[Can pure milk and honey be eaten together-]_ pure milk _ can be eaten together

銆愮函鐗涘ザ鍜岃渹铚滆兘涓€璧峰悆鍚棧裤€慱绾坛涔砡鑳借悓椋熷悧
The world is full of sorrows, sorrows, sorrows, and sorrows. The father and the mother have a lot of fun. They have a lot of sorrows. They have a lot of keys.惈链変赴瀵岃惀鍏诲厓绱犵殑锛屽浜庝汉浣撳瓨鍦ㄦ湁璁稿鐨勫ソ澶勩€傛湁鐨勪汉璁や负绾墰濂舵槸涓嶅彲浠ュ拰铚傝湝涓€璧峰悆鐨勶紝璁や负浼氬紩璧蜂竴浜涘壇浣滅敤;鏈変簺浜鸿涓虹函鐗涘ザ鏄彲浠ュ拰铚傝湝涓€璧峰悆鐨勶紝鎼厤璧锋潵婊嬪吇鏁堟灉鏇村ソ锛岄偅涔堜笅闈㈠氨鏉ヨ缁嗕粙缁嶄竴涓嬬函鐗涘ザ鍜岃渹铚滆兘涓€璧峰悆鍚椼€傜墰濂跺拰铚傝湝鑳戒竴璧峰悆鍚?銆 佺 坛 哺 姺 哚 傝 湝 鐗 涘 ザ 钖  我 澶?鑰岃渹铚滀箖闀佺殑鈥滃瘜鐭库€濄€傜爺绌惰〃鏄?鈥滈捑鈥濊兘缂撳拰鎯呯华銆佹姂鍒剁柤鐥涖€侀槻姝㈡劅鏌?骞跺噺灏戠粡鏈熷け琛€閲?鈥滈晛鈥濊兘甯姪澶ц剳涓缁忓啿鍔ㄤ紶瀵笺€佸叿鏈夌缁忔縺绱犱綔鐢ㄧ殑娲绘€х墿璐ㄧ淮鎸佸湪姝The e-father village is linked to the chain, and the chain is in the same position. Is it possible to take advantage of the performance of the board?Lianxianbangbanghan Hanhuan?咑 堎 綱 у 繇 幇 Power sorrow, 卑 忚 交 員 嫔 姏 劆?銆佸ザ涓庤渹铚滃悓鏃堕鐢ㄦ晥鏋滄洿濂姐€傛恫鎬佽(鐩?瑁 呯 坛 Always 岺 浠 ョ 洿 鎺 ラ ギ 鐢?涔熷彲浠ュ姞鐑ギ鐢ㄣ€備絾涓嶈兘楂樻俯鐓哺,鍚﹀垯鐮村潖鍏惰惀鍏绘垚浠姐€侀檷浣庤惀鍏绘晥鏋溿€?250 鍏嬬墰濂跺湪寰尝鐐変腑鍔犵儹涓€鍒嗛挓鍗冲彲,鐒跺悗鍔犲叆閫傞噺鐨勮渹铚滈ギ鐢?What are you going to do in the altar?銆 帝 渹 據 洿 鎺 ラ  鐢?What’s the difference? What are you doing? What are you talking about? What are you talking about? Are you talking about being chopped?Awards and awards are made by the master and the master chains. They are so sorrowful and sorry.畾, 旴 旇  闀 幡 鍧 鰧 寔 劆 傜 劜 哺 擺 據 哝 镄 勫 ソ 澶?銆 佺 坛 幂 姺 哚 幝 幝 啫 傫 ソ 澶?淇冭繘鐫$湢涓嶅皯鏈夌潯鐪犲洶闅剧殑浜洪兘涔犳儻鍦ㄧ潯鍓嶅枬涓€鏉俯鐗涘ザ鑸掔紦鎯呯华淇冭繘鐫$湢,浣嗗叾瀹炲姞鐐硅渹铚滄晥鏋滀細鏇村ソ銆傜墰濂跺惈閽惧,鑰岃渹铚滃惈鏈変赴瀵岀殑闀併€傜爺绌惰〃鏄?閽惧绁炵粡鍐插姩鐨勪紶瀵艰捣鐫€閲嶈鐨勪綔鐢?What are you going to do? What are you talking about?What’s wrong with you? What’s the matter? What’s the matter?鑳 鑟 鑺 Performance?What’s more, 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?銆 佺 坛 幂 姺 哚 幝 幝 啫 傫 ソ 澶?It ‘s so cold, it ‘s not so good, it ‘s not a good idea, 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?浜岃€呯粨鍚堣兘缁欎汉浣撴彁渚涜冻澶熺殑鐑噺鍜岀淮鐢熺礌銆佹皑鍩洪吀鍜岀熆鐗╄川绛夊厓绱?╀ 鬴 推 槨 槸 鍗 攗 雅 髴 鏉?鑳借浜虹簿绁炲厖瓒冲共鍔插崄瓒炽€?銆 佺 坛 幂 姺 哚 幝 幝 啫 傫 ソ 澶?鑸 掔 璦 鐥 涚 粡 綗 涘 ザ 瀵 屽 嘈 阍?铚傝湝鍚晛涓板瘜銆傞捑鑳界紦鍜屾儏缁€佹姂鍒剁柤鐥?骞跺噺灏戠粡鏈熷け琛€閲忋€傞晛鑳借捣鍒板績鐞嗚皟鑺備綔鐢?Lianxianbangbanghan Hanhuan?Sorrowful sorrows and sorrows

[Can I eat noodles for weight loss?

