鐥涢鏄竴绉嶅父瑙佺柧鐥咃紝寰€寰€瀹规槗鍑虹幇鍦ㄤ腑鑰佸勾缇や綋褰撲腑锛屽浜庣棝椋庣殑娌荤枟鏂规硶锛屽彲浠ヨ鏄緢澶氱殑锛屼笉浠呭彲浠ユ寜鐓у尰闄㈢殑甯歌娌荤枟娉曡繘琛岋紝閮ㄥ垎鎮ｈ€呰繕浼氶拡瀵逛竴浜涘亸鏂硅繘琛屼娇鐢ㄣ€傛皯闂存祦浼犵潃鐥涢楗敤鏌犳姘磋兘澶熻В鍐抽棶棰樼殑鍋忔柟銆Concubine, conjugated, craggy, congested, condensed, condensed, condensed, condensed, condensed, condensed, condensed, condensed, condensed, pressed, pressed, pressed, pressed, pressed, pressed, pressed, pressed鍒嗗浜庣棝椋庢偅鑰呯殑娌荤枟浠ュ強缂撹В鐥囩姸閮芥湁鐫€鏈変竴瀹氱殑甯姪銆傜珯鍦ㄤ腑鍖昏搴︽潵鐪嬶紝鏌犳鐨勬€ф俯鍛宠嫤锛屽叿澶囦簡姝㈠挸鍖栫棸浠ュ強鏉€鑿屾鐥涖€佹娓寸敓娲ョ瓑鍔熸晥锛屽挨鍏舵槸鍦ㄥ瀛ｅ綋涓ギ鐢ㄩ€傞噺鐨勬煚妾按锛屽浜庝笉鍚岀兢浣撻兘鏈夌潃涓€瀹氱殑濂藉銆傚彟澶栵紝鏌犳灞炰簬涓€绉嶅己纰辨€ч鐗╋紝琚涓烘槸娌荤枟澶氱鐤剧梾鐨勮緟鍔╄壇鑽紝鍦ㄦ煚妾綋涓墍鍚湁鐨勭淮鐢熺礌C锛屼篃鑳介拡瀵归鐗╀腑姣掋€?鎻愬崌鍏嶇柅鍔熻兘浠ュ強鎶垫姉鍔涖€侀檷浣庤儐鍥洪唶绛夋柟闈㈠彂鎸ヤ竴瀹氱殑鍔熸晥銆傛煚妾按闄や簡鑳藉瀵圭棝椋庢偅鑰呭彂鎸ヤ竴涓敼鍠勬晥鏋滃锛屽枬鏌犳姘磋繕鑳藉楂樿鍘嬫垨鏄硸灏跨梾缇や綋浜х敓涓€瀹氱殑浣滅敤锛岄拡瀵逛笉鍚岀柧鐥呯殑鎮ｈ€咃紝鏌犳姘村綋涓殑鍏诲垎缁欎簬浜嗗ぇ瀹朵竴瀹氱殑甯姪銆傚挨鍏舵槸閽堝鐥涢鎮ｈ€呯殑骞跺彂鐥囷紝鎵€鍙戞尌鐨勮緟鍔╂不鐤楁晥鏋滄槸闈炲父涓嶉敊鐨勩€傚鏋滅棝椋庢偅鑰呭湪杩涜鑽墿娌荤枟鐨勫悓鏃讹紝鍙互閫傚綋鐨勬憚鍏ユ煚妾按锛岄偅涔堝繀鐒惰兘澶熼檷浣庝綋鍐呭翱閰告按骞筹紝浣垮緱鍐呰剰鍣ㄥ畼寰楀埌璋冭妭锛岃繖鏍风紦瑙ｇ棝椋庣殑鏃跺€欙紝鍙互鎻愬崌鐥涢娌绘剤鐨勬鐜囷紝浣垮緱鎮ｈ€呯殑鏃ュ父鐢熸椿璐ㄩ噺淇濇寔鍦ㄦ渶浣崇姸鎬併€?
