Month: April 2020

[Efficacy of naked oats]_Function_Efficacy

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[How to make char-grilled egg fried rice]_Home-made method of char-grilled egg fried rice_How to make char-grilled egg fried rice_How to make

[How to make char-grilled egg fried rice]_Home-made method of char-grilled egg fried rice_How to make char-grilled egg fried rice_How to make

In life, everyone can’t live without the word “eating”. This is the most basic need for our survival.

In order to meet this demand, many people are looking for a variety of foods, but they don’t know that health is gone.

But if you can make some “showy” food yourself, you will not only be able to eat happily, but you will also eat healthy.

Then, let’s introduce the practice of pork fried egg fried rice.

1.

2. Break up two eggs, add an appropriate amount of oil to the pot, and pour in the egg liquid; 2.

12 Fry into pieces and serve for future use; 3.

21 barbecued pork cut into pieces; 4.

Pour the char-grilled pork into the pan and fry slightly; 5.

Add scrambled eggs; 6.

Add rice; 7.

Stir fry evenly; 8.

carry out.

The char-grilled egg fried rice is not complicated to make. I believe that if you read the above carefully, I believe you should gain something.

Of course, if you want to taste your craft, please try it.

[Can you eat fruit after giving birth]_Fresh fruit_Can you eat

[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.

[How to do if the porridge is boiled]_ Congee _ How to solve _ Solution

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[Can persimmon and white radish be eaten together?

】 _Same food_Same food

[Can persimmon and white radish be eaten together?
】 _Same food_Same food

Persimmon is a very delicious food. Many girls usually like to eat raw persimmon directly, sour and sweet is very delicious.

The nutrition in persimmon is very rich, especially for girls, eating persimmon is also very helpful for improving the skin quality.

In addition, radish is also a very healthy food, so from the perspective of a healthy diet, can persimmons and white radish be eaten together?

No, persimmons are cold substances. They are dry in winter and easy to catch fire. Eating persimmons is very good and can cause fires. Radishes are also cold substances. When eaten together, they can cause diarrhea.The principle of eating is that the same persimmon cannot be eaten with crabs.

Persimmon is rich in cellulose, calcium, vitamin C, carotene, sugar, protein and iron, iodine and other trace elements. It has the effects of clearing heat, moisturizing the intestines, stopping bleeding, and lowering blood pressure. It also has high blood pressure, constipation, and hemorrhoidsHas a good effect.

Many folks use persimmons to treat their illnesses.

Raw persimmons have the effects of nourishing the lungs and expectorants, strengthening the spleen, relieving cough, stopping bleeding, and detoxifying.

If a hypertensive patient is found to have a sign of a stroke, squeeze fresh juice, use half a cup of juice daily, and use rice soup to adjust the service.

Persimmon also has special effects for beauty and weight loss.

Eat fresh persimmon often, can beautify, treat melasma.

Use a green persimmon and 30 grams of mulberry fry with water, drink 1-2 times a day, it has the effect of weight loss.

After processing fresh persimmons into persimmon cakes, eating 3-5 per day will have the wonderful effect of beauty and spot removal.

Although persimmons are delicious, they also have taboos.

After eating persimmons, especially on a fasting diet, if more than three persimmons are immature and unpeeled at a time, they will easily form clumps in the stomach, which is not easy to digest and cannot be excreted from the stomach through the pylorus.The formation of gastric persimmon stones.

[Honey is acidic or alkaline, what are the differences?】 _Recommended diet

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[How to eat corn flakes?】 _How to cook_How to cook

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Guan Qingyou: From Bubbles to Scams

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.

Huaneng International (600011) Quarterly Review: Better Power Drives Q3 Performance

Huaneng International (600011) Quarterly Review: Better Power Drives Q3 Performance

The performance of 19Q3 was in line with expectations, and the leader of thermal power set sail. The company achieved revenue of 438 in 19Q3.

20,000 yuan (ten years +0.

5%), net profit attributable to mothers / net profit attributable to non-mothers 15.
.

7/13.

50,000 yuan, the biggest turnaround in one year (18Q3 is -1.

4 / -1.

