ESPN player rankings announced in the new season: Kobe Bryant was 7.06 points retina to 40th

OnOctober17,Beijingtime,ESPN’snewseasonplayerrankingscontinuedtoberevealed.Inthelistof36-40positionsintheleaguethatwasjustannounced,KobeBryantwasranked40th.Thisisafterthe25thplacelastseason,Kobe’srankingfellagain.  TheseriousinjuryofthecalcaneusmadeKobenotrepeatedlyfavoredbyESPN.Aftertheinjurywasrecovered,hisconditionwasrepeatedlyquestioned,andthelevelofbenefitsthatcouldberestoredtoafewpercentwasmaintainedbymanyexperts.InESPN’spredictionsfortheperformanceofthenewseason,Rickyscored10pointsandonlygot7experts.Ascoreof06points.AfterpredictingKobeasthe25thintheleaguelastseason,thistimethe40thplacehasonceagainnotbeensmall.  InadditiontoKobe,theLakers’recordinthenewseasonisnotoptimisticaboutESPN.KobeBryant,40th,isalreadythehighest-rankedplayerintheirlineup.Inadditiontohim,onlyJeremyLinintheLakershasreachedthetop100inthisranking,andisstillonlyranked99th.Moreover,intherecordpredictionlaunchedyesterday,theLakershadonly29wins,rankingonly13thintheWesternConference.  However,noteveryoneisnotoptimisticaboutKobe.AfterseeingtheESPNranking,thecoachGeorgeKarlthinksthatitisabitlow.IthinkthatpeoplewhohaveadeepdesireforsurvivalandapassionforworklikeKobemustbeverycareful.#Youhavebeenwarned#Kararticle.  ItisworthmentioningthatafterESPNpredictedthattheLakerswere12thintheWesternConferenceandKoberanked25thlastyear,FlyingManonceconvertedhisTwitteravatarto1225.Inaninterview,herespondedthatthisisjustapetdog.Birthday.ThisyearESPN’spredictionsforhisrankingsagainfellintotheactofnotknowingwhetherFlyingManwouldrespond.  Inaddition,ESPN’srankingofKobeislowerthanthatofseveralothermedia.”SLAM”magazine’s50rankingsrankedKobe19th,and”SportsIllustrated”rankedhim24th.Regardlessoftheserankings,thenewseasonhasneverstarted.Kobeisdestinedtofacemanydoubts.Tobreakthesevoices,onlyhavearealperformanceonthefield.  Thefollowingisalistofthetop39ESPNplayers(innoparticularorder):Horford,Millsap,Rondo,Jefferson,Noah,Ross,James,Irving,Loew,Nowitzki,DrummondGermany,Curry,Thompson,Iguodala,Harden,Howard,Paul,Griffin,JordanJr.,GasolJr.,Conley,Randolph,Bosh,Wade,NongMeiGe,Anthony,DuranT,Westbrook,Ibaka,Dragic,Aldridge,Lillard,Parker,Duncan,Leonard,Cousins,Lowry,DeRozan,Wall.(Bigspeakers)

