“This turtle carapace actually has an advanced function,Is to help children stimulate their potential,Adjust bones,Grow the way the family needs,In other words,A child wearing a turtle carapace,Can actively choose future career,Pre-lay the foundation for the chosen profession。”Lu Menglin said with a smile。

After saying this,The whole audience seemed to be ignited,The crowd is boiling。
“I have to order one from Beigong,Do not,Order three!”Bei Gongwang quickly shouted。
“Our Sun Du clan also wants one!”
“Xiangliu wants two pieces!”
“Order now!I want five pieces from the fire!”
Suddenly passionate in the banquet hall,Everyone is ignited。
To know,The point Lu Menglin said just now,Is the place that really touches these gods。
Bet the hope of summoning heroes on the heart of a young boy,It’s a little ethereal,As for the cultivation of temperament,Only the real big names,Or those upstarts who want to be among the richest have the most direct needs,But choose a career in advance,But it is something that has a strong attraction to all the wealthy young children。
These giants in Hongliu City,Deep savings,Many children in the clan,But with the continuation of blood and the tilt of resources,Many of them will have a problem,Is that the whole family prefers a certain profession,The ratio of the three occupations is very uneven。
Such as Nanshi,Is the Taoist family,Most of the people in the tribe are Taoist professions of choice,The other two professions are very few。
Thus,Had to ask for help from outside,Exchange resources and manpower,Sometimes even a great price。It’s far from a simple matter of cooperation。
And if these families in the gods can let the younger generation of disciples choose careers in advance,Can maximize the use of resources in the family,For the future of the whole family,Has an extremely important role。
Those real giants,Such as the four great families,Basically, the children of the clan have three occupations。So this is what other families dream of wanting to emulate。
And at the moment,This tortoise shell from another world,Can have such a miraculous effect,Allow young people in the ethnic group to choose their own occupations in advance,Lay the foundation,This is for families other than the four giants,It’s the gospel,No wonder they are all competing to offer,I haven’t even seen the real thing,Just for a hope,Already started to compete。
Seeing Mufeiyan,The eyes rolled a few times quickly,Suddenly stood up,Take the initiative to step forward,I got in front of Lu Menglin。

Next day,Populus slept in until nine o’clock,Woke up,It feels so good。

He just saw,Hua Zi has already called him three calls,The earliest is after seven o’clock。yesterday,Everyone make an appointment,Went to a place this morning。
Hu Yang glanced at Jianbao Live Room System。
Ok!No daily check-in task,Very humane。
He dialed Hua Tsai’s phone,Ponder,How can I upgrade the primary treasure hunter?。
Task of access system?Still how?No experience value displayed,I can’t see it at all!Populus spit again:Really a defective system,So many loopholes。
“Wah Tsai,Sorry!Just woke up,but,You too early。Where is it now?”Hu Yang asked。
At this moment,Hua Zai has been to the place Populus said,Waited for more than an hour。first day“Go to work”,How to give“leadership”A good impression?
and so,He went out earlier,The breakfast his mother prepared。
The family knows he has found a job,I didn’t ask much about the profession,Anyway, support,Better than staying at home。
“I remember there is a place for morning tea around there,You go up and book two seats,Let’s eat some。”Hu Yang said to him。
As someone who has been in love,He can cook,But today is a bit late,Too lazy to do it,I’ll eat out。In their Yangcheng,The most famous is morning tea,All kinds of exquisite dim sum are world famous。
Hua Zi is very depressed,I knew this,Don’t eat it, just come out。
As a native of Yangcheng,He has not eaten authentic morning tea many times。To know,Eat in those tea houses,Why should it cost one or two hundred??They eat rice rolls at the roadside stall,Only a few dollars。

“daughter in law,Have you two eaten yet?,I have something to deal with,I don’t know what time is not finished,I won’t go back too late,Don’t wait for me,You two will go out to eat if you are hungry。”

