AC Milan’s Vice Chairman Galliani promised to have a massive expenditure of 80 million in aid!

AC Milan’s Vice Chairman Galliani promised to have a massive expenditure of 80 million in aid!
AC Milan’s vice-president Galliani revealed at a football expo that Milan will be heavily recruited this summer, and he is ready to fight a big battle in the transfer market.Berlusconi AC Milan is currently ranked 11th in Serie A, closer to Palma at the end of the list than Juventus at the top of the list, and has been destined to miss the European war for two consecutive seasons.Galliani confirmed in the interview that Milan will surely have a massive signing this summer.  Galliani said: AC Milan will have big moves this summer, absolutely.In 1998, we were also the eleventh in the league, but in 1999 we won the league championship.We are very much looking forward to the transfer market this summer. The team has suffered a serious blow this decade, and Milan must return to the top of the league.  In the past ten years, we have reached the Champions League final three times, two championships, and another two have reached the semi-finals and quarter-finals, I hope the team can return to that level.Galliani said.  In recent years, AC Milan seems to have repeatedly made mistakes in the transfer market, similar to the missed Tevez that year, and once again sent off Pirlo.The Galliani said: You can’t change it in the past, we can only look forward to the future now.Tevez and Pirlo played well at Juventus and I am happy for them.  How much will AC Milan invest in this summer?Galliani did not say this key issue.However, according to “Romance Roma”, AC Milan’s chairman Berlusconi has confirmed that he will invest 80 million euros in the transfer market this summer.But this requires a premise, that is, when the summer comes, Lao Bei can find a suitable investor for Milan.(Sky blue)

Are the Evergrande team rules compliant?Professional interpretation of the hot spots of the Han Chao incident

Are the Evergrande team rules compliant?Professional interpretation of the hot spots of the Han Chao incident
Yu Hanchao was fined 5,000 yuan by the Guangzhou police according to law yesterday for the prevention of administrative detention for 15 days due to unauthorized alteration of the number plate.Guangzhou Evergrande also announced last night that it severely violated the “Nine Expulsion” regulations of the club ‘s “Three Nine” team rules and imposed a penalty on Han Chao.Sauna, Yewang interviewed lawyer Wu Ming of Beijing Zhonglun (Shanghai) Law Firm and related professionals by phone today to interpret the scenic spots in the incident.The operation of Yu Hanchao is unreadable.Figure / Visual China expulsion according to the player contract, the team rules will be presented as an attachment?Pointing out this incident, lawyer Wu Ming said: “From a legal perspective, Guangzhou Evergrande and Yu Hanchao belong to a labor relationship, and both parties have a labor contract.”For the expulsion from Evergrande to Han Chao, lawyer Wu Ming believes:” There are relevant provisions in the Labor Contract Law, one of which is a serious violation of the rules and regulations of the employer, the employer may terminate the labor contract.Evergrande should stand on this starting point.”In the labor contract, there will be relevant provisions. Although Evergrande re-quoted the contract provisions in the official statement, it only said that Yu Hanchao violated the team rules. However, according to reporters, when the Super League club contracts with players, the team rulesIt is conventionally proposed as an annex to the contract.The admission materials delivered to the Chinese Football Association by the Chinese Super League clubs this year also include a team rule signed by all coaches and players.Interpreting the team rules for Hanchao violates the “Tao Jiaotong Law”, but does not constitute a crime. The basis given by Evergrande to the expulsion by Hanchao is the “three nine” team rules.Lawyer Wu Ming believes: “From an objective point of view, if this matter will rise to the point of judicial settlement in the future, then we must look at whether the process of formulating the ‘Three Nine’ team rules complies with the provisions of the Labor Law.According to relevant regulations, the employer must go through a democratic process when drafting rules and regulations, that is, after the proposal is submitted, the employees discuss it, and the employer revises it based on the feedback results, finalizes the draft, and then announces it to the public.”If the” Three Nine “team rules are not in compliance, the rules will be considered invalid.In addition, judging from the regulations that may be applied in Evergrande ‘s “Nine Expulsion”, Article 7 is expelled for those who seriously damage the company ‘s brand image; Article 9 is expelled for anyone who commits any illegal or criminal acts.Lawyer Wu Ming believes: “From the point of view of article 9, Yu Hanchao did violate the Road Traffic Safety Law, but it constituted a crime; the provisions of article 7 are also somewhat vague. What does it mean to seriously damage the company’s brand image?It is difficult to define quantitatively.”The champion division Evergrande has been in trouble recently.”Picture / Visual China Event Trends If the two sides disagree, industry mutation is needed first. Lawyer Wu Ming analyzes this. It depends on whether Evergrande and Yu Hanchao can negotiate to resolve them.Recommendations made by the Arbitration Committee of the Chinese Football Association.If the matter exceeds the supplementary scope of the China Football Association Arbitration Commission, the Football Association will issue a written “not-acceptable notice” and the parties may apply to the Labor Arbitration Commission for labor arbitration.Whether the problem of breach of contract is to pay liquidated damages depends on the contract terms of Hanchao Evergrande announced its expulsion from Hanchao. Another hot topic is whether Yuhanchao needs to pay liquidated damages to Evergrande?After all, according to the usual practice, the player’s behaviors such as illegal and criminal acts will be regarded as unilateral breaches of contract and shall be liable for breach of contract.Lawyer Wu Ming said: “According to the provisions of the Labor Law, the definition of labor violations is very limited. For laborers who violate the conditions stipulated in this Law to terminate the labor contract or violate the confidentiality of the labor contract, it will cause economic problemsIn case of loss, it shall be liable for compensation according to law.In other words, only when these two situations occur will the workers be compensated for liquidated damages.”At present, neither of these two items seem to be applicable to Han Chao.Wu Ming also pointed out that the contract between the player and the club is different from the labor contract of ordinary people, and it depends on whether there are corresponding provisions in the commercial contract between the two parties.Follow his career to join his team?Evergrande’s free certification is still needed. From the external feedback, the Super League Club has already prepared for the introduction of Han Chao.After Evergrande announced the expulsion decision, did Yu Hanchao become a free body?A professional told the sauna, Yewang, “If only in the literal sense, Evergrande announced the cancellation of the contract with the player, then the player becomes a free agent.However, if Yu Hanchao joins other clubs as a free agent, he will need a free certificate issued by Evergrande and a termination agreement between the two parties.Whether the termination agreement can be successfully reached, the two parties need to negotiate according to the specific provisions of the signed contract.”Sauna, Ye Wang Zhou Xiao editor Wang Chunqiu proofreading Wei Zhuo

