Yangtze Power (600900): Completion of power generation plans in 2019

Yangtze Power (600900): Completion of power generation plans in 2019
The company’s recent situation Yangtze Power released the 2019 power data announcement: the total power generation is 210.4 billion kWh (-2 per year.3%), of which the Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba achieved 969, 191, 608, and 33.7 billion kWh, respectively, 都市夜网 to -4.7%, +4.2%, -2.7% and +1.9%. Comments on the preliminary power generation to complete the company’s plan, the power in the fourth quarter fell slightly.In the case of weak water in the calendar year 2019 (Xiluodu, the Three Gorges, respectively, are withering 19 compared with the same period.8% / 5.6%), the company’s power generation in 2019 still achieved 210.4 billion kWh (multiple slight reductions of 2.3%), completed the annual power generation plan of 210 billion kWh, reflecting the company ‘s hydrological forecasting and joint dispatching capabilities, which is basically in line with our expectations. In the fourth quarter, the company’s total power generation fell slightly twice.2%, of which the Three Gorges, Xiluodu, and Xiangjiaba were reduced by 2.1%, 2.2%, 3.7% to 221, 156, 8.1 billion degrees, while Gezhouba increased to 0.3% to 4.4 billion degrees. In 2019, the power purchase and sale contracts were initially completed, and the electricity price model was basically stable.Recently, the company has completed the annual contract on the amount of power generation, and the contracted power amounted to 200 billion kWh, accounting for 95% of the company’s total power generation.From the perspective of the substations, the contract charges of the Three Gorges, Gezhouba and Xiluodu to Jiajiaba were respectively 905, 177, 590, and 32.8 billion degrees, which are basically the same as last year, accounting for 93% and 93% of the four generators’ power generation in 2019, 97%, 97%. In terms of electricity prices, the contracted electricity price has remained stable. The Three Gorges and Gezhouba are still implemented in accordance with the original state policy.5?11.4 yuan / MWh.Excluding the impact of the reduction in growth rate from 16% to 13%, the captain of the right bank of Xiluodu will reduce the electricity price without tax by 0.9 yuan / MWh (accounting for the original tax-exclusive electricity price of 0.3%), and Xiluodu left bank units and Xiangjiaba downgraded by 3.2 yuan / MWh (accounting for 1.2%), the impact is significant and limited.In the purchase and sale of electricity from Xixiang, the price of electricity involved in market-oriented transactions has not yet been determined, and will be determined according to the market-oriented transactions of the province receiving electricity. Estimates suggest that we keep the company’s profit forecast for 2019/20 unchanged, while 武汉夜生活网 dating the profit forecast for 2021.07 yuan (not considering the injection effect of Wubai unit).The company currently corresponds to a P / B ratio of 2 in 2020/21.6/2.4 times, dividend yield 3.5% / 4.0%.We maintain our Outperform rating on the company with a target price of 19.8 yuan, which is 6 compared with current expectations.Upside of 6%, corresponding to 2020/21 P / E ratio of 2.8/2.6 times, dividend yield 3.3% / 3.8%. Risks came in less than expected, and electricity prices were lowered.

Tianfeng Strategy: To what stage is the sentiment of GEM in the name of turnover rate?

Tianfeng Strategy: To what stage is the sentiment of GEM in the name of turnover rate?

Source: Analyst Xu Biao’s core point of view In the current structure of the liquidity and capital-driven structured market, estimates and fundamentals have limited short-term interpretation speeds. Some indicators of transactions and liquidity are worth paying attention to:Circulation market value), historically, the GEM turnover rate has exceeded 5% four times: 1) 2015/3/17?
2015/4/13, during this period of 19 trading days, the turnover rate remained at about 5%, and the GEM KLCI rose by 26%, and the index fluctuated in the following one-month period; 2) 2015/5/11?On 6/4/2015, the GEM turnover rate for the 18 trading days in the range remained at about 5%, and the maximum growth of the GEM KLCI was 39%, after which the index entered the top area; 3) 2015/10/12?
2015/11/30, during the 33 trading days during the period, the GEM turnover rate remained near 5%, and the GEM rose the highest at 35%, and then entered the top area; 4) 2019/2/25?
On March 13, 2019, the turnover rate of the 12 trading days during this period remained at about 5%, and the index’s maximum increase was 20%. Subsequently, the GEM KLCI entered the top area; back to the current time, the GEM turnover rate has continued to 6This trading day hovered around 5%, and the ChiNext Composite Index rose by 7.


