Category: 新闻

How does Berkshire transform, is it overweight A shares?Shareholders talk about Buffett’s general meeting

How does Berkshire transform, is it overweight A shares?Shareholders talk about Buffett’s general meeting
On the morning of May 3rd, the feast of the investment circle ended with the annual Buffett General Meeting of Shareholders.Buffett is hailed as a stock god, and his shareholder meeting is regarded by many as the vane of investment, and has attracted much attention.Sauna Night Network invited Berkshire shareholder Chen Kaifeng, chief economist of Horizon Financial of the United States, to make a video connection, bringing first-hand shareholder meeting sharing and analysis.The following is a live broadcast of dry goods: Sauna Night Net: The most impressive thing about this meeting?Kaifeng Chen: It must be selling aviation stocks. In fact, when he first invested in the aviation industry, he also suffered a huge loss in the aviation industry, and the third time (that is, this time) he began to invest in 2016 and 2017. At that time, he thought that the aviation industry had experienced dozens ofYears of companies continue to integrate and merge, monopolies will appear after mergers and acquisitions, competition will decrease, and ticket prices will also increase, so he entered the investment market.Of course things are as he expected. At present, there are a lot fewer airports in the United States, and the profits of the companies he invested in are also very impressive. At the beginning, he also made a lot of money.The impact of karma is devastating.Judging from his personal judgment, in recent years, everyone may not be able to fly around as freely as before.Therefore, he cleared the entire aviation industry.There is also my personal judgment. Buffett really loves and hates the aviation industry. One of the largest private business jet locations in the world is Netjets, a wholly-owned subsidiary of Berkshire. I believe heStill very affectionate, he also knows that the aviation industry is really not easy.However, there was a demonstration of Netjets’ pilots demanding a salary increase at the door of Buffett’s shareholders meeting four or five years ago, which also caused Buffett to lose face.So this time the new crown epidemic has added a sum to the history of his aviation investment.Sauna Night: Berkshire sold $ 6.5 billion in stocks in April. How do you evaluate this behavior as a shareholder?Do you think he will turn the stock into cash in his hand?Chen Kaifeng: All the stocks he sold were airline stocks.So what he is doing now is swapping positions.After a short-term exchange with a very senior fund manager on Wall Street after today ‘s meeting, he also felt that Buffett was clearing some non-core positions, and then planned to use the money to make a super large-scale merger. This is also his favorite.An operation mode.Sauna Night Net: Munger was absent from this conference. Instead, he was replaced by Berkshire ‘s vice chairman of non-insurance business, Greg Abel. He was regarded as the successor of Buffett by the outside world. What is your impression of his appearance?What is his relationship with another “relative” Ajit Jean?Kaifeng Chen: As a shareholder, we have seen Abel many times before, including the long-distance race after the end of the shareholders meeting last year. Generally, Buffett issued a starting gun, but last year Buffett had Abel wearing a No. 1 jersey to shoot.Come out, he is at least one of the successors.This time he answered a lot of questions at the shareholders’ meeting. It was officially unveiled. This time I think it is very good. I talked about many capital allocation topics, mainly energy.It should be noted that last year, 46% of Berkshire ‘s capital investment was related to energy. For the company, energy is the most important area for new investment.Abel and Buffett’s style, experience, and experience are still very different.Buffett’s early secondary market (stock trading) background, slowly entered the industry.Abel seldom does stock trading in the secondary market. He has been doing industry and investing in Berkshire ‘s entire energy sector, including building wind power plants and acquiring natural gas pipelines.So the