In 2000, the top pick Martin announced his retirement and had the Nets twice into the NBA Finals.

In 2000, the top pick Martin announced his retirement and had the Nets twice into the NBA Finals.
Beijing July 3, according to Yahoo Sports reports, the 2000 NBA champion Kenyon Martin has officially announced his retirement.In the past 15 years of NBA career, Martin has participated in 757 games, scoring 9325 points, 5159 rebounds and 864 intervals.In 2004, he was selected to the NBA All-Star Game, and that was his only NBA All-Star Game experience.In 2002 and 2003, Martin and Kidd entered the New Jersey Nets twice to reach the NBA Finals.  In his career, Martin also played for the Nuggets, Clippers, Knicks and Bucks.In 2011, Martin went to play in the Chinese CBA League and played for the Xinjiang team.  This is a great 15 years.Martin gave an article in an interview with Yahoo Sports, thanking all the fans who supported me over the years.But it’s time for you to leave. For me, this is the time.I am ready to enter the next chapter of my life. I want to thank the Nets, Nuggets, Clippers, Knicks and Bucks for giving me the opportunity to play. That is the game I love.  According to Martin, after retirement, he is interested in coaching college basketball or NBA level games.He also hopes that his 14-year-old son, Ken Ken Young, will become a basketball star in the future.  (After retirement) I will have time to belong to family and business.Martin said that if there are some opportunities to coach basketball, I will consider.I will also prepare Little Kenyon to be the NBA No. 1 pick in a few years.(Rosen)

An hour and a half before the opening, can the Fed open unlimited QE, can it save US stocks

An hour and a half before the opening, can the Fed open unlimited QE, can it save US stocks
On March 23, an hour and a half before the opening of US stocks, the Fed announced a new round of large-scale bailout measures, including unlimited bond purchases, and plans to ensure that credit flows to businesses and local governments.Officials, the Federal Reserve announced the launch of a total of $ 700 billion in QE while rushing to cut interest rates on March 15. It will purchase at least $ 500 billion in national debt and $ 200 billion in institutional MBS.According to the Fed’s statement, the Fed will purchase Treasury bonds and institutional mortgage-backed securities (MBS) to “support the smooth operation of the market and monetary policy to save the costs needed for a broader financial environment and effective economic savings.”This means that there is no upper limit for the asset purchase plan.The Fed has also established a series of new projects to gradually support credit flows to employers, consumers and businesses. These new projects will provide up to $ 300 billion in new financing.The US Treasury Department will use the foreign exchange stabilization fund to provide $ 30 billion in support to these projects.The Fed has also established two credit arrangements to support large enterprises, one is the primary market enterprise credit arrangement (PMCCF) for new bonds and loan issuance, and the second is the secondary market enterprise credit arrangement (SMCCF) for providing liquidity for outstanding corporate bonds.).PMCCF, open to investment-grade companies, will provide a four-year transitional financing, more people can choose to replace the payment index and principal in the first six months of the loan, the brake has additional cash available to employees and suppliersPay.SMCCF will purchase corporate bonds issued by investment-grade US companies in the secondary market, as well as exchange-traded funds.Another tool enabled by the Fed is the Term Asset-Backed Securities Loan Facility (TALF), which allows the issuance of student-backed loans, auto loans, credit card loans, loans secured by small business institutions, and certain other asset-backed asset-backed securities.The Fed also said it would expand the existing money market mutual fund liquidity instrument (MMLF) to include a wider range of securities, including municipal variable-rate spot notes and bank certificates of deposit.The Fed’s existing commercial paper financing tool (CPFF), which will expand the scale, will reduce the share of tax-exempt commercial paper and lower the price of the tool to facilitate the flow of credit to states and municipalities.The Fed also said it expects to establish a Main Street Business Lending Program soon to support the issuance of loans to eligible SMEs to supplement the efforts of the Small Business Administration.Over the past week, the Fed has launched a series of bailout measures, including the establishment of credit arrangements for CPFF, MMLF and primary dealers, expanding the amount of liquidity swaps with other mutual parties, relaxing the discount window increments and conditions, and canceling preparationsFinancial requirements encourage banks to use their liquidity and capital buffers, many of which are the first restarts after the 2008 financial crisis.This operation can be called an upgraded version of the “Gift Pack”.The Fed said it will continue to use various tools to support the flow of credit to households and businesses, thereby promoting its goal of maximum employment and price stability.After the announcement, the 10-year U.S. Treasury yield fell sharply, and the yield curve flattened; U.S. stock index futures turned higher.Sauna, Ye Wang Gu Zhijuan editor Wang Jinyu proofreading Jia Ning

[Meng monkey peanut dumplings practice]_Meng monkey peanut dumplings home-made practices_Meng monkey peanut dumplings practice Daquan_Meng monkey peanut dumplings how to do

