Fund intensive consumption of Maotai’s 1,122 fund positions increased 54% in the second quarter

Fund “intensive consumption” of Maotai’s 1,122 fund positions increased 54% in the second quarter

Original title: Fund “intensive consumption” of Maotai’s 1,122 fund positions in the second quarter increased by 54% from the previous month Source: Zhang Zhiwei, a reporter from the Securities Daily, said that the figures were unchanged and unchanged.

As of July 21, according to Oriental Fortune Choice data, 8318 funds reported in their second quarter results that the data was supplemented. From the perspective of the top 10 fund heavy stocks, the biggest “change” is 北京夜网probably the change in the number of funds held. In the first quarter, Ping An of China had846 only fund holders, soared to 1,243 in the second quarter, Guizhou Maotai had 727 holdings in the first quarter, and 1122 in the second quarter, an increase of 46 from the previous quarter.

9% and 54%.

  The list of the top ten heavy stocks in the financial and food and beverage funds list has changed slightly in the second quarter. Ping An of China, Maotai, Guizhou, and Wuliangye are still in the top three., Vanke A, Changchun High-tech, Wen’s shares quietly disappeared, and replaced by Midea Group, Industrial Bank and Industrial and Commercial Bank.

The top 10 heavy stocks in the second quarter were: Ping An of China, Maotai of Guizhou, Wuliangye, Yili, Gree Electric, China Merchants Bank, Midea Group, CITIC Securities, Industrial Bank, and Industrial and Commercial Bank of China.

In addition to the significant increase in Ping An and Guizhou Moutai Fund holdings, Wuliangye’s holding funds also increased from 495 in the first quarter to 739 in the second quarter, an increase of 49% from the previous month, and Yili’s shares increased from 424 to 721, an increase of 70 from the previous month.%.

Industrial and Commercial Bank of China increased from 226 to 480, which has more than doubled from the previous month, and Gree Electric has also increased in different degrees.

The fund’s position on leading blue chips shows that the fund is increasingly favoring leading stocks.

  From the point of view, Yili shares rose from 7th to 4th, ranking before China Merchants Bank and Gree Electric.

From the perspective of the top ten heavy storage stocks, in the second quarter, public funds continued to increase their positions in liquor, food, banking and insurance, as well as the food and beverage sector represented by liquor and dairy.

Ping An of China still has the largest market capitalization of public funds with a total market value of $ 74.9 billion. This is also the 19th consecutive quarter of Ping An’s largest market capitalization since the fourth quarter of 2014.

In Maotai, Guizhou, Wuliangye and Yili are the second, third and fourth largest heavy stocks. The number of positions in the top ten heavy stocks of public funds has increased compared with the end of the previous quarter.Quarterly report of 4.

3% increased to 4.

62% of the shares in Guizhou Moutai were held by 3.

79% to 4.


  From the secondary fund companies such as Yi Fangda, Huaxia, Invesco Great Wall, Minsheng Bank and other disclosed the second quarter report of the subsidiary fund.

Leading stocks in the consumer and financial sectors such as Ping An of China, Maotai of Guizhou, Wuliangye, and China Merchants Bank are still their heavy stocks.

  In response to the fund ‘s push for Bailong ‘s stock market, Yang Delong, chief economist of Qianhai Fund, explained to the Securities Daily reporter that from the second quarterly report, the fund ‘s increase in Bailong ‘s stock market is very strong, and more and moreThe fund recognizes the value of the White Dragon Horse Stocks, which represent the most active stocks in China and have a relatively good investment value.

A public fundraiser, who declined to be named, said that this phenomenon is also related to the establishment of 504 funds this year.

  Investment in Moutai has a “different” voice. The most striking stock in the second quarter was undoubtedly the liquor stock.

Guizhou Moutai and Wuliangye are second only to Ping An of China and have become the second and third largest heavy stocks in public funds with total market capitalization of 56.9 billion and 38.1 billion yuan, respectively.

Wuliangye closed at 45 on the first day of this year’s opening.

24 yuan, the closing price on July 19 was 122.

14 yuan / share, an increase of 215 during the year.

At 7%, the first day of Guizhou Moutai New Year’s opening price closed at 584.

44 yuan / share, the closing price on July 19 was 955.

87 yuan / share, an increase of 63 during the year.

55%, from the second quarterly report, in the consumer side of E Fund, E Fund’s small and medium-cap market is the largest active equity fund holding Maotai and Wuliangye in Guizhou. E Fund has thus become the fund company with the two largest stocks.

  According to the second quarter report of the Fund, Wuliangye ‘s preferences have continued to increase, but the market ‘s optimism about Guizhou Moutai and Wuliangye is not one-sided. Other voices have been killed from oblique stabs.

  Dan Bin, chairman of Oriental Harbour Investment, must have been a firm growth supporter of Moutai, Guizhou in the market.

In the beginning of 2018, Bin shouted in an interview with the media: “Guizhou Moutai is actually not expensive. By the end of 2018, it may rise to make the market fall.

“Moutai has also risen from about 600 yuan / share in early 2018 to a maximum of 1035 yuan / share this year, which has indeed made the market profit.

On July 13, 2019, Dan Bin said in an interview with the media that “the leading liquor companies are too expensive and will sell”, which made the market interpret it as Dan Bin’s possible concern about Moutai in Guizhou.