  2. It is recommended to pay attention to Shibor, R007, DR007 in terms of capital prices. From February 3, Shibor, DR007 began to fall horizontally. It is currently oscillating at the bottom, and the current liquidity is still excessive.

  In addition, the data shows that the fund ‘s circulation last week reached a new high in four years (2016 to date), and our report on February 19, “Do Explosive Funds Mean Emotional Peaks?

How much incremental funding does technology stocks have?

“The following points have been put forward: 1. From the historical situation, the high point of phased issuance does not correspond one-to-one with the phased apex of the market, it may also be the phased bottom of the market, and the time when the issuance of explosive funds is related to this phenomenonThe performance of market fluctuations before and after this point will not be clear-cut.

  2. The current boom in the fund market and the steady increase of new stock accounts actually reflect the trend of half-price changes in household savings deposits: under the background of the sharpening of the rise and fall of individual stocks and the higher excess yields of equity public fund productsResidents are more worried about the fund entering the market instead of directly speculating in stocks.

  3. Looking forward, in the current macro-scale excess liquidity environment, it may continue to be maintained, at least until the counter-cyclical policies are fully implemented (loans and bonds are issued in large numbers), but the liquidity released in the previous period may be extended and the most lenientThe time may gradually pass, with the possible exception of a sharp rise in the index, but the individual stocks and themes in the technology sector may continue to be active.

  (For specific perspectives, see the report “Does the Explosive Fund Mean the Top of Emotion?”

How much incremental funding does technology stocks have?

》) A week’s liquidity level can choose to turn off 14 indicators of the upcoming stock market liquidity, a strong indicator of 10 points, ABCDE corresponds to 10 points, 8 points, 6 points, 4 points, and 2 points respectively; a weak indicator halves, and ABCDE corresponds to the corresponding5 points, 4 points, 3 points, 2 points, 1 point (then 135 points, the lowest 27 points).

Finally, the rating is obtained to obtain a comprehensive rating.

  One week’s overview Last week, the gradual open market operation totaled 920 billion yuan in net withdrawals, and the price of funds continued to decline. Last week, the reverse repurchase operation was 100 billion yuan, the reverse repurchase was terminated 120 billion yuan, the MLF operation was 200 billion yuan, and no MLF expired. Last week, preliminaryThe reverse repurchase operation was 100 billion yuan, and the reverse repurchase period was 1.280 billion yuan. There was no MLF operation and no MLF expired.

Last week SHIBOR (3 months) closed at 2.

489%, down 7.

60BP; Interbank borrowing (1 day / 7 days) closed at 1.

44% / 2.

71%, a change of 5 / 11BP respectively; interbank pledged repo rate (1 day / 7 days) closed at 1.

42% / 2.

17%, with a change of 6 / -7BP, respectively; AAA + interbank deposit certificates mature yield (1 month / 3 months / 6 months) closed at 2.

05% / 2.

34% / 2.

55%, respectively -3 / 0 / -2BP.

The 3A corporate bond maturity yield (1 year / 5 years / 10 years) was 3 last weekend.

06% / 3.

39% / 3.

56%, a change of -3 over the previous week.


14 / -3.


The yield on maturity of short-term and medium-term notes (1 year / 3 years / 5 years) closed at 2 last week.

77% / 3.

06% / 3.

39%, a change of -0 from the previous week.
29 / -3.



