Category Archive : 洗浴

Microchip Bio (688321): a local pioneer of innovation

Microchip Bio (688321): a local pioneer of innovation

This report reads: The company is one of the few domestic new drug R & D companies with core original capabilities. It makes full use of its core drug discovery technology platform. The company’s product pipeline continues to be enriched, and R & D breakthroughs are accelerated by capital.

Investment Highlights: Reasonable City Size 68.


8.4 billion.

We forecast the company’s net profit for 2019-2021 to be zero.



190,000 yuan, based on the total equity of 41 million shares, the previous earnings were 0.



33 yuan.

According to preliminary estimates of sales, the reasonable market value is 88.

84 ppm, according to the risk-adjusted DCF method, the company’s reasonable market value has changed 68.

08,000 yuan, combining the two estimation methods, we believe that the company’s reasonable market value range is 68.


84 trillion, the corresponding price is 16.


67 yuan / share.

The original innovative drug projects have abundant reserves, and products are expected to be launched one after another.

The company is one of the few domestic pharmaceutical companies with original innovation capabilities, focusing on the three major disease areas of tumors, diabetes and autoimmune diseases. After the listing of Cidabenzine in 2014, the company officially entered the rapid development period from the initial stage, accompanied byWith the promotion of capital forces after the listing, the company’s existing R & D pipeline is accelerating.

Cidabenzide has been included in the priority review for advanced diabetes. It is expected to achieve a breakthrough from small-scale drug use to large diseases. The diabetes drug ciglitazone sodium and the anti-tumor drug Sioroni are expected to be successively declared for market. Market potentialhuge.

The technology platform system guarantees the core competitiveness of the product.

Since its inception, the company has built an integrated drug innovation and early evaluation system based on chemical genomics. 淡水桑拿网 The successful listing of Cedaramide has further verified the new drug discovery capabilities of the platform technology.

The wave of domestic innovations has sprung up, but the original innovation capability targets are still scarce. The company’s follow-up innovation pipeline is advancing in the market competition and gains a good competitive advantage.

The funds raised are mainly used for innovative pharmaceutical infrastructure projects.

The IPO intends to apply for a public offering of no more than 50 million RMB ordinary shares, and the proposed fundraising is no more than 8.

$ 4.0 billion, mainly for innovative drug production base projects, innovative drug research and development centers and regional headquarters projects, marketing network construction projects, and innovative drug research and development projects.

Risk reminders: iteration risks of technology platform upgrades; risks of new drug development and registration; brain drain; technology leakage; intellectual property risks; risks of medical and medical insurance policies.

[Daquan’s practice Daquan]_ big taro _ how to do _ how to do

[Daquan’s practice Daquan]_ big taro _ how to do _ how to do

There are many types of taro, and the texture is also related to the type of taro. Small taro is often cooked at home, and large taro is edible.

There are many ways to use big taro, which can be used for braised or fried in the wok. Pay attention to prevent allergies when eating taro.


Wash braised taro, wash it again after peeling, cut it with a hob block, and chop the onion.

Add taro in the pot and add water or broth.

Add soy sauce and salt when cooking, add chicken essence and turn off the heat after cooking.

Finally, pour some vegetable oil in the pot and heat it on the green onion.


Taro roasted pork ribs are cut in the middle of the ribs purchased, cut into small pieces of uniform size, washed and placed in a bowl, add a small amount of baking soda, and scratch.

Add clean water to clean the ribs, washing while grabbing.

After washing, drain the pork ribs, add salt, sugar, oyster sauce, soy sauce, crushed tomatoes, tempeh, raw flour and sesame oil, marinate for 10 minutes.

Cut the taro into even pieces and place them on the bottom of the plate.

Bring the water to the pan, steam out for half an hour on the high heat, and then cook the ribs on the taro.


Peeled taro and shredded mushrooms.

Wash the shiitake mushrooms and soak them in hot water. After soaking, the shiitake mushrooms are filtered and used.

Shred shiitake mushrooms and chopped shallots. Separate scallions from scallions. Prepare the ingredients.

Heat the oil in a wok and stir fry the mushrooms.

Add minced meat and stir fry.

Add lightly white fragrant.

