17-year-old Ke Jie, the youngest player to win the World Open Championship, ranked third

17-year-old Ke Jie, the youngest player to win the World Open Championship, ranked third
Minnan News on January 15th I gave myself a hundred points!Ke Jie is so confident.I like the good voice singer Li Wenqi!He has the advantage.In the fifth round of the final of the Braun Cup World Go Open yesterday, Ke Jie, a 17-year-old from Lishui, Zhejiang, defeated Qiu Jun in the middle and won the championship.Based on this, Ke Jie did not win the 1.8 million championship bonus, and will jump directly from four to nine.At the age of 17 years and 4 months, the youngest player to win the championship ranked Li Changhao and Fan Tingyu, and ranked third.Shin Ke’s world champion Ke Jie lost the game as a child and refused to let go. Ke Jie’s father, Ke Guofan, was a famous Go player, probably with 4 amateur stages.At that time, he opened a small chess room at the Workers’ Cultural Palace in Lishui. Zhou Liuping, who has a big belly, is pouring tea and water for everyone in Zhang Luo.In such an environment, the couple ushered in a little life of playing chess since childhood.  Don’t look now, Ke Jie is now 1.83 meters in size, but many of his long-time fathers have been watching chess fans, but the memory has always stayed with the boy with the tiger head and brain.When he was 6 years old, his parents sent him to the Go training class, and Xiao Kejie immediately fell in love with playing chess.Li Shousheng of the Lishui City Go Association recalled that one night Lao Ke brought Ke Jie to play chess with him. After losing the game, Ke Jie wouldn’t go home, but Li Shousheng’s thighs would have another game.Ke Jie was taken to the Nie Weiping Go Stadium in Beijing when he was 8 years old.Ke Jie got up at 6 o’clock in the morning every morning. He didn’t disturb the rest of the family and worked alone in a small room.At the age of 11, Ke Jie successfully stepped into the door of professional chess players.Net Chess has developed a good skill Ke Jie’s net is called lurking, the head picture is Sun Honglei’s stills, Ke Jie played thousands of chess online.He is extremely popular on the Internet, and was given the nickname Little Secret Agent by chess fans, as if he were the first person to play online chess.At the same time, due to the extremely high win rate in the national junior team, the little friends also nicknamed Ke Zhenxie.  Ke Jie has both high chess skills and a very sunny personality.His explanation on the Internet is very personal, he boldly interacts with chess fans, and can also laugh at his mistakes in the atmosphere, and occasionally reveals the gossip of some Chinese player who is most concerned about by chess fans.In 2014, he played 20 games in the National League One and lost only two innings, winning a terrible 12-game winning streak, with his rating soaring from 50 to 60 to second place.Also last year, he won the first domestic competition in his life at the Ahan Tongshan Cup Chess Tournament.When asked about the subsequent confrontation with Yuta Iiyama of Japan, he changed his former chess player’s politeness and replied arrogantly: let his opponents splash blood for five steps!

Liu Yonghao: It is recommended to include the arrears of corporate accounts and other behaviors into the government credit index

