Bach: Many measures have been taken to stop the epidemic, determined to successfully host the Olympic Games

Bach: Many measures have been taken to stop the epidemic, determined to successfully host the Olympic Games
The torch collection ceremony of the 2020 Tokyo Olympic Games ended today in Ancient Olympia, Greece. The President of the International Olympic Committee Bach said in his speech that he was determined to successfully host the Tokyo Olympic Games.Bach addressed the torch gathering ceremony.Affected by the new crown pneumonia epidemic, this torch collection ceremony was conducted without an audience, and was regarded as a “simplified version” torch collection ceremony by the outside world.”We met today in Olympia, which is where the Olympic Games were born more than three thousand years ago.We are grateful to the people of Greece for the precious gift they have given, which is still shared by all humanity today.”In his speech, Bach first thanked the Greek President and the Greek Olympic Committee Chairman for their activities at that time.” Under such a difficult situation, once again demonstrated our determination, we are determined to successfully host 2020 TokyoOlympic Games.It is now 19 weeks before the opening ceremony. Since many government agencies and sports organizations have taken major measures to stop the spread of the epidemic, this has also strengthened our determination.”Bach also thanked the Tokyo Olympic Organizing Committee team, saying that they are doing excellent work for the hosting of this Olympic Games,” the Olympic Games is an excellent embodiment. Although the world is so diverse, it can still show the cohesion of human natureOf Japanese friends explained the mission of the Olympic Games brilliantly.”The ignition of the Olympic flame has always been regarded as an important moment for the successful hosting of an Olympic Games.In his speech, Bach stated that today is the starting point of the Olympic torch journey to Japan. “The torch returned to Tokyo after 56 years, hoping to light up the entire Japan.We are very grateful to the Japanese people for showing such enthusiasm for the Olympic Games, and the Japanese people will open the stage to welcome the whole world.”Bach said that the Tokyo Olympics will be attended by 11,000 of the best athletes from the Olympic Committee of the 206 countries and regions and the International Olympic Committee Democratic Olympics.” The 2020 Tokyo Olympics will allow us to stand side by side., Not only keeping our own colors, but also being united, we will be united by adhering to the Olympic spirit.”Sauna, Night Net Editor Sun Haiguang Zhang Yunfeng proofreading Liu Baoqing

[Can’t eat tofu spinach together?Teach you this]_Tofu spinach_How to make_How to make

