Letter Brother 5 single-game triple winners, James took off his hat to pay tribute

“Letter Brother” 5 single-game triple winners, James took off his hat to pay tribute
“Alphabet Brother” scored 34 points, 11 rebounds and 7 assists.Figure / Social Media Beijing News (Reporter Xu Bangyin) The Bucks vs. the Lakers, in addition to the record and the competition for the top position, is actually a direct dialogue between the three regular season MVP hot candidates.Since the start of the season, combined with the team’s record and personal performance, the competition of MVP in the regular season has been relatively clear. “Alphabet Brother” Adetokunbo, “Nongmei” Anthony Davis, James, Harden, East Cic, etc.The 5 players have the highest voice.”Letter Brother” directly matches “Nongmei” and James in this campaign, which is naturally full of attention.Anthony Davis scored 36 points, 10 rebounds, 5 assists, James contributed 21 points, 12 rebounds, 11 assists, the two led the Lakers to catch up in the second half, once saw hope of winning.It is undeniable that the performance of the two Lakers as the star is still stable, but in this direct dialogue, the winner is obviously Adetokounmpo.In 32 minutes of play, 11 of 19 shots, including 5 of 8 three-pointers, scored 34 points, 11 rebounds, 7 assists, and led the team to win the first battle, “Letter Brother” played perfectly, andCreate records at all levels.After this campaign, “Alphabet Brothers” has hit three-pointers in 21 consecutive games, continuing the magical performance outside the three-point line; hitting five three-pointers in a single game, creating a career high; the first 29 games this season,”Alphabet Brothers” has scored at least 30 points and 10 rebounds 16 times, becoming the first person in active service and the highest record since the 1976-1977 season.In the Lakers locker room after the game, a reporter mentioned the 5 three-pointers made by “Alphabet Brothers”. James made a cap-off gesture. “You understand what I mean, that’s it,” the implication is, James asked”Alphabet Brother” all-round performance tribute.As the MVP of the regular season last season, the personal data of “Alpha Brother” has averaged 27 per game from last season.7 points, 12.5 rebounds to 31 per game this season.8 points, 12.With 8 rebounds, the Air Force has been criticized by the outside world for its long-range shooting ability. At the same time, this season has been greatly improved to 33.An 8% field goal percentage averaged nearly 2 three-pointers per game.If “Alphabet Brothers” can continue such horrible personal performance, the Bucks will eventually win the regular season championship, “Alphabet Brothers” was elected as the regular season MVP for two consecutive years, it is not impossible.

[Baby Prawn Skin Congee]_Children_ How to make

[Baby Prawn Skin Congee]_Children_ How to make

Shrimp skin is also commonly eaten by everyone in daily life. You must know that it is rich in protein and minerals. When it comes to calcium supplement, shrimp skin is also ranked in the top few. It plays a positive role in human calcium supplementation.Role, especially for children, in addition to individual allergic reactions to shrimp skin, in fact, babies are also very suitable, because the nutrition it contains is exactly what the baby needs, let me talk about the baby belowThe practice of shrimp porridge.

How to make baby shrimp porridge: Baby shrimp baby porridge Ingredients: 5 grams of shrimp skin, 50 grams of cabbage, 1 egg, salt content practice: 1, wash the shrimp skin with warm water and soften it, and cut it into pieces.

2, the eggs are scattered and cooked, the cabbage is washed a little bit hot, and it is cut into pieces.

After the white rice porridge is cooked, add shrimp skin, chopped vegetables, eggs, and cook for another 2 minutes.

Tips: Shrimp skin porridge supplements can supplement the calcium elements needed for growth and promote baby’s bone development.

How to make shrimp skin porridge for babies: shrimp skin porridge material: 120g of rice, 20g of dried shrimp skin, eggs 2 methods: 1, soak shrimp skin, wash, soak rice for half an hour in advance.

2. Heat the non-stick pan, pour into shrimp skin, stir-fry, stir-fry.

3. Add the rice after the water is boiled, turn to low heat after boiling, and add shrimp skin after boiling.

Finally, add egg liquid and boil.

