Lin Qingfeng lost gold in the 2014 National Men’s Weightlifting Championship: coach is too conservative

LinQingfenglostgoldinthe2014NationalMen’sWeightliftingChampionship:coachistooconservativeOntheafternoonofye

Lin Qingfeng lost gold in the 2014 National Men’s Weightlifting Championship: coach is too conservative
On the afternoon of yesterday, in the 2014 National Men’s Weightlifting Championships and Asian Games trials, the London Olympics men’s weightlifting 69 kg champion Lin Qingfeng scored 337 kg, losing to Zhejiang player Shi Zhiyong. Most of the total results were340 kg.In the jerk competition, Lin Qingfeng and the coach had a disagreement, Lin Qingfeng wanted to increase the weight to rush the gold medal, and the coach wanted him to keep the silver medal.In the end, Lin Qingfeng regretted losing the gold medal.The game was broadcast live to the national audience. After the match, Lin Qingfeng complained that coach Chen Wenbin’s footage was also broadcast.The runner-up was meaningless yesterday’s men’s 69 kg snatch competition. Lin Qingfeng only raised 150 kg, 5 kg behind Shi Zhiyong, the first snatch.In the jerk competition, Shi Zhiyong increased his total score to 340 kg. Lin Qingfeng only had a score of 190 kg in order to defeat his opponent by weight.After the failure of the first attempt to lift 187 kg, Lin Qingfeng requested to increase the weight to 190 kg, but was opposed by the coach, so the teacher and the apprentice had a dispute, and finally the Chinese men’s weightlifting team coach Chen Wenbin set the weight at 187 kg.  ”The coach has a different tactic than I think.”The opponent has already won 340 kilograms. I raised 187 kilograms or was the runner-up.A handful of 187 kg plus a handful of 190 kg, and the proportion of two 190 kg, this is almost the same as my physical energy consumption, so I want to fight 190 kg.But the coach still let me keep the runner-up, the runner-up has no meaning to me.”Lin Qingfeng told reporters last night, “After winning the gold medal at the London Olympics, I haven’t won the gold medal for almost two years, and I also hope to participate in the Asian Games.”After the game with a wrist injury, Lin Qingfeng’s coach Wan Jianhui also restored the situation to the reporter at that time. He said: “Lin Qingfeng’s right wrist is injured, and there are some injuries in the waist.I think he is in a bad state, he has confidence in himself.After losing the game, he is not completely without the opportunity to participate in the Asian Games.Lin Qingfeng also found a detail. He wanted to give up his snatch because of a wound on his right wrist. Eventually he grabbed 150 kilograms. He had already completed his task in excess and saw hope of winning gold.He said: “Before the game, because of a wrist injury, I was ready to give up the snatch only than the jerk.My character is like this. I didn’t do a good job of cooking pots, and I recognized it; but I have been conservative in losing the championship and I am very annoyed.”For complaining about coaches on live television, Lin Qingfeng said that this is just a business discussion of the game and will not affect the relationship between the teacher and the apprentice.(Reporter Shi Leilei)

2016环上海自行车赛滴水湖站 德门特耶夫独揽两衫

2016环上海自行车赛滴水湖站德门特耶夫独揽两衫­中新网上海11月25日电2016“斯巴鲁杯”环上海国际公路自行车赛滴水湖站的比赛25日鸣枪发车。经过激烈的争夺,来自乌克兰ISD洲际队的德门特耶夫成为最大赢家,不仅获得了赛段冠军,同时还收获了代表总成绩第一的黄色领骑衫和冲刺王绿色领骑衫。­滴水湖站的比赛全长75公里,起终点设在滴水湖庆典广场,途中设有3个冲刺点

