Not waiting for Cai Xiangdong to finish,Lian Changheng and Ding Haijun looked at each other,Nodded all together:That’s right,The root must be here!

Except for this reason,He couldn’t think of any reason to make Chen Geng so angry and dissatisfied。
Then report to Chen Geng about the articles he saw criticizing their boss,Is this weird?
Although the two have never read those articles criticizing Chen Geng,I don’t know which media published these articles,But China in this era,All newspapers、The media are national,Even a city-owned newspaper,That also belongs to the country,I can think of it with the soleplate。
As for why Chen Geng would know,Don’t forget that Chen Geng had two negotiating teams in China and FAW、Negotiations for cooperation with Magic City,Some of Chen Geng’s two negotiating teams can read Chinese、Understand domestic newspapers,In the eyes of Chen Geng’s men,They saw articles criticizing Chen Geng in these newspapers,It represents the official attitude of China,Of course you have to report these things to your boss,Maybe fax it back to the U.S.。
As for Chen Geng,He has made so many investments in China、Provided such a strong support to the country when it needed external support most,It happened that some domestic media made irresponsible remarks、Gesticulate,It would be a hell of him if he could be fine。
Thought of here,Lian Changheng threw a bitter punch on the table,Road with red eyes:“Such an important thing,Why didn’t you say it earlier?!”
Cai Xiangdong doesn’t know what to say,Feel wronged:How do I know this will have such a bad effect?
“Forget it,This is not to blame Xiao Cai,He didn’t expect Chen Geng to know the things published in these newspapers……right,Xiao Cai?But you can’t be so careless in your future work,Do you know how passive this incident has brought us?”Ding Haijun said,And winked at Cai Xiangdong:“and also,Lao Lian,I’m afraid we don’t know where the problem is,Now that I know where the problem is,Prescribe the right medicine、Just find a solution。”
Cai Xiangdong is not stupid,Of course I know what I should say,Apologize to Lian Changheng:“Yes,leadership,It’s all my fault,Didn’t realize the seriousness of this matter。”
Although Lian Changheng is humming,Didn’t say anything,Just waved impatiently。
I saw my boss beckoning me out,Where does Cai Xiangdong dare to hesitate??Oil the soles of the feet immediately、Good luck。
“What you said is light,”Cai Xiangdong is gone,Lian Changheng just grunted:“It’s people in our system who scold people,You say explain?How to explain to Chen Geng?Even explained,People will believe?”
He’s not really angry with his secretary,But angry with those bastards in the country:You bastards,Do you know that I worked hard、How hard is it to get a rich overseas Chinese who is rich in the motherland??But you guys are fine,Not only does not help,Instead, he desperately demolished Lao Tzu’s platform behind the scenes,Is there anyone like you?
If it’s not now abroad,,He went straight to find those bastards and had all his heart。
Listening to Lian Changheng talking about this,Comrade Ding couldn’t help but frowned:Yes,This is the problem。
The media criticizing Chen Geng,Definitely not CCTV、《Illuminati》、《People》、《Half moon talk》Central mouthpiece,Not even the provincial government media,At most local、The mass media,Such as XX Morning News,Publish such an article,It may not necessarily have any opinion on Chen Geng,Mostly for eyeballs。
But the problem is,Even if it’s the local people like XX Morning Post、Off-market media,In the eyes of Chen Geng’s American employees, that also represents the official attitude of China.。
Where’s Chen Geng,After knowing this,What would he think in his heart?Do you think that the country has the mind to shed its grind and kill the donkey?

Because he treats everyone below**Very good,He is doing his best to help everyone out of the gloomy stage of life with his own heart。

Let them welcome the light in their lives,Then slowly,Live my life well,This is what Xiao Fan wants to see most。
Chapter Five Hundred and Fifty Nine Overweight
Yiming and Chu Yao sit opposite those bosses and the so-called professional training team,Then Yiming and Chu Yao raised their heads,Look at them very calm。
Both of them are very clear,Now is a very important moment,Success and failure,Now that the first official meeting came, it was an important,There must not be a slight difference in this。
The boss told them with a smile:“Welcome to join our team,Explain that you are a very witty person,Can choose to join our team。
You know that joining our team are very elite people,You see our team are very professional,Will definitely get you the reward you deserve。
And you want to make money,Anyone who wants to start a business can be realized here,So you choose us is really the right choice,It can be said to be the most correct choice in life。”
Chu Yao and Yiming secretly cast aside,Maybe meeting you is the worst thing in life。
Then they both smiled and said without changing their faces:“Yes Yes,I hope I can show you more in the future,We will definitely work well,Then make money。”
The boss looked very happy,Because I feel like I can cheat more people’s money again。
Then Yiming didn’t have too much nonsense with Chu Yao,Just spread it out with them,Said his money would be handed over to them,Then I hope they can make their money more。
Their boss is naturally happy,Then he pretended to ask the professional team to pass some information to them,Let the two of them go back and study with great concentration in these two days。
Come to work after studying,Then you can make money naturally,This is a trick,In fact, after they leave, they will be refused all contact information to cheat money。
But there is no evidence to the police,Actually there is evidence,It’s just that college students have less social experience,So they don’t know to collect some evidence。

