2016 ATP year-end finals Djokovic vs. Tim match live video recording

2016 ATP year-end finals Djokovic vs. Tim match live video recording
Beijing time, November 14th news, 2016 ATP year-end finals opener started, Djokovic 6-7 (10) / 6-0 / 6-2 reversed Tim for the first time in the finals, made a good start,After the game, Xiao De evaluated his performance and commented on Tim’s performance in his first show.Druid points out the reversal key self-assessment, plays well, praises Tim well, Druid said after the game that he lost the first set but still feels good, I feel good, although I lost the first set, but I did not commitToo many mistakes, just because his performance in the first set was very good, the process of the tie-break was very exciting. He was 6-3 once, and then made two double errors. I probably got only one inventory, and he played a lot of goodThe ball finally won the long first set.  After that, I admitted that I had to break in the second set to play a good position. I also managed to do it. After that, I felt more handy and played more freely on the court. He began to make mistakes, which led me to give himThe second shot also put a lot of pressure, I think I played particularly well in the second set.Xiaode articles.  The Serbian people then added that the opening of the second set was the key to their reversal: after the first set of the second set, although I achieved a break, although it was only one lead, but considering that we did not achieve a break in the first set, soThis still doubled my confidence and made me more relaxed on the court.  In the opening game, Druid accidentally scratched his thumb when receiving a serve. He also applied for a medical doctor during the break. After the game, he said that there was no big obstacle: nothing, I was rubbing my thumb with the ground when I was saving.After a bit of bleeding, I let the medical practitioner enter the field just to stop the bleeding.Video-Djokovic broke out in the finals and reversed Tim to win the starter. This is Tim’s first game in the finals. Druid commented: I think Dominic’s finals debut is very impressive.He was not overwhelmed by such a big stage, he was full of offensive firepower, played very well, with strong self-confidence.I still remember my first trip to the finals. It was in Shanghai in 2007. At that time, the idea was that there was really nothing to lose, because you have done your best to get qualified.It is to enjoy this moment and try our best to win.

Women’s Olympic preliminary match finalizes 6-month antiques, China and South Korea need to report two home games each

Women’s Olympic preliminary match finalizes 6-month antiques, China and South Korea need to report two home games each
The finals of the Chinese Women’s Olympic preliminary play-offs are finally settled. Is it April or June?The finals of the China-Korea Women’s Olympics preliminary round have finally been settled.The Chinese Football Association announced tonight via the Weibo “Chinese Football Team” that the two-round match will be postponed to June 4th and 9th. The venue of the match has not yet been determined. The Chinese women’s football team and the Korean women’s football team broke through with the group second and group first in the Air Force’s Olympic preliminary group stage, and met the division play-offs.The two round competition was originally scheduled for March 6th and 11th in Yongin, South Korea and Sydney, Australia.However, due to the impact of the new coronary pneumonia epidemic, the schedule was forced to adjust. In the initial adjustment plan of the AFC, the two rounds of the Chinese and Korean teams were changed to April 9, 14th antiques, but on the 2nd of this month at the AFC emergency meeting of antiques in Kuala Lumpur, Malaysia, China and South KoreaThe two football associations further applied with the AFC and proposed a plan to postpone the game to June. AFC and the two sides agreed to hand over the new extension plan to FIFA.In an announcement to the global media today, FIFA said that the two round play-offs will be held in the international competition window from June 1 to 10, and will be finalized on June 4 and 9. FIFA has determined the date of the game, but has not announced the specific kick-off time and location of the game, because the epidemic situation is still unknown two months later.It is understood that the China-Korea Football Association will then report to the AFC a home substitute home and a third country standing place in response to the possible variables caused by the outbreak.Sauna, Ye Wang Xu Xiaofan Editor Wang Xihuang Proofreading Liu Baoqing

Improve the e-sports ecosystem, starting from the professional players returning to school