  Yang Yongsheng, a well-known food analyst at China Merchants Securities, said in an interview with the Securities Daily that the structure of Moutai wine is driving growth, and that the quality of the series of wine is more important than the volume.

  Yang Yongsheng continued to be optimistic about Moutai in Guizhou for three reasons: First, the revenue growth rate of Moutai in Guizhou in the second quarter fell under a high base, and the growth rate is expected to pick up in the second half of the year, with the goal of 100 billion yuan within reach.

The company’s total operating income for the first half of the year was 411.

700 million, net profit attributable to mother 199.5 ten percent, an increase of 16 per year.

8% and 26.

6%, of which 186 in the second quarter.

900 million yuan, an increase of 10.

9%, net profit attributable to mother 87.

300 million yuan, an increase of 20.


Second, the company continued to optimize the series of wine dealers. The number of wine dealers in the first half of the year decreased by 494, and the growth quality was more important than speed.

In addition, the company’s channel rectification is still continuing. In the second quarter, 60 Feitian Moutai dealers were still cancelled. Combined with the previous data, a total of 536 canceled. It is estimated that the cumulative replacement quota is more than 6000 tons.

In the first half of the year, direct sales accounted for 3.

9%, the promotion of the direct management system still needs to be accelerated.

The third is that the amount of advance receipts increased month-on-month, and the cash flow indicators were beautiful.

Guizhou Moutai Interim Report shows that the company received advances 122 in the second quarter.

600 million, an annual increase of 23.

200 million, an increase of 8 from the previous month.

苏州夜网论坛 8 ppm, gross profit margin increased, sales expense ratio decreased, and profitability improved.

Gross profit margin in the second quarter was 92.

0%, the proportion of Maotai liquor increased, while non-standard Maotai structure increased contribution.

Chuantou Energy (600674): Performance has remained calm for many years until the midstream power station is put into operation

Chuantou Energy (600674): Performance has remained calm for many years until the midstream power station 南京夜网 is put into operation

Event Chuantou Energy released the semi-annual report for 2019 Chuantou Energy released the semi-annual report for 2019, and the company achieved operating income in the first half of 20193.

19 ppm, a five-year average of 5.

65%; realize net profit attributable to shareholders of listed companies.

54 ppm, with a ten-year average of zero.

8%; net profit after deduction is 11.

4.6 billion, down 1 year.

44%; expected average ROE is 4.

65%, a reduction of 0 per year.

67 units.

A brief comment on the increase in Tianwanhe price does not resist the decrease in volume, the company’s revenue slightly decreased in 2019, the company’s revenue fell slightly in ten years, mainly due to the company’s holding power station Tianwanhe Company’s electricity sales revenue decreased.

In the first half of the year, the water inflow from the Tianwanwanhe Hydropower Station was significantly reduced compared to the same period last year, and policies related to ecological flow were implemented, and the company achieved power generation9.

5.3 billion kWh, 21 every ten years.


Although the company ‘s electricity for the first five months is temporarily settled in accordance with the priority generation contract (which may be improved and adjusted by the liquidation result in the future), the average on-grid electricity price excluding tax is temporarily zero.

279 yuan / kWh, surpassing the promotion of 4.

5 cents, but the increase in electricity prices is difficult to offset the impact of the AC offset, the company’s revenue in the first half of the period fell slightly.


Yalongjiang contributed stable investment income, convertible bonds were approved for the development of the merger of financing channels, and the investment income contributed by Yalongjiang Hydropower held by the company holding 48% of the shares accounted for more than 90% of the company’s maximum profit.

In the first half of 19, the Yalong River Hydropower generated 310 electricity.

5.9 billion kWh, a slight increase over the ten years 3.

86%; the average on-grid electricity price including tax is 0.

260 yuan / kWh, temporarily extended by 7.

41%; our estimated excluded electricity price is 0.

2276 yuan / kWh, temporarily separated by 5.


We judge that the short-term reduction of tax-included electricity prices is mainly caused by the reduction of the tax rate and the impact of the market-based electricity price settlement cycle.

In the first half of the year, the investment income contributed by Yalong River Hydropower to the company was 11.

0.7 million yuan, the average of ten years is 8.

74%; Affected by this, the company’s net profit attributable to its mother decreased slightly.

Overall, the operation of the Yalong River Hydropower is more than stable, and it is expected to continue to contribute to the company’s steady investment income.

Yalong River Hydropower has the overall development right of the Yalong River Basin, and the entire basin can be developed with a scale of nearly 30 million kilowatts.

The Lianghekou and Yangfanggou hydropower stations (total installed capacity of 4.5 million kilowatts), which are currently located in the middle reaches of the Yalong River, are under construction and are expected to be gradually put into operation in 2021-2023.

The company budget plans to issue convertible bonds and raise no more than 4 billion US dollars to increase the capital of Yalong River Hydropower for the construction of Yangfanggou Hydropower Station project.

At present, this application has been approved by the CSRC, and the company’s financing channels have been further developed.

In addition, the Yazhong DC (transmission capacity of 8 million kilowatts) of the midstream generator transmission channel is determined to land in Jiangxi. The current power supply and demand form in Jiangxi Province is tight, which guarantees the energy consumption after the midstream power station is put into operation.

With the successive production of midstream generators, Yalong River Hydropower is expected to further increase the company’s profitability.

