[How to eat lamb rolls]_Making method_Method

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[How to make acid water for the first time]_How to make_Production method

[How to make acid water for the first time]_How to make_Production method

Kimchi is very famous in Korea, in fact, it is also used to make kimchi in many places in China, such as Sichuan, Chengdu and other places.
To make kimchi well, making sour water is very important, just like making brine.
For those who made kimchi for the first time, the key point is also in the production of sour water, which directly affects the quality of kimchi.
So, how to make acid water for the first time?
Let’s take a look below.
1. No oil or raw water can be dripped into the water of the broken oil star and the stale kimchi, otherwise it will cause a large number of lactic acid bacteria to die, which will produce white floating foam, which is often called bad water.
In order to avoid this situation, the following four points must be strictly controlled during operation: first, the kimchi altar must be washed, scalded and dried before use to ensure that there are no oil stars and no raw water in it; secondly, the water must be boiled and air-driedAfter cooling, put it in the altar and make salt water instead of tap water. Third, vegetables must be made before entering the altar. This step is very important. Fourth, you must have special gloves or chopsticks for fishing.Access.
2. To avoid air pickled kimchi, use a special jar with a buckle bowl at the mouth and a sink around it.
When brewing, it is best to fill the jar with raw materials. After removing the vegetables, it is necessary to add new materials in time, leaving as little space as possible. The salt water should be close to the jar mouth and immersed in vegetables.The air enters and is stored in a cool, ventilated and dark place. When the water level along the altar decreases due to evaporation, it should be replenished in time.
3. When brewing according to the materials, add 50 grams of salt and 5 grams of sugar for each pound of fresh vegetables. When the vegetables are put into the altar, pour a bottle of white wine on top; add the vegetables five timesAfter that, you need to put the spice pack back.
4. Regular cleaning of kimchi requires long fishing, so that brine can maintain vitality.
The altar should be cleaned once every two or three months, and all the old kimchi pressed on the bottom of the altar should be removed, the residue should be filtered, and then the new dish will be made.
5. Remedy: Put some bamboo shoots in kimchi and cut them in half to prevent the altar water from blooming for half a year. If you neglect to keep the salt water from foaming, you can pour some high-level liquor to kill the flowers.
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[Can sweet potato be a staple food to lose weight]_Sweet potato_slimming_Can you

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[Can you eat walnuts at night]_Night_Can you eat

[Can you eat walnuts at night]_Night_Can you eat

The nutritional value of walnuts is very high. Many people know that eating walnuts has the effect of nourishing the brain. Especially pregnant women will eat a lot of walnuts during pregnancy, because children born after eating walnuts may be smarter, andIn the growth stage, children can eat walnuts instead of filling the brain when they use excessive brain, and walnuts also have an antitussive effect. Can they eat walnuts at night?

How about eating walnuts at night 1 The human body contains a hormone that regulates sleep rhythm-melatonin. During the day, the human brain secretes a small amount of this substance, and at night it secretes more.

The increase of melatonin at night is an important guarantee for good sleep. With the increase of age, many people’s ability to secrete melatonin at night becomes weak, and the quality of sleep is prone to problems. Walnuts contain quite a lot of melatonin, and you should eat it in moderation at nightPoint walnuts can help the body supplement the missing melatonin and improve the effect of improving sleep.

Walnut nutrition 2 Walnut contains a lot of sugars, proteins, trace amounts and carotene, vitamin A, vitamin B, vitamin C, vitamin E and mineral phosphorus, iron, magnesium, etc., each 100 grams of walnuts contain 15 protein.

4g, aunt 63g, carbohydrate 10.

7g, calcium 108mg, phosphorus 329mg, iron 3.

2mg, thiamine 0.

32mg, riboflavin 0.

11 mg, Niacin 1.

0mg, which produces twice as fast as rice or white flour, is known as a “nutrition treasure house”.

Nutritional benefits of walnuts 3 Vitamin B in walnuts can help damaged heart regeneration; folic acid helps myocardial metabolism; phospholipids are the main components of cell structure, can help the body enhance cell vitality, hematopoietic, promote wound healing, delicate skin and hairGrowth plays an important role; walnut is also rich in cellulose, which can promote gastrointestinal motility, help digestion and defecation, and avoid constipation.

The benefits of eating walnuts are more special. The protein and a few chemical structures in walnuts are very special and easy to be absorbed by the body.