[Efficacy of black coffee]_Recommended diet

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[How to make purple cabbage salad]_Cold cabbage purple cabbage_How to make_How to make

銆 愮 传 鍖 呰 堍 堝 帝 獞 夑 夋 夋 夋 劆 慱 夑 夋 夋 廱 Set a chisel for picking up or picking up a pot?
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[How to make street ice cream?】 _How to do_How to do

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Babies room (603214) financial report comments: gross profit margin continued to improve performance in line with expectations

Babies room (603214) financial report comments: gross profit margin continued to improve performance in line with expectations

[Investment Highlights]Baby Room released the 2019 third quarter report.

At the core of the report, the company achieved operating income17.

4.1 billion, an annual increase of 14.

52%; Net profit attributable to shareholders of listed companies is 0.

870,000 yuan, an increase of 32 in ten years.


E-commerce revenue grew rapidly, and offline store revenue grew steadily.

In the third quarter, the company’s e-commerce business 南宁桑拿 continued its high growth momentum, with a year-on-year growth rate of 78%, and its revenue share increased by about 1 pct compared to the same period last year.

In the first three quarters, a total of 39 offline stores were opened, 13 closed, and the number of stores closed at the end of the third quarter reached 266. The overall sales revenue of the stores increased.


In terms of categories, the revenue of cotton and toys with higher gross profit margins increased, and the revenue of food and milk powders increased rapidly and simultaneously.

In terms of different regions, Shanghai’s revenue accounted for more than 50%, and Zhejiang’s revenue grew faster. Cited in the first half of 2018, the revenue ratio increased by about 2.

Three averages, gross profit margin also increased by three in ten years.

19 深圳桑拿网 nations, ranking first in all regions.

Gross profit margin hit a record high and net profit margin increased.

The company’s gross profit index in the third quarter rose 2 in the same period last year.

22, a record high, mainly in food, milk powder and other categories increased gross margins.

In terms of expense ratio, the sales expense ratio increases by 1 every year.

44 singles, mainly due to the rent of new stores and property management fees, due to the rapid increase in labor costs, and the management expense ratio increased by 0.

55pct, mainly due to the company’s increased share incentives, amortization of share expenses, amortization of stock costs, employee performance, new offices, financial expenses decreased, mainly due to increased revenue.

The overall expense ratio increased by approximately 1 during the first three quarters.

45 averages, the company’s net interest rate increased by 0.

71 points.

[Investment suggestion]The company ‘s store exhibition speed in the first three quarters is in line with expectations, and M & A projects have also landed. Currently, 33 stores have been contracted to open.; The optimization of the product mix, the creation of private brands and the increase of direct supply brands are also expected to increase and improve the company’s gross profit level. We expect the company’s revenue in 19/20/21 to be 25.



470,000 yuan, net profit attributed to the mother1.



0.2 million yuan, EPS1.



99 yuan, corresponding to PE 31/26/22 times, maintaining the “overweight” level.

[Risk reminder]The macroeconomic growth rate is lower than expected; the company’s exhibition speed and quality are lower than expected.

Investment promotion strategy: gradually expand the public market and launch public funds

Investment promotion strategy: gradually expand the public market and launch public funds

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  [Investment strategy]Continuous expansion of public market issuance, hot issue of public offering funds-financial market liquidity and regulatory dynamics weekly report (0120) Source: China Merchants Strategy ResearchUS $ 100 million, but the demand for accumulated funds increased, and money market interest rates generally rose slightly; long-end government bond yields fell, and short-end government bond yields rose.

In the stock market, there was a net inflow of 195 capital.

500 million US dollars, financing funds continued net purchases, the stock market liquidity fell slightly.

From the perspective of investor preferences, Kitakami ‘s funds are concentrated in large-scale purchases; financing customers continue to focus on large-scale purchases of electronics, computers; information technology, and large-scale net purchases by brokerage ETFs.

