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This is the best way to get rid of it, and it ‘s very difficult to find out how to do it. If you do n’t know how to do it, you ca n’t do it.嬫媽鑵版灉绛夌編椋熴€備絾鏄姦绗嬭繕鏄鐨勬椂鍊欙紝涓嶇敤鍓婄毊灏卞彲浠ュ悆锛屼絾鏄綋鑺︾瑡姣旇緝鑰佺殑鏃跺€欙紝澶栭潰鐨勭毊姣旇緝鍘氳繕纭紝鎯宠椋熺敤灏变笉寰椾笉鎶婂闈㈢殑鐨鐞嗘帀銆備絾鏄姦绗嬪闈㈢殑鐨笉鏄殢闅忎究渚垮氨鑳藉幓闄ょ殑銆傚畠闇€瑕佺壒鏈夌殑鏂规硶锛岃缁嗕粙缁嶈姦绗嬪闈㈢殑鐨€庝箞澶勭悊銆?The key to the key is the key to the key.粡寰堝潥闊т簡锛屼粠鏍归儴鎻捣涓€鐐硅€佺毊鐩存帴鎾曟帀灏辫浜嗭紝鍑犱笅灏卞彲浠ユ妸鑰佺毊鍏ㄩ儴What’s the difference? What’s the difference? What is the difference? What is the difference? What is it? What is it? What is the problem?笉鏄緢鑰佺殑鑺︾瑡锛屽氨涓嶅啀閫傚悎鐢ㄦ墜鎾曠毊浜嗭紝鎴戜滑闇€瑕佸€熷姪鍒毊鍣ㄨ繖涓帹鎴垮皬宸ュ叿銆傚厛鎶婅姦绗嬪钩鏀惧湪妗屽瓙涓婏紝宸︽墜鎸変綇鑺︾瑡椤堕儴锛屽彸鎵嬫嬁鐫€鍒毊鍣ㄤ粠鏍归儴寮€濮嬪墛鐨紝寰堝揩灏卞彲浠ュ墛濂戒竴鏍瑰畬鏁寸殑鑺︾瑡浜嗐€傝繖绉嶆柟娉曞鏄撴搷浣滆€屼笖涓嶄細浼ゅ埌鎵嬶紝鍓婄殑鏃跺€欎篃涓嶄細璁╄姦绗嬫柇鎺夈€?銆佺敤鍒€鍘荤毊鑺︾瑡寰堢粏锛屼竴鑸敤鍒€浼氬緢闅惧幓鐨紝鎵€浠ユ柟娉曞氨寰堥噸瑕佷簡銆備笉鑳芥妸鑺︾瑡璺熷垁閮芥嬁鍦ㄦ墜涓婏紝鍚﹀垯涓€鍒€涓嬪幓绗嬪氨鎴愪袱鎴簡锛屾渶濂界殑鍔炴硶灏辨槸鎶婄瑡鏀炬鏉夸笂锛屽钩琛岃鍒€锛屼笉瑕佹妸瀚╃殑閮ㄥ垎鍒囨柇鍚庡啀鍘荤毊锛屽彲浠ョ洿鎺ヤ粠涓棿涓嬪垁锛屽悜鏍归儴琛屽垁锛屾墜鎸囧ご涓嶈鏀惧湪鍒€鍓嶏紝浠ュ厤鍒掍激銆?銆 但 幽 嫔 幔 幓 啄 冄 殑 娉 ㄦ 剰 浜 嬮 呺 ︾ 瑡 獤 擊 容 麴 涔 熲 簲 峸 帳 帥 帏 呏 呏 呏 呏瑡鐨勬牴閮ㄩ€氬父閮芥瘮杈冭€侊紝鑰屼笖瀹规槗琚剰涓滆タ姹℃煋;鑺︾瑡鐨勫ご閮ㄤ細鏈変竴浜涘浣欑殑灏忓皷锛岃鐢ㄥ皬鍒€杞昏交鐨勫皢瀹冧滑鍓婃帀锛岃繖鏄緢澶氫汉閮戒細蹇界暐鐨勫皬缁嗚妭锛屼絾鍓婃帀浠ュ悗鑳借鑺︾瑡鐨勫彛鎰熸洿瀹岀編銆?
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Rating: GEM refers to a 28% increase in 16 trading days, the two cities turnover of 1.200 billion
Sina Finance News February 24 news, the size index has been divided throughout the day, the ChiNext index has once again risen, and continues to force short-term growth. In the 16 trading days after the year, the ChiNext index rose as much as 28%, and the Shanghai index.
The intra-day trading volume of the two cities exceeded 1 trillion for the fourth consecutive trading day, the first time since November 2015. Data show that it takes only 3 hours to break through the trillion in the two cities today, 10 minutes ahead of the previous trading day.
On the disk, market volatility is still active, and the two cities have risen and stopped up to 160 stocks. 5G, semiconductors, OLED and other technologies have continued to be sought after.
The final release, the Shanghai Index reported 3031.
23 points, down 0.
28%, the turnover was 451.6 billion (the turnover on the previous trading day was 445 billion); the Shenzhen Component Index reported 11772.
28 points, up 1.
23%, the market turnover was 770.4 billion yuan (the turnover of the previous trading day was 725.9 billion yuan); the Pioneering Index was reported at 2263.
97 points, up 1.
68%, the turnover was 280.5 billion (the previous trading day was 265.9 billion).
The turnover of the Shanghai and Shenzhen stock exchanges exceeded 1.20 trillion US dollars, breaking through one trillion yuan for four days in a row; the Shanghai Stock Exchange netted 3.7 billion and the Shenzhen Stock Exchange net 2.2 billion.
From the surface of the disk, supercapacitors, 5G, and cloud office are at the top of the list, while airports, tourist attractions, and liquor are at the top of the list.
Sina Finance’s chief commentator Lao Ai[Weibo]stated that “it should fall or not, it will rise.” Lao Ai’s law will come in handy again.
The whole world fell and I rose. Under such a large external pressure, A shares can still perform against the market. If the external disk pressure is relieved, A shares will rebound more easily.
The strategy remains unchanged, and it continues to hold mainstream popular varieties.
(Full text) Attention sections: 1. Communication Wuhan Fangu (right protection), Yitong Century, Huichang Communication, Sega Technology, ZTE, Youfang Technology, Fiberhome Communication, Tongyu Communication, Guanghetong and other stocks rose.
News: The Ministry of Industry and Information Technology of the People’s Republic of China on the 22nd gradually accelerated the development of 5G, and did a good job of a teleconference on the resumption and production of the information and communications industry.
