Bai Zhiwei got angry when he heard this kid talking,Violently grabbed Chai Shao’s neckline,Angry:“Fuck you!It’s you!If not for you,I can get to where I am today?”

Shao Chai is very popular,Struggling to break away from Bai Zhiwei’s restraint,Sneered:“fart!It’s not like you want to eat tender grass,It’s not my Chai family!”
“enough!Stop making noise!”Chai Jinxiong’s face flashed with sullen anger,Shouted。
Bai Zhiwei snorted twice,Gritted teeth:“Okay!You father and son turned their faces and didn’t recognize people, right??It was you who made me stand out,You are driving me away now。
From now on,I won’t listen to you anymore!I will use my own solution!and also,Surnamed Chai!I want a sum of money to run away,You’d better call my account obediently these two days,Don’t blame me for stabbing all the bad things out!”
。m.
————
Chapter Four Hundred and Fifty The truth is revealed
Chai and his son did not expect that Bai Zhiwei would break the jar,Simply threaten them with running away。
All these years,Bai Zhiwei and Chai’s Pictures are tied together,Lose everything,All glory,So most of Chai’s things that are not visible,He almost knows it。
Bai Zhiwei furiously left,But the Chai father and son can’t feel at ease。
“dad,How to do?This old thing is going crazy。Or I find someone to solve him?”Major General Chai is heartbroken,Bite the bullet。
Chai Jinxiong stared at the words,Furiously:“fool!Haven’t you learned your lesson yet?If Bai Zhiwei this bastard did too many wrong things,Arrogant and domineering,Where can I be caught so easily?!”

“really?”Except for Liu Guofeng, who is already mentally prepared,The other three were surprised at the same time。

Because this idea is too bold,Too crazy!
The Snake King Gang is the largest gang in the city,Powerful,It’s hard to deal with the mutants under Duwang alone,Lu Menglin actually wants to break their nest,It’s just whimsical。
“Just take the Snake King Gang,Got their serum technology and equipment,Can gain the power of high-level mutants,And it’s the top one。”Lu Menglin took out the bottle containing super electric eel serum from his back,Shook in front of everyone。
The mutant serum in the bottle only leaked a trace of breath,Xiaojie opened his eyes immediately,With a drunken expression。
He is a power mutant,Extremely sensitive to this bloodline power,I felt the terrifying power contained in the bottle at once,I’m directly drunk。
Although Carlo and Li are not power mutants,I can also feel that the energy full of primitive power in the bottle is running,They are also very clear,no matter who,As long as it can absorb the power in that bottle,Will become extremely powerful。
“but,We may not be able to handle the Snake King Gang!”Girl Li is the first to recover,Asked softly。
Lu Menglin shrugged,Smiled:“It depends on Carlo
The magic。and,This can also be regarded as a running-in between our team。”
Carlo nodded,Tao:“I agree。Give me two minutes。”
After speaking,Carlo closed his eyes。
Two minutes later,Carlo opened his eyes,Bright eyes,There is a kind of clearness in the eyes。

Cathay Huang Yanming: Science and Technology Board will reshape China’s capital market evaluation and pricing system

Cathay Huang Yanming: Science and Technology Board will reshape China’s capital market evaluation and pricing system

Huang Yanming: The estimation of stocks is still the result of a market-based game. We cannot hope that securities analysts use a set of scientific evaluation models to solve all valuation problems in stock pricing.

  The task of the analyst is to guide expectations, and to ensure that there is no potential gap between the issuer, investment banking business unit and investors.

  ⊙ Reporter Wang Xiaoyu ○ Editor Zhu Yin At the “51st China Capital Market Advanced Symposium and Shanghai Stock Exchange Directors Forum”, Huang Yanming, director of Guotai Junan Securities Research Institute, delivered a keynote speech on “How should securities research be replaced by science and technology enterprises”.

  Huang Yanming said that due to the complexity of the science and technology board company’s estimation, the investment report of the science and technology board company in accordance with the prescribed specifications should use more than 3 estimation methods to verify each other to convert the interval; there may be noProblems such as profit and overlapping of soft assets, and traditionally common estimation methods such as price-earnings ratio and price-to-book ratio may sometimes be difficult to apply. It is necessary to newly establish some estimation methods that are in line with the characteristics of science and technology board companies and the basic theory of stock value.

But at the same time, he also predicted that stock estimates will ultimately be the result of market games. With the requirement that securities analysts come up with a scientific and reasonable evaluation model, it is better to focus on building a market-oriented formation mechanism for issue pricing.

  Sci-Tech Board will rebuild the brokerage business process Huang Yanming said at the seminar that there are two aspects of the nature of Sci-Tech board: one is the capital market serving science and technology enterprises, and the other is the trial registration system.

