2015 Chilean America’s Cup full version schedule schedule latest group schedule

2015ChileanAmerica’sCupfullversionscheduleschedulelatestgroupscheduleTheAmerica’sCupisthemostimportantnationalfootballtournamentparticipatedbytheSouthAmericanFootballAssociation,whichis

2015 Chilean America’s Cup full version schedule schedule latest group schedule
The America’s Cup is the most important national football tournament participated by the South American Football Association, which is held every 4 years.The Chilean America’s Cup 2015 and the 44th America’s Cup will be held in Chile. The America’s Cup is the main football game in South America. The start time is from June 11th to July 4th, 2015 local time. 8 cities in Chile willWill host the current America’s Cup, the last team to win the America’s Cup is the Uruguay team.In the 2015 America’s Cup, as usual, in addition to 10 South American Football Association teams, two teams from South America were invited to participate in this Cup.The teams invited this time are Jamaica from Central and North America and Mexico, a frequent visitor to the Copa America.It is worth mentioning that in March this year, the Chinese Football Association once said that it had accepted the invitation of the South American Football Association and decided to be invited to participate in the America’s Cup football match in Chile in 2015.However, considering that the second stage of the 2018 Asian World Cup qualifiers in the Asian region will be in conflict with the Chilean America’s Cup, the Chinese Football Association finally decided to give up on the America’s Cup.[2015 Chile America’s Cup Grouping-Large List]2015 America’s Cup small clip file list Group A: Chile big list, Mexico big list, Ecuador big list, Bolivia Group B: Argentina big list, Uruguay big list, Paraguay big list,Jamaica Group C: Brazil big list, Colombia big list, Peru, VenezuelaPrevious123NextNextshow full text

Cheetah Eto’o freely asks Evergrande for an annual salary of 10 million Euros

“Cheetah”Eto’ofreelyasksEvergrandeforanannualsalaryof10millionEurosInternationalfootballhasheardheavynewsyesterd

“Cheetah” Eto’o freely asks Evergrande for an annual salary of 10 million Euros
International football has heard heavy news yesterday. Eto’o, who is currently playing for Chelsea in the Premier League, is expected to go to the Chinese Super League. The next home is likely to be AFC Champion Guangzhou Evergrande.  Although Eto’o is 33 years old, he has maintained a good state and scored several key goals in Chelsea last season.Dissatisfied with Mourinho’s sarcasm for his age, Eto’o intends to stay in London to switch to Arsenal and go against Chelsea.Of course, Eto’o still hopes to get a better position, so his agent does not rule out the possibility of “Cheetah” playing in other leagues.According to British media, Evergrande had contact with Eto’o, and Eto’oso asked for a salary of nearly 10 million euros.  The report also revealed that the Super League team trying to promote Eto’o is not just a family of Evergrande, Shanghai Greenland also throws an olive branch, and the annual salary is as high as 9 million euros.  In addition, the Turkish brigade Besiktas also sent an offer to Eto’o, but the salary that the club can afford is average.At present, the highest asking price is a club in Qatar, who are willing to provide Eto’o with an annual salary of 11 million euros.  It is worth mentioning that Eto’o is currently a free agent. The introduction of his club does not require payment of transfer fees, which is why he dared to open a high salary.(Reporter Zheng Xiaolong)

[Homemade hot pot base material]_Hot pot base material_How to make homemade_How to make homemade

銆愯嚜鍒剁伀閿呭簳鏂欍€慱鐏攨搴曟枡_鎬庝箞鑷埗_濡備綍鑷埗
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[How many minutes does the pressure cooker press the rice]_How long will it take_How long

銆 愰 珮 铡 嬨 唨 員 嬮 傶 擶 獒 嗛 挓 銆 慱 罱 丸  涔 卂 氶 氶 零 擿 替
Hawthorn birch is not the only one who won awards, and the awards are given to the winners. The two sides are chopped with one another, and the other is that the birch, the birch, the birch, and the other, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, the fall, and the fall.屼笉浠呬负鎴戜滑鐨勭敓娲绘彁渚涗簡寰堝ぇ渚垮埄锛岃€屼笖鏃犺鏄倴鑲夈€佺倴鎺掗锛屾垨鏄捀绫抽You can find the best way to do it. You can get a lot of money. You ca n’t help it. If you want to know what ‘s going on, you ‘ll be able to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?The most important thing is that the chains of the monastery and the monastery are inconvenient, and the Chinese people are in trouble. They are the most important ones in the world. They are in the sea, and the sea is in the sea. They are in the air, and they are in the air.銆 侀 瓮 員 嬨 哨 員 嬮 傮 橶 Argent 皯 鍒 嗛 錢 鐢 铡 嬨 嬨 镨  キ キ:?0 闒 掛 挓: 員 員 夡 夡 夫 訂 該 遲遲 达 精 15 15 鍒 嗛 挓 -30 鍒 嗛 挓 Broadcast ad?0 闒 掛 挓 哼 員 員 夡 夫 菂 訂 擂 锲 遲 达 细 10 鍒 嗛 挓 -1 翏 椂 氾 堡 Ad?0 Rouqianzhaben Wuliaozharong Lujuan litigation Jinqiedaxi 10 Rouxian Zha -4 Haoxiluben Yen Xuanlinghuoxi 60 Rouxianzhaben Wuliaozharong Luhong litigation Jinqiedaxi 10 Rouxian掓 -2 What is the problem?0 闒 旛: I ‘m going to learn about it. 10 闒 嗛 挓 -1 翏 銆 訆 簩 銆 侀 珮 铮 闂 颂 気  南 娉?.灏嗙背鍜屾按鏀惧叆閿呬腑锛屽姞閿呯洊鐑ц嚦姘村紑(楂樺帇杩囩殑姘斿瓟寮€濮嬪柗姘斿嚭鏉?銆?.灏嗛珮鍘嬮榾鏀句笂鍘伙紝寰呴珮鍘嬮榾杞姩骞跺紑濮嬫湁姘斿柗鍑哄悗锛屽皢鐏皟涓轰腑鐏€?.懇 寔 5 鍒 嗛 悓 宸 ﹀ 劸 僆 笆 銆 侀 珮 員 嬮 嬨 镄 勫 啨 鍏 ㄤ 娇 鐢 ㄦ 南 娉?.鏈粡浣跨敤鐨勬柊閿咃紝瀵嗗皝鍦堝脊鎬ц緝楂橈紝璇锋寜鍥剧澶存墍绀洪儴浣嶏紝鍗抽攨韬殑涓娿€佷笅闈㈠姞灏戦噺椋熺墿娌癸紝浠ュ埄浜庡垵娆″紑鍚堛€傛瘡娆′娇鐢ㄥ墠搴斿皢閿呯洊銆侀攨韬強鎵嬫焺绛夋竻娲楀共鍑€锛屼究浜庡悎鐩栥€?.Quilting?姝ュ悎鐩栧墠搴斿厛妫€鏌ユ帓姘旂鏄惁鐣呴€氾紝闃插牭缃╂竻娲侊紝瀹夊叏闃€鏄惁瀹屽ソ锛屾诞瀛愭椿鍔ㄦ槸鍚︿笂涓嬭嚜濡傦紝骞跺浜庤惤涓嬩綅缃€傝繖涓€鐐瑰緢閲嶈锛岀矖蹇冨ぇ鎰忓緢鍙兘閰挎垚澶хジ锛屽摢涓€鐐规鏌ヤ笉鍒伴兘涓嶈銆?.鎴戜滑姣忔浣跨敤鍓嶉兘瑕佽鐪熸鏌ラ檺鍘嬮榾鎺掓皵瀛旀槸鍚﹂€氱晠(楂樺帇閿呭彲鐢ㄧ墮绛炬竻閫?锛岃淇濇寔闃插牭缃╂竻娲侊紝涓嶈鏈夊紓鐗┿€?.閿呭唴涓嶅彲瑁呭お婊¢鐗╋紝涓€鑸笉搴旇秴杩囬攨楂樼殑浜斿垎涔嬪洓銆傚杈冩槗鑶ㄨ儉鐨勯鐗╀笉搴旇秴杩囬攨韬殑涓€鍗婏紝瑕佹妸姘村拰椋熺墿鐨勬瘮渚嬭皟鏁村ソ銆?.鎴戜滑鍚堢洊鏃惰瀵瑰ソ閿呯洊鍜岄攨韬殑鍚堢洊鏍囪锛屽畬鍏ㄦ墸鍚堛€傚埌浣嶅嵆姝紝涓嶈杩囧垎鐢ㄥ姏鎵宠繃澶达紝浣胯繃鍔诧紝杩欏閿呭唴鍘嬪姏鎺у埗涔熸槸涓€绉嶆崯瀹炽€?.鍚堢洊鍔犵儹鍓嶈灏嗛鐗╁厖鍒嗘悈鎷屽潎鍖€锛屽厖鍒嗗惛鏀舵按鍒嗐€傚悎鐩栧姞鐑悗锛岃鏈夎緝澶Do you want to quit? Do you want to do it? Do you want to quit? Do you want to go?.褰撻檺鍘嬮榾宸ヤ綔鏃讹紝璋冨皬鐏姏锛屼繚鎸佸帇鍔涢榾鑳藉井寰姩浣滃嵆鍙紝鎺у埗濂芥椂闂达紝涓€鑸倝锛岄奔锛岀绫伙紝瑕佹瘮璞嗚胺绫荤殑鏃堕棿闀夸竴鐐癸紝杩欒鏍规嵁椋熼噺锛屽拰澶氬皯鍐冲畾銆?.What are you doing? How are you doing it? What are you doing? How are you going to do it? Do you want to go?I ‘m going to read it, and I ‘m sure that the umbrella is up and down, the key is down, the key is down, and the key is up.

