Suspicious of life,Qin Feng couldn’t give an answer at all。The students around me are very depressed。

See this scene,Qin Feng took a deep breath and said slowly,“See it,It’s so tragic。If anyone wants to quit at this time,I won’t stop。Ready to leave!”
I heard Qin Feng’s words,And the stimulus of companion death,After all, one-third of the students could not bear the pressure and plan to leave。
As for what lifestyle I will choose in the future,This is not what Qin Feng could predict。Even if they are leaving,Qin Feng didn’t want them to return empty-handed,Do not
Only gave them two months of internship fees,At the same time, I gave them a regular salary。
In other words,Every member who left,There are more than 100,000 in hand。Such a sum of money,Should at least be able to change their lifestyle。
As for the people who stayed,Of course Qin Feng will have other rewards。It’s just that there are too many things to deal with now,Can only postpone the remaining members。
Because the two sacrificed were bombed directly in the air by a fighter plane,So the two can be said to have no bones。In this way, even if you want to bring their remains back to China, it will be difficult to do so。
When Qin Feng is embarrassed,While thinking about what to do,Satellite phone rang。The person looking for him is the chief!
“Hey chief?”Qin Feng’s tone at this time is a bit low,Because he feels uncomfortable,At the same time, I don’t know how to face this chief。
Fortunately, the other side is not angry,But said in a very plain tone,“I know everything。Now you are coming to the capital。Must come,Understand?”
“I know!”
Qin Feng didn’t refute this time,Because the sacrificed coaches were sent by the chief executive。Even if I didn’t deal with the big chief,Now he must give the other party an explanation。
So this time he cannot refuse,And will arrive at the scene。
“But I have to deal with a certain student’s housework。”
“it is good,You can arrive in three days!”

“Lord Qiao,You can just say that seriously,The two of us came to this monitoring room together,And the monitoring is also adjusted under your nose,Just ask,What do we do,It’s hard to pass your eyes?”The dean said word by word。

“you,you,you guys……”Qiao Shan can’t think of anything to refute the dean。
The dean is right,Surveillance is called under my nose,And the reason why I am here,Isn’t it because they’re afraid of doing tricks behind their backs??
But how do you explain the humiliation??
The dean saw that Qiao Shan stopped talking,I know that Qiao Shan has listened to his words at this moment,It’s not that strong anymore。
He said calmly:“Lord Qiao,Look at our monitoring,This matter is indeed not in our hospital,You just think about it again,Did your arm hurt before it was sent?,You just didn’t feel the pain at that time,and so,and so……”
Dean said that,Suddenly I can’t continue,He himself thinks this is impossible,How could someone not know after being injured??
Not to mention that Qiao Shan is not an ordinary injury,But a broken arm!
really,When the dean’s voice just fell,Just listen to Qiao Shan cursing:“You fart,You don’t know if your arm is broken?If you don’t give me a perfect explanation for this matter today,Just wait and see for me!”
After speaking,Qiao Shan said angrily to the nurse who pushed him over:“Push me back!”
The nurse glanced at the dean embarrassedly,The dean waved helplessly,The nurse pushed Qiaoshan out with a furious look。
The people in the monitoring room are behind Qiaoshan,Ask the dean:“Dean,Look at this……”
At this time, the dean also because of Qiao Shan’s words before leaving,And extremely depressed,Ignore the question from the monitoring room staff,Just walked out。
He needs to think about it,What should I do next?
After all, Qiao Shan is the son of Jiangnan Qiao family,I can’t afford it!
And the other side,Xiao Fan has sent Qiao An’an downstairs,Xiao Fan said:“Go up,Go back and think about it,What do you want Qiao’s to do?”

