[Can yam rice porridge contain sugar]_Can yam rice porridge contain sugar

[Can yam rice porridge contain sugar]_Can yam rice porridge contain sugar

There are many ways to make yam rice porridge, because yam is the main ingredient, and there are many choices of rice, such as rice, barley rice, coarse rice, and so on.

When stewing yam rice porridge, you can actually add sugar according to your taste, but it is not recommended to put too much, because yam porridge itself is a light food, so it should be better taste.

Method 1: Material: 15 grams of yam, 60 grams of rice Method: 1, soak the dried mountain medicinal water overnight, cut into thin slices; wash the rice clean.

2. Put yam and rice in the same pot, add 800 ml of water, boil on the fire, and simmer for 35 minutes.

Method 2: Material: Huaishan is mixed with 60 grams or 120 grams of fresh yam, and rice is 50 grams. Method: 1. After washing the rice, mix it with the mountain and put it in the pot.

2, you can also first dry the yam grind powder, when the porridge is cooked until the rice rotten soup is thick, add yam powder and cook.

3. If using fresh yam, peel off the skin, wash, cut into diced, and cook with rice.

Method 3: Material: Coarse rice, barley rice, yam Practice: 1. Soak crushed rice, soak barley rice for 8 hours; wash, peel, and cut into pieces.

2. Pour the water from the rice with the rice into the pot.

3, add the yam block, turn to a low heat to cook after the fire boils.

4. Turn off the heat after making the rice soup thick, about an hour and a half.

Method 4: Material: 1 cup of rice, 600 grams of purple yam, 10 cups of water, 1 cup of white sugar. Method: 1. Wash the white rice, add 10 cups of water and soak for 20 minutes.
2. Peel the purple yam, wash, dice, add the porridge and cook until it is soft, season with sugar and serve.

[Fruit for nourishing kidney]_ nourishing kidney fruit _ what fruit nourishing kidney _ nourishing kidney what to eat

鍦ㄥ钩鏃剁敓娲诲綋涓垜浠兘绂讳笉寮€姘存灉锛岃€屼笖娉ㄦ剰閫夋嫨涓€浜涙按鏋滅殑璇濓紝涔熷彲浠ュ府鍔╄嚜宸辫揪鍒拌ˉ鑲剧殑鏁堟灉锛屽儚榛戞灒銆佽儭妗冩垨鑰呮槸榛戝姞浠戯紝濡傛灉鑳藉姝g‘椋熺敤锛岄兘鍙互灏嗗畠浣滀负琛ヨ偩鐨勬按鏋溿€? In the lawsuit, there is a lawsuit, and a lawsuit is made. It is a good idea to distinguish between the wind and the wind, the child, the child, the child, the child, the child, the child, the child, the child, the child, the child, the child, the child, the child, the child, the child, the child, the child, the child, and the child.鏁堬紝鏄ˉ姘斿吇琛€鐨勫湥鍝侊紝灏ゅ叾閫傚悎濂虫€с€備絾鏄粦鏋eぇ瀹舵湁娌℃湁鍚冭繃鍛?I ‘m not sure what I ‘m doing, I ‘m going to hang it, I ‘ll do it, I ‘ll be in the hood, I ‘m going to hang it, I ‘m going to hang it, I ‘m going to do it╋紝鎬у瘨锛屽惈鏈夎泲鐧借川銆佽剛鑲€佺硸绫诲拰澶氱缁寸敓绱狅紝鍏朵腑浠ュ惈缁寸敓绱燙鍜岄挋璐ㄣ€侀搧璐ㄦ渶澶氾紝鏈夎ˉ鐩婅劸鑳冿紝鍏昏偩闃磋鐨勫姛鏁堛€傛兂瑕佸吇鑲剧殑MM鍙互澶氬悆涓€鐐归粦鏋c€? 鑳℃ 鑳℃鎬ф俯鍛崇敇锛屾棦鑳借ˉ鑲烘鍠樺張鑳借ˉ鑲惧浐绮捐繕鑳芥鼎鑲犻€氫究锛岄€傚疁鑲捐櫄銆佸枠鍡姐€侀仐绮俱€侀槼鐥裤€佽叞鐥涖€佽剼寮便€佸皬渚块銆佸ぇ渚跨嚗缁撲箣浜烘湇椋熴€?Hazel?榛戝姞浠戝張鍙粦閱嬫牀銆侀粦璞嗘灉銆佺传姊咃紝榛戝姞浠戠殑钀ュ吇浠峰€兼瀬楂橈紝鎹瀛﹀缁熻锛屾瘡100鍏嬮粦鍔犱粦褰撲腑鍚湁181姣厠鐨勭淮鐢熺礌C銆?22姣厠鐨勯捑鍜屽绉嶉挋銆侀攲銆佺7銆侀晛鍜岄搧绛夌墿璐紝鍏锋湁闄嶄綆琛€鑴傘€佸吇鑲俱€佹姉姘у寲鍜屾彁楂樺厤鐤姏绛変綔鐢紝瀹炲湪涓嶅け涓轰竴绉嶈€佸皯鐨嗗疁鐨勬灉涓湥鍝併€傚彟澶栵紝榛戝姞浠戣繕鏈夊緢楂樼殑鑽敤浠峰€硷紝鎵€鍚湁鐨勭敓鐗╃被榛勯叜鑳芥敼鍠勮绠$殑閫氶€忔€с€佸欢璂 撹 “The key stubborn stubble?

