“Brave Heart” celebrates its 25th anniversary and is re-released in March every year in Scotland
On February 21, local time, Paramount announced that Mel Gibson ‘s 1995 self-directed classic war epic film “Brave Heart” will be re-run in Scotland on March 22 and 23, this timeIt was released to celebrate the 25th anniversary of the film’s release and to commemorate Scotland’s war of independence. The film is based on the court politics of England in the 13th-14th centuries, and it is said that the leader of the Scottish uprising William Wallace and the rulers of England are unyielding and unyielding.The film won the best film and best director at the 68th Academy Awards.The blues in Brave Heart and Robert Bruce are played by Angus McFidden. In addition, the sequel “Bruce Bruce” (the Robert Bruce in both films played by Angus McFidden), which was taken on the historical timeline of “Brave Heart”, can also be used for one night on April 16The screening will be shown.The film tells the story of King Robert Bruce of Scotland.Sauna, Ye Wang Teng Chao editor Huang Jialing school against Wu Xingfa

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Liu Shangxi: Few investments in new infrastructure that the market cannot participate in
Recently, 31 provinces have launched a 40 trillion infrastructure investment plan, and the call for a new round of large-scale infrastructure construction is also rising.In essence, the “new infrastructure” was named by high-level officials.On March 4, members of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China should choose investment projects, strengthen policy support for land use, energy use, and funds, and accelerate the construction of major projects and infrastructure that have been clearly defined in the national plan.We must increase investment in public health services, emergency supplies, and accelerate the construction of new infrastructure such as 5G networks and data centers.Pay attention to mobilizing the enthusiasm of private investment.Does China need a new round of infrastructure investment to promote economic growth?Liu Shangxi, the dean of the China Academy of Fiscal Sciences, said in an interview with Sauna.com that large-scale stimulus policies cannot solve the current problems of the Chinese economy and require careful consideration.However, he also said that he is not opposed to the government’s investment in infrastructure, but to focus on the development of China’s economic scale, the focus of government investment should be changed from hard infrastructure investment to soft social investment, and investment based on “things” should beTurning to investing based on “people” will not only solve the short-term economic growth problem, but also take into account the long-term sustainable development of the Chinese economy.At the same time, Liu Shangxi believes that urbanization still has huge room for development. Infrastructure investment can make a fuss about urbanization, but infrastructure construction investment and public services around urbanization are forward-looking, and they must “follow people” accordingly.Instead of investing everywhere.Regarding the new infrastructure that has been booming recently, Liu Shangxi believes that the so-called new infrastructure is mainly digital infrastructure, which can advocate new infrastructure, but should be replaced by the market.”At present, the market is completely non-existent and there are very few so-called new infrastructure projects that cannot participate in investment at all.If the government invests instead of the market, it may be inappropriate.”Liu Shangxi said.What role should the government play in including infrastructure investment within the new infrastructure?Liu Shangxi believes that if the government wants to create good conditions for market investment, it should make the resolution of conflicting market investment enthusiasm a top priority, and speed up reforms in the market economic system and business environment.”If the government does not work on a substandard scale to solve the obstacles and problems encountered in market investment, or implement short-term expansion stimulus policies, this is the inversion.”” The stimulus policy cannot solve the problems of the current Chinese economy. “Sauna Night Net: Recently, the 40 trillion investment plan launched by 31 provinces across the country, while the call for support for the new infrastructure is also rising.What do you think of these phenomena?Liu Shangxi: I think there may be multiple reasons behind these phenomena: First, before the outbreak of the epidemic, China’s economy continued to decline, and the impact of this year’s epidemic may worsen the Chinese economy.The two factors are superimposed, and a large number of people have proposed to stabilize the economy through investment in infrastructure and prevent large displacements in economic growth.Approximately, 2020 is the 13th Five-Year Plan, the year of ending the comprehensive construction of a well-off society and the achievement of the first 100-year goal, and also the year of preparation for the start of the 14th Five-Year Plan.The local government has launched a series of infrastructure investment plans, which are basically based on the actions required in the 14th Five-Year Plan. At the same time, it also hopes to ease the huge pressure on local economic and social development goals through infrastructure investment.But the question is whether the government can solve the current economic problems of China through large-scale infrastructure investment. What role can large-scale infrastructure investment play in the end, and what alternatives does it have?Will there be new risks?The phrase “the digestive period of the previous policy” is still in our ears, and these issues all require in-depth research.At present, the main problem of the Chinese economy is not on the demand side or on the supply side. It is the supply of factors (especially the resumption of trucks) that has been affected by the epidemic. The flow of people and logistics have not been fully opened.The lack of necessary conditions for enterprises to resume production.Under such circumstances, it is ineffective to use stimulating demand to solve problems such as sufficient supply, poor logistics, and difficulty in resuming production and resumption of production.Even after the end of the epidemic, companies started to resume production, and the use of stimulus policies could not solve the problems of the Chinese economy.What are the prerequisites for the stimulus policy?It is because stimulus policies have an enlarged multiplier effect, but now the multiplier effects of stimulus policies are getting smaller and smaller-in fact, we have found in research that the multiplier effects of many stimulus policies are less than one.If the multiplier effect of the stimulus policy is getting smaller and smaller, and the investment efficiency is getting lower and lower, how can the government’s investment achieve the effect of four or two thousand pounds, and how can it stimulate economic growth?In my opinion, it is not necessarily effective to engage in “large-scale” infrastructure investment like 2008 to stimulate economic growth, and it cannot solve the current problems of the Chinese economy, so it needs to be carefully considered.”The focus of government investment should shift from rigid infrastructure investment to soft social investment.” Sauna Yewang: Do you not admit that economic growth is driven by infrastructure investment?Liu Shangxi: The government-led infrastructure investment is very important. I have no objection to the government’s investment in infrastructure.But the question is how large-scale is the government’s infrastructure investment, investing in certain fields and projects?The current Chinese economy is aimed at expected development. Around this goal, the focus of government investment should shift from rigid infrastructure investment to soft social investment, from investment in things to investment in people-this includes both public healthInvestment, people’s livelihood improvement investment directly related to people’s lives, also includes investment to enhance human capital-instead of the previous investment stimulus mainly for the purpose of stimulating economic growth.In particular, the Chinese economy pursues long-term development, and innovation-driven development needs to be based on and replaced with expected human capital.However, human capital with the largest number of people is precisely one of the biggest shortcomings of current growth and development-the lack of human capital accumulation and inequality has led to a gap in capacity, unequal opportunities, and further led to the widening gap between rich and poor.At the same time, in the context of an aging population, investment in human capital has become more urgent and important than ever.Therefore, the government should increase investment in human capital construction to improve people’s basic cultural qualities, labor skills, social moral standards, and health qualities.In the short term, including social investment in human capital investment can expand demand, and in the long term, social investment can improve supply.In this way, social investment can not only solve the problem of short-term economic growth, but also take into account the requirements of China’s long-term transformation and development, and organically combine short-term stable growth and long-term transformation and development.If we only consider the requirements for realizing steady growth through large-scale infrastructure investment, we may involuntarily divide the requirements for economic scale development.”Infrastructure investment around urbanization should follow people” Sauna Yewang: But the current consensus in the economics community is that there is still huge room for urbanization, and many people invest in infrastructure around urbanization.Liu Shangxi: There is still huge room for development in urbanization, I think there is no problem.Infrastructure investment can make a fuss about urbanization, but it needs to focus on urban agglomerations, metropolitan areas and central cities-because population, manpower, and resources are all spatially concentrated in this direction.At the stage of