[Homemade practice of braised chicken feet]_How to_Practice

銆 愮 儿 鐑 ч floating 氱 淑 stomping his father’s pot
Anonymous ring chain and anonymity ring and anonymity. Anonymous ring chain and anonymity. Anonymous and anonymity. Anonymous.阃效悎涓嬮厭锛岄浮鑴氱殑鍋氭硶涔熸瘮杈冨锛屽彲浠ュ仛鎴愮孩鐑ч浮鑴氾紝鍦ㄥ澶╃殑鏃跺€欓€傚綋鐨勫悆涓€浜涳紝鏈夊緢濂界殑娑堟殤鐨勪綔鐢紝铏界劧楦¤剼鑲夋瘮杈冨皯锛屼絾鏄畠鐨勮剛鑲惈閲忕浉瀵规瘮杈冮珮锛岃€屼笖杩欑鑴傝偑鏈夊姪浜庤剛婧舵€х淮鐢熺礌鐨勬秷鍖栧拰鍚告敹锛屽韬綋鏈変繚鍋ョ殑鏁堟灉銆傜孩鐑ч浮鑴氬甯稿仛娉曚富鏂欙細楦$埅12鍙皟鏂欙細鑹叉媺娌归€傞噺銆侀鐩愰€傞噺銆佸叓Nau?涓€佹鐨?鍧椼€佹枡閰掗€傞噺銆佺敓鎶介€傞噺銆佽€佹娊閫傞噺銆佸皬钁?鏍广€佺櫧绯栭€傞噺1.If you do n’t know how to do it, please click on the button 2. Press the button 2.娉ㄦ剰涓嶈鐒繃澶翠簡锛岀敤绛峰瓙鑳界┛杩囧氨琛岋紝鍐嶈繃涓€涓嬪噳姘寸孩鐑ч浮鑴歜C.jpg3.Sorry, there is no tweezers, no tweezers, no tweeting, no sorrows, no sorrows, no sorrows, no sorrows, no sorrows, no sorrows, and no sorrows.jpg4.涓嬬敓鎶斤紝鑰佹娊锛屾灉閰掓垨鏂欓厭锛屼笅鍏鍜屾鐨紝鐩愶紝灏戣姘村ぇ鐏叜寮€锛岃浆灏忕伀鐒?0 闒 嗛 挓 姾 渶 钖 庡 ぇ 鐏  敹 姹 侀 Floating  殷 锸 噥 咥 咝 綔 鐢?.Last but not least, it’s broken, it’s broken, it’s broken, it’s hard to get it, it’s a lot of things, it’s a lot of things, it’s a bit of a chain涔熻兘澶熶繚鎶ゅ唴鑴忥紝浣嗘槸涓嶅疁椋熺敤杩囬噺鐨勮剛鑲€傞浮鐖兘澶熶负浜轰綋鎻愪緵蹇呴』鐨勮剛鑲吀锛岀敱浜庢憚鍏ヨ剛鑲紝鏈夊姪浜庤剛婧舵€х淮鐢熺礌鐨勬秷鍖栧惛鏀躲€?。Last but not least, you will be able to use it as a guideline. You will be able to use it as a guideline. You will be able to use it as an option.Go to the end of the chain to go to the master’s team to learn about it: Adhere to the realization of the implementation of the law, and the use of the sorrows and sorrows, and the implementation of the system, and the implementation of the lawㄩ吀鑳藉澧炲己缁嗚優瀵逛簬姘村垎鐨勪繚鎸侊紝璁╃毊鑲や笉鏄撳共鐕ワ紝浣跨毊鑲ゆ湁寮规€э紝姘村垎鍏呰冻锛屾秷闄ょ毐绾癸紝鎶楄“鑰併€?。”I’m sorry, I’m sorry, I’m sorry, I don’t know how to do it, I don’t know how to do it, I don’t know how to do it.”绠′腑鐨勬矇绉紝骞朵笖楦$埅涓湁鍥涚铔嬬櫧璐紝鑳藉鏈夋晥鎶戝埗楂樿鍘嬶紝鎵€浠ラ鐢ㄩ浮鐖篃鑳藉骞宠 琛€鍘嬨€?.Last but not least, the rugged and rugged quilts are inconvenience, and the chains are inconvenient, and the chains are well-read, and the cliffs are inconvenient.Xie Houchen ★ What are you trying to do?.Last but not least, there are still a lot of problems in the world: the threshold of the ruggedness of the rugged mountains and the cliffs of the mountains and the rivers of the mountains and the rivers of the mountains and the rivers of the mountains and the rivers of the earth is very important.殑噺鍏冪礌锛屽浜庝腑鏋㈢缁忥紝琛€娑诧紝澶村彂锛屽厤鐤郴缁燂紝楠ㄩ缁勭粐锛岀毊鑲わ紝澶ц剳鍙婂績锛岃倽绛夊唴鑴忕殑鍙戣偛閮芥湁淇冭繘浣滅敤銆?

[Drink beer beauty?

】 _Benefits_Ethics

[Drink beer beauty?
】 _Benefits_Ethics

Beer is a relatively common drink in our lives. Although it is a kind of alcoholic beverage, drinking a glass a day will bring many possibilities to the body.

However, you can’t drink too much beer. Once you drink too much or even get drunk, it will cause great harm to the body, some alcohol poisoning and so on.

There are also some female friends in life who prefer to drink beer, so the question comes, do you drink beer for beauty?

The benefits of drinking beer for women1, strong bones Beer contains a rare nutrient-silicon, which makes bones strong.

2. Speed up metabolism Drinking beer has the effect of promoting blood circulation and promoting metabolism.

Even though beer has a low degree, it still contains some alcohol components. Drinking beer can only speed up blood circulation and provide a lot of nutrients to the skin, which is more helpful to the body’s metabolism.

3. Stable mood Drinking beer helps to stabilize mood.

Once there is an irritable mood, sitting down with a light side dish, drinking a moderate amount of beer, will have a stable effect on the changed mood.

4, relieve constipation Drinking beer can relieve constipation.

When we drink beer, we will have a bitter taste. Its main ingredient is hops, which will increase the secretion of bile, so that the leakage of constipation can be relieved.

5, beauty body drinking beer has the role of beauty body.

Beer is rich in female hormones. Female friends who often drink beer can show the charm of women because their skin is smooth and detailed, their breasts are plump, and their shape is even.

In addition, hops in beer also contain cooling ingredients, which have a very good preventive effect on facial pustules and pustules.

6, strong heart Experimental results published in the Journal of Nutrition show that it can reduce the risk of cardiovascular disease.

Other studies have also found some benefits for heart health.

7, helps the longevity of the antioxidants contained in beer can rebuild cells and help longevity.

