[Efficacy and role of buckwheat taboo]_buckwheat_benefit_edible taboo

銆愯崬楹︾殑鍔熸晥涓庝綔鐢ㄧ蹇屻€慱鑽為害_濂藉_椋熺敤绂佸繉
鑽為害澹虫槸闈炲父濂界殑椋熺墿锛屼汉浠皢鍏朵笌鍏朵粬椋熸潗鎼厤鍋氭垚缇庨鏉ュ悆锛屽叾钀ュ吇浠峰€奸潪甯镐赴瀵岋紝鎵€浠ヨ兘澶熺紦瑙f垨娌荤枟澶氱鐤剧梾锛屼絾涓撳琛ㄧず锛屽悆鑽為害涔嬪墠蹇呴』瑕佹噦寰楃浉鍏崇蹇屻€?1.鎶楁哀鍖栵紝娓呴櫎浣撳唴鑷敱鍩猴紝寤剁紦琛拌€侊紝棰勯槻鍜屾不鐤楄偪鐦ゃ€佺檶鐥?2.棰勯槻鍜屾不鐤楀績鑴戣绠$柧鐥咃紝瀵瑰姩鑴夌‖鍖栥€佸啝蹇冪梾銆佸績鑲屾濉炪€佽剳姊楀銆佽剳鍑Hungry?3.闄嶈鍘嬨€侀檷琛€鑴傘€侀檷琛€绯?.杈呭姪娌荤枟绯栧翱鐥咃紝鏄硸灏跨梾鎮h€呬富绮殑鏈€浣抽€夋嫨5。淇冭繘鐪奸儴琛€娑插井寰幆锛屽杩涜鍔涳紝瀵圭硸灏跨梾鎮h€呰缃戣啘鐥呭彉鏈夋晥6。寮€鑳冨仴鑴俱€侀€氫究娑﹁偁銆佹不鐤楁參鎬ф硠娉汇€佺枟鑳冪値锛屽鑳冮吀杩囧鏈夋姂鍒朵綔鐢紝閫傚悎鏈夎儍婧冪枴鍙茬殑鎮h€呴鐢紱鈥滆幇鑿查唶鈥濓紝鏈夋姂鍒跺菇闂ㄨ灪鏃嬫潌鑿?涓€绉嶈兘寮曡捣鑳冩簝鐤$殑缁嗚弻)鐨勪綔鐢?.娑堢値銆佹鍜炽€佺鐥般€佸钩鍠橈紱妗戣壊绱犲閲戦粍鑹茶憽钀勭悆鑿屻€佺棦鐤炬潌鑿屽拰浼ゅ瘨鏉嗚弻鏈夎緝寮虹殑鎶楄弻浣滅敤銆傛鑹茬礌50ug/ml鏈夋姉鐤辩柟鐥呮瘨鐨勪綔鐢紝8.娤 馟 鐑 т 犆 乸 嵱 浼?.What are you looking for? Can you tell me how to do it?0.稤 葳 貳 粨 鐭?1.娤 葟 璐 12.鍙畨绁炪€佹椿姘旇銆佹竻鐑偪椋庣棝锛屻€婇綈姘戣鏈€嬭杞斤細鈥滃ご椋庣晱鍐疯€咃紝浠ラ潰姹ゅ拰绮変负楗硷紝鏇翠护缃ㄥ嚭姹楋紝铏芥暟鍗佸勾浜︽剤銆傗€?3.What is the best way to do this? How about it? What is it? What is it? What is it? What is it? What is it?1銆佺尓鑲変笌鑽為害椋熺墿鎼厤绂佸繉鏈嶇敤鑽為害鏃讹紝涓嶈兘椋熺敤鐚倝銆傝嫢涓€璧烽鐢ㄤ細浣夸汉鐨勫ご鍙戣劚钀姐€?銆侀噹楦′笌鑽為害闈㈤鎼厤绂佸繉閲庨浮涓庤崬楹﹂潰涓嶅彲閰嶄紞銆傘€婇ギ鑶虫瑕併€嬫寚鍑?閲庨浮涓嶅彲涓庤崬闈㈠悓椋燂紝鐢熻櫕銆傚瓩鎬濋倛鎸囧嚭:鑽為害閰稿瘨锛岄涔嬮毦娑堛€傜敱浜庤崬楹︽€у瘨锛岄噹楦′害灞炲瘨鎬э紝涓よ€呭悓椋燂紝涓ゅ瘨鐩搁亣锛屼笉鏄撴秷鍖栥€傛晠閲庨浮浣滆偞锛屼笉瀹滅Is it harmful to marry me?銆侀粍楸间笌鑽為害闈㈤鐗╃蹇屻€婇ギ鑶虫瑕併€?榛勯奔涓嶅彲涓庤崬楹﹂潰鍚岄銆傘€婇鐤楁湰鑽夈€嬩篃璁拌浇:鑽為害闅炬秷锛屽姩鐑锛屼笉瀹滃椋熴€傞粍楸间笉鍙笌鑽為害鍚岄锛屼护浜哄け闊充篃銆傚瓩鎬濋倛鏇?Do you want to hurt? Do you want to know what is going on? What are you doing? What are you doing here? What are you doing? What are you doing? What are you doing here?

[Can you eat duck eggs for colds]_ duck eggs _ upper sense _ can you eat

[Can you eat duck eggs for colds]_ duck eggs _ upper sense _ can you eat

Colds are common and the disease is common at all ages.

In addition to the regular treatment of colds, the conditioning in diet and life is also very important. In general, colds can eat duck eggs, but pay attention to the amount.

If a cold is accompanied by a fever, it is best not to eat it.

1.

The nutritional value of duck eggs is very good. You can eat duck eggs during a cold, but do not eat them if you have a fever. Avoid eating eggs and some foods with high protein content during fever, because the human body will decompose when it absorbs protein.Excessive heat can cause exacerbations of fever.

2.

Duck eggs are sweet, cool, and have the effects of nourishing yin and clearing the lungs, entering the lungs, and spleen meridian.Dry throat, high blood pressure, diarrhea and dysentery.

For fever, cough, sore throat, toothache.

3.

You can eat duck eggs for a cold cough.

Cough is only a symptom, and it is an effective way to eliminate respiratory germs. Drinking warm beverages can make the baby’s slimy sputum thin, relieve the tension of the respiratory mucosa, and promote sputum cough.

You can drink fresh fruit juice. You should choose apple juice and pear juice, which are less irritating. You should not drink orange juice, grapefruit juice and other citrus juices.