Improve the e-sports ecosystem, starting from the professional players returning to school
Zhang Yuchen (ID: Coach) temporarily returned to the arena.King Glory’s official photo KPL has been held for three years, and LPL has been held for eight years.As professional leagues become more mature, e-sports has gradually become a hot industry.In addition to the growing demand for talent in professional leagues, the upgrading of professional players is also intensifying.The professional career of e-sports players is shorter than that of many traditional sports athletes, generally between 18 and 25 years old.There are a large number of retired professional players in the League of Legends, such as Liu Mou (ID: PDD), Liu Shiyu (ID: MLXG), etc., who are all beginning to find new directions for their lives.In the KPL field, a large number of newcomers poured in, and many “old” professional players left to find other ways of life.Ming Kai (ID: Clearlove), Liu Xuexiang (ID: 770), these “old” people who insist on the forefront of e-sports are fewer and fewer, and Zhang Yuchen (ID: veteran) who has re-entered the field has expressed the voices of many professional players:“打职业相对来说是‘青春饭’,是没有回头路的,一旦年纪大了或者说想放弃了,再去找回来这种状态就很难。As professional players, we also hope that the participation time can last for a long time.”Young players in the team are constantly emerging, and their own reactions slow down as they get older. These are all professional players who are awake on the court and may face the situation of having no games to play or retire at any time.Today, the players present still have to retire. What should these young people do after retiring?Zhang Yijia, chairman of the KPL League, said: “It is not possible to fully solve the career direction of retired players. After all, everyone’s characteristics and skills are different, but the league will give them some professional guidance.Nowadays, half of the retired KPL players have completely left the e-sports industry, and half of the military e-sports related majors.For example, Chen Gui is now the official commentary of KPL, Yang returned to QGhappy to become an assistant coach, and Juju became the anchor of the live broadcast platform.According to incomplete statistics, the current number of employees in the e-sports industry is 50,000, job vacancies amount to 260,000, and the talent gap will expand to 500,000 by 2020.Many universities have set up e-sports majors, such as Communication University of China, Shanghai Institute of Physical Education, Macau University of Science and Technology, etc. have begun to train e-sports related talents.However, most of these colleges are aimed at training club operation and management talents, explanation talents, and event operation talents in the e-sports industry, and have more educational support for e-sports players.”E-sports is still a new industry, and now it is club-oriented. Many retired players will choose a more secure industry like anchors before their fame has faded.In addition, the public still has a certain prejudice against e-sports, and it will take longer to want to become a perfect sports ecosystem like basketball or football.The person in charge of LPL said.On the recent third anniversary of KPL, Zhang Yijia announced that he would cooperate with Guangzhou Institute of Physical Education in the future, and many professional players (or retired professional players) would return to school for re-education.The Guangzhou Institute of Physical Education has also set up e-sports commentary, e-sports psychology and rehabilitation, and e-sports sports and management, to provide theoretical support for these professional players to re-enter the post.On the 15th of this month, more than 10 active professional players and retired players have rushed to Chengdu for cultural class training in preparation for the October entrance exam.If admitted, they will proceed with a three-year study.”I hope to solve the problem of re-employment of more professional players and would like to leave more young people who love e-sports in the e-sports industry.”Zhang Yijia said.

Mr. Miao first teaser, Recommended for adults to watch

“Mr. Miao” first teaser, “Recommended for adults to watch”
Sauna Night News (reporter Li Yan) is the first domestic self-grading animation “Da Hu Fa” sister film, the movie “Mr. Miao” will be released on December 31.Recently, the film released the “Recommended for Adults” version of the notice and posters, showing a bizarre world full of colors and murders.The exploration of the human nature of “first choice of good and evil” in the film has aroused much discussion and deep reflection in the audience.”Mr. Miao” was adapted from the short film of the same name by director of “Da Hu Fa”, which took four years to produce.This “Recommended for Adults” version of the trailer and posters can be trimmed, “Mr. Miao” has a distinctive adult-oriented characteristics.Different from the “Individual Freedom” investigation in “Da Hu Fa”, “Mr. Miao” takes “good and evil as its own choice” as the core and shapes a bizarre world.In terms of style, the movie “Mr. Miao” continues the paintings of the “Great Guardianship” ink and wind style. The scenes of the huge Thousand Buddha Caves and the flowers on the other shore show a unique oriental aesthetic charm.It is worth mentioning that, in terms of characters, the male lead Ding Guo, the female lead Yin Feng, the master Liang Yan and other characters have appeared in the previous works of the director of “Big Guardian Law”.It is reported that the golden other shore flower (the source of greed) that appeared for the first time in the trailer is a key thing in the development of the film.Sauna, Ye Wang Li Yan Editor Xu Meilin Proofreading Liu Baoqing

[Can uterine tumors drink soy milk]_Uterine fibroids_Soy milk_Can you drink

[Can uterine tumors drink soy milk]_Uterine fibroids_Soy milk_Can you drink

Uterine fibroids are a common gynecological disease in the clinic, and they should be treated promptly.

Uterine fibroids have a relatively large impact on women’s bodies. In addition to treatment, diet should also pay attention. Although soy milk is nutritious, there are many things to pay attention to.