The message goes for a moment,I received Jiang Yan’s reply。
“I know you are not reliable,Await your return,My sister and I are not starving to death。”
Qin Feng looked at Jiang Yan’s simple reply,I know they have eaten dinner,He didn’t rush back。
And already asked Jiang Yan to leave,I believe she won’t doubt it。
“Young man,How much do you drink for other girls??”Old driver,Asked with a smile。
Look at that expression,It seems that I drive people in this place,There is a kind of strange expression。
“what?She drank it herself,I didn’t drink it for her。”Qin Feng was actually the driver,Sudden question,At a loss,I was embarrassed and even explained。
But after he finished speaking,I feel that my explanation is a bit far-fetched,Although it is true,But I don’t believe it,Looking at the driver’s expression。
Qin Feng knows,The driver will definitely treat himself as,Dare to be a beast。
but,Qin Feng doesn’t care,I would think so if I change myself。
If someone said to himself,Now I will smoke him a big mouth。
Big evening,A man took a woman to the hotel,She also said that the woman got herself drunk,Even if you say the sky,I’m afraid no one will believe it。
And the opposite,It’s not bad if others don’t say you prescribed the medicine。
“Young man,You don’t look like that kind of person,Treat women,Can’t use improper means,Don’t blame me for talking too much,I don’t usually tell customers this。
I think you are about the same age as my son,So I can’t help but say a few more words。”Obviously the driver,I really think of Qin Feng as that kind of person。
“she is my friend。”Qin Feng didn’t bother to explain,Even if
The driver was kindly reminded,Qin Feng would not appreciate this love。

No matter how angry you are, you don’t want to hit the dog.。

Tian Lu is anxious,Glanced at it badly,Sigh:“It looks like,I can’t go anywhere today,Don’t finish your business,I really can’t get to work。”
Coincidentally,Phone rang again,It was called by George, who is in charge of Metrojet Fashion Magazine who will be interviewed.,The other party informed that something happened today,I want to make an appointment for an interview tomorrow,I can’t help but apologize to Tian Lu。
Holding the phone receiver,Tian Lu leaned up to the sky and said,Although I didn’t scream up to the sky,I did sigh tiredly。I’m really willing to help,If you really go to interview,It’s strange not to make a joke。
George’s appointment with fashion magazine,It’s a mistake,Right in the middle,Just no time to go,I can’t help but feel a solid burst of joy,But said:“I’m on the way,You cancel when you say cancel,But it’s your job,I am waiting for you to contact me anytime,I’m going to interview!”
After George, the head of the fashion magazine, sincerely apologized,In Tian Lu’s“Tolerance”Got this love。
Tian Lu put down her bag,A lot easier,Big mouth“Gudong”Took a sip of tea,So I have time to cross-examine the Tony dog in front of me。
Suddenly Tian Lu found,Until now,No dog’s name yet,There must be a name。
Tian Lu turned it around and looked around,Talking to oneself,It’s like talking to Tony Dog:“Call you all day,Yes hello、Hey、It’s not so good,Give you a name。”
Tony Dog listened by coincidence and nodded straight。
Tian Lu is like a college asking home,After thinking for a while,Said:“How about you,I found it at night,Stars are spreading at night,I’ll just call you Milo,Miro,Ok,Lingering,You’ll be called Milo in a while,what do you think?”
I’m so talented,I can get such a nice name for Tony Dog。Tian Lu’s self-appreciated laugh。
Tony dog with a name,Looking at Tian Lu humming,I feel like I finally have a name。
Tian Lu turned towards Miró,Roll your eyes and let out a breath,Grinning and grinning without a smile。
First12chapter Exhort