question he answered at today’s general meeting was an industrial one.But his investment philosophy is still very close to Buffett, not to pursue profiteering, but steady cash flow.With Buffett and Munger’s successors, I think it is impossible for someone like this to replace them.At present, we can see that it should be a team succession.As a vice chairman, Ajit is in charge of insurance business and the core business of Berkshire, nor is it a business that can generate cash flow that requires new capital expenditures. From the perspective of succession, he may not do any investment and asset allocationBusiness, do not do any asset allocation, manage insurance.Buffett also has two fund managers, playing the role of chief investment officer, engaged in secondary market investment, Abel is still the head of industrial investment.I think these four people are the core team.Of course, Buffett and Munger ‘s investment career is unusually long, and it is not ruled out that the last group of investors is not suitable for succession due to age issues, but Buffett ‘s core team has more than 30 people, all of whom are his company and business CEOs., Generally 30-40 years old, it is also possible for them to take over.Sauna Night Net: Under the impact of the epidemic, Berkshire Hathaway’s net reached as high as 497 in the first quarter of this year.US $ 4.6 billion, of which 545 are potential stocks.$ 1.7 billion.How does Buffett explain this not-so-good-looking transcript to shareholders?What do you think of as a shareholder?Kaifeng Chen: First of all, the business unit of Buckhill Industries was profitable in the first quarter. It was all from the secondary market stocks. The total position of the secondary market is about 250 billion US dollars. Roughly calculated, the overall secondary market may be about 20%., And the US stock market is still very close.It is also normal for the stock market to be highly volatile.The volatility of US stocks in the first quarter of this year is statistically the highest volatility since 1895. The changes in the market value of stocks held are completely understandable. At the same time, these may be required by accounting standards.Because apart from clearing cash stocks, there is nothing to buy and sell.I saw that in the second quarter, in the past April, Buffett’s stock has rebounded a lot.Moreover, Buffett often advises investors to do more business performance and try not to pay attention to changes in the secondary market of stocks. He repeatedly buys a stock, which should be regarded as a farm, instead of thinking about how much the farm can sell tomorrow, but not this farm.After buying, how many potatoes and corn can be grown, that is, how much dividends can be distributed on the stock, repurchase, cash flow, etc. This is also his explanation.I think the first quarter’s major setback was mainly due to the epidemic. Of course, the industries that interfered a lot in the epidemic, such as finance and aviation, are Buffett’s heavy industries.Therefore, his influence is particularly great, including the aviation industry and so on.I think he still feels a lot of pressure and can see that his overall investment style is very cautious.Sauna Night Net: What do you realize about Berkshire’s biggest transformation?Kaifeng Chen: To some extent, I believe that in 10 years and 20 years later, Berkshire will become more and more like an industrial company, and the investment weight in the secondary market will continue to increase. This secondary market also has a smaller and smaller weight in Buffett’s entire portfolio.At present, the secondary market has bottomed out, and the opportunities for arbitrage are less and less. He started to do some high barrier projects, vertical wind power stations, solar power stations, natural gas pipelines, railways, etc., which is what he has been doing in the past decade,He found that one of the stocks was good, he merged and acquired 100% of the shares, and delisted it directly from the secondary market. Berkshire also builds its barriers in this way. The returns of these companies are relatively stable and the risks are much lower.Sauna Night: Berkshire holds 63.8 billion Apple stocks, what is Buffett’s investment strategy for technology