2019 La Liga’s latest standings Sevilla Atletico Barcelona tied for second

2019 La Liga’s latest standings Sevilla Atletico Barcelona tied for second
In the early morning of October 8, Beijing time, the 18/19 season La Liga ended all the eighth round of the game.Sevilla led the standings with 16 points, while Atletico and Barcelona were second with 15 points.  Atletico Madrid 1-0 Betis 74 minutes low shot from the right corner of the penalty area arc right corner, 1-0.Atletico have two consecutive wins at home, Betis first defeat in seven rounds.  Sevilla 2-1 Celta 39 minutes Navas cross from the right of the bottom line, Sarabia small header in front of the penalty area at the far corner, 1-0.  Arroyo trampled on Andre Silva in 58 minutes and was sent off after receiving the second yellow card. The visiting team had only 10 players left.In the 61th minute, Sarabia countered offside to the right of the penalty area. Ben Yeder sent the ball into the empty goal in a small penalty area, 2-0.  After 85 minutes, Buffal rushed to the top of the penalty area and his right foot pushed the goal to reveal the lower right corner, 2-1.Sevilla won four straight and Celta won five rounds.  Athletic Bilbao 1-3 Royal Society 29 minutes Inego Martinez banned local fouls, Oyazavar took a penalty shot in a coma in the upper right corner of the goal, 0-1.In 32 minutes, Erosondo tackled the ball and made a turnover error, which turned into a missed ball. Munia pushed the goal through a small penalty area, 1-1.In the 47th minute, Zubidiya made a cross from the right and St. Gary’s small penalty area was pushed to the goal, 1-2.In 73 minutes Simon fouled a foul in the penalty area. Oyasavar penalized a low shot and scored a pair of scores in the lower right corner, 1-3.Biba won in 6 rounds and Royal Society won 2 games in a row.  Girona 2-3 Eval 11 minutes Eddie banned local handball, Charles penalty kick, 0-1.In the 40th minute, Polo’s right pass crossed the bottom line. Stujani nodded and broke the goal, 1-1.Bernard headed a ferry from the top of the penalty area in 42 minutes, and Stujani scored a goal in the middle of the small penalty area to score twice, 2-1.In the 50th minute, Jordan Moreno made a cross from the right corner and Alberia scored a goal in front of the penalty area, 2-2.In 72 minutes Aureliana crossed from the right and Enrique scored a header from the front of the penalty area, 2-3.Girona won four rounds, and Eval ended a two-game losing streak.  Getafe 0-1 Levante scored a free kick from the top of the arc in the penalty area for 60 minutes. The ball hit the ball at the top right corner of the goal, 0-1.91 minutes home team player Portillo was sent off for poor speaking.Getafe lost two straight at home and Levante won two straight.Messi Leganes 1-0 Vallecano in the 14th minute Michael Santos made a cross from the right. Carrillo’s penalty kick to the right with a right foot shovel and broke the goal 1-0.In 82 minutes, the visiting team player Maidland kicked behind and was sent off after receiving the second yellow card.Leganes won two straight at home and Vallecano won four rounds.  Valladolid 1-0 Huesca scored a free kick from the top of the arc in the restricted area in 28 minutes. The ball flew into the front corner of the goal, 1-0.Valladolid won three games in a row and Huesca won seven rounds.  The Spaniards 3-1 Villarreal broke through a straight pass in the middle of the 7th minute Iglesias, Hernán Perez shot from the left side of the penalty area and scored 1-0.45 minutes Mori shot from the right side of the penalty area was saved from a small angle, Ai Kabi shoveled a small penalty area, 1-1.In 79 minutes, Melendo made a cross from the right, Dalde’s right footed shot from the centre of the penalty area broke 2-1.Sergio García made a direct pass in 92 minutes and Piatti scored with a single shot, 3-1.The Spaniard won four straight at home, and the submarine lost its first game away. Original title: La Liga standings: Sevilla temporarily topped!Atletico catch up with Barcelona 1-0

Since the formation of the National Olympic Games, it has been tossed, and it may be difficult to enter the finals next time

