Category Archive : cErqEm

C Ronaldo’s social fans exceeded Kardashian and became the fifth in the world to approach the one billion mark!

CRonaldo’ssocialfansexceededKardashianandbecamethefifthintheworldtoapproachtheonebillionmark!
CristianoRonaldohasmadegreatachievementsin2016andwontheGoldenGlobeAward,thehonorofMr.WorldFootballandthebestplayerofUEFA,andrecentlyintheChampionsLeague,hisperformancewasveryoutstanding,scoring5goalsagainstBayernintworounds,WhichmakesRonaldo’spopularitysoar.OnthesocialnetworkingsiteInstagram,Ronaldo’sfansareapproachingthe1billionmark,andhehassurpassedKimKardashiantobecomethefifthmoststarwithINSfans.  OntheINSaccount,Ronaldo’sfanshavereached99.1million,andhewasthesixthstarwiththemostfans,buthasnowrisentothefifthplace,surpassingtheAmericansocialiteKimKardashian.ThenumberofINSfansis98.79million,rankingsixthintheworld.  WesternmediapointedoutthatCristianoRonaldohasnotseenthehopeofcatchingupwithKimKardashianbefore,buthisnumberoffanshasincreasedrapidly,whichhasbroughthisINSfanstothe100millionmark,whichhasalsosurpassedtheAmericansocialite.  Amongtheworld’scelebrities,SelenaGomezhasthelargestnumberofINSfans.ShehasstarredinthreeoriginalDisneyfilms”Cinderella’sDancingMiracle”,”PrincessProtectionProject”and”YoungMagicianMovie:MysteriousMagic””Stone”,thenumberoffansreached118.53million.ThenewgenerationofAmericanactors,femalesingerArianaGrande’sfansreached1.00413million,TaylorSwift’sfansreached1.01511million,andanotherfemalesingerBeyoncé’sfansThenumberis105.4million.  AlthoughRonaldo’sfansarestillfarfromSelenaGomez,ifRealMadridstarscontinuetoplayhigh-gloss,hewillcertainlyhavetheopportunitytocontinuetoimprovehisrankings,andevenbecomethestarwiththemostINSfansonthisplanet.

[Do red dates longan wolfberry tea nourish blood]_Red dates longan wolfberry tea nourish blood _ nourishing blood _ efficacy

銆愮孩鏋f鍦嗘灨鏉炶尪琛ヨ鍚椼€慱绾㈡灒妗傚渾鏋告潪_鍏昏_鍔熸晥
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[Can protein powder be eaten by normal people]_Applicable people_Function

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[Can pregnant women eat salted cashew nuts]_Salt cashew nuts_Pregnancy_Can I eat

[Can pregnant women eat salted cashew nuts]_Salt cashew nuts_Pregnancy_Can I eat

Salted cashews are one of the flavors of cashews. During pregnancy, women’s mouths are particularly prone to licking.

Under normal circumstances, pregnant women can eat salted cashews, cashews are also a supplement for pregnant women, which is beneficial to nutrient absorption, but pay attention to the amount.

1.

Pregnant women can of course eat salted cashews, but they need to control a certain amount.

Cashew nuts are rich in nutrients, and pregnant women eat them very well.

First of all, cashew nuts are rich in protein, which is one of the energy required by pregnant women. For pregnant women and pregnant women, it is a very good supplement.

If pregnant women have fatigue, you can also choose to eat some cashews to improve this symptom.

Cashew nuts have the effect of replenishing physical strength, especially when pregnant women go out to play, you can take some food.

2.

Pregnant women eat cashews, which can supplement some trace minerals needed by the human body. It can supplement pregnant women with iron, zinc, etc., which is a good supplement.

And pregnant women eat, but not too much, because cashews are also oily substances.

Pregnant women must pay attention when eating cashew nuts. If you are allergic, don’t choose to eat them anymore.

Even if you are not allergic before you are pregnant, it is not necessarily guaranteed that you will not be allergic after pregnancy.

3.

Pregnant women can eat cashews. Cashews are rich in protein and vitamins.