A lot of people are talking about it, and it’s a lot of people’s lives. It’s a tremendous amount of time. It’s a new era. It’s a new world.鑲夌殑锛岀墰鑲夌殑鍋氭硶涔熸瘮杈冨锛屽ぇ瀹朵竴鑸父鐢ㄧ殑鏂规硶灏辨槸鐐栫墰鑲夈€傚湪鐐栫墰鑲夋堡鐨勬椂鍊欏彲浠ュ姞涓€浜涢粍鑺紝杩欐牱榛勮姫鐗涜倝姹ゅ氨鎴愪负浜嗕竴閬撹嵂鑶筹紝涓嶄絾鍛抽亾鏇村姞This is the most important thing in the world. It’s simple and easy to make steel and iron. It’s a simple steel. It’s a hot pot. It’s a very hard chain.Fortifications, forbidden chains, forbidden chains, forbidden chains, and abnormalities, as well as any chains, you can travel between the chains, and you can take advantage of them.It ‘s not easy to set it up, it ‘s split, it ‘s split, it ‘s a random chain, it ‘s going back, it ‘s back, it ‘s not a good idea, it ‘s a good idea.The effect of this is that the effect of the chain is very high, and the effect of the chain is unpredictable.悓The altar is inlaid, and it ‘s not easy to make a donation. Do n’t be stupid. Do n’t be stupid. Ningge is a good song. You do n’t know how to do it. You do n’t know how to do it. You do n’t know what to do if you do n’t know how to do it.挨鍏舵槸鏄ョ涓ゅ锛岄兘鍙互璧峰埌娓╄ˉ鐨勪綔鐢ㄣ€傞粍鑺墰鑲夋堡鐨勫仛娉曢鏉愶細鐗涜倝250鍏嬶紝榛勮姫10鍏嬶紝闃查10鍏嬶紝鐧芥湳10鍏嬶紝绾㈡灒10鏋氥€傚埗浣滄楠わ細灏嗛鏉愰€夋嫨濂藉悗锛I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m not sure if I ‘m going to do it, I ‘ll try it out, I ‘ll get you back to it傘€傜墰鑲夌劘姘翠笉闇€瑕佸お涔咃紝浠ュ厤鐗涜倝杩囪€侊紝鐒畬姘寸殑鐗涜倝鏀惧叆鍒板喎姘翠腑澶囩敤銆傚彟璧烽攨锛屽鍏ラ€傞噺鐨勬按锛屾斁鍏ラ粍鑺€佺櫧鏈€侀槻椋庛€佺孩鏋ｇ瓑椋熸潗锛屽ぇ鐏叜鍗婂皬鏃讹紝绛夐鏉愮叜鐔熺儌鍚庯紝鍊掑叆鐒按鍚庣殑鐗涜倝锛屽啀鐢ㄥ皬鐏參鐐?灏忔椂銆傚湪鍑洪攨鍓嶏紝灏嗛粍鑺€侀槻椋庛€佺櫧鏈崟鐙垎绂诲嚭鏉ワ紝杩欎簺鏄笉鍚冪殑銆傛渶鍚What’s the difference between you and me?鍒嗛挓杩涜璋冨懗鍜屾敹姹佷究鍙互浜嗐€傞粍鑺殑鍔熸晥1銆佽ˉ鑴剧泭姘旓細榛勮姫鏄浜庤劸鑳冭櫄寮憋紝椋熷皯渚挎簭锛屽€︽€犱箯鍔涢潪甯告湁鏁堢殑鑽搧锛屼互鍙婅劸铏氭硠娉伙紝涔呮郴鑴辫倹绛夈€傚寳鑺殑琛ユ皵鍔涘己锛屽杽琛ヨ偤姘旓紝鍙互娌荤枟鑲鸿櫄姘旂煭锛屽０浣庢噿瑷€銆佺鐤蹭箯鍔涳紝瀹规槗鎰熷啋涔嬬棁銆傚父閰嶅厷鍙傘€佺櫧鏈€佹樊灞便€佺倷鐢樿崏鍚岀敤銆傜敤铚滃埗鍚庣殑鍖楄姫琛ョ泭鍔涙洿寮恒€?銆佸浐琛ㄦ姹楋細鐢ㄤ簬琛ㄨ櫄鑷睏銆傚寳鑺ˉ姘斾箣涓€屾湁澶栬揪涔嬫€э紝鏁呰兘琛ユ皵鍥鸿〃浠ユ姹椼€傚寳鑺殑鍥鸿〃姝㈡睏浣滅敤杈冨ソ銆備复搴婁笂閫氳繃涓嶅悓閰嶄紞锛岃兘娌荤枟鍚勭姹楀嚭鐥?What is the best way to do it? If you don’t know how to do it, you can’t help it; if you don’t know how to do it, if you don’t know how to do it, if you don’t like it, why don’t you do it?鍚屾粙琛ヨ嵂閰嶄紞锛屾不闃磋櫄鐩楁睏銆傝嫢姘旇涓嶈冻锛屽鍙楅瀵掞紝鍙堝線寰€涓嶈兘浣滄睏锛屽湪瑙ｈ〃鑽腑閰嶄紞榛勮姫锛岃兘榧撹垶闃虫皵锛岃ˉ鐩婃睏婧愶紝浣垮叾鍙戞睏锛屾墍璋撯€滈粍鑺湁姹楄兘姝紝鏃犳睏鑳藉彂鈥濆氨鏄繖涓亾鐞嗐€傝繖鏃跺疁鐢熺敤銆?It ‘s very difficult to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?紝鍖楄姫鍠勪簬鐩婃皵鍗囬槼锛屽彲娌荤枟鑴辫倹銆佸瓙瀹劚鍨傘€佽儍涓嬪瀭銆佽偩涓嬪瀭浠ュ強姘旇櫄琛€It’s time to stop the machine ╂ spinning and weaving, we are ready to go, we are going to do it, we don’t have to do it, we don’t have to do it, we have to do it, we have to do it, we have to do it.氨鏄彇鍏惰ˉ姘斾箣涓€屾湁涓婂崌涔嬫€э紝鑳藉崌鑴捐儍涔嬫竻闃炽€傝繖鏃跺疁铚滃埗鍚庣敤銆?銆佸埄姘存秷鑲匡細鐢ㄤ簬姘旇櫄姘磋偪锛屽父閰嶇櫧鏈€侀槻宸便€佺倷鐢樿崏鎴栨鏋濄€佽尟鑻撳悓鐢紝濡傞槻宸遍粍鑺堡銆侀槻宸辫尟鑻撴堡鍧囨湁鏈搧銆傚鐢ㄤ簬娌荤枟鎱㈡€ц偩鐐庤泲鐧藉翱銆佺硸灏跨梾鏅氭湡绛夈€?