Lawsuits, lawsuits, lawsuits, lawsuits, lawsuits, lawsuits, lawsuits, lawsuits, lawsuits, lawsuits, lawsuits, and lawsuits. What are you talking about?╛Guo 尀 尨 呺 尺 尓 姹 ゅ Hundred picks 宝 箞 锅?
钀岀尨鑺辩敓姹ゅ渾鏄竴閬撳緢澶氫汉閮藉枩娆㈢殑鑿滆偞锛屽仛杩欓亾鑿滅殑鏃跺€欎笉鐢ㄥ噯澶囧お澶氶鏉愶紝绠€鍗曠殑椋熸潗鍗磋兘鍋氬嚭涓嶇畝鍗曠殑缇庡懗銆備竴瀹朵汉鍧愬湪涓€璧峰悆鐫€杩欓亾缇庡懗鐨勮彍鑲达紝骞哥涔熷氨鍍忚繖閬撹彍涓€鏍风殑绠€鍗曪紝鍏呮弧鐫€瀹剁殑鍛抽亾锛岃浜哄崄鍒嗗洖鍛炽€?What’s the matter?銆 佽  杩 涙 枡 嗘 擂 厮 哮 擮 愮 蒙 钟?銆佹悈鑺辩殑鑺辩敓鑷甫娌规湁浜涚粨鍧楋紝鍊掑叆绯栫矇鎷屽寑4銆佹媽鍖€鍚庣殑鑺辩敓绯栬繕瑕佸€掑叆姗勬娌规媽鍖€锛岃姳鐢熼灏卞仛濂戒簡锛?銆佺朝绫崇矇鏀惧叆纰椾腑6銆佸垎娆″€掑叆鐑按鐢ㄧ瀛愭悈鎴愰洩鑺辩姸鍚庯紝鐢ㄦ墜鎻夋垚鍏夋粦涓嶉粡鎵嬬殑闈㈠洟7銆侀潰鍥竴鍒嗕负浜岋紝涓€浠藉姞鍏ュ彲鍙矇鎻夊寑8銆佹弶濂界殑闈㈠洟鐩栦笂淇濋矞摶 淈 润 缃?5鍒嗛挓9銆佸彇涓€涓媷鎸囧ぇ灏忕殑鍙彲闈㈠洟鎻夊渾鎹忔墎10銆佹斁鍏ラ€傞噺鐨勮姳鐢熼11銆佹敹鍙 f 弶 鍦?2銆佺◢绋嶅帇鎵侊紝鍐嶅彇涓€涓ぇ鐨勭櫧闈㈠洟鍜屼袱涓豢璞嗗ぇ灏忕殑鐧介潰鍥紝涓や釜榛勮眴澶у皬鐨勫彲鍙潰鍥㈠拰涓や釜姣旈粍璞嗗ぇ涓€浜涚殑鍙彲闈㈠洟13銆佸ぇ鐨勭櫧闈㈠洟鍘嬫墎鍋氭垚蹇冨舰璐The village is so sorrowful?4 銆 丷 璱 璍 岍 嗗 嗗 ぇ 灏 宑 闱 ㈠ 洟 铫 嬫 墎 卦 ㄧ 槠 闱 ㈠ 囟 婎 婛 姛 姾 姾 姲 宲 嬽 嬽 嬈 嬽 嬽 嬽 嬗What’s the difference? The key word is that the key worms are inconsistent. It’s a drama. It’s a bit of a problem. It’s a patent. It’s a village.灏忕殑闈㈠洟鍘嬪湪鐚寸溂涓婂仛鐪肩潧鐨勭潃鍏夌偣15銆佸彇涓€灏忓潡闈㈠洟鍔犲叆灏戣鍗楃摐绮夊仛鎴愰钑夌殑鏍峰瓙銆?6銆侀攨涓儳寮€涓ょ娓呮按锛岋紙鍊掑叆缁嗙硸鍜屽鐗囷紝鏍规嵁涓汉鍙e懗娣诲姞锛?7 銆 佽 交 欏 斏 协 ョ 尨 徶 徶 存 卦 嗭 庴 Qi 濇 寔 圔 鏆 Feeding can play drama pickaxe?8 銆 丸 緟 姹 姹 ゅ 紏 鍏 儏 儴 閴  鎖 庢 閏 鍏 ラ  钑 夋 卦 嗦 庴 菴 圴 呑 囋 咋 夦 卦 嗕 篃 娴  况 鏉 郉 ュ9 銆 佸 ソ 浜 嗭 麭 鏄  笉 鏄  緢 鍙  埍 佸  浜 府 府 凜 燻 死 當 咅 ソ 镄 僬 鍅 嬥 僸 憸 冸 冕 冸 冸冭悓鐚磋姳鐢熸堡鍦嗭紝涔熷彲浠ユ暀浼氫綘鐨勬湅鍙嬨€佸悓浜嬶紝澶у瀛︿竴瀛﹀氨浼氫簡锛岃秴绾х畝鍗曪紝鏈€鍏抽敭杩樻湁钀ュ吇銆?

[Nutrition of Pork Ribs Yam Lotus Root Soup]_ Lotus Root Soup _ Pork Ribs and Sweet Potato _ Efficacy

[Nutrition of Pork Ribs Yam Lotus Root Soup]_ Lotus Root Soup _ Pork Ribs and Sweet Potato _ Efficacy

The high nutritional value of yam is one of the foods often eaten in people’s lives, because yam is not only rich in nutrition, but also unique in taste, fresh and crisp, and has a good moisturizing effect on the stomach.

The best way to cook yam is seasoning soups, which are rich and delicious.

For example, what is the nutrition of ribs yam lotus root soup?

How to do it?

Let ‘s take a look at the explanation below.

Chinese yam anti-arthritis, lung nourishing kidney, nourishing kidney and strong yin, diabetes, abdominal distension, weakness after illness, diarrhea, nourishing lungs and cough, lowering blood sugar, prolonging life, resisting liver coma, nourishing kidney and nourishing essence, strengthening spleen and stomach, helping digestion.
Practice one: 1.

Lotus root peeled and sliced.

2.

Peel the yam and wash and cut the hob block.

3.

Wash carrots and cut into hob pieces.

4.

Wash the pork ribs under cold water in a pan.

5,

After the pan is opened, throw away the foam, and cook until no more blood comes out.

6.

Remove the ribs, put them in a pressure cooker, add lotus root, yam, carrot, spring onion, ginger slices, star anise, add water, press for 20 minutes, put the salt pan on the pan and use.

Method 2: Ingredients: 400 grams of fresh yam, 1 piece of corn, 200 grams of lotus root, and pork ribs.

Seasoning: salt, shallot, and sesame oil.

Method 1: Wash all the materials, peel the yam and cut into pieces, cut the corn into sections, slice the lotus root after peeling, chop the pork ribs, and remove the blood after blanching.

2. Put all the ingredients into the pot, add an appropriate amount of water to boil, turn to low heat and simmer for about 1 hour, season with salt, shallots, and sesame oil.