Add raw soy stir fry.

Stir fry taro.

Pour in a bowl of shiitake mushroom water, level with taro.

After boiling over high heat, change to low heat, add salt and sugar to taste, cover the pot and simmer for about 15 minutes, turning the taro during the period.

After the taro is boiled, the juice is turned off and the fire is sprinkled.

Remove the pan and serve.

[Can you eat cabbage with kelp]_Seaweed_Can you eat with

[Can you eat cabbage with kelp]_Seaweed_Can you eat with

Kelp is also a common Chinese medicine. It is mainly produced in Liaoning, Shandong, and Zhejiang provinces. Kelp is very popular in Korea. Especially, seaweed soup is very famous. The taste of kelp is rather fishy, and there is no fresh taste. Many peopleI do n’t like to eat, but in fact, the processed seaweed taste is still very delicious. It is used to make seaweed soup. Seaweed can also be stewed meat and made a variety of special snacks. Can cabbage and seaweed be eaten together?

Kumbu, which is what we call kelp, is a kind of traditional Chinese medicine that is more common in clinical practice.

Mainly produced in Liaoning, Shandong, Zhejiang and other places.

Generally, it is harvested in summer and autumn, removing impurities, rinsing it clean, and drying it for medicine.

Kumbu is salty and cold, mainly entering the liver and kidney.

Efficacy and role: softening phlegm, diuretic swelling, lowering blood pressure, lowering fat, and purging.

Expelling phlegm and firmness: Because the kunbu tastes salty, it can be used for softening and firming. Of course, it also has an expectorant effect.

It is often used in combination with melons, turtle plates, armors, etc., for the treatment of liver cirrhosis, ascites, liver and splenomegaly and other diseases.

Lishui swelling: Because Kunbu tastes salty, it also has a beneficial effect on water. For nephrotic syndrome, acute glomerulonephritis, chronic glomerulonephritis and other diseases, we often use Poria, Aconite, cinnamon, pig., Xie Xie and other medicines compatible with the application of Kunbu, can play a good effect of water and swelling.

Antihypertensive and lipid-lowering: Modern pharmacological studies have shown that kelp and potassium salts contained in kelp have a good effect on assisting blood pressure.

In addition, the alginic acid and kelp contained in kelp can significantly reduce the serum and plasma content of the human body, and thus have a good effect of changing blood lipids.

When anticipating blood pressure, it is often combined with Gastrodia elata and Uncaria.

When predicting blood lipids, Kumbu is often used with hawthorn, lotus leaves, and cassia.

Laxative: Because it is cold, it has the effect of clearing heat and releasing fire.

For laxative use, we often use konbu with aloe, angelica, melon, rhubarb and other compatible applications.

Note: 1.

Kumbu contains a large amount of iron. If you drink tea or fruit immediately after eating it, it will affect iron absorption, so try not to eat it with tea or fruit.


Don’t soak kumbu for a long time, just about 6 hours.

If soaked for too long, it may affect the nutritional value of kumbu.

Ingredients: cabbage, kelp, kelp, scallion, pork belly, 0, pork, step 1.

Cabbage cut into spare 2.

Kelp cut short 3

Cut the meat into thin slices.

Put oil in the pan and add the meat to the pan and stir-fry until cooked to perfection5.

Add green onion and soy sauce to stir-fry, then pour the cabbage and kelp into the pan and stir-fry the cabbage with stewed kelp. Step 66.

Add an appropriate amount of water, cover the pot and simmer for 15-20 minutes, then you can cook.

[How about eating brown sugar every day?】 _Benefits_Ethics

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[How to cook duck soup is delicious and nutritious?

】 _How to cook_How to cook

[How to cook duck soup is delicious and nutritious?
】 _How to cook_How to cook

According to the index of pork and chicken, usually people do n’t eat a lot of duck meat. In fact, duck meat is also a very good tonic. According to reports, the nutritional value of duck meat is very similar to that of chicken. Usually, eat more duck meat.Health is very good, in addition, it has certain kidney tonic effect, can also relieve cough and phlegm, etc., especially those who have heat in the body are particularly suitable for eating duck meat, so how to cook duck soup to be nutritious?