2015 AFC Champions League-Yu Dabao breaks the door to conquer the red Guoan away 1-1 Urawa

2015 AFC Champions League-Yu Dabao breaks the door to conquer the red Guoan away 1-1 Urawa
On the evening of April 8th, Beijing time, the fourth round of the 2015 AFC Champions League group stage continued. Beijing Guoan played away against Urawa Red Diamonds. In the first half, Guoan played an advantage against the main goal. Yu Dabao broke the goal in the 34th corner kick.Fei Zulau missed two single-shot opportunities; in the second half, the Urawa Red Diamonds made a big push, and Japanese international Samo Chino also used a corner kick to equalize the score in the 74th minute; in the 77th minute, Yu Dabao header hit the post;In 88 minutes, Lang Zheng was sent off with a red card for retaliation, and eventually the two sides drew 1-1.Guoan 4 wins, 3 wins, 1 draw, 10 points, Urawa Red Diamonds only scored 1 point; in another game in the same group, Suwon Samsung defeated Brisbane Lions 3-1, Suwon points increased to 7 points, Lions roar is still 4Minute.  In the first three rounds of the group match, Guoan topped the list with a three-game winning streak, and Urawa Red Diamonds lost three straight to the bottom.In response to the situation of the group and the objective situation of the week’s double match, Guoan’s lineup has been adjusted. Deyang, Batara and He Dacheng all served as substitutes in this battle, and Fei Zulu started forward.In this season’s lineup configuration, only one foreign aid, Urawa Red Diamonds, is out of the local starter, but it is still the main effort. Because the suspension missed the third round of Guoan’s 2-0 victory over Urawa and World War I, Nasu Dailiang will start.裁判向武藤雄树出示黄牌朴成李忠成争顶  客场作战的国安开场即拉开阵型积极前压,于大宝与宋博轩在两边路均连有冲击,徐云龙也曾上抢到前场策动攻势,Park Cheng missed the low shot.In the first quarter of the match, Guoan formed a certain advantage by passing the game, and there were even steals in the midfield and the frontcourt; Urawa Red Diamonds was in a situation where it could only seek to counter a fast break.At home of Urawa Red Diamonds, what is clearly audible is the cheering of Guoan fans.In the 17th minute, Muto Yuki invaded Zhang Xiaobin in front of the Guoan restricted area and received a yellow card.  In the 24th minute, Zhao Hejing crossed the right from the front, Shao Jiayi burst into the penalty area and fell to the ground when the ball was freed. Shao Jia raised his hand to the referee to signal the foul. The referee ignored it.Guoan missed the perfect opportunity after 1 minute-Shao Jiayi split the ball after attracting a double in the midfield, Fei Zulu forwarded to form an absolute single-handed ball, but Fei Zulu faced when the opponents were unable to chase backThe goalkeeper’s low shot was weak, and Urawa Red Diamond goalkeeper Nishikawa Zhouzuo stood and intercepted the ball.In the 29th minute, Urawa Red Diamond’s left highball impact was passed by Hashimoto and the front pass. Ishihara Naoki’s middle pass was shot and missed under Guoan.  With the support of the fans at home, Urawa Red Diamonds made a continuous impact, and Guoan scored in the 34th minute-Fei Zulau also got a chance to insert a single-pole ball before the midfield start, but was chased after a long distance dribbling.The player was prevented from breaking the bottom line; Song Boxuan took the right corner, Xu Yunlong nodded in front of the ball and crossed the ferry.In the 36th minute, Urawa Red Diamonds made a continuous impact in the Guoan restricted area after passing from the left. The shot near the Kashiwa Yangsuke small restricted area line was wonderfully sealed by Yang Zhi.In the 42nd minute, the referee thought that Yang Zhi delayed showing his yellow card.Guoan led 1-0 in the first half.  Easy side, Huraura and Red Diamond formation front pressure hit continuously, Yu Dabao continued to withdraw his defense and blocked the opponent’s attack.In the 55th minute, Naxu Liangliang elbowed Zhou Ting’s back when he was competing for the high point, causing Zhou Ting to bleed slightly. The referee ignored the complaint from Guoan.After 3 minutes, Song Boxuan touched the defensive player and fell to the ground in the red diamond restricted area of Urawa. The referee ignored it.  In the situation where Guoan is difficult to form a pass-through control, Song Boxuan and Fei Zulu have taken the ball to break through, Park Cheng won a free kick, and won a chance for Guoan to stabilize the situation.Shao Jia was able to decline and suffered injury, and was replaced by Deyang in the 66th minute.Deyang’s appearance and the formation of continuous transmission and cooperation with Fei Zulau, the national security scene changed, and the formation reopened to form a stalemate with the opponent.The desperate Urawa Red Diamonds ran out of three substitutions ahead of schedule.  In the 74th minute, Urawa Red Diamonds equalized the score-Jun Takagi took the corner from the right side, and Mizuno Tomoko header.This is the first goal conceded in the Guoan AFC Champions League.In the 77th minute, Guoan made a threatening attack from the right pass and Yu Dabao headered the ball and hit the post to rebound!Directly shot into the arms of Xichuan Zhou Zuo.In the 85th minute, Guan Gengui’s right wing broke through the low shot and was confiscated by Yang Zhi.Since then, Yang Zhi has attacked again to resolve the opponent’s left attack.  In the 88th minute, Zhao Hejing was injured and fell to the ground to stop the game. Lang Zheng suddenly rubbed with Li Zhongcheng. Both of them even collided, Lang Zheng raised his arm to the opponent’s head, Li Zhongcheng quickly fell to the ground, the referee will LangRed card sent off!In the four-minute stoppage period, Li Zhongcheng again smashed Xu Yunlong, who had fallen to the ground, with his forward momentum during the fight.Eventually the two sides drew 1-1.进球信息  北京国安:第34分钟,于大宝在角球攻势中破门  浦和红钻:第74分钟,槙野智章在角球攻势中破门红牌信息  北京国安:朗征(第88分钟)黄牌信息  浦和红钻:武藤雄树(第17分钟)  北京国安:杨智(第42分钟)首发阵容及换人  浦和红钻:1-西川周作;5-槙野智章、4-那须大亮、33-桥本和(66Minutes, 31-Takagi Toshiyuki), 46-Moriwaki Ryota; 8-Kashiwagi Yosuke, 16-Aoki Takuya, 14-Hirakawa Takatsuki (46 minutes, 24-Kuan Gengui); 19-Muto Yuki, 11-Ishihara Nao树(72分钟,22-阿部勇树)、20-李忠成  北京国安:22-杨智;31-赵和靖、13-徐云龙、18-朗征、4-周挺;6-张晓彬(78分钟,17-Battara), 8-Park Cheng; 11-Song Boxuan, 29- Shao Jiayi (66 minutes, 10-Deyang), 19- Yu Dabao; 21- Fei Zulawu (Wood Fire)

Unable to complete self-redemption, Zhou Qi quietly disappeared around the corner .