Liu Yonghao: It is recommended to include the arrears of corporate accounts and other behaviors into the government credit index
The reporter learned from the New Hope Group that the National Committee of the Chinese People’s Political Consultative Conference and the chairman of New Hope Group Liu Yonghao suggested in a resolution submitted by the two sessions this year that the government owe corporate debts and unilaterally do not sign contracts to be included in the local government’s credit indicators asAn important assessment index for local government leaders.  In the preliminary stage, Liu Yonghao stated that the phenomenon of local government arrears in private enterprises has existed for a long time, especially in the context of the current downward pressure on the economy, some small and medium-sized private enterprises have encountered some difficulties and problems in the development, and have been owed for a long time.The receivables have serious consequences for the capital turnover, economic benefits, and normal operation of the enterprise, which is worse for many enterprises.In 2019, the Central People’s Government issued the “Opinions on Creating a Better Development Environment to Support the Reform and Development of Private Enterprises”, clearly proposing to establish a long-term mechanism for clearing and preventing arrears of accounts.  In this regard, Liu Yonghao made three suggestions: First, from the perspective of prevention, standardize project approval management and include project funds in place.It is recommended that local governments strictly implement the “Government Investment Law”, and projects that have not been funded for a long period of time will not be established. Restructuring government projects requires companies to be contracted in various ways to increase the minimum rate of progress payments and prevent new arrears.For projects involving infrastructure and public affairs, special bonds and other financing methods are adopted and included in the project funds.For government-invested projects, no clear source of funds shall be allowed to be approved. Investigating and punishment of non-budget projects, construction without approval, construction unit advances construction and other violations.  Second, establish a local government credit system.It is recommended that the government’s arrears of corporate accounts and unilateral non-performance of contracts and other acts should be included in the local government’s credit indicators as an important assessment indicator for local governments.At the same time, the local government with the highest credit is limited in its authority to implement projects.Strengthen random inspections to supervise and facilitate special audits, announce localities and departments where work is weak, publish typical cases with serious impacts, and implement joint disciplinary actions against untrustworthy people.  Third, it is recommended to strengthen the verification and supervision of corporate complaints.Organize the implementation of special actions for private enterprises to clear debts, urge relevant regions and departments to verify within a time limit, and promptly promote solutions.For enterprises to complain about and report cases through various channels, urge all regions and relevant departments to establish a deadline for settlement and feedback system, so that everything is echoed and piecemeal.Reporter Hou Runfang, editor Sun Yong proofreading Wei Zhuo

Alcoholic drink (000799): Interim report results in line with expectations

Alcoholic drink (000799): Interim report results in line with expectations
Event: The company released the 2019 semi-annual performance report, and achieved operating income in the first half of 20197.09 million yuan, an annual increase of 35.41%; net profit attributable to mothers1.56 ppm, an increase of 36 in ten years.34%.  Among them, 2019Q2 achieved revenue 3.63 ppm, +40 for ten years.49%, net profit attributable to mother 0.8.3 billion, +60 in ten years.63%.  High-end internal reference relays continued to increase the volume of high-end alcoholics, and revenue maintained rapid growth.The company achieved revenue 7 in the first half of 2019.Ten percent of 09, +35.41%; revenue in the second quarter of 20193.63 ppm, +40 for ten years.49%, the growth rate is in line with expectations.The rapid growth of the company’s revenue was mainly due to the rapid volume of high-end internal reference wines in the first half of the year.According to grassroots research, the internal reference in the first half of the year basically completed the results of last year, and based on this calculation, the internal reference H1 achieved revenue of about 2.400 million, 94 in the same period last year.On the basis of a high base of 13%, the excess growth still rose to more than 130%, indicating that the growth of high-end internal parameters is strong.In December 2018, the company established an internal reference wine sales company in which distributors take a stake, deeply binding the interests of large distributors. Internal reference wine maintained rapid growth under a flexible operating model, and it is expected that it will reach the average of last year most likely before 19 years ago.  With the growing maturity of internal reference wine sales companies and the increasing number of distributors, the internal reference wine will take over from the ghost wine to become a new engine for the company’s performance growth.  Fearless of short-term performance fluctuations, product structure upgrade expenses remain stable and the company’s profitability is guaranteed.The company achieved net profit attributable to mothers in the first half of 20191.56 trillion, +36 ten years ago.34%; In the second quarter of 2019, net profit attributable to mothers was zero.8.3 billion, +60 in ten years.63%, the growth rate is in line with expectations.The main reason why the company’s net profit attributable to mothers grew faster than expected in the first quarter of 2019 was because the company actively shaped its high-end image, its brand building shifted from the region to the country, and the sales expense ratio increased;Rebates, etc., led to a reduction in gross 南京夜网 profit margin3.27 points.We believe that Q2’s performance has increased rapidly, and the reduction is an indicator of the short-term impact of cost placement. However, in view of the extension of the size, the cost has remained stable as a whole.We believe that fee issuance will help the company achieve national brand expansion and lay a solid foundation for the rapid growth of future performance.It is expected that the overall cost and expenditure will not change in 19 years, and the offline channel expansion will be more accurate and efficient. With the rapid growth of the company’s revenue volume, the expense ratio will tend to decline, and the company’s profitability will also improve significantly.At the same time, the high increase in profits is due to the upgrading of product structure.According to estimates, the company’s participation ratio increased to 35% in the first half of the year, an increase of 14.41 points.The revenue share of high-end internal reference and sub-high-end alcoholics increased to 90%, and increased by 4pct by 2018.With the volume of internal reference and alcoholics, the company’s product structure will continue to be optimized, and gross and net profit margins will continue to improve.  Demand for high-end liquor is strong, channel expansion is accelerating, and we are optimistic about the company’s future performance growth.With the Maotai charcoal price standing at 2,000 yuan, and the successful implementation of the price increase strategy of Wuliangye and Luzhou Laojiao, the high-end liquor market has shown an upward trend and strong demand.Against this background, the company’s internal reference wine in the second quarter of the volume control and price increase strategy also smoothly implemented.We believe that the goal of doubling the internal reference three years each year will most likely be achieved.At the same time, the rise of external Moutai prices is also high-end, and the next high-end liquor will release space, and the company’s product structure will be further optimized, driving rapid growth in net profit.In terms of channels, the company further cultivated the base camp in Hunan to promote the transformation of the channels. The stores were sunk to the district and county levels, and the county-level market in Hunan province was basically covered.As the only listed liquor company in Hunan Province, the company has a high degree of local brand recognition, but the scale is still small. With the deepening of the province’s channels in the future, the company has potential in Hunan market.In addition, the company is expected to realize shareholders’ COFCO’s rich consumer product marketing experience to accelerate the nationwide layout and provide a broad space for sustainable performance growth.  Profit forecast: It is expected that the company will realize revenue in 2019-2021.60/19.80/22.30 ppm, an increase of 31 in ten years.42% / 26.93% / 12.63%, net profit attributable to mother 2.91/4.17/5.30,000 yuan, an increase of 30 in ten years.47% / 43.40% / 20.78%, corresponding EPS is 0.89/1.28/1.55 yuan.Taking into account the company’s internal volume, the company can still achieve high growth in the next 2-3, giving the company a 30-fold estimate, 12-month target price of 38 yuan, 53% upside, maintaining the company “strongly recommended” investment rating.  Risk warning: food safety risks, macroeconomic downside risks, product structure optimization is less than expected, etc.

