Can the medical stocks redeem the medical funds or get on the train if the epidemic improves?Big coffee sees like this

Can the medical stocks redeem the medical funds or get on the train if the epidemic improves?Big coffee sees like this
Against the background of the epidemic, the biomedical sector rose significantly, and the medical themed fund “explosion” was popular among investors.However, the epidemic situation gradually improved and the pharmaceutical sector was segmented. Will the “bull market” of pharmaceutical stocks end after the epidemic?Is the current medical sector estimated too high?How will this epidemic change the investment logic of the medical sector?Sauna Night Network interviewed Fang Yuhan, a manager of Shanghai Investment Morgan Medical and Health Fund, Li Jiacun, a stock fund manager of China Merchants Medical and Health Industry, and Jiang Xiurei, a manager of Rongtong Healthcare Fund, to discuss the above issues.Sauna Night Net: Is the current level of the medical sector estimated too high?Has there been any internal sector differentiation?Fang Yuhan: As of the end of February, statistics show that the current medical industry estimates are still the average estimates of the past decade.Although some companies have achieved the expected growth rate recently, they can still find many opportunities to create Alpha through in-depth research in the industry and active stock selection.In the medium and long term, the medical and medical fund should be a powerful tool for investors to seize the market’s average return on investment.We are very optimistic about the investment opportunities in the medical and medical industry.These opportunities are mainly concentrated in aging, innovation, and some extensive medical consumer demand.Li Jiacun: The epidemic has brought uncertainty to the growth of the Chinese economy and even the global economy. The certainty of the growth of the pharmaceutical sector is particularly rare. At the same time, the concept of stocks chasing the epidemic has also exacerbated the periodic surge of pharmaceutical stocks.Jiang Xiulei: At present, the medical sector is estimated to be reasonable.From the perspective of enterprise fundamentals and estimated performance, different companies in the industry have experienced unprecedented performance differentiation-the growth rate of performance in the “policy haven” segment represented by innovative drugs, CXO, and medical services is between 30% and 50%.However, it is estimated that the differentiation is more obvious. The size and quality of medical service companies can reach more than 70 times, while Chinese medicine and commercial companies generally transform 10-20 times.Sauna Nightnet: How should long-term / short-term investment in the medical field be focused?What are the characteristics of high-quality standard?Fang Yuhan: In 2020, in the direction of investment in the pharmaceutical sector, we are more inclined to the two directions related to the epidemic or estimated to be mistakenly killed by the epidemic.In the former, we will focus on the medical equipment, inspection, vaccines and other sectors. In addition, we will focus on the areas of R & D coverage and APIs.In the short term, medical equipment, medical devices, testing and other fields are expected to benefit directly.In the medium to long term, the main benefit is in areas involving the development of innovative drugs such as virus-related vaccines.We are more optimistic about the medical industry this year, and we will focus on two directions: 1.More emphasis on medical equipment, testing, vaccines and innovative medicines and other directly related fields; 2.In the R & D field, the API sector and other directions that are less relevant to the event, we maintain strategic optimism, but it is crucial to wait for a good price.Better investment opportunities mainly come from excellent tracks and related generally accepted estimates.Jiang Xiulei: We consider the structural investment opportunities of the sector from the perspectives of medium- and long-term industrial trends and the prosperity of subdivided industries.Innovative medicines, innovative medicine R & D and production industries, innovative medical devices, vaccines, high-end biopharmaceuticals, high-quality pharmaceutical chains, etc. are expected to maintain a high prosperity in the medium and long term, and are less affected by policy.With well-growth companies, we expect to outperform the industry in the medium to long term.The characteristics of the high-quality standard are that the industry is located in a large track space, and the industry growth rate is higher than the overall average growth rate of the pharmaceutical industry. The industry logic is clear. It can be seen in the next 3-5 years and is less interfered by pharmaceutical policies.The high-quality target has obvious advantages in the industry where it is located, only the core competitiveness, the enterprise’s strategy is clear, and the execution is strong.Li Jiacun: At present, the optimistic subdivision areas mainly include the following aspects.The first is the innovative medicine industry chain. The profit model of medicines has fundamentally changed. In the past, generic medicines had a high gross profit. However, the changes in the adoption of pharmaceutical policies and changes in business models will continue to increase the prosperity of innovative medicines.After innovative drug companies have developed new drugs, they basically pay for them at their own expense, and even reduce the price to replace the medical insurance catalog.The second is blood products. The forthcoming new coronary pneumonia epidemic has greatly increased the demand for Jing C. It has played an active role in the treatment of severe diseases. Manufacturers ‘inventories generally declined rapidly, and short-term performance is expected to increase significantly.In the medium and long term, this epidemic has carried out event marketing on Jing polypropylene fiber, which has promoted clinical cognition and is conducive to driving subsequent growth.The third is pharmacies. “Segregation of medicines” is the general trend. In the future, prescription drugs will gradually flow from hospitals to pharmacies. At present, the concentration of the domestic pharmacy market is reduced. The concentration of the top six domestic pharmacies is only 20%, while the top three retail chain pharmacies in Japan and the United StatesThe total concentration reaches 50% and more than 80%.At present, pharmacies still have a markup rate of no more than 15%.The fourth is medical services. After the establishment of the new medical insurance bureau, it will continue to reduce the proportion of drugs and increase the proportion of medical services. Structurally, the medical services industry will benefit.Fifth, some medical devices have the attributes of consumer products, and they are not affected by the simultaneous price reduction.Sauna Nightnet: After experiencing the epidemic situation gradually improving, the pharmaceutical sector is segmented. Does this mean that after the epidemic, the “bull market” of pharmaceutical stocks will soon be terminated? Should investors redeem, or should they choose to “get on the bus”?Li Jia deposits: The epidemic situation gradually improves, and sometimes the pharmaceutical sector may be a good opportunity to get on the train. The reason is that the long-term growth logic of the pharmaceutical sector is still there. After the epidemic, the country will likely increase medical and health expenditures.Good in the medium and long term.In the face of the pharmaceutical sector, at least, many investors consider whether they need to redeem funds.For investors, the relevant funds in the pharmaceutical sector are usually medium or high-risk products. If investors’ risk appetite and investment goals match the investment products, when the pharmaceutical sector improves with the epidemic, such investors may consider buying opportunitiesInto.Fang Yuhan: In the long run, the epidemic situation has changed, and the long-term development trend of the pharmaceutical industry.From the experience of SARS, the trend of changing epidemic diseases is clear, and certain economic activities will return to normal.We believe that after short-term adjustments, the capital market will have an excellent window for mid- to long-term allocation.After the market panics about the epidemic and shows an irrational decline, the excellent companies that were killed by mistake may provide excellent returns in the medium and long term.Sauna Night Net: Will the epidemic bring some investment opportunities to themed medical funds?Fang Yuhan: Due to the relatively special nature of the pharmaceutical industry, the direct impact of the epidemic is not very great.The medical service category is similar to other consumer industries and will be affected in the short term.But relatively at the same time, some sectors have benefited relatively, such as inspection and testing, medical drugs and vaccines.Li Jia storage: In the long run, after the epidemic, the country is expected to further improve the level of medical care, and new investment opportunities will appear in related fields. It is recommended to grasp the medium and long-term investment context of the pharmaceutical sector to replace the short-term fluctuations of the epidemic theme.From the perspective of horizontal comparison of fundamentals, the pharmaceutical sector is still one of the sectors with certain growth.From the perspective of China’s population structure, the pharmaceutical industry has vast space.The aging of the Chinese population will accelerate in the next 10 years, and the burden of medical expenditure will become heavier and heavier.The demand for the pharmaceutical industry is growing very large, and the future space is expected.The proportion of China’s medical expenditure to GDP is currently 5% -6%, the figure of the United States is 17%, India, Brazil and other countries are 8% -10%. In the long run, there is still much room for improvement in this proportion.Jiang Xiulei: The new pneumonia pneumonia epidemic has a certain impact on the industry. It is expected that the government will pay more attention to the construction and improvement of the medical system in the future, respond to the healthy development of the pharmaceutical industry, and continue to focus on the investment of medical medicine in the future.Have a positive impact.At a micro level, the epidemic has promoted doctors and pharmaceutical consumers’ awareness of certain products, and has also made positive changes in consumer habits, such as health protection products, Internet medical care, vaccines and other products and services. This impact has even been long-term.Sauna, Ye Wang Zhang Shuxin editor Yue Caizhou proofreading Li Shihui