7 ppm), a significant increase in electricity from the previous quarter is the main reason driving Q3 performance to continue to improve.

We agree that the long-term coal supply and demand will continue to develop in a loose scale, and the company is expected to fully benefit from the decline in coal prices.

We maintain our previous profit forecast, 19?
The net profit attributable to mothers in 21 years is estimated to be 80.10.17%, BPS 5.

75/6.

03/6.

52 yuan, given 1 in 19 years.

1-1.

2x target PB, target price 6.

33-6.

90 yuan, maintaining the “overweight” level.

The 19Q3 performance was in line with expectations, and the counter-cyclical nature of the thermal power faucet highlighted that the company achieved revenue of 438 in 19Q3.

20,000 yuan (ten years +0.

5%), net profit attributable to mothers / net profit attributable to non-mothers 15.
.

7/13.

50,000 yuan, the biggest turnaround in one year (18Q3 is -1.

4 / -1.

7 ‰), in the context of a significant increase in power, Q3 performance increased significantly: 1) Q3 company revenue +16.

0%, gross profit margin +0.

5 points to 14.

6%, driving the company’s pre-tax profit to increase by 10 sequentially.

600 million; 2) Asset impairment losses increased by 3.

0 million yuan, expanding investment income and gradually pushing down pre-tax profits4.

5 billion, budget, period expenses increased by about 3.

400 million; 3) Non-operating income was + 370% MoM, which was due to the guarantee recovery payment received by the subsidiary of Shandong Power Generation Corporation, which contributed to the increase in pre-tax profit1.

4 billion.

Looking at 北京夜网 the chain, the sharp increase in electricity is the main reason driving the better performance of Q3. 1) Revenue: Benefiting from the considerable demand for electricity in the whole society in 19Q3 + the impact of dry water, Q3’s power generation has increased significantly from the previous month.Internal power generation / sale power +16.

7% / + 18.

6%, the combined on-grid electricity price fluctuates slightly every year.

6%, driving the report of key companies’ revenue + 16% MoM; 2) Cost: 2019Q2 / 2019Q3 Qingang Q5500 power end coal average price was 609/586 yuan / ton, down 23 yuan / ton from the chain, we think the spot coal priceThe decline is good for the company’s fuel cost control, and the company’s gross profit margin in 19Q3 increased by 0 from the previous month.
5 points.

Coal prices may run low, thermal power leader Yangfan Yuanhang benefits from the accelerated release of coal production capacity, superimposed midstream coal inventory continues to be high + moderate daily consumption of downstream power plants, coal prices have fallen significantly since 2019, Q1 / Q2 / Q3 Qingang Q5500 powerThe spot coal prices at the end of the year were 602/609/586 yuan / ton, which fell 98/19/47 yuan / ton every year. The coal price is not busy in the peak season. We insist that the long-term coal supply and demand will continue to expand loosely.Continue to move lower.

As of mid-2019, 84% of the company’s installed capacity is coal-fired generating units, which is expected to fully benefit from the low price of coal in the future.
Maintain profit forecast and maintain “overweight” rating. We maintain previous profit forecast. 19?
The net profit attributable to mothers for the 21st year is estimated to be 80/101/147 billion and EPS0.

51/0.

64/0.

94 yuan, BPS 5.

75/6.

03/6.

52 yuan, with reference to similar company 19E PB average value 1.

0x, considering that the company’s leading effect is outstanding, it can enjoy a certain estimated premium, given 1 in 19 years.

1-1.

2x target PB, target price 6.

33-6.

90 yuan, maintaining the “overweight” level.

Risk warning: coal price upside risk, electricity price adjustment risk, cash downside risk.

China National Travel Service (601888): Focus on the rapid expansion of sales of duty-free goods

China National Travel Service (601888): Focus on the rapid expansion of sales of duty-free goods

Event: The company announced the 2018 annual report and 2019 first quarter report.

In 2018, the company achieved total operating income of 470.

10,000 yuan, an increase of 66 in ten years.

21%; net profit attributable to mother 30.

9.5 billion, an annual increase of 22.

29%; deducted non-net profit 31.