Duck eggs can be eaten, but not too salty.

4.

The egg white contained in duck eggs is similar, but its trace content is higher than that of eggs, and its zinc content is lower than eggs., Sore throat, yin deficiency and insomnia.

[Can you drink pineapple beer during pregnancy]_Pregnancy_Can you drink it?

[Can you drink pineapple beer during pregnancy]_Pregnancy_Can you drink it?

Pineapple beer is a beer rich in pineapple flavor, and it also has a certain degree of alcohol. Therefore, for women during pregnancy, it is best not to drink pineapple beer, because it may affect the normal fetus in the body.Development brings problems to your baby’s future health.

So, what other foods should pregnant women not eat during pregnancy?

It will be introduced in detail in the name of everyone.

First, can pregnant women drink pineapple beer?

Pregnant women drink pineapple beer with caution.

Reasons for pregnant women to drink pineapple beer with caution: Pineapple beer uses pineapple as a raw material, and is a light yellow substitute for transparent liquid products made by pressing, filtering, concentration and aroma recovery processes.

Pineapple has a strong aroma and can be used in the production of pineapple beer.

Pineapple juice contains a substance called pineapple enzyme, which can help digest protein, so recombinant pineapple beer can greatly improve the absorption of protein by the human body. Pineapple contains bromelain, which is used to treat some diseases and inflammation caused by trauma.Good curative effect.

But pineapple beer is also beer. Although the alcohol content is low, but alcohol has a great impact on the fetus, you should still drink as little as possible or not.

Pregnant women drinking pineapple beer need to pay attention to: pineapple beer is cold. After alcohol enters the body, it will stimulate the penetration of adrenal hormones, make the heartbeat accelerate, blood vessels dilate, and promote body surface heat dissipation, which will increase water evaporation and cause dry mouth.

So it is recommended to drink less.

If you really want to drink it, just taste it. For the health of Feibao, bear with it.

Second, foods that pregnant women need to be cautious1. According to the information provided by the Chinese Food Science and Technology Association of Aloe, pregnant women who consume too much aloe juice can easily cause abdominal pain, vomiting, blood in the stool, and even cause miscarriage.

2. Crab Crab crab is delicious, but its coldness and coldness have the function of promoting blood circulation and removing blood stasis, so it has an adverse effect on pregnant women and should be eaten with caution.

3. Barley Chinese medicine believes that barley is smooth and has an excitatory effect on uterine smooth muscle, which can induce uterine contraction and the possibility of inducing abortion, so it should be taken with caution.

4, purslane, purslane, cold and smooth, has obvious excitatory effect on the uterus, can increase the number of uterine contractions, increase the intensity, and easily cause miscarriage, so it should be eaten with caution.

6, apricots and almonds due to the fetal fetal heat of pregnancy is heavy, so you should generally eat light food, and the hot nature of apricots, eating too much apricot at one time, can also cause anger, so pregnant women should eat with caution.

7, soft-shelled turtles because of the salty cold taste of turtles, complication of blood circulation, scattered blood clots, so it has certain disadvantages of abortion, so pregnant women should eat with caution.

8. Eating chili in moderation is good for people’s comprehensive nutritional intake.

However, excessive consumption of pepper will stimulate the stomach, cause constipation, and accelerate blood flow.

In the case of early placenta, it should be absolutely prohibited.

9. Zanthoxylum, star anise, cinnamon, and spiced powder are hot seasonings, which easily consume water in the body, reduce the secretion of the body and cause indirect dryness and constipation. Pregnant women should try to eat less or not.