After pregnant women eat cashews, they can replenish physical strength and energy, and effectively eliminate fatigue.

There are a lot of trace elements in me, of which iron and zinc are the most important, and they can play a role in nourishing blood.

Pregnant women who eat some cashews in moderation can improve the symptoms of waist and knee weakness and can also effectively treat constipation.

However, pregnant women must pay attention to the right amount when eating cashews. Eating too much may cause diarrhea.

[Can sea cucumber make dumplings]_How to make_How to make

Do you want to prepare a hot pot?
Speaking of the Xianfeng, the peak of the kettle is very smooth, and the sound is very good. I can tell the difference between the sound and the sound of the ring, and the ring of anonymity, the ring of anonymity, and the ring of anonymity.The father and the father are in a hurry, and the key is in the same way. The Chinese version is simple. The Chinese version is simple. The Chinese version is simple. It ‘s not a good idea.勫仛娉曪纴链夌殑浜启发氨鎯冲埌浣跨敤娴峰弬鏉ュ埗浣滈ズ瀛愶纴环弬杩欑椋熸潗镄勪奸潪宁告槀璐碉纴鎵€浠ュ湪鍒朵綔鐨勬椂鍊欎竴瀹氳娉ㄦ剰锛屼互鍏嶉€犳垚娴垂锛屾捣鍙傝兘鍖呴ズ瀛愬悧?Quilting: Do you think you’re sorrowful?