鐗涜倝鐨勯鐢ㄦ柟娉曞悇绉嶅悇鏍凤紝鐐掔墰鑲夋槸鏈€甯歌鑰屾櫘閫氱殑涓€绉嶅仛娉曚簡锛屽湪瀹跺涵鐢You can’t do it by the way, you can do it by the way, you can do it, you can do it, you can do it, you can do it, you can do it in the same way.鍛紵鍙傝€冧互涓嬫墍浠嬬粛鐨勬柟娉曘€?鍋氭硶涓€銆佸瓬鐒剁墰鑲?What is the altar inlay?50鍏嬶紝棣欒懕2妫碉紝鐢熷1灏忓潡锛岀啛鑺濋夯1灏忓寵锛岃姳妞掗€傞噺锛屽瓬鐒?灏忓寵锛屽共杈ｆ8涓紝璋冩枡锛氶鐢ㄦ补500鍏嬶紙瀹炶€?0 嬏 傶 级 Adorable?What’s wrong with you?What’s your favor?How do you like it?What’s wrong? What’s wrong with Jing Niu? 2 What’s wrong with me? 1 What’s wrong with me?What is your favorite?What’s so darling?/ 2 How do you like it?. 钁便€佸娲楀噣鍚庡垏鎴愭湯锛?2. 鐗涜倝娲楀噣鍘荤瓔锛屾紓鍑€琛€姘村悗鐗囨垚钖勭墖锛岀敤鐩愩€佹枡閰掋€佸銆佽懕鑵?5 What is it?. 寰€閿呭唴娉ㄥ叆椋熺敤娌癸紝鐑ц嚦浜旀垚鐑椂鍊掑叆鐗涜倝鐗囷紝鐐歌嚦閰ラ鎹炲嚭锛?. 閿呭唴鐣欏簳娌癸紝鏀惧叆骞茶荆妞掋€佽姳妞掔炕鐐掑嚭棣欏懗锛岀劧鍚庝笅鐗涜倝鐗囩倰鍖€锛?. 鍔犻珮姹ゃ€侀厭銆佷簲棣欑矇銆佺硸锛岀儳寮€鍚庢斁鍏ヨ荆妞掔矇銆佸瓬鐒剁倰棣欙紱6. 鏀惧叆绾㈡补銆佸懗绮俱€侀娌癸紝缈荤倰鍧囧寑锛岃鐩橈紝鎾掍笂鑺濋夯鍗冲彲銆?鍋氭硶浜屻€侀潚妞掔墰鑲?How about 300? What about 300? How about 200? What about it?Will you please?Do you think the altar inlay?00 鍏 嬶 闱 掓 200 鍏 嬶 閴 娌?澶у寵銆傝皟鍛虫枡锛氾紙1锛夋枡閰掑崐鍖欙紝閰辨补澶氬崐鍖欙紝娣€绮夊鍗婂寵锛屾按1鍖欍€傦紙2锛Chamois?鍖欙紝濮滄湯鍗婂寵锛岃挏鏈崐鍖欍€傦紙3锛夋按2鍖欙紝娣€绮夊鍗婂寵锛岀洂1灏忓寵锛岀硸1灏忓寵锛岃儭妞掑崐灏忓寵 锛岄夯娌瑰崐灏忓寵锛屽懗绮惧崐灏忓寵銆傛楠?What are you talking about? Alternately, you will be wondering what is going on?Do you like it? Do you want to make up?劆 人 娹 娌?闒 嗛 挓 邹 炶 у pet: 屽 姞 鍏 ョ 坛Institutes: Adhere to the problem, the problem is that the problem is that the problem is that it ‘s not easy to make a mistake. What ‘s wrong with it?劆 人 娹 娌?澶у寵锛屽皢璋冩枡鎷岀倰鍚庯紝鍔犲叆鐗涜倝銆侀潚妞掑強璋冩枡锛屽ぇ鐏繀閫熺倰鎷屽潎鍖€鍗冲彲鐩涚洏銆?