Are you looking for a pot? Can you squeeze it out or squeeze it out? Do you want to squeeze it? Do you want to make a pot? 莆 宝 箞 锅 悘 悡 悍 綍?
Proceedings of the lawsuit: by law and by law, by the way, by the way, by the way, by the way, by the way, by the way, by the way, by the way, by the way, by the way, by the way, by the way, by the way, by the way, by the way.€呯粨鍚堢殑鑽夐吀閽欎細鍦ㄤ汉浣撳唴褰㈡垚缁撶煶銆傛墍浠ヨ眴鑵愬拰鑿犺彍鐨勬惌閰嶆槸浜轰滑闈炲父鎺掓枼鐨勩€傚叾瀹烇紝鑿犺彍鍙缁忚繃鐒按涔嬪悗灏卞彲浠ヤ笌璞嗚厫涓€璧峰悆锛屽苟涓斾笉浼氬浜轰綋閫犳垚浼ゅ銆?1 銆 佽 尔 撰 撰 Pu 呫 咫 鍒 plate 瑳 鑳 or 笉 鑳 or 獴 Bifeng 悆 What?鑿犺彍涓殑鑽夐吀缁撳悎璞嗚厫涓殑閽欎細褰㈡垚鑽夐吀閽欙紝鎴愪负涓€绉嶆矇娣€鐗╄川锛屾垜浠悆鑿犺彍鐐栬眴鑵愮殑鏃跺€欙紝涔熷氨鍚冭繘浜嗚繖涓矇娣€鐗╄川銆傚鏋滅┖鑵瑰悆涓嬶紝姝ゆ椂鑳冮吀PH鍊Between negative 1.5 A?锛屽睘浜庡己閰哥被浼肩洂閰革紝浼氬拰涓€閮ㄥ垎鑽夐吀閽欏舰鎴愬寲瀛﹀弽搴旓紝婧惰В涓€閮ㄥ垎褰㈡垚姘寲閽欍€傞殢鐫€杩涢鐨勫鍔狅紝鑳冮吀PH鍊间篃鍦ㄥ鍔狅紝閰告€у噺寮憋紝铏界劧鑳冮吀涓昏鎴愬垎鏄洂閰革紝浣嗙粓绌跺湪鑳冧腑娴撳害涓嶅锛岄噺涓嶈冻锛屼笉鑳藉湪鐭椂闂村唴瀹屽叏婧惰В闅炬憾鐨勮崏閰搁挋銆傚彟澶栬彔鑿滀腑鐨勮崏閰镐細鍜屽叾涓殑閾侊紝闀佺瓑褰㈡垚娌夋穩锛屼篃涓嶆憾瑙d簬鐩愰吀锛屾病鏈夎婧惰В鐨勮崏閰搁挋锛屼笉琚惛鏀讹紝闅忓ぇ渚挎帓鍑恒€傛€讳綋鏉ヨ锛岃繖娌夋穩鐗╄川涓€灏忛儴鍒嗚鑳冮吀婧惰В锛屽ぇ閮ㄥ垎涓嶈兘琚垜浠殑娑堝寲閬撻噷娑堝寲娑插垎瑙g殑锛屼細琚洿鎺ユ帓鍑轰綋澶栥€傚洜姝わ紝杩欏紩璧风殑鍚庢灉鏄垜浠汉浣撴病鏈夊惛鏀惰眴鑵愪腑鐨勯挋銆?2 銆 住 咰 喰 掋 琋  帓 鍑 獑 玴 玴 瑮 新寮 囮 弁 璶 煶 銆?I ‘m so nervous, I ‘m not sure about it. I ‘m not sure what ‘s going on. I ‘m not sure what is going on. What ‘s going on?I ca n’t tell you how to find it, how to find it, how to distinguish it, how to find it, how to save it, how to read it, how to read it, what to do and what to do, and what to do and what to do with the umbrellaA simple reading of the pick-and-seek pick-and-pick pick-and-pick pick-and-pick pick-and-pick琛€閽欑棄鎸涖€備负浜嗛伩鍏嶉珮鑽夐吀鐨勯闄╋紝涓€瀹氫笉瑕佽琛€娑茬粡甯稿厖婊′簡鑽夐吀銆傛柟娉曞緢绠€鍗曪細鐒按銆傚紑姘寸劘姘磋彔鑿?0绉掑悗锛屾敟骞诧紝鍙互鍘婚櫎50%鐨勮崏閰搞€?寮€姘寸劘姘磋彔鑿?0绉掑悗锛屾敟骞诧紝鍙互鍘婚櫎80%鐨勮崏閰搞€傜劘姘村幓闄よ崏閰哥殑鑿犺彍涓庤眴鑵愪笉浠呮槸涓€涓緢濂界殑鎼厤锛岃€屼笖鏄ˉ閽欏仴楠ㄧ殑缁濋厤銆傝彔鑿滆眴鑵愪笉浠呬笉浼氬鑷寸粨鐭冲拰缂洪挋锛屽弽鑰岃眴鑵愬彲浠ヤ綔涓衡€滄浛姝婚鈥濆拰鑽夐吀缁撳悎锛岄伩鍏嶈閽欍€侀閽欏拰鑽夐吀缁撳悎锛屾崯澶辫嚜韬殑閽欍€傛湅鍙嬩滑璇锋斁蹇冪殑鍚冪劘姘村悗鐨勮彔鑿滅倴璞嗚厫鍚э紝閰嶅悎鑲夌被锛岄腑琛€锛屾捣椴滐紝鍚屾椂琛ラ攲锛岃ˉ閾佹妫掑搾锛?