The most violent single-month sale in the history of Kitakami funds in May sold a net high of 53.7 billion in May

The most violent single-month sale in the history of Kitakami funds in May sold a net high of 53.7 billion in May

The most violent one-month sale in Kitakami Capital history!

In May, net sales of 53.7 billion hit a record high, and Maotai, Guizhou, and others were sold off on May 31. A shares ended the last day of the month with shocks.

  At the close, the Shanghai Composite Index fell 0.

24% closed at 2898.

7 points; Shenzhen Component Index fell 0.

23% closed at 8922.

69 points; GEM Index fell 0.

11% closed at 1483.

66 points.

As for individual stocks, the number of reductions is slightly more than the number of increases.

  On the same day, the trend of net turnover of Kitakami funds continued again.

According to Wind data, on May 31, Northbound Capital sold 5 net transactions.

4.9 billion yuan, of which 5 were sold on the Shanghai Stock Connect.

0.8 billion yuan, Shenzhen Stock Connect sold 0 net.

4.1 billion.

  It is worth mentioning that from the perspective of monthly net sales, the total net sales of Beijing Capital since May is as high as 536.

7.3 billion U.S. dollars, creating the highest monthly record of net sales of Beijing capital since the A-share market and the Hong Kong stock market are interconnected.

Among them, the Shanghai Stock Connect sold a total of 339.

At 23 trillion, Shenzhen Stock Connect sold a total of 197 net.

500 million yuan.

  The following is the specific situation of the net sales of Kitakami funds in May: The net sales amount of Kitakami funds in a single month is a historical high for the reporter. According to statistics, there have been 10 net sales of Kitakami funds in a single month since the interconnection.

  Except for this year ‘s mad sales of 536.

Beyond 7.3 billion, the monthly net sales of Kitakami Capital ranked second in history in July 2015, with a net sales of 314 in that month.

9.4 billion; ranked third in April this year, net sales of 179 that month.

9.7 billion yuan.

  The following is the historical net sales of Beishang Fund in a single month in history: In the three months with the highest net selling of Beishang Fund in a single month, the monthly decline of the Shanghai Composite Index was 5 respectively.

84% (May 2019), 14.

34% (July 2017) and 0.

4% (April 2019).

It is worth mentioning that in the first trading days of July 2017 and May 2019, the Shanghai Index fell by more than 5%, of which the Shanghai Index plummeted 5 on July 1, 2015.

23%, while on May 6, 2019, the Shanghai index plummeted 5.

58%.

  The following are the charts of the Shanghai index day K in July 2015 and May 2019. The comparison shows that the two-month trends are quite similar: July 2015: May 2019: Northbound capital holdings of Guizhou Maotai’s market value has shrunkFrom the perspective of nearly 20 billion individual stocks, many white horse stocks with high ratings abroad were sold by Beijing Capital in May.

