[Effect of plum wine]_Benefits_Advantages

[Effect of plum wine]_Benefits_Advantages

The efficacy of plum sparkling wine is believed to be unknown to many people, mainly because plums are used directly in normal times, and sparkling wine is rarely used, so we can understand the medicinal value of some plum wine.

Plum wine can promote digestion and cleanse the liver. It can also diuretic and lower blood pressure. It is very helpful for whitening the skin and treating constipation. You can properly add some plum wine in normal times.

Effects of plum wine: 1. Plum wine can promote digestion of plums. Fruits that can always promote gastric acid secretion, and plums can also secrete gastric digestive enzymes, which can promote gastrointestinal motility.

2. Plum wine can clear liver and remove water. Plums are rich in multiple amino acids, and we know that amino acids are great for treating cirrhosis and ascites. Making plums into plum wine can clean the liver and alleviate liver cirrhosis.

3. Plum wine can also lower blood pressure. The plum kernel contains amygdalin and a large amount of small amount of oil. The pharmacology has confirmed that it has a significant effect of reducing water pressure and can quickly overcome vibrations and promote dry stool excretion.Expectorant effect.

Plum Liquor Sparkling Liquor also has a clear effect of reducing water pressure and reducing cough and phlegm.

This is why drinking fruit wine is better than eating fresh fruit.

4, plum wine can beauty and plum plum into fiber and pectin, has a good effect on the treatment of constipation and whitening skin.

Drink plum wine to remove dark spots on the face and refine the skin

[Does broad beans swell when eaten?]

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[Crab Spare Ribs Soup]_Spare Ribs Soup_How to make

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[How to make braised fish?】 _Production method_Homely practice

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[Hair loss diet therapy method has some of these foods can treat hair loss]_How to eat_How to eat

What are you talking about?
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CIMC Group Corporation (000039): CIMC Vehicles Expanded, Global Expansion Speeded Up

CIMC Group Corporation (000039): CIMC Vehicles Expanded, Global Expansion Speeded Up

Investment Highlights The expansion of the listing of CIMC Vehicles on the Hong Kong Stock Exchange will become the fourth listing platform of CIMC Group: CIMC Vehicles, a subsidiary of CIMC Group, is expected to be officially listed on the Hong Kong Stock Exchange on July 11, with a sale price of 6.

38-8.

Constructed in 08, to be sold worldwide 2.

6.5 billion shares, of which the Hong Kong offering accounted for 10%, the international placement accounted for 90%, and the other not more than 15% of over-allotment rights, the highest raised funds will be replaced by more than 2 billion.

After the listing of CIMC Vehicles, the market value is expected to be 11.31 billion to 14.3 billion, which corresponds to a net profit of 12 in 2018.

3 billion yuan, the static market surplus error is 8-10 times.

Without considering over-allocation rights, CIMC Group will directly and indirectly control CIMC Vehicles53 through CIMC Hong Kong after listing.

The 8% equity will become the fourth independent listing platform of CIMC, following CIMC Group, CIMC Enric and CIMC Tianda.

CIMC Vehicles is the world’s largest semi-trailer manufacturer: CIMC Group’s semi-trailer and special vehicle bodybuilding manufacturing business started in 2002 and changed to CIMC Vehicles Co., Ltd. in 2005. The “Lighthouse” factory was established in 2014 and 2015Merged Vanguard in the United States and LAG in Belgium successively. In 2016, it acquired British SDC.

CIMC Vehicle’s revenue in 2016-2018 was 146/194/242 million, with a compound annual growth rate of 28.

9%; realized net profit of 7 respectively.

5/10.

1/12.

30,000 yuan, with a compound annual growth rate of 27.

9%, maintaining a relatively rapid growth, is the company’s stable second largest business.

According to Frost & Sullivan, global semi-trailer sales were up from 90 in 2013.

20,000 vehicles increased to 118 in 2017.

0 million vehicles, with a compound annual growth rate of 7%.

Among them, the sales volume of CIMC vehicles in 2017 was 12.

20,000 vehicles, with a global market share of 10.

3%, the world’s leading semi-trailer, significantly higher than the second German Schmidz 5

2% market share.

