Dongfang Cable (603606) Investment Value Analysis Report: Pure Submarine Cable Leads Benefit from Rush Installation

Dongfang Cable (603606) Investment Value Analysis Report: Pure Submarine Cable Leads Benefit from Rush Installation

Core point of view The company is a leader in pure submarine cables in the domestic market. The market demand began to accelerate with the rise of offshore wind power. Benefiting from the tightening supply in the industry and the improvement of competitive advantages, the company enjoyed both volume and price increases and strong growth momentum.

The company’s EPS for 2019-2021 is expected to be 0.



96 yuan (corresponding to PE19 / 15/11 times), the first coverage, given “overweight” rating and target price of 13 yuan (corresponding to 23 times PE in 2019).

   Both the land and sea cables are expanding at the same time.

The company is a leading company in the cable industry, with operations including land cable systems, submarine cable systems and offshore engineering.

The company started with a traditional land cable. Since 2005, it has transitioned into the field of high value-added submarine cables. It has taken the lead in achieving domestic breakthroughs in 110/220 / 500kV (including soft joints) submarine cables.9% increased to approximately 41% in 2019H1, and the product structure was significantly optimized.

At present, the submarine cable business has become the company’s core driving force for growth, and its scale has accelerated.

900 million yuan (+7 a year).

4%) and return to the net profit of mother 1.

80 ppm (ten years + 220%).

   Offshore wind power is rushing to install, and the demand for submarine cables is accelerating.

The price of a submarine cable is 3-7 times that of a land cable of the same specification, accounting for about 10% of the investment in a sea wind project.

The domestic sea breeze has accelerated its rise and entered the rush installation cycle. It is expected that the new installed capacity in 2019-2021 will reach 2/3.

5 / 5GW, corresponding to market space of 34/58/72 billion, CAGR of about 46%.

Due to the concentrated market structure of capital, regional location, technology, and qualifications in the submarine cable industry, the supply side is mainly Dongfang Cable, Zhongtian Technology, Hengtong Optoelectronics, and Han cable. There are four manufacturers, including Dongfang Cable and Zhongtian Technology.First echelon.

It is expected that the offshore wind power project will develop from offshore to offshore in the future. The large length of submarine cables, the key technologies of soft joints and comprehensive service capabilities are gradually prominent.Expected to benefit from the rapid growth of sea breeze rush equipment.

   Pure submarine cable faucet, solid competitive advantage.

The company’s submarine cable capacity industry ranks first, with a current corresponding output value of about 2 billion. The proportion of submarine cable business income continues to increase, benefiting from the rise of Haifeng’s performance and achieving highly flexible growth.

The company replenished order 2 from 2016 to 2019Q3.




7 trillion, currently in the order of about 26 trillion, market share of about 32%, the existing submarine cable project contract qualification to strengthen the single capacity, orders continue to grow can be expected.

  With the tight supply of submarine cables and the concentration of 杭州夜生活网 competition, the company’s downstream costs have been distorted smoothly and benefited from price increases. The company expects that the gross profit margin of submarine cables in 2019H1 will exceed 40%, and both volume and price will rise.

In addition, the company plans to expand the output value of 2 billion submarine cables by 2021H1, and the market share will gradually increase under the condition of full orders.

  The company is leading the technology in the field of large lengths and flexible joints, and has built high technical barriers to maintain a stable competitive advantage and market share.

   Risk factors: The installed capacity of offshore wind power is less than expected, the submarine cable wins the bid less than expected, the price of raw materials changes, and the cost of offshore wind power drops less than expected.

   Investment suggestion: The company is a leader in pure submarine cable. The market demand begins to accelerate the volume with the rise of offshore wind power. Benefiting from tighter supply in the industry and enhanced competitive advantages, the company enjoys both volume and price increases, and strong growth momentum.

We forecast the company’s net profit to be 3 in 2019-2021.



30,000 yuan, EPS is 0.



96 yuan, corresponding PE is 19/15/11 times; referring to the valuation of comparable companies, the company is given a target price of 13 yuan (corresponding to 23 times PE in 2019).

Covered for the first time, giving “overweight” rating.