stocks next?Kaifeng Chen: In terms of his style, Buffett bought Apple stock and regarded it as a consumer product. He believes that Apple has a deep moat as a consumer product.In terms of the style of the two fund managers under Buffett, I think it is much more radical than Buffett. They started to buy some biopharmaceutical companies, e-commerce companies in Brazil.Therefore, Buffett has delegated more and more power to his two investment managers, and the investment weight of technology stocks will increase.Sauna Night Net: Buffett’s treatment of bank stocks, aviation stocks’ reduction and emptying, how should investors understand?Is it worth doing the same for A shares?Chen Kaifeng: Try not to touch the aviation industry as much as possible. It is not to go short, and the risk of short selling is also very high. At present, most Dublin is looking for the government to bail out. It is difficult for shareholders to obtain investment income in the aviation industry. When bailing out, the government has to take preference shares. Dividends have priority, and there is a substitute for ordinary shareholders ‘equity.Some directives, aimed at establishing routes to improve poor areas, will also affect corporate profits.The global aviation industry faces a similar situation, including A shares.The leverage of flights is high, and the operating costs are also very high. It is also greatly affected by oil prices, so it is a very high-risk industry.I think that bank stocks will continue to be held by Buffett.But bank stocks are not a very ideal investment. Now that the interest rate has dropped to zero, the bank’s profit margins have been compressed.But only in the 2008 financial crisis, the leverage ratio of bank stocks was very low, the risk was reduced by 60% -70% than before, and the banking industry as a whole was still very healthy.Sauna Night Net: Why does Buffett say this crisis is completely different from 2008?What is his comment on the Fed ‘s disposal?Why did Buffett make no big moves this time compared to the frequent shots in 2008?Kaifeng Chen: His feelings about the Fed are very complicated.For him, he praised the Fed’s rapid actions, including unlimited QE, etc., for the help of corporate liquidity.But he also mentioned that due to the rapid attack of the Federal Reserve, no one on the phone with Manger’s house made a good investment opportunity.He also repeatedly said that the future arbitrage or bargain-hunting opportunities in the secondary market will be less and less.This time is a public health crisis. The last time was a financial crisis. The trigger point was the bursting of the real estate market bubble, so the last time it could be solved with funds. As long as the capital injection is made, the bottom is paid off.This time it was a matter of public health. In Buffett’s words, he and others have no advantage. Mainly still need the government’s influence on this industry, not on individual stocks.Although he continued to be optimistic about the United States, he felt very cautious overall. He even said that he was a bit pessimistic for a while, because he mentioned that the number of repurchases in his holding company in April was 0, which is very abnormal.In the past, every time the stock plummeted, his repurchase volume would be relatively large.I feel he wants to buy, but he thinks it is not cheap enough.Or because of the Fed ‘s capital injection, some companies that plunged quickly rose back. He did n’t have the opportunity to buy. I think he was also waiting for the opportunity.Sauna Night: Is it possible that Buffett will overweight the A-share market?Chen Kaifeng: I think it actually depends on several other people. One is Munger. Munger is much more familiar with the situation in China than Buffett. BYD is also recommended by Munger to Buffett. If Berkshire wants to lay out in A shares, Munger will pay more attention to it.The other two are his fund managers, who are the “successors” of individual stock investments. They have already invested in emerging market stocks. They have some individual stock investments in Brazil and India. Maybe some exploration will be done on the A shares in the future.Sauna, Ye Wang Zhang Shuxin editor Zhang Bing proofreading Wu Xingfa

