[Authentic practice of abalone pilaf]

銆 愰 柋 楸 楬 楗 慗 槑 姝 e 畻 沭 桶 銆 慱 逺 Father’s pot 氭 硶 _ 锅 氭 硶 澶 у 叏
寰堝浜洪兘鍠滄鍚冪洊楗€傞【鍚嶆€濅箟灏辨槸绫抽キ涓婇潰鐩栦簡涓€浠借彍銆傝€岃繎浜涘勾鏉ワ紝姹ゆ眮鎹為キ涔熸瘮杈冪伀鐑€傛瘮璧峰甫楗潵锛屾堡姹佹崬楗悆璧锋潵鏇村姞缇庡懗锛岄矞瀚╁姹併€傝€屽湪姹ゆ眮鎹為キ涓紝椴嶉奔鎹為キ鏄渶鍙楁杩庣殑涓€绉嶃€傚緢澶氫汉閮藉椴嶉奔鎹為キ鐨勫仛娉曟劅鍏磋叮銆傛帴涓嬫潵灏辫窡闅忓皬缂栦竴璧锋潵瀛︿範涓€涓嬪叿浣撶殑鍋氭硶鍚с€?This is the most common way to do this: go shopping, go shopping, go shopping, go, go, go, go, go, go, go, go to it.Go to the top of the map and go to the top of the map to find out how to use the following methods: the lawsuit, the lawsuit and the lawsuit, and the key to the problem is that it’s very effective.蜂骇锛屽悆鍚庢病鏈夌墮鐥涖€佹祦榧昏绛夊壇浣滅敤锛屽鍚冧篃鏃犲Θ銆傜敤鏂欓矋楸?2 鎏  タ 鍏 醳 姳 爏 戣  鑳 ¤ 怅 鍗?Hao  Nan ㄦ bao 湴 摭 姭 姹 姹?嘃 傞 噺 绫 抽 キ 1 環 楄 娱 娌?閫傞噺鐢熸娊 閫傞噺鏂欓厭 灏戣娣€绮?For more information, please refer to the following pages: “How to do it?” “How to do it? Do you want to do it?”劧鍚庤繃鍐锋按鍚庢崬鍑烘帶骞叉按鍒嗐€?銆佹柊椴滈矋楸肩敤灏忓垁鍘绘帀澹筹紝鍘绘帀榛戣壊涓嶈兘椋熺敤閮ㄥ垎锛屾竻娲楀共鍑€骞跺垏鑺卞垁銆?銆侀攨鍐呮斁鍏ラ姹ゅ姞鍏ラ矋楸肩儳寮€鍚庣叜4~5鍒嗛挓锛屼笉瑕佺叜澶箙浼氱叜鑰併€?銆佺劧鍚庡皢椴嶉奔鎹炲嚭銆傞攨鍐呭姞鍏ヨ殱娌广€佺敓鎶姐€佹枡閰掋€佸皯璁哥櫧绯栨悈鎷屽潎鍖€锛岀儳寮€鍚庣叜涓€灏忎細銆?銆佸噯澶囦竴浜涙按娣€绮夛紝鍒嗗嚑娆¤皟鍏ユ按娣€绮夛紝骞朵笖姣忎竴娆¢兘瑕佹悈鎷屽潎鍖€锛岀洿鑷宠揪鍒版兂瑕佺殑绮樼绋嬪害銆?銆佺背楗洓濂斤紝鎽嗗ソ瑗垮叞鑺便€佽儭钀濆崪鍜岄矋楸笺€?銆佸皢绮樼鐨勬堡姹佹祰鍦ㄤ笂闈㈠嵆鍙€傚皬璐村+1銆侀矋楸肩叜鐨勬椂闂磋鐪嬮矋楸?Do you have any questions?  镦  お 咔 呭 冒 熒 畒 當 尅 ソ 銆?2銆佽殱娌圭殑閲忚澶氫竴浜涳紝鎵€浠ユ病鏈夋斁鐩愩€?3銆佹按娣€绮夎鍒嗘鍔犲叆锛屽苟姣忎竴娆¢兘鎼呮媽鍧囧寑锛岃涓嶇劧浼氭湁灏忕枡鐦┿€?

[How to eat and practice sweet potatoes]