The science and technology board can not be simply understood as the innovation of investment banking business, but should be the re-engineering of various business processes of securities companies, which involves investment banking, brokerage, direct investment, credit and research, compliance and risk control and other alternatives.

  The direct investment business is one of the securities brokerage businesses that the Science and Technology Board has entrusted with.

According to the latest “Implementation Measures for the Issuance and Underwriting of Stocks of the Science and Technology Innovation Board”
issued by the Shanghai Stock Exchange, the Science and Technology Innovation Board has implemented a follow-up investment system for relevant subsidiaries of sponsors.

  Huang Yanming’s analysis: Brokerage companies and investment and technology board companies are equivalent to bundling the brokerage’s own funds to the market.

In fact, not only the broker’s own funds, but also the issuer, the securities firm’s investment banking business unit and institutional investors, the interests of these four parties are also unified.

How to make the four of them achieve a balanced interest, the investment report written by the securities analyst in the research department plays a key guiding role.

In fact, in foreign investment banks, research departments play an important role in pricing shares.

  ”Of course, in the IPO, the analyst’s pricing accuracy, fairness, fairness, and compliance with the requirements of independence have become very important.

“Huang Yanming said.

  Science and technology board applies different evaluation methods Huang Yanming said that stock evaluation methods are divided into three categories, embedded value method, relative value method, asset value method.

General textbooks introduce more about the embedded value method and the relative value method, but they rarely deal with the asset value method.

However, some companies in the science and technology board are actually difficult to use the first two types of estimation methods, and must use the asset value method.

This will greatly test the industry judgment ability of the certificate analyst and the analysis ability of accounting and finance.

  Due to the high uncertainty of the profitability of science and technology board companies and the restructuring of “soft assets”, traditional estimation systems, such as indicators for investors such as price-earnings ratio (P / E) and price-to-book ratio (P / B)) Etc. are sometimes not applicable.

So, what kind of estimation method is applicable to science and technology board enterprises?

  Huang Yanming pointed out that, because science and technology board companies often do not have dividends or the equity-to-debt ratio is very unstable, the discounted dividend model (DDM) in the embedded value method and the free cash flow discounted model (FCFE) cannot be used in practice.

The discounted free cash flow model (FCFF) of the enterprise is based on the cash flow of the entire enterprise rather than the cash flow (or even profit) of shareholders, so its applicability is improved; the economic value added model (EVA) reduces uncertaintyThe proportion of excessive final value is also applicable to the science and technology board company.

  Regarding the common price-earnings ratio, price-to-book ratio, and relative indicators such as PEG (PE / G), EV / EBITDA, which are commonly used in the relative value method, everyone can use it in the relative value method, but there are two problems to be solved in use:The first is to have relevant financial data that can be compared. For example, the replacement of the price-earnings ratio method is that the company must have a profit, but some science and technology board companies may not have a profit. The second is that it is difficult to find a comparable group of companies.

The liquidation value method in the asset value method may not be applicable at the beginning of the listing of the science and technology board, and the applicable replacement method should be the replacement cost method.

  Expert Huang Yanming, because the relative value method 杭州桑拿 is relatively low, Guotai Junan Securities Research Institute has stipulated that for the valuation of science and technology board companies, it must replace FCFF, EVA and one of the valuation methods based on the replacement cost method.Only when there are more than two other estimation methods can the estimation be fully estimated.

  At the meeting, Huang Yanming rejected two relative estimation methods of technology companies that have been popular in overseas markets. One is the market-to-sales ratio (P / SPS, SPS is the replacement), and the other is the single-client equity value (equity value / U, U is the number of users).

Huang Yanming believes that both the sales revenue and the number of customers belong to the enterprise, not the shareholders.

Therefore, Guotai Junan Securities Research Institute has transformed 南京桑拿网 these two stock value methods, transforming the P / SPS into an enterprise value / revenue model (EV / S); transforming the equity value / U into an enterprise value / customer.Quantity (EV / U).

Among them, the enterprise value (EV) is the sum of equity value, debt value, and minority shareholder value. After calculating the enterprise value, the debt value and minority shareholder value are deducted, and the balance is the equity value generated by the stock valuation.

  Huang Yanming also suggested that the replacement cost method is an estimation method that looks easy but is actually difficult, which requires analysts to consider the replacement of significant assets and the replacement of hidden assets to replace the organization of the company.Value, the value of human capital, etc.

In addition, it is necessary to consider how to recapitalize expenditures that have been expensed in accordance with the principle of caution in accounting statistics.

  Guide all parties to improve market efficiency, but the above stock valuation method has rigorous scientific reasoning steps and a solid accounting and financial basis. However, according to Huang Yanming, stock valuation is both a scientific and philosophical issue, as well as an academic issue and a game issue.The estimated value model is not the more detailed, the better the quantification, the key is to be understood and accepted by people.

