19 May

[Speed of Tofu Skin]_Tofu Skin_Calorie_Energy

銆愯眴鑵愮毊鐨勭儹閲忋€慱璞嗚厫鐨甠鍗¤矾閲宊鑳介噺
寰堝浜哄悆涓滆タ鐨勬椂鍊欓兘浼氱壒鍒€冭檻椋熺墿鐨勭儹閲忚眴鑵愮毊锛屼粖澶╁氨涓哄ぇ瀹朵粙缁嶈眴鑵愮毊鐨勭儹閲忓凡缁忚惀鍏讳环鍊硷紝閭d簺娉ㄩ噸鍑忚偉鐨勪汉闇€瑕佹敞鎰忎簡锛屽悓鏃惰鎺屾彙璞嗚厫鐨殑姝g‘鍚冩硶銆?涓€銆佽眴鑵愮毊鐑噺 澶ц眴涓殑寮傞粍閰槸涓€绉嶆鐗╂€ч泴婵€绱狅紝瀹冨叿鏈夋姉姘у寲鑳藉姏锛屾槸濂虫€ф湅鍙嬩滑淇濇姢鍏夋辰缁嗗鑲岃偆涓嶅彲缂哄皯鐨勪竴绫婚鐗┿€傚ぇ璞嗗埗鍝佷腑锛屽璞嗚厫銆佽眴娴嗕腑寤鸿澶у涓嶆斁绯栨槸姣旇緝濂界殑閫夋嫨銆傝€屽叾浠栧姞宸ヨ眴鍒跺搧锛屽璞嗚厫骞插強璞嗚厫鐨瓑锛岀儹閲忕浉瀵规瘮涓€鑸眴鑵愰珮銆?00 鍏 嬩 缶 缁 眻 眴 撮 搊 鐑  噺 澶 хharmful?0 ‘?8 銗 箣 遂 达 纴 圩 審 審 底单 Poriously 鍗 鍗 村 惈 385 獗 銗 爥 纥 纥 搴 菢 珢 珢 珢 焢 鈴鈴 雲雲 雲 愉 雲 愃 愃 愃 應 鄉You can read it in detail, you can read it in detail, and you will be able to find it in the same way. If you want to go through it, you will be able to use it.浜屻€佽眴鑵愮毊鐨勮惀鍏讳环鍊?璞嗚厫鐨槸灏嗗ぇ璞嗙(娴嗙儳鐓悗锛屽嚌缁撳共鍒惰€屾垚鐨勮眴鍒跺搧銆傝眴鑵愮毊鏄粠閿呬腑鎸戠毊銆佹崑鐩达紝灏嗙毊浠庝腑闂寸矘璧凤紝鎴愬弻灞傚崐鍦嗗舰锛岀粡杩囩儤骞茶€屽埗鎴愮殑銆傜毊钖勯€忔槑锛屽崐鍦嗚€屼笉鐮达紝榛勮壊鏈夊厜娉斤紝鏌旇蒋涓嶇矘锛岃〃闈㈠厜婊戙€佽壊娉戒钩鐧藉井榛勫厜浜紝椋庡懗鐙壒锛屾槸楂樿泲鐧戒綆鑴傝偑涓嶅惈鑳嗗浐閱囩殑钀ュ吇椋熷搧銆傝眴鑵愮毊鐨勮惀鍏讳环鍊间赴瀵岋紝鍏朵腑鍚湁涓板瘜鐨勪紭璐ㄨ泲鐧斤紝钀ュ吇浠峰€兼瘮杈冮珮銆傝眴鑵愮毊涓惈鏈夌殑澶ч噺鍗电7鑴傦紝闃叉琛€绠$‖鍖栵紝棰勯槻蹇冭绠$柧鐥咃紝淇濇姢蹇冭剰銆傞櫎姝ゅ锛岃繕鍚绉嶇熆鐗╄川锛岃ˉ鍏呴挋璐紝闃叉鍥犵己閽欏紩璧风殑楠ㄨ川鐤忔澗锛屽父椋熷彲淇冭繘楠ㄩ鍙戣偛锛屽灏忓効銆佽€佷汉鐨勯楠肩敓闀挎瀬涓烘湁鍒┿€傚洜姝ゅ皬缂栧缓璁紝鍎跨鑰佷汉浠簲璇ラ€傚綋鐨勯鐢ㄤ竴浜涜眴鑵愮毊锛屼笉浠呭彲浠ヨˉ鍏呭绉嶈惀鍏荤墿璐紝鑰屼笖璞嗚厫鐨繕鏈夊姪浜庝汉浣撴秷鍖栧惛鏀躲€?涓夈€佽眴鑵愮毊鑳藉噺鑲ュ悧 閫氳繃浠ヤ笂鐨勫唴瀹逛粙缁嶏紝澶у瀵规槑鐧戒簡鍚с€傝眴鑵愮毊鐨勭儹閲忎笉鏄壒鍒珮锛屽洜姝ら€傚綋鐨勯鐢ㄦ槸鍙互璧峰埌鍑忚偉浣滅敤鐨勩€傝眴鑵愮毊閲囩敤澶ц眴鍔犲伐鍒朵綔鑰屾垚鐨勶紝钀ュ吇浠峰€奸珮锛岄€傚綋鐨勯鐢ㄥ韬綋鍋ュ悍鏈夊緢澶х殑甯姪銆傝眴鑵愮毊鐨勯鐢ㄦ柟闈㈠绉嶅鏍峰彲浠ュ皢瀹冧笌涓€浜涚儹閲忎綆鐨勯鐢ㄦ惌閰嶅湪涓€璧烽鐢紝杩欐牱鍑忚偉鐨勫姛鏁堜細鏇村ソ鍝︺€?

