In the remaining 6 rounds, a piece of data shows how difficult it is for people and relegation

In the remaining 6 rounds, a piece of data shows how difficult it is for people and relegation
Renhe currently has only 12 points.Figure / club official Wei Xinjing News (Reporter Xu Xiaofan) Beijingers and tomorrow afternoon will usher in the 26th round of the Super League, the opponent is Tianjin TEDA.At present, Renhe only has 12 points, which is far from the safety score of relegation in previous years. Relegation is only theoretically possible.Fortunately, tomorrow’s opponent Teda has relegated ahead of time, and the desire to win may not be as good as others.And in the past 12 clashes, Ren and 7 wins, 2 draws and 3 losses extended their advantages.Despite the slim hope of relegation, Louis still hopes that the players will play a good game tomorrow and find a way to achieve self-rescue.But how difficult is it to save yourself?A piece of data can explain the problem.In the Super League in the 9 seasons of the World Cup, almost all the teams that completed relegation scored 30 points. Only Nanchang Hengyuan succeeded in relegating with 29 points in the 2011 season, and this happened only once.Renhe currently has 12 points. Counting 6 games left to play in this round, they can only reach 30 points with only 6 wins.But the six opponents include Shanghai, Suning and other top five teams, which is almost an impossible task for Renhe.Judging from the current overall revenue, the two relegation teams will most likely be generated between Renhe, Jiazhaoye and Tianhai.Ranking the other two teams, one less game may be the only good thing for Renhe.In the next round, Renhe will directly compete with Tianhai. After that game, the relegation will become clearer.

Ronaldo’s vote was not for Messi, because they are not friends?

Ronaldo’s vote was not for Messi, because they are not friends?
On the night of the award presentation, C Luo Zhai reads a book at home.Photo / Social Media When Messi wore a dark blue Chinese suit and was surrounded by countless lenses and spotlights to show the World Footballer ‘s trophy he just won, Ronaldo was wearing a light gray hoodie 125 kilometers away, Nested in a light gray sofa, reading a book.Like last year, the Portuguese star once again missed the award ceremony that did not belong to him.The reason for saying “again” is because he did the same in 2012 and 2016.After unable to win the World Footballer’s trophy in advance, he can always stay away from the noisy crowd on the grounds of the most timely training and injuries.The incident was originally lively on this side, while calming down in a calm atmosphere, but soon after the award ceremony, the media exposed Mr. World Football voted to make waves again.As the captain of the Portuguese team, Cristiano Ronaldo did not vote for the final top 3.Approximately, Messi voted No. 2 to Ronaldo, and Van Dyck left Messi with the first place.Some fans standing in the moral highlands immediately stood up and accused Ronaldo of being narrow-minded.Their basis is that Messi has voted for Ronaldo for several years in a row, and in Ronaldo’s voting history, the name Messi has never appeared.In fact, fans need not be so true, except that Ronaldo is not as narrow as some people think, Messi is not as noble as imagined.The Portuguese Football Association supports Ronaldo.Figure / social media First of all, regarding the voting procedure of Mr. World Football, I will not say much here.But the problem is that a FIFA staff member who has personally participated in Mr. World Football’s voting statistician told me: There are many national team coaches and national team captains who don’t even know who voted for them.In many cases, big-name stars and big-name coaches have no way to deal with such trivial matters, but sponsor representatives and officials of local football associations.If you proceed from this logic, then Ronaldo’s 3 votes choice this year suddenly makes sense: Derricht, Frankie De Jong and Mbappe all belong to the same sports brand camp. Guess who is the brand’s top football player.?In essence, Van Dyck’s choices are Messi, Salah and Mane.In addition to Mane, including Van Dyck himself belongs to another sports brand camp.A sports brand signed by Mane is also a sponsor of the Liverpool team.In fact, Mr. World Football’s judgment is never based on sensible data, but more on personal preferences.Purely from the technical budget, Ronaldo is the most qualified among the top 3 final votes.The 2019 annual competition scored 28 goals, completed 10 assists, and achieved Serie A’s 8 consecutive victories for Juventus. At the same time, the Italian Super Cup and Serie A MVP are also in the Portuguese’s pocket.In the national team scoring, Ronaldo led Portugal to crown the first European National League champion and won the second championship of the national team career.Even Van Dyck, the gold content of the Champions League champions should also overwhelm Messi’s La Liga champions.In the end, Messi won the award, which can only prove that Mr. World Football does not have a set of logical scoring standards, and it is more just an impression score based on personal preferences.In this case, Cristiano Ronaldo made a favor for the sponsor, and by the way, promote the newcomer’s juniors, it was reasonable to gather together.Cristiano Ronaldo missed the best ranking 11 people.Of course, according to Ronaldo’s competitive character, as long as he enters the ballot, he must think of winning.Let’s assume that Ronaldo is a conspirator who does not want Messi and Van Dyck to summit. The only thing he can do is to vote for those surrounded by little threat to himself.But the problem is that the data of this voting system is too large, and the voting choices of Ronaldo alone cannot influence the final result.An interesting theory was mentioned in the book “Devil Economics”. Economists never line up for voting, on the grounds that they know that a single voting result cannot have any impact on the direction of a huge system, let alone voting is wastedTime and energy.There is no doubt that Ronaldo, as a representative of modern players who is well versed in football, must know this law.In the same way, Messi knew it.Please don’t rush to talk about his atmosphere, because he didn’t vote for Ronaldo until two years ago. It has always been that Ronaldo never appeared in the first place in his voting choices.I remembered the relationship that Ronaldo described with Messi in an interview with British independent TV a few days ago: We are not friends, but we have shared this stage for 15 years.British historian Toynbee once ridiculed that as long as he is on stage, all are actors.Therefore, those who worry about the actors and who are uneasy about the actors are usually just the audience.Zhu Yuan (European columnist) editor Wang Chunqiu proofreading Guo Li