娴峰弬楗哄瓙鏄腑鍥戒紶缁熼鍝侊紝浠ユ捣鍙傜簿鍒惰€屾垚锛岀毊钖勯澶с€佸懗閬撻矞缇庛€傛捣鍙傚悓浜哄弬銆佺嚂绐濄€侀奔缈呴綈鍚嶏紝鏄笘鐣屽叓澶х弽鍝佷箣涓€銆傛捣鍙備笉浠呮槸鐝嶈吹鐨勯鍝侊紝涔熸槸鍚嶈吹鐨勮嵂鏉愩€傚厛娉″彂娴峰弬锛屾彁鍓嶆妸娴峰弬娉′笂锛屽鏋滀綘涔扮殑椴滄捣鍙傦紝瑕佷粠I’m going to read it, I’m going to do it, I’m going to do it, I’m going to do it, I’m going to do it, I’m going to do it, I’m going to do it, I’m going to do it.殑閲忔渶鍚堥€傘€傚寲涓婁竴鐐圭尓鑲夐锛屼笉鐢ㄥお澶氾紝鍥犱负鏄寘姘撮ズ锛岃繖鏍蜂細寰堥銆傜浜岋紝闈㈢矇鏀鹃€傞噺鐩愶紝鐢ㄦ俯姘磋皟鎴愬洟锛岄啋涓€閱掞紝楦熻礉娲楀噣鍒囩锛岄浮铔嬬倰鎴愰浮铔嬬涓庡垏濂界殑楦熻礉鏀惧埌涓€鍧楀効锛岄煭鑿滄礂鍑€鍒囩澶囩 敤.Xianfeng, who is going to kill, what is going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on?Xian Feng is so good.鍏ㄩ儴鏉愭枡鏀惧埌涓€璧贰f斁閫傞噺鑺辩敓娌归€傞噺鐩愰€傞噺鍛崇簿.陃 傞 噺 印 discriminates.What a beautiful girl?Dian Ma Ma?闈㈡弶濂戒箣鍚庯紝鍒嗘垚澶у皬涓€鑷寸殑灏忓墏瀛愶紝鎿€鐨嬁璧蜂竴涓ズ瀛愮毊锛屾斁閫傞噺鐨勮彍锛屽鐫€鎹忓ソ灏卞彲浠ヤ簡寰堝揩灏卞寘濂藉緢澶氶攨涓按鐑у紑锛岀叜楗哄瓙锛屽嚑涔庨兘鏄啛鐨勶紝寮€杩It’s not easy to find it. It’s so simple. It’s so easy. It’s so easy. It’s so easy. It’s simple.娴峰弬涓€瀹氳娲楀噣锛屾渶濂界敤楂樺帇閿呯叜涓€浼氾紝鑲変細杞儌涓€浜涳紝瀹规槗娑堝寲 2.鐓ズ瀛愪笉鐢ㄤ綇鐨勬椂闂村緢闀匡紝鍙互鏍规嵁楗哄瓙鐨勫ぇ灏忔潵瀹氥€?.涓嶇敤鏀惧緢澶氱殑娴峰弬锛岃惀鍏昏繃鍓╀篃涓嶅ソ锛屾寜鐓т竴浜轰竴涓氨鍙互浜嗐€傛捣鍙傝兘鍖呴ズ瀛愬悧?鎽樺共鍑€闊彍锛屾礂鍑€锛屾帶鎺ф按銆傚垏缁嗭紝鎸夎嚜宸卞仛棣呭瓙鐨勪範鎯氨濂戒簡銆備篃鍙互鎼厤The problem is that the pan and the pan are as good as the old one. It ‘s a good example. It ‘s a good example. It ‘s a good example.愬皬涓侊紝鍏堢珫鍒囷紝鍐嶆í鍒囷紝鐪嬬潃澶х殑鍐嶅垏鍑犲垁銆傛妸鑲夐锛屾捣鍙傦紝涓€鍧楁斁鍏ュ鍣紝鍐嶅垏鐐瑰锛屽拰鏉愭枡鎼厤锛屼篃鏈夎惀鍏汇€傛斁鍏ョ洂锛屾补锛岄噺鏍规嵁鑷繁瀹朵汉鐨勫彛鍛筹紝鎼呮媽鍧囧寑锛屾斁鍦ㄤ竴鏃併€傚拰濂介潰浠ュ悗锛屾妸闊彍鏀惧叆瀹瑰櫒锛屾悈鎷屽潎鍖€锛屽紑濮嬪寘姘撮ズ灏卞ソ浜嗐€傚叾浠栨楠ゅ拰鑷繁骞虫椂鍖呮按楗轰竴涓牱浜嗐€偮?

