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  • Guoxin Securities (002736) 2019 Interim Report Review: Steady Growth of Brokerage Business Self-operated Elasticity Drives High Performance

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    Guoxin Securities (002736) 2019 Interim Report Review: Steady Growth of Brokerage Business Self-operated Elasticity Drives High Performance

    I. Overview of the Event On August 26, Guosen Securities released its 2019 Interim Report and achieved revenue of 65 in the first half of the year.

    300 million, previously + 61%, net profit attributable to mother 26.

    4 ‰, +124 per year.

    4%, the basic EPS is 0.

    3 yuan / share, expected average ROE is 5.

    2%.

    Second, analyze and judge to grasp the market recovery potential, achieve rapid growth in performance in the first half of the company’s revenue, net profit realized high growth, net profit.

    4 trillion ranks sixth in the industry, maintaining the leading part on the right side of the industry, and the net profit growth rate of the mother is 124.

    4% is better than market expectations.

    Benefiting from the market recovery in the first half of the year, the average daily turnover of the Shanghai and Shenzhen markets reached 5874 million US dollars + 34%, and the Shanghai and Shenzhen 300 increased by 22%. The company’s self-operated income elasticity was maximized and investment income began to increase from the same period last year. 4Increased from US $ 100 million to US $ 1.8 billion, and net income in the second quarter increased by 28% from the previous quarter to continue to maintain a high growth rate, which was the core factor driving the growth of the first half of the year.

    Brokerage + self-employment is a two-wheel drive, which contributes 70% of the revenue. The characteristics of investment transactions highlight the income structure. The company’s self-employment + brokerage business income was dazzling in the first half of the year, with growth rates of 147% and 18%, and the revenue share was 36% And 35%, which together contributed 70% of the revenue, and the elasticity was significantly released under the market warming environment.

    Asset management, investment bank and capital intermediary business incomes appeared in series positions of -9%, -12% and -15%, respectively.

    In terms of self-employment, the investment scale of equity and derivatives in the first half of the year was 134 trillion, accounting for 33% of net capital, and the scale of solid income investment was 732 trillion, accounting for 182% of net capital. The scale was 21 trillion lower than the end of the previous year, an increase of 3.3 billion.yuan.

    In the first half of the year, the scale of equity assets decreased slightly, but self-employment income increased, and investment trading capabilities were outstanding.

    The fixed rate of not more than 15 billion US dollars has been promoted. The company has increased its capital and strived to increase its overall strength. The company’s non-public offering plan is steadily advancing. The proposed capital is not to exceed 15 billion US dollars. The funds are intended to be used to increase its proprietary business, capital intermediation, andDebt repayment and capital increase of subsidiaries.

    It is expected that the company’s capital 武汉夜生活网 strength and capital-based business strength will be significantly enhanced after the completion of the fixed increase.

    At present, the company has sponsored 3 science and technology board companies and 7 queued companies, which are expected to continue to benefit from business growth.

    The brokerage business ranked third in the industry in the first half of the year, and its comprehensive strength is expected to further increase, gradually increasing ROE to 10%.

    Third, investment advice The current brokerage sector is located at PB 1.

    Around 6X, last year’s low-base effect of the securities firm’s performance has continuous certainty, Guoxin Securities currently has a PB of 2.

    1X shows the head premium of broker + investment transaction features, and is expected to be 2 in 2019-2020.

    0X and 1.

    9X, given a recommended rating.

    Fourth, risk warning: self-employment income is less than expected.


  • Yingliu (603308) Company Research: Two-machine blade 100 billion US dollar track has been made in China since then

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    Yingliu (603308) Company Research: Two-machine blade 100 billion US dollar track has been made in China since then

    First, let’s start with a question: Why is Buffett willing to privatize PCC for 37.2 billion US dollars?

    PCC is a global leader in two-machine superalloy blades with an estimated market value of 500 billion.

    The first is: 1) The 100 billion US dollar track constructed by two high-temperature alloy blades.

    Two-machine superalloy blades are the first key piece of aero engine, and the global market size is expected to reach 150 billion US dollars in the next 10 years.

    2) High barrier characteristics of the two-machine blade track: the demand side continues to grow and supplements the supply side with a small number of dispersions, resulting in a steady growth in the profit side.

    High 杭州桑拿网 technical barriers; slow technology changes, and difficult opportunities for cornering overtaking; difficult certification; global two-machine customers attach great importance to the long-term and stability of strategic cooperation with blade qualified suppliers.

    3) The two-machine blade has a good business model.

    Investment casting is essentially a capital-intensive industry, coupled with high technical barriers, resulting in fewer new entrants.

    PCC continued to grow based on the downstream two-machine orders, and achieved good operating stability and sustainability with its monopoly market share, and had good cash flow.

