In the 2016-17 season, the top 8 of the Champions League released La Liga 3 Premier League only Blue Fox

In the 2016-17 season, the top 8 of the Champions League released La Liga 3 Premier League only Blue Fox
In the early hours of March 16, Beijing time, the 2016-17 season UEFA Champions League ended the final 2 games of the 1/8 final round. Atletico and Monaco eliminated Leverkusen and Manchester City to advance to the quarterfinals.Since then, all the quarterfinals of the Champions League have been produced this season. Real Madrid, Barcelona, Bayern led, Juventus, Dort, Atletico, Monaco and other traditional powerhouses have also successfully advanced. Leicester City has become a new face in the quarterfinals and has also become this season.The biggest dark horse in the Champions League.  At the moment UEFA’s No. 1 league La Liga is still a big one, Real Madrid, Barcelona and Atletico Madrid break through the top three, of which Barcelona eliminated Paris to promote the achievement of a rare epic reversal in the history of the Champions League.In the second-ranked league, the top two Bundesliga Bayern and Dortmund also advanced smoothly.Bayern defeated Arsenal in the Premier League with a total score of 10-2 in two rounds. The two games left a deep impression.  Premier League defending champion Leicester City eliminated Sevilla 3-2, and continued to create and write a new history for the club, breaking into the quarterfinals and breaking the club’s new high.After Arsenal and Manchester City were eliminated in this round, Leicester also became the only player in the Premier League in the quarterfinals.Serie A Big Juventus and Ligue 1 Monaco are also the only teams that have survived the Champions League in their respective leagues.  The draw for the Champions League quarter-finals will be held at the UEFA headquarters in Nyon, Switzerland at 19:00 on March 17th, Beijing time.The quarter-finals will no longer have seed teams and non-seed teams, nor will there be the same football association in the 1/8 final draw and the evasion principle of the same group in the group stage.The quarter-finals of the two rounds will be antiques in the early hours of April 12, 13 and April 18 and 19 in Beijing time.The top four teams will then determine the opponents in the semifinals by drawing lots again.The UEFA Champions League final this season will be held at the Millennium Stadium in Cardiff City, Wales, UK, early in the morning on June 4.  UEFA Champions League quarterfinals: Real Madrid (Spain), Barcelona (Spain), Atletico Madrid (Spain), Bayern Munich (Germany), Dortmund (Germany), Leicester City (England), Juventus (Italy), Monaco (French)) A)

Tolstoy’s Resurrection opera version premieres next week, with lyrics adapted to the Chinese audience

Tolstoy’s “Resurrection” opera version premieres next week, with lyrics adapted to the Chinese audience
From December 11 to 12, the opera “Resurrection” of the same name, adapted from Tolstoy’s original novel, will be premiered in the Beijing Theater.It is reported that this play is the world’s first opera adaptation of Toweng’s “Resurrection”, with Feng Yuping as the chief planner, Wang Haiping’s screenplay, directed by Duan Xingtao, Zhang Yang, and Song Yuanming as the leading male and female protagonists, and the male protagonist Nehryudov andEmotional story of the heroine Maslova.Opera poster.Photo courtesy of the organizer. On December 6, at the rehearsal site of the opera, director Duan Xingtao introduced that the play was created according to the structure of the big opera. The prelude, chorus, big aria and the inheritance of the plot can make the various opera elements get full display space., “We took the freehand and realistic way to express the emotion and spirit of the script, while enriching the expression form, adding scene expression and dance rendering and narrative.”In terms of music and singing style,” Resurrection “adopts a joint collaboration between Chinese and Russian artists.The overture, chorus and cutscenes were created by famous Russian composers, and the singing and other music were created by the famous Chinese composer Liu Sijun.Actress Song Yuanming said that how to interpret Russian culture in Chinese is a very challenging thing. “The composition part should try to be closer to the Russian style. The vocal part re-planned and adapted by Wang Haiping should be close to the Chinese audience.It is hoped that the result will be a personalized music with a fusion of rich Russian style and mellow Chinese charm.”Sauna, editor Yang Chang Tian Ai Ni proofreading Li Xiangling

BOE A (000725) Interim Report Comments: H1 Performance Under Pressure, Revenue Contradicts Expansion and Industry Leader Becomes More Stable

BOE A (000725) Interim Report Comments: H1 Performance Under Pressure, Revenue Contradicts Expansion and Industry Leader Becomes More Stable

Performance continued to be under pressure, and revenue expanded against the trend, waiting for the panel display industry to stabilize. The company released its 2019 Interim Report: H1 in 2019 to achieve 550 revenue.