Linglong Tire (601966): Dual three-year performance target equity incentive highlights participant confidence

Linglong Tire (601966): Dual three-year performance target equity incentive highlights participant confidence

Company Announcement: The company released an expanded stock incentive plan budget. The proposed increase in the number of stocks for the incentive object is 1280.

70,000 shares, accounting for 1.

07%, the source of shares is the company’s A shares of common shares repurchased from the secondary market.

The incentive price for the stocks of the incentive objects is 10.

38 yuan / share.

  Equity incentives cover executives and backbones, and set clear targets for high performance in the next three years.

A total of 295 people were awarded to this equity incentive plan, including directors, executives and other key personnel who served in the company, which can fully stimulate the enthusiasm of the management team.

12 months, 24 months, 36 months from the date of completion of the initial inventory self-inspection, the sales restriction is lifted, and the percentages of lifting the sales restriction are 30%, 30%, and 40% respectively. The evaluation year for each period of extended stock contact sales restriction corresponds to 2019For the three fiscal years of -2021, the target of each year’s performance assessment is to take 2018 net profit as the base, and the net profit measurement should not be less than 30%, 50%, and 70%, corresponding to a net profit of three fiscal years of 15.

35 (+30 year-on-year.

0%), 17.

72 (+15 compared to the same period last year).

4%), 20.

08 (+13 year-on-year.

3%) million.

The share amortization expenses of this equity incentive plan total 1.

42 trillion will be amortized according to the proportion of lifting the limit during the implementation process. Each year from 2020 to 2023, 7974, 4191, 1977, and 72 will be amortized.

70,000 yuan.

Considering the impact of equity incentive amortization, the net profit target before amortization in 19-21 actually reached 15.

35, 18.

51, 20.

The goal of 50 ppm, high growth performance demonstrates confidence in the company’s future.

  The Jingmen Phase I project was put into production, and the release of production capacity promoted the company’s rapid development.

Benefiting from the release of production in Thailand and the Liuzhou plant and the increase in the gross profit margin of tires brought by the drop in raw material prices, the company’s net profit increased and the company achieved operating income of 125 in the first three quarters of 19.

09 million yuan (+13 compared with the same period last year).

26%), net profit attributable to mother 12.

1.4 billion (+ 37% YoY).


Entering Q4, with the decline in passenger car production and sales narrowing and heavy truck production and sales remaining high, the high prosperity of the tire industry has continued, and the company has achieved semi-steel tire production and sales by expanding its share in downstream OEMs and strengthening the development of the retail market.Steady improvement. It is expected that the company’s net profit will maintain a high growth rate.

In the next two years, the company’s output growth will be mainly contributed by the Jingmen plant and the Serbian plant under construction. In late November this year, the first all-steel of the Hubei Jingmen project has been rolled off. 10,000 sets of semi-steel tires are being put into production successively, which will effectively increase the company’s market share in central China; the Serbian project also laid a foundation stone laying ceremony in March 2019. The plant plans to form 12 million sets of semi-steel tires and 1.6 million sets of all steelThe annual production capacity of 20,000 sets of tires, engineering tires and agricultural radial tires is expected to be put into production in the first phase of the project by the end of 2020.

The successive commissioning of Jingmen and Serbian factories will become the company’s continuous growth 淡水桑拿网 driver.

  Supporting FAW-Volkswagen continues to strengthen brand building.

This year, the company successfully supplied FAW-Volkswagen Jetta main tires, Changan Ford Fores main tires, and FAW Red Flag L5 passenger car civilian version gas-deficient tires. The company’s product performance and product grades are rapidly improving.

With the company’s continuous deep cultivation and innovation in core technology research and development, emerging market development, brand value building, and diversified services, the company has successively entered the supporting facilities of Audi, Volkswagen, GM, Ford, Renault Nissan, Red Flag, Geely, Great Wall and other first-class automobile factoriesThe supply system reflects the improvement of the company’s brand power and the optimization of its product structure.

In the future, the company’s supporting system will continue to march toward high-end models, enhance product added value, and strengthen the leading position in the industry.

  Earnings forecast and investment grade: Maintain the company’s 2019 profit forecast to achieve net profit attributable to mothers.

00 ppm, raised 2020-2021 profit forecast to 17.

80, 20.
10 ppm (17 before adjustment.
48, 20.

05 ppm), corresponding to PE16X / 14X / 12X, maintaining the “overweight” level.

[Can pregnant women eat walnuts]_Pregnancy_Can you

[Can pregnant women eat walnuts]_Pregnancy_Can you

Walnut kernel is actually a kind of healthy food, and it is also edible for pregnant women, because it can supplement pregnant women with proper nutrition.

Pregnant women need a variety of nutritional supplements during pregnancy. Walnuts are rich in protein and vitamins, which are very good nutritional supplements for pregnant women, but what you need to pay attention to is the amount of good food.

For pregnant women, walnuts can be eaten.

First of all, due to the overlap of nutrition and physical energy consumed during pregnancy, it will cause the pregnant woman’s physical immunity to be reduced and mentally debilitated.