[Can you drink Chinese medicine]_Traditional Chinese medicine_Drinking_Can you drink

[Can you drink Chinese medicine]_Traditional Chinese medicine_Drinking_Can you drink

We usually drink Chinese medicine, because everyone thinks that using Chinese medicine to condition the body is better than other medicines. Traditional Chinese medicine is also a traditional treatment at present. Generally, during the period of Chinese medicine, we are thinking about whether we can drink alcohol.In the past, we need to distinguish between some traditional Chinese medicine and wine, and some traditional Chinese medicine soaked wine. At this time, don’t worry about the impact.

In traditional Chinese medicine, wine is often used as an adjunct to make traditional Chinese medicine, which can enhance the medicinal properties of traditional Chinese medicine.

Some alcoholic beverages can be drunk relatively under the guidance of a doctor, but in general, it is not appropriate to drink alcohol while taking Chinese medicine.

Traditional Chinese medicine contains wine, which can be ground, and medicine has a close relationship with wine.

As a solvent, wine is commonly used in traditional Chinese medicine preparations.

Liquor is often used as an adjuvant in the processing of traditional Chinese medicine, and the extraction of Chinese medicine is also commonly used as a solvent and alcohol extraction. There are liquors, tinctures, and prescriptions in the traditional Chinese medicine.

In the Han Dynasty, Zhang Zhongjing used Guayu, Zhibaihe Baijiu, and Mingguai Baibaijiu Decoction to treat headaches and pains, even chest pain, back wheezing, cough, and shortness of breath.

Corresponding to modern coronary heart disease angina pectoris, and the liquor used is now rice wine.

In Fumai Tang, Zhang Zhongjing also uses mixed rice wine.

The rice wine in the recipe is based on its warmth and warmth, so that the yang and the venous can be circulated, so that the blood and blood can be circulated and the blood can be benefited.

Later liquors (immersed in medicinal materials with wine as a solvent, or heated and boiled for internal or external use) were mostly used for physical detoxification, rheumatism, pain or bruises, such as Shiquan tonic, rheumatic medicinal liquor, etc.The purpose is also to promote the operation of qi and blood, to promote blood circulation.

In modern people’s health, wine is often mixed with traditional Chinese medicines with different formulas.

Alcohol is now a part of life, which enriches people’s lives. Drinking in moderation can relax the channels, improve diet, and help digestion, which is beneficial to health. However, long-term excessive drinking has adverse effects on the brain, nerves, cardiovascular, digestive system and reproductive system., Chinese medicine also believes that excessive alcohol promotes hot and humid.

Generally speaking, it is not advisable to drink alcohol while taking traditional Chinese medicine, and to remove diseases; to use alcohol to treat diseases, determine the appropriate dosage according to the age, physical fitness, and usual amount of alcohol, and it is advisable for the elderly and women and children to take small amounts.

[Can pregnant women eat seaweed]_Seaweed Soup_Maternity_Diet conditioning

[Can pregnant women eat seaweed]_Seaweed Soup_Maternity_Diet conditioning

Seaweed, also known as seaweed, is a common seafood product with rich iodine. When eating seaweed and shrimp skin to cook soup, the taste is very fresh and sweet, and it can also add calcium, which is very beneficial for pregnant women.I want to have seaweed soup and so on.


Seaweed shrimp skin soup, iodine and calcium.

Seaweed is very rich in iodine, almost 100 times that of grain and vegetables!

In addition, seaweed is rich in iron and vitamin B12, which are all necessary nutrients for hematopoietic.

Shrimp skin is rich in calcium, each of which is compatible with each other, and has certain effects on iron deficiency anemia and osteoporosis.


Sesame oil seaweed soup, cure constipation.

Add seaweed and boil, add sesame oil and season.