14 May

[How to make ginger mullet]_ Common practice of ginger mullet _ How to make ginger mullet _ How to make ginger mullet

[How to make ginger mullet]_ Common practice of ginger mullet _ How to make ginger mullet _ How to make ginger mullet

Every time you visit a friend or colleague, you will find that they all have one or two dishes.

And every time it was his turn, he was stretched.

Do you look so disgraced in this way?

So, for your dignity, come and learn with me the practice of ginger bonito.

1.

Anchovies, ginger and garlic.

2.

12 Slice garlic and shred ginger.

3.

Put the vegetable oil in the boil in 21 and boil it.

4.

Sprinkle evenly with fine salt.

5,

Turn over and cook on both sides.

6.

1 Add the ginger and garlic slices and stir well, 7.

2 Drizzle with soy sauce and stir well.

8.

Let it boil for five minutes.

9.

Add in MSG, and eat a little more chili powder out of the pan.

10.

Cooked Ginger Anchovies.

This ginger bonito is really tempting. Every time I read this article, I really want to do it myself, I don’t know what you think.

05 May

[How to make Huaishan rice noodles]_Huaishan rice noodles_How to do_Practice Daquan

銆愭樊灞辩背绮夋€庝箞鍋氥€慱娣北绫崇矇_濡備綍鍋歘鍋氭硶澶у叏
涓€鑸仛杩欎釜娣北绫崇矇鏄粰濠村効椋熺敤鐨勶紝娣北绫崇矇鍜屽叾浠栫殑灏忕背绯婄浉浼硷紝涓昏鏄粰濠村効琛ュ厖鍏朵粬钀ュ吇鐗╄川銆傛樊灞辩背绮夌殑鍋氭硶鏄笉闅剧殑锛屽彧闇€瑕佹俯濂惰繘琛屽嬀鍏戝氨鍙互鐨勶紝濡傛灉鎯冲鍔犲叾浠栧彛鍛崇殑锛屽彲浠ラ€傞噺鍔犵偣鏋滄眮銆?The north is back to the back and the back is in the middle of the world. The teacher is at the finest level. The north is at the back and the back is at the top 25.What’s the rule?銆 佸 皢 娓 ╁ ザ 鏀 鏀 叆 浜 ㄦ 皬 DiNorth China and the back of the country?2 銆 特 牴 醹  渜 浜 Inspired by the forging plan 鈴 鍙 鈆 铷 史 叆 欣欣 ⅷ 姸 丸 乛 逮 種 言 樏 樑 宓 凾 集 懾 集 慾 酆 ?锛岀敤绛峰瓙鎸夌収椤烘椂閽堟柟鍚戣皟鎴愮硦鐘躲€傞€傜敤浜虹兢锛氳緟椋熸坊鍔犲垵鏈焴36涓湀鍋ュ悍鎻I am afraid that Fan Fan will be in a state of affairs ╁ own pot, and it will be very difficult to find out how to do it, and how to do it, and how to do it?秷椋熺殑棣欐ⅷ姹侊紝娓呯儹娑堟殤銆佸張鑳藉仴鑴惧幓婀裤€傝€屼笖锛屾樊灞辫枏绫宠惀鍏荤背绮夌瀛︽坊鍔犵泭鐢熷厓锛岃惀鍏诲仴搴疯偁閬撶幆澧冿紝绉戝寮哄寲閾併€侀攲銆侀挋锛岀瀛﹂厤姣斿绉嶇淮鐢熺礌鍜岀熆鐗╄川锛屼笓涓氬埗浣滐紝婊¤冻瀹濆疂钀ュ吇闇€姹傚姛鏁堣枏浠佸張鍚嶈嫛浠併€佽嫛绫炽€佽嫛绫充粊I ‘m going to drill down, I ‘m going to drill down, I ‘m going to drill down, I ‘m going to drill down, I ‘m going to go, I ‘m going to go, I ‘m going to go, I ‘m going to go细Yangrenbijuan faint  Xisuhejuan Hongjijianjie Chuanmoquanhuai Uuxi Lei Xia B1 TOWER 2 TOWER?

