[Barley, Red Bean, Codonopsis radix astragalus]_Huangshen_Function

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[How to make buns with baking soda]_How to make _ Production skills

[How to make buns with baking soda]_How to make _ Production skills

When making buns, you can add baking soda. This is a substance used for fermentation. It is more common in the family. Adding a little baking soda can promote the fermentation. Baking soda is sodium bicarbonate.Among them, it can be decomposed into carbon dioxide and sodium carbonate. Because there is gas in it, the noodles gradually become softer, and the resulting buns are soft and delicious.

The method of making buns with baking soda needs to be put in, making buns and buns requires baking, baking soda is necessary for baking.

Baking soda is sodium bicarbonate, which will react in the noodles to produce sodium carbonate and carbon dioxide. The gas will enter the noodles and become soft, so the steamed buns and buns will be soft and delicious.

For baking process 1, pour the yeast into warm water, stir into the mixture and let stand for about 10 minutes; 2. Put the flour into a pot, dig a small hole in the middle of the flour, gradually add baking soda and yeast water and stir the flour untilFlocculent; 3, knead the good noodles, sprinkle a thin layer of dry flour in the basin, put the kneaded dough in a pot, cover with a wet cloth, and place in a warm place (about 30 degrees) for fermentation; 4. After about 1 hour, the dough is double-sized. Grab a piece of face with your hands, the internal tissue is honeycomb, and proofing is completed.

Make packages 1 and 1. Knead the dough on the chopping board for about ten minutes, kneading until it is smooth, and try to make the inside of the dough free of blistering. 2. Knead the kneaded surface into a cylindrical shape and cut into equal partsSmall pieces; 3, the dough is rounded with fillings; 4, add an appropriate amount of cold water to the steamer, spread a wet drawer cloth or oil paper in the steamer, and place the finished buns on the drawer cloth,There should be a certain interval in the middle; 5. Cover the lid, steam on the pot for about 30 minutes, and turn off the heat when the time comes.

6. You ca n’t open the lid immediately after steaming, because the temperature inside the pot is high and the air pressure is low, and the outside air pressure is high.In ten minutes, slowly cool down and lift the lid, so that the buns will not collapse

[Can you drink mung bean soup with calcium tablets]_Mung bean soup_Calcium supplement_Can you eat

[Can you drink mung bean soup with calcium tablets]_Mung bean soup_Calcium supplement_Can you eat

Many friends who take calcium tablets can not eat many foods, because it is easy to have chemical reactions with calcium tablets, affecting the function of calcium tablets.

For example, spinach, bamboo shoots, rice, white noodles, etc. cannot be eaten with calcium tablets.

Mung bean soup does not affect the function of calcium tablets and can be eaten with confidence.

Calcium tablets can’t be eaten with anything. Foods that can’t be eaten with calcium tablets. Foods that affect the absorption of calcium tablets: oxalic acid-spinach, amaranth, bamboo shoots and other vegetables. Some astringent vegetables contain oxalic acid, which can be combined with calcium.An insoluble precipitate is formed which affects the absorption of calcium.

Therefore, it is recommended to eat 500 vegetables and fruits every day?
750 grams.

You can also simmer these vegetables with water to remove astringency before cooking.

2. Calcium tablets cannot be eaten with anything, foods that affect the absorption of calcium tablets: phytic acid-rice, phytic acid contained in white flour rice and white flour, combine with calcium in the digestive tract to produce calcium phytate that cannot be absorbed by the human bodyMagnesium salts greatly reduce the body’s absorption of calcium.

Therefore, you can first soak the rice with an appropriate amount of warm water, so that the phytase in the rice will decompose most of the phytic acid; and the phytase secreted by the fermented pasta can also decompose the phytic acid in the flour to avoid affectingThe body’s absorption of calcium.

3. Calcium tablets cannot be eaten with anything, foods that affect calcium tablets absorption: phosphoric acid-carbonated drinks, cola, coffee, hamburgers, etc. Under normal circumstances, the calcium: phosphorus ratio in the human body is 2: 1, however, if too muchFluorocarbonated drinks, cola, coffee, hamburgers, pizza, animal livers, french fries and other large amounts of phosphorus-containing foods, so that the calcium: phosphorus ratio is as high as 1:10?
20. In this way, too much phosphorus will “drive” the body’s calcium out of the body.

4. Calcium tablets cannot be eaten with anything, foods that affect the absorption of calcium tablets: too much sodium-salt will affect the body’s absorption of calcium, and may also cause more loss of calcium in human bones.