  The core point?

The hot issue of funds, dialectical view of explosive funds.

Recently, explosive funds have followed one another, and 10 billion funds have reappeared, reflecting that residents’ funds are actively entering the city.

March 2004, June 2007?

August, August 2009, May 2015?

In June and January 2018, the corresponding high interest rates or high valuations led to the decline in the attractiveness of the stock market, and the market declined after the hot issue of funds.

The current situation is more similar to the environment in which funds were issued in May 2006, and the market is in a low interest rate environment. Dividends are still attractive.

Therefore, we are even more skeptical that the current explosion fund is the beginning of a new round of resident funds accelerating into the market and is expected to open the 7-year fate of A shares.


From January 13 to January 19, the merger carried out a $ 800 billion reverse repurchase operation and a 3000 trillion medium-term loan facility (MLF) operation.

Initially to hedge the impact of tax peaks (Jin Qilin analysts), cash injection and other factors, to maintain reasonable and sufficient liquidity of the banking system before the Spring Festival, a total of US $ 800 billion in 14-day reverse repo operations and 3000 trillion medium-term borrowing facilities (MLF)operating.
Net investment in the open market was 1.1 trillion yuan.


Although there has been an increase in the strength of public market growth, the demand for funds has increased, the money market interest rates have fallen sharply, and the money market interest rates have risen slightly throughout the week, and the spread between R007 and DR007 has widened;Upward, spreads widened.


As for the stock market, the liquidity of the A-share market dropped, and the China Merchants A-share liquidity index was 6.

2, down by 1 from the previous period.

03, the next week will usher in a small peak of lifting the ban.

Last week, capital from Beijing and Shanghai continued to inflow, with a net inflow of 195.

500 million yuan.

Financing funds continued to buy on a net basis, and the scale dropped from the previous period to 91.

100 million yuan, financing balance of 10411.

5,000,000; ETF overall net purchases; major shareholders reduce their holdings, and the average value of planned reductions is rising.

  ?From the perspective of investors’ expectations, foreign countries continue to increase large-scale consumption, lighten up electronics, transportation, agriculture, forestry, animal husbandry and fisheries; financing net purchasers are up to electronics and computers, and net sales are up to non-bank financial and medical biology.

In terms of individual stocks, the largest net purchases by Lugutong are Midea Group, and the net sales are up to Lixun Precision; the highest purchase scale of financing is Industrial Bank, and the highest sale scale is Ping An Bank.

The Cathay Securities China Securities Index refers to the securities company’s ETF with the highest net purchase share, and the Ping An Guangdong, Hong Kong and Macau Greater Bay Area ETF with the highest net redemption share.

  ?In terms of fund positions, the overall position of equity funds (January 16) increased by 0 compared with the previous period (January 9).

64% to 89.

96%, the overall position of hybrid funds increased by 0 compared with the previous period.

39% to 83.

Large-cap stock positions accounted for an increase of 3 over the previous period.

56% to 43.
27%; mid-cap stock positions increased by 1 compared with the previous period.

87% to 13.

57%, small cap stock positions accounted for a decrease of 5.

01% to 24.


  01Liquidity issues ※ Fund issue is hot, dialectically seeing the explosion of funds from December 2019. The issue size of public offering funds has continued to expand. Recently, the issue of public offering funds has been hot, especially for the issuance of mixed-share public offering funds.The total issue size of the fund has reached nearly 46.5 billion, with an average issue share of 38.

700 million copies is a new replacement for the average issue share of active partial equity funds since 2015.

  Among them, the total issue of Huitianfu’s large-cap core assets reached 11.3 billion, which is the first time after January 2018 to issue funds with a size of more than 10 billion.

In addition, a number of star funds have been snapped up, the subscription scale far exceeds the maximum size of the public offering fund. For example, the Guangfa Technology Pioneer plans to issue a limit of 80 billion, but the subscription size exceeds 80 billion, and the effective subscription ratio is only 8.

68%; similar to the Bank of Communications core driver, Penghua Technology Innovation, Yinhua Technology Innovation, Bank of Communications Cree Technology Innovation, etc., reflecting the enthusiasm for subscription funds in the market, funds actively enter the market through public funds.

  Of course, there have been many times in history when star funds have become so popular that their offerings have exceeded 10 billion.

Specifically, it mainly includes 2004 (2), 2006 (6), 2007 (8), and 2009?
2011 (3), 2015 (11), 2018 (1) and 2020 (1).

  Judging from the market performance of these star funds, 25 of the 32 public offering funds with an issue size of more than 10 billion have annualized returns since the establishment of the fund that exceeds the annualized returns of the CSI 300 Index, indicating that most starsThe fund lived up to expectations and outperformed the market index.

Among them, the highest excess return is 15 times higher than the annualized return of the CSI 300 Index over the same period.


  Explosive funds followed, ten billion funds reappeared, and some investors began to worry about the future trend of the market, but in the history of public offering fund breakthroughs of ten billion again appeared at the stock market highs, and also at the starting point of the bull market. We think we should combineThe market environment dialectically looks at the hot phenomenon of public funds.