8, contains a lot of B vitamins Beer contains a lot of B vitamins, can relieve stress, help memory, strengthen muscles and reduce people’s risk of heart disease.

[Can pregnant women eat chestnuts]_Pregnancy_Can you eat

[Can pregnant women eat chestnuts]_Pregnancy_Can you eat

Chestnuts are quite common in life. We generally eat fried chestnuts, because sugar-fried chestnuts are a very delicious food. Many people like to buy snacks to eat.

Chestnuts contain a lot of starch and protein. It has no effect on pregnant women. However, it has no effect on pregnant women’s consumption. Instead, it contributes to the development of obesity, fitness and bone strengthening, and improves vitamin immunity.

Can pregnant women eat chestnut chestnuts are rich in nutrients and have many effects. Pregnant women can eat chestnuts, but remember not to eat too much, otherwise it will easily cause indigestion.

In addition, due to the high sugar content of chestnut, diabetics should not eat more during pregnancy.

It is beneficial for pregnant women to consume some chestnuts in moderation, including the following aspects: 1. Chestnuts are beneficial to the development of the fetus, because chestnuts contain proteins and amino acids.

Protein is the material basis of life.

During pregnancy, the fetus needs a higher amount of protein. If the maternal protein intake is insufficient, it will affect the growth and development of the fetus.

2, chestnut can promote grain development.

Chestnut has a high starch content and can provide the body with essential fatty acids and fat-soluble vitamins. For example, chestnut can provide vitamin E. Vitamin E can promote vitamin growth, prevent abortion, premature birth, and enhance reproductive functions.Women prevent the appearance of stretch marks.

3, chestnut can strengthen bones.

Pregnant women often eat chestnut, in addition to fitness and strong bones, but also conducive to the development and maturity of the pelvis.

4, chestnut can improve immunity.

The appropriate high-quality protein in chestnut, and contains a variety of amino acids required by the human body, is conducive to improving the immunity of pregnant women, and helps the development of vitamins.

5, chestnut can eliminate edema.

Arsenic and potassium in chestnut.

Potassium ions can help promote the metabolism of excess water in the body, eliminate edema, and help the edema symptoms that often occur in pregnant women.

6. Eating chestnut can relieve mood.

Chestnut contains a variety of trace elements to ease mood and suppress pain. It is very effective for helping pregnant women to relieve frequent mood swings.

All in all, the benefits of eating chestnuts for pregnant women are many, but moms don’t eat too much because of this!

[Bass Toxin]_Energy_Nutrition Value

[Bass Toxin]_Energy_Nutrition Value

Perch is a relatively common fish in our diet. It is rich in nutrients. Some areas are also called scorpion fish, sea bass roe, etc. The possibility of sea bass is not high, so eating fish is for people who want to maintain their body.A good choice, each one hundred grams contains a volume of about one hundred kcal, plus a small amount of traces, and other nutrients are abundant, so it is a good health fish.

Fish and nutritional value of seabass Alias: seabass, seabass board, seabass, wall flower, four-gill fish, scorpion fish, minced fish: 105 kcal (100 g edible portion) Category: aquatic evaluation: sea bass, Suitable for high-quality protein and calcium and other minerals, rich in nutrients, suitable for consumption during weight loss.

Nutrition Information Nutrient content (per 100 g) is converted (calorie) 105.

00 cobalt (g) 0.

Aunt 00 (g) 3.

40 protein (g) 18.

60 cellulose (g)-vitamin A (micrograms) 19.

00 standard unit number of units of measure (edible partial conversion) 1 perch (700.

0 grams, edible portion 406.

(0 g) 426 kcal standard (100 g) 105 kcal perch 1.

Sea bass protein, vitamin A, B vitamins, calcium, magnesium, zinc, selenium and other nutritional elements; it has the effect of nourishing liver and kidney, replenishing spleen and stomach, resolving phlegm and relieving cough, and has a good tonic effect on people with liver and kidney deficiency; 2.

Perch fish may cure fetal turbulence and produce symptoms such as low milk intake. Expectant mothers and women who eat perch are a nutritious food that not only supplements the body, but also does not cause excess nutrition and lead to obesity. It is a health-building blood, spleen and Qi2. The best product for good health; 3.

There is also a small amount of copper in the blood of sea bass. Copper can maintain the normal function of the nervous system and participate in the function of key enzymes involved in the metabolism of several substances. People who lack copper can eat sea bass to supplement it.

[Crystal shrimp dumplings practice and effect]_how to do_method steps

[Crystal shrimp dumplings practice and effect]_how to do_method steps

Crystal shrimp dumplings are a type of dumplings. The main difference is that the dumpling skin is thin and transparent, and the filling is made from shrimp.For crystal shrimp dumplings.

It is more popular, both because it tastes delicious and because it has certain effects on the human body. Let’s introduce the method and effect of crystal shrimp dumplings below.