The three of them all stared at Lu Menglin,See how he chooses。

Lu Menglin looked at the check on the desktop,Look a little weird。
After a while,Lu Menglin shook his head,Smiled:“Mr. Lucas,What if I don’t accept it?”
Reaction,As if already in Lucas’s expectation,He smiled confidently:“Captain Marine,You are a smart person,If you are not willing to accept the friendship of the angels of hell,Then we will be enemies next time we meet!I think,MGM Grand Hotel will not guarantee your safety。”
“after all,This is las vegas,Not China,The glory of socialism cannot shine here!”Lucas thought he was humorous and added。
In his opinion,Six hundred thousand dollars is a lot,Enough to impress these poor Chinese。
Jiang Jinghong heard these words,Frowning deeper。
But she didn’t say anything,Because she believes that Lu Menglin will handle this matter properly,Any disagreements,You can discuss it in private,at this time,There should only be an external voice。
In front of outsiders,She would never say anything。
“I can accept the friendship of hell angels,But I have a small condition。”Lu Menglin pondered for a moment,Said loudly。
Lucas laughed but said nothing,Instead, he nodded greatly,Motion to Lu Menglin to continue。
“I am a very small person,Who made my idea,I will definitely return!I know who instigated those Vietnamese,His name is Tadao Hojo,Japanese,Live in the MGM Grand Hotel。”Lu Menglin said angrily。
“OK!It’s easy!”Lucas shrugged,Said indifferently。
“I want to see with my own eyes how he was repaired。”
Lu Menglin added a sentence。
“no problem,Someone will send me the time and place of the show later。How about at the door of MGM Grand?You can see clearly as long as you stay in the room。rest assured,We are good at this kind of thing,There won’t be any trouble。”Lucas said very intimately。
“Ok,Deal!”Lu Menglin said solemnly。

Chen Wenjin responded with a fake smile,Wang Shuai said again:“Eat rice noodles with you ten times!Interesting enough?I haven’t eaten it for three consecutive days!This is full of sincerity!”

“White rice no?”Chen Wenjin asks,Wang Shuai said badly:“This is the stance!What’s the main food?”
“Are they all staple food??”Chen Wenjin deliberately continued to lift the bar,Shuai Wang stopped talking,Watching him,Wait a while,Chen Wenjin hasn’t said yet,Just say:“so sad,Talk to Xiaocui in the evening……”
Not finished yet,Chen Wenjin couldn’t help laughing。“Somehow change someone else。”
“You still laugh if you change?Laughing means agreeing,Stop being wordy,What a big deal!Calling you to eat,I’m not calling you to be slaughtered!”When Wang Shuai finished speaking, he picked up the phone and called Xiao Xiao,Ask her if she wants to go together,Hung up without saying a few words,Then say:“Xiao Xiao explained,Hesitating in words。I think she is avoiding you on purpose。”
“Isn’t that good?You don’t have fun,Why did you say it specifically??”Chen Wenjin wondered why Wang Shuai deliberately talked about this。
“You have no idea?Really not cheating?Gu Quan’s reputation is so powerful?”What Wang Shuai is interested in is still unfulfilled。
“Motivation is not just the reputation,Is to maintain the inner self form。As long as the true self does not change,Without fear of external criticism;The true self collapsed,There is no way to deceive yourself even if there are countless praises。”Chen Wenjin sees what Wang Shuai is thinking,moment,Just listen to Wang Shuai:“Xiao Xiao is not as thick as you,I definitely don’t think so much,Should just care about others’ criticism,She had to avoid。Ok,obviously,Her personality doesn’t fit you。”
“You are thinking about it elsewhere,Your persuasion can easily arouse my rebelliousness。As for the main reason Xiao Xiao avoided,Psychologically aside,It’s okay to avoid criticism。Did you know you were misunderstood?,She continued to use actions to deepen her misunderstanding,Even sit on the truth?”Chen Wenjin wants to discuss with Wang Shuai,Just say:“Stop,Chat something else。For example,I’ll go home to sleep tonight,Don’t drink。”
“……Too much!”Wang Shuai is very dissatisfied,But Chen Wenjin plans to spend the afternoon again,Destined to come again today,He won’t go,So the attitude is clear,Just say:“Qiangwei recently intends to shape her image,I think she wants to use Li Xiang as a stepping stone,May be launched at any time。May I talk to you recently,Let her be determined,Don’t come to me to admit my mistake!”
“Do not worry,She won’t talk to me。”Chen Wenjin judged Amei should have some determination,Execution is also very good。Originally, Ami and Wang Shuai didn’t spend much time together,From the beginning,May is very active,The rhythm is also fast。
“Then I’m a bit lost,I’m so good,She should be with me,At all costs,Don’t hesitate to lose all your pride!”Wang Shuai didn’t think he was very aggressive,Chen Wenjin ignored,Too lazy to take care of this。
Wang Shuai doesn’t care,Deliberately made a long sigh,Muttering to himself:“A person who is too perfect is destined to have many troubles,This is also good,That’s fine。I should have learned that all children want,However, as a person who also demands high moral standards,I have to make a choice。What a decisive force it takes,To make a choice?But i can——because,I’m so perfect!”