How to make shrimp skin porridge for babies: Broccoli shrimp skin porridge Ingredients: previous rice, shrimp, broccoli Practice: 1. Soak the shrimp in warm water for 30 minutes. Wash the rice before putting it into the casserole and add water.

Wash and chop the broccoli.

2, first boil with martial arts, add broccoli, and then simmer with gentle heat, with the consistency of rice rotten soup.

How to make baby shrimp porridge porridge: Raiders one, porridge rice should be invaded in advance.

Before making porridge, infuse the rice with water for half an hour to allow the rice grains to swell.

The first benefit: boiled porridge to save time, and the porridge tasted good.

Strategy two, it is best to boil the water for 15 before the shrimp skin?
Remove and cook for 20 minutes, and put in soup.

Strategy three, the most important thing is to grasp the heat.

Cook over high heat for 10 minutes, then turn to low heat and simmer for about 30 minutes.

Raider four, casserole is recommended for porridge.

However, if the casserole uses cold water to cook the porridge, it will often simmer the bottom. This phenomenon will not occur when the water pot is boiled, and it saves time than boiling the porridge with cold water.

[How to make potato egg pie]_Potato egg pie_How to make_How to make

[How to make potato egg pie]_Potato egg pie_How to make_How to make

Potato egg pie is a very good food, especially for breakfast, and nutrition is simple. Many times we eat potato egg pie at the roadside stall. Today you can learn how to make potato egg pie according to the following recipe.

Method one, potato quiche material potatoes, eggs, carrots.

Method 1: Wash the potatoes, peel them and use a grater to shred them. Carrots are also shredded in a small amount. Beat an egg, add some salt and stir to form an egg liquid.

2. Cut the remaining carrots into thin slices and use tools to make shapes.

3, brush a small amount of oil in the pan, pour in the egg liquid, turn the carrot slices when the surface is not formed, and cook on both sides.

Tip # 1: Use a grater to polish potatoes and carrots, making them softer and tenderer and easier to cook.

2. There are more potato shreds and a small amount of carrot shreds, because potato starch has a high starch content, which can be eaten as a staple food, and starch makes the cake easier to form and will not loose.

Adding carrots can increase nutrition and make colors more vivid.

Practice two, potato quiche practice 1.

First steam the potatoes, wash and peel them, and steam them over water.


Then rub some shredded carrots.


Break up another egg.

I also put a bit of cabbage and sausage, and a little sausage will be delicious. The sausage can be steamed with the potatoes in the steamer, and it can be steamed for a few minutes.


When you have prepared the ingredients above, the potatoes will be steamed. Remove and press them into mashed potatoes.


Pour in the broken egg liquid.


Stir well.


Add all the side dishes.


Stir well, season with a pinch of salt and black pepper.


Pour a small amount of oil into the pan and heat it. Use a small spoon to scoop a spoonful of mashed potato paste. Pour into a pan and spread into small pancakes.

Method three: Potato omelet material 60 grams of ordinary flour, water, 1 egg, 3 small potatoes, salt, MSG.

Method 1: Prepare the ingredients. Wash the potatoes, shred them, wash them, and dry them.

2. Add eggs and shredded potatoes to the flour, slowly add water and mix well until the paste is shown in the picture.

3. Add salt and MSG to the prepared paste.

4. Add an appropriate amount of oil to the pan, heat it up, use a spoon to dig a large spoonful of paste into the pot, fry it on a high heat until golden brown, and then fry on the other side, again golden brown.

[Can pregnant women eat bird’s nest early]_Early pregnancy_Can I eat

[Can pregnant women eat bird’s nest early]_Early pregnancy_Can I eat

It is also beneficial for pregnant women to eat some bird’s nest properly during pregnancy. Bird’s nest is a relatively expensive tonic. It can play a certain role in women’s physical conditioning.It has a very good effect. For example, when a pregnant woman has a cold and cough, and she is weak, she can eat bird’s nest to regulate her body. Of course, when eating bird’s nest, you should know some precautions.