Hikvision (002415) in-depth analysis: video applications fully penetrate the security faucet again

Hikvision (002415) in-depth analysis: video applications fully penetrate the security faucet again

Hikvision is a leading company in security video surveillance in mainland China. It is also a leader in the global market. Since 2015, the company has gradually expanded to various innovative businesses based on video codec and AI Cloud architecture business, and has achievedWith good results.

After entering 2018, the 四川耍耍网 company is facing various challenges, including the adverse effects of the US government ‘s “National Defense Authorization Act” and the government ‘s procurement competition caused by internal macroeconomics. However, the company responds to changes in the industry through a positive attitude.The company still has good development prospects and investment value.

It mainly includes the following three aspects: In the short term, the demand for government and corporate procurement is gradually released: in 2018, the macro economy has improved, and local governments and large enterprises, especially state-owned enterprises, have improved their spending reduction.Therefore, the demand for the domestic security industry has been affected since the second half of the year.

However, after entering 2019, especially starting at the 南京桑拿网 end of the second quarter, in the context of increasing demands for a safe environment and the gradual relaxation of government funding, we can see from the exchanges in the industry chain that video surveillance is the main security industryShowing a warming up trend.

As a leading company in the industry market, Hikvision has obvious channel advantages in government and major customers. We believe that the recovery of the company’s demand is a change that is worth looking forward to in the short term.

In the medium term, AI-infiltrated security will usher in an increase in the size of the market: The security video surveillance industry will still be able to maintain two-digit overall scale growth from the expectations of the global market, showing a good development trend.

From the process of industry development, after experiencing the development process from analog to digital and digital to high definition, the current industry is gradually developing from high definition to artificial intelligence, that is, from “visible” to “clear”To the “understand” process.

In the continuous development of the industry towards technology-intensive evolution, the industry’s competitive advantage will be further concentrated on leading enterprises, relying on the scale effect brought by capital and manpower investment, and it must also increase customer stickiness under the strengthening of flexible customization capabilities.

Whether it is the global leading security development trend or the three domestic engineering-driven security technology indicators, the industry development of leading companies is expected to continue to strengthen, and Hikvision has a good opportunity to benefit.

In the long run, the traditional security industry has penetrated the pan-security field: the core of security video surveillance is about the collection and processing of optical information, and optical applications are penetrating into multiple markets including smart homes, smart cars, smart logistics, and industrial vision.In China, the technology of the security industry has not inherited the traditional public security, transportation and other traditional markets, and it has fully penetrated into various pan-security markets.

From the perspective of Hikvision, the smart home fluorite business has achieved a revenue scale of 1 billion yuan and achieved profits in 2017, while logistics, storage, and industrial vision products continue to grow rapidly at the same time.

We believe that the company passed more than one.

The 60,000-person R & D team has already made a sufficient technical reserve and has achieved considerable results in the channel market. Therefore, the company is expected to open up new growth opportunities in the process of the development of video surveillance to emerging application markets.

Investment suggestion: Our company predicts that the revenue from 2019 to 2020 will be 1 respectively.


72 and 2.

05 yuan.

Return on net assets were 26.

3%, 23.

9% and 22.

1%, give buy-A recommendation.

Risk warning: The overall scale of government orders in the domestic market and the speed of procurement advancement are less than expected; intensified competition in the domestic market affects the company’s profitability; overseas markets are affected by national and trade policies than expected; the development of new product business is less than expected.

