Interactive platform reveals orders from countries receiving epidemic situation, Polarite is suspected of hype and cooperates with reducing shareholding

Interactive platform reveals orders from countries receiving epidemic situation, Polarite is suspected of hype and cooperates with reducing shareholding
On March 13, the Shenzhen Stock Exchange issued a letter of concern to Polarite.The incident started on March 11th. On the interactive exchange platform of Shenzhen Stock Exchange, Bollett said that the company has received orders from countries with epidemic conditions, among which Italy has more than 1,000 high-end monitors in one order.Recently, Polarite expects a rise.Therefore, the Shenzhen Stock Exchange requires Baolite to supplement the specific content and amount of the above orders, the corresponding product performance and use, output, capacity utilization, supporting patented technology and personnel reserves, sales volume and sales amount in the past three years and overseas, market competition appearance, And combined with the orders received by the existing company, the amount of sales revenue and the proportion of realized sales, explain the impact of the above products on the company’s financial status and operating results.In addition, Yan Jinyuan, the actual controller of Bao Laite, and Director Yan Chuanping disclosed the reduction plan on March 9, 2020, of which Yan Jinyuan intends to conduct a centralized bidding within 6 months after 15 trading days from the date of the announcementOr block trading to reduce its holdings of the total number of shares of Bollett no more than 5,835,520 shares, accounting for 4% of Bollett ‘s total share capital;The centralized bidding method reduces the total number of Baolite shares held by them to no more than 533,145 shares, accounting for 0 of Baolite’s total share capital.3649%.Therefore, the Shenzhen Stock Exchange asked Polarite to explain whether there is any active response to market hotspots, hype companies, and related shareholder reductions.Editor Xu Chao proofreading Wei Zhuo

Actor John Boyega admits that the Star Wars 9 script preset is his fault

Actor John Boyega admits that the “Star Wars 9” script preset is his fault
Sauna Night News (Reporter Zhou Huixiaowan) According to foreign media reports, John Boyega admitted in “Good Morning America” that the script of “Star Wars: The Rise of Skywalker” (hereinafter referred to as “Star Wars 9”) can only be hiswrong.Earlier, J. Abrams, the director of “Star Wars 9″, said that an actor accidentally lost the script. The script was put on eBay for auction. Fortunately, Disney and Lucasfilm saw it in time.Bought it.According to John Poyega’s recollection, he was moving at that time, specially placed the script under the bed, thinking to take it away when he woke up early in the morning.But because I had to go out with my friends, I accidentally forgot about it, until a few weeks later the cleaning staff found the script and put it on eBay for auction.The price of the script is about 65 pounds ($ 84), and the other party does not know how valuable the script is.”Star Wars” security measures have always been known for being strict. “Luke” Mark Hamill once explained that he had to read the script in a locked room, and he could not take the script home most, every page.They are printed on black paper and cannot be copied at all.Other actors can’t know the full ending in advance. When shooting, they can only get the pages of their own scenes.”Star Wars 9″ has been officially scheduled for release in China on December 20, synchronized with North America, and entered a large-scale national screening on December 18.The film is the ending of the new trilogy of “Star Wars.”This is also the last time that “Luke Skywalker” Mark Hamill starred in the Star Wars movie. Princess Leia, who played the deceased Kelly Fisher, will return and process with the unexposed pictures taken in “Star Wars 7”.The old version of Rando Carrising also returned.Sauna, Ye Wang Zhou Huixiaowan Editor Wu Longzhen Proofreading Wang Xin

[Can ginseng powder steam eggs]_Ginseng powder_Steamed chicken eggs_Can you do it?

[Can ginseng powder steam eggs]_Ginseng powder_Steamed chicken eggs_Can you do it?

Ginseng is powerful and can be used as a medicine or health product. There are many ways to eat ginseng, and most people mainly use stew. Although stew will dissolve the nutritional ingredients of ginseng into the soup, it is mostly insolubleThe nutrients in water are wasted. Therefore, grinding ginseng into powder is the most economical way. Let ‘s take a look at ginseng powder to steam eggs.

What are the taboos?

Yes, do n’t overdo it. Just two grams at a time. Eat once or twice a week.

Constraints1. Ginseng use is prohibited in pregnant women: during pregnancy, women are prohibited from taking ginseng powder.

This is the same reason that pregnant women cannot take many western medicines.

2, during the cold: ginseng flower can not be taken during the cold and cold, because the ginseng flower is slightly cold, it will aggravate the cold cold, ginseng powder is warm, can be taken during the cold cold.