29 Apr

[Mature mulberries have all the effects?】 _Function_Benefits

銆 擮 啛 尛 導 導 導 射 勬 勬  钶 其 Chain 撢 浜 涘 姛 叁 堬 纻 銆 抆 护 敤 _ 濂 擂 
妗戣憵鏄竴cre嶈嵂鏉愶纴浣嗕篃鏄瘮槸闈炲父澶氱殑锛屾瘮濡傛粙琛ュ己澹€佸吇蹇冪泭鏅虹瓑绛夈€傚湪甯傚満涓婏紝鎴戜滑鑳藉寰堝鏄撲拱鍒扮啛閫忕殑妗戣憵锛屽懗閬撴槸鏋佸叾涓嶉敊鐨勩€傞偅涔堬紝濡傛灉缁忓父鍚冪啛閫忎簡鐨勬钁氾紝鍒板簳鑳藉缁欐垜浠汉浣撳甫鏉ュ摢浜涘疄闄呯殑濂藉浠ュ強鍔熸晥鍛?澧炲己鍏嶇柅鍔涙钁氫腑鍚湁澶ч噺鐨勬按銆佺硸銆佸绉嶇淮鐢熺礌銆佽儭钀濆崪绱犮€佷汉浣撳繀闇€鐨Xie Jingyue, the world’s most important thing is that plastic must be made of plastic.锛屾彁楂樻満浣撶殑鍏嶇柅鍔涖€傚鏋滀綘缁忓父鎰熷埌澶存檿锛岃韩浣撲笉寮猴紝寤鸿浣犲彲浠ュ鍚冩钁氾紝涔熻鏈夊緢濂界殑鏁堟灉!涓尰璁や负妗戣憵鏈夋粙琛ヨ倽鑲俱€佸己澹吇蹇冦€佹鼎鑲犻€氫究銆佹娓寸敓娲ョ瓑鍔熸晥锛屼篃鏄腑鑽埧甯哥敤鐨勪腑鑽紝鑳藉鐢ㄤ簬闃磋涓嶈冻鎵€瀵艰嚧鐨勫ご鏅曡€抽福銆佺溂鑺便€佸績鎱屽績鎮搞€佽叞閰歌吙杞€佸彛骞茶垖鐕ャ€佸ぇ渚垮共缁撱€佸ご鍙戞棭鐧界瓑闂銆?琛ヨ倽鐩婅偩涓尰璁や负锛岃倽涓昏棌琛€銆佽偩涓荤敓楂擄紝鏄汉韬兘閲忓偍瀛樺熀鍦般€傛钁氭€у懗鐢樺瘨銆佸叿鏈夎ˉ鑲濈泭鑲剧殑鍔熸晥銆傜敺鎬ф湅鍙嬭娉ㄦ剰锛氫粠涓尰瑙掑害璇达紝瀵逛簬鎬ф満鑳藉け璋冦€佸睘瀵掔儹娣锋潅浣撹川鐨勪汉锛屾渶濂戒笉瑕侀殢渚胯ˉ鑲惧.闃筹紝鍚﹀垯浼氳秺琛ヨ秺鈥滆櫄鈥濄€傚澶╁彲楗敤妗戣憵姹侊紝涓嶄粎鍙ˉ鍏呬綋鍔涳紝杩樺彲鎻愰珮鎬х敓娲昏川閲忋€備腑鍖昏鐐癸細妗戞す鍛崇敇閰革紝鎬у井瀵掞紝鍏ュ績銆佽倽銆佽偩缁忥紝鍏锋湁琛ヨ倽鐩婅偩銆佺敓娲ユ鼎鑲犮€佷箤鍙戞槑鐩瓑鍔熸晥锛屼富娌婚槾琛€涓嶈冻鑰岃嚧鐨勫ご鏅曠洰鐪┿€佽€抽福蹇冩偢銆佺儲韬佸け鐪犮€佽叞鑶濋吀杞€侀』鍙戞棭鐧姐€佹秷娓村彛骞层€佸ぇ渚垮共缁撶瓑鐥囥€傛妞瑰叆鑳冿紝鑳借ˉ鍏呰儍娑茬殑缂轰箯锛屼績杩涜儍娑茬殑娑堝寲锛屽叆鑲犺兘淇冭繘鑲犳恫鍒嗘硨锛屽杩涜儍鑲犺爼鍔紝鍥犺€屾湁琛ョ泭寮哄.涔嬪姛銆傛钁氳鎴戜滑鎶垫姉鍔涘彉濂戒簡妗戣憵鎵€鍚殑澶ч噺姘村垎銆佺硸绫汇€佸绉嶇淮鐢熺礌銆佽儭钀濆崪绱犮€佷汉浣撳繀闇€寰噺鍏冪礌绛夎兘鏈夋晥鎵╁厖浜轰綋琛€娑插閲忥紝鑳借繀閫熻ˉ鍏呰惀鍏讳績杩涢€犺鍔熻兘锛屽寮烘満浣撳厤鐤姏銆?