Can pregnant women eat bird’s nest? Initially, 80% of pregnant women in China consume bird’s nest every year to ensure that their future babies are healthier and smarter.

Facts have proven that pregnant women begin to consume bird’s nest until two or three months before pregnancy until they give birth, which not only strengthens the mother’s health, but also makes future newborns stronger, fairer, more beautiful, and less susceptible to illness.

Postpartum women are the best natural nutritious food to recover the tiredness of nurturing their children, and to restore the shape of their nagging before giving birth.

During the pregnancy of our women, some pregnant women usually eat very little due to vomiting and other reasons during the early pregnancy. They can not provide and supplement the nutrients required during pregnancy. The bird’s nest only needs to consume 4 grams of dried bird’s nest per day.The nutrition that can be added can be greater than or equal to the nutrition that a pregnant woman usually eats 3 meals a day.

Because there is EGF in the bird’s nest, epidermal growth factor, a substance known as “beauty factor”, can effectively prevent stretch marks of pregnant women, and even make the skin smooth and elastic. It is the favorite of pregnant women.

Like maternal conditioning, basically they will choose to buy bird’s nest for body conditioning.

TCM believes that the bird’s nest: “Yinyang Runzao, nourishing qi and replenishing qi, curing deficiency, cough, asthma, hemoptysis, long-term cough, suitable for weak constitution, malnutrition, long-term cough, sputum cough, chronic bronchitis in the elderly, bronchusExpansion, emphysema, tuberculosis, hemoptysis and hemorrhage, and stomach pain.

Modern medicine has found that bird’s nest can promote immune function and delay human aging and prolong life.

Precautions for eating bird’s nest The bird’s nest is best eaten on an empty stomach in the morning and evening. The absorption effect is the best. It is recommended to eat on an empty stomach in the morning if weight control or poor stomach control.

Consuming bird’s nest and milk on an empty stomach before going to bed at night is not only conducive to the absorption of nutrients, but also helps sleep, and has the effect of beauty and nourishment.

From 23 pm to 1 am-when the yin and yang transfers, the absorbency is best at this time.

5 am to 7 am-Children, women and elders are better off eating bird’s nest, which has something to do with the physiological status of these age groups.

It is best to consume it on an empty stomach two hours before or after meals.

Nutrition is best absorbed on an empty stomach.

It is generally believed that infants under 4 months of age can consume bird’s nest through mothers and indirectly absorb breast milk. In patients with cold and fever, bird’s nest has good lung-moistening effect and is beneficial for coughing. However, patients with fever should be recommended to recover before consumption. Treated tumorsPatients, bird’s nest is only used for chemotherapy to prevent cancer and cancer patients. Rehabilitation after radiotherapy can rebuild vitality, supplement nutrition, and improve the food effect of immunity;

[Eating supper to gain weight is because you didn’t eat it right, 8 kinds of food are recommended to lose weight and delicious!

[Eating supper to gain weight is because you didn’t eat it right, 8 kinds of food are recommended to lose weight and delicious!

Although long-term supper, although satisfying the desire of the mouth, will also bring some health risks, the most intuitive is-fat.

Because the activity at night is reduced, it is difficult to consume energy, it is easy to accumulate aunt, and she became smaller in a few days.

However, today I will tell you that some kind of supper is healthy and can lose weight, and you will be pleasantly surprised after watching it!

1, the name of coarse rice porridge, coarse rice porridge is Song Meiling tailored porridge for Chiang Kai-shek.

At that time, Chiang Kai-shek’s stomach problems were mixed, and Song Meiling suggested that he drink flour and rice porridge in moderation.

Crude rice is both nutritious and can help digestion, it has great potential for Jiang Jieshi’s stomach problems.

Choosing coarse rice porridge for supper will not cause too much burden on gastrointestinal digestion, but will be beneficial.

The method is also very simple. Wash the soaking water in the flour and grains and add it to the electric pot for cooking. You can add sea salt or brown sugar to make salty or sweet porridge.