Suitable crowd: 1.

Those with hot and phlegm stagnation are advised to take caution, those with higher blood lipids should not eat more.

2.

Iron deficiency anemia, frail and sick, and loss of appetite are suitable.

3.

It is not advisable for pregnant women to consume it prematurely.

[How to make potato shreds?

4 ways to learn!

】 _Home Practice _ Production Method

[How to make potato shreds?
4 ways to learn!
】 _Home Practice _ Production Method

Many people have problems with the stomach and intestines, some stomach and indigestion, weak spleen and stomach function, from time to time there will be abdominal pain, and the stool is obviously not smooth. The best way to solve these gastrointestinal problems is diet conditioning. RecommendedThese people want to eat more potatoes, and the effect is very good. Some people can usually eat shredded potatoes, and they will not learn the following methods.

First, the main ingredients of potato shredded materials: 200 grams of potatoes (yellow peel), auxiliary materials: 30 grams of green pepper, 20 grams of bell pepper, seasoning: 5 grams of flax oil, 3 grams of salt1.

Cut green red peppers and potatoes into filaments; 2.

Put it in the water for a while, remove it and put it in a plate; 3.

Add pepper oil, refined salt and mix well.

Second, cold potato shredded material: one large potato, two millet peppers, green onion, pepper oil content, raw soy sauce measurement, salt, chicken essence method 1, peel and wash the potatoes and cut them into filaments, and wash them with water.

Millet pepper washed and cut into circles.

2. Add water to the boil and boil. Put the shredded potatoes and cook for about 2 minutes (because the shreds cannot be cooked for a long time, they will be soft after a long time, and the potatoes will be crunchy). Remove and soak in cold water.Load the plate.

3, then put millet pepper, green onion, pepper oil, salt, chicken essence, some raw soy sauce on potato shreds.

4, pour the oil in the pot, wait for 70% of the oil to heat on the potato shreds, and then use chopsticks to mix evenly.

Third, coriander mixed with potato shreds Ingredients: 250 grams of potatoes (yellow peel), auxiliary materials: 50 grams of coriander, seasoning: 5 grams of sesame, 5 grams of white garlic, 2 grams of MSG, 3 grams of salt, and 5 grams of chili oil1.

Wash the potato shreds with cold water and remove the water for control. Remove the water and blanch it until it is broken. Remove the cold water and drain the water. 2.

2. Wash and cut coriander into sections; 3.

Peel garlic and chop minced garlic; 4.

Mix minced garlic, monosodium glutamate, refined salt, parsley, and chili oil in hot potato shreds, adjust the taste, and sprinkle with sesame seeds.

Tips: Food phase grams: coriander: take tonic and traditional Chinese medicine atractylodes, when taking tannin, coriander should not be taken, so as not to reduce the efficacy of the tonic.

Fourth, shredded spring onion material: 150 grams of potatoes (yellow peel), seasoning: 10 grams of shallots, 5 grams of pepper, 10 grams of peanut oil, 5 grams of salt, 3 grams of white sugar, 5 grams of vinegar, and 2 grams of monosodium glutamate1.

Wash the potatoes, peel them, cut them into thin slices, cut them into filaments, and soak them in clear water; 2.

Put a proper amount of water in the pot, boil on fire, remove the shredded potatoes from cold water, and boil the boiling water until it is broken (it should not be boiled, otherwise it is not crispy); 3.

4. Shred the potato in cold water and remove it. Drain the water and mix it in the pan. Add salt and mix well.

Wash the shallots, cut them into scallions, place them on potato shreds, add sugar, vinegar and monosodium glutamate, mix well; 5.

Heat the wok on the fire, add peanut oil, and when the oil is hot, add peppercorns, fry the aroma, remove the peppercorns (not used), pour the oil into the potato shreds while it is hot, and gently evenly.

Sichuan Changhong (600839): Color TV continues to weigh on performance

Sichuan 杭州夜网论坛 Changhong (600839): Color TV continues to weigh on performance

Predict that net profit will decrease by 80% from zero in 2019?
86% of companies announced performance preview: 2019 net profit attributable to parent company is expected to be 45 million yuan?
65 million yuan, changed to 80%?
86%; net profit after deduction is expected to be -4.

37?
-4.

5.7 billion yuan.

The color TV business is expected to break through, leading to results that exceed our expectations.

Points of interest Color TV is expected to significantly slow down performance: 1) Affected by the intensified price competition in the industry, the company’s color TV business in 2019 will cause a significant increase in profit in 2019.

The company’s color TV business has expanded cumulatively in 2018, with revenues increasing by -6% and profit reductions decreased by 1.

1.6 billion, on the edge of breakeven.

2) In an attempt to improve sales, the company adjusted its channels and marketing, resulting in an increase in expenses in 2019.

3) In 2019, the company received a total of 2 subsidies approved by the government.

78 ppm, 1 of which is related to benefits.

97 ppm, asset-related 0.

8.1 billion.

Realization of strength is unreasonable.

Color TV retail demand continues to be weak: 1) China’s color TV market is still sluggish.

According to AVC statistics, the retail volume and retail value of the color TV industry in 2019 are at least -2% and -11%, respectively.

2) The industry’s price competition is still very fierce. The average retail price of the industry is reduced by 9% each year. The online market competition is particularly fierce. The average retail price can replace 14%.

In 2019, the retail value of Xiaomi’s online market increased by 34%, and its share reached 23%, which gradually increased by 6.

4ppt.

3) On Changhong Color Wire, offline retail sales were -5%, -27%, and average retail prices were -16%, -4%.

The company’s average offline retail revenue is -1.

3ppt to 9%, the company’s retail share expansion is mainly affected by the channel adjustment.

The refrigerator market ‘s Meiling ‘s weight is 南京龙凤网 stable: 1) AVC monitoring. In 2019, the refrigerator industry ‘s online and offline retail sales will increase by + 14% and -3%, respectively.