“All right,Since this is the case,Then let’s get off!”Xiao Fan suddenly said。

“get off?”Lin Yuner asked questioningly。
When Xiao Fan just now,Didn’t you say that you want to take her to dinner??How come they haven’t been on the road for too long?,Why is this here?
“Yes,We have arrived。”Xiao Fan said to Lin Yoona。
What did Lin Yoona just want to say?,But when I glanced at the surrounding environment,I closed my mouth immediately。
Just now,She has been talking to Xiao Fan,so,She also didn’t notice how the surrounding environment has changed,She didn’t expect that the two of them would have reached their destination so soon。
Although Xiao Fan told her that she had reached her destination,But Lin Yoona was not in a hurry to get off the car,She looked at the surrounding environment,I can’t help but feel more moved。
Because in Lin Yoona’s heart,She never thought that there should be such a place in Yunshi。
What should I say about the environment here?,Neon lights are not as bright as she usually sees,But it gives people a very comfortable feeling。
and,Every light here seems to have a special meaning,Because no matter where Lin Yoona’s eyes touched,There seems to be a kind of magic to touch her heart dazzle everywhere,how to say,This feeling is always able to resonate with her inexplicably。
She likes this place!
Yes,Lin Yoona likes it here。
Always like this,Lin Yoona never thought of one day,I actually like a place like this from the heart。
Here,Is the first,Don’t know if it will be the last,but,It will definitely become a place with a different meaning in her heart。
Xiao Fan glanced at Lin Yun’er who was a little lost,A smile that is not easily noticeable across his face,Yes,She is still her after all,Seems to be deep in her memory,There is always something she can’t forget。


PS:Brothers sorry,This chapter is a bit late,Please forgive me。
In addition,Happy New Year, brothers and sisters,Everything goes well。
Read URL:m.
Give me strength
First601chapter Play hard
? Still Louis·Michael Roy reacts faster,He quickly realized that one of Chen Geng’s words,For Cyrus, who is a little confused·Roberts·Vance says:“From the perspective of efficiency,The medium excavator is obviously more powerful than the small excavator.。
If there is an earthquake somewhere in China,Need to letCH—54Immediately lift the excavator to rescue,To ensure that the helicopter can fly,China needs to remove the bucket of this medium-sized excavator and the oil and water of the entire vehicle、fuel——Bucket of this excavator、Oily water、Fuel needs to be lifted by other helicopters。
After arriving at the destination,This excavator can’t work right away,Need to add a variety of fuel、Engine oil、Coolant and other oil and bucket,At least one hour before rescue。
But if you can do twoCH—54Lift an excavator cooperatively,It can not only lift medium and large excavators with stronger digging capacity,The excavator can also be lifted in a ready state,After arriving at the destination, the excavator can be put into work immediately without maintenance。”
Sellers·Roberts·Vance stunned:Ok like this?

Enhua Pharmaceutical (002262) Q1 2019 report comments: Q1 results are in line with expectations. Net profit attributable to mothers will increase by 15% -35% in the first half of the year.

Enhua Pharmaceutical (002262) Q1 2019 report comments: Q1 results are in line with expectations. Net profit attributable to mothers will increase by 15% -35% in the first half of the year.

Event: The company announced the first quarter report of 2019 and achieved operating income of 10 in 2019Q1.

4.9 billion, an annual increase of 13.

31%; net profit attributable to mothers1.

2.6 billion, an annual increase of 23.

64%; net profit deduction for non-attributed mothers1.

2.6 billion, an annual increase of 23.

93%, performance in line with expectations.

The company expects the growth rate of net profit attributable to mothers in the first half of 2019 to be between 15% and 35%.

Opinion: The gross profit margin increased significantly in the first quarter, and the expense growth rate was faster than the revenue growth rate during the period.

The company’s profit growth in the first quarter of 2019 was faster than revenue growth, mainly due to the company’s increased gross profit margin.

38 averages.

In terms of period expenses, the company’s sales expenses increased in the first quarter.

87%; management expenses increased significantly in the short term37.

05%, mainly due to the provision of equity incentive expenses; financial expenses increase rapidly every year.

