[Can black jelly be eaten during pregnancy-]_ Pregnant women_Can you eat

[Can black jelly be eaten during pregnancy?

】 _Pregnant woman_Can you eat

Female friends’ requirements for diet will become much higher after pregnancy. Especially in summer, you ca n’t eat too many cold foods. Some black jelly powders, although their nutritional value is high, have the effect of clearing heat and detoxifying.Sexual, expectant mothers must have the right amount of food, do not overdo it, otherwise it will easily lead to some adverse phenomena such as contractions, malnutrition and normal development.

First, can pregnant women eat black jelly? When summer is approaching, too many pregnant mothers also start to worry, ca n’t eat cold, and are really flustered, how can this be good?

Experienced mothers have told that pregnant women can eat black jelly, but eat it in moderation.

Although the black jelly is cold, it is okay for pregnant mothers to eat a small amount, as long as they usually pay attention to a balanced diet.

However, it is important to note that during the first and third trimesters of pregnancy, you must avoid eating cold foods and irritating foods, which is very detrimental to your baby.

Second, some netizens ask if you eat too much black jelly. I like black jelly very much, especially in summer. I ca n’t wait to eat it every day. Sometimes I eat 5 bowls at a time.

In fact, when asked this question, presumably the netizen himself knew that this would be bad.

In summer, people’s spleen and stomach are relatively weak, and they should not eat too much cold things, which can easily cause gastrointestinal upset.

For this netizen’s problem, eating 5 bowls at a time is definitely not good.

Not to mention that the stomach and intestines are endless, since I’m sure I feel very full after eating, I can’t eat directly.

In this way, the nutrition of the human body can not keep up.

In addition, black jelly powder is not easily digested, so if you eat too much, indigestion and bloating will easily occur. Presumably no one thinks this is good!

Third, the nutritional value of black jelly powder Jelly powder is refined by using advanced technology instead of the natural herb plant Jelly grass (Jelly grass). The product has the inherent fragrance and refreshing nature of the grass, refreshing heat and reducing heat, and has a fresh flavor.Natural black food.

The main ingredient of black jelly powder is made from natural polysaccharides of celestial grass as the main raw material. The ice gel produced is a tan soft solid, has a smooth taste, has a special shape, a chewy feeling and a unique natural aroma.

Jelly gel can not only clear away heat and dampness, cool blood and relieve heat, but also can be used for beauty and beauty, cool and detoxify, and has curative effect on arthritis, hypertension, diabetes, heat stroke, cold and so on.

Rich in pectin and cellulose, it is a kind of cool green food suitable for all ages, families and tourists.

[Does Durian give milk]_Recommended diet

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Yanghe (002304) 2018 Annual Report and 2019Q1 Quarterly Report Comments: 19Q1 Performance Exceeds Expectations Product Upgrade Nationalization Steady Progress

Yanghe (002304) 2018 Annual Report and 2019Q1 Quarterly Report Comments: 19Q1 Performance Exceeds Expectations Product Upgrade Nationalization Steady Progress

Summary of key investment results: The company released the 2018 annual report and the first quarter report of 2019. In 2018, the company realized revenue of US $ 24.2 billion (+ 21% per year), and its net profit attributable to its parent was US $ 8.1 billion (+ 22% per year); of which 18Q4 realized revenue32 million US dollars (ten years + 5%), net profit attributable to the mother is 11 million US dollars (ten years + 3%).

In Q1 2019, it realized revenue of 10.9 billion yuan (ten years + 14%) and net profit attributable to mothers of 4 billion yuan (16%).

2018 results were in line with expectations, and 19Q1 results exceeded expectations.

  The Dream series has high growth, and the market outside the province continues to exert its strength.

The company’s 18Q4 + 19Q1 realized revenue of 14.1 billion US dollars (one year + 12%), cash receipts of 14 billion US dollars (cumulative-2%), reorganization of 19Q1 advance accounts of 2 无锡夜网 billion US dollars (past + 34%), and good cash flow.

1. In terms of products, the product structure has improved significantly.

We expect the growth rate of the Dream Series to be above 50% in 2018, and the expected revenue share to be close to 30%, which is a significant increase. The growth rate of the Spring Festival in 2019 is good and it is expected to maintain rapid growth.Price increases have a slightly selective impact on revenue growth.