Since the formation of the National Olympic Games, it has been “tossed”, and it may be difficult to enter the finals next time
Beijing News (Xu Xiaofan) On the evening of January 15, the Chinese Olympic Games ended the U23 men’s Asian Cup tour with an awkward record of 3 losses and 0 goals.Although this Olympic team is of poor strength, the impact of coaching on the team cannot be ignored.Since the establishment of the team, the controversy of this team has not stopped.Hao Wei is only the executive coach of the Olympic team.Photo / Osports In 2015, Li Ming formed this country name for the 1997 age group.From the initial selection of “I want to go to the Olympics” to the regional leagues in Germany afterwards, this team has been in a hurry. This team has been constantly “tossed” since its inception.After more than 4 years of team building, the team has experienced 4 coaches including Li Ming, Sun Jihai, Hiddink and Hao Wei. The biggest problem caused by the replacement of coaches is personnel instability.According to statistics, there are more than 80 players called by the four coaches, and the changing personnel changes make the team’s running-in constantly push back.The painful defeat of the Asian Cup of the U23 men’s football team is just the result of constant “tossing”.From the beginning of the team competition, in the Toulon Cup, the younger Asian Cup and other international competitions, the performance of this 1997 national number has always been poor.What is impressive is the 2016 U19 Men’s Football Asian Cup. This team also missed a goal in the group stage and was out early.Taking the U23 men’s Asian Cup as the shareholder’s breakdown in the past, this 1997-year-old National Olympics can pass is the worst one, but looking at the future, I am afraid that there will be more “worst national Olympics”.Empire, the U19 national team failed to qualify for the 2020 U19 Asian Cup finals. This is the first time that the National Youth Team has missed the Asian Youth Finals in 25 years.According to this trend, after 4 years, the National Youth will become the Olympic Games, and it may not even be able to advance to the U23 Asian Cup finals.Even more frightening is that the rise of the Southeast Asian team has made the opponents of the Chinese Olympic Games no longer be traditional heroes such as Korea, Japan and Iraq. Perhaps someone in the future can decide the destiny of the Olympic Games without being regarded by Chinese football.This is not alarmist. The U19 National Youth League has lost to Indonesia, Vietnam and Thailand.Editor Zhang Yunfeng proofreading Fan Jinchun

Star Semiconductor (603290) company in-depth report: domestic IGBT leader to seize the new energy vehicle market

Star Semiconductor (603290) company in-depth report: domestic IGBT leader to seize the new energy vehicle market

Domestic IGBT leading companies have independent technology control and are expected to continue to improve profitability: The company was established in 2005 and is a leading company in the domestic IGBT field. It successfully developed NPT and FS-Trench chips independently in 2011 and 2015.All types of IGBT chips have been mass-produced by the end of 2018.

The company’s self-developed chip procurement ratio is from October 2016.

26% increased to 52 in the first half of 2019.

71%, the self-sufficiency rate has increased year by year.

In recent years, the company’s gross profit level has stabilized at about 30%, and its net interest rate has climbed year by year. The gross profit rate in the first half of 2019 was 30.

24%, net interest rate 17.

60%, through the company’s 四川成都耍耍论坛 chip self-sufficiency rate further increased and scale efficiency brought about a decline in expense rate, the company gradually continued to improve profitability.

The company seized the new energy vehicle market and opened up a broad market space: According to strategy analytics data, global electric vehicle production in 2018.

5 million units, it is expected that by 2023 electric vehicle production will increase to 25.

4 million units, with a CAGR of 27.


The IGBT module accounts for about 5% of the total cost of an electric vehicle. It is the second most expensive component other than a battery, and the market space is broad.

Proposed company 2.

The 500 million USD new energy vehicle IGBT module expansion project, with an annual production capacity increase of 1.2 million units after its completion, is expected to achieve annual sales4.

20,000 yuan, with an average annual profit of 64.04 million yuan.

The company actively entered the new energy vehicle market, and the broad market space promoted the company’s high performance growth.

The IGBT market is led by overseas manufacturers, and the company continues to lead localization: According to IHS Markit data, the top ten manufacturers in the IGBT module market in 2018 have a total market share of 79.

Among them, the only company in China ranks in the top ten with two.

The 2% market share ranked eighth.

The size of China’s IGBT market accounts for about 43% of the global proportion, and it is the world’s largest IGBT consumer country. The domestic IGBT domesticization level is about 30?
40%, the import substitution space is broad.

The company is a leading IGBT company in developing countries and will continue to lead the localization of IGBT.

Covered for the first time and given a “highly recommended” rating: We are optimistic that the company will continue to lead the IGBT localization, card positioning of new energy vehicles, inverter home appliances and other high-quality circuits.



39 trillion, EPS is 0.



50 yuan, corresponding to PE about 34X, 26X, 18X, for the first time coverage, giving a “highly recommended” grade.

Risk warning: New energy vehicle launch is less than expected; customer development is less than expected.

Tianshun Wind Energy (002531): Expansion of production in line with expectations in the first half of the year has led to an orderly advancement in response to rush installation needs

Tianshun Wind Energy (002531): Expansion of production in line with expectations in the first half of the year has led to an orderly advancement in response to rush installation needs

2019 Interim Results Meet Our Expectations Tianshun Wind Energy Announces 2019 Interim Results: Revenue 24.

800 million, an increase of 53 in five years.

3%; net profit attributable to mother 3.

30,000 yuan, an annual increase of 38.

4%, in line with our expectations.

The start-up effect of rush installation is obvious, and the increase in sales of wind towers and blades drives revenue growth.

The company achieved revenue of 24 in the first half of the year.

800 million, an increase of 53 in five years.


Among them, the wind tower and blade revenue increased by 43% and 341% respectively, mainly benefiting from the increase in wind tower restructuring volume of 22% to 20.