How to make duck soup delicious and nutritious?
First, duck soup with shiitake mushrooms — a delicious and nutritious duck soup has been said since ancient times, duck soup is delicious!

And the duck meat is delicate and fatty, which is also an excellent choice of tonic. With reasonable stew, you can taste a delicious and nutritious duck soup.

Ingredients: half a duck, a few shiitake mushrooms, a courgette, a piece of ginger, a green onion, an amount of salt, and an amount of pepper.

The practice of stewed duck soup with shiitake mushrooms: Dried shiitake mushrooms are soaked in water in advance and reserved. If fresh shiitake mushrooms are better, the flavor will be stronger.

Ginger, slice and prepare the duck meat and some ginger slices that have been cleaned and put in cold water and boiled to a scorch. At this time, you can see a layer of foam floating on the water surface. The duck meat also shrinks and becomes elastic.And the soup is all drained.

Add water again, soak the duck meat, or add as appropriate, then add the remaining ginger slices, shiitake mushrooms, cover, boil over high heat, and simmer over low heat.

If there is any foam during the period, you can use a spoon to scoop it down. If you don’t like the soup too much oil, you can also scoop some oil.

Squash, cut into pieces.

Of course, winter melon or Chinese cabbage can also be used. You can use whatever you can. Add vegetables to make the scallions for the soup. Cut the green onions and simmer for 40 to 50 minutes. The duck meat is fully cooked.It is rich enough, then add the courgette, and continue to simmer for about ten minutes, and the courgette will be cooked. At this time, the delicious mushroom and duck soup will be done!

Add scallions, salt, pepper, soup, and a large piece of soup to the bowl!

Tips: The step of simmering the duck meat before stewing the soup is essential, otherwise the duck soup will be very embarrassing and affect the consumption.

How to stew duck soup is delicious and nutritious. Cordyceps flower stewed duck soup — autumn and winter moisturizing soup ingredients are widely distributed, rich in nutrition, and can be taken by the entire family, young and old!

Ginseng and Yuzhu have a flat taste and sweetness, especially for women. The addition of Cordyceps flowers effectively enhances the body’s immune function. Duck meat is used instead of chicken, so you can often drink soup that is not afraid of getting angry!

Ingredients: Duck 500G, Cordyceps flower 10g, Sand ginseng 30g, Yuzhu 30g, Jujube, Chinese wolfberry, ginger flakes, salted Cordyceps flower stewed duck soup, duck clean, directly simmer blood in cold water pan, wash and reservePrepare soup stock; Soak the ginseng, bamboo and wolfberry in water to wash, drain and reserve; wash the red dates to remove the pits; wash the Cordyceps in water, then add the boiling water for 5 minutes;Put the slices into the stew pot; add the spare soup materials in 3, 4, and 5, including the water of the cordyceps militaris water, and then add the boiling water to the stew pot about seven or eight minutes.Boil water to the highest water level; stew for about 3 hours in a stew mode. Season with an appropriate amount of salt before serving.

Moutai, Guizhou (600519): Single-quarter growth rate narrowed under high base, focus on direct sales volume in second half