2. In terms of different regions, the market share of the province’s revenue is close to 50%.

1) In 2018, the market outside the province achieved 25% revenue growth, significantly higher than the province’s 14% growth, and the revenue share reached 48%. Shandong, Hunan, Anhui, Zhejiang, Hebei and other new Jiangsu markets performed well;The structural improvement is obvious, 北京桑拿体验网 the dream series has a good growth trend, and there is room for continued growth in the future.

2) The growth rate of the province’s market is slightly distorted due to the impact of base breaks and increased competition.

Jiangsu has a well-developed market economy, and the layout of Langjiu, Jiannanchun, Gujing Gongji, and Maowuyu is active, so the market competition in the province has intensified.

The company will increase the refined management for the provincial market, strengthen sales in Huaian, Suqian, Nanjing and other regions, and consolidate the leading level in the province.

The future development of the new Jiangsu market continues to expand, and the company’s revenue scale is expected to maintain steady growth.

  Consumption tax reimbursement affects gross profit margin, and net profit margin has steadily increased.

1. Gross profit margin: In 2018, the company realized a gross profit margin of 74%, an increase of 7 percentage points year by year, mainly due to the improvement of product structure and consumption tax adjustment; the gross profit margin of 19Q1 was 72%, which gradually decreased.

The five single ones are expected to be initially due to the increase in costs of labor and packaging materials.

2. Sales expense ratio & management expense ratio: In 2018, the company’s sales expense expenditure was 11%, which decreased year by year.

The three averages are basically due to the improvement of the company’s operating efficiency, loading and unloading, and labor service rates. The overall market share still remains at a high level; 19Q1 sales expenses decreased.

4%, basically flat for one year.

Corporate management expenses in 20187.

2%, 0 per year.

The five single ones mainly benefited from the improvement of management efficiency and the continuous growth of revenue; 19Q1 administrative expenses 5.

0%, basically flat for one year.

The company achieved a net profit margin of 33 in 2018.

6%, increasing by 0 every year.

4 averages, 19Q1 achieved a net profit of 37.

0%, a year to raise 0.

In five aspects, the company will gradually upgrade its product structure and continue to improve its operating efficiency in the future, and its profitability will continue to increase.

  Profit forecast and rating.

It is estimated that the compound growth rate of the company’s revenue and net profit attributable to mothers in 2019-2021 will be 14% and 16%, respectively.

Considering that the company is the leader of Volkswagen Liquor, the future product structure upgrade and breakthroughs in the market expansion outside the province, maintain the “Buy” rating.

  Risk reminder: Macroeconomic downturn, market competition intensifies, and the development of markets outside the province is worse than expected.

[Can you eat bread after cutting stomach polyps?]_ Bread_Can you eat it?

[Can you eat bread after stomach polyps surgery?

]_Bread_Can you eat

Bread is made by baking with flour, and it is similar to Chinese steamed buns.

But bread is a kind of food imported from the West, and its taste is also diverse. Many people choose bread for their breakfast in the morning, because bread has a strong satiety.

Patients who undergo gastric polypectomy must pay great attention to their diet. Can bread be eaten after gastric polypectomy?

Principle of stress in gastric polyps: 1. Involve in fasting, intestinal peristalsis to restore anal exhaust, and a small amount of water on the day after removing the gastric tube, each time 4?
5 tablespoons, once every 2 hours.

2. If there is no discomfort, you can give a moderate amount of liquid diet the next day, 50ml?
80ml / time.

3. The patient’s diet is based on self-feeling without discomfort. The diet content is based on the principles of low residue, mildness, and easy digestion. Eat small meals and avoid excessively sweet, salty, and strong diets, such as nausea and bloating after eating.Stop eating.

4. If it is possible to return to normal, you can eat a low-fat, semi-liquid diet, such as porridge, noodles, ravioli, etc. 2 weeks later, 5?
6 meals, diet principle: it is semi-liquid, its protein content reaches normal requirements, fiber content is very small, small meals.

5. On the third day, give a full amount of liquid, 100?
150ml, 6 daily?
7 meals.

6. After the operation of gastric polyps, the food to be eaten should be non-irritating, liquid, and eat less and eat more. Every 2?
Eat once every 3 hours. It is better to choose not to be flatulent, but sweet foods such as egg soup, rice soup, vegetable soup, lotus root, etc.

Should I lie flat after a meal?
30 minutes.