銆 愮 背 鬫 嬫 晣 陧 鍙 卑 卑 博 卋 咋 楋 纻 銆 慱 鐦 ﹁韩 _ 諊 灭 敤
鐜板湪寰堝浜哄洜涓轰笉鑳介『鍒╁噺鑲ヨ€屽彂鎰侊紝瀹為檯涓婏紝澶у閮界煡閬撴纭殑鍑忚偉鏂规硶锛屾兂瑕佸噺鑲ョ殑浜哄繀椤昏鎵惧埌閫傚悎鐨勮繍鍔紝鑰屼笖瑕侀暱鏈熷潥鎸佹墠鑳界湅鍒版晥鏋滐紝闄ゆ涔嬪锛岄ギ椋熺殑璋冩暣鏄噺鑲ュ繀涓嶅彲灏戠殑锛屽彲浠ユ湁鎰忚瘑鐨勫悆涓€浜涙湁钀ュ吇鑰屼笖瀵瑰噺鑲ユ湁甯姪鐨勯鐗╋紝姣斿绫抽唻娉￠钑夈€傜背閱嬫场棣欒晧鍙互鍑忚偉鍚楋紵鍑忚偉鎴愪负浜嗚澶氫汉浠棩甯哥敓娲讳箣涓殑澶寸瓑澶т簨锛岀壒鍒槸瀵逛簬涓€浜涚埍缇庣殑濂虫€ф潵璇存洿鏄姝ゃ€備竴浜涗汉浠彲鑳芥湰韬苟涓嶈偉鑳栵紝涓嶈繃濡傛灉涓€澶╀笉鍑忚偉锛屼技涔庡績鐞嗕笂灏辨€昏寰楀皯浜嗙偣浠€涔堛€傝繖鍏跺疄宸茬粡鎴愪负涓€绉嶇敓娲荤殑甯告€佷簡锛屼笉灏戜汉浠篃閮戒範浠ヤ负甯搞€備负浜嗗噺鑲ワ紝鏈変簺浜轰滑浼氭妸姘存灉閱嬪拰棣欒晧娉″湪涓€璧烽鐢ㄣ€傞偅涔堟按鏋滈唻娉￠钑夎兘鍑忚偉鍚楋紵涓€銆佹按鏋滈唻娉￠钑夎兘鍑忚偉鐨勫師鐞嗘湁浜涗汉浠潥瀹氬湴璁や负锛屾按鏋滈唻娉￠钑夎兘鍑忚偉鍚楋紵瀹冪殑绛旀鏄細鍙互銆備负浠€涔堣繖浜涗汉浠細濡傛鑲畾鍦版寔杩欑鐪嬫硶锛熻繖涓昏鏄緷鎹竴涓煚妾吀鍑忚偉鍘熺悊銆傚湪閱嬩腑鍚湁鏌犳閰革紝褰撳畠杩涘叆鍒颁汉浣撲箣鍚庯紝灏变細淇冭繘鑴傝偑鐨勫垎瑙ｃ€傝€岄钑夊垯鏈夋鼎鑲犵殑鏁堟灉锛屾妸瀹冧滑涓よ€呮斁鍦ㄤ竴璧烽鐢紝浼氭敹鍒板噺鑲ユ晥鏋溿€備簩銆佹按鏋滈唻娉￠钑夊噺鑲ョ殑鍏蜂綋鍋氭硶濡備綍姝ｇ‘椋熺敤杩欎釜鍑忚偉椋熷搧锛屽浜庢按鏋滈唻娉￠钑夎兘鍑忚偉鍚楄繖涓棶棰樻潵璇达紝鏈夌潃鑷冲叧閲嶈鐨勬剰涔夈€傞偅涔堝浣曢鐢ㄥ憿锛熶竴鑸潵璇达紝鏈変簺浜轰滑鏄洿鎺ユ妸棣欒晧娉″埌姘存灉閱嬩箣涓€傚叾瀹炴潵璇达紝鎹竴浜涜惀鍏讳笓瀹跺缓璁紝鏈€濂芥槸鑳芥妸姘存灉閱嬶紝涓€浜涢粦绯栵紝鍜屽垏鎴愬皬鐗囩殑棣欒晧锛屼竴璧锋斁鍒板櫒鐨夸箣涓紝鐒跺悗鍒板井娉㈢倝涔嬩腑鍔犵儹銆傛鍚庯紝鏀惧噳涔嬪悗鍐嶉鐢ㄣ€備笁銆佹按鏋滈唻鍜岄There is no such thing as a slap in the air, a lot of people are arrested, and there is no such thing as an arrest, as well as a great deal of hard work, as well as a lot of people. 揀 揀 漀 浠 The world’s arguing and arguing, stupid, sorrowing, sorrowing, sorrow, sorrow, sorrow, sorrowThe effect is very good. It ‘s a good thing. It ‘s a good thing. It ‘s so good. It ‘s so good. It ‘s so good. It ‘s so good.What are you talking about?