This is because sodium is contained in the salt, and Nigeria needs to excrete excess sodium every day. For every 1000 milligrams of sodium excreted, 26 milligrams of calcium are consumed at the same time.

So the diet is still light.

5. Calcium tablets cannot be eaten with anything. Foods that affect calcium tablets absorption: Fatty acids-fat foods. Fatty acids (especially saturated fatty acids) that are slightly decomposed in the inflow tract can form insoluble matter with calcium, which reduces the absorption rate of calcium.
Therefore, you should arrange your expectations reasonably and not eat too much oily things.

[Can the ribs Huaishan soup for pregnant women drink?

[Can ribs Huaishan soup for pregnant women drink]_Can ribs Huaishan soup for pregnant women drink_Pregnancy_Can you drink

Huaishan is another name for yam. We can usually place ribs and yam in soup to have a good effect of strengthening the spleen and qi, relieve fatigue, and improve the body’s resistance to disease. This is also true for pregnant women.Drinking it properly can promote health, and it is also good for the healthy development of gender. In addition, it can prevent constipation, help digestion, and lower blood sugar.

Relieve constipation Yam contains a large amount of starch and vitamins, proteins, and amino acids. Although yam can cause the body to feel full without causing nutritional elements, it has a certain slimming effect. At the same time, eating yam can also help digestion and absorption, and promoteIntestinal motility prevents and relieves constipation.

Spleen and stomach, help digestion of amylase, polyphenol oxidase and other substances in yam, is conducive to spleen and stomach digestion and absorption, can cure spleen and stomach weakness, eat less body fatigue, diarrhea and other complications.

Yifeizhike yam contains saponin, mucus, and has lubricating and moisturizing effects. It can treat lung deficiency, phlegm and cough.

Yam that lowers blood sugar contains mucin, which has the effect of lowering blood sugar. It can be used to treat diabetes. It is a good food for people with diabetes.

The nutrients in Zishen Yijing Yam are very rich, have a strong body and nourish kidney and essence.

Can cure kidney deficiency, nocturnal emission, women with excessive vaginal discharge, frequent urination and other symptoms.

Yam is not only a traditional Chinese medicine, but also a food that can be eaten.

Yam can provide people with a kind of polysaccharide protein-mucus protein, which has the effect of strengthening the spleen and stomach, replenishing energy and nourishing qi.

Provides immune effect.

Yam is also rich in carbohydrates, which can balance blood sugar, protect liver and detoxify.

Yam contains a large amount of protein and starch, and adding cellulose, pregnant women eat yam has a slimming effect.