2) The performance of Meiling refrigerators is basically the same as that of the industry. Online and offline retail sales are + 13% and -3% respectively, and the market share remains stable.

Estimates and recommendations Due to lower-than-expected results, we lower our 2019/2020 EPS forecast by 82% / 39% to 0.

01 yuan / 0.

04 yuan, date 2021 EPS forecast 0.

04 yuan.

Maintain Neutral rating and maintain target price of 2.

88 yuan, corresponding to 262x / 67x 2019/2020 price-earnings ratio, there is 2% upside compared to the current consensus.

The company currently corresponds to the 258x / 66x 2019/2020 P / E ratio.

Risks Competition in the color TV market.

A glimpse of Japan’s 40 years of infrastructure construction frenzy: How much space is Japan’s infrastructure compared to Japan?

A glimpse of Japan’s 40 years of infrastructure construction frenzy: How much space is Japan’s infrastructure compared to Japan?

Japan is the “infrastructure demon” | Monarch Building Source: Guotai Junan Securities Research Station In Tokyo’s endless stream of subway stations, those foreigners who are stunned looking at complex maps often contrast sharply with Japanese people who move quickly on light roads.

  ▼ The route map at Tokyo Metro Station is actually the subway part. It does not include the JR and private railways, and it is more than Tokyo Metro.

  Traveling in all corners of Japan, the three-dimensional road facilities in the city are complete, and even in the relatively remote villages, rail transit can always be found.

  All this is inseparable from the infrastructure boom in Japan for more than 40 years.

  Guotai Junan’s construction team initially released an in-depth report “Compared with Japan, domestic infrastructure space is still high, leading potential still exists”, leading us to list Japan’s nearly 40 years of global infrastructure and just how big the rail transit facilities arepotential.

  01Japan’s Infrastructure Rush 40 years of Tanaka’s ambitions The boom in Japan’s infrastructure began with the successful bid for the 1959 Tokyo Olympics.

  In 1960, the National Income Double Plan was approved and combined with multiple economic development policies, it further promoted the migration of the population to cities.

  In addition, the “Japanese Islands Reform Theory” put forward by former Japanese Prime Minister Kakuei Tanaka has also contributed greatly.

  Born in Niigata, Japan’s rural side, Takaaki Tanaka has caused serious concern about the development differences between Tokyo and his hometown. In addition, he was a first-class architect. Therefore, when the LDP president was elected in 1972, he proposed the “Reconstruction of the Japanese Islands””.

  ▼ Former Japanese Prime Minister Tanaka Kakuei put forward the Japanese island reform theory during the participation. Source: Surging News, Guotai Junan Securities Research Tanaka believes that only through the construction of a large-scale transportation network can the gap between rural and urban areas be eliminated.

“We must simultaneously eliminate the ills of overcrowding in cities and oversparse in rural areas. We will implement industrial relocation throughout the country, make full use of wisdom and knowledge, and build new national railroads, highways, and rectify communication networks., It will certainly be able to bridge the gap between urban and rural areas.

“The main measures of the island reconstruction plan include transportation and communication, industrial layout and other data sources:” Reconstruction of the Islands “, etc., Guotai Junan Securities Research, a new land development plan, quickly got those who had to leave their homes in order to work.Of Japanese voters.

  During the period from 1960 to 1974, the urbanization construction overlapped with the island reconstruction plan, the successful bid for the Olympic Games, and the rapid population growth and other factors jointly promoted the blowout growth of Japan’s civil and construction demand. The total investment amount from 1960-742.

5 trillion yen increased to 29.

4 trillion yen, an annual growth of nearly 20%.

  ▼ The growth rate of Japanese construction budget investment in the 1960s reached the highest in nearly 60 years (trillion yen). Source: Statistics Bureau of the Ministry of Internal Affairs and Communications, Guotai Junan Securities Research. Although Tanaka stepped down despite the 1974 oil crisis, it is stillThe Liberal Democratic Party maintains a huge and invisible force.

  In the following 10 years, the Japanese political community maintained the “no Tanaka Tanaka line”, and the “Reconstruction of the Japanese Islands” program has been going on-this has maintained a high level of prosperity in Japan’s civil construction industry until the Japanese economic bubble burst in 1991Can be polished.

  At the beginning of the 1985 “Plaza Agreement”, land prices in Japan showed a trend of foaming, a large amount of funds poured into the real estate market, and the housing construction industry also experienced excessive prosperity.

  According to statistics, the area of new house construction in Japan increased rapidly from 200 million square meters in 1985-90.

800 million square meters, an annual increase of 7%; the number of newly started residential buildings increased by 470,000 in just five years, each growth rate in 1987 reached the highest value of nearly 40 years in 23 years.

  02 The 40-year infrastructure stimulus in Japan’s infrastructure frenzy was that after the artifacts entered the 1990s, Japan began the “lost two decades”.

As the Japanese economy has faced excessive downward pressure on many occasions, the government has carried out three infrastructure projects to stimulate the underpinning economy.

  After the collapse of the Japanese economic bubble in 1991, the Japanese government began to take further measures to strengthen public financial expenditure to promote infrastructure construction to underpin the economy. This round of infrastructure stimulated the growth of GDP to rise to 3 in 1996.

1%.

  In 1998, the Asian financial crisis broke out, and Japan stepped up its investment in infrastructure again, bringing GDP growth back to 2000 in 2000.

78%.

  In 2008, the US subprime mortgage crisis broke out, and Japan’s GDP growth rate dropped sharply to -5 in 2009.

42%, this round of infrastructure construction stimulated GDP growth to pick up to 4 in 2010.

19%.

  ▼ Three large-scale stimulus infrastructures in the “lost two decades” to underpin economic data Source: Wind, Sina Finance, etc. Guotai Junan Securities Research Since 2011, three important events have once again helped the Japanese construction industry boom.