Sitting across from him is Father Lori。The latter is also very happy now,After all, he hadn’t expected all this。

“At that time I also said that the Tokugawa family would regret if they didn’t join hands with us to deal with the Miyamoto family.。Unexpectedly, the Miyamoto family blew up first。Let’s make a false alarm。”
It’s just Lori’s words just finished,Suddenly the teahouse made a loud noise。
“Demolition mercenary group attack,Who in the world competes!”
The teahouse was directly bombed,A man with a red turban shouted arrogantly。
(End of this chapter)
Chapter One Hundred and Eighty Five Blackpool dismounts
Members of the Explosive Mercenary Group attacked again,These people are like committing suicide crimes。Of course they won’t find a dead end。After bombing and shouting slogans, he will run away。That is, those who are too arrogant will be killed。
And this time,They somehow got the activity information of Oda Muska,Then play blasting directly in this teahouse。Then the teahouse was blown up.
Qin Feng froze when he saw the news,Then suddenly smiled。He didn’t understand the purpose of blasting the mercenary group,But as long as they come out and make trouble。
Now the chaos is definitely more beneficial to the Miyamoto family。After all, the Miyamoto family has already fallen behind the other two families in the hard power competition.。So if the two big families also suffered heavy losses,The Miyamoto family may be able to hide behind the fisherman。
It’s just that Qin Feng didn’t expect,The bombing just happened this morning,In the afternoon, Kurosawa invited him to a meeting again。
“What meeting?I am not an official。”When Qin Feng received the call, he went back so directly。
“Come quickly!”
However, Kurosawa Jiro did not give Qin Feng any opportunity to refuse.,Just hung up。

Chapter five hundred and forty one Buddha illustration

Cen Wen is crying,“Old man,What’s the matter, let’s talk about it later?Don’t move your hands, OK??I want to go to the toilet now,Can you let me go first?”
“Young man,I heard about your conversation before,Don’t you want to be an innate monk??Why are you leaving in a hurry??”Old man puzzled。
Cen Wen is almost crying,“Old man,Didn’t you ask knowingly??They are all like this,Once i was affected,I will die no doubt。the most important is,Even if Qin Feng is my friend,I cheated him over,It’s really a ghost if he doesn’t get me revenge after he settles Qingxin。”
Cen Wen feels he has insight into people’s hearts。the most important is,This is not a joke,Once I guess wrong,The price is death。That’s why he wouldn’t use this to gamble。
The issue is,He doesn’t want to bet,But the old man doesn’t want him to leave either!
“Old man,You let me go?”
“Little brother,This is your chance!”
“Chicken edge an egg!”Cen Wen has already begun to shake hands,I want to put aside the old man and hold his arm。It’s a pity that the two are compared,He found that he had no way at all。
How to do?Are you going to die here??
Just when Cen Wen was thinking about it,Qin Feng finally couldn’t hold it。
The crazy Nikaido Harunobu is indeed stronger than Qin Feng by more than one level,If it weren’t for the Kunlun dagger as a buffer to resist,,Maybe Qin Feng will be hammered to death by this one in minutes。
When Nikaido Harunobu’s demonization ends,Qin Feng put the short sword out without saying a word,Cut off the opponent’s head directly。

Jin Qilin (603586) In-Depth Report: Domestic Automotive Brake Leads Steady to Expand the Future