  March 2004, June 2007?
August, August 2009, May 2015?
In June, January 2018 and other stages, tens of billions of funds were established, and these stages basically corresponded to the short-term highs of the market, after which the market began to decline.

There are two main reasons behind this. First, from the perspective of the liquidity environment, the yields of government bonds at these stages are all at 3.

Above the level of 5%, with the tightening of market liquidity, the yield of government bonds continued to rise, the market income was under pressure, the attractiveness of equity assets to residents ‘funds declined, and residents’ funds could not continue to accelerate into the market. The stock market declined, especially in 2004., 2007, 09 and 18 more than significant.

Secondly, from the expected level, except for January 2018, all other A-share allocations are at historically high levels, and have basically reached the level of “historical average + 1 standard deviation”, and the cost of stock allocation has decreased.The increasing scale of public fund issuance is more like the enthusiasm of market investment being interpreted to the extreme, coupled with the tightening of regulatory policies (such as the strict inspection of off-site funding in 2015) and other factors, the stock market has declined.

  Approximately, 2006 showed a very different situation from the above.

In May 2006, the first public fund that issued more than 10 billion yuan was established. After that, the stock market went from accelerating to accelerating upward, out of the bull market, and May 2016 corresponded to the bottom range before the opening of the round.

Judging from the market environment at that time, the market liquidity environment was loose in May 2006, and the 10-year Treasury bond yield was about the expected level of about 3%, and all the stocks were not estimated at a high level.

In this environment, equity assets are becoming more attractive to residents, and residents ‘incremental funds entering the market through public funds have become an important force driving the market upward.

  Therefore, from the perspective of this kind, the hot issue of public funds and the hot sales of explosive funds cannot simply be equal to market highs. The key is to dialectically analyze factors such as market liquidity and estimates.

At present, all A-shares are estimated to be below the historical average level, and they are still attractive. In addition, the market is in a low interest rate environment, and according to our judgment, the market will still maintain low interest rates in 2020, especially in the second half of the

Therefore, we believe that the current situation of hot funds is more similar to 2006, but only the beginning of a new round of residents ‘funds accelerating into the city. The issuance of public funds is expected to continue in the future, and residents’ funds will accelerate into the city through public funds.

And from 2006 to 2020, just 14 years, that is, two 7 years, coincides with the 7-year fate of the A shares we proposed.

  February Regulatory Trends Day 03 Monetary Policy Tools and Capital Costs From January 13 to January 19, the US $ 800 billion reverse repurchase operation and the 3000 trillion medium-term loan facility (MLF) operation were gradually realized, and the open market net investment was US $ 1.1 billion.

Last week, it was gradually expressed as a hedge of the impact of tax peaks, cash injections, and other factors. It maintained reasonable and sufficient liquidity of the banking system before the Spring Festival. A total of $ 800 billion was invested in a 14-day reverse repurchase operation, and interest rates were unchanged.Lending Facility (MLF) operations.
Net investment in the open market was 1.1 trillion yuan.

  Although there has been an increase in the strength of public market growth, the demand for funds has increased, the money market interest rates have fallen sharply, and the money market interest rates have risen slightly throughout the week, and the spread between R007 and DR007 has widened;Upward, spreads widened.
As of January 17, the R007 interest rate was 2.

89%, 0 up from the previous period (January 10).
31bp, DR007 interest rate is 2.

63%, 0 up from the previous period.

26bp, two spreads widen by 0.

05bp to 0.


The 1-year Treasury bond yields fell by 1.
26bp to 2.

2618%, 10-year Treasury yield rose 0.

13bp to 3.

0832%, the term spread has increased by 1 compared with the previous period.

39bp to 0.


  The number of interbank certificates of deposit issued increased significantly, with the average of the 1-month, 3-month, and 6-month interbank certificates of deposit increasing.

From January 13 to January 17, 470 interbank certificates of deposit were issued, an increase of 250 from the previous period, with a total issuance of 2074.

300 million yuan, an increase of 1355 over the previous period.

5 ppm; as of January 17, the 1-month, 3-month, and 6-month inter-bank deposit certificate issue rates have increased by 16 from the previous period.

10bp, 2.

72bp and 0.

06bp, closed at 2.

8289%, 2.

8900% and 3.


  04 Stock market capital supply and demand (1) In terms of capital supply, from January 13 to January 17, private equity funds issued 0.

02 trillion, a sharp decline from the previous period, public offering funds issued 220.

200 million copies, a sharp increase from the previous period.

The financing balance continued to increase compared with the previous period, and the net purchase of the entire market for the whole week was 91.

1 ppm, as of January 17, the balance of A-share financing was 10411.

500 million yuan.
Funds from China Stock Connect continued to inflow last week, with a net inflow of 195 throughout the week.

500 million yuan.
  (2) Funding requirements In terms of funding requirements, from January 13 to January 17, the IPO dropped sharply to 96.

500 million yuan, the IPO is expected to raise 24 in the next week.

3 trillion; the restricted market lifted the average value of 961.

200 million yuan, an increase of 11 from the previous period.

4.2 billion US dollars, the scale of lifting the ban in the next week will reach 298 billion US dollars, the recent peak of lifting the ban; important shareholders net reduction of 99.

9 trillion, the net reduction in scale increased by 13.

6.6 billion; the announced reduction plan is 129.