2. Choose roasted sweet potato sweet potatoes with delicious red hearts. White hearts are dry, purple potatoes are even drier. Purple potatoes are small and can be directly cooked in a microwave oven.

A small treat of 100 mm roasted sweet potatoes is converted into about 100 kcal, and small mouthfuls can be eaten while blowing, which can increase both psychological satisfaction and satiety.


[How to make cold potato chips]_Homemade methods of cold potato chips_Encyclopedia of cold potato chips_How to make cold potato chips

[How to make cold potato chips]_Homemade methods of cold potato chips_Encyclopedia of cold potato chips_How to make cold potato chips

Cooking is always an essential skill in life, and it is often enjoyed.

In fact, the benefits of cooking are much more than that. Below, I will introduce the practice of cold potato chips for you to enjoy the fun of cooking.


One potato, peeled and washed.


Cut into strips with a vegetable cutter.


Rinse the excess starch with the chopped potato strips and pour into a boiling water pot.


汆 Hot potato chips rise quickly when there is no hard core.


Rise the potato chips and quickly rinse with cold water.


Let the potato chips dry and drain into a large container.


Add chopped garlic.


Add half a tablespoon of salt.


Add vegetable essence.


Added coarse black pepper grains.


Pour in homemade spicy red oil.


Mix well.

First of all, after reading the introduction of cold potato chips, it shows that you are very patient.

And this patience will inevitably create your different accomplishments in this dish.

So, while you are young, you need to try it quickly.

[How to make baby puffs]_ Method Daquan _ Making method

[How to make baby puffs]_ Method Daquan _ Making method

When the baby is 6 months old, he can start to add complementary foods. Among the many complementary foods, puffs are a kind of complementary foods that many parents like. Puffs are made from ingredients such as eggs and cream. Their volume isIt is relatively small, suitable for baby to grab when eating. It has a lot of help to exercise the baby’s grasping ability, and the puffs are crunchy. The mouth is not only suitable for baby to eat, but now many mothers will give themThe baby makes puffs.

Method 1: Ingredients: 60g of water, 25g of paste, and 0 salt.

5 grams of sugar.

5g, flour 40g, baby milk powder 5g, 1 egg, strawberry jam (other jams) 1g, making steps: Put water, crumbs, salt, sugar in a small milk pan (or non-stick pan) and heat on low heat until it melts.

Weigh flour, milk powder, and sieve for later use.

After the oil and water are stirred and boiled, turn off the heat, pour the flour and milk powder, and stir well.

Turn the fire back on and heat the batter for another 1-2 minutes until the batter is fine and uniform and free of raw flour.

Turn off the heat and cool to your hand, add homemade strawberry jam and mix well.

I added about 1 gram of jam, and the flesh did not fall. If you like more fruit, you can add more, or you can change to other flavors. If you don’t add it, it will be the original flavor.

Break up the eggs, add to the batter in three portions, stir once and add again.

Pay attention to the state of the batter. It is delicate and smooth, and it will be successful if it becomes an inverted triangle.

I have a medium egg, divided into 4 portions, adding three, and adding the remaining portion.

Put the mixed batter into a decorative bag and squeeze small stars on a baking sheet lined with grease or foil.

Pentagram pattern with framed mouth.

Preheat the oven, 180 degrees, and bake for about 25 minutes.

Method 2: Ingredients: 60 grams of water, 40 grams of flour, 10 grams of corn oil, 10 grams of milk powder, and 1 egg. Production steps: Sift the flour and milk powder and set aside.

Low-gluten flour or plain flour is fine.

60 grams of water and 10 grams of corn oil are poured into a pan and boil over low heat.

60 grams of water and 10 grams of corn oil are poured into a pan and boil over low heat.
After boiling slightly, turn off the heat, quickly pour the flour and milk powder mixture, and stir into a fine and uniform cooked dough.

The cooked dough is elastic and shiny, and it is very delicate.

After the dough is allowed to cool, the eggs are broken up and poured into the egg liquid three times. Each time the dough absorbs the egg liquid, add the next time.