Unable to complete self-redemption, Zhou Qi quietly disappeared around the corner .
Zhou Qi still did not play an eye-catching performance.Sauna, night net Wu Jiangshe Chinese men’s basketball team lost to Venezuela 59 to 72, 1 win and 2 losses to end the Basketball World Cup Group A game.After serving errors with the Polish team in the whirlpool of public opinion, Zhou Jin even faced with the difficulties of the opponent’s internal line, his performance is difficult to be called “self-salvation.”On the next day, the hot search responded to the initiative to take responsibility for the gold. The Chinese men’s basketball team played against Poland on the night. “Zhou Qi’s serve error” went on the hot search, and once followed the orange “boil” word to show that the topic is hot.The Chinese men’s basketball team led by 5 points from the last minute of regular time to 3 points in overtime and missed the initiative to advance to the top 16. Zhou Qi also surrounded the vortex of public opinion.At midnight, “big brother” Yi Jianlian said on Weibo: “If you can’t stand together when you fail, I don’t think it will succeed in the future.The picture is a scene of Zhai Xiaochuan and Zhai Xiaochuan pulling Zhou Qi from the ground.After that, Zhai Xiaochuan and others also supported.Less than 14 hours after the game, the Chinese men’s basketball team once again came to the Wukesong Stadium to prepare for a “life-and-death battle” with the Venezuelan team.As the coach Li Nan said, after a highly-regarded defeat, what the team needs most is “turning the page” and highlighting “we trust Zhou Qi”.In the opening time of the last 5 minutes of training for the Chinese team, Zhou Qi has been practicing free throws.After the training, he responded to the mistake.The 23-year-old young insider admitted that he had spent a “very difficult night”.He buckled the hoodie’s hat on his head, “Anyway, the ball is trying to me, and my responsibility is definitely the greatest.”He answered the question with a calm tone, saying that a dramatic game has baptized his mindset and on-the-spot thinking, and will adjust as soon as possible to go all out with the Venezuelan team.”Zhou Qi did not take advantage of the internal confrontation.Sauna, night net Wu Jiang photo-rescue 5 criminals left the field to get 8 splits more than an hour before the match, Zhou Qi is one of the first men’s players in the Chinese men’s basketball team to warm up.When he appeared from the player channel, there was a burst of cheering from the upper and lower stands. Zhou Qi waved his hand and went straight into the field, picked up the ball to practice the free throw and three points.When introducing players on the field, the broadcaster first pronounced “No. 15”, the name had not yet been spoken, and cheers had already sounded.When Zhou Qi’s name was pronounced, Wu Ke Song was higher.He clapped the team one by one and then ran to his place to stand still.Like the previous two games, Zhou Qi continued to start tonight, still getting the ball for the Chinese team in the jump ball.Nearly half of the first quarter, he picked the ball after the three-point line and chose to advance to the basket, and was counterattacked by his opponent.With a pity of regret, Zhou Qi quickly pursued and defended, successfully interfering with the fast break of the Venezuelan team.After receiving the rebound, the audience immediately applauded.In the last three minutes of the second quarter, Zhou Qi played again, less than half a minute later, in the fight for the offensive rebound, causing the opponent to foul and win the free throw opportunity.The first penalty, the ball came out of the basket, the sound of “oops” on the scene was immediately overshadowed by “refueling” and “steady”.Zhou Qi adjusted his breath after catching the ball, made a solid second penalty, and then retreated to the basket, pressing the opponent’s fast break layup on the backboard.The Chinese men’s basketball team had chased by 7 points in the fourth quarter, but Zhou Qi made two free throws at the front of the basket in the last 2 minutes and 55 seconds, and the opponent scored a goal using the offensive and defensive conversion.Immediately afterwards, he wanted to make up for the effort with a single shot from the basket, but failed to take advantage of the confrontation. He hurriedly missed his shot.The defeat of the Chinese team is set, and the cheering sound is replaced by “Li Nan’s class”.Zhou Qi scored three fouls in the last minute and more, and gradually left five fouls. He made 3 of 8 shots out of the night, surrendered 8 points, 7 rebounds, 2 blocks and 1 turnover. 4 free throws only.Hit one.Fans on the scene lost their expressions.Sauna, Yejiang Wujiang photo mixed mining area went blankly and walked away to the final whistle. The host also called on the audience to “send applause for the Chinese men’s basketball team who fought hard.”The brigade “has not ended, they have to qualify for the Tokyo Olympics through qualifying,” but the spectators who backed away from the stadium did not respond.The host’s voice did not fall, Zhou Qi had appeared in the mixed mining area before the head coach Li Nan.He walked past the reporter waiting outside the fence blankly. Someone called him, but he ignored it and disappeared around the corner.Tonight’s match, the Venezuelan team’s teamwork made the Chinese men’s basketball team very uncomfortable. The three major centers scored positively and negatively in the game.Li Nan admitted frankly after the game that he prepared to hit the ball before the game, but the effect of the implementation was not good. The arrow’s “inner dependency” was magnified tonight.In addition to technical and tactical factors, the head coach, known as the “class”, also admitted that the defeat against the Polish team was still brought to this game.”We also did some work for the players and talked to them, hoping that they will cross this threshold, but this time, their confidence in the game still has some influence.Fang Shuo also said that the loss put more or less pressure on the team, and to improve the qualification of the Olympic Games, the burden must be changed.”Sauna, Ye Wang Liu Chen editor Wang Xihuang

Jiangsu Leasing (600901): High bargaining power of scarce gold lease targets creates high ROE

Jiangsu Leasing (600901): High bargaining power of scarce gold lease targets creates high ROE

Investment Highlights: As the first batch of domestic financial leasing companies, the shareholders of the company have a strong background.