Moutai, Guizhou (600519): Single-quarter growth rate narrowed under high base, focus on direct sales volume in second half
Core points: 1.Event Guizhou Moutai released its 2019 semi-annual report.In the first half of 2019, the company achieved total operating income of 411.73 ppm, an increase of 16 in ten years.80%, operating income 394.880,000 yuan, an increase of 18 in ten years.24%; net profit attributable to mother was 199.51 ppm, an increase of 26 in ten years.56%, net of non-attributed net profit of 200.31 ppm, an increase of 26 in ten years.11%. 2.Our Analysis and Judgment (1) The Q2 single-quarter growth rate at the high base point narrowed the company’s single-quarter revenue in the second quarter, and the increase in net profit grew quarter by quarter, mainly due to the large base last year.From the single quarter data, the company’s total operating income in the first and second quarters was 224.81, 186.92 ppm, with annual growth rates of 22 respectively.21, 10.89%; operating income was 216.44, 178.4.4 billion, the previous growth rate was 23.92, 12.01%; net profit attributable to mothers is 112.21, 87.30 ppm, with annual growth rates of 31.91, 20.29%; net profit after deduction is 113.02, 87.30 ppm, with annual growth rates of 32.79, 18.39%.The overall growth of the company is still stable, and the profit growth rate is higher than the income growth rate. In the first half of the year, the growth rate of Moutai liquor was higher than that of series liquors, which was the first time since 2016. In the first half of the year, Maotai and series wines achieved revenues of 347.95, 46.55 ppm, with annual growth rates of 18 respectively.42, 16.57%. (2) Recovery of advance accounts and cash flow Advance indicators such as advance accounts and net cash flow of the company rebounded, indicating that downstream demand is still booming.In 19Q2, the company’s balance of advance receipts was 122.5.7 billion, an increase of 8 from Q1.72 ppm, an increase of 23 in ten years.30%, ending 6 consecutive quarters of previous negative growth. Company Q2 received a sales rebate of 205.71 ppm, net operating cash flow was 228.98ppm, operating cash flow net / net profit ratio from 9 in 19Q1.98% rose to 246 in 19Q2.72%, compared with 164 in the second quarter of last year.29%. The adjustment of the payment policy has an impact on advance receipts and cash flow indicators.According to the relevant information of the wine said, the company notified in mid-June that dealers were required to complete the third and fourth quarters of Moutai 53 degrees (with a cup) before June 30, and canceled the original third-quarter payment plan.Therefore, the company’s Q2 advance receipts and cash flow improved within expectations. (3) Increase in gross profit margin and net profit margin The company’s gross profit margin and net profit margin continued to increase steadily on a high base, and profitability increased.The gross profit margin of the company in 19H1 was 91.87%, increasing by 0 every year.92PCT, presumably related to the company’s increase in the release of high unit price non-standard wine.19H1 company sales rate 4.83%, down by 1 every year.41PCT, indicating that the company’s marketing performance has improved. Considering the improvement of the direct sales business in the second half of the year, it is expected that with the release of marketing resources, the sales rate will gradually remain stable; management + research and development rate6.73%, a decline of 0 every year.25PCT, management efficiency has been further improved.The increase in gross profit margin and the decline in the period rate drove the company’s net profit margin to increase.01PCT to 53.68%. (IV) In the second half of the year, direct sales accounted for the volume of direct sales, which was disclosed in the semi-annual report.The semi-annual report shows that in the first half of 2019, the company’s direct headquarters accounted for 4.06%, lower than 7 in the first half of 2018.72%. In 2018, the ratio of annual direct operation construction was 5.95%. The number of dealers continued to decrease in the first half of the year, and it is expected that the response will 苏州夜网论坛 be increased direct sales.In 19H1, the number of Moutai dealers decreased by 99, of which Q1 decreased by 39 and Q2 decreased by 60; 19H1 decreased the number of series of liquor dealers by 494 and increased by 21.In 2018, the company reduced 437 Moutai distributors.At the Moutai Distributor Conference on December 28, 2018, Li Baofang said that Moutai will launch Moutai 3 in 2019.1 Nominally, the distribution contract will be based on the planned volume and stock in 2017, insisting on “not increasing or decreasing”, totaling about 1.Around 7 with 1 remaining.4 Will be used partly to increase the proportion of direct and self-employed.The company plans to launch Moutai 2 in 2018.8 for the first time, actual placement 3.In 25 months, the actual amount of investment in 2019 is expected to exceed the planned amount. In the first half of the year, the promotion of direct sales was not strong, and in the second half of the year, it seriously paid attention to its volume and price policies.In April 2019, the company took out 600 tons of additional public public offering mall stores, which was called the test of direct channel expansion.On May 5, Guizhou Moutai Group Marketing Company was unveiled.At the company’s 2018 annual shareholder meeting at the end of May, the company stated that the supply of Moutai and series wines in Moutai’s directly-operated stores will increase by about 1,000 tons per year, and consider increasing the number of directly-operated stores.In July, the company selected three national e-commerce platforms to supply 400 tons of Moutai.The sales agreement between the company and the group marketing company has not been finalized, and there are uncertainties in the initial and continuous correspondence.As the gross profit of direct sales is higher than that of distribution, the increase in the percentage of direct sales improves the company’s profit. However, the determination of the sales price of this company and the group sales company will be higher than the current replacement of dealers, which will increase the company’s profit.At the distribution price, this portion of profits will be digested by the Group. 3.Investment proposal is expected to achieve a total operating income of 903 in 2019-2021.00, 1050.64, 1216.43 ppm, an increase of 16 each year.97, 16.35, 15.78%, achieving net profit attributable to mother 426.86, 503.36, 585.26 trillion, an increase of 21 each year.25, 17.92, 16.27%, corresponding to an EPS of 33 in 2019-2021.98, 40.07, 46.59 yuan, the current price corresponding to PE multiples of 28, 24, 21 times, maintaining the “recommended” level. 4.Risks indicate food safety risks; the risk of weak downstream demand; direct sales are less than expected risks.