[How do Dragon Fruit Yakult juice?】 _How to do_Making method

銆愮伀榫欐灉鍏讳箰澶氭€庝箞姒ㄦ眮锛熴€慱鎬庝箞鍋歘鍒朵綔鏂规硶
A lot of things are going on, you’re in trouble, you’re in trouble, you’re in trouble, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it.Huaiyinhuanqiangqiangqiang has the regret pick pickaxe ццhelium chrysanthemums he  緳 揀 欀 笉 嗗 嗲 嵲 浠 ュ 噺 閯 纴 泩 泠 渠 氠 簠 烠 綠 烠Lao Huan, Han, Han, Hong, Hu, Hong, Ye, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, Heng, H, H, H, H, H, H, H, H, H, H, H, H 訝 庝 姞 姒 ㄦ 眸 咸 嬴 嬵 厵 掴 揜 鏉 ョ 湂 銆 胆 集 諆 諴 嫴.Do you have a question? Do you have a question? Do you have a question? Do you have a question? Do you have a question? Do you have a question?00ml Shula1.If you are in trouble, you will be able to see if you are in the same place as a prisoner or a prisoner.What’s the matter? What’s the matter? What’s the matter? What’s the matter?00ml姝eソ涓夊皬鐡讹紝涔熷€掕繘鍘汇€?.It ‘s very rough, it ‘s very rugged, it ‘s very rugged, and it ‘s very effective, it ‘s just as good as the village of Lulu + the drama of the country, it ‘s getting thinner, it ‘s getting worse, it ‘s a lot of prizes, it ‘s a lot of prizes.槑 屺 屺 哄 屬 尬 尯 擬 抆 豆 氩 簩.What’s the matter?.鎺掓瘨鎶よ儍鐏緳鏋滀腑瀵屽惈涓€鑸敩鏋滀腑杈冨皯鏈夌殑妞嶇墿鎬х櫧铔嬬櫧锛岃繖绉嶆湁娲绘€х殑鐧借泲鐧戒細鑷姩涓庝汉浣撳唴鐨勯噸閲戝睘绂诲瓙缁撳悎锛岄€氳繃鎺掓硠绯荤粺鎺掑嚭浣撳锛屼粠鑰岃捣瑙f瘨浣滅敤銆傛澶栵紝鐧借泲鐧藉鑳冨杩樻湁淇濇姢浣滅敤銆?.Plastics and plastics are available, and the clocks are chopped up, chopped, creped, and chained, and the performance is stupid, stupid, stiff, hard, hard, hard, hard, hard, hardZhongningliyong Manwenglinxia Yentong Fenguibikai ょ Qinguu Yi Nimoquanlai Jiaoshuzhuomo Qinjiangweiqu Chihuaopi Gecaibujiang Linglaishancong 〃 Dunbanpibang Bang Н Man佷綔鐢ㄣ€?.娓呭渚跨伀榫欐灉娓呯儹鍑夎锛岄€氫究鍒╁翱锛屼笖鍚湁澶ч噺鐨勬按婧舵€х氦缁达紝鍙互娑﹁偁閫氫究锛屽皢浣撳唴澶氫綑鑴傝偑鍜屾瘨绱犳帓鍑猴紝鏄笉閿欑殑鎺掓瘨娓呭渚挎按鏋溿€?.It’s hard to find the fault, it’s hard to find it, it’s hard to find it, it’s hard to find it, it’s hard to find it.Chuanyu ╄ Chuanjuan 劲 綯 嚯 勄 勫 幫 綅 玴 厫 叆 将 阃 傞 噺 勯 勯 Fan Lu ㄨ 缮 鍙 mutually 傰 槻 Lu  銆?.闃叉琛€绠$‖鍖栫伀榫欐灉鏋滃疄涓殑鑺遍潚绱犲惈閲忚緝楂橈紝灏ゅ叾鏄孩鑲夌殑鍝佺銆傝姳闈掔礌鏄竴绉嶆晥鐢ㄦ槑鏄剧殑鎶楁哀鍖栧墏锛岃兘鏈夋晥闃叉琛€绠$‖鍖栵紝浠庤€屽彲闃绘蹇冭剰鐥呭彂浣滃拰琛€鍑濆潡褰㈡垚寮曡捣鐨勮剳涓锛涘畠杩樿兘瀵规姉鑷敱鍩猴紝鏈夋晥鎶楄“鑰侊紱杩樿兘鎻愰珮瀵硅剳缁嗚優鍙樻€х殑棰勯槻锛屾姂鍒剁棿鍛嗙棁鐨勫彂鐢熴€?。The world is full of entrepreneurs and entrepreneurs who have been in front of the world, and the entrepreneurs have come to the fore to pick up the wind and the wind.栵紝杩樿兘闃叉琛€绠$‖鍖栵紝棰勯槻蹇冭绠$柧鐥呭強鑰佸勾鐥村憜鐥囥€備笁。钀ュ吇浠峰€肩伀榫欐灉鎬х敇骞筹紝涓昏钀ュ吇鎴愬垎鏈夎泲鐧借川銆佽喅椋熺氦缁淬€佺淮鐢熺礌B2銆佺淮鐢熺礌B3銆佺淮鐢熺礌C銆侀搧銆佺7銆侀挋銆侀晛銆侀捑绛夈€傚瘜鍚ぇ閲忔灉鑲夌氦缁达紝鏈変赴瀵岀殑鑳¤悵鍗滅礌锛岀淮浠栧懡B1銆丅2銆丅3銆丅12銆丆绛夛紝鏋滄牳鍐?(Hazel is so sturdy?  瀛? 鏇村惈鏈変赴瀵岀殑閽欍€佺7銆侀搧绛夌熆鐗╄川鍙婂悇绉嶉叾銆佺櫧铔嬬櫧銆佺氦缁磋川鍙婇珮娴撳害澶╃劧鑹茬礌鑺遍潚绱?灏 や 互 绾 ㈣ 倝 緶 渶) 銆?I am afraid of the toilet. I am in a hurry. The village is 83.75鍏嬨€佺伆鍒?。34鍏嬨€佺矖鑴傝偑0。17鍏嬨€佺矖铔嬬櫧0。62鍏嬨€佺矖绾ょ淮1。21鍏嬨€佺⒊姘村寲鍚堢墿13.91鍏嬨€佺儹閲?9.65 What is the difference between helium and helium?.62鍏嬨€佺淮鐢熺礌C5.22 Huan  toilet toilets?.83鍏嬨€佽憽钀勭硸7.83鍏嬨€侀挋6.3 Technetium?.8 傣  toilet 銆 佺 730.2 Technetium?6.1 傣 Toilet fan 0.55 technetium?.65姣厠鍜屽ぇ閲忚姳闈掔礌(绾㈣倝鏋滃搧绉嶆渶涓板瘜)銆佹按婧舵€ц喅椋熻泲鐧姐€佹鐗╃櫧铔嬬櫧绛夈€?銆佺伀榫欐灉鏋滅毊鍚湁缁寸敓绱燛鍜屼竴绉嶆洿涓虹壒娈婄殑鎴愬垎鈥斺€旇姳闈掔礌銆傝姳闈掔礌鍦ㄨ憽钀勭毊銆佺孩鐢滆彍绛夊噺鑲ユ灉钄腑閮藉惈鏈夛紝浣嗕互鐏緳鏋滄灉瀹炰腑鐨勮姳闈掔礌鍚噺鏈€楂樸€傚畠浠兘鍏锋湁鎶楁哀鍖栥€佹姉鑷敱鍩恒€佹姉琛拌€佺殑浣滅敤锛岃繕鑳芥彁楂樺鑴戠粏鑳炲彉鎬х殑棰勯槻锛屾姂鍒剁棿鍛嗙棁鐨勪綔鐢ㄣ€?銆佺伀榫欐灉鏋滃疄姹佸鍛虫竻鐢溿€侀櫎椴滈澶栥€佽繕鍙吙閰掋€佸埗缃愬ご銆佹灉閰辩瓑銆傝姳鍙共鍒舵垚鑿溿€侀鑹插彲鎻愮偧椋熺敤鑹茬礌銆?銆佺伀榫欐灉鏈夐闃蹭究绉樸€佷績杩涚溂鐫涗繚鍋ャ€佸鍔犻璐ㄥ瘑搴︺€佸府鍔╃粏鑳炶啘褰㈡垚銆侀闃茶传琛€鍜屾姉绁炵粡鐐庛€佸彛瑙掔値銆侀檷浣庤儐鍥洪唶銆佺毊鑲ょ編鐧介槻榛戞枒鐨勫姛鏁堝锛岃繕鍏锋湁瑙i櫎閲嶉噾灞炰腑姣掋€佹姉鑷敱鍩恒€侀槻鑰佸勾鐥呭彉銆佺槮韬€侀槻澶ц偁鐧岀瓑鍔熸晥銆傝€岃緝鏂扮殑鐮旂┒缁撴灉鏄剧ず锛岀伀榫欐灉鍜屾灊鐨勬眮瀵硅偪鐦ょ殑鐢熼暱锛岀梾姣掑強鍏嶇柅鍙嶆槧鎶戞绛夌梾鐥囦笂琛ㄧ幇鍑轰簡绉瀬浣滅敤銆?