Read More

Top pharmaceutical companies halt low-end generic drug varieties and APIs are the key to centralized procurement

Top pharmaceutical companies halt “low-end” generic drug varieties and APIs are the key to centralized procurement
As of now, the results of the second batch of centralized national drug purchases have been implemented in many provinces including Beijing, Shandong, and Guangdong, and the price of some drugs has fallen by more than 90%.Judging from the results of the first two batches of collective mining, in addition to domestic enterprises, some of the original pharmaceutical companies also joined.Competition is intensifying, and companies such as East China Pharmaceutical “stop” some low barrier, low commercial value generic drugs.Some experts said that the “optimization” of varieties and the advantages of APIs will become the key to the success or failure of enterprises in the future centralized procurement.The drug price dropped by 90%, and the second batch of national drug centralized procurement results released by the public in January 2020 showed that the purchase of 32 varieties was successful, and a total of 100 products were selected. The average price reduction of drugs was 53%, the highestThe decrease was 93%.Among them, the hypoglycemic drugs acarbose, glimepiride and other chronic diseases are commonly used to reduce amplitude conduction.According to the statistics of Sauna and Yewang, the results of centralized mining have already landed in Beijing, Shandong, Shanghai, Guangdong, Hebei and other places.With the advancement of centralized mining, citizens have also used more cheap medicines with guaranteed quality.Taking acarbose for type 2 diabetes as an example, the dose of 50mg of the original research drug is about 65 yuan per box before the collection and landing. Each box of 30 tablets is taken three times a day and two tablets each time.13 yuan; the price of the drug replaces 5 after the collection and landing.42 / box, a drop of more than 90%, with an average of 0.18 yuan / piece, the patient’s daily treatment cost is 1.08 yuan.Wang Guang, director of the Department of Endocrinology, Beijing Chaoyang Hospital, accepted a sauna interview. Ye Wang said in an interview that diabetic patients cannot be cured. Patients can control blood sugar, blood pressure, blood lipids and other risk factors through long-term standard medication, thus effectively delaying diabetic heart and cerebrovascularProgress of other complications.In clinical practice, certain diabetic patients often combine multiple chronic diseases, and the economic burden of complications caused by long-term medication treatment is, “The price reduction rate of hypoglycemic drugs is reduced in proportion to the collection of this episode, and the patient’s medication compliance will be improved.”” In addition to acarbose, the antipyretic and analgesic acetaminophen reported 0 in the collection.”Cabbage price” of 03 yuan / piece.Pilot Office, the relevant person in charge of the Joint Procurement Office pointed out that the implementation of the “4 + 7” pilot and the nationwide expansion of the implementation exceeded expectations. From the perspective of the pilot area, the proportion of people using generic drugs and original drugs that have passed the consistency evaluation is% Has been greatly increased to more than 90%, and the level of medication quality has been significantly improved.The focus of pharmaceutical companies is to switch to high-end generic drugs and innovative drugs as entry vouchers for centralized procurement, and unanimous evaluation has become a strategic consideration for enterprises.According to developing countries, from purchasing reference preparations, to conducting clinical research, from small to medium-scale production, to bioequivalence testing, review and inspection, to complete the consistency evaluation of a single variety of generic drugs, companies spend 5 millionYuan, more than 10 million yuan.Once it fails, the company sees no return.It is not uncommon for domestic well-known pharmaceutical companies to hold multiple individual approval numbers. If each variety is to be evaluated consistently, the cost is astronomical.Therefore, several domestic companies have focused on high-end generic and innovative drugs.Wang Shanchun, president of Zhengda Tianqing Pharmaceutical Group, told the sauna and Yewang that the company will continue to promote the consistency evaluation of key varieties of generic drugs, and will also strategically abandon some of the market with small capacity, low cost advantage, and fierce competitionVariety.Qi Lu Pharmaceutical Group Vice President Bao Haizhong also said in an interview with that from the first imitation to the first, from “China New” to “Global New”, Qilu Pharmaceutical will continue to develop.East China Pharmaceutical also stated in its annual report released at the end of April that the company adjusted the existing product structure in a comprehensive manner based on the market competition pattern and project research and development progress, and cleared and eliminated some low barrier, low commercial value generic drug development.Sun Piaoyang, the former chairman of Hengrui Medicine, publicly stated that he only makes innovative drugs and high-end generic drugs with core values.In addition to the selection of varieties, the advantages of the raw material end are equally important.Shi Lichen, the founder of Beijing Dingchen Pharmaceutical Consulting Management Center, said that the status of the company’s research products in terms of raw materials will directly affect the company’s quotation when participating in centralized procurement, and companies that do not take the initiative in raw materials, The situation will inevitably be passive.Editor Yue Qingxiu proofreading Wu Xingfa

Read More

[Encyclopedia of Northeast irrigation meat sausage]_how to do_method

[Encyclopedia of Northeast irrigation meat sausage]_how to do_method

Tohoku meat sausage can be said to be a very famous food.

In fact, in the Northeast, many families make their own sausages.

It is not that difficult to eat the authentic Northeast sausage.

If you are not in the Northeast and have no channels to buy authentic Northeast sausages, then we will share the methods of making Northeast sausages so that you can eat delicious Northeast sausages at home.

Tools / raw pig small intestine, pig hind leg meat bamboo tube next to an old lady enema at home each year, the pig small intestine is asked by the boss who sells meat, no money.

Wash the pig’s small intestine and wash the pig’s casing with warm water!

Pork hind leg meat, about 5kg fat and thin, peeled and washed to control the moisture, cut the leg meat into pieces, not too thick, the meat will be poured through the intestines through bamboo tube, so as to master the size of 5kgMeat ingredients: 150 grams of salt, 200 grams of glutinous rice juice, 50 grams of white wine, 4 grams of five spice powder, 5 grams of pepper powder, 40 grams of pepper powder, 6 grams of pepper powder, 10 grams of monosodium glutamate, 10 grams of sugar, proper amount of pork casings, bamboo tubeOne.

Add salt, white wine and mix well, marinate for about 10 minutes, and then mix marinade juice, five spice powder, paprika powder, pepper powder, pepper powder, monosodium glutamate, white sugar and marinate with pork.