  On March 11, 2011, a magnitude nine earthquake struck the Pacific Ocean in northeastern Japan. Demand for infrastructure repairs, reconstruction and housing and construction reconstruction, and reconstruction after the earthquake surged.

  At the end of 2012, Japanese Prime Minister Shinzo Abe launched the “Abenomics” policy, which is summarized as three arrows, namely, active financial policy, flexible fiscal policy, and promotion and development of private investment. Infrastructure is the main way to increase government spending.it goes without saying.

  The success of Tokyo’s bid for the 天津夜网 2020 Olympic Games in September 2013 has also greatly stimulated the need for a series of public roads, stadiums, etc. to be constructed and repaired.

  However, several times of infrastructure stimulus increased the growth of other items such as social security expenditures, and eventually pushed up the Japanese government ‘s debt ratio. The debt balance as a percentage of GDP rose from 69% to 230%, so it lacked the financial foundation to continue stimulating infrastructure.

  ▼ From 1991 to 2010, the source of the increase in the proportion of Japanese government debt to GDP is from Bloomberg and Guotai Junan Securities Research 03. It is a lesson learned or a model for learning. At present, the per capita occupation and density of Japanese infrastructure are among the world’s leading levels.

Because ground orbit crosses everywhere, Japan is also known as a “country 深圳桑拿网 on orbit”.

  As of 2017: Japan’s per capita railway share is about 134 km / million people, which is significantly higher than China’s 91 km / million people; Japan’s per capita road share is about 96 km / 10,000 people, which is significantly more than China’s 34 km /From the perspective of urban rail transit, the per capita holdings of rail transit in Tokyo, Japan are also significantly higher than those of the four first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen in China.

  Japan’s infrastructure density is even higher than China’s, even higher than the United States.  In 2017, the density of highways in Japan was close to 300 km / 100 km2, and the values in the United States and China were lower than 100/50 km / 100 km2, respectively.

  The density of Japan’s railways is about 450 km / 10,000 km2, and the United States and China are about 260/136 km / 10,000 km2.

  Along with economic development and urbanization, a large number of outstanding construction companies have also emerged in Japan. When the inflection point of the demographic dividend has gradually arrived, engineering efficiency, technological upgrades, and differentiation of financing advantages have jointly promoted the improvement of industry concentration and gradually formedDacheng Construction, Dalin Formation, Qingshui Construction, and Kashima Construction.

  These leaders have four major advantages, ensuring their core position in the Japanese construction market.

  Technical advantages: Japanese construction leaders have decades of experience in engineering projects and technology research and development, and they all have their own technology research and development centers, which can focus on research and development of new materials and technologies.

  For example, Qingshui Construction set up a research and development center as early as 1944, and has now developed into a large-scale Shimizu Institute of Technology. It has carried out extensive research and development in structural safety, basic engineering, underground engineering, energy development, and earthquake science.explore.

  Another example is Kashima Construction, which also has a variety of leading technologies and services, such as the Kashima Reduction Act, Kashima Design, Kashima’s advanced structural control and basic isolation technologies.

  ▼ The technology advantage of Japanese construction leaders is clearly ahead of other small and medium-sized companies. Data sources: company annual report, company official website, Guotai Junan Securities Research Industry Chain Advantage: Japanese construction leaders cross the upstream and downstream of the industrial chain and can provide services in all fields.

  For example, Kashima Construction involves a variety of businesses such as civil construction, real estate development and new energy development. Its civil construction business covers many fields such as commercial buildings, stadiums, bridges and tunnels, and can provide design consulting, engineering contracting, and construction management.Alternatives for owner agency, project management, etc.

  In addition to the construction industry, the Japanese construction leader also involves other related businesses, which further enhances its comprehensive strength and project undertaking capabilities.

  For example, Kashima Construction is involved in the comprehensive development of coastal and coastal industrial areas. It can integrate internal infrastructure business including reclamation, road construction, port construction and other emerging businesses such as renewable resources, nuclear power stations, and ocean development to meet the needs of social development.demand.
  Profit advantage: The technology and industrial chain advantages of the leading Japanese construction companies are an important basis for profit advantages.

  In addition, cost control is also an important means to polish profit advantages. For example, Kashima Construction actively controls development costs such as prefabricated construction methods and robots through strict cost control, and its profitability indicators have steadily increased since 2014.5.

71% increased to 12.

7%, net margin increased from 1% to 5.

7%, ROE from 3.

8% increased to 15.

5%.

  Financing advantages: Japanese construction leaders have been working hard to reduce leverage in the past. At present, the average asset-liability ratio is below 65%, which is much lower than other construction companies. Therefore, they have better financing advantages in bank loans and other aspects, which can protect the businessSmooth progress.

  04 How far is China’s rail transit overall? Recently, at a press conference, the National Development and Reform Commission once again demonstrated the objective fact of low internal per capita infrastructure stock.

“At present, the overall per capita infrastructure stock is equivalent to 20% -30% of the total in the West, and there are still many shortcomings in infrastructure areas such as transportation, water conservancy, energy, ecological protection, and social livelihood.There is still a lot of room and potential for investment in facilities. ”

  In contrast to the current status of track deposits in developed Greater Bay Areas such as Tokyo and New York, there is still huge room for development in domestic track transfer construction.

  For example, the 30 million people in the Tokyo Metropolitan Area use nearly 3,000 kilometers for commuting, while the 20 million people in Beijing and Shanghai are only about 700 kilometers.

  ▼ Tokyo Metropolitan area rail link density is extremely high Data Source: Tokyo Metro Network ▼ Relative density of Shanghai Metro subway Relative data source: 911 Query Details: 1. Per capita railway density and per capita railway holdings, there is still a large deviation.

  In 2018, the domestic railway network density was 136 km / 10,000 square kilometers (according to the operating mileage caliber), increasing by 3.
.