200 million yuan, an increase of 34 over the previous period.

9.2 billion yuan.
  05 Investor sentiment From January 13 to January 16, the financing purchase amount for the week was 25,486.

6 ppm; as of January 16 the proportion of A shares turnover was 10.

42%, a decrease of 0 from the previous period.

02%, investor trading activity declined.

  06 Investor preferences (1) China Stock Connect From January 13 to January 17, China Stock Connect still maintained large-scale inflows, with a net inflow of 195 that week.

500 million yuan.
From the perspective of the industry, medicines, biological appliances, food and beverages are concentrated in the purchase; the 夜来香体验网 top net sellers are electronics, transportation, agriculture, forestry, animal husbandry and fishery.
Specifically, at the time of the week, Lugutong net purchase of medical biological 27.

8.7 billion yuan, 26 household appliances.

9.4 billion yuan, 26 food and beverages.

2.0 billion; net sales of electronics 5.

3.1 billion yuan, transportation 5.

3 billion yuan, agriculture, forestry, animal husbandry and fishing 2.

2.6 billion.

For individual stocks, the net purchase of Midea Group (13.

6.1 billion), Ping An Bank (12.

9 billion yuan), followed by a net sale of Kitakami Capital (-10.

4.9 billion) highest, Hikvision (-8.

10 billion).

  (2) Financing transactions From January 13 to January 17, the net purchases of financing transactions continued, with a net purchase of 91 for the week.

1 megabyte, down from the previous week.

Specifically, the largest net purchase is electronics (18.

4.2 billion), computer (12.

02 billion); non-bank financial (-5.

5.8 billion yuan), medical biology (-4.


In terms of individual stocks, the largest net financing purchase is Industrial Bank (4.

1 billion yuan), Donghua Software (3.

6.3 billion) followed; Ping An Bank (-3.

8.5 billion), UFIDA Network (-2.

3.7 billion).

  (3) ETF net purchase redemption January 13-January 17, ETF net purchase, the overall net purchase.

Net purchases of 6.3 billion copies of information technology and brokerage ETFs.

CSI 300 ETF net purchases1.

10 billion copies, net purchase in the previous period4.

25 billion copies, change -3.

1.5 billion shares; GEM ETF net purchase 0.

55 billion copies, net purchase in the previous period2.

7.5 billion copies, a change of -2.

20 billion shares; CSI 500 ETF net purchase1.
48 billion copies, net redemption in the previous period2.

5.1 billion copies, a change of 3.

9.9 billion shares; SSE 50 ETF net redemption 5.

4.3 billion copies, net redemption in the previous period1.

7.9 billion copies, a change of -3.

64 billion copies.

Information technology ETF net purchase 16.
8.6 billion copies, with a net redemption of 0 in the previous period.

8.2 billion copies, a change of 17.

6.8 billion copies; net purchases by securities brokers ETF14.

20 billion copies with a net purchase of 14.

2.4 billion copies, change -0.

0.4 billion copies.

  From January 13th to January 17th, Cathay China Securities Securities Index ETF (6.

6.6 billion); Warburg CSI All-Share Securities ETF (5.

5.7 billion) followed by the net purchase scale; the highest net redemption share is Ping An Guangdong-Hong Kong-Macao Greater Bay Area ETF (-5.

1.3 billion), China Securities 50 ETF (-3.

9 billion).

  (4) In the measurement of fund positions of active partial equity fundraising funds, the overall position of equity funds (January 16) increased by 0 compared with the previous period (January 9).

64% to 89.

96%, the overall position of hybrid funds increased by 0 compared with the previous period.

39% to 83.


Large-cap stock positions accounted for an increase of 3 over the previous period.

56% to 43.

27%; mid-cap stock positions increased by 1 compared with the previous period.

87% to 13.

57%, small cap stock positions accounted for a decrease of 5.

01% to 24.


  07 The US dollar index rose in the foreign exchange market last week.

  The RMB exchange rate index rose 0 last week.

Close at 92 points at 92.

90. On January 17, the central parity rate between the US dollar and the U.S. dollar, the spot exchange rate between the U.S. dollar and the U.S. dollar, and the offshore exchange rate of the U.S. dollar against the renminbi changed by -0.

0473, -0.

0705 and -0.

0469, closed at 6, respectively.

8878, 6.

8585 and 6.

  08 Overseas financial market liquidity tracking (1) Major foreign trends To this week, a number of Fed officials spoke, Rosengren said that he is paying attention to the risks of rising earnings and asset prices; Bostic said that the Fed should respond toNon-bank finance remains concerned; Kaplan said that the Fed’s low interest rates believe that the future high interest rates and the expansion of the balance sheet will help raise high asset prices.

The highest executive committee in Europe said that the economy seemed to be stabilizing; the minutes of the European Extended Conference pointed out that some indicators showed a slight increase in core trends, and the data showed that the momentum of economic growth was weak but less stable.

Japan’s long-term governor Tokuhiko Kuroda said that if risks rise, he will not hesitate to increase easing measures in the long run.

South Korea said the highest economic growth rate will be consistent with last November’s expectations and will maintain a loose policy stance.