Leaders of the conference should accelerate the pace of 5G business and promote the continuous development of the information and communication industry.
2. Brokers such as Hongta Securities, Huaxin Shares, Zheshang Securities, Caitong Securities, Huaan Securities, Jinlong Securities, Great Wall Securities and other stocks followed suit.
News: GF strategy pointed out that the performance of the securities brokers has increased significantly on six occasions, and the increase in transaction volume and business innovation are the main sources of excess revenue.
During the 15 years, the brokerage sector has a large number of significant revaluation stages for a total of 6 times.
When the macro-environment is improving and the wealth of residents is allocated to the capital market, and business innovation is encouraged, the growth of transaction volume in the two cities will drive the performance of the securities firms to nurture the sector market; when the above variables appear locally, the securities firm sector also performs well.
3. Semiconductor Northern Huachuang, Jiangfeng Electronics, Wingtech, Weir Shares, Taiji Shares and many other shares rose.
News: Bodao Fund believes that 5G has spawned a wave of mobile phone replacements and mass production of wearable devices, increasing demand for components and increasing unit value.
In the 5G era, traffic exploded, and IDC, cloud computing, network visualization, and cloud gaming industries benefited significantly.
Investment opportunities for semiconductor and chip stocks lie in domestic substitution.
News: 1. According to CCTV news, combined with the latest epidemic situation of new crown pneumonia in South Korea, Yanji Chaoyangchuan International Airport adopted 厦门夜网 special prevention and control measures last night: for South Korean inbound flights, special corridor bridges, personal protection, and dedicated channels were used to ensure internal flights andPhysical isolation of international flights; strengthen cooperation with state and municipal governments, 120 emergency centers, and disease control forces, and work closely with customs, border, and local public security departments to coordinate joint prevention and control of epidemic situations; arrange special personnel to protect international flights; and do aircraft killing, Terminal building elimination, ventilation work, while doing a good job of passenger information security.
Recently, Yanji Airport guarantees an average of 2 South Korean flights to Hong Kong every day, with an average of about 350 people per day.
2. The Asia-Pacific stock market closed down 杭州桑拿网 across the board, and the Korea Composite Index fell 3.
87% at 2079.
03 points, the largest decline in more than 16 months.
3. Wu Xiaohua, full-time deputy director of the Management Committee of the Lingang New Area, introduced that during the special period of epidemic prevention, we actively used the “Internet + investment” method, adopted face-to-face negotiations, stepped up project signing and landing, and worked hard to reduce the impact of the epidemic.
Recently, we carried out 12 projects as scheduled, with a total investment of 20 billion U.S. dollars in online contracts. These batches of projects are focused on the third-generation semiconductor materials, design, and process fields represented by 5G; meanwhile, artificial intelligence and integrated circuits, etc.Influential foreign projects are being actively connected.
4. Aiming at the problem that too many netizens report that “the products cannot be eliminated,” on the 24th, the Ministry of Industry and Information Technology said that it should make full use of the advantages of wide coverage and strong distribution of e-commerce platforms, and actively promote the connection between e-commerce and production enterprises.
At present, related products have been successively shipped, and by the end of February, 84 disinfection solutions 75 can be gradually provided to e-commerce.
80,000 bottles (460 tons), 500 cartons (1 ton) of disposable hand sanitizer, 50,000 bottles of alcohol disinfection spray, 20 million tablets of medical alcohol disinfection tablets (200,000 boxes), 200,000 bottles of chlorine dioxide effervescent tablets (20 tons).
5. The peony market in Seongnam, Gyeonggi-do, the largest traditional market in South Korea, was closed due to the new crown epidemic.
This is the market that closed again after 5 years after the outbreak of the Middle East Respiratory Syndrome (MERS) in 2015. 6. The Wuhan New Crown Pneumonia Epidemic Prevention and Control Headquarters issued an announcement that people who must leave the city due to guarantees for epidemic prevention and control, urban operation, production and living, and treatment of special diseases can also leave the city, but they must stick out of the city, Implemented in batches, the principle of timely and safe order.
The personnel and vehicles that must enter the city due to the protection of epidemic prevention and control, urban operation, production and living, and transportation of epidemic prevention materials, as well as Wuhan citizens and vehicles stranded in other places, shall be disposed of in accordance with the relevant regulations of the provincial and municipal epidemic prevention and control headquarters.Can enter the city.
Outlook: Jufeng Investment Consulting believes that the two main lines of new energy vehicles and technology stocks have been strengthened recently.
After a continuous rise, the GEM has come out of a wave of technical bull market after the Spring Festival.
The Shanghai Stock Exchange also successfully closed the gap and returned to the cabinet.
Recent favorable policies and liquidity are the main factors driving the growing market.
The profitable chips accumulated after the continuous growth of the market demand adjustment.
The market was divided on Monday, 5G, new energy continued to rise, and the mask sector rebounded.
The market outlook suggests that the brokerage sector is the vane, and the midline continues to track 5G, the Tesla industry chain, and short-term opportunities for technology and blue chip stocks to make up.
Yuanda Information said that on the whole, the probability of short-term market consolidation is getting higher and higher, but it is still mainly on a technical level, and the current market volume and even the index have been adjusted, which will not affect the structuralThe performance of individual stocks.
Some of the high-end stocks in the hand can be adjusted appropriately, pay attention to the low-absorptive opportunities of individual stocks in the direction of science and technology, and grasp the structural market of science and technology.
[Can you eat fruit after giving birth]_Fresh fruit_Can you eat
Unexpected pregnancy is a common thing in ordinary times. Nowadays, society is very open. For women who do not plan to have children, it is usually only possible to terminate the pregnancy through abortion. Abortion is very harmful to women’s health.After finishing the abortion operation, it is necessary to take good care of the body, especially in the diet, try to eat some nutritious foods, such as fresh vegetables and fruits.
Can I eat fruit after giving birth?
Just flow of people, it is best not to eat fruit, you can wait for half a month after the flow of people before eating.
How long can you eat fruit after the flow of people, the fruit is mainly cold products, if you have to eat, you should eat some mild fruit.
You can eat more red dates.
After the abortion, you can properly supplement milk, eggs, and beans. You should pay more attention to nutrition on weekdays; it is best to eat more protein foods, eat appropriate amounts of liquids, and pay attention to whether the nutrition is balanced.
What to eat after abortion1. After supplementing with sufficient protein, you can eat more chicken, lean pork, eggs, milk and beans, legumes, etc.