02%, mainly due to the increase in interest rate expenses; R & D expenses increase by 16 each year.


In terms of cash flow, the company’s net cash flow from operating activities in the first quarter increased by 68%.

07% to 1.

US $ 4.6 billion, mainly due to an increase in sales receipts.

Consistency evaluation continues to advance, and it is expected that new products will be expected to contribute to the market.

In 2018, the company’s R & D expenses increased rapidly in the past ten years54.

45%, accounting for 6% of the income of the pharmaceutical industry.


The company stated that most of the R & D expenses in 2018 were invested in the consistency evaluation of generic drugs. At present, the company’s four key varieties (risperidone ordinary tablets, risperidone dispersible tablets, clozapine tablets, dexmedetomidine injectionLiquid) has been 合肥夜网 declared and approved.

Among them, risperidone ordinary tablets have passed the consistency evaluation in February 2019, and the other three varieties may pass around mid-2019.

In 2019, the company also plans to report the consistency evaluation of 9 products, and at the same time, there are four products on the market, including sufentanil, dezocine, oxycodone injection and penehyclidine.

Actively respond to the new market indicators after the 4 + 7 period. It is expected that the impact on dexmedetomidine sales will be manageable.

In 2018, the company’s dexmedetomidine accounted for about 10% of the sales of nominal sample hospitals, breaking through its contribution to the company’s performance.

However, due to the progress of the consistency evaluation of this variety lagging behind some subdivisions, it has become at least the selected variety for centralized procurement in 4 + 7 cities.

In the 4 + 7 city collective mining released this time, the selected company of dexmedetomidine hydrochloride injection was Yangzijiang Pharmaceutical, with the price of the selected selection reduced by 3%, and the price reduction was small.

In order to cope with the new market index of the 4 + 7 cities, the company will compete for the remaining market share outside the 4 + 7 cities. It has the advantage of more than one indication and will help to ensureMetotomidine can stay inside the hospital; in non-4 + 7 regions, the company will adopt a reorganized sales strategy to continue to develop the hospital market in non-4 + 7 cities.

The company does not expect that Demitomide’s failure to select 4 + 7 episodes will not have much impact on 2019 results.

Give a cautious recommendation rating.

In the context of generic drug price reductions, the company will gradually increase the growth rhythm of the marketing team to maintain a relatively stable cost of sales and profitability, while the reorganization team will focus on the promotion of newly listed drugs. The company’s performance this year is expected to remain relativelyFast growth momentum.

The company’s EPS for 2019 and 2020 is expected to be 0.

63 yuan and 0.

74 yuan, corresponding to PE and 20 times and 17 times, respectively, given a cautious recommendation level.

risk warning.Drug prices fell more than expected, drug sales, and research and development progress fell short of expectations.

China Chemical (601117): Revenue growth is steady while domestic orders are rising

China Chemical (601117): Revenue growth is steady while domestic orders are rising

Event: The company achieved revenue of 385 in the first half of 2019.

1.7 billion, an annual increase of 13.

3%; total profit realized 20.

6.6 billion, an annual increase of 31.

7%; net profit attributable to mother 16.

2 billion, an annual increase of 47.

8%; EPS is 0.

32 yuan, the expected average return on net assets is 4.

81%, an increase of 1 over the same period last year.

06 foreign countries.

Comments: 1. The internal market is in sync, and the revenue growth rate is steadily rising. In the first half of 2019, the company’s revenue growth rate was steadily rising. The first is the company’s strong expansion of the territory, the external market, and the promotion of projects into the internal and external performanceOverall improvement.

In terms of business, construction contracting as a company’s business performance has grown steadily with revenue of 324.

2.8 billion, an annual increase of 13.

5%, accounting for 84.

6%; revenue from survey, design, and service operations9.

19 yuan, an annual increase of 5.

6%; revenue from other businesses represented by caprolactam and the Jugang Power Station power generation project increased steadily, achieving revenue 49.