Jiangsu Leasing Co., Ltd. was established in 1985 and has been approved to become one of the earliest professional financial leasing companies in China. In 2018, the company first listed on the Shanghai Stock Exchange’s publicly issued shares, becoming the first and currently the only domestic listed financial leasing target.

The actual controller of the company is the State-owned Assets Supervision and Administration Commission of Jiangsu Province, and the controlling shareholder is Jiangsu Communications Holdings, a wholly-owned subsidiary of the State-owned Assets Supervision and Administration Commission. Jiangsu Traffic Control still holds it after the issuance.

0% equity; at the same time the company further hires strategic investors to achieve equity diversification and jointly assist the company’s business development.

  Driven by the “transformation + growth” dual-chain, the company is based on small and medium-sized customers and delves into subdivided fields.

The company adheres to the market positioning of “serving small and medium-sized businesses and serving people’s livelihood”. The income of small and medium-sized customers accounts for about 90%. The service areas include public utilities, medical care, education, industrial manufacturing, agricultural machinery, and so on.

In terms of geographical layout, the company is based in Jiangsu Province, and its connectivity business is actively expanding outside the province, especially in the central and western regions. The proportion of revenue from leasing business in Jiangsu Province from 35 in 2014.

7% fell to 14 in 18 years.

3%, business expansion in other provinces gradually strengthened.

  Market-oriented reform of the company’s salary system and the establishment of a high-quality talent team.

In 2016, the company further deepened the market-oriented reform of the salary system. The company’s per capita salary is much higher than the average income of the financial industry in the same region, and there is market competition. The company has formed a corresponding high-quality talent team.The ratio is over 99%, and the proportion of employees with a master’s degree or above is over 60%.

  Debt side: diversified financing channels and good credit background, the company’s capital cost has advantages.

The company merged financing tools such as interbank borrowing, financial debt, asset securitization, and asset support plans to provide more diversified choices on the capital side; the main source of funding was the borrowed funds, which accounted for 71 of the company’s total financing channels in 2018.


Scoring with peer companies, the company’s cost of capital is lower than Global Healthcare and close to Far East Horizon, so the company’s financing costs generally show a downward trend.

  Asset side: adjust the industry structure to weaken the cycle attributes and strictly control the increase of asset quality.

Based on the business philosophy of “adjusting the structure and controlling risks”, the company actively lays out businesses in weak-cycle industries to balance and reduce the impact of strong-cycle businesses such as manufacturing. In 2018, the revenue from leasing business in the medical and water conservancy industry accounted for 32.

3% vs. 42.


The short-term company’s non-performing financial lease asset ratio decreased from 0 in 2016.

96% dropped to 0 in 18 years.

79%; meanwhile, the provision coverage ratio has increased significantly, from 289 in 2014.

4% to 432 in 18 years.

7%, highlighting the company’s stable operating style.

  Company characteristics Small and medium customers bring high bargaining and high profitability.

From the perspective of the trend, the growth rate of the company’s main business gross profit margin is relatively consistent with that of its peers. Compared with comparable companies in the industry, the company’s main business gross profit margin has basically maintained at more than 50%, which is much higher than the industry average.Positioned for small and medium-sized customers, it can expand its bargaining power and drive the company to maintain an expanded and stable profitability.

  Investment suggestion: Give “overweight” rating for the first time, and target 19-2 for PB.

5 times.

The company’s core competitiveness lies in: 1) the scarce financial leasing target, diversified financing channels can stably offset the end, reduce capital costs and controllable risks; 2) high ROE and high stability performance, which can deeply cultivate small and medium customers and companiesThe bargaining power in different fields can eliminate the company’s strict cost control, improve operating efficiency and provide competitive compensation.

It is estimated that the highest growth rate of the company’s net profit in 2019-21 will be 22 respectively.

5%, 26返回码: 500 网站打不开?重查.

9% and 25.

3%, giving the company a target PB of 2-2 in 2019.

5 times.