2016环上海自行车赛滴水湖站 德门特耶夫独揽两衫
­  中新网上海11月25日电 2016“斯巴鲁杯”环上海国际公路自行车赛滴水湖站的比赛25日鸣枪发车。经过激烈的争夺,来自乌克兰ISD洲际队的德门特耶夫成为最大赢家,不仅获得了赛段冠军,同时还收获了代表总成绩第一的黄色领骑衫和冲刺王绿色领骑衫。­  滴水湖站的比赛全长75公里,起终点设在滴水湖庆典广场,途中设有3个冲刺点,赛道以平路为主。­  比赛在当天上午10点03分准时发枪。车手们出发后以大团骑行,虽然中间不断有车手试图突出大团领骑,但都没有能够成功。直到临近第一个冲刺点时,才有一个20人的领骑小组突围成功,并逐渐拉开与身后大团之间的差距。在21.8公里的第一个冲刺点时,韩国首尔洲际队车手明永厚率先通过,拿下第一个冲刺点。­  第一个冲刺点过后,20人的领骑小组继续保持领先,并不断拉大与身后大团之间的距离,最大的时间差达到了1分34秒。在39.8公里的第二个冲刺点时,土耳其国家队车手萨姆里率先通过。之后领骑小组仍旧保持优势,一度将领先优势扩大到2分钟以上。在57.8公里的第三个冲刺点时,肯尼亚澳新洲际队的布拉德利一马当先,拿到这个冲刺点。­  第三个冲刺点过后,比赛进入最后阶段,20人领骑小组逐渐分化,不断有车手突出小组冲到前面,试图在最后的冲刺中争抢到更有利的位置。最终还是乌克兰ISD洲际队选手德门特耶夫技高一筹,率先通过终点,拿到滴水湖站比赛的冠军。­  赛后德门特耶夫表示,滴水湖站的比赛组织很好,各方面都很专业,希望有机会再次来到这里比赛。­  滴水湖站比赛结束后,德门特耶夫收获黄衫和冲刺王绿衫,亚洲最佳蓝色领骑衫的得主是韩国首尔洲际队的明永厚。­  在滴水湖站比赛之前,2016“斯巴鲁杯”环上海国际公路自行车赛于11月24日举行了简短而隆重的开幕式,参加本次比赛的车队一一亮相。­  上海市自行车运动协会秘书长郭洪生在开幕式上致辞,他表示,本次比赛是贯彻国务院46号文件有关体育产业发展的计划、国家体育总局体育产业发展十三五规划的大背景下而举行的赛事。比赛将成为未来上海具有影响力的赛事之一,将对上海地区自行车运动的发展起到推动作用,丰富上海市民文化生活,尤其是4+2的生活理念,将增加上海市民的出行和健身乐趣,而2017年赛事将进入亚洲巡回赛系列,将会越来越精彩。­  11月26日,将进行2016“斯巴鲁杯”环上海国际公路自行车赛漕河泾站的比赛。(完)

[Do you want to put refrigerators in summer]_ Hot weather _ Storage method

[Do you want to put refrigerators in summer]_ Hot weather _ Storage method

In summer, do not store toast that ca n’t be eaten, because this kind of food is more delicious when it is hot, and it will become very soft.

The surface of the toast has become quite hard. At this time, it will definitely become very poor on the overall taste, so you must pay special attention to it, and it is best not to put it in the refrigerator.

Consumed by the general population.

Toast is too soft and tasty when the temperature is high, it will harden at a low temperature, and the flavor and taste will be much worse.

In addition, according to personal preference, someone will fry toast.

How to eat egg liquid toast: The easiest way to eat toast is to spread it on the sauce you like.

.

Or sandwich vegetable leaves, tomato slices, ham slices, etc. between the two to make the simplest sandwich.

.There are other conventions.

.When frying with eggs, the most common are: pan with less oil, put a piece of toast on low fire and fry, then directly beat a whole egg on the toast. After the egg liquid has solidified, turn it over and fry it slightly.Fry), out of the pan.

The result of this frying is really beautiful. I prefer another frying method: I think the taste is better. The egg liquid is not wrapped in the outer layer, or even completely soaked in the toast. It is softer and more uniform.

.Just call it egg toast.