Qianyuan Power (002039) Investment Value Analysis Report: Outstanding Cash Creation Capability, Dividend Prospects, Deductive Value

Qianyuan Power (002039) Investment Value Analysis Report: Outstanding Cash Creation Capability, Dividend Prospects, Deductive Value
The core point is that the free cash flow yield is as high as 23.6%, ranking first in the past; the prominent advantage of electricity 天津夜网 prices pushed the company’s ROE to the forefront of the industry; the long-term investment in shares pushed the company to increase the dividend payout ratio boots to increase the yield; the DCF estimation method was used to derive a target price of 18.70 yuan / share, covering for the first time, given a “buy” rating.   Regional hydropower company with outstanding cash creation ability.The company is the only listed power company in Guizhou Province, focusing on hydropower generation. The actual controller is Huadian Group, which holds a total of shares.9%.The company’s main assets are the cascade power plants in the Beipanjiang River Basin. All 9 hydropower stations under its jurisdiction have been put into operation, with a total installed capacity of 3,231MW and an equity installed capacity of 1,827MW.  In 2018, the company completed 91 power generation.200 million kilowatt-hours, net profit attributable to mothers3.700 million.   Poor water supply from H1 affects electricity, but it is expected to improve in the second half of the year.The fluctuating water flow of the company’s power plant is at the same relative relative offset, affected by the decrease in upstream water flow, and the power generation in 2019H1 is 31.300 million kWh, a 23% decline each year.From the recent weather conditions, the recent precipitation in the basin where the company’s power station is located has improved. It is expected that the company’s water supply may improve during the flood season, which will promote the overall development of the water supply in the second half of the year and promote the company’s power capacity.   High electricity prices boost asset competitiveness, and financial savings become an important driver of performance.The company’s on-grid electricity price including tax in 2018 was 0.At RMB 307 / kWh, it ranks among the top hydropower companies, and the advantage of electricity prices pushes the company’s ROE to the forefront of the industry.  The company’s capital expenditure cycle has ended, entering the debt repayment cycle, and the asset-liability ratio has dropped to 71 at the end of 2018.5%, asset-liability ratio is expected to reach 60 in 2021.4%, the average annual decline in the next 3 years is about 3 units.Expected 2019?The average financial cost savings in 2021 is zero.5.9 billion, financial cost savings significantly boosted performance.   Changdian Power has invested in improving its governance structure and improving the prospects for dividend distribution.2017?The dividend payout ratio for 2018 was 28.6% and 24.9%, which is relatively low among hydropower companies, and the corresponding company’s dividend yield is also behind that of hydropower companies.Along with the company’s adequate capital protection for dividends after the end of the company’s capital expenditure cycle, and new shareholders have a demand for dividends after long-term capital investment, the company will maximize the probability of increasing the dividend rate in the future, and the increase in the dividend rate will significantly increase the company’s attractiveness and allocationvalue.   Risk factors: Turning water to dryness; downward 天津夜网 adjustment of electricity price; marketization of profit margin and scale intensified.   Investment advice: What do we expect the company to do in 2019?Net profit in 2021 is 3.49/4.02/4.46 ppm, a ten-year increase of -5.0% / 14.9% / 11.0%, the converted EPS is 1.14/1.31/1.46 yuan, the current sustainable corresponding P / E is 12/10/9 times.The company is highly suitable to use discounted cash flow estimation and WACC6.27% and 0.0% sustainable growth hypothesis, the company’s target price is 18.70 yuan / share, covering for the first time, given a “buy” rating.

Ten-month A-share transaction breaks through trillions of securities firms and starts restructuring key logic

Ten-month A-share transaction breaks through trillions of securities firms and starts restructuring key logic

Original title: Ten-month A-share transactions break through the trillion-dollar brokerage sector and start to re-initialize the key logic Source: Daily Economic News Recently, the market situation has changed and the market turnover of Shanghai and Shenzhen has been approaching one billion yuanMark.

As of the close of February 19, the cumulative turnover of Shanghai and Shenzhen has reached 1.

04 trillion, this is also the first time in 10 months, the daily turnover of A shares exceeded the trillion mark.

On the same day, the brokerage sector as an indicator of market sentiment also started.

  Among the more than 30 brokerage stocks in the two cities, Guojin Securities took the lead in daily limit on the morning of February 19.

In progress, some non-bank analysts believe that China Securities Securities took the lead in the ups and downs because China Securities Securities is the one with the highest proportion of investment banking business among small and medium-sized securities firms, and its brokerage business also has a relatively high proportion.

