Finance Committee of the State Council: Zero Tolerance against Capital Market Fraud

Finance Committee of the State Council: “Zero Tolerance” against Capital Market Fraud
Sauna Night News is said to be the news of the Chinese government website. On May 4, the State Council Financial Stability Development Committee (hereinafter referred to as the Financial Committee) held the 28th meeting to listen to support the economic recovery, accelerate the reform and development of small and medium banks, and crack down on the capital market.Report on the progress of work such as counterfeiting.The meeting was chaired by Liu He, member of the Political Bureau of the CPC Central Committee, vice premier of the State Council, and director of the Finance Committee. The members of the Finance Committee and related comrades participated in the meeting.The meeting pointed out that since the outbreak of the epidemic, the Financial Committee and member units have carefully implemented the Party Central Committee and the State Council ‘s decision-making and deployment, accelerated the pace of work, and strengthened the relevance of policies to “steady expectations, expand scale, capture by category, renew the period, createThe policy certainty of the “tools”, hedging the impact of the epidemic situation and the many uncertainties brought about by the economic downturn, financial support for the real economy continues to expand.Under the indicators of short-term turbulence in the global financial market, the stock market, bond market and foreign exchange market in the past have gradually operated and realized gradually.The meeting requested the Financial Committee units to improve the macro plan, create effective demand, optimize the supply structure, maintain reasonable and sufficient liquidity, improve policy quality, and pay close attention to policy implementation.The meeting believed that small and medium-sized banks are of great significance for serving the real economy and small and medium-sized enterprises.Relevant departments have formulated work plans for deepening reforms and replenishing capital of small and medium-sized banks, and we must pay close attention to the extension.Reform and development must be organically combined, based on serving grassroots and small, medium and micro enterprises, while enriching capital, solving outstanding problems in small and medium-sized banks in terms of business positioning, corporate governance, credit costs, etc., and promoting a virtuous cycle of governance structure and business development.The leaders of the meeting must resolutely safeguard the interests of investors, tighten market discipline, and have “zero tolerance” for counterfeiting in the capital market.We must adhere to the principles of marketization and rule of law, improve the information disclosure system, resolutely crack down on financial fraud, insider trading, market manipulation and other violations of laws and regulations, and resolutely investigate and seriously deal with fraudulent listed companies, intermediaries and individuals.The meeting pointed out that it is necessary to pay close attention to the risks of some financial products caused by the current price changes in the international commodity market, raise risk awareness, and strengthen risk management and control.It is necessary to control spillovers, grasp moderation, improve professionalism, abide by contracts, clarify responsibilities, and protect the legitimate interests of investors.The meeting also studied other matters.Editor Ni Yannan Source: China Government Network

How important is the analysis of data in the Eastern Chapter of the 2015 All-Star Game?