urbanization that has not yet been completed, society is a dynamic, mobile society, and people are moving towards cities.In this case, even the rigid infrastructure investment around urbanization should be based on the needs of “people”, the flow and distribution of people-where do people go, and where do infrastructure investments and public services follow?, Not the other way around.Without considering the mobility of people and the development trend of urbanization, static layout according to the registered population will only result in a waste of investment.For example, many villages have implemented village-to-city links, but too many villages may be empty in a few years, and many people have moved to work and live in cities.Therefore, infrastructure investment and public services cannot be considered and arranged according to the regional distribution of static household registration population.In the past, the title of leaning resources to underdeveloped areas and leaning to poor areas was no problem, but from the perspective of the current urbanization process, this meaning is not accurate-the population has already gathered in cities and developed areas, focusing on urbanization’S infrastructure investment is indeed forward-looking, and accordingly “follow people” instead of investing everywhere.”There are very few new infrastructure projects that the market can’t participate in.” Sauna Yewang: What do you think of the new infrastructure that has been clamoring recently?Liu Shangxi: The so-called new infrastructure is mainly digital infrastructure. This has a very important question: Should the investment in the new infrastructure be led by the government or market intervention?At present, the market itself is investing in digital infrastructure such as 5G, artificial intelligence, cloud computing, and data lakes. If the government invests instead of the market, it may be inappropriate.In the digital infrastructure investment, we must deal with the relationship between the government and the market, and let the market play a decisive role in the allocation of resources before considering how the government can better play its role.The government must not intervene, interfere with or even destroy the market ‘s decisive role in the allocation of resources. If the government deviates from the basic principle that the market plays a decisive role in the allocation of resources, large-scale stimulus will not solve the current economic downturn in China.This problem, at the same time, brings greater risks to the Chinese economy-this is not to suppress the risk, but to manufacture or even expand the risk, causing the risk to further escalate.It is conditional for the government to function better. If these conditions are not clear, the government will become blind. The result is self-evident.Sauna Nightnet: Are all new infrastructure projects invested in a sustainable market?Liu Shangxi: Infrastructure investment projects can be divided into three categories: projects with expected investment in the market that do not require government participation in investment; projects that the market is unwilling to participate in and require government investment; projects with partial market participation and government intervention in investment.If the project portfolio is implemented and a new infrastructure construction model is adopted, the market cannot participate very little.The rapid development of domestic infrastructure is precisely due to the full use of market forces, and construction by government investment alone cannot reach today’s level.With the improvement of traditional infrastructure and the construction of new-type infrastructure, especially digital or information infrastructure, the market plays a leading role in it, and the scope of government and market promotion is constantly changing.In my opinion, the market is completely non-existent and there are very few so-called new infrastructure projects that cannot participate in investment at all.It is possible to advocate new infrastructure, but it should be transformed by the market.The technical content of digital infrastructure is very high, and the forward-looking requirements are also very high. The government may not have an advantage over the market. The government is mainly for strategic guidance, strategic coordination and creating conditions.”The government should make the issue of investment enthusiasm in conflict markets a top priority.” Sauna Yewang: But the enthusiasm of most private investment is not high.Liu Shangxi: Many factors now lead to low market investment enthusiasm, and private investment is growing rapidly. At this time, the government will play a role and create better environmental conditions for market investment.The government should make solving the problem of investment enthusiasm in conflict markets a top priority, and should focus on solving the problems of plugging, difficulties, and pain points encountered by social capital in the investment process.It is necessary to sort out exactly what factors are interfering with the market’s enthusiasm for investing in the market. If the market mechanism is not perfect and the business environment is not perfect, then we must make great efforts in these areas and make the greatest efforts.If we do n’t work hard in this regard, and when the market investment is sluggish, the government will charge forward and the government charges ahead, blindly resisting government forces to expand investment to stimulate the economy to supplement the downturn in market investment, I think this is useless.Regarding investment in infrastructure, I think we must fully mobilize the enthusiasm of the market and the government. Combining both hands, digital infrastructure investment should go in this direction-this can alleviate the risk of local debt.At the same time, it can optimize resource allocation.This requires innovatively handling the relationship between the government and the market, starting from reality and creating a new model of construction that includes market forces.At present, we should innovate and develop the PPP model, form an effective carrier of social capital and local government cooperation, and mobilize the enthusiasm of social capital to a greater extent.For example, the developmental government-society cooperation (developmental PPP) model that has been formed in practice provides a new path for local governments to break through debt through development.When we explored the localities, we found that the local government mobilized social capital to participate in the construction of infrastructure through the mode of government-social cooperation.But after the local government issued special bonds on a large scale, a lot of social capital was squeezed out.Of course, there are irregularities, but you can waste food because of choking.Under the current trend, it is necessary to avoid the emergence of this expansion effect, otherwise it will inhibit the role of the market, and it is not conducive to the cultivation of new economic momentum.The economy of the mainland of China has reached the level of 100 billion, and it is increasingly necessary to fully mobilize the initiative and creativity of the broad masses of the people.With the people as the center, the market mechanism is an effective carrier. If there is a more complete market mechanism, it can rely more fully on the people to develop the economy.In short, I am not opposed to stimulating economic growth through investment, but the problem is that investment is used to spur economic growth in some way.I think that we must rely on market investment to promote economic growth, and the government must create good conditions for market investment, accelerate the reform of the market economic system and business environment, and thus mobilize the enthusiasm of private investment.If the government is not the next level of effort to solve the obstacles and problems encountered in market investment, or implement a short-term expansion stimulus policy, invest in projects, I think this is the end of the book.”The market plays a role in the field of digital infrastructure to transform old kinetic energy into new kinetic energy.” Sauna Yewang: Can the new infrastructure investment carry the banner of steady growth?Liu Shangxi: At present, China’s economy is shifting from rapid growth to development. An important point in the transformation and development is to change the situation of insufficient new kinetic energy and low technological content.This requires a digital technology revolution, and the digital technology revolution requires digital infrastructure to support it.In these new infrastructure areas, the market can play a huge role in transforming old kinetic energy into new kinetic energy and enhancing the momentum of economic development.How can we better stimulate the power of this economic development?There are also some specific problems that need to be solved.Now the construction and investment of digital technology platforms are developing the best. The fastest is in the market. In enterprises and governments, the application of digital technology is quite lagging behind, far behind enterprises, but affecting the construction of enterprises in digital infrastructure.And investment.For example, market investment in digital infrastructure requires a comprehensive grasp of large amounts of data, and various government departments are data islands, and society cannot share these data, which will affect the market’s investment in digital technology platforms to a certain extent.For example, the construction of digital financial infrastructure has been extended to the segmentation and closure of government data.For investment in digital infrastructure, the government should provide better services to the market-provide planning, standards, laws, promote the replacement of government information, connect big data in various departments and gradually open to the market.If these can be achieved, it can reduce the market’s investment in digital infrastructure, whether it is to promote economic growth or development, improve the level of social governance, and facilitate the people, etc., will have a great role.Sauna, Night Net Editor Hou Runfang Chen Li proofreading Chen Diyan