    From 2006 to 2015, PCC’s net profit and operating cash flow CAGR reached 17.

    78% and 24.

    85%.

    Second, why can Yingliu be cut into the 100 billion US dollar track?

    First of all, in order 武汉夜生活网 to change the monopoly situation of a very small number of high-temperature alloy blade suppliers for a long time, major international two-machine manufacturers such as GE have actively cultivated and released new qualified suppliers to enrich the supplier system and enhance the security of the supply chain.

    We believe that Yingliu is one of the few companies in the world where the “technology, equipment, quality and scale” of the two-machine precision casting field meet the strict requirements of companies such as GE, and has mature overseas customers in the fields of construction machineryStrategic Supply Experience.

    At present, the company’s two models of two-machine high-temperature alloy blades have passed inspections by domestic and international manufacturers, and it is a fact that they have entered the international two-machine customer supplier system.

    Third, in benchmarking against PCC, we believe that Yingliu has successfully entered the global two-machine giant supply system. The order and revenue of two-machine products are expected to continue to rise, and its profitability will also be significantly improved in the future.

    The first is: 1) Global scale: Yingliu has entered the global two-machine blade this annual track of 15 billion U.S. dollars, and has successfully cut into the global two-machine giant supplier system. In the future, orders will continue to rise in revenue scale.It is a natural reflection of many core competitiveness such as the company’s asset scale, technical strength, and customer experience.

    2) Domestic size: Two-machine high-temperature alloy blades are among the “two-machine special” breakthroughs and “neck neck” technology breakthroughs to achieve independent and controllable key breakthrough directions.

    The company undertakes the research and production tasks of two major special projects and key models of the state, and develops and produces high-temperature alloy blades and other products for China Aviation Development and China Reignite Development, which will directly benefit from the increase in the volume of military aviation engines and gas turbines.

    3) Future development: adhere to the development strategy of “industry chain extension, value chain extension”.

    The initial development of the industrial chain (to the parent alloy material end and the finished product end) and the increase in the value of the single-piece blade product will bring momentum to the company’s future development.

    In addition, there are reserve projects for small turbo engines and helicopters.

    We expect net profit for 2019/2020/2021 to be 1.

    34/2.

    14/3.

    04 ppm, corresponding to the current estimates of 58X, 36X, 25X, with a “Buy” rating.

    Risk Warning: The orders for the blades of the two machines are lower than expected; the development of the traditional casting business exceeds expectations; the assumptions of the market size calculation of the two-machine superalloy blades may deviate from the actual situation.


  • Fund grabbing layout ETF: South, Yi Fangda strong Hengqiang rich country made explosive models

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    Fund grabbing layout ETF: South, Yi Fangda strong Hengqiang rich country made explosive models

    Original title: Public fundraising for the south of the ETF, E Fund’s strongest Hengqiang rich country China Securities military leading ETF “explosive money” Chinatime (Chinatime).

    net.

    (cn) Reporter Di Lingyue reported in Shenzhen that Hengqiang, the strong.

      Recently, the A-share market is generally improving, and the issuance of new products by various fund companies is accelerating at the same time. ETFs have become the most popular products, especially the industry-themed ETFs in subdivided fields.

    According to statistics, as of September 11, a total of 108 new ETFs from 30 fund companies have been issued since 2019, which has exceeded the total number of gradually in 2018.Among them, the rich country CSI military leader ETF has become the largest “explosion fund”The establishment scale reaches 72.

    02 billion.

    In the stock market, the size of China Southern Securities 500 ETF and E Fund GEM ETF continued to increase.

      However, through the hot issue of ETF products, some fund companies can only cast their envious eyes.

    “The ETF’s management fee rate is low, but the ETF’s system is expensive, with millions of units, plus daily management, which is also very difficult for our small company.

    “An insider of a fund company interviewed by a reporter from China Times said.

      The unprecedented number of ETFs issued has exceeded the total in 2018. ETFs have become one of the most popular fund products.

      According to Choice, as of September 11, a total of 109 ETFs have been issued by 30 fund companies since 2019.

    8.6 billion copies, although the number has exceeded the total in 2018, but the starting size is 1095 in 2018.

    7.1 billion copies still narrow the gap.

      Among them, China Fund, E Fund’s layout in the ETF is the most active. As of September 11, a number of companies have issued 13 ETFs in 2019, ranking first in number, Huitianfu ranked third with 9 ETFs, and Cathay PacificThe ETFs issued by the fund, Wells Fargo Fund, ICBC Credit Suisse, and GF Fund are all above 5.