[Fried squid without bread crumbs]_Without bread crumbs_How to make
The name squid is no stranger to everyone. Squid is a seafood product, and people who do not like seafood may find it a little strange.
How hard this thing is, the feeling of not chewing, it is strange that there is such a thing.
The fresh vocabulary of bran squid must have never been heard.
The practice of bran fried squid is actually very simple, and bran fried squid is also very delicious.
Use one egg, two squid 300g, salt, sugar, pepper, a little cooking wine, a little oil (preferably no vegetable oil i), a little tomato sauce, thousand island sauce.
Remove the internal organs.
2 Strip the outer skin and cut into small circles of about 1 cm.
3 Prepare the egg mixture (with some pepper).
There is also a plate of raw flour.
In addition, put the squid into the bowl and pour cooking wine (note that only 3 scoops) with a little salt and pepper.
Grasp with your hands and marinate for about 15 minutes.
4 Put in the egg liquid and pick it up, then stop for a while, then put it like flour, and roll it.
Actually manual is better.
5 Almost like this, OK. 6 Pay attention to the oil temperature, heat it a little, throw it in and try it first. If there is a squeaking noise and it will take shape immediately, you can put it in about 4 minutes. Keep it apart to avoid being together.
7 When the color is golden, you can remove it and drain the oil.
Add some sauce and wait until it’s a little bit colder.
Ingredients: Ingredients: 300 grams of squid. Ingredients: 3 tablespoons of corn starch, 2 bread crumbs of eggs, 2 tablespoons of salt, 1/2 teaspoon of cooking wine, 1/2 teaspoon of pepper, 1/2 teaspoon of vegetable oil, 300ml. Method 2: 1.
Frozen squid rings with boiling water 2.
Remove and peel off the outer skin 3.
Add salt, cooking wine, pepper and marinate for 15 minutes 4.
Eggs are broken, starch and bread crumbs are ready5.
Roll the squid rings in the starch 6.
Then dip into the egg and mix well.
Finally put it into the bread crumbs and roll 8.
Place the dipped bagels on a clean, dry plate 9.
Heat oil in the pot 10.
Simmer into the squid circle and fry the golden fish on the low heat and remove 11.
Yili shares (600887): Channel advantages make it easier for Yili to come first
The competition between Yili and Mengniu will slow down due to strategic differences. Room temperature beverage will become a new growth engine. There is a clear divergence in the growth strategies between Yili and Mengniu. Yili hopes to exceed the room temperature beverage business to maximize its use in third- and fourth-tier cities and villages.The market has a comparative advantage in channels, and Mengniu intends to overtake through industry chain integration and leading low-temperature business corners.
With reference to Midea Gree’s competitive history, strategic differences are expected to improve profitability. At the same time, we are optimistic about the room temperature beverage business to bring growth potential to Yili. In the case of separate leaders to verify market capacity and potential, use channel and brand advantages to obtain considerable market share.The business model has been verified by Dali.