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Wingtech (600745) 2019 Interim Report Review-Strengthening the Headquarters’ Revenue-generating Capabilities, M & A Acceleration
The company released its 2019 Interim Report and achieved 114 revenues.34 trillion, +110 a year.71%, net profit before and after deduction is 1 respectively.96/1.390,000 yuan (-1 year ago).77 / -1.9.4 billion), successfully turning losses into profits.In addition, the company’s acquisition of AXA is progressing smoothly. It is expected to build a smart terminal ODM and semiconductor two-wheel drive development model in the future. It will continue to be optimistic about the company’s long-term development and maintain a “buy” rating. ODM demand is strong and the ratio of self-production / self-purchase has increased, and the company’s revenue and performance have achieved high growth.The company achieved revenue of 114 in the first half of 2019.34 trillion, +110 a year.71%, net profit before and after deduction is 1 respectively.96/1.390,000 yuan (-1 year ago).77 / -1.9.4 billion), successfully turning losses into profits.In the first half of the year, in the context of the sluggish global mobile phone sales, the company’s ODM business performance has improved significantly, mainly due to the increase in ODM orders by Samsung, OPPO, VIVO and other manufacturers (the three orders are all in the order of one million or more).ODM leaders took the lead in benefiting, and at the same time, the company’s new mobile PC project equipped with the Snapdragon 850 platform was recognized by consumers, exceeding expectations.In addition, the company continues to increase the proportion of self-made and outsourced orders. The manufacturing / purchasing revenue generation ability of the three major ODM alternatives is much higher than pure design, which is another important reason for the company’s revenue and performance improvement.Looking forward to the future, the company cooperates with Qualcomm to pre-research 5G, set up factories overseas to double its production capacity, and the ratio of self-produced / self-purchased continues to increase. We believe that the company’s ODM revenue-generating capacity will continue to increase.According to company guidelines, the net profit attributable to mothers in the first three quarters of 2019 is expected to reach 4.3?5.10,000 yuan, corresponding to Q3 performance center is 33.6 times. Mergers and acquisitions have led to an increase in financial expenses, but the expense ratio and cash flow have improved significantly.In the first half of 2019, the company’s gross profit margin was +10 for ten years.2 to 8.3%, basically unchanged.On the expense side, the company added a lot of expenses to M & A and restructuring Anshi (19H1 interest-bearing resistance was $ 4.5 billion), resulting in an increase in financial expenses of +119.39% to 2.08,000 yuan (the company estimates the budget interest expense is 4.300 million).Under the pressure of financial expenses, the company’s sales / management / R & D expenses were well controlled, and the three expense ratios of 19H1 became -0.4 / -1.3 / -2.1pcts, the overall period cost rate is reduced by -3.8 cases, which helped the company’s performance significantly improve.There is no difference, the value of the company’s operating cash flow / net profit is 2.27 increased to 5.26, indicating that the company’s order quality has been further optimized. The real estate business is gradually decreasing, improving the quality of earnings while providing cash flow for mergers and acquisitions.In 2018, the three-year agreement between the company and Yunnan Provincial City Investment Co., Ltd. plans to sell the real estate business equity and debts, at least 14 respectively.9/4.700 million.At the end of June 2019, the provincial capital of Yunnan Province had paid the first batch of coins12.10,000 yuan, relevant assets are being delivered in an orderly manner.As the real estate business is expected for a long time, we believe that the company’s replacement of this business is expected to improve the company’s overall profitability, and at the same time withdraw some funds 北京桑拿洗浴保健 to ease the financial pressure brought by the acquisition of Anshi. Guidance for the acquisition of AXA is progressing as planned, creating an ODM and semiconductor dual-drive engine.The company is currently acquiring 80% of the equity of the world’s largest standard semiconductor device supplier, Anshi Group, which is the original NXP (NXP) standard product department, which specializes in logic, discrete devices and MOSFETs, and adopts the IDM production model, which reduces annual output by about 100 billionIt has a global market share of about 14%, and its downstream applications cover automotive electronics, industry, and consumer electronics. In 2016/17/18, it realized revenue of 7.79 billion / 10.4 billion and net profit of 8%0/8.2/13.400000000.The merger and acquisition plan has been reviewed by the Securities Regulatory Commission, and it is expected that the company is expected to achieve the consolidation of Anshi on schedule.At present, trade frictions have exacerbated the domestic demand for controllable autonomy of semiconductors. After the consolidation of AXA, it has benefited and replaced the trend, becoming another major growth engine outside the company’s ODM business.