Patients with uterine fibroids can drink soy milk, but in moderation.


Patients with uterine fibroids can drink soy milk, but it must be appropriate.

As a daily drink, soy milk contains soy saponins, isoflavones, soy hypoglycemia and other special health factors with significant health functions.

Changyin soy milk can maintain normal nutritional balance, comprehensively regulate the endocrine system, reduce blood pressure, blood lipids, reduce cholesterol burden, increase heart vitality, optimize blood circulation, protect the cardiovascular system, and have liver and kidney tonic, anti-cancer, and enhance immunity.


Soy does contain relatively abundant phytoestrogens, but the phytoestrogens contained in it have a two-way regulation effect after entering the human body. That is, when human estrogen is used, phytoestrogens can be directly used by the body as estrogen.When needed, phytoestrogens can be converted into other nutrients needed by the human body, thereby avoiding the risk of drug supplementation with estrogen.

Therefore, patients with uterine fibroids can still routinely consume soy milk, but please pay attention to the appropriate amount instead of excessive.


Note: Do not add brown sugar to soybean milk, because brown sugar will destroy the nutrition of soybean milk and increase the difficulty of absorption.

Do not drink uncooked soy milk.

Raw soy milk contains saponin, a phosphatase inhibitor, and nausea, vomiting, and other poisoning symptoms will occur after drinking.

Do not drink soy milk on an empty stomach.

After drinking soy milk on an empty stomach, the protein in the soy milk is gradually converted into transformation and consumed, which cannot lead to the effect of drinking soy milk.

Do not use soy milk as a medicine, if you drink soy milk with medicine, the nutritional content of soy milk will be destroyed or injected by the medicine.

[Effects of making tea with fetal chrysanthemum and hawthorn]_Grasp_Benefits

In the world, there are many people in the north, and the people in the village are very strong. They are very strong. They are very strong, and they are very strong, and they are very strong.All the links in the ring chain are different, and they are different. They are the most popular ones. They are the most common ones. They are very stupid. They are so stupid.Stacks, stacks, stacks, and chains are all around the world, as well as the world, as well as others, as well as others. It ‘s hard to connect with each other.¤尪鍠濓紝涓嶈繃鑿婅姳鐨勫懗閬撳お鑻︼紝鍔犱笂涓€浜涘北妤傝兘寰堝ソ鐨勬憾瑙c€傝儙鑿婂睘浜庢澀鐧借強涓殑涓€绉嶏紝鑳庤強鏄澀鐧借強鐨勮姳钑撅紝鍚赴瀵岀殑鑺辩矇锛岃惀鍏讳环鍊奸珮銆傛湁娓呰倽鏄庣洰銆佹鼎鍠夎В娓淬€佸仴鑳冨拰鑴俱€佸幓婀胯В鐕ャ€佹彁绁為啋鑴戙€佸寮哄厤鐤姏銆佹姉琛拌€併€佺編瀹瑰吇棰滅殑鍔熸晥銆傝儙鑿婃槸鍝佽川涓婁箻鐨勮強鑺辫尪锛屾湁鑺辫湝鐨勬竻棣欙紝鑼惰壊娓呬寒銆佷箙娉′笉鏁c€傚北妤備负钄疯枃绉戞鐗╁北閲岀孩鎴栧北妤傜殑骞茬嚗鎴愮啛鏋滃疄锛屾槸娑堥绫昏嵂锛屽北妤傛€у井娓┿€佸懗閰搞€佺敇锛屽綊鑴俱€佽儍銆佽倽缁忥紝鏈夋秷椋熷寲绉€佹椿琛€鏁g榾鐨勫姛鏁堬紝鐜颁唬鐮旂┒鍙戠幇锛屽北妤傚叿鏈夊姪娑堝寲銆侀檷琛€鑴傘€侀檷琛€鍘嬨€佹姉鐧屻€佹姉鍔ㄨ剦绮ユ牱纭寲鎶楀績缁炵棝銆佹墿寮犺绠°€佹姉蹇冨緥澶卞父銆佸己蹇冦€佽皟鑺傚厤鐤姛鑳界殑浣滅敤銆傛灨鏉炰负鑼勭妞嶇墿瀹佸鏋告潪鐨勫共鐕ユ垚鐔熸灉瀹烇紝鍏舵€у懗鐢樸€佸钩锛岀敇琛ヨ川娑︼紝鎬у钩鑰屽亸娓╋紝鏃㈠杽婊嬭ˉ鑲濊偩鏄庣洰锛屽張鑳芥粙娑﹁偤闃淬€佹鍜筹紝鍏锋湁婊嬭ˉ鑲濊偩銆佹鼎鑲恒€佹槑鐩殑鍔熸晥銆傜幇浠h嵂鐞嗙爺绌跺彂鐜帮紝鏋告潪鏈夎皟鑺傚厤鐤姛鑳姐€佹姢鑲濄€侀檷琛€绯栥€佷績杩涢€犺鍔熻兘銆侀檷琛€鑴傘€佸欢缂撹“鑰併€佹姉鑲跨槫銆佹彁楂樿€愮己姘ц兘鍔涚殑鑽悊浣滅敤銆傝儙鑿娿€佸北妤傘€佹灨鏉炰竴璧锋场鑼堕ギ锛屽懗鐢樿€屽甫閰革紝鎬у亸瀵?锛屾棦鍙竻鑲濇槑鐩€佹鼎鍠夎В娓淬€佸仴鑴惧紑鑳冨姪娑堝寲锛屽張鍙彁绁為啋鑴戙€佹姢鑲濄€侀檷鑴傜編瀹瑰吇棰滐紝杩樺彲鎻愰珮鑰愬彈鍔涖€佹湁鏁堝噺杞荤數鑴戣緪灏勫鐪肩潧鐨勪激瀹炽€佹敼鍠勭溂鐫涘共娑╃棁鐘讹紝瀵归鐑劅鍐掋€佸彛鑵旀簝鐤°€佸捊鐥涖€佺洰璧ゃ€佸皬渚跨煭榛勪篃鏈夊緢濂界殑鏁堟灉銆傝儙鑿娿€佸北妤傘€佹灨鏉炰唬鑼堕ギ锛屽娓呯儹娑堥銆佷繚鎶ょ溂鐫涖€佹姢鑲濓紝鏄笉閿欑殑鑼堕ギ鏂广€?