What do we expect Yili shares 2019?
The EPS in 2021 is 1.
21 yuan, 1.
52 yuan and 1.
83 yuan, the first coverage given a “buy” rating.
Experience of Asian dairy companies: market capacity depends on home country fundamentals, profitability depends on industry chain discourse power, population continues to grow, Vietnam’s dairy industry is in a capacity expansion cycle with a decline in per capita dairy product consumption, and Vietnamese milk companies have restored milk product strategies and channel networksThe advantage has obtained the right to bargain for the interests of upstream dairy farmers and downstream consumers. The average ROE was 40% in 2013-2018; the number of people has decreased, and the per capita consumption of dairy products has peaked. The Japanese dairy industry is in a contraction cycle and radical agricultural policy formulationDairy companies have weak bargaining power on the upstream side, and the product strategy based on pasteurized milk has broken through the bargaining power of dairy companies on downstream consumers, which directly led to Meiji ‘s average ROE from 2013 to 2018 accounting for only 12%.
China’s dairy industry: The biggest potential lies in the reserve for consumers to pay premiums. The challenge lies in the powerful marketing and channel control capabilities of high-priced milk source leading dairy companies. Milk has broken through the mandatory consumer product pricing model in the Chinese market, and the relative price of Chinese dairy products is high.In Japan and Vietnam, it shows that Chinese consumers are willing to pay a premium for dairy products with “healthy” and “high-end” attributes.
However, we believe that high-priced milk sources will be the main factor for the development of China’s dairy industry. Chinese dairy farming faces challenges after a rapid increase in efficiency. The economics of dairy farming continues to deteriorate, supply continues to shrink, and important raw materials are also facing Sino-US trade frictions.The risk of rising prices will support the price of raw milk and adversely affect the development of the dairy industry.
Yili’s growth driving force: cost contraction caused by strategic differences with Mengniu + elasticity of room temperature beverage growth Yili and Mengniu began to adopt the “Tianji horse racing” type growth strategy in order to increase market share.Room temperature beverage market for room temperature milk sharing channels.
The integration of the industrial chain and the low-temperature products dominated by Mengniu are worth the construction of milk sources and the volume of low-temperature products.
Yili 淡水桑拿网 and Mengniu are expected to replicate the development of Midea and Gree’s strategic divergence and profit recovery; using their own channels and brands to enter mature markets to gain share has a significant effect on the development history of Dali’s soft drink business, and Yili Health Beverage Department adopting a similar model is expected toBecome the company’s new growth engine.
Optimistic about Yili’s revenue and profit growth elasticity and sustainability, the first coverage is given a “Buy” rating. According to the profit forecast, we expect Yili 2019?
Revenues will reach 926 in 2021.
480,000 yuan, 1061.
98 ppm and 1201.
3.8 billion, an increase of 16 each year.
63% and 13.
13%; net profit attributable to parent company will reach 73 respectively.
780,000 yuan, 92.
45 ppm and 111.
3深圳桑拿网0 ppm, an increase of 14 each year.
30% and 20.
Comparable companies are estimated to average 34 times PE in 2019, we give Yili shares 34?
35x PE with a target price range of 41.
35 yuan, the first coverage given a “buy” rating.
Risk warning: increased competition; reduced dealer resources; raw milk prices; food safety.
Pudong Development Bank (600000) 3 quarterly report comments: revenue growth trend continues to decline
Revenue growth profit, single quarter profit growth increased.
SPD’s revenue in the first three quarters increased by 15.
4%, net profit increased by 11.
9%, the main driver of profit growth comes from the increase in the scale of interest-earning assets11.
4%, net interest margin (caliber at the beginning of the period) increased by 23bps per year.
Judging from the preliminary revenue structure, net interest income has increased 21 year by year.
1%, but Q3 growth rate increased to 13.