Enjie (002812) Annual Report Comments: Capacity Rising, Customers Exploiting, Smooth Expansion, Continued High Growth

Enjie (002812) Annual Report Comments: Capacity Rising, Customers Exploiting, Smooth Expansion, Continued High Growth

Enjie has released its 18 annual report, which reports a series of realized operating income.

5.7 billion (+16.

23%); realized net profit attributable to mother 5.

18 billion (+40.

79%), basically in line with previous expectations.

Actual profit exceeded the reported value: Shanghai Enjiejie’s net profit in 2018 was 63,792.

120,000 yuan. Due to the consolidation time, the net profit attributable to shareholders of the listed company was 47,601.

680,000 yuan, but if all can be consolidated, the net profit attributable to the mother can reach 5.

800 million yuan.

Due to the impact of de-capacity and intensified competition in other businesses such as film and packaging, net profit shifted significantly.

The profit of a single shareholder is still expected to decline slightly: after calculation, the company’s average profit level per square meter in 2018 is 1.

25 yuan, lower than the level of 17 years.

It is expected that the profit of single square meter in 19 years will continue to expand to a certain extent.

Industry consolidation has been consolidated, and growth in 19 years is expected: the company’s restructuring volume in 18 years has reached 40% of the market share, and it continues to climb.

By the end of 18, the company’s wet diffusion capacity had reached 1.3 billion square meters, and it had achieved close cooperation with domestic battery leaders such as Ningde Times; foreign customers had successfully developed, LG, Panasonic gradually increased volume, and Samsung 杭州桑拿网 also steadily increased.

The previous quarterly report predicts the net profit of the mother.


1 billion, an annual growth of 729% -779%, laying the foundation for long-term growth.

Maintain “Buy” rating: It is expected that the company will realize net profit attributable to its mother in 19/20.


80 billion, corresponding to the current expected PE32.

2 and 26.

2x, maintain “Buy” rating.

Risk Warning: Decreased industry demand, decreased profitability, weak customer development

China Pacific Insurance (601601): The transition of overall performance exceeding market expectations2.

0 results

China Pacific Insurance (601601): The transition of overall performance exceeding market expectations2.

0 results

Investment Highlights: Earlier growth in embedded value17.

5%, net profit attributable to mothers increases by 22 per year.