It is not advisable to take powder for those suffering from wind and cold.

3, ginseng powder is recommended to adhere to regular clothes: long-term use of ginseng powder can promote blood circulation, soften blood vessels, lower blood pressure, lower blood lipids, and treat liver fibrosis.

4. Do not overdo it: For people of normal constitution, the daily dose of ginseng powder is about 10 grams, divided into 2 doses.

5. Take in the morning: Take about 3 grams of ginseng powder in the morning and take it with warm water.

It has functions of enhancing immunity and anti-aging.

6. Take at night: It is best to take ginseng powder before meals to help improve sleep.

If you take it after meals, please take a small amount, preferably not more than 3 grams. Overdose at night, it has an exciting effect.

It is best not to take ginseng powder before going to bed, because taking ginseng powder is easy to thirst.

[How to eat pure purple potato powder]_Pure purple potato powder_How to eat_Eating method

銆愮函绱柉绮夊彲浠ユ€庝箞鍚冦€慱绾传钖矇_濡備綍鍚僟椋熺敤鏂规硶
绱柉鍏跺疄鏄竴绉嶆穩绮夛紝绱柉绮夌殑钀ュ吇浠峰€兼瘮杈冮珮锛屽悆娉曚篃姣旇緝澶氾紝鍙互鐢ㄥ紑姘村啿鐫€鍠濓紝閲岄潰鏀惧叆鍐扮硸铚傝湝鎴栬€呮槸鐧界硸閮藉彲浠ワ紝鍙﹀涔熷彲浠ュ仛绮ワ紝涔熷彲浠ョ敤鐗涘ザ鍐茬潃鍠濓紝閮芥湁寰堝ソ鐨勮惀鍏讳环鍊硷紝寰堝浜哄枩娆㈢敤绱柉绮夋潵鍋氫竴浜涢潰椋燂紝杩欎篃鏄潪甯告湁钀ュ吇鐨勪富椋熶骇鍝併€傞兘鏈夊緢濂界殑璋冪悊韬綋鐨勪綔鐢ㄣ€?Sorrowful, beautiful皑閰搞€侀摐銆侀敯銆侀捑銆侀攲鐨勫惈閲忛珮浜庝竴鑸孩钖殑3~8鍊嶏紝闀挎湡椋熺敤鍏锋湁闄嶅帇銆佽ˉ琛€銆佺泭姘斻€佹鼎鑲恒€佸吇棰滀箣鍔熸晥銆? What’s the difference? What are you talking about? What are you doing? What are you talking about? How about you? How about you?紝灏ゅ叾鏄姉鐧岃川纰樸€佺鐨勫惈閲忔瘮鍏朵粬绾㈣柉楂?0鍊嶄互涓娿€傝€岀鍜岄搧鏄汉浣撴姉鐤插姵銆佹姉琛拌€併€佽ˉ琛€鐨勫繀瑕佸厓绱狅紝鐗瑰埆鏄琚О涓衡€滄姉鐧屽ぇ鐜嬧€濓紝鏄撹浜轰綋鍚告敹锛屽彲鐣欏湪琛€娓呬腑锛屼慨琛ュ績鑲岋紝澧炲己鏈轰A lot of things are happening in the world. Monkeys and monkeys are not the only ones with DNA. They are not so easy to use. They are very difficult to get through.瓑鐧岀棁鐨勫彂鐢熴€?绱柉绮夊彲浠ュ拰鐗涘ザ鍐茬潃鍚冨悧 浼犵粺涓尰璁や负锛氣€滈粦鑹茶ˉ鑲撅紝鑲句负鍏堝ぉ涔嬩綋锛岀敓鍛戒箣婧愬浐浜庤偩鈥濓紝鐜颁唬鍖诲璁や负鈥滈粦鑹查鍝佲€濅笉浣嗚惀鍏讳赴瀵岋紝涓斿鏈夎ˉ鑲撅紝闃茶“鑰侊紝淇濆仴鐩婂锛岄槻鐥呮不鐥咃紝涔屽彂缇庡绛夌嫭鐗瑰姛鏁堛€傜传钖矇澶嶆按鍚庡憟椴滅传鑹诧紝鍏锋湁娴撻儊鐨勭儰钖鍛冲彛鎰熴€備赴瀵岀殑鑶抽绾ょ淮锛屾鼎鑲犻€氫究锛岀編瀹瑰吇棰滐紝鎶楄“鑰侊紝鐗瑰埆鏄闀挎湡闈㈠鐢佃剳鐨勪汉鐨勭溂鐫涙湁寰堝ソ鐨勪繚鎶よ皟鑺備綔鐢ㄣ€傜传钖矇鏄敤绱柉閫氳繃涓€绯诲垪鐨勫姞宸ユ柟寮忓埗浣滆€屾垚锛岄噷闈㈠瘜鍚泲鐧借川锛岃剛鑲互鍙婄淮鐢熺礌鍜岀熆鐗╄川锛屽叿鏈夐潪甯稿ソ鐨勮惀鍏诲姛鏁堛€傜传鑻忕矇鍙互娉℃按鍠濓紝鍙互鍋氫竴浜涘浐鎬侀ギ鏂欙紝姣斿璇寸传钖ザ鑼剁瓑绛夈€傜传钖矇涔熷彲浠ュ拰鐗涘ザ涓€璧峰啿鐫€鍠濓紝浣嗘槸涔熻娉ㄦ剰锛屽鏋滆偁鑳冧笉鑹紝灏介噺涓嶈杩欐牱鍠濓紝閬垮厤瀵艰嚧娑堝Lao Juanzhangtan?