  (2) Interest rates From January 13 to January 17, the average long- and short-term yields of U.S. Treasuries went up, and the one-year and 10-year interest rate spreads narrowed.

The one-year yield on U.S. Treasury bonds rose 3bp to 1.

At 56%, the 10-year Treasury yield to maturity rose 1bp to 1.
84%, the spread narrowed by 2bp to 0.


As of January 17, overnight, one week, one month and three months, the US dollar LIBOR has all declined.

Overnight, one week, one month, and three months, the US dollar LIBOR decreased by 0 from the previous period.

20bp, 0.

86bp, 2.

23bp, 1.


  (3) Overseas market sentiment From January 13 to January 17, the VIX index continued to decline, and risk appetite for overseas markets increased.

The VIX index fell, with the VIX index at 12 on January 17.

10, down by 0 from the previous period.

46. Risk appetite for overseas markets has increased.

Follett (601865) 2019 third quarter report performance review: new production line volume and price increase significantly contributed Q3 performance exceeded expectations

Follett (601865) 2019 third quarter report performance review: new production line volume and price increase significantly contributed Q3 performance exceeded expectations
A brief evaluation of the performance of Follett released the third quarter report of 2019, and realized revenue from January to September 33.800 million (+ 50%), achieving a net profit of 5.08 million yuan (previously + 75%), of which Q3 single quarter net profit 2.4.6 billion yuan (previously + 220%, + 62% MoM), the performance was better than market expectations. Operational analysis The new production line’s production capacity and photovoltaic glass product price increase helped Q3’s profit 杭州桑拿 increase significantly: the company’s third 1,000-ton daily melting capacity production line in Fengyang, Anhui, was put into operation in late April, following the normal climbing rhythm,We expect the production line to be basically in full production during Q3, which will increase the company’s single-quarter photovoltaic glass output by more than 20% from the previous quarter.Meanwhile, 3.The mainstream market price of 2mm photovoltaic glass has increased since the beginning of September.5 yuan to 28 yuan / square meter.Under the combined effect of product price increases and new production line volume (while also contributing positively to unit production costs and product structure), the company’s Q3 single-quarter gross profit margin increased by 5pct to 33%, and Q2’s high R & D costs returned to normal in Q3.Level, the 天津夜网 company finally achieved a beautiful Q3 performance that exceeded market expectations. The short-term supply and demand of photovoltaic glass is tight, and the effective supply increase in 2020 basically matches the forecast of demand growth. It is expected that prices will remain relatively high: Since the price of photovoltaic glass has been raised for nine months, orders and maintenance of major companies have continued to flourish.Some small factory orders were 1-2 yuan higher than the mainstream price, and corporate inventory remained relatively low.In the short term, although the domestic Q4 peak season is expected to improve, the demand is still climbing month by month and there is only a peak of grid connection expected from November to December.The ton production line climbed to the outside and unscaled new capacity was released. After the internal heating season entered, the natural gas price went up. The price of photovoltaic glass must still drive the next increase under the probability cost.Looking forward to 2020, despite the planned new production line, according to our statistics and calculations, taking into account the supplementary increase of the full production line in 2019 next year, and the effective supply of the new production line, The actual effective glass supply will increase by 25% in 2019, which is in line with our forecast of a new installed capacity of 15?The growth rate of glass demand brought by the increase of 20% and overlapping double-sided double-glass permeability basically matches the expected price of the budget is expected to maintain a relatively high range. Earnings adjustment and investment recommendations Regarding the company’s new production line to improve the profitability slightly stronger than expected, and the cost level is well controlled during the expansion, based on the assumption that the price of photovoltaic glass remains stable before the end of this year, we slightly increase the company’s 2019?Net profit forecast for 2021 is 7.4 (+ 10%), 10.8 (+ 6%), 13.5 (+ 8%) billion yuan, a three-year net profit compound growth rate of 46%, corresponding EPS is yuan. The company’s current A-shares can continue to correspond to 25 / 17xPE in 2019/20, and the H-shares’ breakthrough corresponds to 9.3/6.4xPE, we upgrade the A-share rating from “Overweight” to “Buy”, while maintaining the “Buy” rating for H-shares. Risks suggest that photovoltaic supplementary installations are less than expected; double-sided and double-glass penetration is less than expected; segmented production expansion exceeds expectations.

Today’s little heat.

Today’s little heat.

Introduction to the summer vacation is the tenth solar term of the 24th solar term of the lunar calendar. The fifth solar term in the summer indicates the official start of the summer season. When the sun reaches 105 degrees, it is called the summer heat festival.

Summer, which means hot, Xiaoshu is a little hot, not very hot.

It means that the weather is getting hot, but it has not yet reached the hottest, and most of the country is basically in line.

Xiaoshu is not the hottest season of the year, but it is followed by the hottest season in the year. The folks have the saying that 鈥渟mall summer heat, steamed and boiled鈥?

Because of sweating, consumption, and fatigue, people can’t neglect the maintenance of the body.

How to maintain a small summer heat, pay attention to the maintenance of the spleen and stomach, people with spleen and stomach deficiency drink less cold drinks, eat less cold dishes, pay attention to the navel do not get cold.