The construction of the holding Yinjiang Hydropower Plant started, and the company’s value was maintained for a long time. The company-controlled Yinjiang Hydropower Plant, which maintains the “Overweight” 佛山桑拿网 rating report, was officially started.month.
The continuous advancement of the project is conducive to further strengthening and strengthening the company’s main clean energy business.
Considering the stable operation of the Yalong River Hydropower, it can contribute to the company’s stable investment income, and at the same time, the future endogenous growth is highly certain. We predict that the company’s EPS from 2019 to 2021 will be 0.

77, 0.

78, 0.

84 yuan, the company’s current dynamic market earnings accumulated 12 times, it is estimated to be reasonable, to maintain an overweight rating.

Risk warning: risk of fluctuations in incoming water in the Yalong River Basin; risk of electricity price adjustment

Sofia (002572) Annual Report Comment: Adjusting the scale to improve service efficiency is the key!

Sofia (002572) Annual Report Comment: Adjusting the scale to improve service efficiency is the key!
2018 revenue increased by 18 in ten years.7%, net profit attributable to mothers increased by 5 in ten years.8% of the companies released their 2018 annual reports and achieved revenues of 73 in 2018.1 billion, an increase of 18 in ten years.7%; in terms of products, customized wardrobes have achieved 60 in revenue.6 billion, an increase of 17 in ten years.5%; custom cabinets achieve revenue 7.0.8 billion, a year-on-year increase of 20%, and the revenue growth rate of the custom cabinet business in the second half of the year reached 33.5%, compared with 3 in the first half.8% growth, showing a trend of accelerated development; supporting products to achieve revenue3.3.3 billion, an increase of 16 in ten years.1%; wooden door realized revenue 1.5.8 billion, an increase of 116 previously.5%.In terms of channels, the retail end achieved revenue of 67 in 2018.200 million (joining & direct management), and achieved 5 in the engineering field.8.4 billion.In 2018, the company temporarily served customers 55.40,000, an annual increase of 3.55%, the average customer unit price is 10945 yuan / single (excluding cabinets), increased 9 times.89%.The company 苏州夜网论坛 achieved net profit attributable to mothers in 20189.5.9 billion, an increase of 5 previously.8%, equivalent to 1.04 yuan.The distribution plan for 2018 is 5 yuan for every 10 shares. Every time the gross profit margin drops by 0.6 averages, during which the rate of expense increases by 1 per second.The company’s gross profit margin for the nine years 2018 was 37.6%, reducing by 0 every year.6 single; by product, the gross profit margin of the custom closet business was 40%, a decrease of 0.69 single; gross profit margin of custom cabinet business is 28%, increasing by 4 every year.95 units; the gross profit margin of the accessory business was basically flat at 24.6%. The company’s period expenses were 20 in 2018.3%, an increase of 1 per year.9 units; by item, the sales expense ratio exceeds 1.2 up to 9.6%, mainly due to increased advertising investment and employee compensation.The overhead rate increases by 0 every year.6 single to 10.4%, mainly due to the use of office buildings and dormitories at the Ningxi base of the headquarters and three-dimensional warehouses of various production bases. Depreciation costs and long-term deferred expenses increased. Improving service efficiency is the only important winner. The adjustment is in progress. 2018 is not only a stressful year for Sofia, but also for the entire home furnishing industry.Judging from the real estate data and the volume of the Chinese market, in fact, the pressure should not be great, and the entire custom home furnishing industry, due to a large amount of capital inflow, has caused the store to increase much faster than the industry’s growth, leading to 2018The average annual number of potential customers that each store can share is reduced; at the same time, the development of renovations, the emergence of new sales channels such as the Internet, and the fragmentation of decoration requirements have exacerbated the difficulty of acquiring customers in offline stores, so the entire custom homeThe physical store service efficiency of the industry has dropped dramatically.This is the fundamental reason why Sofia’s profitability has weakened in 2018 and the expense ratio has increased.We believe that the only factor that ultimately affects the success of the custom industry in the future is service efficiency. Who can make service efficiency significantly higher than peers and will be committed to achieving winner-take-all in the custom industry. We believe that in the era of customization, the sharing of the home industryThe concentration will be much higher than in the era of finished home furnishings. From the perspective of service efficiency, we believe that Sofia has caused several important adjustments and changes in 2018.First, it has intensified the elimination of dealers. The company replaced 2% of dealers on average in previous years, and replaced 100 dealers in 2018, accounting for about 8%.The essence of service is completed by people. By increasing the intensity of replacing dealers and improving the quality of the end-members, it is the basis for improving service efficiency.In terms of business format, the company began to attach great importance to the integration of large retail stores.In 2018, the company opened 98 new stores with an area of 1,000 square meters and established large stores. Through more categories and more home improvement scenarios, the service efficiency was improved., Is the successful experience that global home furnishing giant IKEA has already verified. Sofia will accelerate the pace of opening large stores in 2019, and it is expected that 150 new stores will be added in 2019.Third, continue to improve the company’s informatization level. We believe that just looking at when the company’s operating inflection point can occur, its essence is that the company adjusts after the replacement of service efficiency, the marginal improvement in service efficiency brought by the adjustment, and the marginal decline in service efficiency brought by the increased competition with the industry.Comparison of strengths between the two.When the marginal improvement in service efficiency brought by the adjustment of the company can begin to hedge against the marginal decline in service efficiency brought by the industry level, the turning point of operating scale begins to appear.Sophia’s operating inflection point currently needs time to observe. As an outstanding company in the industry, we predict that in the second half of 2019, we will most likely see Sophia’s operating inflection point appear. It is estimated that the price has been expanded and we maintain the Buy rating. We expect the company’s net profit to increase by 15 in 2019-2020.8% and 16.8%, corresponding EPS is 1.2 yuan and 1.4 yuan, the current corresponding PE is expected to be 16 times and 14 times, we think the company’s current estimate level is already relatively large and cheap, maintain the buy rating.