Raw grass prawns 300g, pig fat glutinous 100g, appropriate amount of shallot, 150g of clear flour (wheat starch), 50g of raw flour, 130ml of seasoning salt in boiling water, chicken essence, caster sugarShell the shrimp line and leave some whole.

2. The remaining shrimps are chopped into shrimp cilantro with the back of the knife.

3. Cut the pig fat into small dices, and then chop into meat paste for later use.

4. Wash the green onions and cut them into green onions.

5. Put the prawn paste, fatty meat, green onion into the container, add sugar, chicken powder, salt and stir well in the same direction; put the shrimp in salt for 20 minutes.

6. Mix 150g of Chengfen, 50g of corn starch, and 1g of salt and mix well. Pour in 130ml of boiling water and stir while adding, until there is no dry noodles, cover and cover for 5 minutes.

7, take out and knead thoroughly, then add lard or (olive oil) and knead into a ball, set aside.

8. Take a small piece, knead it into long strips, cut into small pieces, and roll into thin slices.

9, add the filling and knead into dumplings.

10. Put the shrimp dumplings into the steamer and steam for 5 minutes.

Tip 1, hot water and hot noodles.

Pour water slowly. It gets hot everywhere.

2, roll and pack, otherwise the skin will crack easily.

Cover all temporarily unused hides.

3, that is, the package is steamed. Generally, 4-8 pieces are steamed in one pot. After steaming one pot, the next pot is wrapped, so that the dumpling time of shrimp dumplings is the shortest.

4, when out of the pan, gently lift it with your hands.

Be careful with chopsticks, it’s easy to touch the skin.

(Nutrition Ingredients) Nutrition Wheat Flour Flour Protein, Protein, Vitamins, Calcium, Iron, Phosphorus, Potassium, Magnesium and other minerals, have the effect of nourishing the heart and kidneys, strengthening the intestines and thickening the intestines, removing heat and thirst, treating irritability and annoyanceHeat, thirst, diarrhea, bloating, trauma, bleeding and burns.

Shrimp and shrimp are rich in nutrition, fleshy, easy to digest, and are an excellent food for those who are weak and need to be recuperated after illness. Shrimp is rich in magnesium, which can protect the cardiovascular system. It can reduce bloodCholesterol content prevents arteriosclerosis and can also expand coronary arteries, which is beneficial to prevent hypertension and myocardial infarction; shrimp meat also has kidney and aphrodisiac, passes milk and resists toxins, nourishes and solidifies blood, removes blood stasis and detoxifies, nourishes qi and yang,Analgesic effect, appetizing phlegm and other effects.

Fatty meat Fatty meat is rich in a variety of vitamins, which can provide a very high content, and contains protein, B vitamins, vitamin E, vitamin A, calcium, iron, phosphorus, selenium and other nutrients; but cholesterol in fat porkAdults are very high, so they should not eat more, and too many people and people with high blood lipids are not suitable to eat.

Recipe with grams of shrimp 1.

Should not be eaten with pork, damage sperm; 2.

Avoid eating with dog meat, chicken, mutton, venison, and pumpkin; 3.

Avoid sugar; juice and shrimp are grams, the same food will cause diarrhea.

Fat meat pork should not be eaten with black plum, licorice, catfish, shrimp, pigeon meat, field snails, almonds, donkey meat, lamb liver, coriander, turtle, water chestnut, buckwheat, quail meat, beef.

It is not advisable to drink a lot of tea after eating pork.

Zhongju Hi-tech (600872) 2019 Third Quarterly Report Review: Delicious Fresh Revenue, Steady Fees and Good Control

Zhongju Hi-tech (600872) 2019 Third Quarterly Report Review: Delicious Fresh Revenue, Steady Fees and Good Control

19Q3 seasoning performance in line with expectations.

In the first three quarters of 19, the company achieved total operating revenue of 35.

3.1 billion, +11 a year.

56%, the headquarters / real estate / Seiko revenue of 0.



5.7 billion a year.

03 / + 0.

33 / -0.

02 trillion, the headquarters revenue fell sharply by 75.

18%, due to the unrecognized asset transfer income in Q3, net profit attributable to the mother was realized5.

4.6 billion, +12 per year.


Yummy Fresh earned 33 in the first three quarters of 19 years ago.

5.7 billion, +14 per year.

97%; net profit attributable to mother 5.

4.3 billion, +19 per year.

08%; 19Q3 single quarter revenue 10.

9.5 billion, +14 per year.

30%; net profit attributable to mother 1.

8.1 billion, +17 per year.

53%; 19 first three quarters gross margin of 39.

01%, -0 per second.

17%, net interest rate 17.

66% +0 each time.

41%; 37Q3 gross profit margin 37.

78%, net interest rate 16.


In 19Q3, the delicious fresh income was stable and healthy, and the fee control was good.

In the first three quarters of 19, soy sauce / chicken powder / edible oil were +9 twice.