】 _Slimming_Can you eat

[Can I eat noodles for weight loss?
】 _Slimming_Can you eat

The physical condition of modern people is generally biased. This is a manifestation of excess nutrition, but it has a great impact on people’s bodies, because obesity can bring too many health problems to the body, so weight loss has become a modern person.More concerned about the problem, weight loss is very beneficial to the body, but it is very difficult to lose weight.

Many people insist on eating noodles to lose weight. So, can you eat noodles to lose weight?

Losing weight is not suitable for eating noodles, because every 100 grams of raw noodles contains 355 calories, and 100 grams of raw rice has 330 calories.

But we do n’t eat raw. When the rice is steamed into rice, the rice grains absorb and decompose moisture, so the conversion of 100 grams of rice is lower than that of raw rice, only 120 calories, equivalent to one and a half apples.

Similarly, there are 280 kcal for 100 grams of noodles.

In other words, if you eat noodles and rice of the same weight, the volume of rice is less than that of noodles.

Although the trace amount of noodles is higher than that of rice, from a nutritional point of view, protein, dietary fiber, and calcium, potassium, magnesium, iron, zinc and other minerals in the noodles need more mineral content than rice, so eating pasta is moreIt is easy to produce a feeling of fullness, and it is not as difficult to control as eating.

Ordinary rice mainly provides simple mixtures. Although coarse grain rice can provide more nutrition, coarse grain rice is not suitable for every meal because it may cause indigestion.

Note: Eat noodles warmly.

Noodles can be eaten in a variety of ways, from cold water noodles to extremely hot oily noodles.

Too hot will hurt the esophagus, too cold will not help digestion and absorption.

So most of the time, eating a bowl of warm noodles is the most suitable.

Original soup into original food.

When cooking starchy foods, the starch on their surface is scattered into the soup.

When heated to 100 ° C, starch granules break down into dextrin, which can help digest food.

The noodle soup also contains digestive enzymes, which will not be destroyed during cooking and can also help digest food.

[Beef noodle recipe]_Beef noodle_How to make_How to make

銆 愮 坛 夐 傐 喰 嶰 嶰 Nan 銆 撱 涝 倝 闱  Pick-up 箝 箞 歘 How do you prepare the pot?
Awesome, stolen Ning song, sorrowful, sloppy, sloppy, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful殑锛岃€屼笖鑷繁鍦ㄥ閲屽彲浠ョ畝鍗曠殑杩涜鍒朵綔锛屼笉浼氳€借澶暱鏃堕棿鐨勬堡锛屽緢澶氫汉By using the chain, you will be able to use the umbrella to set up the umbrella, and the altar will be set up, and the calendar will be set up, and the pot will be set up.?Trivial painting, 500g, masquerading, sorry, sorrowful, sorrowful, sorrowful?揶 у 嫼 普 嗙 喚 喰 喰?澶у嫼鐢熸娊2澶у嫼鐩愰€傞噺杈呮枡钁卞崐棰楀叓瑙掓鐨鍙堕檲鐨皬鑼撮骞茶荆妞掑ぇ钂滅摚濮滅墖棣欒懕 鐗涜倝鍒囧皬鍧楋紝娓呮按娴告场锛屾场澶х害5涓皬鏃讹紝姣忎釜灏忔椂鎹竴涓嬫按銆傝繖閲屾垜The temperature is lower than the average value, and the information is as follows: “Jianjuan”, “Jianjuan”, “Jianjuan”, “Xianjuan”, “Zhejiang”, “Chengdu”, “Chengdu”, “Chongqing”, “Chongqing”, “Chongqing”, “Chongqing”姞鐑嚦娌歌吘鍑鸿娌紝鍐嶆竻娲楀共鍑€锛屾播骞插鐢ㄣ€傚噯澶囬厤鏂欙紝娲嬭懕鍒囦竵锛屽悇绉嶉厤鏂欓泦鍚堝ソ澶囩敤銆傛垜娌℃湁灏忚尨棣欏氨娌℃湁鐢紝浼拌鐢ㄤ笂鍛抽亾浼氭洿濂姐€傚彇涓€澶ч攨锛What’s the difference? What’s the difference? What’s the difference? What’s the difference? What’s the difference? What’s the difference? What’s the difference?鍔犲叆鍐扮硸缁х画鐐掕嚦鍐扮硸鐔旇В锛屽啀鍔犲叆璞嗙摚閰憋紝鐣寗閰卞拰棣欒懕锛岀倰鍑洪鍛炽€傚€掑叆娌ュ共鐨勭墰鑲夛紝缈荤倰鍧囧寑锛屽啀鍔犲叆鐢熸娊锛岀炕鐐掕嚦鐗涜倝涓婅壊銆傚€掑叆閫傞噺鐨勬按锛屽ぇ绾︽槸閿呭瓙鐨?/ 3 bit $ 擙 镙 峰 瓙 Adorable ぇ 鐏  姞 鐑  呌 歌 咘 尃 炃 翏 忕 俕 亀 倀 倴 啴 畴 啴 畴 啴 啴 啴 啴 啴?涓皬鏃跺乏鍙筹紝鐐栧ソ鐨勭墰鑲夋堡鍔犻€傞噺鐨勭洂璋冨懗銆傛兂瑕佸悆闈㈢殑绛掑瓙锛屽彇鍑洪€傞噺鐨勬堡鍋氫负闈㈡堡澶达紝鐓ソ鐨勯潰鏉″姞鍏ョ墰鑲夋堡涓紝鍐嶉厤涓婇€傞噺鐨勭墰鑲夛紝灏辨槸涓€纰楅The Ning Manuscript, the power of the power, the power, the power, the power, the power, and the power?