3.9 billion (+26.

60%), net profit attributable to mother 16.

6.8 billion (-43.

92%), subject to the continued decline in LCD prices, the company’s performance continued to be under pressure, lower than market expectations.

The current dual pressures of trade friction and the downturn of the panel display industry, the company continued to promote the Internet of Things transformation strategy, which produced significant results.

We believe that the company, 北京夜网 as a world-class panel display leader, is expected to share the long-term dividends brought by the increased concentration of the industry and the gradual weakening after the LCD winter.To raise funds, the company is committed to achieving sustained and rapid growth.

Considering that the panel prices are still sluggish, the company’s net profit attributable to mothers in 2019-2021 is expected to be 29.

61 (-15.

24) / 42.

88 (-11.

35) / 61.

03 (-13.

41) billion yuan, corresponding to PE is estimated to be 46/32/22 times.

Maintain the “Highly Recommended” rating.

The panel cycle is down, revenue is growing rapidly against the trend, and the gross profit margin is under pressure to cut the business. According to the sluggish H1 demand in 2019, coupled with the rapid release of high-generation capacity, LCD prices continue to fall, and the overall market scale in the industry is shrinking and reducingNext, the company achieved revenue growth.

2019H1 port devices achieve revenue of 508.

9.7 billion (+29.

94%), with a gross profit margin of 15.

56% (-2.

36pct); 2019H1 Smart IoT achieved revenue of 75.

2.2 billion (+2.

38%), with a gross profit margin of 9.

18% (+0.

89 pct); 2019H1 smart medical workers achieved revenue6.

6.4 billion (+26.

09%), with a gross profit margin of 51.

38% (-2.

07 pct); revenue from other businesses reached 35.

6.7 billion (+40.

63%), with a gross profit margin of 99.

88% (+0.


The panel shows the expansion against the trend, the orderly progress of the innovation and transformation strategy, the integration of industry leaders and the strengthening of the company’s continued promotion of the Internet of Things transformation strategy, and the continuous improvement of global competitiveness: Hefei10.

The 5th generation line has achieved full production, and its volume has continued to increase. The five major application areas have maintained the world’s largest allocation, and the volume area of innovative applications has increased by 49%, of which ESL and wearable equipment have the world’s largest market share.

In addition, the company’s Chengdu AMOLED production line reached a record high yield rate, and the Mianyang 6th generation line achieved mass production transformation; the innovation and transformation business progressed in an orderly manner, and the company’s medical imaging products, genetic testing products, smart window products, fingerprint identification products, etc. all went smoothly.It is expected to add momentum to the company’s long-term growth.

In the cold winter of the industry, the company expanded against the trend, and the industry consolidation has become more stable. We believe that the LCD price is expected to gradually stabilize in the future, and the demand for flexible OLEDs will continue to expand, and we are optimistic about the company’s future development prospects.

Risk warning: downside risks to panel prices, OLED capacity release, downstream applications are less than 北京桑拿洗浴保健 expected

Joyson Electronics (600699): Integrating Takata to Promote Performance Growth in Accordance with Expectations

Joyson Electronics (600699): Integrating Takata to Promote Performance Growth in Accordance with Expectations

Key points of investment Takata consolidated its results and expected growth growth in line with expectations.

The company released its 2018 annual report and initially realized operating income of 561.

810,000 yuan, an increase of 111 in ten years.

16%; net profit attributable to mother 13.

180,000 yuan, an annual increase of 232.

93%; gross profit margin is 17%, with a growth rate of 0 in ten years.

61 averages; net margin 3.

79%, an annual increase of 0.

99 average values, long-term performance growth is in the range of profit performance forecast.

The main reasons for the company’s 2018 performance to achieve high growth are: (1) Takata’s consolidated financial statement has significantly increased its performance, and with the smooth progress of asset integration, the gross profit margin of the automotive safety business has gradually entered the rising channel;The electronics business and functional parts business achieved a number of solid growth.

