China National Travel Service (601888): Hainan gradually builds a free trade port and the island ‘s tax exemption policy is gradually and continuously optimized

China National Travel Service (601888): Hainan gradually builds a free trade port and the island ‘s tax exemption policy is gradually and continuously optimized

Recently, from the central to the local scale, references to the Hainan Free Trade Port have appeared many times. Hainan’s official statement that 2020 is the beginning of the construction of the Hainan Free Trade Port, has aroused market attention.

In the short to medium term, the policy will be relaxed to zero tariffs and revenue reductions. Outlying island tax exemptions will still have a price advantage, and the policy end will benefit from the construction of a free trade port. In the long term, China Exemption is expected to achieve profit continuity through procurement channels, membership and scale advantages.Grow and maintain the “Highly Recommended-A” rating.

  2020 is the beginning of the year, and gradually implement the free trade port policies and systems.

According to the “Guiding Opinions” plan of the State Council, major progress has been made in the construction of the Hainan Free Trade Zone in 2020. At the same time, the establishment of a free trade port policy and system has been initiated. Therefore, Hainan’s current work will focus on two aspects: First, to accelerate the construction of the Hainan Free Trade ZoneLay the foundation for the construction of a free trade port; the second is to study the steps and establish the Hainan Free Trade Port policy and institutional system in stages, with the focus on promoting the legislation of Hainan Free Trade Port Basic Regulations.

  Zero tariff is the goal of the next stage, and the island’s tax exemption still has advantages.

Hainan officials stated that they are expected to start exploring the construction of a free trade port in the second quarter of next year, and to benchmark the world ‘s highest level of openness. To achieve a major breakthrough in policies and institutional systems, the next phase will focus on zero tariffs and reductions.

The import circulation tax includes three major taxes: tariff, import substitution and consumption tax. Zero tariff is only reduced or exempted. Even under the zero tariff policy, the comprehensive tax burden is still large, and the tax-free channels still have prices.Advantage.

  The island’s tax exemption policy will continue to be liberalized, and the long-term benefits of the mid-term exemption will increase.

Outlying island tax exemptions are difficult to open to foreign countries in the short term. Existing domestic tax-exempt companies wanting to enter will face problems such as longer approval times, better points being replaced by China exemption, and weak procurement capabilities.

With the development of the free trade zone, the island’s tax exemption policy is expected to further break, especially the postal tax.

  If Hainan ‘s island-wide tax exemption is implemented in the future, it will greatly stimulate consumption. China ‘s exemption will overlap with the first-mover advantage of the Hainan ‘s tax-exempt market to form a powerful procurement channel and member group. In the future, China ‘s policies will be liberalized.Achieve a smooth transition in profits.

  Investment suggestion: We expect net profit attributable to mother to be 48-20 in 2019-2021.



0 ppm (assuming that Haiwai will begin consolidation in 2020), with an annual growth rate of 55% / 8% / 20% (excluding the impact of travel agency divisions, performance growth of 30% / 26% / 20%), the corresponding PE valuation is 36x / 34x / 28x.

Taking 佛山桑拿网 into account the expectation of Beijing and Shanghai’s in-store policies to be liberalized, and the increase in sea-exemption consolidation, the target price for 2020 is 40x, with a target price of 106 yuan, and the rating of “Highly Recommended-A” is maintained.