How important is the analysis of data in the Eastern Chapter of the 2015 All-Star Game?
On February 14th, Beijing time, the New York All-Star Weekend has been opened. All stars will show their style on this big stage. The All-Star race may be the main course of this dinner.From the perspective of data, read all the stars this year and see that each superstar has unique data.Here are the Eastern Stars: Data Interpretation of the All-Star Eastern Part Kyle Lowry (Raptors)1.Lowry’s round share this season reached a career high of 25.4% from 22 in the first half.5% rose to 27 in the second half.8%, ranked third among players with at least 300 minutes of playing time in the first and second half, second only to Kobe and Paul.  2.Under Lowry’s defense, the opponent’s offensive players made only 29 three-pointers.9%.  3.Lowry is one of four players who have averaged at least 18 points and 7 assists per game this season.John Wall (Wizard) 1.Wall has averaged 8 possessions per game this season.2 minutes, the league first.  2.Wall has averaged 10 assists per game this season.1 assist ratio (when he was on the court, teammates made 44 hits.9% comes from his assists) are the first in the league.  3.When he was on the court, the Wizards only lost 97 per 100 possessions.3 points; when he is not present, the Wizards lose 108 points per 100 rounds.10.The 7-point difference is the third largest in the league (Note: Among the players who played at least 500 minutes on the team), it is also the largest of all All-Star players.Carmelo Anthony (Knicks) 1.In the face of the Atlantic Division team, Anthony’s effective hit reset 41.3%; Anthony’s effective hit is reset to 50 against teams in other divisions.4%.  2.In the third quarter of the game, when Anthony was on the court, the Knicks lost 13 nets per 100 possessions.7 points; In the fourth quarter of the game, when Anthony was on the court, the Knicks netted 11 points per 100 possessions.  3.This season, Anthony made 7 turnovers per 100 possessions.9 times, the lowest career.Paul Gasol (Bull) 1.35 double-doubles this season, the league’s first.  2.At the crucial moment of the season (within 5 minutes of the difference between the two sides in the last 5 minutes of the game), Gasol made 24 of 37 shots, and his shooting percentage was 64%. At least 20 shots at the critical moment were second only to Anthony Davis.  3.This season, 10 players made more than 90% of their free throws in the fourth quarter (at least 50 free throws). Five of them are All-Stars, including Gasol.LeBron James (Knight) 1.When James is on the court, the Cavaliers win 8 every 100 rounds.3 points; net loss of 8 when he is away.4 points.16 every 100 rounds.The 7-point difference is the largest among the players in the league (at least 500 minutes played on the team).  2.His effective shooting percentage replaced 53 this season from 61% last season.1%, the 9th decline in the league, the largest among All-Star players.  3.James is the only player in the league to get at least 6 in every quarter.5 points.Chris Bosh (Heat) 1.When Bosh and Wade were present at the same time, the Heat outscored their opponents by 100 rounds.9 points; but if only Bosh (without Wade) is present, the Heat loses 6 points per 100 rounds.1 point.If only Wade (without Bosh) is present, the Heat have a net loss of 4 per 100 rounds.6 points.  2.This season, Bosh’s 69% of his shots came from outside the penalty area, but his career was the highest, and it is second only to Dirk Nowitzki and Lane in all power forwards and centers (at least 500 shots) in the league.Anderson.  3.This season, Bosh added 52 in the restricted zone.6%, compared to 70 last season.5%, the largest drop among all players in the league (at least 100 shots in the restricted area last season and this season).Jimmy Butler (Bulls) 1.This season gradually running distance (136.7 miles) First in the league.  2.Butler’s turn usage rate from 16 last season.9% rose to 21 this season.5%, but still the second lowest among All-Star players this year, only higher than Korver.  3.One of the three All-Star players who did better than his team on the court (the other two are Kobe and Duncan).This season, when Butler is on the court, the Bulls beat the opponent by 3 points per 100 rounds; when Butler is on the court, the Bulls beat the opponent by 3 rounds per 100 rounds.3 points.Al Horford (Eagle) 1.This season, only two players are ranked in the top ten in the league in field goal percentage and restricted distance, Horford and Durant.(Note: At least 100 shots were made in both areas) 2.Horford’s shooting percentage of direct shots this season ranked third among 61 players who averaged at least four direct shots per game.  3.The Hawks were 72 when Horford was on the field.8% of the points came from assists; when he was not on the court, the Hawks only 59% of the points came from assists, 13.The 8% difference is the biggest among players who have played at least 500 minutes in a team.Kyrie Irving (Knight) 1.This season, Owen’s field goal percentage was 36 from last season.2% rose to 46.8%, out of 113 players who shot at least 100 midrange shots last season and this season, 10.The 6% increase ranks eighth, and is the largest of all All-Star players.  2.This season, when Irving was on the court in the first quarter, the Cavaliers had a net win of 201 points, the highest in the league.  3.Since his career, Owen’s turnover rate has decreased year by year, and this season is 8.7%.Kyle Korver (Eagle) 1.This season’s true shooting percentage ranks first in the league.  2.Over the past four years, his effective shooting percentage has increased year by year, from 54 in the 2010-11 season.2% to 70 this season.3%.  3.This season, Korver is only 7.3% of the shots come from the restricted area, which is less than half of any other All-Star player this year.Paul Millsap (Eagle) 1.When the Hawks won, he shot 39 three-pointers.4%; 13 when losing.8%; the three-point shooting percentage after at least one day of rest is 40%; the back-to-back two-point shooting percentage is only 15.2%.  2.Of the four careers (including this season) of All-Star players, none of them has had a negative or positive value so far.The other three are Butler, Duncan and Harden.  3.When Millsap is on the court, the Hawks’ offense and defense efficiency in each quarter of the game will gradually improve.Jeff Teague (Eagle) 1.This season, Teague is averaging 11.Six breakthroughs, fourth in the league and first among All-Star players.  2.This season, Teague 12.6% of his shots come from the middle distance, the least among All-Star players, and the least among point guards with at least 500 casts.  3.His rebound rate is only 4.5%, the lowest among All-Star players.Dwyane Wade (Heat) 1.Wade averaged 7 in the fourth quarter of the season.1 point, the league first.  2.Wade’s bout share from 27 last season.6% rose to 34 this season.1%, this increase was the second highest among players who played at least 500 minutes last season and this season.  3.This season, Wade shot 67 in the restricted zone.1%, ranked third among players who made at least 100 attempts in the restricted area.(Rosen)

