Believe in the future charity show welcomes a future special session, presenting the diversification of Chinese music

“Believe in the future” charity show welcomes a future special session, presenting the diversification of Chinese music
On May 10th, the fourth half of the “Better Future” online charity performance “Future Special” will start at 15:00 on time, and the program chief Gao Xiaosong will introduce the highlights of the final performance at the beginning of the performance.”Believing in the future” has a future promise. Ye Bei, Huang Jue and other 73 groups of musicians appeared at Gao Xiaosong. “Future is about” is a special unit for the release of the “Believing in the future” online charity performance., So the program needs to be divided into two episodes.Because the types of music are very rich, and the diversity of the Chinese music circle is very obvious, it is roughly divided into popular, cutting-edge, rock, folk, rap, electronic music, etc. according to style.Gao Xiaosong pointed out in particular that the new musicians made him very pleasantly surprised.”In the future, the last episode has gathered a large number of excellent independent musicians, including Mars Radio, Hedgehog, click # 5, etc. are all well-known excellent bands, Peng Tan, sound toys, black band, including Shao Yibei,Yao Xian, Ye Bei, panta · Q and other independent musicians of various styles are also a concentrated display of different types and different styles of independent musicians in the music industry.Gao Xiaosong said at the end.Sauna, Night Net Editor Liu Zhen Wu Longzhen proofread Zhai Yongjun

62 world champions cheer for Wuhan with championship spirit!

62 world champions cheer for Wuhan with “championship spirit”!
Beijing News News The new crown pneumonia epidemic affects the hearts of all people. In order to express support for all medical staff, staff and people in the epidemic area, dozens of world champions and dozens of media have startedVideo recording and promotion activities to cheer for Wuhan.The theme of the event was “Championship, Overcoming Difficulties, One Heart, Overcoming Epidemic Situation” and “Believe in this Flag, Believe in the Power of Belief”, which lasted two weeks.As of February 12, a total of 88 world champion personal videos and 62 world champion video collections were released.More than 60 media, represented by the Beijing News Sports, have published personal videos and collected nearly 1,000 articles on the media matrix of dozens of platforms.All the world champions recorded videos for the first time, and highly praised the event.Gymnastics Olympic champion Guo Weiyang added in his poem: “Only words show true feelings, and the champion spirit fights the sickness.Frontline medical care is the most respectable and frontline staff is the most lovely.All sectors of society offer love, you have me and my motherland.Sun Yiting, the world champion of air swimming, said: “It is an honour to participate in the activities of world champion cheering for Wuhan and cheering for China, so that the people of the whole country can seize the power of our world champion.Lin Heqin, the world champion of comprehensive fighting, interpreted it from another angle: “Many people left me a message saying that the slogan is of no practical use.And I want to say that the slogan is cohesion, support, hope, and our goal for this event.Xu Lijia, the Olympic champion of sailing in the UK, said: “The activity of cheering for the world champion to cheer for Wuhan not only brought high-level athletes together, but also sent the gritty and positive energy of the sports people.”

Joy City Double (000031): Joy City both exceeded expectations and moved quickly together

Joy City Double (000031): “Joy City” both exceeded expectations and moved quickly together

This report reads: Joy City is currently the only real estate platform owned by COFCO. The two-wheel drive of residential development and sales and commercial holdings will continue to release key points of investment: maintain overweight rating and maintain target price.

80 yuan.

The company is currently the only real estate platform under the COFCO Group, 南宁桑拿 and continues to leverage the synergy between residential development and commercial real estate.

Considering the performance contribution brought by the Joy City property merger, the company is raised in 2019?
EPS to 0 in 2021.

69 yuan / 0.

81 yuan / 0.

92 yuan, the target price corresponds to 14xPE in 2019 (an equity expansion in January 2019).

  If Joy City Real Estate is consolidated, the net profit in 2018 will increase to 26.

50,000 yuan, corresponding to 10 times the PE in 2018.

The company absorbed the merger of Joy City Real Estate (0207.

HK), and completed the consolidation in January 2019, so the performance achieved in 2018 did not realize the profit of Joy City Real Estate.

Judging from the 2018 results of Joy City Real Estate, the net profit attributable to mothers was 21.

0 ppm (+ 82%) and a core 重庆耍耍网 net profit of 15.

700 million (+ 87%).

Based on the 60% shareholding ratio, Joy City Real Estate will contribute to Joy City and consolidated net profit.

US $ 600 million, so Joy City’s total net profit attributable to its mother reached 26.

500 million.

  The land reserve and the scale to be settled have driven the company’s continued growth.

The company’s settlement area in 2018 was 630,000 cubic meters, the area to be settled was 1.01 million, and the corresponding amount was 22.4 billion US dollars.

In 2018, the company’s new soil storage area was 196 GM, the sales area was 129 GM, and the land sales ratio was 1.

5. At the same time, the company has a total land reserve of 5.62 million miles, corresponding to a current dechemicalization cycle of 4.

4 years.

  After the merger with Joy City, the elimination of inter-industry competition will help the company’s residential business to scale up quickly, while operating cash flow will be stabilized.

We believe that the company’s short-term strategy will support the commercial development with cash flow from residential platforms, and gradually cultivate stable cash flow for business.

Considering that Joy City is positioned as an urban shopping center rather than a regional shopping center, its core value will gradually become a stabilizer of growth.

  Risk warning: business is hit by new retail

Tianqi Lithium (002466): The bottom of the industry is now or will be

Tianqi Lithium (002466): The bottom of the industry is now or will be

The industry has bottomed out or is about to bottom out, and the high probability of demand in 2020 will be better than the high probability of the industry in 2019. It will bottom out in the second half of 2019. There are some possible industry downturns that will be postponed to the first half of 2020.

From three perspectives, we believe that the industry has the highest probability of bottoming in the second half of 2019, and may continue into the first half of 2020 under relatively pessimistic conditions.

From the demand side of 2020, the probability is 武汉桑拿 better than 2019.

One is that domestic efforts will be made to achieve the policy goal of 2 million electric vehicles; the other is that 2020 will be the year when overseas car giants launch models on a large scale.

From the perspective of the long-term industry space, it is estimated that there will not be much difference in the demand space for lithium products. First, the global trend of electrification of automobiles has just begun. This is obvious; second is the trend that energy storage will inevitably rise.This point of concern may not be that high.