9.7 billion, an annual increase of 14.


In terms of different regions, the company’s overseas business revenue scale is considerable, achieving a revenue of 128.

5.0 billion, an annual increase of 19.

1%, revenue accounted for 33.

4%; domestic revenue of 255.

39 billion, an increase of 10 every year.


In terms of quarters, the annual growth rate of revenue in 19Q1 and 19Q2 was 18 respectively.

8%, 17.

4%, the second quarter revenue growth rate has slowed down.

In terms of net profit attributable to mothers, net profit attributable to mothers was realized in the first half of the year.

2 billion, an increase of 47 per year.

75%, the company’s “two gold” compression depreciation, asset impairment losses are estimated to decrease by 200 million US dollars in the same period last year, the growth rate of net profit attributable to mothers is significantly higher than the growth rate of revenue.

2. Gross margin increased slightly, asset-liability ratio increased to the first half of 2019

37 pp to 12.

29%, construction contracting increased by 1 compared with last year.

31 pp to 10.

6%, survey, design, service business increased by 0.

07 pp to 19.

7%, of which, industrial and other businesses decreased by 5 compared with last year.
79 pp to 21.
6%, preliminary results: 1) the price of natural gas produced by generators in Indonesia increased; 2) the sales volume and revenue of real estate fell.

Company period expenses 6.

2%, of which the sales expense ratio decreased by 0.

1% to 0.

43%, and the management expense ratio dropped slightly to 5.

54%, the financial expense ratio is basically the same as last year.

Net sales margin 0.

95% to 4.


Net operating cash flow was 32 compared with the same period last year.

9.5 billion fell to -15.

5.4 billion, the repayments showed a marked improvement again.

The gearing ratio dropped sharply to 76.


3. The single year of the new millennium in the first half of the year increased by 11.

At 6%, domestic orders still maintained a high growth rate. In the first half of 2019, the number of new contracts signed was 893.

23 trillion, an increase of 11 in ten years.


Among them, a new chemical engineering contract was signed 610.

5.2 billion yuan, an increase of 44 over the same period last year.

40%, coal chemical and petrochemical business newly signed contracts increased by an average of more than 70%. The company relies on its leading position 合肥夜网 in chemical engineering, leading coal chemical technology in the country, with a large market share in major orders.Orders are growing rapidly; infrastructure contracts are 240.

5.7 billion yuan, an increase of 334 over the same period last year.

36%; newly signed environmental governance contract 342.

5.1 billion yuan, an increase of 7 over the same period last year.

30%; new contracts for non-chemical projects account for more than 30%.

At the same time, the company’s internal business development momentum is strong, with 582 new contracts signed in China.

4.1 billion yuan, an increase of 44 over the previous year.

10%; 310 new contracts for overseas business.

8.2 billion, a decrease of 21.

62%, mainly affected by the high base in the same period last year.

4. The prosperity of the chemical engineering 佛山桑拿网 field continued to improve, and domestic orders continued to grow rapidly, maintaining the “strongly recommended” level.

While ensuring the highest level of chemical business, the company also focuses on infrastructure and environmental protection business, improves research and development, and achieves a high degree of integration of chemical + non-chemical business.

At the same time, taking into account both domestic and foreign markets, the single-year continuous growth in the transitional new years, large projects are expected to land in succession in 19 years, EPS 0 in 20 years.

58 yuan, 0.

74 yuan, the corresponding PE is 9.

6 times, 7.

5 times.

Give “Highly Recommended” rating.

5. Risk reminders: macroeconomic risks, receivables default risk, international operating risks

Yemen’s Houthi armed forces acquire new weapons with technical characteristics similar to Iranian-made weapons

Yemen’s Houthi armed forces acquire new weapons with technical characteristics similar to Iranian-made weapons

A UN budget report says Yemen’s Houthi armed forces have acquired some new weapons.