4 Initially, the number of wind tower replenishment reached 14 in the second quarter.

2 close to the level of the first half of last year; while the blade segment benefited from the commissioning of the Changshu plant in the second half of last year, and the size of the blade and mold increased significantly to 89 and 13 sets.

The drop in the average price of plate supports gross profit margin and profit growth.

According to the statistics of the Bureau of Statistics, the price of 20mm medium plate in the first half of the country fell by 6 every time.

1% to 4,023 yuan / ton, of which in the first quarter and second quarter respectively decreased by 5.

7% and 6.

5%, as the 20mm medium plate is an important raw material for wind tower blades, the company ‘s gross profit margin for the wind tower in the first half of the year was still flat at 20 under the adverse situation of reduced overseas sales.

About 5%; and the gross margin of the leaves increased by 3.

3 up to 29.

4%, supporting the company’s profit growth of 38 in ten years.


Development trend The order performance was positive in the second half of the year, and demand to support the expansion of production progressed as scheduled.

Through the expansion of three bases in Taicang, Baotou and Zhuhai in 2018, the company’s wind tower capacity expanded by more than 40% in the first half of the year, and its blade capacity doubled. Against this background, the company still felt that the market supply and demand in the second half of the year were tight and the product became largerobvious.

Therefore, the company has maintained the 10-year / annual wind tower capacity construction progress of Shandong Tancheng, and is expected to put into operation in the fourth quarter of this year.

And launched a further blade expansion plan to cope with the increase in demand brought by wind power surge.

Earnings forecasts and estimates As the expansion and profitability growth in the first half of the year are in line with our expectations, we maintain our previous earnings forecasts unchanged.

The current consensus corresponds to 15 of 2019/2020.

3 times / 12.

5 times price-earnings ratio.

Maintain Outperform rating and 8.

Target price of 60 yuan, corresponding to 21.

0 times 2019 P / E and 17北京桑拿洗浴保健.

2 times the 2020 P / E ratio, 37 compared with the previous inclusion.

6% upside.

Risk steel prices rebounded more than expected.

Liuyao shares (603368): annual report tracking performance to maintain rapid growth and diversified distribution efforts

Liuyao shares (603368): annual report tracking performance to maintain rapid growth and diversified distribution efforts

Core points: 1.

Event: The company released its 2018 annual report.

The company achieved revenue of 117 in 2018.

15 ppm, an increase of 24 in ten years.

00%; achieve net profit attributable to shareholders of listed companies 5.

28 ppm, an increase of 31 in ten years.

59%; net profit deducted from non-attributed mothers5.

29 ppm, an increase of 31 in ten years.


Implement EPS2.

04 yuan.

The net cash flow generated by the company’s operating activities was 22.3 million yuan. It is estimated that it changed from negative to positive last year, mainly due to the company’s enhanced collection work and the increase in cash-settled payment.

  The company’s performance has grown rapidly and all three sectors have performed well.

The company’s wholesale business realized revenue of 102.

24 ppm, an increase of 20 in ten years.

04%, accounting for 87% of the company’s total revenue.

28%; gross profit margin of wholesale business 8.

11%, a year increase of 0.


Revenue from retail business13.

0.6 million yuan, an increase of 50 in ten years.

54%, accounting for 11 of the company’s total revenue.

15%; gross profit margin of retail business 26.

40%, increase by 1 every year.


Revenue from the pharmaceutical industry sector1.

63 ppm, a 57-year increase of 57.

14%, accounting for 1 of the company’s total revenue.

39%; gross profit margin of the pharmaceutical industry 43.

39%, an increase of 21 per year.


  Benefiting from the increase in gross profit margin, the company’s profitability improved.

The company achieved gross profit margin of 10 in 18 years.

76%, an increase of 1 per year.

15pp, mainly due to the increase in the proportion of pure sales in the wholesale business, the increase in high-margin varieties in the retail business, and the increase in the proportion of industrial sector revenue.

The company’s three fees as a percentage of revenue have increased, of which the sales expense ratio is 2.

39%, an increase of 0 every year.

25pp; overhead cost ratio 1.97%, increasing by 0 every year.

31pp; financial expense ratio is 0.

54%, an increase of 0 every year.


The increase in management expenses and sales expenses was mainly due to the increase in retail pharmacies in the main categories, the corresponding increase in labor costs, rents and decoration expenses; the increase in financial expenses was mainly due to the company’s reduced fixed-income financing in 2017, which resulted in a smaller financial expense base in 17 years.

As the gross margin increased more than the expense ratio, the company achieved a net profit margin of 4.

85%, a year to raise 0.


  In terms of quarters, the company’s Q1-Q4 revenue exceeded 25 growth rates.

32% / 23.

06% / 23.

72% / 24.

02%, stable growth performance.

The company’s Q1-Q4 gross profit margins were 9 respectively.

63% / 10.

82% / 10.

38% / 12.

14%, the net interest rate is 4 respectively.

35% / 5.

40% / 4.

51% / 5.

15%, of which the gross profit margin of Q4 increased mainly due to the acquisition of Wantong consolidation.