With the increasing installed capacity of photovoltaic and wind power, and the lower and lower cost of lithium batteries, and the better and better performance, energy storage will inevitably rise at some point, greatly driving the demand for lithium batteries. We 杭州桑拿体验网 mayGetting closer to the tipping point.

Looking at energy storage in the long term, it is expected that the demand for lithium batteries will greatly increase and will exceed the demand for lithium batteries for electric vehicles.

Tianqi Lithium Co., Ltd. has deployed the world’s lowest-cost lithium concentrate and salt lake. For mining companies, the core competitiveness is cost. Low cost means that they can survive when the industry is in a downturn and resist the winter.At that time, you can make a lot of money.

Tianqi Lithium Co., Ltd. has deployed the world’s lowest-cost lithium concentrate and salt lake, which is the advantage of the card position.

From the perspective of the distribution of lithium ore resources, the reserves and grade of the Green Bush mine are ranked first in the world.

From the perspective of the distribution of methane, SQM’s Salar de Atacama has a lithium reserve of 4,290 length LCE, which is the largest brine reserve in the world. The lithium grade is 1840ppm, which is the highest grade of all halides.

The allocation of shares was approved, and the financial risk caused by the large amount of debt to acquire SQM equity was eliminated. The biggest risk before Tianqi Lithium was the capital risk of large amount of debt to acquire SQM equity.This risk has basically been eliminated in the application of rights issue.

The potential part of the previous implied this risk, then there must be a repair process after the risk is eliminated. After this process is completed, gradual changes are sufficient to make the fundamentals of the industry and the company.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 4.

06/10.

25/19.

22, the corresponding PE is 81/32/17 times, maintaining the “strongly recommended” level.

Risk warning: production capacity advances less than expected, product price fluctuates

A collection of chief views of Guangdong Kai strategy: focus on the benefits of counter-cyclical restructuring