銆愮孩钖殑鍚冩硶鍜屽仛娉曘€慱鍋氭硶澶у叏_瀹跺父鍋氭硶
绾㈣柉骞朵笉鍍忛粍鐡滀竴鏍锋寕鍦ㄨ棨钄撲笂锛屽畠鏄暱鍦ㄥ湴閲岄潰锛岀妞嶇孩钖殑鏃跺€欓渶瑕佹妸鍦拌鍒掓垚涓€鎺掓帓鐨勶紝鑰屼笖绾㈣柉杩樹細闀垮緢闀跨殑钘よ敁銆傛湁鐨勭孩钖暱鍦ㄥ緢娣辩殑鍦版柟The following are the faults of the chain: the flaws, the faults, the faults, the child, the child, the stable, the beautiful, and the information, the chain, and the chain.ㄧ孩钖矇鏉ュ嬀鑺★紝鎴栬€呯洿鎺ュ仛绾㈣柉绮変笣銆傚ソ鍚冪殑绾㈣柉鐨勫悆娉曞拰鍋氭硶鏈夊摢浜涘憿锛熺孩钖紙鑻辨枃锛?Sweet Potatoes: Sorry: Ipomoeabatatas (L.) I’m.锛夊張鍚嶅北鑺嬨€佺孩鑺嬨€佺敇钖€佺暘钖€佺暘鑺嬨€佸湴鐡滐紙鍖楁柟锛夈€佺孩鑻曪紙澶氬湴鏂硅█锛夈€佺嚎鑻曘€佺櫧钖€侀噾钖€佺敎钖€佹湵钖€佹灂钖€佺暘钁涖€佺櫧鑺嬨€佽尨鑺嬪湴鐡溿€佺孩鐨暘钖€佸北鑽紙鏂硅█锛夈€佽悓鐣柉绛夈€傜孩钖睘绠$姸鑺辩洰锛屾棆鑺辩涓€骞寸敓鑽夋湰妞嶇墿锛岄暱2绫充互涓婏紝骞冲崸鍦伴潰鏂滀笂锛屽彾鐗囬€氬父涓哄鍗靛舰锛岄暱4-13鍘樼背锛屽3-13鍘樼背锛岃姳鍐犵矇绾㈣壊銆佺櫧鑹层€佹贰绱壊鎴栫传鑹诧紝閽熺姸鎴栨紡鏂楃姸锛岄暱3-4鍘樼背What is the difference between the current state and the gallium state?瀹わ紝鍏峰湴涓嬪潡鏍癸紝鍧楁牴绾洪敜褰紝澶栫毊鍦熼粍鑹叉垨绱孩鑹层€傜孩钖瘜鍚泲鐧借川銆佹穩绮夈€佹灉鑳躲€佺氦缁寸礌銆佹皑鍩洪吀銆佺淮鐢熺礌鍙婂绉嶇熆鐗╄川锛屾湁鈥滈暱瀵块鍝佲€濅箣瑾夈€傚惈绯栭噺杈惧埌15%-20%銆傛湁鎶楃檶銆佷繚鎶ゅ績鑴忋€侀闃茶偤姘旇偪銆佺硸灏跨梾銆佸噺鑲ョ瓑鍔熸晥銆傛槑浠f潕鏃剁弽銆婃湰鑽夌翰鐩€嬭鏈夆€滅敇钖ˉ铏氾紝鍋ヨ劸寮€鑳冿紝寮鸿偩闃粹€濓紝骞惰娴蜂腑涔嬩汉椋熶箣闀垮銆備腑鍖昏绾㈣柉涓鸿壇鑽€?upsetting?钂哥孩钖€傝繖鏄渶绠€鍗曠殑鍚冩硶銆傚皢绾㈣柉澶栭潰鐨勬偿娲楀噣锛屼笉鍘荤毊锛屾斁鍏ラ珮鍘嬮攨鎴栨槸鐢甸キ閿咃紝鍔犻€傞噺姘达紝鐓啛鍗冲彲銆備篃鍙互灏嗙孩钖垏鎴愬帤鐗囷紝鏀惧湪钂稿眽涓婏紝闅旀按钂哥啛銆?鍦扮摐绮ャ€傚湴鐡滄礂鍑€銆佸幓鐨紝鍒囨垚灏忓潡銆傚ぇ绫虫窐娲椾袱閬嶏紝鍔犳按鏀惧叆楂樺帇閿呮垨鐢甸キ閿呯啲鐓€傜瓑鍒版按娌歌吘涔嬪悗锛屾墦寮€閿呯洊涓嬪叆鍦扮摐鍧楋紝鐩栫洊缁х画鐓€傜瓑鍒板啀娆℃哺鑵炬椂锛屽鏋滄槸楂樺帇閿呯殑锛屽氨鐢卞ぇ鐏浆涓哄皬鐏參鐓紱濡傛灉鏄數楗攨锛屽氨鎶婄洊瀛愭墦寮€鐓€備笉绠℃槸鍝鏂瑰紡锛岄兘瑕佺敤鍕哄瓙鎴栫瀛愪笉鏃舵悈鎷岋紝闃叉绮橀攨銆傚悓鏃惰娉ㄦ剰鍒绮ユ孩鍑烘潵銆傚綋鍦扮摐鍙樺緱杞儌銆佸ぇ绫崇矘绋犵殑鏃跺€欙紝灏卞彲浠ュ叧鐏垨鎷旀帀鎻掑ご锛屽皢鐩栧瓙鐣欎竴鏉″皬缂濓紝鐒栦竴涓嬶紝灏卞彲浠ュ悆浜嗐€傜儰鍦扮摐銆傚緢澶氬煄甯傜殑澶ц灏忓贩閮借兘鐪嬪埌鎺ㄧ潃澶х儰鐐夊崠鐑ゅ湴鐡滅殑锛岄偅涓鍝︼紒鍦ㄥ閲屼篃鍙互鍋氾紝鍙鏈夌儰绠辨垨鏄井娉㈢倝灏辫銆傚皢鍦扮摐娲楀噣锛屼笉鍘荤毊锛屾斁鍏ュ井娉㈢倝鐨勪笉鐢ㄦ摝骞诧紝鍖呬笂涓€浜涘帹鎴跨敤绾革紝鐢ㄩ珮鐏儤鐑わ紱鏀惧叆鐑ょ鐨勫垯瑕佹摝骞Fork, sorrow, fear, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow鐑ょ啛銆傜偢钖潯銆傚皢绾㈣柉娲楀噣锛屾播骞叉按鍒嗗悗鍘荤毊锛屽垏鎴愬皬鎷囨寚绮楃粏鐨勬潯鐘躲€傚鏋滃閲屾湁闈㈠寘绯犵殑锛屽彲浠ョ粰钖潯瑁逛笂涓€灞傦紝娌℃湁涔熸病鍏崇郴銆傚紑娌归攨锛屼腑灏忕伀adze Han Hong Liguifuqie ц Qie ★ Ren Liaogelihuan  Jinglianbiansai – Welding ﹂Zhetichongchi Songtai Pimoxiaochi Shi ang Wan Quarters (ii) Huijuanloucun Bayaonuean Jierencenzeng Chiム ョ 洿 鎺 ュ 抆 銆?