[Homemade practices of vegetarian fried zucchini]_How to_Materials

绱犵倰瑗胯懌鑺︿篃鏄瘮杈冨父瑙佺殑涓€绉嶅甯哥殑鍋氭硶锛岃繖瀵逛簬鎯宠鍑忚偉鐨勪汉澹潵璇村彲浠ヨ繖鏍峰悆锛岃タ钁姦鍚湁涓板瘜鐨勮喅椋熺氦缁达紝鍏锋湁淇冭繘娑堝寲鐨勪綔鐢紝闄や簡鍏锋湁淇冭繘鎺掓瘨鐨勬晥鏋滐紝鍚屾椂鐨勭儹閲忎篃闈炲父鐨勪綆锛岃兘澶熻揪鍒板緢濂界殑鍑忚偉鐨勪綔鐢紝绱犵倰瑗胯懌鑺︾殑鏃跺€欐墍闇€瑕佺殑鏉愭枡涔熸瘮杈冨皯锛屼负浜嗗鍔犲彛鍛筹紝鍙互鏀惧叆涓€浜涘共杈f銆傜礌鐐掕タ钁姦鐨勫甯稿仛娉曟潗鏂欒タ钁姦涓€鏍癸紝钂滄湯鍋氭硶1.烗 郯 怿 鑺 ︿Architectural essays and essays 儻 姻 姷 姷 偷 軷 告 告 間 璄 爔 椔 椠 惠 ヤ 笂 (雲 犴 雴 戝 仛 郬 欬 欆 欬 欆 欆 欆 欬 欆 欆 欆 欆 欆 欆 欆 欆 欂 銆)镓€浠ュ娉?浼氬効)锛岀敤鍒峰瓙娲楀共鍑€锛屽垏鎴愪笣.2.3-4 搡 ц 挏 f shame 溰 庡 労 意 挏 钃?3.This is the best way to make sure you have a good time. You will be able to use the soup. You will be able to find the right way to do it. It ‘s easy to do it. It ‘s easy to do it. ◢What’s the matter? 綄 懦 $ 綏 灏?Interactions with each other are very important: the arsenal of clams and the crotch of the clams is very good, and the tea is hot and cold, the tea is hot, the tea is hot, the tea is hot, the tea is hot, the tea is hot.Qian tea Jing Niu 溏 纰?.钁 卞  雒 嬣 笣 3.Hip crotch: 鹗 鐗 囗 嘧  鐢?.How can you make up for the tea? Jing Niu?.Chain 揆 呆 瑗 柯 摿 渺 ︾Kang 镣?.缈 印 呰 胯 怿 鑺 ︾◢ 鍙 樿 蒋 锷 犲 叆 阃 傺 吺?.Don’t you donate it?.What are you going to do? Do you want to go to the top of the page?-3 Juan  纴 楹 画  阃 噞 噺 倄 Rui 娌 Guixing?銆 侀 髓 厓 卓卓 鍏 郏 ョ  鍐?銆佹补鐑у紑锛屽€掑叆瑁呴夯妞掔殑纰楀唴3銆佽タ钁姦銆侀潚杈f鏀瑰垁澶囩敤4銆佹补鐑х儹灏嗚タ钁姦鍊掑叆閿呭唴缈荤倰鑷冲崐閫忔槑锛屽€掑叆閰辨补5銆佹斁鍏ラ潚杈f缈荤倰锛屽姞鐩?銆佹穻鍏ョ偢濂界殑楹绘娌癸紝鍏崇伀锛岀炕鐐掞紝鍗冲彲鍑洪攨瑗胯懌鑺︾殑钀ュ吇浠峰€艰タ钁姦瀵屽惈铔嬬櫧璐ㄣ€佺熆鐗╄川鍜岀淮鐢熺礌绛夌墿璐紝涓嶅惈鑴傝偑锛岃繕鍚湁鐡滄皑閰搞€佽吅鍢屽懁銆佸ぉ闂ㄥ啲姘ㄩ吀绛夌墿璐紝涓斿惈閽犵洂寰堜綆銆傝タ钁姦杩樺惈鏈夎緝澶氱淮鐢熺礌C銆佽憽钀勭硸绛夊叾浠栬惀鍏荤墿璐紝灏ゅ叾鏄挋鐨勫惈閲忔瀬楂樸€備笉鍚屽搧绉嶆瘡100g鍙閮ㄥ垎(椴滈噸)钀ュ吇鐗╄川鍚Poorly prepared: 氲 泲 甏 擏 川 0.6-0.9g: Just set?。1-0.2g: Helium is 0.8-0.9g: What about Aya?.5-3.3g: Do you have a problem?0-40 Universal toilets: C2.5-9 toilets: toilet 22-29 toilets?

Hengyi Petrochemical (000703): Performance in line with expectations

Hengyi Petrochemical (000703): Performance in line with expectations

The company announced the 2019 third quarter report.

The company achieved operating income of 204 in the third quarter of 2019.

7.5 billion, net profit attributable to mother 9.

3.7 billion (at least -15.

13%, +9 from the previous quarter.

78%), deducting non-attributed net profit8.

2.9 billion (previously -22.

23%, +25.

48%), and performance was in line with expectations.

Among them, investment income from associates and joint ventures.

7 billion (six months -25.

46%, -4.

91%), a slight decrease from the previous quarter was mainly due to the decline in PTA and CPL profits.

Based on investment income and minority shareholders’ profits and losses, we can roughly divide the company’s third quarter performance composition.

Investment income in associates and joint ventures.

Of the 7 billion, we estimate Zheshang Bank1.

200 million, CPL 0.

200 million, Yisheng Dahua + Hainan Yisheng total 2.

3 billion, so Yisheng Dahua + Hainan Yisheng net profit is about 700 million.

At the same time, the company’s minority shareholders’ profit and loss in the third quarter was 1.

9.9 billion, we estimate Zhejiang Yisheng (30% minority shareholders’ equity) net profit.

500 million (the remaining minority shareholders’ profits and losses are brought by Hengyi Trade, Hengyi Convergence, 深圳桑拿网 Hengyi Industry)

Overall, Q3’s PTA (equity) profit is about 5.

4.5 billion, polyester 2.

500 million, Zhejiang Commercial Bank 1.

2 billion, CPL0.


Demand in the peak season is slightly flat, and the filaments still maintain good profits.