德国汉堡袭击案:政府部门闹乌龙 嫌犯错过遣返日期

德国汉堡袭击案:政府部门闹乌龙 嫌犯错过遣返日期
­  中新网8月2日电 据外媒报道,德国汉堡持刀行凶案的嫌疑人本应于2015年就被遣返挪威。但由于政府部门疏忽,错过遣送日期,造成此人滞留德国。­  据报道,在汉堡持刀袭击案的作案人阿赫马德A(Ahmad A)身上,有关部门显然曾犯下一个后果严重的错误,结果使得此人未能被及时遣送出境。­  据德国媒体掌握的信息,这名巴勒斯坦人在2015年初入境德国后不久,就应被遣返挪威。他此前曾在挪威申请避难被拒。根据欧盟协调避难政策的《都柏林协议》,他应可被遣送回首次提出避难申请的国家。挪威虽不是欧盟成员国,但也承认遵守该协议。­  报道称,德国移民和难民局(Bamf)于2015年5月提取了阿赫马德A的指纹。经过在欧盟的难民登记数据库EURODAC中的搜寻对比,人们发现他已在挪威提出过避难申请。6月14日,难民局向挪威提出了遣返要求,但此时已经比规定的期限晚了一天。挪威方面因此拒绝接收此人,德国只得自认倒霉,必须为这名难民负责。­  两周后,阿赫马德A接受难民局官员的问询杭州夜网论坛后,他的避难申请被搁置了下来。那时,德国正好迎来了2015年夏秋之际的难民潮高峰期。直到2016年11月,难民局才对阿赫马德A作出了拒绝避难申请的决定,此时距他来到德国已经一年半。­  申请被拒后,阿赫马德A应被遣返原籍地–巴勒斯坦。但据汉堡内政部门称,由于他没有护照,而巴勒斯成都桑拿网坦在德代表机构一直没有为其提供身份证明文件,所以无法将其遣返。­  不过阿赫马德A对当局的工作还算配合,表示愿意前往加沙地带。据说就在上周作案当天,他还向外国人事务局打听过遣返手续的进展情况。­  之后,他在汉堡巴姆贝克区(Barmbek)一家超市用刀袭击他人,一名50岁的男子被刺成重伤不治身亡,另有7人受伤。阿赫马德A在超市外被见义勇为的路人制服后被捕,目前在刑事调查拘押中。­  德国联邦总检察署7月31日宣布接手调查工作,并称案件很可能有极端伊斯兰主义背景。检方推测,现年26岁的嫌疑人在作案前就出现了极端化。但尚无迹象显示他是伊斯兰国或其他恐怖组织的成员。调查中也没有发现另有其他帮凶或幕后指使的线索。 原标题:德汉堡袭击案:政府部门闹乌龙 嫌犯错过遣返日期

Inspur Information (000977) Review of Important Issues-Kunpeng Ecology Moves to Open X86 System to See Concentration Increase

Inspur Information (000977) Review of Important Issues-Kunpeng Ecology Moves to Open X86 System to See Concentration Increase

Huawei opened the Kunpeng server ecosystem to expand the current range of trade frictions. We believe that in the short term, the development of the x86 market structure will gradually move towards concentration.

With the CAPEX turning point in the downstream industry gradual, we are optimistic that the company’s market share will continue to increase, and future growth is expected.

Maintain the net profit forecast for mothers in 2019-218.