[Can lemon and vinegar lose weight]_ weight loss effect _ weight loss effect

[Can lemon and vinegar lose weight]_ weight loss effect _ weight loss effect

Nowadays, in order to reduce their body weight and achieve the goal of losing weight, it takes a lot of effort. Most of them will use lemon and vinegar to lose weight. They think that this will lead to a weight loss effect.Only a small amount is relatively small, which will not bring great changes to your body, and if there is no better weight loss effect, other methods must be used.

1.

Shengjinjieshu appetizers don’t look at the sour taste of lemon food. It is slightly bitter. You can’t eat raw food like other fruits, but lemon peel can be aromatic and volatile components.

Summer heat is heavy, many people are tired, often have a bad appetite after long-term work or study, drink a glass of lemon soda, the refreshing and sour taste is refreshing, and it can open up the appetite.

In western food, lemon is mostly used as a seasoning for seafood to remove fishy odors. Southeast Asian cuisine uses it to cook directly to highlight its sweet and sour taste.

Southern China’s favorite roast duck, roasted goose, is also indispensable with lemon.

2.

Prevention of cardiovascular diseases, citrate vitamin C and vitamin P, can enhance vascular elasticity and correction, can prevent and treat hypertension and cardiovascular infarction symptoms.

Early foreign research has not found that lime contains an approximate score that can reduce abnormal blood sugar levels.

3.

Clearing heat and sputum lemon can also expectorate.

Lemon peel has a stronger expectorant effect than citrus.

The weather is hot and humid in summer. If you do not pay attention to your diet, the internal humidity of the human body and the external humidity of the natural climate will interact with each other.

Therefore, in the summer when there is a lot of sputum and throat discomfort, warm lemon water and a small amount of salt, you can cough up the thick sputum accumulated in the throat.

4.

The antibacterial and anti-inflammatory citric acid vitamin C plays a role in the human body, just like natural antibiotics. It has various functions such as antibacterial and anti-inflammatory, and enhances human immunity. You can usually drink hot lemonade to maintain your body.

5,

Beauty fruit lemon contains vitamin B1, vitamin B2, vitamin C and other nutrients, and is also rich in organic acids. Citric acid and lemon are highly alkaline foods. They have a strong antioxidant effect and promote skin metabolism.It is very effective in delaying aging and inhibiting pigmentation.

6.

The Cantonese writing of the anti-vomit fruit of the Guangdong and Guangxi traditional Chinese medicine records: “Lemon, suitable for mother and child, extremely sour, pregnant women with liver deficiency, so it is said to be suitable for mother.

When they are cooked, people bid for it, and they are more Tibetan and older, and the juice can replace vinegar.

“It is said that pregnant women can place some lemons by the bed and get up and sniff in the morning, which has the effect of eliminating morning sickness.