The implementation of the refinancing policy last weekend was positive for the investment banking business of securities firms, and real-time market sentiment was also continuously catalyzed. Therefore, low-valued small and medium-sized securities firms with a high proportion of investment banking and brokerage business were the first to start.

  The transaction volume affects the recent rankings of the brokerage business of brokerage firms in the TMT, agriculture and other industries. As the market visibility indicator of the brokerage firm sector, the recent overall market performance has been relatively weak.

  However, the non-silver sector outperformed the market on February 19, especially in the early morning, which once driven the market growth.

Among the more than 30 brokerage stocks in the two cities, Guojin Securities took the lead in daily limit.

In essence, some small and medium-sized brokers in the brokerage sector have also followed up.

  ”Daily Economic News” reporter noted that, overall, after the Spring Festival, the market performance of small and medium-sized A-share brokers was stronger than that of large brokers.

For example, as of the close of February 19, China National Securities has gradually increased by 15% since February this year, while the gradual increase of CITIC Securities is only 0.


  Some analysts believe that since last year, there have been logical main lines behind the several rounds of market transactions in the securities firm sector.

In the first quarter of last year, the leading investment bank was CITIC Construction Investment, a leading investment bank. Correspondingly, it was at the time of the preparation period before the landing of the science and technology board, and the market paid more attention to the investment and science board business.In January, the larger Nanjing Securities led the brokerage market. Correspondingly, there was an expectation of engaging in industry mergers and acquisitions behind the expectations of building an “aircraft carrier” brokerage.

  Regarding the phenomenon of small and medium-sized securities brokers led by China National Securities after the Spring Festival, leading non-bank analysts from securities companies told reporters that China National Securities had the first daily limit on February 19 because China National Securities was an investment bank in small and medium-sized securities companies.The business accounted for the highest proportion. Overall, its brokerage 杭州桑拿网 business accounted for a relatively high proportion.

She believes that the implementation of the refinancing and relaxation policy last weekend is good for brokerages and banks, and at the same time, the recent market sentiment has continued to be catalyzed. Therefore, the undervalued small and medium-sized brokerages, which have a high proportion of brokerage and investment banking business, were the first to start.

  According to Choice statistics, the daily turnover of the Shanghai and Shenzhen stock markets has recently approached one trillion yuan. On February 18, the turnover of the Shanghai and Shenzhen stock markets reached 9999.

4.6 billion, one step away from trillions.

As of the close of February 19, the single-day turnover of the Shanghai and Shenzhen markets was 1.

04 trillion.

This is also the first time in 10 months that the daily turnover of the two cities exceeded the trillion mark.

  According to statistics from Choice, since December last year, the turnover of A shares has continued to rise, from a level of about 400 billion a day to the level of more than 900 billion US dollars in a single day, and gradually approaching the high transaction value created in March.point.

  The increasing turnover has a positive impact on the brokerage business of brokers.

According to Choice statistics, in the last three quarters of last year, the top brokerages that accounted for the net income of brokerage business fees of A-share brokerage firms include Founder Securities (rights), Guoxin Securities, Hualin Securities, Guojin Securities, China Galaxy, West China SecuritiesWait.

In some cases, brokers’ revenues are mostly low.

  The new policy of refinancing is good for investment banking business Last weekend, the implementation of the new policy of refinancing has attracted the attention of investment bankers and non-bank analysts of continuous securities firms.

  A few days ago, IFC Securities investment bankers said in a conference call that after the refinancing new policy came into effect, it is expected that this year?
In April, the fixed-increasing projects of A shares will be declared centrally.
The meeting will be held in July, and approvals will be issued in August.

As the company has accumulated a number of customers in the early stage, it is expected that more projects will be reported this year. The major listed securities companies are expected to increase their revenue this year.

  For the impact of the new refinancing policy on the performance of securities firms, the non-bank team of CITIC Construction Investment recently made a calculation.

According to statistics, in 2019, the underwriting amount of A-share refinancing (additional issuance + rights issue + preference shares + convertible bonds + exchangeable bonds) was US $ 12791 billion.

Approximately, before the tightening of the previous round of refinancing rules, the underwriting amount of A-share refinancing reached 195.2 billion US dollars in 2016.

Brokerage refinancing underwriting and sponsorship business is expected to have room for delay in recovery.

  According to the calculation of the non-banking team of CITIC Construction Investment, it is assumed that the refinancing rates are 0.