Our Analysis and Judgment (I) The company’s pharmaceutical business area leader is becoming more and more stable. The company’s business sector is growing faster than the industry level, and the company’s regional leader is gradually increasing.

At present, the company’s business is dominated by pharmaceutical wholesale and retail, and its annual revenue growth rate is 24%, which is significantly higher than the industrywide level of pharmaceutical commerce.

As the regional leader in pharmaceutical wholesale and retail in Guangxi, the company has a competitive advantage in the context of increasing industry concentration and continues to maintain rapid growth.

Benefiting from the integration pressure of the “two-vote system”, the company continued to integrate the Guangxi wholesale market.

The company’s wholesale business accounted for 87% of the company’s total revenue.

28%, an increase of 20 per year.


The wholesale business of the company continues to benefit from the integration advantages of regional leaders. At present, the company has established good business relationships with 100% of tertiary hospitals and more than 90% of secondary hospitals in Guangxi, and has basically achieved full coverage of middle and high-end hospitals in autonomous regions.

Benefiting from the trend of pharmacy chaining and the company’s “zero integration” advantage, the company’s retail business has developed rapidly.

The absolute retail industry chain rate has continued to increase, and the company has taken advantage of its regional advantage in Guangxi to quickly deploy retail pharmacies.

The company currently has 443 pharmacies, with a total increase of 173 in 18 years, and plans to increase about 150 in 19 years.

The company’s Guizhong Pharmacy ranks 27th among the top 100 pharmaceutical retail chains in China.

In addition, the company also uses the good cooperative relationship established between the wholesale business and hospital terminals to actively develop DTP pharmacies, hospital stores and e-commerce models.

  (2) Optimization of the structure of the commercial sector, significant improvement in profitability The structure of the wholesale business continued to be optimized, and gross profit margin increased significantly.

In terms of business types, benefiting from the “two-vote system”, the low-margin transfer business is gradually replaced by high-margin direct sales, which effectively improves the profitability of the wholesale business.

In 2018, the company’s hospital direct sales business achieved revenue of 88.

6 ‰, an increase of 24% in ten years; the transfer business realized income 6.2 ‰, an average of 27% over a ten-year period; the direct sales business has a significant substitution effect on the transfer business.

The company’s 18-year wholesale business gross margin 8.

11%, ranking increased by 0 last year.

In terms of product structure, devices with higher gross profit margins have grown faster, which helps the company’s wholesale business to increase its gross profit margin.

At present, the company’s pharmaceutical business income is about 111.

US $ 200 million, of which the hospital direct sales segment was approximately US $ 8.4 billion, a year-on-year increase of 23%; the device business was approximately 4.

500 million, basically targeted at the hospital, with an annual increase of 55.


The company’s equipment business gross margin was 13.

34%, higher than the gross margin of the pharmaceutical business10.


Considering that the pharmaceutical business also has retail pharmacies and the pharmaceutical industry with higher gross profit, the difference between the gross profit margin of devices and pharmaceuticals will only be higher in the wholesale business.

In addition, the company actively expands the value-added services of the supply chain beyond the traditional distribution model. According to the traditional distribution business, the value-added services of the supply chain can effectively enhance the company’s profitability.

  The company’s retail business layout has accelerated, and DTP pharmacy business has developed rapidly.

As the regional pharmaceutical business leader in Guangxi, the company has taken advantage of the pharmacy chain to transform its own “unification and integration” advantages and quickly and actively deploy retail business.

The wholly-owned subsidiary of the company’s retail business, Guizhong Grand Pharmacy, has directly maintained rapid growth in the number of stores and operating income.

In 2018, the number of self-built pharmacies exceeded 100, and the store layout was accelerated through acquisitions.

As of the end of the reporting period, Guizhong University Pharmacy owned 443 pharmacies (including the acquired pharmacies), of which 283 were medical insurance pharmacies, and it has completed pharmacy coverage in 14 core cities in Guangxi.

In the reporting year, the company’s pharmaceutical retail business increased by 50 compared with the same period of the previous year.

54%, much faster than the company’s overall revenue growth.

The company’s retail business gross margin reached 26.


Although the gross profit margin of DTP pharmacy prescription drugs will be low, thanks to the company’s strengthening of category management and structural adjustment, the Chinese medicine decoction pieces have grown rapidly, and the company’s retail gross profit margin is still higher than last year1.

46 averages.

The gross profit margin of the retail business is higher than that of the wholesale business. The proportion of the company’s retail business to total revenue has increased year by year, which has strengthened the company’s profitability.

  Benefiting from the increase in the company’s gross profit margin, the company’s profitability has improved.

The number of reports, the company’s gross profit margin increased by 1.

15 up to 10.

76%. Although the management expense ratio, sales expense ratio and financial expense ratio have all been improved, the company ‘s net profit margin has increased by 0 due to the continuous increase in the gross profit margin.

32 up to 4.


The increase in the company’s financial expenses this year is mainly due to the company’s continued fixed increase in 17 years to address some of its capital needs. In 18 years, compared with 17 years, the company mainly financed debt financing, and the financial costs increased.