Consuming walnuts can help pregnant women to add protein, vitamins and minerals, which can improve immunity and energy, so it has certain benefits for the health of pregnant women.

At the same time, pregnant women eat walnut kernels and absorb the phospholipids in walnuts, which helps the healthy development of the brain and nervous system of vitamins.

However, due to the unsaturated fat content of walnuts, if you eat too much, it will be converted into too much aunt in pregnant women, so pregnant women should not eat too much, otherwise it is not good for health and weight control, so we should eat walnuts in moderation.This will better promote the health of pregnant women.

At the same time, for babies, walnuts can be eaten in normal times.

Firstly, because walnuts are rich in nutrients, such as high-quality protein, cellulose, inorganic salts, phospholipids, and vitamins, eating walnut kernels can help your baby effectively promote health, which is good for your baby’s healthy development.

And we eat walnuts to help your baby add nutrients and help your baby to stay healthy.

Walnut meal fiber.

The baby eats walnuts and supplements the fiber, which is conducive to the enhancement of the baby’s gastrointestinal function. It can help the baby to appetite and improve the baby’s appetite to better eat meals and absorb nutrients.

Eating walnut kernels is good for our health. Because walnut kernels are very rich in nutritional value, it is very suitable for most people to eat walnut kernels. For pregnant women, it is good to eat walnut kernels at the same time, while babies eat walnutsKernels are also good for health, so everyone should know about walnut kernels, and eating them can promote healthy development.

[Efficacy and role of chicken matsutake]_Benefit_Necessary

銆 愰 Fuyun donated donated 嘫 姛 姛 堁 堜 笌 湤 护 抆 抆 濂 濂 擂 揩 _ 鐩 婂 
鍦ㄧ敓娲诲綋涓兘娌℃湁閬囧埌杩囬浮鏉捐尭锛岄浮鏉捐尭鏈韩婧愯嚜浜庡湡鐢熷湡闀跨殑涓€绉嶉鐢ㄨ弻锛屽叾涓殑鑽敤浠峰€间篃鏄緢楂樼殑锛屽彲浠ユ不鐤楀悇绉嶅悇鏍风殑鐧岀棁鐤剧梾锛屽挨鍏舵槸瀵规偅鑰呯殑搴峰锛屽欢杩熸偅鑰呯殑瀵垮懡锛屾彁楂樼敓瀛樺嚑鐜囨湁鐫€寰堝ソ鐨勮皟鑺備綔鐢紝鍚屾椂锛岃繕鑳芥彁楂樺厤鐤姛鑳姐€傚姛鏁堝К鏉捐尭鏄竴绉嶆潵婧愪簬鑷劧鐢熼暱鍦ㄥ反瑗垮湥淇濈綏閮婂灞遍棿鐨勮弻绫伙紝灞炲悕璐甸鐢ㄨ弻锛屽叿鑽敤浠峰€笺€傚К鏉捐尭瀵瑰悇绉嶇檶鐥囩殑浣滅敤涓栫晫鍗敓缁勭粐( WHO )璁や负鐩墠鎵€鏈夎偪鐦ゆ偅鑰?1/3 瀹屽叏鍙互棰勯槻锛屾湁 1/3 鍒╃敤鐜颁唬鍖荤枟鎶€鏈畬鍏ㄥ彲浠ユ棭鏈熻瘖鏂€佹棭鏈熸不鐤You can’t do it by 1/3, you can do it by key, you can get it by the chain, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it.鑰呯敓瀛樻椂闂淬€傝€屾彁楂樺厤鐤兘鍔涳紝鍙婃椂杩涜钀ュ吇琛ュ厖锛屾鏄湁鏁堢殑搴峰鎺柦涔嬩竴銆傚К鏉捐尭鍚湁涓板瘜鐨勭鐗╄川鍜屾姂鐧岀墿璐紝瀵瑰寮轰汉浣撳厤鐤姏锛岃ˉ鍏呯壒闇€钀ュ吇鏈夊緢濂界殑浣滅敤銆傚К鏉捐尭鎻愰珮鍏嶇柅鍔涘К鏉捐尭鍚湁娲绘€у绯栦綋锛屽叿鏈夋壎姝e浐浣撱€佸寮轰汉浣撳厤鐤姏绛夊姛鏁堛€傚К鏉捐尭鐨勫绯栦綋鍚噺楂樿揪 6.55g / 100g: What’s the difference?5 鍊嶃€傜嫭鐗圭殑尾 – (1-6)-D-钁¤悇绯栫粨鏋勭洿鎺ヤ綔鐢ㄤ簬鍏嶇柅鍔涳紝鍙揩閫熸彁鍗囪嚜鐒跺厤鐤粏鑳炵殑鐢熼暱娲绘€э紝杈呭姪鎻愰珮娌荤枟鏁堟灉銆傚К鏉捐尭婵€娲诲厤鐤浐鏈壎姝eК鏉捐尭鐨勪繚鍋ヤ綔鐢ㄦ槸鏃ユ湰澶氬鍖荤枟鍗曚綅鐨勮瘯楠岀粨鏋滄墍璇佹槑鐨勩€傚К鏉捐尭鐨勫绯栦綋鑳戒笌璁稿姘ㄥ熀閰哥粨鍚堬紝瀹规槗琚汉浣撶殑娑堝寲鍣ㄥ畼鎵€鍚告敹銆? 銆 佸 К 鏉 donated donated money to borrow?You’re in a hurry, you’re in a hurry, you’re in trouble, you’re in trouble, you’re awesome, you’re awesome, you’re awesome, you’re awesome, you’re awesome, you’re awesome垎瑁傚拰璋冭妭鍏嶇柅绯荤粺鍙嶅簲鐨勪綔鐢紝浠庤€岄樆鎸犲共鎵扮梾姣掔敓闀裤€? 銆佸К鏉捐尭鍙績杩涗汉楠ㄩ珦鐨勯€犺鍔熻兘:閫氳繃鏀瑰杽鍖栫枟瀵归楂撻€犺鍔熻兘鐨勬姂鍒讹紝浣垮鍛ㄨ绾㈣泲鐧芥祿搴︺€佽灏忔澘鍙婄櫧缁嗚優鎬绘暟瓒嬪悜姝e父鍊硷紝鍚屾椂瀵圭槫缁嗚優鍏锋湁What are you doing? Adopting the nickname chains, what are you going to do?