A collection of chief views of Guangdong Kai strategy: focus on the benefits of counter-cyclical restructuring
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Yuekai Strategy | Chief Opinion Zhou Huicui: The original Yuekai Chongli City, which focuses on the reduction of beneficial samples in the reverse cycle. Guangdong Yuekai Chongli City, one of the macro: the subsequent counter-cyclical gradually increase its strength.In terms of monetary policy, we will continue to maintain accommodative funding, reduce MLF and LPR interest rates (on February 20, the probability of MLF interest rates will be lowered by about 10bp), loosen refinancing policies, and exacerbate targeted loans to regions and industries hindered by the impact of eventual factors.stand by.In terms of fiscal policy, we will increase the fiscal deficit rate to even exceed 3%, expand and increase the amount of special debt, and implement targeted reductions such as statutory reductions.  Recommended industry / subject: Interest rate debt recommendation logic: Weak economic recovery is interrupted, and monetary policy continues to be loose.  Second, the strategy: the refinancing policy is loosened, and the counter-cycle is carried out regularly. The core point of view: We believe that there are three possibilities for the follow-up trend. First, the index is strong, and it continues to expand the space.With the gradual reduction of event factors, the index will still return to the operating trend of regression. Benefiting from the stable growth policy and the recovery of corporate profits, we are more optimistic about the market in the first half of the year.Take the Shanghai index week k-line high point in early 2018 and the high point before the 2020 Spring Festival to obtain a downward trend line. If the recent rebound of the index breaks through this downward trend line, it will prove the index trend. If it is calculated according to the shape of the head and shoulders, The target of continuing to attack is about 3300 points, and this is also the area where the previous high was located.  Second, the market entered a consolidation phase after quickly covering the gap.The market is under the strong influence of strong policy protection, the sharp increase in capital from the north, and the repurchase of some funds. The relative shortfall will be quickly covered, and then the market will enter the consolidation phase. It is likely to consolidate around the 3,000-point area (according to the beginning of 18)) Calculate from the high point of 3587 and the low point of the early 1940 to 2440 points. The half is about 570 points. Use 3587 570 points to get a 3000 point area.)  Third, the index may be technically adjusted, but with limited scope.The market is gradually repairing the losses caused by the impact of the event. There is also a process of reconfirmation after continuous growth. The index faces the expectation of technical adjustment, but we believe that the scope of this adjustment is limited: from a policy perspective, countercyclical adjustmentsThe policy is expected to continue to exert force; considering the release time of the performance report, we believe that the market still has better operating opportunities.  Recommended industries / targets: Recommended logic for refinancing unbundling + counter-cyclical restructuring to benefit the target: (1) The refinancing policy is unbundled, and the capital market is welcoming good.From the perspective of fundraiser, the biggest beneficiaries are SMEs with strong profitability, and they are optimistic about the TMT industry and biomedical technology innovation companies.From the perspective of the underwriter, the biggest benefit is the securities sector.  (2) The counter-cyclical contraction is expected to continue to exert force, attracting attention to sector opportunities.The short-term economy is facing a certain test, and the counter-cyclical breakthrough is expected to continue to exert its strength. The relevant sectors and cyclical industries that stabilize people’s livelihoods can focus on: agriculture, forestry, animal husbandry, fishery and food and beverages may continue the last growth momentum; expand the manufacturing and cycle sectors.  Risk reminder: Investment is risky, you need to be cautious when entering the market. The following is part one of the main text. Macro: Gradually improving the subsequent counter-cyclical and further exerting the core point of view.In terms of monetary policy, we will continue to maintain accommodative funding, reduce MLF and LPR interest rates (on February 20, the probability of MLF interest rates will be lowered by about 10bp), loosen refinancing policies, and exacerbate targeted loans to regions and industries hindered by the impact of eventual factors.stand by.In terms of fiscal policy, we will increase the fiscal deficit rate to even exceed 3%, expand and increase the amount of special debt, and implement targeted reductions such as statutory reductions.  Recommended industry / subject: Interest rate debt recommendation logic: Weak economic recovery is interrupted, and monetary policy continues to be loose.  Second, the strategy: the refinancing policy is loosened, and the counter-cycle is carried out regularly. The core point of view: We believe that there are three possibilities for the follow-up trend. First, the index is strong, and it continues to expand the space.With the gradual reduction of event factors, the index will still return to the operating trend of regression. Benefiting from the stable growth policy and the recovery of corporate profits, we are more optimistic about the market in the first half of the year.Take the Shanghai index week k-line high point in early 2018 and the high point before the 2020 Spring Festival to obtain a downward trend line. If the recent rebound of the index breaks through this downward trend line, it will prove the index trend. If it is calculated according to the shape of the head and shoulders, The target of continuing to attack is about 3300 points, and this is also the area where the previous high was located.  Second, the market entered a consolidation phase after quickly covering the gap.The market is under the strong influence of strong policy protection, the sharp increase in capital from the north, and the repurchase of some funds. The relative shortfall will be quickly covered, and then the market will enter the consolidation phase. It is likely to consolidate around the 3,000-point area (according to the beginning of 18)) Calculate from the high point of 3587 and the low point of the early 1940 to 2440 points. The half is about 570 points. Use 3587 570 points to get a 3000 point area.)  Third, the index may be technically adjusted, but with limited scope.The market is gradually repairing the losses caused by the impact of the event. There is also a process of reconfirmation after continuous growth. The index faces the expectation of technical adjustment, but we believe that the scope of this adjustment is limited: from a policy perspective, countercyclical adjustmentsThe policy is expected to continue to exert force; considering the release time of the performance report, we believe that the market still has better operating opportunities.  Recommended industries / targets: Recommended logic for refinancing unbundling + counter-cyclical restructuring to benefit the target: (1) The refinancing policy is unbundled, and the capital market is welcoming good.From the perspective of fundraiser, the biggest beneficiaries are SMEs with strong profitability, and they are optimistic about the TMT industry and biomedical technology innovation companies.From the perspective of the underwriter, the biggest benefit is the securities sector.  (2) The counter-cyclical contraction is expected to continue to exert force, attracting attention to sector opportunities.The short-term economy is facing a certain test, and the counter-cyclical breakthrough is expected to continue to exert its strength. The relevant sectors and cyclical industries that stabilize people’s livelihoods can focus on: agriculture, forestry, animal husbandry, fishery and food and beverages may continue the last growth momentum; expand the manufacturing and cycle sectors.  Third, non-bank financial: investment bank in January, the brokerage business is better Core view: SW non-bank financial index increased by 1 this week.33%, underperforming the CSI 300 Index by 0.93 first-tier and second-tier sub-sectors grew across the board, with the largest increase in the diversified financial sector, a decrease in the insurance sector, and an increase of 2 in the brokerage sector.29%, all securities brokerage stocks except CITIC Construction Investment increased, Guoyuan Securities rose more than 10%.  Listed securities companies released their January financial reports, which showed an increase in performance, but a decrease from the previous quarter.In total, 23 comparable listed securities firms achieved a total operating income of US $ 17 billion in January, an increase of 5 years.64%; realized a net profit of 6.9 billion yuan, an annual increase of 16.81%, down 47 from the previous month.8%.The top three securities companies in January with net profit in January were CITIC Securities, Haitong Securities and GF Securities. The four securities companies’ January net profit increased by more than 100%. They were Guoyuan Securities, Soochow Securities, CITIC Construction Investment, and Zhejiang Merchants.Securities.Investment bank in January 2020, the market indicators of the brokerage business are good, ipo scale exceeded the growth of 228%, and turnover exceeded 72% growth.  Recommended industry / subject: CITIC Securities (600030) Recommended logic: CITIC Securities (600030): CITIC Securities achieved net profit of 8 in January.USD 8.5 billion, ranking first in the industry, with an annual increase of 17.49%.The company’s operating income in 2019 was 431.US $ 7.7 billion, an annual increase of 16%; net profit attributable to mothers 122.8.8 billion, an annual increase of 30.86%, securities investment business and investment banking business are growing every year.CITIC Securities has diversified its business and expanded its risk control capabilities. The acquisition of Guangzhou Securities has entered the stage of deep integration, gradually accelerating the pace of wealth management transformation, and recommends industry leader CITIC Securities.  