China Pacific Insurance’s performance last year: Net profit increased by 54%. Value change of new life insurance business

China Pacific Insurance’s performance last year: Net profit increased by 54%. Value change of new life insurance business
Sauna Night News (Reporter Pan Yichun) On March 22nd, listed insurance company China Pacific Insurance released its 2019 annual report.Last year, the Group achieved insurance business revenue of 347.5 billion yuan, an annual increase of 8%, and a net profit growth of 54% per year to 27.7 billion yuan.It is reported that China Pacific Insurance mainly deals in life insurance, property insurance and other businesses. If calculated according to the original premium income, in 2019, China Life Insurance and China Life Insurance will be China’s third largest life insurance company and third largest property insurance company respectively.The decline in the value of new life insurance business Taibao Group’s first profit was driven by the renewal business. Last year, the income of CPIC’s life insurance business still increased by 5% to US $ 212.5 billion. However, due to the negative growth of the new insurance business, the value of its new business dropped by 9.3% was 24.6 billion yuan.That being the case, the average monthly manpower of the agent team of CPIC Life Insurance declined last year, but it fell by 6.The 7% reached 790,000, and the monthly income of the agent ‘s first-year insurance business also fell by 9% to 4,212 yuan.From the perspective of premium income structure, CPIC Life Insurance’s long-term health insurance business has a rapid growth rate of 33%, tax extended pension insurance, short-term accident and health insurance business income also exceeded the growth rate of 102.7% and 21.4%.However, due to the change in product form, the dividend insurance business revenue dropped by 5 each year.5%.It is worth noting that China Taibao’s professional health insurance company, Taibaolian, last year achieved its first profit in five years since opening, and gradually realized insurance business and health management fee income47.1.7 billion, an increase of 71 per year.9%, net profit reached 0.07 billion.The growth rate of non-auto insurance revenue exceeded Sancheng Agricultural Insurance’s profit growth. In the past year, CPIC P & C achieved insurance business revenue of US $ 133 billion, an increase of 12 year-on-year.9%.The auto insurance business is still the main source of income for CPIC’s property and casualty insurance business, reaching US $ 93.2 billion, only growing 6% annually, but the growth rate of non-auto insurance income has been impressive, reaching 33.3%, of which, guarantee insurance and agricultural insurance business revenue increased by 60% and 40% respectively.8%.China Pacific Insurance stated in its annual report that the guarantee insurance business focuses on personal and margin replacement business, achieving rapid development and comprehensive cost conversion 95.5%, business quality is good.Overall, the comprehensive cost of CPIC ‘s property insurance last year was 98.3%, a slight decrease of 0 in a year.1 digit, of which the comprehensive payout rate is 60.2%, 4 budgets are added every year, and the comprehensive expense ratio is 38.1%, down by 4 every year.1 average.However, the net profit of the agricultural insurance company Anxin Agricultural Insurance, which belongs to the Pacific Insurance Group, has dropped by 24 last year.1%, the annual report stated that the overall cost rate of the insurer increased by 5 due to typhoon “Lichma” and the swine fever epidemic in Africa.6 perfect to 99.8%.Increase the total investment rate of equity investment to 5.In terms of 4% investment, last year, the total investment return rate of China Pacific Insurance reached 5.4%, rising by 0 every year.With 8 samples, the net investment return rate reaches 4.9%, flat for a year.China Pacific Insurance stated that last year, the company increased the allocation of equity assets, and strengthened the construction of tactical asset allocation process to seize market opportunities.At the same time, allocate long-term government bonds and high-grade credit bonds, and increase the allocation of high-quality non-public market financing instruments while comprehensively considering liquidity security.”Considering the credit risk that the fixed income market still faces challenges, the company still maintains a cautious attitude towards credit risk.”Specifically speaking, last year, China Pacific Insurance reduced its bond investment ratio, which was 3% lower than the end of last year.7 digits reached 42.6%.National debt, local government debt, and policy financial debt accounted for 37% of bond investment.9%, an increase of 3 from the end of last year.6 averages.The proportion of equity assets invested increased compared with the end of last year.2 copies, of which stocks and equity funds account for 8.3%, an increase of 2 from the end of last year.7 averages.Sauna, Ye Wang Pan Yichun Edited by Yue Caizhou Proofreading Li Ming