[Efficacy and role of bird’s nest tablets]_Benefit_Prerequisite

銆 愮 咂 璐 咖 姄 姫 姛 姛 堜 嬌 笌 揤 擤 护 护 擂 擂 擂 _ 鐩 婂 
鎻愯捣鐕旷猃锛屽ぇ澶氭暟浜洪兘链夋墍抽椈锛岀嚂绐濅富瑕佺敓浜т佺敓浜甫鍦板尯锛岀敱鐕曞瓙绛戝发鏃惰€屼骇鐢熺殑鍒嗘硨鐗╁舰鎴愶紝澶氶鐢ㄧ嚂绐濆彲浠ヨ捣鍒扮編鐧藉吇棰滅殑鍔熸晥锛屽浜庝笉鍚屽勾榫勬鐨勪汉璇嶆潵璇达紝閮芥湁鐫€寰堝ソ璋冨吇浣滅敤銆傜劧鑰屽ぇ澶氭暟浜轰笉鐭ラ亾鐨勬槸锛岀嚂绐濊缮鍒嗕负涓嶅I’m sorry, I’m a good guy, I’m a good guy, I’m a good guy, I’m a good guy, I’m a pretty girlRing chains and chains, bail chains, and chains, as well as industry chains, forge and forge, forge, forge, and forge.愪腑钖湁澶氱瀵逛汉浣撴湁鐩婄殑姘ㄥ熀閰革纴鑳芥粙琛ヨ韩浣掳纴缂撹В韬綋铏氬急锛岃€屼笖閭d簺鎮f湁鐧岀棁鐨勬偅鑰咃紝澶氶鐢ㄤ竴浜涚嚂绐濊繕鑳芥帶鍒剁檶鐥囩梾鎯呮伓鍖栵紝鎶戝埗鐧岀粏鑳炲啀鐢燂紝鑳界紦瑙g梾鎯咃紝寤堕暱鐢熷懡銆?銆佹粙鍏昏倢鑲ゅソ鑲岃偆鏄嚂绐濈殑閲嶈鍔熸晥涔嬩竴锛岃繖涔熸槸浼楀濂虫€т簤鐩歌喘涔伴鐢ㄧ殑涓昏鍘熷洜锛岀嚂绐濊繖绉嶉鏉愪笉浣嗚兘婊嬪吇娑︽辰鑲岃偆锛岃繕鑳芥彁楂樼毊鑲ゅ脊鎬э紝鍑忓皯鐨辩汗鐢熸垚锛屾嵁璇撮偅浜涘厜椴滀寒涓界殑濂虫槦骞虫椂閮戒細閫氳繃椋熺敤鐕曠獫涔熸粙鍏昏倢鑲ゃ€?You can see that the rainbow has been set up, and the rainbow has been changed, and the brother has gone through the air, and it ‘s very difficult to see what ‘s going on, and what ‘s going on, what ‘s going on?殑鐐庣棁锛岃€屼笖鑳芥粙闃存鼎鑲猴紝缂撹В鑲虹嚗锛屽畠鍚湁鐨勫绯栦綋鎶楃敓绱狅紝杩樿兘鎻愰珮浜轰綋鍏嶇柅鍔熻兘锛屽鍐浜虹被楂樺彂鐨勫挸鍡斤紝姘斿枠锛岀棸澶氫互鍙婅偤姘旇偪绛夊父瑙佺柧鐥呴兘鏈夊緢鏄庢樉鐨勯闃蹭綔鐢ㄣ€?銆佹姉琛拌€佸钩鏃跺鍚冧竴浜涚嚂绐濓紝杩樿兘鎻愰珮浜虹被韬綋鐨勬姉琛拌€佽兘鍔涳紝瀹冨惈鏈夌殑澶氳偨绫荤墿璐ㄥ彲浠ュ姞蹇汉浣撳绉嶇粏鑳炲垎瑁傜箒娈栵紝涔熻兘淇冭繘缁嗚優鍒嗗寲锛岃€屼笖鑳戒慨澶嶅彈鎹熺殑缁勭粐缁嗚優锛屽畠涓嶄絾鑳藉欢缂撲汉浣撹“鑰佽繕鑳戒績杩涗汉绫荤梾鍚庤韩浣撶殑鎭㈠锛屽彲浠ョ紦瑙d綋铏氬姞蹇激鍙f剤鍚堛€傚彟澶栫嚂绐濊繕鑳芥彁楂樹汉浣撶殑鎶楄緪灏勮兘鍔涳紝鑳藉噺灏戞斁灏勬€х墿璐ㄥ浜轰綋鐨勪激瀹炽€傚悆鐕曠獫绂佸繉1瑕佹敞鎰忓皯鍚冩补鑵昏緵杈i鐗┿€傚湪椋熺敤鐕曠獫鏈熼棿瑕佹敞鎰忓皯鍚冩补鑵诲拰杈涜荆椋熺墿;杩欐槸鍥犱负鐕曠獫涓惈鏈変紭璐ㄧ殑铔嬬櫧璐紝鍚屾椂杩涢It’s a good thing, it’s fine, it’s fine, it’s an alloy, it’s hard, it’s hard, it’s hard to tellIt’s thin and thick; it’s so thin, it’s so thick, it’s so hard, what’s the difference between it and the chain?涓嶈鐕曠獫涓庤尪鍙跺悓鏃堕ギ鐢ㄣ€傚悆鐕曠獫鐨勬椂鍊欒閬垮厤鍚屾椂鍠濊尪锛屼互鍏嶅奖鍝嶇嚂绐濆惛鏀跺埄鐢ㄣ€傝繖鏄洜涓鸿尪鍙堕噷鍚湁鐨勮尪閰革紝鍚屾椂杩涘叆浼氱牬鍧忕嚂绐濈殑鍜屽惛鏀朵笌钀ュ吇;寤鸿瑕佸墠鍚庨殧寮€1灏忔椂鐨勬椂闂翠互涓婂啀鍠濅负濡ャ€?4涓湀浠ュ唴鐨勫┐鍎挎渶濂戒笉鍚冦€備笉婊?涓湀鐨勫┐鍎夸竴鑸兘鏄祦姹佺被椋熺墿涓轰富锛屽父瑙佺殑椋熺墿涓烘瘝涔炽€傚嵆浣垮崐娴佹眮鐨勯鐗╀篃涓嶅お浼氭秷鍖栧惛鏀讹紝鏇翠笉鑳界洿鎺ュ惛鏀剁嚂绐濈殑钀ュ吇锛屾墍浠ヤ笉閫傚悎鍚冪嚂绐濄€傜瓑Hao Village’s effectiveness?鏈堜互鍚庡氨鍙互寮€濮嬮鐢紝鏃堕棿鍙倴闀夸簺锛屽澧炲姞灏忓鐨勪綋璐ㄥ拰椋熸锛屼績杩涚敓闀垮彂鑲蹭細甯︽潵甯姪銆?It’s a long chain, a long chain, a long chain, a big chain, and a small chain, and it’s very detailed.It ‘s a bit of a problem: it ‘s a bit of a problem, it ‘s a bit of a problem, it ‘s a bit of a problem, it ‘s very difficult, it ‘s very difficult to do it, it ‘s very difficult to do it.€涓烘槑鏄俱€傛墍浠ユ劅鍐掓湡闂翠笉閫傚悎鍚冪嚂绐?绛夌棁鐘跺畬鍏ㄦ秷澶憋紝娑堝寲鍚告敹鍔熻兘鎭㈠姝e父鍚庨鐢ㄨ緝濂姐€?鐧岀棁鐨勫彂鐢熷彂浣滄湡鏈€濂戒笉椋熴€傞鐢ㄧ嚂绐濆棰勯槻鐧岀棁鐨勫彂鐢燂紝鍦ㄧ檶鐥囨湡闂村寲鐤椼€佹斁鐤楃粨鏉熷悗鐨勬仮澶嶅厓姘旓紝閮芥湁淇冭繘浣滅敤銆備絾濡傛灉鏄垰鍙戠幇鐧岀棁鏈紑濮嬫不鐤楋紝鎴栫檶鐥囨櫄鏈熺殑鐥呬汉鏉ヨ锛屾渶濂戒笉椋燂紝鍚﹀垯鍙嶈€屼細甯︽潵璐熼潰褰卞搷銆?瑕佸皯椋熷椁愭槗浜庢秷鍖栧惛鏀躲€傜嚂绐濇槸浠ヨ泲鐧借川涓轰富瑕佹垚浠界殑婊嬭ˉ鍝侊紝鎵€浠ュ缓璁灏戝悆澶氶;鏈€濂戒繚鎸佸畾鏈熻繘椋熴€備竴鑸共鐕曠獫鐢ㄩ噺姣忔3-5鍏嬶紝鍗抽鐕曠獫姣What’s wrong?0-30 嫏 嫔 Weary?鏈€濂借绌鸿吂椋熺敤锛屼竴鑸殧澶╀竴娆★紝鍦ㄦ櫄涓婄潯瑙夊墠绌鸿吂鐘舵€佷笅鍚冨畬鏈€濂姐€?