Benefiting from the upgrade of safety technology standards and the increase in treatment over-strength, the demand for semi-trailers will remain stable: the safety technology standards for semi-trailers are being continuously improved internally, and new national standards will be implemented in 2016 to phase out dimensions, axle loads and technical requirementsUnqualified semi-trailer; every September 2017, a new national standard “Reset Technical Conditions for Safe Operation” is announced, in which the new semi-trailer is equipped with new technical regulations for disc brake discs and air suspension systems, and its advantages will be January 2020.

The implementation of new technical standards will accelerate the elimination of unqualified semi-trailers and increase the demand brought by vehicle renewal.

At the same 武汉夜生活网 time, since 2019, the speed of local governance has been increasing, and the Ministry of Communications has notified that the national overload overload identification standards must be strictly implemented, the replacement emission standards improved, and infrastructure investment increased. It is expected that the semi-trailer market will gradually maintain a steady growth trend.

Accelerating global expansion, the vehicle business has a great potential to increase its share in European cities: according to 2017 semi-trailer sales data, the company ranks first in the country (15.

7%), North America ranked third (11.

4%), the European market ranked fifth (3.

6%).

There is room for improvement in the market share of overseas markets, especially in Europe and emerging markets.

CIMC Vehicles will accelerate the pace of global expansion after listing. The company plans to use 70% of the funds raised to open new production lines and assembly plants in the United States and Europe, 10% of funds for new product development, and 20% of funds for repayment.Also repay bank loans and increase operating funds.

The company gradually improved the listing opportunity, further enhanced the digitization of production processes, increased the development of new products, and increased its market share in the European and American segments.

Container demand has fallen at a high level, and gross margin is expected to be stable: After rapid growth in 2017-2018, global container demand has shown signs of fatigue since 2019, especially in the second quarter of the Sino-U.S. Trade dispute, which has escalated and accelerated port container exports.Free radicals.

According to the General Administration of Customs data, the volume and total amount of container exports in the previous five months have fallen back to the same period in 2017, and the number of exports in the first five months of this year has alternately increased to -18.

3%, the export value increased by -28 in ten years.

6%.

Considering that the price of steel has risen to an average of 5% in 2018 this year, it is expected that the company’s container revenue will improve this year, and the gross profit margin will remain at the level of last year.

Investment proposal: Independent listing of the vehicle business will improve the management and operation efficiency of the group, improve financing capabilities and convenience of capital operations, and at the same time expand production capacity and technology upgrades in Europe and the United States.Taking into account the fatigue of the global container market since this year, we have lowered the company’s revenue forecast for the next three years by a reduction of 6 respectively.

8% / 3.

9% / 2.

7%, it is expected that the company’s operating income for 2019-2021 will be 1002 trillion, 1182 trillion, 1350 trillion; net profit attributable to mothers will be reduced by 4.

3% / 3.

8% / 3.

7%, expected to be 34.

8.2 billion, 41.

3.6 billion, 48.

06 ppm; According to the current sustainable and profit forecast, the PE in 2019 is 11 times, which is still at a historical height, maintaining the “Buy-A” rating.

Risk Warning: Continuously promoting “transit to iron” will affect market demand for road transport vehicles; intensified trade friction between China and the United States will affect global trade activities and reduce container demand; rising raw material prices will weaken the company’s profitability; land preparation and offshore engineering progressNot as expected.