[Do you want to wash the steamed crabs_Do you need to wash the steamed crabs]

铻冭煿鏄垜浠敓娲讳腑姣旇緝甯歌鐨勯鐗╋紝椋熺敤 浠峰€奸潪甯哥殑楂橈紝寰堝浜洪兘鐖卞悆锛屼絾鏄瀮锜逛富瑕佷互钂哥潃鍚冧负濂斤紝钂镐箣鍓嶉渶瑕佺畝鍗曞鐞嗕竴涓嬶紝涓嶇劧寰堝鏄撳彂鑵ワ紝钂稿嚭鏉ョ殑铻冭煿鍙f劅涔熶笉濂斤紝濂藉浜烘瘮杈冪枒鎯戯紝钂歌瀮锜瑰墠鏄笉鏄娓呮礂涓€涓嬭瀮锜癸紝杩This is an example of how to link a chain with a chain of people and a lot of people. The country’s princes and princes have read about it, “I’m here and there”, I’m going to say it in detail.What is the difference between 45 and 45? Click on the button to identify the gallium, click on the button, click on the button, click on the button, click on the button, click on the button, and click on the button.Is it true? Is it true that the song is sorrowful?銆傚皢澶ч椄锜硅倸瀛愭湞涓婇€愪竴鏀惧叆姘翠腑锛岀瓑瀹冪炕锛岃繃鏉ユ椂灏卞凡缁忓枬浜嗙儹姘村憶鏅曚簡銆傝繖鏍峰仛鐨勫ソ澶勬槸澶ч椄锜瑰彧鏄檿浜嗚繃鍘伙紝浠讳綘鎽嗗竷涓嶄細鍐嶅す浣犵殑鎵嬫寚浜嗭紝骞朵笖涔熶笉浼氬奖鍝嶅ぇ闂歌煿鐨勯矞缇庛€?銆佹嬁鍑轰竴涓墮鍒凤紝鎶撲綇澶ч椄锜圭殑涓よ竟锛岀敤鐗欏埛鐢ㄥ姏娓呮礂鑳屻€佽吂鍜屽槾閮ㄣ€?銆 佺 劧 钖 庻 嫻 奲 楀 ぇ 闂 歌 煄 铪 勪 袱 渚 у 鑴 鑰 氰 阍 阍 Chong 殑 镙 倴 労 銆?This is the best way to do it. It ‘s a good idea. It ‘s a good idea. It ‘s a good idea.岀敤鎶撹煿鐨勬媷鎸囧拰椋熸寚椤哄娍娌块挸鏍瑰悜涓婄敤鍔涙姄浣忚煿閽炽€備釜鍒嚩鐚涚殑铻冭煿鍙厛鍚戜笅鍘嬪嚑涓嬮挸瀛愭垨鏁叉墦鍑犱笅)鎵撳紑鑵圭洊锛屽湪涓棿浠庨噷鍚戝鎸ゅ嚭鎺掓硠鐗┿€?銆佹渶鍚庢竻娲楀ぇ闂歌煿鐨勮吂鐩栧唴鐨勮剰鐗╁強锜归挸锛岃繖鏍峰ぇ闂歌煿绠楁槸娓呮礂瀹屾垚浜嗐€?.What is the difference between sorrows and sorrows?This is the case where the temperature is high, the temperature is high, the temperature is high, the temperature is high, the temperature is high, the temperature is high, the temperature is high, the temperature is high, the temperature is high, the temperature is high, and the temperature is high.