[Can the lotus leaf oolong tea be brewed together]_How to brew_How to brew

銆愯嵎鍙朵箤榫欒尪鑳戒竴璧锋场鍚椼€慱鎬庝箞娉濡備綍娉?
鑽峰彾鏄彲浠ユ场鑼剁殑锛岃兘璧峰埌淇冭繘鑲犻亾锠曞姩锛屾帓鍑烘瘨绱犮€佹帓姘村埄灏匡紝鍋ュ悍娑堣剛绛変綔鐢紝浣滀负鍑忚偉鐨勯ギ鍝佹槸闈炲父涓嶉敊鐨勯€夋嫨銆傝€屼箤榫欒尪涔熸湁绫讳技鐨勫姛鑳斤紝鎵€浠ュ緢澶氱埍缇庣殑濂虫€у氨甯屾湜灏嗕袱绉嶈尪鏀惧湪涓€璧锋场鍒堕ギ鐢紝甯屾湜鑳借揪鍒颁簨鍗婂姛鍊嶇殑浣滅敤銆傞偅涔堬紝鑽峰彾涔岄緳鑼惰兘涓€璧锋场鍚楋紵涓嬮潰鍜变滑灏辨潵鐪嬬湅鍚с€傛渶濂戒笉瑕佹斁鍦ㄤ竴璧峰枬锛屽洜涓轰細褰卞搷鍚勮嚜鐨勫彛鎰燂紝鍛抽亾浼氭瘮杈冨鎬€傝嵎鍙惰尪涓惈鏈夊绉嶆湁鏁堢殑鍖栬剛鐢熺墿纰憋紝鑳芥湁鏁堝垎瑙d綋鍐呯殑鑴傝偑锛屽苟涓斿己鍔叉帓鍑轰綋澶栥€傝嵎鍙剁⒈鑳藉己鎮嶅瘑甯冧汉In the meantime, the ship is stunned and the ship is just inlaid, and it’s faint.Just set up, arbitrarily arbitrarily, arbitrarily, arbitrarily, and efficaciously, we can make up for the marriage of the canister, and we ca n’t find it. We ‘ve just captured the chain, and we ‘ve just captured it.熸晥浠庤€岃浣犲鑽よ叆娌硅吇鐨勯鐗╂笎娓愪骇鐢熷弽鎰熴€傛墍浠ュ叿鏈変紭绉€鐨勫噺鑲ュ姛鏁堝強鍗撹秺鐨勯檷鑴備繚鍋ヤ綔鐢ㄣ€?.You can read the chains and the chains, and you can read them in the same way. You ca n’t read them together. What are you going to do?帓渚夸粠鑰屽彲浠ユ竻闄ゆ瘨绱犮€傝嵎鍙惰尪姣斾竴鑸珮绾ら鐗╂洿鏈夊埄渚跨殑鏁堟灉锛岀洿鎺ヨВ鍐充簡渚跨鐨勭儲鎭硷紝鍥犳闅嗚捣鐨勫皬鑵瑰氨浼氭參鎱㈠湴鍙樺緱骞冲潶銆?.Click on the button and click on the button to get started. The inertia is very fast. It’s very difficult to find out what is happening. It’s just a pity鑴傝偑绉粸浣撳唴;缁翠粬鍛紹1銆丆鍜屽挅鍟″洜鑳戒績杩涜儍娑插垎娉岋紝鏈夊姪娑堝寲涓庢秷鑴傘€傚浜庢參鎬х柌鍔崇殑鍘嬪姏涓€鏃忋€佸皯鍠濆鍔ㄥ嵈鎬庝箞閮界槮涓嶄笅鏉ョ殑姘斻€傛粸鍨嬭偉鑳栫瓑钀冨彇浜庤嵎鍙剁瓑锛屾洿鑳借捣鍒板弻閲嶇槮韬晥鏋溿€傚悓鏃惰繕鏈夋瀬浣崇殑鍒╂按鍔熸晥锛屼箙鍧愬皯鍔ㄧ殑涓婄彮鏃忋€佸鏄撴按鑲裤€佽劸铏氥€佹皵铏氱殑MM浠紝灏辫澶氬枬鑽峰彾鑼朵簡锛屽綋浣撳唴澶氫綑鐨勮剛鑲拰婊炵暀鐢佃В娑茶鎺掑嚭锛屼汉鑷劧灏变細鍙樼槮浜嗐€?.瀵屽惈鑼剁槮绱狅紝鎻愬崌浠h阿鑼剁槮绱犳槸涓€绉嶅ぉ鐒剁殑椋熸涓庤兘閲忓钩琛¤皟鑺傞€斿緞鐨勮泲鐧By the way: I am sorry that I am indifferent to the situation, and I am not afraid of the situation. I am afraid that I am in trouble, and I am afraid that I ca n’t do anything about it.敤銆傝尪鐦︾礌鐨勭己澶变細鎶戝埗鏂伴檲浠h阿锛岄檷浣庤兘閲忔秷鑰楁晥鐜囷紝瀵艰嚧鑲ヨ儢銆傝€屽枬鑽峰彾鑼惰兘琛ュ厖浜轰綋鍦ㄨ偁閬撴秷鑰楃殑鑼剁槮绱狅紝鑳芥彁楂樿韩浣撴柊闄堜唬璋紝璁╀綘鍙樻垚鏄撶槮浣撹川銆?.Drilling peaks and gongs and shovels, sorrows and sorrows, great gongs and squids, and sorrows, sorrows, sorrows, sorrows, nicknames, and nicknames.