Q3 is the traditional peak season for the polyester industry chain, but due to the internal and external environment, demand in this peak season is slightly flat.

PTA’s Q3 accumulated warehouse profits fell, and the average Q3 spread was 1091 yuan / ton (excluding tax, the same applies hereinafter), which was a decrease of 15 from Q2.

76%; filament still benefited from the industry’s low inventory, POY Q3 spreads averaged 1478 yuan / ton, an increase of 13 from Q2.


Since PTA and PX still have new production capacity, we are still relatively optimistic about the profit performance of filament.

Brunei Refining & Chemical put into production, and its performance has reached a new level.

Brunei Refining & Chemical Co., Ltd. fully commissioned on July 12th, and qualified products for daily decompression device transformation on September 7th, thus officially contributing to Q4’s performance.

We predict that Brunei Refining & Chemical’s first-phase profit hub will be about 3 billion, which will bring 2.1 billion profits to the company.

After the completion of the refining and chemical engineering in the early stage of the second phase of 1400, the integration advantages will become more apparent.

We forecast the company’s net profit attributable to mothers for 30/19/20.28/49.


7.3 billion, EPS 1.



86 yuan, corresponding to the current price of PE 13.



6x, maintain “Buy” rating.

Risk reminder: The boom of the polyester industry chain is shifting, and crude oil prices have changed significantly

Wangneng Environment (002034) 2019 Third Quarterly Report Review: Deducting Non-Net Profit Increased 39% Reserve Capacity Released Smoothly

Wangneng Environment (002034) 2019 Third Quarterly Report Review: Deducting Non-Net Profit Increased 39% Reserve Capacity Released Smoothly

This report reads: The company achieved non-attributable net profit for the first three quarters of 20193.

0.8 billion, an increase of 39%, in line with expectations.

The reserve capacity was gradually released, and the growth logic was smoothly realized.

Investment points:夜来香体验网 investment advice.

Maintain profit forecast: Net profit for 2019-2021 will be 4 respectively.



3.1 billion with an EPS of 1.



51 yuan.

Maintain target price of 25.

13 yuan, maintaining the “overweight” level.

Performance is in line with expectations.

1) The company achieved revenue in the first three quarters of 20198.

5.9 billion, an increase of 40% over the same period; net non-attributable profit3.

0.8 billion, an annual growth of 39%.

The company’s air force forecasts that the net profit for the first three quarters of 2019 will increase by 30% to 47% per year, and the actual performance will be within the forecast range.

2) Revenue in the single quarter of 2019Q2.

9.1 billion, net of non-attributable net profit1.

04 billion.

3) The company also announced at the same time that it is expected to realize attributable net profit in 20193.


2 billion, an increase of 27%-37% over the same period, and performance is in line with expectations.

The rapid growth of performance is mainly due to the contribution of new production projects.

1) In the third quarter of 2019, the company added Xuchang (2250 tons), Zhoushan (600 tons) and other projects into operation.

By the third quarter of 2019, the company has added a total of 5,000 tons / day of throwing projects in 2019. The total operating capacity has increased by 40% compared with the end of 2018. The cumulative release of reserves has been released and the growth logic has been smoothly realized.

2) In 2019, the company will add the third phase of supervision (600 tons) and the third phase of Shantou Chenghai (750 tons), and look forward to more new projects in 2019Q4.

At present, the company still has a total of 9,550 tons of production capacity to be put into operation. The ratio of the total capacity in hand to the capacity in operation is 155%; the company’s capital expenditure is 17.

600 million, construction in progress 24.

200 million, full growth momentum.

3) At present, the company’s asset-liability ratio is 53%, and the monetary funds in hand are 10%.

800 million, although civilians announced the withdrawal 14.

The application for 500 million convertible bonds, but the financing strength is still continuing, is a sufficient guarantee for the landing of the project in hand, and it is expected that the reserve 武汉桑拿project will continue to be put into production.

Profitability remained high and cash flow was good.

1) The company’s gross profit margin in 2019Q3 is 54.

A record high of 22% and a net profit margin of 36.
2) Cash ratio is 96.

78% and net present ratio of 135.

84%, all maintained high levels.

Risk reminder: Changes in the subsidy policy of the waste incineration industry, and the project’s production progress exceeds expectations.

After the epidemic examination: the property management industry welcomes the opportunity to reshuffle

After the epidemic examination: the property management industry welcomes the opportunity to reshuffle

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: After the epidemic examination, the property management industry ushered in the “touchstone” of the industry reshuffle opportunity. The quality of service provided by the property company is clear at a glance.