按銆傚彟澶栵紝闇€瑕佹敞鎰忕殑浜嬫竻钂告椂鑴氭湞涓婏紝杩欐牱铻冭煿鐨勬眮鎵嶄笉浼氭祦鍑烘潵銆備簩銆佹竻钂歌瀮锜圭殑鍋氭硶1.鏉愭枡锛氳瀮锜广€侀粍閰掋€佸鏈€侀叡娌广€佺櫧绯栥€佸懗绮俱€侀夯娌广€侀閱?.鲭 氭 桶 Admits to be suffocated and squeezed and swayed. It ‘s a sloppy squirrel. It ‘s a little bit of crystals. It ‘s like a squirting.Poor gallium?锛岀劧鍚庣敤鐗欏埛鍒锋墍鏈夎兘鍒峰埌鐨勫湴鏂癸紝姣斿鑲氱毊涓婄殑缂濋噷闈紝瑕佹槸鑳芥妸鑴愮洊鎺€寮€鍒峰埛閲岄潰鏈€濂戒簡銆傚敖閲忓埛骞插噣鍐嶆斁鍦ㄧ涓€傗憽灏嗗鏈斁鍦ㄥ皬閰掔鍐咃紝鍔犵啲鐔熺殑閰辨补銆佺櫧绯栥€佸懗绮俱€侀粍閰掋€侀夯娌规悈鍜屻€傚彟鍙栦竴灏忕锛屾斁閱嬪緟鐢ㄣ€傗憿灏嗚瀮锜逛笂绗硷紝鐢ㄧ伀钂?5 tweezers?0鍒嗛挓锛岃嚦锜瑰3鍛堥矞绾㈣壊锛岃煿鑲夋垚鐔熸椂锛屽彇鍑恒€備笂妗屾椂澶囦笂姝ラ2涓殑璋冨懗鏂欍€傝喘涔拌瀮锜圭殑鏂规硶1.This is the best way to do this. It ‘s so easy to use it. It ‘s very easy to use it. It ‘s too late. It ‘s too late. It ‘s too late. It ‘s too late. It ‘s very easy to do it.寒锛岃剱閮ㄥ渾娑︼紝鍚戝鍑革紝鑲綋杩炴帴鐗㈠浐鍛堝集鏇插舰鐘讹紝涓ぇ鑰岃€佸仴锛屽鏋滆儗鍛堥粍鑹诧紝鍒欒倝杈冪槮寮便€傚彟澶栵紝濡傛灉鏄椿鍔ㄦ湁鍔涳紝鍥涘涔辩埇鐨勮煿鍒欐槸鍋ュ.鐨勫ソ锜广€?。鎺傚缁忕溂鐪嬪瑙傜鍚堣姹傜殑锜癸紝瑕侀€愪釜鐢ㄦ墜鎺備竴鎺傚畠鐨勫垎閲忥紝鎵嬫劅閲嶇殑涓鸿偉鐘剁殑锜广€傛鎷涗笉閫傜敤浜庢渤锜瑰拰娲荤殑娴疯煿锛屽洜涓鸿繖浜涜煿甯稿父浼氳浜旇姳澶х粦銆?。鍓ュ墺寮€锜圭殑鑴愮洊锛岃嫢澹冲唴锜归粍澶氥€佹暣榻愶紝鍑濊仛鎴愬舰锛屽垯姝よ煿涓哄ソ锜广€?.You can’t stop breathing. You can’t help it. You can’t help yourself. You can’t do it. You can’t do it. You can’t do it. You can’t worry about it.I ‘m sorry, I ‘m crazy, I ‘m crazy, I ‘m crazy, I ‘m crazy, I ‘m crazy, I ‘m crazy, I ‘m crazy, I ca n’t help you, I ‘m not sure if I ‘m in trouble.Silicone rules and regulations?.You can’t stop the chain and tweeze it. You can’t stop it. You can’t touch it. You can’t do it. You can’t do it. You can’t do it. You can’t do it.You Xian Xian is crazy, you are crazy?

