[Can pregnant women eat mutton in winter]_mutton_pregnancy_can you eat

[Can pregnant women eat mutton in winter]_mutton_pregnancy_can you eat

Pregnant women should eat more nutritious food in their diet during pregnancy, while the size of the lamb is tender and supplemented with a variety of nutritional elements, which can supplement body nutrition. The consumption of lamb in winter can supplement the body’s vitality. During pregnancy, you can properly eat some lamb to supplement the nutrition.You should choose healthy and fresh lamb.

Is it suitable for pregnant women to eat lamb? Lamb is one of the main meats for some people, and it is also a tonic in winter.

The mutton is tender, delicious and rich in nutrients.

Because mutton contains substances that are beneficial to the growth and development of pregnant women and the fetus, there are no factors that cause epilepsy or other diseases. As long as it is consumed according to normal habits, it is not harmful to the pregnant woman and the fetus, and it will not cause disease to the fetus.

What are the benefits of pregnant women eating mutton? The nutritional value of mutton is high. The mutton is more tender than pork and has less residue than the aunt of pork and beef.

Compared with pork, mutton contains too much protein and higher trace content.

Vitamin B1, B2, B6 and iron, zinc, selenium are quite rich.

In addition, mutton is delicate and easy to digest and absorb. Eating more mutton helps improve the body’s immunity.

Mutton is more highly denatured than beef, and has always been regarded as one of the important foods for cold and tonic in autumn and winter.

When is it best for pregnant women to eat mutton in the winter? Pregnant women often eat mutton to nourish qi and tonicity, promote blood circulation, and enhance cold resistance.

Lamb can also increase digestive enzymes, protect the stomach wall, and help digestion.

Traditional Chinese medicine believes that mutton has the effects of nourishing blood, replenishing spleen, warming the spleen, replenishing kidneys and yang, and nourishing the liver.

Not only can protect against cold, but also make up for the body. For general cold and cold cough, chronic bronchitis, debilitating stress, abdominal cold pain, physical weakness and cold, weak waist and knees, thin yellow muscles, qi and blood loss, physical deficiency after illness or postpartumThe expected treatment and tonic effect of all the deficiencies is most suitable for winter consumption, so it is called a winter supplement and is welcomed by people.