Asset integration was smoothly advanced and the global automotive safety system giant officially set sail.

In April 2018, the company completed the acquisition of high-quality assets of Takata and integrated it with KSS into a new subsidiary, Joyson Security.

After the merger, Joyson Safety has approximately 30% market share in the global automotive safety field, and has successfully ranked among the world’s second largest automotive safety product suppliers.

Since the delivery date, 佛山桑拿网 Joyson Safety has continued to obtain new orders from global vehicle manufacturers such as Volkswagen, BMW, Ford, Nissan, and gradually harvested new orders of about $ 55 billion. At the same time, with the smooth advancement of asset integration, the company’s automotive safety business gross marginFrom 13 of 2017.

6% increased to 15 in 2018.


We expect that through the gradual release of new orders (increased productivity) and the deepening of asset integration (optimizing the supply chain, eliminating cumulative capacity, etc.), the new company’s revenue scale will continue to expand, and there will still be room for improvement in gross profit margins.

The business development momentum is good, and high R & D introduction guarantees future competitive advantages.

In 2018, the company’s automotive electronics and automotive functional parts business received new orders of approximately 17 billion and 7 billion U.S. dollars, respectively. With the gradual mass production of new products and new orders, the revenue of more of the above businesses has achieved large and steady growth.

In the past three years, the company’s R & D expenses accounted for 6 in total revenue.

25%, 7.

44% and 6.

94% (R & D expenses reached 29 in 2018.

2.7 billion, accounting for 6 of total revenue.

94%), much higher than the average level of listed auto parts companies of the same type.

The continuous high R & D investment has accelerated the company’s new technology and new products. The follow-up vehicle networking (V2X), remote control (T-Box), fast charging and discharging, intelligent interior and other new products are expected to be mass-produced. Automotive electronicsThe initial strength of the business may open up new space for the company’s long-term growth.

Investment suggestion: With the advancement of asset integration, the company’s gross profit margin and net profit margin are expected to continue to improve; at the same time, the company has ample orders on hand and new automotive electronics products are expected to gradually land and mass produce with high R & D investment.

We are optimistic about the company’s mid-to-long-term development and predict that the company’s revenue from 2019 to 2021 will be 1.

69 yuan, 2.

14 yuan and 2.

65 yuan, return on net assets were 10.

9%, 12.

6% and 14.


Maintain “Buy-A” investment rating.

Risk warning: the subsequent advancement of asset integration is less than expected; downstream automobile sales growth exceeds expectations; automotive electronics, functional components and other business developments are less than expected.

Pensions appeared in the top ten circulation shareholders of 84 stocks in the second quarter

Pensions appeared in the top ten circulation shareholders of 84 stocks in the second quarter

Source: Securities Times Data Bao. The pension secondary market continued to be deployed. At the end of the second quarter, a total of 84 top ten shareholders in circulation appeared in the list, of which 32 were new and 28 were increased.

  Securities Times?

Data Bao statistics show that the pension account has recently appeared in the list of the top ten circulating shareholders of 84 stocks, with a total shareholding of 7.

0.8 billion shares, with a total holding value of 103 at the end of the period.

4.1 billion.

  At the end of the second quarter, the pension account held the largest share of Hytera. The basic pension insurance fund portfolio was 802. The basic pension insurance fund portfolio in the first quarter was the company’s fourth and ninth largest shareholders with a total shareholding of 5,350.

520,000 shares; followed by Yinlun shares, the basic pension insurance fund combination of 802, the basic pension insurance fund combination of 1003 is the company’s 10th, 4th largest circulating shareholders, with a total shareholding of 4,239.


Looking at the stock market value at the end of the period, there are 34 stocks with a stock market value of 100 million points or more at the end of the pension account. They are Songcheng Performing Arts, Hytera, Yuyue Medical, etc.

  In terms of shareholding ratio, the largest proportion of pension account shareholdings is Yinlun shares. At the end of the second quarter, the basic pension insurance fund combination 802, and the basic pension insurance fund combination 103 were the company’s 10th and 4th largest shareholders., The total shareholding is 4,239.