Tie one end of the casing with a cotton thread, and wrap the other end in a bamboo tube. Fill the salted meat pieces into the casing from the mouth of the casing until it is full.

While irrigating, use a needle to pierce a few holes in the inflated casing to stop the exhaust to prevent the casing from bursting. Use a piece of cotton to tie the sausage for a period of time.

Hang the filled sausages in a ventilated place and blow them dry. You can also dry the sausages with grass, cypress, and other raw materials to smoke the sausages. Note: Sausages are usually made two months before the Spring Festival.Friends and family!

If you do n’t have a bamboo tube in your house, you can choose to fill the meat with a bit of mineral water.

While irrigating, pierce a few holes in the inflated casing with a needle to brake the exhaust to prevent the casing from bulging.

Read More

[Homemade Potatoes Practice Guide]_Homemade Potatoes_How to Make_How to Eat

[Homemade Potatoes Practice Guide]_Homemade Potatoes_How to Make_How to Eat

Potatoes are rich in starch. There are many ways to make potatoes in life. You can stew them, stir-fry them, cook them, and so on. And this method has a special taste.Does not lose the nutritional value of potatoes.

Potatoes can be said to be food that can be eaten from the beginning, let me introduce to you a few common potato practices.

1. Potato roasted meat: cut the potatoes and meat into pieces, then pour the oil in a hot pan. After the oil is hot, pour in ginger, garlic, and dried peppers, then stir-fry until the oil comes out.Pour in potatoes, water and salt and cook until the potatoes are rotten and add chicken essence.

2, fried potato shreds: shred potatoes and green peppers, soak potatoes in water for later use.

Then pour the oil in a hot pan and add garlic and dried chili, then stir-fry the green peppers. Then remove the potatoes and drain the water into the pan and stir-fry. 5?
Just 10 minutes.

3. French fries: Cut the potatoes into clear water and cook them for 7 minutes. Remove the drained water, then pour the oil in a hot pot and fry the potatoes in a crispy way.

4. Mashed potatoes: Put the whole potatoes and carrots in the pot, cook and remove the skin, then crush the potatoes, add salt, chicken essence, chop the carrots, stir the potatoes and carrots at the same time and evenly serve on the plate.

5, roasted pork ribs: chop pork ribs into pieces and pour in water, wait until the meat is boiled, remove it, put it in clean water and wash it for later use.

Then pour oil in a hot pan and add ginger, garlic, and dried peppers. Add the ribs and cooking wine to fry slightly yellow, then add water and salt to a boil. Turn to low heat and pour in potatoes and stew for 30?
Add chicken essence for 40 minutes and change to high heat to collect juice.

6, fried potatoes: first peel the potatoes, then cut into strips, soak the cut potatoes in water for half an hour.

After that, boil a pot of water, pour the potatoes into the pot and cook until they are half cooked, then remove and drain the water.

Then add the hot oil to fry the golden color and it will come out.

Then pour into a large pot, add salt, chicken essence, soy sauce, sesame oil, oil and hot pepper, stir-fry the green onion and serve well.

Read More

[Brownie’s practice]_ Brownie’s common practice _ Brownie’s practice Daquan _ How to do brownie

[Brownie’s practice]_ Brownie’s common practice _ Brownie’s practice Daquan _ How to do brownie

People have a long life and face many diseases.

When you are sick, most of the time you need medication.

Medication is effective, but in fact, many diseases can be treated with ingredients, and the ingredients used to treat the disease must be carefully cooked by you.

Then, let me introduce you to the recipe of Brownie.


1 Stir the softened fat, add melted chocolate and mix well, add egg liquid in portions and mix well.

(The butter must be softened enough, and the eggs must be at room temperature. Refrigerating is not recommended. It is best to stir the egg mixture before adding it in portions.


2 Cut the flour into small cubes and soften at room temperature.

Cut the walnuts into small pieces and bake in the oven at 150 degrees for about 10 minutes.

Hei Qiao cut small pieces to melt in hot water at about 50 degrees, and then cool a little 3.

Add sugar, mix well, sieve into low powder, mix cocoa powder, add walnuts and mix well.