Because these foods are rich in protein, proteins are essential nutrients in the prevention of infections.
2. More intake of vitamin A Vitamin A has special benefits for maintaining the health of membrane tissue and promoting repair.
Vitamin A is mainly derived from animal foods, and it is particularly rich in liver. Carotenoids of plant origin also have a certain vitamin A activity.
A vegetarian diet can increase the absorption and utilization of vitamin A.
3. Add enough iron to lose blood after abortion. So at this time we should add iron, like astragalus, gelatin, brown sugar, jujube, glutinous rice, straight rice, old chicken, ginger, spinach, black plum, etc. all have extraordinary convergence.Hemostasis, nourishing qi and nourishing blood.
4. Reinforcing blood and replenishing qi depends on diet. Traditional medicine believes that the weakness, paleness, low back pain, and fatigue that often occur after induced abortion are caused by qi and blood injuries.
Indeed, miscarriage can cause blood loss, and pain, nervousness, and anger can make you more sensitive to the damage of miscarriage when you are older. It often takes time to replenish blood with qi.
When it comes to nourishing qi and blood, there are many traditional dietary methods that deserve attention, such as astragalus, gelatin, brown sugar, jujube, glutinous rice, uncooked rice, old chicken, ginger, spinach, black plum and so on.efficacy.
In addition, pork, animal liver, and blood tofu also have the effect of iron and blood supplementation. At the same time, supplementing too much vitamin C can increase the efficiency of iron absorption and utilization, so it is necessary to pay attention to the combination of meat and vegetables.
5. In addition to fiber treatment, essential fiber supplements can be used to treat a variety of phytonutrients, such as soluble replacement fibers in vegetables and fruits, and difficult-to-absorb fibers in coarse grains and miscellaneous beans.The flora provides nutrients needed for growth and maintains equilibrium.
Do not eat anything after abortion1. Do not eat hard food.
2, can not eat cold food after abortion, especially women with poor spleen and stomach function, too cold food will hurt the spleen and stomach, affecting digestion.
3. Do not eat greasy foods such as fatty meat, animal fats, etc., gradually control your aunt for about 80 grams per day for one week.
Weak stomach tension and intestinal motility after miscarriage can cause indigestion.
Due to complete rest after abortion, high stool foods will reduce appetite, reduce protein, sugars, and vitamin intake, and also cause fat.
4, can not eat crabs, river mussels, Tianluo and other cold food.
Since the food is supplemented with warmth after abortion, these foods are not conducive to restoring health.
Guan Qingyou: From Bubbles to Scams
Blockchain: Can we continue to invest in the favorable policies?Come to Sina Finance University, listen to “Guan Qingyou takes you to easily understand the blockchain”, and teach you to avoid the pits in blockchain investment. Source Noteman Source of content: October 17-18, 2019, at the 2019 Greater Bay Area International Science and Technology Summit (BATi) conference hosted by Equal Ocean, EqualOcean, economists, such asGuan Qingyou, author of Normal Economy, gave a wonderful sharing entitled “From Bubbles to Scams: The Transition of Financial Cycles and the Collapse of Model Business”.Noteman has been reviewed by the organizer and the speaker, and authorized to be released. Before you read the note, think about it: What are the two collapsed business models?How has human nature changed in the development of the market?How do we choose between bubbles? This year, both investors and entrepreneurs, whether entrepreneurs or civil servants, are concerned about the same question: how has the market got to where it is today?How will this situation evolve?How should governments, companies, and capital respond? So, I want to explore this topic with you through several stories. First, the first story of Dragon King Buyu started from the financial crisis in 2008. In 2008, the Emperor Jade suddenly discovered that there were thousands of miles in the world. Although he was not quite sure what happened, he remembered that there was also a major change in the world between 1929 and 1933. He did not take a shot that time and the consequences were very serious(Note: The economic crisis that originated in the United States between 1929 and 1933, also known as the “Great Depression”), so this time he should take the shot in time. So the Emperor Jade Emperor sent the Four Dragon Kings to rain everywhere. The Four Dragon Kings are a little separate from the central bank governors of major economies. After accepting the intention, the Dragon Kings in the northeast, southwest, and northwest began to travel around the country to cover the rain, followed by a series of global quantitative easing seen after 2012. At that time, the Dragon Kings didn’t think about how it rained. Some places were more and some were less, so some of them worked, and some of them didn’t work.For example, Japan did not play any role. The United States seemed to play a role. Europe did not play much role, and China responded very strongly. In addition, due to the uneven distribution of rainfall, the amount of rain received by various groups on the earth is also different. Some people live higher, closer to the Dragon King, and receive the rain first; others live in the depression and then receive the rain. These people who entered the rain first-banks, non-bank financial institutions, real estate companies, PE (private equity investment), VC (venture investment)-began to be second-hand traffickers, selling rain to groups farther away from the Dragon King, in some ways manufacturing, Business, startup. Therefore, we can see that different social strata and different industries have experienced severe unequal distribution in the process.But people’s energy has risen, especially those who first received rain. Moreover, the Dragon King not only rains by himself, but also calls the shrimp soldiers and crabs to rain together, a bit like we saw the expansion of the Shadow Bank in the past. What is shadow banking? Shadow banking refers to a credit intermediary system (including various related institutions and business activities) that is independent of the banking supervision system and may cause systemic risks and regulatory arbitrage. There are three main forms of “shadow banking”: bank wealth management products, non-bank financial institution loan products, and private lending. If we say that commercial banks are the so-called main channels, then shrimp soldiers and crabs will be equivalent to non-bank financial institutions that are outside the banking supervision system, which is what we call tributaries and branch channels. As a result of the Dragon King bringing shrimp soldiers and crabs to rain together, some places are full of water and filled with pots; some places are low-lying and surrounded by depressions; and others are too far away from the Dragon King to receive a few drops. This is what we have seen over the past decade. If it continues for a long time, there will be a flood replacement, which is a bit like several asset bubbles in the past ten years. The Emperor Jade felt that it could not rain this way. Therefore, from 2015, the central bank represented by the US Federal Reserve began normal monetary policy.The United States withdrew first, followed by Europe, Japan, and China. This is the first story I want to tell: The Dragon King is raining, and this story actually continues. Second, why is the illusion of humanity and currency harmful to the rainfall?Because many people do n’t go to farm, do n’t improve the soil, or run to sell rainwater, the emperor Jade thinks it ‘s impossible to rain like this. But when the Four Sea Dragon Kings were preparing to retreat, they found that if it didn’t rain, the world would not adapt well. Because we have become accustomed to the relatively abundant expansion of the past ten years, it is OK to rain a little bit, or a little rain, but it must not rain.This is the exit threshold of the monetary policy we see