7 km / 10,000 square kilometers, but there are still some gaps from major overseas expansions such as Germany, France, and the United States.

  ▼ The highest railway density is less than the average (km / 10,000 km2) Data source: National Bureau of Statistics, Wikipedia, Guotai Junan Securities Research Note: Using the operating mileage caliber from the perspective of railway per capita holdings, the domestic rate is 94 km / million) Mileage caliber), while the United States, Germany are more than 400, Japan is about 134 km / million people; if the total mileage caliber is carried out.

  ▼ Per capita railways in the region are less than average (km / 10,000 people). Data sources: National Bureau of Statistics, Wikipedia, Guotai Junan Securities Research2. In terms of highways, domestic development levels are still lower than overseas accumulation.

  In 2018, the total mileage of domestic highways increased by half a year to approximately 4.85 million kilometers in 2018.

5%, ranking third in the world, of which about 14 are highways.

30,000 kilometers ranks first in the world.

  However, domestic road density still differs from overseas expectations.

  By region, according to statistics from the Industrial Information Network, the east has reached 118 km / 100 km2, but the west is only 27 km / 100 km2.

  The per capita possession of domestic highways is about 34 kilometers per 10,000 people, which exceeds that of the United States (over 200), Japan (about 96), and Germany (about 78).

  From the perspective of the per capita possession of highways, domestic 103 km / million people are lower than those in the United States (about 307) and Germany (about 105).

  ▼ Domestic highway density is gradually increasing. Data source: wind, Wikipedia, Guotai Junan Securities Research ▼ Domestic highway density is still binding. Spatial data source: wind, Wikipedia, Guotai Junan Securities Research 05 The gap between east and west has widened. So, domesticIs it necessary for railway and rail transit density to continue to increase?

  1. The eastern region still needs pipeline network encryption to gradually establish a new type of urbanization and the Guangdong-Hong Kong-Macao Greater Bay Area. The integration of the Yangtze River Delta has been advanced. The domestic urban population has continued to grow, and urban congestion has become the norm.Rail transit can effectively alleviate the pressure of urban congestion and reduce the burden on ground roads.

  The eastern region has a developed economy, strong fiscal strength, and controllable debt levels. In particular, the Yangtze River Delta, Guangdong, Hong Kong, and Australian dollars have national-level policy support and a large population. Therefore, they must support the financial foundation and encryption requirements of infrastructure construction.

  ▼ Yangtze River Delta, Guangdong, Hong Kong, Macao and other eastern coastal areas with strong financial strength Sources of data: Wind, Guotai Junan Securities Research2, demand for shortcomings in the western region is still from the completion of the planning of the 13th Five-Year Expressway and other infrastructure areas in the province.The remaining gap in the western provinces is still high, so it has caught up with the pressure of planning to catch up with the construction period.
  At the same time, the density of infrastructure in some central and western provinces is significantly higher than that. For example, it can be seen from comprehensive highway density = highway mileage / (resident population * total area) that there is a higher space for shortcomings in the future.
  In addition, policies such as a strong transportation country and new land, sea and sea routes in the west also support infrastructure construction in the central and western regions.

  ▼ Take expressways as an example. Comprehensive highway density data for central and western expressway provinces Source: Wind, Guotai Junan Securities Research Government planning: Infrastructure funding sources are expected to improve: Declining capital ratio will help broaden infrastructure financing channels, and special debt quotas will be invested in infrastructureThe proportion is expected to increase.

  3. The downward pressure on the economy still exists. In the third quarter, the GDP growth rate fell to 6% for 7 consecutive quarters. The GDP growth rate in 2020 is under pressure and has a bottom line.

  The overall manufacturing industry is sluggish. At the same time, given the downward investment in real estate financing income, imports and exports are still uncertain, consumption is still weak, and a sound infrastructure economy will improve.

  On November 27, the Ministry of Finance released news that some new special debt reductions of $ 1 trillion in 2020 were issued in advance; at the same time, it was required to immediately restart the special bond quota to specific projects in accordance with regulations, to be issued early and used early to ensure early next year.When it becomes effective, it will ensure the formation of physical workload and the effective promotion of the economy as soon as possible.

  ▼ In 2019, the local government issued supplementary special debt with significantly higher data sources: Wikipedia, Guotai Junan Securities Research. We believe that the early release of alignment indicates that the central government’s awareness of the economy and infrastructure is a continuation of the spirit of countercyclical adjustment.On the one hand, it also helps to ensure the source of capital for construction, and accelerates the implementation of important infrastructure projects that meet the requirements.

  According to the Statistical Bulletin on the Development of the Transportation Industry in 2018, by 2030, the railway target will be 200,000 kilometers open, and the high-speed rail will be 4.

50,000 kilometers, as of the end of 201813.

10,000 km / high-speed rail 2.

90,000 kilometers is still not a small gap.

  At present, the total bidding for railway rail transit exceeds 4 trillion yuan, and the demand for the construction period in the last year of the 13th Five-Year Plan is expected.

  ▼ The rail transport approval in 2018 has been restarted and the transition approval projects have exceeded one trillion. Data source: National Development and Reform Commission’s official website of the Department of Basic Industries, etc., Guotai Junan Securities Research

Huadian International (600027): Non-coal cost control enhances profitability and expects continued improvement in quality and efficiency in the second half of the year

Huadian International (600027): Non-coal cost control enhances profitability and expects continued improvement in quality and efficiency in the second half of the year

I. Overview of the event The company released its 2019 Interim Report, which achieved revenue of $ 43.7 billion in the first half of the year, +5 per year.

2%, net profit attributable to mother 16.

500 million, +67 per year.

4%; of which Q2 achieved net profit attributable to mother 8.

800 million a year + 193%.

Second, the analysis and judgment of new installed capacity put into operation to promote the increase of power generation, coal machine utilization of the hour interval is flat length industry average level company in the first half of the year cumulative cumulative electricity generation 94.5 billion kWh, +5 each time.