  The Securities Regulatory Commission issued three IPO approvals, and the fund’s issuance share reached a new high of four. Last week, the Securities and Futures Commission approved 3 IPO approvals, without announcing the amount of funds raised, and 0 IPOs of the Science and Technology Innovation Board were approved. Last week, the Securities and Futures Commission approved 2 approvals.No amount was raised, and one IPO of the Science and Technology Innovation Board was approved.
In terms of the establishment date, last week, a total of 18 ordinary stocks + partial stocks / balanced hybrid + flexible allocation funds were issued, a total of 566.

8.5 billion copies, a record high since 2016; the distribution last week was 173.

34 billion copies.

  Net reduction of industrial capital 53.

6.2 billion, continued inflow of capital from the north: industrial capital increased last week11.

8.5 billion, down 65.

4.7 billion yuan, a net reduction of 53.

6.2 billion yuan; last week, industrial capital increased by 9.

7 billion, a reduction of 105.

7.1 billion yuan, a net reduction of 96.

10 billion.

The inflow of funds from the Shanghai Stock Connect last week12.

3 billion, Shenzhen Stock Connect inflow of funds52.

6.4 billion, a total of 64 inflows.

94 billion.

Last week, Shanghai Stock Exchange circulated funds 49.

1.9 billion, Shenzhen Stock Connect suffered funds5.

4.9 billion, with a total inflow of 43.

7 billion.

  In terms of market activity: As of February 21, the balance of margin financing and securities lending was 10828.

38 billion yuan, accounting for A shares in circulation 2.

14%; On February 14, the balance of margin financing and securities lending was 10,389.

50 billion, accounting for A shares in circulation 2.


Last week the total A turnover was 5.

17 trillion, with an average of 10344 per day.

4.6 billion, as of February 21, financing purchases accounted for 10%.

4%; last week’s total A turnover of 4.

12 trillion, with an average of 8237 per day.

4.0 billion, as of February 14, financing purchases accounted for 10%.


  Among the other indicators we are focusing on: As of February 21, the February merger and reorganization plan was listed on the market 3 (among which passed, 2 failed), with a pass rate of 33.

3%; 5 companies were listed in the merger and reorganization plan in January (4 of which passed and 1 failed) with a pass rate of 80.


  A summary of the important data of the week: “Position since this year” indicates the relative position of the indicator since the trend this year.

  Detailed chart and description1, capital requirements / funds available1.
1 Stock financing / M & A and reorganization tracking indicators: IPO, M & A and reorganization meeting, the entire market equity financing scale1.

2 Tracking indicators for lifting of sales restrictions: 上海夜网论坛 lifting of sales restrictions 1.

3Trading cost tracking indicators: transaction commission and stamp tax2, fund supply / funding inflow2.

1 Market transaction tracking indicators: new investors 2.
2Fund issuance (common stock type + partial mixed fund) tracking index: fund issuance (common stock type + partial stock / balanced mixed type + flexible allocation type) 2.

3 Tracking indicators of industrial capital increase and decrease: important shareholders increase or decrease their holdings 2.

4Following indicators for leveraged funds (two financings): margin financing and securities lending 2.

5 Tracking indicators for overseas funds: Shanghai-Shenzhen-Hong Kong Stock Connect.

6 Tracking indicators of the distribution of funds inflow: net capital inflows 3, market sentiment / earnings effect 3.

1 Volatility / risk tracking indicator: CBOE Volatility 3.

2 Participation / activity tracking indicators: turnover rate, financing purchase amount, open-end fund stock investment ratio 3.

3 Style Index Tracking Index: Shenwan Large / Medium / Small Cap Index 3.

40% discount premium tracking indicator: AH discount premium, block trade 3.

5 Stock index futures signal tracking indicators: stock index futures discount, long-short ratio of 4, interest rate and exchange rate 4.

1 Short-end: Money market tracking indicators: inter-bank interest rates, financial product yields, and bills discount rates.

2 Medium and long-term: Treasury bond / enterprise bond market tracking indicators: Treasury bond maturity yield, corporate bond maturity yield, short-term and middle-term bill maturity yield rate 4.