Zhongjin Lingnan (000060): Q3 single-quarter results increase slightly in half a year

Zhongjin Lingnan (000060): Q3 single-quarter results increase slightly in half a year

Core point of view: Third quarter report: net profit attributable to mothers in the first three quarters6.

3.6 billion companies disclosed the third quarter report of 2019, and achieved operating income of 173 in the first three quarters.

4 ‰, an annual increase of 2.

18%; net profit attributable to mother 6.

36 ‰, a decrease of 17 per year.

37%; deducted non-net profit is 5.

400 million yuan, an annual decrease of 26.


EPS is 0.

18 yuan / share, a decrease of 18 per year.


The lead and zinc price fluctuations suppressed the company’s performance, but Q3 at least slightly increased the company’s Q1-Q3 net profit attributable to the mother, respectively.

61, 2.

10, 1.

65 ppm, at least -16%, -29%, 1 respectively.

47% quarter-on-quarter budget, but Q3 increased in advance.

The decline in the company’s first three quarters was mainly due to the decline 杭州桑拿网 in the price of lead and zinc (the average prices of SHFE lead and zinc in the first three quarters were 16,737 yuan / ton and 20,516 yuan / ton, respectively, which decreased by 12% and 13% respectively), and the gross profit margin decreased (The company’s Q1-Q3 gross profit margins were 12 respectively.

6%, 7.

5%, 6.


In addition, from the semi-annual report, the company’s main product lead-zinc concentrate output has also improved (the amount of lead-zinc metal in the concentrate in the first half of the year 14).

24 for the first time, downgraded six years ago.


Entering the fourth quarter, the price of lead and zinc fluctuated. It is expected that the company’s performance will stop falling and stabilize.

Lead-zinc mining and smelting together with aluminum and new materials development The company has a lead-zinc mining and processing capacity of 30 tons / year. The company is directly under the Fankou Lead-Zinc Mine.Peelia Canada Global Star is responsible for copper and gold mining.

In addition, the company continues to expand the research and development of aluminum and new materials. The subsidiary Huajiari Aluminum owns aluminum profiles (2.

5 arsenic / year) and aluminum doors and windows (400,000 square meters / year). Zhongjin Lingnan Technology is a leading manufacturer of nitric acid powder materials. Its domestic market share of zinc powder for mercury-free batteries is about 60%. Its main applications areIn the field of electronics and new energy (the company’s official website).

Earnings forecast and investment recommendations predict that the company’s EPS for 2019-2021 will be 0.

25, 0.

26, 0.

28 yuan / share, corresponding to the current sustainable PE is 16.

2, 15.

5, 14.

7 times; considering the stable and oscillating operation of lead and zinc prices, the company’s profitability tends to be stable, maintaining the company’s previous reasonable value6.

5 yuan / share remains unchanged. At the same time, the company is considered to be the leading company in the lead and zinc industry and maintains a “buy” rating.

Risk warning: the risk of a significant decline in the price of lead and zinc; the risk of a significant decline in copper and gold production.

Significant signal of China’s major reduction in special periods releases important signals

Significant signal of China’s major reduction in special periods releases important signals

Overseas media claimed that China armed its economy in a trade dispute with the United States to resist the recession.

The People’s Bank of China announced on the 4th that it has cut the reserve requirement ratio for financial institutions.

This will release huge amounts of money, which banks can use to lend money to businesses, thereby boosting economic development.

  Unleashing economic benefits According to a German news and television channel website reported on January 4, China called a reduction in certain taxes.

On the contrary, there are new trends in the tariff conflict with the United States: China and the United States will have a new dialogue in Beijing on the 7th.

This news has stimulated investors’ expectations for Sino-US trade dispute settlement.

  It is reported that in 2018, China’s transition reduced the deposit reserve ratio four times due to Sino-US trade disputes.

At present, the reserve requirements of large banks replace 14.

5%, 12 for a few financial institutions.


  According to a report on the website of the South China Morning Post in Hong Kong on January 4, just as Beijing was preparing to do something in a year full of economic challenges, China announced the first major monetary easing policy in 2019.

  It is reported that China has gradually reduced the reserve requirement ratio of financial institutions by an alternative, which may inject an additional 1 into the banking system.

5 trillion liquidity to help stop the economy from slowing further.

  It is reported that the initial announcement of this policy is part of Beijing’s efforts to promote economic growth.

This move shows that Beijing is willing to further relax its policies to maintain stable economic growth.

  Beijing has been stepping up efforts to stimulate economic growth.

Last week China allocated “advance”
local government debt limits to accelerate infrastructure expansion.

“China expands investment in infrastructure such as railways, highways and airports,” said Shao Yu, chief economist at Shanghai Oriental Securities.