[Do you eat snowdrop fruit to lose weight at night]_ weight loss _ how effective

[Do you eat snowdrop fruit to lose weight at night]_ weight loss _ how effective

Snowdrop fruit is a kind of fragrant, delicious and delicious food. In addition, the nutrition value of snowdrop fruit is relatively high, and it has a really good promotion effect on human health.

And because of its low adult content and low conversion, snowdrops can help the body lose weight, so it has become the best choice for many people who lose weight.

Below, I will introduce the relevant knowledge of snowdrops in detail for everyone.

First, can I lose weight by eating snowdrops?
Snowdrop fruit has the effect of weight loss, because it can promote resonance peristalsis, in terms of regulating the stomach and intestines, it has a significant effect, and also has the effect of reducing blood sugar, blood lipids and blood pressure.

And it contains almost no traces, and there are substances that promote decomposition, while reducing traces, it can supplement the starch in the body, and it will produce a feeling of fullness, so there is no need to eat other foods.

After eating this food, there are still beauty effects.

Second, snowdrop fruit weight loss method Snowdrop fruit has the effect of weight loss, you can cook, eat soup, drink, of course, you can also drink tea after drying.

If you want to lose weight, try to eat snowdrops after meals, which can help you to move manually and also eliminate the slight buildup inside the body.

Snowdrops are eaten at night, which can help lose weight without gaining weight, which solves the problem of dinner.

If you want to lose weight, it should be combined with physical exercise. It promotes a slight burn while exercising, and it is a very healthy way to lose weight.

Third, the efficacy and role of snowdrop fruit 1, conditioning blood, can reduce blood sugar, blood lipids and high blood pressure, can prevent and treat high blood pressure, diabetes, cardio-cerebral vascular disease and obesity also have a certain effect.

2. Help digestion, condition and improve the bad condition of the digestive system.

Due to the metabolic disorders of snow lotus fruit, the plasma fiber and all of the plants with high fructooligosaccharides can significantly promote gastrointestinal motility, moisturize the bowel, and eliminate constipation and overcome complications. It is the nemesis of gastrointestinal diseases.

The magical thing is that it is a multiplication factor for intestinal diarrhea bacteria, which overcomes the systemic diseases caused by imbalance of intestinal beneficial bacteria such as diarrhea bacteria due to the tension of life and excessive use of antibiotics, and can eliminate food diseases caused by imbalance.Bringing environmental pollutants into the human body is a gastrointestinal scavenger and protector.

3. It can resist oxidation and eliminate free radicals, which can reduce or avoid the occurrence of lithiasis.

4. The snowdrop fruit is not only delicious, but also has many effects. It has the functions of clearing liver and detoxifying, lowering fire and lowering blood pressure. It is an effective prevention and treatment of facial acne and acne.

The snowdrop fruit contains more than 20 kinds of hydroxy acids and calcium, iron, potassium, selenium and other minerals and trace elements that are necessary for the human body. Regular consumption can improve the human body’s immunity;Viagra.

[Baby appetizer and food supplement]_ children _ how to do

[Baby appetizer and food supplement]_ children _ how to do

We all know that when the baby is young, because the digestive system of the stomach is not particularly mature, so many times the baby needs to eat some appetizing foods. These foods must not only have nutritional value, but also be suitable for the baby.When choosing foods for babies, the treasure moms are also carefully selected. The following editors will introduce in detail the appetizing complementary foods suitable for babies.

The best summer supplement for summer must be light and digestible.

Appetizer + nutrition + light = standard for summer baby food supplement.

Today, Mengma shared a small fresh summer recipe for moms with Xiaobao at home: Tomato Tremella and Millet Porridge Ingredients: Tomato, Tremella, Millet, Water Starch; Method: 1. Soak the millet in water for about half an hour;2. Soak the white fungus in warm water and cut it into small pieces after removing the yellow part. 3. After washing the tomatoes, cut the cross into the boiling water, remove the skin and seeds, and cut into small pieces. 4. Put the white fungus inAfter boiling the water in the small soup pot, turn to low heat and simmer; 5. Add the millet and the tomato and simmer together. After the millet is thickened, pour the water starch and simmer.