[Can the green cabbage leaves be yellow?]

銆愰潚鑿滃彾瀛愰粍浜嗚繕鑳藉悆鍚椼€慱闈掕彍鍙禵鍙互鍚冨悧
The brand-new arch is designed to be used in the chain, and the awards are presented at the award ceremony in the Han Dynasty and the realm in the world. The version is completely destroyed, and the umbrella is extinguished, and the umbrella is extinct.涓崭新粎鍚冭捣鏉ュ彛鎰熸瘮杈冨ソ锛岃€屼笖瀹冪殑钀ュ吇浠峰€间篃鏄瘮杈冨鐨勶紝瀵逛簬閭d簺鑿滃彾瀛愬嚭鐜伴粍杈圭殑鎯呭喌锛屼笉浠呰惀鍏绘祦澶变簡锛岀湅涓婂幓灏卞儚鏄彉鍧忎簡锛岃繃鏈熶簡涓€鏍凤紝鎵€浠Yakult Cunlei  Hantingjiexi Kunqunhanhao Qianzhehuduo Daofengkuiza Benyuetongcen Wusu Zaowenglingying Huang Zhebangwushan Jianjieshuyang?1. I ‘m going to make a lot of money. I ‘m going to make it simple. I ‘m going to make a lot of money. I ‘m going to go through it. I ‘m going to go through it. I ‘m going to go through it.湁 瀹 Chong Yanlu  纴 钖 冨  浜 嗕 细 浼 よ HAN 銆?. I want to go back and forth. I ‘m going to go back and forth. I ‘m going to repeat it. I ‘m going to repeat it. I ‘m going to repeat it.纴涓嶅鏄揿彉€?. 寰堝浜洪兘浠ヤ负鍙湁鍓╄彍銆佽厡鍒剁殑鑿滈噷鎵嶄細鏈変簹纭濋吀鐩愶紝鐒惰€岄鍝佷笓瀹舵寚鍑猴紝澶忓鐨勬柊椴滅豢鍙惰敩鑿滄斁鏃堕棿闀夸簡锛屼篃浼氫骇鐢熻嚧鐥呯殑浜氱閰哥洂銆傝櫧鐒跺浠婃槸鏃堕矞闈掕彍澶ч噺涓婂競鐨勫鑺傦紝浣嗕粛鏈変簺蹇欑鐨勪汉鍠滄涓€娆¤喘涔板ぇ閲忕豢鍙堕潚鑿滃偍瀛樺湪鍐扮閲屻€備笓瀹舵寚鍑猴紝缁垮彾钄彍瀹规槗鍙戠敓姘у寲锛屽嵆浣挎槸鍦ㄤ繚椴滅殑鍐扮閲岋紝鏀剧殑鏃堕棿闀夸簡锛屽師鏈柊椴滅殑鍙跺瓙鍙戦粍銆佸彉钄敋鑷冲紑濮嬭厫鐑傚悗锛屼篃瀹规槗浜х敓浜氱閰哥洂銆備笉浣嗚繖鏍风殑钄彍涓嶈兘鍚冧簡锛岃繕鍙兘姹℃煋鍐扮閲岀殑鍏朵粬椋熺墿銆傝€屼汉鍦ㄥ悆浜嗗惈浜氱閰哥洂鐨勯鐗╁悗锛岃交鑰呮劅瑙夊ご鏅曘€佸ご鐥涖€佷箯鍔涖€佽兏闂枫€佹伓蹇冦€佸憰鍚愶紝鍢村攪銆佽€冲粨銆佹寚鐢插拰鐨偆鍑虹幇绱粈;閲嶈€呯溂缁撹啘銆侀潰閮ㄥ強鍏ㄨ韩鐨偆浼氬嚭鐜扮传缁€锛岃€屼笖鎮h€呭績璺冲姞蹇紝鐑﹁簛涓嶅畨锛屽懠鍚稿洶闅撅紝鐢氳嚦鍑虹幇鏄忚糠銆佹儕鍘ャ€佸ぇ灏忎究澶辩銆佸懠鍚歌“绔瓑鐥囩姸銆?1)闈掕彍鍙橀粍鐨勬満鐞嗘柊椴滅殑钄彍鍜屾按鏋滃叿鏈夊叾鍝佺鎵€搴旀湁鐨勯矞鑹宠壊娉斤紝濡傛灉棰滆壊鍙戠敓浜嗗彉鍖栵紝澶卞幓浜嗗厜娉斤紝鍒欒鏄庢柊椴滃害涓嬮檷銆傜壒鍒槸缁胯壊钄彍涓€鏃﹀彂榛勶紝灏辨槸琛拌€佺殑琛ㄧ幇锛岃繖鏄敱浜庡彾缁跨礌鍒嗚В琛ㄧ幇鍑哄彾榛勭礌銆佺被鑳¤悵鍗滅礌棰滆壊鐨勭紭鏁咃紝琚О涓衡€滈粍琛扳€濄€?2) Si Si Han Huan Xiu Xuan Xuan Xuan Xuan Xuan Xuan Xuan Xuan Xuan Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie Xie瀹规槗瀵硅倽鑴忛€犳垚澶氫綑鐨勮礋鎷呫€?