“The government last week approved the local government to issue a value of 1.

39 trillion yuan of bonds, including special debt of 810 billion yuan and general debt of 580 billion yuan.

  The report said that before the decision was announced on the 4th, it had long passed “directed easing” and released up to 700 billion yuan of funds to some banks.

On the 2nd, China gradually revised the definition of small and micro enterprises, and adjusted the inclusive finance standard for small and micro enterprises’ loan assessment criteria from “single-family credit less than 5 million” to “single-family credit less than 10 million.”

This will allow banks to provide more funds to companies now classified as small and micro enterprises, thereby releasing more reserves from transfers, with an estimated size between 400 billion and 700 billion.

  Wen Bin, an economist at China Minsheng Bank, said that while China ‘s trade surplus and capital inflows—a traditional source of internal liquidity—are facing the danger of depletion, it is necessary to continuously reduce the reserve reserve ratio armor to provide liquidity to the economy.

  Large banks are still being asked to move 13.

5% of deposits are placed in the first level. Wen Bin said that 南京夜生活网 this ratio is still too high and needs to be reduced so that banks can have more funds for lending.

  Do not engage in “flooding floods” According to a report on the New York Times website on January 4, China gradually said on the 4th that it will reduce the bank deposit reserve ratio by one alternative.

The move will release the Chinese economy, which is experiencing a decline in factory output and consumer confidence and a trade war with the United States.

5 trillion yuan (about $ 218 billion).

  It is reported that the deceleration of China’s economic growth has led to turbulence in global financial markets.

An example that highlights the wide-ranging impact is that Apple Inc. unexpectedly adjusted its latest quarterly sales forecast due to disappointing iPhone sales in China, which was once one of the company’s most 淡水桑拿网 active markets.

  Economist Mark Williams of Kaitou International Macroeconomics Consulting said that Chinese officials pledged last month to strengthen their support for the economy and they are facing new urgency.

Both retail and car sales are declining, and China’s latest manufacturing data shows factory activity contracting in December 2018.

  ▲ Chinese auto manufacturers (data map) reported that the 4-day change seemed to be part of a concerted effort.

The Chinese authorities will take a series of measures to support the economy, including tax cuts.

For weeks, economists and analysts have been speculating that officials may push for a massive stimulus package to give a heart-running injection to a sluggish economy.

  UBS Group analyst Yu Xiuyuan said: “China Expansion has made it clear that this time it is not a” flooding flood “by providing large-scale stimulus measures introduced in 2009.

“To reduce the burden on the outside world, China has long said that it will reduce the reserve requirement ratio by 0 until January 15th and 25th, respectively.5 averages.

The move will provide more details on bank lending.

Yu Yongding, an economist at the Chinese Academy of Social Sciences, said the reduction was “conducive to curbing downward pressure on the economy and solving corporate financing difficulties.”

  According to a report on the New York Times website on January 4, Yu Yongding said that “this is just a policy”, which may cause a large amount of funds to flow into the housing market and the stock market, which would not help solve economic problems, so “needMany other policies to complement it. ”

  The report also said that many analysts replaced China’s initiative to prevent the economy from increasing the substitution signal.

“This swift action supports our view that the Chinese economy will not slow down sharply in 2019, and people are going a little too far to change the global economy,” said Yu Xiuyuan of UBS in an email.

CITIC Securities (600030): M & A Incentives Two-Pronged Brokerage Leader

CITIC Securities (600030): M & A Incentives Two-Pronged Brokerage Leader

Event: In 2018, the company achieved operating revenue of 37.2 billion (YoY-14%; Guojun-4.

6% / Haitong notice -16%), net profit attributable to mother is 940 thousand yuan (Monarch-32% / Haitong notice-41%), average ROE 6.

2% (Monarch 5.

4% / Haitong notice 4.

4%), the corresponding leverage ratio rose to 3 after excluding customer margin.

63 times (2017: 3.

51 times).

We believe that the company’s highlights include: (1) the brokerage business is rooted in institutional customers, the transaction market share has steadily increased, and the commission rate can be maintained at a high level; (2) the company’s investment banking capabilities, institutional customer resources and capital strength advantages are obvious, and it is expected thatBusinesses such as institutional sales and direct investment will benefit from the science and technology board policy; (3) Self-operated transitional trading investment banks, launching significant market effects of strategic effects and high ROE characteristics of derivatives market making business, which is expected to significantly improve the company’s overallProfitability; (4)) It is planned to merge and acquire Guangzhou Securities and formulate an employee incentive plan. It is expected that the company can continue to strengthen its capital and business strength at a reduced cost, and expand its leading edge in the industry.