4.2 billion yuan,苏州桑拿网 corresponding to PE 36x / 25x / 18x.

Give a target price of 30.

6 yuan, maintain “Buy” rating.

Matter: According to the news on September 19, at the Huawei Fully Connected Conference, Ma Haixu, President of Huawei’s Intelligent Computing Business Department, said in an interview that Huawei will withdraw from Kunpeng server machine manufacturing when conditions are ripe to better develop KunpengEcology.

Under reasonable compliance conditions, we will continue to cooperate with Intel in the future to provide customers with competitive computing products such as X86 servers.

Recognizing Kunpeng ecology, Taishan server ecology is fully open.

1) In order to expect more partners to jointly develop Kunpeng ecology, Huawei announced in an open manner that it would withdraw from the whole field of Kunpeng server in time, and released the server motherboard and open source operating system.

2) Kunpeng server motherboard, fully open to partners, 128 physical cores, 32 memory slots, 100GE high-speed I / O, 56G SerDes capability, 25% performance improvement, 15% lower failure rate than the industry, and higher energy efficiency than workers15%, 100% of the computing power can be used.

3) Huawei’s server operating system EulerOS has three levels of intelligent scheduling, which can transform multi-process concurrency delays by 60%, and can also intelligently and automatically plan, which can improve Web server performance by 137%. The new system is called openEuler open source, Planned to be officially launched on December 31, 2019.

The outlook for trade frictions is not clear, and the x86 server market is expected to further concentrate.

For server companies, it is difficult to find alternatives for core chips such as x86 CPUs before localization is achieved, and it is expected that they will remain the mainstream server demand architecture worldwide.

With Huawei, Sugon is affected by certain external policies. In the short term, x86 server delivery may have some impact. In the long term, Huawei is expected to support the precise computing power of “Xunpeng + x86 + Ascension + GPU”. Other manufacturers also needObserved.

We believe that the future prospects of trade frictions are still clear. With the accelerated landing of Huawei Kunpeng Ecology, the development of the short-term x86 market pattern is gradually concentrated.

The inflection point is approaching, and the growth momentum of Inspur is still strong.

According to Gartner data, in the second quarter of 2019, the global x86 server reorganization volume was 282.

30,000 units, a decrease of 12 every year.

0%, then 158.

1 billion dollars, down 11 before.

0%, the overall prosperity of the industry is relatively low.

But fully benefiting from the continued demand for cloud computing and AI, Inspur is the only mainstream server brand to grow.

Gartner data shows that in the second quarter of 2019, Dell’s daily decline was 10.

3%, HPE / H3C content decreased by 6.

At 9%, the third-best tide and replenishment volume have achieved positive growth in the past, and some of them have further increased their market share to 10.

3%, an increase of 1 per year.

2 units.

We believe that the start of a new round of capital expansion cycle for restructuring technology companies and the upgrade process of upstream chip architecture, the server industry is advancing around Q4 and ushering in recovery.

Risk factors: demand forecast of domestic Internet vendors, uncertainty in overseas trade policies.

Investment suggestion: Huawei opens the Kunpeng server ecosystem to expand the current trade friction situation. We believe that the x86 market pattern is gradually moving towards concentration in the short term.

With the CAPEX turning point in the downstream industry gradual, we are optimistic that the company’s market share will continue to increase, and future growth is expected.

Maintain the net profit forecast for mothers in 2019-218.


42 trillion, corresponding to EPS 0.


35 yuan, currently in line with the corresponding PE 36x / 25x / 18x.

Give a target price of 30.

6 yuan, maintain “Buy” rating.

Zhongke Shuguang (603019) Annual Report Comments: Revenue in line with expected business layout continues to advance

Zhongke Shuguang (603019) Annual Report Comments: Revenue in line with expected business layout continues 都市夜网 to advance

Event: The company released its 2018 annual report: achieving operating income of 90.

5.7 billion, an increase of 43 over the same period last year.

89%; Net profit attributable to shareholders of listed companies.

31 ppm, an increase of 39 over the same period last year.

43%; non-recurring net profit attributable to shareholders of listed companies2.

72 ppm, an increase of 31 over the same period last year.