[Is it possible to eat pears during lactation]_Lactation_Can I eat

[Is it possible to eat pears during lactation]_Lactation_Can I eat

Pear is a fruit rich in fruit juice, so eating more pears can effectively quench thirst and achieve the goal of thirst and quench thirst.

And pear has a certain effect on the human body, people who often cough can drink some Sydney water to treat their own cough.

Therefore, pears have also become a kind of fruit that many people like to eat. When a mother is breastfeeding, she should also eat some fruits to supplement her body nutrition. But can a mother eat pears during breastfeeding?

Can I eat pears during lactation? Pears are slightly acidic, have heat and diuretic, throat and blood pressure, clear heart and lungs, relieve cough and expectorants, and quench thirst, so can lactating mothers eat pears?

Under normal circumstances, lactating mothers can eat pears, and eating pears is good for both mothers and babies.

However, pears are cold and moist, so you can’t eat too many pears, at most one a day.

Regarding the problem of eating fruit during lactation, as long as it is fresh, seasonal fruits can be eaten. The key is to wash, peel, pay attention to hygiene, and avoid gluttony.

Just the right amount, 3-4 kinds of fruits per day, the darker the fruits, the more nutritious the rotten mother can eat warm fruits: jujube, chestnut, peach, apricot, longan, litchi, grapeCherry, pineapple.

If the mother’s constitution is too hot, you can also eat some cool fruits, fruits, pears, watermelons and so on.

What are the benefits of eating pears during breastfeeding? Pears are sweet, delicious, crispy and juicy. They are known as the “Zong of Fruits” and are one of the oldest fruit trees today.

1. Supplement the vitamins needed by the human body: It is rich in vitamins A, B, C, D and E.

Like apples, it also contains oxidants that keep your cells and tissues healthy.

2. Helps gastrointestinal absorption: In the hot summer, the deliciousness of pears always makes people gobble, but it is best to chew slowly while eating pears to better absorb them.

3. Calcium supplements needed by the human body: Middle-aged and older friends should eat more pears in summer.

It can help the body purify organs, store calcium, and also soften blood vessels, which can promote blood to attach more calcium to bones.

4, improve anemia: people with vitamin deficiency should also eat more pears.

For those who are expected to be pale due to anemia, eating more pears can make your face rosy.

Pears also purify the kidneys and cleanse intermediates.

For patients with goiter, iodine caused by pear can have a certain effect.

BOE A (000725): Crossing the inflection point to start growth

BOE A (000725): Crossing the inflection point to start growth

Investment Highlights Performance Summary: The company achieved operating income of 264 in the first quarter of 2019.

50,000 yuan, an increase of 22 in ten years.

7%, ring-on-epoxy 4.

3%; achieve net profit attributable to mother 10.

5 ‰, 47 years average.

9%, a significant increase of 1776 from the previous month.

2%; net profit after deduction of non-return to mother 3.

5 ‰, 71 years average.

6%, a serious turnaround in losses from the previous quarter (18Q4 deducted non-attribution net profit is -3.

500 million).

  The income end was supplemented by quantity to achieve an unexpected growth.

Since 2018, LCD panel prices have entered a continuous downward cycle. Although LCD panel prices have stopped falling and warming in the first quarter of 2019, the overall decline in transmission is compared with the first quarter of 2018. 32-inch TV panels have fallen by more than 30% and 43-inch declines.It is close to 20%, and the 55-inch drop is about 22% (refer to the group intelligence consulting data).