[How do pigeons eat tonic effect?】 _Nourishing body_How to eat

銆愰附瀛愭€庝箞鍚冩粙琛ユ晥鏋滃ソ锛熴€慱婊嬭ˉ韬綋_濡備綍鍚?
By the way, the father, the father, the father, the family, the family, the family, the family, the country, the country, the country, the country, the country, the country, the world, the world, the world, the world, the world, the world, the world, the world, the world, the world, the world, the world, the world, and the worldヨ 剳 琛 ヨ 偩 屽 彲 嵲 浠 ュ Lao bang Han Han 勄 勮  幇 姗 姽 屽 Ko pick-up 抆 楙 瓙 繙繙 繹 繇 繇 懰 燏 珏 珡 珏 珏 珡 島 珏 珏冮附瀛愯倝鍙互甯姪韬綋蹇€熸仮澶嶏紝鍚冮附瀛愯倝杩樿兘澶熼闃插绉嶇柧鐥咃紝閭d箞鎬庝箞鍚冭繖绉嶈倝鎵嶈兘鑾峰緱鑹ソ婊嬭ˉ鏁堟灉鍛紵 绗竴銆佹灨鏉為附瀛愮叢闈撴堡 涓崏鑽厤鏂欒〃锛氭矙鍙?5g, 5g, 10g, 10g, 10g, 10g, 40g, 25g, 25g, 5g, 5g, 5g, 5g0g Pu?0g鐩愬皯璁搞€傚埗浣滄柟娉曪細1銆佹妸鍚勭涓崏鑽礂鍑€锛涜懕濮滃垏娈靛鐢紱鏂伴矞楦藉瓙娲楀噣銆?銆 佹 撣 鍙  Attached to the 懮 敤 鍐 Feng press upset  紑 (椋 炴 Press): 咎 钡 釡 釡 Chain  悗 悶 囤 啤 銆?You can read it by clicking on the button and clicking on the button. It will be very difficult to use it. You will be able to use it if you want to do it, or if you want to check it out, or if you want to check it out.Hao?What are you talking about? If you are in trouble, why don’t you tell me what’s going on?.5灏忔椂銆傜绗堬細鏋告潪楦藉瓙姹ょ殑鍛抽亾闈炲父椴滅編锛岄ギ鏃朵笉蹇呮斁寰堝璋冨懗鏂欙紝涓€鐐圭洂灏卞ソ銆?绗簩銆侀摱鑰抽檲鐨倴涔抽附 鐗圭偣锛氬懗閬撴竻椴滐紝鏈夋粙闃磋ˉ鑲虹枟鏁堛€傚埗浣滄柟娉曪細1銆佷钩楦藉鏉€娲楀噣锛屽墎鎴愬潡锛屾斁鍏ユ哺姘撮攨涓敖姘?鍒嗛挓锛岀敤姘村啿鍑夛紝瑁呭叆姹ょ涓€?銆佹按鍙戠櫧鏈ㄨ€虫礂鍑€鍓栧潡锛屾斁鍏ユ哺姘撮攨涓敖涓€涓嬶紝涔熸斁鍏ユ堡纰椾腑锛屽啀鏀惧叆姘村彂闄堢毊銆?銆侀攨缃腑鐏笂锛屼笅楂樻堡鐑ф哺锛屽姞鍏ョ簿鐩愩€佸懗绮俱€侀浮绮炬悈鍖€锛屽啿鍏ユ堡纰椾腑锛屼笂绗煎眽鐢ㄦ椇鐏捀30鍒嗛挓锛岃嚦鐔熷嵆鍙€?绗笁銆佸北鑽附瀛愭堡 鍘熸枡锛氶附瀛愪竴鍙€佸北鑽竴娈点€侀粦鏈ㄨ€?Technetium?鏈点€侀箤楣戣泲6锝?涓€傞厤鏂欙細绾㈡灒3涓€佹灨鏉炲皯璁搞€傝皟鏂欙細濮滅墖锛屽ぇ钁辨锛屾枡閰掋€佺洂銆侀浮绮俱€傚仛娉曪細1銆侀附瀛愭礂鍑€锛屾斁鍏ユ粴姘撮噷闈紝鍔犵偣鏂欓厭锛屽幓琛€锛屾崬鍑猴紝娲楀噣銆?What are you talking about? What are you talking about? What are you talking about? What are you talking about? What are you talking about?.5 What is it?銆佸北鑽埁鐨紝鍒囨鍒€鍧楋紝娉″彂榛戞湪鑰筹紝楣岄箲铔嬪儚鐓浮铔嬩竴鏍风殑鐓竴涓嬶紝鍓ュ3銆?銆佺敤绛峰瓙鍒轰竴涓嬶紝姣旇緝閰ョ殑鏃跺€欙紝鏀惧叆楣岄箲铔嬪拰榛戞湪鑰炽€?銆 丸 璬 鐏  倴 20 鍒 嗛 挓: The northern part of the drill: the northern part of the rocky plate and the northern part of the board: the northern part of the board: the northern part of the rock: the northern part of the country: the northern part of the country: the northern part of the country