The small summer festival is the time when the digestive tract disease is frequent. In the diet adjustment, it is necessary to change the diet, the diet is not clean, the diet is partial to the bad habits, cold drinks should not be too much, everything should be appropriate, you can eat yam,Concentrate on raising the spleen and stomach.

After the summer heat, it will enter the three-day sky. The three-day-old people often feel heavy head pain, and they are prone to depression, burnout, chest tightness and bad appetite.

For those with hot and humid body, the palm of the hand often has a fever, and under the action of moisture and hot air, it is easy to constipate, and the stool appears yellow and stinky.

The diet should be light and easy to digest.

Eat more foods that are hot and humid, such as mung bean porridge, lotus leaf porridge, red bean porridge, etc., with melon and lotus leaves, glutinous rice soup, or drink a hot and refreshing drink.

At the same time, we must also pay attention to adjust the humidity in the room, and open the window to ventilate.

In the summer heat season, the weather is hot, people are prone to irritability, love is sleepy, less spirit.

Therefore, in response to the characteristics of this season, in terms of health and health, the heart should be cured according to the correspondence between the season and the five internal organs.

Chinese medicine believes that calmness and calmness can relieve tension and make the mood comfortable and qi and blood slow; it not only helps the heart function, but also meets the principle of 鈥渟pring and summer Yangyang鈥?

Therefore, in the summer, health care should be “quiet”, and the heart is calm and natural.

What is the diet of Xiaoshu to clear the heat, spleen and appetizer, while taking care of Qushengjin to quench the thirst and nourish the heart, and properly dilute the water, such as yam, glutinous rice, squid, squid, pigeon, yam, lotus leaf,Mung beans, broad beans, celery, peaches, apricots, papayas, coconuts, green tea, etc.

Chinese medicine should be selected as clear herbs, such as honeysuckle, white chrysanthemum, Ophiopogon japonicus, hawthorn, corn mustard, cassia seed, schisandra, wolfberry, wolfberry, and coix seed.

Winter melon lotus leaf old duck soup melon 500 grams, fresh lotus leaf half, 1 old duck, 2 pieces of ginger.

Wash all the ingredients, cut the winter melon, thicken the duck, and pick up the water. Put a proper amount of water into the pot and boil. Add all the ingredients to boil, turn to medium heat for two hours, and season with salt.

Clearing away heat and relieving heat, Yiwei Shengjin.

Mung bean lily glutinous rice soup 50 grams of green beans, 20 grams of lily, 100 grams of glutinous rice, crystal sugar amount.

Wash the glutinous rice and mung bean, soak for 2 hours in advance; wash the lily; put the glutinous rice, mung bean and lily into the simmer, pour in the appropriate amount of water to boil, change the simmer for 40 minutes, and cook the ice until it melts.

Clearing heat and nourishing yin, spleen and dampness.

Yam porridge porridge 150 grams, 200 grams of yam, 鏋告潪 50 grams, sugar amount.

Wash the previous rice, peel the yam and wash it into small pieces. Cook for 30 minutes and porridge.

This porridge is soft and refreshing, can spleen and remove trouble, and blood and eyesight.

Small summer health care should pay attention to the summer, especially after entering the small heat, many friends like to drink beer and cool down, and unwittingly eat more and drink more, which is easy to hurt the spleen and stomach.

Therefore, in summer, especially after entering a small heat, more complicated and more food, overeating, eating, eating, overeating, otherwise, spleen and stomach injury, health damage.

Heat stroke is a common disease in summer, and the weather characteristics of the summer heat season are more prone to heat stroke.

Therefore, when you go out, you must do a good job in heatstroke prevention, bring a parasol, a visor and other tools, drink plenty of water, and prevent you from going out when the sun is hot in the afternoon.

The problems that are easy to occur in the summer heat season will soon enter the three days, the temperature is high, the humidity is high, the weather is sultry, and the air pressure is low. People with myocarditis sequelae are prone to slowing of heart rhythm, chest tightness and shortness of breath.

Health care should pay attention to go to bed early and get up early, avoid staying up late, people with weak and weak pulse should drink some Shengmai drink, or 5 grams of Ophiopogon japonicus, 3 grams of American ginseng, 3 longan meat?
5 grams of soaked in water.

The summer heat is difficult to get into sleep because of the hot weather. Many people like to sleep on the wooden board.

This habit is not good.

Because when people fall asleep.

The sweat glands on the body continue to spread and secrete sweat, and the whole body is in a relaxed state, and the resistance is reduced.
The nighttime temperature drops, the difference between temperature and body temperature gradually increases, which can easily lead to abdominal pain, headache, joint discomfort, causing indigestion and diarrhea.

Muscle gain, not a game with rich people


Muscle gain, not a game with rich people

As a male, especially a young man, who doesn’t want to have a healthy body, who doesn’t want to practice a fit body?

However, many people in the gym are sweating and training every day, just can’t see the growth of muscles?

People with fitness knowledge know that muscle strengthening is not as simple as training strength, and it must have reasonable nutrition.

There is a jargon in the bodybuilding world called “half training, half eating,” and “eat” means having reasonable nutrition.

However, the expensive price of imported muscle-enhancing nutrients has discouraged many dreaming muscles.

In fact, for the primary muscle-enhancing person, as long as the science is considered, the choice of nutrients is appropriate and reasonable, and without too much cost, the same will be achieved.