      From the perspective of a single fund, three ETFs with an initial fundraising size of more than US $ 5 billion appeared in the ETFs established in 2019, including the rich country CSI leading military ETF, the ICBC Credit Suisse CSI 300 ETF and the Tim Fu Securities CSIETF.
      Wells Fargo CSI Leading ETF was established on July 23, 2019, with a scale of 72.

    US $ 0.2 billion, currently the largest stock-based ETF established during the year.

    It is understood that the fund selects alternative companies from the military business and military-civilian integration business, reflecting the overall performance 深圳spa会所 of the military theme in A shares.

    The announcement showed that as of August 19, 2019, the fund’s institutional investors held 52.

    6.2 billion copies, accounting for 73 of the volume.

    06%, held by individual investors 19.

    400 million yuan, accounting for 26.

    94%, in addition to the new ETF’s strong ability to absorb gold, the size of its existing products continues to rise, and the strongest is Hengqiang.

    Multiplying the latest fund shares on September 11, 2019 by the unit’s net asset value on the day, Nanfang, E Fund, and Cathay Funds have increased their stock ETFs by more than 10 billion since 2019.

      Among them, the South Fund to 176.

    5.2 billion yuan ranked first, the main force of its scale growth is its affiliated CSI 500 ETF, the latest size of the product reached 479.

    3.5 billion yuan.

    E Fund and Cathay Capital also increased their stock ETFs by 121 this year.

    6.8 billion and 104.

    At $ 3.8 billion, several companies’ own wide-base ETFs continue to exert their strength.

      It is worth mentioning that as of September 11th, the scale of the GEM ETF, the largest GEM ETF in the market, has reached 220.

    6.3 billion yuan.

    It is understood that the underlying index tracked by the fund is the ChiNext Index, which is composed of 100 stocks with a large market capitalization, good liquidity and variable in the Shenzhen ChiNext, which comprehensively reflects the overall status of the most influential leading companies in the ChiNext, Which reflects the characteristics of high performance growth and the concentration of the new industry’s GEM.

      The public fundraising industry theme ETF ETF suddenly turned into “Xiangxiang”, what exactly is it?

      ETF itself is an open-end fund, and at the same time has the function of trading like stocks in the secondary market.

    Because the investment target of an ETF is generally an index, most ETFs are index funds.

    Index funds are recognized and used by more and more investors because of their advantages such as low ownership rates, openness and transparency, diversified risks, and keeping up with index trends.  Compared to ordinary index funds, ETFs are more competitive in these areas.

    From the perspective of fees, the current management fee range of index funds is 1% -0.

    6%, average 0.

    95%, while the maximum management fee rate for ETFs is zero.

    5% -0.

    15%, average 0.

    From the perspective of openness and transparency, the ETF will disclose the list of purchases and redemptions daily, the frequency of information disclosure is higher, and the content is richer and more perfect; ordinary index funds need to retain at least 5% of cash, and ETFs are exempt.Therefore, ETF can closely track the trend of the index with higher positions, and the tracking error and deviation are smaller.

      In addition, a person from a large fund company that is preparing ETF application materials recently told the China Times reporter that the domestic capital market is aligning with mature foreign markets.

    In the United States, ETFs have developed rapidly, with nearly a thousand products.

    Huang Ruiqing, general manager of the Boshi Fund Index and Quantitative Investment Department, told a reporter from China Times that from the perspective of investors, the understanding of ETFs can be changed from a fund to a type of asset. The logic of certain asset investments is clear and highly liquid.
      ETFs have obvious advantages, but for fund companies, they are only “games” that big companies can afford.

    According to Choice, as of September 11, 2019, there were a total of 141 public funds in the market, and only 33 were affiliated with ETF products, accounting for less than 30% of the total.

      ”The ETF’s management fee rate is low, but the ETF’s system is expensive, with millions of units, plus daily management, which is also very difficult for our small company.

    “An insider of a fund company interviewed by a reporter from China Times said.
    Even a large public fund person teased that I don’t know if ETF will make our company profit, but the company that sells the system must be very profitable, and the ETF system used by domestic fund companies comes from the same company.

      In fact, ETFs also have a pre-emptive nature.

    Because of the high homogeneity, the products that were first issued generally took the lead in occupying most of the world’s market share. The South China Southern Securities 500ETF, Huaxia Shanghai 50ETF, E Fund GEM ETF, and Huaxia Shanghai and Shenzhen 300ETF are the strongest in the industryGold sucker.

      Therefore, the theme ETFs of various industries have become the current direction of public funds, such as MSCI China ETF, Guangdong-Hong Kong-Macao Greater Bay Area ETF, Hong Kong Stock Connect 100 ETF, state-owned enterprise ETF and so on.