[How to eat shark dry]_Eating method_Cooking method

銆愰波楸煎共鎬庝箞鍋氬ソ鍚冦€慱鍚冩硶_鐑硅皟鏂规硶
鎴戜滑瀵归波楸肩殑鍗拌薄寰€寰€鏄竴绉嶅緢鍑剁寷鐨勬捣娲嬬敓鐗╋紝涓嶈繃椴ㄩ奔鑲変篃鏄彲浠ュ悆鐨勶紝鎴戜滑缁忓父鍚冪殑椴ㄩ奔骞插疄闄呬笂鏄皬椴ㄩ奔鐨勮倝骞诧紝灞炰簬椴ㄩ奔鐨勪竴绉嶇被鍨嬨€傞波楸煎共璺熼奔骞蹭竴鏍凤紝闇€瑕佽繘涓€姝ョ児楗紝杩欐牱鎵嶈兘浜彈鍒扮編鍛筹紝鎺屾彙鍋氭硶灏卞緢閲嶈浜嗐€傞偅涔堬紝椴ㄩ奔骞叉€庝箞鍋氬ソ鍚冿紵涓嬮潰鍜变滑灏辨潵鐪嬬湅鍚с€傘€愬挅鍠卞皬椴ㄩ奔銆戝噯澶囨潗鏂欙細灏忛波楸煎共銆佸挅鍠卞潡銆佸鍋氭硶锛?Do you want to eat a lot of rice? A total of fear is that the emperor and the emperor will report to the audience.What is the tweezers?Sorry, you will be able to squeeze the tweezers, squeeze the tweezers, squeeze the tweezers, squeeze, squeeze, squeeze, squeeze, squeeze, squeeze, squeeze, squeeze, squeeze, squeeze, squeeze.鏇村ソ鐨勮瀺鍚堬紱4銆佺儳鑷抽奔鐔熷挅鍠遍叡鏀舵眮鍗冲彲鍑洪攨銆傘€愰杈i波楸笺€戝噯澶囨潗鏂欙細灏忛波楸煎共銆佹穩绮夈€佸皬杈f銆佸銆佽挏銆佽懕澶淬€佺敓鎶藉仛娉曪細1銆佸皢灏忛波楸煎共娴告场杞紝娲楀噣鍒囨垚鍧楃姸锛屾播骞叉按鍒嗕箣鍚庝笌閫傞噺鐨勭帀绫虫穩绮夎皟鍜屽潎鍖€锛?銆 乸 阌 呬 兑 鐑 鐑 鐑 向 婑 婹 婶婶 婶婶 婶 咸 厸 咝 嬭 嬤 铡 卤 厧 厧 尧 就 闱 鈤 尾 郾 郰 尽 僸 僽 僌 僌 僌 僌 僌 僌 僽 僌 價欓€傞噺娌癸紝鐖嗛濮滆挏钁憋紝鍔犲叆閫傞噺鐢熸娊鍜屾竻姘达紱4銆佸皢鐓庡ソ鐨勯波楸艰倝鏀捐繘鍘伙紝鍔犲叆涓€浜涜皟鍛虫枡鎼呮媽鍗冲彲銆傚皬椴ㄩ奔骞茬殑钀ュ吇浠峰€煎皬椴ㄩ奔鑲変腑锛岃泲鐧借川鍜屽井閲You are in trouble, you are arrested, you are arrested, you are arrested, you are arrested, you are in trouble, you are here, you are here, you are here, you are here, you are here.The threshold is very high, and there is a lot of troubles, such as the fact that there are a lot of flaws, and how to draw it, what is going on, what is going on, what is going on, what is going on, and what is going on?缁囩殑姝e父杩愯锛岄兘鏄己涓€涓嶅彲鐨勩€傞波楸兼槸涓€绉嶄笉浼氭偅鐧岀殑鐢熺墿锛屽洜姝ょ瀛﹀鍦ㄥ畠浣撳唴鍙戠幇鎶楃檶鐗╄川锛屽悆浜涘皬椴ㄩ奔鑲夋槸鍙互甯姪韬綋闃茬檶鐨勩€傚皬椴ㄩ奔涓殑鐑熼吀鎴愬垎鏄竴绉嶁€滃.闃斥€濈墿璐紝瀹冪敱鑹叉皑閰歌浆鍖栧悎鎴愪箣鍚庝細鎴愪负婵€绱犵殑閲嶈鎴愬垎锛屽彲浠ヤ績杩涚敺濂崇殑鎬ц兘鍔涖€傝€屽湪鎴戝浗鐨勪紶缁熶腑鍖讳腑锛岄波楸兼湁鐩婃皵婊嬮槾銆佽ˉ铏氬.鑵般€佽姘村寲鐥扮殑鍔熸晥锛屽韬綋澶ф湁瑁ㄧ泭锛屽悓鏃跺浜庨婀挎€х殑鐤剧梾涔熸湁杈呭姪娌荤枟鏁堟灉锛屽悆浜涘皬椴ㄩ奔鏋滅劧涓嶉敊鍛?

[How to eat pork blood and tofu]_ production method _ Daquan

[How to eat pork blood and tofu]_ production method _ Daquan

Pork blood and tofu are good when cooked together, and pig blood is rich in many amino acids that are needed by the human body, and tofu contains a lot of protein, so you can eat some pig blood and tofu in normal times.

Pig blood and tofu are more delicious. You can understand the method introduced in the article, prepare relevant ingredients, and then follow the steps in the article to make pork blood boiled tofu, and you can make delicious pork blood tofu soup.

How to make tofu cooked with pork blood?

Material: 200g of pig blood, 200g of tofu, appropriate amount of oil, appropriate amount of salt, appropriate amount of shallot, appropriate amount of fragrant leaves, appropriate amount of perfume fish seasoning, appropriate amount of raw soy sauce, appropriate amount of vinegar, appropriate amount of boiling water, appropriate amount of ginger, appropriate amount of garlic.

2. Cut pig blood and tofu into pieces.

3. Pour the oil into the pan and fry the onion, ginger, garlic and fragrant leaves on a low fire.

4. Add perfume fish seasoning and stir fry.

5, add salt, add soy sauce, add vinegar.

6. Pour in an appropriate amount of water.

7. Put pork blood and tofu skewers into the pot and cook.

8. After the first side is cooked for three minutes, turn the other side and cook for the other side.

9, after the pan, the soup must be drizzled on the surface to taste delicious.

How to distinguish between real and fake pig blood 1. Look at the color: fake pig blood is very bright because it is stained with pigment or blood red, while real pig blood is dark red.

2. Touch it properly: fake pig blood is more flexible because it is doped with formaldehyde and other chemicals, and it will not break when cut, while real pig blood is hard, and it is easy to break when touched by hand.

3. Look at the cut surface: After the pig blood is cut, if the cut surface is smooth and flat, and there are no pores, it is false. If the cut surface is rough, there are irregular small holes, which means that it is real pig blood.

4. Smell: The real pig blood has a faint fishy smell. If it doesn’t smell a little fishy, it may be fake.

Adulterated pig blood still has pig blood components, but the color is relatively dark; except for the absence of stomata, the problematic pig blood pupa is smooth and looks very delicate, but it tastes like chewing rubber, although it is soft but tough.

The color of normal pig blood is dark red, and the surface or section is rough and layered. Because of the oxygen in the plasma in pig blood, bubbles will pop up when they condense, forming bubbles in pig blood clots. People can buy pig blood according to the color.With or without air bubbles and other characteristics.

Tips: Like other foods, pig blood cannot be overdone, no matter how good it is, because blood also contains metabolic waste (including hormones, drugs, urea, etc.), and large amounts of food will also bring a burden on the human body.People, eat no more than 2 times a week.