9%, NBV increased by 1 in ten years.

5%, new business value margin ratio increased in advance4.

3pct, performance is fully expected market expectations, the average value of property and life insurance business shows a strong improvement trend, investment yield is more stable.

19 years is the transition of CPIC.

In the year of 0, CPIC will promote the construction of the CPIC Service brand, expand its business extension with services, and look forward to change.

0 results.

In 2019, the asset side (stock market is improving) and the liability side (increasing or improving) are improving. The 1st quarter report and 19-year performance and high growth can be expected, with a “Buy” rating.

1. Embedded value (EV) increased earlier.

5%, an increase of 8 over the middle of the year.

7%, previously expected by the market.

Among them, life insurance EV increased by 20 earlier.

7%, exceeding market expectations, mainly due to the positive “investment deviation” and a comprehensive investment return of 5%.


The contribution of bond market growth to EV contribution, “market value adjustment” / EV at the beginning of life insurance is 1.


2. Net profit attributable to mothers increases by 22 per year.

9%, of which 4 quarters increased by 42.

0%, estimated market expectations, is expected to be related to changes in accounting estimates leading to less reserves (changes in accounting estimates increase 18 years profit budget 500 million yuan).

CPIC Life and CPIC Property & Casualty increased their net profit by 38.

9% and -6.


Net assets increased earlier 8.


The remaining marginal balance is 285.4 billion yuan, an increase of more than 25%, providing a stable source of profits in the future.

3. NBV increased by half a year.

5%, the new business value margin is 43.

7%, an increase of 4 per year.

3pct, expected market expectations.

The NBV margin was raised to the optimization of the product structure at the next higher level, and the percentage of annualized premiums in the first year of the long-term protection new business increased by 7.

4 points to 49.


The performance of NBV improved significantly in the second half of the year, and the previous growth rate of NBV was as high as 55.

2%, the expansion lies in the company’s increase in the promotion of protection insurance, and the low base in the second half of 2017.

Monthly average agent 84.70,000, New Year’s Eve 3.

1%, but the quality and productivity of the team has improved, and the average monthly manpower is 14.

90,000, an annual increase of 14.

At 6%, per capita NBV is increasing by 4 per year.


4. The comprehensive cost ratio of 天津夜网 property and casualty insurance went down.

4 points, expected market expectations, of which the payout ratio has dropped significantly3.

7 points.

But the expense ratio rose by 3.

3pct increased the increase in income, and the effective tax rate increased from 37% in 2017 to 46%.

The premium structure has been optimized, and property insurance premium income has increased by 12 each year.

6%, of which auto insurance premiums increase by 7.

5%, non-auto insurance premiums increase by 30 per year.

8%, non-car insurance ratio increased by more than 3.

5 points to 25.


5. The comprehensive investment yield is as high as 5.

1%, the counter trend rose by 0.

3pct, the total investment yield is as high as 4.

6%, because the asset ratio of “equity + equity funds” is only 5.

7%, bonds accounted for 46.

3%, so the impact of the stock market on investment returns is relatively small.

Investment suggestion: 2018 is China Pacific Insurance’s implementation of “strategic transformation”.

In the year when the energy storage potential of “0” was started, the performance of the annual report for 18 years expanded market expectations, the average value of the property and life insurance business showed a strong improvement trend, and the investment yield was more stable.

In 2019, the asset side (stock market is improving) and the debt side (increasing or improving) are both improving. The first quarter report and 19-year high growth performance can be expected.

2019-2021 年净利润预估调整为238\272\323 亿元,原2019\2020 年的利润预估为243\287 亿,调低预估是考虑到太保的资产配置中权益占比小,Benefit from rising stock market or will be smaller than other companies.

At present, the overall corresponding PEV in 2019 is only 0.

75 times, maintain “Buy” rating.

Risk Warning: The interest rate is lower than expected; the agent’s growth is not up to expectations; the sales of guaranteed products are not up to expectations

Sanhua Intelligent Control (002050): The performance is in line with expectations. The expected gross profit margin is expected to improve quarter-on-quarter.

Sanhua Intelligent Control (002050): The performance is in line with expectations. The expected gross profit margin is expected to improve quarter-on-quarter.

The core view performance is in line with expectations.

The company achieved operating income of 27 in the first quarter of 2019.