      In a market full of competition, Huang Ruiqing believes that if there is a competitive game or leading and lagging behind, it is better to realize that the overall cake of the ETF is relatively small, full coverage of products, diversity and specialization are in the initial stage. The ecology of the ETFThe circle needs everyone to build together.

    In essence, everyone is still planning and developing wasteland, and actively develop ETF participants, from domestic to overseas, from financial enterprises to physical enterprises, from institutions to individuals, from short-term traders to long-term allocators.

      Editor: Liu Chunyan Editor: Chen Feng


  • Jianghai Co., Ltd. (002484): The leader of persistent capacitors ushers in the harvest period

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    Jianghai Co., Ltd. (002484): The leader of persistent capacitors ushers in the harvest period

    Haina Baichuan’s capacitor leader is advancing to the high-end market, covering the first time with a buy-in level. Jianghai was established in 1958. In the course of more than 60 years of development, the company has repeatedly cooperated with domestic and overseas enterprises and capital to improve technology and occupy the high-endmarket.

    At present, Jianghai’s capacitor product line mainly includes three categories: aluminum electrolysis, film capacitors, and super capacitors. It is one of the few companies in the world that conducts research, development, manufacturing and sales of three types of capacitors at the same time.

    Completely, based on the original intention of “good materials are good capacitors”, the company has extended the main materials of aluminum electrolytic capacitors such as formed foils and corroded foils. The 18-year self-sufficiency rate is close to 70%.

    We are optimistic about the improvement of the company’s aluminum electrolytic capacitor product profitability and market prospects for miniaturization, thin film, and super capacitors. It is expected that the company’s EPS in 19-21 will be 0.

    38/0.

    50/0.

    62 yuan, target price 7.

    64-8.

    79 yuan, the first coverage given a buy rating.

      R & D promoted optimization of product structure and improved profitability. The gross profit margin increased for the sixth consecutive quarter to promote the technological upgrade of traditional aluminum electrolytic capacitors and the development of new products such as film capacitors, super capacitors, and solid capacitors.It increased rapidly in 13-15 years, and still accounted for more than 5% in 18 years. The company’s R & D personnel increased by 154 in 18 years, which increased by 42.

    54%.

    Based on the company’s product structure upgrade, optimization, and successful development of new products, Jianghai’s ROE level has been 5 in 16 years.

    01% rebounded to 7 in 18 years.

    5%, quarterly gross margin level from 杭州夜网 22 in 17Q4.
    .

    06% steadily increased to 29 in 19Q1.

    27%, 6 consecutive quarters of increase, a new high since listing.

      Teamed up with the United States KEMET coded film capacitors, focusing on the new energy automotive market. Jianghai began to lay out film capacitors in 11 years. In 16 years, the company’s film capacitor project was replaced by the acquisition of Suzhou Youpu.

    In 18 years, Jianghai and KEMET of the United States jointly established “Nantong Haimei Electronics”, which began to produce diode electrolytic and electric vehicle / hybrid automobile film DC brick capacitors, and sold them through the sales channels of Kemei Electronics and Jianghai.

    We believe that having KEMET’s good reputation in the industry can reduce the defects of Jianghai’s entry into the field of automotive film capacitors. According to the analysis and feedback, Jianghai’s film capacitors have replaced large-scale new energy vehicles and charging piles on a large scale.

      The inflection point of the company’s supercapacitor business has been reached. Cooperating with Yingcai to increase resources to supplement the company’s supercapacity business began in 13 years. It initially acquired the supercapacity research and development institution of Japan’s ACT, and then introduced full-time technical expert Yang Endong in 14 years.One of the technicians in the capacitor field, Yang Endong has obtained a series of important technical achievements in the field of new energy such as supercapacitors. He has 32 invention patents and has reached the international advanced technology level.

    Jianghai currently has a complete production line for EDLC and LIC supercapacitors, among which LIC supercapacitors have reached the international advanced level.

      According to the survey feedback, the company ‘s supercapacity business ‘s July revenue has exceeded 10 million yuan, achieving single-month profit. The turning point has now been reached. This year, it will accelerate the promotion of investment projects for 16 years.

      It is estimated that the leading domestic capacitor brands have significant advantages. For the first time, they have a buy rating. We estimate Jianghai’s revenue in 19-21 to be 23.

    4/29.

    54/35.

    120,000 yuan, corresponding to the mother’s net profit is 3.

    11/4.

    08/5.

    08 thousand yuan.

    Reference comparable companies averaged 23 in 19 years.

    54 times PE estimate. Considering the company’s new product development, there is uncertainty in production. We give the company 20-23 times PE estimates for 19 years, with a target price of 7.

    64-8.

    79 yuan, the first coverage given a buy rating.