7%, the reason for maintaining the rapid growth rate is that the new unit is put into production, and the installed capacity of the holding is +8 per second.

7% to 53.53 million kilowatts.

The utilization time of coal-fired generating units was 2202 hours, which was basically the same as that of the same period of last year, while the utilization hours of thermal power in the country in the first half of the year remained at 87 hours.

The company’s average on-grid electricity 杭州桑拿 price in the first half of the year was 414.

58 yuan / MWh, ten years +1.

6%, it is considered that the market-based electricity price discount has narrowed, and the proportion of trading electricity has further increased to 49%.

Coal-fired costs remain high, and non-electricity cost controls have improved profitability. The company’s fuel costs in the first half of the year were 217.

600 million, +5 in ten years.

9%, mainly due to the increase in power generation, the estimated coal price is basically the same as the same period last year, while the national average coal price index in the first half of the change range was 6.

8%.

Non-coal costs such as manpower are well controlled, which is basically the same as the same period last year, resulting in an increase in gross profit margin1.

16 pct.

In addition, 北京桑拿洗浴保健 management costs and financial costs are twice a year.

6% and 2.

0%, leading to a further increase in net interest rate by 1 pct.

Safety production caused coal prices to be higher than expected in the first half of the year, waiting for subsequent results to reflect the flexibility of Qinhuangdao Port’s 5500 kilocalorie power end coal average price of 605 yuan / ton, exceeding our goal in order to achieve expectations, mainly due to safety production to Shaanxi coal production capacityRelease was less than expected.

With the gradual return to normal supply of coal in Shaanxi, and at the same time the demand for coal such as electricity and real estate continued to weaken. In August, the port coal price has dropped to 580 yuan / ton.Down.

It is expected that the company’s net profit attributable to its parent can increase by 2 each time the Qingang coal price drops by 10 yuan / ton.

About 300 million, optimistic about the company’s continued profit repair.

Third, investment recommendations to maintain the company 2019?
EPS 0 in 2021.

31/0.

45/0.

49 earnings forecast, corresponding to the current expected PE13 / 9 / 8x.

The company’s PB is below 90% of the quantile since its listing. It is estimated to be at the replacement level in the thermal power sector. At the same time, its performance is highly resilient to coal prices, maintaining a “recommended” level.

4. Risk warnings: 1. Coal prices fell less than expected; 2. Electricity prices fell more than expected.

Seven Chinese medicines eliminate gynecological diseases!

锘?

Seven Chinese medicines eliminate gynecological diseases!

There are several kinds of traditional Chinese medicines that are specially used to treat gynecological diseases and improve women’s physique. They are aloe vera, pearls, medlar, white peony, Chuanxiong, angelica, and jaundice. Therefore, these medicines can bring beauty and health to women.

銆€銆€Among them, white peony, Chuanxiong, angelica and succulent, is a four-flavored medicine in the gynecological famous “Siwutang” with a history of more than 1,000 years.

The description of the mechanism of action of these herbs in the Dictionary of Traditional Chinese Medicine allows more women to understand and learn from them to lay a foundation for health and beauty.

銆€銆€Angelica: From the north and south of the developing countries, Angelica is regarded as a blood and blood.

It can nourish blood and regulate menstruation, activating blood and relieving pain, tonifying and moisturizing the skin, strengthening the body and prolonging life.

Play an extremely important role in protecting women’s health.

銆€銆€Li Shizhen believes that Angelica is a medicine for women to control blood.

銆€銆€Astragalus: Astragalus can enhance skin nutrition and skin antibacterial ability, prevent skin aging, promote hair growth and prevent hair loss.

It contains a variety of amino acids and essential trace elements and folic acid, which has a comprehensive nutritional effect.

銆€銆€Chinese medicine believes that it can replenish vital energy, and has curative effect on qi deficiency and blood loss, collapse and all diseases of qi deficiency and blood deficiency.

銆€銆€Bai Yu: “Japanese Huazi Materia Medica” evaluates it: “The wind and the supplement, the main woman all the diseases, and postpartum diseases.

“Tang Bencao” said that it “promoted women’s blood.”

“Modern Chinese medicine believes that it can develop blood and liver, slow pain, irregular menstruation, uterine bleeding, and bring effect.

銆€銆€Chuanxiong: Chuanxiong has a high evaluation in the “Japanese Huazi Materia Medica” of the Tang Dynasty: “Governing all the wind, all the gas, all strains, all the blood, make up the five labors, qi and stagnation, blood circulation and pain relief, on the amenorrhea, dystocia, postpartum sputum block pain and so on.

Strong bones and muscles, adjust the pulse, raise new blood.” “Medical Qiyuan”: “Blood blood, cure blood deficiency headache.

“Pearl: Pearl has always been a valuable Chinese herbal medicine. It has a special nourishing and health-care effect on the skin. It can keep the face delicate and white and tender, and it can promote the regeneration of human cells, prevent aging and delay the production of wrinkles.
鈥?

銆€銆€Chinese medicine believes that it has the functions of nourishing yin and soothe the nerves, calming the heart and clearing away heat, detoxifying the muscles, etc. It can cure complications such as dizziness, headache, tinnitus, irritability, insomnia and convulsions.

銆€銆€Aloe Vera: For women, aloe vera is the most familiar beauty product.

銆€銆€Chinese medicine seems that aloe vera can treat heat, laxative, hot constipation, and women with amenorrhea.

銆€銆€Scorpion: Scorpion is a previously discovered gynecological medication, which can nourish yin and nourish blood, benefit liver and kidney, and can brighten the skin and make hair.

銆€銆€”Chongqing Tang Essay” evaluates it: “Specialized blood, not the other medicine.”
鈥?”Chinese Dictionary of Traditional Chinese Medicine” believes that it nourishes the kidneys, moistens the lungs, nourishes the liver, and clears the eyes.