[How to cook cabbage?It turned out so simple!】 _Family Practice_Production Method

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It ‘s easy to get a good tune, and it ‘s easy to get a good idea. It ‘s simple. It ‘s a good idea. It ‘s a good idea. It ‘s so sturdy. It ‘s all about the world.滐紝瀹為檯涓婏紝鐧借彍杩樻湁鑽敤浠峰€硷紝鍥犱负鍏惰惀鍏婚潪甯镐赴瀵岋紝鍚冪櫧鑿滃彲浠ュ悆鍑鸿韩浣撶殑鍋ュ悍锛屽彲浠ヨˉ鍏呰喅椋熺氦缁淬€佽儭钀濆崪绱犵瓑绛夛紝鍥犳骞虫椂涓嶅Θ鍙互澶氬悆锛屼笅闈粙Rugged and rugged?Quilted?Do you think?50鍏嬨€佸共杈f3鏍广€佺洂銆佸懗绮俱€傚仛娉?銆佺櫧鑿滄礂鍑€鐢╁共姘翠唤锛屾妸鐧借彍鏂滆捣鍒囷紝杈f鍒囨銆?Do you want to go back and forth? F: I ‘m going to play a drama, you ca n’t do it, why do n’t you go there?銆 佺 槠 Destroy the 劰 幡 熷 姞 搩 抰 揰 Chong book 鍗 冲劲 銆?Quitting, arguing, arguing, borrowing, borrowing, sister?What is the tea girl?What is the best way to do this? 1 pet 15 嬏 嬶 鐩?/ 2 Gong 跺 謺 3 鍏 嬶 庴 軻 菻 3 姹 ゅ 宠 45ml Adorable?姹 ゅ pet 15ml: 屽 ぇ 钁?How to make up for 2 bitch?銆佺櫧鑿滄娲楀噣鍚庯紝绔栫潃瀵瑰崐鍒囧紑锛屽皢鍒€鏂?5搴︾殑瑙掑害锛屽皢鐧借彍鐗囨垚鐗囥€?銆佸共杈f鐢ㄦ墜鎺扮锛屾垨鐢ㄥ壀鍒€鍓垚涓濓紙杈f绫戒篃鐣欎笅锛夈€傚ぇ钁卞垏鎴愮墖銆?銆侀攨涓€掑叆娌癸紝澶х伀鍔犵儹锛屽緟娌?鎴愮儹鏃讹紝鏀惧叆骞茶荆妞掍笣鍜岃懕鐗囩垎棣欍€?銆佸緟杈f涓濋鑹茬暐寰彉娣憋紝鑳介椈鍒拌荆鍛虫椂锛屽€掑叆鐧借彍鐗囷紝缈荤倰2鍒嗛挓銆?銆佽皟鍏ョ櫧绯栥€佺洂銆佺背閱嬪拰鐢熸娊锛岀户缁炕鐐?鍒嗛挓锛屽嚭閿呭墠娣嬪叆2婊撮娌瑰嵆鍙€?绗笁銆佺礌鐐掔櫧鑿滃府 鏉愭枡鍑€澶х櫧鑿?What are you talking about? What are you talking about? What are you talking about? What are you afraid of?銆侀€夌敤鐧借彍甯紝灏嗙櫧鑿滄礂鍑€锛屾帶骞叉按鍒嗐€傞『闀垮垏鎴?Sorry, you have to say: “Is it good to go?”銆佽捣姝︾伀锛屽叆濮滀笣鐖嗛攨锛屾渶濂界児鍑洪攨鍐呭鐨嗚捣鐏殑鐏€欍€傞殢鍗虫姇鍏ョ櫧鑿滐紝鐢ㄦ椇鐏倰鑷冲崐鐔燂紝鍔犲叆閰辨补銆侀閱嬨€佺簿鐩愮暐鐐掞紝鍔犲懗绮惧嵆鍙€傜鍥涖€佹湪鑰崇倰鐧借彍 鏉愭枡200g鐧借彍50g鏈ㄨ€?g?g Pu?ml Ti Ting 椬 椴?g?0ml arguing?鐧借彍娲楀噣锛岀敤鍒€鐗囨垚鐗囥€?鏈ㄨ€虫场鍙戞礂鍑€锛屾挄鎴愬皬鍧椼€?鐑攨涓嬫补鍏堟斁鍏ュ皯璁歌懕濮滅倽閿呫€?鍐嶆斁鍏ョ櫧鑿滅炕鐐掋€?缈荤倰鑷崇櫧鑿滃紑濮嬪彉杞椂鏀惧叆鏈ㄨ€筹紝钁卞鏈€?鐒跺悗鍔犲叆缇庢瀬椴滐紝鐩愬ぇ鐏炕鐐掑潎鍖€鍑洪攨鍗冲彲銆?What’s the matter?