Mother’s Pregnancy: This porridge has a fresh and sweet taste, which can promote baby’s digestion.

Lycopene vitamins, white fungus nourishes yin and nourishes the lungs, has the effect of clearing heat and detoxifying.

Bitter gourd steamed meat ingredients: bitter gourd, pork, eggs in the right amount; practices: 1, first clean the pork and cut into pieces, use a vegetable stick to make pork paste (the size of the pork paste is determined according to the baby’s chewing ability);Scatter into egg liquid and stir into pork puree; 3, cut the bitter gourd into sections, pick up the water and add cold water to remove the salty taste; 4, put the bitter gourd in a plate, and use a small spoon to take an appropriate amount of pork putPut in bitter gourd and steam for about 15 minutes.

Mom suffers from classics: Although bitter gourd has a special bitter taste, it has high nutritional value and is rich in B vitamins, vitamin C, calcium, potassium and other nutrients.

Traditional Chinese medicine believes that bitter gourd has the effects of clearing heat, clearing eyesight, and detoxifying. It is a vegetable commonly used in summer to remove heat.

Two types of complementary foods are suitable for babies over 1 year old. Regarding the problem of not putting seasonings, mothers should know that babies over 1 year old can basically add appropriate amount of seasonings to improve the taste of baby’s complementary foods, but it is still recommendedIf you can’t let it go, it’s light.

If you want your baby’s complementary food to be more delicious, you can choose natural and healthy seasoning ingredients.

For example, the second bitter gourd steamed meat, some mothers will think that the baby does not like to eat bitter gourd.

In fact, it is advisable to eat some bitter foods in summer, which is beneficial to relieve heat and relieve heat, and moderate consumption can also regulate the spleen and stomach.

[Can plums and dates be eaten together?

】 _Jujube_with food

[Can plums and dates be eaten together?
】 _Jujube_with food

Plum is a very common fruit in people’s daily life. It is very popular because of its sweet taste and rich vitamins.

Dates are also a kind of food that people like very much, especially for women.

There is a saying that plums and dates cannot be eaten together. This is a very trap. So let’s introduce in detail the following: can plums and dates be eaten together?

Yes, no effect.

Eating jujube more often has adverse effects on malnutrition, palpitation, insomnia, anemia, dizziness, leukopenia, thrombocytopenia, cardiovascular disease, chronic liver disease, allergic diseases, immune dysfunction, cancer and tumor patients with minor suppression due to chemotherapy and radiationBoth are good.

Traditional Chinese medicine often uses date as a medicinal primer or supplement. It is especially suitable for the elderly, children and women during menopause. The spleen and stomach are weak or the mind is irregular.

Plum acid can promote the secretion of gastric acid and gastric digestive enzymes, and can promote gastrointestinal motility, thereby improving appetite and promoting digestion, especially effective for those who lack gastric acid, swell after eating, and have constipation.

Serine, glycine, proline, glutamine and other amino acids in fresh plum meat have a diuretic and swelling effect, and have an adjuvant treatment effect on liver cirrhosis.

Plums should not be eaten with those foods: 1. Plums cannot be eaten with bitter almonds. Plums contain a small amount of amygdalin, and after metabolism, a form of hydrocyanic acid with a small amount of toxicity will not occur.Bitter almonds also contain this ingredient, which together will cause excessive amygdalin, which may cause poisoning, and mild cases will also damage the liver.

2. Plums should not be eaten with high-calcium foods. In addition to containing a large amount of fruit acid, the content of oxalic acid is not low. If you eat high-calcium foods while eating plums, calcium supplementation will reduce calcium absorption and willGenerates large amounts of insoluble calcium oxalate, increasing the risk of urinary stones.

Common high calcium foods are: calcium tablets, animal bones, soft shell foods such as shrimp and crab.

3. Plums should not be eaten with sour foods. Plums contain a lot of fruit acids. After eating, metabolism causes a certain stimulating effect. If you eat other sour foods, increasing the absorption of acid substances will increase the stimulation of metabolism.Causes gastric hyperacidity, and severe dialysis can cause acute and chronic ulcers, hemodialysis and other symptoms.

Common sour foods: oranges, bayberry, green plum and other fruits.

4. Plums should not be eaten with high-protein foods because they are cold. After eating, they will reduce digestion and digestion. High-protein foods need a good gastrointestinal function. Absorption of plums while eating high-protein foods will cause protein digestion.Bad, abdominal distension, belching and other adverse symptoms.