Wingtech (600745): Q3 revenue and profit hit record highs

Wingtech (600745): Q3 revenue and profit hit record highs
Investment highlights: operating income of 218 in the first three quarters.740,000 yuan, an increase of 98 in ten years.74%, net profit attributable to mothers5.30,000 yuan, net profit for the same period last year was -1.6.9 billion yuan. Due to the significant increase in the unit price of products and the value of non-customer-supplied raw materials, Q3 single-quarter revenue reached a record high, with a 87% increase over the years.Benefiting from the continued heavy volume of ODM business customers and orders, the unit price of mobile phone products and the value of non-customer-supplied raw materials increased, and Q3 achieved operating income of 104.4 ‰, an increase of 87 in ten years.09%, an increase of 59.44%, a record single-quarter revenue.Q3 achieved net profit attributable to mother 3.3.4 billion, a 118% increase from the previous quarter, and 79 million in the same period last year. In Q3, the gross profit margin increased, the expense ratio decreased significantly during the period, and operating profit exceeded expectations.Single quarter gross profit margin 7.63%, an annual increase of 1.83pct, a decrease from the previous quarter.66 points.Q3 R & D expense ratio 2.4% and financial expense ratio 0.7%, a decrease of 0% from the previous month.9ppt and 1.5ppts.Expected Q4 peak season effect, the expense ratio will continue to fall. Q3 recognizes investment income1.08,000 yuan, total operating profit3.9.9 billion, it is estimated that the operating profit of investment income increased 杭州桑拿网 by 115%. Significant increase in stocking and response to rising demand.As of Q3, the company’s inventory was 44.430,000 yuan, an increase of 173 in ten years.36%, mainly due to the high degree of prosperity of the ODM business. The company has correspondingly increased the procurement and preparation of materials, and it is expected that the incremental increase in income will be gradually realized in the future.Affected by this, the company’s net operating cash flow in the first three quarters11.4.5 billion, a year-on-year decrease of 38.71%, mainly due to the actual purchase of cash replacement, the current net ratio is as high as 2.2. Wyntech’s acquisition of Anshi is progressing smoothly and it is expected that the consolidation will be achieved in Q4.AXA Semiconductor is a leading global semiconductor standard device 佛山桑拿网 supplier, focusing on the logic, discrete device and MOSFET markets, and has more than 60 years of semiconductor professional experience.In 2017, the company’s shares exceeded 1.3 billion U.S. dollars and its market share accounted for about 13.4%, the global rankings of market segments are among the top three.Its products are widely used in automotive, industrial and energy, mobile and wearable devices, consumer and computer fields, and are expected to form synergies. Upgrade earnings forecast and maintain overweight rating.Wingtech ‘s ODM business net profit exceeded expectations for two consecutive quarters.Based on the improvement of the mobile phone ODM business, assuming Q4 does not participate in AXA dividends and does not consider asset consolidation, it increases the 2019/2020/2021 revenue forecast from 244/295/369 trillion to 325/393/513 trillion, and returns to the motherNet profit forecast from 4.4/5.6/6.400 million increase by 7.6/9.2/11.5 trillion to maintain the overweight rating.

Ranging in the summer you will meet certain types of men

Ranging in the summer you will meet certain types of men

Ready to have a romantic summer relationship in a beautiful flowing gauze dress?

Come and measure right now, this summer you will be stunned by this love.

  1. After dressing up to the banquet, you find yourself hitting the shirt with others. Do you feel it?

  Unlucky -3 So funny -2 2. A pair of true lovers don’t need words to understand each other’s mind. Do you want to meet this kind of lover?

  Want -5 to say bad -4 3, when the rest with your boyfriend, when the waiter brought the menu, what would you do?

  You do n’t need to look at the menu, just say that you want to order -6 first for others, and then -7 yourself. 4. The boyfriend ‘s ring suddenly disappeared.

  I feel that I am not careful -8 I think it is a bad sign -9 5. Have you ever met someone for the first time, and you feel like you have known each other?

  There are -10 without or do not remember -11 6. You are a big fan of a star. One day you meet a boy who looks like this star. Would you like to be with him?

  Yes -2 or -4 7, favorite novels, don’t you get tired of reading it no matter how many times?

  Yes -14 No -15 8, I see something I like very much, although this thing is useless, will you buy it?

  Yes -10 not -7 9. Do you feel that your anticipation of bad things is quite sensible?

  Yes -14 not -16 10, think about your last boyfriend. Is the most important reason for you to like him at first?

  The other’s appearance-12 the other’s personality-13 11, which couple mode do you yearn for more?