1/5 of the seaweed is precipitated fiber, which can promote defecation, excrete harmful substances out of the body, and keep the body healthy.

Nori seaweed soup, fat-free to lose weight.

Made from seaweed, kelp supplemented with winter melon peel and watermelon peel, it is suitable for women who are overweight often and can achieve the effect of slimming and shaping.

Because laver and kelp are rich in supplementary fiber, and are instantaneously low, coupled with melon peels and watermelon peels that have a beneficial effect on water, the effect of weight loss will be more obvious.

Seaweed Lean Broth, prolongs life.


25 grams of protein per 100 grams of dried laver?
30 grams, equivalent to soy, but also rich in nutrients such as vitamins.

The protein and other nutrients in laver are easily digested and absorbed, which is very suitable for the elderly with impaired digestive function.

Plus lean meat, nutrition is more balanced, and not greasy, it has a longevity effect on the elderly.

Tofu rabbit meat seaweed soup, can lower blood fat.

The tofu in this recipe has a sweet and cool taste, which can benefit qi and spleen and stomach, and rabbit meat also has the effect of qi and qi.

Chinese medicine believes that laver has phlegm, dehumidification, and diuretic effects; combined with meals, delicious soup, easy to absorb, suitable for elderly hyperlipidemia patients.


It should be noted that it is better to consume 15 grams of laver at a time.

It is best to soak in clean water before eating and change the water once or twice to remove impurities.

Seaweed is cold and cold, so those with poor digestive or digestive function or who have abdominal pain should eat less.

[Effects and Functions of Lemon Tea]_Lemon Tea_Benefits_Inevitable

[Effects and Functions of Lemon Tea]_Lemon Tea_Benefits_Inevitable

Lemon is a common fruit in life. Most of them have very high vitamin C and multivitamins, which have great benefits to the human body. The taste of lemon is very sour. It is very suitable for lemon tea or during pregnancy.Regular consumption of lemon tea has the effect of beauty and beauty, and can also prevent certain physical diseases.

Lemon’s medicinal value Lemon can fight scurvy.

Why can vegetables and lemons cure this disease?

The first thing people think of is that these foods must contain a certain essential substance to support life-vitamins.

In the early 20th century, scurvy was considered a vitamin deficiency.

By the 1930s, people had finally isolated “aluronic acid” from the adrenal cortex, cabbage, and lemon juice, clarified its chemical structure, and determined that it was an element of ascorbic acid (that is, vitamin C), so some people called it”Mysterious medicinal fruit.”

Lemon can prevent colds and so on.

Lemon is one of the most medicinal fruits in the world, it is supplemented with vitamin C, sugars, calcium, phosphorus, iron, vitamin B1, vitamin B2, niacin, quinic acid, citric acid, malic acid, orange peelGlycosides, naringin, coumarin, high potassium and low sodium, etc., are very beneficial to the human body.

Vitamin C can maintain the production of various tissues and interstitial cells in the human body, and maintain their normal physiological functions.

The parent material, adhesion and gelatin in the human body all need vitamin C to protect it.

When the vitamin C plasma is released, the interstitial-glia between the cells decreases.

In this way, the cell tissue will become brittle, lose the ability to resist external forces, and the human body is prone to scurvy; it also has more uses, such as preventing colds, stimulating hematopoiesis and anti-cancer effects.

Promote digestion Drinking lemonade can promote stomach digestion. When your digestive function is not very good, you can drink some lemonade to promote the secretion of gastric acid and make food easier to digest and absorb.

People who drink lemonade for a long time after clearing their stools are themselves relatively clean, it is not easy to cause constipation, it can produce the effect of detoxification and beauty, and the stools will also change from the outside.

Vitamin C supplementation Lemonade contains a large amount of vitamins c and p, which can even supplement the daily vitamins needed by the human body, and it is easier to promote the production of skin collagen and make younger and fairer.