4. Communication: Focus on 5G and pay attention to the core perspective of downstream applications: 2020 is the era of large-scale construction of 5G, transforming operators’ centralized procurement and transformation, and the short-term communications sector configuration opportunities are highlighted. It is recommended to focus on the performance of the target.At the same time, through the increase in the number of 5G base stations, we are optimistic about 5G downstream applications, such as ultra-high-definition video, cloud gaming, industrial Internet of Things, and other applications. We recommend paying attention to the two main lines: 1. With the start of 5G construction, operator capital expansion increases.The performance of the communications industry is picking up, focusing on the 5G core beneficiaries: ZTE, Hudian, Shennan Circuits; 2. Video conference related stocks: Huichang Communications, CV Source, 263; 3, Cloud computing related: HaloXinwang, Xinyisheng, Zhongji Xuchuang, etc.  Recommended industries / subjects: Beixinyuan (300352) Recommended logic: Beixinyuan (300352): 1, instant messaging, video conferencing, mobile attendance punch card, secure cloud provided by Xinyuan Doudou under the company flag (Jin Qilin analyst)Remote collaborative office functions, such as disks, maximize, and also provides unique secure remote office functions.2. The actual controller terminated the reduction plan in advance and promised not to reduce it before August 30.3. Beixinyuan anti-virus system V3.0, Beixinyuan instant messaging source Doudou V4, Beixinyuan host monitoring and auditing system V1.Three other products such as 2 participated in the Compaq All-in-One Desktop Cloud to complete the compatibility test and obtained certification, and became part of Huawei’s operating system ecosystem.  V. Media and education: The core point of view of the layout of the offline industry and the underestimation of recovering demand: At present, the risk has gradually become predictable and controllable. It is recommended to layout from two aspects: (1) the impact of the incident, and some breakdownDemand suppressed in the field is recovering, such as offline industries; (2) Underestimated targets.  Recommended industry / subject: Light Media (300251.SZ), Chinese Media (600373.SH) Recommended logic: Light Media (300251.SZ): (1) Platform title content vendors focusing on premium content; (2) 2019 is the first year of the Chinese myth series, and subsequent IP releases are designed to provide continuous and stable high-quality animation implants; (3) EvaluationReasonable, 30 times PE in 2020.  Chinese Media (600373.SH): (1) The net profit of mobile games accounts for about 70%, and the rest is a stable publishing business; (2) It is estimated to attract 9 times PE in 2020.  VI. Automobiles: New energy vehicles in 2020 will usher in a strong new product cycle year. Pay attention to the core view of Tesla’s industrial chain: the first week of February 2020, the automobile CITIC index will increase 3.12%, outperforming the broader market 1.69%, we think: (1) Vehicle: We believe that in the short term, upstream raw materials in the vehicle industry are tight, deterministic replacement of price increases, and the profitability of OEMs is under pressure; in the long term, we are still optimistic about leading companies of independent brands.In 2020, new energy vehicles will usher in a strong new product cycle year. Tesla + Volkswagen and other international OEMs will start a new product cycle. Downstream demand will significantly improve. Instead of stimulating policies such as non-regression, industry opportunities will change.year.  (2) Parts and components: Tesla’s Shanghai plant has resumed production this week, and the weekly production capacity has reached 3,000 units. The recovery progress exceeds expectations. The Tesla industry chain standard is recommended. We believe that after the previous Tesla industryAfter the rise in the market, the industry has gradually differentiated. It is recommended to focus on irreplaceable companies with obvious technical and cost barriers in the industrial chain, as well as companies that can add space insulation, which is beneficial to the Tesla industrial chain and domestic joint venture electric vehicles.Blessing of new product cycle.  Recommended industries / target: Tesla’s industrial chain and components: Sanhua Intelligent Control (002050), Zhongding (000887), Power battery materials: Tianci Materials (002709), Dangsheng Technology (300073) Recommended logic: SanhuaIntelligent control: 1) Tesla’s irreplaceable target in the industrial chain, 2) It is expected to become a thermal management integrated supplier after Y-type localization, and the value of bicycles is expected to significantly increase; 3) The absolute leader in thermal management of new energy vehiclesIncreased share + joint venture drives high growth in the industry, and the company’s future performance will continue to exceed expectations.  Zhongding shares: 1) Tesla’s industry chain is estimated to be the lowest target, which is significantly lower than the industry average of AutoZero. 2) The growth of performance is stable. It is estimated that 2020 will be attributable to 10 billion, corresponding to 11 times PE.3) The effect of mergers and acquisitions after the acquisition will gradually be realized in 2020.  Tianci Materials: 1) High growth of Tesla’s domestic drive industry, 2) New models of Volkswagen’s MEB platform are launched, new product cycles of new energy vehicles are launched, 3) As a leader in segmented industries, the company has a complete upstream and downstream industry chain, which has obvious advantagesCost advantage.  Dangsheng Technology: 1) The company accrued goodwill impairment and bad debts in 2019, and the actual net profit is expected to exceed 20% +, and it will be loaded lightly after accrued impairment in 2020; 2) The company has now supplied Tesla through LG, Will continue to benefit from Tesla’s domestic replacement dividend.  VII. Medicine: Rising blood group industry demand, focusing on the core of the industry’s leading point of view: the rehabilitation of patients with plasma in the beginning of clinical treatment.At present, scientific research and clinical aspects are carrying out research and treatment of neonatal coronary pneumonia in the recovery period of patients with plasma, and have made certain achievements in related hospitals.Rehabilitation patients’ plasma usually contains a high titer of an antibody, which has practical significance for the treatment of infectious diseases without specific drugs and vaccines.  We believe that this public health emergency has a symbolic and substantial impact on the blood industry.The plasma treatment in the recovery period provides more symbolic significance to the blood group industry. Ordinary static propane products provide passive immune support during the treatment of critical illness of infectious diseases, which brings substantial demand rise to the blood group industry. The blood group industry has extremely high competition barriers andResource attributes. We are optimistic about the blood industry, and we recommend Tiantan Bio, Hualan Bio and Shanghai Rice.  Recommended industries / targets: Tiantan Biological (600161), Hualan Biological (002007), Shanghai Rice (002252) Recommended logic: (1) Tiantan Biological (600161): The parent company China Biological has completed the recovery period plasma collection work, the companyJing Cing’s revenue accounts for about 45%, with obvious advantages in plasma resources. It has the largest single plasma collection station in China, and has the largest annual pulp extraction industry (about 1,600 tons in 2018).The capacity has been continuously improved. Currently it is increased to about 35 tons, the product line is constantly enriched, and the profit margin of ton pulp is increased. The leader of the central enterprise of blood resources is recommended to pay attention.  (2) Hualan Biological (002007): 19% performance pre-increased by 10% -20% in the 19th period, blood products + vaccines on the good track, last year’s injection phenomenon, the inventory of each blood product was significantly reduced;Product demand has increased, and the company ‘s production approval for static acrylics increased by 26.2%, increase in injection this year is conducive to the release of performance; the vaccine business new influenza vaccine production line passed GMP certification, capacity expansion is lifted, and 12 million doses are planned next year; the current company corresponds to about 34 times the EPS of PE in 2019, a good biological products industry,The estimates are reasonably low and highly recommended.  (3) Shanghai Lai Shi (002252): one of the top companies in the industry in terms of annual plasma collection volume and one of the most product-line companies in the industry, among which the static propane revenue accounted for about 30%, the pulp extraction capacity per unit of pulp station and the profit index per tonAt the forefront, return to the main business of the blood system, the performance in 2019 is excellent and improved.  Eighth, the military industry: the boom in oil services, the demand for the automation sector has improved significantly. Core point: machinery: the machinery sector rose sharply this week 3.67%, outperforming Shanghai and Shenzhen 杭州桑拿网 300 2.97%.Affected by the expansion of production capacity of photovoltaic giant Tongwei this week, the photovoltaic equipment sector rose sharply, and industrial automation and fuel cell sectors were active.The overall investment strategy, actively positioning the mid-to-long-term benefit of the sub-industry leader with less impact, we believe that the capital expenditure of three barrels of oil will continue to grow in 2020, and the boom cycle will be extended., Still recommended by the year, key target Jerry shares, CNOOC, CNOOC Engineering.Growth stocks are optimistic about semiconductor equipment, 3C automation, lithium battery automation and other fields. Benefiting from the downstream 5G replacement, the global automotive electrification trend has significantly improved demand.The key targets are Northern Huachuang, 杭州夜网 Zhichun Technology, Cytten, Liande Equipment, Tuostar, Pioneer Intelligence, etc.Featured individual stocks recommended Meiya Optoelectronics, Zhejiang Dingli, etc.  