(No need to mix after flour sifting.

) 4.

Pour into a mousse circle wrapped in foil and smooth the surface.

The oven is preheated at 175 degrees, the middle layer, the upper and lower fire, 18-20 minutes I saw the brownie introduced to you today, I think everyone may have learned how to make it, Xiaobian here reminds everyone, be sure to prepare as requiredIngredients to make better dishes.

Read More

Yingfeng Environment (000967): 1H19 profit increased by 4-9% under the full caliber, and waste sorting led to the growth of sanitation equipment sales

Yingfeng Environment (000967): 1H19 profit increased by 4-9% under the full caliber, and waste sorting led to the growth of sanitation equipment sales
Performance preview predicts an annual profit growth of 63-70%. The company announced a 1H19 performance forecast. It is expected that the net profit attributable to the mother will be about 6 in the first half of the year.3-6.6 trillion, 0 for basic budget.20-0.21 yuan / share, an increase of 62 in ten years.74% -70.49%, the faster growth rate is mainly due to the company’s restructuring of China United Environment in 2018, the January-November performance was recalculated based on the 51% allocation, resulting in the replacement of the base in the same period last year.If the simulation results of China United Environmental Protection are consolidated in the same period last year, the company’s 1H19 performance is expected to increase by 3.78% -8.72%.  Focus on the rapid advancement of garbage classification, which is beneficial to the company’s environmental sanitation equipment business performance.Zhonglian Environment is a leading sanitation vehicle company. In 2018, the company sold sanitation equipment2.270,000 units, with a market share of about 23%.The promotion of garbage classification is conducive to increasing the demand for special wet garbage transportation vehicles and the company’s sales performance of sanitation vehicles.In the first five months of 2019, the company’s wet garbage truck orders exceeded 500 units, about four times the same period last year.We believe that the gradual promotion of waste sorting across the country will help the company’s demand for sanitation vehicles continue to increase.  The sanitation industry chain has a comprehensive layout and looks forward to the coordinated development of industries in the future.In terms of equipment, the company has the ability to produce classified waste transportation vehicles and category transfer station facilities; transfer and conversion, the company is currently actively expanding the sanitation service business; at the disposal end, the company has built a number of waste incineration projects, and absorbed the digestive moisture from the Italian company NadolWaste disposal technology.We believe that the company has completed the construction of a “big solid waste” platform. In the future, the company’s various businesses may form synergy, which will help the company’s order to continue to develop.  Estimate and suggest to maintain the company’s “Outperform Industry” rating and maintain the company’s 2019 / 2020e profit forecast11.19/13.With 31 trillion unchanged, the company currently has a sustainable response of 20.6/17.3 times P / E.Due to fierce market competition, we cut our target 杭州桑拿网 price by 11% to 8.9 yuan, 22% more growth space than the current, the target price corresponds to 25/21 times P / E.  Risk Market fluctuation risks, increased competition reduces the company’s profitability, and financing risks.

Read More

Wu Tailai (603659): Entering the upstream strong base

Wu Tailai (603659): Entering the upstream strong base


Introduction to this report: Access to Revitalizing Carbon 28.

With a 57% stake, considering the comprehensive strength of restructuring of coal materials and its major shareholder Weijiao Group in coal chemical industry, listed companies will obtain high-quality core raw material needle coke supply guarantees, enhancing their competitiveness.

Event: June 14th to 1.

4.5 billion yuan from Quanyuan Enterprises to acquire the revitalized carbon materials it holds.

57% equity, Kuo Yuan Enterprise is a wholly-owned enterprise owned by Tai Tai Lai, so it is a related party transaction.

Opinion: The transaction pricing is significantly cheaper, consolidating the strength of listed companies, maintaining profit forecasts and overweight ratings.

In November 2018, the majority shareholder took 1.

400 million yuan won the revitalization of carbon 28.

57% equity (corresponding to registered capital of 100 million US dollars), and then half a year later to 1.

The transfer of 45 ppm (increasing 5 million yuan) to the listed company only increased the time cost of capital. Considering that the construction of the revitalizing carbon material capacity has been basically completed, the transaction price is much cheaper.