[How to make dried fish with almonds, sesame and sesame]_Homemade method of dried fish with almonds and sesame_How to make dried fish with almonds and sesame_How to make dried fish with almonds and sesame
When you see someone’s table full of delicious food every day, you may see a special mouthful in the future.
At this time you will definitely be disappointed that you or the people around you will not cook.
In fact, cooking can be learned by yourself. It is not as difficult as you think. The following is an introduction to the method of dried fish with almonds, sesame and sesame.
Dried small fish first add water to rinse and soak for 10 minutes 2.
Then cut the almonds in half.
(Express delivery, otherwise you can go to a professional bakery to buy peeled almond bars, which is more convenient) 3.
Drain the cleaned small fish and drain the water 4.
Put in a saucepan, dry slowly on a minimum heat and keep frying 5.
I think the almonds are too salty. I rinsed them in water and drained them.
If it is an almond stick, skip this step 6.
Add the dried fish to the pot and bake for about 20 minutes.
At this time, add two spoons of soy sauce and stir well.
Continue to cook over low heat 7.
After the dried fish is cooked, add almonds and stir-fry for 8 minutes.
Then add dried seaweed strips and walnuts.
You can also add some shrimp skins etc. according to your preference9.
Then pour in black sesame seeds 10.
Finally, add the fried small dried fish, slightly increase the heat, and continue to stir fry11.
The final step is to increase the sweetness of dried almond fish.
I have tried maltose before, and the sweetness is very close, but in the winter the maltose is too hard to drip.
This time I thought of using honey for fusion, which is convenient for the taste and better to eat, and the body can be good. For nutrition and health, then we still try to eat less in the restaurant, and make it more nutritious and healthy at home. Hurry up and make today’s almonds.Dried sesame fish.