today. Financial institutions do not agree, entrepreneurs do not agree, PE (private equity investment), VC (venture investment) do not agree. In China-the rain area called the East China Sea Dragon King-the Emperor Jade Emperor and the East China Sea Dragon King discussed that they could not rely solely on rain, but also had to carry out reforms to transform the soil, improve seeds, and increase yield per acre. Therefore, in 2017 and 2018, China carried out financial rectification. The chain reaction was that the asset bubble began to burst, the entire liquidity began to tighten, and financing costs began to rise. Also, the place closest to the Dragon King was affected first. In the past, in order to receive water, I spent a lot of money on pots and pots. As a result, the money was spent, the water was gone, and the capital chain surrounded the edge of the collapse.This is the situation faced by many shadow banks, non-bank financial institutions, VC (venture investment), and PE (private equity investment). At the same time, the macro economy and financial returns have shown some performance. This is the second story I want to tell, humanity and currency illusions. I hope that you can listen carefully, and you can also, because human nature has undergone subtle changes during the excess liquidity of the asset bubble or even the overflow of liquidity. Regardless of your role in the world-entrepreneurs, senior officials, scholars, stockholders-when the Dragon King rains, there will be an illusion of wealth or currency-sufficient liquidity, easy financing, very cheap borrowing, investmentThe opportunity seems to be full of eyes. Although reason tells you that no part of heaven will fall, everyone around you seems to be running on the road to gaining wealth-some rely on entrepreneurship, some rely on financing, some rely on technology, some rely on pimping, some rely on relationships, etc.-all have earnedA lot of money. The paper has rich and charming eyes, and it is estimated that this is the state. In the whole society, the market fluctuations start to become anxious and anxious, not because they ca n’t make money, but because they feel that they are making money too slowly-why do I only make 1 billion now? You see someone ‘s market valueOver $ 20 billion. Everyone began to become uneasy, especially those who were close to the Dragon King. They were connected to the water, and they were anxious to sell their water in various ways, or use it.It can be recalled that in the past few years, the biggest invasion in the entire investment market was how to invest a large amount of money. This change in human nature when the Dragon King rains is manifested in all aspects.This is the case for VC and PE, this is the case for the primary market, let alone the secondary market. 2015 is a typical year. The stock market accelerated in the first half of 2015, and the entire investment market is very worried. At that time, you will find that everyone, whether it is going north to Guangshen or a border town, everyone becomes a god.Everyone is eating barbecue and talking about stocks, everyone can buy the daily limit board, everyone feels that they have a lot of money on their books. The whole world is surrounded by false prosperity. But we know that this situation is impossible.If printing tickets can solve economic problems and structural problems, the country with the most developed human society must be Zimbabwe. The largest denomination I have ever received is from Zimbabwe.The friend who returned from a business trip in Zimbabwe brought me two tickets and said, “Teacher Guan gave it to you. From today you will be financially free.”At a glance, I don’t need two tadpoles at all, one can be financially free, because the denomination of that note is 100 trillion yuan. From the perspective of macro indicators, during the financial upward cycle or asset bubble, M2 (Note 2 Note: M2 is an important indicator of currency reality and potential purchasing power) showed a two-digit increase, and social financing rolled rapidly. In this case, the Emperor Jade let the dragon king Mingjin retreat. Although the dragon king would still rain a little, his shrimp soldiers and crabs would all go back, so the entire shadow bank was gone. This issue is worth exploring, but what I’m discussing with you today is not a theoretical issue, but a human issue, because during this transformation, the illusion of human nature and currency has reached the other extreme. When liquidity tightens, everyone feels bad and the capital winter is here.At this time, human nature has also undergone some changes, from active entrepreneurship and investment in the past to conservative, cautious, and love to learn. After the financial rectification, great changes have taken place in the overall market sentiment, liquidity, investment methods, and financing methods. From the financial upward cycle or the financial asset bubble phase, people suddenly reversed the financial downward or asset shrinking phase. People became conservative, unwilling to invest, and cash was king. It seems that a reversal has occurred overnight, and this transition point is about 2017.The top VC (venture investment) and PE (private equity investment) are beginning to be short of water. The project is quite promising, but I am sorry that the money has not been raised. This conservative, cautious, fearful, and fearful emotions are gradually transmitted, beginning to spread throughout the industry chain.So people are thinking: How did you get into this situation all of a sudden?what should we do? Third, the collapse of the two models of commerce What is the model of commerce?It is a business model based on the creation of a business model.This sentence sounds a bit lingering. Let’s take a closer look. There are two types of business models. 1.High turnover model represented by financial real estate From a financial perspective, the high turnover model represented by financial real estate is actually very simple. For example, a fund can make two times a year under normal circumstances. If you make three or four times, the use of funds will be 2 times and 3 times higher than normal, which means that financing costs will be diluted in disguise. Even the financial industry as a traditional industry, including banks, trusts, insurance, asset management, guarantees, pawns, etc., the basic model is this: high turnover of their own funds, full use of original funds, leveraging leverage, let itSudden death. This model has been very successful in the financial upward cycle of the past 10 years, and its emergence is based on the continuous rain of Dragon King. Many people will refute, and many financial institutions and real estate companies do not use this model.I have communicated with such enterprises. It turns out that they have stepped on pits, exploded thunder, and lost money in the past. They are a bit scared and not brave enough. A famous entrepreneur once said: Tsinghua University, Beijing University is not as bold. Putting aside correctness and incorrectness, in the context of the continuous rain of the Dragon King, this sentence is true.In this case, the high turnover mode can turn the grenade into a cannonball, bomb, atomic bomb, hydrogen bomb, the longer the duration, the lethality is caused. However, after the 2017 financial contraction, problems with the high turnover model have arisen. 