And the protein contains lysine which is very important for the human body; a few of them are rich in phospholipids and have functions to support the complex and delicate operation of the brain; zinc and manganese are the key components of the human body’s secreted adenosine (such as the pituitary gland, trace amounts, gonads), Regularly eating walnuts can effectively delay the aging of the cerebral nerves and help to improve brain health.

Reducing cholesterol is rich in vitamins, can help prevent cell obesity, enhance memory, and delay aging. As a result, walnuts also contain a variety of unsaturated and monounsaturated fatty acids, and can also help reduce cholesterol absorption, make arteriosclerosis, high blood pressure andCoronary patients eat.

Supplemental trace elements Walnut kernels contain zinc, manganese, chromium and other irreplaceable trace elements in the human body.

During the aging process, the content of zinc and manganese gradually decreases. Chromium can promote glucose utilization, plasma metabolism and protect cardiovascular function.

Wufa moisturizing walnut contains linoleic acid and calcium, phosphorus, iron and other mineral elements. The human body supplements a lot of these nutrients to help moisturize Ufa; walnuts are rich in unsaturated molecular weight and are also rich in protein., Vitamins and phosphorus, iron and other elements, these are essential nutrients for skin health, help promote skin metabolism, enhance skin metabolism and elasticity, prevent skin dryness and wrinkles; early whitening and replacement.

Wanhua Chemical (600309): MDI listing price increased again in March to improve demand and improve profitability

Wanhua Chemical (600309): MDI listing price increased again in March to improve demand and improve profitability

Event: The company issued 杭州夜网论坛 an announcement: starting in March 2019, Wanhua Chemical’s aggregated MDI distribution market in China listed at 15,200 yuan / ton, the direct market price was 15,500 yuan / ton; pure MDI listed price was 24,700 yuan / ton.

Comments: 1. The aggregate MDI distribution and direct sales prices increased by RMB 2,000 / ton last month, and pure MDI increased by RMB 1,000 / ton.

The company released its MDI listing price in March. The prices of aggregate MDI and pure MDI increased by RMB 2,000 / ton and RMB 1,000 / ton respectively, which is the first increase since September 2018.

At the same time, in March 2019, BASF aggregated MDI to implement dealer listing prices of 15,000 yuan / ton, up by 1,400 yuan / ton from the previous month.

We believe that the short-term supply of major suppliers is limited, and downstream 淡水桑拿网 supply after the holiday will bring a good situation of supply and demand, and prices are expected to continue to increase.

Wanhua Chemical resumed production in January, and all MDI units are now operating normally.

2. The prices have returned substantially since September 2018.

The fall of China’s MDI prices from the high point of 2017-2018 is a return to the fundamentals of supply and demand, and it is not necessary to be too pessimistic about the industry’s profitability.

The force majeure events in 2017 promoted the irrational growth of China’s MDI prices and will return to the normal level in line with fundamental support in the future. It is expected that the gross profit margin of MDI will increase by more than 30% in the next two years, and the profit margin will be much smaller than the drop in MDI prices.
3. Wanhua’s MDI production capacity continued to expand and perfected its layout.

TDI, MMA, PMMA and other products were successfully put into production.

The production capacity of Wanhua Yantai Industrial Park will be increased to 110 units / year, and the production capacity of Ningbo Industrial Park will be increased to 150 units / year. A total of 40 new MDI units and integrated supporting projects will be built in Louisiana, USA.

At this point, Wanhua will have production bases in three markets in Asia, the United States and Europe, to achieve layout.

The company’s 30-ton TDI, 5-minute / year MMA, and 8-ton / year PMMA will be put into production in 2019. The structure of multi-category products has been gradually improved, and integration and refinement strategies have been integrated. The execution of projects in the petrochemical field is reflected in C3 and C2Smooth progress of the industrial chain; Wanhua Chemical’s future growth path is very clear.

4. Maintain “Highly Recommended-A” investment rating.

Wanhua Chemical absorbed and merged Wanhua Chemical through issuing new shares, and the integration of high-quality assets was completed.

We expect the company’s expected earnings to be 3 in 2018-2020.

83 yuan, 2.

75 yuan (new equity), 3.

18 yuan (new equity).

The company’s subsequent construction of several heavyweight products has been smoothly advanced, maintaining the investment rating unchanged.