Military industry: The military industry sector rose 1 this week.18%, outperforming Shanghai and Shenzhen 300 0.48%.Satellite Internet rose sharply this week, and new materials for military industry, military electronics and other military TMT sectors continued to outperform the industry.In terms of investment strategy, the military boom is obvious upstream. Military semiconductors, electronic components, new materials and other sub-industries are growing fast, with large growth space and stronger profitability. The key targets are Guangwei Compound Materials, Zhenhua Technology, and Torch Electronics.Matt Technology, Aerospace Development, AVIC Hi-Tech.  Recommended Industries / Target: Machinery: Tusda (300607) Military Industry: Zhenhua Technology (000733) Recommended logic: (1) Tusda (300607): The company is a domestic high-quality industrial robot company, benefiting from the marginal improvement needs of the downstream 3C industrySince then, sales of industrial robots have been turning positive for several consecutive months since November.The company has deeply developed downstream industries, gradually penetrated into new energy vehicles, 3C, optoelectronics and other industries, and gradually tapped and bound to resolve the needs of major customers. The strategy of major customers has changed, which has accumulated strength for the company’s mid- and long-term development.The industrial robot industry is at an inflection point, and the company’s strategic layout is excellent. The current average PE level is 24X in 2020 and 19X in 2021, which is reasonable and worthy of attention.  (2) Zhenhua Technology (000733): the most core supplier of military electronic components. The products include almost all electronic components such as resistors, inductors, capacitors, integrated circuits, discrete devices, mainly in the military field.In the past year, the company has been vigorously pursuing low-end communications foundry business and concentrated on developing high-end military electronic semiconductor business. The parent company can replace high-tech electronic assets to be injected.Currently estimated at 33X in 2020 and 26X in 2021, it is currently one of the cheapest military semiconductor concept stocks.  Nine, electricity new: Photovoltaic fever, 2020 is expected to introduce the core point of view to stimulate new energy demand policy: the growth of the electrical equipment sector last week.31%, better than the Shanghai Composite Index over the same period, unchanged from the GEM over the same period.For new energy vehicles, the expansion of the photovoltaic sector is transmitted.The new energy vehicle sector rose by 6.47%, the largest increase.  (1) New energy: Photovoltaics. Recently, leading companies have announced expansion plans, which has stimulated the enthusiasm of the industry chain.The price of the photovoltaic industry chain is stable, and internal demand remains stable. Domestic demand is about to start in early 2020, and the overall industry chain demand is expected to grow in the future.  The growth of wind power and wind power is clear. The full-year performance of 2019 is high. It is expected that the performance of upstream component companies will grow rapidly in 2020.  (2) New energy vehicles: Tesla’s domestic production brings plate catalytic factors, and domestic manufacturers continue to copy and supply Tesla.It is expected that the national subsidy policy will not be adjusted in 2020, and the national policy is expected to further stimulate the consumption of new energy vehicles.  (3) Power equipment: State grid leaders adjust or influence the construction of ubiquitous electric power Internet of Things.State Grid ‘s 19-year long-term investment was lower than expected. At the same time, State Grid and China Southern Grid have issued requirements for investment control, and next year ‘s grid investment growth is not optimistic.  Recommended industries / standards: Dongfang Cable (603606), Tianshun Wind Energy (002531) Recommended logic: (1) Dongfang Cable: The company expects to reach a net profit of 4 in 19 years.55 ppm, an annual increase of 160%, the company’s performance in the future will continue to show the effect of price and volume growth; (2) Tianshun Wind Energy: the company expects 19 years of performance growth of 50% -70%, capacity expansion effect is significant, steel prices are stable,Rush loading brings a rebound in tons of profits, and the future growth is highly certain. Chemical and petrochemicals: focus on pesticides, titanium dioxide and the certainty of performance growth. Core views: At this point in time, we recommend focusing on three main investment lines:The theme of investment opportunities driven by event factors is the pesticide sector. The second is to pay attention to the price increase of alternatives such as vitamin titanium dioxide. The third is to pay attention to the conversion and switching of the annual report quarterly performance growth.  Recommended industries / nominal: Xinhecheng (002001), Yangnong Chemical (600486) Recommended logic: (1) Xinhecheng (002001): domestic vitamin A / E leader, currently driven by supply and pig supplyDriven by the rigid demand for feed, vitamins and biotin and other products have reached the expected price increase. The company is expected to benefit from rising product prices and drive high elasticity in performance.  (2) Yangnong Chemical (600486): domestic dicamba and pyrethrin double-headed faucets, the performance of which has remained unchanged at the bottom of the pesticide cycle, transformed into anti-cyclic properties, and the release of transgenic corn and soybean planting is expected to severely induce dicamba and glyphosateCationic market demand; the company’s pyrethroid pesticides are broad-spectrum insecticides, and have a killing effect on spider insects.  Eleven, construction materials: The project starts one after another, and the real estate policy may have loose core ideas: (1) Construction: A. At present, key construction projects have begun to resume work. Although later than in previous years, considering the characteristics of the engineering industry, there is a high probability of 2-3 quarters.There will be rush work. From the perspective of capital, the early issuance of special creditor’s rights in January and the unavailability of land reserves will benefit the capital sources of infrastructure investment. Combined with the special debts can be used for capital, infrastructure investment funds will be guaranteed in 2020; the market expects infrastructure will be inStable growth plays a more important role, and real estate policies may also be loosened.The above are all conducive to the plate’s estimated improvement.  B, the real estate construction site is completed, the penetration rate of fully-furnished houses is increased, and the recommended general contractors and decoration companies are the key benefits; C, the industrialization of construction is the industry’s development direction, and the steel structure is ushering in a period of opportunity for secondary development. Assembly-type interiors are also expectedBecome a hot spot, recommend Honglu Steel Structure and Yasha shares.  (2) Building materials: A. The impact of resumption of replacement of work. The problem with glass is that it will not stop production, and inventory accumulation may be detrimental to short-term price trends. According to this, cement may have better flexibility. From the perspective of consumer building materials, the 2B end is infringed.May be less than 2C.  B, the long-term logic of building materials is the industry’s focus on the leader, and the short-term and medium-term logic is that the real estate tilts towards the end of completion, focusing on the improved glass and consumer building materials; C, according to our recent cement industry depth report, the amount of cement in 2020 is still a certain amountElasticity, on this basis, we judge that the price fluctuates at a high level and the regional differentiation is a high probability. It is recommended that the low-suction leader Conch, Jidong, pay attention to Huaxin, Qilian Mountain and Evergreen; recommended industry / target: building decoration: China Railway (600039),China Construction (601668), Honglu Steel Structure (002541) Building materials: Mona Lisa (002918), Conch Cement (600585), Daya Icon (000910) Recommended logic: (1) China Railway: 1, infrastructure leader;2. The capital and policy aspects of the infrastructure construction will continue to improve this year, and the company will benefit; 3, the current PB is less than double, and the PE is also at the bottom of history, which hinders the upswing; (2) China Construction: 1, the real estate post-cycle variety,, Real estate, housing construction double-headed; 2. Benefit from the completion cycle; 3. Estimated deviation.  (3) Honglu Steel Structure: 1. Construction industrialization is the development direction of the industry, and the steel structure ushers in a period of development opportunities; 2. The company is the largest steel structure company in China and tries to maximize its industry advantage by relying on its capacity advantage; 3.Cheap.  (4) Mona Lisa: 1. The first-line brand of ceramic tile, B-side accounted for about 45%, benefiting from the completion cycle; 2. The production capacity of Fujin County was put into operation in 2020, and the growth was guaranteed; 3. The performance is expected to continue to maintain high growth, it is estimatedValue interest rate.  (5) Conch Cement: 1. Cement faucet; 2. Due to the characteristics of shutdown and production stoppage, cement has better price elasticity in the post- epidemic period; 3. Price increases and estimated starting value. (6) Daya Icon:1. The post-real estate variety and floor leader; 2. The company is estimated to be lower than other consumer building materials due to the competition for control rights; 3. The subsequent corporate governance may improve and form a resonance with the recovery of performance, which is expected to usher in a double-click by Davis.