7, patients can eat soft rice after discharge, staple food and side dishes should choose nutrient-rich, easy-to-digest food, avoid cold, diet, hot and sour food that stimulates flatulence, patients should chew slowly, eat more fresh vegetables and fruits,Do not eat high-fat foods, pickled products, adequate iron and vitamin supplements, taboo tobacco and alcohol, regular diet, from 3 to 6 months, you can gradually return to the ordinary diet based on this physical condition.

What are the symptoms of gastric polyps?

1. Asymptomatic symptoms often appear early in the disease or when there are no complications. Symptoms often appear as epigastric pain, bloating, discomfort, and a few may appear nausea and vomiting.

Patients with erosion or ulcers may have upper gastrointestinal bleeding, which are mostly positive for fecal occult blood test or melena, and vomiting is rare.

The pedicled polyp in the pylorus can be dislodged into the pyloric duct or duodenum, and the pyloric obstruction appears.

Polyps can have difficulty swallowing when they grow near the cardia.

2. Nausea and vomiting Nausea and vomiting are common clinical symptoms.

Nausea is often a precursor to vomiting and can occur alone.

It shows abnormal discomfort in the upper abdomen, often accompanied by dizziness, decreased blood pressure and other symptoms of excitatory nerves.

3, one of the common clinical symptoms of abdominal pain, which can be acute or chronic, its etiology is complex, mostly organic, but also functional, mostly caused by intra-abdominal organ disease, or caused by extra-abdominal organ disease.

4, upper abdominal discomfort manifested painful abdominal distension and so on.

Under normal circumstances, the volume of gastric polyps is less than 1cm, and the length is very small. Hyperplastic polyps are mostly benign variables, but there are also a few people who grow up and cause symptoms such as indigestion and abdominal pain.Gastrointestinal bleeding can also become cancerous.

5, blood loss, anemia patients with chronic polyps due to chronic blood loss, anemia, malnutrition and other symptoms.

Funds in North China continued to flow into the two sectors

Funds in North China continued to flow into the two sectors

Original title: A-share hotspot differentiation: The two major sections stand out Source: Daily Economic News, every reporter, Wang Haizhen, every editor, Xie Xin Last weekend, the hot spots on the surface of A-share news made investors overwhelmed and difficult to choose.

According to a reporter from the Daily Economic News, dozens of spots have been researched and reported 厦门夜网 by various organizations through a telephone conference last weekend. The main ones are the new policy of refinancing, the important policy of Shanghai International Finance Center, free highways, WiFi6, GaN fast charge, power semiconductors, satellite networks, promote automotive consumption, plasma treatment, vitamin price increases, etc.

  However, the market performance of satellite networks, plasma therapy, power semiconductors, and other attractions on February 17 was obviously weak. What stood out was the automobile and express delivery sectors that had received little attention in the market.

Among them, the sales volume of the automotive industry has decreased for two consecutive years, and a series of companies in the express delivery industry have recently returned to work due to the impact of the epidemic.

But some of the leading stocks in these industries have been bought by foreign “smart money” in recent months.

  A-shares major indexes rose across the board From the performance of the A-share market on February 17, although the major indexes rose across the board, the GEM Index rose sharply3.

7%, but the satellite network that has already performed in the early stage, the plasma therapy sector is relatively weak, and the vitamin sector, which is believed to benefit from the increase in vitamin prices, is also unshakable, and then there is no market-aware car, express and other sectors that stand out.

  On the news, the automobile and courier industries each ushered in encouraging automobile consumption last weekend, and the reduction in logistics costs is good.

From a basically positive perspective, these two industries are still affected by the epidemic.

  Recently, a reporter from “Daily Economic News” visited some areas in Shanghai and found that apart from the normal operation of SF’s business outlets since the Spring Festival, most of the outlets of the “Three Links and One Access” and Cainiaoyi Stations are closed.

Until last weekend, these outlets gradually opened.

  Some agencies predict that the express delivery industry will not be able to restore production capacity until March this year.

Ford in the automotive industry has been declining for two consecutive years. From the latest January sales figures released by some industry leaders, it is still not optimistic. Among them, SAIC Group and Guangzhou Automobile Group each fell 34 in January this year.

6%, 15.


  About 2 weeks ago, a car dealership research team at a securities firm organized a conference call with several car dealers.

Participating dealers are not very optimistic about car sales this year.