  From the perspective of the Shanghai Stock Connect, the top ten stocks with the largest decline in the value of the stock market held by Beijing Capital in May (as of May 30) are, in turn, Moutai, Guizhou, Ping An of China, Hengrui Medicine, Industrial Bank, Shanghai Airport, and Yili.The stock market value of SAIC, Fuyao Glass, China Construction and CITIC Securities has all shrunk by more than 1 billion.

Among them, the capitalization of Guizhou Moutai’s Beihang Funds shrank by 193 in May.

8.7 billion.

  The following is the change in the capital 合肥夜网 holdings of the above-mentioned stocks in May this year: If only from the change in the number of shares held, the top ten shares that suffered the most reduction are the top ten Shanghai Stock Connect stocks, which are China Construction, Bank of China, and Aluminum, Industrial and Commercial Bank of China, Minsheng Bank, Industrial Bank, China Everbright Bank, Agricultural Bank of China, Bank of Communications and Baosteel Co., Ltd., among which the first 4 stocks were reduced by Beijing Capital in May.

  On May 31, a private fundraiser told reporters, “White horse stocks are characterized by a large market value and good liquidity. Therefore, when the market is experiencing tight liquidity changes, various stocks are also vulnerable to capital selling.In addition, some of the white horse stocks have increased significantly in the early stage. It is normal for Beijing Capital to sell such targets for the purpose of profit.

“Three factors trigger the” sell “of Beijing Capital. From a holistic perspective, comprehensive analysis shows that behind Beijing’s” sell, sell and sell “in May, there are three key factors: First, the resurgence of conflictSecond, the RMB exchange rate depreciated significantly in May; third, both the A-share market and the US stock market are now adjusting.

  Lianxun Securities recently pointed out that the recent acceleration of the northbound fund’s reduction of A shares is primarily due to alternative upgrades that have not stabilized domestic fundamentals and devalued the RMB exchange rate.

But the scale and the pace of A-share internationalization are accelerating. MSCI, FTSE Russell and the S & P Dow Jones Indices have expanded their capacity or replaced A-shares in 2019.

Some institutions believe that the above three indexes are expected to bring more than 200 billion yuan of passively allocated funds to A shares, and after the introduction of active allocation funds, the medium and long-term incremental funds are considerable.

  However, Lianxun Securities also mentioned that it is undeniable that the scale and pace of active allocation of funds will still be disturbed by various factors.

Considering that Kitakami Capital is regarded as the “wind vane” of A shares, its current operation trend deserves close attention.

  Institutions are optimistic about the long-term trend of foreign inflows. At least 4 or 5 months have been a fierce transfer of funds to the north, but institutions are generally optimistic about the general trend of foreign long-term inflows into A shares.

  A few days ago, UBS China Securities Business Supervisor Landing Ming commented on the first expansion of MSCI ‘s acceptance of the A-factor, saying, “We expect MSCI to raise the relative factor of A shares from 5% to 20% to bring 70 billion to the A-share market this yearNet inflows of dollars.

We expect that if China further opens and develops the market (such as allowing stock index futures and other derivatives to be launched on internal and external exchanges), MSCI will further increase the weight of A shares.

“The landlord Ming told reporters,” In 2018, foreign investors held about 6 of all A shares.

7%, gradually increase the weight of A shares in the MSCI index in the future, the proportion will gradually increase in the future.

From the experience of South Korea and Taiwan, it may take several years for A shares to achieve “complete replacement”, but we expect the transfer time to shift and A shares to change from “retail market” to “institutional market”.

“Its further improvement,” in terms of individual stocks, the flow of funds to the north shows that foreign investors favor stocks with large market value and strong liquidity, which are characterized by high ROE and high profit certainty.

As for the industry, it is clear that overseas investors have always preferred the food and beverage and durable consumer goods sectors.

Taiji Shares (002368) Annual Report Commentary Report: Optimized Revenue Structure, Improved Report Quality, Expect Clouds and Autonomy

Taiji Shares (002368) Annual Report Commentary Report: Optimized Revenue Structure, Improved Report Quality, Expect Clouds and Autonomy

The event company released its 2018 annual report on March 22.

The report initially achieved operating income of 60.

1.6 billion, an increase of 13 in ten years.

52%; net profit attributable to mothers3.

16 ppm, a ten-year increase of 8.

29%; Reported operating net cash flow of the company 6.

80,000 yuan, an increase of 111 in ten years.

85%.

The revenue structure continued to optimize, and the gross profit margin steadily increased. The company’s integrated business revenue reported was basically the same as in 2017, accounting for 58% of its main revenue in 2017.

60% dropped to 52.

83%.

Cloud services business achieved growth27.

31%, network security and autonomous controllable business achieved growth 47.

25%, outstanding performance in budget business development.

The optimization of the revenue structure is directly reflected in the improvement of the gross profit margin level. The company’s gross profit margin for sales in 2016/2017/2018 was 19 respectively.

6% / 22.

02% / 22.

22%, since 2017, the income structure adjustment has achieved significant results.

The company’s operating net cash flow improved significantly in 2016/2017/2018, and the quality of its statements continued to improve.

11/3.

21/6.

8 megabytes, which continued to improve significantly. The net operating cash flow of the Taichi parent company in 2016/2017/2018 was -1.

63/1.

79/杭州桑拿网5.

1.7 billion.

We judge that the outstanding performance of cash flow in 2018 was mainly due to the adjustment of the company’s revenue structure: the growth rate of the parent company’s integrated business growth (2017/2018 growth rate-19).

14% / 2.

35%), significantly reducing the growth of inventories (inventories in the past three years were 11 respectively.

15/15.

93/15.

190,000 yuan), and the growth of budget receivables has improved (receivables in the past three years were 28.