81 ppm, a ten-year increase of 7.

9%, the growth rate increased by 0 compared with the fourth quarter of 2018.

In four aspects, sales improved; net profit attributable to mothers was achieved2.

59 ppm, a ten-year increase4.

2%; net profit of non-attributed mothers 2.

10 ppm, a ten-year average of 12.

1%, EPS is 0.

12 yuan; the growth rate of net profit is lower than the growth rate of revenue mainly due to the decrease in gross profit margin.

Gross margin decreased slightly and net cash flow from operating activities improved significantly.

Gross profit margin was 25 in the first quarter.

2%, a decrease of 2 per year.

The average of the three, through the improvement in air-conditioning sales and car demand, is expected to improve quarter-on-quarter gross margin.

Period expenses cost 15.

3%, a reduction of 0 per year.

Three totals, of which the management expense ratio (including research and development expenses) is 9.

6%, an increase of 1 per year.

3 units, mainly due to the new establishment in the second and third quarters of 2018, the acquisition of the company increased management costs and the increase in staff budget for the current period; financial expenses 1.

8%, a decrease of 1 per year.

Three of them are mainly due to the decrease in exchange losses.

R & D expenses for the first quarter were 1.

110,000 yuan, an increase of 16 in ten years.

3%, R & D investment continued to grow.

Net cash flow from operating activities was 2.

82 trillion, -0 in the same period last year.

$ 7.3 billion, a significant improvement for the time being, mainly due to increased sales.

The inventory at the end of the first quarter was 18.

8.3 billion, down one year ago at the end of the first quarter.


The company’s new energy thermal management business is expected to continue to grow rapidly.

The company’s new energy thermal management products have higher product competitiveness in the market, and have evolved from components to components and modularization. The maximum value of a single bicycle is close to 5,000 yuan.

The company has received orders from Farley, Mahler, Volkswagen, Mercedes-Benz, BMW, Volvo, Tesla, Geely, etc., and the volume of new energy vehicles in major car companies has increased. 3 capacity 重庆耍耍网 expansion, the company’s new energy vehicle thermal management business is expected to maintain a rapid growth trend in 2019.

Refrigeration, air-conditioning and electrical components business grew steadily.

The sales volume of the company’s downstream air-conditioning products has gradually stabilized. It is expected that in the second half of the year, it will rebound on the low base last year, and the refrigeration and air-conditioning business is expected to grow steadily.

Financial forecast and investment advice forecast EPS0 for 2019-2021.

72, 0.

83, 0.93 yuan. The comparable company is an automotive thermal management component and home appliance related company. The 19 year average PE valuation of the comparable company is 25 times, and the target price is 18 yuan.

Risk reminder: new energy vehicle thermal management package, home appliance cooling package volume is lower than expected, micro-channel and Yaweike business are lower than expected, affecting earnings growth; the original growth exceeds expectations and the risk of exchange rate changes.

Xingyu shares (601799): 3Q19 resumes strong growth; profitability continues to improve

Xingyu shares (601799): 3Q19 resumes strong growth; profitability continues to improve

The 3Q19 results were in line with our expectations. The company’s 3Q19 results: 1-3Q revenue 41.

100 million, ten years +10.

2%; net profit attributable to mother 5.

30,000 yuan, corresponding to a profit of 1.

92 yuan, +20 for ten years.

9%, of which 14 in the third quarter of 19 realized revenue.

0 ppm, an increase of 9 in ten years.

7%; net profit attributable to mother 1.

9% 10%, an annual growth of 38%; revenue basically in line with expectations, due to lower expense ratios, profits exceeded expectations.

Development Trend 3Q revenues have resumed double-digit growth, and gross profit margins have continued to improve.

The company’s gross profit margin in the third quarter of 19 reached 24.

2%, the same ring ratio increased by 3.

4ppt / 0.


In terms of expenses, due to the abundance of new projects, the company’s R & D expense ratio increased by 0 in the third quarter of 19th.

4ppt; sales and management expense rates are -0 each year.

1 / -0.


In the third quarter of 19, the company’s net profit attributable to its mother was 1.

9 trillion, ten years + 38%.

The company’s operating cash flow reached a new high in the third quarter of 19, reaching 4.


Receivables and payable items increased by 2 respectively.

100 million and 1.