Some dealers said that due to the epidemic this year, the current purchasing power of the auto market.

However, some car dealers believe that due to the impact of the epidemic on public transportation, some consumers may consider buying scooters. In addition, if the income is reduced due to the epidemic, cheap domestic cars may be more easily accepted by consumers.

  In addition, regarding the current situation that automobile sales have not stopped falling this year, the CITIC Securities automotive team believes that “stable” automobile consumption will effectively alleviate the deterioration of short-term performance of the relevant sectors.

  The Haitong Securities Transportation team also issued an opinion on February 17, saying that the toll-free policy can to some extent promote the resumption of work in the express delivery vehicle fleet, accelerate the overall resumption of work in the industry, and accelerate the release of the express delivery industry.

  The continued inflow of northbound capital into the two-segment markets can always react to the industry’s turning point in advance.

In the context of the epidemic, although the automobile and express industries are not as good as TMT and the biomedical industry is eye-catching, some “smart money” are determined to lay out.

  During the Spring Festival this year, the operation of the “three links and one reach” was affected by the epidemic situation, but recently Zhongtong Express, which has the highest market value of the “three links and one reach”, has performed strongly in the US stock market. Last week, it still made history.new highs.
  Obviously, according to Choice statistics, in the automotive industry, Northbound funds have continued to increase positions in Changan Automobile, SAIC Group, GAC Group, Great Wall Motor and other industry leaders in recent months.

Among them, the share of Northbound Capital holdings in Changan Automobile’s circulating share capital was 0 from the end of August last year.

63% increased significantly to 4 last weekend.

In terms of auto parts, 49% of Northbound funds have continued to increase positions in some industry leading stocks since the end of September last year. Among them, Northbound funds held shares in Fuyao Glass’s circulating share capital from 9 at the end of September last year.

26% improved to 13 last weekend.


  According to statistics from Choice, since the end of September last year, Northbound Capital has also increased the holdings of most companies in the A-share express industry. Among them, the increase of Yunda shares and SF Holdings is close to about 80%.

  The reporter of “Daily Economic News” noticed that the auto industry team of CITIC Securities issued its views on the overall automotive industry and related sub-industries on February 17.

1. The industry as a whole: the expression of “stable” car consumption, encouraging private car travel, and toll-free toll roads across the country will effectively drive the recovery of car purchase demand, even in a short period of time.Cars and dealers: If the demand for car purchases erupts in the second quarter of this year, current estimated and expected passenger cars are at a low level, and the dealer segment will have the most beta attributes; 3. Parts: from import substitution to global substitution, electrification, Intelligent long-term logic, set new rules will further accelerate the development of parts and components enterprises.

Lanqi Technology (688008): The world leader in memory interface chips

Lanqi Technology (688008): The world leader in memory interface chips

The company went public according to the first criterion.

The estimated market value is not less than RMB 1 billion, the net profit in the past two years is expected to be positive and gradually the net profit is not less than RMB 50 million, or the expected market value is not less than RMB 1 billion, and the net profit is positive and operating income in the latest yearNot less than RMB 1 ppm.

Leading global memory interface chip company.

Lanqi Technology is a chip design company that provides chip solutions in the field of cloud computing and artificial intelligence. Its main products include memory interface chips, Jincatch server CPUs, and hybrid secure memory modules.

Lanqi Technology is one of the only memory interface chip companies in the world that has passed the chip certification.

In 2018, Lanqi Technology accounted for 46% of the global memory interface chip market, sharing the market with international giant IDT.

The company’s revenue has grown steadily, and its gross profit margin has remained high.

From 2016 to 2018, the company achieved operating income8.

400 million, 12.

3 ‰ and 17.

600 million, CAGR reached 44%; net profit attributable to mothers was 0.

900 million, 3.

500 million and 7.

400 million, CAGR reached 185%.

The company’s comprehensive gross profit margin has maintained a high level in the past three years, and was 51 in 2016 and 2017, respectively.

2%, 53.

5%, the gross profit margin increased to 70 in 2018 due to the divestiture of the low-margin consumer electronics chip business.


The memory interface chip technology is leading, and the self-developed architecture has become an international standard.