300,000 shares, accounting for 5 shares.


Among the highest pension shareholdings are Hytera and Jiajiayue, which all hold more than 1% of the outstanding shares.

  Both the pension and social security funds are operated by the National Social Security Fund.

Data Bao’s statistics on pension account holders found that the top ten tradable shareholders of 59 stocks in the pension heavy stocks also have social security funds appearing, and the pension account holds 5,350.

With 520,000 shares of Hytera, one of the top ten shareholders in circulation has a social security fund.

  From the perspective of holders, the longest holding period of the pension account is Yinlun shares, which has appeared in the company’s top ten list of circulating shareholders for seven consecutive reporting periods, with the latest holding of 4,239.

300,000 shares, an increase of 15 from the previous quarter.


Pension accounts such as Hytera and PetroChina have been held for at least two consecutive reporting periods.

  In terms of sector distribution, there are 48 main boards, 23 small and medium-sized boards, and 13 ChiNext boards in pension accounts.

According to industry statistics, pension account holdings are mainly concentrated in the pharmaceutical biotechnology and electronics industries, with 8 and 7 stocks respectively.

  In terms of performance, among the individual stocks in the pension account, there were 58 semi-annual reported net profit growth. The largest net profit increase was Changyuan Power, which achieved a total net profit of 25475.

810,000 yuan, an annual increase of 955.


(Data treasure) The detailed code of pension shareholding referred to as the shareholding (ten thousand shares) chain ratio (%) accounted for the proportion of outstanding shares (%) Industry 002583 Hytera 5350.



11 Communications 002126 Yinlun shares 4239.



53 Automobile 600339 PetroChina Engineering 4026.



59 Mining 002202 Goldwind Technology 3139.

17 new 0.

93 electrical equipment 300144 Songcheng Performing Arts 2819.

40 is not changed 2.40 leisure services 001965 China Merchants Highway 2028.



66 Transportation 000968 Blue Flame Holdings 1987.

47 does not change 3.

87 Mining 000975 Intime Resources 1930.



56 nonferrous metals 600153 Jianfa shares 1927.



68 Transportation 002223 Yuyue Medical 1774.



05 Medical Bio 002078 Sun Paper Industry 1765.



69 Light Industry Manufacturing 601128 Changshu Bank 1745.



15 Bank 002206 Hayley 1587.



65 Chemical Industry 601636 Qibin Group 1552.

28 does not change to 0.

59 Building Materials 002376 New Beiyang 1358.



21 Computer 002697 Red Flag Chain 1320.

00 new into 1.

22 Commercial Trade 300383 Halo New Network 1312.



92 Communication 002807 Jiangyin Bank 1303.



43 Bank 600196 Fosun Pharma 1300.

29 new 0.

68 Medical and Biological 000895 Shuanghui Development 1221.

73 new 0.
37 Food and Beverage 600197 Elite 1024.


32 food and beverage 601952 Suken Nongfa 999.

99 new to 2.

44 Agriculture, Forestry, Animal Husbandry and Fishery



91 food and beverage 603708 Jiayue 959.



70 commercial trade 603328 Eaton Electronics 938.



94 Electronics 600498 Beacon Communications 930.

67 new 0.

84 Communications 300047 Tianyuan Dico 928.



93 Computer 002444 Superstar Technology 852.



84 mechanical equipment 002029 seven wolves 785.



06 Textile and Apparel 002705 Xinbao Share 743.



93 household appliances 600 529 Shandong Medicine Glass 742.



47 Pharmaceutical Bio 600038 Zhongzhi shares 694.



18 National Defense Army 002008 Hans Laser 680.

66 new 0.

69 Electronics 002601 Dragon Python Bailey 652.

88 new 0.

93 Chemical 300737 Keshun shares 642.

64 new to 2.
32 building materials 600761 Anhui Heli 634.
06 new 0.

86 machinery and equipment 600195 Zhongmu shares 623.



04 Agriculture, forestry, animal husbandry and fishing 000726 Lu Thai A600.

04 new into 1.

07 Textile and Apparel 002851 McGmitter 594.



50 electrical equipment 600 757 Changjiang Media 559.



46 Media 000966 Changyuan Power 538.



49 public utilities 000877 Tianshan shares 522.