Huayou Cobalt (603799): The acquisition will form a synergistic effect, and the profits can be expected to increase

Huayou Cobalt (603799): The acquisition will form a synergistic effect, and the profits can be expected to increase

Event: The company intends to acquire shares in Tianjin Bamo Technology Co., Ltd. and Yinzhou Huayou Cobalt New Materials Company by issuing shares.

The counterparties of this transaction are Hangzhou Hongyuan Equity Investment Partnership and Wuhu Xinda Xinneng No. 1 Investment Partnership (Xineng Fund).

The company and Bamo Technology’s controlling shareholder Hangzhou Hongyuan Co., Ltd. “letter of intent to acquire equity”, the target equity is Hangzhou Hongyuan intends to transfer to the company all the shares of the target company and all the shares associated therewith;The shareholders’ new energy fund short-term “letter of intent to acquire equity” is marked as held by the new energy fund.

For 68% equity and all related equity, the pricing of the underlying equity is based on the valuation of the target company confirmed by the asset evaluation report issued by the asset appraisal agency, and is determined through negotiation between the two parties.

  The completion of the acquisition is expected 无锡夜网 to form a synergy effect and enhance Huayou’s production technology.

The development, development and large-scale production of Tianjin Bamo Casting Lithium Ion Battery Materials is a state-level emerging enterprise, and currently has an annual production capacity of 25,000 tons.

The products are high nickel materials, ternary materials and high voltage lithium cobalt oxide.

Bamo was selected into the “Ministry of Industry and Information Technology Lithium-Ion Battery Safety Standards Task Force” in 2017, marking the company’s outstanding level of lithium-ion battery research and development technology, and the development of lithium-ion battery materials has become influential and right to speak.

The acquisition has helped Huayou improve its research and development, production technology, and maintain industry-leading 北京夜网 technology, which is in line with the company’s long-term strategy to become a global leader in the field of new energy materials for lithium batteries.

  After the completion of the acquisition, Huayou Yinzhou will become a wholly-owned subsidiary of Huayou Cobalt.

Huayou Yinzhou is 84 shares held by Huayou Cobalt.

With 32% of its subsidiaries, Xinneng Fund is the only minority shareholder.

Huayou Yanzhou’s main products are cobalt chloride, cobalt sulfate, cobalt tetroxide, cobalt carbonate, cobalt oxalate, metallic cobalt, ternary precursors, etc.

In addition, the company was successfully selected as the first batch of enterprises in the “Industrial Conditions for Comprehensive Utilization of New Energy Vehicle Waste Power Batteries” by the Ministry of Industry and Information Technology, creating favorable conditions for the development of the waste power battery recycling market.

Huayou Yinzhou is an important source of profit for Huayou Cobalt. The completion of the acquisition will expand the company’s profits.

  To sum up, the company is a leader in the industry and strives to implement the integration strategy of upstream, midstream and downstream.

The company holds scarce resources in the upstream, expands production capacity in the midstream, and actively deploys ternary precursor products in the downstream, effectively diversifying risks and stabilizing the overall market.

Forecast the company’s net profit for 2018-202024.

19, 30.

54, 36.

28 ppm, an increase of 27 in ten years.

6%, 26.

3%, 18.

8%, corresponding to EPS of 2.



38 yuan, the corresponding PE is 12 respectively.



5. Maintain the “overweight” rating.

  Risk reminder: There are significant uncertainties about whether the transaction can be reached in the event of internal audit and assessment of the major assets restructuring planned by the company.

Everbright Bank (601818) Semi-annual Report Comment: Stronger-than-expected deposit growth

Everbright Bank (601818) Semi-annual Report Comment: Stronger-than-expected deposit growth

Investment Highlights Everbright Bank’s performance exceeded expectations and interest margins increased.

Everbright Bank’s profit in the first half increased by 13.

1% is the first double-digit growth in recent years.

The main drivers of profit growth came from NIM + 48bps, and the size of interest-earning assets +8.

8%, net fee income +21.


Costs are properly controlled and cost-income ratio is 26.

3%, more than 23 billion impairment losses were accrued in the first half of the year, and the ability to offset risks was further enhanced.

Strong growth in deposits and rapid growth in loans.

The growth of deposits in the first half of the year was strong, with an increase of 15% earlier and an annual increase of 21.

5%, reaching the highest level in recent years, denying that the structure has been significantly optimized, the proportion of deposits has been increased to 70%, and non-deposit-type liabilities have fallen, thereby increasing growth and reducing the efficiency of cost control.

In terms of assets, loans maintained a relatively rapid growth rate, with an increase of nearly 170 billion yuan in the first half of the year, and the proportion of stocks further increased to 55.