[Broad bean is a kind of fruit]_Function_Nutritional Value

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China Iron and Steel Association calls for reduction in production, steel companies use derivatives to fight disease

China Iron and Steel Association calls for reduction in production, steel companies use derivatives to fight disease

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Securities 武汉夜生活网 Times reporter Wei Shuguang’s epidemic, due to transportation control, downstream resumption of postponement and other effects, domestic steel mills are facing fewer downstream orders, backlogs of steel stocks and shortage of upstream raw materials.

At the afternoon meeting of the China Iron and Steel Association on February 22, Vice Chairman Camel Iron ranks, iron and steel enterprises grasp the production rhythm and take measures to reduce production and limit production.

  The Securities Times reporter learned that under the influence of the epidemic, some steel mills have taken measures to reduce production and equipment maintenance, and arranged to overhaul production equipment to reduce physical output and material consumption.

In the face of increasing market uncertainty risks, steel companies have significantly increased their efforts to use the derivatives market 武汉夜生活网 as a hedge.

  At present, the iron ore industry’s customer positions have increased by 28% each year, indicating that steel companies have increased demand for corporate hedging.

Transaction data show that since the beginning of this year, unilateral daily average iron ore futures have been traded and positions have been 74.

40,000 hands, 84.

40,000 hands, compared with the same period last year, the turnover decreased by 12%, and positions increased by 28%.

The data also shows that as of February 21st, iron ore futures corporate customers held 49% of positions, which had increased by 4 percentage points each year, and the proportion of hedging transactions had increased by 9 percentage points.

  In addition to increasing the strength of futures hedging, the iron ore replenishment market must fully climb.

Data show that on February 3, the proportion of rights traded and positions in the underlying futures increased significantly, respectively, to 12.

1% and 18.


On the same day, iron ore futures opened to a limit, but the budget was still tradable, which became an effective tool for managing the risk of futures positions and market price fluctuations.

As of February 21, the average daily volume of iron ore futures was 2.

50,000 lots, with an average daily position of 11.

90,000 hands, 22% and 36% higher than before the Spring Festival.

  The reporter was informed in the interview that during the epidemic prevention and control period, the combined steel companies actively used derivative tools to hedge downstream products and upstream raw materials.

A steel mill took advantage of the epidemic situation in early February and the timing of changes in the price of iron ore under the influence of the outer disk to carry out long hedging of iron ore and coke futures to lock in the price and cost of raw materials; the other company has long been involved in futures management of raw material and product price risksThis year, large-scale steel mills locked prices in advance through iron ore futures and reduced raw material costs by nearly 100 million US dollars at current prices, effectively hedged the potential impact of the epidemic.

  Jingchuan, deputy general manager of CUHK Futures believes, “Under the influence of the new crown pneumonia epidemic, steel companies are using various futures and budget strategies to ensure the stable operation of production and operations.

“With the on-site budget, when worried about rising raw material prices, companies can lock in costs by buying bullish budgets.

If the price goes up, the profit of the bullish budget can make up for the losses in spot purchases; if the price goes down, the company will not pay extra costs and still enjoy the benefits of the decline in the price of raw materials.

  Due to the full preparation of all parties, the iron ore and most domestic varieties only fell on the first day of the market, and then they stabilized, maintaining a safe and stable operating trend, and providing effective futures for companies that resume work after the holidays.Price signals and hedging instruments.

In order to ensure the stable operation of the market, the Exchange conducted early risk research and judgment and prepared a risk prevention and control plan.

  The market was opened after the Spring Festival holiday. Dashang continued to strengthen market services and supervision, and issued “warm reminders” to members three times, announcing measures to facilitate the handling of epidemic prevention and control members and customers ‘business. In response to the impact of transportation during the epidemic prevention and control phase,Dashang promotes and supports customers to adopt cash transfer, and the factory warehouse delivery mode flexibly disposes the spot to ensure smooth delivery business.