6%, 0

8%, 1%, then under the most pessimistic, neutral, and optimistic assumptions, the refinancing business in 2020 can contribute 72 billion, 14.4 billion, and 24 billion yuan of revenue to the securities industry, equivalent to 2% of the operating income of the securities industry in 2019.
06%, 4.
11%, 6.


  Soochow Securities’ non-bank team recently issued an opinion and weighed that the impact of the new refinancing policy on the brokerage industry includes: firstly, the investment bank’s business income is expected to increase significantly, which is the first level of impact; the size of the refinancing is expected to be from the tightening period of 6000100 million scale returns to 1.

About 5 trillion yuan, calculated at a rate of 1%, the revenue increase to investment banking business is about 10 billion yuan.

In addition, due to the impact of the refinancing-related industrial chain, the increase in this part of the income should exceed the first level, including asset management business related to fixed growth, self-employment related to fixed growth strategy, and other M & A and restructuring businesses will usher in recovery.

  According to Choice statistics, in the last three quarters of last year, the brokerage firms that accounted for the net income of the business process fees of investment banks in A-share brokerages were CITIC Construction Investment, Dongxing Securities, Tianfeng Securities, National Securities, Nanjing Securities, Great Wall Securities, andEntrepreneurship, Everbright Securities, etc.

  Taken together, in the final three quarters of last year, brokerage and investment banking business accounted for more than 10% of A-share securities companies including: CITIC Construction Investment, Haitong Securities, Dongxing Securities, Guoxin Securities, Everbright Securities, Great Wall Securities, Nanjing Securities, TianWind Securities, Guojin Securities, Guoyuan Securities, Soochow Securities, etc.

Among them, small and medium-sized securities firms that estimate relative benefits, such as Guojin Securities and Guoyuan Securities, have performed relatively better recently.

  Although the market turnover recently broke through continuously, some investors still have doubts: Is the A-share turnover exceeding the trillion mark? Is this possible?

Does it mean that the market is too much?

In this regard, CICC’s strategy team released a comment saying that after a short-term rapid repair, the market may extend a certain short-term increase in the short-term may need consolidation, and a short-term consolidation is possible.

However, in the medium term, market sentiment is recovering but not redundant. Some funds have been hotly subscribed by the expansion of institutional investor income in recent years, and the market investor structure may be further institutionalized.

  CICC’s strategy team based on historical data statistics, the recent 1 trillion single-day transactions, the corresponding single-day turnover rate is 3.

About 2%, slightly higher than the historical average of 2.

The level of 4%, but the historical “danger zone” 5.

There is still a certain distance in the area of 5% or more turnover.

The resumption of market trading volume indicates that market sentiment has improved in the recent epidemic situation, and liquidity is relatively abundant. It is further repaired with the support of various policies.

From a comprehensive assessment and cycle point of view, if the market exceeds the “danger zone”, the midline trend may remain positive.

In addition, the market consolidated on February 19, but Northbound funds continued to have a net inflow of 37.

4.5 billion US dollars, indicating that overseas investors are still buying substantially.

Huatai Securities (601688) Quarterly Report Review 2019: Investment Banks Affected by Project Cycle Pressured Brokers Self-operated Repairs as Scheduled

Huatai Securities (601688) Quarterly Report Review 2019: Investment Banks Affected by Project Cycle Pressured Brokers Self-operated Repairs as Scheduled

Matters: Huatai Securities announced a quarterly report and achieved operating income of 62 in Q1 2019.

48 ppm, +45 a year.

65%; net profit attributable to mother 27.

80 trillion, ten years +46.


Recommended average ROE is 2.

66%, an increase of 0 over the same period last year.

5 averages, as expected.

  Opinion: Benefiting from the rebound in the market, the brokers’ self-employment have achieved repairs.

2019Q1 Net income from agency securities trading11.

24 ppm, + 14% per year, which is a rebound in the overall trading activity of the market.

Realized investment income from self-operated business (including income from changes in fair value) 22.

40,000 yuan, a 149% increase in ten years.

  With a high base last year, the investment banking business was under pressure.

Net income from securities underwriting business 2.

480,000 yuan, at least -39%.

  Huatai Securities (Huatai United) had no initial public offering projects in the first quarter, and there were four initial projects in the same period last year.

  The IPO project was reported, and the impact of the review broke through. It is normal to show periodic changes. The company’s current IPO project reserve is among the top ten in the industry, and its future performance is expected.