The company has been deeply engaged in the field of memory interface chips for ten years and has become one of the world’s major suppliers that can provide complete buffered / semi-buffered solutions from DDR2 to DDR4 memory. The self-developed DDR4 fully buffered “1 + 9” architecture was adopted by JEDEC asInternational standards.
The company has now completed the first generation of DDR5 engineering chip chip tape and functional verification, the indicators are in line with expectations, is expected to complete the first generation of the first generation of DDR5 memory interface chip production 杭州夜网论坛 version of the development work.

Cooperate in research and development of server platform and open up 100 billion market.

X86 processor, Tsinghua University Dynamic Security Monitoring Technology (DSC) and Lanqi Technology’s memory monitoring technology can realize chip-level real-time security monitoring functions.

Jinchai server platform is aimed at internal server OEMs and provides a complete solution based on Jinchao CPU. It has now entered the market promotion stage.

In 2018, the size of the x86 server market exceeded 100 billion yuan a year, and the future prospects of Jincatch server platform are expected.

Profit forecast and estimation.

We estimate the net profit of Lanqi Technology to be 9 in 2019.

8 ppm, taking into account the historical range of US stock IDT and the average PE estimation level 深圳桑拿网 of A-share semiconductor design industry in 2019, we believe that the company’s PE range is 35-40X, which corresponds to a reasonable market value space of 343-392 trillion.
Assume the total share capital of the company after the issue is 11.

300 million shares, the corresponding price range is 30.


7 yuan.

Risk Tips (1) The risk of research and development breakthroughs and technological breakthroughs in the generation of DDR5 memory interface chips is lower than expected.

(2) Risks of downstream market demand for memory interface chips and server platforms being less than expected.

(3) Intel, as a server platform supplier, risks affecting product supply and pricing.

Inner Mongolia Huadian (600863) quarterly report comments: performance basically in line with expectations

Inner 杭州夜网 Mongolia Huadian (600863) quarterly report comments: performance basically in line with expectations

The performance continued to improve, maintaining the “Buy” rating for the first three quarters of the company’s net profit attributable to mothers / deduction of non-attribution to net profit10.


0 million yuan, ten years + 88% / + 90%.

The main reason for the high performance growth is the continuous growth of Mengxi Battery + increased investment income + improved coal mining, incremental assets have been put into operation, and we continue to be optimistic about the rebound in the performance of existing thermal power assets.

Maintain the net profit attributable to mothers for the period of 19-21 to 13.



7 yuan, with reference to the average 19E PB in the same industry.

2 times, considering that the company’s performance continues to improve and the investment value is considerable, we give a 19-year target PB1.


7 times, adjusting the target price to 3.


47 yuan, maintain “Buy” rating.

The first three quarter results are in line with expectations, and continue to be optimistic about the future performance. The main reasons for the first three quarter results growth are: 1) Increase in power generation +3.

9%: Benefiting from the high demand for electricity in Mengxi, Mengxi’s thermal power generation + 20% in the first three quarters of the quarter, of which + 19% at Q3; delivery to North China power plants is subject to the increase in power supply in northern China, and the first three quarters of power generation-10.

7%, of which Q3 exceeded -8%, and the excess ratio continued to narrow; 2) Investment income increased by +3.

500 million: The company holds 15% equity of the two major power plants in Toketuo, benefiting from 18 years of maximization of TOECO’s profit + 76%. In 19Q2, it announced a dividend increase to 2.

3 ppm; 3) Increase in wholesale coal prices: The company’s coal output increased by 15% in the first three quarters, and the sales revenue of some of the exported coal increased by 7%.

6 ‰, previously + 52%; the profit of the merged Mengxi equity thermal power assets continued to improve, and the company achieved a net profit of 10 in the first three quarters.

100 million a year + 88%.

The dividend ratio in 2019-21 is not less than 70%, and the dividend yield is expected to exceed 5%. According to the company’s announcement, the company’s cash distribution in 19-21 will in principle exceed 70% of its distributable profit in that year.Dividends must not be lower than 0.

09 yuan, we expect net profit attributable to mothers to reach 13 in 2019.


According to calculations, in the case that convertible bonds are not converted, assuming a dividend ratio of 70%, the income relative to the closing price on October 29 will increase by 5.

8% if 18.

All 700 million convertible bonds will be converted into equity, and the equity will increase to 64.

700 million shares, dividend income increased by 5.

2%, the investment value is considerable.

The Wudalai & Helin plant is about to start production + the performance of the existing thermal power assets rebounds, and the future potential is expected to increase. The prospects of the assets are expected: 1) Wudalai Project: 47 units under construction.