Hangfa Power (600893): Expected to increase related income in 2020

Hangfa Power (600893): Expected to increase related income in 2020
Recently, Hangfa Power issued an announcement of the expected execution of continuing connected transactions with the actual controller and its related parties in 2019 and the continuing connected transactions in 2020.Down by 5.88%, purchasing goods and receiving services increased by 4.11%.Sales of merchandise to the aviation development system in 202011.520,000 yuan, a decrease of 10 compared with the implementation in 2019.21% sold 91 to the aviation industry.12 ppm, an increase of 27 from 2019 estimates.72%. A brief comment on the planned decline of related 杭州夜生活网 party transactions in 2019.Initially, the company estimates that the total amount of goods sold in the aviation system in 2019 and the total will be 12.8.3 billion, down 6 with the announcement amount ranking.42%, with 71 sales of aviation industry groups.340,000 yuan, down 5 with the announcement amount ranking.45%, mainly affected by the pace of delivery. Some new models use new processes to affect delivery.At the same time, the company expects to purchase 46 products in the aviation development system in 2019.22 trillion, an earlier announcement of a significant increase of 23.98%, mainly due to the increase in the amount of tasks and the increase in procurement.Acceptance of labor services of the Aviation Industry Group increased by 137 over the announced amount.72%.This shows that the company’s output is high, and in 2020 the company is expected to significantly increase its sales of goods to the aviation industry system27.72% shows that the company is full of confidence in delivery in 2020, and performance growth can be expected.The company expects to sell commodities11 to the aviation development system in 2020.520,000 yuan, a decrease of 10 compared with the implementation in 2019.21% sold 91 to the aviation industry.12 ppm, an increase of 27 from 2019 estimates.72%, which is 21% higher than the estimated implementation value in 2019.85%. Affected by the new process technology, revenue has increased.The company released the third quarter of 2019 report and achieved operating income of 127.9.3 billion, down 7 a year.61%; net profit attributable to shareholders of listed companies4.1.3 billion, down 36 every year.47%.The revenue exceeded the decrease. The main part of the model adopting new process technology has not yet realized the sales revenue impact, and the company’s inventory increased by 35.16%, indicating that the company’s production is in good condition. If the delivery problem is solved, the company’s future performance will grow rapidly and it can be expected to be the leader in the aviation industry.The company is the only domestic military aircraft engine product that covers all types of turbojet, turbofan, turboshaft, turboprop, and piston.Internationally, the company is one of the few companies that can independently develop aero-engine products.Domestically, the aero-engine industry is still in a high-speed rising stage, which has an important radiating effect on the development of science and technology and economy, and is a strong support for the development of manufacturing in developing countries.The company has advanced aero engine research and development technology, capabilities, experience, data accumulation and a complete product lineage, and is a leading domestic aero engine research and development manufacturing company.With the continuous increase in downstream demand, the continuous increase in the special investment of the two aircraft, and the continuous increase in the proportion of aviation industry’s main business, the company’s performance promoted stable growth. AVIC has set up an industrial cluster, and the two planes have specifically landed to provide financial guarantee.The establishment of the China Aero Engine Group officially restarted the separation of the industrial system of flying hair, and the development of aero engines will no longer be the ultimate goal of continuous fighter demand.As a pilot product of military aircraft, the modern industrial affiliation of aero engines has been flush with the aircraft.The research and development of aero engine will have the ability to independently control the resource input and research and development direction. A type of aeronautical development and a pre-research system for generational development are gradually being built to truly achieve “power first”.With the special funding for the 100 billion-scale engines brought by the landing of the two aircrafts, with the support of high-intensity funding, breakthroughs have been made in the development of aero-engines in developing countries in the next few years, and other forms of financial support policies are expected to continue to be introduced. Military aviation demand is strong, and civilian products are also expected.The existing military aircraft is in the stage of upgrading, and the demand for replacement and installation of new aircraft in the old period is increasing.With reference to the development history of the US aviation development, Dahandao will implement the dual-use military-civilian future development trend, and the company’s existing technology or products are expected to enter the civilian market.China’s civil aviation market has a particularly broad space. Through the continuous growth of the domestic economy and the expansion of existing cities and the creation of new urban agglomerations, it is expected that by 2030, it will become the world’s largest single country air transport market.Countries have initially and continuously accelerated the development of civil aviation engines. The company actively participates in the development of civil aviation engines, and has taken the lead in the civil aviation engine market in China. Earnings forecast: As the core target of the overall aero engine, the prospect of aerodynamic localization will be broadened, and we are optimistic about the company’s development prospects.It is expected that the company’s net profit attributable to its parent from 2019 to 2021 will be 10 respectively.86, 13.73 and 17.62 ppm, with annual growth of 2 respectively.10%, 26.40%, 28.22%, the corresponding 19 to 21 years EPS are 0.48, 0.61, 0.78 yuan, corresponding to the current sustainable PE is 43.89 times, 34.72 times, 27.06 times, maintain BUY rating.

Tianfeng Securities: Funding gap before the Spring Festival 3.

When will 8 trillion be lowered?

Tianfeng Securities: Funding gap before the Spring Festival 3.

When will 8 trillion be lowered?

When will it be lowered?

  The funding gap before the Spring Festival in 2019 is about 3.

8 trillion, may use CRA to release short-term funds again in the long run, and at the same time reduce the 50bp / 100bp standard.

There is about 200bp reduction in 2019, corresponding to 3-4 reductions. It is expected that the probability of reduction in 1/4 / July is high.