7%, the first is that the height of the 18Q3 interest rate rise increased the base, and the interest rate continuous pull effect decayed.
Fee income is increasing by 4 per year.
3%, a faster growth rate than the first half (+14.
2%), a significant growth rate, mainly dragged down by the 15% annual decline in Q3 net fee income.
The cost-income ratio rose slightly to 21.
8%, credit cost 1.
97% is still at a high point in recent years. The impairment of both ends of Q3’s revenue has been lower than that in the first half of the year, and the profit growth rate in a single quarter has rebounded to 11%.
In terms of pricing, the net interest margin (caliber at the beginning of the period) was basically flat month-on-month, but considering the downward pressure on the pricing side and the pressure on the cost of the impedance side, the net interest margin is facing certain downward pressure.
Scale growth is accelerating, loans, interbank assets are growing faster, interbank debts on the debt side are growing faster, and deposit growth is expected.
The asset-side growth rate was faster in the past, mainly due to the average growth rate of the same period last year, and the loan-to-value ratio maintained a rapid growth (+11.
6%), interbank assets have achieved rapid growth year-on-year, and bond investment has declined for two consecutive quarters.
From the perspective of the structure of new assets this year, the proportion of increased loans continued to rise to 70%. In the third quarter, retail loans continued to grow at a relatively high rate, and the growth of corporate loans was weak.
On the debt side, the main contribution came from the growth of interbank debt, while deposits were slightly weak after two consecutive quarters of high growth.
In terms of deposit structure, the demand rate fell to 42.
9%, the time rate rose to 56%, the margin pressure on deposit costs is expected to increase.
In terms of asset quality, the NPL ratio decreased by 7bps to 1.
76%, 8 consecutive quarters of decline, the generation / disposal speed is still high.
The balance of non-performing loans in Q3 was 67.6 billion, falling for 6 consecutive quarters, 西安耍耍网 and the non-performing ratio was down 7bps from the previous quarter. The proportion of attention-oriented loans continued to decline.
Provisions remained stable overall, and provision coverage increased slightly to 159.
51%, the loan-to-loan ratio slightly replaced 2.
81%, TTM bad net production rate1.
76%, still at a high level, and the subsequent trend of changes in asset quality is still an important factor affecting profit realization.
The 30 billion issuance of perpetual bonds was completed, and the issuance of 50 billion convertible bonds accelerated.
At the end of the period, the capital adequacy ratio and core tier 1 capital adequacy ratio were 14 respectively.
01% and 10.
We slightly adjusted the company’s EPS to 2 in 2019 and 2020.
09 yuan, 2.
27 yuan, the final net asset is expected to 杭州桑拿网 be 16 at the end of 2019.
81 yuan to 2019.
10.Calculated at the closing price of 29, the PB corresponding to the end of 2019 is 0.
We maintain our prudent overweight rating on the company.
Risk warning: Asset quality fluctuates more than expected, interest spreads fall more than expected, and scale growth is less than expected
Sixlens promotes the application of intellectual property big data industry3.
On April 27th, the CAIP2019 Ecological Partner Conference was jointly held in Haidian District Intellectual Property Office, China Automotive Industry Intellectual Property Investment and Operation Center, Beijing Automotive Group Industrial Investment Co., Ltd., and Beijing Zhonghai Jinyue Investment Management Co., Ltd.More than 300 guests from government departments, the automotive industry, investment and financing, innovation platforms, and intellectual property have gathered under the theme of “data-driven capital and capital cohesion and innovation”, cross-border ideas collide, multi-dimensional wisdom gathers, and discusses encryptionSupport the industry, escort capital, and help innovate paths and models to jointly witness the world premiere of sixlens big data products.
Lei Xiaoyun, Director of the Copyright Protection Promotion Department of the State Intellectual Property Office, Yang Dongqi, Secretary of the Party Group of the Beijing Intellectual Property Office, and Yi Tao, Assistant to the District Chief of Beijing Haidian District, attended the meeting and delivered speeches. The conference was chaired by Liu Xiangyang, Director of the Intellectual Property Office of Haidian District.