97/23.

57/23.

9.4 billion yuan), the quality of the company’s statements has improved significantly.

Net operating cash inflows in Q4 2018 were as high as 16.

US $ 600 million was mainly for purchasing goods, and cash paid for labor services decreased by 10 compared with the same period of the previous year.

US $ 2.8 成都桑拿网 billion, which resulted in an increase in operating net cash flow while reducing sales cash inflows by 400 million.

The performance of strategic business is dazzling, and the prospect of cloud and autonomous controllability is expected to increase the scale of the company’s government cloud users significantly, carrying business systems of nearly 200 government departments in Beijing, Hainan, Shanxi and other places.In the field of network security, based on big data, AI and other related technologies, the company continues to improve the core products of the police-wide big data platform and the integrated political and legal management platform.

Independently controllable areas, actively promote the integration adjustment of domestic basic software and hardware and solution research and development, and cooperate with internal industry partners to create a safe and reliable industrial ecosystem.

In 2018, the Jincang database of the People’s Congress of the holding subsidiary developed rapidly, and the contract value increased by more than 100%. It has undertaken more than 220 key projects in various national ministries, power, finance, military industries and other industries.

In addition, the company has developed rapidly in the direction of “Internet + government affairs” and Industrial Internet, and the industry solution business is actively transforming into industry intelligent applications.

Investment recommendations are optimistic about the company’s focus on government affairs clouds and the promotion of data-driven industry intelligence applications.

Taking into account the base number in 2018, the net profit for 2019/2020 will be changed from 4.

72/5.

7.4 billion down to 3.

86/4.

73 trillion, the current price corresponds to 2019/2020 PE 35.

05/28.

65 times.

Maintain the “overweight” rating.

Risk warning: Cloud and independent controllable business advances less than expected, and gross margin of its own products gradually increases

China Boulder (600176): Fiberglass Topic: Growth, Cycle and Nesting of Innovation

China Boulder (600176): Fiberglass Topic: Growth, Cycle and Nesting of Innovation

Key points of the report Fiberglass industry core: growth, cycle and innovative packaging Regarding the growth and orientation of the fiberglass industry, we have repeatedly discussed “Fiberglass Topic: The Spiral of Growth and Growth”, “Fiberglass Topic: The Cycle in Recovery”Ignored Growth”, in this article we add a new variable-innovation, and gradually carry out more systematic research.

Innovation can be considered as “the establishment of new production functions”. Innovation in the fiberglass industry mainly includes equipment upgrades, process upgrades, and glass and sizing agent formulation 西安耍耍网 upgrades.

  Usually, the capacity cycle is attached to the demand cycle — for non-differentiated products, the marginal improvement in supply and demand will lead to price increases and improved profitability, which will increase production capacity.

We re-examine this sentence from the perspective of technology upgrade. Innovation affects the cycle characteristics from two aspects: one is to increase the degree of product differentiation; due to the separation of some products into a single demand cycle, the cycle change of some enterprises will weaken, and the second is to reduce itIndustry cost curve. Technology upgrades will improve profitability by reducing manufacturing costs, thereby increasing production capacity.

  The three technological upgrades of the glass fiber industry are also a history of technological change from the history of glass fiber development. Its independent innovation is divided into two stages: first, the innovation of mainstream equipment and processes from 2006 to 2010.

China Stone has completed a number of world firsts in technology, with increased production scale and efficiency, and stands out in the industry. At the same time, as these technologies become common in the industry, the focus of the global fiberglass industry has shifted to China; the second is the equipment process innovation from 2011 to 2020.The initial upgrade of the formula, the use of management and capital advantages of boulder, took the lead in cold repair technology transformation into the next innovation, significantly widening the cost gap with the industry; Third, 2016-2025, the upgrade of the formula accompanied by demand upgrade.

The core changes brought about by technology upgrades extend from production costs to product performance (thermoplastic yarns, wind power yarns, etc.). The technical upgrades at this stage differ from the past in that: 1) the technology upgrade is relatively slow but strong;With the establishment of customer and market barriers, spillover effects will weaken or even disappear.

  Conclusion: Catching up and leading, spillover and barriers From the perspective of boulder competition: technology spillover will pass, and product barriers are forming.

The relationship between fiberglass innovative companies and other companies is leading and catching up, but the margin of catching up is weakening.

It is currently in the spillover period of the second technology upgrade, so the industry cost curve has shifted downwards, which is the fundamental reason for the expansion of production capacity in the past two years.

As the catch-up effect of the last round of technological progress decays (due to the end of centralized cold repair), and the guiding effect of the new round of product upgrades has appeared, the global competition of China Boulder will once again enter the enhancement stage, and the profit center will continueLeading peers and expected to rise steadily.

  From the perspective of industry prosperity: After reducing the price to a low level through the technology catch-up effect, the industry’s investment impulse has dropped significantly. We judge that the margin of supply and demand will improve in the second half of the year.

The global new supply in 2018 is expected to be 91, and about 30 new global cases are expected in 2019, mainly in the first half of the year.

Taking into account the improvement in demand for wind power, automobiles and real estate, the margin of supply and demand is expected to improve in the second half of this year.

EPS0 is expected for 2019-2021.

75/0.

88/1.

03 yuan, corresponding to PE15 / 13/11 times, buy 杭州夜生活网 rating.

  Risk Warning: 1.

The global economic growth has dropped sharply; 2.

The production capacity of the industry exceeded expectations.