2.Internet overestimation model The Internet overestimation model, or the overestimation model of many formats in the Internet industry, was also formed during the continuous rain of Dragon King. Technology-driven, model innovation coupled with mobility, as unicorns have emerged in the past decade.Some expansions are very fast, and they can be IPO within a few years. The market value is billions of RMB and billions of dollars. Investors also have a smooth exit channel. Some unicorns are invested by overseas institutions and are mainly listed in the United States and Hong Kong. They make money in the primary market and the estimated difference in the secondary market because the secondary market has a high valuation. There are also some unicorns, which are mainly invested by Chinese local investment institutions. Most of them are listed on Chinese A-shares, and they also earn an estimated difference in the secondary market. In the financial upward cycle, when the assets bubbled, everyone felt that it was just a bubble, and very few people thought it was a scam.No one was a liar at first, and no one wanted to deceive at the beginning.The stories of smallpox cannot be said to be false, but at least for the most part, it turned out to be false afterwards. In this overvalued model, human nature is like the second story I told. Whether it is investors, entrepreneurs or listed companies, there have been subtle changes. Everyone says that this model can be copied continuously. Although not profitable,We believe in it. For example, we often hear the story that the founder is a science and technology man, Xueba, graduated from a prestigious school, and the partner came back from Silicon Valley or Wall Street, which is a perfect team. The mainstream international investment institutions are willing to give money, and the domestic investment institutions are willing to give money. So many institutions have endorsed. They went to talk business with the local government, and the local government thought the team was too powerful. We have repeatedly said that under the continuous raining environment of Dragon King, this model is no problem, even a bit frothy. It seems that some investors have invested in the C round and felt unsure.Round D went to round E, and some even went to round F to prepare for an IPO. Past IPOs have been smooth. The U.S. market has given a premium to China’s stocks (Note: Chinese concept stocks, foreign names for all Chinese stocks listed overseas because of optimistic about China’s economic growth).The so-called unicorn has a premium. Under the background of the continuous rain of King Dragon, this chain could have continued to run, but we know that after the King Wang Mingjin’s withdrawal, the entire chain, whether it is entrepreneurs, investors, funders, secondary market institutions, shareholders, regulators,Suddenly at a loss, he watched as the assets shrank and began to feel at a loss. 3．The change in the mode of decline caused these two modes to start to fade, like a high-speed machine, suddenly hit a large iron block. Some companies ca n’t stop because of this change leading to myocardial infarction; some companies are prophetic and stepped in pace, slowly adjusting their balance sheets and reducing leverage before Longwang does not rain.But most companies are reluctant to maintain, or they are confused. Gradually, for the evolution of the business model, investment methods, financing methods, debate, and speculation came out, this comes to our fourth story: bubble or scam. Fourth, bubble or scam? In the financial upward cycle, that is, when the assets are foaming, the main exit methods and profit methods of investment institutions do not rely on the endogenous growth of the enterprise, but on the multiplication of the company’s valuation. The A round made money and gave it to the B round. The B round found that the company still had room for growth, and then sent it to the C round. Some even lifted each other’s cars and raised their estimates. There is D round after round C, E round after round D, and Chinese investors after round E. In the process, some entrepreneurs also started to have this problem, and even some entrepreneurs played well with this routine.To the extent that some well-known investors, the investment institutions said in the exchange that now entrepreneurs are thieves, where are they financing the company, and they are financing VC, the purpose is to get money from here, and then go to the next roundgo with. Over the past few years, such stories have been everywhere. Of course, there are still a lot of people who really think that it can be estimated to rise, but they only do it early, and the rest of the money is given to others to earn. It is a so-called weak water to take only one scoop, which is better. The other one has gradually entered the so-called Pre-IPO round, which is also a model of the linkage between the Chinese primary market and the secondary market. The Chinese created the so-called Pre-IPO investment, and later created the + PE (private equity investment) model of listed companies. At that time, I led a team to study in Switzerland. It was when the Chinese primary market was very popular. Our entrepreneurs got off the train and started to guide the work of the Fortune 500 companies in Switzerland: You have only been at this scale for one or two hundred years, and you can use the model of listed companies + PE (private equity investment) to make large-scale and large-scaleOn the capital side, it can be done in 20 years than it is now. It can be polished at that time, how much we changed from behavior to mentality. Only a few people feel that this business model may not be true from the beginning, and even think that entrepreneurs are getting worse and worse.From the entrepreneur’s point of view, he finally became what he hated. As Buffett said, we don’t know who is swimming naked until the tide recedes.What’s more, when the tide receded, everyone began to feel that those so-called targets were not asset bubbles but scams. Take, for example, the United States W company as a representative. This type of traffic-type, money-burning, and model-type enterprises waits for the tide to ebb before they begin to show their true colors. It is similar. We see that in the sharing economy, audio and video, e-commerce, all traffic-type, money-burning, and model-type enterprises will change from a bubble-type enterprise to a scam-type enterprise? At least after the Dragon King’s withdrawal, more and more people began to reflect: this model may not be a bubble, it is difficult to say a scam, it may be an unfounded thing.This is the situation today. Whether you are an entrepreneur, an investor, an entrepreneur, or a government official, you are basically individuals who follow the cycle. No one can escape the cycle, just like no one can escape humanity and no genius. Speaking of which, in fact, we should also review the past so-called star projects of well-known institutions and well-known investors. Judging from the actual market reflections, the so-called unicorns in the capital market have indeed entered the period of scraping and curing the bones, because today’s estimates of the secondary and secondary markets are very obvious. First, the inversion of the secondary market first started from the secondary market, the merger of the secondary market, the assets began to shrink, or the IPO of the project with an overestimate in the primary market.I didn’t dare to go at all, and the shareholders began to find that it was not worth so much money. At this time, the estimates of the primary market were upside down. The two companies saw that many star companies listed on the Hong Kong stock market are indeed good companies, but the market value and estimates are in half. In the institutions invested in the B round, C round, and E round, the date of dissolution is far away. The estimates of the secondary market are gradually shrinking, and people in the primary market are extremely worried and may not be able to retreat from their bodies.This is the inevitable phenomenon that the secondary market is estimated to be upside down. In this case, we have seen very interesting phenomena in some sections.For the first time, investors in the secondary market enjoyed extremely high expenditures. They can sit outside and watch the mutual killing of harvesting tools. This is a problem caused by the upside down in the secondary market. This situation will not end at half past one. So I want to remind everyone that this era has really changed. Will Dragon King come back at 1:30, or even come back, at least slightly sneezing. Why do you say that? First, Japan’s experience in the late 1980s and early 1990s is that counter-cyclical adjustments must not be too aggressive, otherwise the market will get out of control. Second, China also has its own experience and lessons. In 2009, 2012, and 2014, the three rounds of leniency solved many problems and caused many problems. What should we do at