.The approach is simple.

.I ca n’t see the egg liquid outside, because it ‘s all in the toast: beat the eggs in the container, add milk, stir and dip a piece of whole wheat toast into the liquid, soak it for about 10 seconds, don’t soak it too muchsoft.

Picking up the toast at this time was heavy, but it didn’t drip.

Pan flour oil, low fire, fry on both sides, out of the pan, use oil-absorbing paper in the kitchen to absorb the oil, sprinkle appropriate amount of cinnamon powder or the like according to personal taste, and start eating.

.The egg liquid toast is soft and fragrant, and it tastes very good.

Cut a plate of fruit, a drink, and prepare a breakfast.

It ‘s so simple. Make a caring breakfast for him or yourself. Toast is not so fresh after eating for two days. Many people know that when you eat it, you can simply bake it with a baking sheet machine.feel.

.In fact, you can also cut the remaining toast into small dices, then stir fry with the cream, then put into small balls one by one, freeze them, and put one ball into the soup when you make the soup.

[Cream corn soup]_corn soup_how to make_how to make

[Cream corn soup]_corn soup_how to make_how to make

The method of making creamy corn soup can actually be very simple. For example, the ingredients needed are cream, potatoes, carrots, eggs, etc. These ingredients can be eaten in family life, and this food can also bring us moreDelicious taste.

First, 50g of cream, 100g of potatoes, 200g of canned corn, 100g of carrots, 1 egg, 4 tablespoons of flour, 2000ml of broth or water.

1. Heat the pot over low heat, add cream, then add flour and stir fry; 2. After frying, add broth or water, and cook over medium heat until the consistency is appropriate; 3. Add canned corn and potatoesDice, diced carrots and cook until boiled; 4, break up the eggs, add to the soup and turn into egg flowers; 5, when drinking, add the appropriate amount of salt and white pepper to taste.

Second, nutritional value 1. If you want to make a beautiful egg flower, you can break up the eggs and add 2 tablespoons of water to mix thoroughly. After the corn soup is boiled, add the egg liquid slowly from the height and stir quicklyIn order to ensure that the eggs are even and delicate.

2. If you like the taste of corn, add a little cornmeal.

You can also add shrimp, ham and other ingredients to this soup, the taste will be more fresh.

If you like heavy milk flavor, you can add half a cup of pure milk at the end to make the soup taste smoother.

[Can you eat cantaloupe with high blood sugar?】 _High blood sugar_Can you eat

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[How to eat confinement so as not to get fat?

】 _How to eat_How to eat

[How to eat confinement so as not to get fat?
】 _How to eat_How to eat

In general, women between the ages of 20 and 30 will choose to have children. Many facts show that once a woman has a child, her body will become fatter, which is completely different from her teenage years.

In fact, women don’t want such a result, but there is nothing they can do for children.

Especially during the postpartum period, the family will prepare a lot of supplements for themselves. So how can you make it easier to gain weight during the postpartum period?

Women gain 11-12 kg of weight during pregnancy, including 2-4 kg of body weight.

This is the body’s instinctual storage of energy substances to prepare for the hardships of childbirth and to prepare for lactation immediately after childbirth.

If you gain too much weight during pregnancy, you will have too much on your own and you may have the consequences of being overweight.

According to research, obese babies are more likely to become obese as adults than normal babies.

After pregnancy, the hormone function and metabolism of the body are greatly mutated, coupled with postpartum hyperfunction of the stomach, increased appetite, rich nutrition, and the custom of confinement in bed, maternal women are prone to obesity.

So, how should a mother pay attention to body fitness?

1. Proper exercise Postpartum Proper exercise is an important measure for postpartum health care and prevention of postpartum obesity.

Postpartum exercise can be divided into fitness exercises and physical activities.

Fitness exercises should be in the early postpartum period. Proper postpartum exercise can not only promote blood circulation and uterine contraction, but also strengthen the strength of the pelvic ligaments.