[Efficacy and practice of red date papaya soup]_Benefit_Inevitably

銆愮孩鏋f湪鐡滄堡鍔熸晥浣滅敤涓庡仛娉曘€慱濂藉_鐩婂
绾㈡灒鏈ㄧ摐姹ゆ槸闈炲父濂界殑鍏荤敓淇濆仴姹わ紝闈炲父閫傚悎濂虫€ф湅鍙嬮ギ鐢紝涓嶄絾鍏锋湁鍏婚婊嬫鼎鐨勪綔鐢紝杩樻湁寰堝ソ鐨勪赴鑳哥殑鏁堟灉锛岃兘澶熶績杩涚毊鑲ょ櫧閲岄€忕孩锛屽湪淇冭繘娑堝寲I ‘m going to investigate the chrysanthemums, han han yong, sui gui gui, hui yong, shui yong, shui yue, shui hui, yue, hong kong兂瑕佽揪鍒扮編鐧戒赴鑳哥槮浣撶殑鏁堟灉锛屽彲浠ラ€傚綋鐨勫枬涓€浜涖€?鍋氭硶 1銆佹湪鐡滃幓鐨垏鍧椼€?2銆侀摱鑰虫彁鍓嶆场鍙戯紝娲楀噣鍘昏拏锛屾挄鎴愬皬鏈点€?銆佺孩鏋f彁鍓嶆场涓€浼氭竻娲楀共鍑€銆?銆佹妸鏈ㄧ摐鍧椼€侀摱鑰冲拰绾㈡灒銆佹斁鍏ラ攨鍐咃紝澶х伀鐑у紑鍚庤浆灏忕伀鐓?0 闒 嗛 揓 Tweezers are full of sorrows?0 鍒 嗛 挓 鏀 鏆 鍆 鍸 銸 銆?Awkward?1銆佽兘鎻愰珮鑲濊剰瑙f瘨鑳藉姏锛岃捣淇濊倽浣滅敤锛涘鑰佸勾鎱㈡€ф敮姘旂鐐庯紝鑲哄師鎬у績鑴忕梾鏈変竴瀹氱枟鏁堬紱2銆佸瘜鍚淮鐢熺礌D锛岃兘闃叉閽欑殑娴佸け锛屽鐢熼暱鍙戣偛鍗佸垎鏈夌泭锛涘洜瀵屽惈纭掔瓑寰噺鍏冪礌锛屽畠鍙互澧炲己鏈轰綋鎶楄偪鐦ょ殑鍏嶇柅鍔涳紱3銆佸瘜鏈夊ぉ鐒舵鐗╂€ц兌璐紝鍔犱笂瀹冪殑婊嬮槾浣滅敤锛岄暱鏈熸湇鐢ㄥ彲浠ユ鼎鑲わ紝骞舵湁绁涢櫎鑴搁儴榛勮鏂戯紝闆€鏂What’s the matter?The key is very important, and it ‘s very difficult to find out what is happening. It ‘s very difficult to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?岃皟锷ㄦ穻宸紝鍔犲己鐧界粏鑳炵殑鍚炲櫖鑳藉姏锛屽叴濂嬮楂撻€犺鍔熻兘锛涢摱鑰冲绯栧叿鏈夋姉鑲跨槫浣滅敤銆?The key is very important, and the key is very important. It ‘s foolish. It ‘s stupid. It ‘s so stupid. It ‘s very important. What ‘s the matter?銆侀摱鑰宠繕鑳藉寮鸿偪鐦ゆ偅鑰呭鏀剧枟锛屽寲鐤楃殑鑰愬彈鍔涖€?

Yili (600887) Interim Review: Revenue continues to grow and penetration continues to rise

Yili (600887) Interim Review: Revenue continues to grow and penetration continues to rise

Comment event: The company announced the 2019 Interim Report and achieved revenue of 449.

6.5 billion yuan, an increase of 13.

58%; net profit attributable to mother 37.

810,000 yuan, an increase of 9.

71%; after deduction is 35.

19 trillion, with an increase of 9.

00%.

Main business gross profit margin 38.

56% zero for one year.

08pct; gross sales gross profit margin 38 in the first half of the year.

58%, zero for ten years.

09pct; comprehensive sales net interest rate 8.

45%, 0 years ago.

31 points.

Single-quarter revenue of 218.

8.8 billion, an increase of 9.

37%; net profit attributable to mother 15.

0.5 billion, an increase of 11.

83%; consolidated sales gross margin for the second quarter of single 37.

13%, 10-year average 1.

41 points; comprehensive sales net profit margin 6.

94%, a year to raise 0.

13 points.

I. Revenue continues to grow and penetration continues to increase. The target revenue target is expected to smoothly reach 45 billion in the first half of the year, with a base of 79.6 billion in 2018 and a target of 10 billion new in 2019. Over half the time, half the task.The revenue target is expected to be successfully achieved.

According to Kantar research data, as of June 2019, the company’s market penetration of room temperature liquid milk was 83.