  ”The characteristics of the game during the IPO pricing stage are obvious.

The pricing of new shares depends on the expectations of the issuer, the expectations of the institutional investors participating in the inquiry, and the overall economic and financial market environment and the balance of the interests of the sponsoring parties to all parties.

Huang Yanming believes that the microstructure of the capital market investors and the issuance system will also have a significant impact on the pricing results of stocks.

  Huang Yanming further stated that everyone is looking for the precise intrinsic value of the enterprise. “But the model can only help us analyze, but it can’t accurately locate it.

“Estimation of stocks is ultimately the result of a market-based game. We cannot hope that securities analysts use a set of scientific estimation models to solve all valuation problems in stock pricing.  ”The task of the analyst is to guide expectations, and there is no potential gap in the expectations of the issuer, investment banking business unit and investors.

If the gap is too large, it will hurt the efficiency of the capital market in allocating social resources.

“Huang Yanming is outstanding.
.

Zhejiang Longsheng (600352): The seventh series of value analysis of chemical industry leaders

Zhejiang Longsheng (600352): The seventh series of value analysis of chemical industry leaders

As a global dye leader, Zhejiang Longsheng has always been highly related to the dye boom in history.

However, according to our analysis, even if the price increase of dyes is not taken into account, the value of the company is still significantly underestimated based on the 南宁桑拿 company’s overall stable free cash flow and the future real estate huge cash back calculation.

The specifics are as follows: Analysis of the company’s competitive advantage: The company is a global leader in dyes and m-phenylenediamine / diphenols, with market shares exceeding 20% and 50%, respectively. It has established strong competition in the field of dyes and intermediates.Advantage.

Full copyrights have substantial pricing power for global dyes, and the integration advantages brought about by technological level and circular economy are also very prominent.

The absolute profit level is significantly expected from peers, and we estimate that it will bring about 3.1 billion in excess profits.

  The other major sector of real estate is essentially a treasury business.

The company’s unique advantage is that the land 四川耍耍网 acquisition and financing costs are very low, the annual interest cost savings are about 400 million, and the forward cash return will be very considerable.

  The high prosperity of dyestuffs is expected to continue: from the perspective of the supply side, the future expansion of dyestuffs production can only be carried out in the form of relocation or technological transformation, and is concentrated on the leader, and supplementary supply will be very limited.

The growth of downstream demand is also difficult to increase due to environmental protection. Under the circumstances of low supply and demand growth, the industry promotes maintaining a close balance.

The pattern will become the decisive factor for the business climate. Under the oligopoly leadership pricing model, the leader can maintain a desired profit through the adjustment of production and sales. The variability of the industry will improve, and the current price and profit level will probably become normal.

  Looking at the future development of the company from the perspective of cash flow: Benefiting from the competitive advantage and industry prosperity, the free cash flow of the company’s main business is expected to maintain more than 3.5 billion in the long term.

According to this calculation, the company in 20-22 years can meet the capital needs of the real estate business through its own funds and withdrawn funds, and it has a cash balance of 2 billion.

Therefore, the probability of 19 years will be the inflection point of the company’s debt ratio. In the future, the company will enter the deleveraging stage. Cash in hand will become more abundant, and the company’s value is expected to usher in a revaluation.

  Financial forecasts and investment recommendations are based on judgments on the industry’s prosperity and product prices. We predict that the company’s EPS in 19-21 will be 1.

57/1.

32/1.

39 yuan.

Based on a 20-year estimate of 13 times that of comparable companies, the target price is 17 for the first time.

16 yuan and buy level.

  Risk reminder: partial dye boom; company production and sales breakdown; real estate project progress is expected gradually

Hang Seng Electronics (600570) first coverage: Capital market IT leader with high R & D potential

Hang Seng Electronics (600570) first coverage: Capital market IT leader with high R & D potential

Hang Seng Electronics (600570.

(SH) He has been deeply involved in the financial IT field for more than 20 years, and is currently an absolute leader in the capital market fields such as securities and funds.

Since landing in Shanghai in 2003, the company has maintained high growth, with a CAGR of 23 in the past five years.

1%, net profit CAGR is 15.

6%, the incident caused by the HOMS in 2016 will affect the company ‘s actual operating capacity, and 成都桑拿网 it will maintain a stable and rapid growth as a whole, and is moving towards a world-class fintech company.

  Key points of investment: Ant Financial takes the lead in strengthening technology, resource background, and synergies are expected: In April 2019, Ant Financial completed the acquisition of 100% equity of the company’s controlling shareholder, Hang Seng Group.