Which Chinese herbal medicine has a hypolipidemic effect?

锘?
Which Chinese herbal medicine has a hypolipidemic effect?

Hyperlipidemia is a major risk factor for atherosclerotic disease. It is a risk factor for stroke, coronary heart disease, myocardial infarction, and sudden death. It is also an important risk factor for promoting hypertension, impaired glucose tolerance, and diabetes.

Hyperlipidemia has become a health problem that people attach great importance to now. Chinese herbal medicine has a unique curative effect in reducing blood lipids and has a good lipid-lowering effect.

Ganoderma lucidum is a medicinal fruit body that is warm and sweet.

Ganoderma lucidum contains sterols, alkaloids, proteins, polysaccharides, amino acids, enzymes and the like.

It has the effect of strengthening the essence and strengthening the bones.

Indications of mental fatigue, palpitations, insomnia, high blood pressure, hypercholesterolemia, cerebral arteriosclerosis.

Rhubarb medicinal its dry rhizome, bitter taste, cold, spleen, stomach, large intestine, liver, pericardium.

With diarrhea, laxative, destructive, clear and damp heat function.

Pharmacological studies have confirmed that rhubarb can lower blood pressure and lower cholesterol.

The medicinal part of Alisma is a dry tuber, which is sweet and salty, cold, kidney, and bladder.

The main component is volatile oil, which contains furfural. Its ethanol extract contains alkaloids, plant sterols, asparagine, and its water and benzene extracts have anti-micro-hepatic components.

The medicinal part of Bupleurum is the root or whole grass of Bupleurum, which is bitter, slightly cold, and enters the liver and kidney.

It mainly contains dipyridone, phytosterol, fatty acid, saikosaponin.

It has the effect of venting, relieving depression and dispersing fire.

Saikosaponin has a hypolipidemic effect.

The root of Polygonum cuspidatum medicine is mild, with activating blood circulation, dampness function, traditionally used to treat rheumatism, phlegm, jaundice, amenorrhea, dysmenorrhea and so on.

According to modern medicinal physics research, Polygonum cuspidatum contains various components of terpenoids and flavonoids, and can extract resveratrol with hypolipidemic components from its roots.

Related experiments have shown that Polygonum cuspidatum has the effect of lowering cholesterol and triglycerides.

Hawthorn medicine has its dry and ripe fruit.

Sour and sweet, slightly warm.

Hawthorn fruit contains behenic acid, malic acid, citric acid, caffeic acid, lactone, trace amount, hyperoside, lipolytic enzyme, fermented matter, protein, carotenoid, riboflavin, carotene, sugar and vitaminsVarious components

Pharmacological studies found that serum plasma decreased significantly after 3 weeks of rabbit administration of hawthorn preparations.

Hawthorn and chrysanthemum, Salvia, Yuanhu, silver flower, safflower, malt and other compatibility, can be used to treat hyperlipidemia, high blood pressure, chest pain caused by coronary heart disease.

Turmeric has its roots, tastes bitter, warm, liver, and spleen.

The main components contain volatile oils such as turmeric, dehydrogenated turmeric, gingerene and the like.

Turmeric can clarify the blood in the blood, so that the blood is not stagnant, and it has the effect of relieving pain.

Turmeric can increase bile formation and secretion, increasing the amount of bile acid and cholesterol excreted in the feces.

Although turmeric promotes bile secretion, it has a weaker effect but is more persistent.

Turmeric can also increase the fibrinolytic activity and has an antithrombotic effect.

Note: According to pharmacological studies, turmeric has the effect of exciting the uterus, which can make the uterus contract, and pregnant women should use it with caution.

Ginseng medicinal its dry roots, sweet and bitter, slightly warm, spleen, lung.

Ginseng contains a variety of drug elements, and ginseng polysaccharides in ginseng can inhibit the occurrence of hypercholesterolemia in animals, and when hypercholesterolemia occurs, cholesterol can be lowered.

It should be noted that ginseng is an essential medicine for tonic deficiency syndrome, and it should be used with caution. If it is not used during fever, it can be used to prevent fire. It can be accompanied by cold medicine, Ophiopogon japonicus, and asparagus.

Small doses have an excitatory effect on the central nervous system, while large doses have a paralytic effect. This product is not used with the gourd.

Cassia seeds are dried and mature seeds.

Cassia is sweet and bitter, cold, liver, gallbladder, kidney three classics, with heat, eyesight, and intestines.

Cassia contains benzoic acid substances, which are decomposed to produce emodin, emodin methyl ether, rhein, chrysophanol and glucose.

Experiments have shown that Cassia has the effects of lowering blood pressure, lowering blood fat, and antibacterial, and has certain curative effect on treating hyperlipidemia.
Note: Patients with diarrhea and hypotension should be careful with Cassia.
Shouwu medicinal its dry roots.

Taste bitter, sweet, sputum, warm, return to the liver, kidney two classics.

Shouwu is rich in lecithin, starch, etc., which helps amateurs.

Shouwu contains oxime ester derivatives, mainly chrysophanol and big flavin, followed by rhein and emodin, which can enhance intestinal peristalsis and inhibit absorption.

Shouwu can also prevent high blood pressure from depositing in the liver, staying in the serum or penetrating into the intima of the artery to slow the formation of atherosclerosis.

Decreased blood lipids may be associated with the binding of Shouwu active ingredients to plasma.

Shouwu with Ginkgo biloba, Uncaria and other treatment of cardiovascular and cerebrovascular diseases can eliminate or improve symptoms.

Shouwu has side effects of diarrhea in individual patients.

In addition, Shouwu leachate may contain adrenocortical hormone analogues.

Xiaobian warm reminder: It is a three-point drug. Although Chinese medicine has many advantages compared with western medicine, it should pay attention to various reactions of the body during medication. At the same time, it should be taken according to the doctor’s requirements and recommendations.