      Risk warning: The performance of the macroeconomic downturn is lower than expected risks; the progress of new product development and promotion is lower than expected risks; and the intensified competition in the industry has increased the risks.


  • Jinke Co., Ltd. (000656): Sales and settlement achieve faster growth and intensify land acquisition in low-energy cities

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    Jinke Co., Ltd. (000656): Sales and settlement achieve faster growth and intensify land acquisition in low-energy cities
    The company achieved operating income of 268 in the first three quarters.9 trillion, an increase of 49% in ten years; net 南京夜生活网 profit attributable to mothers21.9 ‰, an increase of 131% in ten years; EPS is 0.74 yuan. Acceleration of carry-over led to high growth in sales, and sales performance remained dazzling: in the first three quarters, revenue reached 43.2 billion U.S. dollars, an increase of 61% per year, and the carry-over area increased to a high increase in settlement income; net profit attributable to mothers was increased by 40%, extending 82%The growth rate of net profit was higher than the revenue derived from the gross profit margin of the first three quarters increased to 30 compared with the same period.1%, while the net profit margin increased to 10.8%. Company sales management expense ratio 3.1%, maintained at the same level last year.The sales volume in the first three quarters was 125.5 billion yuan, an increase of more than 45%,青岛夜网 and 83% of the 150 billion sales target for this year have been completed.7%; completed sales area of 12.48 million square meters, an increase of 29% throughout the year.In the first three quarters, the average sales price was 10056 yuan / square meter, an increase of 12% over the first time, breaking the 10,000 yuan mark for the first time, and the development business was achieving leapfrog development. Investment strength was maintained, and low-energy cities were rich in reserves: from January to September, a total of 140 new projects were obtained, and the equity acquisition amount was 399.800 million U.S. dollars, 24.46 million countries were newly built, and the new area increased by 38% annually. The land acquisition amount accounted for 49% of the sales amount, and the investment rhythm was steadily promoted.In terms of energy level structure, the company’s share of equity acquisition in strong third-tier cities continues to rise. 66% of the equity acquisition in the first three quarters was in third-tier cities, while second-tier cities accounted for only 31%.In terms of land acquisition costs, the cost of the first three quarters was replaced by 3,430 yuan / level in the same period instead of 2,509 yuan / level, and the proportion of new land equity continued to drop to 66%.In the report strategy, the company planned to allocate Xingkun real estate, and completed the parity acquisition of the equity of eight project companies affiliated to Xincheng in August. It is expected to add 204 new capacity plans.80,000, the soil reserves have been further thickened. Increase caused by the combination of net debt ratio and short-term debt pressure: Due to the increase in land acquisition expenses, operating cash flow was re-converted to negative, short-term debt pressure and net debt ratio were 93.8% and 144.3%, an increase of 7 from the beginning of the year.3pct and 0.8 points.In terms of financing, the company is planning to issue a new phase of corporate bonds with a total size of US $ 5 billion, and has received feedback from the Shanghai Stock Exchange.At present, China Chengxin Evaluation still maintains the company’s main credit rating of AAA, and the joint credit rating and Dagong rating also maintain the company’s AA + rating, and the main credit remains stable. Investment rating and risk reminder: The company’s high-growth merger with high dividends attributes highlights its allocation value.It is expected that the EPS for 2019-2020 will be 1.01 yuan, 1.32 yuan, corresponding to PE is 6.8 times, 5.2 times, give “Buy” rating.Consideration should be given to the risks of excessive concentration in the single market business, continuous improvement in the real estate industry, and poor performance in carrying forward expectations. Risk reminder: The company’s single region has a relatively high saleable value, and there is a risk of excessive concentration of business in a single market; there are uncertainties in industry restrictions, and the company’s business may be adversely affected by the general environment; there is uncertainty in the progress of development business developmentThe carry-over of results may also fall short of expectations.


  • Changan Automobile (000625): The 4th quarter is expected to turn around and the upward cycle has just begun