  Sometimes quarreling but sweet -17 -16 never quarreling -16 12, how hard is it to meet a friend in the street when you have met someone who used to know in school?

  The contingency of life is incredible-B is incredible, is it-C 13, what attitude do you have towards strangers on the train?

  Friendly-E Indifferent-D 14, when you know that the pudding jelly is only made of pure industrial materials, will you eat it?

  Yes-BNo-A 15. Do you want to see the hero ‘s love ending in tragedy when you are reading a love novel?

  Yes -C is not -A 16. Do you think that life is to meet someone who is related to you? Is it worth remembering even if you fall in love?

  Agree-A disagree-D 17, there are only two things left after life is over: Have you lived to the fullest?

Have you learned to give up things that are not yours?

Do you think the most difficult of these two is?

  Learn to give up -C full life -E test results: A unrestrained chivalry type: This summer you will meet a character who promises money, treasures, righteousness, help, and is full of classic chivalry.

Your little bird walked beside him, watching him and his friends drink three boxes without getting drunk, watching him run for friends, watching him praised by others, and admiring and admiring him.

If he falls in love, he will thank God for his care. There is nothing more romantic than this.

  B tramp singer type: Falling in love with him will be the most romantic thing in your life.

I will give you the kiss in the sunset or drizzle in the attic, the memories of riding a bicycle to blow hair, and the sweetness of sitting in a bar listening to him singing a love song.

He can sit at your window and play the guitar at night, or he can send you 999 roses, and he can do any romantic thing.

However, his life is dedicated to art, and it is dedicated to you for a year and a half. You must think clearly, don’t get it wrong.

  C Yushu Linfeng: His appearance reminds you of Pan An or Song Yu. He is standing in the scenery.

When he looks at you, his eyes are the brightest stars; when he smiles, the sun is not as bright and colorful as he is.

No matter where he is, he is the first thing people notice.

Who said that only beautiful women love at first sight?

The handsome guy is also the object that everyone dreams of, so you must seize the opportunity.

  D Merry Genius: Pointing at the mountains and rivers, and exciting text is his specialty.

No matter what he says, he will follow a lot of listeners; or what he writes will become the most popular topic.

He has been known for 500 years and has been known for 500 years. He is a rare talent no matter where he is involved in any field.

However, choosing such a smart man, you will face an intellectual struggle that will not relax for a moment.

  E Everybody’s ladylike type: Indeed, there are also everybody’s ladylike type among boys.He is proficient in painting, calligraphy, painting and calligraphy, will praise you with the most charming words, will touch you with the most passionate words, and will make you laugh with the most humorous words.

Mention him, everyone will probably give you a thumbs up.

Sit-ups are not normal

Sit-ups are not normal

Sit-ups are the most common exercise for abdominal training.

  Equipment needed: a soft foam or air cushion.

  (1) Start lying on a flat mat so that it merges into a 90-degree angle, with your heels on the ground and your toes facing up; place your hands under your head, or put your hands across your chest so that your chin andKeep a certain distance from the top and bend the abdomen so that the side just lies on the air cushion (2) in this position for 2-3 seconds, then slowly relax the abdominal muscles to bring the body parts back to the initial state.

  Action description During the whole process, please pay attention to keep a certain distance between the chin and the two ends, and put your hands behind the head, but do not force to lift the head.

Yoga is the source of my happiness

Yoga is the source of my happiness

“are you happy?

I am very happy . “This is my favorite lyrics, because it fully shows my current mood, yoga has changed me tremendously from the inside to the outside.

I love life, I love yoga more.

  My first relationship with yoga was in the previous year. At first, I only studied yoga. However, because of work, I practiced intermittently until I came into contact with yoga this year. That quietly deeply infected me, and the tweezers were firm.My determination to continue practicing.

I like yoga and want to learn more about it, so I did not hesitate to sign up for a yoga studio and become a professional yoga practitioner.