Seven additional houses were issued in Q1 2019 (compared with 10 in the same period last year), with a value of US $ 27.2 billion, which was -60%.

In terms of debt underwriting, the scale of underwriting of corporate bonds + corporate bonds in the first quarter.

160,000 yuan, an increase of 138 ten years ago.


  Asset management business achieved growth, and equity pledge business continued to clear.

Net income from the client’s asset management business in the first quarter7.

12 ‰, + 26% a year, stable in the market.

^ Net income 5.

USD 3.0 billion, -28% in one year. The company is still shrinking the balance pledge business, cleaning up the existing business to prevent risks, and continuing to accrue 620 in the first quarter.

850,000 yuan impairment provision for financing business.

  Investment 杭州夜网论坛 suggestion: Huatai Securities has significantly reduced its management fee rate in the first quarter and has excellent cost control.

ROE has improved steadily, and we expect the company’s EPS to be 1 in 2019/2020/2021.



38 yuan (original predictor variable 1 for 2019/2020).


15 yuan, adjusted according to market prosperity), BPS is 13 respectively.



70 yuan, the corresponding PB is 1.55/1.


40 times, ROE is 8 respectively.




The company continues to deepen market-oriented management reforms, strategic partnerships, and explore overseas markets. We give 2 times the PB estimate for 2019 performance with a target price of 27 yuan and maintain a “recommended” rating.

  Risk Warning: Overseas development is blocked, financial supervision is tightened, 武汉夜网论坛 and other systemic risks.

Jinhui Wine (603919) Annual Report 2018: Results Meet Expectations

Jinhui Wine (603919) Annual Report 2018: Results Meet Expectations
The performance was in line with expectations, and the company’s revenue grew steadily in 2018.6.2 billion (+9.72%), net profit attributable to mother 2.5.9 billion (+2.twenty four%).4Q18 revenue 4.9.7 billion (+27.08%), net profit attributable to mother 0.9.8 billion (+28.73%), and performance was in line with expectations.18-year gross profit margin 62.30% (-0.71pcts), net interest rate 17.68% (-1.3pcts), mainly due to a sales expense ratio of 15.69% (+1.84pcts) and advertising costs (+53.58%).Cash received for sales of goods and services 16.6.7 billion (+22.94%), cash flow improved.Target 2019: Revenue 15.6.7 billion (+7.15%), net profit attributable to mother 2.7.2 billion (+5.81%). High-end wine maintained steady growth, and the product structure continued to optimize. In terms of products, it accounted for over 36% of high-end wine (terminal weight over 100 yuan) in revenue5.32 billion (+31.87%), accounting for over 60% of the mid-range wine (terminals in the range of 30 yuan to 100 yuan) revenue8.7.8 billion (+1.96%), low-grade wine (terminal purity below 30 yuan) due to adjustment income continued to decline, the product structure is constantly optimized.From a regional perspective, Lanzhou and its surrounding areas, which account for over 30%, have a revenue of 4.4.9 billion (+7.23%), the demonstration effect of the provincial capital has appeared; the revenue of southeast Gansu, which accounts for nearly 40%, is 5.7.6 billion (+13.78%), the company’s base camp is relatively stable; the central Gansu region, which accounts for nearly 14%, has a revenue of 2.2 billion (-9.10%), accounting for over 7% of Gansu’s western region’s revenue is 1.07 billion (+38.09%), accounting for nearly 9% of out-of-province revenue1.2.8 billion (+18.80%), the expansion outside the province maintained a good momentum.From a channel perspective, it accounts for over 95% of the distribution revenue13.94 billion (+10.06%), CR5 dealers have 18 years of revenue 2.0.9 billion (accounting for 14.28%).In the 18 years, the company has a total of 391 dealers, including 239 in the province and 152 outside the province. The three major marketing promote development, the expansion outside the province is implemented in an orderly manner. The company adheres to the Jinhui and Longnanchun dual-brand strategy, deepens the core spirit of the “Golden emblem wine positive energy” brand, and implements three major marketing strategies: First, the provincial market adheres to the “notSaturate “marketing”, speed up the construction of the “Dalanzhou” market, the construction of the Hexi Corridor market, and increase the market share in the province; second, the market outside the province adheres to “asymmetric” marketing and adopts a focused strategy to develop the Shaanxi and Ningxia markets in an orderly mannerExploiting northwest markets such as Xinjiang and 合肥夜网 Inner Mongolia; third, build a “Wanshang alliance” system, optimize channel customer value distribution, and mobilize channel initiative.In addition, the company also absorbs outstanding dealers into the stock, binds the dealers, and builds a community of manufacturers’ interests. Investment recommendations We are optimistic about the continuous optimization of the product structure and the orderly expansion of expansion outside the province, and forecast EPS 0 in 19-21.82/0.93/1.06 yuan, corresponding to PE16 / 14/12, given a target interval of 14 in the next 6-12 months.76 yuan-18.04 yuan, given an “overweight” rating. Risk warning: food safety issues; demand growth in the liquor industry; national expansion is less than expected;