this time?Or how and where should we go?Let me conclude with a few immature suggestions. Fifth, return to the origin In this context, many from entrepreneurship, investment, and financing have to return to the origin. The word everyone has heard a lot after 2015. What is the return to origin?We still have to be honest to earn money for the endogenous growth of the company.Others say that from capital-based investment and wealth accumulation to operating-type, operational capital and investment wealth accumulation. I think there are several aspects worthy of your attention: 1.From a business perspective, the shift from horizontal traffic expansion to front-end traffic monetization. In the past few years, traffic companies have been the most sought after by everyone. This is related to the development of the entire mobile Internet technology, but we also know that the traffic dividend has really passed and the cost of customer acquisition for Internet companies is increasing. In the previous two days, Wang Xing had an internal speech that I thought was very good: the number of mobile phones reached the ceiling, and everyone was desperately uninstalling the APP instead of loading the APP, and the horizontal traffic expansion was indeed filled.At this time, how the traffic-type company changed from the horizontal traffic expansion type to the preliminary traffic realization, this is a thrilling leap.If such a thrilling jump cannot be achieved, there will be traffic-type companies dying due to funding breaks, and the process will be extremely tragic.Investors and markets have begun to increasingly disbelieve in such expansions-using size additions, regulatory breakthroughs, and so-called wealth. Therefore, it is an extremely thrilling step to expand from horizontal traffic to preliminary traffic realization. Do n’t tell the market that I will realise it one day. This day may be in the foreseeable future. 2.From the scale of the company, the past was too big to fail, but small and beautiful. More and more beautiful companies will be accepted by the market. They may not be large in scale, but they are exquisite and do not have high growth, but their profits are stable. It may be an invisible champion of a diversified industry. Such companies will be affected.Investors in more primary markets, secondary markets. For those companies that are too big to fail, even those that have been unable to stop expanding, I think it is more dangerous. 3．From the perspective of business strategy, it has shifted from rapid expansion to steady progress. In the past decade or two, China has suddenly risen to many giants. This is also the contribution of Chinese entrepreneurs to the world. However, we have seen a lot of fast-expanding enterprises, whose prosperity is also booming, and their deaths are also sudden, each leading the way for two or three years, and then disappeared. On the contrary, those companies that are steadily expanding may not expand as fast, but have strong anti-risk capabilities and higher survival rates. Therefore, from the perspective of business operation, it may shift from rapid expansion to steady progress. 4．From the perspective of investors, we must learn from making fast money to making slow money. Now that the King of Dragons is not raining, stockholders are starting to wake up, stepping on a lot of pits, exploding a lot of thunder, and the business model has also reversed. 武汉夜网论坛 Everyone will find that making money is not so easy, and financing is not so cheap. This process seems simple, but it is actually not fair, because the benefits are different at different ages. 70 years after the founding of New China and 40 years of reform and opening up, from an individual perspective, the people with the best luck are those born between 1965 and 1975. They don’t need to work too hard to get on the fast track of economic growth, financial development, and many industries.There are a lot of opportunities, as long as you are willing to do it, you can seize them. The people from 1975 to 1985 were caught up in the tail, caught up in real estate, financial bubbles, and the tail of the Internet dividend. The pressure is on the crowd after 1985. At this time, China’s urbanization has been very high, the demographic dividend has disappeared, the engineer bonus is playing a role, all walks of life seem to be full, and various opportunities have been seen.At this time, some people started their own business and invested by themselves, while others turned to the Buddhist life. At the same time, I want to cheer everyone on, because the Chinese market is still big enough. We have sufficient manpower, the middle class is large, and the size of the sinking market is also large. The Chinese people are hardworking, brave, kind, 5 + 2, white + black, 996, 007, and China ‘s per capita GDP is less than 10,000 US dollars.The motivation and desire of everyone to pursue a better life is extremely strong. We still have enough market space. The North-South gap, the East-West gap, the regional gap, the urban-rural gap are still there, and even facing the impact of the trade war and the short-term impact, China is still the best place to start a business and invest. We see that in Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, the future population, industry concentration, and investment density will remain the highest, and the differences between these regions and other areas in China will become more and moreBig. Today, I have told you a few stories. From the changes in the sky to the changes in the earth, we must adapt to the changes in the sky. We must also review the situation and seize the opportunities on the ground in the process. Finally, good luck to everyone, thank you! * The article is an independent opinion of the author, and does not represent the position of the Note Knight.
Shanghai Environment (601200) 2019 Third Quarterly Report Review: Q3 Affected by Non-recurring Profit and Loss
Event: Shanghai Environment released the third quarter report of 2019, and achieved operating income of 21 in the first three quarters.
US $ 7.7 billion, an annual increase of 18.
68%, net profit attributable to mother 4.
4.1 billion, down 11 every year.
54%, net profit after deduction 4
3.2 billion, an annual increase of 16.
Opinion: In the third quarter, performance indicators were affected by non-recurring gains and losses, but cash flow increased significantly.
The company’s net profit after deduction for the first three quarters was 16.
The increase of 45% and the decrease of net profit were mainly affected by non-recurring gains and losses.
Gross profit 武汉夜生活网 margin for the first three quarters of 38.
94%, down 2 every year.
06 total; period expense rate 13.
62%, a slight decrease of 0 every year.
09 averages; net margin 23.
82%, a decline of 7 per year.
Among them, the third quarter realized operating income8.
5.5 billion US dollars, an annual increase of 37.
89%; gross margin 35.
54%, a decline of 3 per year.
26 samples; net profit attributable to mother1.
4.5 billion, down 33 every year.
The decrease in net profit in the third quarter was due to the recognition of the asset disposal gains of the Chengdu Luodai project in the same period last year.
5.1 billion yuan, this time there is no such.
Operating cash flow achieved in the first three quarters 8.
4.8 billion, an annual increase of 38.
61%; of which operating cash flow in the third quarter4.
4.9 billion, an annual increase of 57.
The waste incineration treatment capacity ranks at the forefront of the industry, with nearly 80% of Shanghai’s end-of-life domestic waste disposal market share.
The company is one of the initial professional environmental protection enterprises in the domestic solid waste industry. It focuses on domestic waste and municipal sewage. It also focuses on hazardous waste medical waste, soil remediation, municipal sludge and solid waste recycling (food and kitchen waste and construction).Trash) and other emerging business areas.
The waste incineration treatment capacity ranks among the top in the industry, accounting for 4% of the country’s total treatment capacity.
Among them, Shanghai has nearly 80% of the domestic waste disposal market share.