In the allocation of resources, the replenishment of public loans increased by nearly 120 billion yuan (including bills), and retail sales increased by more than 50 billion yuan. In the first half of the year, credit resources were tilted toward the public.

The return on assets increased, and the cost of debt was properly controlled to push up the NIM level.

As the company adjusted the credit card installment income recognition caliber, the absolute value of NIM increased to 2 in the first half of the year.

28%, comparable caliber + 48bps. The main contributing factors each year are the increase in interest-earning asset yield + 17bps and impedance cost -22bps.

In terms of debt costs, deposit growth was strong in the first half of the year, but at the same time deposit costs were properly controlled and the increase was not significant.

The NPL ratio decreased slightly by 2bps, and the overdue balance increased.

The balance of non-performing loans at the end of the six months was 40.7 billion, an increase of 2.3 billion from the beginning of the year.

Period-end non-performing interest rate 1.

57%, down 2 basis points from the previous quarter.

We estimate that the company’s TTM is badly generated instead of 1.


The company made provision for 22.8 billion bad debts, with an annualized credit cost of 1.

67%, with a loan-to-lending ratio of 2 at the end of the period.

77%, provision costs 178.

04% remained stable.

During the reporting period, overdue loans increased by 10 billion, of which 6.4 billion were over 90 days overdue, and the ratio of non-performing loans to 90 days overdue decreased. The future trend of asset quality still needs to be continuously observed.

In terms of capital, the ending capital adequacy ratio and core tier 1 capital adequacy ratio were 12 respectively.

29% and 9.


The company’s 30 billion convertible bonds entered the conversion period, and 35 billion preferred shares were issued in July, effectively alleviating capital constraints.

We slightly adjusted the company’s EPS to 0 in 2019 and 2020.

72 yuan and 0.

78 yuan, the final net asset is expected to be 6 at the end of 2019.

09 yuan, based on the closing price of 2019/8/28, the corresponding PE in 2019 and 202上海夜网论坛0 are 5 respectively.

2 and 4.7 times, corresponding to 0 at the end of 2019.

61 times.

Maintain prudent overweight rating.

Risk Warning: Unexpected Exceed Exposure, Transition Less Than Expected

Xiangpiaopiao (603711): Juice tea supply and demand, multi-party strategic layout and start a new era of growth

Xiangpiaopiao (603711): Juice tea supply and demand, multi-party strategic layout and start a new era of growth
Key Investment 南京桑拿网 Events: The company released its annual report. In 2018, the company achieved revenue and net profit attributable to its parent of 32 respectively.51 and 3.15 ppm, an increase of 23 in ten years.13% and 17.53%. The company’s 2018 performance smoothly exceeded the equity incentive performance target.In 2018, the company implemented an equity incentive for some executives. The 2018 annual nuclear test indicators are: based on the 2017 annual data, and the revenue growth rate in 2018 is not less than 20%, which is attributed to the net profit of the mother (excluding distributionIncentive fee) growth rate is not less than 10%.According to the fair incentive plan, the cost to be amortized in 2018 is 608.540,000 yuan, without excluding this part of the impact, the company’s performance has successfully exceeded the equity incentive performance target. The supply and demand of fruit juice tea is still in the climbing period, and the revenue in the second quarter of the listing reached 1.4.5 billion.In 2018, the company newly launched three flavors of MECO Honey Valley Juice Tea. With its differentiated cups, higher packaging value, higher juice content, richer taste and “real tea true juice” Positioning, become the new “net red” beverage products.Subject to the increase in production capacity, the juice tea has been available for job hunting since its launch, and its revenue in the second quarter of the launch has reached 1.4.5 billion. Domestic offline channels have grown steadily. The company actively explores e-commerce channels and self-operated export channels.With the steady growth of existing dealer channels, (1) In 2018, the company’s e-commerce channels achieved zero revenue.USD 78.5 billion, with an annual growth rate of over 100%. Subsequently, the company will make full use of the flexibility and convenience of the online platform to strengthen communication and interaction with consumers. At the same time, online will also become the first channel for the company to launch new products.(2) In 2018, the company for the first time tried to expand overseas markets through self-operated exports. At present, it has initially entered more than 10 countries and regions such as the United States, Canada, France, Italy, Australia, and New Zealand, although its revenue is only 741.620,000 yuan, but accumulated experience for overseas market expansion later. Performance targets and business plans for 2019.(1) The company’s operating goals for 2019: It is expected to realize sales revenue of about 3.9 billion / + 20%; it is expected to achieve net profit3.About 400 million / + 10%.Assume that the interest rate will be reduced by 25% in 2019. After excluding the impact of the selling expenses of the stalls, the company’s net profit target to the parent is about 3.9.3 billion, a previous growth rate of 24.96%.(2) The company’s business plan for 2019: 1) Fully upgrade the Xiangpiaopiao brand, enrich the good material series, add the pearl series, and optimize the classic series. From brand design, packaging and materials, solid brewing milk tea will be fullyOptimize and innovate and upgrade.In addition, the company will build the MECO brand in an all-round way, create fruit juice tea and light milk tea products, and strive to make it a strong sub-brand beyond the fragrance fluttering, and start a new era of fragrance fluttering; 2) Promote vigorously “The implementation of the “two-wheel drive” strategy, through the five aspects of “solid + ready to drink”, “milk tea + beverage”, “domestic + foreign”, “online + offline”, “deep cultivation + channel sinking”, Stabilize and develop the company’s business and improve the company’s performance level; 3) Comprehensively transform the company’s traditional communication methods, establish a mobile-centric communication system, and combine the consumption, behavior, and psychological characteristics of the target consumer group, especially young people, Optimize the communication method and content; 4) actively promote the integration of distributors, take fruit tea as the fulcrum, promote the integration process of the company’s distributors, supplement the sales of brewed milk tea + fruit tea, and strengthen 杭州桑拿网 and increase the sales of fruit teaAt the same time, the market foundation and sales performance of sustainable brewing milk tea are improved and promoted. Earnings forecast and rating: We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 3 respectively.63, 4.90 and 6.380,000 yuan, corresponding to the PE of the closing price on March 27, 2019 is 46.4, 34.4 and 26.4 times, covering for the first time, preliminary increase of holding level prudently. Risk reminders: (1) the risk of fluctuations in raw material prices; (2) the risk of counterfeiting of products; (3) the slower advancement of production capacity; (4) the new product advancement is less than expected.