[Can the cooked rice be eaten-]_ 烧 酱 _Impact

Luan Xuan Xuan Bang 嗑 咑 呭 呭 呭 呭 動 撳 悳 钖?銆 慱 鐑 х 硦 _ 褰 卞 搷
It ‘s not a good idea to make a difference. It ‘s true that there is no difference between you and your father. It ‘s true that you ‘re going to make a distinction between you and you.熸椿涓湁璁稿浜烘瘮杈冨枩娆㈣繖绉嶉鍝併€傚湪鏃ュ父鐢熸椿涓汉浠篃浼氳嚜宸卞湪瀹朵腑鍒朵綔杩欑缇庨锛岀劧鑰屽洜涓哄埗浣滄柟娉曚笉鐔熺粌鏈変簺浜哄湪鍒朵綔閿呭反鏃朵細灏嗗叾寮勭硦浜嗭紝閭d箞绯婁簡鐨勯攨宸磋繕鑳藉悆鍚?涓嬮潰灏辨潵璇︾粏鐨勪粙缁嶄竴涓嬨€傜硦浜嗙殑閿呭反鑳藉悆锛屼絾鍙€傚悎鑲犺儍濂界殑浜猴紝绯婇攨宸存病鏈夋不鐥呯殑鍔熻兘锛屽張鏄キ涓嬮潰鏈€纭殑閮ㄥ垎锛岃儍鍙eソ鐨勪汉鍚冧簡娌′簨锛岃繕寰堥寰堣剢锛屽彛鎰熶篃涓嶉敊銆傚鏋滄槸鎷夎倸瀛愶紝寰堢硦鐨勯攨宸存湁姝㈡郴鐨勭枟鏁堬紝鍥犱负楗鐐寲浜嗭紝鍦ㄨ偁鑳冮噷鏈夊惛鏀舵按鍒嗙殑鍔熻兘锛岃繖鏄皯闂寸殑鍦熸柟瀛愩€傚皬瀛╁瓙鍚冪硦閿呭反瀹规槗澧炲姞琛€绠$殑閫氶€忔€у紩璧峰眬閮ㄧ粍缁?濡傞蓟鑵斻€佸彛鑵旂矘鑶滅瓑)鍑鸿銆?鏂规硶涓€:1銆侀鍏堝紕涓€鐡㈠瓙鐜夌背闈紝鍐嶅姞涓婁竴鐐归潰绮夛紝鍐嶅姞涓婅姭鑽姐€?銆佺敤涓€鍕烘俯姘存俯锛屽害涓嶈杩囬珮锛屾牴鎹皵娓╁彉鍖栬€屽彉鍖栥€傛斁涓婇€傞噺鐨勭洂鍒お澶氥€傚寲鎴愮洂姘淬€?銆佸拰闈紝涓€杈规妸鍑嗗濂界殑鐩愭按锛屽線闈㈤噷闈㈠€掞紝涓€杈规悈鎷岋紝鐒跺悗鍜屾垚闈㈠洟銆傚緟鐢ㄣ€?銆佸湪鐢甸ゼ閾涢噷鏀鹃€傞噺鐨勬补锛屼竴鑷充簩鍒嗛挓锛岀劧鍚庢妸鍚堟垚鐨勯潰鍥紝鐢ㄦ搥闈㈡潠璧惰杽鐒跺悗鏀惧埌鐢甸ゼ閾涢噷闈€傚姞鐑竴鍒嗛挓锛屽嚭閿呮姽娌规拻涓婅姖楹伙紝灏卞埗浣滃畬鎴愩€?Jie Ren Wan  ぉ Di Hui “Matanghenhu  mutual Dihuijilian by  Juan Gehu Tatari adze An  still water ╂ Square E Zhuo  Hunbierenti power  Zhangfenglingjiang Xuandangzaojie Renwan  ぉ娣诲姞鐧借彍绛夈€傚彲浠ュ仛鎴愬悇寮忓悇鏍风殑閿呭反銆傜帀绫抽攨宸翠腑鎵€鍚殑鑳¤悵鍗滅礌锛岃浜There is a whistle-blowing report about the sorrows of the world. A; the chains of the birch and the birch are different, and the chains are different. The papers are about to be drafted.ㄣ€佽剛鑲€佺硸鐨勪唬璋㈣繃绋嬩腑璧风潃閲嶈浣滅敤锛岃兘甯姪鎴戜滑缁存寔绁炵粡绯荤粺銆佹秷鍖栫郴缁熷拰鐨偆鐨勬甯稿姛鑳姐€備汉浣撳唴濡傛灉缂轰箯灏煎厠閰革紝鍙兘寮曡捣绮剧涓婄殑骞昏銆佸够鍚€佺簿绁為敊涔辩瓑鐥囩姸锛屾秷鍖栦笂鐨勫彛瑙掔値銆佽垖鐐庛€佽吂娉荤瓑鐥囩姸锛屼互鍙婄毊鑲や笂鐨勭櫈鐨梾銆備簹娌归吀鍙互闄嶄綆鑳嗗浐閱囷紝闃叉鍏舵矇绉湪琛€绠″唴澹佷笂锛屼粠鑰屽噺灏戝姩鑴夌‖鍖栫殑鍙戠敓,瀵归闃查珮琛€鍘嬶紝蹇冭剳琛€绠$梾鏈夌Н鏋佺殑浣滅敤銆傜帀绫抽攨宸撮噷涔熷彂鐜颁竴绉嶄簹娌归吀锛屽畠鍙闃查粦鑹茬礌鐦わ紝涔宠吅鐧屻€佺粨鑲犵檶锛屽嵉宸㈢檶锛屽墠鍒楄吅鐧岀瓑锛屽洜涓鸿繖绉嶄簹娌归吀鍙互娓呴櫎缁嗚優涓殑姘ц嚜鐢卞熀锛屼繚鎶NA(鑴辨哀鏍哥硸鏍搁吀)鍏嶅彈鍒版崯瀹筹紝鑳介槻姝㈢粏鑳炵獊鍙樿€岃鍙戠檶鐥囷紝鍙﹀璋疯儽鐢樿偨涔熸湁鎶楃檶鐨勬晥鐢ㄣ€?