  Risk warning: interest rate rises rapidly leading to narrowing of interest spreads, local and regional risk outbreaks, and regulatory uncertainty

Temporary entry restrictions hurt Australian economy

Temporary entry restrictions hurt Australian economy
People’s Daily Online, Sydney, February 21st. On February 20th, the Australian government again announced the extension of temporary entry restrictions and re-evaluation twice 武汉夜网论坛 a week.All visitors departing or transiting from China are not allowed in Australia.Too many tourism and education practitioners said the travel ban is causing huge losses to Australian tourism, international education and related industries.China is Australia’s largest tourist source country. The period from January to February was the peak period for Chinese tourists to visit Australia.The Australian government’s immigration restrictions have brought the number of Chinese tourists to almost zero, and the tourism industry, which was originally affected by the mountain fire, has made matters worse.According to ABC, Felicia, chief executive officer of the Tourism Commission of Victoria, Australia?Mariani said that the industry is currently in a “crash” due to a large decrease in Chinese tourists.Statistics show that Victoria has 9.20,000 people are directly or indirectly engaged in tourism-related work. Chinese tourists have contributed $ 3.4 billion in tourism to Victoria’s tourism industry, accounting for 39% of local tourism revenue.The implementation of the ban has caused severe blows to major Victorian tourist attractions such as Phillip Island, the Great Ocean Road, and Evacuation Hills.At present, the Australian Tourism Industry Index has written to the Australian Government seeking emergency financial assistance.This is “I think the biggest impact of the restrictions is on the tourism industry, especially our travel agencies. The impact is cliff-like.”” International education is Australia’s third largest export industry, and China is Australia’s largest source country for international students.The total contribution of international education to the Australian economy in 2018 amounted to A $ 37.6 billion, and more than 240,000 jobs were converted.According to Australian media reports, over 100,000 Chinese students may not be able to return to Australia to attend classes on time due to restrictions.The implementation of temporary entry restrictions may bring economic losses of $ 8 billion to the Australian education industry, and a large number of students may turn to Britain, Canada and other countries to study abroad.Wang Ailin, general manager of the Australian dollar International Education Group, which provides consulting services to Chinese students, said the restrictions have had a very big impact on the international education industry.Take your own company as an example. The number of students who come to the office to consult has dropped significantly in the past two weeks.In addition, many related industries are also suffering from breakthroughs.Chinatown was originally one of Sydney’s closest locations. Visitors and international students were restricted from entering, and a large number of restaurants or shops had a sudden drop in traffic.Mr Zhang, who runs a huge hot pot restaurant in Chinatown, said, “For businesses, not having students come back is a serious blow.If the restrictions last for three months, I think the restaurants in Chinatown should be closed at least half.”(Cui Yaoyuan Di Di Chen Chen Zixin)

Longji shares (601012): Beautiful operating data and rapid growth

Longji shares (601012): Beautiful operating data and rapid growth
54% growth in the first half: The company released the first half of 2019 report, reporting a series of 141 realized revenue.1.1 billion, an annual increase of 41.09%; realized net profit attributable to mother 20.10,000 yuan, an increase of 53 in ten years.76%. The corresponding EPS is 0.55 yuan.Among them, in Q2 2019, operating income was 84.10,000 yuan, an increase of 28 in ten years.62%, an increase of 47 from the previous month.13%; net profit attributable to mother 13.980,000 yuan, an increase of 83 in ten years.07%, an increase of 128 from the previous month.75%.The 2019Q2 corresponding EPS is 0.39 yuan. Profitability is quickly repaired and overseas sales shine. In the first half of 2019, the cost-effectiveness of monocrystalline 杭州夜网论坛 products has become more prominent. According to PVInfoLink data, the global city share is expected to increase to 62%. In the first half of the year: 1) External sales of monocrystalline silicon wafers21.4.8 billion tablets, an increase of 183% in ten years, for personal use7.9.5 billion wafers; silicon wafer revenue 59.About 2.8 billion, an increase of 102 in ten years.At 62%, silicon wafer prices have fallen by 28 per year.50%.Wafer gross profit margin 23.2%, up about 7 units a year.Calculate silicon wafer profit 8.0-9.0 million.2) The external sales of monocrystalline modules were 3193MW, a year-on-year increase of 21%, 265MW for self-use, and 712MW for battery export.Among them, the overseas module sales were 2,423MW, a year-on-year increase of 252%, accounting for 76% of the total export sales.Module revenue is about 6.7 billion, which is basically the same every year. Module gross margin (including silicon wafers, battery profit deposits) 28.About 4%, which is up by 4 every year.2 units.It is estimated that the component profit is 9 billion to 1 billion.3) Power plant operating profit is 0.7-0.80,000 yuan, investment income 0.9-1.0 million. Expansion of production capacity and rapid decline in cost: The company plans to reach 65GW of monocrystalline silicon rods / wafers by the end of 2021, 20GW of monocrystalline cells and 30GW of monocrystalline modules, of which the wafer capacity is expected to be at the end of 2020 based on current construction progressIt can reach 65GW, one year earlier than originally planned.In addition, non-silicon costs fell by 31 each year in the first half of the year.75%. Lower expense ratios, improved cash flow, increased advance receipts, and faster turnover: The company’s expenses increased by 36 during the 2019H1 period.76% to 12.22 trillion, the cost rate during the period fell by 0.27 up to 8.66%.The sales expense ratio decreased by 0.7 units.The cost rate decreased by 0 during 19Q2.68 averages to 7.34%.2019H1 net cash inflow from operating activities24.27 ppm, a 107-year increase.63%; cash obtained from sales of goods 96.51 ppm, an increase of 15 in ten years.54%. Net cash inflows from operating activities in the second quarter of 201914.88 ppm, a decrease of 21 per year.05%; sales of goods received 55.45 ppm, a ten-year increase of 7.64%.Funds received in advance 32.79 trillion, an increase of 139 in ten years.71%, an increase of 23 from the beginning of the period.1.7 billion.Ending accounts receivable 47.89 ppm, a six-year increase of 6.75%, the turnover days of accounts receivable in Q2 2019 decreased by 18 days compared with Q1 2019.Period ending stock 55.33 ppm, an increase of 21 in ten years.01%; 2019Q2 inventory turnover days decreased by 19 days from 2019Q1. Profit forecast: The company is expected to earn 49 in 19, 20 and 21 respectively.40, 65.00, 83.1.4 billion, corresponding to an EPS of 1.36, 1.79, 2.29 yuan, maintain “Buy” rating. Risk warning: policies fail to meet expectations, increased competition, etc.