2. Persist in doing postpartum recovery gymnastics. Postpartum recovery gymnastics can help the mother to perform pelvic ligament alignment recovery, and to restore the function of the abdominal and pelvic meat groups.

Some mothers who have been lying in bed for a long time can easily cause poor blood circulation in the lower limbs and venous embolism. Leg movements can promote blood circulation. Confinement mothers do not prevent early targeted exercise.

It should be reminded that if there is a laparotomy in the parturient, then when practicing sit-ups, pay attention to abdominal wounds, do what you can, and do not involve the wounds during exercise.

3, sculpting clothes Body shaping must be worn in time after delivery. After giving birth, the baby’s belly is empty, which can prevent the internal organs from sagging and help the body recover the figure before pregnancy.

This is also a healthy weight loss option for nursing mothers!

Industrial Bank (601166): Performance returns to two figures, growth is truly confirmed, bad margins are re-accumulated, safety margins are maintained, and banks ‘first portfolio is maintained

Industrial Bank (601166): Performance returns to two figures, growth is truly confirmed, bad margins are re-accumulated, safety margins are maintained, and banks ‘first portfolio is maintained

Event: On April 29, 2019, Industrial Bank disclosed the 2018 annual report and the 2019 first quarter report.

In 2018, it achieved operating income of 15.83 million yuan, an increase of 13 throughout the year.

1%; net profit attributable to mothers was 6.06 million yuan, a year-on-year increase of 6.

0%.

In the first quarter of 2019, operating income was 47.6 billion yuan, an increase of 34 year-on-year.

8%; realized net profit attributable to mother to 1.97 million yuan, a year-on-year increase of 11.

3%, the performance of the first quarter report exceeded expectations (the original forecast 1Q19 return to the mother net profit growth of 8).

5%).

NPL ratio in the first quarter of 19

57%, flat quarter-on-quarter; provision ratio of 206 in 19Q1.

34%, a quarter-on-quarter decrease of 0.

9 averages.

Performance returns to double-digit growth, the core of which comes from the positive trend of certainty that the balance sheet has been deeply optimized for two consecutive years, and the spread has widened from quarter to quarter.

Net profit attributable to the mother of Industrial Bank increased by 11 in the first quarter of 19.

3%, since 2014, performance growth has once again returned to double-digit levels.

The 17-year strong regulatory environment has caused Industrial Bank to restructure its balance sheet after a short period of pain, but even so, Industrial Bank has continued to optimize the balance sheet structure without reducing its balance sheet: (1) 18 years of loans increased by 20.

7%, 1Q19 ahead of further growth to 21.

7%.

From the perspective of asset structure, in just one year, the proportion of loans increased by nearly 10 instances, from 37 at the end of 17 years.

9% increased to 46 in 1Q19.

3%.

At the same time, non-standard investments such as wealth management products, trusts and other income rights continued to be reduced. The proportion of non-standard investments was 31 at the end of 16 years.

3% fell to 14 at the end of 18 years.

63%, structural optimization efforts can be seen.

(2) From the perspective of debt, deposits in the first quarter of 19 increased by 13.

5%, the proportion of deposits increased to 56.

At the same time, peers at the same time denied a ten-year compression.

2%.

The deep optimization of the asset-liability structure helped the spread to continue to widen. We calculated that Industrial Bank’s 2H18 interest margin increased by 12bps from 1H18. From a structural point of view, the 2H18 asset side continued to increase credit allocation to bring significant positive contributions to the quarter-to-month increase in interest margin.20bps, the pressure on interbank debt brought about a positive contribution of 14bps.

Judging from the current price target, the loan interest rate for 2H18 still maintains an upward trend, and the cost rate of interest-paying debt in the second half of the year decreased by 23bps from 1H18, exceeding the narrowing rate of interest-generating asset yields by 10bps.

Affected by the switch to accounting standards IFRS9, the 1Q19 interest rate spread is not comparable to the previous month, but it is expected to remain significantly wider than the previous quarter.