[How to kill sturgeon]_How to deal with_Method

Sorry, it ‘s a bit of a joke, and it ‘s a bit of a joke. It ‘s very sturdy. It ‘s very difficult to find out how to do it. It ‘s not so good.Inspiring and inspiring, the chain of chains is inspiring and inspiring, and inspires you to learn how to do it, and how to do it, what to do and how to do it.杩涜钂哥叜鐨勬椂鍊欐槸鏈変竴瀹氱殑澶勭悊鏂规硶鐨勶紝浣嗘槸杩樻槸鏈夊緢澶氫汉涓嶇煡閬撳簲璇ユ€庝箞澶勭悊鑿滈矡锛岄偅涔堣彍椴熻繖绉嶄笢瑗垮簲璇ユ€庝箞鏉€鍛紵璁╅矞娲昏彍椴熷啲鐪犳槸璁╄瀮锜硅緝闀挎椂闂村瓨娲荤殑鏈€浣充繚椴滃姙娉曘€傚叾浣撴搷浣滃涓嬶細1銆佹妸鑿滈矡鏀惧湪妗堕噷锛岄鍏堝皢閭d簺鎬ヤ簬鐖嚭妗跺鐨勮彍椴熼€愪釜鎷垮嚭鏉ワ紝鐢ㄥ儚鐨瓔鎴栫怀瀛愬皢鍏舵墡绱с€?The number of people who play is not good, and it’s hard to do it. It’s a good thing. It’s a real thing: it’s a real thing, it’s a real thing, it’s a real thing, it’s a real thing.瘺宸炬穻鎴愰€忔樉閾轰簬涓嬮潰锛屽啀鎶婃墡濂界殑锜瑰瓙鏀惧湪鏄惧肪涓婇潰锛岀疆鍐扮鍐呭嵆鍙€傛敞锛氱敤杩欑鏂规硶淇濆瓨娲婚矞瀛樻椿鏃堕棿鏈€闀匡紝濡傛灉澶勭悊寰楀ソ鏍规嵁鎴戠殑缁忛獙涓€浜屼釜鏈堥兘娌″澶х殑闂锛屼絾椤讳笁浜屽ぉ鏌ョ湅涓€涓嬫槸涓嶆槸鍦ㄥ悙娉★紝鍚屾椂杩橀€傚綋鐨勬磼涓€浜涙按锛屾敞鎰忔按涓嶈兘鏀惧銆傜敱浜庤煿瀛愪笉鑳藉姩寮癸紝寰堝皯娑堣€椾綋鍐呰惀鍏伙紝璐ㄩ噺濂藉彇I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry夐敮榻跨姸缂启发埢负埢凿滈矡鍜岀孩椴熶袱绉嶏紝鑿滈矡鍗虫槸鏅€氱殑椴燂紝绾㈤矡鏄绻佹畺瀛h妭鐨勯泴椴燂紝涔熷彨绾㈣啅椴燂紝钀ュ吇浠峰€兼瀬楂橈紝瀵瑰皬瀛╁灏裤€佽€佷汉鑲捐“灏块銆佺缁忚“寮便€佽韩浣撹櫄寮便€佽传琛€銆佸皬瀛╀綕鍋荤棁銆佺梾鍚庝骇鍚庡潎鏈夌泭澶勩€傜孩鐑ц彍椴熴€愬師鏂欍€戣彍椴熶竴涓紝鐩愩€佸懗绮俱€佺櫧绯栵紝閰辨补銆侀粍閰掗€傞噺锛屽ぇ钂溿€佸銆侀鐢ㄦ补灏戦噺銆傘€愬仛娉曘€?.灏嗚彍椴熺殑鐩栧瓙鎵撳紑锛屽幓鎺夊畠鐨勮儍锛屽鐢ㄣ€?.What are you talking about? What are you talking about? What are you talking about? What are you talking about? What are you talking about? What are you talking about?.鏀惧叆鑿滈矡锛岃鎶婃毚闇查潰璐撮攨搴曪紝鐓庝竴浼氬効锛屾斁鐩愩€佺櫧绯栭€傞噺锛屽姞榛勯厭銆侀叡娌归€傞噺锛屽姞姘?00ml: What’s going on?闒 嗛 抓 銆?.濂戒簡锛屾暣涓帹鎴块鐫€鑿滈矡鐨勯鍛筹紝鎻紑閿呯洊锛岃捣閿呭暒锛屾磼涓婅懕娈碉紝鑹层€侀銆You are the only one who wants to know how to make a link, and how to make it simple and easy to edit, and how to edit it, how to do it, how to do it, how to do it?

[Can pregnant women eat vc tablets]_Pregnancy_Effect

[Can pregnant women eat vc tablets]_Pregnancy_Effect

Due to the existence of a baby inside the body of a female during pregnancy, more energy and nutrition are needed to supplement her body, so the vitamins and other trace elements contained in some women’s bodies are no longer sufficient. At this time, pregnant women canChoose to take some vitamin supplements, but pregnant women must take them at the doctor’s advice.

Now let ‘s find out if pregnant women can take vitamin C tablets?

1. Pregnant women need to add certain vitamins. Pregnant women’s vitamin supplementation is very important. Not only is it good for fetal development, it can also improve pregnant women’s immunity, body quality, and eat more fruits of vitamins A, B, and C in diet, which can reduce vitamins.Darkness, pigmentation, make pregnant women look young and beautiful, eat more vitamin-absorbing vegetables, such as folic acid, Matterner, Fushifu, are good vitamin products, you can also take vitamin oral solution, eat more calcium contentHigh vitamins, vitamin a, vitamin d, and vitamin c supplements during pregnancy are essential. You can also eat protein powder containing protein in moderation to increase bone development.

2. When do pregnant women take the best vitamin tablets? Pregnant women usually eat some products that are rich in vitamins and calcium. They are common health products for pregnant women. They are good for pregnant women and expectant mothers. There are many vitamin tablets.This type can be supplemented with different vitamins according to the time of pregnancy. You can take calcium tablets and folic acid in the first 3 months of pregnancy, and take calcium tablets and vitamins twice or once a day. It is recommended to start eating after 4 months of pregnancy.If you plan to breastfeed, you should continue to add calcium tablets, so that the baby can enjoy the natural calcium nutrition in the womb, which will help the baby’s future growth and development.

3. Can pregnant women eat vitamins? During pregnancy, pregnant women are completely inadequate in terms of nutritional value through diet. They also need to add some vitamin-rich calcium tablets, vitamin C tablets, etc. Vitamin supplements can help bone development and improve personalPhysical fitness, reduce the problem of low immunity, easy to catch colds and sickness, you can drink some milk appropriately, eat more calcium tablets rich in vitamin ABC, you can take calcium erqi, diqiao, or cheese tablets after 4 months of pregnancy, The vitamins in vegetables are also very rich. After pregnancy, the diet should be light to eat meat fish with rich vitamins and some complications.