Milkwei (603713) Company Comment: Dangerous Chemicals Supervision Has Tightened Again!

Long-term positive

Milkwei (603713) Company Comment: Dangerous Chemicals Supervision Has Tightened Again!

Long-term positive

Event: Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the Opinions on Comprehensively Strengthening the Work on the Safe Production of Hazardous Chemicals, and issued a notice requesting that all localities and departments carefully implement them in accordance with actual conditions.

  Opinions require meticulous deepening and strict management from 5 perspectives. This Opinion puts forward 16 detailed requirements from five aspects: supervision intensity, supervision method, responsibility, supervision ability and supervision mechanism, and puts strict management on the entire industrial chain of hazardous chemicals.

The key points of supervision include: 1) In-depth safety risk investigation: implement the strictest governance and rectification of chemical parks in accordance with safety risk classification; 2) promote industrial structure adjustment: combine deepening supply-side structural reforms to eliminate non-compliance with national standards for safe production3) Strict standards and specifications; 4) Strict safety access; 5) Strengthening the 天津夜网 focus on safety management and control: Strengthening national oil and gas pipeline development planning, land space, transportation and other special projectsPlanning convergence; 6) Strengthen supervision of hazardous waste such as hazardous chemicals.

  7) Standardize technical service cooperation mechanisms.

Accelerate the cultivation of leading colonial technical service leaders with good social reputation, dating market mechanism, and provide management and technical services for companies involved in hazardous chemicals.

  In addition, the experts in this opinion take responsibility for enterprises, strengthen legal measures for enterprises, increase the binding force on dishonesty, and strengthen incentive measures.

In addition, the opinions have given clear guidance on the development of regulatory capacity and mechanism design.

  Industry regulation has been tightened again, which has helped increase the concentration of decentralized industries. Since the end of March 2019, chemical-related explosions have occurred frequently. The accident areas were Yancheng, Kunshan, Taixing and other places.

  Due to the nature of the hazardous chemicals logistics industry, accidents have become the industry’s biggest risk. Tighter supervision will help small and irregular owners in the industry to clear up and continue to increase the concentration of the industry.

At present, China’s chemical third-party logistics and transportation market is highly fragmented, with typical “big industry, small company” characteristics. We estimate that the scale of the third-party chemical logistics industry is about 300 billion yuan. Major competitors include central enterprise logistics enterprises, MilkWei ranked fourth, and is currently the only listed industry leader.

  Safety services are long-term competitiveness. In the past, most dangerous chemical-related accidents occurred during the interruption of manufacturing and logistics.

Most of the logistics accidents are caused by illegal operations.

At the transport end, overloading, rear-end collisions, unauthorized modification, and packaging that are not in accordance with requirements are the first priority; in the Tianjin Port storage accident in 2015, illegal storage and excessive storage were the source of the accident.

  In short, accidents are mainly caused by irregular operation swaps.

Milkway has been deeply cultivating the industry for many years, and has carried out all-terminal security monitoring on the hazardous chemical logistics industry.

Milkway has many years of cooperation experience with large overseas chemical brands, and safety supervision is the company’s core competitiveness.

  Investment suggestion: Due to the impact of the epidemic situation in the first quarter on the company’s operating rate, we forecast the company’s profit in 2020 from 2.

8.3 billion is slightly reduced to 2.

6.1 billion, 2019E, 2021E remain unchanged, considering the impact of the first quarter as a temporary impact, do not change the company’s long-term competition and growth logic, maintain the buy level, continue to recommend!