5. Risk warning.

The risk of the company’s MDI product prices falling sharply; the price of oil prices falling sharply; the market promotion of special chemical products reduces expected risks;

Sinopharm (600511): 1 quarterly report meets expectations Expansion of device business continues

Sinopharm (600511): 1 quarterly report meets expectations Expansion of device business continues

Event: The company released the quarterly report for 2019, reporting that the 武汉夜生活网 combined company achieved operating income of 100.

500 million, an increase of 10 in ten years.

1%, realizing net profit attributable to mother 2.

86 ppm, an increase of 12 in ten years.

4%; non-net profit attributable to mother 2.

85 ppm, an increase of 12 in ten years.

5%; announced that the company’s holding subsidiary Tianxing Puxin intends to acquire 70% of Sinopharm Huixin Qingyuan (Beijing) Technology Development Co., Ltd. with its own funds of 79.1 million yuan.

Opinion: The company’s first quarter results are in line with expectations.

Among them, the company’s revenue growth rate exceeded our expectations, indicating that the business performance of the Beijing area is performing well.

Company operating cash flow-8.

5 trillion, poor performance, refer to the cash flow statement, in which the purchase of goods, services received 110 cash.

8 ‰, an increase of 9 in ten years.

1%, and cash paid for purchasing goods and services received US $ 11.3 billion, an increase of 20%. The increase in upstream payment efforts is leading. We expect this to be related to the company’s market strategy of targeting large customers in advance.

In terms of financial data: gross profit margin and selling expense ratio are 7 respectively.

72% and 2.

46%, a year-on-year decrease of 73bp and 56bp, respectively. We believe that this is related to the larger scale of upstream repatriation profits in the same period last year and the higher market service expenditure in the transition period of the two-vote system; the financial expense ratio was 0.

32%, a previous decline of 24bp; this benefited from the improvement of the social debt financing environment at the end of last year and the decline in the level of financing interest rates.

The company’s holding subsidiary Tianxing Puxin intends to acquire 70% of Sinopharm Huixin Qingyuan (Beijing) Technology Development Co., Ltd. for 79.1 million yuan.

Sinopharm Huixin Qingyuan is mainly a device sales company. Its products include organ preservation solution UW solution, artificial bone, and Braun hemodialysis products.

The product Organ Preservation Solution (UW solution) is an exclusive product, the global standard for organ preservation solutions, and has a good market competitiveness.

The target company’s total profit commitment for the next 36 months based on the acquisition date is 59.69 million yuan, and after the balance sheet is expected, it will bring more than 10 million profit contributions to the company in 2019.

The acquisition can expand the sales of medical equipment of Guokong Tianxing in the field of organ transplantation, enrich the company’s product line, seek new profit growth points, and meet the strategic deployment of the company’s equipment as an important new business.

Profit forecast and investment advice: We expect the company’s revenue to be 415 in 2019-2021.

8 ppm, 453.

4 ppm and 497.

300 million, an increase of 7 each year.

34%, 9.

04% and 9.

68%; net profit attributable to the parent company is 14 respectively.

470,000 yuan, 16.

2.5 billion and 18.

00 ppm, an increase of 3 each year.

10%, 12.

23% and 10.

74%; corresponding EPS is 1.

89 yuan, 2.

13 yuan and 2.

35 yuan, we give the company 16-18 times PE in 2019, corresponding to a price range of 30.2-34.

0 yuan, maintain “Buy” rating.

Risk warning events: the risk that the reorganized company cannot fulfill its profit commitment; the expansion of the anesthetic field is less than expected; the risk of intensified competition in the Beijing pharmaceutical market

Huatai Securities (601688) 2019 Interim Report Comment: Big self-employment is optimistic about the future investment bank’s development prospects

Huatai Securities (601688) 2019 Interim Report Comment: Big self-employment is optimistic about the future investment bank’s development prospects

In the first half of the year, the company achieved operating income of 111.

07 million yuan, an increase of 35 in ten years.

18%, the net profit attributable to shareholders of the parent company is 40.

570,000 yuan, an increase of 28 in ten years.

43%, net profit after deduction is 40.

4.4 billion, the previous growth rate was 32.

68%; of which, the second quarter of 2019 realized operating income of 10,000 yuan, an increase of 23.

73%, down 22 from the previous month.

23%; net profit attributable to mothers reached 100 million yuan in the second quarter, a year-on-year growth rate of 1.

67%, down 54.

06%.

In the first half of the year, the return was basically zero.

49 yuan / share, an increase of 11 in ten years.