  In this short and fulfilling half month, through the careful and selfless teaching of the teacher, I have truly stepped into the temple of Yoga. The changes in myself have been very obvious, from the body to the spirit, from life to the state of mind.Not only improved, but also corrected many previous misunderstandings and cognitions of Yujia.

  In the process of practice, I learned the hardships of being a teacher. The teacher taught us that we are also learning yoga knowledge, posture, and at the same time practicing the basic qualities that a yoga instructor should have.

Unless the tone of the speech should be gentle, slow and relaxing, and you should do it gradually, carefully, to your own limit, and step by step.

For example, when doing a tree pose, I only knew that I aimed my feet against the thigh roots on the other side and raised my hands above the head.

I just learned after class. I need to find a fixed point, concentrate, toe down, keep balance, put my hands on my chest, and raise my inhalation arm over my head. Through this example, I think I need to become a coach rather than calm down., And to be standardized.

  Now, I really started to get in touch with yoga and learn yujia. I found that my body is changing every day, the body is getting softer than before, and the movements that I could n’t do before have been improving every day. I feel the subtle changes in my body.
Although I woke up very early and hurried to catch the bus, my mood was always quiet and pleasant. It was a kind of mild joy and happiness.

Learning yoga is very happy, I like yoga very much.

I deeply understand that the more you practice, the more you really have some kind of life connection between you and others. This connection goes beyond the secular material and emotional connection.As we are all located deep in the ocean, there is an invisible tremor and transformation. For friends who know yoga or not, I want to tell him: yoga is really good!

  Now I am enjoying more and more happiness. I firmly believe that I will “hold hands” with yoga in my life, until I grow old .

Yoga makes your mood no longer boring


Yoga makes your mood no longer boring

People all over the world are practicing yoga, but what exactly yoga is, many people don’t know exactly.

Is it an Indian yoga master Amit?

Aya visited teaching in Beijing, and this newspaper interviewed him on issues that concern fitness enthusiasts.

  Practice with heart and gain something. In the meditation room of Cicada Yoga Studio, Amit sits on the floor, wearing a white T-shirt, legs crossed in the shape of a lotus, his eyes kind and pure.

Amit is a lecturer and senior yoga therapist at the Gandhi and Naturopathy College of India. He has dual qualifications in Yoga Science and Yoga Naturopathy, and has won many national and international yoga therapies in India.

The reporter tried to understand Amit’s personal experience, but he declined.

He said he didn’t want to promote himself too much.

  Every yoga practitioner has his own understanding of yoga.

Some people think that yoga is very deep and has great shortcomings; some people simply make yoga a fitness method.

Regarding the former, Amit said that yoga does not need to be cultivated for many years to gain, nor is it necessary to make some difficult movements or reach a certain level. As long as you practice hard, I believe that everyone will gain something;In other words, Amit pointed out that it is a misunderstanding to only regard yoga as a physical exercise program.

Yoga is not only a physical stretch, but also a mental exercise.

Yoga can help people calm their impetuous heart.

  The reason why Absolute Global has caused the yoga fever, Amit believes that the reason is that yoga can release people’s mental stress at an altitude in the physical world, which is more important than exercising.

He said: “Anyone can practice yoga without necessarily knowing a lot about it. The important thing is to experience and feel during the practice.

Yoga breathing is very important. Many practitioners care about the replacement that should be paid attention to during the practice.

Amit says that yoga is the most valuable breathing exercise.

Breathing is the foundation of life. Breathing exercises in yoga can make your heart and lungs exercise well.

In addition, different yoga movements can exercise all parts of the body and strengthen all organs and tissues.

For example, yoga has many stretching exercises that can exercise people’s ligaments and squeeze joints apart.

In addition, yoga also has a lot of balance exercises, which not only improve people’s sense of balance, but also focus more attention.

  You do n’t have to be vegetarian. Amit is always the same. Everyone has a good side. Yoga is to help you discover your innermost self, find the love, peace, friendliness, and happiness buried deep in your heart.

  He interpreted the word “peace” with his own lifestyle.

Despite his high reputation for copyright in the yoga world, Amit has always lived a simple life.