The truth of foreign investors buying A shares: 200 billion yuan in goods swept in the year, Shenzhen City becomes the focus of hunting

The truth of foreign investors buying A shares: 200 billion yuan in goods swept in the year, Shenzhen City becomes the focus of hunting

The truth about foreign investors buying A shares!

The stock market is down, why does Northbound Capital insist on buying and buying?

During the year, 200 billion yuan of goods were scanned, and Shenzhen and foreign investors were unable to understand the actions of Qianqian Securities when it was becoming the focus of fund hunting!

  At the beginning of this year, many people felt that foreign countries could participate in the A-share market.

But when the market runs to September or October of this year, you will find that foreign countries are not so magical.

Judging from the performance of the market, it can be said that they cannot defeat industrial capital.

However, from the data point of view, foreign countries do not care what market participants think of their investment actions. They only have one strategy, which is “buy, buy and buy”!

  WIND data show that on October 18th (Friday), the capital of Northbound decreased by 12%.

At $ 4.5 billion, net inflows were interrupted for six consecutive days.

At this point, the capital of the north has flowed into the net in 1992.

5.4 billion.

Since November 17, 2014, the Northbound Passage has been opened for nearly 5 years.

  As of October 18, foreign countries have made net purchases for 5 consecutive years, with a total net purchase of more than 8,400 trillion.

Recently, Shenzhen’s stocks are obviously more optimistic about foreign stocks, and the net inflow of funds is stronger than that of the Shanghai stock market. During the A-share sell-off on the 18th, Shenzhen’s stock market is still 2.

Net inflow of 4.6 billion funds.

  Unless the A-shares have risen too much, the strategy choice in most foreign countries is “buy”. What do they think?

Is A-share really safe now?

  What stocks Kitakami Capital holds? First, let’s take a look at what Kitakami Capital bought.

Judging from the Shanghai stock market situation, as of October 17, the transaction data, Beijing Capital currently holds a total of 871 shares, the company with the highest proportion of outstanding shares is Shanghai Airport, followed by Founder Securities (rights), Angel Yeast,Hongfa shares, etc.

There are 13 companies holding over 10% of the outstanding shares.

  Let’s take a look at the market performance of these stocks this year. The overall performance of companies with a high proportion of outstanding shares is indeed quite good. Weir shares rose 232 during the year.

At 7%, Baiyun Airport surged 120.

Only 44% of Fuyao Glass saw a slight decline.

  However, on the whole, 28 of the 871 stocks doubled during the year, and 555 stocks rose less than 20%, and there were a lot of lightning strikes, so the rich winning percentage was discounted.

  Looking at the situation in Shenzhen, as of the 17th, foreign holdings of Shenzhen’s 1136 stocks accounted for the highest proportion of the market capitalization of China Test, with a share of nearly 22.

99%, Yixintang, Tiger Pharmaceuticals, Midea Group and other shares hold the top shareholdings.

A total of 16 stocks accounted for more than 10% of the circulating market capitalization.

  Similarly, companies with a higher proportion of Beihang Capital’s shares in tradable shares performed quite well during the year.

Among the top 25 stocks in terms of shareholdings in circulation, none of them fell during the year, and four stocks doubled during the year, namely Wuliangye, Tiger Pharmaceuticals, Huatest and Jereh.

  Among these 1136 stocks, a total of 49 stocks have doubled, and the stock with the largest increase is Leading Intelligence, which increased by 278 during the year.

4%, Hudian shares, Wuhan Fangu (rights), Shengbang shares, Shuangta Food and Yisheng shares all increased more than twice.

There are also 655 stocks that have risen below 20%, a slightly smaller proportion than the Shanghai stock market, but there are also a large number of stocks that burst.

  How much potential does the foreign country have? So, does the foreign country still have the potential to buy in the near future?

  According to estimates by Guosheng Securities, considering that the size of global index-type tracking funds has remained basically stable, the distribution of mid-cap stocks has a certain diversion effect relative to large-cap stocks. It is assumed that the incremental funds are allocated to large-cap stocks.It is expected that the incremental funds obtained by large-cap stocks and mid-cap stocks will be approximately US $ 18.9 billion and US $ 12.6 billion, respectively, approximately 132 billion yuan and 88 billion yuan, totaling approximately 220 billion yuan.

  According to the statistics of the MSCI’s current disclosure of A-share mid-cap and large-cap stocks, there is a significant difference in the proportion of large-cap stocks and mid-cap stocks. The large-cap stocks are mainly driven by non-bank, food and beverage, pharmaceutical, real estate andHome appliances; and the funds driven by mid-cap stocks are mainly distributed in medicine, computers, electronics, chemicals and 杭州品茶夜网 food and beverages.