36%, the average return on average net assets increased by 3.

82%, an increase of 0 compared with the same period last year.

24PCT.

The improvement of the company’s performance was mainly due to the general improvement of the stock market in the first half of 2019, and the stock trading quotas of the Shanghai and Shenzhen stock markets increased.

  Key points of investment: The market is picking up. The company’s brokerage and self-employed businesses contribute a share of the company’s application of Internet technology. The report continues to increase the exploration of emerging technologies and the mining of big data.Business model.

As of the end of the reporting period, the monthly number of activities of “Zhangle Wealth Link” was 749.

340,000, ranking first in securities company APP.

  Net income from procedures and commissions for asset-light business representatives was 44.

63 ppm, an increase of 14 in ten years.

52%, of which, net income from securities business was 22.

4.3 billion, the previous growth rate was 20.

59%; net income from securities underwriting business was 6.

40,000 yuan, a decrease of 25 per year.

25%; net income from asset management business is 10,000 yuan, with an annual growth rate of 18.

66%.

^ Net income is 12.

68 ppm, a reduction of 3 per year.

21%; large self-operated business realized operating income of 34.

31 ppm, a 119-year increase.

65%.

  From Q2 alone, the net fee and commission income was 23.

22 ppm, an increase of 21 in ten years.

44%, an increase of 8 from the previous month.

45%, of which, the net income from the agency business of securities trading, the net income from the securities underwriting business and the net income from the asset management business increased by 27.

92%, -11%, 12.07%, compared with Q1, the chain growth rate is -0.

53%, 43.

55%, -3.

51%.

Net interest income, large self-employed business achieved income 7 in Q2.

65, 12.

27 ppm, an increase of 25% over ten years, 81.

78%, the chain growth rate was 52.

09%, -44.

33%.

  In terms of the proportion of the structure, in the first half of 2019, the net income from agency trading of securities business, net income from securities underwriting business, net income from asset management business, net index income, and net income from large self-employed businesses were 20.

19%, 5.

44%, 12.

60%, 11.

42%, 30.

89%.

The corresponding proportion in Q2 single quarter was 23 respectively.

01%, 7.

33%, 14.

14%, 15.

74%, 25.

25%.

  The large self-operated business promoted the improvement of performance, and the company’s equity investment income increased from the previous quarter. The company continued to work hard to promote the transformation of the business model into transactions, actively explored transformation strategies, and explored innovative profit models such as macro hedging transaction business.

Relying on the big data system platform, a comprehensive market monitoring system is improved, the research and tracking of the industrial chain is deepened, the market operation rules are actively explored, market change opportunities are captured, and transaction business is supported.

At the same time, it closely tracked the creation progress of the science and technology board and laid out related investment and trading businesses.

  , The company’s self-operated business realized income34.

31 ppm, a 119-year increase.

65%, mainly because the market is picking up, net income from fair value changes has increased, and self-operated investment businesses have seen a significant boost.

  Achieve self-employed income12.

27 ppm, an increase of 81 in ten years.

78%, down 44.

33%.

The company’s investment income from associates and joint ventures is 12.

80 ppm, an increase of 32 in ten years.

37%, of which the single quarter is 1.

13 ppm, a reduction of 70 per year.

80%, 90% lower than the previous month.

33%.

The substantial growth of the company’s self-operated business and equity investment business jointly promoted the improvement of overall performance.

  Under strict risk control, the company actively adjusted its operating strategy. The net interest rate income decreased slightly, and the company’s net interest income was 12.68 ppm, a slight decrease of 3 a year.

21% of which achieved 7.

65 ppm, an increase of 25% per year and an increase of 52 from the previous month.

09%, the company actively adjusted its operating strategy, the company quickly responded to market changes and regulatory requirements, and comprehensively improved the risk management and control capabilities of the capital intermediary business.

  As of the end of the reporting period, the balance of the margin financing and securities lending business of the parent company was RMB548.

390,000 yuan, the overall maintenance guarantee ratio is 316.

98%; the stock pledged repurchase business’s repurchase margin is RMB 10,000, and the average performance guarantee ratio is 267.

42%.

At the end of the reporting period, the company’s balance of financial assets purchased under resale agreements was 267.

12 trillion, a decrease of 38 from the end of the previous period.

67%, a 38% drop from the previous month.

64%, mainly due to the company’s initiative to reduce the size of the stock. The company representative said that this business will be compressed in the future, focusing on the main business of stock pledge business, such as helping customers to bridge financing and other financing;On the other hand, the scale at the end of the period was 569.