Alibaba and Ant Financial’s advantages in full technology and C-end traffic will greatly improve the company’s technology output capabilities in the fintech field and stimulate Internet business revenue generation.

In May 2019, the company cooperated with Ant Financial and Alibaba Cloud released JRES3, a “new generation distributed service development platform”.

0powered by Ant, the synergy between the two parties is prominent, and future development is 南京夜网 expected.

The level of profit continued to increase + the level of expenses improved, and the financial performance was dazzling: the company’s financial performance has always been excellent, and the gross profit margin remained above 95% in 2016-2018, and it continued to climb, with 2019H1 reaching 97.

9%; the net interest rate and ROE level also remained high, basically stable at the 20% level (except 2016 in which accidents occurred); at the same time, the expense ratio was also 92.

0% is about 83.

8%, sales and management expenses improved better than expected.

“High R & D + high market share + high pricing” forms core competitiveness: the company’s R & D promotion is extremely high (43 in 2018.

0% of the expenditure is outstanding in the leading industry), resulting in excellent technical capabilities and product systems.

The reason why the company can reduce this is because of its already overlapping high city share, combined with the industry’s high replacement costs, Micro Motion’s entry-level features, and the use of strong pricing power to pass the high cost to downstream customers, thus obtainingStable, high-quality active cash flow to support high R & D funding strategies.

The positive feedback cycle of the integration of “high R & D + high market share + high pricing” has been continuously strengthened to form the company’s core competitiveness.

Earnings forecast and investment recommendations: Capital market reforms are continuously deepened, new regulations on capital management (bank wealth management subsidiaries), science and technology boards, Shanghai-London Stock Connect, and other political reforms have been implemented.It will continue to give play to its competitive advantages and further support the company’s business expansion.

The company’s EPS for 2019-2021 is expected to be 1.

19/1.

37/1.

55 yuan, 65/56/50 times the appropriate annual PE, respectively, the first coverage, of which “overweight” grade.

Risk factors: the risk of the advancement of financial innovation policies is less than expected, systemic risks in the market

Midea Group (000333): Seeing the performance of Midea Group from the performance beyond expectations

Midea Group (000333): Seeing the performance of Midea Group from the performance beyond expectations
The company’s recent situation Little Swan announced 2018 results, and the fourth quarter 2018 results exceeded expectations.Operating income for 2018 was 236.4 billion, an increase of 10 in ten years.5%; net profit attributable to parent company 18.6 billion, an annual increase of 23.6%. Operating income for the fourth quarter of 201862.2 ‰, an increase of 15 in ten years.0%; net profit attributable to parent company 5.200 million, an annual increase of 41.8%. Comments on 2018 Little Swan’s strong adaptability: 1) In the face of market demand differentiation in 2018, Haier Casa Di competed at the high end and Xiaomi competed at the low end. Little Swan once lost market share. 1Q / 2Q / 3Q / 4Q revenue growth rate of 19.7% / 7.5% /-0.9% / 15.0%.2) The company adjusts its strategy in time to cope with multi-brand operations.Midea’s brand positioning is cost-effective and actively expands the market. In 2018, revenue increased by 27%.Little Swan brand positioning is mid-to-high end, with an average price increase of 12%.Beverly’s benchmark against Casarti has grown significantly by 222% in 2018.AVC monitors offline channels, and Beverly’s retail sales accounted for 2% in 2018.5%, the share increased quickly. Little Swan’s financial performance is excellent: 1) Gross profit margin in 201826.2%, a year to raise 0.9ppt; Net profit (including minority shareholders’ profit and loss) rate 9.0%, increase by 1 a year.0ppt.Return on net assets 24.3%, increase by 1 every year.2ppt.2) The cash flow is good, and the cash at the end of the period is 161.600 million yuan, an increase of 22 over the beginning of the period.10,000 yuan.Execute T + 3, ending inventory 17.600 million, down 2 from the beginning of the year.300 million. The company has strong adaptability, fast transformation speed and strong execution ability.Having encountered difficulties from a young swan, rapid transformation and quick results have verified this characteristic of Midea Group. The market changed in 2018. Midea Group actively adjusted its strategies and tactics. We noticed that the company paid more attention to multi-brand operations, Internet thinking, and the technology of products.The company’s air-conditioning sales strategy also made some adjustments, and 1Q19 is actively replenishing its inventory (air conditioning implemented T + 3 in 2018, and channel inventory is low).In addition, since Midea launched the air-conditioning promotion early in late February, the online and offline market share has increased significantly. It is estimated to maintain EPS forecast for 2019/203.47/3.89 yuan.Maintain the recommended level and raise the target price by 6% to 62.40 yuan, corresponding to 18/16 times P / E in 2019/20, compared with the current 28% increase.The company currently expects to correspond to 14/13 times P / E in 2无锡桑拿网018/19. Risk Market Demand Risk Risk; Sino-US Trade Friction Risk; Global M & A Integration Risk.