Looking into the future, in the context of structural optimization, there is still an environment where interest rates in the interbank market remain low, and Industrial Bank’s interest rate spreads are expected to maintain a steady upward trend.

Net fee income performance is still dazzling, and it is expected that “commercial bank + investment bank” will transform into a middle-income growth and generate significant revenue.

Net fee income in the first quarter of 19 increased by 23 per year.

6%, the growth rate with 1Q18, 2018 have significantly increased.

From the 武汉夜生活网 perspective of the litigation fee income structure, the growth in net fee income in 18 years was mainly driven by traditional retail and settlement and settlement businesses such as bank cards, and the fee income of bank cards and settlement and settlement businesses increased by 61.

8% and 41.

3%.At the same time, the proportion of investment banking financing fee income, which mainly consisted of consultants and guarantee commitments, was reduced to 26.

9%, but it is still expected to be among the forefront of listed banks.

As of the end of 18 years, the Industrial Bank ‘s non-gold bond underwriting scale and the number of co-created markets ranked first, and the scale of public securitization of corporate asset securitization (ABN) ranked second in the market. In the long run, under the current environment of direct financing developmentWe are even more looking forward to the Industrial Bank’s pan-investment banking business which can effectively drive the continuous growth of Industrial Bank’s revenue business.

The non-performing ratio in the first quarter remained flat month-on-month, and the real recognition of the non-performing ratio was negative. It is expected that the asset quality will remain tentative in 19 years.

In 4Q18, the Industrial Bank’s NPL ratio decreased by 4bps to 1 from the previous quarter.

At 57%, the trend of continuous increase of non-performing rate in the first three quarters of 18 was restored. The non-performing rate in 1Q19 remained flat month-on-month, and asset quality became stable.

In 18 years, Industrial Bank increased its non-performing write-offs, which increased by 30 per year.

5%, from the perspective of bad write-off rhythm is more concentrated in the fourth quarter of 2018.

We estimate that the bad generation rate of 4Q18 plus write-off write-off increased by 28bps to 161bps from the previous quarter. In 18 years, the bad write-off rate of write-off write-off and gradually increased by 15bps to 118bps.

Since Industrial Bank of China began to switch to IFRS9 in 19 years, after excluding the impact of the conversion rules, we estimate that Industrial Bank had basically no bad write-offs in the first quarter, and the actual exposure was poor.Drop 0.

9 up to 206.

34%.

Judging from the NPL indicators, the proportion of overdue loans was 2 in 1H18.

12% fell to 2 at the end of 18 years.

02%, the proportion of focus loans in 18 years continued to decline, but in 1Q19 rebounded slightly from 0.

07 single to 2.

12%.

In the context of increasing economic downside supplementary regulatory requirements and accelerating adverse exposures, it is expected that some banks’ non-performing indicators will show a certain range in the first half of this year, which is a common trend in the industry.

We believe that the proportion of Industrial Bank’s focus loans has shown a quarterly increase and is related to the macro environment. Restructuring is more related to Industrial Bank’s initiative to realise the quality of assets.

At the end of 18 years, the “overdue 90 days or non-performing loans” remained at 78.

88% low, still badly identified as bad.

Investment suggestion: raise the profit forecast, raise the level to buy, and re-start the bank’s portfolio.

In the short term, the “wide currency” environment continues to supplement and actively optimize the structure of assets and liabilities, which has greatly corrected the upward trend in the interest rate spread and stability, while the interest market pressure on Industrial Bank ‘s liquidity supervision has virtually ceased.Regular future asset quality provides effective protection.

In the long run, the contribution of investment banking business that is ahead of the industry to China Revenue will help to deepen again, which will effectively drive the continuous improvement of core profitability.

It is expected that net profit attributable to mothers will increase by 12 in 2019-2021.

7%, 13.

5%, 15.

3% (previous forecast was 6 for 19-20 years.

4%, 7.

8%, adjusted interest margin and provisions, added 2021 profit forecast), given a target price of 19 years.