We expect to complete the commissioning of 50,000 kilowatts in 2020. Benefiting from the high quality of wind resource endowment + Ximeng-Taizhou UHV delivery, the utilization hours are expected to reach 3000 hours. We expect to contribute net profit to mothers after commissioning1.

5 billion; 2) Helin Project: 1.32 million kilowatts of installed capacity, exported to Ulanqab, and the supply gap of Ulanqab in 18 years was as high as 2.7 million kilowatts. The operation was completed in August 19, and we expect toProject utilization hours are expected to reach a higher level.

The performance of existing assets is expected to rebound: We continue to be optimistic that Mengxi’s power demand will continue to rise, and the utilization hours will continue to rise + coal prices will move down, which will continue to improve the performance of Mengxi’s existing units.

Maintain profit forecast and maintain “Buy” rating. We maintain our net profit attributable to mother at 19-21 as 13.



7 yuan, corresponding to EPS0.


28/0.31 yuan, BPS 2.



31 yuan.

Refer to 19E PB mean 1 in the same industry.

2 times, considering that the company’s performance continues to improve and the investment value is considerable, we give a 19-year target PB1.


7 times, adjusting the target price to 3.


47 yuan, maintain “Buy” rating.

Risk reminder: Electricity prices adjust more than expected, coal prices rise, and power generation falls short of expectations.

Zhenhua Technology (000733) Company Research: Relying on CEC to Build Chinese Military Electronics and Semiconductor Base Camp

Zhenhua Technology (000733) Company Research: Relying on CEC to Build Chinese Military Electronics and Semiconductor Base Camp

With the three-step development, Zhenhua’s strategic positioning is undergoing a major change: from the current Zhenhua Group’s high-tech electronics listing platform, it is gradually relying on CEC to build the base of China’s military electronics and semiconductors.

We believe that CEC is self-evident in the process of revolutionary military electronics and semiconductor localization and self-controllability. Zhenhua’s platform positioning in the future will also play an important role.

  Initially, the inefficient assets such as communications equipment were separated, and the pure high-tech electronic listing platform was remeasured.

  Zhenhua Technology is currently the high-tech electronic listing platform of CEC Zhenhua Group. Benefiting from the continuous advancement of national defense information 淡水桑拿网 technology and the replacement process of domestic production, Zhenhua Technology will achieve a compound growth rate of about 25% in the future.

A different point of view, because Zhenhua Telecom’s presentation brings asset impairment charges, which can be completed in 2 years and is an unsustainable business, it should not be given an estimate or only a double valuation.

  In the second step, the participation in Senwei Technology to build a domestic military IGBT leader, dating the civil R & D system for military use may be replicable.

  The company’s existing 20% stake in Senwei Technology has a domestic first-class IGBT technology research and development team. The performance of IGBT chip products can fully benchmark German Infineon products, and has achieved localization.

The Senwei Technology team was founded by a team of doctors from Tsinghua University and the Chinese Academy of Sciences. The company achieved equity participation through capital increase and share expansion, and the interconnected semiconductor business extended to the IGBT field. It can rely on the CEC system to quickly cut into and enjoy the domestic military IGBT market.

Importantly, this model can attract civilian R & D teams into the Zhenhua system, and rely on the CEC system to quickly expand product lines and achieve product landing.

This is the first model to build Zhenhua Technology into CEC, which belongs to China’s military electronics and semiconductor base camp.

  In the third step, the controlling shareholder CEC Zhenhua Group has FPGA chips and other assets, and CEC also has many semiconductor assets, all of which have asset injection expectations.

  Chengdu Huawei of Zhenhua Group and Zhenhua Scenery are the leading manufacturers of domestic FPGAs and the major manufacturers of semiconductor discrete devices. According to the company’s development strategy of “combination of military and civilians, combination of assets and capital, regeneration and integration”, asset injection expectations exist in the future.

It is important that CEC, as the home base of China’s military electronics and semiconductor assets, has the possibility of injecting many high-quality semiconductor assets in vitro.

This is the second mode of building Zhenhua Technology into CEC, which belongs to China’s military electronics and semiconductor base camp.

  Constraints and employee benefits in the 2019 equity incentive plan, and the improvement of the scale of operation and management are important foundations for Zhenhua Technology to develop into a platform.