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Comment on the recent situation of Lianhua Technology (002250)
Business situation: The company’s main industrial business is divided into three major sections: pesticides, pharmaceuticals and functional chemicals.In the first quarter of 2019, the company achieved revenue of 12.64 ppm, an increase of 27 in ten years.31%; net profit attributable to mothers1.52 ppm, an increase of 152 in ten years.89%.The substantial growth of the company’s performance was mainly due to the gradual resumption of production of its subsidiaries, Jiangsu Lianhua and Yancheng 失败:重查 Lianhua. The company’s pesticide business resumed growth, and its industrial business increased by 26 over the same period last year.77%. Domestic custom processing leader, strategic supplier of international giants.The company adopts contract development and processing outsourcing model (CDMO), and has a comprehensive chemical synthesis technology platform, which can provide one-stop customized production services for products in different life cycles.At present, the company has established strategic cooperative relations with multinational companies in the field of pesticides and pharmaceuticals. At the same time, its production and services have gone deep into the product development stage, and it has stocked more than 20 pesticide products and more than 50 pharmaceutical products. The pesticide business resumed growth and the pharmaceutical business developed rapidly.Multinational companies seeking customized enterprises to expand production bases are a major trend in the development of the industry. The transformation into Jiangsu Lianhua and Yancheng Lianhua will gradually resume production, and the company’s pesticide business will resume growth.In addition, the pharmaceutical projects that the company raised in 2015 will be put into production successively from 2018 to 2019. At the same time, 14 new pharmaceutical intermediate projects have obtained environmental assessment, and the company’s pharmaceutical business will usher in explosive growth. Technological innovation has obvious advantages, and the industry is leading in terms of production technology.The company has established a multi-level R & D platform, and its technology center was recognized as a national enterprise technology center in 2016. In addition, the company’s production technology level is leading in the industry. At present, the necessary cGMP and innovation / technical capabilities have been established. Both the Jiangkou factory and the British factory have passed FDA audits, and are capable of providing customers with one-stop service for development and manufacturing. Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.48 yuan, 0.51 yuan, 0.61 yuan, corresponding to the current expected dynamic PE is 22 times, 21 times, 18 times, respectively, given an “overweight” rating. Risk analysis: The construction progress of the project is slow and the environmental protection ability is less than expected.