Against this industry background, the company insists on the inverse expansion and continuously improves the production line’s production capacity and yield rate. In 2018, the overall integration of display panels remained the world’s first; the market share of the five major mainstream products continued to increase, achieving the world’s first in total; the overall progress area each yearUp 32.

6%, from the fourth to the second in the world; the company continued to grow in the first quarter of 2019, achieving growth on the revenue side.

7% exceeded expectations.

  The performance side has improved significantly, and the rebound in prices has brought about a recovery in profitability.

In the first quarter of 2019, the company achieved net profit attributable to mothers10.

500 million U.S. dollars, each quarter of the decline narrowed, after three consecutive quarters of sequential decline to achieve substantial growth; realizing net profit after deduction.

500 million, obviously turned losses, and the performance has improved significantly.

Subsequent gradual large-scale panel main-size dimensions bottomed out in Q1 this year, and the amount of restructuring of the company continued to increase. It is expected that the company’s profitability will continue to recover and drive performance to improve quarter by quarter.

  Expenditure trends have improved, and R & D investment has been increased to adhere to innovation and transformation.

The company’s sales expense ratio for the first quarter of 20192.

62%, zero for one year.

37pp, 0 than formaldehyde.

44pp; overhead cost ratio 4.

11% for one year.

72pp, 0 than formaldehyde.

75pp; In addition to the increase in index expenditures due to the financial costs of accepting new projects transferred to operations, the company’s expense side has improved significantly.

The 武汉夜网论坛 company’s R & D expenses in the first quarter of 201914.

500 million, a sharp increase of 88 previously.

4%, accounting for 5% of revenue.

5%, gradually increasing nearly 2 units, the company continues to increase research and development, is expected to continue to break through in the field of new display and Internet of things, and continuously improve the global competitiveness of the three major DSH sectors.

  Profit forecast and rating.

It is expected that EPS for 2019-2021 will be 0.

20/0.

24/0.

32 yuan, corresponding to the current expected PE is 18 times, 15 times, 11 times.

We are optimistic about this round of LCD boom cycle. With reference to the company’s historical changes in the industry’s boom cycle, the company’s OLED is about to enter a profit period and maintain a “Buy” rating.  Risk warning: LCD and OLED production may be less than expected; the risk of continued decline in the market price of display devices; the risk of exchange rate changes.

A shares take Dingxinwan: the core of science and technology board is that institutional innovation will not flood

A shares take Dingxinwan: the core of science and technology board is that institutional innovation will not flood

At 1:30 pm on February 27, the press conference of the State Council Office was fully occupied.

  Two hours later, Yi Huiman, the chairman of the China Securities Regulatory Commission, attended the first press conference since taking office.

  At the meeting, Yi Huiman humorously stated that the position of the chairman of the Securities and Futures Commission is a crater, and the work directly faces the market, and he is doing live broadcasts every day.

  On January 26, Yi Huiman, then chairman of ICBC, succeeded Liu Shiyu, becoming the ninth chairman of the China Securities Regulatory Commission.

  In the first month that Yi Huiman took charge of the CSRC, the science and technology board is undoubtedly the focus of its work and has been repeatedly mentioned.

On February 22, the CSRC announced that the current priority is to establish a science and technology board and pilot registration system.

  Facing the four major issues, Yi Huiman explained the key issues involved in the reform.

  1.
What is the main purpose of establishing a science and technology board?

  Yi Huiman said that the main purpose is to enhance the capital market’s inclusiveness to the real economy, better serve companies with core technology, industry-leading, good development prospects and reputation, and further improve the capital formation mechanism that supports innovation through reform.

  2.
Science and technology board will play a role?

  Yi Huiman said that the establishment of a science and technology board is a concrete change in deepening the reform of the capital market.

This reform is not a new board. What’s more important is to adhere to the direction of marketization and rule of law, and to make institutional innovations in all aspects of issuance, trading, information disclosure, delisting, etc., and establish and improve stocks centered on information disclosureThe issuance and listing system played the role of a test field for the reform of the science and technology board to form a replicable and popular experience.

  3.
How does the science and technology board operate?

  Yi Huiman said that the establishment of the science and technology board will adhere to the principle of “rigorous standards and steady steps”, refine the relevant institutional arrangements, improve the risk response plan, strengthen investor education, focus on the balance between markets, and ensure that the science and technology boardAnd the trial registration system started smoothly.