Common high protein foods: eggs, milk, soy products, animal meat, etc.

5. Plums cannot be eaten with honey. Honey contains a large number of active enzymes. Plums contain amygdalin and a small amount of oil. Consuming them together will accelerate the catabolism of these ingredients, increase the amount of hydrogen in the body, and increase its toxicity. It is not recommendedThese two foods are consumed together.

[Can you eat mint in early pregnancy_Can pregnant women drink mint water]

[Can you eat mint in early pregnancy_Can pregnant women drink mint water]

Most pregnant women pay great attention to their bodies in the early stages of pregnancy and in the third trimester of pregnancy, because the baby’s fetal image is not very stable in the early stages of pregnancy, and if there is an accident, it may easily lead to miscarriage.

In the early stages of pregnancy, diet is also very careful, because pregnant women do not pay attention to their diet will cause the baby in the stomach to develop healthily.

And can women in early pregnancy eat mint?

Can pregnant women eat peppermint, because peppermint is rich in menthol, which can help people to promote fresh air, and also has some medicinal properties.

It can relieve abdominal pain, gallbladder problems, and help people stomach and digestion. Large amounts of peppermint may lead to insomnia, but small doses can help people to sleep.

However, we still do not recommend that pregnant women use peppermint. The nutritional content of mint will affect the absorption of the digestive tract, and will harm the function of the heart, which will have some adverse effects on pregnant women and pregnant women.

Peppermint also has a strong pungent odor, which is also harmful to the nervousness of pregnant women.

This pungent scent of mint will add to the nerves of pregnant women’s friends, causing pregnant women’s friends to overstimulate.

Mint aroma substances will be absorbed through the skin and will enter the body through the placenta, which will affect the growth and development. Although it is said to be fresh, but mint-like things, everyone should contact as little as possible.

Whether it’s mint-flavored sugar or mint itself, everyone should avoid it.

Don’t add mint while making soup.

Mint is actually a cold food. If people eat too much, they may even have a miscarriage.

We always think that now we should know that female friends must not drink mint water during pregnancy, because the nutritional content of mint will affect people’s digestion and absorption ability, and it will also seriously affect the taste stimulus of female friends.Substances can also affect your baby’s development.

So for the time being, please bear with me for a while and don’t eat mint.