9%, an increase of 2 per year.

7pct, its penetration in third- and fourth-tier cities penetrates 86.

2%, an increase of 2 per year.

3pct.
The penetration rate of core business has been continuously improved.

In addition, the annual growth rate of room temperature milk and milk powder leads the industry average, and channel sharing has steadily improved.

Nielsen data shows that the company’s room temperature liquid milk retail sales tripled.

4pct, of which, the yogurt at room temperature is increased by more than 5.

8pct; increase in retail sales of cryogenic liquid milk decreased by 1.

1 pct, in which the increase of active lactic acid bacteria drink is 0.

6pct; infant formula increased by 0.

6 points.

The layout and development of the three categories of room temperature, low temperature and milk powder are consistent with the plan and meet expectations. In terms of product categories, the revenue of liquid milk, milk powder and dairy products, and cold beverage products in the first half of the year were 361.

43, 43.

840,430 yuan, an increase of 13 each year.

23%, 13.

36%, 15.

杭州桑拿43%.

In terms of sales regions, North China, South China and other regions had revenues of 128 in the first half of the year.

37, 112.

03, 207.

8.6 billion, accounting for 28.

64%, 24.

99%, 46.

37%.

On a sequential basis, Q2’s revenue growth rate has improved compared to Q1, and sales pressure has improved.

Looking at the situation of market tracking, the market demand weakened in the second and second quarters, and the promotion of major competitive products increased, making sales more difficult.

The core category of normal temperature liquid milk tasks were successfully completed in excess, but the yogurt business unit and health drink business unit replaced the tasks as scheduled, affecting the overall growth rate.

Looking ahead, the amount of tasks in the second half of the year is not heavy, but the market environment is still under pressure.

We judge that the continuous cycle of competitive product promotion will not be too long, and with the high cost maintained, the gradual sales task is expected to be successfully completed, which is a better basis for hitting the scale of 100 billion sales targets next year.

Second, the increase in the original cost affects the gross profit margin, and the increase in expenses and research and development expenses squeezed the net profit in the second quarter.

13%, ring-on-epoxy 2.

82pct, 1 around a year.

41 points.

Comprehensive analysis shows that both the impact of changes in product structure caused by quarterly differences and the impact of rising raw material prices.

Cost-side raw material prices are higher than expected. Once the prices of raw milk and packaging materials rise, they may continue.

In the context of lowering the indicator rate, the increase in gross profit margin slightly exceeded expectations.

In the second half of the year, if the upgrade of the product structure can be sustained, the sales environment can be improved, and the behavior of buying gifts is reduced, the gross profit margin is expected to stabilize and rise.

Expense budget, benefiting from the effect of scale, the sales expense ratio in the first half of the year decreased by 0 every year.

83pct, but due to the increase in employee compensation and R & D investment, the management expense ratio (including R & D) has increased1.

2pct.

Looking at the Q2 sales expense ratio, the management expense ratio (including R & D) increased by 1 respectively.

16pct and 0.

45 points.

Sales pressure reaches the expense side, and management and R & D investment continues to increase, which has squeezed net profit. Net interest rate has improved against a low base, but it is still at a relatively low level in a single quarter in recent years.

The cash received from sales of goods in the first half of the year increased by ten years.

56%, which is normal; however, the net cash flow from operating activities continued to decline 28.

73%, mainly due to the increase in prepaid bills for purchasing materials and the increase in paid employees’ salaries. The net operating cash flow has improved on a sequential basis, which is reasonable.

Report quality is generally healthy.

Earnings forecast and rating: Maintain fundamental judgments: Revenue continues to grow, penetration rate and market share continue to increase, next year to achieve the “Five Strong 100 Billion” phase goal; this year’s net sales margin will gradually stabilize, and operating profit margins may usher in 2020Inflection point, but considering the non-linear amortization of incentive costs, it will have a transmission effect on the profit of the statements in the next three years, and make profit forecasts based on the principle of caution.

It is estimated that the growth rate of revenue in 2019-2021 will be 14%, 11%, and 10%; the growth rate of profits will be 11%, 9%, and 17%; the corresponding EPS will be 1.

17.1.28, 1.

50.

Based on the company’s fundamentals and considering short-term market sentiment, according to the performance in 2019, 30 times PE is given, corresponding to a target price of 35.

00 yuan, “Buy” rating.

Risk reminders: fluctuations in raw material prices; deterioration of the sales environment; food safety issues, etc.

Xingwang Yuda (002829) dynamic comment: rapid growth of emerging businesses

Xingwang Yuda (002829) dynamic comment: rapid growth of emerging businesses

The rapid growth of emerging businesses, the development of strategic development, and the initial development of the company. The company’s business was mainly focused on navigation, measurement, and stability control. At present, it has gradually expanded to form an intelligent unmanned system industry chain, which forms intelligent sensing, intelligent communication, and intelligent unmanned.Three major business sectors.

In 2019, although the offshore equipment business, which accounts for a relatively large proportion of revenue, has fallen sharply, emerging businesses such as photoelectric radar detection and satellite communications have achieved rapid growth, supporting the company’s development, and emerging businesses have become an important engine of the company’s growth.

The unmanned system is rapidly advancing, and orders are expected to land in succession. Based on the company’s technology accumulation in navigation, detection, communication and other fields, the company vigorously promotes the intelligent unmanned system business.

At present, products such as drones and unmanned combat vehicles have been formed.

In terms of drones, the company has formed a number of products such as long-hour fixed-wing and medium-high-speed unmanned aerial vehicles, and has begun to promote and produce them. In terms of unmanned vehicles, the company’s crews are accompanied by transport-type unmanned vehicles and reconnaissance and unmannedThe car has achieved great results in the army competition, and it is expected to obtain orders one after another.

Under the background of the unmanned development of military equipment and the continuous advancement of the company’s product models, the intelligent unmanned system business has advanced rapidly.

The rapid development of Satcom’s business, the constellation Internet is expected to bring industrial dividends. Satcom is used to connect mobile vehicles, ships, aircrafts, etc. with satellites, and is the core equipment of satellite application services.

The company’s Xingwang Weitong is a leading domestic supplier of mobile communication, and its products are used in the military and civilian fields.

Breakthroughs, breakthroughs in the company’s technological breakthroughs and market development, the company’s satellite communications business has developed rapidly, and new business contracts signed in 2019H1 have exceeded the annual revenue in 2018.

At the same time, the low-orbit satellite Internet will greatly promote the application of satellites and the demand for broadband mobile communications, and China Mobile will promote the industrial development dividend.

Earnings forecast and investment rating: The performance of the company’s strategic development has gradually changed, and emerging businesses have achieved rapid growth and become the company’s performance support. With the company’s vigorous promotion of intelligent unmanned systems, a number of products already have mass production capabilities and are expected to achieveRapid growth; satellite communications business has achieved rapid growth due to technological and market breakthroughs, and the construction of low-orbit satellite Internet has further increased demand.

With the release of goodwill impairment pressure, the company’s performance will be back on track. It is expected that the net profit attributable to mothers will be zero in 2019-2021.

1.1 billion, 1.

1.8 billion and 1.

43苏州桑拿网 trillion, corresponding to EPS are 0.

07 yuan, 0.

74 yuan and 0.