27 Apr

[Pregnant Woman Pecan Fruit]_Pregnancy_How to Eat

[Pregnant Woman Pecan Fruit]_Pregnancy_How to Eat

Beetroot is a kind of food that many people like to eat. Among them, there are too many pregnant women who prefer to eat beetroot, but there are also many pregnant women who dare not eat it at random, fearing that this nut will have an adverse effect on pregnancy.

In fact, pregnant women can eat some green fruit, which is good for pregnant women’s health and fetal development.

Below, I will introduce the benefits, precautions and other related knowledge of pregnant women eating birch fruit.

First, the benefits of eating birch fruit for pregnant women: 1. The nutritional value of birch fruit is very high. It can transform protein, vitamin C, b1, b2, e, linoleic acid, calcium, zinc, iron and other more than 30 nutrients.Scientifically determined that the nutritional value of 5 kg of eggs or 9 kg of fresh milk per kg of beetroot kernels. Pregnant women often eat a certain amount of nutritional benefits for food.

2. Pycnogenol has the effects of strengthening the brain and strengthening the brain. Moms who eat during pregnancy can supplement the nutrition of the brain, improve brain circulation, strengthen brain power, and the babies born are also smarter.

3, betel nut hypertension oil, vitamin C, vitamin E and other nutrients, have emollient effect, often eaten can make the skin moist and smooth, elastic, pregnant women during pregnancy are relatively large, and sleep is not good,Eating birch fruit can make the skin stretch and tender, and the complexion looks smooth.

In addition, green root fruit has the effect of UFA.

4. Relieve fatigue and stress.

After the pregnancy period is lengthened, pregnant women usually feel tired, and eating some green root fruits has a good relief effect.

2. Precautions for pregnant women to eat green apples 1. Green apples should not be eaten with white wine: green apple, egg white, aunt and mineral elements.

Sexually hot, hot foods tend to catch fire.

Liquor Ganxin is very hot, as hot food.

If the two are eaten together, it is easy to cause blood heat.

Therefore, pregnant women should pay attention when eating.

2. The content of beetroot is relatively high. For every 100 grams of beetroot, it can produce 670 kcal transfer, which is double the amount produced by the same weight of grain.

Pregnant women eat more may cause weight gain, so nutrition experts said that the daily consumption should not exceed five, and more weight will increase weight, which will also affect blood lipids.

3, each time after eating the bagel fruit, the packaging bag is tied up with a rubber band.

Or use small clips to keep it sealed.

It is found that the oil is sticky, sticky, and other symptoms indicate that it has deteriorated and cannot be eaten.

It can’t be because its price is higher, some pregnant women are reluctant to throw it, so eating will have an impact on the pregnant woman and her fetus.

Third, the nutritive value of green fruit 1, green fruit is rich in protein and unsaturated fatty acids necessary for human body, kidney, tonic, brain, Qi, mental workers, students, adolescents, white-collar workersIt is suitable for pregnant women; 2. Bigan nuts have a liver-protecting effect to lower cholesterol and prevent arteriosclerosis; and, diabetic patients have therapeutic effects, cancer patients can relieve pain and analgesia;, Regular consumption has the effect of moisturizing, whistle hair, often eat to make the skin moist and smooth, full of elasticity.

03 Apr

Xinhua shares (603867): The initial pressure is expected to be 35 yuan to 40 yuan

Xinhua shares (603867): The initial pressure is expected to be 35 yuan to 40 yuan

Company Wang Ying and Highlights Company Wang Ying Business: Production and operation of company Wang Yao military glue, organic solvents, flavor essences, hydrogen peroxide and other fine chemical products.

Company highlights: The company’s product scale and process technology have internal competitive advantages in substitution, substitution and replacement of alcohol and other products.

At present, it has gained higher recognition in domestic and foreign markets and has occupied more important market shares.

In addition, the company is located in the East China Blockchain. The downstream king of the company’s grease calendar products is used for pesticide production. Domestic glyphosate and Xiujin manufacturers are concentrated in Zhejiang and Jiangsu.

The company has significant geographical advantages.

Mozi Investment Question 1 captures the use of system funds of 140 billion for the annual output of 2 instrument electronic grade hydrogen peroxide and 8,000 tons of electronic grade chlorine water projects.

2. It is planned to use 1 million US dollars of Muji funds for Jiande Xinhua Comprehensive Service Co., Ltd. for the comprehensive utilization of waste acid, alkali,武汉夜网论坛 and organic solvents.

3. It is planned to use raised funds of 0.

USD 3.2 billion for a new 2,000-ton / year new halogen-free organic flammable fuel project.