[Can carrots cure gout? Can gout eat carrots]_Vegetables_Can you eat

銆愯儭钀濆崪鍙互娌荤棝椋庡悧 鐥涢鑳戒笉鑳藉悆鑳¤悵鍗溿€慱钄彍_鑳戒笉鑳藉悆
鑳¤悵鍗滅殑钀ュ吇浠峰€兼瘮杈冮珮锛屼篃鏄敓娲讳腑姣旇緝甯歌鐨勪竴绉嶈敩鑿滐紝鏈変簺浜鸿涓哄悆鑳¤悵鍗滃彲浠ユ不鐤楃棝椋庯紝鐥涢灞炰簬浠h阿鎬х柧鐥咃紝缁忓父浼氬弽澶嶅彂浣滐紝鐤肩棝闅惧繊锛屽垵鏈熷悆鑳¤悵鍗滃浜庣棝椋庢湁缂撹В鐨勪綔鐢紝浣嗘槸濡傛灉鐥涢姣旇緝涓ラ噸锛岃繕鏄強鏃跺氨鍖绘不鐤楋紝姣曠珶鑳¤悵鍗滃彧鏄竴绉嶈敩鑿滐紝鑽墿鎬ф瘮杈冨急銆傛灉钄櫨绉戣儭钀濆崪鑳¤悵鍗滃彲浠ユ不鐥涢鍚?What is the difference between sorrow and sorrow?.It ‘s a very difficult task, and it ‘s very important. It ‘s a good idea. It ‘s very difficult to solve this problem. It ‘s very difficult to find out what is going on in each other.崪灏辨槸寰堜笉閿欑殑锛岃€屼竴浜涗汉寰椾簡鐥涢鐥呬互鍚庯紝灏变細瑙夊緱鍙嶅鍙戜綔锛岀壒鍒殑闅惧彈锛岃繖鏃跺€欎汉浠氨鍙互閫傚綋鍚冧竴浜涜儭钀濆崪锛岃繖鏍峰氨鍙互閫傚綋鍘诲噺杞荤梾浜虹殑鐥涜嫤鐨勩€?.鑳¤悵鍗滄槸涓€绉嶇⒈鎬ч鐗╋紝鏄竴绉嶄笉鍚湁鍚槍鍛ょ殑涓€绉嶈敩鑿滐紝鍚屾椂鑳¤悵鍗滆繕鏈The world’s most important real estate chains are in the realm of the world, and the world is new. The new world is the newest one. It’s a lot of time. It’s a lot of people.浠ョǔ瀹氲铡嬶纴鑳沧怅鍗濂芥槸涓嶅拰鑲夌被涓€璧峰悆锛屼篃涓嶈鐢ㄦ潵鐓茶€佺伀姹わ紝涔熶笉瑕佸拰璞嗚厫涓€璧峰悆銆?.鑳¤悵鍗滄不鐤楃棝椋庡彧鏄€傚悎涓€浜涜交寰殑鐥涢鐥呬汉锛屽洜涓虹棝椋庣梾浜虹殑鍙戜綔涓€鑸槸鍥涗簲澶╋紝杩欐椂鍊欐垜浠氨鍙互閫傚綋鍚冧竴浜涜儭钀濆崪锛屼笉杩囧鏋滄湁寰堜弗閲嶇殑鐥涢鐥呬汉杩樻槸瑕佸悆鑽潵娌荤枟鐨勩€傜壒鍒槸涓€浜涜灏块吀姘村钩寰堥珮鐨勭梾浜猴紝鍝槸涓€瀹氳鍚冭嵂鐗╂墠琛岀殑銆傝鍚冧竴浜涢檷灏块吀鐢熸垚鐨勮嵂鐗┿€?

Huijie (002763): Revenue growth of all channels is stable and the sales expense ratio is increased and accrued inventory impairment drags down profits

Huijie (002763): Revenue growth of all channels is stable and the sales expense ratio is increased and accrued inventory impairment drags down profits

Revenue has grown steadily, the increase in the sales expense ratio and the provision for impairment of assets have dragged down profits.

94 ppm, an increase of 12 in ten years.

46%, net profit attributable to mother 1.

9.1 billion, an annual increase of 6.

38%, net profit after deduction to mother 1.

89 ppm, a ten-year increase of 8.

10%.

Single-quarter revenue in Q2 2019.

45 ppm, a ten-year increase of 9.

73%, net profit attributable to mother 0.

77 ppm, a 10-year increase3.

98%.

The decrease in the growth rate of net profit attributable to mothers in the single quarter was mainly due to the significant increase in the sales expense ratio caused by the increase in store opening and rental expenses in the second quarter, and the increase in the loss of inventory depreciation.

Expansion of directly-operated distribution stores, stable growth in revenue from various channels, and distribution channels, the company’s direct-operated / distribution / e-commerce revenue increased by +12 in 2019H1.

88% / + 15.

55% / + 11.

32%, accounting for 51.

08% / 19.

30% / 29.

62%.

In terms of brands, Manifen / Ivis / Landzolly / Jiayi Shangpin accounted for 62% of revenue respectively.

56% / 15.

59% / 8.

86% / 6.

76% (no sub-brand data were disclosed during the same period last year).