Hexing Packaging (002228) Quarterly Report Review 2019: Paper Price Falling and Income Under Pressure, Gross Margin Elasticity Appears; PSCP Platform Continues High Growth

Hexing Packaging (002228) Quarterly Report Review 2019: Paper Price Falling and Income Under Pressure, Gross Margin Elasticity Appears; PSCP Platform Continues High Growth

Investment Highlights: The company announced the 2019 first quarter report, after readjustment, net profit attributable to mothers increased by 17.

5%, basically in line with our expectations.

Revenue from January to March 2019 was 28.

7.6 billion, an annual increase of 8 after gradual adjustment.

2%; net profit attributable to mothers was 68.33 million yuan, and increased 17 years after adjustment.

5%; net profit of RMB 63.25 million deducted from non-attributed mothers, and increased by 12 years after adjustment.

7%.

  Cash flow continued to improve significantly, with net operating cash flow inflows from January to March 20191.

3.4 billion (vs. net replacement of 1 in January-March 2018.

5.3 billion).

  Paper prices have fallen, pressure on self-operated packaging business income, and gross profit margins have increased.

Since the second half of 2018, the price of corrugated cardboard has continued to fall. The average price of corrugated cardboard from January to March 2019 was 4,573 yuan / ton, which can be reduced by 6.

8%; The average price of 四川耍耍网 corrugated paper from January to March 2019 is 3,817 yuan / ton, once it drops by 7.

0%, affected by this, the company’s product prices are lowered; in addition, due to the Spring Festival factors, orders from January to February were relatively weak, which caused the self-operated packaging (own factory + Hezhong Chuangya factory) revenue growth slowed.

  Benefiting from the drop in paper prices, we estimate that the company’s self-operated packaging gross margin will increase by more than 1 pct.

  The business of the PSCP platform continues to grow rapidly. We are optimistic about the increase in profitability of the PSCP platform after deepening cooperation.

The business of PSCP platform continued to increase. The company merged and continued to sign new cooperation companies to replace the PSCP platform. It deepened the cooperation relationship with platform companies and fully integrated the order, finance, production, and procurement resources. We expect that the revenue of PSCP platform will still exceed50% growth.

With the deepening of the cooperation between the company and the PSCP supply chain platform enterprises, we believe that the profitability of the PSCP platform business will gradually improve and contribute to the flexibility of performance.

  The synergy between Hezhong Chuangya and the company’s own factories will gradually appear in 2019, contributing to the profit elasticity.

In June 2018, the company acquired 14 factories in China and 4 factories in Southeast Asia to realize the expansion of its internal regional layout and increase of production capacity.

1) Proportion of Hezhong Chuangya ‘s net worth improvement: Hezhong Chuangya ‘s net worth structure increases the company ‘s own traditional orders. With the increase of production efficiency and management efficiency, Hezhong Chuangya ‘s net worth gradually exceeds the company ‘s traditional business net interest rate.

  2) Beginning in 2019, the synergy effect between the two parties in the domestic market will gradually become apparent: the company’s own 30 factories and Hezhong Chuangya’s 14 domestic factories will gradually generate order synergy, production synergy, orders and scheduling will be gradually optimized, effectively promoting the production of the plants of both partiesEfficiency and achieve synergy.

  With a new model and new positioning, the company shifted from a packaging manufacturer to an integrated packaging service provider and maintained buying.

The small capacity of the paper packaging industry accelerated its withdrawal, and the industry began to enter an accelerated integration period.

The company has been focusing on the paper packaging industry for a long time, has a long-term professional accumulation, a broad user base, and experience in off-site capacity management. It accelerates the integration of the industry through self-built capacity, industry mergers and acquisitions, etc.

The company’s innovative business continued to advance steadily, and PSCP and IPS gradually increased in volume, creating synergy with traditional businesses.

We maintain our profit forecast for net profit attributable to mothers for 2019-2021 to 3.

5.9 billion, 4.

6.4 billion and 5.

8 billion yuan, corresponding to the growth rate of 54%, 29% and 25% of the return to net profit for 2019-2021, which is currently the same (5.

(20 yuan) corresponding to 2019-2021 PE is 17 times, 13 times, 10 times.