Addison Precision (603638): Continued Benefits Weakening Excavator Stock Climbing Cycle Attributes Weakened

Addison Precision (603638): Continued Benefits Weakening Excavator Stock Climbing Cycle Attributes Weakened
Event: The company released the 2019 annual performance forecast. The company’s net profit attributable to shareholders of listed companies in 2019 is expected to increase by about 120 million yuan compared with the same period of the previous year, and the volume will increase by about 53%.Based on this calculation, the company’s net profit attributable to mothers in 2019 is expected to be 3.About 4.5 billion.  The demand for breakers is strong and the market share has increased significantly.The 杭州桑拿洗浴会所 company produces heavy-duty hydraulic breakers that are suitable for 30-ton to 100-ton excavators and have a core core and market brand effect. The current order demand is large, supply and demand.On the basis of potential customer groups, the company continued to develop strategic partners of integrated international and domestic well-known excavator mainframe enterprises, and its market share increased significantly.As a construction machinery attachment, the breaker is broken in relation to the quantity of the excavator.The current 10-year holdings of the excavator market reach 152.60,000 units, according to our calculations, the domestic demand for hydraulic breakers is 150,000 to 200,000 units, of which more than 60% are the renewal needs of the excavator stock.At present, the domestic hammer allocation rate is 20% -25%, and the 深圳spa会所 extended hammer allocation rate is basically above 35%.With the improvement of safety and environmental protection requirements, the continuous advancement of infrastructure construction, and the continuous increase of labor costs, the periodic nature of the breaker will continue to weaken.  Hydraulic parts achieved market breakthroughs and production capacity gradually eased.The high-end hydraulic parts produced by the company have achieved large-scale sales, and the hydraulic motors have cooperated with domestic manufacturers of excavator mainframes in the front-loading market, with good sales performance.The company’s non-public issuance and landing will be used for high-end hydraulic motors, hydraulic breakers, and high-end hydraulic main pump construction projects.After the completion of all the construction, the company will increase the annual production capacity of 80,000 hydraulic motors, 20,000 hydraulic breakers, and 50,000 hydraulic main pumps. It is expected that annual revenue will increase.770,000 yuan, increasing net profit2.4.4 billion, will help the company’s future performance growth.  Company profit forecast and investment rating: We expect the company’s operating income for 2019-2021 to be 14 respectively.510,000 yuan, 18.3.3 billion, 24.71 ppm; net profit attributable to mothers is 3.4.4 billion, 4.4.7 billion and 6.05 ppm; EPS is 0.83 yuan, 1.08 yuan and 1.46 yuan, corresponding to PE is 36X, 28X and 20X, maintaining the “highly recommended” level.  Risk warnings: 1. The sales volume of the excavator industry is less than expected; 2. The price of raw materials fluctuates significantly.

CICC: may there be some rules for the science and technology board?

CICC: may there be some rules for the science and technology board?

CICC: may there be some rules for the science and technology board?

  Original: Wang Hanfeng, Li Qiusuo, comprehensive media reports and latest developments. We have counted 14 possible institutional constructions of the science and technology board. We believe that the launch of the science and technology board will have some financial pressure on the A-share market, but its impact will be relatively limited and more market-orientedThe system may make the pricing of new shares more fundamental.

  The draft of the science and technology board rules is about to be released. Are other areas worth looking forward to?

  At the end of 2018, the China Securities Regulatory Commission and the Shanghai Stock Exchange deployed the science and technology board as the first task in the construction of the capital market.

According to the Xinhuanet report[1], the general direction of the draft of the Science and Technology Innovation Board Rules has been finalized, and some details are being finalized. It is just around the corner for public comments.

At the end of 2018, we released the first article “Several Prejudgments on the Science and Technology Board” of the Science and Technology Board series. Comprehensive media reports on the latest progress of the Science and Technology Board. We have the following details about the Science and Technology Board.Expectations in respect of the registration system: the focus of ownership of information verification or transfer to the exchange, the rhythm of issuance under the background of the registration system is also the focus of the secondary market.

Investor-introduction biology: Individual investor biology may consider both liquidity and stability needs.

Issuing system: an inquiry system arrangement aimed at implementing conventional marketization.

“Green Shoe” mechanism and strategic investors: If the inquiry mechanism is liberalized, the reduction mechanism 重庆耍耍网 may be more widely used.

IPO listing conditions: High-quality growth companies that are not yet profitable are permitted to be listed on the science and technology board.

Companies with the same shares and different rights are still trying to land on the science and technology board.

Trading mechanism: Continuous auction trading is imperative.

Market makers: Supplementary institutional arrangements to increase liquidity.

Limits on price changes: The existing limits on daily limits may be relaxed or cancelled.

Pioneer fluctuation regulation mechanism: to help investors invest rationally.

Number of shares per board: It is not excluded that the enterprise may set it by itself.

Suspension mechanism: gradually align with internationalization.

T + 0: It is expected to improve the lack of liquidity caused by the biological constraints of investors.

But whether it can be implemented still faces the uncertainty of confrontation.

Delisting mechanism: poor performance stocks, junk stocks or strict restrictions.

  Timetable, forecast of the scale of raised funds and the possible impact on the capital market. Timetable and market scale of the science and technology board: 1) The draft of the rules and regulations of the science and technology board may be issued recently; 2) The first batch of science and technology before the first half of 2019Listed companies on the Growth Enterprise Market; 3) It is estimated that there will be about 150 companies listed on the Science and Technology Innovation Board in 2019, roughly forecasting the scale of raised funds of 50-100 billion; 4) In the future, the Technology Innovation Board is expected to attract the smallest overseas companies orUnicorn company goes public.