[Can men eat angelica]_Recommended diet

銆愮敺浜哄彲浠ュ悆褰撳綊鍚椼€慱鎺ㄨ崘楗
褰撳綊鍏锋湁琛ユ皵琛€鐨勫姛鏁堬紝濂充汉缁忓父椋熺敤褰撳綊锛屾湁璋冪粡姝㈢棝锛岀編瀹瑰吇棰滅殑浣滅敤锛佸叾瀹炵敺浜轰篃鍙互閫傚綋鐨勫悆涓€浜涘綋褰掞紝瀵圭敺鎬х殑韬綋鍋ュ悍涔熸湁鏄庢樉鐨勭泭澶勩€傚洜涓虹敺鎬т篃瀹规槗鍑虹幇琛€铏氬拰缂鸿鐨勭棁鐘讹紝铏界劧涓嶅濂充汉鏄庢樉锛屼絾鏄篃瀹规槗瀵瑰仴搴烽€犳垚濞佽儊锛岄€傞噺鐨勫悆涓€浜涘綋褰掕兘澶熸彁楂樺厤鐤姏锛屾湁寰堝ソ鐨勫吇鐢熺殑鏁堟灉銆傞€氳繃褰撲唬鐨勮嵂鐞嗙爺绌跺彂鐜帮紝褰撳綊鏈€涓昏鐨勫姛鏁堝氨鏄姉缂烘哀鐨勬晥鏋滐紝鍚屾椂鑳藉璋冭妭韬綋鐨勫厤鐤姛鑳斤紝鏈夐槻鐧屾姉鐧岀殑浣滅敤锛屽湪缇庡鍏婚鏂归潰鐨勬晥鏋滀篃姣旇緝鏄庢樉锛屽彟澶栧湪鎶戝埗缁嗚弻婊嬬敓銆侀闃插姩鑴夌‖鍖栧拰淇冭繘琛€娑插惊鐜柟闈紝閮芥湁寰堝ソ鐨勫姛鏁堛€傚綋褰掗噷闈㈠瘜鍚ぇ閲忕殑鎸ュ彂娌癸紝鎷ユ湁澶氱缁寸敓绱犲拰鐭跨墿璐紝鍏锋湁鎵╁紶琛€绠★紝闄嶄綆琛€绠¢樆鍔涚殑浣滅敤锛屾湁棰勯槻蹇冭剳琛€绠$柧鐥呯殑鍔熸晥锛屽浜庨闃茬播鏍峰姩鑴夌‖鍖栵紝棰勯槻鑴戝崚涓瓑鏂归潰閮芥湁鏄庢樉鐨勭泭澶勩€傚彟澶栧綋褰掔殑姘存憾娑叉湁鎶戝埗缁滄皑閰搁叾娲绘€х殑鏁堟灉锛岃繖鏍峰氨鑳藉鎶戝埗榛戣壊绱犵殑鍚堟垚锛屾墍浠ュ湪娌荤枟鑹叉枒鏂归潰鏈夊緢濂界殑鏁堟灉锛屾湁鎶楄“鑰佸拰缇庡鐨勪綔鐢ㄣ€傚綋褰掕繕鑳藉淇冭繘澶村彂鐨勭敓闀匡紝淇冭繘姣涘泭鐨勫仴搴凤紝鑳藉淇濊瘉澶村彂涔岄粦鍙戜寒銆佹槗浜庢⒊鐞嗭紝鎵€浠Newspaper Tong Ningge Keqianqinxie Rouduohuwa Yufa Shangkuangrenkun Xiaohuwayu Fashangkuangren Kunguifalu ang Mei chain夊緢濂界殑鎶ょ悊鍔熸晥銆備互涓婄畝鍗曠殑浜嗚В浜嗙敺浜烘槸鍚﹀彲浠ュ悆褰撳綊锛屽拰濂虫€т竴鏍凤紝鐢锋€ч€傞噺鐨勫悆涓€浜涘綋褰掑鎻愰珮韬綋鐨勫厤鐤姏鏈夊緢濂界殑浣滅敤銆傚湪椋熺敤褰撳綊鐨勬椂鍊欒浜嗚В涓€浜涙敞鎰忎簨椤癸紝濡傛灉鏄繃鏁忔€т綋璐紝搴旇鎱庣敤褰撳綊锛屽彟澶栧鏋滃嚭鐜版參鎬ц吂娉绘垨鑰呰吂閮ㄨ偪鑳€鐨勬椂鍊欙紝搴旇鏆傛椂鍋滄鏈嶇敤褰撳綊銆?

Gulisi (603808): Baiqiu Dating Investment to Realize Investment Returns + Spin-off Listing Promotion

Gulisi (603808): Baiqiu Dating Investment to Realize Investment Returns + Spin-off Listing Promotion

Event overview: On December 15, 2019, the company announced that the board of directors passed the resolution: (1) for the purpose of incentives, the founding shareholders and their concerted parties agreed to 16.

279 million subscription of Baiqiu Network’s new registered capital, which translates into 14% equity, the exercise condition is a compound growth of 30% in the next 3 years;
.

500 million yuan to subscribe for new registered capital, corresponding to 12.

50% equity.

(3) Investors in the round shall be 3.

44.3 billion yuan to buy the shares held by Glix, which translates to 28.

69% equity.

Analysis and judgment We analyze that the significance of this transaction lies in: (1) Glix gains investment income.

2.4 billion, expected to increase profits in 2020: At present, the proportion of Gelishi holdings in Baiqiu is 75%, and it will be reduced to 27 after the issuance.

75%. In September 2016, the company purchased 75% of Baiqiu for 277.50 million yuan, corresponding to an estimated 3.

700 million.

At present, the corresponding value-added capital of round A investors is estimated to be 1.2 billion, and the company is expected to realize investment income.

2.4 billion.

(2) Baiqiu team received incentives: The founding shareholders and their concerted parties will become the actual controllers of Baiqiu Network, holding 31 shares.

06%.

(3) Dating Sequoia Capital is conducive to accelerating the pace of Baiqiu’s separate listing.

Baiqiu is one of the six-star e-commerce generation operation service providers. There are currently more than 50 generation operation brands. This year, 10 new brands have been signed to target mid-to-high-end brands in categories including apparel, luxury goods, jewelry, footwear and other big fashions.Category.

In the first three quarters of 2019, Baiqiu achieved revenue2.

2 trillion, net profit is about 0.