  Risk reminder: supervision leads to difficulties in obtaining the qualification of the company’s hazardous chemicals and an increase in the time period; the macro economy has exceeded expectations; the outbound M & A project has uncertainty; the risk of security accidents; the risk of acquiring goodwill

Zhongshun Jierou (002511) Company Comments: The supplementary part of the incentive plan authorizes a large proportion of sales directors to participate in maintaining the purchase

Zhongshun Jierou (002511) Company Comments: The supplementary part of the incentive plan authorizes a large proportion of sales directors to participate in maintaining the purchase

Event: The company completes an additional part of the incentive plan.

The company released the “Notes on Adjusting the Issues Related to the Stock Compensation and Supplementary Stock Incentive Plan in 2018” and “On the Granting of Partial Stock 苏州夜网论坛 Expenditure and Replacement of Substitute Stocks to Incentives”. The company increased the number of grants for the stock plan for this incentive planAdjusted from 2.5 million copies to 2.4 million copies, and on September 11th, the award date was set to grant 2.4 million replacement partial stock budgets to eligible 114 incentive targets, and 3.5 million shares were reorganized to 64 incentive targets.Partially expanded stocks.

  Sales Director Liu participated in a large proportion, demonstrating team stability and cohesion. The company’s 2018 stock supplement and exchange stock incentive plan was first awarded on March 1, 2019, and 1,373 were awarded to 3,118 incentive objects.

450,000 stock budgets, 1,967 granted to 569 incentives.

550,000 shares of budget stock.

The supplementary part of the equity incentive plan 淡水桑拿网 granted 2.4 million supplementary stock allocations to 114 incentive objects at an exercise price of 14.

04 yuan / share; 3.5 million additional partial shares were awarded to 64 incentive objects at a grant price of 7.

02 yuan / share.

  The company’s stock incentive and restraint core chief team, of which the company’s director and deputy general manager Liu Jinfeng received 1 million stock subsidies, accounting for 41 of the replacement part.

67%, received 1.08 million shares of interest stocks, accounting for 30 of the total number of extended shares.

86%.

The company has strong incentives for the core management team, which is conducive to the company’s long-term development in the future.

The fair incentives cost a total of 2889.

960,000 yuan, amortized to 401 from 2019-2022.

86, 1416.

91, 743.

31, 327.

880,000 yuan, accounting for 1 of the administrative expenses in 2018.

99%, 7.

01%, 3.

68%, 1.

62%.

  The company’s interim results continued to exceed expectations, and its profitability continued to improve the company’s 19H1 revenue.

7.2 billion (+ 22% YoY).

7%), net profit attributable to mother 2.

7.5 billion (+ 37% YoY).

6%), deduct non-attributed net profit 2.

7 billion (+ 42% YoY).

0%), following the first-quarter report exceeding expectations, the interim report continued to exceed market expectations.

Since April 19, the preferential policies have been implemented, and the company has basically benefited from 3 interest rate discounts.

In the second quarter of 19, pulp prices continued to increase gross profit margins. In the past four months, pulp prices have continued to increase by 20% from 5,500 yuan / ton to 4,400 yuan / ton. The tax rate has been increased alternately.Gross profit margin continued to increase in the second quarter4.

85pct to 39.

2%, a record high; net profit extended to 0 in the first half.

93 points to 8.

66%, also at an historical high.

  Channels and products are driven by two wheels to ensure long-term stable growth. In terms of channels, GT, KA, AFH, and EC work together to integrate the comprehensive sales network and accelerate the coverage of blank areas.

Relying on distributor channels to accelerate the coverage of blank areas, e-commerce, key stores, and commercial sales channels work together to strengthen consumers’ availability of the company’s products, will support the company’s smooth conversion of production capacity to sales, and add new mothers and babies at the end of 2018And new retail channels.

In terms of products, positioning in the mid-to-high-end market, focusing on differentiation, relying on the “Jierou” and “Sun” tissue paper brands, face, lotion, and natural wood. The three major series have continued to increase; among them, cotton wipes were introduced in 18 years and 19 years.In June, launched the “Dorei Honey” brand to expand its layout in the field of personal care products.  Production capacity nationwide, new bamboo pulp and paper integration projects are newly promoted. The company relies on its subsidiaries Jiangmen Zhongshun, Yunfu Zhongshun, Sichuan Zhongshun, Zhejiang Zhongshun, Hubei Zhongshun and Tangshan Branches to fully form East China, South China, West China, North ChinaHehuan production layout.

  Recently, 30 first bamboo pulp and paper integration projects were constructed in Sichuan, of which 31.

8 initial bamboo pulp + 30 pieces of living paper, total investment 40.

USD 8.7 billion, the bamboo pulp paper integration project will increase the pulp self-sufficiency rate, reduce the changes brought about by raw materials and exchanges, while extending the industrial chain layout and further enhancing long-term profitability.

  Relying on the high-end / differentiation of products and the advantages of channel management, the company fully inspires the core team and impacts the sales target of 10 billion yuan.

Maintain net profit attributable to mothers for 2019/2020 of 6.

3.1 billion / 8.

10 billion (YOY 55% / 27%) profit forecast, corresponding PE is 28.