  Possible impact on the capital market: Based on the above analysis, we believe that the short-to-medium term impact of the science and technology board on the capital market includes at least the following four aspects: 1) there is some financial pressure on the A-share market but the impact is relatively limited; 2) moreHigh-quality growth companies will be listed on the science and technology innovation board, which will increase the theme’s expectations and will also have a certain impact on capital diversion to existing companies; 3) Under market-oriented issuance expectations, participation through offline or strategic investors requires important fundamentalsInvesting instead of a simple “new” operation; 4) Venture capital companies and securities firms will benefit from the event-driven effect of the science and technology board, or may have periodic performance.

  In the long run, the launch and smooth development of the science and technology board is expected to make a positive contribution to rich capital market levels, try to improve capital market supervision, improve SME financing pressure, and promote technological innovation and economic transformation.

  [1] http://www.Xinhuanet.

com // fortune / 2019-01 / 16 / c_1210039059.

Source of html article This report is excerpted from: “Welcoming the Science and Technology Innovation Board (2): Counting the Possible Institutional Construction of Science and Technology Innovation Board” that was released on January 20, 2019. Wang Hanfeng CFA SAC Practice Certificate No .: S0080513080002 SFC CE Reference: AND454 SAC Practice Certificate Number: S0080513070004 SFC CE Reference: BDO991

Hengli Petrochemical (600346): Stronger Hengqiang Sees Competitiveness and Market Capability from Overseas Refinery Benchmarking

Hengli Petrochemical (600346): Stronger Hengqiang Sees Competitiveness and Market Capability from Overseas Refinery Benchmarking

Background to this report.

In the previous report, we combed Hengli Petrochemical’s competitive advantages as a domestic polyester leader company, refinery competition, profit calculation, etc., in this in-depth report, we focused on further refinement analysis of Hengli Petrochemicals in overseas refineries.The project’s international competitive advantage, as well as international assessment comparisons.

The strong one is Hengqiang, the first large-scale private refining and petrochemical project in China.

1) The project construction efficiency is high and the investment cost is 四川耍耍网 low.

In proportion to overseas petrochemical investment, with the same scale of production capacity, the investment capital expenditure of private refining and chemical industry can save at least 30%; 2) The scale advantage is obvious, and the technological process route is optimized.

Refining and chemical industry process technology has matured and perfected. Hengli passed the process of selecting the most suitable process route package, optimizing and enlarging production capacity, and giving full play to the advantages of scale.

With reference to domestic and foreign refineries of the same size, the main competitive advantages of Hengli Petrochemicals comparison are: 1) the relative proportion of traditional refinery personnel, and the maintenance costs increase due to aging equipment; 2) the essence of new overseas refineriesIn the above, under the same equipment and process, the investment cost of the same-scale production capacity is higher than that of Hengli Refining, and the corresponding depreciation is gradually increasing. At the same time, overseas refineries are still more oriented towards refined product income, and the economic value added is relatively lower; 3) andThe proportion of existing stock refineries, Hengli Refining and Chemicals through the enhancement of hydrogenation capacity, the maximum proportion of PX production and light hydrocarbon yield.

4) Complete facilities, complete logistics and public works.

Hengli Petrochemical’s own crude oil terminal, due to its unique coal index, strong hydrogenation capacity, low cost, and self-supplied power supply, has significantly reduced costs. At the same time, the refinery is also equipped with waste heat recovery and power generation devices, which reduces the overall efficiency.Material consumption.

According to our expectations, with reference to domestic and foreign refineries of the same size, the total operating cost of Hengli Petrochemical is estimated to be approximately 3.

3 US dollars / barrel, which is lower than 4 in traditional refineries.

$ 69 / barrel and 8 of new overseas refineries.

$ 76 / barrel.

Benchmark international high-quality companies and be optimistic about the company’s future market value.

For the evaluation system of benchmarking overseas companies, for progressive industries, the price-earnings ratio is often easily distorted due to breakthroughs in performance. From the perspective of market value space, we believe that for the market value space of refining, the following characteristics can have a large market value: 1) Asset sizeLarge volume; 2) Full industrial chain and stable profit; 3) Reasonable use of financial leverage; 4) Advanced production capacity and good growth.

We believe that Hengli Refining and Chemical will undergo the process from the realization of production capacity to the realization of performance, and then to the realization of competition. The competition is mainly reflected in the stability of profitability and the ability to obtain relative excess profits even in the cycle trough period, while the competitiveness is realized.The most space for future valuations.

Investment suggestion: Hengli Petrochemicals has the advantage of leading development, and relying on competition to break through the industry’s advanced production capacity upgrades, and change the industry ecology.

As subsequent projects under construction come into operation successively, the replacement will bring continuous growth to the company. We adjust 2019?
EPS Forecast 1 for 2021.

28 yuan, 1.

68 yuan and 2.

10 yuan (previous forecast was 1.)

27 yuan, 1.

64 yuan and 1.

96 yuan), corresponding PE is 11X, 9X and 7X, maintaining the “buy” level.

Risk reminder: Oil prices have fallen sharply, and the profits of the industrial chain have narrowed sharply; the boom of the refining and chemical industry has been highly reduced, and the operating rate of Hengli refining and chemical projects has fallen short of expectations; PTA and other projects under construction have been put into operation less than expected.

Jiangsu Shentong (002438): Fundamental transformation value is underestimated

Jiangsu Shentong (002438): Fundamental transformation value is underestimated

The company is a key backbone enterprise in China’s valve industry. Its products are mainly in the fields of nuclear power, metallurgy and energy.