Brokers: Rooted in institutional clients, the market share and commission rate both rose.

The company’s net income from securities business (including seat leasing) decreased by 9% year-on-year, which was better than the industry level (YoY-27%, Monarch-23%).

The company adopts the development strategy of key service agencies and high-net-worth customer transaction service and wealth management needs, and its customer base and service capabilities are prominent.

In 2018, the large securities firm China Taijunan, Shenwan Hongyuan and CITIC Construction Investment all experienced a certain amount of trading volume, but the market share of CITIC Securities’ stock-based trading volume6.

09%, an increase of 0 from 2017.

46%, reflecting the market trend of concentrated leading; the existing company’s brokerage business (including seat lease) net commission rate rose to 5 ten thousandths.

5 (4 / 10,000 in 2017.


We expect the average daily stock-based trading volume in 2019 to maintain a level of more than US $ 600 billion, and the company’s stock-based trading volume market share will steadily increase to 6.

15%, the commission rate may face some pressure to reduce (substitute 4 ten thousandths.

8), one year brokerage business income is forecast to grow by 40% per year.

Credit transactions: Liangrong’s stock quality income is stable, and impairment expectations are flushed back.

The company achieved a net interest income of US $ 2.4 billion, an annual increase of 1% (industry-27%, monarch + 2%).

Among them, the interest income of Liangrong and fair interest on pledge dropped by 1% and 2%, respectively.

In 2018, the balance of equity pledged financing funds has decreased by 51% to US $ 38.5 billion (Monarch 383 trillion, -50%). Through regulatory policies to resolve equity pledge risks and the gradual recovery of the secondary market, some of the company’s asset impairment provisions are expected to be offsetreturn.
Investment bank: The business advantage is obvious, benefiting from the introduction of the science and technology board policy.

The company’s investment bank revenue was US $ 3.6 billion, a year-on-year decrease of 17% (industry-27%, monarch-26% / China Construction Investment 6%).

The company has rich reserves of high-quality projects, outstanding investment banking capabilities, a solid institutional customer base and leading capital strength. It 杭州桑拿网 is expected that the company’s investment banking, direct investment, and institutional sales will all benefit from the introduction of the science and technology board policy.

Self-employed: transformational transaction investment bank.

The company’s self-employed business income was 8 billion US dollars, a 37% decrease every year. The growth in performance was related to the downturn in the stock market and the above-mentioned focus in the fourth quarter of 2017 to form a high base effect.

In the future, the company will transform into a trading and investment bank and realize derivatives market-making business with significant door biological effects and high ROE characteristics, which is expected to significantly improve the company’s overall profitability.

Asset Management: Active transformation has 上海夜网论坛 advantages.

In 2018, the company’s asset management revenue was US $ 5.8 billion, an increase of 2% year-on-year (industry -11%, monarch -16%), of which fund management revenue was US $ 4.1 billion, an increase of 9% year-on-year.

The company’s active management scale is in a leading position in the industry. At the end of 2018, the company’s active management scale was US $ 552.8 billion, maintaining the number one in the industry, and its proportion rose to 41% (2017: 35%).

It is planned to purchase the Guangzheng to make up for the shortcomings, and employee shareholdings show confidence.

The company intends to issue shares to acquire Guangzhou Securities. After the completion of the acquisition, the company will supplement the company ‘s South China network with shortcomings at low prices (1.

2xPB) to obtain high-quality assets and expand the leading edge of the industry.

At the same time, the company’s employee shareholding plan, referring to Guoyuan and Industrial, refers to the gap between employee shareholdings of CITIC Securities but not comprehensive coverage. For key employees, the overall cycle is continuous and the lock-up period is shorter, which promotes employee motivation and also demonstrates consensus and confidence.

Investment advice: Buy-A investment rating.

In 2019, we are optimistic about the fundamental rebound of securities stocks, and the negative factors in the market are expected to be gradually digested; CITIC Securities will continue to lead the trend of centralization under the trend of upgrading the capital market, shape the core competitiveness with intelligent gates, and maintain its advantage in market competition.The copyright must estimate the premium bonus.The company’s EPS for 2019-2021 is expected to be 1.

15 yuan, 1.

31 yuan and 1.

5 yuan, giving the company a 2xPB estimate, raising the 6-month target price to 28.

54 yuan.