4. Intended use of meditation funds

US $ 400 million for a 4-inch / year synthetic beard (gas unit) new coal gasification comprehensive utilization technology transformation project.

5. It is planned to use raised funds.

7.6 billion yuan for Zhejiang Xinhua New Materials Research Institute.

With the rapid development of the fine chemical industry, conventional fine chemical products basically meet the needs of national economic development, and some products also have certain international competitiveness.

The proportion of fine chemicals in the total output value of chemical industry, that is, the level of fineness is now an important indicator of the level of science and technology and the degree of economic development in some countries or regions.

At present, the overall refinement rate has risen to about 45%, but compared with the 0-70% refinement index of developed economies such as North America, Western Europe, and Japan, the current refinement rate has increased significantly.

Main potential risks: 1. Environmental protection policies and safe wind network barriers.

2. Risks of raw material price fluctuations.

24 Mar

China Automobile Research (601965) Quarterly Comment: 19Q1 net profit attributable to mothers increased 8.

4% Expected Results Accelerate

China Automobile Research (601965) Quarterly Comment: 19Q1 net profit attributable to mothers increased 8.

4% Expected Results Accelerate

In the first quarter of 19, the company achieved net profit attributable to its mother.

9% ten percent, an annual increase of 8.

4% According to the financial report, the company achieved operating income of 5 in the first quarter.

0 billion, down 22 a year.

3%, net profit attributable to mother 0.

90,000 yuan, an increase of 8 in ten years.

4%.

The parent company is mainly engaged in technical service business. In the first quarter, the parent company realized operating income2.

100 million, a 南京夜网 slight decrease of 3 every year.

4%, the parent company realized a net profit of 0.

800 million, down 7 every year.

5% of the parent company’s advance receipts from the end of 18 years.

400 million to 1 at the end of the first quarter of 19.

3 trillion, mainly due to the accelerated implementation of the contract in hand.

In general, the company’s performance in the first quarter still maintained a steady growth trend, basically in line with expectations. We believe that the company will continue to benefit from new energy vehicles, and policies such as emission upgrades are good, and gradually achieve speed.

The company has a high cash content and a low interest-bearing debt ratio. The dividend rate has further improved. The company’s cash flow situation is better. At the end of the first quarter of 2009 to 19, the company’s monetary funds were changed from 2.

0 billion to 11.

700 million.

In addition, the company’s long-term capital-liability ratio is less than 5%, and interest-bearing debt / total replenishment capital is only 0.

1%?
0.

2%.

At the same time, the company’s dividend rate has continued to increase in recent years. The company’s dividend rate has increased from 16% to 60% in 14-18. There is still room for improvement in the future.

Independent domestic automobile inspection agencies are scarce. Regulations are upgraded to promote the company ‘s inspection business volume and price. The company has complete inspection qualifications for the automotive industry and high barriers to entry in the inspection industry.

Automobile varieties, changes in regulations and standards are important factors affecting the profitability of inspection companies. In the long run, the compound sales hub of automobile sales growth has declined significantly. Changes in the industry’s competitive landscape have led to OEMs gradually introducing new ones and upgrading of automobile standards and regulations.The introduction of the new standard will bring the company’s testing business volume and price up.

The company’s mid- and long-term performance focuses on the transformation of data service providers and the establishment of the 4 + 1 index platform.

The investment recommendation company is for car testing scarcity, and the upgrade of emissions regulations is good for short-term performance. The long-term and medium-term focus is on the establishment of transformation data service providers and index platforms.

We expect the company’s EPS to be zero in 19-21.

49/0.

58/0.

69 yuan, the corresponding PE is 16 based on the latest closing price.

6/14.

0/11.

8 times.

The company’s historical average forecast level is 23 times. Considering the company’s profit trend and historical assessment, we give the company a 23-year PE estimate for 19 years, corresponding to a reasonable value of 11.

27 yuan / share, maintain “Buy” rating.
Risks remind that new car varieties and policies and regulations are not pushing forward as expected; new projects are not up to expectations

21 Mar

Depth-Company-SAIC Group (600104): Q3 sales volume narrowed and sales performance improved significantly month-on-month

Depth * Company * SAIC Group (600104): Q3 sales volume narrowed and sales performance improved significantly month-on-month

The company released the third quarter report for 2019, and achieved a total of 5,853 operating income in the first three quarters.

500 million, down 13 each year.

2%; net profit attributable to mother 207.

900 million, down 24 a year.

9%; Yield 1.

78 yuan.

The company sold 147 cars in the third quarter.

70,000 vehicles (-9.

0%), revenue was basically flat, and net profit dropped by 19 year-on-year.

1% but an increase of 27 from the previous month.

5%, the bottom of the performance rebounded in line with expectations.

The long-term space for the domestic automotive industry is still broad, and the decline in sales of the company and the industry in Q3 has narrowed, gradually promoting recovery.