[Homemade Scallop Pillar]_Scallop Pillar_How to Make_Method of Making

[Homemade Scallop Pillar]_Scallop Pillar_How to Make_Method of Making

Scallop pillars can be made with many ingredients to make delicious home-cooked dishes, so that we can enjoy the nutrition and deliciousness brought by scallops at any time, and the following is an introduction to the home-made methods of scallop pillars, let us absorb the nutrition and deliciousness in scallops.

Method 1: Spicy scallop points: Be sure to carefully clean the shell of the scallop with a brush, and manually remove the beard-like shell feet.

It’s impossible to make delicious scallops if you leave the scallop feet on it.

Method: 1. Separate the leaves and stems of parsley and chop the leaves; 2. Cut the garlic into pieces; 3. Select a deeper pot.

Put the scallops first, then add the onion, and then the stem of parsley; 4. Add the minced garlic, and finally add 2 spoons of pepper, lemon juice, white wine, flour; 5. Cover the pot and cook over medium heat; 6, shake the pot frequently; 7, wait until the shell of the scallop is opened, remove all the scallops, add 2 spoons of masher to the soup, and boil; 8, put the scallops back in the pan and place on topSpread the parsley leaves evenly into the chopped parsley.

The second method is to change the past scallop practice, cut the tender scallop meat into silk and stew with wild mountain mushrooms and green pepper shreds to make it taste more fresh and sweet.

[Production process](1) Wash and drain the scallops and drain them into a baking dish; (2) Put the garlic sauce into the scallops, each one 1/2 tablespoons, make 8 in order(3) Preheat the oven at 200 ° C, put in the scallops, and bake for about 20 minutes. After cooking, remove the scallops and put them in the dish. Then, the method 3, the scallop pillars and the scallops are the same.In kelp, seaweed is more delicious and delicious, and is rich in protein. Generally, it can be cooked by soaking in cold water for about 1 hour.

1. Soak the scallops in warm water for at least 2 hours (4 hours is the best), and soften with your hands.

2. Cook the scallops with water for later use. The fans are soaked with water and ready for use.

3. Add a small amount of oil, a small amount of soy sauce, add garlic, stir-fry the scallops, and add a little water and the fans to mix.

4, in fact, put more oil to fry the fans together and taste better. You can eat less oil now and eat healthy, so I have to mix the fans.