Finally, the dough is lifted, it has an inverted triangle and it is not easy to fall.

Choose a mosaic flower mouth and insert it into the cloth mosaic flower bag.

When squeezing batter, clips are very important. One is to prevent leakage from the back, and the other is to save effort.

Extrude the pearls one by one.

This batter won’t squeeze as hard as a biscuit.

Preheat the oven at 190 degrees for 3 minutes, bake at 190 degrees for 10 minutes, and bake at 150 degrees for 15 minutes. During baking, the puffs swell as a whole.

The puffs are hollow in the end and chewy and crunchy.

Give this puff to Xiaoyuzi. If you do n’t control it, he can eat it without eating.

NavInfo (002405): Signed Mitsubishi Electric’s 2021-2026 map purchase contract to highlight the true nature of the map’s leader

NavInfo (002405): Signed Mitsubishi Electric’s 2021-2026 map purchase contract to highlight the true nature of the map’s leader

Recent situation of the company On the evening of September 2, the company issued an announcement and signed a purchase contract for Mitsubishi Electric in the areas of electronic navigation maps, real-time traffic information, and license plate restrictions.

The Mitsubishi Electric’s in-vehicle terminal products will be used in the TSU3 equipped for mass production and marketing in 2021-2026 sold in China.

Models such as GAC Honda and Dongfeng Honda on platform 0.

After the contract expires, NavInfo will continue to provide map maintenance services for Mitsubishi Electric for 5 years.

Comment on the market share again, highlighting the true nature of charter leaders.

Mitsubishi Electric is a newly signed customer of the company. This time, it successfully won a five-year purchase contract. We believe this signifies that the company’s product classification has been recognized by more customers, and its market share has further expanded.

According to Analysy Data’s February 2018 quarterly data, NavInfo’s new market share (by load) reached 38.

55%, if calculated in terms of amount, we expect this proportion to be even higher.

We expect to continue to strengthen the company’s product advantages (Siwei Tuxin invests nearly 30% of its R & D investment every year in the field of traditional navigation maps, and it has reached 11 in 2018.

70,000 yuan, an increase of 18 in the first half of 2019.

59%), the living space of small and medium graphic quotients will be further squeezed.

Conservative calculations will increase revenue by at least 100 million in the medium term.

According to Marklines data, in 2018 Honda and Acura sold 147 ideas in China.

50,000 vehicles.

We conservatively estimate the loading capacity of 1 million vehicles per year. This purchase order is expected to contribute 200 million yuan to the company in the medium term (2021-2026)?
300 million incremental income.

In addition, we believe that Mitsubishi Electric is expected to become the company’s mid-to-long-term strategic customer, and the possibility of further and further cooperation is not ruled out in the later stage.

For example, 淡水桑拿网 in 2017, Mitsubishi Electric started cooperation with ADAS in the field to explore autonomous driving together. If Mitsubishi Electric seeks cooperation in the Chinese market in the future, we believe that NavInfo will have a first-mover advantage.

The top graphic dealers are fully deploying autonomous driving and connected cars.

Starting from a leading domestic map manufacturer, NavInfo has gradually expanded its business to the conversion of various industrial chains and completed the comprehensive layout of the autonomous driving and connected car industries. We believe that the company is expected to fully share the industry growth dividend.

The company also joined hands with Huawei to create a “Huawei + Four-Dimensional” smart car technology overall solution.

Huawei has deep accumulation in the 5G field and 天津夜网 aims to become a tier 1 supplier in the era of smart cars. By leveraging partners, it can help NavInfo to seize the opportunity.

The estimation proposal considers that the contract will perform in the medium term (2021), and we temporarily maintain the company’s profit forecast and estimates unchanged.

Maintain target price of 17 yuan and outperform industry rating. Based on 2019 segment total valuation method, corresponding to 68 times 2019 price-earnings ratio.

The company is currently trading at 65.


1x 2019/20 price-earnings ratio, our target price corresponds to 5% upside.