The performance is in line with market expectations.

Key points of investment: Revenue maintains rapid growth, autonomous and controllable progress is made to steadily advance revenue to maintain rapid growth, and cost management is well controlled.

The company reported an overall increase in operating income of 43.

89%, net profit attributable to shareholders of listed companies increased by 31.

98%, reporting that the company’s overall gross profit margin was 18.

30%, an increase of 0 over the same period last year.

89 units.

From the perspective of revenue, the demand for “new infrastructure” such as enterprises on the cloud will promote the increase in demand for servers in the Internet industry, while internal leading high-end computer products will continue to maintain high growth.

From the cost side, the upstream and upstream product prices have stabilized since 2018, and the subsequent synergy between the conversion chip and the company’s server business has appeared, and profitability has continued to improve.

The company reports a level of management expenses.

99 ppm, an increase of 28 in ten years.

00%; selling expenses 3.

85 ppm, an increase of 20 in ten years.

20%; financial expenses1.

4 billion US dollars, an annual increase of 68.

06% (due to increased interest on bank borrowings and accrual of convertible corporate bonds).

Except for financial expenses, the growth rate of period expenses is lower than the growth rate of revenue. On the whole, the company’s period expenses are well controlled.

The R & D investment has increased significantly, and it is the industrialization platform for scientific and technological achievements of the Chinese Academy of Sciences.

The company reported that the amount of R & D expenses was 5.

07 billion, an increase of 118 over the same period last year.

50%, much faster than revenue growth.

The continued high investment in research and development costs is expected to bring more technical advantages to the company and provide performance guarantee for the company in the future.

In 2016, the company cooperated with AMD to develop the X86 chip. Based on the most advanced Zen processor, the technology has a high starting point.

At the end of December 2018, the Institute of Atmospheric Physics, Chinese Academy of Sciences5 was awarded.

For the US $ 2.4 billion supercomputing project, the bidding documents clearly stated that the simulator’s central processor requires the use of domestic X86 architecture chips. Through the deployment of Haiguang X86 chip servers, the market share and gross profit margin of the company’s server business will be rapidly increased.

The company is a key support object of the “First Action Plan” of the Chinese Academy of Sciences, and an important carrier for the Chinese Academy of Sciences to implement the “two-chain grafting” of the innovation chain and the industrial chain.

At the same time, the company is the chairman unit of the “Chinese Academy of Sciences Advanced Computing Technology Innovation and Industrialization Alliance” and the “Chinese Academy of Sciences Smart City Industry Alliance”.An important platform for the industrialization of related scientific and technological achievements.

Independent and controllable progress has been made steadily, and the right to speak in the chip field has been continuously improved.

In October 2018, the company was approved by the Development and Reform Commission to establish a national advanced computing industry innovation center, and in the last three years completed the core technologies of server processors, intelligent computing chips, and high-performance computer systems.

In March of the same year, the company has invested with the Chinese Academy of Sciences Holding Co., Ltd. and Kunshan High-tech Group Co., Ltd. to invest in the construction of the National Advanced Computing Industry Innovation Center.Controlled high-performance computer server production base.

This is a full recognition of the company’s innovative research capabilities and its ability to integrate and gather innovative resources. The company continues to make efforts in the areas of core chips and secure and controllable high-end computing technologies. Profit forecast and investment rating We believe that the company, as a leader in internal high-performance servers, has a long-term layout, benefiting from the wave of localization of chips and the company’s entire industrial chain layout. Server, storage, software and other businesses will accelerate development. We continue to be optimistic about the company’s strategyCard slots and industry development prospects.

In summary, we are optimistic about the future development of the company. It is expected that the company’s EPS for 2019-2021 will be 0.

91, 1.

24 and 1.

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

Risks suggest that competition in the server market is intensifying and gross margins are inflated; mass production of chips is not up to expectations.

The market hit a new high in the year of the rat, 46 funds with more than 10% income

The market hit a new high in the year of the rat, 46 funds with more than 10% income

Source: The financial investment report was stimulated by the new regulations of refinancing and the restart of the new MLF operation, which decreased by 10 basis points. On February 17, the A-share market hit a new high since the rat year, and the GEM index was refreshed.A new high in three years.