31 ppm, an increase of 23 from the end of the previous period.

26%, basically unchanged from the previous month, mainly because the company seized the possibility of market recovery and the financing scale increased.

  Equity transfer business has decreased, and companies that have grown in bond underwriting business rely on the integrated platform of large investment banks and a full-service chain system, and focus on industry focus, regional layout and customer deepening.
Grasp the new trends in the development of the capital market, and with the launch of the science and technology board, actively strengthen the layout in the field of scientific and technological innovation.

  According to wind statistics, the Group’s total underwriting amount for the first half of 2019 was 2034.

11 trillion, compared with 1669 in the same period last year.

30,000 yuan, an increase of 21 in ten years.

87%, of which 472 is equity underwriting.

24 ppm, a decrease of 42 per year.

83%.

Among them, the total underwriting amount in the second quarter was 1018.

3 trillion, basically the same as the division in the first quarter, of which the fair underwriting was 202.

09 million yuan, down 25.

74%; bond underwriting scale was 816.

2.1 billion, up 9 from the previous month.

76%.

As of August 29, 2019, Huatai jointly planned to underwrite the science and technology board project amount of 117.

1.3 billion, with a market share of 8.

81%.

Among the mentoring science and technology companies, Fangbang, Hongsoft, Guangfeng Technology and Huaxing Yuanchuang have all been successfully listed.

It is expected that in the future, the reserved science and technology board project will be devoted to improving the income of investment banking business.

  The growth rate of the asset management business was slightly faster than expected, and the growth rate of the brokerage business was in line with the expected new capital management requirements of Huatai Asset Management Corporation. Relying on the advantages of the full business chain resources and focusing on customer needs, the financial asset acquirers and financial assets were actively usedPricing players and financial product creators have the advantages of integration, continuously improve their active management capabilities, and provide customers with comprehensive financial service solutions for the entire life cycle and the entire business chain.

According to the statistics of the Fund Industry Association as of the first quarter of 2019, the average monthly scale of private equity management of Huatai Asset Management Corporation was RMB 8,491.

06 million yuan, ranking second in the industry; the average monthly scale of private equity actively managed assets was RMB 2,334.

520,000 yuan, ranking fourth in the industry.

According to wind energy statistics, the report was merged, and Huatai Asset Management 南京桑拿网 Corporation’s corporate ABS (asset securitization) issued RMB447.

840,000 yuan, ranking second in the industry.

  Net income from asset management business was 13.99 ‰, the annual growth rate is 18.

66%, mainly due to the company’s outstanding active management capabilities, the asset management business growth rate broke through, slightly exceeding expectations.

  The international layout leads a new era, and it is expected to form a duopoly competition. In the year, the company achieved impressive results in the international layout. Firstly, it was successfully issued in June 2019 and became the first A + G + H Chinese-funded securities company; Huatai Securities ((USA) Co., Ltd. received underwriting advance securities in the United States; In July 2019, its subsidiary AseetMark was spun off and listed on the New York Stock Exchange.

We believe that the company can 苏州夜网论坛 grasp a better time window for each capital operation.

The company’s international strategic layout has opened up a new situation for the company’s development and integrated the territory, such as applying for the European FA license as soon as possible to serve European customers and form a continuous synergy effect.

  Estimation and investment advice The company’s business develops in a balanced manner. The brokerage business is at the forefront of the industry. Wealth management transformation is constantly underway. The quality investment bank will lead the industry.

As the first A + H + G listed brokerage company, the company will make good use of two international and domestic markets, make in-depth layout of international business and lead the industry, and draw closer to the scale of capital, such as CITIC Securities and Haitong Securities.Especially after the implementation of new regulations such as the “Administrative Measures on the Equity of Securities Companies”, Huatai Securities may trigger and form a duopoly competition in the industry.

  Strategically, in 2019, the company will form a two-wheel drive pattern of wealth management and institutional business, achieving comprehensive marketization in mechanism; implementing customer-driven architecture, reorganizing the organizational structure, and promoting the online and online integration process of wealth management; implementing intelligence in servicesOperations, to create a strong headquarters and Taiwan support system; to implement cross-border linkages in space; to implement digital transformation in technology to achieve technological empowerment.