Hypoxic exercise is more conducive to human health

Hypoxic exercise is more conducive to human health

Hypoxic fitness is a fitness method that uses artificial methods to make the oxygen content of the gym lower than normal.

  In a hypoxic environment, in order to adapt to a hypoxic and low-pressure environment, people’s heart rate increases, the heart’s blood output increases, and the oxygen-carrying red blood cells and hemoglobin in the blood also increase.Functions must also be strengthened.

As a result, the human body’s utilization of oxygen will increase accordingly.

  Hypoxia causes the body to accumulate the necessary carbon dioxide, which is very good for health. Human life depends on both oxygen and carbon dioxide.

There is 2% oxygen in human blood, and it must have 6.

5% carbon dioxide.

Too low carbon dioxide content in the human body will cause gas imbalance in the body, cause alkalemia with less acid and more alkali, destroy normal metabolism, damage the nervous system and immune function, and lead to defense ability against diseases.

  Medical experts in the former Soviet Union invented the “hypoxia therapy”, which allows patients to repeatedly recover low-oxygen air with only 10% oxygen content, and activates the human body’s potential to cope with the hypoxic self-defense system, achieving the purpose of treating disease and strengthening without disease.

This method has a significant effect on the treatment of cardiovascular, respiratory and nervous system diseases, and can relieve pain and eliminate fatigue.

  The emergence of this new fitness method has turned many previously accustomed to outdoor sports into hypoxic gyms for regular exercise.

For example, those who used to enjoy skating, climbing and adventurous adventures usually go to the hypoxic gym to get a sense of outdoor hypoxia.

Siesta reduces the risk of heart disease

Siesta reduces the risk of heart disease

As the pace of modern life continues to accelerate, the pressure of social competition has caused 27% of people to suffer from different degrees of sleep disorders.

For professional workers, siesta is often overlooked.

Geng Zhaohua, associate professor of cardiovascular medicine at the Xinqiao Hospital of the Third Military Medical University and an army professor of cardiovascular research, said that siesta can reduce stress and benefit heart health, thereby reducing the risk of heart disease.

  Geng Zhaohua said that lack of sleep can easily cause cardiovascular disease.

Long-term sleep disorders can lead to weight gain and even diabetes, and these two factors increase the risk of high blood pressure.

A survey shows that people who work more than 60 hours per week are twice as likely to develop heart disease than people who work less than 40 hours per week. Even if there are only two people who sleep less than 5 hours a night, they have a heart attack.The risk of disease is also higher than normal people 2?
3 times.

Particularly serious is that professional men who often nap are 64% less likely to commit crimes than those who do not.

  Geng Zhaohua cautioned that if you really do n’t have enough sleep time, you can use your nap to recover your strength. It is recommended to take a nap at least three times a week, about every half an hour.

The most common behavior that parents sadden their children_1

Something that parents feel most sad about their child

Home is like a window light in the winter night. Parents’ love for their children is more warm.

However, love is an art that needs to be learned and cultivated. It is not known that some casual omissions may make the home a sad place for children.

  The first question was contradictory, and the child escaped from the “Don’t Become the Great Bearer Tart” in Dream of the Red Mansion. In order to educate Baoyu, Jia Zheng adopted the “tartlet”, and Mrs. Wang came forward to block it and threatened: “To strangle him, take a rope to strangle me, and strangle him again.

“Although this plot is an ancient literary creation, it is not common in today’s life.

When educating children, parents often sing white faces and sing black faces.

Yang Fude, deputy director of Beijing Huilongguan Hospital, was very serious about the hidden dangers of this type of parenting in an interview with Life Times.

  ”This morning, I just received a little girl and lived in such a family transformation.

Yang Fude told reporters that this girl is in junior high school, her mother has strict requirements for her studies, and her father is used to playing the role of “savior” and always speaks for her.

But recently, the child said that he did not want to go to school.

  ”Parents’ differences in their children’s attitudes make it easy for them to become dependent on others when they are in trouble, and they like to evade and even develop evasive personality.

“Yang Fude said.

From an early age, people have the instinct to protect themselves, and they know how to “benefit from harm”.

When a child makes a mistake and one of the parents punishes them, the child instinctively seeks asylum.

At this point, if the other party comes out and lover “sings to a Taiwanese opera”, it is exactly in the arms of the child.