The short-term performance low has passed, and subsequent development is promising.

The company continues to lead the competition in areas such as the New Fourth Industrialization, and the outlook for luxury vehicles and overseas markets is promising.

We expect the company’s estimated earnings for 2019-2021 to be 2 respectively.

52 yuan, 2.

94 yuan and 3.

16 yuan, maintain BUY rating.

Key points of support levels The industry’s sluggish sales volume has increased, and short-term performance is under pressure.

Affected by the sharp fluctuations in macroeconomic growth and other factors, domestic car sales continued to be sluggish. The company sold 441 cars in the first three quarters.

40,000 (-14.

2%), the decline is slightly higher than the industry average (-10.

3%), revenue decline (-13.

2%) basically synchronized with sales.

Gross profit margin for the first three quarters of 12.

5% (-0.

9pct), which is expected to be caused by factors such as the destocking and price reduction of the National Five.

The company actively controlled expenses, and sales, management, R & D and financial expenses fell 6 respectively.

8%, 18.

8%, 4.

6%, 22.

0%, the sales expense ratio rose by 0.

5pct (expectations such as advertising), four expense rates increased by 0.

5 points.

As income and gross profit margins fall but expense ratios rise, the decline in profits such as the general public leads to a decrease in the increase in net investment income.

500 million (-15.

5%), net profit increased significantly.

9%, but the decline was narrower than the interim report. The sales volume and profit decline in Q3 narrowed, and the performance increased significantly from the previous quarter.

Company Q3 sells cars 147.

70,000 vehicles (-9.

0%), of which SAIC passenger cars increased by 6.

6%, SAIC Volkswagen, SAIC-GM, and SAIC-GM-Wuling were down 4 respectively.

6%, 19.

1%, 14.

5%.

Decline in revenue (-0.

4%), which is lower than sales volume, which is expected to be caused by National Sixth discount recycling and product structure improvement.

Gross profit margin

6pct, sales, R & D expenses decreased by 6.

8%, 12.

2%, management and financial expenses increased by 6.

2%, 152.

5% (average base over the same period), net profit attributable to mothers has decreased by 19.
.

1% (21% narrower than Q2).

4pct), an increase of 27 from the previous month.

5%.

The long-term space for the automotive industry is still broad. Q3’s sales volume has narrowed. Autonomy and Volkswagen have performed well. GM and Wuling have launched a number of new vehicles in the future to promote improvement and performance.

The competitiveness of New Sihua continues to lead, and it is optimistic about the prospects of luxury cars and overseas markets.

In terms of new energy, the company’s second-generation plug-in hybrid electric drive gearboxes, fuel cell stacks and systems continued to make breakthroughs in key components.

In terms of intelligent network connection, the Roewe Marvel XPro version with “last mile” automatic parking function was released for mass production, the domain controller i-ECU was used for batch production, and the advanced electronic map was used for commercial applications.We have launched extensive cooperation in areas such as driverless driving and intelligent transportation.

The company actively promotes the new four modernization and other fields, and its competitiveness continues to lead.

The upgrade of automobile consumption promotes the continuous growth of luxury car sales. New vehicles such as Cadillac XT6 / CT5 / CT4 are successively listed. The SAIC Audi project continues to advance and is expected to become a future growth point.

The company continues to advance its global layout, and the long-term prospects of overseas markets are promising.

深圳桑拿网 We estimate that the company’s estimated revenue for 2019-2021 will be 2 respectively.

52 yuan, 2.

94 yuan and 3.

At 16 yuan, car sales are expected to bottom out and the company will continue to benefit, maintaining the Buy rating.

The main risks faced by the rating are 1) market competition intensifies, sales volume and profit margins decline; 2) Sino-US trade conflict continues to escalate.

13 Mar

Insurance capital 2020 is expected to increase equity investment consumption and technology stocks still favored