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Chenming Paper (000488): 100 cationic chemical pulp production capacity was approved, raw material self-sufficiency rate continued to increase

Event: The company’s 100 free radical chemical pulp project was approved by the Environment Bureau.

The company adjusted the annual output of 40 tons of bleached bleached sulphate chemical wood pulp to 100 tons of bleached sulphate chemical wood pulp, all of which were digested by the group.Approval of the environmental impact report of the bleached sulfate chemical wood pulp project of the limited liability company.

As of May 13, the project has been successfully put into production.

Wood pulp is expected to achieve more than 90% self-sufficiency, reducing the cost pressure of the company.

Terminating at the end of 2018, the company’s total wood pulp production capacity was 328 initially.

According to the company’s capacity planning, in 2019, the production capacity of cultural paper is 688 tons, corresponding to the total demand for 462-inch wood pulp. The company’s Shouguang Meilun 40-inch chemical pulp and Huanggang Chenming’s 30 chemical pulps have been trial-production in 18 years.The company’s raw material self-sufficiency ratio will reach 86%.

The company’s 100 mm wood pulp production project has been approved 上海夜网论坛 by the Environmental Protection Agency. In the future, the total wood pulp production capacity will reach 460 mm, and the self-sufficiency rate of wood pulp will be increased to more than 90%.