Considering that the overall interest rate is in a downward trend, it is expected that the pressure on the company’s financial expenses will be eased in the future.

  (3) Diversified distribution efforts, large companies with potential for growth in the pharmaceutical industry have stepped into the upstream pharmaceutical industry, and cultivated new profit growth points.

The report summarizes that the company’s Xianzhu Chinese Medicine Technology Pieces achieved operating income of 11,259.

850,000 yuan, net profit 1,366.

870,000 yuan, an increase of 133 over the same period last year.

91%, 187.

74%.The report summarizes that the company completed the acquisition of 60% equity of Vantone Pharmaceuticals.

In 2018, Vantone Pharmaceuticals achieved operating income of 16,510.

740,000 yuan, an increase of 33 in ten years.

51%, of which consolidated income contributed about 50 million yuan; net profit of 8639.

360,000 yuan, with an annual increase of 31.


The company ‘s joint venture with the Pharmaceutical Factory of Guangxi Medical University has completed the construction of the plant and the installation and debugging of facilities and equipment, and gradually started trial production of the product.

The company’s advantages in downstream channels can quickly promote the pharmaceutical industry’s pharmaceuticals, and the upstream and downstream synergy advantages of the industrial chain are obvious.

We expect the company’s pharmaceutical industry to rapidly increase volume, and the industrial sector will become a potential new growth point.

In addition, the company jointly invested with Shanghai Runda Medical Technology Co., Ltd. to establish Guangxi Liurun Medical Technology Co., Ltd. to develop the IVD market and jointly promote the regional inspection reagent business.

  (4) The company’s estimate is relatively low. The improvement of the pharmaceutical business policy environment as of April 2nd, the company’s price-to-earnings ratio (TTM) is 15.

63. The median price-to-earnings ratio (TTM) of Shenwan’s third-level pharmaceutical industry is 23.

16. The company’s price-earnings ratio is lower than the industry median.

Considering that the company’s existing product structure is optimized, profitability is enhanced, and the pharmaceutical industry has great potential for future growth, we believe that the company’s current estimate is low and has investment value.

  In addition, national policies have helped the pharmaceutical business reach its inflection point.

With the end of the implementation of the “two-vote system”, the impact on the industry’s interest rate has been eliminated, and the industry performance growth has reached an inflection point.

At the same time, the current pharmaceutical policy anticipates the pressure of reimbursement from pharmaceutical companies, and the recent centralized procurement policy has also focused on ensuring the speed of repayment to enterprises. We believe that there has been a problem of funding pressure for pharmaceutical businesses for a long time.Mitigation, and the industry’s operating environment improved.

As a lightweight regional leader in the industry, the company has investment value.


Investment recommendations The company’s performance is excellent, and we are optimistic about the company’s future development prospects.

First of all, we are highly optimistic about the prospect of the company merging the regional leader in Guangxi and conducting market integration.

The company’s advantages in Guangxi’s regional advantages have enabled it to integrate the wholesale market under the measures of “two-vote system”, and have a good relationship with hospitals as well as the advantages of “zero-integration integration” to vigorously expand the layout of chain drug stores.

Improvement, we are optimistic about the company’s business structure optimization to promote profitability.

With the help of the “two-vote system”, the company’s wholesale business was able to resume more direct sales business with higher gross profit, while the device business with higher gross profit margins grew rapidly; the company’s retail business benefited from category management, and the proportion of Chinese medicine decoction pieces increased to drive gross profit marginPromotion.
In the end, we are optimistic about the company’s industrial layout. In addition to the increased production capacity of Xianzhu Traditional Chinese Medicine Technology Decoction Pieces, the company has also completed the acquisition of Wantong Pharmaceutical. The company’s pharmaceutical industry products take advantage of the company’s overall industrial chain layout to rapidly advance the volume.

We are optimistic that the company’s future performance will maintain rapid growth. It is estimated that the net profit attributable to mothers will be 6 in 2019-2021.



79 trillion, corresponding to EPS 2.



55 yuan, corresponding to PE is 11.



00 times.

Maintain the “Recommended” level.


Risks suggest that the wholesale market integration is less than expected, the chain drug store layout is less than expected, and the volume of industrial products is less than expected.

GAC Group (601238) Tracking Report: Clearance of Japanese Brand Contributions to Cleared Inventory of Independent Brands

GAC Group (601238) Tracking Report: Clearance of Japanese Brand Contributions to Cleared Inventory of Independent Brands

The destocking of GAC’s own brand has basically ended, and the new Trumpchi GS4 is expected to significantly improve the profitability of Q4’s own brand.

  The two new cars, Guangben Haoying and Guangfeng Weilanda, will contribute a clear increase next year. In the long term, Japanese cars are a clear alpha in the passenger car sector.

Continue to recommend GAC Group (A + H).

  The destocking is basically over, and the new legend GS4 is expected to drive profit recovery.