  4.
How does the science and technology board deal with the existing GEM and the new three boards?

  Yi Huiman said that the science and technology board and the existing main board, small and medium-sized board, GEM and the new three board are all important parts of the multi-level capital market system.

The science and technology board has made a lot of system innovations in terms of issuance, listing, information disclosure, trading, delisting, etc., and has made great breakthroughs in many aspects.

The science and technology innovation board is not a simple “board” increase. Its core lies in institutional innovation and reform, while further supporting science and technology innovation.

The CSRC will carefully evaluate the effects of reforms and innovations after the launch of the Science and Technology Innovation Board, and coordinate the promotion of the reform of the GEM and the New Third Board to 武汉夜网论坛 better serve economic growth and development.

  In addition, Yi Huiman said that the science and technology board and the trial registration system should be well developed. In addition to the SFC and the Shanghai Stock Exchange to better participate in its own role, more market participants need to work together to reform the science and technology board.Do it.

The issuer must fully disclose the information, and the letter is strict and professional; the investment banking institutions and sponsors must make breakthroughs in pricing underwriting. The science and technology board tests the core competitiveness of the institution and is worried that the existing domestic investment banking institution’s experience reserve is not too richHow to improve this part of the ability, investment banks and securities firms must be prepared; accountants, auditors, law firms and other audit institutions should strengthen professional ethics, can provide market participants with fair, open, professional and objective services; reform of science and technology boardA good environment for the rule of law is needed to further advance the amendment of the securities law, increase the cost of violating laws and regulations, and protect the interests of investors; how to implement marketization needs to be considered in the delisting part.

In order to raise financial soft power to a new level, market-related parties will bring about changes. The science and technology innovation board is a test field and a guide.

  Clarify the five major differences Regarding the differences between the establishment of a science and technology innovation board and the trial registration system and the existing approval system, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that there are five main differences: First, there are contributions on hard conditions.

The approval system has some hard conditions for issuance and listing. These conditions have been relaxed under the new registration system, such as the relaxation of profit conditions.

  The United Nations, hereinafter referred to as a “draft for comments”), shows that of the five proposed listing standards, except for the first one, which requires a net profit, the remaining absolute profit requirements.

  The second difference is to implement stricter information disclosure, which is the core content of the registration system.

On the basis of meeting the most basic requirements, the issuer must meet the higher requirements of the letter, and the issuer is the first responsible person of the letter.

The main review is on the Shanghai Stock Exchange. The reviewers must strictly inquire about the submitted materials, check from a professional perspective, and pursue the truth, accuracy, and completeness.

  For example, the “Administrative Measures for the Initial Public Offering of Science and Technology Innovation Boards (Trial)” (hereinafter referred to as the “Implementation Measures”) announced on January 30 shows that issuers can reveal industry characteristics and business models according to their own characteristics.Corporate governance, development strategy, operating policy, accounting policy, full disclosure of relevant information such as scientific research level, scientific research personnel, scientific research expenditure, and fully reveal risk factors that may have a significant adverse impact on the company’s core competitiveness, business stability and future development.

  Among them, the issuer has not been profitable enough to fully disclose the reasons for no longer profitability, and the impact on the company’s cash flow, business development, talent attraction, team stability, R & D investment, strategic investment, and sustainability of production and operation.

  The third difference is a more market-oriented underwriting mechanism.

  The issuance price, scale and issuance of new shares shall be conducted through marketization.

In the issue and pricing of new shares, the investment and research capabilities of institutional investors shall be brought into play, and an inquiry mechanism with institutional investors as the main body shall be established.

  The “Implementation Measures” show that for the initial public offering of shares, it is appropriate to invest in professional institutions such as securities companies, fund management companies, trust companies, financial companies, insurance companies, qualified foreign institutional investors and private equity managers registered with the China Securities Industry Association.(Hereinafter collectively referred to as offline investors) to make an inquiry to determine the stock issue price.
  The fourth difference is to strengthen the responsibility of intermediaries.

  Duties of due diligence and check responsibilities, strict blame for those who violate laws and regulations, greatly increase the cost of violations of laws and regulations, and make serious efforts to trust violations of laws and regulations.

  For example, the implementation method shows that if the issuer does not meet the conditions of the issuance list and deceives the registration of the issue by deception, the China Securities Regulatory Commission shall adopt regulatory measures that will not accept the issuer’s public issuance of securities-related documents for 5 years from the date of confirmation.

Regarding the relevant responsible personnel, depending on the seriousness of the circumstances, the supervisory measures that are deemed to be inappropriate candidates, or the measures of taking stock market bans.
Where an issue has been issued, the CSRC may, while making an administrative determination, order the listed company and its controlling shareholder, the actual controller, to repurchase the shares of the public offering from the investor within a certain period of time.