  We believe that the company will continue to advance international advanced management experience on the mechanism, accelerate the implementation of the professional manager system and optimize the incentive system, and help attract more management talents with an international perspective and rich practical experience to join.On the way, we will continue to move forward steadily, let the market activate the organization, and let competition hone the organizational change.

  In addition, we think that from the current point of view, it is necessary to focus on the potential risks of the layout of the internationalized business of Chinese-funded securities companies. Everbright Securities, which has been exposed successively this year, and GF Securities’ overseas subsidiaries in the process of internationalization are all different.Risk events have occurred to some extent, and it is necessary to pay attention to the possibility that due to the organizational structure and risk control compliance, the company’s management area may exceed the existing capabilities, so as to summarize necessary experiences and lessons from the success of Goldman Sachs and the closed quagmire of Deutsche Bank.

  From the large-scale profile, we are optimistic about the company’s strategic development prospects and look forward to fruition. It is expected that the diluted EPS for the year -2021 will be 0.

81/1.

02/1.

14 yuan, corresponding to PE, to maintain the “recommended” level.

  Risk reminders: Sino-US trade friction risks, macroeconomic downside risks; the risk of a sharp decline in the stock market; the company’s performance does not meet the expected risks;

Funeng Shares (600483) Interim Review: Performance Meets Expectations

Funeng Shares (600483) Interim Review: Performance Meets Expectations
The performance is in line with expectations, and it is worth looking forward to the 19H1 company’s operating income / net profit attributable to mothers44.5/4.900 million, +15 for ten years.9% / + 21.6%, performance is in line with expectations.At present, offshore wind power has entered the stage of heavy volume. The offshore wind power in Shicheng and Pinghai Bay Area F has been put into production in 19H2. At the same time, we continue to be optimistic about the decline in 19H2 coal prices and good thermal power business performance.Maintain prediction 19?21 years return to mother net profit13.4/17.1/19.10,000 yuan, corresponding to EPS0.86/1.10/1.23 yuan, currently corresponding to 19?21 years P / E 9.8/7.7/6.8x, giving the company 12-14 times the target PE for 19 years, with a target price of 10.35-12.07 yuan, maintain “Buy” rating. Thermal power profit recovers to overcome the pressure of wind power interference. 19H1 performance is in line with expectations. 19H1 company achieved operating income / net attributable to net profit / net 南京夜网 non-attributed net profit44.5/4.9/4.700 million, before +15.9% / + 21.6% / 17.3%, the first half performance was in line with expectations.In terms of business: 1) Outstanding thermal power performance: Hongshan Thermal Power, the core thermal power asset, achieved net profit attributable to its mother in 19H2.300 million (previously + 53%), the amount of electricity increased (according to the announcement, Q1 / Q2 online electricity increased by +23% /-2%, and H1 totaled +6 longer.4%) incorporated into the decline in coal prices (according to WIND data, Q1 / Q2 Fujian Electric Coal Index fell -15% /-9%), conversion, benefited from the early implementation of alternative energy business, Jinjiang Gas & Power performance reduced by 87.73 million yuan, furtherPromote the improvement of thermal power business; 2) Wind power is temporarily under pressure: Due to the attenuation of wind conditions, the 19H1 Funeng New Energy wind power grid-connected power can pass -2.3%, resulting in a net return to mother of -13% per year. Offshore wind power performance is on the verge of falling, coal prices have gradually increased, driving thermal power profits higher and terminated. In early 2019, the company’s offshore wind power installed reserves of 2.2 million kilowatts, of which offshore / onshore wind power were 2 / 200,000 kilowatts, respectively.Among the projects under construction, there are three offshore wind power projects. Among them, the offshore wind power in Shicheng and Pinghai Bay Area F has been put into production in 19H2. Changle Offshore Offshore Wind Farm Area C is in the early stages of the project.In terms of thermal power, due to the weakening of the marginal effect of coal supply-side reforms + high factory inventory + the spillover effect of the Menghua railway operation driving the increase in coal supply in Central China, we continue to be optimistic about the decline in 19H2 coal prices.Profit is expected to increase by 2% / 2% in 2019-20. Nuclear power projects have sufficient reserves. The acquisition of 10% equity of Ningde Nuclear Power may restore the company’s performance to the end of 2018. The company’s equity construction and reserve nuclear power projects are about 16 million kilowatts, and the installed capacity of equity is about 3.8 million kilowatts.At present, the nuclear power policy is frequently positive, overlapping operating costs are low, and long-term profitability changes, which is good for the company’s future performance.On August 1, the company announced that it plans to purchase 10% equity of Ningde Nuclear Power. According to the company’s announcement, Ningde Nuclear Power’s net profit for 2017/2018 / 19Q1 was 16 respectively.48/22.34/4.5.6 billion, after the completion of the merger and acquisition will significantly increase the company’s performance. Maintain profit forecast and give “Buy” rating. Benefit from offshore wind power volume imminent, thermal power tends to pick up and nuclear power asset injection is good. We maintain our forecast for 2019?21 years return to mother net profit.4/17.1/19.1 trillion, corresponding to 0 EPS.86/1.10/1.23 yuan, BPS is 8.43/9.52/10.75 yuan.The current anniversary corresponds to 2019?21 years P / E is 9.8/7.7/6.8x, P / B is 1.0/0.9/0.8 times.The average P / E of the comparable companies in the reference industry in 2019 is 13x. Considering that the company’s stock assets performance continues to improve and the incremental assets are of high quality, the company is given 12-14 times PE in 19 years, and the corresponding target price is 10.35-12.07 yuan, given a “buy” rating. Risk warning: New project progress is less than expected; electricity price / coal price is less than expected; gas and electricity policy is less than expected.