Chuantou Energy (600674): Yalongjiang investment returns lead to reduced profits, optimistic about medium and long-term growth

Chuantou Energy (600674): Yalongjiang investment returns lead to reduced profits, optimistic about medium and long-term growth

Event: The company released the third quarter report of 2019.

From January to September, the company realized operating income5.

78 ‰, a decrease of 3 per year.


Realize net profit attributable to mother 26.

31 ‰, a decrease of 5 per year.

08%, in line with Shen Wanwanyuan’s expectations.

Investment points: The investment income of the Yalong River increased, and Guodian Daduhe reform 杭州桑拿网 of equity method narrowed the decline in net profit.

In the first three quarters, due to dry running water and the implementation of the “one-stop, one-strategy” policy for ecological flow, the company’s holding of hydropower generation decreased by 3.


The difference in income from market-based electricity sales has led to a decrease in the average on-grid electricity price of holding hydropower3 each year.

84%, volume and price reductions led to the lowest decrease in operating income.


The company’s net profit attributable to its mother decreased by 5% in the first three quarters.

The main reason for the 08% reduction is that investment income from Yalongjiang, which has a 48% shareholding in this period, continued to decrease2.

4.6 billion.

Yalong River Hydropower’s power generation has increased every year in the first three quarters.

94%, the on-grid tariff is reduced by 7.


According to estimates, the Yalong River’s post-tax electricity price in the third quarter fell about 5% each year.

Lower electricity prices led to the Yalong River achieving net profit in the first three quarters.

800 million, a decrease of 8 per year.


The main reason for the increase in profit was that the company’s 10% stake in Guodian Daduhe Company changed its equity method and the investment income was recognized as 8413.

06 million yuan, no investment income expected in the same period last year.

The public issuance of convertible bonds was approved by the CSRC, and it is planned to raise US $ 4 billion for the construction of the Yangfanggou Hydropower Station on the Yalong River.

The company intends to publicly issue 40 million convertible bonds with a par value of 6 years.

The two river mouth hydropower stations (total 4.5 million kilowatts) of Yangfanggou in the middle reaches of the Yalong River in which the company shares are expected to be put into operation in 2021-2023.

The Yalong River midstream DC UHV transmission project uses ± 800 kV DC, which landed in Jiangxi, and has been approved for construction by the National Development and Reform Commission.

The power generation gap in Jiangxi Province continues to widen, which is conducive to ensuring the hydropower consumption of Yazhong units in the future.

Long-term cooperation framework agreement with ZENENG Capital to cooperate in the development of new energy.

In September, the company and ZENENG Capital have a medium-term cooperation framework agreement. The company is willing to actively participate in the green and new energy industry, energy technology and other topics of equity investment funds initiated by ZENENG Capital.

After the conditions are mature, both parties are willing to discuss the company’s participation in the company’s shareholding in the company’s Zeneng equity investment fund management company to do so.

The two parties will continue to promote the project to each other, and carry out project investment cooperation around the new energy field through investment and other methods.

The Group’s hydropower assets will be injected soon.

Sichuan Investment Group has clearly defined the company as a clean energy platform under the Sichuan Investment Group. In order to solve the problem of inter-bank competition, the equity of 8 inter-bank competitors has been entrusted to the company for operation and management.

The Group has already started the injection procedure of profitable companies (Zipingpu Development in Sichuan Province, Jialingjiang Tingzikou Water Conservancy and Hydropower), and Zipingpu Development and Tingzikou Hydropower achieved zero net profit in 2018 respectively.
4.4 billion, 2.
7.4 billion.

Earnings forecast and rating: Considering the decline in the electricity price of Yalong River, we have lowered the company’s net profit forecast for mothers in 2019-2021 to 32.