2 times PB, currently corresponding to 19 years 0.

82 times PB, corresponding to 46% of the upside, raised the level to buy, and re-banked the first combination.

Risk reminder: adverse risks caused by economic substance.

Huatian Technology (002185): The growth rate of 1H19 performance exceeded expectations but the signal of recovery has already appeared

Huatian Technology (002185): The growth rate of 1H19 performance exceeded expectations but the signal of recovery has already appeared

1H19 results were lower than our expected Huatian Technology announced 1H19 results with operating income of 38.

4 ppm, an increase of ten years.

4%, an increase of 15 from the previous month.

0%; gross profit margin 13.

2%, 10-year average of 3.

1 average, 3 than the average value.

0 shares per share; net profit attributable to the parent is 85.61 million yuan, an annual extension of 59.

3%, compared to epoxy 52.

2%, affected by the gradual fluctuation of the industry, the overall performance 都市夜网 exceeded our previous expectations.

Development Trend The overall capacity utilization rate was low in the first quarter, and the rising expense ratio dragged down 1H19 performance.

Affected by the increasing fluctuations, the terminal demand of the semiconductor industry continues to weaken after entering 2019, affecting the company’s capacity utilization and eroding the gross profit margin.

In 1H19, Huatian Tianshui’s income can replace at least 11%, Xi’an’s income can be repeatedly inserted into 38%, and Kunshan’s income can replace 20%.

The parent company’s financial expenses are estimated to have increased by an average of about 5,000 million last year, mainly due to interest on M & A loans.

But overall, the company’s profitability is still higher than its peers.

Since the second quarter, the company’s performance has shown signs of recovery, and it is expected 杭州桑拿 to achieve a significant increase in the second half of the year.

Through our industry chain survey, the traditional packaging and testing capacity maximization began to pick up in April, and continued to improve in the second quarter.

At present, the company’s Tianshui plant has a good capacity utilization rate. The company has established a preliminary framework-related material production base in Baoji to cooperate with the Tianshui plant business.

Orders at the Xi’an plant also improved.

In the second quarter, the company’s revenue increased by 24% month-on-month, and gross profit margin increased by 2%.

8 units.

We believe that terminal demand is gradually picking up. The expansion of Xi’an and Kunshan plants will further promote revenue growth.

In addition, the company’s rights issue has been listed on July 22, and we believe that the 1.6 billion raised funds will be in place to reduce financial costs.

The company’s second-half performance is expected to increase significantly from the previous quarter.

We continue to be optimistic about the company’s growth through outbound mergers and acquisitions.

The company successfully acquired Unisem 58, a Malaysian packaging and testing company.

With 94% equity, Unisem completed the consolidation in February this year, and still contributed 8 to the company during the 1H19 down cycle.

With a revenue of 55 trillion and a net profit of 20.67 million, the operation is stable.

In the future, 5G investment will gradually accelerate. Unisem will continue to benefit from the increase in orders from large RF customers such as Skyworks and Qorvo, which will increase the company’s performance.

Earnings forecasts and estimates have taken into account the scope of consolidated statements from February and have made a significant contribution to the company’s revenue. We raised our 2019/2020 revenue forecast by 14% / 7%, but taking into account the company’s overall average utilization rate, Profit margin exceeded expectations, we lowered our 2019 net profit forecast by 31% to 2.

7 trillion, maintaining the 2020 profit forecast basically unchanged.

At present the company corresponds to 1.

8 times the 2020 P / B ratio, we raised the target city’s P / B ratio to 2.

1 time to reflect the profitability of Huatian Technology’s leading peers.

Maintain Outperform rating and 6.

Target price of 10 yuan (11% growth space).

Risks Macro uncertainties are dragging down the recovery of the semiconductor industry.

Emeishan A (000888): 19H1 performance + 10% growth Steady ropeway business drives revenue growth

Emeishan A (000888): 19H1 performance + 10% growth Steady ropeway business drives revenue growth

The company announced its 19-year interim report: ① 19H1: Realized revenue 5.