Petrochemical Oil Services (600871) 2019 performance preview comment: benefit from the substantial growth of the domestic oil and gas industry boom performance

Petrochemical Oil Services (600871) 2019 performance preview comment: benefit from the substantial growth of the domestic oil and gas industry boom performance
Event: On the evening of January 17, 2020, the company issued a 2019 annual results pre-announcement announcement.The announcement shows 武汉夜生活网 that after preliminary calculations, in accordance with Chinese corporate accounting standards, the company’s net profit attributable to shareholders of listed companies in 2019 is expected to be RMB9.About 10,000 yuan, an increase of 540 over 2018.6%.  Benefiting from the obvious increase in domestic oil and gas exploration and development needs, performance growth increased in 2019, the company’s main professional workload and main business income achieved rapid growth. As early as 2019, global upstream exploration and development capital expenditures increased, and the service industry market continued to recover, especially domestic oil and gas exploration and development demand increased significantly. As the oil service subsidiary of Sinopec, the company significantly benefited from the industry’s recovery.At the same time, the company actively seized the market potential of domestic oil companies to expand upstream exploration and development efforts, optimize resource allocation, fully rational layout, pay close attention to cost control and risk management, continue to promote market development capabilities, and promote management reform, market development, and technological developmentWe have achieved positive operating results.In addition, the company’s non-recurring profit and loss is expected to be RMB4.4 billion, mainly including government subsidies and debt restructuring gains.  The domestic oil service industry is booming, and the company is expected to continue to benefit. On January 14, Sinopec Group Company held a 2020 working conference in Beijing. It was pointed out that in 2020, the company must vigorously promote domestic upstream oil stabilization, increase gas and reduce costs, and enhance overseas oil and gas assetsCreate efficiency levels, focus on optimizing oil refining business to reduce costs and increase efficiency, promote the upgrading of chemical business to improve quality and efficiency, and ensure the completion of production targets.Adjust the structure, optimize the layout, deepen the structural reform of the supply side, optimize the layout of the industrial structure, and promote new breakthroughs in the sustainable development of the oil and gas and new energy sectors.In the context of the increasingly important national energy security, we believe that the parent company has been increasing its upstream work, and the company is expected to fully benefit.  Profit forecast and investment recommendations: According to the announcement, the company’s 2019 performance is slightly lower than our previous expectations, but considering the national energy security policy and the seven-year action plan, the parent company will further increase investment in the upstream in the future, we 北京夜网 are positiveThe company’s performance in the current cycle of oil and gas investment boom.Therefore, we revise down the company’s profit forecast for 2019 and 2020-2021, and expect the net profit for 2019-2021 to be 9.12,12.36, 13.92 trillion, corresponding to EPS.05, 0.07, 0.07 yuan, maintaining the “overweight” rating on the company’s A shares and maintaining the “overweight” rating on the company’s H shares.  Risk factors: international oil price fluctuation risk, overseas operation risk, market competition risk, exchange rate risk.

Construction Machinery (600984): Leasing business grows rapidly, profitability increases significantly

Construction Machinery (600984): Leasing business grows rapidly, profitability increases significantly

The company released the third quarter report for 2019, and achieved operating income of 22 in the first three quarters.

880,000 yuan, an increase of 47 in ten years.

07%, net profit attributable to mothers3.

82 million, an increase of 227 per year.

89%.

The substantial increase in the revenue of the subsidiary Pangyuan’s leasing business has led to an increase in the company’s profitability. The reasons for the substantial increase in the company’s performance include: (1) The rapid expansion of the revenue of the subsidiary’s Pangyuan leasing business, which has continued to increase from the beginning of downstream land construction.According to the statistics of the Bureau of Statistics, the growth rate of newly started real estate in January 9th, 2019 was 8.

60%, continued to maintain a high growth rate, the new real estate starts to increase driving demand for tower cranes, according to the data released by Pangyuan’s official website, the company’s average occupancy rate remained at 77.

8%, the new unit price index maintained above 1500 points; (2) the tower crane leasing business achieved a trend of both volume and price, driving the company’s rapid repair of profitability.

The company’s gross profit margin in Q3 reached 44.

87%, net interest rate reached 21.

80%, the highest level of the company in the past 3 years.

Continue to increase equipment purchases, and future prefabricated construction brings structural opportunities to the company According to the company’s pre-announcement announcement, the company’s equipment purchases increased by about 74上海夜网论坛% in the first three quarters of 2019, and continuous equipment purchases brought a lot of operationalAssets, the company follows the national policy to promote the development of prefabricated buildings, and reduces the proportion of small tower cranes by increasing the number of large and medium tower cranes.

  According to the company’s official website data, the company’s medium and large-scale tower crane output value has accounted for more than 30% of the total output value.

The medium and large tower crane rental market is more concentrated than the small tower crane market. The rental rate and competitive structure are better than the small tower crane field, which will effectively improve the company’s profitability.

  Investment suggestion: Regardless of this non-public offering, we expect the company’s EPS in 19-21 to be 0.

63/1.

09/1.

22 yuan / share, corresponding to the latest sustainable PE estimate of 16x / 10x / 9x.

The company benefits from the opportunities brought by prefabricated buildings in the future. The company’s growth path is clearer than the upstream OEMs, and the cycle conversion is smaller. We give a certain premium. At the same time, the company’s 19-year performance is still dragged down by the traditional business.The 20-year performance is evaluated, and the company is given a PE evaluation of 13x for 20 years, corresponding to a reasonable value of 14.

17 yuan / share, continue to give a “buy” rating.

  Risk warning: Weak downstream demand leads to a decline in rental rate; Tiancheng Machinery’s operation is less than expected; construction machinery operation is less than expected; goodwill impairment risk; intensified competition in the industry has brought down rental prices.

Datang Power (601991): Regional differentiation weighs on overall performance and waits for coal prices to fall

Datang Power (601991): Regional differentiation weighs on overall performance and waits for coal prices to fall

Event: The company released its 2018 annual report and achieved operating income of 933.

90 ppm, an increase of 10 in ten years.

93% (restated); realized net profit attributable to mother 12.

35 ppm, a reduction of 17 per year.

50% (restated), lower than Shenwan Hongyuan’s expectations.

The company’s annual dividend distribution plan for 2018 is 1 yuan (including tax) for every 10 shares, and the dividend ratio is 149.

89%.

  Investment points: The acquisition of group assets will bring about expansion of installed capacity, and negative growth in thermal power generation in Beijing, Tianjin, Hebei and other places will drag down overall revenue growth.

In April 2018, the company took cash 181.

The US $ 2.8 billion successfully acquired 100% equity of Heilongjiang, Anhui and Hebei of the controlling shareholder Datang Group, increasing the installed capacity by approximately 13.91 million kilowatts. As of the end of 2018, the company’s installed capacity gradually increased by 62.85 million kilowatts and increased by 30.

86%.

Affected by the dual energy control of Beijing, Tianjin, Hebei, Jiangsu, Zhejiang and other places, the company’s thermal power generation in the above regions showed negative growth, dragging down the company’s overall thermal power generation growth rate. The company’s thermal power generation in 2018 increased after restatement.

98%, which is significantly lower than the national electricity consumption growth rate of 8.

5%.