At present, the price of wood pulp is at a historically high level. It is estimated that the cost of self-sufficient wood pulp is about 1,000 yuan / ton lower than the outsourcing, which reduces the company’s cost pressure, and the corresponding gross profit margin is 3pct.

The market price of pulp may remain firm, and the company’s performance elasticity is prominent.

Last week, the Brazilian parrot announced a reduction in broadleaf pulp production by 100?
150 tons, equivalent to its monthly output, to reduce the current level of wood pulp stocks.

The overall supply and demand structure of the global wood pulp is tight.淡水桑拿网 According to our calculations, the Brazilian parrot accounts for about 40% of the global broad-leaf pulp supply, and the restriction on output has to some extent supported the pulp price.

Rising pulp prices will drive up the prices of wood pulp-based finished paper. The pulp mill owned by the company can maintain relatively stable costs and sell finished paper at high prices, increasing the profit margin and highlighting the flexibility of performance.

The financial leasing business was gradually divested and the cash flow situation began to improve.

The total size of financial leasing assets in 18 years has decreased by 24 each year.

9% to 20.2 billion US dollars, of which due within one year and long-term receivables fell, indicating that the company has started to stop external loans.

The company’s cash flow from operating activities began to normalize in 17Q3, and US $ 6.1 billion in financing leases were restored in 18Q4. The net operating cash flow for the year 18 increased by 5.

9 times to 14.1 billion yuan.

In 18 years, the cash flow of fundraising began to drop sharply, the company expanded the scale of borrowing, and expanded and increased repayment efforts.

In 18 years, progress has been made in reducing the balance sheet, and the ability to repay debt has gradually been optimized.

The company recovered 61 million US dollars in financing lease payments in 18 years to repay short-term loans and increase bank guarantees while replacing cash. As a result, the company’s actual risk exposure was reduced by about 3 billion.

By excluding the company’s financial leasing assets and non-interest-bearing debt to calculate the company’s actual asset-liability ratio, it can be found that the company’s actual asset-liability ratio has gradually decreased in 18 years4.

3pct to 71.


18 years to repay US $ 2.6 billion in perpetual debt, reducing pressure on future repayments.

The company’s 18-year net investment cash flow is downgraded by 51 each year.

0% to 17.

79 ppm, 18Q4 investment activities returned positive cash flow, the company’s investment activities began to shrink, and the future asset and liability structure promoted optimization.

The company gradually expanded its financial leasing business, improved cash flow, optimized and improved asset structure, and focused on the main business of deep plowing papermaking. In 19 years, papermaking is expected to enter the stock market, and the prosperity of pulp and paper products has recovered.Highlighted, maintain “Buy” rating.

Expected company 19?
Net profit attributable to mothers in 21 years23.



07 trillion, short-term move -7.

8% / 30.

0% / 20.

0%, corresponding to PE 6.

9X / 5.
3X / 4.

4 times.
Risk warning: the risk of fluctuations in raw material prices, the risk of fluctuations in paper prices, the risk of continued deterioration of cash flows, and the risk of impairment caused by the transfer of financial lease business.

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East China Pharmaceuticals (000963) Annual Report Comments: Performance Exceeds Expectations R & D and Internationalization Progressive

Recently, East China Pharmaceutical announced its 2018 annual report, reporting and realizing operating income of 306.

6.3 billion, an increase of 10 in ten years.

17%, net profit attributable to parent company22.

67 ppm, an increase of 27 in ten years.

41% (after deducting non-growth 28.


Profit forecast: We maintain the investment logic of East China Medicine in the Air Force’s in-depth report “The New Journey of High Quality White Horse”, that is, the company is a leading company in the field of internal endocrine and immunosuppressants.Linghe Acarbose continued to grow steadily and rapidly, and there is no room for growth in the medium term. It has benefited from the adjustment of the medical insurance catalogue for a long period of time.

The company’s advanced production capacity and the progress advantage of consistency assessment further increase the market share of acarbose with better price maintenance.

Continuously enriching product lines + international strategy is expected to enhance the company’s expected level.

We adjust the company’s profit forecast and predict that the company’s EPS for 2019-20淡水桑拿网21 will be 1.

93, 2.

37, 2.

88 yuan, corresponding to the closing price on April 18, its 2019-2021 estimates are 17, 14, 11 times.

The company’s estimation level is not high, the performance of rapid growth is strong, and the product line is constantly enriched. When the downlink growth rate and the number of varieties that match the estimate are low, we maintain the “Buy” rating.

Risk warning: product sales are lower than expected, new product development is slower than expected, and various varieties are beaten by competition, and commercial sectors are affected by policies.