Insurance capital 2020 is expected to increase equity investment consumption and technology stocks still favored
Original title: Insurance capital is expected to increase equity investments in 2020 “Next January is a good 南宁桑拿 opportunity for insurance capital to cover positions.Around January 20, most of the GEM companies and some companies on the main board are about to copy the performance reports, and the market volatility has increased, and there are many good opportunities to adjust their positions.In addition, after the Spring Festival, strategic allocation opportunities may appear in the A-share market.”A person from an insurance company in North China told a reporter from the China Securities Journal recently that the small and medium-sized insurance companies may be the main investors in the increase, and large insurance companies are expected to increase their positions in the initial period.In the first quarter of 2020, the investment in the insurance secondary market will increase.  □ Reporter Cheng Zhu Consumption and technology stocks continue to be favored The investment director of an insurance company in North China stated that the first quarter, especially before the Spring Festival, is the traditional spring market stage. Generally, stocks with excess returns are most likely concentrated in the field of large consumer and technology stocks.Some high-quality consumer stocks that have adjusted interest rates in the previous period are expected to increase their holdings. Non-bank financial and small and medium banks that benefit from the loose monetary environment also have configuration value.  ”After two years of digestion, the real estate, construction, and big financial sectors are estimated to be near historical heights and have very good configuration value.”” Everbright Sun Life Assets believes that assets such as consumer upgrades and technological innovation are statically expensive. However, from a strategic perspective and long-term perspective, performance growth changes. As long as it is a good company, good assets, and insurance funds are happy.Buy.  Experts who have been controversially judged that the overall characteristics of the A-share market in the previous quarter were frequent, liquidity was relatively abundant, and the market was more active. Insurance capital was able to seize the overall changes in the market, and the market was deterministically subdivided.In the first quarter, technology stocks were more bullish.  Chen Li, director of the Chuancai Securities Research Institute, believes that in the context of the current economic structural transformation, policy support for emerging industries will continue. It is expected that venture capital will focus on high-quality growth industries in the first quarter of 2020.In addition, large financial blue chips are relatively stable and financial openness continues, so large financials may become the allocation direction of insurance capital.  A person in charge of China Life Assets said that looking forward to the first quarter of 2020, there is less market risk and upward space transmission. If the liquidity improves in February and thereafter, according to the observations of the past year, the current situation of A-shares “grabbing” is serious.Excluding the current moment will start a new round of “Spring Manic” market.  “在整体偏均衡的趋势下,如果仅考虑中短期,可以在阶段性‘科技+周期’的布局下,略向周期和金融适当调整,中长期还是全面布局科技股,可以在明年1月末之前, Grasp some retreat opportunities to increase the technology sector.”China Life Assets said.  Equity allocation space Most of the insurance companies disclosed that insurance capital has higher expectations for equity assets in 2020, and will gradually increase allocation in the future.  Wanlian Securities analyst pays Wen Chao predicts that in 2020, the economic growth rate will stabilise at different stages, and the large-scale entry of OTC funds into the market will be a high probability event. The market ‘s bullish economic foundation and conditions for improving the capital exist. Equity marketsThe performance is expected to continue to perform better.  The investment director of the insurance company in North China mentioned above predicts that the overall A-share market is expected to remain a double-structured market next year. Opportunities for long positions in the first quarter are relatively obvious, caution is required in the second quarter, and opportunities may exist in the fourth quarter.The initial upward trend in the semiconductor, 5G, consumer electronics, and new energy vehicle industry chains also contains investment opportunities.  China Everbright Yongming Assets pointed out that under the expectation of low interest rates in 2020, the attractiveness of insurance products will increase, insurance premiums will maintain a high growth trend, and pressure on asset allocation and income requirements is still hindering.If interest rates fall, equity assets may have higher upward flexibility.He said: “At present, the proportion of listed insurance companies investing in stocks and funds is about 10%, and this allocation ratio is still acceptable.In the future, many high dividend stocks will have a dividend yield of 4% to 5%, which is very attractive for insurance, but the specific allocation ratio will be adjusted depending on the disadvantages of each company.”” It is expected that insurance capital may still allocate fixed income assets and equity assets in a balanced manner, and the allocation ratio of equity assets may continue to rise steadily to between 13% and 14%.At present, the overall investable scale of insurance companies is around 19 trillion yuan, assuming an increase of 1 ratio, it is equivalent to an increase of nearly 200 billion yuan.”The relevant person said.  Large-scale asset allocation or stability While optimistic about equity-type assets, many insurers have stated that in 2020, the investment assets of insurance capital will maintain rapid growth, and the allocation of large-scale assets will remain stable overall.  Fu Wenchao believes that the insurance industry’s investment assets are expected to maintain double-digit growth in 2020.Benefiting from the recovery in premium growth and better performance of the equity market in 2019, the growth rate of investment assets in the insurance industry has picked up.In 2020, the life insurance sales environment will improve, product-side supervision may be slightly relaxed, the industry’s premiums will strive to maintain rapid growth, and the insurance industry’s investment assets will achieve double-digit growth.  The investment director of the insurance company in North China believes that from the perspective of the allocation of insurance capital, the pressure on the allocation of traditional fixed income and non-standard debt assets in 2020 will increase the overall risk capital, including equity investment, secondary market investment and other internal flooding investments.The allocation ratio is the general trend.  Overpayments believe that in the medium and long term, under the background of declining economic growth, the downward interest rate is expected to be serious, and deposits and bond asset yields may gradually decline. Non-standard fixed income assets generate relatively high yields.Still possible.  In terms of paying Wen Chao, under the control of project risks, non-standard assets will continue to be an important allocation of insurance capital in the future, but in the past two years, the acquisition of high-quality non-standard assets with high returns and low risks has intensified, and future insurance asset allocation exists.Certain pressure.In the short term, this pressure is not obvious in 2020, and the allocation of large-scale assets may remain relatively stable.