Risk reminder: risk of severe contraction of trading volume / risk of equity mortgage default / risk of policy change

Great Wall Motor (601633): Focusing resources and focusing on core business marketing efforts to increase market share

Great Wall Motor (601633): Focusing resources and focusing on core business marketing efforts to increase market share
1H19 results are in line with our expected 1H19 results: revenue 413.8 ‰, at least -15.0%, MoM-18.1%; net profit attributable to mother 15.2 trillion, corresponding to a profit of 0.17 yuan, -58 for ten years.9%, +0.4%, in line with the Air Force performance forecast. Development trend budget important accounting policy adjustment.Great Wall Motors made the following supplementary accounting policy adjustments in this interim report: 1) Transportation costs were included in operating costs from sales expenses, so that transportation costs from the same period last year were 65 ‰ dropped to 1.0 million yuan, assuming that transportation costs are flat every year, we estimate that this adjustment in accounting policy will reduce its sales expense ratio by 1.3ppt, gross margin decreased by 1.3ppt; 2) Great Wall Bank Silver, an auto finance company. The decrease in average price has caused the growth rate of revenue to significantly exceed the growth rate of sales.According to the caliber disclosed in the semi-annual report, the company’s sales in 1H19 dropped by 2 year-on-year.5%, but vehicle sales revenue is down by 15 per year.9% to 364.We believe that the average price of leading companies has been extended to approximately 7 due to the average price of Euler and the export business.90,000 yuan, the budget company’s accounting policy will be exported but not yet delivered to the end customer sales are not included in the current income, but also have an impact of 5-6ppt. Focus resources on core business, continue to sell car travel business and leasing, and purchase auto import and export companies from controlling shareholders.The company price was 4 in February this year.6.4 billion will be sold in 4 subsidiaries of “Tianjin Shared Car”, “Hover Leasing”, “Europe Information” and “Funshi Technology”, bringing 1 to Interim Report.79 billion investment loss, the company is expected to announce today that it will continue to sell the automobile travel subsidiary “Xiongan Sharing” and the car rental subsidiary “Wanli Friendly”. The products continue to focus on the SUV and pickup markets. The domestic market has increased advertising costs, innovated sales channels to expand, and increased overseas market development efforts.Against the backdrop of weak domestic car market demand, we understand that the company will continue to focus on SUVs and pickups in its products. The increase will come more from the increase in market share. That is, when the current independent brand car companies enter the knockout competition, Great WallIncrease advertising costs (37 per year).8%), and through a joint venture with financial institutions such as ICBC to set up a car financing lease company “at first sight” to try new sales methods. Earnings forecasts and estimates are based on lower sales and average bicycle prices. We lower our net profit for 2019 and 202011.0%, 11.9% to 37.400 million, 41.0 million.Current Great Wall A / H corresponds to 19 times 20 times and 11 times P / E.We maintain our Neutral rating, but based on our earnings forecasts and estimates, we lower our A / H target price by 2.2%, 11.3% to 9.0 yuan, 5.5 Hong Kong dollars, corresponding to 22.0 times, 12 times 19 years P / E, 9 than current expectations.2%, 11.6% upside. Risks The sales volume of new models 苏州夜网论坛 is lower than expected; the sales promotion has an unexpected impact on profitability.

Want to adjust your coronary heart disease?

First of all, figure out the five medicines for conditioning coronary heart disease!

Want to adjust your coronary heart disease?
First of all, figure out the five medicines for conditioning coronary heart disease!

Now people are more and more aware of health and disease prevention and longevity, but this is mainly due to the fact that everyone is “serving the old”!

When I was old, I realized that I had accumulated a lot of roots when I was young. Especially when I was young, I had no taboos. I didn’t know how to take care of my spleen and stomach and blood vessels, which led to cardiovascular diseases in the later years.Two major chronic diseases of hypertension and coronary heart disease.

But now these chronic diseases are no longer patents for the elderly, and they are now tending to be younger.

As the saying goes, “It is a disease that relies on medicine and seven points.”

“It is important to raise seven points, and the medicine can not be ignored!”

Sometimes a lot of people suffering from diseases are defeated by the “less” medicine. In terms of coronary heart disease, most patients are taking western medicine to control the development of diseases, but it must be said that Chinese medicine is also used here.Play a decisive role!

There are 5 kinds of traditional Chinese medicines that can regulate coronary heart disease. The benevolent sees the wise and sees wisdom!


Pueraria lobata has a function of passing through the activity, but according to pharmacological studies, it can dilate the coronary artery, lower blood pressure, effectively reduce the damage to the heart, and it is also commonly used to improve coronary heart disease.Commonly used drugs for angina can be soaked in water.


Consolidation is a qi medicine. What does it have to do with coronary heart disease?

This is mainly due to its efficacy of “dissolving phlegm and dispersing phlegm”. Most of the diagnosis of coronary heart disease is chest sputum. Among the treatment factors of this disease, there is a remedy for phlegm and blood stasis.Greasy, pulse slippery and other symptoms, sedative qi, but also phlegm, so it is suitable for improving the symptoms of coronary heart disease; and on the other hand, it has a certain cardiotonic effect, it can increase the heart and brainBlood flow, enhance the contractility of the myocardium, and significantly improve the ability of the heart to capture blood.