Hongqi Chain (002697): Southwest Convenience Store Leader Strengthens Shortboard and Expands

Hongqi Chain (002697): Southwest Convenience Store Leader Strengthens Shortboard and Expands
Southwest convenience store chain leader, step by step for the steady expansion of the company. Backing Chengdu, radiating Sichuan, focusing on the convenience store’s main business, with “convenient, affordable, assured” as its long-term business philosophy. Since 2015, it has continuously acquired Hongyan, Four Seas, Reciprocity, and 9010 supermarkets.In order to maintain the steady development trend of the business, the regional leaders continued to strengthen.According to the data of the Chain Store Management Association, the company’s revenue in 2018 was 72.200 million US dollars, is the third largest convenience store chain in developing countries (non-petroleum), and ranks 51st among the top 100 national chain stores.At the same time, the company, New Hope Group, and Sichuan Yinmi jointly established Xinwang Bank to grasp the rise of Internet banking dividends and create a second profit growth point. Xinwang Bank turned losses into profits in 2018 and continued to optimize its profitability. The per capita GDP of second- and third-tier cities in the country that have both regional leadership and growth and complement the supply chain to strengthen competitiveness has intensively exceeded US $ 10,000. Convenience stores are located in the golden period of development. Currently, the top three existing convenience store brands are all regional.Characteristics, in the future, convenience store brands are committed to achieving cross-regional integration, and the concentration will continue to increase (according to Bloomberg data, CR5 in 2018 and Japan are 37 respectively.5% and 73.1%).We judge that the Red Flag Chain will stand out: 1) It will merge into a half-dominated city in Chengdu, with a solid regional division. Considering 苏州桑拿网 store encryption and the development of Sichuan, the growth space will be complementary; 2) Dating Yonghui’s fresh supply chain and Chengdu Budweiser Food to strengthen fresh food and mealsThe food category includes many value-added services, and the customer acquisition ability and consumer stickiness have continued to strengthen; 3) The company has launched smart retail and strengthened logistics construction, and the product allocation rate and store delivery rate have been continuously optimized. Profit forecast and investment advice The company adheres to the expansion of competition barriers with “goods + services”, relying on dense offline outlets, the brand has gained popular support.Considering the company’s regional leadership and growth, the merger of Xinwang Bank will continue to contribute incremental income, and it is expected that it will return to its mother’s net profit in 2019-2021.01/4.79/5.65 ppm, an increase of 24 in ten years.3% / 19.4% / 18.0%, referring to the estimated situation of comparable retail leaders, giving the company 24xPE for 19 years, corresponding to a reasonable value of 7.08 yuan / share, maintaining the “overweight” rating. Risk reminder: the risk of continued intensified competition in the retail market; store renovation and upgrading are not up to expectations; store expansion is not up to expectations;

Guangshen Food and Beverage Resumption: Industry Reflections from the Epidemic

Guangshen Food and Beverage Resumption: Industry Reflections 杭州桑拿 from the Epidemic

Wu Xiaobo looked at the extraordinary period, how do companies break through the epidemic?

Come to Sina University of Finance and listen to the crisis for free, how do companies make self-help plans?

  Guangzhou-Shenzhen Food and Beverage Resumption Work: A small amount of orderly restoration of dine-in self-collection and take-out is still the mainstream source: Trainee reporter Lin Yingying of the Securities Daily newspaper takes food as the sky, more and more industries resume work, when will the catering industry return to normalAttention from all walks of life.

On February 23, Futian District of Shenzhen issued guidelines on epidemic prevention in the catering industry, and carried out district-by-zone prevention and control requirements. When the area reaches Level III prevention and control, catering companies can gradually implement catering services.

Air Force, Guangzhou has issued relevant guidelines.

  Recently, in order to understand the situation of the resumed work of the catering industry in the Guangzhou-Shenzhen region, a reporter from the Securities Daily visited through various parties and found that many existing catering companies have not fully opened their dine-in.The main restaurants for dine-in choose to open for take-away short-term.

  The full restoration of catering is still to be seen. The epidemic is currently under way. According to the fact that many industries have entered the state of resumption, the catering industry is very cautious.

  Taking Shenzhen as an example, a reporter from the Securities Daily visited some business districts and saw that chain restaurants such as Xibei, Burger King, and Jiangnan Taste only provide contactless pick-up or take-out, but compared to busy takeaway brothers, they come to the store toThe diners taken were still reasonable.

In addition, although blue frogs, gaga fresh words, and Nai Xue’s tea and other catering brands have started dining, most consumers still choose to take out or tilt upwards. Restaurants also reduce the size of seats and open the space.Epidemic prevention equipment such as epidemic prevention, temperature guns, disinfection alcohol, etc. have become standard in stores.