  Judging from the distribution of market capitalization of some listed industries, large-cap stocks prefer financial real estate and large consumer industries, while mid-cap stocks give more focus to growth industries such as computers and electronics.

Although mid-cap stocks receive less capital than large-cap stocks, the current market value of mid-cap stocks is also much smaller than large-cap stocks, and 88 billion buying orders can still stir up a lot of spray.

  From the overall situation, although the market is sluggish and some stocks have been estimated to be relatively high, the pace of redundant and continuous scanning of goods has been stopped, especially in the recent Shenzhen market, which has been frequently scanned for goods.Since October, the Shenzhen Stock Connect has bought 91 net.

0.5 billion shares.

  Let’s take a look at the Shanghai market. October’s performance was significantly weaker than Shenzhen’s, and the oxides in July and August were also much weaker than Shenzhen’s.

  Let’s take another look at the truth of foreign A-share purchases. According to rough statistics, from November 17, 2014 to the present, important shareholders of listed companies have reduced their holdings by approximately USD 652.1 billion.

From the perspective of the market’s buying and selling power, the purchasing power of Kitakami Capital is slightly higher than the pressure to reduce holdings.

So, under this background of non-crazy cash flow, what causes foreign capital to continue to enter the market?

Brokerage China reporters interviewed several foreign investment managers based in Hong Kong.

  Brokerage China Reporter: What is your basis for continuing to buy A shares, and why is it so different from domestic investment?

  Investment manager: The operation of large funds is more about macro factors. Relatively speaking, China’s fundamentals are better than that of most economies. This is the most important reason for foreign investors to buy A shares.

In addition, domestic-funded institutions have some annual assessment tasks, but foreign assessment mechanisms are not the same as those in the Mainland.

We also have our own set of evaluation methods and value recognition.

  Broker China Reporter: If the fundamentals are good, why are there so many industrial capitals to be reduced?

  Investment manager: Among A-share listed companies, there are indeed some problems in the manufacturing industry, so foreign capital allocation is relatively small.

Our focus is on consumer, financial and other defensive industries.

  Broker China reporter: It is estimated that these stocks allocated by foreign countries have always been very high. Why are they still buying?

  Investment manager: In the past, A-share consumer stocks were traded at a discount, much lower than foreign consumer stocks’ valuations. Now it is foreign countries who buy them into international estimates.

At present, the consumption of A shares will not be obviously bubble, and one point is basically regarded as a premium for growth.

  By the end of last week, Anta is estimated to be the same as Nike, Moutai is similar to Diageo, and Polaia is similar to Shiseido and fancl, so it may be basically in place.

Therefore, from the perspective of capital allocation, consumption may also face structural adjustment.

  Reporter of Brokerage China: The Ministry of Finance is working with relevant departments to study and draft the consumption tax law. What do you think?

Will it affect your configuration?

  Investment manager: On the whole, the central government has made it clear that the overall tax burden must be kept basically stable.

It can be understood that, in the form of consumption tax, some of them are initially transferred to the locality.

Local governments will use the benefits in a targeted manner and have the incentive to stimulate consumption.

At present, the external environment is unstable and the interior cannot be driven by real estate. Consumption is the only item of GDP that can be relied on.

Because foreign countries see this clearly, they are directly consuming.

From this point of view, I even think this (consumption tax law) is a positive.

  Brokerage China reporter: Recently, China’s housing stocks have been very strong, which has even driven real estate stocks in A shares, and foreign exchange is alloting real estate in A shares, but at the same time, the government has clearly not taken real estate as a short-term economic stimulus.

What kind of logic is this?

  Investment manager: First of all, make sure that not all real estate companies will be okay, but this time is the easiest time for leading companies.

First, the loan interest rate is cheap, and second, the land acquisition cost is low.

House prices have not decreased much.

Many A-share fund managers still treat all real estate stocks as cyclical stocks.

Even if the current stock market is not growing, the integration bonus is enough for many leaders to eat.

  Brokerage China Reporter: Since many manufacturing industries are in difficult times, why have so many foreign investors bought Shenzhen stocks recently?

  Investment manager: This should be an arbitrage behavior.

You can see that the situation was similar in July and August. At that time, MSCI had to expand its capacity, so there was a lot of money to go to Shenzhen to play games. Because Shenzhen’s stocks are generally small, incremental funds have a larger marginal impact on market value.

This time is also similar. In November, the percentage of MSCI entering the mid-cap stocks increased to 20% at one time, and some foreign capitals will deploy these stocks in advance.

  However, please note that most of the mid-cap stocks mentioned here are concentrated in the Shenzhen Stock Exchange. In addition, the size of the funds in the mid-cap stocks this time will have a greater impact on the market value of the relevant stocks than the large-cap stocks.Judging from the distribution of mid-cap stocks, most of them are in Shenzhen, so Shenzhen is more concerned about capital.

Zoomlion (000157) third quarter performance review: performance growth surpassed peer cash flow continues to hit a new high

Zoomlion (000157) third quarter performance review: performance growth surpassed peer cash flow continues to hit a new high

The event company achieved revenue of 317 in the first three quarters.

5.5 billion, an increase of 50 in ten years.

96%; net profit attributable to mother 34.