Jin Qilin (603586) In-Depth Report: Domestic Automotive Brake Leads Steady to Expand the Future
Key points of investment: domestic automobile brake pad leader, business resumed to rapid growth 1) The company was established in August 1999, the main car brake pads and brake discs, used for disc brakes and drum brakes, are used in automotive brake systemsImportant parts.At present, the company has 221 brake friction material formulas, which can produce more than 6,300 automobile brake pad products and more than 3,900 automobile brake disc products, which can be used in mainstream passenger car models and commercial vehicle models worldwide.2) The company’s customers are distributed at home and abroad. The main sales and income come from the domestic and foreign AM markets. In 2018, the sales volume of brake pads / discs in the AM market reached 97.17% / 98.17%.3) In 2018, brake pads accounted for 77% of the main revenue, and exports accounted for more than 85% of the revenue. Brake pads and overseas markets are the main sources of revenue and profit for the company.In the first three quarters of 2019, the company has achieved operating profit1.81 ppm and net profit1.50 ppm, an increase of 87 in ten years.55% and 91.27%, recovering to rapid growth. The global car ownership is huge, and the company has broad growth prospects. Since the company’s sales basically come from the aftermarket, the company’s growth stock has a strong logical attribute.The world’s latest car ownership is expected to be around 1.4 to 1.5 billion, and the latest domestic car ownership is 2.There are 500 million vehicles. Therefore, under the support of huge car ownership, automobile brake pads and brake discs as consumables will have considerable and stable market demand.According to the forecast of automobile production and ownership data, the global automotive brake pad + brake disc market size exceeds 100 billion yuan.The company’s revenue market is widely distributed, with over 85% coming from overseas markets, of which over 50% comes from the European market and about 15% comes from the North American market.The number of European and North American car owners is expected to exceed 400 million, and the Chinese market together will form the basis and support for the company’s continued growth in the future.The company’s advantageous product cost performance advantage is expected to gradually realize the replacement of imported high-end products and “go global”, so as to achieve continuous increase in market share. Product structure improvement, automobile OEM and high-speed rail innovation machine 1) The company’s brake pad products are divided into general / high-end competition / good / good / best series.At present, the products are mainly high-end series. The proportion of good series products is constantly increasing, and the proportion of better / best series is over 70%. The product prices are increasing and the product structure is improving.As the company optimizes its product structure and technology structure, optimizes customer resources, and improves operational efficiency, the product structure will continue to improve in the future, and profitability will continue to increase.2) The automotive OEM market segmented the AM market, with stricter product technology and quality requirements, more difficult market development, and relatively higher profit margins. For a long time, the domestic and foreign automotive brake pad and brake disk OEM markets were mainly monopolized by international / joint venture manufacturers.Advantage.As a leader in the field of brake pads in China, the company has successfully obtained the qualification of supporting suppliers for some OEMs through continuous research and development and innovation. In particular, the company passed Daimler’s PFA audit last year and officially supplied supporting products for Mercedes-Benz models in batches.This is the embodiment of the company’s product quality level, and it also provides important demonstrations and guarantees for the company to continue to attack the city in the OEM market.Although the existing company’s OEM placement ratio is low, the growth momentum is significantly better than the overall. In the future, customers will continue to develop, OEM supporting scale effects will appear, and profitability will improve and even surpass the AM market.3) Actively promote the strategy of concentric diversification. Some companies are actively researching and developing EMU brake pads and plan to enter the rail 无锡桑拿网 transit market such as railways.The company has developed three powder metallurgical brake pads for EMUs and obtained CRCC certification from China Railway Inspection and Certification Center. The follow-up samples detected the continuous advancement of road tests, and the company will boost the localization rate of iron-iron braking systems in the future.The promotion of high-speed railways has benefited from the rapid development of domestic high-speed rail.We believe that the high-speed rail brake pad business will open the ceiling of the company’s existing business and market, and is expected to become a new growth point for the company’s mid- and long-term development. Earnings forecast, for the first time, we give an “overweight” rating. We expect the company to achieve operating income in 2019-2116.44/19.49/23.17 ppm, an increase of 17 in ten years.45% / 18.59% / 18.85%, net profit attributable to mother 2.12/2.54/3.30,000 yuan, an increase of 139 in half a year.75% / 19.89% / 19.15%, corresponding to an EPS of 1.04/1.25/1.49 yuan / share, corresponding to 16/13/11 times of PE in 2019-21. Considering that the company has a comparative advantage in products and channels as a domestic leader in automotive brake pads, it is given an “overweight” rating for the first time. Risk warning: brake pads and brake discs grow faster than expected; raw material price risk; exchange rate risk

Year of the pig investment strategy: domestic and international financial market speculation

Year of the pig investment strategy: domestic and international financial market speculation

Source: Securities Times. Top Ten Conjectures in the Domestic Financial Market: Establishing a science and technology board and pilot registration system will release the vitality of capital market reform. Establishing a science and technology board and pilot registration system will be the top priority for capital markets in 2019., Will complement the capital market to serve the shortcomings of scientific and technological innovation, and provide more and more convenient financing opportunities for technologically innovative companies, thereby providing protection for their rapid development; gradually, will be issued, listed, information disclosure, trading, retirementThe city and other basic stock system reforms have further strengthened and improved the stock issuance and listing system centered on information disclosure and increased investor trading opportunities.

  It 重庆耍耍网 can be expected that the reform of the capital market in 2019 will revolve around the institutional design of the science and technology innovation board, corporate declaration, and incorporation, etc., the purpose is to improve the bond between the capital market and the new economy, and make the capital market better serve the innovation driveStrategic and real economy, investors will also have the opportunity to share the dividends of the growth of technology companies through the channels of the science and technology board.

  Significant progress will be made in the gradual reform of tax and fee reductions. The increase is China’s largest tax revenue.

2019 will be a crucial year for reform. Major progress has been made in reducing tax rates, rebating input credits and expanding the scope of deductions.

  Gradually increasing the tax rate and degenerating is a perfect tax policy, and the most important part of achieving neutrality is conducive to further exerting the role of market resource allocation and helping economic development.

The tax-refund policy in 2019 will also continue, and the scope and scale of the tax-refund policy will be continuously expanded in accordance with fiscal affordability, the normalization of the tax-refund policy will be realized, and the comprehensive tax-refund policy will eventually be realized.

  After the implementation of the new asset management regulations in 2018, the shadow banking business continued to shrink, and the growth of social financing scale stocks replaced.

8% historical low.

  As a hedging measure, it has released a total of nearly 6 trillion yuan in monetary policy operations through multiple rounds of targeted RRR cuts and medium-term borrowing facilities.

From the perspective of the monetary policy compensation mechanism, the first benefit to the monetary easing is the money market. The market interest rates of various maturities have continued to fall, but they can only offset the credit market. There will still be a time lag, so the decline in the loan interest rate is less than the market interest rate.

However, the continued development of the previous monetary easing policy and the further easing of monetary policy this year are expected to lead to a steady increase in the scale of social financing, and financing costs will continue to fall.

  Interest rate consolidation is expected to take a substantial step and to extend the interest rate “merging the two tracks into one track” over the past two years, which means that the interest rate on deposits and loans has moved closer to the market rate.

The long-term monetary policy operating framework is shifting from quantitative to price-based restructuring, which means that policy interest rates will play a greater role.