Recently, the company has continuously entered the upstream and upstream graphitization, needle coke and other fields through various methods, which has greatly consolidated the comprehensive strength in the supplement industry, enhanced competitiveness, and maintained EPS earnings forecast for 2019-2021.

81, 2.

41, 2.

97 yuan, maintaining the target price of 78.

10 yuan to maintain the overweight level.

Go upstream and master the core raw materials.

The main product of revitalizing carbon is coal-based needle coke, which is the core raw material of formaldehyde.

Revitalizing Carbon is a holding subsidiary of Shandong Weijiao Group (holding a total of 60% of the shares). It has a long-term and stable source of raw materials such as coal tar and a good needle coke technology reserve.The progress of the project has reached 90%, and it is about to be put into production. It needs 0 per ton per second.

According to the calculation of 8 tons of needle coke, 4 inserts of needle coke can produce about 3.

2 The maximum limit can meet the needs of most of the company’s coal-based needle coke (this year it is estimated that the total replacement amount is 5).

Weijiao Group is a first-class chemical group with comprehensive strength.

The revitalization of carbon materials is backed by Shandong Weijiao Holding Group, which was established in 1971. It is a large enterprise group integrating coal chemical industry, fine chemical industry, new 南京夜网materials, clean energy, and technical services. In 2018, it achieved total sales revenue of 17.1 billion yuanYuan, total assets of 107 million yuan, mainly coke, carbon black oil, industrial naphthalene, modified asphalt and other more than 40 kinds of chemical products on sale.

Relying on the experience accumulated by the Weijiao Group’s coal chemical industry for many years and supporting resources in the upstream coal chemical industry chain, the revitalization of carbon materials will have advantages in raw material procurement, process technology development, and by-product sales.

Risk reminder: Catalyst for revitalizing the construction of carbon material production fails to meet expectations: the company terminates its products and obtains large overseas orders

Read More

Zhongshun Jierou (002511): Better Q1 revenue and better expenses drive higher-than-expected results

Zhongshun Jierou (002511): Better Q1 revenue and better expenses drive higher-than-expected results

Event: The company announced the first quarter report of 2019 and achieved revenue of 15 in the first quarter.

4.1 billion, an annual increase of 25.

78%; net profit attributable to mother 1.

2.3 billion, an annual increase of 25.

18%; net profit after deducting non-profit increased by 33 in ten years.


The company intends to repurchase 2?
400 million shares, the repurchase price does not exceed 13.

69 yuan / share.

Comments: 1. Promote the diversified development of channels and drive the steady growth of revenue. Look at the channels that are well-divided. It is estimated that Q1 e-commerce and commercial sales channels will achieve a growth of more than 50%, and the distribution channels will increase by about 12%. It is expected to expand through the growth of company channels.In 19 years, the high growth of e-commerce and commercial sales is expected to continue.

In terms of offline channel expansion, the product coverage in the first quarter reached 1,804 counties and cities, a net increase of 13 at the end of the previous 18 years, and a net increase of 65 dealers. The company aims to increase 500 counties and cities in 2019.

As of the end of 2018, the company’s total production capacity is 66 tons. It is expected that in 19 years, it will add 10 tons in Hubei and 5 tons in Tangshan to provide guarantee for business development.

In the first quarter, due to the increase in the payment for goods and the decrease in payment for materials, the net operating cash flow increased by 342% per year; the inventory surplus decreased by 6 from the end of 18.


2. The gross profit margin decreased in each quarter, and the optimization of expenses drove performance beyond expectations.

01%, downgraded 4 in ten years.合肥夜网

8 pct, up 3 pct month-on-month, mainly due to the high gross profit margin of 1Q18. At the same time, the company’s pulp cost has fallen from a high level since December 18, driving the gross profit margin to have improved significantly. It is expected that Q2 raw material cost pressure is expected to further decrease.

In terms of product structure, in the first quarter, the proportion of high-margin products (FACE + LOTION + natural wood) revenue continued to increase, exceeding 65% (up 2pct from 18 years); we believe that the continued optimization of the product structure in the future is expected to form a more profitable company.Good morning support.

In the first quarter, due to the improvement in overall sales, marketing expenses exceeded the reduction, which caused the company’s Q1 sales expense ratio to decrease year by year.