41 new 0.

59 building materials 000903 cloud power 500.

02 does not change to 0.

28 cars 300357 I Takeshi 500.



09 Medical Bio 300396 Dirui Medical 491.



97 Pharmaceutical Bio 601689 Top Group 472.

72 new 0.

65 cars 601900 Southern Media 453.



51 Media 00 2016 Shirong Zhaoye 432.

09 new 0.

63 real estate 603043 Guangzhou restaurant 428.



63 food and beverage 600051 Ningbo United 414.



33 Comprehensive 600 132 Chongqing Beer 399.
00 new 0.
82 food and beverage 002242 Jiuyang shares 392.



52 household appliances 601158 Chongqing Water Affairs 367.

24 does not change to 0.

08 Public utilities 600971 Hengyuan Coal Power 348.

00 new 0.

29 excavation 603517 savory food 339.



48 Food and Beverage 000028 Chinese Medicine Consistent 329.



07 Pharmaceutical and Biological 603218 Sun Moon Stock 307.

15 new to 2.

38 electrical equipment 603515 op lighting 304.



38 Electronics 002371 Northern Huachuang 264.



74 Electronics 300226 Shanghai Steel Union 249.



64 Media 600012 Wantong Expressway 239.



21 Transportation 603228 Jingwang Electronics 210.

82 new to 1.

50 electronics 002734 Limin shares 200.

14 new 0.

98 Chemical 000733 Zhenhua Technology 199.

94 new 0.

43 electronics 603587 to prime fashion 192.



03 Textile and Apparel 300394 Tianfu Communication 188.

99 new to 1.

15 Communications 002821 Gloria British 188.
00 new into 1.
54 Medical Bio 002878 Yuan Long Yatu 183.

00 is not changed to 4.

63 Media 600405 Power Source 176.

94 new 0.

32 electrical equipment 603658 Antu Bio 171.



26 Medical Biology 603808 Collix 164.

99 new entries 0.

50 textile and clothing 603878 Wujin stainless 159.

13 new to 1.

13 Steel 300735 Guanghong Technology 155.

88 new 0.

94 Electronics 300577 Kairun shares 149.

25 new entries 2.

32 textile and apparel 300525 Boss software 136.

14 new to 1.

16 Computer 300604 Changchuan Technology 127.



00 Machinery 603444 Gigabit 108.



60 Media 603225 New Fengming 107.



64 Chemical 300690 Double One Technology 103.

40 new into 1.

98 Chemical 600814 Hangzhou Jiebai 103.

29 new 0.

14 Commercial Trade 002912 China New Sec 94.



82 computers 603569 long-term logistics 74.



93 transportation 603396 Jinchen shares 55.

30 new to 1.

25 electrical equipment 603185 on the machine CNC 10.
00 new 0.
32 Machinery and equipment Note: This is a news report. It does not constitute investment advice. Securities have risks. Investment must be cautious.

Gujing Gongjiu (000596) Incident Review: Actively Fighting the Battle 20% of the Revenue Goal Is Still Achieved

Gujing Gongjiu (000596) Incident Review: Actively Fighting the “Battle” 20% of the Revenue Goal Is Still Achieved

Incident: Before the holiday, the sales of Gujing tribute wine were excellent, and the impact of the epidemic was relatively small. After the holiday, the sales and the dealer’s cash flow were under pressure to a certain extent.

  Commenting on the high-end products such as the ancient 16 and ancient 20 before the festival, the epidemic situation had a small impact on the company’s pre-holiday sales.

  According to dealer feedback, benefiting from the company’s continuous expansion of marketing investment, the channel sales were good before the holiday, and the inventory was replaced, and the company was close to completing more than half of its orders.

In terms of product structure, benefiting from the continuation of the consumption upgrade trend, the cost distribution focuses on ancient 16, two high-end products, brand strength, and the company’s product structure continues to move upward. Among them, the ancient 16, ancient 20 are selling well, and the gift edition and ancient 5Fast performance is average, but customer stickiness is still high; in terms of revenue share, it is expected that Gu 16 and Gu 20 will benefit from high unit prices and rapid growth in the first quarter, and the proportion of revenue will increase significantly; in terms of markets outside the province, the overall performance of markets outside the provinceBenign, in order to further break through weak markets, markets outside the province will become one of the focus of the company’s future sales expenses.