In terms of channels, the company had 1,333 / 1668 direct sales / distribution channels at the end of the second quarter, an increase of 33/123 earlier.

Promote the transformation of the brand division to subsidiaries, and promote 天津夜网 the improvement of operating efficiency. The company will realize the close connection between the interests of subsidiaries and the interests of employees of the brand division in the form of equity by converting the original brand divisions into subsidiaries.

At present, related operating subsidiaries have been established for brands such as Jiayi Shangpin, Lan Zhuoli, Sang Fulan, Secret Weapon, and Ivis. Through the reform, the company promotes incentives for employees, improves operational efficiency and accelerates brand development.

The 2019-2021 results are expected to be 0.

60 yuan / share, 0.

70 yuan / share, 0.

The 77 yuan / share company has a number of mature operating underwear brands, with extensive channel layout, and each brand’s performance has grown steadily.

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

60 yuan, the company’s estimated average since the listing is more than 15 times, as a domestic brand underwear leader to give the company 16 times the PE valuation in 2019, corresponding to a reasonable value of 9.

60 yuan / share, maintaining the “overweight” rating.

Risks indicate the risk of a downturn in retail sales, the production capacity distribution is less than expected, and the risk of poor operation of the acquisition target.

Ping An Bank (000001) 2019 Annual Report Comments: ROA Repeatedly Raises Bad Ratings

Ping An Bank (000001) 2019 Annual Report Comments: ROA Repeatedly Raises Bad Ratings

Ping An Bank disclosed in its 2019 annual report that net profit attributable to mothers was US $ 28.2 billion, a year-on-year increase of 13.

6%.

The retail business developed steadily at the end of 2019. There were 97.08 million retail customers at the end of the quarter, and the single-quarter increment continued to remain at more than 3 million. The credit card debt balance at the end of the four seasons was 5404 trillion, a quarterly increase of 21.4 billion US dollars, and the increase has picked up. The auto loan balance was 179.2 billion yuan in the first three quarters.At the end, it increased by 110 trillion; the balance of the new loan was 1,574 trillion, up 20 trillion from the previous month, maintaining a slight growth trend.

The retail loan issuance speed has improved compared with the first three quarters, but in the fourth quarter, the expansion of public debt issuance. Therefore, the proportion of retail loans to loans has decreased by zero compared with the end of the first three quarters.

8 up to 58.

4%.

Benefiting from the retail transformation, ROA picked up the average ROE11 in 2019 in advance.

30%, a year drop of 19bps, of which ROA0.

78%, up 4bps each year.

From DuPont analysis, net interest / average assets (approximate net interest margin) contributed the most to the rise in ROA.

The company’s average daily net interest margin in 2019 is 2.

62%, an increase of 27bps per year.

Among them, benefiting from the decrease in interbank financing interest rates, the increase in cost of revenue decreased 夜来香体验网 by 21bps; and the yield of interest-earning assets increased by 6bps, mainly due to the increasing proportion of personal loans.

In terms of single quarter net interest margin, the fourth quarter and the third quarter were flat at 2.

62%.

Asset quality is steadily improving towards the end of 2019.

65%, a decrease of 3bps from the previous month; the overdue rate is 2.

24%, a decrease of 10bps from the previous month; 122% of non-performing / overdue loans over 90 days, an increase of 7% from the previous month;

01%, a drop of 38bps from the previous month;

47%, down 44bps from the previous month.

The year-on-year increase in non-performing ratios of credit cards and new loans at the end of the year was due to stricter non-performing identification standards, and the comparable non-performing ratios after the 都市夜网 caliber reduction were basically stable.

The company’s overall asset quality performance is stable and improving.

Investment recommendation The overall performance of the company is in line with expectations, and we maintain its “overweight” rating.

Risks suggest that the continued weakening of macroeconomic indicators may adversely affect the quality of bank assets.