29 ppm / + 0.

82%, mainly due to the rapid growth of ropeway business.

Net profit attributable to mother 0.

7.7 billion / + 10.

10%, net of non-attributed net profit 0.

$ 7.4 billion / + 5.

49%, steady growth in performance.

19H1 net operating cash flow of the company1.

8.1 billion / + 23.

85%.

②19Q2: Realize revenue 2.

$ 7.4 billion / + 5.

09% (19Q1 chain revenue for many years -3.

38% realized acceleration), net profit attributable to mother 0.

$ 5.8 billion / + 11.

77% (the same period of 19Q1 performance increased by 5.

42% realized speed up), net of non-attributed net profit of 0.

$ 5.6 billion / + 7.

87% (deduction of non-performance for 10 years -1 from 19Q1).

31% achieved faster).

The passenger ropeway supports steady growth in revenue and the company’s infrastructure continues to improve.

In Q1 2019, 160 ticket purchasers were realized.

110,000 person-times, an increase of 0 in ten years.

1%, due to the decline in ticket prices, the total revenue of Youshan tickets fell slightly (-6.

43%), but the effective control of the cost side hedged the impact of price reductions, and the gross profit margin increased steadily (+0.

09%).

19H1 the whole mountain ropeway gradually and safely transported tourists 323.

70,000 person-times, the ride rate reached 2.

02, to achieve revenue 1.

7.5 billion / + 22.

59%, gross margin 69.

00% /-3.

71 points.

The company has completed more than 70 economic infrastructure construction and maintenance tasks, strengthened product innovation, promoted the improvement of the company’s business format, and promoted performance growth.

From 苏州夜网论坛 the perspective of different types of business: Youshan ticket format participates in the main income body, revenue 2.

18 ppm / -6.

43%, gross margin 28.34% / + 0.

09pct; revenue from ropeway business 1.

7.5 billion / + 22.

59%, gross margin 69.

00% /-3.

71 points; hotel business performance is rich and weak, revenue is 0.

86 ppm / -6.

24%, gross margin of 14.

2% /-5.

86%.

The company continued to promote “slimming and fitness”, optimizing resource allocation and improving management efficiency. In 19 years, it reorganized three subsidiaries with poor returns or no actual business.

The gross profit margin increased steadily, and the decline in sales and management fee rates pushed up net profit.

① 19H1: Gross profit margin is 40.

29% / + 0.

39pct, mainly because the company has better cost control of the mountain ticket business.

The cost rate during the period was 19.

05% /-2.

13pct, mainly due to lower sales and management fees.

Among them, 19H1 sales expense ratio is 1.

74% /-0.

49pct, management expense ratio 7.

37% /-0.

53pct, financial expense ratio is 0.

23% / + 0.

06pct, mainly because the interest on time deposits has not been settled.

19H1 overall net margin 14.

56% / + 1.

24pct.

②19Q2: Gross profit margin is 48.

2% / + 2.

4pct, the period expense rate is 15.

98% /-2.

54 points.

Among them, the 19Q2 sales expense ratio was 0.

50% /-0.

1pct, management expense ratio 3.

41% /-0.

47pct, financial expense ratio is 0.

14% / + 0.

16 points. Mid- and long-term highlights: strengthening of key projects + resource integration + management system reform to speed up return to repair.

① The company’s strategic transformation, advancing the development strategy of “returning to Emei Mountain and realizing new leapfrogging”, accelerating the promotion of the entire region’s intelligent construction, establishing a new ticketing system, and starting the construction of smart tourism.

② As the only tourism listed company in Sichuan Province, the company extends Dehongzhou, Yunnan Tianyou, Sichuan Investment Group, and Hong Kong and China Travel to build a regional resource integration platform.

③ The company will continue to deepen the “three determinations and three pressures” reform, strengthen internal control management, set up a material procurement department, strengthen marketing, improve the industrial chain, and promote sustainable development of the company.