CNOOC Development (600968): It is proposed to participate in the establishment of industry guidance funds to invest in new energy, new materials, new technologies and other fields

CNOOC Development (600968): It is proposed to participate in the establishment of industry guidance funds to invest in new energy, new materials, new technologies and other fields

Event: On the evening of January 20, the company issued an announcement saying that it plans to invest 1 billion US dollars to participate in the establishment of an industry guidance fund “Beijing CNOOC Aneng Industrial Investment Management Center (Limited Partnership)” with a fund size of 1 billion US dollars, mainly investing in new energy.New materials, new technologies and other fields.

  The company’s performance is stable and the growth space is broad.

In order to further increase the combination of industry and 淡水桑拿网 finance, industrial innovation and incubation, and expand a diversified investment platform, the company plans to sign a cooperation agreement with Zhongguancun Homeopath (Beijing) Investment Management Co., Ltd. to jointly establish an industry guidance fund and fund size为 100,001万元人民币,分期募集.

The main investment direction of the fund is in the fields of new energy, new materials and new technologies.

This participation in the establishment of an industry guidance fund can give full play to the company’s regional advantages and industrial foundation, which is conducive to the company’s industrial upgrading, promotes the company’s development, maintains continuous profitability and competitiveness, is in line with the company’s industrial investment direction, and is in the interests of the company and all shareholders。
  Policies and oil prices resonate, and upstream exploration and development activities are actively driving the oil service industry.

As the above-mentioned oil and gas resources are facing more prominent conflicts between supply and demand, at the same time, the central government has issued a number of policies to encourage exploration and development of oil and gas resources.

Driven by policy guidance and the trend of rising oil prices, the three major oil companies have formulated a “seven-year action plan” in early 2019 to increase oil and gas exploration and development efforts, which is conducive to driving the performance growth of the domestic oil service industry.

  Relying on the complete industrial chain of CNOOC, it is expected to benefit from the plan for increasing reserves and production.

CNOOC Limited is China’s largest offshore oil and gas producer, and plays a central role in CNOOC’s overall business.

As a midstream and downstream business company, CNOOC Development began in the internal market of CNOOC, and is connected to upstream business while gradually transforming to other businesses. The external market of CNOOC system and the international market have expanded.

With the recovery of CNOOC’s performance and investment, CNOOC Development, as an oil service platform of CNOOC Holdings, is expected to fully benefit from CNOOC’s plan for increasing reserves and production.

  Profit forecast and investment advice: Considering policies and oil prices boosting upstream capital expenditures, the offshore oil services industry will pick up. In addition, the company has a number of leading technologies and equipment in the industry, and its advantageous projects will continue to invest and expand. In the future,The development accumulation advantage stands out. We maintain the company’s profit forecast. It is expected that the company’s operating income for 2019-2021 will be 340.

34/391.

92/455.

5.4 billion, with a net profit of 12.

86/16.

25/20.

72 trillion, EPS is 0.

13/0.

16/0.

20 yuan, maintain “Buy” rating.

  Risk analysis: the risk of falling crude oil prices; the upstream capital expenditures are lower than expected risks; the relative concentration of customers; the raised projects do not meet the expected risks.