  The sixth difference is more sound supporting measures, establishing a good legal environment, focusing more on systemic synergy of work, and adopting richer means to improve regulatory capabilities.

  There will be no flooding. Regarding the impact of the establishment of a science and technology board and the pilot registration system on the secondary market, Li Chao, vice chairman of the China Securities Regulatory Commission, also expressed his views.

  He said that the establishment of the science and technology innovation board and the pilot registration system is an incremental reform of the capital market. He hopes that this reform will increase the inclusiveness and competition of the capital market. At the same time, we have also reformed, innovated and improved a series of systems.This includes the registration system itself, as well as issues such as issuance, pricing, trading, information disclosure, delisting, etc., all of which involve the reform of the basic system of the capital market.

Through these reforms, we hope to further strengthen the role of resource allocation in the internal capital market of the science and technology board and further promote the long-term and stable development of the capital market.

From this perspective, the establishment of a science and technology board and the trial registration system is a good thing for the capital market in the medium and long term.

  In fact, the impact of the CSRC’s science and technology board on the secondary market has long been considered.

  Li Chao said that he has paid close attention to this matter during the research and demonstration process, so corresponding arrangements have been made in a series of systems, rules and frameworks, and certain investors have made a series of institutional arrangements.

At the same time, the science and technology board still has strict corresponding standards and corresponding procedures, not to say that anyone who wants to be listed can be listed.

In addition, the science and technology board attaches importance to the market mechanism, and the market mechanism includes the constraints of the market. As long as each return is responsible, I believe that the science and technology board will not be flooded.

  Who will first get on board?

  The public is very concerned about when they can see the official listing of the first science and technology board company.

  Therefore, Yi Huiman said that the Shanghai Stock Exchange is now intensively soliciting opinions under analysis.

  Huang Hongyuan, the chairman of the Shanghai Stock Exchange, also disclosed that the six rules of the Shanghai Stock Exchange had ended soliciting opinions on the 20th of this month.

Nearly 40,000 individual investor questionnaires were collected and more than 500 opinions and suggestions were received. Generally speaking, everyone gave sufficient affirmation to the rules of the exchange.

  The opinions are mainly focused on seven aspects. Among them, the hope that the review criteria for issuance need to be further detailed and properly disclosed; whether the registration of the Securities Regulatory Commission and the audit of the exchange can be effectively connected; whether the investor gate is appropriate;The conditions of entry and the balance of the trading mechanism; the leniency of “reduction of old stocks”; how to attract more mid- and long-term funds to participate in this market; and how to further increase the cost of fraudulent and illegal listing.

The Shanghai Stock Exchange is currently organizing experts to analyze and evaluate these opinions.

In the next step, the SSE will make the necessary changes under the guidance of the CSRC’s unified fundraising, and then add additional approval procedures and will soon announce implementation.

  (Reporter Zou Yichen, International Finance News)

Haitong Securities (600837): Investment flexibility increases, capital supplements, and institutional business advantages

Haitong Securities (600837): Investment flexibility increases, capital supplements, and institutional business advantages

The elasticity of investment magnifies the gains of the bull market, and the performance doubles.

In the first quarter of 2018, the company realized a net profit of 3.8 billion yuan (YoY + 118%), operating income of 10 billion yuan (YoY + 74%), and EPS 0.

33 yuan / share, ROE 3.

14% (+ 1% year-on-year.

67pt), adjusted leverage ratio 2.

82 times.

In Q1, where capital efficiency has been greatly improved, the company seized the potential to fully expand the market’s positive feedback. Investment surpassed brokerage and became the biggest driver of income and profit.

2019Q1 Haitong Securities’ total investment income, brokerage business, index revenue, investment banking business, and asset management business each contributed 49% (YoY + 26pt) / 10% (YoY-6pt) / 9% (YoY-12pt) / 6% (YoY-4pt) / 4% (YoY-4pt).

  Fair value contributed revenue to a single-quarter high since 15Q1.

At the end of 2019Q1, Haitong Securities’ financial investment accounted for 37% of total assets, which was +0 at the end of 18 years later.

9pt; transaction financial assets accounted for 86%.

The high flexibility of the equity ratio and the high proportion of self-operated businesses have recognized the high β of Haitong Securities’ performance.

Since this year, market sentiment has heated up. In the first quarter of 2019, the Shanghai Composite Index rose 24%, the Shenzhen Stock Exchange Index rose 37%, and the GEM Index rose 35%.