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    Changan Automobile (000625): The 4th quarter is expected to turn around and the upward cycle has just begun
    Earnings are forecast to decline by 452 in 2019.6-526.0% Changan Automobile released a performance forecast, and the company expects that the net return to mothers in 2019 will be reduced to US $ 2.4-2.9 billion, to -452.6-526.0%.The self-owned brand’s profit was released, and its performance slightly exceeded market expectations.  Attention points The release of self-owned brand profits led to the expected turnaround in the fourth quarter.The net profit attributable to the mother in the fourth quarter was -2.400 million to +2.600 million, a significant improvement from the previous quarter.Taking into account the Changan PSA’s financial disclosure of the asset disclosure loss of 8 was disclosed.500 million US dollars, we expect the accounting summary in the fourth quarter, if other investment losses remain flat, then gradually the independent brand profit will be about 9 megabytes, mainly due to the PLUS models driven by the profit release, of which CS75 PLUS cumulative sales of 70,000 vehicles,Gradually reduce the net profit of bicycles by more than 10,000 yuan.  Both Autonomous and Ford may exceed expectations, and the up cycle has just begun.The resumption of the last round of the upward cycle of Changan (2013-2015) was mainly due to the Ford product cycle driving the company’s profit from 1.5 billion in 2012 to 7.6 billion US dollars in 2014. More upwards began in 2013, and the acceleration was in 2014.From the realization of sales to the realization of profits, we believe that this round of the upward cycle has just begun.In the near future, we suggest paying attention to two possibilities that are beyond expectations: 1) Changan Autonomous New Series: On January 10, Changan Automobile officially released the appearance of the UNI-T, the first model of the new series of independent ownership brand UNI., Size between CS55-CS75, is a compact SUV positioning model.By 2022, the company plans to sell 1.2 million units of its own V-brands, including 800,000 units in the old series and 400,000 units in the new series. Therefore, we expect that the new series model will be launched intensively in the past two years, and currently aim at the new series.The market contribution of profit is expected to be inadequate.  2) Changan Ford: Under the current profit forecast, our expectations for Changan Ford are still conservative. It 南京桑拿网 is estimated that Lincoln will contribute 50,000 sales in 2020, and Changan Ford will reduce its overall loss to a basic breakeven.However, judging from the pricing and terminal feedback of the recently launched Ruijie and Lincoln adventurers, the two models are more cost-effective, and the performance of terminal orders has improved. There is a possibility that sales performance will exceed expectations, or it will drive Changan Ford’s earnings to increase.  It is estimated and suggested that Changan A / B merger corresponds to 1 in 2020.0 times / 0.4x P / B. The profit extension effect indicator was extended last year. We are optimistic about the upward cycle driven by this round of independent brands.We slightly raised the profit of independent brands, correspondingly raised the profit forecast for 2019 by 12% to -26 trillion, keeping the profit forecast for 2020/2021 unchanged.Maintain Changan A / B outperform the industry rating and maintain Changan A / B for 12 yuan / 7.8 Hong Kong dollars (1 in 2020.2 times / 0.7x P / B), which has 22% / 69% upside compared to the previous merger.  The new risk automatic model performed better than expected; Changan Ford sales continued to decline.


  • Pay attention to health and allergy in spring

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    Pay attention to health and allergy in spring

    Spring is blooming, people take off the thick winter clothes and feel refreshed.

    What’s disturbing is that allergies have quietly followed, which is amazingly restless.

    I would like to remind friends with allergies to pay special attention to strengthening “protection” and keep allergies away from you.

      In nature, pollen is one of the main allergens. Whenever the spring season blooms, it is easy to cause pollen allergies. Most of them are seed trees. Most of them are cineraria, castor, ground, and sycamore. These plants have large amounts of pollen.Small, high in the air, more easily spread on windy days, so pollen allergies are more common in spring outings.

    After being breathed in by people, the oily and polysaccharide substances contained in pollen can be digested by the secretions of the nasal mucosa, and then release more than a dozen antibodies. If this antibody meets the invading flower and accumulates in large quantities, it will cause allergies.
      Research by Japanese scholar Hiroichiro Fujita found that the number of people with hay fever in Japan has increased more than 10 times in the past 20 years.

    After scientific research, they believe that with the improvement of living standards, people are engaged in more high-protein, high-transfer diets such as eggs and meat products. As a result, the body’s ability to produce antibodies is increased, which makes it easier to encounter antigens such as pollen.An allergic reaction occurred.

    At the same time, air pollution, water pollution, and the large-scale application of food additives have led to human exposure to more antigenic substances and human allergic diseases.

      How to prevent pollen allergy?

    Try to eat less high-protein, high-conversion diets, and less refined foods.

    For people with a history of allergies, try to go to the areas where the flowers and trees are lush, and don’t just smell the flowers and plants; bring desensitization drugs such as diphenhydramine, zismin and so on.When you are short of breath, you should leave this place quickly. If the symptoms are mild, you can take asthma or chlorpheniramine by mouth.

    Once clinical symptoms appear, you should go to the hospital for treatment.


  • Great cold to drink spleen

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    Great cold to drink spleen

    A year will soon pass, and the Great Cold is the last of the 24 solar terms and the coldest period of the year.

    The cold climate is dry, the metabolism of the human body is slowed down, and it is easy to have dry skin, colds, and anger.