Tongwei (600438): double leader in the field of cell and silicon materials to expand production

Tongwei (600438): double leader in the field of cell and silicon materials to expand production
Event: Tongwei Co., Ltd. announced the development plan of high-purity crystalline silicon and solar cell business from 2020 to 2023, and announced the investment and construction of 30GW high-efficiency solar cells and supporting projects. Large-scale expansion to create an absolute leader in the field of battery cells and silicon materials: 1 1) According to the plan, from 2020-2023, the cumulative production capacity of high-purity crystalline silicon will reach 8/11, respectively.5-15 / 15-22 / 22-29, single crystal materials account for more than 85%, N-type materials account for 40% -80%, production costs 3-4 million / ton, cash costs 2-3 millionYuan / ton, the current production cost is expected to further decline; battery capacity will reach 30-40 / 40-60 / 60-80 / 80-100GW respectively in 2020-2023, focusing on new product technologies such as Perc +, Topcon, HJT, etc.And compatible with all series of 210 and below, Perc non-silicon cost 0.Below 18 yuan / w, the current estimate is 0.23 yuan / w dropped further significantly.According to the 10% compound annual growth rate of global new photovoltaic installations, it is estimated that by 2023, the annual global new photovoltaic installations will reach 200GW, and the proportion of Tongwei silicon materials and batteries in cities will reach 30% -50%, becoming an industry.faucet.2 2) The company also announced that it will invest about 20 billion US dollars to build an annual output of 30 GW high-efficiency solar cells and supporting projects. The project will be implemented in four phases, of which the first and second 苏州夜网论坛 phases are planned to invest 4 billion yuan each and build 7 respectively.5GW, a total of 15GW high-efficiency solar cell projects (Perc, Perc +, Topcon); Phases 3 and 4 plan to invest 6 billion yuan each, and build 7 respectively.5GW, a total of 15GW high-efficiency solar cells and supporting projects (temporary to HJT). The overall supply and demand is tight, and it is expected that the volume and price will rise for the time being: the existing company has continuous old production capacity2, and the proportion of single crystal materials is further increased to 90%.In addition, Leshan, Baotou each 3.5 The largest output achieved by emerging manufacturing, mainly due to consumption indicators exceeding design expectations, the proportion of single crystal materials increased to 85%, and production costs replaced within 4 杭州桑拿网 million / ton (Leshan 4 million / ton, Baotou 3).5 million / ton), leading costs.Affected by the ramp-up of production capacity in 2019, the expected sales volume is expected to be around 6, and in 2020 we expect the sales volume to reach 8.5-9 every year, the annual growth rate exceeds 40%.In addition, according to foreign media BusinessKorea, OCI is about to close its Gunsan plant in South Korea5.2 The production of formaldehyde photovoltaic silicon materials is suspended and transition to electronic grade silicon materials is expected to affect 10% of global supply.In the meantime, this year is a big year for monocrystalline silicon wafer expansion. The production capacity is expected to increase from about 100GW at the end of 2019 to 170-180GW at the end of 2020. However, gradually increasing production capacity is limited and overall supply and demand are tight.In a tight situation, the price of extension materials is expected to usher in a price increase of 5% -10%. The profitability of monocrystalline PERC cells has improved: The demand brought by capacity release in the third quarter of 2019 is weak. The price of monocrystalline PERC cells has been adjusted to a certain extent. At present, the average cell price is 0.97-0.98 yuan / W, single W profit replaced 5-6 cents, the profit level is at a historical low.The overall non-silicon cost of the company’s battery chip is zero.23 yuan / w, will further replace 0 in 2020.At around 2 yuan / w, and the price of overlapping silicon wafers is reduced at the same time, it is expected that the single W profit of single crystal perc battery cells will be repaired to more than 8 cents in 2020.In addition, in the first half of this year, the overall capacity of Chengdu Phase IV and Meishan Phase I will reach 23-24GW, and according to the expansion plan, it will reach 30GW at the end of this year, which can be expanded up to 20GW, thereby increasing 66.7%, single crystal PERC cell connection will usher in volume and profit. Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 30%, 26%, and 25%, and its net profit growth to be 43%, 46%, and 31%.The 6-month target price is 19.45 yuan. Risk warning: photovoltaic installation is less than expected, replacement, and the price of cells has fallen sharply, etc.