In order to increase the impact and growth rate of policy interest rates on deposit and loan rates, it is imperative to cancel the benchmark interest rate for deposits and loans.

However, considering that the risk pricing capabilities of financial institutions need to be further improved, the cancellation of the benchmark interest rate can be considered as easy first and then difficult, and can be cancelled by time limit.

In view of the easiness and the practical necessity of reducing financing costs, the forecast of the benchmark interest rate for loans will be cancelled first.

  China-US trade prospects are on track As the world ‘s largest economy and the second-largest economy, the entire process of China-US trade integration has an important impact on the global economy.

In more than ten months, China and the United States have actually resolved many differences, especially in terms of promoting trade balance and protecting intellectual property rights.

In the future, China and the United States are expected to reach a consensus on the nature of return to trade and seek common ground while shelving differences.

  At present, major changes have taken place in the world’s trade structure, the fifth round of world industrial transfers has accelerated, and multilateral trade rules will also undergo major adjustments.

2019 is a critical year for the so-called, and it is also a difficult time for the global economy.

Sino-US trade itself is dynamic. The two sides will sort out the current favorable conditions and push trade forward.

  Acceleration of the amendment of the Securities Law Since the amendment of the Securities Law was launched in 2013, it has gone through two meetings of the Standing Committee of the National People’s Congress.

In 2019, the implementation of the transformation of the science and technology board and the registration system pilot was restored, and some key issues were restored. In addition to the changes in macroeconomic and financial supervision, the progress of the “Revision of the Securities Law” gradually accelerated. Combining the “second reading” content and market expectations, in some aspectsOr there will be a breakthrough.

  In terms of issuance, in order to meet the needs of registered issuance, the corresponding issuance regulations will be adjusted.

Further upgrade the relevant requirements for information disclosure, strengthen the trust responsibility of various market entities, and expand the scope of trust, which has been reflected in the “Second Reading” of the Securities Law. Through the implementation of the registration system, the trust requirements will be further strengthened.

Increased market competition for fraud issuance, financial fraud, and default standards for insider trading may also be promoted.

In addition, to further increase the proportion of direct financing in the capital market and provide smooth financing channels for innovative technology companies, perhaps they will also make a difference in law.

  The real estate long-term mechanism plan will be implemented steadily in 2019. Under the background that “stability” is the top priority, the real estate long-term mechanism mechanism will make breakthrough progress and the implementation of the plan will be accelerated.

  The most important content of the long-term real estate mechanism is the reform of the housing system. This year, major breakthroughs will be made. The housing market and housing security system will be established. In particular, the development of the housing leasing market will speed up.

At the same time, financial, land, fiscal and taxation, legislation, market supervision and other means that are compatible with the housing system have been jointly advanced rapidly, including reform of the housing provident fund system, land system reform, and real estate tax legislation.

Specifically, the local government will take the overall plan of the central government as a guide, study and formulate a “one city, one policy” landing plan in combination with local actual conditions, and conduct pilot projects in key cities.

  The reform of state-owned enterprises and state-owned assets continued to deepen the requirements of the Central Economic Work Conference to activate the vitality of micro-entities and quickly realize the transformation from managing enterprises to managing capital.

2019 is a key year for achieving the goal of 2020 state-owned enterprise reform. In the process of combining capital management, conventional capital investment and operating companies will become one of the focuses of this year’s state-owned enterprise reform.

Focusing on the construction of the authorized operating system, the two types of companies are expected to complete the adjustment of their organizational structure, and the reform of the management and control model will be alive, deep and practical, and gradually build a professional platform for market-oriented operations.

  The planning outline for the Guangdong-Hong Kong-Macao Greater Bay Area is gradually unveiled. The development plan for the Guangdong-Hong Kong-Macao Greater Bay Area has been formed. The related supporting implementation plan is being prepared and improved. It is expected to be announced in the first half of this year.

It is understood that the outline was prepared jointly by the relevant central departments and the governments of Guangdong, Hong Kong and Macau.

The Chief Executive of the Hong Kong Special Administrative Region, Mrs Carrie Lam, told the media on January 15 that the SAR Government is advancing at 1?Approved and agreed by the central government within 2 months to announce the outline of the development plan for the Guangdong-Hong Kong-Macao Greater Bay Area.
  5G business enters a new stage Through the release of 5G spectrum, the cooperation of operators, equipment vendors and other parties in the industry chain has entered a new stage, and the 5G business step has been getting closer.

5G temporary licenses will be issued to some regions this year.

  As a new generation of information infrastructure, after the acceleration of the pace of commercial use, 5G is re-seeing the flowers in the mist and moving to millions of households and industries.

The maturity of 5G is enough for consumers to experience a faster network. More importantly, 5G can empower other industries, such as virtual reality (VR), ultra-high-definition video, and autonomous driving. Maybe it may be called “5G +”.

  Top 10 conjectures in the international financial market

  Just in August 2018, US stocks set a historical record: the longest bull market in the history of US stocks.

However, many people did not expect that in the fourth quarter of 2018, especially in December, there was a two-digit increase in the vertical transition.

After the New Year, however, there was another dramatic reversal.

The average growth rate of the three major US stock indexes in January 2019 exceeded 6%, setting the best first-month performance in the history of the US stock market.