    Chinese medicine believes that diet is a moment of great cold health. You can use the diet to relieve some of the coldness of the cold. Here we introduce three soups that are suitable for nourishing the spleen and moisturizing in the cold: Lianbaizhi soup.Gan Xingping has the effects of nourishing the lungs and relieving cough, soothing and calming the mind; lotus root is sweet, having the effects of nourishing the lungs and nourishing yin, strengthening the spleen and nourishing qi.

    Sour taste is sour and cool, which can nourish the lungs and relieve thirst.

    This soup can nourish yin and nourish qi, clear heat and quench thirst.

    Other soups stewed with lotus root as the main ingredient are also good for autumn health, such as lotus root pork rib soup, which is simple and nourishing the spleen and lungs.

      Yam pork belly soup is sweet and warm. It can make up for deficiencies and stop leaks.

    Yam is sweet, flat, enters the lungs, and is dry and dry.

    This yam pork belly soup is very suitable for people with weak spleen and stomach.

      In addition to yam pork belly soup, other foods stewed with yam are also good for winter, because yam is a white food, and white food is moisturizing autumn, such as yam barley porridge, sugar cane yam porridge, etc., are all health food in winter.

      Sea cucumber and ginseng soup sea cucumber is flat, salty, can nourish yin and kidney, and intestinal moisturize; wolfberry is sweet, Weiping, has nourishing liver and kidney, beneficial effect of savvy, beneficial blood deficiency; American ginseng taste sweet, slightly bitter, sexualCool, with Yifeiyin, Qingxu fire, Shengjinzhike effect.

    This soup avoids hot and dry cough, thirst and fatigue, such as lung and kidney yin deficiency.

      The above are the three soups that Xiaobian introduces to you that are suitable for eating in Dahan. Dahan is the coldest time of the year. While we pay attention to diet, we also need to take appropriate physical exercise to ensure adequate sleep.


  • Wild vegetables are not wild: how to eat wild vegetables and four items of attention

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    Wild vegetables are not wild: how to eat wild vegetables and four items of attention

    The memory of wild vegetables is when I was in elementary school, when I often remembered the hardships, and invited the old revolution or the bitter hatred of the poor farmers to tell us that in the old evil society, the working people ca n’t eat enough and wear warm, Living a bitter life of eating bran bran, .

    At that time, bran was so bad.

    But now, eating pharynge has become a healthy fashion!

    People are tired of eating big fish and meat, and their health consciousness has increased, so they started eating wild vegetables.

    The amaranth, bitter, gray lettuce, Houttuynia cordata, long elm money, elm leaves, and willow buds that have grown on the ground were once served in Chinese dishes.

      There are many types of wild vegetables. Wild vegetables that people often eat include: amaranth, broom seedlings, bitter vegetables, purslane, gray ash, wild amaranth, houttuynia, fern, etc. There are also characteristic wild vegetables in various places.

    In the past, wild vegetables were wild, so you don’t need to plant them, you just pick them.

    Nowadays, the need for consumption is artificially cultivated, and the greenhouses are increasingly staggered, and wild vegetables are no longer wild, and the taste is reduced.

      Tachun picking vegetables and killing two birds with one stone in the past The construction of the town was not like the pancake style now, go out the door, across the road are the fields and wheat fields; the air is good, do n’t worry about PM exceeding the standard, breathe freely, and occasionally pass a car, butSuck at the smell of gasoline.

    Spring is here and the sun is shining. Take a small basket and a small shovel or use your bare hands to walk into the fields, wheat fields, breathing the earthy air, enjoying the sun bathing and nature’s selfless dedication.

    There are a lot of amaranths in the corn field, and you can pick a lot while you identify and pick them.

    Picking wild vegetables in the wild can be said to have many health benefits: exercise.

    Picking wild vegetables requires constant walking and searching, and the amount of activity increases unknowingly.

      Breathing fresh air.

      Feel comfortable.

    Under the sun, the green, vast fields, no matter how much stress and depression, can return to peace and tranquility.

      Wild vegetable nutrition According to the traditional medical records of the motherland, many wild vegetables have the effect of preventing and curing diseases. I don’t understand this, and I dare not talk about it.

    According to modern nutrition knowledge, wild vegetables should be classified as vegetables, and their nutritional composition is similar to ordinary vegetables.

    There are several characteristics: it contains more water, with 65% -95% water.

      Green-colored wild vegetables are rich in carotene, vitamin C, and riboflavin.

      Minerals such as calcium, potassium, and magnesium are also high in content.

      Precipitated fibers are abundant, which can promote gastrointestinal motility and reduce constipation.

      Boron-containing phytochemicals.

      How to eat wild vegetables: amaranth, bitter vegetables, etc. After washing, cool and look cool and eat cool.

      Making stuffing: such as amaranth, you can mix it with meat filling to make ravioli, dumpling stuffing, bite into the mouth, full of fragrance, mouth full of wonderful taste.