Affected by this, the company’s thermal power unit utilization in 2018 was 4,728 hours, an increase of 73 hours.

In addition, the company ‘s installed energy utilization hours are divided into different levels, among which hydropower, wind power, and photovoltaic have been reduced by 53, 98, and 117 hours, respectively, which has dragged down the company ‘s overall revenue growth rate.

  The Tuoketuo power station is still the main source of profit. The performance exceeded expectations or it was the expansion of newly injected assets.

The company realized net profit (including minority shareholders’ profit and loss) in 201827.

900,000 yuan, an increase of 27 in ten years.

85%, of which the company holds a 60% share of the Tuoketuo Power Station and a 40% share of the Tuoketuo Second Power Station, contributing a total of 16 net profit.

55 ppm, an increase of 76 in ten years.

2%.

The company’s 2018 annual report disclosed a total of 22 subsidiaries (excluding three newly injected companies) with a total net profit of 51.

58 ppm, an increase of 44 in ten years.

27%, for the first time, it is estimated that the rest of the company’s factories will replace 23 in 2018.

690,000 yuan, the same period in 2017 is possible11.

2.6 billion.

In view of the monthly rise in coal prices in Heilongjiang Province in 2018, Beijing-Tianjin-Hebei Energy double-controlled the suppression of thermal power utilization hours. Considering the increase in the proportion of profit and loss of minority shareholders in the consolidated statement of net profit in 2018, we judge that the company’s net profit attributable to mothers will decreaseOr due to the expansion of newly injected assets.

  The nation’s power supply and demand is improving, and it is expected to expand adjustment and lower coal prices to release performance elasticity.

In the context of the current reform of the national coal-fired power supply side, the growth rate of thermal power installed capacity has continued, and the national electricity supply and demand pattern has improved.

With the gradual release of high-quality production capacity in the “Three West” region, the coal price index for the first time changed in the fourth quarter. Taking into account the current high inventory of power plants and the safety of rectified coal mines, production is resumed one after another. We expect that the national coal supply and demand will become loose in 2019.Coal prices are expected to maintain a downward trend since the fourth quarter of 2018. The company’s gross profit margin forecast continues to be repaired, and the elasticity of coal price performance promotes further release.

At the same time, the two conferences this year proposed raising the tax rate and reducing three mergers. The reduced tax rate will be implemented from April 1 this year.

The company is currently at a low point of performance, and the flexibility of performance 深圳spa会所 is expected to gradually release.

  Earnings forecast and forecast: The combined company’s 2018 performance, taking into account the fall in coal prices and the reduction of 3 units in the conversion, we adjusted the profit forecast for 19-20 to 28.

18, 40.

2.5 billion (40 before adjustment).

43 and 42.

US $ 8.1 billion), and the net profit attributable to mothers in 202148.180 thousand yuan, the current sustainable corresponding PE is 23, 16, 13 times, respectively, maintaining the “overweight” level.

Xiaomi, Huawei, Samsung, and Apple have laid out the secrets of the GaN technology industry chain

Xiaomi, Huawei, Samsung, and Apple have laid out the secrets of the GaN technology industry chain

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

  Original title: Focus | Big Outbreak!

Xiaomi, Huawei, Samsung, and Apple have laid out the secrets of the GaN technology industry chain Source: Cailian News After the Xiaomi 10 Online New Product Launch on February 13, only 149 yuan of mini GaN (gallium nitride) chargers were sold, which detonated A sharesRelated concept companies.

On February 14, among the A-share related listed companies, Sanan Optoelectronics rose over 7%, Silan Microdisk rose over 8%, Huawei Electronics rose over 8%, and Hite Hi-tech directly stopped rising.

  This charger uses a GaN charging chip and uses the third-generation semiconductor material GaN to achieve an extremely small application size and high charging efficiency. It runs 100 times faster than previous silicon (Si) power chips.

According to the data presented at the Xiaomi conference, the GaN charger is only half the volume of a conventional standard charger, and the Xiaomi 10Pro full of 4500 mAh batteries only takes 45 minutes.

Also charge iPhone11, GaN charger is twice as fast as the original.

  Lei Jun gave the Xiaomi GaN charger three major keywords: compact, efficient, and low heat.

Compatible with both mobile phones and laptops.

  ”Technology Board Daily” reporter learned from Xiaomi that the GaN charger technology solution comes from Navitas Semiconductor Company.

According to the other party’s nominal person, OPPO released the world’s first GaN charger using Power Integrations (hereinafter referred to as PI) solution.

Both companies are from California.

Nano is only 5 years old and is a rising star.

However, ranking PI, Nano Micro has deeply cultivated the Chinese market and maintained close relationships with Chinese mobile phone manufacturers. The investors behind it include Xiaomi and OPPO.

  The product jointly launched by Nano and Xiaomi makes up for a deep-water bomb in the market and embraces the red GaN concept.

In 2020, it will also be the first year of GaN outbreak.

  ”Technology Board Daily” reporter was exclusively informed that both Xiaomi, OPPO, Huawei, Samsung and Apple have deep accumulation in GaN technology.

Nanomicro revealed that following Xiaomi, “this year, several manufacturers of the same size as Xiaomi have released GaN power adapters.”

  Competition intensifies On January 9, 2019, the International Convention and Exhibition Center in Las Vegas, USA ushered in the annual Consumer Electronics Show CES.

The focus of CES falls on leading companies in the mobile phone, automotive, and intelligent hardware industries, but in subdivided professional areas that are not recognized by the general public, there is an undercurrent among the companies.

  In the meantime, Balu Balakrishnan, PI’s president and CEO, came to the platform of Nanomicro, and after a long observation, left a sentence to Nanomicro CEO Gene Sheridan: “You are on my list”.

  Zha Yingjie, the general manager of Nanomicro China, reported in an exclusive interview with the reporter of Science and Technology Board Daily that gallium nitride is a Chaoyang industry. It is an alternative to upstream and downstream companies engaged in gallium nitride related technology research. Design companies include Nanomicro, PI,GaNsysterms, EPC, Dialog, etc., but there is only one PI company that competes on the power IC.

  Unlike start-up nanometer, PI is an established technology company that has been researching GaN-related technologies for many years. It is a supplier of high-voltage analog integrated circuit manufacturers for energy-efficient power conversion in the industry.

The products have been widely used in various high-efficiency energy sources, including mobile phone chargers, laptops, LED lighting, telecommunications network equipment, and automotive markets.