3X / 22.

3x, maintain “Buy” rating!

  Risk reminder: the price of raw materials rises sharply, market competition intensifies, and channel expansion is not smooth

Dahua Shares (002236) Annual Report Comments: Overseas Business Gross Margin Exceeds Expectations Improved Operating Efficiency

Dahua Shares (002236) Annual Report Comments: Overseas Business Gross Margin Exceeds Expectations Improved Operating Efficiency

Core point of view: in terms of revenue: in the second half of the year, domestic and overseas growth slowed down. In the ten years of 2018, the company’s revenue increased by 26%.

In terms of quarters, the single-quarter revenue growth rate was 21 in the fourth quarter.

3%, about the first three quarters (36 respectively.

6%, 28.

7%, 22.

5%) continue to increase.

From the perspective of countries and overseas, the domestic revenue growth rate in the second half of the year was 20%, which was cited in the first half of the year (33%). The growth rate of overseas revenue in the second half of the year was calculated in terms of US dollars (converted using the half-year average exchange rate)At 21%, the growth rate cited in the first half of the year (38%) also saw a significant decline.

Our analysis believes that the primary goal of the decline in the company’s revenue growth in the second half of the year is: the domestic government security market is significantly affected by local fiscal deleveraging, and the company’s overseas security business (especially the accompanying market) suffers from Sino-US trade friction andPossibility Impact of US 2019 NDAA Defense Act.

Gross profit margin: The domestic gross profit margin fell in the second half of the year, and the overseas gross profit margin 武汉夜生活网 recovered more than expected in the second half of 2018. The company’s domestic business gross profit margin declined and fell.

9pct, down 2 from the first half of the previous month.

7pct; gross margin of overseas business extended and increased 5.

3pct, an increase of 7 from the first half.

5 points.

According to our analysis, the decrease in the gross profit margin of the domestic business in the second half of the year comes from the decline in the prosperity of the domestic government security market, while the apparent recovery of the gross profit margin of the overseas business is partly due to changes in exchange rates, and the other is the company’s overseas business sales policy optimizationeffect.

The inventory turnover and management expenses were integrated and optimized. The proportion of research and 北京桑拿洗浴保健 development expenses increased in 2018. The company’s inventory turnover days were 70.

7, ranked last year (77.

5) Significant optimization; management cost savings 2.

7%, ranked last year (2.

8%) decreased slightly by 0.

1pct, R & D expenses 9.

7%, about 9 last year.

5% has improved.

From the perspective of inventory turnover and management expenses, the company’s operating efficiency ranking in 2018 finally improved.

The government security market is expected to pick up, smart video is expected to accelerate penetration, and maintain a BUY rating as described in our 2019/03/07 report “Security Monitoring Industry Tracking Series: Core Computing Core Benefit Scenarios, Significant Improvements in Government Demand”According to the bidding data, the government security market boom will pick up, and the conversion and cost increase of chip solutions will promote the accelerated penetration of smart video.

We expect the company’s EPS for 2019/20/21 to be 1, respectively.

02/1.

28/1.

62. Considering the average estimate of comparable companies, calculated at 25 times the PE of 2019, the reasonable value is 25.

50 yuan, maintain BUY rating.

Risks suggest that the domestic government security market is picking up less than expected; the impact of Sino-US trade friction on the company’s overseas business.

SF Holdings (002352) Company Research: Direct Operation Advantages Highlighted in Continuous Business Epidemic

SF Holdings (002352) Company Research: Direct Operation Advantages Highlighted in Continuous Business Epidemic
Event: SF Holdings released the 2019 annual results report.Realized operating income of 1121 in 2019.93 ppm, an increase of 23 in ten years.37%, net profit attributable to mother 57.97 ppm, an increase of 2深圳丝袜会所7 in ten years.24%, deducting non-net profit 42.08 million yuan, an increase of 20 in ten years.78%.2019Q4 revenue 334.23 ppm, an increase of 30 in ten years.69%, net profit attributable to mother 14.86 ppm, a decrease of 2 per year.75%, deducting non-net profit 6.9.7 billion, an annual increase of 5.13%.  Opinion: New business and special offers drive high revenue growth.Revenue growth in the fourth quarter of 19 increased by 30 per year.69%, a month-on-month increase of 5.33%, mainly due to the rapid growth in revenue of new business sectors such as express transportation and supply chain, and special offers to promote rapid growth of economic components.SF launched new products such as special offers for specific markets and customers in May 2019. After the launch of the product, the business volume increased month by month, with 深圳spa会所 a business volume of 15 in 19Q4.900 million votes increased 49 from 18Q4.02%, a significant increase over the first three quarters.  Under the epidemic situation, Shunfeng’s direct sales advantages are prominent.SF is one of the three normal courier companies designated by the State Post Bureau during the Spring Festival, which effectively protects the basic needs of various people during the Spring Festival. The new coronary disease of the incident highlights the advantages of SF’s direct sales and the brand’s influence has increased significantly.In the case of land transportation being blocked, the advantage of the SF fleet is obvious, as the growth rate of the company’s aging parts increased, further driving profit growth.Express delivery volume reached 5 in January.6.6 billion votes, and its market share is 14 based on the industry’s 4 billion votes.15%, an increase of 5.48pct. With sufficient capacity in the industry, SF’s higher rate of return to work has benefited significantly. We expect that the growth rate will remain high in February and March.  Many fields continue to blossom, and economic components are expected to maintain high growth rates.顺丰积极拓展快递以外的重货,冷链,同城,供应链等业务,于2019年7月顺丰发布“顺丰快运”品牌,包含了顺丰直营重货业务,以及顺心捷达加盟业务,2019年 年On October 24th, the SF Express City Express brand was officially released, and the revenue from the supply chain business in 19Q4 reached 16.A significant increase of US $ 200 billion.On November 24, 2019, Vipshop announced that it had reached a business cooperation with SF, the company will provide packaging and distribution services, special distribution is still the focus of the company’s development, and economic components are expected to continue to maintain high growth rates in 2020.  Investment strategy: We predict that the company’s net profit attributable to its mother in 2019-2021 will be 57.9.7 billion, 62.92 ppm, 70.860,000 yuan, an increase of 27 in ten years.2%, 8.5%, 12.6%, maintain “Buy” rating.  Risk reminders: Macroeconomic fluctuation risks; increased market competition risks; fuel price fluctuation risks; and the risk of increasing human costs.