3 Foreign exchange market tracking indicators: RMB exchange rate 5, currency issuance and derivation 5.

1 Level 1 liquidity management tracking indicators: reverse repo, MLF, SLF, PSL, SLO 5.

2 Base currency and broad currency tracking indicators: base currency, broad currency 5.

3Money Supply Channel Tracking Indicators: Social Finance Scale, RMB Loans, Foreign Exchange Accounts

What not to do after exercise

What not to do after exercise

Health education also particularly encourages everyone to exercise more.

However, we have found that many people have a lot of unhealthy behaviors after exercising, which is really a waste of their past achievements.

Let ‘s take a look at what you should not do immediately after exercising, and then try to correct it.

  Do not take a break. Squat breaks are very common practice. This is not an action you should do immediately after exercise.

I feel tired after the exercise. Many people crouch or sit down and think they can save energy and rest. In fact, this is a wrong approach.

Immediately after fitness exercises, if you squat and rest immediately, it will hinder blood flow in the lower limbs, affect blood circulation, and deepen muscle fatigue.

Gravity shock occurs in severe cases.

  Therefore, after each exercise, you should adjust the breathing rhythm and perform some low-speed activities, such as walking slowly, doing a few relaxation exercises, or simply taking a deep breath, which causes the blood to circulate in the limbs and the heart, in order to pay off the “oxygen debt”Speed up recovery and eliminate fatigue.

When the physical strength is not enough, you can let your companion walk around.

  Do n’t be greedy for cold drinks. Exercise often makes people sweat, especially in the summer, a lot of water is consumed. After exercise, there will always be dry mouth and the feeling of urgent need of drinking water. Most of the young people mostly like to buy some cold drinks to relieve the heat.Quench thirst.

Health experts tell us that at this time the human digestive system is still in a suppressed state and digestive function is low.

If the picture is cool and quenching thirst and greedy a lot of cold drinks, it will easily cause complications of paralysis, abdominal pain, diarrhea, and cause gastrointestinal diseases.

Therefore, eating cold drinks is not an action you should do immediately after exercise.

At this time appropriately add a small amount of boiled water or saline.

  Do not eat immediately. Exercises that should not be done immediately after exercise and eating, especially during intense exercise, the motor nerve center is in a highly excited state.

Under its influence, the parasympathetic nervous system, which manages internal organ activity, strengthens the inhibition of digestive system activity.

At the same time, during exercise, the whole body’s blood is also redistributed, and the needs of the moving organs are relatively concentrated, while the supply of various organs in the abdominal cavity is relatively reduced.

The aforementioned factors cause the peristalsis of the renal tract to decay, and the secretion of various digestive glands is greatly reduced.

It takes 20-30 minutes to recover after the end of exercise.

If you eat in a hurry, it will increase the burden on the digestive organs, cause dysfunction, and even cause a variety of diseases.

  Tips: If you like smoking, don’t smoke immediately after exercise. It is not advisable to drink alcohol to relieve fatigue, and do not use a bathing method to relieve sweat.

After exercise, pay attention to organizing and relaxing activities. Some do freehand exercises that are good for relaxation, walk, and pay attention to breathing rhythm.

Three minutes of beauty magic every day


Three minutes of beauty magic every day

Modern women who are concerned with work efficiency in everything are accustomed to going to work in the shortest time, because they often overlook important skin care procedures, causing Su Ji to be unknowingly injured.

In fact, it only takes three minutes a day to complete the two procedures of repairing and rejuvenating the skin, making the skin soft and smooth like cotton candy.

  Preliminary: Maybe you will question the essence of applying makeup base, however, it is a must-have product for makeup, it will not only make makeup look more durable, but also fully repair and improve skin texture.

Choose a makeup base primer that is suitable for the skin, which can protect the skin from excess oil damage, give proper moisturization to the skin, and make the skin smoother and more delicate.

The sun is particularly intense in the summer, so it is important to choose a makeup base that has sun protection effect according to the nature of the skin.