Yifeng Pharmacy (603939) Quarterly Report Review: Third Quarter Expansion Steadily Advances Operation Scale

Yifeng Pharmacy (603939) Quarterly Report Review: Third Quarter Expansion Steadily Advances Operation Scale
The performance in the third quarter was beautiful and the scale of operations continued to expand. The company released its third quarterly report: the company achieved revenue of 73 in the first three quarters of 2019.89 ‰, an increase of 58 in ten years.36%, net profit attributable to mothers4.180,000 yuan, an increase of 35 in ten years.48%, net profit after returning to mother 412 ppm, an increase of 42 in ten years.75%, the company’s performance in the first three quarters of 2019 continued to maintain high growth.In a single quarter, the company achieved revenue of 23 in Q3 2019.4 billion (+39.95%), realizing net profit attributable to mother 1.1 ‰ (+ 31.99%).The company is operating well, with a 四川耍耍网 net cash flow from operating activities of five in the first three quarters.85 ppm, an increase of 81 in ten years.71%.Reported that first-tier companies accelerated mergers and acquisitions. Among them, there were 5 merger and acquisition investment businesses in the same industry in the third quarter, involving 121 stores. “New opening + mergers and acquisitions” are equally important. Stores are steadily expanding. The company has long adhered to a regional focus strategy, taking into account the breadth of the market, focusing on the regional market and intensive layout of the store network, highlighting regional competitive advantages.Reported that the core company’s retail business achieved revenue of 70.1.3 billion (+58.86%), gross profit margin 38.44%, a decline of 0 per year.49 pp; income from wholesale business1.5.2 billion (+76.18%), gross margin of 14.58%, down 4 each year.51 pp; In terms of products, Chinese and western patent medicines realized revenue of 51.500 million (+58.85%), gross profit margin is 35.09%; Chinese medicine realized income 7.3 billion (+55.76%), gross margin of 43.49%; non-drug realized income12.8 billion (+62.62%), gross margin 46.twenty one%.In terms of regions, Central and South China, East China, and North China each realized income of 30.3.6 billion (+27.81%), 32.6.7 billion (+62.25%), 8.With USD 5.2 billion, East China and North China maintained rapid growth.Major companies in the report continued to implement the strategy of “new opening + mergers and acquisitions”, increased sales scale, and the store network layout became increasingly mature.On January 9, 2019, the company net added 805 stores, including 579 new stores (including 166 new franchise stores), acquired 307 stores, and closed 81 stores. The total number of company stores reached 4,416335 stores), and the operating area of directly operated stores is 486,608 square meters.Among them, from July to September 2019, there were 289 net increase stores, 211 new stores (including 79 new franchise stores), 103 acquired stores, and 25 closed stores. The first three quarterly reports of the well-known refined management and continuous development momentum and the company’s gross sales margin and net sales margin were 39.63%, 6.33%, down by 0 compared with the same period last year.86pp, 0.55pp, we judge that the gross profit margin has decreased due to the main tie-in volume purchases and benefits.From the perspective of cost control, the company’s sales expense ratio, management expense ratio and financial expense ratio are 25 respectively.69%, 4.49%, 0.71%; sales expense ratio decreased (-1.8pp), overhead rate (+0.8pp) and financial expense ratio (+0.45pp) have increased slightly, and the management expense ratio has increased by 1.Increased employee compensation, 2.M & A causes an increase in the scope of consolidation3.The consulting service fees of intermediary agencies such as corporate mergers and acquisitions and reorganizations, asset evaluations increased, and the increase in the financial expense ratio was due to the increase in interest expenses during the reporting period. The outstanding outsourcing M & A and integration capabilities of evaluation and rating companies promote the increase of business scale and market share, and the scale effect and refined internal management improve the company’s operating efficiency.The company’s net profit is expected to be 5 in 2019-2021.52/7.33/9.7.1 billion yuan. The corresponding EPS is 1.46/1.93/2.56 yuan / share, maintain “overweight” rating. Risk warning: M & A integration is less than expected, door development is less than expected, industry policy risks, lack of licensed pharmacists, 重庆耍耍网 and other risks