  In Guangzhou, on February 21st, Tao Tao Ju Zheng Jia, a third-party restaurant operated by a Guangzhou restaurant, was the first to resume dine-in, and there was an episode of being stopped in the middle because of too many diners, which once caused a discussion.

On February 23, Guangzhou Restaurant announced that 14 restaurants in Guangzhou and Shenzhen had resumed dine-in gradually, but the restoration time of the western and star restaurants in the western and western regions has not yet been determined.

It is reported that most restaurants in Guangzhou are still on the sidelines and have not expanded to eat.

  Guangzhou Restaurant responded to the reporter of Securities Daily, “The company actively maintained communication with market regulatory authorities in various regions in accordance with the requirements of the” Guide to the Prevention and Control of New Crown Pneumonia in the Catering Service Industry in Guangdong Province “, and took precautionary measures by strengthening food safety management.Establish preventive measures such as personnel health tracking, and promote food service in stores. ”

  In contrast, catering companies such as Haidilao, Xiabuyu, and Taiji pickled fish choose very large-scale formats such as open takeout.

Recently, Haidilao announced that some of its delivery stores in Beijing, Shanghai and Shenzhen have resumed business on February 15th.

Jiu Mao Jiu ‘s own catering brands such as Taiji Pickled Fish also stated that they have reached strategic cooperation with takeaway platforms, and will provide consumers with healthy meals under the intervention of comprehensive epidemic prevention.

  ”This stage can indeed gradually reduce our impact, but in the epidemic, care and protection of employees is the first consideration.

We will gradually return to normal office conditions with the prevention of comprehensive protection, and then we will introduce measures based on actual conditions, “Jiu Maojiu wrote to the reporter of Securities Daily.

  According to reports, Jiu Maojiu introduced that the company had set up an epidemic prevention team as early as January, and it was the first large-scale restaurant company in the country to announce the suspension of all internal stores. At present, the company is closely arranging the restoration of dine-in and is specifically openingThe time will be further extended according to the epidemic situation and related policies, and will be announced in time.

  In an interview with “Securities Daily” reporter, Cheng Gang, the secretary general of Guangdong Catering Service Industry Association, said that restoring meals is of great significance to the catering industry and will also help food companies to restore blood production functions, especially for dinner companies;However, the current catering and resumption industry should be dynamically adjusted according to the epidemic situation. Enterprises should not resume business blindly. They must first prepare enough anti-epidemic materials and personnel, and provide relevant guidelines at the same time.

  Industry Thoughts Caused by the Epidemic Although the catering industry is extremely hard hit by the emerging epidemic, after a short-term pain, the changes in the industry’s pattern or development will be even more worth looking forward to.

In the view of Cheng Gang, in the long run, this test can replace a rare integration opportunity during the growth of the industry. In addition to changing the role of industry resources and transaction structure, some companies may form industrial thinking and conduct upstream and downstream operations.Integration, the industry’s ecological structure will also lead to better subdivision and evolution.

  According to the research of CITIC Construction Investment, the recent epidemic may have a certain reform effect on the catering industry. Some small and medium-sized catering companies may be cleared during the epidemic due to cash flow pressure; the epidemic will also increase the integration of the catering supply chain.The penetration of services and platforms such as SaaS will effectively reduce the cost and expenses of business operations, and improve the ability of catering companies to respond to emergencies in the future.

  ”It turned out that the restaurant industry was too saturated and the market was fiercely competitive.

However, the epidemic situation, excellent head companies already have the ability to resist pressure, seize the opportunity to make store reserves; some brands are actively creating unconventional business models, expanding operating models, and achieving contrarian growth.

Some may appear gradual intelligent and upgrade of consumption scenarios.

Cheng Gang told this reporter further.

  It is worth mentioning that during the epidemic, Guangzhou restaurants with a background in listing, Jiu Mao Jiu and Haidilao had excellent anti-stress performance. The development trend since the resumption of work also perfectly demonstrated this.

Wind data shows that from February 3 to February 25, Guangzhou restaurants with A-share listings gradually increased by 8.

08%, the Shanghai Stock Index rose by 1.

23%; and the possibility of listing of Jiu Mao Jiu and Haidilao on the Hong Kong stock market has also achieved 17.
.

18% and 8% gains, both outperformed the market.

  Taking Haidilao as an example, CITIC Research believes that the company has integrated the overall layout of the supply chain and industry chain, brand advantages and scale advantages, and established a solid moat. This advantage also brings ample cash flow.Facilitate rapid recovery of sea fishing.

  Guangzhou Restaurant also introduced to the reporter that before the restaurant resumed work, the company supported the staff by deploying employees to the food production sector, which became a resource balancing function.