86, 33.

74 and 34.

1.4 billion (36 before adjustment respectively.

88, 37.

25, 37.

6.1 billion), currently corresponding to PE 13, 13, and 12 times.

Yalongjiang’s performance is stable and it has achieved growth potential in the medium and long term. The first unit of midstream generators has been put into operation for a longer period of time, maintaining a “Buy” rating.

What to eat after gynecological surgery

What to eat after gynecological surgery

Core tips: In the early postoperative period, special methods are generally used to provide nutrition, such as intravenous hypertrophy.

After the upstream function is restored, you can give clear or liquid food first, and then gradually transition to semi-liquid food.

  For many female patients, what to eat after gynecological surgery leads to their biggest concern because it is related to gradual recovery.

The following is a brief introduction to the precautions after surgery.

  What to eat after gynecological surgery?

  After gynecological surgery, you should pay attention to diet and eat more fruits, but what fruits are usually better for women after gynecological surgery?

Gynecological experts said that bananas are very important when eating apples after gynecological surgery.

  Among the many fruits, apples are sweet and sour, and have high nutritional value and therapeutic value. They are called “the first medicine for doctors”, “a full range of healthy fruits” or “general practitioners”.

  Apple mainly contains sugar, pectin, organic acids, multivitamins, calcium, phosphorus, magnesium and other minerals, instead of fiber.

Vitamin C in apples is the cardioprotective spirit. Colloids and minerals can lower cholesterol. The unique aroma can relieve the bad mood caused by stress, and it can also refresh the brain.

Apples can beautify and remove spots, making the skin moist and elastic.

  Bananas Bananas: Bananas are high in nutrition and low in conversion, and are fairly good nutritional foods.

It contains protein, sugar, starch, pectin, various vitamins, and calcium, phosphorus, iron and other minerals.

Bananas have intestinal laxative, lungs and cough, clearing heat and detoxifying, helping digestion and nourishing.

Banana vitamin D can effectively maintain the health of the skin and hair, and is very effective for the cracking of the skin of fingers, hands and feet, and it can also make the skin smooth and smooth.

The fruit that best meets nutritional standards and can add smile to human bones is banana. It contains pantothenic acid and other ingredients. It is a happy hormone of the human body, which can relieve psychological stress, eliminate depression, and make people happy.

Eating bananas before going to bed has a calming effect.

Banana can prevent stroke and hypertension, lower blood pressure and protect blood vessels.

Fourteen reasons for a woman’s divorce

Fourteen reasons for a woman’s divorce

1. Marry for love, or divorce for love — love is giving, thinking for the loved one, accompanied by watching him gloomy, frowning, it is better to return freedom to him: the last time to express my love.

  2. Marriage is the deepest trust. I can’t think that the taboo has taken root in the man’s heart again. It grows faster than the weeds, so I have to leave, at least I can maintain my trust in myself.

  3, I don’t know why he fell in love with another person so desperately, only knowing that the reason must be completely different from that of falling in love with me.

Love is gone, what’s the use of marriage?

  4. He is the kindest person in the world. From love to marriage, he has been obedient to me, but he does not understand that what I want is a husband who ignites my passion, not a burly nanny.

He will understand only after divorce.

  5. Or I am a bad woman that people often say, but love is never reasonable. When I get married, how do I know that I will fall in love with another man? It is better to be a bearer than to continue to torture him.

  6. When in love, I did n’t know he was so domineering: everything is on his side, and everything is said by him. He has to decide everything, and a domineering man, you never want to change him, leave him-letLet him manipulate his shadow, the shadow is more obedient than his wife!

  7. I dream of having a caring, considerate, and caring husband.

But he was so good to all women, and I couldn’t accept 10,000 reasons.

Scary jealousy can easily destroy a woman completely, and run away while it’s still possible, and once and for all, get rid of the jealousy.

  8. I gave everything to him, gave it to the child, and gave it to him.

Along with letting him cultivate my inferiority, it is better to let him find a strong woman he admires, and let him experience the feeling of self-defeating.

  9, I am me: an ordinary woman.

Marriage is not acting, how can I play so many roles: going out is a lady, entering the room is a good wife, going to bed is a slut.

It’s best to let him go to a polygamous country.

  10, the man’s smallest mind, can not tolerate his wife is more ambitious or capable than him.

Home is not the whole of my life. Why can’t a woman not fail her own business, and it is better to give up him than to give up the world of oneself.