8 billion, a growth of 167 in ten years.

08%; the growth rate of revenue 苏州桑拿网 and profits have remained at a high level.

Q3 achieved revenue of 94.

9.3 billion, an increase of 50 in ten years.

33%; realized return to mother’s profit9.

4.0 billion, an annual increase of 105.


A brief review of the first three quarters of performance growth surpassed all peers, and each product industry segment has steadily increased.

The company is the only company in the construction machinery sector with revenue growth of more than 50% in the first three quarters. The core reason is that the company has differentiated, high-growth tower crane products, and increased the market share of concrete machinery and construction machinery cranes.

From the perspective of products in the first three quarters: ①Concrete machinery revenue was approximately 10.2 billion, which will increase 44% in the future. The 杭州夜网 growth rate will increase by 13 pct compared with the first half of the year. It is judged that the market share has increased; ②Engineering crane revenue is approximately 9.7 billion, with an increase of 62%, Although the growth rate was 8 percentage points lower than in the first half of the year, it was far better than the automobile spreader industry32.

5% sales growth, the company’s car market share in the first three quarters of 27.

8%, an increase of 4 per year.

5 pct; ③ Tower crane revenue is about 6.3 billion, an annual increase of 109%, the growth rate is about 71 pct lower than the first half, but the benefit of prefabricated construction is still growing rapidly and the company’s leader is quite solid.

Profitability continued to increase every year, and operating net cash flow created a record high for the same period.

①The gross profit margin and net profit margin in the first three quarters were 29 respectively.

82%, 10.

96%, increasing by 3 each year.

45, 4.

76 pct, judging that there is still room for improvement in the future.

② The expense ratio during the first three quarters decreased by 2.

76 to 17.

51%, of which the financial expense ratio decreased by 1.

4 to 2.

88%, R & D expense ratio rose by 0.

53 pct to 2.

3%, the sales expense ratio decreased by 0.

22 pct to 8.

72%, the management expense ratio decreased by 1.

67 to 3.

6%, overall strict cost control.

③ The net operating cash flow in the first three quarters continued to create a historical high for the same period, reaching 49.

6.2 billion increased by 62.

5% is 1 of net profit attributable to the mother during the same period.

42 times, indicating that the company’s performance “gold content” is extremely high.

The two new products quickly increased volume.① The first three quarters of high-altitude operation platforms have achieved revenues of about 400 million, of which Q3 arm type sales have been 300 or 400 units. It is estimated that the high-altitude operation platforms will gradually earn around 600 million and the volume will exceed our expectations; ② The first three quarters of excavatorsWith revenues exceeding 200 million, of which 8 and 9 have exceeded 100 million in a single month for two consecutive months, we therefore keep a close watch.

Judgment of industry growth: Judging from the high base, the overall growth rate of the domestic construction machinery industry will shift in 2020, but it will not fall significantly.

First, although the industry has promotions, it adheres to the bottom line of down payment and has no overdraft demand.

In fact, the update cycle has not yet ended, and it is expected to continue until 2021, and the logic of manual replacement has long existed.

Once again, although the growth rate of real estate development investment has a downward trend, the absolute value is still high, but the speed is slow; infrastructure plays a stable economic role, and the growth rate is up. Infrastructure investment (excluding electricity) increasedSpeed up to 3 respectively.

44%, 4.


Finally, the competitiveness of domestic construction machinery has increased, and exports continue to be optimistic.

Earnings forecast and investment rating are based on the above analysis. It is estimated that the company’s operating income for 2019-2021 will be 417.

60, 469.


7.2 billion, an increase of 45 each year.

5%, 12.

4%, 10.

1%; net profit attributable to mothers is 43.

60, 51.

42, 57.

47 million, an increase of 115 each year.

8%, 17.

9%, 11.

8%; Maintain target price of 6.

89 yuan, maintain “Buy” rating.

Risk factors: the risk of gradual fluctuations in the construction machinery industry

Five advantages for girls to choose a career

Five advantages for girls to choose a career

In particular, female college students have the following professional competence advantages.

  1.Advantages of language skills.

Women use language vocabulary better than men, and they are better at grammar, sentence making, and reading skills.

Generally speaking, women’s military writing, editing, translation, broadcasters, education, reception and negotiation work can better display their strengths.

  2.Advantage of thinking ability.

Women’s image thinking ability and detailed thinking generally have advantages, so they are suitable for image design work, such as clothing design, and their works often make people feel harmonious, elegant and beautiful.

In addition, there are also outstanding talents in literary creation and literary performance.

  3.The advantage of communication skills.

Women are generally docile, amiable, easy to get along with others, rich in feelings and good at understanding others. They have demonstrated interpersonal skills in social situations or work collaboration. Therefore, they are suitable for administrative management, office secretaries, public relations, sales,

  4.Advantages of management capabilities.

Female college students with higher education are well-educated and able to listen to opinions from various quarters. They are good at working with others. Therefore, they have become the management of institutions and enterprises.

  5.The endurance advantage.

The ability to work long and tirelessly under relatively dull conditions is a major feature of women. Most women work with patience, a serious attitude, and an alternative sense of responsibility. Therefore, female college students are engaged in finance and computer operations.Survey and design can give full play to its advantages in the internal affairs, data management, library information and archive management.