The traditional Chinese medicine of safflower is familiar to everyone. The color is red and the heart has won the coronary heart disease. It is a kind of traditional Chinese medicine that belongs to the heart. It has the effect of promoting blood circulation, relieving pain and relieving pain.It can effectively reduce myocardial oxygen consumption, reduce cardiac load, eliminate vasoconstriction, and have a certain vasodilating effect. Clinically, it can better relieve heart and blood stasis type coronary heart disease!


Astragalus membranaceus can stabilize the antiperspirant, has a better cardiotonic effect, can increase the nutritional blood flow of the heart muscle, increase the blood SOD activity in patients with coronary heart disease, and then eliminate the damage of myocardial damage caused by various causes of oxygen free radicals.Can nourish cardiomyocytes, supplement the lack of heart, especially for patients with shortness of breath, can often drink yellow water to drink.


Three-seven-seven-seven Chinese medicine is the favorite traditional Chinese medicine for patients with coronary heart disease. People like to take it after grinding. The reason why Chinese medicine is very popular among patients with coronary heart disease is mainly because it has the effect of promoting blood circulation, relieving pain and relieving pain.For patients with chest pain, right upper extremity or shoulder pain, multiple suitable.

Different Chinese medicines have different effects on different types of coronary heart disease patients. In general, several Chinese medicines can be used alone.

Finally, for the commonly used drugs for coronary heart disease, many patients have disobedient “suspects” when they use them. The behavior of self-replacement drugs often occurs. In fact, it is only used in the treatment of drugs that are beneficial to the treatment of diseases.Refers to the clinical treatment of coronary heart disease, some words still have to be on the mind: the drug that is “profitable” for the disease – can be used, is unfavorable to the disease – to terminate immediately, the commonly used – do not stop casually!

[This article is exclusive to the new media of “Jinlan Chinese Medicine Society”, the image decomposition network.

Author Yuan Yuji, authorized to authorize, do not reprint, copy]

Shanghai Yoga Venues

Shanghai Yoga Venues

Guangyin Yoga Guangyin Yoga Address: Block 19B, Building 3, Yinglong Building, No. 1358 West Yan’an Road, Changning District, Shanghai (near Dingxi Road) Tel: 021-62837217 52303052 Youga Yoga Center (Luban Road) EYOGA  Address: Ginkgo Home Club, No. 15, Lane 277, Luban Road, Luwan District, Shanghai Tel: 021-64074214 63038140 Eucalyptus Yoga Center (Huating) EYOGA Address: Clark Hatch Club Mingshi YogaClubhouse (Dalian West Road) Address: Shanghai Heda Yoga Club (Julu), Heda Yoga Club (Julu Store), Lane 1288, Dalian West Road, Yangpu District, Shanghai Address: 361 Julu Road (Maoming, Luwan District, Shanghai)Intersection) Tel: 021-262180955 62187563 Guangya Yoga (Luxi Road Head Office) SUN RAY YOGA Address: Block 18B (Building 5), Minzu City, 251 Luxi Road, Xuhui District, Shanghai Tel: 021-64089077 54481907  Fanling Yoga (Yan’an West Road) Address: Room 308, Building D, 3 / F, Miramar Business Building, No. 2633 West Yan’an Road, Changning District, Shanghai. Tel: 021-62095212灵Yoga (Chang’an Road) Address: Block F, 7th Floor, Zhongfang Huadong Building, 1138 Chang’an Road, Zhabei District, Shanghai Tel: 021-61235065 61235075 Fanling Yoga (Lujiabang Road) Address: Lupu, Huangpu District, ShanghaiRoom 708, Funan Building, No. 976, Jiayu Road (near Nanzhan Road) Tel: 021-63187277 Alexander Hall (Tianyaoqiao) Address: No. 318 Tianyaoqiao Road, Xuhui District, ShanghaiRoad Store) Address: 5-6 Floor, Zhongchuang Building, No. 819 Nanjing West Road, Jing’an District, Shanghai Telephone: 021-62553535 Limeijian (Changshou Road Store) Address: 4th Floor, Hengda Plaza, 285 Changshou Road, Putuo District, ShanghaiRoad) Tel: 021-62762922 Hada Yoga Club (Wanping Branch) Shanghai Yoga Fitness Club Address: 1F, No. 650 Wanping South Road, Xuhui District, Shanghai Tel: 021-664273923 Jinglan Fitness Center (Hongkou Branch) Address: Dongjiang, Hongkou District, ShanghaiGate 1 in Hongkou Football Stadium, No. 444 Wan Road, Tel: 021-556669786 Dualism Yoga (People’s Square) eze Yoga Address: 7th Floor, Workers’ Cultural Palace, 120 Xizang Middle Road, Huangpu District, Shanghai Tel: 021-63501086 Y + Yoga Life Hall (Fuxing Store) Y + Yoga Address: 299-2, Fuxing West Road, Xuhui District, Shanghai (near Huashan Road) Phone: 021-664334330 Panyu Yoga Fitness Club Address: 1885 North Sichuan Road, Hongkou District, Shanghai3rd floor phone: 021-556668966 Fanling Yoga (Dingxi Road) Address: Room 402, Zhaoyi Building, No. 1281 Dingxi Road, Changning District, Shanghai (near Xuanhua Road) Phone: 021-62514885: 上海徐汇区漕溪北路41号汇嘉大厦28楼C-D室  电话: 021-54904413 54900261  优伽瑜伽中心(水清路店)EYOGA地址:上海闵行区水清路1012-1018号珠玛瑜伽(Xuhui Store) Address: 31st Floor, Building 1, Hui Cuihua Park, Lane 737, North Xixi Road, Xuhui District, Shanghai, China Tel: 021-524533310 54253312