Haitong Securities seized business opportunities and adjusted the investment structure of financial assets in a timely manner. In 19Q1, equity investments (trading financial assets + other equity instruments) and debt investment scales (debt investments + other debt investments) increased by 9 compared with the end of the fourth quarter of last year.

7%, 0.

7%.

  After calculation, the company’s self-operated business income was 48.

3.5 billion, a year-on-year increase of + 283%; of which, the ratio of revenue and loss contributed by changes in fair value during the reporting period reached 24%, the highest in a single quarter since 15Q1.

With the market warming and trading sentiment heating up every year, investment elasticity will bring positive effects this year.

In addition, the company actively promoted product creation, obtained a 50ETF budget main market maker Class A rating, obtained foreign currency borrowing membership of the foreign exchange trading center, and the 四川耍耍网 international derivatives business is classified as the first-tier issuer and has the ability to conduct US market making business.

  The brokerage business increased slightly, the credit business restructured, and the risk trend was controlled.

In March 2019, 2.02 million new investors were added (an increase of 30% year-on-year), and the number of investors at the end of the period reached 1.

500 million people (YoY + 9%); average daily turnover in Q1 was 585.2 billion, YoY + 23%.

The company’s brokerage business grew steadily, with brokerage fees and commission income of 1 billion yuan, a year-on-year increase of 7%.

  The credit business gradually resumed. In the first quarter of 2019, the book value of the company’s capital raised was 54.8 billion, a year-on-year increase of + 12%. The stock pledge business insisted 北京夜生活网 on controlling risks and adjusting the structure. The book value of financial assets purchased under resale in 19Q1 was 71.2 billion, compared with the beginning of the year-14%, credit impairment loss +46 for ten years.

7%.

The company’s budget represents a total of 96.8 billion agency securities trading securities, with an adjusted leverage ratio of 2.

82 times, 4pt less than the end of last year.

  Investment banks rebounded against the trend and asset management deepened transformation.

Haitong surpassed the leading edge of investment banking and seized the direct financing track.

It is reported that in the first quarter of 2019, Haitong completed four equity financings and raised 5.8 billion yuan, an increase of 8% year-on-year. The total bond financing was 73.8 billion yuan, an increase of 54% year-on-year.

Net income from investment banking business in Q1 5.

800 million, + 2% year-on-year.

At the same time, the asset management business continued to deepen its transformation, achieving net income of 400 million yuan, a year-on-year increase of 9%.

  The additional capital will seize the direct financing track.

As of the announcement date of the 19Q1 financial report, the company has issued a revised version of the A-shares fixed increase plan, which will issue no more than 1.6 billion shares and 20 billion US dollars for the development of capital intermediary business, FICC investment, and information system construction.

With the opening of the direct financing space, supplemented by the strength of the capital market, combined with the company’s own investment banking business, financial leasing business advantages, and wealth management recommendations, the company is expected to achieve higher performance growth.

The company is expected to have PB1 in 2019.3 times, maintaining the “recommended” level.

  Risk Warning: The policy advances less than expected, and the market fluctuates greatly.

Gigabit (603444) 2019 Interim Report Review: Q2 Revenue Increases High, Jinghou Q3 Launches New Explosions

Gigabit (603444) 2019 Interim Report Review: Q2 Revenue Increases High, Jinghou Q3 Launches New Explosions

Matters: The company announced its 2019 Interim Report on August 13, 2019, Beijing time.

2019Q2 achieved operating income 5.

650,000 yuan, an increase of 42 in ten years.

10%, an increase of 11.

71%.

Attributable net profit 2.

520,000 yuan, an increase of 39 in ten years.

01%, an increase of 18.

08%.

Comment: Company Q2 achieved operating income5.

650,000 yuan, an increase of 42 in ten years.

10%, an increase of 11.

71%.

Attributable net profit 2.

520,000 yuan, an increase of 39 in ten years.

01%, an increase of 18.

08%.

The increase in revenue was mainly due to the increase in revenue of “Ask Mobile Games” and the new tour “Greedy Cave 2” and “Crossing the Star Arc” contributed some revenue.

The gross profit is 5.

20 ppm, an increase of 42 in ten years.

21%, an increase of 14 from the previous quarter.

09%; gross margin is 92.

01%, an annual increase of 0.

08pp, an increase of 1 from the previous month.

92pp.

“Ask” mobile games continue to drive revenue growth.