The medicated AcneClearUVProtector (OilFree) anti-acne sunscreen does not contain oil. It not only resists strong ultraviolet rays, but also effectively inhibits acne-causing bacteria that cause acne, keeps the skin clean, and creates a lasting makeup effect.

Coupled with a non-chemical anti-ultraviolet formula, antibacterial ingredients effectively inhibit acne bacteria, keep the skin fresh and clean, and make it difficult to form acne.

Prevent acne inflammation and prevent acne from worsening.

Avoid the adverse effects of free fatty acids and lipid peroxides that cause excess oil and ensure skin health.

  In addition, if you want to keep your skin fair, replace the medicated whitening UV protector whitening sunscreen to prevent the formation of dark spots and freckles due to the sun, and make the makeup more durable.

Coupled with a non-chemical UV protection formula, it can effectively inhibit the formation of melanin and prevent dark spots and freckles caused by sun exposure.

  The second step: daytime skincare UV rays, car exhaust and cigarette smoke will directly irritate and damage the skin.

DayAmulet Daytime Guard Powder can exert two functions of oil control and anti-drying at one time.

Just a light puff on the skin or foundation, the skin looks even and natural, exuding a healthy breath, plus its anti-drying, oil-control, anti-ultraviolet and anti-acne effects, so that the skin can be comprehensively taken care of.

  DayAmulet is specially designed to absorb and inhibit the activated urinary enzymes existing on the skin surface, which causes the skin to dry, leaving the skin smooth and smooth all day long, leaving the surface oily feeling swept away.

In addition, the texture is refreshing and light. Available in three shades, it can be used alone to create a delicate and natural look for the skin.

Another function of the powder is to effectively modify the pores and make the skin prolong the transparency.

The magic bullet commonly used in pediatric puzzle

The “magic bullet” commonly used in pediatric puzzle

Thousands of years of up and down, bit by bit of experience record, has stored a wealth of traditional Chinese medicine in the treasure trove of traditional medicine in China, providing a highly effective resource for traditional Chinese medicine medicine and intellectual therapy.
  The ancients were keen to find a “magic panacea” for two purposes: one is to prolong life and stay immortal; the other is to have superhuman intelligence and do whatever they want.
The latter has made the predecessors of Chinese medicine tirelessly study nootropic drugs.
  Thousands of years of up and down, bit by bit of experience record, has stored a wealth of traditional Chinese medicine in the treasure trove of traditional medicine in China, providing a highly effective resource for traditional Chinese medicine medicine and intellectual therapy.
The following is a brief introduction to some commonly used traditional Chinese medicines: ginseng, ginseng, no one knows, no one knows, its supplementary effect can be described as immediate, it can bring back to life and save lives at critical moments.
The magical effect of this magical drug is unquestionable.
Its nootropic effect has been thought to be achieved through “tonication”.
According to modern research, ginseng contains 29 kinds of ginsenosides, more than 16 amino acids, 9 sugars, 3 fatty acids, 3 sterols, 7 vitamins, 2 volatile oils, 3 flavonoids, 12 inorganic elements, 3This enzyme, as well as glucoside, ginsengone, choline and other ingredients.
Among them, ginsenoside is its main active ingredient.
Ginseng has a two-way regulating effect on the function of each tissue of the human body, and its intellectual effect is reflected in strengthening the excitatory process of the cerebral cortex, improving flexibility in the process of mental activity, enhancing thinking, working ability, reducing fatigue and increasing efficiency;And can restore nervous balance caused by tension.
In addition, the strong effect of ginseng can improve physical strength and intelligence.
  There are many types of ginseng, such as: wild ginseng and garden ginseng according to the source of harvest; three types of raw ginseng, red ginseng and sugar ginseng according to the production method; American ginseng, Korean ginseng, and Jilin ginseng according to the production source.Wait.
The type is not served, and the effect is also different. For example, wild ginseng, American ginseng, and sun-dried ginseng are expensive and slightly warm; red ginseng is relatively hot; sugar ginseng contains the least amount of ginsenosides, has mild properties, and is less effective, but it is cheap.
Ginseng is used in children’s puzzle, and must have certain indications and should not be abused.
  An ancient book of Chinese poems dedicated to traditional Chinese medicine, “The Book of Materia Medica”, said: “Protecting the blood and removing evil spirits, keeping one’s eyes open, being happy, being weak, and having the best taste.