Shenzhen Expressway (600548): 2019 traffic volume on the holding section + 6% year-on-year, steady growth

Shenzhen Expressway (600548): 2019 traffic volume on the holding section + 6% year-on-year, steady growth

Shenzhen Expressway’s December consolidated road section (Meiguan / Jihedong / Jihexi / Shuiguan / Wuhuang / Qinglian / Changsha Ring Road) increased traffic by 4% (November + 7%, same period last year + 2%); The 10-year revenue growth rate in December was 3% (November + 6%, + 4% over the same period), and the income growth rate was affected to some extent by the ETC preferences.

4Q long-term traffic flow / income increased by 6% / 4% (the same period last year + 5% / 6%); long-term traffic flow / income was increased by 6% / 5% (the same period last year + 5% / 4%).

  Traffic volume of consolidated roads in early 2019: Meiguan Expressway + 11%, faster than last year + 9%; Jihe East + 4%, slower than last year + 6%; Jihe + 4%, slower than last year + 5%; Shuiguan Expressway + 4%, faster than the same period last year + 3%; Wuhuang Expressway + 7%, faster than the same period last year + 5%; Qinglian Expressway + 12%, faster than the same period last year + 7%.

The shares of Yangmao Expressway / Guangwu Expressway / Guangzhou West Second Ring Road affected by the road network change have reduced traffic flow and income.

  Comments We believe that the company’s recent gradual fluctuations are mainly affected by the set growth.

The company announced on January 10 that it planned to issue no more than 300 million H shares, of which the parent company plans to subscribe for not less than 39% of the total number of this issuance.

300 million shares accounted for 13.
.

8%, we expect to increase and dilute the current profit, and indicators such as EPS from 2020 will be diluted 12%.

  In addition, the company announced on January 9 that 8.
.

1 billion acquisition of organic waste treatment company Lande Environmental Protection, currently not profitable.

Nanjing Wind Power, Baotou Nanfeng, and Lande Environmental Assets, which the company has successively acquired since 2019, are not large in scale, and the company estimates that the IRR is not less than 8% (return rate requirement is not less than the main highway industry), as a supplement to the main highway industryWe recommend to pay close attention to the realization of long-term earnings.

  Still optimistic about the company’s long-term development.

The company’s main business has grown well: Shenzhen’s main road products are currently available, with the proportion of passenger cars reaching 90%. The traffic flow has grown steadily, and high-quality road products have ample reserves (the outer ring / machine-roller reconstruction and expansion / Shenzhen-Shanshan second channel will be opened to traffic in succession).

Concerns in 2020: ① The new freight vehicle charging system excludes the short-term and short-term impact on the company’s earnings (currently we assume a neutral impact); ② The landing progress of the Jihe reform and expansion plan.

③ The settlement of the second phase of Meilinguan may be slower than expected due to the settlement of surrounding subway projects (the current profit forecast is settled in 2020).

  Estimates suggest maintaining the 2019-2021 profit forecast27.

9.4 billion (+ 23% deduction) / 23.

3.3 billion (+ 9% deduction) / 25.

2.4 billion (+ 8%).

We have not considered the dilution effect of additional issuance for the time being, and the current A / H follows the corresponding.

5/7.

6 times 2019 P / E, 10.

2/8.

7 times 2020 P / E, 5.

3% / 5.

9% 2019 dividend yield.

Maintain A / H outperform industry rating and target price of 13.

45 yuan / 13.

37 Hong Kong dollars, corresponding to 11/8 times P / E in 2019 and 13/11 times 2020 P / E, which is 23% / 24% of the current growth potential.

  Risks: The macroeconomic environment is sluggish, and the Meilinguan project and environmental protection projects have not advanced as 都市夜网 expected.