Fuguang (688010): a leading domestic supplier of optical lenses

Fuguang (688010): a leading domestic supplier of optical lenses
Main business.The company actively implements the development path of military-civilian integration, applies military technology to the civilian field, and has gradually developed into a leading domestic professional optical lens supplier.The company’s products are divided into custom products and non-custom products, which mainly include optical lenses, photoelectric systems and optical components.Among them, the main models of customized products are “Shenzhou series”, “Chang’e exploration of the moon” and other major defense tasks, as well as cutting-edge weapons such as drones and armed helicopter series.Non-customized products mainly include civilian security lenses, car lenses, infrared lenses, IoT lenses, etc., which are widely distributed in safe cities, smart cities, the Internet of Things, Internet of Vehicles, intelligent manufacturing and other fields.At present, the company has established cooperative relationships with well-known artificial intelligence companies such as Huawei and Hikvision, focusing on emerging fields such as IoT lenses and AI lenses. Performance.The company’s revenue from 2016 to 2018 was 4.6.9 billion, 5.8 billion, 5.5.2 billion yuan, net profit is 0.7.2 billion.9.1 billion, 0.At $ 9.1 billion, the compound growth rates of main business income and net profit over the three years were 8 respectively.48% and 12.67%, the company’s gross profit margin in 2018 was 34.27%, net profit increased by 16.56%. Industry scope and competitive advantage.The company has been engaged in the field of optical lenses for many years. At present, it has mastered a variety of independent core products and technologies such as large zoom lenses, large-aperture transmission lenses, medium and long wave infrared lenses, and high magnification lenses. The performance of related products has been at the domestic leading level.Products can achieve import substitution.Among them, the company’s world’s first large-aperture transmission astronomical observation lens design and manufacturing; at the same time, automatic development of multi-point lenses has replaced Japan’s imports.Benefiting from the high building of the moat of optical lens technology, the company’s products are continuously supplied to downstream quality customers, including domestic core military enterprises and domestic and foreign security leaders; the core product market share is at the forefront of the industry.Among them, the company’s global market share of security lenses reached 11 in 2017.8%, ranking third in the world; plan to reorganize the global market of lens 8.9%, ranking second globally. Overall evaluation and evaluation recommendations.The market for military and civilian optical lenses is huge.From the perspective of customized products, the company’s products are mainly used in military special optical lenses and optoelectronic systems. As an indispensable part of aerospace engineering and military weapons, it is expected that demand will maintain steady growth in the future.From the perspective of non-customized products, benefiting from the trend of comprehensive penetration of security surveillance into all areas of society, while expanding related policies, such as Xueliang Project, Safe City, Ultra HD Video, etc., the company’s optical lens product demand is expected to continue to expand, and the market prospectbroad.At the same time, as the company already has certain technical barriers and has a considerable say in the upstream field of optics, it is expected to continue to enjoy the increase in market share brought about by technical barriers.In terms of estimation, considering the static PE of the benchmarking company in 2019, we take the average PE of the comparable company in 2019 as the lower limit and the maximum limit of the comparable company as the upper limit, and give the company a PE 天津夜网 scale interval of (27, 44) times.According to Wind ‘s consensus expectations, the company’s full-year 2019 earnings will be zero.69 yuan, corresponding to a reasonable budget interval of (18.63-30.36) Yuan / share. risk warning.Intensified industry competition, less than expected technological progress, etc.

Gloriain (002821) first coverage report: industry enters high boom cycle CDMO leader pushes into fast lane

Gloriain (002821) first coverage report: industry enters high boom cycle CDMO leader pushes into fast lane

This report reads: The company takes technology as the core and has created a one-stop service platform for R & D and production, and continues to develop a closed-loop ecosystem for new drug R & D and production.

It helps to promote the global industrial transfer and the rise of domestic innovation and the rapid growth of dividends.

Key investment points: Leading domestic CDMO companies on high-quality race tracks will cover for the first time and increase their holdings.

The company is a leading domestic CDMO company, and gradually realizes a steady transition from CMO to a one-stop expansion service platform through business expansion, and the business field continues to expand.

We expect the company’s EPS to be 1 in 2018-2020.

85/2.

41/3.

23 yuan, with reference to the evaluation of similar enterprises, given the company an estimated 45X in 2019, corresponding to a target price of 108.

45 yuan.

Covered for the first time, giving an overweight rating.

The industry continued to interpret the high business climate, and the company entered a rapid growth period.

We estimate that the global CDMO industry is expected to maintain a growth rate of about 10%, while the domestic CDMO industry is expected to maintain a 15% -20% growth rate.

Driven by the transformation of the global industrial chain and the two core logics of domestic industry upgrading, the company is expected to continue to enjoy the development bonus brought by the rapid growth of the industry.

The one-stop platform continues to develop and the business structure is continuously optimized.

The company has built a good brand influence through years of development. Customers have continued to increase, 重庆耍耍网 the value of orders has steadily increased, and the upstream and downstream of the industrial chain have continued to develop. It has continuously built a one-stop service system for the development and production of innovative drugs.

A large number of clinical-stage projects are reserved to ensure the steady development of commercialization projects, domestic customers continue to develop, the field of biological macromolecules has made rapid progress, the business structure has been continuously optimized, and the full-process integrated platform promotes continuous development.

Continuous innovation drives the creation of technological highlands.

The company is driven by independent innovation technology, and its R & D expansion is constantly increasing.

Based on the advantages of continuous medicine CMO technology, 重庆桑拿 continue to develop biological drugs, chip drugs, nucleic acid drugs, etc., continue to seize the high points of green pharmaceutical technology, risk reminder: impact risk

Decryption: details of women how much men care

Decryption: details of women how much men care

The attitude of the Chen Xian Trading Company’s 31-year-old married for three years: Absolutely care about attention: ★★★★★ Because of working relationship, I often participate in some negotiations or business receptions, such dressing requirements are very high.

  Over time, I started to pay attention to my wife’s dress.