800 million; reflects the company’s expected ability to occupy funds.

Inventory increased by 1.

800 million, is expected to stock in the fourth quarter; 3Q19 capital expenditures reached 武汉夜网论坛 1.

700 million, shrinking slightly in one year.

FAW-Volkswagen crops are picking up, and new projects contribute incrementally.

In the third quarter of 19, the output of downstream passenger cars picked up, only -7 percent per year.

Among them, in terms of the company’s top five customers, FAW-Volkswagen’s output is only repeated for another 3.

3% (compared to 19Q2-18).

1%), of which the production of the new Bora and Tan Yue increased significantly, and the supporting value of Xingyu on both models is very large; the amount; SAIC Volkswagen, GAC Toyota and Chery Automobile 3Q19 output also significantly recovered.

In terms of new projects, batch production of new projects this year, Sagitar, Audi A6 and Xuanyi 3Q began to force at the same time, thus entering a state of rising volume and price.

We 北京夜生活网 expect that through the increase in the proportion of LED headlights, profitability is expected to improve further.

Leading advantages have gradually formed, and overseas factories have been built to improve their ability to take orders.

We estimate that Xingyu’s market share in the domestic auto lamp market will exceed 10% in 2019, and the leading auto lamp leader will gradually transform.

Looking forward, in the domestic market, the company will further explore the penetration of ABB and Japanese; in the global market, the conversion company builds factories in Serbia, and we expect to start to obtain global orders starting next year.According to our calculations, Serbia’s project return rate is 25%, and the completion of the project will further enhance the company’s asset profitability.

Earnings forecasts and estimates We maintain net profit for 2019/2020 at 7, respectively.

6 billion and 9.

9.6 billion.

The current contradiction corresponds to 28 of 2019/20.

2 times and 21.

5 times price-earnings ratio.

Maintain Outperform rating and maintain a target price of 90 yuan, corresponding to 33 and 25 times price-earnings ratio for 2019/20, which has 16% more upside than currently allowed.

Increased risk orders fell short of expectations; sales volume of major customers fell short of expectations.

Great Wall of China (000066): The smooth progress of various businesses has significantly improved performance and accelerated ecological construction

Great Wall of China (000066): The smooth progress of various businesses has significantly improved performance and accelerated ecological construction

The company announced the third quarter of 2019 report.

The report shows that in the first three quarters of 2019, the company achieved operating income of 71.

50ppm, an increase of 14 per year.

02%; net profit attributable to mother 1.

7.7 billion, a decrease of 15 per year.

06%; realized non-net profit return to mother 1.

00 trillion, turning losses into profits (the same period last year was -69.18 million yuan).

  Ping An’s point of view: security machines and solutions, high-tech electronics and power business are progressing smoothly, and revenue growth exceeds expectations: We judge that the company’s three major business lines in the first three quarters, high-tech electronics (military), information security machines and solutionsPower supplies have achieved rapid growth.

High-tech electronics transforms the acceleration of military informatization construction, and revenue is expected to recover in the third quarter; information security equipment and solutions benefit from rising demand for localized equipment, and the completion of orders for banks and medical solutions is expected to show in the third quarterAccelerating growth; power supply business growth is expected to accelerate at the same time.

In the first three quarters, the company’s revenue increased by 14.

02%, a faster growth rate than the end of the first half of 2019.

35 units; in the third quarter, the company’s revenue increased by 32.

15%, 22% faster than the second quarter.

97 units.

The gross profit margin has increased significantly and the performance has improved 深圳SPA会所 significantly: in the first three quarters, the divisions and subsidiaries of the company’s headquarters have significantly strengthened their R & D expenditures, and the gross profit margin of products has continued to improve.

In the first three quarters, the company’s R & D expenses reached 5.

90,000 yuan, an increase of 44 in ten years.

78%, 31% higher than the same period last year.

In total, 31 research and development expenses accounted for 8 of the operating income.


During the same period, the company’s gross profit margin reached 21.

59%, 4 higher than the same period last year.

27 units.

In the first three quarters, the company’s investment in the sales side increased significantly at the same time, in an attempt to capture the current market expectations of rapid development of information technology.

In the first three quarters, sales expenses increased by as much as 30.

92%, significantly higher than the company’s revenue growth.