85% / 19.

20% / 33.

27%, staying solid; gross profit margin fell by 0.

17 points, due to the decline in the proportion of high-margin soy sauce categories, a slight increase in raw material prices (MSG / I + G), and an increase in price reduction promotions; net profit at any place +17.

53%, due to the increase in government subsidies and the profit growth of Yangxi Kitchen State.

In a single quarter, the gross margin is +0 per second.

28pct, the net interest rate is basically the same every year, and the sales / management / financial expense ratio is changed to -0.

21pct / + 0.09pct / + 0.

09 points.

National expansion is accelerating, internal governance is being organized, and vitality is expected to be released.

The company plans to achieve the double hundred goals by 2023, and the current progress reflects strong execution.

1) Adjustment of internal governance and increase of incentives: The company is conducting personnel adjustments, including reducing cost personnel, adding marketing directors, etc. It is expected that adjustments will be completed in the first half of next year, while increasing 杭州桑拿 incentives, including salary increases and bonuses, etc. 2) NationalAccelerated expansion: East / South / Central / Western / Northern China income +10 in the first three quarters of the decade.

94% / 12.

26% / 25.

95% / 18.

69%, the growth of the southern and central and western regions accelerated in 19Q3. At the end of the quarter, there were 1,009 dealers, a net increase of 145. 3) The catering industry maintained a high growth, and the products continued to be upgraded: the company updated the dealer resource allocation standards, and at the same time targeted the chef for cateringEnd promotion activities, rapid growth and growth of catering channels, continuous development of product development speed, completed the upgrade of light salt, seafood, steamed fish flavor soy sauce, and further diversified products.

夜来香体验网 Core point of view: The company’s condiment business is of good quality. It has room for growth in the development of a national market, the development of catering channels and category extension, and maintains EPS forecast for 2019-2021 of 0.



38 yuan, after considering the improvement of the mechanism, the performance is expected to continue to grow well, maintain the target price of 50 yuan, corresponding to about 45 times the estimated value in 20 years, adjust the rating to “recommended”.

Risk Warning: The growth of condiments is not as expected, and the effect of improving the mechanism exceeds expectations.

Lianchuang Electronics (002036) Semi-annual Report Review: Interim Report Meets Expectations

Lianchuang Electronics (002036) Semi-annual Report Review: Interim Report Meets Expectations
Revenue and profit maintained steady growth, and it is expected that the volume will increase rapidly in the second half of the year.2019H1, company revenue 26.700 million, an annual increase of 21.48%; net profit attributable to mother 1.22 ppm, an increase of 26 in ten years.96%.In terms of semi-annual performance, the company’s revenue and profits have achieved steady growth.In Q2 2019, the company’s revenue was 16.20,000 yuan, an annual increase of 25.67%, an increase of 55.40%; net profit attributable to mother 0.82 ppm, an increase of 10 in ten years.36%, an increase of 102 from the previous month.16%. Optics is the key to the company’s performance turning point this year, and it is also the main axis of future investment logic.In the first half of the year, optical revenue was 4.6.6 billion, an annual increase of 88%.The rapid growth of optics is in line with our judgment that the company’s optical business will spend more points and will soon be heavy.In the first half of the year, the company’s optical business has been further strengthened, and other mobile phone screen optical fingerprint lenses and 1G6P lenses were only replaced in the second half of the year, and mobile phone lenses and module production capacity will also increase and increase in the second half of the year.The key is also the main axis of future investment logic. The initial volume of automotive lenses has been increased to expand market share.In the field of automotive lenses, the company’s supply of products to Tesla, Valeo and other customers is stabilizing.The car lens has gradually shifted from pioneering to market promotion, gradually expanding the company’s market share.In the first half of the year, Daliguang announced that the car lens will no longer be replenished, and it will withdraw from the car market in a low profile.The automotive industry is more suitable for a company that has both glass and plastic capacity and technology. New camera lens products have been launched, and mobile phone modules are basically full.The company’s under-screen optical lenses have been recognized by customers of well-known international mobile phone brands. Large-scale expansion will begin in August. Mass production of 1G6P high-end mobile phone lenses is expected in the second half of the year.The final phone lens production capacity is expected to be 8?10KK / month.The mobile phone camera module currently has 上海夜网论坛 a full production of 5KK / month, and it is planned to expand to 8KK / month in the second half of the year, which mainly supplies ODMs such as Huaqin and Wingtech. Profit forecast and investment advice: What do we expect the company to do in 2019?The net profit attributable to mothers will be 3 in 2021.2, 4.8,6.1 trillion, corresponding to the current total PE of 23.5, 15.7, 12.4 times, continue to recommend! Risk reminder: the progress of the new fingerprint products under the screen is less than expected, the launch of the glass-plastic hybrid is less than expected, and the car camera market is less than expected

Tianfeng Securities: In addition to the recession, the US debt yield inversion also means?