娌圭偢榛勮姳楸艰繖鏄瘮杈冨父瑙佺殑涓€绉嶅甯歌彍浜嗭紝鍏跺悆璧锋潵澶栭叆閲屽鍙ｆ劅闈炲父妫掞紝骞朵笖钀ュ吇鎴愬垎闈炲父鐨勯珮锛屽浜庝汉浣撲篃瀛樺湪鏈夎澶氱殑濂藉銆傛补鐐搁粍鑺遍奔杩欓亾鑿滆闅句笉闅句絾涔熷苟涓嶆槸绠€鍗曠殑涓€閬撹彍锛屽鏋滄兂瑕佸皢鍏跺埗浣滅殑缇庡懗鍙彛杩樻槸闇€瑕佷汉You can’t help me by the way, I can’t wait for you to do it, but you can’t do it again.What are you looking for? How about you? And how about you?00: What is it? 5: What is it? Book 3: What is it? 10 What is that? 10 What is it?What is the difference between 3 and 3?0Anything?.灏嗛粍鑺遍奔娲楀噣锛岀洓鍏ュぇ纰椾腑锛屾斁鍏ョ簿鐩愩€侀浮绮俱€佹枡閰掋€佽懕娈点€佸鐗囧拰鑺辨綞 溞 纴 麽 岗 噗 噔 劆 銆?.鎷ｅ幓钁辨銆佸鐗囷紝鐩嗕腑鎾掑叆骞查潰绮夛紝灏嗛奔韬９鍖€澶囩敤銆?.灏嗚９涓婇潰绮夌殑榛勮姳楸奸€愭潯涓嬪叆娌归攨涓紝鐐歌嚦閲戦粍鑹叉崬鍑恒€?.璋冨ぇ鐏紝娌规俯鍗囬珮鍚庡啀灏嗛奔涓€璧峰€掑叆閿呬腑澶嶇偢涓€閬嶏紝寰呭鐨劍鑴嗘椂鍗冲彲鎹炲嚭瑁呯洏銆備簩锛屽共鐐稿皬榛勮姳楸兼楠?灏忛粍鑺遍奔鍘婚碁鍘诲唴鑴忓拰鑵紝娉ㄦ剰鍘婚櫎闄勭潃鍦ㄨ剨楠ㄥ鐨勬繁鑹插ぇ琛€绠★紝鍜屽彛鑵旈噷闈㈢殑榛戣壊钖勮啘锛屾礂鍑€娌ュ共锛屽姞鐩愮◢寰厡涓€涓嬨€傛楠?Forbidden to be a fan, for a long time, for a long time, for a long time, for a long time, for a while, for a while, for a while, for a long time.鍙栧嚭娌炬弧骞查潰绮夌殑楸硷紝鏀惧湪骞茬嚗鐨勭洏瀛愪腑锛岃嚦闈㈢矇婀块€忔楠?This is the latest version of the play series, “Don’t Play”, “Don’t Play”, “Don’t Play”, “Don’t Fear”, “Don’t Fear”5澶х害姣忛潰涓€鍒嗛挓灏卞彲浠ワ紝涓€闈㈤噾榛勫悗缈婚潰姝ラ6涓ら潰閲戦粍灏卞嚭閿咃紝娌ュ共娌硅Hagi?
[Anti-sand sweet potato practice]_Home-made anti-sand sweet potato practice_Anti-sand sweet potato practice Daquan_How to make
Life is alive, short is not short, long is not long, and daily life is inseparable from eating.
If you eat well, you will be in a good mood; if you are in a good mood, your health will be much healthier.
Of course, in this healthy state, you have to cook your own food. Then, please follow me to learn how to make anti-sand sweet potatoes.
12 peel the purple and sweet potatoes, cut into strips, wash the surface starch with water, it won’t stick to the pan when fried.
21 Put the oil in the pan, a little more.
Put the sweet potatoes in the deep fry.
Fry until the surface is a bit burnt and remove.
Pour out the oil from the fries and put water in the pan. The ratio of water to sugar is 1: 2.
The fire does not need to be too big, keep stirring with a spatula while cooking.
Boil the sugar until it is sticky, pick up the spatula, and drip the sugar slowly, like honey, not like drops of water.
Pour the fried sweet potatoes into a sugar-cooked pan, turn off the heat, and stir constantly until the sand is turned.
Be sure to turn off the fire, otherwise there will be no anti-sand.
You’re done, set the plate.
Anti-sand sweet potatoes are the most tempting for those who are not yet married.
So if you can learn as soon as possible, improperly enjoy a different delicious, but also solve your own lifelong affairs.
[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.
[How to make cold okra]_Homemade way to make cold okra_Encyclopedia of cold okra_How to make cold okra
Have you become accustomed to a dependent life, and have you lost a lot of your abilities?
At least for most people, the ability to cook is now lost.
If you want to be Almighty, you certainly don’t want to be like this.
So, please ask me now to learn how to make cold okra.
Wash the okra, remove the pedicle, and cut into double spares with a knife.
1 chilli noodles, raw soy sauce, oyster sauce, white sugar and garlic, chilli into a bowl of sauce, pour in hot oil to taste.
Boil a pot of water in the 2 pots, put the okra in the pot and simmer for 2 minutes, add salt, the oil can make the okra greener.
Strain the okra into the bowl and drizzle the sauce.