Changan Automobile (000625): Sales of New Models Improved Momentum

Changan Automobile (000625): Sales of New Models Improved Momentum
New models launched, sales volume improved month-on-month According to the company’s announcement, Changan Automobile achieved a wholesale sales volume of 160,000 units in September, -8% per year, + 28% month-on-month. Changan’s independent wholesale sales are about 7.480,000 units, previously -5%, +30.7%; Changan Ford wholesale sales 2.10,000 units, ten years -36.7%, +41.6%; Changan Mazda’s wholesale sales1.280,000 units, at least -17.5%, +24.6%.We think 7?August is the traditional off-season, coupled with the National Five’s inventory overdraft demand in June, the conversion season is coming and Fox Active, Sharp ST, Taurus mid-term remodeling, CS75 plus other new car launches, Changan sales have improved significantly month-on-month.At the end of 19, it is worth looking forward to the replacement of the wing tiger and the localization of Lincoln. The EPS is expected to be 0 in 19-21.20, 0.55, 0.77 yuan, maintain “Buy” rating. The peak season is coming and new aircraft are coming. In September, sales volume improved by about 7 in Changan’s independent wholesale sales.480,000 units, previously -5%, +30.7%, the first is the new model CS75 plus sales exceeding expectations. According to the company’s official website, the CS75’s retail sales in September reached 20,000 units, +45 above.8%, +67.2%; Changan Ford wholesale sales 2.10,000 units, ten years -36.7%, +41.6%, we think 7?August is the traditional off-season, and June ‘s National 5th inventory overdraft demand. Ford sales are lost again. Three new vehicles, including the active season, Fox Active, Sharp ST, and Taurus mid-term remodeling, are launched.Changan Mazda Wholesale Sales Volume 1.280,000 units, before -17.5%, +24.6%.The launch of a new generation of Mazda 3 contributed to the recovery of Changan Mazda sales. At the end of 19, ESCAPE and Lincoln’s domestication were worth looking forward to. By the end of September, Changan dealer inventory remained stable.In the fourth quarter, Changan Ford will launch the Escape, a replacement model for the Mavericks, and the first domestic model of Changan Lincoln will be launched.According to Ford China 2.0 plan, Ford may launch 30 new cars in China in the next three years.In 2020-21, Lincoln will localize one model each year.We believe that through the introduction of new Changan Ford models and the localization of Lincoln, Ford’s production capacity continues to improve 重庆耍耍网 and sales volume increases.If Ford sales continue to improve, the company hopes to turn around and increase losses, and future profits will be subject to elastic constraints. We believe that Changan Ford has launched three new models of the Fox Active, the new Taurus, and the Sharp ST, and finally Escape. Lincoln will launch the first domestic model at the end of the year; Changan has already launched the CS75 plus.We believe that the gradual improvement of the industry cycle, the introduction of new models of the company, the company’s performance are expected to gradually improve quarterly, the company is expected to achieve net profit in 19-21.38, 26.27, 37.20,000 yuan, corresponding to EPS0.20, 0.55, 0.77 yuan.Comparable companies have a PB of 1 in 19 years.64 times, we think the company 19 years of PB efforts to repair to 1?1.It is doubled, and the BPS in 19 is expected to be 9.81 yuan, maintaining a target price of 9.81?10.79 yuan, maintain “Buy” rating. Risk warning: The automobile market is weaker than expected, the company’s Changan’s own brand sales are lower than expected, the company’s Changan Ford brand sales are lower than expected, and the company’s Changan Mazda brand sales are lower than expected.