7pct, simultaneous management + R & D, financial costs are reduced by 0.

9pct, 0.

8pct, driving the basic stability of the bilateral interest rate bilaterally8.


3. In 19 years, the channel was strengthened and fully opened, maintaining the “strongly recommended-A” rating as a domestic first-line brand for domestic tissues. The company’s marketing improved first. Good products took the channel express, continued to develop online and offline channels, and led the development of new products.Industry innovation, clear growth trend in the future.

At the same time, through continuous optimization of product structure, easing of cost pressure, and improvement of operating efficiency, we believe that the company’s overall profitability is still improving.

Employees’ shareholding achieves the same interests, and share repurchases demonstrate development confidence.

Expected 2019?
Net profit in 2021 will be 4.

900 million, 5.

900 million, 6.

US $ 900 million, a year-on-year increase of 21%, 20%, and 16% respectively. At present, the corresponding PE for 19 years is 27x, and the rating of “Highly Recommended-A” is maintained.

Risk reminder: continuous increase in pulp prices, economic growth leading to a substantial increase in demand for tissue paper

Read More

Women who are deficient in vitamin D are prone to overdose

Women who are deficient in vitamin D are prone to overdose

Women who are deficient in vitamin D are susceptible to excess disease.

Vitamin D is necessary for the body to make leptin.

Leptin is a hormone that controls appetite.

It causes people to feel full after eating, and thus stop eating.

If the content of leptin in the body continues to decrease, the appetite will become larger and larger, and it will be more likely to suffer from hyperactivity.

  The main physiological functions of vitamin D improve the body’s absorption of calcium and phosphorus, so that the levels of plasma calcium and plasma phosphorus reach saturation.

Promote growth and bone calcification, promote healthy teeth; increase phosphorus absorption through the intestinal wall, and increase phosphorus reabsorption through renal tubules; maintain normal levels of citrate in the blood; prevent amino acids from passing through hypertension.

  Source of Vitamin D: A few animal foods contain Vitamin D, such as saltwater fish and eggs.

Vitamin D is also found in milk and dairy products.

Vitamin D is also abundant in butter, cod liver oil, and vegetable oils.

Read More

Delicious salad vegetable recipes can easily lose weight

Delicious salad vegetable recipes can easily lose weight

[Introduction]When the summer is over, the figure is very important for women.

Want to lose weight easily, starting with “eat”.

Weight loss Xiaobian recommended vegetable weight loss recipes, delicious slimming salad, let you quickly and easily slim down, greet the beautiful summer and no longer worry about not wearing your favorite clothes.

  Delicious salad vegetables weight loss recipe materials: 5 grams of Flammulina velutipes, 2 black fungus, 5 grams of kelp, 50 grams of chicken, 50 grams of lettuce, 25 grams of asparagus, 35 grams of cold melon, 10 grams of spicy cabbage, 1 gram of carrot.

  Seasoning: 3 grams of salt, the right amount of oil.

  Practice: 1, chicken and bamboo shoots, asparagus washed and cut into sections, put in the oil, the boiling water of the salt is cooked, first put a circle around the glass crucible, and then put the washed leaves of lettuce and purple leaf lettuce; 2, Flammulina velutipes, kelp washed, water boiled, add some salt, and then the enoki mushroom, kelp into the cooked, the kelp in a circle around the way, the mushroom is also placed in a circle around the kelp, and finallyWash the black fungus, make it boiled, and decorate it on the mushroom and kelp. 3. Squeeze the cabbage into a roll on the side of the glass bowl. 4. Peel the sliced melon and cut it into thin slices.The oil, the salty water is slightly bitter, and the pot is placed next to the spicy cabbage.

  Vegetable weight loss recipes Healthy weight loss effect only with a light salt to taste, but can taste the original taste of vegetables, all raw materials are a good helper, not rare.

  The fiber of Flammulina itself can help digestion and reduce fat.

Kelp contains a lot of mannitol, which can reduce diuresis and reduce blood pressure.

Bamboo shoots have the characteristics of low manure and low starch, so the public will have a statement of “eat a meal, scrape the oil for three days”.

Read More