  The sudden outbreak of new crown pneumonia caused the stock market to encounter the “black swan incident”.

  Year-to-date, the Hang Seng Index has gradually decreased by 1.

At 18%, when the stock market was severely green, the property sector bucked the trend and the combined property companies continued to create new listings.

Riverside Service (03316.

HK), New City Wyatt Service (01755.

HK), investment surplus (001914.

SZ) In the same year, the internal gradual expansion range exceeded 30%.

  The capital performance of property companies once again provides a window for industry observation.

Many experts believe that under the epidemic situation, property companies’ anti-cycle, anti-risk, policy support and other attributes are significantly reflected.

Property fee income is stable in economic fluctuations, and is not affected by factors such as unrestricted consumption preferences and investment needs, and it is continuously defensive.

  However, it needs to be seen that under the black swan epidemic, the property management industry generally lacks response experience.

So far, there are still residents in Wuhan who report that the epidemic prevention measures in the residential quarters are not satisfactory and that the property companies have “absent”.

Rising daily costs, insufficient material reserves, and ineffective implementation of epidemic prevention measures. After a big wave of sand washing, the property management industry will face a real shuffle.

  Before the property resisted the epidemic-resistant road, the community felt that no one had managed it. Recently, I finally saw the killing equipment, but I only sprayed it downstairs.

“Since Wuhan closed the city, Yang Lan still has a lot of thoughts.

Yang Lan is the owner of Yikang Garden in Wuhan’s Baibuting Community. Since the outbreak of the new crown pneumonia epidemic, the community has been put on the limelight due to a gathering of tens of thousands of people and a hot building.

  This is not an isolated case. Many residents in Wuhan reported to reporters that epidemic prevention measures were not in place.

On February 12, Li Qing’s community had just begun to seal and control.

Soldier, her community has been diagnosed with 22 cases and 65 suspected (fever) patients, but no one took temperature at the gate of the community, residents were free to enter, and no necessary measures were taken.

  The epidemic situation has become the “touchstone” of the industry, and the quality of service provided by the property company is clear at a glance.

As of now, Guangzhou, Shenzhen, Nanjing, Ningbo, Nanning and other cities have implemented closed community management, and property companies have become a key part of the epidemic.

However, in practice, property anti-epidemic is not without pressure.

  ”The first is the management challenges, including insufficient epidemic prevention knowledge, insufficient material reserves, frontline staff’s understanding of epidemic prevention and the implementation of epidemic prevention measures, and other issues; the second is the service challenges, such as the self-isolation of owners, there will be some psychological barriers, whether property servicesEase.

“Said Chen Jing, general manager of New Hope Service.

  Liu He, the security guard of Jilin Polylin Language Community, has a deep understanding.

“At the beginning, some owners didn’t understand, didn’t cooperate, and asked us instead.

Owners need to take a temperature when they go home?

Why not allow relatives and friends to come in?

Some people also had disputes with the security.

Liu He mentioned the pain points of closed management.

  The relevant person in charge of Midea Property also told reporters that from January 27, the company will implement the closed management and transfer of parks in more than 200 projects across the country, including restricting or prohibiting non-owners and other unrelated persons and vehicles from entering, and customers and staff in and out.100% temperature measurement, proper closing of some entrances and other alternatives.

  ”But because the epidemic coincides with the Spring Festival, the closure measures of the park have affected the custom of the owners visiting relatives and friends, and some residents have reacted and made complaints.

The above-mentioned person in charge said that through large-scale epidemic prevention propaganda and contacting local streets at the same time, neighborhood committees jointly launched epidemic prevention work, and residents gradually expressed their understanding and cooperation with closed management.

  At the same time, the epidemic situation has brought cost pressure on the scale of property companies, including the cost of procurement of epidemic prevention materials and soft labor costs.

Luo Chuansong, president of Chongqing Real Estate Association and general manager of Jinke Service, imitated weighing. Taking the example of Jinke service in management project, the cost of epidemic prevention property needs 1,000 yuan per day and 30,000 yuan per month. The cost increase accounts for 10% -20%.
  Generally speaking, in the company’s budget expenditure, labor costs account for a relatively large amount.Blessing Life Service (03686.

HK) as an example. In the first half of last year, the company expanded by 1.

2.9 billion, employee benefits expenditure accounted for 40.57 million; Poly Real Estate (06049.

HK) Service costs for the same period last year totaled 21.