US $ 4.1 billion, we expect to achieve revenue growth of more than 30% this year, GMV is expected to double to US $ 6 billion, and it is expected to maintain GMV growth of more than 80% in 2020.

In the short term, we judge that the company is expected to be better next year than this year: (2) EH brand resumes growth after destocking; (3) IRO acquires the remaining equity consolidation and accelerates store opening; (4) Baiqiu Network relies on the e-commerce platformResources + IT capabilities + overall online and offline solutions + competitive advantages of overseas layout, GMV is expected to continue to grow rapidly.

In the medium term, we will pay attention to the increase in Baiqiu’s estimates after the launch of OneNet.com. In the long term, we will focus on the brand’s store space and the improvement of store efficiency. We judge that 杭州桑拿网 the main brand will have more than 500 stores in the future and EH will be more than 250., More than 200 other international brands.

Considering that EH is still destocking in the second half of the year, the recovery is beyond expectations, and for the time being, we will not consider the Baiqiu distribution to contribute the next profit, and change the 19/20 / 21EPS from 1.

21/1.

39/1.

63 yuan down to 1.

2/1.

37/1.

62 yuan, down by 0.

8% / 1.

4% / 0.

6%, maintain “overweight” rating.

Risks prompt increased competition in the generation operation industry; high inventory risks; and systemic risks.

Huatian Technology (002185): Continue to be optimistic about semiconductor localization and global cycle recovery and outperform the industry

Huatian Technology (002185): Continue to be optimistic about semiconductor localization and global cycle recovery and outperform the industry

Company status We recently visited Huatian Technology leaders and continue to be optimistic about 1) the localization of semiconductors 2) the return of the global semiconductor industry to the upward cycle will drive the company’s performance in 2020.

We raise the company’s target price to 8.

20 yuan, maintain “outperform industry” rating.

Commenting on Tianshui, Xi’an base ‘s production capacity is maximized at full load. Duration of progress: According to our field survey, benefiting from strong domestic demand for replacement. At present, Huatian Tianshui ‘s Xi’an production base ‘s production capacity continues to increase in the third quarter. Among them, the production capacity of communications products has become tight.Happening.

The company said that the timely expansion of production in the second quarter of this year has effectively met the orders caused by structural changes in some domestic alternatives, and it is still optimistic about the two base demand forecast in the first half of next year.

Optimistic about Kunshan base to reverse losses next year: Through continuous penetration of multi-camera smartphones, ToF has begun to appear on high-order models. We believe that demand for CIS related to smartphones will continue to be strong; in addition, the increase in the market size of automotive lenses and security cameras will also increaseDrive demand for CIS chips.

After experiencing a long-term price drop due to previous supply-demand imbalances, our recent industry chain findings show that the cost of packaging and testing processing for CIS chips has increased by the beginning of 2019.

Huatian Kunshan currently has a CIS package capacity of over 20,000 wafers (equivalent to 8-inch wafers), and we believe the company will help to benefit from the aforementioned industry trends.

In addition, in addition to maximizing the capacity of bumping and gradually increasing, we believe that Huatian Kunshan is expected to achieve operating profitability in 2020.

Unisem’s business situation gradually emerged from the bottom: affected by overseas RF, poor demand for automotive electronics customers, and staff severance fees at Batam Customs Plant in Indonesia, Unisem’s overall performance this year was poor.

However, we believe that as the demand side of the semiconductor industry gradually emerges from the bottom, and the disposal of the Indonesian factory next year will bring a one-time gain, Unisem’s 上海夜网论坛 contribution to the consolidated statement profit will increase significantly.

It is recommended to take into account the expected maximum level of production capacity in the fourth quarter, and we raise the company’s 2019 profit forecast by 3% to 2.

800 million.

In addition, considering the increase of CIS capacity in 2020, the commissioning of the Nanjing plant has a slight drag on profit margins. We raise the company’s 2020 revenue by 3% to 9.9 billion US dollars, and maintain the 2020 net profit forecast unchanged.

The company’s current consensus corresponds to 2.

3×2020 P / B, in order to reflect the 2020 packaging and testing industry to recover the high prosperity in the semiconductor localization and global industry demand recovery, we raised our target price by 26% to 8.

20 yuan, corresponding to 2.

7x2020E P / B (located at the upper center level in the past three years) has 21% growth space.

Risk The recovery of the demand side of the semiconductor industry is not up to expectations; the progress of semiconductor localization is not up to expectations.