04 Mar

BYD (002594) 2019 Third Quarterly Report Review-Short-term performance under pressure and long-term value unchanged

BYD (002594) 2019 Third Quarterly Report Review-Short-term performance under pressure and long-term value unchanged

The company achieved net profit attributable to its mother in the third quarter of 20191.

2 ppm, -89% previously, was in the forecast hub, in line with market expectations.

In the short term, the company’s Q3 performance is under pressure due to the industry’s supplementary decline. However, in the medium and long term, the company is a leader in electric vehicles and has the ability to “explode new energy vehicles.”Opening up to a new level, the value is expected to appear, continue to recommend, maintain the “Buy” rating.

The company’s single-quarter performance in 2019Q3 reached -89%, and the company’s forecast center was in line with expectations.

The company achieved revenue of 62.2 billion in the first three quarters of 2019, +14 in ten years.

8%; net profit attributable to mother 14.

500 million, ten years +3.

1%, located in the center of performance forecast 1-3%.

In terms of quarters, in the third quarter of 2019, a single quarter of revenue reached 31.6 billion, and thereafter -9.

2%; net profit attributable to mother 1.

2 ‰, -89% at the beginning of the year, -83% month-on-month, a significant decrease from the previous month (Q1 and Q2 return to the mother’s net profit were 7, respectively.

500 million and 7.

0 ‰); Q3 deducts non-returned net interest rate 1.

500 million, a decade -130%.

In addition, the company expects a preliminary net profit for the mother of 15 in 2019.

8-17.

70,000 yuan, -43% to -36% at the beginning of the year, corresponding to the net profit attributable to the mother in the fourth quarter of 0.

1 to 2.

0 billion, lower than market expectations.

The gross profit margin has gradually decreased, and the increase in expenses during the period has been stable.

In a single quarter, the gross profit margin for a single quarter of 2019Q3 was 13.

9% per year -3.

3pcts, -1 ring.

5pcts (Q1 and Q2 gross margins are 19 respectively.

0% and 15.

3%).

In Q3, the cost during a single quarter is maximized and stable, and the rate during the period is 12.

6%, -0 per year.

9pcts, +0 from the previous month.

8pcts (Q1 and Q2 are 15 respectively.

0% and 11.

8%).

The selling expense ratio is 3.

3% a year -1.

1 piece; administrative expenses 3.

4%, ten years +0.

8 pieces; R & D expenses 4.

2%, ten years +0.2pcts, related to the company’s continued expenditure in the field of new energy vehicles; financial expense ratio1.

6%, -0 per year.

9pcts, mainly due to the pressure of new energy financial supplementary rehabilitation funds received.

In the second half of the year, electric passenger cars were dragged down by the downturn in the industry and the profitability of the electronics business improved significantly.

The domestic new energy passenger car industry sales volume of Q1-Q3 was 25/32/220 thousand units, a period of +98% / + 41% /-19%, a slight decrease in the third quarter, mainly due to subsidy refunds from the second half of 2019The impact of steep discounts on slopes and fuel vehicle terminals.

Company Q1-Q3 electric passenger car sales7.

1/7.

0/4.

50,000 vehicles, previously + 150% / + 63% / -30%, while the city’s share in the same period stabilized at 28% / 22% / 22%, the company’s third quarter sales exceeded the industry, except for the industry impact, and the previousHigher bases are also relevant.

BYD Electronics’s single-quarter revenue in 2019Q3 was 15.1 billion yuan, +51 a year.

5%; net profit attributable to mother 4.

500 million, -32 per second.

4%, exceeding market expectations, the gross profit margin of mobile phone structural components increased significantly.

Electric distribution is expected to be maintained, and the supply chain is open to expand new space.

The company is a leader in the new energy vehicle industry. It has ranked first in the world for the sales of new energy vehicles for four consecutive years. Among them, the domestic shares of new energy passenger cars in the first three quarters of 2017/2018/2019 were 19%, 23%, and 24%, respectively.The company’s new energy vehicle layout has formed a rich product matrix, including Tang, Song, Yuan, Qin, etc. of the Dynasty series, e5, e1, s2 of the e-series, and new vehicles such as Song Pro and e2 in the second half of the year, and it is expected to continue.

In addition, the company continues to promote its neutralization strategy. In addition to supporting domestic Changan, it entered overseas Toyota supply chains in June and gradually promoted the continued development of leading European and American car companies. The cooperation with Toyota continued to deepen and the two parties will jointly develop electric vehicles. In terms of intelligence,BYD has recently entered into a long-term strategic cooperation agreement with Huawei to jointly promote the development of automotive innovation and digital transformation.

The company’s business structure has shifted from vertical integration to strategic opening, and the value of the supply chain has gradually realized.

Risk factors: 上海夜网论坛 The company’s new energy vehicle production and sales are less than expected; changes in new energy vehicle policies; cloud rail advancement is less than expected.