Risky new product investment exceeded expectations; auto market sales were sluggish.

China Construction Group (603018): Excellent earnings and cash flow performance, sustained and rapid growth, redundant power

China Construction Group (603018): Excellent earnings and cash flow performance, sustained and rapid growth, redundant power

Earnings growth of 34% slightly exceeded expectations, and it is planned to turn 10 to 4.

8 shares sent 3.

8 yuan, the overall performance of the annual report is outstanding.

The company achieved operating income of 42 in 2018.

0 ‰, an increase of 51% in ten years; net profit attributable to mothers4.

0 billion US dollars, an annual increase of 34%, slightly exceeding market expectations.

Among them, the revenue growth rate significantly faster than the performance growth is mainly due to the rapid expansion of the company’s EPC business. In 2018, the company achieved EPC business revenue6.

US $ 600 million, which was previously expected to grow by 259%. Excluding the EPC business, the company’s survey and design business income will increase by about 36%, which will also achieve rapid growth.

Q1-Q4 revenue increased 31% / 97% / 56% / 34% quarterly, and net profit attributable to mothers increased by 21% / 51% / 27% / 31%. Q4 performance improved.

10 to 4 in 2018.

8 shares sent 3.

8 yuan (before tax), the dividend rate continues to remain at 30%.

The overall performance of the annual report is excellent.
The expansion in different places continued to advance, new breakthrough orders grew rapidly, and orders in hand were full.

While firmly grasping the right to speak in the market in Jiangsu Province, the company actively explored markets outside the province. In 2018, the operating income of the province’s and overseas businesses was US $ 2.6 billion and US $ 1.6 billion, accounting for 62% and 38%, respectivelyAfter the impact of EPC, the proportion of income outside the province was 45.

4%, increase by 1 every year.

2 pct.

2018 new millennium single 64.

1 trillion, an increase of 25%.

The survey and design business of the new decade.

0 million yuan, an increase of 21.

3%, survey and design orders / revenue coverage increased by 172% (YoY + 12 pct), survey and design order orders or full.深圳spa会所

The EPC business based on design and project management has achieved rapid growth, with a 400% increase before 2017, showing the company’s transformation from a single design agency to a full professional chain and an entire industrial chain.

In 2019, the company plans to increase its new growth orders by 15-35%, revenue by 20-40%, and profit by 15-35%. It is confident of maintaining continued rapid growth.

The company strives to be guided by the strategy of “industrialization, platformization, and internationalization” to build the first domestic “ten billion” design group in three years.

Gross profit margin and expense ratio decreased, and cash flow continued to be excellent.

The company’s gross profit margin in 2018 was 26.

2%, a year-on-year increase of 5.

5 pct; the gross profit rate inside and outside the province is 27.

3% / 24.

2%, year-on-year.

twenty four.


Gross profit margin after excluding EPC is 30.

5%, -3.

2 pct, expected to increase due to the company’s business outsourcing ratio.

Expense rate for the period 11.

4%, -3 compared to the same period last year.1 pct, including sales / management (plus R & D) / financial expense ratio YoY-1.

5 / -1.

7 / + 0.

1 pct, the decrease in sales and management expense ratio was mainly due to the company’s increased operating efficiency and the increase in the proportion of EPC business revenue.

The asset impairment loss is accrued more than zero.

4 trillion, mainly due to the increase in bad debt losses of receivables.

The anion rate decreased by 1 from the previous period.

1 pct.

Attributable net interest rate 9.

4%, year-on-year.


Benefiting from the implementation of the policy of clearing the accounts owed to private enterprises, the company’s net cash inflow from operating activities.

3 ‰, an increase of 13% in ten years, and performed well.

The cash-to-cash ratio and cash-to-cash ratio are 83% and 88%, respectively, YoY-4.

6 / -5.

3 pct, mainly affected by EPC business.

The repurchase and the first employee shareholding plan unite strength and show confidence.

The company issued a repurchase plan in October last year. As of now, the company has repurchased 1.72 million shares, accounting for 0 of the company’s total share capital.