56 billion, of which staff costs reached 11.

95 billion.

  Employees returned to work during the epidemic, again expanding budgetary expenditures.

“Affected by the epidemic, many industries have laid off workers.

The labor cost of Poly Property is also under great pressure.

“Poly Property said that it is recommended that property companies that have new recruits during the epidemic should provide more subsidies such as overtime, overtime work and meals to reduce the increase in costs during the epidemic.

  The Bank of America research report believes that although the epidemic prevention and control has increased short-term pressure on the property management industry’s revenue and labor costs have increased, the government has increased its support for enterprises during the epidemic prevention and control period, which will help make up for some of the impact.Therefore, the main business of the industry is expected to remain stable.

  In addition, as an employer, the property company also needs to ensure the safety of employees on the front line.

However, at present, property companies generally lack protection materials.

Property associations in Wuhan, Shandong, Henan, Chengdu and other regions have issued cancellation signals to solicit procurement channels from the society.

  Taking Poly property as an example, the company stipulated that the stock of epidemic prevention materials in Wuhan should be more than 60 days, and other areas should be more than 30 days.

However, the current shortage of materials in some regions can only meet the needs of about half a month.

The most lacking of these is masks, which consume large amounts and belong to government-controlled materials in many places, and it is difficult to guarantee procurement channels.

  The person in charge of Midea also said that the anti-epidemic materials can currently meet the consumption of about 30 days, but in order to protect 杭州夜生活网 the community service, the fixed consumption of property personnel is blocked, and the subsequent procurement channels are tight.need.

  Accelerating the reshuffle of the industry From the perspective of epidemic response measures, property companies mainly focus on personnel management, prevention and elimination, assisting residents in purchasing living materials, and providing online medical services.

At the same time, the merged property company used big data and other means to build a smart community to help fight the epidemic.

  For example, Poly Property aimed at communities with confirmed cases, increasing the frequency of disinfection and focusing on disinfection of public facilities; and provided medical masks and disinfectant solutions to businesses for free.

Midea’s real estate started to buy vegetables in the community and deliver them to home. At the same time, it launched the online free consultation service of “yunduo community” and “yunduohui”, and the owners can initiate consultation with doctors online for free.

  After this “epidemic”, property companies will face a comprehensive inspection.

“The first is to examine the evaluation and social responsibility of the property company; the second is to examine the professionalism of the property company; the third is to examine the value creation ability of the property company.

“Bran, a member of the China Resources Property Technology Committee and a deputy general manager, believes that good properties can save lives, bring epidemic prevention measures to people, and sink government governance.

  Essentially, premium property companies will stand out.

“The impact of the epidemic on small-scale companies. In the medium and long term, some companies are beneficiaries.

“Xu Hangke, president of Paradise Silicon Valley Real Estate Fund, believes that listed property companies and future replacements can take advantage of capital market forces to accelerate horse racing.

  In 2019, 12 property management companies entered the capital market through IPO or backdoor, which is the most alternative year since the listing of Color Life in 2014.

Entering 2020, the listing tide will continue, and Zhengrong Service, Xingsheng Commercial Management, Songdu Service, Financial Street Property and Xingxing Group Holdings will submit listing applications in just one month.

  When the industry concentration needs to be improved, going public has become an important way for property companies to expand their scale and take advantage of it.

According to statistics from Kerer Securities, last year, property companies raised more than US $ 13 billion through IPOs and additional issuances. Many companies have used funds raised for strategic expansion such as receipts and mergers and acquisitions, and the proportion of funds used has exceeded 50%.

  At the same time, as the real estate management has long been aimed at serving real estate, there are problems such as weak cost control, low management expense exchange rate, high vacancy rate of houses, and lack of management system, and the industry’s profitability is weak.

Property management needs a more market-based business operation mechanism to promote the development of the industry, and the spin-off of property is conducive to the industry’s marketization process.

  At the same time, someone from the securities firm told reporters that the earnings ratio of the property stock market is basically more than 30 times, which clearly outperformed the market and is estimated to exceed the real estate market.

From the perspective of asset allocation, listed real estate companies are more willing to evaluate higher sectors and spin off property listings.

  Capital performance in the property sector is also better.

In 2019, the individual stocks of the property management service sector in the Hong Kong stock market rose considerably. Taking four high-market companies listed after 2019 as examples, Ya Life Services gradually increased its growth by 161 in 2019.

71%; Greentown Services (02869.

HK) rose 43.63%; China Shipping Property 111.

97% (02669.