  The epidemic situation will affect sales after the holiday, and the company will seize the possibility of compensatory consumption after the epidemic.

Liquor sales are generally under pressure, and the company proposes the following countermeasures: 1) The response should be to ensure the stability of the price system; 2) The company slowed the dealer’s cash flow pressure by extending the return time of the agreed funds and exempting some small loan interest rates; 3) The company hasBegan to prepare for compensatory consumption that will occur after the banquet market epidemic.

In addition, the company helped the country win the epidemic prevention and control fight by donating 20 million, showing its general style.

  The company has not adjusted its expected target, and 20% sales revenue growth rate is still expected to be achieved.

Although the company’s sales in the second quarter are likely to be affected by the epidemic, the compensatory consumption in the second half of the year can still hedge some of the losses during the epidemic. It is expected that the company will adjust the pace of delivery and task completion according to the regional sales and inventory situation.

In the long run, the consumption upgrade in the province will continue to promote the upgrade of product structure. The advantages of channel substitution brands will help accelerate the acceleration of the nationalization process. At the same time, the company has entered the period of expense and expenditure.Initial income targets are still expected to be achieved.

  We maintain the company’s “overweight” rating. We expect the company’s operating income for 2019-2021 to be 105.

5, 124.


90,000 yuan; 北京夜网 the net profit attributable to shareholders of the parent company was 22.

4, 26.

7, 33.

1 ppm; EPS for 2019-2021 is 4 respectively.


3, 6.

6 yuan / share, giving the company an overweight rating.

  Risk Warning: Macroeconomic downside risks, food safety risks, and channel sales are less than expected.

Shentong Express (002468): Refined Management of Ali’s Shares Ushers in Estimated Repair

Shentong Express (002468): Refined Management of Ali’s Shares Ushers in Estimated Repair

Ali’s shareholding, refined management usher in the estimated restoration of Ali’s shareholding, and the incumbent courier leader refined conversion.

The Shentong Express brand was founded in 1993. It is one of the first express delivery companies. The company has adopted an asset-light model in the past few years. It has slowly fallen behind in the fierce market competition, changing the company’s efforts to change its previous strategic capital expansion.It bottomed out in May 2018 and its operating conditions improved; Ali intends to 46.

With 65 trillion shares, the company will further explore cooperation in logistics technology, express delivery, new retail logistics and other areas, and the old-style express delivery leader will usher in transformation.

  Pinduoduo and other e-commerce developments drive high growth in the industry.

The State Post Bureau estimates that 60 billion express delivery services will be completed in 2019, an annual growth rate of 20%; business revenue will be 715 billion yuan, an annual increase of 19%, and the rapid development of e-commerce, such as Pinduoduo, will be the main driving force.

According to trustdata data, the growth rate of mobile Internet users in third-, fourth-, and fifth-tier cities is much faster than that of first- and second-tier cities, with the highest growth rate of 61 in fourth-tier cities.


With the rapid growth of Internet users in low-tier cities, the transformation led to the rapid growth of Pinduoduo. In 2018, its GMV was 471.6 billion US dollars, an increase of 233.

99%, the number of orders is 11.1 billion, an annual increase of 158.

14% is expected to double in 2019.

  Benchmarking Zhongtong Express, refined management to reduce costs and increase efficiency.

The transportation cost and transit cost have a large space for reduction, which is the main direction of the company’s refined management and cost reduction.

We compare Chinatong Express’s leading advantages mainly with the addition of high-capacity drop trailers, route optimization, and automatic sorting equipment. We believe that Shentong can replicate its successful experience and conduct sophisticated management.

1) The company acquired 15 transshipment centers in 2018 with a self-employment rate of approximately 88%. The acquisition of transshipment centers is nearing completion.

Higher automation equipment consumption and lower costs are the key. Zhongtong is equipped with 120 sets of automatic sorting equipment, while Shentong Shentong direct transfer center has only more than 30 sets of automatic sorting equipment, which can still improve space.