After Guangzhou announced the suspension of dine-in, the company quickly changed its catering operation policy to focus on the deployment of catering group ordering and takeaway services, and strengthened the cooperation of online channel promotion and takeaway platforms. These have played a certain role in the company’s catering business during the epidemic.

Surprise: Orange has 16 great skills

Surprise: Orange has 16 great skills

Introduction: Apart from cutting and eating, you know what else it can do?

You don’t know, it’s really not an ordinary orange, it’s a crazy orange that has practiced the great skills of the 16th CPC National Congress!

1.

Salty Orange Juice-Orange juice is supplemented after physical exercise. Rich fructose can quickly replenish physical strength, and up to 85% of water can quench thirst and refresh.

It is especially reminded to add orange juice immediately after squeezing, otherwise the oxygen in the air will reduce the content of vitamin C rapidly.

Add a little salt doping, the effect is even more obvious.

2.

Orange Juice Remover-Deep Cleansing Cleansing the skin with the orange juice wipes the skin with a cleansing towel, fully absorbs it for 5 minutes, and then cleans it with water. It can remove makeup and thoroughly clean skin dirt and oil.

Use it with confidence even on sensitive skin.

However, it is especially reminded to avoid exposure to the sun after cleansing with orange juice.

3.

Orange Seed Mask-Tighten the skin. 2 teaspoons of orange seeds are powdered with a blender and mixed with distilled water to make a paste mask.

Apply 1 weekly?
2 times, can improve the resistance of skin capillaries, and achieve the purpose of firming the skin.

People with sensitive skin can do a skin test first and apply a homemade mask behind their ears. 5?
Wash after 10 minutes. If you don’t feel it, replace it with peace of mind.

4.

Orange Seed Powder-Treating Rheumatism Add air-dried orange seeds to the pan and roast them. Take care not to fry them when roasting, but try to fry the oil.

Pour the fried orange seeds into powder and use water to brew them 3 times each time?
5 grams, put after meals.

Long-term adherence can treat rheumatism to a certain extent.

5,

Orange flap salad-enhance immunity The orange flap contains almost all the nutrients that fruits can provide, which can enhance the human body’s immunity, promote disease recovery, and accelerate wound healing.

In particular, supplementary fiber can help defecate.

Smokers are reminded to eat more oranges, and patients with gastritis and gallbladder disease should eat oranges with caution.

6.

Orange Flap Eye Mask-Replenishing Eye Moisture Cut the orange flap into thin slices for use as an eye mask. Gently block it with your fingers to aid absorption, promote blood circulation, effectively replenish eye moisture, and play a moisturizing effect.

7.

Cellulite Massage-Eliminate Cellulite Cellulite has an outstanding anti-cellulite function.

Take 1/4 of the cleaned orange peel, moisten it with olive oil, and then massage the corresponding cellulite tissue on the body. Squeeze the juice evenly and vigorously during the massage, and then wash the skin with water.

8.

Orange Peel Scrub-Peel off dead skin. Orange peel can be used to remove dead skin. At the same time, it is rich in flavonoids and vitamin C. It can also promote skin metabolism and improve skin capillary resistance.

Slice the fresh orange with skin, fill it with gauze, rub directly on rough parts such as elbows, alignment, heels, etc., to remove dead skin.

9.

Orange Peel Sachet-Hypnotic, Mosquito Repellent Wrap orange peel with muslin to make a sachet. It can even have a hypnotic effect beside the pillow, and can also repel mosquitoes.

Put it in the bathroom, kitchen or refrigerator to remove odors and keep the air fresh.

10.

Orange Peel Bath-Moisturizing, adding a small amount of freshly cooked Orange Peel Soup to the skin rejuvenating soup can bring refreshing fragrance, can also reconcile free radicals, help keep the skin moist and soft, especially suitable for dry autumn use.

11.
Orange Peel Drink-Soften blood vessels. Add 30 grams of clean fresh orange peel to 1 liter of water and boil for 15
minutes to make an orange peel drink.

Orange peel drink has a bitter taste, and the orange peel liposomes contained in it can transform blood vessels, reduce blood lipids, and prevent cardiovascular system diseases on a daily basis.
Eating a cup before meals can also increase appetite.

12

Orange Nectar-Cough Drops, Hypnosis Take one tablespoon of orange nectar and stir well with warm water, which can relieve the symptoms of neurological cough. Orange nectar can also hypnotize, improve slight sleep disorders, and add hot milk to bed to achieve the best effect before bedtime.

In addition, the appearance of orange nectar is also helpful for abdominal pain and diarrhea.

13

Orange Blossom Tea-Promote digestion and absorption. Reconstitute orange blossom tea after meals. Golden tea with sweet and sour can promote digestion and absorption.