I remember when I first got married, my wife always asked me for advice.

I can look at her casually and find her problem.

For example, necklaces and earrings do not match, shoes and handbags are not the right color, and so on.

If I go out with me like this, I will always feel awkward, as if the cheekbones are in my throat.

Later, the wife who got fucked was annoyed by herself. Her working environment was not necessary so strict. According to me, she was not qualified every day.

I have come to think that professional women’s clothing is very important, which can not help but represent personal taste, but also shows that your life is good.

Especially in small details, if my company’s employees wear beautiful clothes, but the shoes are not clean, I would not realize her.

  Opinion: I don’t know if it is a blessing to find such a man.

To be honest, most of the demands of Chinese people for their appearance now only stay at a good or bad level.

Not many people really understand self and taste.

So how to wear is considered correct, it is really difficult to say clearly.

  The editor of Jinqiao Magazine was 30 years old and married for one year. Attitude: It ‘s just a trick for advertisers. I do n’t want to follow the attention: ★★ It is reasonable to say that half of my wife is dressed for me, at least a half, or a quarter, IIt should be responsible.

But I found that no matter how seriously I came up with an idea, she always had to change the outfit I said was bad.

There is also the color of the lipstick, and you may have to change it before going out.

I want to tell her that everything looks good, but she is not satisfied with what she wears.

Later I had to use negation to maintain dignity.

It ‘s really serious to wear it like this; it ‘s just a little bit better than a ghost.

In fact, I think the so-called details match is just a trick for advertisers to cheat women. I don’t want to follow suit.

  Opinion: Typical men who are tortured by women.

In fact, they pay more attention to women’s details, but they are reluctant to say more because of fear.

Women must not turn men into this, or the world will be turned upside down.

  Zhang Fengxiang Electrical Engineer 28-year-old married for six months Attitude: Do n’t ask me, I ca n’t know the concerns: ★★ Our wardrobe is big enough, and I do n’t know how many clothes my wife has.

  But she didn’t feel enough, and she had to make countless combinations of these clothes when she was fine.

Just group as you like, she must ask me to express my opinion seriously.

I am of course “pretty”, but my wife said that I lied to her, so I said this was not good, that was not good, and my wife said that I hit her.

Later, I had to be vague: “It looks good, but if you try it that way,” my wife is very satisfied.

God knows, I ‘m a student of electrical automation, how can I see that pink-blue top ca n’t be matched with a pearl necklace, but should be paired with a crystal.

Especially when my wife asked me which pair of earrings was more suitable for her eyeshadow color, I made an idiot look, which was pretty good.

  Opinion: Smart men, they probably don’t really care about women’s details, but they basically belong to the type of sister-in-law.

But women should never listen to them, otherwise they will lose their lives when they go out and can only blame their unwillingness.

  Attorney Gu Fang’s 35-year-old attitude for ten years of marriage: very concerned, improving the details must be a good thing. Attention: ★★★★ I remember taking my wife to a friend’s party and found that the wife who was always calm was very strange that dayGesturing like a foreigner.

I stared for a long time, only to find that she had painted a bright and strange flower on the index finger of her right hand, and it was very eye-catching.

I secretly laughed. The conservative and introverted wife actually had such a thought, and she changed her listlessness.

I was very happy, so I hinted that she was so beautiful, and her old friends could easily talk and laugh with her.

My wife didn’t like too fancy dress, but I think if she is willing to put some effort on lipstick or scarf, it will definitely change her image. This is definitely a good thing for us.

  Opinion: A good man, knowing the details is also a way, and better at appreciating the details.However, most of his actions are still emotional, if women really ask him technical questions, I am afraid to think twice.

  Zhuanghe Real Estate Manager’s 25-year-old unmarried attitude: The details are very important. I absolutely have to supervise her attention: One of my female colleagues has lost a client due to an exaggerated corset.

This lesson made everyone dare not to be sloppy.

My girlfriend is doing insurance sales. She has a great body. You can say that everything is beautiful.

Once she wore a straight skirt, but a pair of black mesh socks, and I was scared to let her change.

Going out like this, those men don’t have a long nosebleed.

I think like most men, the more hot the other wife’s wife wears, the better, and you ca n’t show others your things.

Especially in the face of customers, others are likely to be misled by such details about your attitude towards the whole person.

From then on, as long as it is working time, I will carefully check her clothes and makeup. The more you work outside, the more you need to dress decently.

  Opinion: It can’t be said that this is a selfish man, and women sometimes inadvertently show up, it will indeed amplify a lot of content.

So I hope that more sexy women, be careful, not just the height of the skirt and the collar, sometimes the red rope above the thin pedals will change the way others look at you.

  Wulang advertising planner married at 26 years old. Attitude: Even if I am a makeup artist, I’m already dizzy. Attention: ★★ I admit that I am very sensitive to color, but as soon as my wife is faced, this sensitivity becomes an idiot.

  Her black people were very white, but she wanted to be “whiter”.

Or just change a dozen eye shadows and ask me where I am relatively.

Plus a dozen lipsticks, a dozen eyeliners, a dozen eyebrow pencils, I think even if I’m a makeup artist, I’m already dizzy.

I had to pretend to do some serious research, and then tell her what she hadn’t tried.

The wife looked suspiciously. God testified that I would also like her to be more beautiful, but there is really no need for me to turn this off. It is simply a game of cat and mouse-I believe, if I were a blind manShe may be able to dress more decently.

  Pclady commented: A woman is naturally a genius in dress. Unless he is a professional, don’t expect him to pick out the one you are satisfied with in hundreds of colors.

So women do n’t have to sculpt details like this.

Many times, tedious collocation is just a psychological comfort for women.