Tianfeng Securities: In addition to the recession, the US debt yield inversion also means?

Author: Tianfeng Securities Songxue Tao, head of macroeconomic research, source: Xuetao macro notes March 22, three months * 10-year US bond yields since July 2007 reproduced upside down, caused markets to US recessionhighest.

We summarize the past six months of research on U.S. debt inversion, U.S. economic fundamentals, U.S. monetary policy, and the U.S. stock market, and conduct a detailed review of the current U.S. economy and financial markets: First, what does U.S. debt inversion mean?

  ”The inversion of the U.S. debt yield curve usually occurs at the end of the economic expansion period and the beginning of the recession period. According to historical experience, interest rate inversion is the leading indicator of economic recession.

“-” Performance of Assets Before and After U.S. Treasury Yield Inversion “August 7, 2018”, the current global economic pattern is in 1999-2000. It is expected that U.S. Treasury interest rates will be inverted from the end of 18 to early 19It entered the post-cycle from the end of 18 to the beginning of 19, and entered the recession from the end of 19 to the beginning of 20.

“-Asset Performance Before and After U.S. Treasury Yield Inversion” 2018-8-7Is not the performance of economies outside the United States.

“-Performance of Large-Scale Assets at the End of Interest Rate Raise” 2018-12-9 “Inverted US debt is not a necessary condition to trigger a global stock disaster in the short term, and the performance of equity assets is more a substitute for the spread and timing of the economic recession.

“-Performance of Large-Class Assets at the End of Interest Rate Increase” 2018-12-9 “After this round of upside down, US debt will usher in a trendy bull market, the equity markets of advanced economies will decline, and the equity markets of emerging economiesIn the short term, it is inevitable that it will continue to kill, but in the medium term, it will be three years.

The US dollar will fluctuate because of risk aversion in the short term, and will gradually weaken in the medium term.

-“Performance of Large-Scale Assets at the End of Interest Rate Increase” December 9, 2018 “Demand will be transformed into the pricing logic of commodities; weaker U.S. dollar, U.S. Treasury yields and risk events will surely make the bottom of supported gold,In reducing absences, gold is just a central shock.

“-” Performance of Large-Scale Assets at the End of Interest Rate Increase “2018-12-9 II. Looking at the current state of the US economy from seven dimensions” Looking at the leading indicators of fixed asset investment and consumption, the US economic growth rate will decline in 2019Combined with inventory data that is sensitive to the inflection point of the cycle, the inflection point of the US business cycle is now on the horizon.

“-Revisiting when the U.S. economy peaked.” 2018-11-9 “The decline after the U.S. business cycle peaks will not be elegant and moderating, even fierce and rapid.

-“Revisiting when the U.S. economy peaks” 2018-11-9 “The current stage of the U.S. economy may be more late than expected by the Federal Reserve and the market. Economic data may decline rapidly in the next 1-2 quarters.

“-” Several dimensions to see the US economy since the beginning of the year “2019-3-5 In 2019, the US Markit manufacturing PMI was 59 from September 18th.

8 quickly fluctuated to 52 in March 19th.

5. The inflection point of inventory, increase, and investment has clearly emerged. The growth rate of GDP has entered a period of decline. The inflection point of consumption and employment may have appeared, and data needs to be continuously confirmed.

  Inventory: The manufacturer’s inventory of this round began to go to inventory in January 18, and the inventory of retailers began to accumulate inventory in June 18, so Q3 of 18 should be the high point of GDP growth rate for this cycle.

From the perspective of the inventory cycle, the US economic growth rate 北京夜生活网 is expected to bottom out in Q4 of 19, and the growth rate will rapidly decline before reaching the bottom.

  The highest industry: industrial indicators, maximum production capacity and industrial added value growth rates of several tens have all continuously dropped from the 18-year high of Q3-Q4, and the downward turning point replaced by industry has basically changed.

  Investment: Since the growth rate of US equipment investment began to gradually increase in Q3 of 18, leading indicators show that the growth rate of US investment will further increase.

The ISM Manufacturing PMI New Orders Index increased from 61 in November 2018.

8 once faded to 55 in February.

5. Durable goods orders (excluding transport goods) exceeded the growth rate from 8% in the summer to 4 in January.


  Real estate: US existing home sales have fallen 8 in the past 12 months.


Existing home sales accounted for 90% of US home sales, with 4.94 million homes in January the lowest since November 2015.

Historically, real estate sales started to pick up after the Fed cut rates.

As existing home sales lead real estate investment, new home construction is expected to stabilize and recover in 19-20 years.

  Labor market: Labor market data is slightly contradictory.

The unemployment rate is still at a historically low level, but the tightness of the labor market, which is completely negatively related to the unemployment rate, has dropped from the high point of August last year, reflecting the active turnover rate of employees’ confidence in the labor market.Back down.