4. Multivitamins for pregnant women Pregnant women need to add nutritional value during pregnancy, but not every pregnant mummy needs to be supplemented with multiple vitamins. You need to choose the vitamins you need to add according to your physical characteristics, such as yellowingYou can add vitamin d, vitamin a, start to eat diqiao after 3 months of pregnancy, and you can add some folic acid before 3 months. Folic acid can meet the physical needs of pregnant women in the first 3 months, and it can also prevent hypertension from developing neural tube defectsOccurrence, the physical health of children and mothers has greatly improved.

5. Can vitamin c be eaten by pregnant women? According to research, vitamin c has a high effect on the body, so it is very important for pregnant women to eat vitamin c during pregnancy, but pay attention to control the amount, do not supplement, pregnant women in the middle and late pregnancy vitaminsThe intake of c is generally 130mg / d. You can also eat more fruits supplemented with vitamin c, such as small tomatoes, cucumbers, and vitamin c supplementation can also prevent calcium deficiency.Before and after pregnancy, you should pay attention to intake of rich vitamin c. If vitamin c is not sufficient, premature rupture of amniotic membrane is prone to occur, so this is something that expectant mothers need to pay attention to.

[Can I eat curry for cough-]_ Respiratory infections_Can I eat

[Can I eat curry for cough?

]_Respiratory infections_Can you eat

In real life, curry is a relatively common seasoning. Curry contains a variety of seasonings, including paprika, ginger and onion, and a variety of spicy ingredients. Cough is a relatively common physical disease. You should eat during coughYou need to be very careful not to eat spicy foods, try not to eat curry, you can eat some other foods that lower fire and lungs to relieve cough.

Can I eat curry for cough?

Cough can not be eaten: 1, pepper, ginger, garlic, onion, leek, fennel, mustard and some strong condiments such as curry powder, pepper, mustard, pepper, star anise and so on.

2. Exciting and stimulating drinks such as alcohol, coffee, and strong tea. Alcohol is included in alcohol, and caffeine is included in coffee and tea.

There is a common excitatory effect, which can affect the normal physiological function of the respiratory tract.

You can do cough in Sydney, you can do it at home. If the landlord suspects trouble, you can also try to drink Qinqin tea, which is always convenient, very convenient.Mouth, hollow out the pear core, put in an appropriate amount of honey, and cover the triangle.

Open up into a bowl and steam it in a pot for a quarter of an hour.

2. Steamed peppercorn pear cough Dingchuan raw pear, poke several small holes, put 1 peppercorn in each hole, simmer in water, remove the peppercorns after cooling down, eat pear juice, relieve cough, reduce phlegmDingchuan.

3. Pear mushroom stewed in pear juice can cure lungs and cool the heart, eliminate phlegm and reduce fire. The interferon produced by the double-stranded nucleic acid in the mushroom can destroy the virus in the body.

Use “pear sauce stewed winter mushrooms” food therapy to supplement the dry cough in autumn and winter, and eliminate infections, usually take two or three days to see results.

What can I eat if I have a cough?

First of all, we know that cough is caused by some infectious factors, cardiogenic factors, and physical factors.

Depending on the cause of the cough, the treatment is different.

Like infections, we often use some infectious drugs.

If it is because of cardiogenicity, it is mainly neurological treatment. In the clinical treatment of cough, we must consider what we can eat. First, we consider that certain things are avoided, such as high sugar, highSalt can cause a worsening cough.

It is clinically based on light diets, like some vegetables, fruits, easy to digest, and porridge and soup. Avoid those irritating foods.

[Cabbage Vermicelli Practice]_Cabbage Vermicelli_How to_How to do

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Rising Technology (603601): Trade War Affects Revenue and Quality of Operations to Further Improve

Rising Technology (603601): Trade War Affects Revenue and Quality of Operations to Further Improve

This report reads: The company released the third quarter report of 2019, the operating quality has further improved, and the rating of “overweight” is maintained.

Investment Highlights: Maintain “Overweight” rating.

The company achieved revenue in the first three quarters of 8.

6.4 billion, an annual increase of 3.

38%; net profit attributable to mother 1.

34 ppm, an increase of 10 in ten years.

93%, earnings per share are 0.

19 yuan, in line with expectations.

Taking into account the impact of the trade war, we lower the EPS for 2019-2021 to 0.

29, 0.

37, 0.

46 (-0.

02, -0.

06, -0.

10) Yuan and maintain target price of 10.

89 yuan.

