aunt, which is prone to frostbite.Therefore, you must “wear” warm clothes when you go out. You can wear ear bags, or cover your ears with a wide hat and scarf.When entering the warm room from all around, you can quickly press and rub your ears to quickly warm them up.Keep massaging your ears every morning, middle, and night for about 5-10 minutes.nose.The nose is also often exposed. If the nasal mucosa is exposed to cold air, the secretion of mucus will be reduced, the capillaries will become brittle, and the “screening” effect of the nose will become worse, which will cause the bacteria to enter the lungs and increase the chance of respiratory infections.Wear a cotton face mask when going out, but it is best not to cover it with a scarf to prevent bacteria or fabric fibers from entering the nasal cavity.When it’s cold, you can massage your nose every day. After rubbing the sides of the thumbs of both hands, you can massage 30 times up and down along the bridge of your nose.Do it once before getting up early and before going to bed late, which can enhance blood circulation in the nose and improve cold resistance.back.The back is the sun in the middle of the sun. If it is adjacent to keep it warm, it is vulnerable to the invasion of the wind and cold, which will damage the body’s yang and lead to a decline in immune function.It is best to wear a cotton vest or a wool vest in winter. When the weather is good, don’t forget to take a “sunbathing” on the back, and the heat flow will bring you overall comfort.Massage acupoints helps the body to warm and warm.1. Shoulder well massage can not only enter the blood circulation for the first time, but also make your shoulder joints warmer. It can also help you to relieve neck and shoulder aches and head and foot pillows.The specific operation method is as follows: the massaged person takes a sitting position, the massager stands behind his back, his hands are open with his fingers open, his four fingers are close together, and he naturally rests on the shoulder well of the massaged person.Don’t over-strength, it should not be too long.In particular, people with high blood pressure or cardiovascular and cerebrovascular diseases should not overdo it.2. Shenxian Shenxian is a long-lived acupuncture point. We can rub our hands on the navel before going to bed every night. Press clockwise and counterclockwise alternately to get fever, which will warm our abdomen and cause us.The complexion can also relieve the symptoms of abdominal pain, bowel sounds, swelling and swelling, diarrhea and prolapse.3. Ear Chinese medicine believes that “kidneys open their ears to the ears”. Frequently massaging both ears in winter can not only prevent frostbite, but also help the kidneys’ health and the smoothness of qi and blood.Here are the three most commonly used methods.Pull the earlobe: Use both thumbs and index fingers to rub the earlobe until fever, and then pull the earlobe 15-20 times.Lift the ear tips: Use your hands to hold the higher contours of your ears, so that you can lift the tips of the ears properly. When you lift, press your thumb and forefinger to rub the tips of your ears, and wait until you press and heat.Wheels: Use our thumbs above the wheels, the other four fingers on the outside of the wheels, gently rub for 2-5 minutes, and then lift up, as long as you feel fever.4, Dazhui body Dazhui acupoints are “Sanyang”, “Dumai” meeting, the whole body of Yang Qi meet here.Massage Dazhui is equivalent to turning on the main switch of “heating” of the whole body.The Dazhui acupoint is taken as follows: When you lower your head, the depression below the neck is the most obvious bony depression.When showering at home, the shower head can be continuously flushed with hot water behind the neck to make you feel warm in the cold season.Generally, shower time should not be too long (not more than 20 minutes). Those who are frail or have cardiovascular disease should also reduce the time as appropriate. The water temperature should be around 40 ℃.5. Yangchi Yangchi Acupoint. This acupuncture point, as the name suggests, is where the Yang Qi gathers. It is located at the midpoint of the horizontal stripes on the back of the wrist.Stimulating the Yangchi acupuncture points should take a long time, and the force should be relieved. Pressing and rubbing with both hands alternately can alleviate the symptoms of cold hands.6, Laogong is in our palms. There is a Laogong acupoint. When you bend your fingers and make a fist, the middle finger point is the acupuncture point.The five elements of Laogong acupoint belong to fire, which can be taken counterclockwise by taking, rubbing and other methods. Pressing each acupoint for about 10 minutes, 2-3 times a day, can warm the hands to help heat, calm the mind, and promote sleep.7, Zusanli’s “Lingshu” records: “Insufficient yang and more than yin, then the bowel in the middle of the cold makes abdominal pain . transferred to Zusanli.”In the autumn and winter seasons, it is often enough to rub three feet, which can supplement the qi and keep the lower limbs warm.The method of acupoint selection in Zusanli is: when the leg is bent, you can see a small bone above the skin on the outside of the knee joint. This is the outer knee eye. From the outer knee eye, there are Zusanli everywhere.When massaging, generally use your thumb and fingers to focus on Zusanli, apply force vertically, step down, and gently rub.The other four fingers are fists or spread to play a supporting role to cooperate with the force to let the stimulus reach the deep layer of the muscle tissue and produce feelings of acid, numbness, swelling and pain. After a few seconds, gradually relax and repeat the operation several times.8. The most feared place for many people in Yongquan is the cold feet. They can’t get warm when wearing cotton shoes. We also have a “heating” switch on our feet, which is Yongquan.Yongquan Point is located in the center of the foot, in the depression of the front 1/3 of the sole of the foot. It is an important point for health and disease prevention.As the saying goes, “If you want to be safe for the elderly, Yongquan is always warm.” It is recommended to rub your feet with your feet every day, or rub your left foot with your right hand and rub your right foot with your left hand.(People’s Health Network comprehensive self-health newspaper, Life Times, People’s Daily Overseas Edition, Family Doctor Online, Qilu Evening News) ☆ Recommended reading ☆ Breathing with your mouth will become “stupid and ugly”!Measure how you breathe. The longer you stand with your eyes closed and the longer you live, the longer you want to live longer. Remember how to spend the six “micro” and “seasonal seasons”?These three things to do after Lidong will become “stupid” if you can’t sleep well?Staying up late is more scary than you think. How to stabilize high blood pressure in autumn and winter?Abide by the two principles of salty kidney injury, Xinduo lung injury determines the health of your five internal organs!Do you know the nine major dangers of obesity?Controlling blood sugar and preventing blood clots These “hands” of food therapy assistants are exquisite in the fall. Why is it easy to cough?Teach you how to do fitness rightSix wrong exercises to accelerate aging