Shennan Circuit (002916): Businesses that have exceeded expectations in the first half of the year are progressing smoothly

Shennan Circuit (002916): Businesses that have exceeded expectations in the first half of the year are progressing smoothly

Event: The company released the semi-annual report for 2019, and the company realized revenue of about 47 in the first half of the year.

920,000 yuan, an increase of 47 in ten years.

90%, net profit of return to mother is about 4.

71 ppm, an increase of 68 in ten years.


  Comments: The first half of the performance growth exceeded expectations, the company is making good progress in various businesses. In the first half of 2019, net profit attributable to mothers increased 68.

02%, which is the upper limit of the 50% -70% range of black notice, exceeding expectations.

From the second quarter alone, Q2 achieved revenue of 26.

29 ppm, a 49-year increase of 49.

16%, achieving net profit attributable to mother 2.

84 ppm, an increase of 74 in ten years.


  In terms of revenue, the PCB business achieved revenue of 35 in the first half of the year.

28 ppm, an increase of 53 in ten years.

44% with an absolute value increase of approximately 12.

29 trillion, of which the first phase of the Nantong plant contributed an increase of about 4 in the first half of the year.

80 ppm, the old plant contributes an increase of 7.

4.9 billion.

After the first phase of the Nantong plant was put into production in mid-2018, the ramp-up of production capacity and yield has progressed smoothly. We expect the scale of revenue to exceed 1 billion US dollars.

Old factories have benefited from the productivity improvements, 杭州夜生活网 efficiency improvements and average product price growth brought by technological transformation, which continue to contribute to revenue growth.

  Electronic assembly business achieved revenue in the first half of the year5.

70 ppm, an increase of 42 in ten years.

96%, mainly due to increased demand for communications products.

IC carrier board business realized 5.

10,000 yuan, an increase of 29 in ten years.

70%. In the case that the new plant in Wuxi is only connected for trial production, the increase mainly comes from the increase in capacity and efficiency of the old plant.

  The company’s gross profit margin in the first half of the year was approximately 23.

80%, a year to raise 0.

63pct; of which Q2 gross margin is 24.

01%, an increase of 2 a year.

24pct, an increase of 0 from the previous month.

47 points.

The increase in gross profit margin in the first half of the year was generally stable, and the gross profit margin of the PCB business increased to zero.

57pct, the gross profit margin of the electronic assembly business increased to 2.

50pct, while gross margin of IC carrier board business decreased by 1.

22 points.

  The company’s expense ratio has been declining in the first half of the year.

19H1 sales expense ratio is about 2.01%, a decrease of 0 per year.

21 points, a slight decrease; the total management and R & D expense ratio is about 9.

02%, 0 per year.

42pct, mainly due to the slower growth of research and development expenses than revenue growth; the company’s financial expense ratio is about 0.

89pct, down by 0 every year.

16pct, mainly due to lower interest rate expenses.

The large-scale construction of 5G is about to start. The company benefits significantly. The 5G communication board has the characteristics of high layers, small line width and space, high wiring density, high technical difficulty and high barriers.

The company is deeply engaged in the field of communication boards, with communication revenue accounting for more than 60%, and its technical strength is very outstanding. It has established close cooperation relationships with top equipment manufacturers such as Huawei, ZTE, and Ericsson.

  With the large-scale construction of 5G restructuring in 2019, the demand for communication boards will also increase by an offset.

5G requires massive MIMO MIMO antennas, which requires expansion and growth in terms of area and number of layers. In addition, 5G communication boards require high-frequency materials, increasing manufacturing losses, and improving product value and profitability.
  The first phase of the Nantong plant built by the company has reached full production, and is mainly used in data communications fields such as communications and data centers.

The company is about to start the second phase of construction, when the production capacity will better meet the supplementary demand brought by 5G, and ensure that the company can take the initiative in the 5G era.

Actively expand the production of IC carrier boards, leading domestic IC carrier board imports to replace Inspur IC carrier boards to provide functions such as support, heat dissipation and protection for the chip, and at the same time provide power and mechanical connections between the chip and the PCB. It is thin, high density, highTechnical features such as accuracy are the most technically difficult areas of PCB subdivision products.