Postpartum tocolytic weakness foot massage treatment

Postpartum tocolytic weakness foot massage treatment

Postpartum uterine muscle fiber contraction and contraction function is poor, known as postpartum uterine weakness.

Mainly manifested as postpartum hemorrhage, less bleeding during uterine contractions, and more bleeding during transient periods.

For a long time, the blood color is dark red or clot, which can reach more than 400ml within 24 hours after delivery.

Depending on the amount of bleeding, the mother can see pale, cold sweats, cold limbs, decreased blood pressure, thin and rapid pulse; severe cases may appear unconscious.

  Massage site 1, foot reflex area: head (brain), pituitary, cerebellum and brain stem, celiac plexus, thyroid, adrenal gland, kidney, bladder, ureter, stomach, pancreas, duodenum, cecum (appendix)), Ileocecal valve, ascending colon, transverse colon, descending colon, sigmoid colon and rectum, small intestine, anus, gonads.

  2. Foot reflex area: lumbar spine, sacrum, urethra and vagina, uterus.

  3, lateral foot reflex zone: lower abdomen, gonads.

  Common techniques1, plantar reflex zone: thumb end point method, index finger joint point method, thumb joint scraping method, pressing method, index finger joint scraping method, double knuckle scraping method, boxing scraping method, thumb pushing method, rubbing method, Fist-face slamming and so on.

  2, foot reflection area: the lateral edge of the index finger scraping method, press method, thumb push method, tapping method and so on.

  3, lateral reflection area of the foot: the index finger lateral edge scraping method, press method, thumb push method, tapping method and so on.

Skincare recommended 4 multi-purpose beauty products

Skincare recommended 4 multi-purpose beauty products

Guide: Everything you ca n’t do without using multiple beauty products saves time and saves energy. It is always the first demand of “busy people”, so a multi-purpose “lazy” beauty product is definitely a skin care product recommended by MMAlready.

For example, Camila Cream, which is popular among online audiences recently, is a kind of good skin care product with a variety of functions. There are other skin care products that are worth recommending. Let’s take a look.


Not just a clean and mysterious Camilla Gel Mini Pack ¥ 109 is a highly recommended skin care product. It was born in a sub-region near New Jersey, Israel, known as a sacred place. It has been a natural plant in Europe, America, Japan and South Korea.The essence of the mysterious brand Camilla, the new Mini package is very easy to carry. In addition to cleaning, it has high effect on acne, skin inflammation, and small wound healing.


Dual-use Essence Swiss Vislan Brightening Full Face and Eyes Dual-use Essence ¥ 1350 / 30mL Combination of whitening and anti-aging multiple-effect facial and eye-dye essence, it is one of the most suitable skin care products for business tripsIt is recommended to save the position of the cosmetic bag and it is very gentle to use at the same time. Even people with sensitive skin can use it with confidence, and the dual-use essence that can use the eyes is very small.Unconsciously promoted.


“Lazy” mask The source of the original wood Yuemu is moist and smooth and nourishing and nourishing at night. The mask without cleaning is really easy, and its fresh peach taste smells pleasant, and it contains avocado residue, moisturizing.The effect is very good.


Clean and moisturize in one step Jurlique Vegetable Lime Lavender Body Wash ¥ 230 / 300mL In addition to cleansing the skin, this bath lotion is also blended with natural lavender essential oil. After washing, it will not feel dry without rubbing the body milk.The scent also allows the body to get the best relaxation in the bath.

MM who wants to take a comfortable bath should pay attention to this skin care product recommendation.

Message from the editor: While applying skin care products, don’t forget to enjoy this comfortable process, the skin care effect will be better.