Wanhua Chemical (600309): The performance is slightly better than expected The new project is progressing smoothly

Wanhua Chemical (600309): The performance is slightly better than expected The new project is progressing smoothly

The core opinion of the third quarter report slightly exceeded market expectations: the company disclosed the third quarter report of 19, the first three quarters achieved operating income of 48.5 billion U.S. dollars, each time 12 replacement.

5%; 79 trillion net profit attributable to mother, divided by 41.

8% (combined caliber).

In the third quarter of 19, the operating income reached USD 17 billion in a single quarter, which was extended by 6 each year.

6%; net profit attributable to mother 22.

8 ‰, 25 years ago.


The initial decrease in revenue and profit is that the price of MDI, the company’s main product, fell by about 30% in the same period in 18 years. Although the price of the product was unfavorable, the company still received 22.

800 million net profit slightly exceeded market expectations.

The overall prosperity has entered the bottom range: the price difference between the company’s MDI and most petrochemical products has entered the historical average replacement position. From a cyclical perspective, the space for the overall prosperity to gradually decrease is very small.

However, the annualized ROE of the company in the single quarter of 19Q3 still reached 23%, which has improved significantly at the bottom 15 years of the previous round. This is due to the company’s continuous extension of the industrial chain in these years and tapping the cost potential.

When the company is at the bottom of the cycle, the dynamic PE corresponding to annualized earnings is about 15 times. Even if growth is not considered, it has been slightly underestimated.

New projects are progressing smoothly: 19Q3 company’s projects under construction have reached 20.1 billion, which has exceeded the highest level before the first phase of full-scale petrochemical projects in 15 years, an increase of 4.3 billion over 19H1. It is expected that new projects such as ethylene integration are progressing smoothly and new projects are put into productionWill become an important driving force for Wanhua’s continued growth.

Financial Forecast and 天津夜网 Investment Suggestions We forecast the company’s total EPS to be 3 in 19-21.

80, 3.

60 and 4.

24 yuan, given a target price of 53 at a 19 times 19 times price-earnings ratio of comparable companies.

23 yuan, maintain BUY rating.

The risks indicate macroeconomic risks, risks of fluctuations in crude oil prices, risks of new project progress, and breakthroughs in MDI industry barriers.

Depth-Company-Qingxingchen (002439): Good statistics on orders at the structural level under steady revenue growth

Depth * Company * Qixingxingchen (002439): Good statistical results of orders at the structural level under steady revenue growth

The company released the third quarter report for 2019 and achieved revenue of 7 in Q3.

0 billion (+24.

8%) and net profit of 8,334.

10,000 (-12.

3%), deducting non-net profit of 7,975.

50,000 (-12.


Whether Q3’s business development is on track or not still depends on the growth rate of the revenue side. About 25% of the growth is in line with expectations. Maintain the BUY rating.

Key points of the support level The steady growth of income is in line with expectations, and the sequential growth rate indicates the level of income structure.

Q3 revenue growth was about 25%, and the first three quarters were about 22%, which was in line with expectations.

Q3 chain growth rates were 54% and 31%, respectively, compared with 53% and 25% in the same period of the previous year, indicating that the H1 structure this year is relatively stable but the Q3 revenue share has increased.

Considering that the city security operation center has over 100 million orders (interim report 上海夜网论坛 announcement), it indicates that the structure of security products and security operation income may be gradually reduced or changed, and the impact of operating income on the company may increase.

The growth rate of net profit exceeded our expectations, mainly due to the larger increase in selling expenses and financial expenses, which are expected to be related to market expansion and convertible bonds, respectively.

Orders in the first three quarters remained at the previous level.

According to China Caizhao.com’s order statistics, the company’s order value in the first three quarters increased by about 24?
The 33% range matches the income growth rate.

Among them, Q3 decreased slightly by 6 due to the monthly change in July?

Taking into account the continuity of the number of orders and the confirmed one to two quarters, and the probability of variability in the Q4 boom, the revenue growth rate may still exceed 30%.

The gross profit margin is stable, the expense growth rate is maximized, and the profit suspense is gradually clear.

In the first three quarters, operating costs increased by 22%, which is consistent with revenue growth. It is expected that the long-term comprehensive gross profit margin will not be greatly affected by the income structure gradient, and should be 63-65% in the current quarter and the previous year.

At the same time, the three fee growth is lower than the income, so if the expected income growth rate is 24?
30% range, the net profit growth rate is expected to be above this range.

Estimate to maintain 2019?
Net profit forecast for 2020 is 7.

3, 8.

9 and 10.

70,000 yuan, EPS is 0.

82, 1.

00 and 1.

19 yuan, corresponding to PE is 41X, 34X and 28X.

The overall development is in line with expectations, and it is expected that it is still at a reasonably low position. We maintain our Buy rating.

Competitive landscape of major risks facing ratings worsened; new security needs fell short of expectations.