Since 2008, the company has obtained more than 90% of tenders for nuclear-grade butterfly valves and nuclear-grade ball valves in domestic nuclear power projects. In the field of metallurgy, the company’s blast furnace gas dry-clean dust removal system, converter gas dust removal and recovery system and coke oven smokeGas dedusting systems, the main products have a market share of more than 70%.

The curtain of nuclear power investment reopened.

Four new nuclear power units were approved by the state in 2019, marking the reopening of a new nuclear power project that was suspended for three years.

In the next 2-3 years, the annual demand for the nuclear power valve market in Iraq will exceed 3.7 billion.

Due to the company’s maximum advantages in the merger of nuclear power butterfly valves and ball valves, it is estimated that 杭州桑拿网 it will add about 300 million additional project orders each year. In addition to the spare parts brought by the operation of existing stock units, the maintenance market demand can also obtain 2-3 billionSpare parts orders, and the company’s nuclear power valve business orders will break through the existing sustained and rapid growth.

Benefiting from supply-side reforms, demand in the metallurgical sector is strong.

Prior to the implementation of supply-side reforms, domestic steel production capacity was severely oversupplied, and the industry as a whole experienced general changes. In 2016, the country shut down more than 1.
.

200 million tons of intermediate frequency furnace capacity.

The implementation of supply-side reforms has promoted the shift in steel demand from oversupply to tighter supply, and has greatly improved the profitability of the steel industry.

China has announced air emission standards for ultra-low sulfur oxides (SOx) and nitrogen oxides (NOx). Iron and steel companies that have survived the supply-side reform exams have the ability to expand their investment in technological transformation due to improved operating conditions and purchase newEquipment, improve the raising process, promote environmental protection standards and upgrade products.

According to the indispensable prospect, about two-thirds of the maximum increase in production capacity of the steel industry will continue for a long time, and steel producers can achieve sustainable and healthy development.

There is evidence that the demand in the steel industry continues to be strong. We expect that the company’s steel sector sales revenue will continue to grow steadily in the next two to three years.

The battle between the actual controllers was settled.

As of September 30, 2019, Ningbo Juyuan Ruili Investment Partnership (Limited Partnership) held the company’s total share capital.

The 00% equity is the company’s largest shareholder. Mr. Han Li indirectly holds 17% of the company’s equity through Juyuan Ruili, plus the authorization of Mr. Wu Jianxin, Mr. Han Li controls the company 25 in total.

46% of the voting power is the actual controller of the company.

The company is currently estimated to be at the bottom of history, and it is estimated that the large probability will be repaired.

As of the close of October 23, 2019, the company’s PE was 23.

08 times, PB is 2.

07 times, respectively located in the company’s listing to estimate 0.

23% and 15.

98% historical quantile.

Since 2016, the company’s performance has continued to grow, while previously it has continued to grow.

As a result of the deviation in performance and expected trends over a period of up to three years, the company estimates that the main reasons for the suppression are that nuclear power has not had new start-up units and doubts about the continued growth of metallurgical and energy demand.

With the restart of nuclear power in 2019 and the continuous advancement of supply-side reforms, the problem of uncertainty among the actual controllers has also been basically solved, and the factors that suppress estimates no longer exist.

The company estimates that it is expected to be repaired and the probability of sustainable growth will rise and fall.

Profit forecast: We expect the company to achieve net profit attributable to owners of the parent company for 2019-2021.

84, 2.

56 and 3.

31 trillion, equivalent to 0 respectively.

38 yuan, 0.

53 yuan and 0.

68 yuan.

If you refer to the average price-earnings ratio of 21 times comparable companies in 2020 (the historical price-to-earnings ratio of Jiangsu Shentong since its listing).

2 times), the company’s reasonable estimate is 11.

13 yuan, the company’s closing price on October 23, 2019 8.
Calculated at 21 yuan, a conservative estimate of the company’s upside potential is 35%, and for the first time, we give a “recommended” investment rating.
Risk Warning: The number of newly approved nuclear power plants is lower than expected; the supply-side reform efforts have weakened; the increase in related party transactions has led to a decrease in operating efficiency

Fuanna (002327) 2018 Annual Report Comment: Steady Growth of Home Textile Business Still Has Estimated Repair Space

Fuanna (002327) 2018 Annual Report Comment: Steady Growth of Home Textile Business Still Has Estimated Room for Repair

Core points: 1.

The event company released its 2018 annual report. From January to December 2018, the company achieved revenue of 29.

180,000 yuan, an increase of 11 in ten years.

55%; Realize net profit attributable to parent company 5.

43 ppm, an increase of 10 in ten years.

11%; net profit deducted from non-attributed mothers4.

90 ppm, a ten-year increase6.

68%.

18 years to achieve EPS of 0.

65 yuan.

On April 10, 2019, the 17th meeting of the fourth board of directors of the company passed the resolution on the company’s profit distribution plan for 2018, and distributed a cash dividend of 5 yuan (including tax) to every shareholder of 10 shares, with a yield2.

73% (2019/4/11).

Among them, 2018Q1-Q4 operating income increased by 28 respectively.

04% / 12.

02% / 6.

93% / 7.

20%; net profit attributable to parent company increased by 22 respectively.

13% / 10.

99% / 29.

13% /-0.

09%.

2.

Our Analysis and Judgment (I) Home Textiles: Performance is picking up. From the perspective of long-term stable growth of revenue sharing, the company’s business is still dominated by home textiles, accounting for 96% of total revenue.

58%, the scale of the home business is relatively small, and it is still in the incubation stage.

In 18 years, the company’s home textile business income 28.