The decline in the number of hours worked also marks the downturn of the economic cycle and the inflection point of the unemployment rate.

According to historical experience, after the inflection point, the unemployment rate will slowly rise and rise for about one year, and then accelerate. Then the economy will slide into a recession after the unemployment rate accelerates.

  Consumption: The apex of US consumption growth this round has already appeared in Q3 of 18 years.

Retail sales in December 18 increased by 1 over the previous month.

6%, weak rebound in January (0% month-on-month increase.

2%), core consumption data plummeted; Michigan consumer confidence index overall growth in January-February 19; the actual growth rate of personal consumption expenditure (PCE) fell slightly in Q4 18.

  Exports: By replacing the growth rates of other major economies, the growth rate of US exports began gradually in the second quarter of 2018.In the first half of 2019, the business cycles of China, Europe, and Japan continued to decline, and there is a high probability that the growth rate of US exports will continue to track the continuous global cycle.

If China-US trade achieves a substantial immediate advantage, expansion will definitely slow down the downward slope of US export growth.

  Third, the U.S. Treasury is bullish on the trend. From Q4 of 18, we are long on the U.S. Treasury: “It is expected that the U.S. Treasury will be upside down from the end of 18 to the beginning of the year. After the inversion, U.S. Treasury will usher in a trendy bull market.

“-” Performance of Assets Before and After U.S. Treasury Yield Inversion “2018-8-7” In 19 years of the US economy, a gradual fall in data will eventually lead to a bull market in U.S. Treasury yields.

“-” On the High Point of the U.S. Economy “2018-11-9” The risks of deflation outweigh the inflation in 2019. It is expected that the three major currencies in the United States, Japan, and Europe will tighten and shift to loose in 2019, and the interest rates and debts of the three major economies will be overweighted.

”——《从分歧到弥合:2019海外宏观和大类资产展望》2018-12-19  加息:确立了18年Q3美国经济和通胀的拐点后,18年Q4我们预计:“2019年美联储‘最多加息1次’,停止加息可能发生在19年Q2,而降息最快可能发生在19年底-20年初.

“-Asset Performance Before and After U.S. Bond Yield Inversion” 2018-12-9 After experiencing a change in the Federal Reserve ‘s monetary policy attitude at the beginning of the year, in Q1 of 19, we expected that “the Fed will not raise interest rates in 19 years.

“-” A few dimensions to see the U.S. economy since the beginning of the year “March-May 2019: The basic breakthrough rate (UIG), one of the core PCE’s leading indicators, has been trending downward since September 18, and the second of the leading indicatorsThe gap between wage growth and labor breakthroughs weakened the expected pull in 19 years.

  The bitmap of the Fed’s FOMC meeting on March 20th shows that there will be no interest rate hike in the next decade.

  Fourth, since the initial return to fundamentals after the return of U.S. stocks, the global market is at risk for two core reasons: First, the shift in the Federal Reserve ‘s monetary policy stance and the gradual follow-up of countries have brought about improvements in liquidity expectations; and second, the overall US economyIt is in the stage of “high growth of low blood sugar, the data will be intact, and it will continue to deteriorate for the time being cannot be falsified”. Therefore, risk expectations, liquidity, and fundamentals have all experienced different degrees of expected repairs. The global market is ushering in a “sweet period”.

  At the present moment, through the Fed ‘s super-expected dovish allocation to raise interest rates, the euro has launched the third round of targeted long-term refinancing (LTRO). The loose monetary policy is expected to be basically fulfilled and there will be limited space in the short term.Japan ‘s PMI average exceeded expectations, and the weakening of fundamental economic resonance has just begun.

  For U.S. stocks, we believe: “The decline in U.S. stocks is coming to an end: Many monetary policies and eventual potential bullish expectations are basically priced by the market. When the expectations are realized, the risk is difficult to continue to rise; the next stage of risk will return to the basic performancesurface.

Based on the current S & P 500 point of 2750, by the end of the year, US stocks are roughly -13%?
-23% downside.

“-” US stocks: re-selecting the direction after the return of light “, 2018-3-12 EPS expectations are too optimistic, 2019 US stocks EPS may be negative growth: the accelerated acceleration of the US economy will significantly affect corporate profits.

Historically, U.S. stock performance has a unilateral downward period of about 6-7 quarters. In the last 3 quarters of last year, the EPS growth rate of the current cycle was confirmed to be high. According to estimates, the bottom of the EPS growth rate may appear in mid-2020.

When the US manufacturing PMI is lower than 50, the EPS growth rate of US stocks will probably be negative according to historical rules, so the current market EPS is expected to have a clear downward correction possibility.

  Overseas economy weighs on U.S. stock performance: Affected by the overseas economy, U.S. trade exports are growing every 5 years from 5.

7% to 0% by the end of 18.

44% of the S & P 500’s revenue comes from overseas. The continuous change of global PMI means that the overseas economy in 19 years will continue to weigh on the performance (sales revenue and profit) of American companies in 19 years.