44 ppm, an increase of 27 in ten years.

82%.

The company’s fourth-quarter operating income was 129.

0.6 million yuan, an increase of 71 in ten years.

21%, net profit attributable to mother 3.

90 ppm, a ten-year increase of -37.

40%; net profit after deduction to mother 4.

52 ppm, a -20-year increase.

70%.

In the first quarter of 2019, the company’s operating income was 136.

92 ppm, an increase of 54 in ten years.

72%, net profit attributable to mother 23.

0.6 million yuan, an increase of 98 in ten years.

80%, net profit after deduction is 15.

89 billion, an annual increase of 37.

37%.

Core point of view: Spin-off of China National Tourism Organization, focusing on duty-free sales business in 2018, the company’s tourism revenue 122.

9 billion, gross margin of 10.

01%; product sales income 343.

3.5 billion, gross profit margin 52.

twenty four%.

In 2018, China National Travel Service’s operating income was 123.

8.8 billion yuan, net profit attributable to mother-0.

4.4 billion.

On January 17, 2019, the company’s shareholders’ meeting approved the transfer of 100% of the shares of Guoguo to the controlling shareholder China Travel Group; on February 19, 2019, the official change of business registration was officially completed.

The company divested the China National Tourism Organization, which does not generate profits, and concentrated on the sales of duty-free goods, further clarifying its business direction.

The business expansion was smooth, and the high growth in the first quarter was related to the consolidation of Shanghai and Shanghai in 2018. In 2018, China and China exempted companies achieved a total operating income of about 34.5 billion US dollars, of which Sanya International Duty Free City achieved 80 billion in operating income, Shanghai 105 billion, and China6.7 billion, accounting for 73% of the total.

China Exempted Company achieved a total of 30 net profits attributable to its parent.

7.8 billion, of which Sanya is exempted from taxes by 11.

0.6 billion, Shanghai on the day 4.

6.7 billion, China on the 1st.

7.6 billion, accounting for 56 in total.82%.

Through the acquisition of Nisshang Duty Free (Shanghai) Co., Ltd., the company consolidated and optimized the existing tax-free business on outlying islands and launched tax-free business in the Capital Airport and Hong Kong Airport, resulting in an increase in operating income 173.

4.9 billion.

The development of Shanghai Duty Free Shop is relatively mature. The increase this year mainly comes from the consolidation of Shanghai Duty Free Shop.

In the first quarter of 2019, the two-year consolidated revenue of Shanghai, Shanghai and Shanghai increased by approximately US $ 2 billion. After the replacement, the company’s tax-exempt 南京夜网 business income increased by approximately 30% and profits increased by approximately 20%.

Hainan’s Sanya realized tax-exempt business income of about US $ 8 billion, bringing about an increase of tax-free business income of about US $ 1.9 billion, an annual increase of 31.

66%.

The revenue of Hainan Duty Free Shop is about US $ 700-800 million / month, slightly more than that of Beijing, but far less than that of Shanghai.

The business of Hainan Duty Free Shop is continuously expanding. The sales volume of Haitang Duty Free Shop is on the rise. Sanya and Haikou Duty Free Shop are under construction.

It is expected that the tax-free business increase of Hainan Island in 2019 can be expected, which has increased by more than 30% in the previous year.

The scale expansion and quality development formed a 天津夜网 virtuous circle for 3 months. The China Exempted Company won the bid for the tax-free business of Daxing International Airport and continued to expand the scale of tax-free business.

With the expansion of the scale, the company’s ability to negotiate with suppliers has improved, the quality of supplies has improved, and the bargaining power has been enhanced. The gross profit margin has been stable and good, and better quality sources have further increased the existing tax-free business.

Earnings forecast and investment rating We expect the company’s EPS for 2019-2021 to be 2 respectively.

50 yuan, 2.

83 yuan and 3.

60 yuan, the corresponding dynamic price-earnings ratio is 31.

94 times, 28.

30 times and 22.

24 times.

Give a “cautious recommendation” investment rating.

Risks suggest changes in tax-exempt license policies; upward pressure on costs caused by the depreciation of the yuan against the dollar