19 ppm, an increase of 10 in ten years.

98%.

The home furnishing business locates personalized light luxury art finished home furnishings. From 2017 to the end of 2018, the number of Meijia flagship stores reached 12 and the total store area reached 13,000 square meters.

In terms of channel breakdown, online product adjustments have helped e-commerce grow against the trend.

In the initial period, the company’s online revenue increased by 16%, accounting for about 29% of the total channel revenue.

Due to the existence of a base for e-commerce in 18 years, some unfavorable factors for the subsidy of traffic and the emergence of social e-commerce challenges to traditional e-commerce channels, the company’s online value-added speed in the first three quarters reached expectations.

In the second half of the year, by adjusting the product structure, the growth rate accelerated in the second half of the year. Tmall’s “Double Eleven” placed second in the category of home textiles, and the growth rate ranked first.

南京龙凤网 Offline: Expanding the store, optimizing both channels, and the affiliate marketing system has achieved initial results.

According to the budget, the company expects offline revenue to increase by 9%, mainly from new stores.

In terms of seasons, after internal management adjustments, Q4 revenue has picked up from Q3, but net profit has decreased by 0.

09%, mainly due to the gradual adjustment of the hypertension tax rate, pressure on home business expenses and streamlining of the team.

As of the end of the reporting period, the company’s offline channel stores (counters) have reached approximately 1,310.

In general, the company’s channel structure has continued to be optimized, with offline store layouts aside, the proportion of second-tier cities is 53%, and the proportion of large stores (over 250 square meters) is nearly half.In addition, the company continued to promote the construction of “v +” member marketing management system. As of the end of the reporting period, the number of members has increased to 53.

20000.

The company has increased its efforts in investment and construction of smart store and supply chain data management. A large number of smart stores have been deployed in channel terminals, providing accurate member service guidance data and providing big data platform support for members’ personalized services.

(II) Home furnishing: The layout is gradually rapid, and the company has not achieved profit for 18 years. The company continues to expand the home furnishing business and accelerate its business layout.

At present, the company’s home business is still in the incubation period and implements a strict budget management system. The home business has transformed into 12 directly operated stores with a total area of 1.
.

30,000 square meters.

From the perspective of revenue, the company’s internal home business income was nearly 100 million, an increase of more than 30%. However, due to the large amount of expenses brought by business expansion, it still has not achieved profit.

The company plans to expand its business volume through franchise in 19 years to achieve breakeven.

(3) The overall operation has entered into a stable, rising inventory period, the account receivables have increased from the same period of the previous year, and the operating cash flow has decreased slightly.

As of the end of 2018, the scale of inventories has increased by ten years.

65% to 8.

24 ppm, an increase faster than revenue growth11.

55%, mainly due to the impact of weak terminal consumption, but compared to 9Q18.

The scale of 9.9 billion inventories decreased on a large scale, and the inventory turnover days increased by 4 days to 190 days; the scale of accounts receivable expanded and increased by 14.

38% to 3.

USD 7.2 billion, accounts receivable turnover days decreased by 1 to 43 days; due to the rapid expansion of household business, expenses increased and net operating cash flow decreased by at least 5.

58PCT to 3.

4.5 billion.

From January to December, the gross profit margin rose slightly to 0 in the short term.

24PCT to 49.

82%, the net interest rate was relatively reduced by 0.

24PCT to 18.

62%, of which the gross profit margins for Q1 to Q4 2018 were 50.

93% / 50.

41% / 50.

38% / 48.

68%, the net interest rate is 17.

54% / 14.

82% / 17.

15% / 21.

87%, mainly due to the increase in prices and product structure optimization, the overall gross profit margin has increased.

In addition, since the company was qualified as a “emerging enterprise” in 17Q4, and the profitability was somewhat favorable, the net profit margin of sales from 18Q1 to Q3 gradually increased.

The expense ratio is maximized to increase by 7 from January to December.

88PCT to 29.

18%, of which, sales expenses, management expenses (including research and development expenses), and financial expense ratios are 24.

03% / 5.

03% / 0.

12%, change 8 every year.

04% / 3.
92% /-524.
57%.

Increase in financial expenses The company’s financial expenses last year were extremely low, due to the increase in loan interest in 18 years.

The provision for asset impairment has been reduced by 10 years over 18 years.

32% to 476.

RMB 660,000, a substantial increase in losses due to inventory price declines of 58.

67% to 236.

100,000 yuan, the company’s inventory management capabilities have improved.

Maximize investment returns by 80.

44PCT to 5528.

400,000 yuan, 18 years of banking wealth management products received a significant increase in revenue.

3.

Investment recommendations We expect revenue of 32 in 2019-2021.

00/35.

36/39.

5.3 billion, a ten-year growth rate of 9.

64% / 10.

51% / 11.

78%, net profit after deduction to non-mother is 6.

05/6.

80/7.

7 billion, a 10-year growth rate of 11.

99% / 12.

41% / 13.

20%, EPS is 0.

692/0.

778/0.

881 yuan, the company’s current sustainable corresponding PE for 2019-2021 is 13.

17/11.

71/10.

35 times.

Considering that the company’s capital returns and average returns are comparable to those of home textile companies, the company’s overall forecast is still attractive. New brands, channels, and supply chain optimization have been gradually optimized. Online and offline synergies have gradually enhanced profitability.

For the first coverage, we give a “cautious recommendation” rating.

4.

The risks indicate the market risks of new brand pioneers, the uncertainty of the end-consumption environment, the substantial increase in inventory or the risk of impairment.