In the first three quarters, the company’s net profit attributable to its mother decreased by 15%.

06%, mainly due to the investment income generated from the sale of the equity of Orient Securities in the previous year. The relevant influencing factors in this reporting period have been eliminated.

The entire industry chain of information security has been opened up, and the independent ecological construction has been improved. In the third quarter, the company has completed the acquisition of Tianjin Feiteng, and it is gradually changing.

After the acquisition of Tianjin Feiteng, the company has completed the core-to-end layout, which is in the “PK system” of China Electronics.

Fast increase per second in 0 “.

Tianjin Feiteng has made rapid progress in ecological construction. On November 5, it launched desktop terminals, mobile terminals, cloud computing, and embedded full-stack solutions. There are many software and hardware companies in cooperation, and its competitiveness has begun to stand out.

At the same time, Great Wall of China has also accelerated the construction of complete machine production capacity. Based on the internal production capacity in Hunan and Shenzhen, it has built a new production base in Taiyuan, Shanxi, and built a complete machine research and development, manufacturing, and adaptation center in Zhengzhou.Good preparation.

Investment suggestion: Based on the industry development trend, the company’s related financial reports and recent operating progress, we have raised the company’s profit forecast. It is expected that the company’s EPS for 2019-2021 will be 0.

35 yuan (previous average 0.

25 yuan), 0.

42 yuan (previous average 0.

32 yuan), 0.54 yuan (previous average 0.

42 yuan), corresponding to 44 PE on November 5, 2019.

2 times, 36.

4 times, 28.

7 times, maintain the “Recommended” rating on the company.

As an important IT infrastructure, Great Wall of China, a military electronics and power supplier, is currently relying on its advantages in terminal capacity and customers, and is actively expanding to upstream chips. Acquiring Tianjin Feiteng, a subsidiary of China Electronics, has become a CEC independent controlThe cornerstone companies of the “PK structure” have clear growth space in all major business lines.

Risk reminders: (1) Risk of intensified market competition.

At present, the global and domestic PC and notebook markets are sluggish, the server market growth rate is slowing down, and the number of entrants to the security and controllable market is increasing, and market competition may intensify.

  (2) The autonomous and controllable market may be less than expected.

At present, the party, government, and army and key industries are actively promoting the Encore project, but there are uncertainties in the timing of procurement and the scale of procurement, and demand changes in the short term.

  (3) The company’s overall machine and chip production capacity may be insufficient.

The company’s self-controllable overall production capacity is relatively limited, and there may be some pressure in the subsequent response to the explosive growth of related products.

More importantly, whether the Feiteng chip can achieve large-scale supply is also directly aimed at the company’s independent controllable overall expansion capability.

When does your baby start adding sugar and salt oil

When does your baby start adding sugar and salt oil

When the child starts to add supplementary food for 6 to 12 months, we recommend to parents that the principle is to reduce sugar, no salt, try not to add seasonings, and add a small amount of cooking oil.

  Less sugar is because polysaccharides can cause your child to jagged.

Why is it salt-free?

Everyone has general knowledge. Eating more salt is related to high blood pressure. The Chinese eat more salt. In many cases, children follow the family’s first bite and take a bite. After the mouth is heavy, it is not easy to change it.

Sodium only needs 1 gram per day. From his formula, the amount in the supplement is sufficient, so no additional salt is needed.

Therefore, the mother should not try the baby’s complementary food after she finishes it, it is too light, add a little salt, and do not eat without salt.

  It is an old custom to add supplementary food to your child in three or four months, so you need to add salt to your child to make him strong.

Children under the age of one do not need to add salt, and children can add less salt to their complementary food after the age of one.

We recommend adding salt after preparing the complementary food, because salt is just the surface taste, you will feel salty taste when you eat it, so you can add it later.

  The other is to add less seasoning, because seasoning is prepared by a variety of food additives. If it is more natural, children will not like the light taste after getting used to it, and the pigment is not good for children.

High quality is needed. It is possible to add sesame oil to the steamed custard.

Therefore, we need experts to follow the principle of less sugar, no salt, no condiments, and edible oil.

Wonderful life doing yoga at home

Wonderful life doing yoga at home

There are a few simple things you need to do when you start your yoga practice.

First, find a time, find a place to do yoga, prepare the props you need to do yoga, and start to understand your body and your breathing.