The research view of Tianfeng Securities believes that the US stock market’s shrinking recovery is coming to an end, and the risks in the future lie in the loosening of monetary policy and the unexpected decline in performance.

  Where does Brexit go?

  Closer to the Brexit deadline on March 29 this year, Brexit progress has been bumpy.

As of the end of January, amendments to reject “hard Brexit” and seek a Northern Ireland border alternative have been passed, but the market’s concern about the delay in Brexit has not been passed, and the UK still faces the risk of “hard Brexit” without an agreement.
  A research report by CITIC Securities pointed out that the current focus of Europe is mainly on events such as Brexit, and Europe or the United States other than the United States this year, another risk point in overseas markets.

The research report of Huachuang Securities pointed out that the impact of Brexit on the British economy is significantly greater than that of the European Union, and the ups and downs of Brexit progress have a relatively limited impact on European assets.

  The Fed’s rate hike is coming to an end?

  Market turmoil coupled with uncertain economic outlook, whether the Fed will continue its interest rate hike plan has attracted attention from all walks of life.

At the antique Fed’s new first monetary policy meeting at the end of January, the Fed did not decide to raise interest rates and did not change the speed of its balance sheet.

However, the resolution statement released after the meeting deleted the forward-looking guidance on further step-by-step interest rate hikes, and has sent the strongest signal to suspend interest rate hikes.

  How does the “patient” Fed choose its future path?

The answer may be data performance.

Analysts at UBS Wealth Management said that if the US economy maintains its current potential, it can support the Federal Reserve to raise interest rates once a year.

CITIC Construction believes that the Fed’s rate hike cycle has actually come to an end, and there is at most one round of the current rate hike cycle.

Even the Federal Reserve raised the final size of its balance sheet, but the end of the contraction may be at least until 2020.

  Will oil prices fall?

  Looking back at 2018, it was a year when international oil prices experienced ups and downs. Under the influence of the resumption of sanctions on Iran by the United States, OPEC production reduction agreements, record highs in US shale oil production, and trade frictions, the volatility of crude oil prices increased significantly.

As volatile as oil prices are, the commodity markets.

The Bloomberg Commodity Index, which tracks the prices of 22 types of commodity futures contracts such as energy, metals and agricultural products, peaked in early May last year, and fell by nearly 13% in 2018.

  Cinda Securities believes that three major events in 2019 are decisive variables for the global crude oil market: first, the implementation of OPEC production cuts and whether to continue production cuts in the second half of April; second, Iran ‘s crude oil exports and the US ‘s decision to extend exemptions for five monthsThe third is the situation of US crude oil production.

  A new era of interest rate rise in Europe?

  For the European summer, last December was a historic moment and the unprecedented quantitative easing policy plan officially ended.

Today, the average of economic growth and basic growth rates has reached a satisfactory level, and the prospect of Europe’s complete withdrawal from quantitative easing and even raising interest rates is full of uncertainty.

  Goldman Sachs predicts that Europe’s highest may not expand until late this year or early next year.

New Era Securities believes that European Emerging is likely to raise interest rates in 2019.

Continued long-term maintenance of zero interest rates may stimulate a large number of inferior investments, and corporate debt will also increase. Given that the European economy is growing at about 2% and the return on investment is relatively considerable, a modest rate hike will not excessively restrain economic growth, but it will inhibit lowInvestment in efficiency.

At the same time, from the perspective of capital flows, it is also necessary to raise interest rates in the European transition.

If Europe does not raise interest rates for a long time, capital will continue to flow from Europe to the United States, which will also have an impact on European capital markets and the real economy.

  What is the risk of exchange rate risks in emerging markets?

  In 2018, emerging markets have experienced several ups and downs, once creating a long-term asset selling cycle since the financial crisis, and the exchange rate crisis is making a comeback.
If the US interest rate goes on, it will have a serious impact on emerging markets. Considering that more than two-thirds of emerging market debt is exchanged by the US dollar, a stronger US dollar caused by the tightening of monetary policy by the Federal Reserve will also put pressure on emerging market currencies.
  Franklin Templeton Investment pointed out that although the emerging markets are currently expected to lack a short-term internal crisis, the timing of long-term investment is expected to take shape, especially the long-term investment opportunities in China’s domestic demand-oriented industries.

  China Everbright Securities ‘overseas market research points out that China and other emerging economies are also subject to the global economic growth rate. At the same time, rising external pressures have also led to the release of internal risks.The overall structural and marginal improvement will be the highlight of global economic growth in 2019.

  Will Bitcoin crash again?

  For Bitcoin and most cryptocurrencies, 2018 was a bad year, with the price of most cryptocurrencies falling by more than 50%.

The bitcoin boom seems to have disappeared, and it is not easy for its price to reach $ 4,000, and its price was more than $ 12,000 12 months ago.

  In the eyes of some investors, Bitcoin and blockchain do have some flaws, but they will gradually improve and continue to survive.

However, Bank of America Merrill Lynch pointed out that Bitcoin is overlapping the history of the massive influx of capital, but the subsequent collapse of assets.

  Overseas unicorn staged a wave of listing?

  A large number of Internet unicorn companies that are not very profitable hope to reserve more abundant cash flow through listing, but listing at a lower than estimated or even low issue price has now become the norm for Internet unicorn listing.