2) Proportionate to the size of the transshipment center construction, transportation migration and cost reduction, we analyzed the composition of Xiazhongtong vehicles and found that the use of high-capacity drop trailers is high, and the company increased the investment in drop trailers. There were 13 in the first half of 2018.

There are 1,750 large vehicles over 5 meters, accounting for 43 of the total vehicles.


  Improve service quality and enhance competitiveness.

By continuously improving the efficiency of transit and transportation, the company reduced the three-piece delivery rate (delay rate, loss 杭州桑拿 rate, breakage rate) and increased service awareness. The company’s effective replacement rate was 5 in January 2018.

51 dropped to 0 in December.

13. Ranked first among major express delivery companies, meeting the needs of large e-commerce customer service quality.

  Profit forecast: We forecast the company’s net profit for 2019-202024.

02 ppm, 28.

470,000 yuan, an increase of 17 in ten years.

5%, 18.


We think Shentong Express has improved fundamentals and improved management efficiency, giving the company a target price of 31 in 2019.

4 yuan, corresponding to 20 times the PE estimate, the first coverage assigned a “buy” rating.

  Risk reminder: the risk caused by market competition, the risk that Pinduoduo and other e-commerce growth is less than expected, the failure of Alibaba to acquire shares, and the risk of integration.

Shun Xin Agriculture (000860): Q3 Liquor’s Performance Stable

Shun Xin Agriculture (000860): Q3 Liquor’s Performance Stable
The event company released the third quarter report of 2019, and the revenue from 19Q1-Q3 reached 110.6.2 billion (+20.19%), net profit attributable to mother 6.6.5 billion (+23.93%), deducting non-net profit 6.6.6 billion (+19.72%).3Q19 achieved revenue of 26.4.6 billion (+34.25%), net profit attributable to mother 0.1.7 billion (-69.71%), deducting non-net profit of 0.1.7 billion (-76.78%). Key points of investment Q3 Liquor performance is stable: the company achieved revenue of 110Q1-Q3.6.2 billion (+20.19%), of which 19Q3 achieved revenue of 26.4.6 billion (+34.25%).In terms of different sectors, according 四川耍耍网 to grassroots research, the phenomenon of head concentration and structural upgrading of the light bottle wine market is obvious. It is expected that Q3 Niulanshan will grow steadily (about 15%), which is flat with the growth rate in the first half of the year.At the same time, the isometric structure in the Beijing area and the Jiangsu area went smoothly. For example, in the third quarter, grassroots showed that in the Beijing area, Huanglong and local tyrants grew faster than the aging in the century.It is expected that structural upgrading will remain the core work of the model market.Parent company’s advance payment 36 at the end of the period.700 million, previously +14.200 million, dealers are actively making money.Pork business, affected by African swine fever, the company’s business is elastic and condensed. Since the second 重庆桑拿网 half of 18, the company has participated in the state’s reserve meat, and profits are expected to gradually be realized.For the real estate business, the de-chemicalization progress of the Hainan project has expanded smoothly. Beijing and Baotou are slower. Headquarters expense recognition dragged down earnings: The company’s net profit attributable to the parent was 19Q1-Q36.6.5 billion (+23.93%), single Q3 returns to mother net profit 0.1.7 billion (-69.71%), deducting non-net profit of 0.1.7 billion (-76.78%). The company’s gross profit margin for Q3 was 29% (-4pct for the whole year). The pork business was penetrated by the impact of swine fever; the selling expenses amounted to 1.7.6 billion (previously + 110%), and the sales expense ratio was 7% (previously + 3pct), mainly due to the company’s confirmation of the expenses of the headquarters and other sponsors of the World Garden Party and the Winter Olympics in the third quarter.Female net margin blood pressure 2pct.Considering that the company’s liquor revenue has grown steadily in the first three quarters of the year, the profit level has continued to increase under the expansion of scale effects, and excluding the one-time accrual of cost disturbances, the company is still between the revenue and profit channels. Profit forecast and investment grade: The company’s revenue is expected to be 145 in 2019-2021.3/167.2/188.800 million, a growth rate of 20.3/15.1/12.9%; net profit attributable to mother is 10.0/12.1/15.0 trillion, with a growth rate of 34.7/21.0/24.0%; corresponding EPS is 1.35/1.64/2.03 yuan.The current sustainable corresponding PE is 34/28 / 23X respectively, maintaining the “Buy” rating. Risk warning: low-end wine competition intensifies the risk, the risk of fake wine fraud, the risk of pig outbreaks, and weak macroeconomic consumer demand

Lack of sleep, beware of drowsiness

Lack of sleep, beware of drowsiness

Sleep is the best way to replenish your strength quickly, especially now that it is beginning to fall. The cool weather makes people feel very comfortable, so sleep comes more comfortably, but some people have symptoms of drowsiness. Why?