  Friendship reminds women skills: A.

Most men are not as interested in details as you are.

For those big men who can wear socks in two colors, too much detailing can only make you more like a “woman”.

  B.

The perfect detail is your extension of the taste of the dress. Maybe you should teach him how to appreciate and then guide him to make comments on you.

  C.

For anyone other than you, your details are the clearest to you.

Don’t change your beautiful hair just because of wearing beautiful earrings.

Too many details naturally contradict each other. At this time, simplicity is the best.

  D.

Sometimes advertisements can really mislead you, and maybe even the inventors don’t know how much worse than dozens of lipsticks in one color series.

  E.

Finally, ask a man when you are really unsure.

If you obey, he will definitely become your most reliable image consultant.

  Small survey: Survey question: How much attention do men pay to details.

  Respondents: 25-35 years old male.

  The first time you meet, will you notice the details of her dress?

  Will 25.

5% will not be 59% depending on the situation15.

5% Do you like women who have special details?
  Like 26% dislike 37.

8% doesn’t matter 36.

Will 2% just the right details change your impression of her?
  59% will not 22.

5% don’t know 17.

5% Would you like to answer a woman’s inquiry about the details of the dress?

  Yes 39% Don’t want 48% Don’t care 13%

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Six yoga poses for men

Six yoga poses for men

Modern men are under great pressure and their physical wear and tear is accelerating. Many people, at their golden age of 30, have begun to experience a situation in which their physical strength is worse than before.

  In addition to maintaining a healthy posture, the biggest contribution of yoga is to help men reduce stress, blood pressure and depression; the practice of breathing adjustment, otherwise it can calm down the restless mood.

  When it comes to practicing yoga, people always think it is more suitable for women.

  In fact, yoga is a health and fitness method that pays attention to natural balance. For men, yoga is a very good way to reduce stress. It can help change impetuous personality, improve self-control, and correct bad habits.

About half of the yoga enthusiasts in the United States are men, and there are many important people and stars: Former Olympic Committee President Samaranch, Hollywood actor Mel?

Gibson, Woody?

Harrison et al.

  Aiming at the common back pain and emotional distress of male office workers, here are a few simple yoga exercises. Men insist on practicing to improve flexibility and mobilize muscles that are not often used.

Take your time, don’t worry, you will slowly realize that the vitality of the limbs will reappear.

  Camel style-strengthen the spine and coccyx, can relieve back pain.

  1. Kneel with your legs and shoulders wide.

  2. Grasp your toes with your hands and your body is arched.

  3, chest forward, remember to leg vertical to the ground.

  4. Take a deep breath 3 times and slowly lean up on your waist.

  Cattle-face style-can straighten the spine, improve the stiffness of hands and feet, shoulders, relieve sciatica, and strengthen kidney function.

  1. Sit down with your legs straight forward.

  2. Cross your left leg over your right thigh and insert your left foot next to your right thigh.

(At this time, the right lower leg should be under the left thigh, and the right foot should be pressed under the left and left side.

  4. Put your left hand back on the back, lift your right hand and bend it backwards, and slowly hold your left hand.

  5. Keep your eyes on the front and breathe naturally for 5 seconds.

  6. Relax and recover.

Swap left and right and do it again.

  Side twist type — Contraction of the upper abdomen and gluteal muscles can help eliminate beer belly.

  1. Initially, place your right leg close to the chair and your right foot on the chair.

  2. Grab the right front bone with your left hand, tilt your right arm up in the air, and rotate the top to the right.

  3. Contract the spine and spread the shin.

  4. Keep this position, then relax and do the same in another direction.

  Right-angled style — the front end of the starting point, eliminating rigid shoulder length.

  1. Keep your hands apart, shoulder-width apart, put them inside, and take a few steps back until your body is at right angles to your shoulders.

  2. Tilt your fingers evenly, and press your hands and wrists against the wall surface.

  3. Relax your neck, but don’t drop your head.

  4, let the back of the neck and the spine into a horizontal plane, keep this posture for two minutes.

  Hip fracture style — the muscles behind the hips and lower hips, the brain relaxes.

  1. Stand about 30 cm away from the wall and pierce the wall with your back.

  2, lean the buttocks in it, bend down with the buttocks as the axis. When the abdominal muscles participate in this action, the upper part can be slightly bent.

  3. When your spine is fully stretched, slowly straighten your legs and your chest closer to your thighs.

  4. Stay for a while, take a deep breath, and relax your neck.

  5. Hold this position for a minute, then slowly increase it.  Beam angle-open the sacroiliac joint and calm the mood.

  1. Sit down.

Bend your feet, with your left and right soles facing together.

  2. Hold your toes in your hands and lean forward until you hit the ground.

  3. Breathe slowly and deeply 3 times, relying on the strength of the waist.

  Men also have a natural barrier to getting started.

Men’s musculoskeletal muscles are not as soft and relaxed as women’s. It is very difficult to start practicing yoga to stretch muscles.

Beginners need to be a little patient, step by step, and work hard. Generally, it will improve in 3 months.

  Some yoga moves are physically demanding, and if you do n’t practice well, you will be injured.

If you have any of these diseases, please consult your doctor before practicing yoga: cervical, thoracic or lumbar intervertebral disc damage, carotid arteriosclerosis; severe hypertension or hypotension; glaucoma, retinal detachment; severe osteoporosis orCervical spondylitis; stroke or blood clotting.

When practicing yoga for the lack of athletes or the elderly, you should start with slow and easy movements at first, keep breathing smooth, and avoid difficult postures to avoid injury.

Psychological problems of the elderly must not be ignored

Psychological problems of the elderly must not be ignored

A few years ago, the sketches of Zhao Benshan and Song Dandan, “Some people spend money to eat and drink, some people spend money to sing songs, and some people pay me to accompany others to sacrifice.” They have revealed a spiritual path for the old man.