      Steam: Broom seedlings, elm money, mix with dry flour after washing, steam in the pan for a few minutes, and eat with garlic juice.

      Others: make soup, add wild vegetables when cooking noodles, add color and flavor.

      Four notes to eat wild vegetables: 1. Do n’t pick if you do n’t know, do n’t eat.

    Some edible wild plants are cute, but not necessarily edible.

    Be careful when picking wild vegetables, do n’t pick if you do n’t know, do n’t eat.

      2. Do not pick wild vegetables by the road.

    Wild vegetables growing on the roadside are susceptible to contamination. Do not pick wild vegetables on the roadside.

      3, do a good job of pre-treatment.

    Some wild vegetables are slightly poisonous and need to be boiled and soaked before being detoxified. They must be handled carefully before eating.

      4, should not eat more.

    After all, wild vegetables are wild vegetables, and there is no reason why they have not become “home-cooked dishes”. This is the experience of our ancestors in their own hands. Therefore, early adopters and occasionally improving and improving the taste are okay. It is not appropriate to eat every day and eat a lot.

    Eating wild vegetables was originally intended to promote health, and if the mild effects of eating them would be counterproductive.


  • How to identify expired tonics

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    How to identify expired tonics

    If the nourishing medicines in the home have been stored for many years, and the expiration date and expiration date are not specified, can they still be taken?

    According to the experience of veteran medicine workers, the methods of seeing, touching by hand, smelling by nose, and taste by mouth are generally used for discrimination.

    If mildew, pests, etc. have occurred, do not take it again to avoid causing toxic side effects.

      Tonics can be divided into two categories: medicinal materials and proprietary Chinese medicines: tonics: such as ginseng (including wild ginseng, American ginseng, raw sun ginseng, etc.).Can also be taken.

    If it has been mildewed or severely moth-eaten, do not reuse it.

    If the maggots are not serious, just cover the surface, just remove the worm meal and worm eggs, and you can still take them. If most of them have been emptied, they should be discarded.

    In addition, velvet antler, cordyceps, and clam oil are not suitable for long-term storage, if the surface appears dark brown (commonly known as “oil”), and the broken surface is dark brown, or has a odor.

      Proprietary Chinese medicine supplements: You can observe the quality according to the dosage form.

      1.

    Pills: such as Quanlu Pill, Shiquan Dabu Pill, Shenrong Pill, Dabuyin Pill, etc., many types of honey pills, the surface of which is both dense and moist, and has a strong medicinal fragrance.

    After long-term storage, if the appearance of the pill appears to be severely shrunk, or there are gray-green or off-white mold spots, it indicates that it has deteriorated and cannot be reused.

    If it is found that it has worms, is sticky, and has an acidic odor, it also indicates that it has deteriorated and can no longer be used.

      2.Capsules: such as Turtle Pills, ginseng capsules, etc.

    Generally no problem can be seen from the exterior, and the powder should be disassembled to observe whether the powder is normal or not.

    If it has absorbed moisture and adhered to a mass, or has coagulated into a solid, or has become moldy, it means that it has deteriorated and cannot be reused.

      3.Granules: These supplements include Shenqijing, North Quantum Crystal, Eucommia Granules, Pearl Tremella Crystal and so on.

    Do not take if it is hygroscopic and moldy, or has coagulated.

      4.Ointment: such as Shiquan Dabu cream, Shenba cream, Shenlu cream.

    They should be smooth and oily.

    After long-term storage, sugar crystals will precipitate. This is because the water is excessively evaporated. As long as it is boiled under water and melted, it will gradually disintegrate and be absorbed.

    If the cream has white or black-green hairy mold plaques, or there is tumbling fermentation, and it has a rancid smell, it means that it has deteriorated and should not be used again.

      5.Tablets: such as Qingchunbao tablets, traditional Chinese medicine health ginseng antler tablets, Shouwu tablets and so on.

    If it has been discolored after long-term storage, lobes, loose pieces, or adhesions, mold, and moth have occurred, they should not be taken again.

      6.Syrups: such as king jelly honey, ginseng tremella syrup, etc.

    If flocculent, lumpy precipitates have been produced in the liquid, or even fermentation, tumbling, etc., do not take it again.

      7.Tonic: such as ginseng wine, Shiquan tonic, Longfeng wine, etc., after a long storage, if there is a large amount of precipitation or rancidity, it should not be ruled out.

      8.Oral agents: such as Astragalus Shengmai drink, ginseng royal jelly, ginseng toad extract, and also decoction.

    After a long period of storage, if you have a lumpy precipitate, or if it is moldy, fermented, or has a halal flavor, it should not be taken again.