  A few students recently went to the sleep center for treatment.


  The problem of adolescents with a higher incidence of boys than women’s “sleep” caused many people. They suffer from insomnia and sleep all day long. These students came from different schools. After examination, they were diagnosed with narcolepsy.Therefore, it is recommended to adjust the time of eating, nap and exercise, and cooperate with medication, I hope they can return to normal student life after school.

  There are more and more patients seeking treatment due to sleep problems at the far end. In addition to insomnia, there is also an increase in narcolepsy.

The main symptom of this disease is that you want to sleep all day long, whether you drive, eat, talk on the phone, or in a meeting, you can fall asleep. It occurs in the age group of 15 to 30 years. This is a neurological disease that canCauses the occurrence of unsuppressive sleep.

  There are four major causes of narcolepsy. The main causes of sleep awakening in the brain stem are problems with excessive sleepiness, sudden collapse, sleep paralysis, and hallucinatory hallucinations.

  Drowsiness (especially daytime sleepiness) is often seen as lazy, inattentive, irregular in life, and lack of willpower.

Patients often develop illnesses on inappropriate occasions, causing them to be in danger, such as when driving; if they occur in the classroom, they are mistaken for dozing off by the teacher; if they are at work, they are considered by the boss to be inadequate and lazy。
If patients are not properly diagnosed and treated, they can cause a lot of social, learning, and psychological intervention.

  Irregular sleep cycle is also the reason that about 85% of patients have the obvious predisposing factors before the onset of narcolepsy, such as severe lack of sleep, very irregular sleep awakening cycle, long day and night shift work and head injurySuch as head trauma, brain tumors and multiple sclerosis).

  The prevalence of this disease is about 6 per 10,000, and it can occur in every age group, especially in adolescents in their teens, and the proportion of men is slightly more than that of women.

  The cause is unknown, but it can be found to be related to genetics, environmental factors and certain central nervous diseases.

To treat narcolepsy, we must rely on the correct diagnosis, understand the underlying cause, and intervene in treatment according to different diseases to effectively improve the drowsiness symptoms of patients.

  There are currently many effective and relatively small drugs that can be used to control the four major symptoms of excessive sleepiness, cataplexy, sleep paralysis, and hallucinations.

In addition, according to the individual condition of the patient, design the behavior therapy that meets the needs, and use the minimum dose of drugs to achieve the maximum effect and improve the quality of life.

It ‘s good for women to eat red dates like this

It ‘s good for women to eat red dates like this


Jujube boiled water: It is helpful for women with anemia caused by excessive menstrual blood, which can improve the phenomenon of being afraid of cold, pale and cold hands and feet.

And jujube is gentle in nature, whether before or after menstruation, can be called.

Has a very high anti-aging and beauty effect.

  Jujube contains a variety of nutritional ingredients, which is very effective for women’s beauty and skin maintenance.


A folk rejuvenation recipe: use wolfberry powder and red date powder to soak in water.

  1 to 2 cups a day, even drinking for a month, the complexion will be naturally rosy and shiny.

  The MM that is pale and dull on weekdays is especially suitable.


Black Fungus and Red Date Soup:[Materials]15 grams of black fungus powder and 20 grams of red date powder.

  [Practice]Rinse black fungus powder and red date powder with an appropriate amount of boiling water.

  [Efficacy]The colloid in Auricularia auricula can absorb the impurities and wastes remaining in the digestive tract and excrete it out of the body; accumulated, the nucleic acid-like substance in Auricularia auricula can reduce the content of cholesterol and triglycerides in the blood, continuouslyConsuming 1-2 months can hydrolyze the effect of slimming and breast enhancement.