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Haixiang Pharmaceutical (002099): 19Q1 Achievements, Prospects and Future 杭州桑拿 Growth

The company released the 2019 first quarter report: 19Q1 achieved operating income8.

300 million (+ 36% year-on-year.

2%), net profit attributable to shareholders of listed companies.

0 million yuan (YoY + 352.

3%, QoQ + 65.

6%), the transcendence and QoQ improved significantly.

At the same time, the company released a semi-annual performance forecast, which is expected to achieve net profit attributable to the mother of 4.


0 billion (YoY + 63.


3%), corresponding to the net profit attributable to the mother in the second quarter of 19Q22.


0 billion (QoQ + 22.


5%), mainly due to the increase in sales of clindamycin hydrochloride series products in the international market, and the scale of new dye product business continued to expand.

The two main businesses of 杭州夜生活网 medicine and dyes have obvious competitive advantages.

1) Dye sector: improve the industrial chain upstream and downstream to achieve the advantages of industrial chain integration, and have formed a complete industrial chain from basic chemical raw materials, intermediates, filter cakes, and commercial dyes, with key intermediates as the core and expanding serialization, An integrated product line to build the company’s core competitive advantage.

2) Pharmaceutical sector: In 2018, Penan series conducted strategic cooperation with major international customers. The clindamycin series products passed the European and American high-end market certification. The international high-end market has grown rapidly, and the market for downstream pharmaceutical customers has been gradually reduced. The demand for upstream APIs has continued.increase.

After the Xiangshui incident, dyes and intermediate industries tightened, and quotations continued to grow.

The domestic dye industry’s production capacity is concentrated in Jiangsu and Zhejiang. Recently, Jiangsu Province has issued a policy to implement a high-standard chemical industry improvement plan, which will affect the supply and demand pattern of the dye industry, reduce the supply side, and the price of dye products will increase.improve.

New capacity is expected to be launched in the second half of the year, injecting new growth into the company.

According to investor relations records, Taizhou advances 1.

55 A series of reactive dye project infrastructures have been completed and equipment is being installed. It is expected that they will be put into production in September 2019. The new production capacity will be gradually released in the future to promote new momentum for the company’s performance growth.

Profit forecast and investment rating: The company’s dyes sector has the advantages of industrial chain integration, benefiting from the rising prices of dyes and intermediates due to the tightening of security supervision, and the new capacity is expected to bring new growth in the second half of the year.

The first coverage is given a “Buy” rating, and the EPS is expected to be 0 in 19-21.



17 yuan, corresponding to PE is 12/9/8 times.

Risk warning: product price fluctuation risk, new project progress is less than expected, environmental protection and production safety risks, etc.

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Egg shell cure small recipe


Make the skin smooth and smooth. Collect the layer of egg white in the egg shell, add a teaspoon of milk powder and honey, mix into a paste. After washing your face at night, apply the adjusted egg paste to your body. After 30 minutes, wash off.This method is relatively smooth and smooth on the facial muscles.


The egg shell for treating pediatric osteochondrosis contains more than 90% of calcium carbonate, sodium carbonate, hydrogen phosphate and other substances. It can be taken orally and can be used to treat pediatric osteomalacia.


There is a thin layer of egg film on the inside of the egg shell.

When a certain part of the body is burned, you can lightly beat an egg, peel off the egg film, and apply it to the wound. After about 10 days, the wound will heal.

Another advantage is that it can relieve pain after application.


Anti-inflammatory and analgesic can be applied by rubbing the egg shell into the end and applied to treat wounds and reduce inflammation.


To improve stomach pain, wash and break the egg shell, add it to a wok and stir-fry the yellow (not fried), then grind it into powder, the finer the better, take one egg shell per day, 2 times?
Take it 3 times with water before or after meals. It has analgesic and acid-producing effects on patients with duodenal ulcers and stomach pains and hyperacidity.

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Essentials of Living in Spring

Appropriate to sleep late, get up early, go out for a walk, in order to adapt to the vitality of spring, draw the vitality of nature, so that people maintain a vigorous energy.

This is because the Yang Qi rises, the human body’s blood and blood tends to the surface, the circulatory system functions are enhanced, the blood supply at the peripheral skin and sweat glands are increased, and the load on various tissues and organs is increased, so the central nervous system produces a sedative and hypnotic effect, which makes the bodyBeing sleepy, it is not easy to wake up in the morning, and then drowsy after waking up. This phenomenon is commonly known as “spring sleepiness”.

  To adapt to this physiological change, you can get up early to stretch your body.

However, the elderly and the sick need to be flexible in accordance with their own situation.