As of the end of the first half of the year, the company invested in, constructed, and operated 25 domestic waste incineration power generation projects, mainly distributed in Shanghai, Chengdu, Qingdao, Weihai, Zhangzhou, Nanjing, Luoyang, Taiyuan and other places, of which there are 11 projects in operation;There are 5 domestic waste landfill projects and 6 garbage transfer stations.
Cumulative power generation in the first three quarters of 18.
3.7 billion degrees, an annual increase of 6.
22%, Internet access 15.
45 billion degrees, an annual increase of 6.
Major shareholders’ asset injection is expected.
The company’s controlling shareholder is Shanghai Urban Investment (Group) Co., Ltd., a state-owned large-scale enterprise group with a registered capital of 50 billion yuan.
In order to avoid peer competition, Shanghai Urban Investment has promised to inject the environmental category assets and businesses it controls into the company before the end of March 2020.
Investment advice: Maintain a cautious recommendation level.
It is expected that in 2019 and 2020, the EPS will be 0.
58 yuan, 0.
67 yuan, corresponding to 19 times and 16 times the corresponding PE, maintaining a cautious recommendation level.
Orders landed lower than expected, business expansion was lower than expected, and market competition intensified. Gross margin declined.
Cold currents are here to give you gut care tips
Temperatures have dropped and people’s eating habits have changed due to weather changes.How to protect the health of the gut has become a topic of concern in this season when the stomach is relatively fragile.What factors can cause intestinal illness?What methods can help us prevent bowel disease?This tip takes you through.The large and small intestines are “gateways to the body” and constantly digest food and absorb nutrients, so the health of the intestine is vital to health.However, the “three highs and one low” problem is common in many people’s diets today, that is, high fat, high protein, high calories and low fiber.High-fat diets such as fast-food red meat continue to increase, vegetables and fruits are consumed less, and dietary fiber that helps digest and break down fats is lacking.Especially for young white-collar workers who need long-term sedentary and lack of exercise, it is easier to slow the intestinal motility, stimulate the bowel wall and cause defecation disorder, prolong the residence 西安耍耍网 time of toxins in the intestine, and cause a greater burden on the intestine.In addition, people’s emotions can also affect gut health.Stressful and busy work, frequent social entertainment, excessive mental stress, anxiety, depression, etc. may all lead to endocrine disorders and intestinal dysfunction.The influence of emotions on the intestines is reflected in two aspects: first, gastrointestinal dysfunction, such as anorexia can cause decreased appetite, nausea or bulimia; second, irritable bowel syndrome, such as diarrhea caused by stress, functional enteritis,Emotional depression can cause constipation and so on.What is more noteworthy is that in the past 30 years, the incidence of colorectal cancer has increased.Some experts say that colorectal cancer can be prevented, and the key lies in diet and exercise.Here are a few good habits to help you take care of your gut health.Rest your bowel regularly.Select a rest day every 10 days or so, and eat 70% full of vegetables and fruits, so that the intestines can be rested, which is conducive to emptying food residues in the intestines (if blood sugar is unstable, do not use this method).Order dinner.No matter how busy you are at work, take time to ensure that you have regular meals.Do not start work immediately after meals, appropriate activities, such as walking for 15 minutes.Don’t eat too much before going to bed.If you feel hungry after returning home from overtime, you can eat a fruit or a cup of warm milk. This will not cause extra burden on the intestines.Not partial.You can change your taste during breakfast, lunch and dinner. Fish, meat, eggs, vegetables, and fruits are complete, so that the intestines can absorb nutrients in a balanced way.Don’t stay up late.Develop a good habit of going to bed early and getting up early. If possible, you should go to bed at 10:30 in the evening. It is better to use hot water to bubble your feet before going to bed.Exercise regularly.Take an hour a day for physical exercise and exercise, such as swimming, jogging, playing ball, etc. The elderly can dance square dance and Tai Chi.
Zhengbang Technology (002157): The number of listings continues to grow and biological assets stabilize and rebound
Investment Highlights Event: Zhengbang Technology announced its 2019 semi-annual report and achieved operating income of 113 in 1H2019.
77 ppm, a decrease of 6 per year.
91%, net profit attributable to mother -2.
75 ‰, 43 years ago.
98%, net profit after deduction is -1.
91 ppm, a 10-year average of 10.
The best ROE is -4.
The number of slaughtering pigs continued to increase, and the overall cost increase was under control.
The company posted 309 in the first half of the year.
360,000 heads, an increase of 24 every year.
At 7%, the interim report disclosed consumable biological assets33.
72 ppm, a 10% increase from the previous month. We expect the company to continue to increase the probability of listing in 2019.
Affected by the increase in pig prices in Q1 2019, it is expected that there will be a net mutation in the breeding sector in the first half of the year3.
About 2 billion, the company ‘s full cost in the first half of the year is expected to be less than 14 yuan / kg. We believe that the overall cost increase of the company is reasonable and 杭州夜网论坛 controllable in the context of the epidemic.
With the rise in pig prices in the second quarter, the company’s pig breeding business has turned a profit.
Benefiting from the elimination of sow productivity in the industry, pig prices are expected to continue to increase in the second half of the year. In August, pig prices rose to more than 25 yuan / kg, so we believe that the company ‘s pig breeding business in the second half of the year will usher in “volume” and “price”Qi Sheng.
Epidemic prevention and resumption of production progressed steadily, and productive biological assets recovered steadily.
Interim report on productive biological assets stabilizing and recovering (12.
5.3 billion), an increase of 24% over the previous quarter. We believe that the recovery of productive biological assets reflects the 杭州桑拿 gradual improvement of the company’s epidemic prevention system and the start of production restart.
The company’s capital expenditure in the first half of the year 9.
2.0 billion, still maintained at a high level.
How to see the company’s subsequent expansion and performance?
Under the influence of the epidemic, listed companies are facing huge risks and opportunities at the same time. At this stage, we believe that the company’s subsequent growth can be expected. The core reasons are threefold: (1) the company’s strategy is clear and the focus is on the pig breeding business.
The capital expenditure in the past three years has increased significantly (capital expenditure of about US $ 10 billion), and the corresponding increase in aquaculture capacity has increased; (2) the industry has ample funds in difficult periods, and has enhanced anti-risk and bottom expansion capabilities.
In 2019, through the method of increasing the number of major shareholders and transferring equity, it is expected that the raised funds will exceed 2 billion, which will significantly enhance the company’s ability to resist risks and expand.
(3) Significant cost improvement and improved management level.
The company’s aquaculture costs have continued to decline over the past two years (estimated that the full cost in 2017/2018 was 13 respectively.