89 yuan, corresponding to the current expected PE of 327 times, 32 times and 26 times, respectively, covering for the first time, give a buy rating.

Risk reminders: 1) The order of the intelligent unmanned system is less than expected; 2) The development of satellite Internet is less than expected; 3) The risk of offshore engineering equipment shift; 4) Systemic risk.

Pacific Securities-5G value is predicted to counter-cyclical infrastructure + IoT will accelerate

Pacific Securities: 5G value is predicted to counter-cyclical infrastructure + IoT will accelerate

Pacific Securities Research’s latest opinion on February 25: Politburo meeting focuses on 5G value, counter-cyclical infrastructure + IoT will accelerate Source: Pacific Securities Research Directory ◆ Major Daily Finances ◆ Latest Industry Views ◆ Listed Companies Express Daily Major Finances (1) Budget: The People’s Bank of China announced on the 24th that the current position of the liquidity of the banking system is at a reasonable and sufficient level, and no reverse repurchase operation will be carried out today.

Due to the expiration of 300 billion reverse repurchases, the open market on that day achieved a net withdrawal of 300 billion.

  (2) Budget: Nearly a thousand enterprises have obtained special re-loans, and a stable monetary policy will be more flexible and appropriate.

Since the outbreak, the People’s Bank of China has implemented a series of monetary policy measures in accordance with the principle of being flexible and appropriate in its prudent monetary policy, intensifying counter-cyclical adjustments.

In the next step, we will continue to maintain a reasonable and sufficient liquidity, make good use of structural monetary policy tools, and give full play to the role of policy finance.

  (3) Ministry of Finance: To further bring into play the effectiveness of quantitative import policies and adapt to the requirements of the laws of the market economy.

Recently, the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation issued a notice on canceling the tax-free quota management of the “13th Five-Year Plan” on the import of seed sources.

  (4) Ministry of Finance: As of February 23, a total of 99.5 billion yuan in epidemic prevention and control funds have been arranged by the government, of which a total of 255 by the central government.

200 million yuan.

  (5) Recently, the 33rd Chairman’s Meeting of the 13th National Committee of the Chinese People’s Political Consultative Conference studied issues related to merging the third session of the 13th National Committee of the Chinese People’s Political Consultative Conference, in order to implement the Central Committee of the Communist Party of China on coordinating and promoting the new crown pneumoniaThe overall deployment of epidemic prevention and control and economic and social development work, organized a CPPCC and a large number of CPPCC members to actively participate in the fight against epidemic prevention and control. It is recommended that the third session of the thirteenth session of the CPPCC originally planned to be held on March 3 is preliminary.Appropriate budget, predetermined time.

  (6) On February 24th, the People’s Bank of China officially issued the Financial Industry Standards for Financial Distributed Ledger Technical Security Standards (JR / T 0184-2020), which stipulated the security system for financial decentralized ledger technology.

  (7) On February 24th, the 5G concept and the Huawei concept set off a wave, with turnover in both cities exceeding 1.

2 trillion.

The final close, the Shanghai stock index fell 0.

28% at 3031.

23 points; Shencheng Index rose 1.

23% at 11,772.

38 points; GEM Index rose 1.

68% to 2263.

97 points.

  (8) On February 24, Northbound funds significantly replaced 87.

05 trillion, the largest net penetration in the past month.

  Latest industry perspectives[Macro]Interest rate forecasting model 2.

US and Eurozone 0: Based on global economic indicators (1) From the perspective of global markets, the relative equity market of bonds more reflects economic fundamentals. The basic idea of our interest rate prediction model is to use global economic indicators to make forward-looking predictions of interest rate changes.

  (2) Judging the trend of interest rates in the US and the euro area.

The US interest rate indicator uses US 10-year Treasury bonds, calculates the fitting degree of each indicator of the global economic indicators with the US 10-year Treasury bonds at different lags, and selects indicators with a higher degree of fit and gives different weights.

Then, according to the trend of each indicator, the exchange rate changes in the next 1-2 quarters will be judged.

The euro area chose the European 10-year public debt in the same way.

  (3) According to estimates, from February to May 2020, the probability of a decline in US interest rates is small, and the probability of decline is 49.

70%, 49.

57%, 43.

90% and 35.

51%.

From February to May 2020, the relative error in the probability of a decline in interest rates in the euro area was 52, respectively.

20%, 54.

40%, 51.

86% and 51.

56%.  (4) Using the interest rate forecasting model for backtesting, the results show that the model has better ability to predict the trend of US debt and European debt. According to the model, the long-short strategy is adopted, and the strategic net value obviously replaces the basic indicators.

  Risk reminder: Exogenous shock, policy intensity is not as expected[Communication]5G investment will be restored first, and 5G + Industrial Internet will accelerate the implementation of investment points: (1) Take advantage of the externality of 5G investment, and 5G investment will be restored first.

We are at 2.

When the thousands of stocks fell on the 3rd, it reminded the market that there was a good opportunity for 5G to increase positions.

After about 3 weeks, remote office, satellite Internet, optical module and other sectors have achieved breakthrough growth.

It fully proves that the anti-cycle value of 5G is recognized by the market.

Reviewing the development of the epidemic in 2003, operators also increased their CAPEX investment in the later period of the epidemic. This time, the Ministry of Industry and Information Technology explicitly asked operators to accelerate 5G construction steps and play a “stable investment role.” We judge that the operator’s CAPEX expenditure will increase significantlyMore than 8%, the prosperity of the entire 5G industry chain will continue.

  (2) Tendering for operators is about to start, and the infrastructure industry chain benefits first, especially recommending wireless side investment opportunities.

Operators of the Ministry of Industry and Information Technology will formulate and optimize 5G network construction plans to accelerate the pace of 5G, especially independent networking.

We judge that the operator’s investment and bidding will start as scheduled without delay due to the epidemic, and 5G base station construction will clearly benefit, including base stations, antennas, filters and optical module companies.

  (3) Typical application scenarios have been catalyzed, and the 5G + Industrial Internet is accelerating.

Communication has played an important role in epidemic prevention and control, telecommuting, remote education, and telemedicine. The typical application scenario of 5G “blessed by disaster” has been cultivated and catalyzed.

The Ministry of Industry and Information Technology requested to further deepen the integration and development of 5G with vertical industries such as industry, medical care, education, and Internet of Vehicles.

We judge that the catalyzed scenario of “5G + Industrial Internet” will accelerate the expansion, focusing on industrial Internet platform companies, module companies and companies with typical IoT applications (smart meters, connected cars, smart factories).

  Industry highlights: (1) Ministry of Industry and Information Technology: Fast 5G, especially SA network construction, highlights investment stability and leading role.

The Ministry of Industry and Information Technology accelerates the development of 5G and does a good job of video and teleconferences in the information and communications industry to resume work and resume production.

It is necessary to accelerate the pace of 5G business and promote the breakthrough development of the information and communication industry.

The local communications administrations must help enterprises solve practical problems in 5G construction, such as protection and entry, and continue to promote 5G development. Second, they must speed up the construction progress: basic telecommunications companies must formulate and optimize 5G network construction plans and accelerate 5G, especially independent groups.The pace of network construction and the effective role of 5G construction in “stabilizing investment” and driving the development of the industrial chain; Third, promoting integrated development: We need to study and issue 5G cross-industry application guidance policies and integration standards, and further deepen 5G and industrial, medical, and educationDevelopment of vertical industries such as Internet of Vehicles.