  The funding gap before the Spring Festival in 2019 is about 3.

8 trillion, may use CRA to release short-term funds again in the long run, and at the same time reduce the 50bp / 100bp standard.

There is about 200bp reduction in 2019, corresponding to 3-4 reductions. It is expected that the probability of reduction in 1/4 / July is high.
  First, the liquidity pressure is the highest in the middle and late January, with a capital gap of about 3.

8 trillion The period of maximum liquidity pressure in the first quarter of 2019 or in mid-to-late January, the funding gap in January was about 3.

8 trillion.

Specifically, the main factors causing the funding gap include: increased demand for cash by enterprises and residents before the Spring Festival, fiscal deposits turned over to the state treasury in January, local government bonds issued in advance, and previous monetary policy instruments expired.

  1) Historical experience shows that cash needs will increase before the Spring Festival due to the needs of enterprises to release bonuses and residents’ purchases before the Spring Festival.

From the change of M0 (cash in circulation), if the Spring Festival is in early January-February, M0 will increase in January (2014, 2016, 2017); if the Spring Festival is around mid-February, January M0 will slightly increaseGrowth, M0 increased significantly in February (2015, 2018).

The Spring Festival in 2019 is at the beginning of February. With reference to recent years, it is expected that cash demand will increase significantly in mid-to-late January, and M0 in January will increase by 1 from the previous month.

5 trillion.

Figure 1: Changes in M0 from January to February in the past 5 years (mega) Source: WIND, Tianfeng Securities Research Institute 2) Financial deposits are paid in January, consuming deposits from financial institutions, and reducing base currency issuance.

With reference to the changes in “government deposits” in the long-term asset and balance sheet since 2015, the chained increase in January was between 400 billion and 1 trillion, and the swaps.

Neutral forecasts that in January this year, fiscal deposits will be turned over to 700 billion yuan.

  3) The seventh meeting of the Standing Committee of the Thirteenth National People’s Congress decided to authorize the State Council to advance the local government’s supplementary general debt limit of US $ 580 billion in 2019, plus the reduction of US $ 810 billion in special debts, for a total of US $ 1.39 billion.

After the debt ceiling is released in advance, the issuance of local government supplementary bonds will be advanced from April to the beginning of the previous year.

According to our calculations in the annual outlook, the local government’s supplementary debt reduction in 2019 will be about 3 trillion, and the issuance scale in the first quarter is expected to be close to 1 trillion.

The Spring Festival factors have led to a decrease in the working day in February. Considering the urgency of infrastructure investment to underpin the economy, the issuance of new local bonds in January may be around 300 billion yuan.

  4) A large number of monetary policy instruments expired in January, mainly including: 830 billion reverse repurchases expired on January 4-17; January 100 billion Treasury cash management commercial bank time deposits expired; January 15390 billion MLF expires today, a total of 1 due.

32 trillion.

  Second, referring to historical conditions, 苏州夜网论坛 the probability of a 50-100bp reduction in mid-early January is higher. Taking into account the above four factors, the funding gap in January is about 3.

8 trillion (15000 + 7000 + 3000 + 13200).

Among them, the withdrawal of corporate residents and the payment of financial deposits are transient factors, and will gradually return to normal after the Spring Festival, with a scale of 2.

About 2 trillion yuan; local bond issuance and the expiration of monetary policy instruments are long-term factors, with a scale of 1.

About 6 trillion.

Therefore, in order to ensure stable liquidity around the Spring Festival and smooth issuance of local bonds, it may be necessary to gradually release short-term funds2.

2 trillion, release of long-term funds + release of monetary policy tools1.

6 trillion.

  With reference to the situation in 2018, the Chinese New Year on February 16th, M0 from January to February gradually increased by about 1.08 billion yuan, the government deposits under the consolidated balance sheet in January increased by approximately 9.50 billion yuan, and local government bonds were not issued on a net basis.Cumulative monetary policy instruments have accumulated maturity of 3,555.9 billion yuan, with a total funding gap of approximately 5.

6 trillion.
As a hedge, 30 days of short-term funds of approximately US $ 2 trillion were released in advance from mid-January through the use of temporary reserve utilization arrangements (CRA). Various monetary policy tools were put into use at the beginning of the year and before the holiday.Released long-term funds of 270 billion yuan, for a total of about 5.

2 trillion.  This year’s short-term funding gap is about 2.