In addition, orange blossom tea has the effect of relieving tension and anxiety, and is suitable for the replacement of work gaps.

14.

Neroli Essential Oil Massage-Sedative and Relaxing Neroli can stimulate parasympathetic nerves and has a calming and relaxing effect.

Adding 3 drops of neroli essential oil into 50 ml of base oil for replacement and massaging the whole body or directly dropping 3 drops of essential oil into the aromatherapy device can effectively relieve the body and relieve stress.

15
Neroli essential oil perfume-Add the name of fragrant neroli essential oil Neroli comes from the 17th century elegant Italian Queen Neroli. She often rubs neroli essential oil on gloves, clothes and shawls to exert the effect of perfume.

We can put a few drops of orange blossom essential oil on cotton, wrap it with a paper towel and put it in the closet; we can also drop a few drops of orange blossom essential oil into water during laundry; or mix the orange blossom essential oil into a steam iron for ironingUse when clothes.

Put on clothes with the fragrance of orange blossom, and relax physically.

16.

Orange Blossom Essential Oil Spray-Relieves anxiety. Drop 1 drop of orange blossom essential oil into 90ml of pure water and add a sprayer to make orange blossom spray. It can effectively relieve the mood of anxiety, tension, high blood pressure, and it is also very helpful for headaches and dizziness.Is the best partner at work.

The most effective way to practice yoga in winter

The most effective way to practice yoga in winter

Most of the yoga practitioners think that yoga should be sweating. If sweating is not enough, it seems that the amount of exercise is not enough and the effect is relatively poor.

In winter it is a few degrees cold, and sometimes yoga is done. Unless you wear a long-sleeved shirt, it is difficult to sweat a lot.

Therefore, how to prevent everyone from feeling too cold and having the feeling of doing yoga is a challenge for teachers.

Practicing yoga can make a big difference in your physiology.

  What to do when it’s cold?

  Outdoor Yoga Melts Outdoor Yoga in the Green: Feeling the Ultimate Realm of Harmony between Man and Nature, How to Do Outdoor Yoga on a Cold Day?

  One thing is to drink warm water before warming up to make the body temperature rise a little bit. Then whether you warm up or enter the main posture method, you will quickly enter the situation.

It is best to warm up in cold weather by using large movements and repeating the movement of large muscles. For example: performing exercises for training the leg muscles will warm up the body relatively quickly.

Although it is not necessary to sweat to warm up, if you do n’t warm up like a car on the road, you will feel that many actions are hard to do when it is cold.

  Next is the part of asanas. If you want to keep yourself from getting too cold, there are only two methods: breathing and cooperating to do more.

You can use the ujayyi breathing method (inhale to the bottom of the lung cavity, the cross-section extrudes, and hissing), or the abdominal breathing method (inhalation to the abdominal cavity, protruding abdomen).

As long as you focus on the combination of movement and breathing, you will find that too much oxygen will cause us to burn more deviations and will allow us to quickly enter the situation.

  To make yourself more profound means that when you stay in a certain asana, you don’t just stop at the same place, but you must continue to lengthen or reverse to make this asana deeper.

However, during the big rest, please remember to keep warm, otherwise, you may sweat easily when the pores are opened.

  What breathing methods are suitable for breathing exercises in winter?

First, the left and right nostril breathing method and rapid exhalation method are used to enable the body to generate a slight fever, which is colder than the previous practice.

  The right and left breathing method is to use the thumb and ring finger of the right hand to alternately press and place two nostrils.

When exhaling, press your left nostril with your ring finger and inhale with your right nostril.

Both maintain the same posture and inhale through the right nostrils.

When exhaling, change your side, with your thumb passing through your right nostril and release your left nostril.

Maintain the same posture while inhaling.

Exhale while doing.

Take two to nostrils and take one spit in turn. Do this for five to ten minutes.

  Then you can take a quick breath.

After taking a deep breath, insert the ring finger into the left nostril and quickly exhale 20 times from the right nostril.

After exhaling, take a deep breath from the right nostril, change to the right nostril above the thumb, and quickly exhale 20 times from the left.

Finally let go of both nostrils, inhale from both sides at the same time, and quickly exhale 20 times from both nostrils.

After adjusting the breath for a while, do two rounds.

You can practice three rounds at a time.

  With the combination of breathing and asanas, you don’t need to feel pain doing yoga on a cold day.

I know that many people choose to do hot yoga in order to make themselves sweat more quickly, even in the cold weather, but I do n’t recommend this kind of exercise in a hot, dry room with a group of people.Sweat, sucking meager oxygen.

As far as I know, too many people feel unwell during or after practicing, and want to enjoy yoga, it is really necessary to choose a healthier method.