He said he only works for one month of paid work each year, “I only work when I need money.

The reporter learned that Amit ‘s jacket was a gift.

He smiled and told reporters that almost all his clothes were gifts. “For me, clothes are just tools to cover my body.”

  Amit has maintained a vegan habit for many years, because in his opinion, the life of animals is as valuable as humans.

Do people who practice yoga have to be vegetarian?

Amit says he encourages yoga practitioners to be vegetarian if he is advised.

However, ordinary practitioners can eat according to their own eating habits, without the need to deliberately choose food and control the amount of food.

He is outstanding, don’t eat spicy and exciting food, it is better not to add soft drinks, but to drink more water.

  In the end, Ammit reminded the majority of yoga enthusiasts in China that everyone’s life habits are different. You don’t need to deliberately change your own living habits, as long as you feel comfortable.

Of course, everything is on a modest basis.

Health medicated diet suitable for ordinary people

Health medicated diet suitable for ordinary people

Medicinal diet uses medicine and food as raw materials.

It is a combination of traditional Chinese medical knowledge and culinary experience.

It “contains medicine in food”, not only treats medicine as food, but also imparts food with medicinal power, medicine by food power, and food aid medicine. It has nutritional value, can prevent and cure diseases, maintain health and prolong life.

  Braised hoof tendons are 200g of water hoof tendons, 50g of cooked chicken, 50g of ham, 50g of bamboo shoots, refined vegetable oil, ginger pieces, spring onion, fresh soup, refined salt, monosodium glutamate, and wet starch.

Wash the well-made hoof tendons with water, squeeze out the water, and slice into 3.

5cm long segment.

Cooked chicken, sliced ham.

Heat the oil in the wok, add the ginger pieces, the onion shabu-shabu, add the hooves, fresh soup, chicken slices, ham slices, bamboo shoots, boil on high heat, skim off the foam, add refined salt, monosodium glutamate, and cook on low heatMix until wet and fragrant, then use wet starch to thicken, put into the plate and serve.

This product is characterized by crispy taste, facial emollient, nourishing qi and blood, and kidney filling.

  Yinhua stewed duck tongue 200g cooked duck tongue, 100g of white fungus, 100g of broccoli, 1 piece of shiitake mushroom, 5g of ham, refined salt 4g, rice wine 3g, monosodium glutamate 3g, refined vegetable oil 50g, cooked chicken oil 5g, pepper powder 2g400g of fresh soup, spring onion, ginger, and wet starch.

Soak the Tremella in boiling water first, remove the yellow heart, wash it clean, let the broccoli water cool, change the knife into pieces, put the mushrooms in the bottom of the bowl, buckle the duck tongue, add refined salt, rice wine, MSG, fresh soupSteam for about 15 minutes, remove and place in a soup plate.

Heat the wok, add oil and heat, add scallion, ginger and stir-fry, add fresh soup, remove the scallion, ground ginger, add tremella, refined salt, rice wine, pepper, boil the broccoli, and MSGAlas, drizzle with chicken oil and place it around the duck tongue.

This product is characterized by white fungus white, duck tongue tender, nourishing yin and lungs, nourishing the brain and refreshing, beauty and longevity.

  Braised pig brain: Take 4 pig brains, minced meat 75g, ginger slices 5g, shallots 5g, shallots 5g, ginger 5g, rice wine 5g, sesame oil 50g, soy sauce 10g, bean paste 10g, fresh soup 150g, wet starch 20g.

Put the newly processed pig brain into a bowl, add ginger slices, spring onion segments, rice wine, steamed or boiled, and then onion and ginger.

Heat the wok, add oil to heat, stir-fry the minced meat, and add green onion, ginger, rice wine, soy sauce, watercress sauce, fresh soup, add pig brain when cooked to eight, and use an iron spoon orThe shovel cuts the pig’s brain, then uses wet starch to encroach, and finally drenches with sesame oil.

This product is soft and delicious, delays aging and enhances memory.