  The company is a leading company in the field of domestic packaging substrates. Benefiting from the strong support of national policies and the huge domestic market demand, the domestic semiconductor industry has entered a fast track of development, and domestic demand for packaging substrates as a key material for the semiconductor packaging industry chain is strong.

The company leads the world in the field of silicon microphone MEMS package substrates, with a global market share of more than 30%.

The company newly added 600,000 square meters of storage packaging substrate capacity in Wuxi, which is currently progressing smoothly, and has already achieved on-line trial production in mid-2019, which will become a blank for domestic-funded enterprises in the field of storage packaging substrates.

Profit forecast, estimation and rating. As the main supplier of communication boards for major internal communication equipment manufacturers, the company delivered 5G related product research and development two years in advance, leading the technological strength. With the full production of Nantong Phase I and Nantong IIIt is about to be built in the near future, and it is expected to deeply benefit from the 5G development in the future.

In fact, the company’s Wuxi IC carrier board project is progressing smoothly and has been connected to trial production in mid-2019, contributing to the company’s previous two years of performance increase.

As the gross profit rate rises and the cost rate declines more than expected, and the increase in gross profit rate is due to the volume of high-end products driven by 5G, the decline in the cost rate is due to the overall efficiency improvement caused by the commissioning of the Nantong plant, and the average value is long-term.Net profit was 10 respectively.

1.7 billion / 13.

2.4 billion / 16.

4.8 billion yuan (previous value was 9 respectively.

2.9 billion / 12.

42 billion / 15.

8.4 billion), maintain “Buy” rating.

Risk warning: 5G construction scale is less than expected; capacity and yield climb are less than expected; rising raw material prices erode the company’s profitability.

Shanghai Jahwa (600315) Annual Report Comments: Marketing expense rate rises significantly and continues to focus on star products

Shanghai Jahwa (600315) Annual Report Comments: Marketing expense rate rises significantly and continues to focus on star products

19 year revenue growth 6.

43%, net profit attributable to mothers increased by 3.


The company disclosed its annual report and realized operating income in 19 years.

97 ppm, an increase of ten years6.

43%; net profit attributable to mother 5.

5.7 billion, an annual increase of 3.


Among them, 4Q19 achieved operating income of 18.

62 ppm, a ten-year increase of 8.

38%; realized net profit attributable to mother to 16.66 million yuan, deducting non-net profit-3.94 million yuan.

In terms of brands, the number of Herborist’s small income decreased, the number of Liushen small increased, the number of high-ranking men decreased, and the number of U.S. and Canadian net large decreased. 35%.

In terms of different channels, e-commerce revenue has increased by more than 20% each year, and special channels have increased by more 杭州桑拿网 than 50% each year. The number of small supermarkets, mothers and infants, and CS has increased, while department stores have fallen by nearly 20%.

“Double Eleven” marketing efforts increased, resulting in a significant increase in sales expense ratio, good operating efficiency and profit quality.

In 2019, the company’s comprehensive gross profit margin fell by 0.

91pp to 61.

88%, mainly due to the increase in operating costs of the new plant and adjustment of product structure.

In 19, the company’s sales rate was 42.

18%, rising by 1 every year.

53pp; Subsidies for sales expenses in the fourth quarter of 1942.

33%, up 5 per year.

48pp; Mainly the online marketing segmentation of “Double Eleven” live broadcast, which resulted in the replacement of non-net profit in 4Q19.

The company’s net inventory, inventory 杭州桑拿网 turnover days, and accounts receivable turnover days remained stable; operating cash flow was achieved.

4.9 billion.

Products, marketing, and channels are multi-dimensionally driven. Under the influence of accounting standards, the 2020 target will achieve revenue growth.

The company will continue to implement the star single product strategy, Liushen consolidates the leadership position of toilet water, enhances the competitiveness of Liushen shower gel, and grasps the new demand for sterilization and antibacterial.

Herborist launches a rich collection of Tai Chi stars, including Tai Chi Water and Tai Chi Cream, and strengthens IP cooperation in Dunhuang; Yu Ze will replace the 10th anniversary of the listing and functional skin care vents, and plans to upgrade the Yu Ze clearing series in 2020.

It is expected that the net profit attributable to mothers will be 6 in 20-22.

2, 7.

2, 8.

2 ‰, an increase of 12 in ten years.

0%, 14.

5%, 13.