Youyuan was affected by the trade war and did not change its long-term growth.

The company’s Q3 revenue growth rate was -12.

41%, mainly affected by the growth rate of Youyuan: 1) Youyuan is mainly a panel, semiconductor factories supply air purification equipment, many downstream new construction plans have been stranded due to the trade war, affecting revenue; 2) 2018Q2Q3 Youyuan completed 80% of total revenue, the base isHigh, downward pressure on 19Q3 revenue increased.

But in the long run, we believe that the rapid development of high-tech industries such as electronics is still the growth point of the clean air market: under the controllable tide, the domestic semiconductor industry is expected to catch up.Worth looking forward to.

Increase in production capacity and technological transformation to improve profitability.

The company’s overall gross profit margin for the first three quarters of 2019 was 34.

89%, an increase of 2 every year.

92 units; of which Q3 gross margin is 38.

46%, a significant increase of 6 per year.

With an average of 92, we judge that the increase in gross profit margin is mainly due to the increase in production capacity and the cost reduction brought about by technological transformation of production lines.

The quality of operations continued to improve.

The operating net cash flow of the company in Q3 2019 was 1.

98 ppm, a sharp increase 10 years ago1.

7.8 billion, and significantly exceeded the net profit of 1.

3.4 billion.

In terms of accounts receivable, the total amount of accounts receivable in Q3 20194.

6.3 billion, down 0 杭州桑拿 from the previous month.

1.6 billion.

Asset interest rate fell by 5.

51 up to 37.


Risk reminder: the extension of the industrial chain is not as expected, and the risk of exchange rate fluctuations

China Communications Construction (601800) first quarterly report in 2019: Q1 revenue and performance rebounded new progress noticeably accelerated

China Communications Construction (601800) first quarterly report in 2019: Q1 revenue and performance rebounded new progress noticeably accelerated

Q1 revenue and performance accelerated.

The company achieved revenue of 1022 in 2019Q1.

500 million, an increase of 10% in ten years; net profit attributable to mothers 39.

300 million, an increase of 14% in ten years.

Non-recurring gains and losses 2.

200 million, 1 more than the previous year.

500 million US dollars, mainly due to the increase in land acquisition and disposal income, the net profit after deduction to the mother 37.

1 ‰, 10% growth in ten years, matching the growth rate of income.

The company’s 2018Q1-2019Q1 achieved revenue growth rates of 13% / 7% / 3% /-8% / 10%, respectively, and achieved net profit growth of 9% / 8% 12% -23% 14%.

Compared with the fourth quarter of last year, the company’s revenue in the first quarter of this year has obviously rebounded, and it is expected that the investment in infrastructure will continue to recover.

The company plans to increase revenue by no less than 10% in 2019, and it is expected to gradually maintain steady growth in the future.

The overall performance of financial indicators is stable, and cash flow can increase.

2019Q1 company gross profit margin 12.

46%, -0.

13 pct, period cost rate is 8.

26%, a year-on-year increase of +0.

12 pcts, the overall remains stable, including sales / management (plus R & D) / financial expense ratio YoY + 0.

01 / + 0.

59 / -0.

47 pct, the decrease in financial expense rate is expected to be mainly due to the decrease in exchange losses in the current period.

Asset impairment losses (including credit losses) were basically the same as last year.

Fair value gain increased by 1.

64 ppm, mainly due to changes in the fair value of derivative financial instruments.

Anion rate 18.

6%, a decrease of 3 from the previous year.

6 pct.

Attributable net interest rate 3.

84%, a year-on-year increase of +0.

16 pct.

Net cash exchange from operating activities 382.

90,000 yuan, an increase of 224 over the same 杭州夜网论坛 period last year.

0 million yuan, mainly due to the receivable turnover limit, the cash-to-cash ratio decreased, while the business scale expanded, the cash-to-cash ratio increased.

In the first quarter, the cash-to-cash ratio and cash-to-cash ratio were 117% and 171%, respectively, YoY-11 / + 9 percentage points.

Q1 orders significantly accelerated, and orders in hand were abundant.

In 2019Q1, the company’s new vertical order was 2033 million US dollars, an increase of 13% year-on-year, an increase of 12 pct compared with the growth in 2018, and the acceleration was obvious.

The orders for infrastructure construction / infrastructure design / dredging business were 1727/58/223 billion, a year-on-year increase of 12% /-54% / 97%.

Among them, the value of newly signed PPP investment project contracts was 16.6 billion, 北京夜网 accounting for 8% of the company’s total orders, and a continuous decline of 43%.