  For many people, finding time to do yoga at home is an obstacle.

A better way is to sit down now, check out a part of you, and see where you can do yoga for 6 days a week, 1 hour a day.

When planning these, you need to start a little earlier than usual, let your partner take care of the children at the designated time, or leave these work and family chores to others.

Once you have decided when to start yoga, you should consider using this time as a regular exercise time in your life.

  When to do yoga Most people like to do yoga in the morning before going to work or school. The morning is a beautiful time because the whole world is quiet and peaceful at this time, there is almost nothing to distract you.

  Practicing yoga in the morning can make your day full of passion.

By the time you finish yoga, you will feel much better, feel more concentrated, calm and full of energy.

In this case, why not let your life start your day in such a state. Similarly, many people think that starting yoga directly after getting up is the only way to ensure that they do exercises at a fixed time because they find that ifThere are always a lot of things that prevent them from doing yoga until they come back from work.

  At the same time, many people have a lot of things to do in the morning, some say that they have to get up early to work, take care of their children, send their children to school, etc.

Many people find that doing yoga in the morning is not suitable for their special physical and personal characteristics.

The best way is to find the time that suits you best, instead of practicing according to your best, best time.

Many practitioners find it the best practice time for them in the afternoon or even before going to bed.

  Where to do yoga After determining when you do yoga, you need to find a space to do your yoga.

Although there are a few lucky people who can transform you into your yoga practice room in a long-used room, many live in small houses or apartments, so you must use the bedroom or living room or even the kitchen.Corner space too.

In many cases, it is effective to take advantage of the space in different places in your room.

  Floor materials If possible, think about the thickness of the floor on which you want to do yoga.

The best option, if any, is a wooden floor.

If you have carpets on the floor, it’s best to make them on sturdy woven fabrics. For example, industrial carpets are better than loosely pleated carpets because it’s hard to balance them.

In addition, if the floor surface is too soft, your movement will become slow, and if your body is slow to respond, it will easily hurt your joints.

The worst option is a concrete floor. Of course, marble and tiled floors are much better than carpeted floors.

  Improve your environment If you are lucky to have a separate room or a corner of your house to do yoga, consider working hard to create an environment that will make you more like doing yoga in it.

Many will have an altar with pictures of teachers or idols who can inspire themselves, or candles or incense.

For others, creating a charming environment can be as simple as standing in front of a window with a beautiful scenery and doing yoga or having beautiful natural light in the room.

  When doing yoga in a fixed position, you need a support pad to support your body, or you need to support your head when you are doing a horse step.

If you don’t have one, you can roll up a folded blanket or fold a pile of blankets together to form a thin rectangle instead.

  Blankets You will use blankets to sit on it, or help cushion your body in various ways.

If possible, use a single layer of dense woven fabric, such as wool or cotton.

Marshy or fluffy blankets say that wool scarf or wool coat blankets will not give your body the support it deserves, because once your body is pressed, it will become more and more.

  This seems a bit mysterious, and the folded blanket seems a bit difficult for beginners.

It is important that you fold the blanket neatly, because a well folded blanket can provide you with a smooth, symmetrical surface to support your body.

Conversely, if you don’t fold it well, it will be counterproductive, and it is better not to use a blanket.

  Basic Rectangle The basic rectangle is a folded cushion that you can sit on or kneel on.

This is also the beginning of you rolling it up half as your support pad.

  To create a basic rectangle 1, fold the blanket in half starting from the edge of the short mat so that the two short edges are put together to form a neat rectangle (approximately 62×40 feet).

  2. Fold the blanket in half from the edge of the short mat again, so that the two short edges are put together to form a smaller rectangle (about 31×40 feet).

  3. Fold the blanket in half again from the edge of the short mat so that the two short edges are put together to form a smaller rectangle (about 31×20 feet).  Make a rectangular stack in order to make a thin rectangular blanket stacked as shown below. You will need two blankets that have been folded into a basic rectangle three times.

  To make a rectangular stack 1, fold from the long side of the basic rectangular blanket and fold the first blanket so that the long sides are folded together to form a long narrow rectangle.

  2. Fold the second blanket as described above.

  3. Now you have two long, narrow rectangles.

Place the second long, narrow rectangle on top of the first so that their thick edges are exactly opposite.