Through chatting, you can know their moods and sorrows, as well as their physical condition.

  The country’s first toll-free helpline for psychological crisis for the elderly, founded by a university professor, is a telephone line to chat with the elderly.

In the past 5 years, they have chatted with more than 8,600 elderly people, summed up several psychological problems commonly existing in the elderly now, and hope that through the Health Times, to make friends, to make the elderly mentally healthy, it is actually very easy-to accompany them “唠嗑”.

  News background: The revision of the Law on the Protection of the Rights and Interests of the Elderly has been basically completed. The children are often taken home and read into the draft amendment. The Ministry of Civil Affairs will report it to the Legislative Affairs Office of the State Council in the near future.

  Old people love to chat, get together, talk to their children, and chat with their husbands.

  Xu Kun is a professor at the Capital University of Economics and Trade. In 2006, she created a “Love Passion Hotline” 800-810-0277, which is dedicated to accompany the elderly for free.

  That year, while she was a deputy editor at a magazine, she found a 76-year-old editor at a group visit to be in a bad mood.

It turned out that the old man had just lost his wife and was in extreme pain. When he saw someone, he asked, “I will die.”

  First place: Heart Depression, one step away from depression and suicide Hotline ratio: 35% Harm level: ★★★★★ An old man from Qingdao calls almost every day, a chat is more than an hour.

The old man was widowed first, and then failed in investing in antiques. He almost lost his family. He lost confidence in life and always wanted to die.

But hindered by his face, he never said these words to those around him, so he opened his heart to the stranger on the other side of the phone and spit it out.

  Elderly people go from loneliness, loneliness to depression, step by step, depression and suicide are only one step away.

Therefore, providing timely assistance in the lonely stage often has very good results.

According to the hotline’s investigation and analysis of the elderly who attempted suicide, the elderly can take no more than 30 minutes from considering suicide to implementation. It is likely that they will regret it if they are negligent.

What we have to do is just to chat with the elderly for 15 minutes every day. “唠嗑” is the biggest wish of many elderly people.

  Experts suggest that: elderly people with mild depression should reduce their alone time at home, often go to the beach or park to find strangers to brag, and build self-confidence.

The elderly with severe depression must take medication under the guidance of a doctor, and at the same time force themselves to do things that are not self-interested, which are beneficial to others, and spend more energy against insomnia.

  Second place: If you are lacking your wife, you have to have a hotline ratio: 31% Harm: ★★★ There was a 62-year-old lady who ran away with a young woman. She cried when she first came for helpIt’s useless to guide on the phone.

So, the hotline invited her to be a volunteer, answer the phone together, and organize an event together.

Later, a 62-year-old single old man became her rescue target, and later, she became her wife.

Now, neither of them needs psychological assistance.

  According to the statistics of the hotline, 31% of the elderly are because they do not have a wife to ask for help, of which 16% are married crisis in their old age and 15% are widowed.

  For these elderly people, the hotline staff’s telephone chat often only solves the worries, and if they can help him or her find the other half, many problems can be solved.

  Experts suggest: In old age, the proportion of marriage crisis caused by the derailment of the man is not small.

But in fact, most of them will not abandon their wives and children, but will be full of guilt.

For this situation, women must have skills, try not to chase after them, or cry to the ground, but to save the marriage with their husbands.

If you are divorced or widowed, don’t be autistic. Instead, you should actively look for new spouses, go out more, and avoid creating small circles.

  The third place: the body is sick, the body is sick and the heart is hot. Proportion: 15% Degree of harm: ★★★★ The hotline has received a call from an old man in Shanghai. He is an English teacher at Fudan University.Literary works, participated in international trade negotiations.

Years are not spared, and the once brilliant translator is also old and sick, and feels like his life is waiting for death.

  He said that before reading an American novel, an athlete committed suicide at the height of his life.

He knew: after the peak, it was all downhill, but he was powerless. This hopelessness, the feeling of powerlessness is desperate, and there is no more pain in life.

Continue to live, or end his life prematurely, does not seem to make much difference to him.

  The hotline recommended him “Laozi”, “Zhuangzi”, “Disciple Rules” and some Buddhist works to persuade him to readjust the values of life and enjoy life.

Later, the old man wiped out the idea of suicide, and often called and exchanged reading ideas with the hotline staff.

  Experts suggest: the elderly may wish to admire the epitaphs of celebrities, and then try to write an epitaph for themselves, or remember the dead relatives or friends together to correctly understand death and enjoy the present time.

  Fourth place: The most sad hotline for children who are not filial piety: 13% Degree of harm: ★★★★ There is an old couple, both in their 80s, legs and feet are not very flexible, and the family lives on the fifth floor, almost at homeCan’t go out.

Once the weather was very good outside, the old couple finally made up their minds to go downstairs to bask in the sun. As a result, there was no way to come up.Finally, he sat down until the sun went down, and the neighbors found that Erao was back home.

Since then, the two old men no longer dare to go downstairs.

  The elderly raise their children throughout their lives. Children are even the sole sustenance of many elderly people. The filial piety of children is a great blow to the elderly.

In the helpline received by the hotline, some children contended for the property with the elderly, and some did not contact the elderly for more than ten years, but most of them were left at home with empty nests.

  Experts suggest: Facing this kind of problem, arousing the filial piety of children is the fundamental way to solve it.

Some children do not contact their parents for a few years and more than ten years, and they just press down when they call. Maybe it is because some uncles in the past can’t let go of them, but they don’t know that their parents are old and very eager to meet their children.

Thinking in other places may help children understand their parents.