As of the end of 2018, the company has orders in hand1.69 trillion yuan, which is 3% of the company’s annual revenue.

4 times extra extra.

In 2019, the company plans to increase the growth rate of new remote orders by no less than 8%, of which 150 billion in orders for PPP investment projects.

Investment suggestion: We expect the company to achieve net profit attributable to its mothers of 221/242 / 26.6 billion from 2019 to 2021, an increase of 12% / 10% / 10%, and an EPS of 1.



64 yuan, the current sustainable corresponding PE for the next three years is 9 respectively.



6x, maintain “Buy” rating.

Risk reminders: risks of fluctuations in the macroeconomic cycle, risks of project implementation progress not meeting expectations, risks of overseas operations, risks of exchange rate fluctuations, etc.

Huadian International (600027) 2019 First Quarterly Report Review: Costs Improve Less Than Expected Expected Coal Price Elastic Release

Huadian International (600027) 2019 First Quarterly Report Review: Costs Improve Less Than Expected Expected Coal Price Elastic Release

The net profit growth after deduction is approximately 10%, and the performance is slightly lower than the market expected operating income of 233.

80 四川耍耍网 billion, +4.

04%; net profit attributable to mother is 7.

7.4 billion, +12.

60%; net profit after deduction is 7.

22 billion, +9.

78%, less than market expectations.

Cash flow from operating activities was 62.

58 billion, +16.


Demand for electricity is good, electricity is sold, and on-grid prices exceed positive growth in 2019Q1, generating 519 electricity.

9.2 billion kWh, +8.

11%; online power 484.

7.9 billion kWh, +8.


The annual growth of power generation and grid-connected power is mainly the power contribution of newly commissioned units, as well as the strong demand for electricity in the service area and the increase in the number of hours of use of generating units.

In the first quarter of 2019, market-based trading power was approximately 21.1 billion kWh, with a trading power ratio of 43.

61%, compared with 30 in the same period last year.

52% up 13.

09 pct.

However, the market electricity discount rate has increased and narrowed, and the average on-grid price in 2019Q1 was 415.

79 yuan / MWh, an increase of 2 per year.

The gross profit margin improvement of 62 yuan / MWh was less than expected, and the expense rate was stable and decreased. The company’s gross profit margin in 2019Q1 was 13.

35%, increase by 1 every year.

35 pct, a margin lower than comparable company Huaneng International (up 4).


The expense ratio is well controlled at 7.

10%, compared with last year’s average of 0.

27 pct, mainly due to financial expenses of 13.

0.8 billion, +0.

54%, financial expense rate interest rate is 0.


The investment income is 1.

28 billion, -36.

32%, the first is the impact of reducing the share of coal mines.

The profit and loss of minority shareholders in the first quarter was 3.

28 billion, +204.

05%, the first is the impact of structural differences between the unit-to-unit ratio and profit over imbalances.Asset and liability financing 69.

84% were 70 at the end of 2018.

40% continued to drop 0.


Investment suggestion: Good demand for electricity and weak coal prices, optimistic about the profitability of thermal power and continued repair. From the perspective of this year’s demand for electricity, the growth rate of electricity consumption in one month is 3.

0%, 7 in February.

2%, continued to rise to 7 in March.

5%, continued to maintain an upward trend, better than market expectations; January-March power consumption growth rate was 5.

5% was in line with expectations.

It is expected that the reduction in the expected growth rate (16% to 13%) is beneficial to the increase in electricity sales revenue and is expected to hedge the continued concession of electricity in the market; coal prices are facing a decline in the growth rate of real economic demand, and the overall overall center may run downwards.Favorable thermal power continued to rebound.

It is expected that net profit attributable to mothers will be 28-20 in 2019-2021.



400 million; diluted EPS is 0.



42 yuan, corresponding to PE14.




Risk reminder: Electricity demand has fallen more than expected, and coal prices have risen more than expected.

Ruimaotong (600180) quarterly report comments: The supply chain business structure continues to be optimized, focusing on the progress of cooperation with coal state-owned enterprises

Ruimaotong (600180) quarterly report comments: The supply chain business structure continues to be optimized, focusing on the progress of cooperation with coal state-owned enterprises

Affected by the supply chain financial business interest rate and other pressures on 2018 performance, 19Q1 significantly improved the company’s net profit attributable to mothers in 20184.

75 ppm, down 33 years ago.

5% (7 in 2017.

1.5 billion), equivalent to annual income of 0.