Bodybuilding is not a game for rich people.

銆€銆€Eat more energy from the staple muscle contraction. When you train, the energy consumed in the human body, especially in the skeletal muscle, is greatly increased, so the muscle growth also requires a lot of energy.

In order to ensure the energy required for strength training and promote muscle growth, the transfer must reach 50 kcal / kg body weight / day or more.

For example, a person weighing 60 kg should have a total conversion of 3,000 kcal per day.

What is the supply of so much static electricity?

We all know that there are three kinds of nutrients that can provide energy in food: sugar, sugar and protein.

Among them, sugar is the highest quality energy that the human body can use. For the muscle-increasing person, the amount of sugar injected accounts for about 60% of the total conversion.

The most economical way to add sugar is to eat more staple food.

In general, 2 and 2 meters can provide about 120 kilocalories.

銆€銆€Supplementing high-quality protein bodybuilding training is to increase the muscle thickening by “over-compensation” caused by “overloading”.

In order to achieve “overload”, there must be sufficient energy sources, and to achieve “overcompensation” must have a wealth of repair materials.

Protein is the cornerstone of muscle formation and the basis of muscle growth.

For those who are practicing bodybuilding, they need to include at least one every day.

A high-quality protein of 6-2 g/kg body weight or more is converted into a protein weighing 75 kg per day that needs to absorb more than 150 grams of protein.

Such a large amount of protein intake is very important for the choice of food. It is necessary to choose high-quality protein with low trace content. Otherwise, it may also eat a small amount of trace amount while supplementing protein, and ultimately it is not 鈥渆nhancing muscle鈥?but 鈥渇at increasing鈥?””.

Egg whites, peeled chicken, fish and shrimp, and thin beef and mutton, can be high-quality full-price protein, and the trace content is relatively low.

銆€銆€Don’t ignore water and other nutrients. Bodybuilders need more water than ordinary people, because with ordinary people, bodybuilders accept more protein and other nutrients, nutrient transport and metabolic waste removal require a lot ofWater, in fact, at the same time, with the increase of sweat perspiration, the body will lose more water, the body lacks water, will cause metabolic waste to accumulate in the body, while the muscle cell volume declines, affecting the synthesis of protein in muscle cells.

In addition to the usual attention to hydration, with each exercise, reasonable hydration is also essential to improve the quality of exercise.

銆€銆€Multivitamins and trace elements are also often used as a tonic for bodybuilders.

When the muscles are increased, the body needs to be kept in an optimal state, and vitamins and trace elements are closely related to the synthesis of hormones in the body and the metabolism of energy substances.

Vitamin B1, B2, and B6 in B vitamins are closely related to energy metabolism and metabolism of proteins and amino acids. Chromium in trace elements has a certain effect of reducing fat and increasing muscles, and promotes abnormal combustion in the body while promoting muscle protein.Growth.

In addition, after perspiration, the body will lose a lot of vitamins and trace elements, so as a bodybuilder to add the right amount of vitamins and trace elements every day, that is, eat a certain amount of fruits and vegetables every day.

銆€銆€Appropriate supplementation of sports nutrition foods As mentioned earlier, the muscles need to be supplemented with a lot of transformation and protein, but it is sometimes difficult to meet the needs by supplementing them with supplements. At this time, some sports nutrition foods can be replaced appropriately.

However, for the primary muscle gainer, there is no need to supplement the high-end nutritional supplements, and it is not necessary to choose expensive imported nutritional products. You can choose some domestic famous brands, the quality is guaranteed and the price is relatively low, such as Beijing Kangbit.The company’s sports nutrition products have a good reputation in the country.

The price-to-price ratio is high, and it does not cost much, and can achieve a good muscle-enhancing effect.

銆€銆€Here are two basic muscle-enhancing nutritious foods recommended for primary fitness: creatine + whey protein.

Whey protein is the first choice for muscle-enhancing proteins due to its extremely high quality protein content and a very low level of protein.

For bodybuilders, creatine is mainly reflected in: increase muscle strength and lean body mass: because oral creatine can increase the amount of creatine phosphate in muscle by 20%, release more energy for exercise, increase muscle explosiveness.And durability.

As a result, the athlete can perform higher-intensity training and promote muscle growth through the cycle of 鈥渕uscle produces strength and strength produces muscles鈥?

銆€銆€Increase muscle circumference: Creatine can bring water into the muscles, because the increase in the volume of muscle cells helps the muscle cells absorb amino acids, synthesize proteins, and promote the growth of new muscles.

銆€銆€Take the 75 kg bodybuilder as an example, the following supplementary nutrition schemes are listed: breakfast: sliced bread / steamed bread 5 pieces / 2 milk 1 box (500 ml) eggs 1 egg white 3 Chinese food: rice / steamed bread 250 g chicken breast/ fish / beef 200 grams of vegetables 1 part peach / apple / banana 1 milk 500 ml plus meals: sports drink (before and during exercise, after exercise) 500 ml of whey protein (immediately after exercise) 25 grams of creatine (Take it immediately after exercise) 5g dinner: rice or noodles 200g chicken breast / fish / beef 200g vegetables 1 part apple / peach / banana 1 milk 500 ml