[How often to eat red bean barley]_How to eat_How to eat

銆愮孩璞嗚枏绫冲涔呭悆涓€娆? 銆 慱 Hoo 咝 箞 璞 僟 傡 傡 傡 璍 璖?
I’m going to look at the nickel, and I’m going to go back and forth.钻潗锛屾墍浠ヤ粬浠粡甯稿皢绾㈣眴钖忕背涓€璧烽鐢ㄦ潵杈惧埌鍏荤敓淇濆仴鐨勭洰鐨勩€備絾鏄氨绠楃孩璞嗚枏绫崇殑鑽敤浠峰€奸潪甯稿ソ锛屽畠浠瘯绔熶綔涓轰竴绉嶄腑鑽潗锛屽鏋滈鐢ㄨ繃閲忕殑璇濓紝瀵逛汉浣撶殑鍋ュ悍杩樻槸鏈変竴瀹氫激瀹崇殑銆傞偅涔堝悆绾㈣眴钖忕背鐨勬椂鍊欎竴鑸涔呭悆涓€娆℃墠鏈€濂藉憿锛熻枏绫崇孩璞嗙播鍙互澶╁ぉ鍠濓紝浣嗘槸姣忓ぉ鍙鍠濅竴鏉紙250ml–300ml锛夛紝杩欎釜閲忚韩浣撴槸鍙互姣忓ぉ鎺ュ彈鐨勶紝鏈€濂藉啀鍔犵偣灏忕背涓€璧峰枬锛岃兘澶熸竻鐑埄婀匡紝鏁h娑堣偪銆?鍥犱负绾㈣眴鍜岃枏浠佸氨鏄緢鎺掓按鐨勶紝钖忎粊甯稿父鐢ㄤ綔涓嵂鍛€傝繖涓ょ涓滆タ鏄槮鑵垮繀澶囥€傚彟澶栫孩璞嗗拰钖忎粊涓€璧峰悆缇庣櫧鏁堟灉瓒呯骇濂藉摝銆? If you want to save it, you can use it to store it, or if it is slippery or not, you will be able to read it.What are you saying: What are you going to do? If you click on the button, click on the button or click on the button or click on the button or press the button.Fang Shi: What?I ‘m going to show you what ‘s going on, how can you tell me what ‘s going on? I ‘m going to tell you what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?Adze?锛夎枏绫崇孩璞嗙播鐨勫懗閬撴尯濂界殑锛屼絾鏄垜浠湪椋熺敤鐨勬椂鍊欙紝涓€瀹氳鏄庣櫧杩欏拰涓€鑸殑灏忕背绋€楗槸涓嶄竴鏍风殑锛岃繖鍙互绠楁槸涓€绉嶄繚鍋ユ堡鑽紝鎵€浠ヤ笉鑳借繃閲忛鐢紝鍙兘瀵艰嚧鑵规郴銆佽吂鐥涖€?Adze?锛夎枏绫崇孩璞嗙播搴旇鏄湪鏃╅キ鍚庯紝鍗堥キ涔嬪墠椋熺敤銆備笂鍗堣繖涓椂娈垫槸鑳冦€佽劸缁忕浉缁у紑濮嬪伐浣滅殑鏃舵锛岃ˉ鑴捐儍鐨勪笢瑗匡紝杩欎釜鏃跺€欏悆锛屼簨鍗婂姛鍊嶃€傚鏋滈€夋嫨鐨勬椂闂翠笉鎭板綋锛屽氨浼氬浜虹殑鐨勮韩浣撻€犳垚寰堝ぇ鐨勪激瀹筹紝褰卞搷鑳冨椋熺墿鐨勫惛鏀躲€?Adze?I ‘m sorry, I ‘m going to go back and forth!鈥濅负浠€涔?鍥犱负澶х背闀垮湪姘撮噷锛屽惈鏈夋箍姘旓紝婀挎€х矘绋狅紝鎵€浠ワ紝澶х背涓€鐔氨绋犱簡銆傜孩璞嗗拰钖忕背閮芥槸鍘绘箍鐨勶紝鏈韩涓嶅惈婀匡紝鎵€浠ュ畠浠€庝箞鐔兘涓嶇锛屾堡寰堟竻銆備腑鍖绘伆鎭版槸鍒╃敤浜嗗畠杩欑娓呯殑鎬ц川锛屾潵鎶婁汉浣撶殑婀跨粰闄ゆ帀銆備竴鏃﹀姞杩涘幓澶х背锛屽氨绛変簬鍔犺繘鍘讳簡婀挎皵锛屾墍浠ユ暣涓播閮界浜嗐€傚懗閬撹櫧鐒舵洿濂戒簡锛屼絾瀵逛簬鍏荤敓鏉ヨ骞堕潪濂戒簨锛屽氨鍥犱负閭d竴鎶婂ぇ绫筹紝鎵€鏈夌殑绾㈣眴銆佽枏绫冲氨閮界櫧璐逛簡锛屽姛鏁堝叏鏃犮€?Adze?What are you going to do with a pickaxe and a pick?Do you want to go back and forth?鍋跺皵鍚冧篃琛屻€?

Construction investment strategy-wide credit base currency slightly tightened

Construction Investment Strategy: Broad Credit Base Currency Slightly Reduces quasi-hedging is worth looking forward to

[Strategy dynamics]The wide credit base currency is slightly tighter, and the RRR cut is worth looking forward to. — 2nd week of April Liquidity observation Source: Construction investment strategy research Topics this week: The wide credit base currency is slightly tight, and the RRR cut is worth looking forward to completing the continuousThe reverse repurchase operation was suspended on the 13th, and a monthly announcement last week stated that due to the internal liquidity of the existing banking system at a high level, it can absorb the impact of government securities issuance and payment and other factors, the reverse repurchase will not be launched on April 4.operating.

Judging from the trend of interest rates, the currency interest rate fell last week and the national debt rate rose.

As of April 4, 2019, the corresponding interest rates for R007 and DR007 were 2 respectively.

24% vs. 2.

27%, 37BP and 20BP decreased earlier.

Although the inter-bank market is still too loose, we noticed that the short-term inter-bank market in March was more volatile than in February, and short-term supply-demand imbalances sometimes occurred.

According to “Credit Easing and Bull Market Panorama”, the Chinese credit system faces three substantial constraints in the supply of re-credit: (1) capital constraints, (2) liquidity constraints, and (3) demand constraints caused by poor interest rates.

With the initial replenishment of capital, the increased risk of commercial banks will rise, and the upward and upward movement of social financing in February has fully demonstrated the effectiveness of wide credit.

We believe that through the gradual recovery of bank credit, the consumption of statutory reserves has increased, the capital level has gradually tightened, and the volatility of the money market has increased.

  The MLF expired in the second quarter was 1,158.5 billion, of which 366.5 billion expired on April 17, 156 billion expired on May 14, and 463 billion and 2 expired on June 6, and 19, respectively.Trillion.