We are optimistic about the company’s leading strength in the carton packaging industry. The company’s future integration space is huge, and the new model is working hard to accelerate industry integration. The pressure on raw material costs tends to improve to achieve profit elasticity and maintain buying!

Shuanghui Development (000895): Terminal Survey Series 2: The price of some products rises and the advantages of high-temperature meat products are obvious

Shuanghui Development (000895): Terminal Survey Series 2: The price of some products rises and the advantages of high-temperature meat products are obvious

Event: In April 2019, we visited 13 large supermarkets in Beijing and Shanghai to investigate the retail situation of meat 南京夜网论坛 products.

This issue summarizes the data and samples obtained from the survey on April 20, 2019 for investors’ reference.

Investment rating and estimation: Maintain profit forecast, forecast EPS for 2019-2021 to be 1.

6 yuan, 1.

82 yuan, 2 yuan, each increase by 7.

69%, 13.

64%, 9.

5%, corresponding to PE of 17x, 15x, 13x in 2019-2021, maintain BUY rating.

We are optimistic about the company’s core logic: 1. Under the African swine fever epidemic, the local government’s crackdown on private slaughter will bring space to large-scale slaughter companies. At the same time, due to the existence of regional price differences and brand premiums, the company is expected to achieve scaleGood for both.

2. The most difficult period for meat products has passed. Since 2018, the company has made all-round adjustments from research and development, products, channels, marketing, personnel and incentives around “adjusting the structure”, and determined long-term improvement trends.

3. At the high point of the pig cycle, the company is expected to once again leapfrog the ton price and ton profit, and the cost pressure is less than the market’s pessimistic expectations.

4. From the three perspectives of capacity utilization, net interest rate and dividend rate, the company is expected to maintain high ROE and high conversion rate.

High-temperature meat products: The prices of some products have risen, and the age advantage of competing products is obvious.

1. Wang Zhongwang series: In terms of price, Wang Zhongwang’s price range has expanded, and the prices of new Wang Zhongwang and starch-free king Zhongwang continue to increase.

In terms of cargo age, Wang Zhongwang’s cargo age is significantly shorter, basically 1-2 months, Jin Gong is basically more than 2 months, and Yurun is 1-3 months.

Shuanghui New King Zhongwang and Jinluo have more advantages in ordering the meat age. The starch-free king Wang is slightly older than Jinluo by 10 days.

2. Corn hot dog sausage and spicy sausage: In terms of price, the average price of corn hot dog sausage and spicy and crisp sausage rises, and the price range is expanded.

In terms of cargo age, Shuanghui corn hot dog intestine is basically a product at the end of March, and the average age of goods is less than one month. The age of the golden gong corn hot dog is basically the same as that of Shuanghui. Yurun corn hot dog intestine is the oldest.

Shuanghui Spicy Sausage is basically a product from the end of March to April, the average age is lower than competing products.

3. Instant noodle partner and moisturizing sweetness and crispness: The price of Shuanghui instant noodle partner is basically stable, and the price of moisturizing sweetness and crispiness has increased significantly. At the same time, the age of goods is slightly higher than other major products.

Low-temperature meat products: The price center is generally upward, and the age of goods is comparable to or slightly higher than that of competing products.

In terms of price, the price range of Shuanghui ham slices has expanded, the price center has moved up, the price range of Shuanghui Sandwich sausage has narrowed, the center price has been narrowed, the price range of Shuanghui lunch square has narrowed, the price of Shuanghui bacon has increased, and the price of Shuanghui starch-free ham and Taiwanese sausage has been lowerIn the previous period.

In terms of age, Shuanghui ham slices are roughly the same age as Hormel. Shuanghui sausages and sausages are about 10 days older than competing products. Shuanghui bacon goods are also comparable to competing products.

Method for making baby complementary food

Method for making baby complementary food

4-6 months of baby’s diet is still mainly breast milk (or formula), supplementary food to try to eat as the main purpose.

The amount added starts from a small amount, that is, from 1-2 scoops, and then gradually increases.

Mainly provides liquid and mud-like food.

Can provide iron fortified rice noodles (can be formulated with breast milk, formula milk or apple juice), vegetable puree (3-4 types), fruit juice or puree (fruit juice should start with 2: 1, 1: 1 water, and then drinkOriginal juice, followed by fruit puree), egg yolk (5 months old), fish puree, chicken, duck, pork.

  Add 1 to 4 spoons of warm water to rice flour, and place them in a clockwise direction with chopsticks.

  After the rice soup boiled the water in the pot, put in 200g of rice that was washed and washed, and then boil it with simmered heat to make rotten porridge. Take the upper layer of rice soup and serve.

  Cook the eggs with yolk mud, grind them with a sieve bowl or spoon, and add an appropriate amount of boiling water or formula milk and mix thoroughly.

Start with 1/8 egg yolks, and gradually add to 1/4, 1/3 according to your baby’s acceptance.

  For mashed potatoes, peel a potato and cut it into small pieces. After steaming, mash it with a spoon and mash it into mud. Add a small amount of water and mix thoroughly.

  Wash the appropriate amount of green cabbage leaves and add them to boiling water for about 1-2 minutes. Then remove the green leaves and crush them with a pulverizer, or grind them on a copper wire mesh to filter out the vegetable puree.

  Wash the sweet potatoes (potatoes) with milk and mashed potatoes, steam them, and crush them with a sieve bowl or spoon.

Pour the milk powder into the sweet potato (potato) puree and mix well.

  Banana porridge Chop the banana into mud and add it to the pot. Boil with water. Stir while cooking to become banana porridge.

Mix the milk powder, pour in the banana porridge, and stir well.

  Milk and egg yolk rice soup porridge. When burning rice porridge, put the above rice soup in half a bowl; cook the eggs, and take 1/3 of the egg yolk and grind it into flour.

Mix the milk powder, add egg yolk, rice soup, and mix well.

  Boil a bowl of water in a pot of green vegetable juice. Wash the whole green leaves first soak in water for 20-30 minutes, then take out a bowl of chopped and add boiling water to boil for 1-2 minutes.

Remove the pot from the fire and squeeze the leaves with a spoon to make the vegetable juice flow into the water.

  Pumpkin juice Pumpkin peeled, cut into small dices and steamed, then squeeze the steamed pumpkin into a puree with a spoon.