Driven by the basic market, since the beginning of the Year of the Rat, equity funds have achieved positive returns as a whole. Among them, the GEM index funds lead passive products, and the Great Wall GEM index has the highest A return rate, exceeding 10%. Among actively managed funds,Forty-five funds have yields exceeding 10%, and Wanjia and ABC Huili lead in several products.

Most of these funds are re-arranged in the electronics, computer and other sectors, and some products have a higher proportion of holdings on the GEM.

  GEM refers to the rising base of the race On February 17, the stock market opened higher and higher, and the major sectors in the market generally grew. Following the close, the Shanghai Composite Index rose.

28%, a new high since the Lunar New Year.

The GEM Index was particularly strong, with a closing high of 2146 recorded throughout the day.

At 18 o’clock, it hit a three-year high again with a daily increase of 3.


Since February 3, as of February 17, the GEM Index has gradually increased by 11.

33%, Shanghai Composite Index and Shanghai and Shenzhen 300 increased by 0 during the same period.

24% and 1.


  At the same time that the underlying market has hit record highs, the net value of public funds has both recovered its losses and achieved positive returns overall.

Funds tracking the GEM index are attracting attention.

The data shows that from February 3 to February 14, the Great Wall GEM index has increased by A to 10.

The 47% yield ranks first among all index funds.

Bank of Communications GEM 50 Index A to 9.

82% yield ranks second.

The gradual returns of the two funds since 2020 have reached 21 respectively.

5% and 16.


With the sharp rise of the GEM Index on February 17, the yield of the GEM Index Fund will also rise again.

  In addition, Hua’an GEM 50 ETF, Hua’an GEM 50 two funds have a yield of more than 8%.

  The performance of industry index funds is equally striking.

China Securities China Securities Semiconductor ETF, China Fortune CSI Artificial Intelligence Industry ETF, and the CSI artificial intelligence theme from February 3rd to 14th each have a yield of more than 9%.

  Among them, Huaxia Guozheng Semiconductor Chip ETF was established on January 20 this year, and began trading in the secondary market on February 10, and gradually achieved 58 in the first week of listing.

7.6 billion turnover, with an average daily turnover of 11.

7.5 billion yuan.

Among them, the total turnover on February 14 reached 18.

$ 5.2 billion, refreshing its single-day turnover set on February 13.

With a record of 08 trillion, it ranked first in the single-day turnover of listed ETFs on the Shenzhen Stock Exchange.

  Wanjia, ABC’s product-leading active equity funds performed even better.

The data shows that from February 3 to February 14, the average return of equity funds has been converted to 2.

97%, 45 funds yielded more than 10%. Funds that re-arranged computers, electronics and other sectors, and funds with a higher proportion of GEM holdings performed well. Wanjia Fund and Agricultural Bank of China were among the leading products.

  Wanjia Economic New Energy A and Wanjia Industry’s preferred two funds are ranked in the top two, with a yield of 14 since February 3.

87%, 13.

77%, both funds are 淡水桑拿网 managed by Huang Xingliang. Based on the data at the end of the fourth quarter of last year, the allocation targets are similar, and they mainly include computers, semiconductors, and new energy vehicles., NSFOCUS Technology, and Deep Convince have performed strongly since February 3.

  It is worth mentioning that both funds hold a high proportion of GEM, and 4 and 5 of the top 10 heavy stocks are from GEM, respectively.  The return rate of Wanjiazhenxuan managed by Mo Haibo also reached 13.

3%, the top.

  Agricultural Bank of China Huili Industry 4.

0 is 13.

The 5% yield is behind the two funds managed by Huang Xingliang, ranking third in equity funds.

The top ten heavy storage stocks of the fund are mainly from the electronics, computer and media sectors, of which Inspur Information has increased by 39% since the 淡水桑拿网 beginning of the lunar calendar.?tween.

Agricultural Bank of China Huili’s new energy theme, Agricultural Bank of China Huili’s research selection is also 13 respectively.

28%, 12.

47% yield tops the list.

  In addition, Guolian’an is leading the industry, Golden Eagle’s transformation power, SDIC UBS New Energy A and other yields of more than 12%.