HK); Yongsheng Living Service (01995.

HK) 200.


  With such a high average increase, the Hang Seng Index will only increase by 9 in 2019.

In 07% of cases, the property management services sector can be said to be the focus of investor attention.

When there were market voices worrying about whether the excessively rising property management sector had reached a high level, the epidemic caused the overall stock index to take place, but after a slight adjustment in the property management sector, the four stocks mentioned earlier fell and rose to record highs.

  Talking about the performance of property stocks, Xu Hangke believes that the real estate industry has better cash flow and is less affected by the economic cycle, especially when the economic climate is not optimistic. It has obvious defensive attributes.

In addition, the property company is nearly 2?
It can maintain a compound area of 30% in three years. The company on the right lays the foundation for future growth through third-party expansion capabilities and acquisition and acquisition capabilities.

  However, how long can this strong momentum be maintained?

Furui said that the consolidation of China’s property management sector has risen by about 30% year-to-date, but after the strong growth of the property management sector in the next two years, earnings may slow to 20%?

  Furui further stated that the current expensive estimate of the property management sector is not sustainable, as most of the property management companies’ earnings growth will occur, competition among large companies will increase, and profits will be under pressure.

Currently, the growth of China Shipping Property and Greentown Services has reached its deadline, and it is decided to change the investment ratings of certain companies to inferior to the market.

  The aforementioned securities firms also believe that the current industry concentration needs to be improved, and the current conversion of property stocks reflects market value.

However, the development of the transformation industry is becoming more and more mature, and the overall estimated space will improve or even decrease.

  As the industry matures and becomes more rational, property companies will face a deeper reshuffle period.

Kerer believes that the total amount of mergers and acquisitions of listed property management companies in 2019 will be about 8 billion US dollars, an increase of 460%.

In 2020, the epidemic may delay the timing of mergers and acquisitions, but it is unlikely to reverse the trend.

Perfect World (002624): The two-pronged video game is expected to perform well in the next quarterly report. Most project reserves are still abundant

Perfect World (002624): The two-pronged video game is expected to perform well in the next quarterly report. Most project reserves are still abundant

Investment Highlights Event: On March 29, the company released the 2019 first quarter performance forecast. It is estimated that the net profit attributable to shareholders of listed companies 深圳桑拿网 in the first quarter of 2019 will be 4.


850,000 yuan, an increase of 23 in ten years.

57% -34.


Opinion: The company’s performance in the first quarter of 19 was good, with multiple growth breakthroughs, mainly benefiting from the good performance of the mobile game “Perfect World”.

The “Perfect World” mobile game has had a better response since it was launched on March 6, 2019. In the first 12 hours, it exceeded 2.6 million people, ranking first in the Apple Store’s free list the next day, and winning the best-selling list within 4 days of launch.So far, it ranks among the top two best sellers.

In terms of film and television business, “Youth Fight” was broadcast on March 24, 2019, directed by Zhao Baogang. On the fourth day of the broadcast, the audience rating was the third, and iQiyi was the third most played.sixth.

There is still market space 都市夜网 for “end-to-hand” classic IP. The company continues to implement a multi-category strategy, and the flow is expected to continue to improve in the future.

According to SensorTower data, the “Perfect World” mobile game has been online for 22 days, and its gradual revenue in the App Store has exceeded 6.

700 million, and squeezed “Glory of the King” to become the best-selling list, the potential of the classic IP market is still expected, the “Perfect World” mobile game is expected to continue to contribute significant flow for 19 years.

The “hand-to-hand” works currently being developed by the company include “Xiao Xiao Ao Jiang Hu” adapted from Jin Yong’s classic IP, and Western magic alternatives to MMORPG “Continent 2”.

At the same time, the company continues to practice a multi-category strategy, covering other alternative games including the two-dimensional Tang Feng RPG “Four Seasons Songs in Cloud Dreams” and the sandbox evolution MMO game “My Origins”.

Join hands with Valve to build Steam China, reach a cooperation with Google, and integrate into the strategy.

Steam is one of the world’s largest PC game distribution platforms. The project of Perfect World Steam China is expected to continue to consolidate the company’s influence in the game industry, while promoting the company’s ability to go overseas.

Recently, Perfect World and Google short-term cooperation agreement, beyond Google ‘s global platform advantage, technical support and intelligent marketing solutions, continue to add SMS codes to the game.

In terms of film and television business, the creative echelon is diversified and has a deep understanding of market replacement, with abundant reserves and ready to go.