These weapons and equipment have technical characteristics similar to Iranian-made weapons and may violate the United Nations arms embargo regulations.

  On the same day, Houthis confirmed that the rebels had fired 26 rockets into southern Saudi Arabia in the past week.

  [Smuggling weapons?

The report, which was obtained by the international media on January 31, was written by a group of UN experts monitoring the arms embargo on Houthi forces.

The report says Houthi armed forces will acquire 南京桑拿网 some new weapons in 2019, including drones.

The technical characteristics of these weapons are similar to those made by the Islamic Republic of Iran.

  The report does not mention whether the weapons obtained by the Houthi armed forces were delivered directly by the Iranian government.

Iran has always denied providing weapons to Houthi.

  The panel’s goal in the report: The main smuggling route for drones and some weapons replaced by commercial channels appears to be land-based crossings across Oman and the southern coast of Yemen, across Yemen’s government-controlled areas, and (eventually) to (Yemen’s capital) Sana’a.

  In addition, the interception of an anti-tank missile dhow in the Arabian Sea on November 25 last year shows that shipping also continues to play a role.

  The report finds that the acquisition of these weapons by Houthi may be in violation of United Nations arms embargo regulations against Houthi.

UN budget resolutions call for sanctions on individuals, or entities that threaten peace, security and stability in Yemen, to freeze funds, travel bans, and arms embargoes.

  The panel said that in addition to previously known weapon systems, Houthi armed forces will frequently use two new weapon systems in 2019 to attack Saudi targets, including a new cruise missile.

  Houthi armed forces announced the use of drones to attack two Saudi oil facilities last September.

However, the Panel believes that this armed weapon is unlikely to launch that attack.

  [Attack on Saudi Arabia?

The Houthi opposition against Yahyasari confirmed on the same day that this armed group fired 26 rockets at multiple facilities in Saudi Arabia in the past week in response to a Saudi-targeted multinational coalition air strike in Yemen’s inland areas.

  Sarri said that Houthi armed forces attacked multiple airports in southern Saudi Arabia from January 25 to 30, Saudi Aramco facilities and two sensitive targets in Saudi Arabia.

The armed forces first released the news on January 30.

  The Saudis did not confirm the air strikes, and the multinational coalition forces did not respond to the attacks.

  Reuters reports that once confirmed, this will be the first round of attacks on Saudi Arabia since September last year.

Following the attack on Saudi oil facilities, Houthi armed forces said they would stop attacking Saudi targets if the multinational coalition ceases air strikes in Yemen.

  The Yemeni conflict continued in 2014.

Under the mediation of the United Nations, the Yemeni government and the Houthi armed forces reached an agreement on the ceasefire of the Red Sea port city of Hodeida in Stockholm, Sweden in December 2018.

The Saudi side and the Houthi armed forces have held many informal informal meetings since September last year to discuss avoiding escalation of the conflict.

(Bao Xuelin) (Xinhua News Agency Special Feature) Original Title: Yemen’s Houthi Armed Gets New Weapons

Ping An of China (601318) commented in the 2019 Interim Report: profit growth exceeded expectations and end-to-end fixed value development

Ping An of China (601318) commented in the 2019 Interim Report: profit growth exceeded expectations and end-to-end fixed value development

Investment Highlights Ping An’s zero return growth of net profit in the first half of 2019. The profits and investment income released by the tax reduction policy increased compared with the same period of the previous year. At the same time, the growth rate of operating profits affected by alternative short-term factors also slightly exceeded the market.expected.

The company’s net profit attributable to mothers was 9.77 million yuan in 2019H1, a year-on-year increase of 68.

1%, the initial expected growth includes: 1.

The tax reduction policy will pay more than 104 in 18 years.

$ 5 million is released as profit this year, and tax cuts have also contributed to this year’s profit growth; 2.