With reference to the company’s historical PE (TTM) estimation center 40X in the past year, the company gives the company 20 years PE estimation 35X, with a reasonable value of 32.

54 yuan / share, maintaining the “overweight” rating.

risk warning.

The decline in the consumption boom has led to a decline in the growth rate of the industry; competition for foreign brands entering the industry has intensified; traditional offline channels have gradually increased; new brands and new category incubation remain to be seen.

Ping An Chen Dexian: Stocks are more attractive this year


Ping An Chen Dexian: Stocks are more attractive this year

Although most of the assets of China Securities Network Huang Lei are allocated to fixed income projects, Ping An’s right to speak in the capital market is still not to be underestimated due to the large total assets.

In a recent interview with Shanghai Securities News, Chen Dexian, the chief investment officer of Ping An of China, found that the relative attractiveness of stocks this year is stronger in terms of three “comparative”
dimensions, including stock debt, global, and history.

  However, the equity allocation strategy has not changed. Ping An of China still adheres to long-term investment, value investment, counter-cyclical operations, centralized holdings, preference for high dividends, and low-value large-cap stocks, thereby increasing its ability to be included in the statement using the equity method (long-term equity investment)Allocation ratio of high-quality blue chips.

  He explained that adopting the law of equity can reduce the financial changes of insurance companies to a certain extent, and the income held will not be affected by the changes in the companies invested in the secondary market.

“During this process, we continued to pay attention to investment opportunities for the mixed reform of state-owned enterprises, but because it involved equity method accounting, a negotiation process was required.

“Of course, from the characteristics of different product accounts and the style preferences of different investment managers, Ping An of China will also focus on some trading opportunities.

He revealed, “At the right time, there will be multiple operations, but once or twice a year.

Since this year, it has been done once and for all. The previous crazy rise of some stocks has completely deviated from the fundamentals.

“In addition to its own selection of high-quality listed companies, Chen Dexian copied that Ping An of China will also use the form of MOM and FOF to select outstanding star funds and fund managers in the market and entrust external forces to increase returns.

In addition, the decentralization effect of the A-share market and the Hong Kong stock market will soon be exerted.

  Although the market pays more attention to stock investment strategies, fixed-income assets such as bonds are the biggest allocation of insurance companies.

In the environment of low interest rates and credit risks, Ping An, as a large bond investor, what measures can it take?

  He said that the main reason is to lengthen the duration of fixed income assets.

“In the end, in total, our long-term debt holdings total more than 15 years of national debt and railway bonds of more than 900 billion U.S. dollars, and after considering tax-exempt returns of more than 5%, all are based on high credit ratings.

In addition, as of now, our debt-based financial assets maintain a “zero”
default record. 99% of our products have an external rating of AAA + and another 1% have an AA + rating.

“In anticipating the impact of this epidemic on investment, he bluntly stated that the company did not specifically adjust its asset allocation strategy due to the epidemic.

“We believe that the impact of the epidemic on the economy is temporary and transient.

There will be shocks in the first half of the year, but growth is expected to resume significantly in the second half of the year, and the long-term trend of economic growth will not change.

“At the same time, Ping An of China will also actively pay attention to new types of investment.

Taking real estate as an example, in addition to traditional real estate, the company supplemented investment in new real estate, and explored investment opportunities in real estate such as public rental housing, industrial (industrial) parks, wellness real estate, office complexes, commercial, cold chain and logistics.

In terms of participation methods, multiple methods such as property rights, equity, and innovative financial products can be comprehensively used.

The long-term terms of these real estate projects have high returns and meet the asset allocation needs of insurance funds.

  Stock investment adheres to the high dividend and equity method of accounting, and fixed income assets persist in prolonging the duration-it is these investment strategies that have brought sustainable 苏州夜网论坛 and stable returns to Ping An of China.

In 2019, Ping An’s investment income reached a record high.

Among them, NII (net investment income) was 144.1 billion yuan, total investment income (TII) was 191.3 billion yuan, and CII (comprehensive investment income) was 199.8 billion yuan.

  Chen Dexian added another set of core data: since its listing, Ping An of China ‘s NII has grown at a compound annual growth rate of more than 20%, exceeding its asset size growth rate; and in the past 7 years (2013 to 2019),Its NII accounted for more than 95% of CII, an increase of more than 40 copies over the previous 7 years. Therefore, its CII change rate also dropped from 9% 7 years ago to 2%.

  Higher than the above data, it means that the stability and predictability of Ping An’s investment income have been greatly enhanced, and the impact of financial statements has been significantly reduced.