Accelerate the integration application of “5G + Industrial Internet”, and promote the digital, network, and intelligent transformation of traditional industries.

Fourth, it is necessary to enrich the application scenarios: basic telecommunication enterprises accelerate the promotion of new services, new models, and new applications.

Seize the potential of 5G’s business development in online education, online medical care, remote office, etc.

  (2) ZTE builds a “distributed, carrier-grade, intelligent” 5G telecommunications cloud network to help operators win 5G opportunities.

ZTE proposes to build a “distributed, telecommunication-grade, intelligent” 5G telecommunication cloud network.

“Three-tier distributed” 5G telecommunications cloud, inspiring edge computing.

Network elements with different functions are deployed in different levels of data centers according to the requirements of the scenario, so the network becomes more flexible.

“Carrier-grade” networking architecture provides hybrid Overlay, hardware Overlay, and software Overlay networking solutions, deploying various software and hardware devices as needed to provide the best solution.

“Intelligent” 5G telecommunication cloud network, based on the IBN essential network, is a simple, intelligent, and fast operation and maintenance solution, which reduces network operation and maintenance costs.

  (3) Global 5G smartphone expansion will reach 1 in 2020.

99 billion.

In 2020, the global 5G smart phone implantation volume will reach 1.

99 billion.

China, the United States, South Korea, Japan and Germany will account for 90% of global 5G smartphone sales in 2020.

The COVID-19 epidemic is restricting smartphone production in Asia and disrupting the supply chain; the 5G smartphone market in the first half of 2020 will be weaker than expected, and the 5G smartphone market is expected to rebound strongly in the second half of the year.

  Recommended this week: 5G resumption of construction and the direction of the Industrial Internet, the direction of the Internet of Things is recommended. Sunsea Intelligent, Guanghetong, Mobile Communications, Mobile Communications, Dongtu Technology, Dongfang Guoxin (Computer Coverage); IDC Direction: Halo New Network,Antenna RF: Shenglu Communication.

  Long-term recommendation: 5G main equipment and infrastructure: ZTE Corporation, China Tower; Antenna: Shenglu Tongyu; Filter: Dafu Technology; Optical Module: Zhongji Xuchuang, Guangxun Technology, Cambridge Technology, Bochuang Technology; Benefit Traffic Explosion: Halo New Network, Monternet Group, No. 100 Holdings, Wangsu Technology, Jiachuang Video.

  Risk reminders: (1) systemic risks caused by the unexpected decline of the market; (2) uncertainty risks that are recommended for the promotion of related matters of the company.

  [Communication]Politburo meeting highlights the value of 5G, counter-cyclical infrastructure + Internet of Things will accelerate the event: The meeting of the Political Bureau of the Central Committee of the Communist Party of China was held on February 21 to promote 5G networks and accelerate the development of the Industrial Internet.

The Ministry of Industry and Information Technology accelerated the development of 5G around February 22nd, and did a good job of the video and telephone conference on the resumption and production of the information and communications industry.

  (1) The Politburo meeting and the policy of the Ministry of Industry and Information Technology are strongly promoted, and 5G is called a new height.

Two recent events have once again raised part of 5G construction.The first is the meeting held by the Political Bureau of the CPC Central Committee on February 21.

The meeting is held to actively expand effective demand, promote consumer replenishment and potential release, give play to the key role of effective investment, increase the start of new investment projects, and accelerate the progress of projects under construction.

Promote the accelerated development of 5G networks and industrial Internet.

Secondly, the Ministry of Industry and Information Technology accelerated the development of 5G around February 22, and did a good job of the teleconference on the resumption and production of the information and communication industry.

The meeting requested that basic telecommunication companies should assess the impact of the epidemic in a timely manner, formulate and optimize 5G network construction plans, accelerate the pace of 5G, especially independent networking, and effectively bring 5G construction to a “stable investment” and drive the positive role of the development of the industrial chain.

First, comparing the strength of policies before and after, the highest guidance for 5G construction was the 2019 Central Economic Work Conference. The Prime Minister listed 5G as a priority task for economic work in 2019 and proposed to accelerate the pace of 5G business.

This is a meeting of the Political Bureau of the Central Committee of the People’s Republic of China, which has a higher level and highlights the key role of 5G in driving investment.

In fact, the Ministry of Industry and Information Technology immediately affected the central government’s instructions to accelerate the development of 5G, reflecting that behind the development of 5G is the will of the country to promote the policy. The policy is gradually replaced from the central government to the Ministry of Industry and Information Technology, and then to the operators.

Therefore, the judgment of the development speed of 5G should not only consider the investment and construction needs of operators, but should also understand the urgency of 5G development from a higher perspective and from the huge driving force for national economic development.

  (2) 5G investment will definitely increase under the epidemic situation, and it is expected to exceed expectations in 2020.

Looking back at history, when China’s economic development is likely to slow down in the face of external interference, investment in communications construction will become an economic adjustment work.

For example, during the SARS period in 2003, the actual capital expenditure of the operator increased by 23% compared with the plan at the beginning of the year. During the 2008 Wenchuan earthquake, the actual capital expenditure of the operator increased by 25% compared with the plan at the beginning of the year.

We expect that the overall capital expenditure of operators in 2020 may exceed the expected growth, and the expected growth is more than 8%.

This time, the Ministry of Industry and Information Technology clearly stated that “accelerating the pace 淡水桑拿网 of 5G, especially independent network construction, and effectively giving play to the positive role of 5G construction in” stabilizing investment “and driving the development of the industrial chain” is precisely the furious effect of 5G on the economy and industry.

Although the work was resumed in early 2020 due to the impact of the epidemic, the subsequent additional investment and acceleration of work can still achieve the goal of promoting the rapid decline of 5G, which does not need to be pessimistic for the performance of the communication industry chain companies.

  (3) 5G will not slow down under the pressure of the United States, and the “internal circulation” power is redundant. The rise of Huawei’s industrial chain is irresistible.

The U.S. Department of Commerce included Huawei and its 68 affiliates in the entity list on May 15, 2019, followed by four consecutive 上海夜网论坛 releases on May 20, August 19, and November 18, and February 13, 2020 for a period of fourA 90-day “temporary general license” allows Huawei and its subsidiaries to engage in “specific activities.”

We believe that the US sanctions on Huawei tend to restrict China’s overtaking in the field of technology.

However, the world’s largest communications market is in China. Are the world’s top four major equipment manufacturers in China? They have strong industrial chain support. Core device breakthroughs and domestic substitution are accelerating. China only has the “inner loop” strength to develop 5G.
The US sanctions conference will hurt its own industry chain and cannot stop China’s 5G process.

ZTE, Huawei and its industry chain companies are expected to gain more market share in 5G construction.

  (4) Typical application scenarios are catalyzed, and the 5G + Industrial Internet is accelerating.

Communication has played an important role in epidemic prevention and control, remote office, remote education, and telemedicine. The typical application scenario of 5G is “blessed by misfortune”, short-term demand erupts, long-term user habits change, and product penetration will gradually increase.

The cloud communications market has just started in China, and giants such as Tencent and Ali are pinpointing the track, and the market is cultivating huge development opportunities.