  It is estimated that it is difficult to continue to expand: The growth of US stocks since 19 years has mainly come from the expected expansion. The index rebound (+ 17%) is basically contributed by the expected expansion (TTM PE + 17%), and the EPS contribution is 0.

  The shift in monetary policy has been fully priced: The interest rate futures market shows that the market expects the Fed to not raise interest rates in 2019, and the probability of a rate cut once reaches 47%.

The FOMC meeting in late March confirmed the Fed’s reserve interest rate policy without interest rate hikes. In the short term, the Fed will further loosen its space, and the easing is expected to be fully priced.

  After the fundamentals deteriorate, monetary easing may also shrink: at the end of each round of interest rate hikes, monetary policy is turned to the initial stage, and economic and stock performance have not deteriorated. At this time, EPS and PE can expand simultaneously.

However, when the economy starts to accelerate downward and the performance growth rate becomes negative, the market is more worried about the deterioration of fundamentals, and even when the currency is loose, PE estimates tend to shrink.

  The market sentiment is still likely to cool down: Since the beginning of the year, the market sentiment of risky events has almost always been at the[optimistic]end. Has VIX turned all the way back since last Christmas?
15 levels.

If the risk event evolves as expected by the market, it is good to honor it; if there is a deviation from expectations, market sentiment will reverse.

From the time progress of the event, each potential bullish is expected to enter the redemption period after the end of March.

White horse thunders-Northbound funds leave to watch Gree Electric sold by the main force

White horse thundering: Northbound funds left to watch Gree Electric sold by the main force

Original title: White Horse stocks thunder, Northbound funds left the sidelines, Gree Electric was sold off by reporters | Li Hao The first 佛山桑拿网 trading day in August opened lower across the board in early trading, and the differentiation was obvious: the Shanghai Composite Index and the Shenzhen Composite Index all dayGoing lower, ChiNext refers to the upswing.

The three major stock indexes were mixed.

  At the close, the Shanghai Composite Index fell 0.

81% reported at 2908.

77 points; SZSE Component Index fell 0.

63%, reported 9268.

05 points; GEM Index rose 0.

22% to 1573.

87 points.

  Wind data shows that today’s Shanghai and Shenzhen stock market turnover was 3737.

9.3 billion, an increase of 16.4 billion compared with the previous trading day.

  Today’s main capital inflow was 191.

4.4 billion.

One oversized order replaced 60.

13 trillion, large single net allow 131.

31 trillion, the middle single net can be 5952.

230,000 yuan, small orders flowed into 192.

04 billion.

  On the disk, only agriculture, forestry, animal husbandry and fishery, electronics, and chemical industry progressed by 1.

77%, 0.

03%, 0.


On the surface of the funds, of the 28 Shenwan Tier 1 industries, only agriculture, forestry, animal husbandry and fishing, leisure services recorded a major net inflow, with a net inflow of 1.

6.3 billion, 2683.

490,000 yuan.

Non-bank finance, food and beverage, and medical biology were the main funds to reduce their worst-hit areas, which were changed to 28 respectively.

5.7 billion, 16.

6.2 billion, 14.

6.8 billion yuan.

  In terms of sub-sectors, daily chemical products, lithium, and feed were most favored by the main forces, and the main inflows were recorded.

8.9 billion yuan, 3.

5.9 billion, 3.

3.6 billion.

Securities, liquor, and banks were sold off by the main force, with a major net turnover of 21 respectively.

2.5 billion, 11.

8.9 billion, 10.

7.4 billion.

  Throughout the day, 1108 stocks realized the main net inflow, and 2538 stocks showed the main net inflow. The market capital fever was 30%.A total of 1135 stocks in the two cities turned red, and 2334 stocks closed down. The market’s profit-making effect was 33%.

  Northbound funding was 11 today.

5 billion US dollars, a net decrease for the second day.

Among them, the net net value of Shanghai Stock Connect is 12.

Net inflows of Shenzhen Stock Connect1 were US $ 8.2 billion.

3.2 billion yuan.

  Excluding the new shares and science and technology board stocks that have not yet been launched, the main inflows of the Shanghai and Shenzhen stock markets throughout the day were 四川耍耍网 only 7 stocks with more than 100 million shares.

Worth buying (300785.

SZ), Tianqi Lithium (002466).

SZ), Zhengbang Technology (002157.

SZ) The main net inflows were in the top three, recording 3 respectively.

6.8 billion yuan, 2.

4.6 billion yuan, 1.

7.5 billion yuan.

  A total of 38 stocks in the Shanghai and Shenzhen stock markets have a net excess of over 100 million yuan.

Gree Electric (000651.

SZ), Ping An of China (601318.

SH), Wuliangye (000858.

SZ) The top three are in the top three, which are 5 respectively.

8.3 billion, 4.

4.4 billion, 4.

3.3 billion yuan.