2 trillion, may use CRA again in advance to release short-term funds of 2 trillion; for a total of 1.

The long-term funding gap of 6 trillion U.S. dollars and the expiration of monetary policy tools may lead to a reduction of 50bp / 100bp before the holiday each year to release long-term funds of 7000/1.

4 trillion, while limiting the long-term funding gap while returning some quantitative monetary policy tools, the remaining part is continued using TMLF, reverse repurchase, and treasury cash time deposits.

This year’s Spring Festival is on February 5th. Considering the prospective nature of the pre-holiday reduction policy, it is expected that the probability of a reduction in the mid-January and last month is high.

  Third, it is expected that there will be a 200bp RRR cut, with a high probability of 1/4 / July transition. Governor Yi Gang stated on the “Sina · Chang’an Forum” on December 13, 2018, “The monetary policy of the People’s Bank of China is undergoingGradually shift from a contraction in quantity to a price breakthrough in nature. ”

In order to realize the role of price adjustment tools, the binding force of quantitative replacement tools, such as the reserve ratio, needs to be gradually reduced. It is expected that the standard will be lowered several times during the year. In addition to the issuance of local debt and the maintenance of reasonable and sufficient liquidity, a large probability will replace someShort-term quantitative monetary policy tools.

  At present, there is about 200bp reduction in 2019, corresponding to 3-4 reductions, and the release of long-term liquidity is about 2.

6 trillion.
In terms of rhythm, comprehensive consideration of fiscal payment time, MLF maturity time and maturity, macro data release time, local bond issuance rhythm and other factors, combined with our previous judgment on the gradual economic trend, is expected to fall in 1/4 / JulyThe probability is relatively high.

Table 1: Summary of MLF’s subsequent maturity Source: WIND, Tianfeng Securities Research Institute Risk Warning Economic Downside Pressure Exceeds Expectation; External Environmental Pressure Exceeds Expectation

Su Kennongfa (601952) 2018 Annual Report Comments: Rice and Wheat Prices Downturn, Major Plants Under Pressure

Su Kennongfa (601952) 2018 Annual Report Comments: Rice and Wheat Prices Downturn, Major Plants Under Pressure
Affected by the sluggish rice and wheat prices, the company’s main planting profitability was under pressure.However, its land circulation and expansion are still continuing, the cultivated land planting structure is rapidly optimized, and the profit elasticity has yet to be released.Maintain 2019/20 EPS forecast and maintain “Buy” rating. 18 profit in the fourth quarter1.600 million, down 6%.The company released its 2018 annual report.The report was significant and realized operating income of 48.800 million (same increase of 13%), attributable net profit of 6.0.5 billion (same increase of 8.7%), deducting non-attributable net profit 4.800 million (down 2).2%).Among them, 18Q4 achieved profit1.600 million, down 6%.The company plans to pay 2 yuan for every 10 shares, and the current dividend yield is about 2.6%.The performance was in line with expectations. Low rice and wheat prices put pressure on the main planting industry.Our profit breakthroughs for the company in 2018 are as follows: 1) Gross profit from rice cultivation 2.9 trillion (down 28%), of which the gross profit per mu is about 269 yuan (down 31%), mainly due to the decline in rice 苏州夜网论坛 prices (down 4).5%), superimposed rice yield decline (same drop 2).0%); 2) Gross profit from large wheat planting1.500 million yuan (down 24%), of which the gross profit per mu is about 143 yuan (down 27%), which is mainly the replacement of large wheat grains (down 7.6%); 3) Seed industry contributed gross profit 1.500 million, net profit is about 6475 million; 3) Rice industry contributed gross profit1.6 ‰, net profit of 64.12 million yuan; 4) financial management income of about 100 million yuan.The company’s profit growth in 2018 was mainly due to the low rice and wheat prices dragging down the main planting industry. The structure of cultivated land has continued to be optimized, and the profit elasticity has yet to be released.In 2018, the company’s total planted area (239 million acres) maintained a low-speed growth, increasing by 0 every year.4%.Among them, the relative contracted area of profit per unit of acres continued to decline (down 25% to 130,000 acres).It is expected that through the retirement of the company’s elderly employees, the company’s contracted operating area will continue to decline, thereby optimizing the company’s cultivated land planting structure and improving the profitability of the planting business. The planting expansion strategy continues, and land transfer or advances against the trend.The company’s established strategy is to achieve scale expansion through circulation and “rebuild a Jiangsu farmland.”As of the autumn sowing in 2018, the sown area of cultivated land contracted by the original farmer households has been transferred to about 21.80,000 acres.Once the contraction of the cropping surplus reverses the compression of the cost side, leading to the upward trend of land rents, the company may accelerate the land circulation against the trend and release the size of the land for the future surplus elasticity of food prices. Risk factors.Abnormal weather led to a reduction in rice / big wheat production in spring, and the state sold its reserve rice / wheat. Profit forecast and estimation.In the short term, the downturn in rice and wheat prices may weigh on the company’s main planting business.In the medium to long term, the company is expected to benefit from the expansion of planting scale and the improvement in profit per mu, and the change in grain prices is expected to drive the company’s earnings elasticity release.Maintain 2019/20 EPS forecast to 0.47/0.54 yuan, plus EPS forecast for 2021 is 0.72 yuan.Taking into account the stability of the company’s operations and the catalysis of the national land policy, referring to the historical assessment level of similar companies, it will give an estimate of 23 times in 2019, maintain a target price of 11 yuan, and maintain a “buy” rating.