April and May are big months for companies to pay taxes and small months for fiscal expenditures, and released in June to release liquidity.

Based on the past five years of experience, in April and May, the average withdrawn funds was US $ 659.3 billion, and the average liquidity released in June was US $ 271.7 billion, and the fiscal deposit gap was reduced to US $ 423.7 billion.

In addition, the increase in cash replacement in the second quarter after the Spring Festival was 272.3 billion.

Due to the large number of MLFs expiring in the second quarter, and financial expenditures and credit will cause a gap in the base currency, coupled with short-term imbalances in supply and demand of existing base currencies, it is estimated that 366.5 billion MLFs will expire on April 17.Before, it is necessary to invest funds to make up for the gap.

  According to the scale of our in-depth report on “Credit Easing and Bull Market Panorama” on March 24th, we are currently in the credit easing stage, and reserve constraints offset investment investment constraints. Constraints in the upward stage will reduce the magnitude of the economic cycle and reduce the economyThe wavelength of the cycle, so that the process of economic recovery and prosperity ends prematurely.

Therefore, access to constraints in credit easing is a prerequisite for economic recovery.

During the credit expansion process in 2019, the deposit reserve ratio will continue to be reduced 1-2 times to ensure that financial institutions will not be subject to liquidity constraints during the credit expansion process.

From the perspective of the method of reducing the standard, universal and directional reduction are important options.

In our opinion, it may be that in addition to the general RRR cut, in the future, a targeted RRR cut will be made on deposits formed by small and micro enterprise loans.

If it is to lower the standard once for all financial structures and once for the small and medium deposit financial institutions, the reserve ratio will be further reduced to 13% and 10.

5%, which will help improve support for small and micro enterprises.

  Last week there were 548 listed companies on the Shanghai and Shenzhen stock exchanges. The number of listed companies on the daily limit increased by 150 from the previous week.

Important shareholders reduced their holdings by 2 last week.

1.5 billion, an increase of 35.

1.8 billion.

Last week, new equity and hybrid funds increased, the balance of margin financing and securities lending increased, the amount of financing purchases also declined, and capital inflows to the north increased, of which the Shanghai market increased by 29.

7.6 billion; Shenzhen market increased by 21.

79 yuan.

The market sentiment improved last week, and the daily limit rose on a month-on-month basis. The AH premium rate reached a one-year high.

In fact, last week, the balance of margin financing and securities lending increased to 945.2 billion, rising for ten consecutive weeks, approaching the key trillion mark. Even if there is a small reduction in industrial capital, the stock market liquidity remains better.

  As of March 28, the median price of the US dollar against the RMB was reported at 6.

72, up 0 from the previous month.


As of April 7, 2019, the effective RMB effective exchange rate index was 126.


German short-end interest rates fell, long-end interest rates fell, and maturity spreads narrowed; US yields fluctuated, and maturity spreads changed slightly; Japan’s long-end interest rates fell, and short-term interest rates fell, and spreads narrowed.

The appreciation of the renminbi against the US dollar confirms our judgment on the upward movement of the exchange rate in the weekly report “Economic Stabilization Begins, Blue Chip Relaying in the Next City”.

In fact, benefited from the rapid revaluation of the RMB last week.4% last week, the stock exchange funds from the previous week’s alternation to the rapid transfer, and gradually a net inflow of 50.

7 billion yuan.

Considering that the renminbi is still appreciating everywhere, the expansion of MSCI in May divided by the FTSE Russell index in June is favorable. The foreign exchange inflow situation in the next one to two months may continue to improve.

  2 Stock market liquidity Last week a total of 548 listed companies in the Shanghai and Shenzhen markets had daily limit.

The number of listed companies whose daily limit 杭州桑拿体验网 rose last week increased by 150 from the previous month.
Among them, there were 221 Shanghai stock markets, an increase of 80 from the previous month; 327 Shenzhen stock markets, an increase of 70 from the previous month.

In addition, the SME version has a daily limit of 144 companies, an increase of 33 from the previous month.

  (2) Occupation of funds for IPO and refinancing: Last week, the CSRC issued 4 IPO approvals, and the amount of funds raised was 20.

8.4 billion.

The actual funds raised from new shares last week were 39.

9.9 billion yuan, this week’s IPO financing amounted to 19.

3.7 billion, down 20 from the previous month.

6.2 billion.

Last week, the additional amount was 8.

2.1 billion, a decrease of 41.

7.3 billion.

  Increase and decrease of holdings and transaction costs of important shareholders: Last week, important shareholders reduced their holdings2.

1.5 billion, an increase of 35.

1.8 billion.

Last week the stock market transaction costs 75.

01 billion, down 49.

4.6 billion.

  Size of IPO funds: IPO share and hybrid funds last week were 28.

1.4 billion, an increase of 13 from the previous month.

8.8 billion yuan.

Among them, public funds 28.

14 yuan, no private equity fund.

  Margin financing and margin trading: Margin financing and margin trading last week was 9451.

5.9 billion yuan, with capital inflows of 593.

43 billion, an increase of 229.

1.2 billion.

The balance of margin financing and securities lending accounted for the circulating market value of A shares 2 last weekend.


  Financing purchases: Financing purchases were 3189 last week.