The equity incentive plan launched in 2019 consolidates and constrains stakeholders as the basis for short-term fundamental performance protection and long-term business development, and having a flexible mechanism is the company’s second- and third-step platform-based development.

  Investment advice: We expect Zhenhua Technology 2019?
The net profit attributable to mothers will be 3 in 2021.

10, 3.

97, 5.

9 billion yuan.

We believe that Zhenhua Technology should be an estimate of the contribution of Gaoxin’s continuing business. Excluding the impact of impairment, the company’s Gaoxin electronics business will have a net profit of 5 in 2020 and 2021.

17, 5.

90 ppm, corresponding to the current estimated levels of 26X and 23X, which is a clear advantage for the relative strength of the military electronics and semiconductor bases of the CEC. Maintain a “Buy” rating.

  Risk warning: CEC changes the company’s positioning; the development of high-tech electronics business is less than expected.

Ping An of China (601318) Quarterly Report Review 2019: Investment Drives High Profit Growth, Steady Volume, Quality Rise

Ping An of China (601318) Quarterly Report Review 2019: Investment Drives High Profit Growth, Steady Volume, Quality Rise

The main points of the report describe the results of Ping An China’s first quarterly report for 2019, and the company achieved a net profit of 455.

170,000 yuan, an increase of 77 in ten years.

1%; realizing new business value 216.

42 ppm, an increase of ten years6.


Incident Comment NBV has steadily improved in quantity and quality, and the actual profitability of property insurance has improved.

2019Q1 ten single premium fare.

8%, mainly due to the increase in per capita production capacity, the number of overlapping agents decreased, of which per capita production capacity increased by 8 alternately.

0%, the proportion of the number of agents decreased at the beginning of 7.

5%; but from the perspective of value performance, 2019Q1NBV increased by 6.

1%, new business value rate increased by 5.

9 points to 36.

8%, mainly benefited from the continuous improvement of the policy structure; in the 杭州桑拿网 long run, the agent production capacity and the increase rate of new orders continued to narrow gradually, and the value growth rate may further increase.

The comprehensive cost ratio of property insurance in Q1 2019 is 97.

0%, increase by 1 every year.

1pct, the expected compensation and management fees may increase; the actual yield of property insurance business23.

0% (compared with 41 last year).

9%), the non-tax forefront payment commissions and handling fees have been reduced, and the actual profitability has improved significantly. However, we still need to pay attention to the price war trend under the change of commercial vehicle fares.

Investment income promotes high profit growth, and long-term equity investment income is stable.

2019Q1 annualized net investment yield 3.

9%, annualized total 都市夜网 investment yield 5.


Net investment income of the company increased by 6.

6%, profit or loss from changes in fair value was 341.

70 million US dollars, mainly used for the significant increase in transactional financial assets under the new accounting standards, resulting in a better capital market and greater impact on investment income.

Long-term equity investment income increased by 21.

5%, steady growth rate, pay attention to the sustainability of long-term equity investment income growth.

The best performance of investment income has driven high annual growth in net profit.


The bank’s operation is stable and better, and its technology strategy continues to deepen.

In Q1 2019, Ping An Bank’s net profit was 74.

460,000 yuan, an increase of 12 in ten years.

9%, continued to deepen the retail transformation, and stabilized and improved operations.

The company adheres to the “finance + technology” strategy, establishes five major ecosystems, empowers traditional financial business internally, exports scientific and technological achievements externally, and creates new profitable growth: the company’s number of technology patent applications has grown well; Lu Jinsuo, a good doctor, oneScience and technology subsidiaries such as Diantong, Medical Insurance Technology, Auto House, and Smart City have developed rapidly, and the overall technology business has shown potential for transformation and development.

Investment suggestion: The insurance business will grow steadily, the technology business will flourish, and we will continue to be optimistic about the company’s growth.

The quality and quality of NBV in the life insurance business have been steadily improved, and the growth of new orders has continued to pick up. The growth is better; the profitability of the property insurance business has improved, and cost control still has advantages; the asset-side investment income performs better, and long-term investment provides stable support; the banking business is stableChina is good, and the technology sector is booming.

The current 19/20 PEV is 1 respectively.

26/1.05, better allocation value, maintain Buy rating.

Risk Warning: 1.

The strategy has undergone major adjustments and the prospects are out of control; 2.

Changes in the financial environment script shake the company’s foundation.