Add an appropriate amount of boiled water to the pumpkin puree instead of mix thoroughly, place it on a clean fine colander and filter for juice.

The pumpkin must be steamed.

Can also be added to rice noodles to feed the baby.

  Fresh corn paste Use a knife to shave the corn kernels and stir into a slurry.

Filter the corn juice with gauze and cook into a sticky shape.

  Pear sauce Peel and core the pears, chop them, and cook in a pot with rock sugar. After the pears are rotten, cook them with a spoon and roll them into a paste.

Make music a paradise for flying

Make music a paradise for flying

Absolutely vivid music lessons can not only relax the whole body of the students, but also greatly inspire the students’ thinking and let the students get the influence of beauty.

Let music lessons become a paradise for students to let their hearts go, and they should become the realm pursued by a music teacher.

  First, we must correctly understand music lessons.

  For a long time, some teachers or students have a relatively one-sided understanding of music lessons: Some people think that music lessons are “leading classes”, so subject teachers such as verbs, numbers, and other subjects give them “occupy”, or change to self-studyclass.
Some people think that music lessons are “singing lessons.” Teachers teach students to sing a few new songs, or bring a recorder and listen to music.

These practices are in fact extremely irresponsible to students.

  Second, we must stimulate students’ interest in learning music.

  Interest is the best teacher. Only when students are interested in music can students love music and learn music well.

The author believes that music is moving, and not even every student has a musical talent. In the future, they will embark on the road of music, but most students will be interested in music, which is determined by the characteristics of music itself.

To stimulate students’ interest in learning music, the following points should be achieved: 1 is to teach students according to their aptitude.

  Since junior high school students come from different elementary schools, each student’s music foundation is different, so we must pay attention to teaching students according to their aptitude in music teaching. This is particularly important for children in rural schools.

Although some students have reached junior high school, their musical foundation is almost zero. They do not know the notation, sing incomplete five tones, and often run out of tune.

If teachers do not pay attention to this, some students will only be able to “listen to heaven” in music lessons, let alone be interested.

  2 is to pay attention to the use of flexible and vivid teaching methods.

  For example, when listening to music works, you can use storytelling and discussion methods. During sight-singing training, you can watch students singing on stage to enhance the atmosphere and vitality of the classroom.

Another example is that after teaching students some music knowledge and basic skills such as music notation, students can write their own words and compose, which stimulates students’ creative interest.

  3 is to try to use multimedia teaching.

  Multimedia has the characteristics of large capacity and strong intuitiveness.

Displaying various teaching information to students in an intuitive form, integrating graphics, music, dance, etc., can maximize students’ attention, provide students with a diversified, personalized music environment, and fullyMobilize students’ enthusiasm to participate in teaching, so that students become masters of learning. The teacher just creates a colorful, dynamic and quiet teaching scenario for students, so as to stimulate students’ learning interest and blend teaching activity scenarios, thereby enhancing students’ vision and hearing.And so on.

  4 is to let students enjoy a variety of wonderful music.

  Music lessons are not synonymous with “singing lessons.” Music is extensive.

For example, in terms of musical instruments, there are flutes, harmonica, gourds, guitars, accordions, violin, zither, erhu, saxophones, bells, wooden fish, cymbals, etc., each of them has its own characteristics, some crisp, some majestic, someEuphemistic, some melodious, all kinds of sounds are like a beautiful meal, which makes people have a long aftertaste; the methods of playing are also different, there are blowing, pulling, popping, and knocking, all ways giveThe visual impact of human beauty.

  5 is to guide students to appreciate music correctly.

  Some junior high school students are only interested in some popular songs because of their limited level of appreciation. They are not interested in revolutionary songs, national songs, or traditional songs.

Teachers should let students know that not only popular songs are good, but revolutionary, ethnic, and traditional music is also very good and very durable.

For example, Peking opera and Huangmei opera are conventional national cultures. After being passed down through the ages, they have stood the test of time and are an elegant art that you must learn to appreciate.

  Third, we should provide more stages for students to show their talents.

  Some schools focus on “graduating the rate of advancement”, fearing that the development of literary and art activities would delay students ‘study time, distract students’ interests, and affect academic performance. Therefore, all literary and art activities are not feasible. This is actually an extremely wrong approach.Students learn to be lifeless, inefficient, and counterproductive.

As a music teacher, if you encounter this situation, you should report to the school leaders and actively promote school support. Through the celebration of Children’s Day, National Day, New Year’s Day and other cultural performances, students can be provided with multiple stages, Let the students ‘musical talents be brought into play, and feel confident that they have learned music, so that the students’ minds can be fully developed.

The development of these activities will, in turn, greatly promote students’ interest in learning music and make music lessons truly a paradise for students to let their hearts go.

Understanding stress at work

Understanding stress at work

1.

Give up meaningless stubbornness.

  Some people always want to get everything, but they are afraid of losing a little, and they are unwilling to give up. This kind of psychology often leads you to gain and lose, and live through every day with heavy burden.

These difficulties are often magnified at this time.

The key is to abandon the meaningless stubborn pursuit and seize the major business events.

  2.

Resolutely do not “full eugenics”.

  The standard for many white-collar workers is perfect.

Essentially, not all work is perfect.

When countless jobs come in, 80 points is enough for some tasks. It is the most important thing to ensure that the most important thing is 100 points.

  3.

The courage to be a “challenger”.

  Sometimes the level of stress comes from your escape from certain things.

But when you challenge your limits, or even take a small step to success, you will be more confident.

In this way, try new work methods every day, even try some extreme sports, etc., can help you reduce stress.

  4.

Develop a schedule.

  When an individual has a perfect schedule and it is being implemented gradually, there will be no unnecessary pressure, because everything is under control.

The schedule is a good “supervisor”-telling you to achieve each goal, but also a soft pressure-you can only get it by jumping up.

When you have the bottom of your heart, there is no pressure.

  5,

Release stress through communication.

  Open your heart, chat with friends and family, and talk to your boss when necessary.

When you inspire the stress at work, you will inevitably get the love, response and encouragement of the other party, and even give you good suggestions, so that the stress will be resolved naturally.

  6.

A state of life that combines work and rest.

  Take a break every time you work and engage in activities that relax your mind and body.

Some aerobic exercises in the military can also relieve tension.