Over time, the child will develop inertia thinking-there will always be people to help me, even I did wrong.

“It is conceivable that when such a child is an adult, it is easy to see the difficulties to go around or rely on others. If he does something wrong, he will justify himself and have no sense of responsibility.

“Yang Fude said.
  In addition, Li Xinying, associate professor of the Institute of Psychology of the Chinese Academy of Sciences also pointed out that the split of parents may also affect the normal development of children’s self-control ability.

Self-control ability began to sprout from early childhood. When some children have leftovers, if their parents tell him repeatedly that “the leftovers are not right”, the children will clearly notice that they are wrong, and they will try to eat them later.

This process of constantly adjusting misconduct and promoting correct behavior develops self-control.

Conversely, parents often disagree, and this ability naturally cannot develop.

  Although bridging the gap in parenting styles is not easy, a little change can make parents get unexpected results.

First, it is reasonable to break through the barriers of “self-righteousness” psychologically, without prejudice to let the wife or husband discipline the child. It is reasonable to believe that the other person is just like himself.

Second, if there is no consensus for a short time, then don’t openly confront the child.

When the other party teaches the child, you can go out and turn around, and when the couple is alone, it is not too late to transform with the lover.

Third, if it is impossible to reach an agreement, they can learn the knowledge of educating their children together, adjust the two’s cognition by “authority”, and change the wrong behavior of the boots.

  Question two blames each other, the child inferiority “How do you become a mother?

The child is always following a bunch of babies, can’t you see?

Zhao Ming’s (a pseudonym) father shouted loudly.

“Just know me, don’t you be responsible for being a dad?

You don’t care about anything, now I blame me!

“Mother retorted indifferently.

  Zhao Ming stared at the TV show.

For him, such a scenario has long been strange.

Seeing Zhao Ming’s appearance, her mother angered and shouted at him, “Things that don’t fight!”

It’s because of you!

“Zhao Ming turned off the TV, and threw a loud voice of” you are irresponsible “,” It’s your fault “. Yang Fude said that children born in such a family have the lowest self-esteem.The general psychological characteristics, the worst case is to let them go on a wrong way.

In life, there is nothing wrong, let alone young children. In the process of developing from a natural person to a social person, they need to make mistakes to grow up.However, some parents, like Zhao Ming’s parents, started to blame each other after their children made mistakes, and put their responsibilities on each other. “Some parents will inevitably blast with their children.

Yang Fude pointed out that children’s psychology is relatively fragile and sensitive. When they see their parents quarrel because of themselves, they are prone to the idea of “this is all because of me.”, Feel that they are useless, and feel shame and helplessness.

Over time, children will become depressed and inferior.

“Anyway, I’m going to give people trouble, so just make it a reality.

Yang Fude said that inferiority gave birth to the feeling of self-violence and self-abandonment, thus “breaking the pot and breaking down”, making some children really bad boys.

  This type of parenting is arguably the most irresponsible. Yang Fude suggested that parents should thoroughly reflect on it.

“It may be more effective to look at the problem from another angle.

Yang Fude said, parents should not rush to find the cause from the other side, they should focus on the child, just think about the child’s recent actions and analyze why they did so.

Then, talk to the children and ask their true thoughts side by side. For example, Zhao Ming ‘s parents can start with “I ‘ve been with some friends recently”, “Is it true that they can talk better than their previous friends?”Wait, to judge whether the child really made bad friends as he thought.

In the end, you need to reflect on yourself and exchange ideas with your lover, but never blame the other person or yourself too much.

  Question 3: Parents are doting, the child is indulging in ancient times. Someone has acted arrogantly since childhood. His parents never imposed restraint. As a result, he was sentenced to capital punishment for murder.

Before he died, he offered to suck his mother’s nipples again.

Surprisingly, after the mother opened the placket, he actually bit his mother’s nipples fiercely and cried loudly: “If you had disciplined me earlier, why would you die today!

“This story seems extreme, but it makes people see through the scourge of doting.

In an interview, Yang Fude said that blindly indulging the children’s lack of assertiveness, poor communication with others, inability to cope with the crisis, and the child’s indulgence.

  Maybe some parents spoil their children and do everything instead.

“It’s quite a lot to go to school to help children with hygiene.

Yang Fude said that although these things are not big, it is easy for children to feel that everything can be asked about their parents, and even pushed to their parents, so that they develop the habit of not thinking about everything and having their own opinions.

Once these children enter the society, they will take it for granted that the people around them take care of themselves, which will cause obstacles in interpersonal communication.

What’s more serious is that because they are used to being cared for, they will be extremely vulnerable when they encounter difficulties.

  In addition, children have limited self-control capabilities and can do whatever they want. They often only care about satisfying their own desires and do not know how to follow the rules.

For example, parents’ non-compliance with their children’s exclusive toys in kindergartens will allow children to realize that they can do whatever they want, and they will likely become overbearing and unbridled in the future.

  If you want to change your doting parents, Yang Fude said that what reminds parents is “don’t use affection.”

Parents should try to be “ruthless”, reject the excessive demands of multiple children, and lead to responsible punishment for misconduct, so that both children and parents form the habit of “clear rewards and punishments.”

  Question 4 is tightened and loosened. The child ‘s extreme parents are in a good mood, and they are very addicted to the child. Once they are in a bad mood, they will feel uncomfortable when they see the child.