47 yuan, the maximum performance limit is mainly due to the tightening financing environment, the company ‘s supply chain financial business gross profit has continued to decline by about 300 million US dollars, at the same time for overdue accounts receivable, other receivables, small loans and other accrued assets impairmentLosses increase by about 1 per year.

10,000 yuan.

By comprehensively considering the spot and futures, the company’s supply chain management business (coal + non-coal bulk) business performance has further improved, of which the gross profit of spot operations increased by about 100 million US dollars, and futures investment (investment income + fair value gains and losses) increased by about 1.

300 million.

The company achieved net profit attributable to its mother in 19Q12.

38 ‰, a decrease of 8 per year.


Affected by the adjustment of business structure and the expected scale of non-coal business, the company’s operating profit in 19Q1 continued to decline1.

6 trillion, the period cost increases by 0 every year.

6 trillion USD, investment income + fair value gains and losses increase by 1 every year.


In addition, the chain is 18Q4 (0.

US $ 9.8 billion, the company’s 19Q1 performance has improved significantly.

The business structure of the commodity supply chain continued to be 武汉夜网论坛 optimized, and the scale of the supply chain financial business began to decline. The company’s main business was coal-based supply chain management and supply chain financial business. In 18 years, coal supply chain management, non-coal bulk, and supply chain financial services were realized.Revenue 292.

3, 80.

6 and 8.

0 billion (76%).

7%, 21.

2%, 2.

1%), and 17 years respectively achieved income of 248.

5, 115.

3 and 11.

200 million (66%).

3%, 30.

8% and 3.


According to the company’s annual report, the company proactively prepared the scale of non-coal bulk commodities such as petrochemicals, iron ore, and concentrated core resources to ensure stronger profitability and better business stability of coal, coking coal and coke.

(1) Coal supply chain management: 18 years to achieve gross 都市夜网 profit19.

700 million, an increase of 41 previously.

3%, gross profit margin 6.

8%, an increase of one year.


The company gradually shipped 6,000 coals for 18 years, surpassing value-added8.

5%.Among them, the proportion of self-operated business and platform business shipments in 18 years was 66.

9% and 33.

1%, the self-operated business achieved 4012 shipments.

2 for the first time, higher than the value added 7.

5%, and the platform business was gradually shipped in 1987.

7 initially, once downgraded to 7.

7%, mainly due to more efficient use of funds in self-operated businesses.

(2) Non-coal bulk: 18 years to achieve gross profit2.

400 million, downgraded by 22 every year.

2%, gross profit is only about 3.


Accumulated shipments of 194 petrochemical products in 18 years.

8 Initially, at least 35 downgrades.


Affected by the adjustment of business structure, the non-coal business scale of the company in 19Q1 is still shrinking.

(3) Supply chain finance: gross profit realized in 18 years7.

8 trillion, down 3 trillion or 27 a year.


As of the end of 2018, the balance of factoring receivables of the company was approximately 68.

9 ‰, a decrease of 19 per year.

2%, the balance of receivables receivable in 19Q1 further increased by about 66.


Actively participate in the state-owned enterprise mixed reform and cooperative operation, and gradually increase the development space of the supply chain business. According to the company’s announcement, since the beginning, the company has reached an intent agreement with Shaanxi Coal Industry Co., Ltd. and Jinmei Coal Group on the joint venture and cooperation in equity.

In addition, according to the company’s annual report, the company also cooperated with Pingmei Shenma Group to focus on coking coal and coke business.

The company actively participates in the state-owned enterprise mixed reform and cooperative operation, and is expected to obtain the support of existing enterprises in terms of funds, resources, and core logistics flow charts of the industrial chain, further opening up the supply chain business development space.

Profit forecast and investment rating company is the leader in the supply chain industry. The long-term company’s coal supply chain management business has steadily improved. We are optimistic about the company’s cooperation with coal state-owned enterprises to further expand the growth space.

In addition, through the improvement of the financing environment, the profitability of the company’s supply chain finance business is also expected to improve.

The company’s EPS for 2019-2021 is expected to be 0.

66, 0.

81, 0.

98 yuan / share, corresponding to 19 years of PE is 13.

8 times.

We believe that the company’s competitive advantage is obvious, giving the company 18 times PE in 2019, corresponding to a reasonable value11.

88 yuan / share, give “Buy” rating.

Risk warning: The development of the supply chain ecological platform is less than expected; the risk of bad debts in the supply chain finance; the progress of the company’s cooperation with coal companies is lower than expected.

Guan Tao: What does the decline in the dollar reserve asset share mean?