Investment suggestion: Overweight-A investment rating.

The company continues to promote the improvement of infrastructure and the “slimming” strategy. We expect the company’s net profit for 2019-2021 to be 2 respectively.

1.6 billion, 2.

2.6 billion, 2.

3.5 billion, corresponding to a growth rate of +3.

4% / + 4.

3% / + 4.

3%, corresponding to PE14x / 13x / 13x, given a 6-month target price of 6.

5 yuan.

Risk Warning: Impact of natural weather; passenger flow at attractions is less than expected.

Sun Paper (002078) 2019 Interim Report Comment: Single-quarter profit improved month-on-year.

Sun Paper (002078) 2019 Interim Report Comment: Single-quarter profit improved month-on-year.

On August 27, the company disclosed an interim report. In the first half of the year, it achieved revenue / net profit of 107.

7.6 billion / 8.

8.7 billion, with changes of 2 each year.

89% /-27.

81%, achieving full diluted EPS0.

34 yuan, in line with expectations.

Operating analysis 19Q2 paper prices increased slightly month-on-month, driving the company’s gross profit margin to improve month-on-month.

In the second quarter, the company’s revenue was 53.

25 ppm, a small margin over ten years1.

97%, net profit attributable to mother 5.

06 ‰, slightly over 17.

18%, but the magnitude of net profit was significantly narrower than in the first quarter.

Although the prices of the company’s 都市夜网 core products, non-replacement cultural paper and coated paper, changed significantly every quarter in the second quarter, according to our tracking data, the prices of non-replacement cultural paper and coated paper increased in the second quarter.

28% and 4.

13%.

Benefiting from the increase in product prices, the company’s profitability improved significantly in the second quarter, with a gross profit margin of 21.

77% (+4.

07pct), with a net interest rate of 9.

67% (+2 MoM.

68pct).

The construction of new production capacity is still progressing steadily, and the self-sufficiency rate of wood pulp is trying to increase again during the year.

In the first half of the year, the company’s 10 starting wood chip pulp production line and 40 insert semi-chemical pulp production line began to enter a stable production cycle. In the fourth quarter, it is expected that the 20th natural color high-yield biomass fiber project will be put into production. This year, the company’s wood pulp self-sufficiency rate is expected to achieveGet promoted.

The company’s Laos 120 cardboard factory project is advancing steadily. The 40-ton recycled fiber pulp board production line has been trial-produced in June, and the next two 40-inch high-end packaging paper production lines are expected to enter the production stage in 2021.

In June and July this year, the company successively planned the Beihai Pulp and Paper Project and the Headquarters 45 Special Cultural Paper Project.

We believe that after the company’s construction and planning projects have reached full capacity, it will improve the company’s integrated layout of forest pulp and paper and further consolidate its cost advantage.

Wood pulp prices continue to fall, and the company’s annual profit is expected to increase in the second half of the year.

At present, the price of wood pulp is still on a downward trend. Tracking data show that the price of wood pulp fell slightly in July from the previous month.

54%. Since August, the price of pulp has fallen by nearly 2% from the previous month.

However, the domestic cultural paper has been issued a price increase letter. Starting from September 1, the company’s non-replaceable cultural paper and coated paper prices will be raised by 100 yuan / ton.

The downward trend in costs has continued, increasing product prices, and it is expected that the company’s profitability will improve again in the third quarter.

Profit forecast and investment advice The company has outstanding comprehensive advantages, with scale growth this year, and meanwhile, profit recovery is expected in the short term.

We predict that the company’s EPS will be 0 after full dilution in 2019-2021.

96/1.

10/1.

28 yuan (three years CAGR13.

99%), corresponding to PE8 / 7/6 times, maintain the company’s “Buy” rating.

Risk factors The risk of changes in industrial policies; the risk of fluctuations in raw material prices; the risk of exchange rate changes; the risk of macroeconomic fluctuations;