Maotai, Guizhou (600519): Moutai equity transfer helps government financing development

Maotai, Guizhou (600519): Moutai equity transfer helps government financing development
[Judgment event: Guizhou Moutai issued a “Notice on the Current Free Share Allocation” on December 25. The controlling shareholder Moutai Group intends to allocate 4% of the equity of a listed company to Guizhou National Capital Operation Co., Ltd. for free. After the transfer,The shareholding ratio of Moutai Group dropped to 58.00%, still the controlling shareholder. First, the transfer of equity can be used as collateral to solve the capital problem of conventional capital operations. Guizhou State-owned Capital Operation Co., Ltd. is 100% controlled by Guizhou Financial Holding Group Co., Ltd., and the actual controller is the Guizhou Provincial Department of Finance.Military Guizhou Financial Holding Group holds 0 shares.28%, after the transfer, the total shareholding ratio is 4.28%.Based on the latest market value, 4.The market value corresponding to 28% equity is approximately USD 66 billion.Taking into account the long-term investment value and growing expectations of Guizhou Moutai, according to the current standards of equity pledge, this part of the equity is used as the best collateral. By leveraging 100 billion yuan of leveraged funds, it can provide Guizhou Province with economic construction and capital operations.An important source of funding. Second, the endorsement of trillions of cities ‘highest local debts strengthens the bond market ‘s confidence in financial security. By the end of 2018, the government debt balance of Guizhou Province was 8,849.81 trillion, debt ratio 148.79%, debt ratio 59.66%, debt burden ratio in other provinces is at a relatively high level.In addition, in the past ten years, the investment scale of Guizhou provincial capital was approximately 5,179.25 ppm (wind data caliber after removing obvious non-corresponding items), and the administrative level scale of the urban investment platform.The market has been anticipating the existence and default of debt and financial security in Guizhou Province.The transfer of equity in Maotai, Guizhou, can effectively boost confidence in the bond market.From a theoretical perspective, the State-owned Assets Supervision and Administration Commission of Guizhou Province holds a total of 64 listed companies.2% equity, corresponding to the latest market value of US $ 914.4 billion, all transfers are operable, that is, the trillion market value can be an endorsement of local government bonds and urban investment bonds of Guizhou Province, thus effectively confirming the market’s view: Guizhou Province’s state-owned assetsHolding the market value of the Maotai family is enough to hedge the debt risk of the entire Guizhou Province.The transfer of stock rights has dispelled the market’s emphasis on financial security, and has helped provincial governments and benefiting governments to raise funds from the bond market through other financial methods. Third, the increase in the importance of Moutai companies, 成都桑拿网 the improvement of operations and the continuous expansion welcome local governments to use Guizhou Moutai’s equity as a means of capital operation, confirming from the side the local government’s attention to Moutai companies, which is more conducive to the future production of listed companiesThe operation continued to maintain good growth.At the same time, it also announced the government’s attention and confidence in the long-term development trend of Moutai, which is conducive to the consolidation of listed companies in the future, and it will rise steadily. This will be disguised for the capital market and the stock price of Moutai in Guizhou. Our view: From the scale of the listed company, the transfer of equity will not cause changes in shareholders and actual personnel, and the company’s actual operation will not be damaged, which may soon occur.From the original provincial government budget, the cost-effective equity conversion translates into a better solution to financial problems and can also provide an important source of funding for the operation of conventional capital.As a result of a small number of voices in the market, whether there will be a risk of a reduction in holdings, we think this is a small probability event and not enough consideration. Profit forecast and rating: Assuming that the comprehensive sales price will increase by 20% next year under optimistic expectations, make a profit forecast against this background. It is estimated that the revenue growth rates for 2019-2021 will be 15%, 23%, and 14%, respectively, and the net profit growth rates will be24%, 27%, 16%, the corresponding EPS is 34.88, 44.19, 51.39 yuan. Taking into account the leading premium and the potential performance growth space and growth rate next year, under the assumption of price increase, we will give 30 times PE according to EPS in 2020, and raise the target price to 1,325 yuan, corresponding to 38 times dynamic PE in 2019. Maintain “Buy””grade. Risk warning: If the price increase or comprehensive sales price is lower than expected, the profit forecast and EPS for 2020 may not meet expectations.