Part of the increase in revenue in Q2 2019 is due to the increase in operating income of Mobile Games.

Since its official operation in March 2016, it has achieved continuous double growth in the size of users and the amount of recharge, and the monthly flow has remained at a level of over 100 million.

As of the second quarter of 2019, the number of registered users of the mobile game “Ask” has gradually broken through 33 million, and the ranking of ios bestsellers is basically stable between 20-40.

“Fantastic Maze”, “Greedy Cave 2” and “Crossing the Star Arc” performed stably, and Q2’s new tour continued to be recommended by the channel: Roguelike “Fantastic Maze” 2019H1 still received ios2 today’s separate feature recommendation and 1 TapTap editor recommendation, The highest bid list ranked 22.

As of the second quarter of 2019, the game’s cumulative registered users have exceeded 16 million.

“Greedy Caves 2” 2019H1 ranked the top of ios games for a total of five days, with an average ranking of 13 in six months.

Q2’s new tour “The Land of 杭州桑拿网 Alienation” and “Apocalyptic Hope” have been welcomed by all major channels, and they have all received good recommended resources to promote continued stability and flow.

Many new games launched in Q3 or usher in a burst of performance: The company’s current game reserves are sufficient, and in Q3 2019, a new wave of new tours will be launched. TapTap has reserved several high-level products “Lost Castle” and “Ilona”It is expected that they will be launched in Q3 or a comprehensive public beta will be launched. The new games cover various categories such as MOBA, RPG, ARPG, and Roguelike, and they tend to add more mobile games.

Earnings forecasts, estimates and investment ratings.

The core old products such as the company’s “Ask” are stable, “Lost Castle”, “Irona”, “Witch Weapon”, “Never give up!”

Many products such as “Black Hole”, “Puppet House Fantasy Night” and “Evolution Land” will be launched in Q3.

Initial product reserves are sufficient and most have obtained version numbers.We predict that the net profit attributable to mothers will be 9 in 19/20/21.

06/10.

22/11.

6.4 billion (Because the company’s product launch speed and the performance of “Ask” exceeded expectations, we adjusted the estimate to gradually 7.

98/8.

99/10.

2.3 billion), corresponding to EPS 12.

61/14.

22/16.

20 yuan, PE is 18/16/14 times.

The comparable company’s median P / E for 2019 is 15.

9 times, the company’s current estimate is slightly higher than comparable companies.

At the same time, the company’s performance in terms of cash flow, goodwill, pledge, and product line in 2019 are all excellent. We use the company’s own recent TTM-PE 20.

44 times increase the target price to 257.

75 yuan, maintain the “recommended” level.

Risk warning: game version number review and other policies, game flow is lower than expected, product launch delayed

Health and solar terms: Lichun wants to raise liver

锘?

Health and solar terms: Lichun wants to raise liver

The word “绔? in Lichun is the beginning, meaning that from this day, the cold winter is about to pass, and the warm spring has arrived.

On the day of the beginning of the spring, the Beijing area has the custom of eating radishes, eating spring cakes and spring rolls, and the name “bite spring”.

This custom has a long history and originated in the Jin Dynasty. It flourished in the Tang Dynasty and became more popular in the Ming Dynasty.

Eat spring cake to pay attention to the package, from the beginning to the end, called “head and tail”, take the meaning of Geely.

銆€銆€From the point of view of modern nutrition, eating spring cake is more in line with human needs than eating spring rolls.

Because the main and non-staple food mix of spring cake is very reasonable, it has a variety of foods, complete nutrients and less oil.

The spring rolls are decomposed by oil after being fried. During the frying process, many nutrients beneficial to the human body will be lost. Therefore, it is recommended to eat spring cakes when biting spring.

銆€銆€In addition, Chinese medicine theory believes that so the spring should pay special attention to the maintenance of the liver to comply with the time.

In the daily diet, it is necessary to take into account the characteristics that spring is beginning to rise in the yang, eat more foods with the characteristics of Xingan divergence, and eat less food with acid absorption.

Vegetables with Xingan divergence properties include: rapeseed, coriander, leeks, onions, mustard, white radish, pepper, ginger, onion, garlic, sage, white, bamboo shoots, cucumber, melon, pumpkin, loofah, eggplant, etc.

Vegetables belonging to the acid-receiving properties are: purslane, tomato, orange, orange, pomelo, apricot, papaya, alfalfa, hawthorn, olive, lemon, pomegranate, ebony, etc.

銆€銆€Professor Zhang Guoxi, Xiyuan Hospital, China Academy of Chinese Medical Sciences