The performance of the investment side was much better than the same period of last year. The total investment income of insurance assets reached 102.6 billion, an increase of 94 over the same period.

5%, Ping An’s use of IFRS9 accounting standards has also increased changes in investment income.

Under the influence of short-term factors such as alternative investment, the company’s operating profit for H1 2019 increased by 23.

8%, also higher than market expectations.

The life insurance liability end as a whole was in line with expectations. New policy premiums were affected by product mix adjustments and a high base. There was a negative growth, but the value rate of new business increased significantly, and the value of new business also achieved positive growth.

The company’s 2019H1 life insurance 佛山桑拿网 individual business new order scale premium growth rate was -7 in half a year.

The decrease of 1% was mainly due to the company’s Q1 initiative to adjust its product structure and focus on the operation of high-value products. As a result, the sales volume of Q1 annuity insurance fluctuated. Looking at Q2 alone, the growth rate of new orders was basically the same as that of the same period last year, and marginal improvement.

In addition, the high base last year is also one of the reasons for the replacement of new orders.

The optimization of the product structure has increased the company’s new business value rate in 2019H1 by 5 per year.

7 singles, driving new business value increase4.


In terms of manpower, the number of individual insurance agents at the end of 2019H1 was 128.

60,000, down 9 from the 武汉夜网论坛 end of last year.

3%, the main reason for the decline was the company’s voluntary removal of substandard agents.

Looking ahead to the second half of the year, we expect the margins of the company’s debt side to continue to improve, with a focus on changes in hostages and quantities and on the product side.

The insurance industry’s premium income grew steadily. The comprehensive cost ratio increased slightly, and the decrease in effective tax rate significantly increased the profit of property insurance.

The company’s premium for property insurance business in 2019H1 will increase by 9 per year.

7%, basically the same as the industry growth rate, and the comprehensive cost reached 96 again.

6%, rising by 0 every year.

Eight averages, of which the expense ratio has decreased and the payout ratio has increased.

In terms of different types of insurance, the increase in the comprehensive cost ratio of automobile insurance and guaranteed insurance, which has a relatively high revenue share, is the leading factor in the rise of the company’s comprehensive cost ratio of property insurance.

Affected by the tax reduction policy, the effective tax rate of the company’s property insurance business in 2019H1 (without considering the 18-year reversion) is 21%, which has gradually decreased by 20 percentage points. Combined with the 18-year income reversion, the company’s property insurance business has realizedNet profit was 11.9 billion yuan, an increase of 100 in ten years.


Looking into the second half of the year, under the influence of the continuous increase in the scale of supervision, the proportion of property and insurance company’s fee expenses will still decline, and profitability is expected to continue to increase.

The asset allocation mainly increased the proportion of stocks and funds, and the better performance of the investment side drove the growth of profits and EV.

The company’s 2019H1 mainly increased the proportion of stocks and funds (+1.

1 per share), and long-term equity investments have also increased (+0.

2 averages).

The 2019H1 investment end performed well, driven by the recovery of the capital market, with a net investment return rate and a total investment return rate of 4, respectively.

5% (decade +0.

3 averages) and 5.

5% (ten years +1.

5 averages).The better performance of the investment side drove the growth of profits and EV, and short-term investment increased by 13 billion yuan, accounting for 18% of the net profit attributed to the mother.

4%; investment return difference in EV increments is 157.

6 ppm, accounting for 14 of the EV increase.


We slightly adjusted the company’s EVPS to 66 in 2019, 2020 and 2021.

51 yuan, 80.

06 yuan and 95.

85 yuan, EPS is 8 respectively.

16 yuan, 9.

28 yuan and 11.

49 yuan to 2019.


At 15 closing prices, the corresponding PEVs are 1.


08 and 0.

9, the corresponding PE is 10.


30 and 7.

51. We give a prudent overweight rating.

Risk warning: New single premium income is lower than expected, interest rates are down, and investment income is lower than expected.