4.9 billion, down 416 from the previous month.

9.8 billion yuan.

The financing purchase amount last weekend accounted for 10 of the A-share turnover.

58, the chain is down by 0.


  Northbound capital inflows: From April 1, 2019 to April 4, 2019, China Securities Exchange A net income of 44.1ppm, the net inflow rose 51.

5.5 billion yuan.

Among them, Shanghai’s net inflow was 21.

6.3 billion yuan, an increase of 29.

7.6 billion yuan; Shenzhen’s net inflow was 22.

4.6 billion, an increase of 21 from the previous month.

7.9 billion yuan.

  Financial market liquidity (1) Open market operation of base currency: There was no open market operation in the last week.

  Short-term interest rates fell last week, long-term interest rates fell, term spreads fell, and credit spreads fell.

From the perspective of interest rate trends, R007 is down, and the average interest rate was 2 last week.

57%, a change of 1.

0089 supplements.

DR007 goes down to 2.

27%, weekly expectations are 2.


Last week, the short-term interest rate of SHIBOR fell, and the long-term interest rate fell.

  (3) The bond market maturity yield (1 year / 5 years / 10 years) was 2 last weekend.

48% / 3.

13% / 3.

27%, 5-year, 10-year yields are up synchronously from the previous month, and 1-year yields are up from the previous quarter.

10-year CDB bond maturity gains increased last weekend.

76%, up from the previous month.

The yield to maturity of 3A corporate bonds (3 years / 5 years / 7 years) closed at 3 last week.

7% / 4.

08% / 4.

27%, 3 years, 5 years, 7 years, the rate of return increased synchronously.

  Global liquidity RMB exchange rate: RMB appreciates slightly against USD.

As of March 29, the median price of the US dollar against the RMB exchange rate was 6.

72, up 0 from the previous month.

As of April 8, 2019, the effective RMB effective exchange rate index was 126.

  (2) Bond market: As of March 28, the US 10-year US Treasury yield 3.

76%, 1-year US Treasury yield 2.

4%, spread is -0.


German 10-year bond yield is -0.

08%, 1-year bond rate -0.

6%, spread is 0.
Japan 10-year bond rate is -0.

086%, 1-year bond rate -0.

1780%, spread is 0.


German short-end interest rates fell, long-end interest rates fell, and maturity spreads narrowed; US yields fluctuated, and maturity spreads changed slightly; Japan’s long-end interest rates fell, and short-term interest rates fell, and spreads narrowed.


Anhuanneng (601699): Impairment and Accumulation Consolidate Asset Base

Anhuanneng (601699): Impairment and Accumulation Consolidate Asset Base

Investment points Asset impairment provision will affect EPS0 in 2019.

33 yuan: The company realized revenue of 251 in 2018.

40 ppm, a six-year increase of 6.

78%, net profit attributable to mother 26杭州桑拿网.

63 ppm, a decrease of 4 per year.

29%; the decrease in net profit was due to the company’s provision of asset impairment reserves in the fourth quarter.

860,000 yuan, equivalent to EPS0.

33 yuan, resulting in a single quarter EPS of 0 in the fourth quarter.

15 yuan, the lowest during the year, is also a preliminary preliminary forecast of performance.

In 2018, the company’s gross profit margin and net profit margin were 40.

58% and 10.

15%, each year decreased by 0.

65% and 1.

22 units.

Dividend plan is 2 for every 10 shares.

68 yuan, the dividend ratio is 30%.

Coal prices and costs have both risen, and profits have been stable: the company’s coal output in 2018 changed from 3691, which gradually decreased by 11.

28%, of which coking coal output fell 42.

52%; coal sales reached 3806 per year, 四川耍耍网 increasing slightly by zero.

04%; the average coal sales price was 565 yuan / ton, a year-on-year increase of 4.

37%, of which the company’s core product injection coal price was 812 yuan / ton, exceeding the growth of 7%.

67%; the cost of selling coal per ton is 321.

6 yuan, up 8 before.

47%; gross profit per ton of coal was 244 yuan, a slight decrease of 0 on several occasions.


Coal segment achieved gross profit 92.

780,000 yuan, ranking slightly lower than the same period last year.


Coke volume and price rose, profit contribution increased: the company’s coke sales in 2018 were 177 inches, an increase of 18 in the past.

65%; the average selling price of coke is 1,929 yuan / ton, with an increase of 17 years.

54%; the cost per ton of coke is 1498 yuan / ton, down by 1 for many years.

02%; gross profit per tonne was 431 yuan, surpassing 236.

78%; coke plate contributed 7 gross profit.

6.3 billion, an annual increase of 299.

60%, the proportion of gross profit rose to 7.

6%, an increase of 5.

6 averages, the highest level in history.
The main business was good in the fourth quarter, and the asset impairment provision strengthened the company’s asset base: the company achieved revenue of 78 in the fourth quarter.
2 billion yuan, an increase of 21.

08%; gross margin is 40.

40%, up 1 from the previous month.

53 singles; net profit attributable to mothers4.

3.4 billion, down 48.

20%, net profit increased by 5.

55%, down 7 from the previous month.

4 units.

The decline in profit is primarily the provision for asset impairment losses.