Sixlens is a new generation of intellectual property big data products developed by the State Intellectual Property Office and approved by the State Intellectual Property Office to build the first national industrial intellectual property operation center and national intellectual property big data industry application research base.Investment and financing, scientific and technological literature, standards and 北京夜网 other 12 categories, more than 300 kinds of multi-source alternative data resources, forming a capital-talent-technical knowledge map covering 15 billion patents, entity relationship network data, targeted technology investment, precise mergers and acquisitions,Scenarios such as technology investment and talent introduction provide new big data solutions.
Sixlens uses patent information as a link to gain a panoramic view of global investment in cutting-edge technology. It penetrates into companies, engineers, and hard-tech investment values. It tracks real-time innovation and entrepreneurial projects of top scientific research teams, effectively improves the decision-making level of government departments and investment institutions, and will become knowledge.The big data industry application of property rights is pushed up one step.
Geng Deqiang, general manager of the China Automotive Industry Intellectual Property Investment Operation Center, said that sixlens reduced the patent language into investment logic, eliminating the professional gap between investment institutions and patents, allowing investors to understand, see patent technology and itsThe story behind it helps investment institutions to discover high-quality technology startup projects for the first time, and to understand the risk points of technology investment through the network relationship map, which effectively improves the acquisition of pre-investment projects for technology investments, due diligence in patent investment, and investment.Post-risk prevention and other measures.
Lei Xiaoyun pointed out that the sixlens big data platform was the first to open up data silos in the fields of intellectual property and industry, economics and finance, and tightly aggregated the innovation supply side, the industrial demand side and the capital enabler through data ties.This has a significant supporting effect on intellectual property operation activities such as intellectual property investment mergers and acquisitions, asset operations, and corporate credit enhancement. It has important demonstration significance for the full use of intellectual property to rationally allocate innovation resources and improve the efficiency of industrial innovation methods.
She hopes that the Automotive Intellectual Property Center will start with the release of the sixlens big data platform, focus on the big data scenarios of key industry intellectual property operations, further strengthen the application of emerging technologies such as intelligent classification and knowledge maps, and develop key industry data interfaces with high value.A series of patent selection and evaluation index models, patent navigation tools and other products provide data support for other national intellectual property operation platforms, centers and key intellectual property operation agencies, and strive to build a big data hub for key industry intellectual property operations, driving national intellectual propertyOperational excellence.
With sixlens as the link, China ‘s automobile industry intellectual property investment operation center and China (South) intellectual property operation center, national intellectual property operation public service platform, university operator (Wuhan) pilot platform and other national intellectual property operation agencies have become strategic cooperation agreements, Jointly promote the cultivation, identification, management and operation of high-value patents in the automotive field, and establish strategic partnerships with PICC Property & Casualty Beijing Branch, Bank of Beijing Zhongguancun Branch, Anpeng Insurance Brokerage and other financial institutions to help financial institutions evaluate corporate innovation capabilitiesTo help enterprises to increase the value of their intellectual property rights, and jointly develop intellectual property mixed-quality mortgage products with corporate patents, trademarks, copyrights and other overall intellectual property assets as the core, and to promote the innovative development of technology-based SMEs.
At the start of the science and technology innovation board, Han Xiucheng reminded companies to make relevant preparations for intellectual property before listing: “Enterprises should focus on basic issues of intellectual property, risk disputes, internal control, and mixed use before listing.Carry out a comprehensive review and investigation of the intellectual property status of the company from the perspective of investor interests; it is recommended to conduct intellectual property risk investigations around main business products and technologies, to explore potential intellectual property risks in depth, reasonably assess the impact and deal with them in advance; according to the previous survey,The issue of listed companies’ intellectual property rights involves legal, financial, and technical issues, so companies should hire high-level, professional teams to provide work support in advance.