55%, with a total payment of 30 million yuan.

On March 5, the company announced that all the repurchased shares will be used to carry out the first phase of the employee stock ownership plan at a purchase price of 17.

41 yuan / share, the source of funds is the holder’s self-raised funds and the company’s incentive fund with a 3: 1 ratio. The number of participants does not exceed 140 (including directors, supervisors, and 12 seniors), and the lock-up period is 12 months.

This employee shareholding plan shows that the company has plenty of cash and is confident in its future development.

Investment suggestion: We predict that the company’s net profit attributable to its mother in 2019-2021 will be 5 respectively.



4 ‰, a year-on-year increase of 31% / 29% / 25%, the corresponding EPS is 1.



67 yuan, with a CAGR of 28% in 2019-2021, and the corresponding PE is currently 12/10/8 times. Considering the company’s good growth and cash flow, it still has investment value at present, maintaining a “buy” rating.
Risk reminders: Transportation investment declines, bad debts of accounts receivable, and risk of business development outside provinces falling short of expectations.

Hang Seng Electronics (600570) 2019 First Quarterly Report Review: Performance Meets Expected Expense Control Continuation

Hang Seng Electronics (600570) 2019 First Quarterly Report Review: Performance Meets Expected Expense Control Continuation

[Key points of investment]Hang Seng Electronics released the 2019 first quarter performance report, and the company achieved revenue5.

92 billion, a year-on-year increase of +11.

17%, net profit attributable to shareholders of listed companies.

97 billion, +593 year-on-year.

66%, deducting non-net profit of 36.32 million, +5 year-on-year.


The company’s business basically met expectations.

From the perspective of spin-off, the capital market business line income4.

4 billion, a year-on-year increase of +13.


Of which: 1) Brokerage business was 87.14 million, which was -15 compared with the same period last year.

73%, 2) Revenue from asset management business 2.

0 billion, a year-on-year increase of +27.

35%, 3) Wealth business 1.

4 billion, a year-on-year increase of +26.

95%, 4) 12.85 million exchange business, -21%.


In addition, banking and non-financial businesses each fell by -17.

64% and -1.


Internet business revenue exceeds 1.

1 billion, a year-on-year increase of +15.


Expense control continues.

The company has started to control expenses since the second half of last year. In 2019Q1, it continued to maintain the strategy of expense control, and the sales expense ratio decreased by 2.

5 points, R & D expenses are added back to management expenses, which decreased by 0 at the end of the first quarter of 2018.

85 points.

The substantial increase in net profit attributable to mothers was mainly confirmed by the company in the current period.

Gain on fair value changes of 6 trillion.

Implementing the new financial instrument specification, financial assets that may be sold, and fair value changes that are included in profit or loss for the current period, are allocated as transactional financial assets to confirm investment income.

Benefit from a new round of IT system construction cycle by financial institutions and investment institutions.

With the continuous release of financial innovation and regulatory dividends, affected by science and technology board, new asset management regulations, Shanghai-London Stock Connect, banks, securities firms, insurance asset management, public equity funds, private equity funds and other financial institutions and investment institutions strive to usher inA round of IT system construction cycle.

As the head company of IT systems in related fields, we believe that the company will fully benefit from the new round of construction of IT systems of relevant financial institutions and investment institutions.

In addition, after the stock market began to warm in 2019, it tried to promote the upgrading of IT systems by financial institutions and investment institutions.

[Investment recommendation]We maintain the company’s operating income for 2019-2021 is 39.

8 billion, 49.

8 billion, 61.

200 million, net profit attributable to mothers is 8 respectively.900 million, 9.

9 billion, 11.

200 million, the EPS is 1.

44 yuan, 1.

60 yuan, 1.

81 yuan, PE is 62.

9X, 56.

4X, 49.

8X, maintain the investment rating of “overweight”.

[Risk Tips]Risk of intensified market competition; Risk of incremental business income falling short of expectations; Risk of uncertain timing of regulatory and innovation policies