USD 8.6 billion, most of which came from the mines integrated in 2009, the integrated mine Hangou Coal Industry Company, Xinling Coal Industry Company, Damuchang Coal Industry, Xinfeng Coal Industry and Former Civilization Coal Industry were listed as reductions, reorganizations and closures.Withdrawal from coal mines, a total of 7 depreciation.

5.7 billion, accounting for 76 of the total impairment provision.


This accrual solved the problems left over from the history of integrated mines in 2009, which further consolidated the company’s assets and profit base.

The Group’s asset injection is expected: The company’s future endogenous capacity expansion will mainly come from the coke sector. A 500-unit / year coal coke project in Tancheng Coking Park has been planned, of which the early stage will advance 140 per year / 6.

25m coking project; in terms of extension expansion, the Group promises that the asset quality is relatively better, and the production mines with profitability replacement are fully disposed and the returns are not lower than the company. It is planned to inject the company within five years from the date of completion of the mine construction.

At present, the Group has an annual output of 500 inches of Licun Mine and an annual output of 800 inches of Gucheng Coal Mine has entered a joint trial operation state, which may become an extension of the company in the future.

Investment suggestion: Our company predicts that the annual income from 2019 to 2021 will be 0.


94 and 1.

11 yuan.

Return on net assets were 12.

2%, 11.

3% and 12.

1%, maintaining the overweight-A recommendation.

Risk reminder: Economic growth is less than expected; environmental protection supervision has exceeded the expected impact of coal production and consumption; integrated mining

Chihong Zinc and Germanium (600497): High zinc processing fees optimistic about smelting business profit increase

Chihong Zinc and Germanium (600497): High zinc processing fees optimistic about smelting business profit increase
The company announced the 2019 first quarter report.The company achieved operating income of 47 in Q1 2019.43 trillion, the same minus 3.35%; net profit attributable to mother 3.63 trillion, the same minus 10.26%.The company’s Q1 in 2019 was the most profitable quarter in the last 4 quarters. We believe this is mainly due to the increase in zinc smelting processing fees and the company’s smelting business’s profitability has increased. Affected by impairment, 18-year net profit was doped.The company achieved operating income of 189 in 2018.51 trillion, the same increase 2.61%; net profit attributable to mother 6.2.3 billion, down 46.09%.We believe that the company’s 18-year performance decline was mainly due to the accrual of non-current asset disposal losses3.9.4 billion. Hulunbuir Chihong has great potential for reducing losses.Since the company’s 南京夜网 Hulunbuir smelter was put into operation, the project has been obvious for 3 consecutive years due to the effects of low ore self-sufficiency and continued decline in zinc processing fees.From 2016 to 2018, the company’s wholly-owned subsidiary Hulunbeier Chihong corrected 15 respectively.900 million, 7.700 million and 9.700 million.We believe that the domestic zinc concentrate output increased and the reduction of smelting capacity gradually appeared in the second half of 2018.Northern zinc concentrate processing fees increased from 3,600 yuan / ton in April 2018 to 7,100 yuan / ton in April 19, and we believe that the company’s smelting business will reduce losses in 19 years. Huize and Yiliang lead-zinc deposits have large reserves and high grades.The company owns a variety of mines such as lead-zinc, molybdenum, copper, and silver. The reserves of lead-zinc metals exceed 3,000 tons, of which the domestic reserves of lead-zinc resources exceed 380 tons (for the record).The company’s affiliated Huize lead-zinc-ore grade has reached 26-28%, and the Yiliangchi Hong lead-zinc grade has reached 22-24%, with an average value higher than that of domestic and foreign lead-zinc mines. Mining and selection, smelting both strong.Thanks to the company’s high-quality resources, the company is in the forefront of the industry in the field of lead and zinc mining and smelting.In 2018, the company produced 25 zinc-containing metals in concentrates.55 Cobalt, lead-containing metal content of concentrate 9.74 cobalt; production of refined zinc 39.29 cobalt, refined lead 7.56 inches.In 2019, the company plans to sinter concentrates containing 35 ounces of lead-zinc metal.Lead and zinc refining products number 47.23 positive electrodes, of which electric lead 9.53, Electric zinc 29.70 cobalt, zinc alloy 8 cobalt. Profit forecast and rating.The company’s existing business has strong profitability. With the price of lead and zinc maintained stable, we expect the company’s EPS for 2019-2021 to be 0.26, 0.27 and 0.30 yuan / share, net assets are 3 respectively.01, 3.18 and 3.36 yuan.Taking into account the company’s historical expected level and industry segmentation, the company is given a price-earnings ratio of 22-25 times in 2019, corresponding to a value range of 5.72-6.50 RMB.As the cyclical industry fluctuations intensify, we supplement PB to estimate and give the company February 2019.0-2.2 PB, corresponding to the value range 6.02-6.62 yuan.Combining the two estimation methods, we believe that the reasonable value interval is 6.02-6.50 yuan, maintaining the sustainable market rating. risk warning.The domestic and foreign lead-zinc mines resumed production faster than expected, and the environmental protection inspection by the safety supervision was lower than expected. Compliance Tips: According to the company’s 2018 annual report, Haitong Securities (the contracted securities account dedicated to repurchase agreements) holds[000603 Shengda Mining]in excess of 1% of its total share capital.