  Nanomicro didn’t attract the attention of PI at first, but in just a few years of development, the maturity of nanomicro’s technology has improved, and products have been successively launched. Nanomicro began mass production and rapidly increased in the second half of 2018, forming a market scale with PIDirect competition.

“The most direct result is that the digging of the wall often happens,” Zha Yingjie said. “It’s just that employees have switched jobs. Even the core engineers of the nano-agent agency have lost to PI one after another. Gene Sheridan’s son has also come to nano-micro interview.

“In the 2019 semi-annual earnings call, Balu Balakrishnan said that due to the continuous expansion of the fast charging technology in the smartphone market, USB PD will become the driving force of its revenue growth in the next few years.

But at present, most of the mainstream mobile phone manufacturers come from China, and this is the “site”
of Nanomicro.

  Having had a three-year honeymoon and a growth path with Huawei, Huawei could not avoid three domestic mobile phone manufacturers, Huawei, OPPO, and Xiaomi.

  ”After the establishment of Nanomicro, gradually reducing the power adapter market is the main breakthrough for the product. Consumer product manufacturers are pursuing innovation and achieving rapid introduction of technology into the market.

We quickly established the mobile phone and laptop market as the core of our strategy, and China has become the largest market for Nanomicro.

Zha Yingjie said that Nanomicro initially contacted Huawei and had a honeymoon period of three years.

  ”Starting in the third quarter of 2015 and suspended in the third quarter of 2018, the two sides shared technology during the honeymoon period.

“Zha Yingjie said that the maturity of Nanomicro products, especially in terms of product reliability, has benefited Huawei.

  The break in friendly relations is accompanied by various changes in the external environment.

Huawei has suffered setbacks in overseas markets, and at the same time, it has opened fire in the domestic terminal market.

Especially in 2019, Huawei’s strong growth is thriving, leaving the market OV and Xiaomi under pressure.

  According to Canalys data for the third quarter of 2019, Huawei ‘s mobile phones (including Glory) set a new record in the domestic market, reaching 41.5 million units, with a market share of 42%, equaling Nokia ‘s previous peak.  In addition to Huawei’s outstanding performance, the market share of OV and Xiaomi has gradually expanded. Among them, OPPO has shifted by 20%, ranking second to third in the third quarter of last year.

  On September 17, 2019, the first GaN product PI “Chuhu” Nanomicro, OPPO released the 65W SuperVOOC 2 at the Shenzhen antique VOOC flash charging technology communication conference.

0 super wired flash charge and 30W VOOC 4.

0Wireless flash charge.

Among them, SuperVOOC 2.

0 is the world’s first charger to ship GaN.

  ”OPPO very much hopes to boost market confidence through differentiated and innovative technologies, so it held a technical communication meeting.

“A chief person Wang Yang (anonymous at the request of the interviewer) disclosed,” As a result, wireless flash charging was cut off by Xiaomi, SuperVOOC 2.

0 gallium nitride charger was immature at the time and could only be hardened.

“The Science and Technology Board Daily” reporter noted that one week before the OPPO conference, Xiaomi’s world’s first 30W super wireless flash charger MI CHARGE TURBO.

  At that time, PI and NP of OPPO gallium nitride solution providers were on the list. Wang Yang revealed that due to the serious defects of nanotechnology, there were still unsolved problems in mass production of ODM plants at that time.Program.

  PI is different from nano-micro substrate materials. In the selection of mainstream heterogeneous substrate materials for GaN epitaxial wafers, the solution provided by PI is sapphire. Sapphire-based GaN epitaxial wafers are mainly used for LED.It is silicon-based gallium nitride, which is the mainstream power device application scenario.

  At that time, the market did not cause a splash, Wang Yang said, SuperVOOC 2.

0 The size of the power adapter has no impact. It maintains the size of a traditional mobile phone charger, and the 65W size is 55mmx55.

7mm, and today Xiaomi has a size of 56.

3 mm x 30.

8 mm.

Xiaomi GaN charger is almost SuperVOOC 2.

0 half.

  ”Originally OPPO will also release new GaN products on MWC. I did not expect to be cut off again by Xiaomi.

“But Wang Yang said that OPPO’s in-depth research in the GaN field for at least five years is comparable to Huawei’s accumulation.

“Last year was a helpless move, but OPPO’s next product is likely to surprise the market.”

  Even if there is no cooperation in OPPO’s first GaN charger, the relationship between Nanomicro and OPPO is close to Xiaomi.

A reporter from the Science and Technology Board Daily learned from people from various countries that Nawei has also received investment from the subsidiary fund of OPPO founder Chen Mingyong.

  Before the launch of Xiaomi, the company invested in Nawei in the spring and summer solstice of 2018. In order to seek product cooperation, Zha Yingjie established a contact with Lin Bin through the investment department of Xiaomi.

At that time, Xiaomi was preparing for the listing of Hong Kong stocks, and Xiaomi co-founder Lin Bin only replaced dozens of minutes of meeting time.

  ”Lin Bin was very interested in our product technology. He invited Xiaofeng, vice president of Xiaomi Company (Jin Qilin analyst) to discuss it together, including Xiaomi’s technical department, which also gave a lot of positive comments.

“Cha Yingjie didn’t expect it. After a long talk, the cooperation” has not yet been concluded, “but Xiaomi, which is open to new materials and new technologies, should respond to” investment can be accelerated. ”

  So in less than a month, that is, before the launch of Xiaomi, the capital injection into Nanomicro was completed.

Xiaomi revealed that it is strategic to invest in Nanomicro. Through capital injection, it transforms upstream and downstream cooperation in the industry chain, while taking into account the dual benefits of investment and business.

  Although in February this year, Xiaomi’s first GaN charger came out.

In fact, the development time of Xiaomi GaN charger has to be pushed forward.

Purple rice GaN was exposed in August last year. A reporter from the Science and Technology Board Daily noticed that Xiaomi GaN charger was actually produced by Purple Rice.

  After the launch of Xiaomi, the multiplier effect of the market was stimulated.

Zha Yingjie told the reporter of the Science and Technology Board Daily that after Xiaomi’s press conference, his phone had not been disconnected.

“The teleconference hosted by Anson Securities hosted 200 people online.

“” After the press conference, the number of projects has increased too much. Manufacturers that did not use vector production before, now have projects that have landed, and have received very clear needs from most manufacturers.

“Xiaomi has also opened a gallium nitride charger that will become the standard prelude to the future mobile phone industry. Xu Qi, vice president of realme and global marketing president, announced that the upcoming new product X50 Pro uses a GaN (gallium nitride) material charger.
Wang Yang also revealed that in addition to Huawei, Xiaomi, OPPO, realme, Samsung and Apple are also laying out GaN-related technologies.