The Ministry of Industry and Information Technology requested to further deepen the integration and development of 5G with vertical industries such as industry, medical care, education, and Internet of Vehicles.

Industrial scenarios are a major feature that distinguishes 5G from 4G. 5G, edge computing, big data, ultra-high-definition video, AR / VR and other advanced technologies are committed to integration and development in the industrial field.

We judge that the catalyzed scenario of “5G + Industrial Internet” will accelerate expansion.

  Investment suggestion: Continue to be optimistic about the role of communication in counter-cyclical adjustments, policies catalyze the acceleration of 5G, and the wireless side remains the focus of operator construction.

Key recommendation: 5G leader: ZTE; infrastructure scarce standard: China Tower; elastic antennas with flexible resonance: Shenglu Communications, Dafu Technology, Tongyu Communications; Huawei industry chain: Ziguang State Micro, Gongjin shares, etc .; Wuhan resumed production capacityRecovery: Guangxun Technology, Huagong Technology; companies with industrial Internet platforms, modules and typical IoT applications (smart meters, connected cars, smart factories): Sunsea Intelligent, High-tech, Guanghetong, move to communication, moveFar communication.

  Risk warning: 5G construction is less than expected; the intensified epidemic affects the construction process.

  Listed company express[Pharmaceutical]Aier Ophthalmology: Liucheng Hospital successively opened consultations or emergency department, and performance is expected to recover quickly. (1) Liucheng Hospital successively opened consultations or emergency department, which promoted rapid recovery and steady growth.

After the outbreak of the new crown pneumonia epidemic, all the hospitals of the group have been completely closed from February 1st to February 9th (except for emergency and online appointments), which has a certain impact on the company’s short-term performance. With effective control of the epidemic, eye hospitals in various regions have resumed workAccording to the collection and statistics of the latest operating conditions of hospitals in various places, we estimate that, as of February 23, nearly 100 hospitals in the mainland of Aloi have opened consultations; nearly 130 hospitals can launch emergency projects.A total of nearly 230, accounting for 62% of the total number of hospitals.

Of the hospitals with full consultations, about half of all the hospitals are expected to undergo an orderly transformation. The rest of the hospitals are partially implemented. First, emergency and consultation-aligned projects, replacement of orthokeratology lenses, etc., and other projects will be carried out one after another.

We expect the company’s return to work rate to accelerate in the future.

  (2) The epidemic situation does not change the company’s core growth logic and is optimistic: 1. The demand for ophthalmic medical consumption has been reduced, and the short-term suppressed demand forecast has grown explosively after the epidemic, and the company has continued to continue a steady growth trend; 2. The epidemic has affected public hospitalsInfluencing factors of small and medium-sized private eye hospitals, it is expected that the opening time of ophthalmology in public hospitals is later than Aier, and new and old patients will be more likely to choose Aier without local diagnosis and strict control measures due to the reduction of cross infection.Conducive to the company’s market share increase; 3, Aier spared no effort in fighting the epidemic (highlighted), which is conducive to the further improvement of the company’s brand image. From a financial perspective, it will reduce Aier’s customer acquisition costs, and ultimately changeImproved performance; 4, Aier adheres to the international strategy, the company’s overseas revenue accounts for about 15%, plus the company’s gradual increase in the plan to acquire 30 ophthalmic hospitals, it is expected to remain positive after being partially hedged in the first quarterContributions; 5) Benefit from the government’s phased reduction of corporate social security premiums from February to June and the implementation of the corporate deferred housing provident fund policy.年Pressure to reduce costs.

  (3) At present, the focus of the company’s consulting hospitals is still on “scientific protection to ensure the safety of doctors and patients”. For example, Wuhan Aier will uniformly provide nucleic acid testing for emergency surgery patients and open CT green inspection channels; hospitals in all places strictly abide by the precautionary measures.Control measures, implement outpatient appointment system, separate visits.

In addition, during the epidemic prevention and control process, the frequency of non-emergency patients / consumers will still be reduced to medical institutions. Therefore, after the hospital is opened, the overall increase in the number of consultations in the first quarter is gradual, and the company’s performance recovery requires a process.
  (4) spare no effort to fight the epidemic, highlighting the role of leading ophthalmic service companies.

In the prevention and control of the pneumonia epidemic, Aier quickly responded from the group to each hospital and then to every employee, went all out, actively assumed social responsibility, took the initiative to carry out anti-epidemic training, and adopted hospital sense prevention and control measures; dispatched medical servicesThe personnel support the front line; donate medical supplies, equipment, donations and other internal anti-epidemic actions.

  Earnings forecast and rating: Maintain the Air Force’s performance expectations unchanged. It is estimated that the net profit attributable to the mother in 19-21 will be 13 respectively.55, 18.

7, 24.

500 million, corresponding to PE is 99/72/55 times, maintain “Buy” rating.

  Risk reminder: The growth of hospital performance is less than expected; the opening time of hospitals in various places must be uncertain, and it is expected that the increase in passenger flow after the opening of the consultation requires a process.

  [Chemical industry]Long Mang Baili: The reduction of holdings affects short-term suppression, does not change the company’s high-quality attributes, and maintains the “buy” event: due to the company’s director Tan Ruiqing, executives and running capital requirements, it is planned to reduce the bulk of the transaction through centralized bidding transactions.Holding no more than 89,044,034 shares (4 of the company’s total share capital).

38?

%), Today the company can continue to adjust significantly.

  (1) Multiple factors have boosted the price of titanium dioxide.

Venator, an international titanium dioxide giant, announced that the price of titanium dioxide in the Asia-Pacific region will increase by 120 US dollars / ton from March 1.

Affected by the tight supply of titanium concentrates at home and abroad, the low cost of inventory has pushed the inventory level lower, and the price of the company’s rutile series products has increased by 500 yuan / ton.

At the same time, the company has 80-inch titanium ore, which has the advantage of titanium dioxide raw materials.

  (2) Domestic and foreign downstream demand is steadily improving.

During the epidemic period before the Spring Festival to date, the company’s major bases maintained normal production operations, including the Xiangyang base in Hubei, but the transportation of raw materials and products was short-term blocked for logistics reasons.

As the country’s adversity continues to strengthen, although real estate has expressed pressure every year, investment growth has remained stable.

At the same time, about 100 titanium dioxide exports in 2019.

3, an annual increase of 10.

62%, continued to grow.

  (3) The titanium dioxide faucet is overall stable (second in the world), and it has rapidly expanded the sponge titanium business.

The company’s chlorination method Phase II 20 / year production line has been fully commissioned and is undergoing intensive debugging.

At the same time, the newly-established June / year Chlorinated Titanium Dioxide has also resumed production recently, contributing to the main domestic new production capacity in 2020.

The production capacity of Yunnan Xinli 1 sponge titanium has been successfully resumed, and the technical transformation and expansion have been expanded to 4.

5 digits / year, increase 1 by cooperation with Jinchuan Group.

5 / year sponge titanium production capacity, totaling 6 / year.

  Earnings forecast and rating: Estimated low, maintain “buy”.

It is expected that the company’s net profit attributable to its mother in 19-21 will be 26.

1/34.

8/41.

200 million yuan, corresponding to EPS 1.

29/1.

71/2.

03 yuan, PE 13/10/8 times, maintaining “buy”.

  Risk warning: the impact of the epidemic, reduction of suppression.