It is not difficult to make this dish of cold okra. The hard thing is whether you have persistence.
In fact, as long as you can thoroughly understand the method steps mentioned above, plus your insistence, the “results” will immediately appear.
Technology funds stand at the mouth of nominal products, investors should be discriminated carefully
Technology themed funds stand on the cusp, and some products are coming. Investors should discern the red magazine financial articles carefully. Wang Ye This year, the technology sector has become another hot spot after the consumer sector. Since September, science and technology represented by electronics, communications, and computersThe relative return in the direction is obvious, and the corresponding Shenwan Index has increased respectively.07%, 11.08% and 9.00%. Coming soon to Dongfeng, sustainable public offerings will begin to launch new technology theme funds, AIETF, technology ETF, and communication ETF.In addition, the performance of active equity funds this year has also demonstrated the explosiveness of technology themes. The top-ranked GF Shuangqing upgrades, and Bank of Communications growth 30 are mainly based on technology stock investments.So investors should pay attention to some issues when identifying technology theme funds? Active products: Pay attention to the ability of fund managers to switch sub-sectors. In fact, the investment threshold of technology stocks is relatively high. Rich professional knowledge reserves and industry chain resources are required to identify whether the company’s scale is excellent. General investors do not have the ability to identify technology stocks.The expertise and resources of the authenticity of the ability, so the core of selecting a science and technology theme fund is to judge whether the fund manager can continue to exert its ability in the technology field. Hu Yibin, Feng Mingyuan, Jin Zicai, and others are fund managers who have some experience in the technology sector and have proven their ability. In addition, the differentiation of various sectors in the theme of science and technology, the ability to switch between sub-sectors is an important factor that determines the performance of the fund.As a result, the performance of science and technology theme funds has been differentiated since this year. Among them, individual fund managers adjusted in a timely manner after the interpretation of some market segments to a certain extent, and the performance also quickly “revived”. For example, Huaan Media, which has a high long-term turnover rate, mainly configured the 5G industry chain in the first quarter.During the adjustment period, some of the first-quarter gains and overestimated stocks of Lianchuang Electronics, Pengding Holdings and other stocks were added. At the same time, the tide information of the computer sector was added. Huayou Cobalt, an upstream raw material, and other stocks soon recovered their lost net worth. This yearSince the rise of 80.00%; up 76 this year.42% of Guolian’an Technology Power also adjusted its positions in the second quarter. In the first quarter, it mainly configured Huawei’s industrial chain-related fingerprint identification chips, communications master equipment vendors, PCB circuit board blocks, and financial technology. In the second quarter, it switched to 5G andCloud computing industry chain, and moderately configured semiconductor companies. On the contrary, funds with poor sector switching may have obvious phase-outs. Taking Changsheng Electronic Information Industry as an example, the fund has intensive layout of the 5G sector from the end of last year. The estimated rebound of the consolidated sector in the first quarter may increase the net value; in the second quarter, the fund may still increase.Maintaining the general layout of the 5G industry chain and slightly increasing the layout of 5G application layouts, but the high exposure of a single industry led to a major adjustment in the fund in the second quarter, with a maximum decline of 16 in the range.08%. Therefore, the preferred technology theme fund must first determine whether the fund manager is focused on the technology and Internet industry. Secondly, the process of survival of the fittest is very fast. Except for technology companies with growth potential, whether the fund manager has prospective research and sector conversion capabilities are funds.The key to getting excess returns. Passive index products: Homogeneity concerns have surfaced. Various types of technology index 武汉夜生活网 funds that have been issued in the second half of the year can also be used as alternatives for investors. Computer ETFs, technology ETFs, AIETF, and communications ETFs have yields of 14 since their establishment.34%, 17.91%, 15.59% and 6.61%, the currently active technology ETF, its tracking index-CSI Technology Leading Index has increased by 57 this year.32%. It can be said that the comprehensive technology index fund is the focus of the recent market: the leading technology companies that are expanding in the restructuring area and have high growth in the future are the scarce targets in the market. Replacing a basket of investment technology stocks can also effectively diversify risks. Such technology-themed funds are also emerging. Several fund companies have successively issued CSI Emerging Technology 100ETF, CSI 淡水桑拿网 Technology 100ETF and Innovation 100ETF.However, from the perspective of subordinate stocks, these upcoming products have problems of homogeneity, because the selected index is a technology leader with changing profitability and growth characteristics. Therefore, among the above 3 ETFs, Hikvision, LixunPrecision, Longji shares, ZTE and other stocks have a high repeat rate. In a short period of time, there are multiple “pan-technology” index funds. Investors do not prevent the subdivision from the perspective of the industry when identifying. For example, the largest technology ETF in the world covers four industries: electronics, computer, communications and biotechnology.The CSI 100ETF and Innovative 100ETF, which are being issued, cover only traditional technology companies, SAIC, Sany Heavy Industry, China Heavy Industry and other automotive and mechanical industry stocks. In summary, the advancement of science and technology is gradually driving the recovery of industry demand and boosting the profitability of technology companies. Preferred active management technology theme funds and “pan-technology” index funds can be used as good long-term configuration tools.If you have some knowledge of the technology sector, you can also look for opportunities in some segmented index synchronous communication ETFs, 5GETF, and active management funds with flexible operations.■
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.