As the temperature gradually rises, various pathogenic microorganisms such as bacteria and viruses also begin to grow, reproduce and spread diseases at the same time, so pay special attention to indoor hygiene at this time, and keep the indoor air fresh and sunny to prevent commonThe occurrence of flu, meningitis, and mumps.

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How to say “bye” to the bags under the eyes

Beauty plum is a bit annoyed lately: staying up late every day for overtime makes her work with two big bags under her eyes every day.
When colleagues saw her, they always said sympathetically: “It’s working overtime again. It looks good.
And the boyfriend pretended to carelessly reminded: “Why drink a little water at night?”
“As a great beauty who had” zero tolerance “on her appearance defects from an early age, every time Li Zi heard these seemingly concerned words, she was always angry.
How to say “bye” to SAY bags under the eyes has become a top priority for plums.
Indeed, the problem under the eyes is the one that bothers men and women most.
Eye bags appear in the center of a person’s face, and they will be seen at first glance. Two large bags under the eyes will make the face lose balance and coordination, giving a feeling of old-fashioned dragon bell.
The most depressing thing is that bags under the eyes appear with age, and it is unrealistic and impossible to avoid bags under the eyes, unless you are a child of Tianshan.
In response to everyone’s concerns, the reporter visited relevant experts in plastic surgery salons, hoping that you can say goodbye to bags under the eyes as soon as possible.
  The earlier the bags under eyes are treated, the better. Many people have bags under their eyes, and they want to delay and deal with them. The idea is to “wait for old ones and then solve them all at once.”
Regarding this kind of thinking of beauty seekers, Jiang Yulu, the director of the Chinaplasty Plastic Surgery Hospital, said, don’t wait until the bags under the eyes have become very serious before thinking about the bags under the eyes.
According to Jiang Yulu, the formation of bags under the eyes is caused by a variety of factors: heredity, orbital septal relaxation caused by orbital septal fat due to gravity, and eye fatigue can form bags under the eyes.
Young people’s bags under the eyes are mostly genetic factors, and middle-aged and elderly people are mostly caused by natural skin relaxation, but in general, the formation mechanism is not much different.
  Starting from small things, reducing bags under the eyes and protecting the face is a compulsory course for a woman’s life.
Starting from the usual little things can also reduce your chances of meeting with bags under the eyes.

1: Guarantee adequate sleep.
Drink less water before going to bed, and raise the pillows appropriately to allow the water that easily accumulates on the eyelids to be dispersed by blood circulation.
  NO.2: Often gently massage the eyelids, and gently press with the ring finger in the center of the belly of the eyes, and persevere to alleviate the problem of eye puffiness.
  NO.3: Eat carrots, tomatoes, potatoes, animal livers, beans and other foods rich in vitamin A and vitamin B2 appropriately to balance the nutritional structure in the body.
  NO.4: Stick figs or cucumber slices on the skin under the eyes before going to bed, and stick to it to get the good effect of reducing the bags under the eyes.
Tea can also be made by immersing papaya and mint in hot water, which is often applied to the skin under the eyes after cooling.
Papaya tea not only relieves the fatigue of the eyes, but also reduces the effect of the pouch under the eyes.
  See clearly, don’t use lying silkworms as bags under the eyes. I see so many coups to remove bags under the eyes, do you want to immediately remove all the fat under the bags under the eyes?
Don’t panic first, you have to figure out first, whether the fat under your lower eyelids is a bag under the eyes or a “lying silkworm” with the symbol of peach eyes.
Don’t know what is called “lying silkworm”?
听听专业医生的解释吧,“部分人在下睑缘睫毛下方,从内眦至外眦有一圆形突起,这并非眼袋,而是由于眼轮匝肌肥厚所致,称之为‘眼轮匝肌圆枕’,有学者认为这是下睑的美学标志。”If you think the doctor’s explanation still makes you foggy, just listen to their” translation “.
According to reports, the lying silkworm is a strip-shaped bulge of about four to seven millimeters next to the lower edge of the eyelashes, which looks like a baby silkworm lying on the edge of the lower eyelashes.
Even if a person with a lying silkworm does not laugh, it looks as if the eyes will laugh, and it seems very friendly. If you laugh, the slightly lying “lying silkworm” will form an upward curved curve, which feels more flattering.
According to the ancient doctrine theory, a good “lying silkworm eye” exudes a natural pink or yellow runny luster, and a person with a “lying silkworm eye” plumpness may be assisted by a “noble person” and there will be “peach blossom luck”.
Therefore, people with lying silkworms have a good heterosexual relationship. If you are lucky enough to have two “silkworms” in your eyes, please cherish them.

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