Before November 2019, GAC independently achieved a total of 34 wholesale sales.

50,000 vehicles, 28 in the past ten years.

9%, retail sales decreased by 9 in the same period.

9%, mainly because the main aircraft Chuanqi GS4 is severely aged and the terminal inventory is high.

After going through the one-year destocking cycle, the absolute terminal inventory of GAC’s own brands in October and November 2019 is expected to be 5, respectively.

50,000 units and 6.

70,000 units, down from 11 in the same period last year.

20,000 units and 11.

40,000 units, of which the current inventory of the old Chuanqi GS4 has been basically eliminated.

The new GS4 was launched at the 2019 Guangzhou Auto Show.

Although the new model MSRP dropped 0.

50,000 yuan-1.

30,000 yuan, but the initial retail discount of the terminal averaged 30,000-3.

5 million converged to 南宁桑拿 the current 0.


80,000 yuan, the average bicycle retail income increased by about 1.


0 million.

The profit of the GS4 bicycle is expected to increase by about 1 million, and the worst time of the current GAC independent brand has passed.

  The new Japanese SUV is a clear increase.

GAC Honda and GAC Toyota launched Honda Haoying (comparative CRV) and Toyota Weilanda (comparative RAV4) in November 2019 and the first quarter of 2020, respectively. Both models are equipped with GAC’s compact SUV.The market is blank.

Considering that the sales of Dongfeng Honda CRV and FAW Toyota RAV4 in 2019 are expected to be 120,000 and 200,000 respectively, we expect that the average monthly sales of GAC Honda Haoying and GAC Toyota Weilanda will reach 1 after going public.

More than 20,000 vehicles.

Among them, we 杭州桑拿 expect that Haoying and Weilanda will contribute 130,000 and 70,000 new sales next year, respectively, driving Guangben and Guangfeng’s sales to 820,000 and 780,000.

In the long run, the proportion of Japanese cars that have increased through second-time car purchases, a fuel-saving economy, low after-sale costs, and a high value-preserving rate continue to increase the market share of Japanese cars.

  Hand in hand with auto + alliance Toyota, clear long-term strategy.

On December 23, SAIC Group and GAC Group simultaneously announced that the two parties reached a “strategic cooperation framework agreement”. The main contents of the agreement are the joint development of core technologies, sharing of industrial chain resources, focusing on business models, and joint efforts to explore overseas markets.

The combined market share of SAIC Group and GAC Group accounts for 33% of the industry, and they have abundant technical reserves in the areas of electrification and intelligence.

The two choose to jointly develop core technologies to achieve more efficient technological complementarity, continue to build high technical barriers to the industry and supply chain cost advantages, achieve a win-win market share, and continue to optimize the industry’s competitive landscape.

In addition, it is recommended to pay attention to the deepening of cooperation between GAC and Toyota: GAC and Toyota broke out the “Deepening Strategic Cooperation Framework Agreement” in September 2019, which will deeply bind new energy technology, hybrid technology, and new model development; Executive Vice President of GAC ToyotaManager Li Hui succeeds Da Zhuren as executive deputy general manager of Lexus China.

The flow of senior executives reflects Toyota’s determination to accelerate the localization of talents in China and build a local brand. At the same time, it may also lay a talent base for future Lexus domestic production.

  Risk factors: intensified competition in the industry leads to price wars in the terminal; ups and downs in Sino-Japanese relations affect the sales of Japanese cars in China; the introduction of new models of GAC Toyota Motor does not meet expectations; the foreign party hopes to increase the shareholding ratio of the joint venture.

  Investment suggestion: Considering that the destocking cycle of the independent brand is basically over, and the company’s Japanese joint venture brand is highly competitive, we adjust the company’s EPS forecast for 2019/20/21 to 0.

22 yuan (previous forecast was 0.



00 yuan), the current Hong Kong stocks can last 9.

85 construction, corresponding to 2019/20/21 11.



3 times PE, one share can reach 12.

25 yuan, corresponding to 15 in 2019/20/21.



1x PE.

Maintain “Buy” rating on GAC Group (A + H shares), and continue to recommend.

Watch TV, pay attention to carcinogens?

Watch TV, pay attention to carcinogens?

Song Guangsheng, director of the Indoor Environment Monitoring Committee of the China Interior Decoration Association, said that a recent study conducted by the National Institute for Environmental Studies in Japan showed that televisions produce high concentrations of brominated dioxins and other bromine-based toxic substances.

These highly toxic chemicals are mainly produced when the flame retardants in the television set crack and decompose at high temperatures.

  In the past, indoor pollution caused by brominated dioxins has been found in Europe, America, Japan and other places, but the source of pollution and the way of pollution have not been identified.

The release better explains the source of the pollution.

Dioxins have strong carcinogenic characteristics and will cause cardiovascular disease, impaired immune function, endocrine disorders, abortion or abnormal sperm.

The dust accumulated in the TV will continue to expand and form inhalable particulate matter, which is very harmful to human health.