Personality from bathing

Personality from bathing

There are several different bathing methods below, please choose based on your intuition. This little divination can also divinate your personality!

  A ordinary water bath F candy bubble bath answer analysis: the result of your choice is: A person who likes to bathe with spring water is a very casual person who knows life very well, whether in school or workPossess leadership and charisma.

Usually people who like to bathe in spring water are also more organized people. Most of these people have a good habit, that is, they like to settle their thoughts while taking a bath, think about what to do tomorrow, and then take a full bodyRelax your heart and enjoy the pleasure of taking a bath.

This type of person is less emotional, and the likes and dislikes of things are not easy to show in the shell, but the real thoughts are hidden in the heart. In addition, such people have a fairly high career success index.
  The result you choose is: B The person who likes to take a bath with petals is the kind of small-hearted person. This kind of person likes romance. When he is with friends, he always wants others to obey his arrangements.

Usually people who like to bathe in petals are also relatively narcissistic, and like to spend a lot of money and time for themselves. Such people like new things and enjoy themselves.

This kind of person is not smooth enough in dealing with others and does not value others ‘strengths, but rather cares about others’ weaknesses.

In terms of work, they are reasonably strong, lacking opinions, and it is not easy to accept criticisms and opinions given to others, and they will waste time and money on things like arranging various cares after bathing!

  The result you choose is: C people who like to bathe with lavender and lemon slices belong to the people who do first and then talk. They value their desires and then try their best to satisfy themselves.

Usually people who like to bathe with lavender and lemon slices are relatively straightforward and have no city government. They are less likely to plan their work in advance, even though they set high goals and even demand perfection.

In fact, this person’s attitude to doing things is very down-to-earth.

It’s best to work one step at a time in your work. Don’t rush to achieve everything, so as not to end up in the end and hope you are so, disappointed!

  The result you choose is: D. People who like to take a bath with milk belong to those who have a certain aesthetic taste. Such people have good living habits and work habits. They like to do something at home with a scent of milk.
People who usually like to bathe in milk like to pursue beautiful things, and that kind of tender and lingering feelings.

The emotional stories of such people are also quite romantic!

Usually people who like to bathe in milk prefer to be alone, not accustomed to the noisy group life, even if they go out with friends, they can’t be wronged and will be others.

In terms of work, this kind of people also don’t like to be too rigid, prefer manual and beauty-related work.

  The result you choose is: E people who like to bathe in ordinary water are economical and practical people. They do n’t waste too much time and money on enjoyment. They think that it can be washed in ordinary water.No need to make it so complicated.

Usually this type of person is a more savvy and capable person, they have concepts about time and money, and they have a set of financial management!

This kind of person plans before doing one thing, waits for the plan to be done, then evaluates the probability of success, and then waits for all conditions to mature before starting to act.

People of this type should avoid watching money and honor too much, and don’t become a workaholic without self!

  The result you choose is: F people who like to take a bubble bath with candy flavor are people who are childlike, and this kind of people refuse to grow up!

Everything habitually accepts the arrangement of others, likes to be taken care of by others, and it may not be a little bit to ask him to take care of others!

Personally, this kind of person is more easy-going, has no opinion, and gets along well, and does not conflict with others in school. They are vulnerable people.

In terms of work, they are more obedient and obedient employees, and everything is handled according to the intention of the leader. People with this personality are often a little sad, and they are often scapegoats for no reason.Still more eyes, mature a bit!