The company’s affiliated Zhao Baogang, Ding Xin, Teng Huatao, Liu Jiang, Guo Jingyu, He Jing and other well-known domestic directors and producers have cultivated multiple production teams with diverse creative styles to meet the needs of the market.

In 2018, the company launched many excellent dramas such as “ Sweet Honey and Ember Frost ”, and the project reserves in 2019 are still rich, including “The Queen of the Unwed”, “Crocodile and Toothpick Bird”, “Old Tavern”, “Huo Yuanjia”, “No regrets”, “While we are still young”, etc. In addition, the company also launched strategic cooperation with Universal Pictures of the United States, making international film and television investment, and enriching the source of film and television revenue.

Earnings forecast and investment rating: The company’s first quarter 2019 performance forecast is in line with expectations, and the game and film and television business has achieved steady growth. We believe that the follow-up of Tencent’s unique “Perfect World Mobile Games” is expected to bring significant growth to the company’s performance.

We expect the company’s EPS for 2018/2019/2020 to be 1, respectively.



94 yuan, corresponding to the current expected PE of 25/19/16 times, maintain “Buy” rating.

Risk reminders: policy supervision risks; the performance of the new tour is worse than expected; the film and television project payment is not good.

Zhengbang Technology (002157) 2019 Interim Report Comments: Productive biological assets improved month-on-month

Zhengbang Technology (002157) 2019 Interim Report Comments: Productive biological assets improved month-on-month

Event: The company released its semi-annual report for 2019 and achieved operating income of 113.

7.7 billion, down 6 every year.

91%; net profit attributable to mother may be 2.

75 ppm with an annual budget increase of 43.


Among them, the second quarter achieved revenue of 61.

8.3 billion, down 14 a year.

87%; net profit attributable to mother 1.

390,000 yuan, an increase of 154 in ten years.


As pig prices bottomed out, the company turned a profit in the second quarter.

Opinion: The growth of live pig slaughtering is fast, and the performance of the feed business under pressure has improved quarter by quarter.

In the first half of the year, the company’s breeding business realized income of 45.

1.5 billion, an annual increase of 45.


From January to June, the company produced 309 pigs.

360 thousand heads, an increase of 24 in ten years.


Due to the hog prices in the first quarter and the gradual increase since the second quarter, the company ‘s comprehensive gross profit margin for the breeding business in the first half of the year decreased (2.


In view of the company’s productive biological assets and rapid growth of consumable biological assets, it is expected that the target of 6.5 million listings in 2019 is worry-free.

Feed sales declined.

In the first half of the year, the company’s feed business achieved revenue of 59.

89 trillion, down 30 a year.


Although the gross profit margin of the feed business increases by 0 every year.

52 single to 10.

48%, but due to the sluggish downstream demand, the company’s feed sales fell.

In the first half of the year, a total of 213 feed budgets were sold, a decline of 23 per year.

43%, of which pig feed decreases by 22 every two years.

63%, poultry feed is down by 25 per year.


Productive biological assets improved, capacity expansion steadily advanced to the first half of the year, and consumable biological assets33.

7.2 billion, an increase of 10 at the end of the earlier 18 years.

1%; productive biological assets 12.

5.3 billion, an increase of 13 at 武汉夜网论坛 the end of the earlier 18 years.

0%, an increase of 24 in the first quarter of 1919.

18%.The company’s live pig and breeding pig inventory has generally increased, and the company’s production volume is guaranteed.

At the same time, the company actively promoted the sale of Zhengbang crop protection, the large shareholders’ large subscriptions are set to increase, and the issuance of convertible bonds all demonstrate the company’s determination to focus on pig farming.

As of the first half of 2019, the company is under construction38.

4.6 billion, an increase of 25 in ten years.

15%, the company’s capacity expansion continues to advance.

We continue to be optimistic about the company and maintain a “buy” rating with positive rises, and the company’s performance caters to the point.

The pig production 返回码: 500 网站打不开?重查 capacity is more than expected, and pig prices will exceed expectations in 2020-2021.

Maintain 2019 profit forecast and raise profit forecast for 2020-2021.

The company’s net profit for 2019-2021 is expected to be 20.



2 billion (the original value was 20.



28 billion); EPS is 0.



41 yuan; the current sustainable corresponding PE is 20X / 6X / 5X.

The company’s recent best expectations have been included in the estimated lows.

We are optimistic about the company and maintain a “Buy” rating.

Risk warning: the risk of infection, the risk of falling product prices, and the release of production capacity is less than expected.