  Director Song suggested that it is best to perform ventilation for about 10 minutes every 1 hour while watching TV, which can effectively reduce the concentrations of inhalable particulate matter and brominated dioxins.

After the TV is aligned, it is best to ask a professional to come to the house for dust removal treatment. You can also use a small vacuum cleaner to simply dust off the cooling holes.

In addition, air purifiers are also very effective at removing inhalable particulate matter.

If conditions permit, it is best to choose environmentally friendly TVs such as LCD.

  In addition, you should sit in front of the TV while watching TV. The optimal distance is 6 to 8 times the diagonal length of the TV screen.

Wash bare skin with warm water after watching TV.

Do not eat while watching TV because dioxins have a strong ability to adsorb food.

  Earlier this year, a British survey left many people stunned: half of British men said they were willing to sacrifice half a year of sex to get a free 50-inch plasma TV; only 75% of men were obese.Make a choice, the former is even more tempting.

Earlier, an Italian sexologist surveyed more than 500 couples and came to similar results.

He found that couples who watched a moderate amount of TV before going to bed had sex on average twice a week; if they watched TV continuously before going to bed, the number of sexual lives would drop significantly.

The National Sleep Foundation also said that indulging in TV shows is the number one cause of severe decline in sexual desire in the United States.

  All these show that watching TV in the bedroom will greatly reduce people’s interest in sex.

Especially watching bedtime dramas or nostalgic sad movies or TV before bedtime will make people emotionally overwhelmed, and their minds will be full of TV pictures. It will be even harder to calm down and enjoy sex.

  Many studies have pointed out that electronic devices affect sexual function. Excessive human exposure to electronic devices, especially mobile phones and laptops, may affect the number and quality of male sperm, increase the risk of various diseases, and even reduce people’s sexual interest.

  Multiple medical surveys have also shown that the longer you use your mobile phone, the lower the number and activity of male sperm.

And animal experiments show that in mice that can make mobile phone electromagnetic radiation for more than 6 hours a day, sperm cells will mutate, the central nervous system will be suppressed, male erectile function, and female sexual arousal will be damaged.

  The well-known American “Answer” research institute said on March 31 that 63% of people in the United States also use their mobile phones for a long time while using the toilet.

37% of Americans often use computers in their bedrooms.

A recent report from a British research institution also shows that 8 out of 10 people in the UK use a computer or mobile phone and other equipment before bed, and 1/3 of them are used to sending and receiving text messages or emails in bed; these people also said thatAs long as you have a cell phone and a computer, you can continue not communicating with your lover.

It is noted that sexologists have pointed out that the use of computers and mobile phones will promote the generation of worry, causing people to pay too much attention to the information sent by mobile phones or computers, distracting some people’s attention to sex, and ignoring the desire of sex from the bottom of the pillow.
  Change has multiple effects on sex from self-made or even modern electronics, but Brian, an American sexologist and special MSNBC contributor?

Alexander proposed that the burden of electronic devices is people’s own choice.

  A British saying goes, “Husbands who watch sports reports at breakfast will definitely ignore their wives.”

In this case, the husband’s reading of the newspaper is almost the same as the use of electronic equipment, and he ignores his lover.

Alexander believes that there is no “good or bad” problem in high-tech itself. The key is how people use it and learn to control their behavior.

Acceleration method of thin arms for yoga thin arms

Acceleration method of thin arms for yoga thin arms

The arm is almost the easiest place for an office worker to move.

Maybe you are not obese, but your arm is full of excess meat, or the arm muscles are very loose due to long-term lack of exercise.

Now, I recommend two yoga thin arm exercises. If you can practice while sitting in a chair during work breaks, your “meat arm” will no longer exist.

  Arm type 1, straight upper body, naturally sitting on the chair 2/3, with feet parallel.

Straighten your arms up and forward, shoulder-high, and fists up.

This is a preparatory action. Breathe naturally; 2, inhale, bend your elbows, make your arms at right angles, and then exhale, lean the bent elbows toward your shoulders, shrink inward, repeat 12 times, 12 times a day, every dayCan do 2 times, slow down to do better; Efficacy: arm flattened, inward contraction of length biceps flexion, triceps contraction, can stabilize shoulder joints, slender sculpture arm lines.

  Tips: Pay attention to the elbow not to move when practicing, keep the position as high as the shoulder when you bend the elbow, you can hold the mineral water bottle in your hand according to your situation to increase the practice effect.

  Shoulder-arm type 1 on the chair, sitting right at 1/3 of the chair, straightening the back; , 2, the left elbow is bent, the left palm is against the right, the right hand is holding the left elbow, the position of the arm is adjusted, the shoulders try to expand outwards,Stay for a deep breath; 3, restore, change hands again; 4, raise your left hand, bend your elbows from top to back, right hand from bottom to top, bypass the back and hold each other with your left hand, try to expand your chest and waist, stay for a deep breathEfficacy: prevent slight accumulation in the upper arm, eliminate excess humerus, beautify the lines of the arm, promote blood circulation, eliminate shoulder and neck pain, soften shoulder joints, and prevent fifty shoulders.