It is reported that U.S. super unicorns are expected to be listed in 2019, including Uber and Lyft, data analysis company Palantir, shared accommodation platform Airbnb, corporate communication platform Slack, etc., among which Uber is expected to reach $ 120 billion.

  There are also a large number of domestic companies going to the US stock market in 2018.

According to incomplete statistics, nearly 40 Chinese companies were listed on the NYSE and NASDAQ markets last year.

Entering 2019, the enthusiasm of domestic companies, especially unicorns, for listing in overseas markets such as US stocks will still help maintain and continue.

  Will global debt risk erupt?

  The latest report released by the International Finance Association shows that as of the third quarter of 2018, the global debt scale has exceeded three times the global economic aggregate, and the ratio of global debt to global GDP is close to the highest level ever.

The global debt scale has increased significantly in the past decade, especially in the non-financial corporate sector and government sector, where debt has grown rapidly.

Among them, government debt is expected to grow faster, while corporate debt in emerging economies is growing faster.

  In the face of the ever-expanding public debt of governments, the risk of controlling debt is becoming increasingly serious.

Fidelity International said that in response to the global financial crisis in 2008, countries generally lowered the cost of debt financing, and the scope and pace of normalization of interest rates were relatively limited after the crisis eased.

The huge scale of compliance debt in the global economy makes it difficult for countries to fully recover the interest rate level of the previous cycle within a few years.

  Extreme weather hits the capital market?

  Since the 21st century, extreme weather caused by global warming has become more frequent.

At the end of January, extreme weather such as low temperatures, snow and storms occurred in many parts of the United States.

A study by the Yale University’s Climate Change Exchange Program indicates that about 72% of Americans believe that global warming is very important to themselves, and this proportion is the highest since the 2008 survey.

  Some people worry that the rise in prices of natural gas and food caused by extreme weather will affect inflation and even affect the prospects and monetary policy decisions of countries.

The World Economic Forum has just released its latest issue of the Global Risk Report, and environmental issues have occupied the “World Risk List” for the third consecutive year.

Following unprecedented heat waves, storms and floods across the globe in 2018, “extreme weather events” are global risks with the highest probability.

Beifang Huachuang (002371) 2019 Interim Report Review: Pre-collection of Accounts and Stocks Hit Record Highs and Wait for the High Season

Beifang Huachuang (002371) 2019 Interim Report Review: Pre-collection of Accounts and Stocks Hit Record Highs and Wait for the High Season

[Key points of investment]The company released the 2019 semi-annual report, and the company realized operating income in the first half of the year16.

550,000 yuan, up 18 in the same period last year.

63%, net profit attributable to mother is 1.

29 ppm, an increase of ten years8.

03%, net profit after deduction is 0.

25 ppm, a ten-year average of -59.

69%, from the company’s performance, the average revenue and net profit growth exceeded expectations, which is basically a decomposition factor. The peak of equipment order confirmation is mainly concentrated in the second half of the year. Orders are gradually confirmed in turn, and the performance is expected to return to high growth.
By industry, in the first half of 2019, the company’s electronic process equipment business increased by 17%.

13%, the overall gross profit margin increased by 3.

82pct, reaching 38.

54%, indicating that the company’s products have increased competitiveness in the market. The company’s various types of semiconductor equipment have accelerated their entry into domestic 8-inch and 12-inch storage, logic and special process production lines. Some high-end products have entered the world-class chip production line and advanced packagingProduction line; cost savings, benefiting from the development of the photovoltaic industry, the company’s photovoltaic cell process equipment and single crystal furnace business has been better and faster development, the order volume has steadily increased; the LED industry continues to be sluggish, the company ‘s LED equipment growth is less than expectedWaiting for the LED industry to pick up.

In the first half of the year, the company’s electronic component business performed well, with overall sales revenue increasing by 22 per year.

49%, revenue share increased to 24.

19%, component prices stopped falling and rebounded, product gross profit margin increased significantly9.

5pct, the second half of the year is expected to continue to maintain the economic situation.

The scale of advance accounts and inventories continued to reach record highs. According to the company’s interim data, the company’s advance accounts reached a record high of 16.

6.6 billion, according to a 40% advance receipt ratio, corresponds to 41.

With an order of 6.5 billion U.S. dollars, the inventory scale also reached a record high of 37.

44 trillion, rating increased by 7.

29 trillion, also reflects that the company has too many orders on hand, and a large number of products to be inspected are issued. Orders are confirmed in the second half of the year, and the company’s performance will improve.

The company accelerates the research and development of 5 / 7nm integrated circuit equipment to prepare for the development of the next decade.

The company’s fixed-increasing projects are accelerating. At present, the feedback from the Securities Regulatory Commission has been replied, detailing the necessity of implementing high-end integrated circuit equipment research and development and industrialization projects.The total budget for the half year is 34.94 million yuan, which is still in the initial stage of project construction.

[Investment recommendation]The company’s operating income is expected to be 46 in 2019/2020/2021.



6.4 billion, net profit attributable to mothers was 3.



62 trillion, EPS is 0.



88 yuan, corresponding to 75/49/31 times the PE.

Maintain the “overweight” rating.