PetroChina (601857) Annual Report Comment: Average Crude Oil Price Increases, Net Profit Attributable to Mothers Increases 131% in 2018

PetroChina (601857) Annual Report Comment: Average Crude Oil Price Increases, Net Profit Attributable to Mothers Increases 131% in 2018

Investment Highlights: PetroChina announces its 2018 annual report.

In 2018, the company achieved operating income of 23535.

880,000 yuan, an increase of 16 in ten years.

8%; net profit attributable to shareholders of the parent company was 525.

Zero 8.5 billion.

29 yuan), an annual increase of 130.

7%.

Exploration and mining business: Profits continue to pick up.

The average Brent crude price in 2018 was 71.

$ 69 / barrel, an increase of 30 in ten years.

98%, the rise in the average price of crude oil has improved the profitability of upstream business.

In 2018, the company’s exploration and mining business realized operating income of 735.

1.9 billion, a significant improvement.

(In 2016-17, the operating income of the business segment of the company was 31.

48 ppm, 154.

7.5 billion) Refining and chemical business: 2016-18 realized year-on-year profit growth.

In 2018, the business segment of the company realized operating income of 427.

5.6 billion, an annual increase of 6.

99%, a year-on-year increase since 2015.

We believe that 2016-18 is the peak profit of the petrochemical industry, and the industry’s high business environment has promoted the company’s profit growth in this business segment.

Natural Gas and Pipeline Business: Significant increase in profit.

In 2018, the company’s business segment realized operating income of 255.

1.5 billion, an increase of 62 in ten years.

64%.

The high profit growth is mainly due to the fact that the price of residential valve stations in 2018 has been raised by no more than 0 since June 2018.

35 yuan / m3; effective control of import substitution (in 2018, when the amount of imported natural gas increased significantly, the company’s imported natural gas substitution was 249.

0.7 billion, basically the same as in 2017).

Capital expenditure is expected to increase by 17 in 2019.

43%.

淡水桑拿网In 2018, the company achieved capital expenditure of 2,559.

7.4 billion, an increase of 18 per year.

38%.

The company expects capital expenditures in 2019 to be US $ 3,06 million, a year-on-year increase of 17.

43%.

The construction of oil and gas pipelines has progressed steadily.

As of the end of 2018, the total length of the company’s domestic oil and gas pipelines was 83,527 kilometers, an increase of more than one.

4%.

Both oil and gas pipelines have grown, of which the length of natural gas pipeline is 51751 kilometers, the length of crude oil pipelines is 20048 kilometers, and the length of refined oil pipelines is 11,728 kilometers. Earnings forecasts and investment advice.

We expect the company’s EPS for 2019-2021 to be 0.

27, 0.

30, 0.

31 yuan, BPS is 7 in 2019.

01 yuan.

Refer to 重庆耍耍网 comparable companies’ assessment levels and give them January 2019.

1-1.

3 PB, corresponding to a reasonable value interval 7.

71-9.

11 yuan, maintaining the “primary market” investment rating.

Risk warning: The drop in crude oil and natural gas prices will affect the profitability of upstream businesses; the decline in the refining industry’s prosperity will affect the company’s refining and chemical business segments’ profitability.