  Tips: When practicing, if beginners ca n’t hold each other’s hands behind their backs, they can practice in a gradual way through a towel. Don’t force it, and relieve the shoulder and neck stiffness immediately after 3 minutes.

Simple and easy to thin at home with a square stool

Simple and easy to thin at home with a square stool

Guide: Eyes look straight ahead, chest up and waist down, both hands holding the stool, so that the stool surface close to the back.

Bend your arms, lift the stool as far as you can, then straighten your arms and move the stool down.

Pay attention to hold the stool tightly, so that the stool surface close to the back moves up and down.

  The square stool fitness method is also a preventable and easy exercise method. The main equipment in this set of exercises-the square stool (the wooden square stool is the best), is available in almost every family.

In practice, each action should be repeated 10-15 times.

Specific exercise can be adjusted according to the physical fitness of the individual.

The movement should strive to be standardized and accurate, and should not be done randomly and without holding your breath.

The detailed actions are as follows: (1) Hold the square stool in front of the abdomen with both hands straight.

Lift as high as possible, then lower the square stool smoothly.

  This exercise is mainly used to strengthen the shoulder muscles.

  (2) Grab the stool with your right hand, open your arms to both sides at the same time, and then close your chest.

Change the left hand again, the same action.

  This exercise is mainly used to strengthen and strengthen the shoulder muscles.

  (3) Keep your eyes straight on the front, lift your chest and waist, and hold the stool with both hands so that the stool is close to the back.

Bend your arms, lift the stool as far as you can, then straighten your arms and move the stool down.
Pay attention to hold the stool tightly, so that the stool surface close to the back moves up and down.

  This exercise is mainly used to strengthen the shoulder muscles to make the upper body more straight.

  (4) With both feet spread apart, grab a stool leg with each hand, and bend your arms to 90 degrees.

Move the stool up and down.

  This exercise is mainly used to strengthen the forearm muscle group.

  (5) Sit on a square stool with your feet hooked on the fixture and your arms crossed behind your head.

After the upper body falls to the horizontal position, then slowly raise the upper body; when the upper body is raised to 45 degrees with the ground, quickly turn to the left and right.

  This exercise is mainly used to strengthen the abdominal and waist muscle groups.

Yoga Weight Loss Shaping Devil Figure

Yoga Weight Loss Shaping Devil Figure

Yoga (YOGA) comes from Sanskrit, meaning “combined” and “connected.”

Its meaning is to combine the mind and body to the best state, and to combine life and nature into the most perfect state.

  Yoga is a method of physiology and practice.

Yoga exercises are different from dry gymnastics and dance, and are equivalent to general aerobic exercises. Only when breathing, consciousness, and posture form a unified body, is it true yoga practice.

  If you can really adhere to the healthy lifestyle of yoga, you can achieve the effect of maintaining body shape and even losing weight.

Yoga is divided into many systems, of which the eight-branch yoga is the most popular, and this system is also the spiritual weight loss method with “Zenxin leisurely” as the core.

Today let ‘s learn the basics of eight-point yoga with the coach.

  Bird King action essentials: bend the right knee in a mountain style.

Put your left leg around your right knee and stack it on your right thigh. Pay attention to put the back of the left thigh on the front of the right thigh; then place the left foot behind the right calf and place the left leg on the bone next to the right calf.With the big toe of the left foot just above and above the right foot, the left leg is completely coiled on the right leg.

With your elbows raised, your arms are level with your chest. Place your right elbow in front of your left upper arm, near the elbow joint.

  Then right hand to the right, left hand to the left, palms together.

Hold for 15-20 seconds while holding a deep breath, then release your arms and legs and return to the mountain style.

Repeat for the other side.

  Exercise effect: strong toe fracture, eliminate shoulder stiffness, prevent calf muscle cramps, and eliminate pain.

  The first type of action essentials of the soldier: decrease, put your legs close together, put your hands on your side, separate your legs one step apart, inhale, raise your hands, close your head, exhale, turn your right foot and upper body 90 degrees to the right,Turn your left foot slightly 30 degrees and bend your right knee until your right thigh is parallel to the ground, your calf is vertical to the ground, your left leg is tilted backwards, your head is raised upwards, your eyes are fixed on your Namaste hands, stretch your spine, and breathe normally.Seconds, reply.

Repeat for the other side.
  Exercise effect: nourish and strengthen two thumbs, two knees, two hips, shoulders, eliminate shoulder, neck and tibia fatigue, and reduce slight hip.

Note: People with a bad heart don’t do it.

  Triangular progressive action essentials: stand upright with your feet apart about one shoulder and your toes slightly extended.

Inhale, raise your arms parallel to your shoulders, exhale, and bend to the right. During the process, the arms and the upper body are at 90 degrees, grasp the feet interchangeably, look at your left hand, hold for 5-10 seconds, and breathe naturally.

Inhale and get up.

Then repeat the same action on the other side, doing 5 times.