Guan Tao: What does the decline in the dollar reserve asset share mean?
Guan Tao: The decline in the share of the US dollar’s reserve assets means that “the US dollar is our currency, but your problem” has caused long suffering for all parties.In particular, will current US policies, including the law of the jungle, be a catalyst for economies to seek excessive reliance on the dollar?A few days ago, the International Monetary Fund (IMF) released global foreign exchange reserve data, showing that the share of US dollar reserve assets was at its lowest level since the end of 2016 (before the administration of the current US government).This seems to reveal the benefits of a further decoupling of the global economy from the dollar.  However, it is still too early to translate from the analysis of “changes in US dollar reserve assets, the trend of the US dollar index, and changes in the holding of US Treasury bonds by foreign investors” into a trend of accelerated globalization of dollarization.  Decrease and increase of US dollar reserve assets According to the latest data from the International Monetary Fund, as of the end of March 2019, the share of US dollar reserve assets in foreign currency reserve assets (accounting for 94% of global foreign exchange reserve assets) consisting of globally disclosed currencies was 61.8%, a decrease of 3 from the end of 2016.53 averages (divided into 1).Although this is a slight rebound from the share at the end of 2018, it is far below the level of about 70% (about 2) at the end of the last century and the beginning of this century.Figure 1: Composition of foreign exchange reserve assets (shares) (units:%) in the form of globally disclosed currencies Figure 2: Share of US dollars (units:%) in foreign exchange reserve assets in the form of global disclosure of currenciesIt has declined, but whether in absolute or relative terms, the dollar reserve assets have still increased.As of the end of March this year, the size of foreign exchange reserve assets made up of globally disclosed currencies reached 10.$ 90 trillion, an increase of 2 from the end of 2016.48 trillion US dollars, an increase of 29%.Among them, the balance of US dollar assets reached 6.USD 74 trillion, an increase of 1 from the end of 2016.24 trillion US dollars, an increase of 22%, slightly exceeding the average increase of 29%, but much higher than the 8% increase in global foreign exchange reserve assets (including foreign currency reserves composed of undisclosed currencies) over the same period.The increase in US dollar assets accounts for nearly half of the increase in global foreign exchange reserve assets made up of consecutively disclosed currencies (referred to as 3 and Figure 4).  It is only because of the base number that, apart from the Swiss franc assets, other non-US dollar assets are growing at a relatively rapid rate, which has led to a decrease in the share of US dollar reserve assets.For example, during the same period, the holdings of RMB, Japanese yen, Canadian dollar and British pound reserve assets increased by 136%, 71%, 37% and 36%, respectively, far higher than the growth rate of US dollar reserve assets.Euro assets, the second largest reserve currency, also increased by 28%, which was nearly 6 alignments (called 4) higher than the growth of US dollar assets.Figure 3: Composition of foreign exchange reserve assets consisting of globally disclosed currencies (Unit: USD 100 million) Figure 4: Changes in foreign exchange reserve assets consisting of globally disclosed currencies at the end of 2016 to March 2019 (Unit: USD 100 million;%) due to growthThe difference in speed has reduced the share of US dollar reserve assets by 3.53 foreign exchange, while the share of yen, euro and renminbi reserve assets rose by 1.28, 1.10 and 0.88 single (expected 1), become the top three beneficiaries of the decline in the share of US dollar reserve assets.However, the current share of dollar reserve assets still exceeds the low of 60 as of the end of June 2011.5% (about 2).  The supplementary increase of the RMB in the global foreign exchange reserve asset allocation is obvious.As of the end of March 2019, RMB reserve assets reached US $ 212.9 billion, an increase of US $ 122.6 billion from the end of 2016, more than double (occurrence 3); the share of RMB reserve assets reached 2.0%, becoming the fifth largest international reserve currency, ranking up by two places when the RMB reserve assets were first disclosed before the end of 2016.  Of course, this is different from the third place, the four yen and the pound, and the pound, and the top two dollars and the euro (20.2%) is incomparable (called 1).Therefore, despite the preliminary ratio and the degree of RMB internationalization, the horizontal ratio and the process of RMB internationalization still have a long way to go.In the foreseeable future, the internationalization of the renminbi should be mainly a catch-up of the third and fourth reserve currencies, rather than a benchmark against the first and second reserve currencies.  Weak US dollar index The weakening US dollar index in the international 苏州桑拿网 market is also an important reason for the decline in the share of US dollar reserve assets.Changes in the currency composition of foreign exchange reserve assets generally consist of changes caused by transactions (ie changes in holdings) and changes caused by non-transactions (including changes caused by exchange rate and asset changes).  