In the view of Zheng Yi, deputy director of Beijing Anding Hospital affiliated to Capital Medical University, a tight and loose family rearing style is really bad.

  ”Many people think that strict upbringing is not good. In fact, the way parents are tight and loose is even more disadvantageous.

Zheng Yi analyzed that in the critical period of a child’s growth, strict parental control of the child will have a positive effect. It can help them learn to abide by the established rules and grow into a qualified social person.It is the child’s personality defect.

  This, Liang Yuezhu, director of the Department of Child Psychology at Beijing Anding Hospital, explained that parents are the child’s first teacher, and their actions are the object of the child’s emulation.

The fluctuation of parents’ emotions directly affects the children, which causes the children to not control their emotions well. After the adult, the emotions will also fluctuate and become cold and hot.

The lighter affects the child’s interpersonal relationship, and the more important one may evolve into a marginal personality, that is, the object is treated as one or the other, or black or white, and it is easy to go to extremes.

  Liang Yuezhu pointed out that the key to the problem is the parents, “I suggest that such parents first learn to control their emotions.

“Parents are stimulated outside. They can find a suitable way to remedy before returning home, such as talk to someone, exercise, divert attention, etc. It is more effective to find a psychological counselor to learn about emotional control.

Take a step back and say that if parents are in a bad mood and their children are making trouble, then when it comes to education, do something wrong and do n’t hurt the child ‘s self-esteem, otherwise teach them to take responsibility for mistakes.

One in ten high school students in Guangzhou thought about suicide

One in ten high school students in Guangzhou thought about suicide

Guangzhou released adolescent and child happiness index survey report. The integrated high school students thought about suicide. The results of the “Guangzhou Youth Happiness Index Survey” survey released by the Guangzhou Children’s Palace Growth Education Research Center the day before showed that:

5% of high school students have suicidal thoughts because of the stress of learning.

And because parents and teachers refused to allow “early love”, more than half of elementary and middle school students had psychological barriers to intercourse with the opposite sex.

It is reported that the survey report was jointly carried out by the Guangzhou Children’s Palace Growth Education Research Center and Guangzhou Yuanhongkang Market Research Company, and randomly interviewed 700 primary and secondary school students in Guangzhou using the scattered intercept method.

  A survey of more than half of adolescents with heterosexual interactions showed that 78.

9% of students can do what they like, and children who can freely choose their favorite entertainment methods are up to 85.


Nearly 80% of teens think that they are smart, maybe better than others and satisfied with their looks, and rarely blame themselves.

Feeling that parents and teachers love themselves very much, and that friends and classmates like themselves very much as much as 90%.

  Surprisingly, there are 61 respectively.

4% of elementary school students and 53.

9% of middle school students think that they are more uncomfortable with classmates of the opposite sex.

Many students stated in an interview that parents and teachers have repeatedly made five applications not to “early love”. Classmates are very jealous of developing closer friendships with students of the opposite sex.

Therefore, in the process of intercourse with the opposite sex, they will actually shrink their hands.

Some students simply don’t deal with students of the opposite sex for insurance.

  Cheng Fucai, a PhD from the Department of Sociology of the University of Hong Kong, pointed out that the avoidance attitude of Guangzhou teenagers towards heterosexual intercourse is incorrect.

Learning about heterosexuality is one of the most important social goals in “adolescence” and is an important part of the growth of young people. However, adolescent education in current schools is mostly in the form or emphasis on knowledge transfer.

Dr. Cheng suggested that adolescent education should pay attention to the guidance of the concept of heterosexual communication, and learn the correct attitude and good communication skills.

  It ‘s a little too high. High school students are too stressed and want to commit suicide and suicide. It must be noted that starting from the lower grades of elementary school, as the age increases and the grade increases, the level of happiness of Guangzhou teenagers and children has been declining, while the stress index has gradually increased.

  Some high school students said in an interview that they used to be very happy and free, but now their homework is getting tighter and they have no mood to think about other things.

Some high school students also said that they were tired of this kind of life besides studying or studying. They had thought of playing truant and playing truant, and there was more than one classmate who had this idea.

  Therefore, Dr. Cheng Fucai believes that fierce social competition, high pressure for further studies, and high parental expectations do cause heavy pressure on young people; and the lack of psychological education, many children, such as greenhouse flowers, eliminate subsidence when they encounter slight setbacks.The determination and will to overcome difficulties.

It should also be noted that 12 were found in the survey.

5% of adolescents have the idea of “thinking of ending their lives”, which should attract the attention of teachers and parents.

Studies have shown that suicide has become 15?
The first cause of death for 40-year-olds.

Mr. Zhao Chonglian, director of the Psychological Counseling Center of Guangdong Business School, suggested that schools and parents should strengthen their children’s mental health education, pay more attention to their children’s emotions, ask more about their children’s friendship status, and pay attention to the children’s subtle emotional changes.

  Nearly half of the students are unhappy because their grades are not good. When asked to sort the three reasons that make them happiest in order, 60% of the 12 options are called “Good or Progressive”The most preliminary to make yourself happy; relatively relatively, nearly half of them choose “poor academic performance or regression” as the most important reason for unhappiness.

From the survey data, it can be grinded that for Guangzhou teenagers, “learning” is still a omnipotent baton, affecting their happiness and sadness.