[Risk reminder]Order confirmation progress is less than expected; domestic wafer fab construction progress is less than expected; 5 / 7nm research progress is less than expected.

Kelun Pharmaceutical (002422) Update Study: Looking at the Value of the Specialty Preparation Sector from the Perspective of Diversity

Kelun Pharmaceutical (002422) Update Study: Looking at the Value of the Specialty Preparation Sector from the Perspective of Diversity
[Key points for investment]With the company’s approval of several important generic drugs in the past two years and the consistency evaluation of multiple varieties, the research and development of generic drugs has entered into the cashing period.Great efforts are made to establish a sales team for specialized preparations and develop sales channels. The use of specialized preparations channels is gradually in place. The high-quality varieties in the non-infusion preparations sector will soon contribute to the profits. We believe that specialty preparations are expected to become another growth point for the company’s profits. As of now, a total of 31 (7 in 2017, 18 in 2018, and 6 in 2019) generic drugs have been approved for production (including varieties that have passed consistency evaluation), and 115 varieties are expected to be listed in the next three years.Among the currently approved varieties, escitalopram oxalate, parecoxib sodium for injection, dexmedetomidine hydrochloride injection, and zoledronic acid injection (for osteoporosis) will contribute to this year’s specialty 苏州桑拿网 preparations segment.Performance elasticity, especially escitalyl oxalate oxalate and parecoxib sodium for injection are quite capable of contributing performance.Esselglycerin Pulan tablets oxalate mainly focus on the collection and release and antidepressant product echelon advantages. Parecoxib sodium for injections looks at imported alternatives in the short to medium term, and may be concerned with its combination with opioids in the long term. The company reports that the product categories involve anti-infection, anti-tumor, anti-coagulation, hypoglycemic and many other disease areas. Among them, gefitinib, dapoxetine, vardenafil and other varieties will be quickly promoted to follow-up sales, includingDapoxetine can be used in combination with mainstream anti-ED drugs to take OTC-end channel volume; however, such varieties as sugandine gluconate injection, afatinib, and apixaban have not expired in China, soEven if the company is still unable to go on sale even after it is approved, the company can demonstrate its R & D capabilities in the first echelon while successfully positioning these duplicate alternative pharmaceutical varieties, and it can take the lead in import substitution after the patent is terminated. We believe that the value of the company’s specialty preparation segment is prominent. 1) Platform-oriented research and development has accumulated power and accumulated accumulation; 2) Build product echelons to exert synergistic effects; 3) Raw material-preparation integration to control the upstream of important specialty preparation varieties. [Investment suggestion]Based on the above judgments, we are optimistic about the company’s future development prospects and comprehensively consider the company’s various business conditions. It is expected that the company’s 19/20/21 annual revenue growth rate will be 3% and the revenue will be 64.05/65.97/67.9.5 billion; revenue for therapeutic infusion 19/20/21 growth rate was 29.64% / 22% / 15%, income is 47.46/57.90/66.5.9 billion; antibiotics revenue growth rate for the year 19/20/21 was 11.72% / 2.72% / 0.53% and income was 36.80/37.80/38.00 trillion; 19/20/21 revenue growth rate of other preparations is 53.30% / 33.32% / 23.00%, income is 45.20/60.26/74.1.2 billion. Based on the above estimates, we expect the company’s operating income for 2019/2020/2021 to be 195.80/224.23/248.9.5 billion, net profit attributable to mother is 15.97/19.37/22.2.5 billion, EPS 1.11/1.35/1.55 yuan. Segment estimation is used to estimate the company’s three major businesses: infusion, antibiotics and other preparations.1) Large infusion: Refer to comparable companies, although the average PE ratio of large infusion industry companies in 2020 is 13.18 times, but we believe that as the large infusion industry has entered the stage of deep integration and the shape of the oligarch is relatively stable, the company as an absolute leader in the industry tries to enjoy a certain estimated premium.It is predicted that the company’s large infusion sector will contribute 9 in 2020.US $ 3.6 billion, considering that the company’s estimates have changed due to changes in the previous market environment. In the long run, the leader of the large infusion industry will definitely benefit from the deep integration of the industry and the increase in concentration. There is estimated room for repair, giving 25 times PE in 2020, Corresponding to a market value of 23.4 billion; 2) Antibiotics: With reference to comparable companies, the average PE ratio of antibiotics companies in 2020 is 9.49 times, we believe that due to the company’s significant cost advantage in antibiotics and the increasing value of the entire industrial chain, the company’s forecast net profit in the antibiotics sector by 2020 is 6.300 million, giving 15 times PE, corresponding to a market value of 94.500 million; 3) Other preparations: With reference to comparable companies, the average PE ratio of other chemical companies in 2020 is 29.99 times, predicting that the company’s net profit for other preparations will be 3 in 2020.700 million, taking into account the company’s reorganization, hundreds of generic drugs will be approved for listing, including high-quality varieties of various injection dosage forms, given 30 times PE, corresponding market value of 11.1 billion.Based on the three-part estimates, we believe that the company’s reasonable estimate for 2020 is 439.500 million US dollars, irrespective of rights issue, corresponding to 30 in 2020.52 yuan, maintain “Buy” rating. [Risk Tips]Competitive risks in the large infusion industry; product volume is not as expected; risk of R & D is not as expected;