For more than two years from the end of 2016 to the end of March 2019, the U.S. dollar index has risen and fallen, gradually falling 5.0% (about 2).Of the 7 non-US dollar reserve currencies disclosed by the International Monetary Fund, in addition to the U.S. dollar against the U.S. dollar, the exchange rate of the other six currencies against the U.S. dollar and the U.S. dollar has appreciated at different levels at the same time, which means that the book value of the reserve asset of 杭州桑拿 the currency is converted to the U.S. dollarincrease.  Among them, the exchange rate factor contributed 20 to the growth of the reserve assets of the euro, the Swiss franc, the pound sterling, and the yen.5%, 18.1%, 17.4% and 10.0% (In the growth of RMB reserve assets, this contribution contributes 3.5%) (estimated 5).That is to say, in the growth of reserve assets (excluding Swiss francs) of the second to fourth ranked currencies in the world, the contribution rate of the exchange rate factor is above 10%.Seven non-US dollar reserve assets have increased.Of the 42 averages (the remaining 0.The 11 mergers are an increase in the reserve asset share of other currencies), and the exchange rate factor contributed a total of 0.42 averages, accounting for 12%.However, this does not mean that foreign countries have long taken the initiative to reduce their holdings of US dollar reserve assets, but only that non-US dollars have changed their estimates to US dollars.It does not rule out that if the dollar index rebounds, this part is expected to fall back again.In the first quarter of 2019, the US dollar index rose by 1.2%, it is considered that the share of global dollar reserve assets rose by 0.1 proprietary is positive contribution (chip 2 and figure 1).  From the changes in the holdings of US Treasury bonds and the changes in the holdings of US Treasury bonds by foreign investors, it is also difficult to produce signs of a substantial reduction in holdings of US Treasury bonds.  According to the so-called “three-sex” principle of safe, liquid, and profitable foreign exchange reserve management, low-risk, low-yield, and high-liquidity U.S. Treasury bonds (including medium and long-term Treasury bonds and short-term Treasury bills, hereinafter referred to as U.S. Treasury bonds) are the U.S. dollarsImportant allocation of reserve assets.Therefore, observing the holding of US debt by foreign investors is an important indicator of the changes in the share of US dollar reserve assets.According to US Treasury statistics, as of the end of March this year, foreign investors held a total of 6 US debt.47 trillion US dollars, an increase of 467.1 billion US dollars compared with the end of 2016.This shows that foreign investors are enthusiastic about investing in US debt.  It is important to point out that the increase in the balance of US debt held by foreign investors is not the same as the increase in foreign debt held by foreign increments.In fact, according to the US Treasury ‘s monthly International Capital Flow Report (TIC) data, at the same time, official foreign investors have gradually sold US $ 366.5 billion in US debt, and foreign private investors have made a net purchase of US $ 478.5 billion, and foreign investors have collectively made net purchases.$ 112 billion.  It can be seen that in the past two years, the highest foreign total has been reducing the holding of US debt. However, as a core asset, the US debt is also a safe-haven asset. Foreign private investors still bring favor.The foreign official sector has reduced its holdings, but the foreign private sector has increased its holdings, and the increase is greater than the reduction, and dedollarization does not seem to have become a major trend.The difference between the total net purchase of US $ 112 billion by foreign investors and the increase of US $ 467.1 billion in US debt held by foreign investors during the same period is a positive valuation gain of US investors holding US debt, which is approximately equivalent to holding US dollars during the same period.Debt average balance of 5.7%.It is expected that the average term of long-term U.S. Treasury investment will be extended, and in this round of Fed rate hike cycle, the structure of U.S. Treasury yields is that the short-end interest rate rises faster than the long-end interest rate, and even the long- and short-end interest rates are inverted.The positive return of the market value revaluation of the debt is reasonable at the same time.In this sense, even if the initiative to reduce the holding of U.S. Treasuries is reduced, the decline in its holdings of U.S. Treasuries will be replaced to some extent by estimated positive returns.There are similar estimated effects of changes in reserve assets of other currencies (included in the impact of “other factors” in Figure 5).  In addition, unless the US debt holdings are reduced in advance, it does not mean a supplementary reduction of US dollar reserve assets.According to U.S. Treasury statistics, from the end of 2016 to the end of March 2019, foreign official investors gradually bought US government agency bonds worth US $ 157.3 billion, and gradually sold US corporate bonds and stocks to US $ 7.5 billion and US $ 6.6 billion, respectively.Purchased US $ 143.2 billion in non-treasury securities.  (Author Guan Tao is a Ph.D. in Economics at Wuhan University, and Dong Fuyi is the Chair Professor)