  11. As the saying goes, women are most afraid of marrying the wrong person, but how can a person’s cruel nature be seen at a glance, and unfortunately his life is in the hands of such a man. Without divorce, it is really impossible.

  12. Life is changing, the world is changing, and people are changing. It is relatively speechless, and getting along is lonely. Let ‘s start apart again.

  13. Fortunately, I was very sensible and thought that marriage and love were impossible. But after many years of marriage, I found that the days without love could not survive.

Give each other a chance. If you can love one time unforgettablely, even if you only have one day, you will have no regrets for life.

  14. He has changed completely, I can’t recognize him, and I can’t see him all day. Husbands who don’t live are worth mentioning.

Yoga-strong men also fall in love

Yoga-strong men also fall in love

Clean, healthy, natural, fresh . like the air with dew.

When Chen Kun looks at you, they can all observe as comfortable as green plants.

Ranked in the muscle man’s eight-pack abs, Chen Kun’s refreshing is even better.

What’s even more surprising is that this big boy loves yoga.

  According to the “Body Line” magazine, Chen Kun has been practicing yoga since the last year of college, and it has been more than five years since then.

Chen Kun said: “The first contact with yoga was in a farmhouse in Amsterdam. I saw an old lady in her sixties practicing yoga. I am a Buddhist. Before I contacted yoga, I had a meditation habit.I think this thing works for me.

She taught me some basics of yoga and I have been practicing it myself since I came back.

“When it comes to the topic of yoga, people around me interjected and said how difficult it is to do posture, that leg, that huge, not practicing with the teacher, is not easy to practice.

“That’s because most people don’t know much about yoga.

Chen Kun didn’t take it for granted.

“The yoga I practice is mainly meditation, and I also practice extremely large postures, but not so mysterious.

The main thing in yoga is to regulate breathing. The correct breathing method can regulate your mood.

There is a saying: Human life is just in one breath.

It sounds esoteric, but it does.

“Sit cross-legged, relax your limbs, and balance yourself in meditation.

This is Chen Kun’s description of his state while practicing yoga.

  For him who does not like cardiovascular exercise, yoga is the most suitable.

There is a slang term for “who slips by what bird”.

In fact, some people choose a certain lifestyle.

Slow and long, soft and warm, this description can be used to describe yoga, but also can be used to describe Chen Kun.

  Yoga has become an important part of Chen Kun’s life.

He said: “Yoga has changed me a lot, and my body is more flexible. The important thing is to make me more peaceful and natural, including my attitude towards life.

Yoga has become my concept of life.

In fact, my level is very ordinary, many actions can not be done.

If you can’t do it, you can’t do it, take your time.

“With temperament like Chen Kun and such intensity of work, it’s not easy to stick to exercise.

But for yoga, he maintains an hour of exercise per day.

If you are at home, you won’t get up after 7 in the morning and you won’t go to bed more than 10 in the evening.

If he was in the crew, he would get up an hour and a half in advance, practice yoga for one hour, and wash for half an hour.

Ask him what motivates him to keep going?

“Like me!

“It’s a natural answer,” I can’t escape anything like the word, as long as you like it, you won’t find it difficult.

“Because I like to choose yoga, and yoga gives Chen Kun a healthy body and a calm mind.

Taekwondo Basic Footwork-Three or Seven Steps

Taekwondo Basic Footwork-Three or Seven Steps

The three or seven steps are the most important footwork in Taekwondo and are the most used.

The temporary budget for this footwork move is suitable for various leg moves.

It is also the most used footwork in the routine.


Ready for correct posture.


The right foot is backward, and the front-to-back length of the outside of the right foot and the front toe is 1 of the shoulder width.

5 times.

The toe of the front foot and the heel of the rear foot are in a straight line.


Hind toes beyond 90 degrees.


The front leg is bent slightly, and the vertical direction cannot exceed the heel.

The front foot bears 3 minutes of body weight.


The hind legs contract and bend, contracting the vertical line perpendicular to the hind feet, bearing the body’s 7 points of weight, the center of gravity is in the middle of the two feet.


The body faces to the front right, with an angle of 45 degrees to the front, with both hands fists on both sides of the body, the elbows are bent 120 degrees, and the arms are relaxed.

Protect yourself.

The distance between the punch and the body is one foot.


Relax all over, raise your chest and look forward.