7 yuan / kg), although the cost has improved in the first half of the year due to the impact of the epidemic, the increase is limited, and the current cost level is approaching the industry leader.
In summary, we believe that the company’s slaughter volume is expected to continue to increase. In 19/20, the company’s slaughter volume is expected to reach 6.5 / 11 million heads, and the corresponding company’s net profit will reach 26 respectively.
26 trillion, corresponding to the current estimated remaining space, for the company to continue to recommend.
Risk reminder: the risk of large-scale epidemic disease or the risk of public health security events, the price of raw materials changes sharply, and the price of pigs drops sharply in the short term.
Beibuwan Port (000582): Underestimated high growth rate and doubled corruption in five years, upgrade to “Buy” rating
The company’s EPS for 2019-21 is expected to be 0.
79 yuan, raised to “Buy” rating.
We believe that Beibuwan Port is one of the targets that most benefit from domestic industrial transfer and economic structural adjustment. According to the company’s recent operating conditions and the latest financial data, the EPS profit forecast for 2019-21 will be adjusted to zero.
79 yuan (the original profit forecast was 0.
79 yuan), upgrade to “Buy” rating.
With the adjustment of the shareholding structure, the premium increase of central enterprises is optimistic about the development potential of Beibu Gulf Port.
Beibu Gulf Port is located in the southern part of Guangxi Zhuang Autonomous Region, China. It takes the southwestern regions such as Guizhou, Guizhou, and Yunnan, which are formed by parallel economic development, as economic hinterland, and replaces Guangdong, Hong Kong, and other important markets in China.The most convenient gateway to the sea, unique geographical advantage and strategic territory.
According to the company’s announcement on November 28, 2019, China Shipping Terminal intends to set a price of 8.
The price of 64 yuan / share (compared to 8 on the day.
10 yuan / share closing price premium of about 6.
7%) 92,518,231 shares of the company held by Beigang Group, the major shareholder of the transferee company, after the transfer is completed, the proportion of the controlling shares of China Shipping Terminals will increase to 10%.It also acknowledged its future development potential in Guangxi and Beibu Gulf Port.
Integrate the three ports of anti-Qinbei, synergy and scale effects to promote the company’s stable and stable growth.
Guangxi Beibu Gulf Port is the main gateway to the southwestern China sea passage. The main port area forms the strategic layout of Qin and Fang, and the Beisan Port area has a “one axis and two wings” strategic layout. The container business is centered on the Qinzhou Port Area and is carried out through container barges.The trunk and branch lines of the Fangqin North Sangang section are concentrated; bulk cargoes are concentrated in Fangchenggang District and Beihai Tieshan Port District, and Guigang’s inland river terminal is mainly oriented to the Guangxi hinterland market through the “Jianghaihaihai” intermodal transportation.
According to the company’s official website information, by the end of June 2018, the company had a total of 83 berths, of which 79 were productive berths, meaning 61 berths above the level, with an annual throughput capacity of 2.
400 million tons, the annual container throughput capacity of 4.68 million TEUs.
It is judged that the economic hinterland of the southwestern region benefits from industrial transfer, demand will maintain a high growth rate, and Beiwan Port will double its development in the next five years.
We judge that the Beibu Gulf port explosion is expected to maintain the current high growth rate, and the cargo explosion will reach about 3 by 2023.
600 million tons, compared 北京夜网 with about 1 in 2018.
8 tons of tungsten is expected to double.
The explosion of bulk commodities such as coal and ore will continue to benefit from the growing demand of the economic hinterland such as Guizhou, Guizhou and Yunnan: The company’s dry bulk cargo is mainly bulk commodities such as coal, metal ore, grain, steel, and fractures are mainly affected by the economic hinterland of Guizhou, Guizhou, Yunnan, and Yunnan.Driven by demand.
Since the supply-side reform, the gap between the supply and demand of coal and iron ore in the southwest has continued to expand, and external demand has increased, continuing to drive the growth of dry bulk cargo in Beibu Gulf Port.
Crude oil, heavy chemical and light industrial manufacturing enterprises in Hebei and some southeast coastal areas are affected by factors such 杭州桑拿网 as environmental protection and production restriction policies, high raw material and labor costs, and the geographical advantages of Guangxi and the intensity of investment promotion. Some companies have shifted production capacity to Guangxi.Southwest China, which is rich in resources such as Yunnan, has relatively high factor costs. According to incomplete statistics, currently available products in Guangxi’s key construction projects and raw materials may be transported through Beibuwan Port in the future with a cargo volume of more than 1 billion tons.
Therefore, we believe that the transformation of industrial transfers and the completion of key projects have been completed and put into operation. The high-speed growth of demand in the southwestern hinterland of Guizhou, Guizhou, Yunnan, and other regions has continued, and the carbonization of general cargo in Beibu Gulf ports will continue to grow at a two-digit rate over the next five years.
The planning of the new land and sea corridor in the west is expected to continue to contribute to the growth of container business in the future: Beibu Gulf Port, as a major gateway to the southwestern estuary of China, is adjacent to the ASEAN Economic Zone in the south, and the Central Europe-Palestinian Channel in the north, which is of great strategic significance.
According to the “Master Plan for the New Western Land and Sea Corridor” released on August 2, 2019, the future will continue to promote the development of the Southwest Sea-railway intermodal transportation. The new Western Land and Sea Corridor will be connected to Chongqing, and it will be connected to the China-Europe Banlie West Corridor.One of the ten important coastal ports planned in the Plan (2016-2020), the container business is expected to usher in heavy volume in the future.
With the increase of Beibu Gulf port, the scale effect will increase, and the gross profit margin will further increase. It is expected that the company will achieve a net profit of about 1.8 billion US dollars in 2023.
We believe that through the continuous expansion of Beibuwan Port’s business scale, the fixed cost of unit cargo will gradually dilute and the scale effect will continue to increase.
Assuming the company’s loading and unloading business charges remain at current levels, the company’s 2019-23 revenue is expected to be approximately 47.
1/79.3 ‰, about +12% / + 15% / + 14% / + 13% / + 13% each year, gross margins are +38% / + 40% / + 41% / + 42% / + 43%.
It is estimated that the company’s net profit attributable to the parent in 2019-23 will be approximately 9.
Risks suggest that the macro economy is down, and the explosion rate of the port is less than expected; the key industrial transfer projects have fallen short of expectations; changes in port charging policies; intervening in preferential policy changes, the company is still in the growth stage, and there may be more capital expenditures and financial costs than expectedrisk.