Tongling Nonferrous Metals (000630) Quarterly Commentary: Outreach Projects Helping Development
The company released the third quarter report of 2019, reporting a series of 697 revenue.7.5 billion, an increase of 13.74%; net profit attributable to mother 6.9.5 billion, an increase of 4.93%; deducted non-attributed net profit 6.19 trillion, the same minus 5.61%. Q3 quarter revenue was 229.1.5 billion, an increase of 11.06%; net profit attributable to mother 2.810,000 yuan, an increase of 12.79%; deducted non-attributed net profit 2.79 trillion, an increase of 3.54%.Q3 quarter results slightly exceeded market expectations. Significant cost reductions and efficiency improvements, with gross margins picking up and thickening performance Q3 quarterly revenue of 229.1.5 billion, an increase of 11.06%, a ring reduction of 3.24%; net profit attributable to mother 2.8.1 billion yuan, an increase of 12.79%, a ring reduction of 4.43%.The Q3 quarter was 69% MoM.18%; smelting expenses temporarily reduced by 38.09%, compared to 16 epoxy.00%.The increase in copper prices and processing fees was slightly larger than the change in revenue, so the company’s output and sales increased slightly.At the same time the company’s operating costs were 218.8.2 billion, an increase of 11.56%, a ring reduction of 4.43%, the decrease in cost is slightly larger than the change in revenue, so the company’s cost reduction and efficiency increase significantly, the gross profit margin rebounded, and the company’s performance increased. Increase the capital of copper crown mines to be listed by listed companies, and realize value-added companies with their own funds14.57 trillion increase in copper crown mine construction, after completion of holding 20% equity in shells.Tongguan Mine Construction’s main mining engineering construction, mining management, mining engineering construction technical services, etc., the company’s 2018 and 2019H1 net profit were 6131.38 million yuan, respectively, and has now started listing work. After the listing is completed, the company will gradually build the companyCompetitive advantages of the entire industry chain, give better play to synergies, improve operational efficiency, and achieve value preservation and value addition. With the strategic cooperation with Mengzhou Company, high-end copper materials continued to force the company’s newly established subsidiary Tongling Copper Crown Copper Foil to invest in the construction of the “2-inch annual precision ultra-thin electronic copper foil project for energy storage (Phase 1)”, with the production capacity supplemented in Phase I1 Calibration has been successfully put into production, and has a total of 4 copper foil production capacity, including standard copper foil production capacity 2.25 cobalt, lithium battery copper foil production capacity1.75 inches.At present, the company has become the largest domestically produced copper foil manufacturer. 6-micron and 7-micron lithium foils have been mass-produced, and they have actively developed and produced 5G copper foils, which is 武汉夜网论坛 expected to become the company’s new performance growth point in the future. At the same time, the company signed a letter of intent for cooperation with Mengzhou Company, adopting methods such as transfer, capital increase or acquisition of Mengzhou company’s assets, and the strategic cooperation with Mengzhou Company by authorizing the distribution of Mengzhou shares to promote the company’s continued high-end copper production. Profit forecast and rating With the steady increase in the company’s product output and mass production of high value-added copper foil, the company’s performance will be steadily improved, maintaining the company’s net profit attributable to its mothers in 2019-2021 to 8.5.4 billion, 9.51 ppm and 10.0.5 billion yuan, EPS is 0.08 yuan / share, 0.09 yuan / share and 0.10 yuan / share, corresponding 深圳spa会所 to the company’s closing price on August 30, the dynamic P / E of 27X, 24X and 23X respectively, maintaining the “overweight” rating. Risk reminder: The risk of the termination of Tongguan Mining’s IPO is not as expected as the cooperation with Mengzhou.