“Consumers will see Samsung’s GaN-related power adapters sooner than they would on the iPhone.And Zha Yingjie also said that in August this year, the real highlight moment of Nano Micro will be ushered.

“Since May, there have been several press conferences with Xiaomi-scale manufacturers.

“The number of 2020s will increase by more than 5 times. The gallium nitride industry is ushering in a period of great development.

It is understood that at this year’s CES2020, the number of gallium nitride fast charge charger factories increased, including 30 manufacturers within Anker launched 66 gallium nitride fast charge products.

  In essence, the volume of GaN devices is also exploding.

According to the data obtained by the reporter of Science and Technology Board Daily, in the adapter market mainly for e-commerce customers in 2019, the GaN device transfer volume is between 3 million and 4 million, and the penetration rate of mobile phones and notebook computers will be further increased, which will be achieved in 2020.5-6 times increase, the total can reach 15-20 million, 2020 GaN device displacement will reach 50 million.

  Xiaomi is the first mobile phone company to retail GaN USB PD fast charge separately. The retail price of 149 yuan has also caused widespread concern.

  ”Technology Board Daily” reporter obtained a relevant gallium nitride research report from the brokerage firm, which shows that the reason why GaN chargers are expensive is that the raw materials for manufacturing gallium nitride MOS power chips rely entirely on artificial synthesis, of which gallium nitrideThe cost of a single chip is relatively high. At present, a single crystal can cost as much as more than 20,000 yuan per 2 inches.

Commercially doped silicon-based gallium nitride epitaxial wafers are also very expensive. The 8-inch silicon-based gallium nitride also exceeds 10,000 samples, and the production capacity is insufficient.

  ”Xiaomi GaN charger 149 yuan has already refreshed the lower price limit of products of the same specification.

Zha Yingjie said that the fast-charging technology companies alone cost more than 150 yuan. For example, as early as 2014, the 65W power adapter launched by MIT team FINsix had a minimum price of 560 yuan, Lenovo ThinkPlus had a minimum of 299 yuan, and Innergie had the same specificationsThe purity of the product is 560 RMB.

“However, the cost of a GaN charger is traditionally double, but is it at 20% per year?
The 30% rate of decline will soon reach the level of the existing market.

“Shang Lintao, a semiconductor material engineer at the eleventh institute of China Electronics Technology, accepted a reporter from the” Science and Technology Board Daily “that GaN material is indeed a new type of semiconductor material (third generation). Excellent material properties coupled with semiconductor processing technology and flexible device design,Theoretically, it is possible to manufacture various efficient, compact and convenient devices, but there are still some difficulties in the entire industry.

  ”There is still a gap between the quantity and quality of accurate GaN material preparation, and material defects are not easy to solve; high-bandgap materials 北京夜生活网 are difficult to make good ohmic contact electrodes.

However, because GaN is a very promising new material, it is expected to replace the first and second generation semiconductors such as Si and GaAs. Countries have already invested in research, and it is expected that these problems will be solved.

“Shang Lintao finally added.

Huicheng Technology (002168) first coverage: strengthen mobile game self-development and traffic management to open a new era of game business 5G

Huicheng Technology (002168) first coverage: strengthen mobile game self-development and traffic management to open a new era of game business 5G

The company’s strategic transformation of the Internet entertainment business has completed all three years of gambling, starting a new era of game entrepreneurship. At the end of 2017, it completed the acquisition of the game company 哆 可 梦, and turned to the traffic management business of big data refined marketing and the development and distribution of mobile games and games.The platform’s operation business transforms the entertainment industry.

From 2017 to 2019, the gambling period was over-completed, of which non-net profit was deducted in 20183.

2.3 billion.

After three years of gambling, the company ushered in a new journey of entrepreneurship in the era of 5G cloud gaming.

The company experienced the pain of the industry version number and the small and medium-sized distribution system. In 2019, it adjusted to 2020 and then set off. In 2018, the company’s revenue was close to 83%, and 90% of its net profit came from the game business. The 2019 performance forecast disclosed the expected performance 1-1.

At 300 million, the performance of Peng Kemeng was lower than that of 2018 but the performance commitment was completed.

In 2019, it is mainly about game breakthroughs. As the product is gradually launched, the performance will continue to grow, or it can recover and surpass the 2018 performance.

In the past two years, the state has strengthened the approval of the version number and implemented a boutique game strategy, which has affected the company to some extent.

Go through the winter, embrace the traffic, comb your resources and set off.

The company has accumulatively reviewed 14 version numbers, about 15 external custom products, and nearly 20 models in reserve.

The strategy shifts to self-developed products and focuses on traffic management. The product launch in the second quarter of 2020 is expected to continue high growth. The dream plan will be based on self-developed games, supplemented by custom customized games, transforming traffic organization capabilities, accumulating capabilities, and enriching products.Continuously promote business and performance growth.

According to the company’s disclosure, during the Spring Festival of 2020, Yan Kemeng, like the industry, 天津夜网 is expected to usher in a 40% -50% increase in water flow.

哆 Kemeng is a well-known research and development. The establishment is the R & D headquarters, Guangzhou is the “dual-core” model of the distribution headquarters, the proportion of self-developed game contributions has gradually increased, and at the same time based on the 5G era to expand cloud gaming technology.

In 2020, a number of self-developed and unique products are expected to be launched. Among them, “Sword Love” and “Gu Jian Fei Xian” two heavy ARPG games will be launched in the first quarter.

Among the products of mature operators, products such as “Dawn of Civilization”, “Taikoo Fenglulu” and “Blasting the Three Kingdoms” will continue to gain new user introductions and continue to contribute stable revenue.

We are optimistic about the company’s 上海夜网论坛 game self-research capabilities and technology catalysis. For the first time, we give a “recommended” rating. We are optimistic about the development of the game industry in the 5G era, the company’s traffic management and self-research development potential.

We expect net profit attributable to mothers to be 1 in 2019-2021.

2.2 billion, 3.

3.2 billion, 4.

99 ppm, a ten-year increase of -63.

7%, 171.

7%, 50.

3%, the corresponding EPS is 0.

15 yuan, 0.

41 yuan, 0.

62 yuan.

We are optimistic about the company’s shift to integrated research and operation and traffic management strategies. For the first time, it has given a “recommended” rating.

Risk reminder: The new game has less-than-expected water flow, increased competition in traffic management, and lack of talents.