In 2020 ChinaJoy held the first online and offline synchronization as scheduled

In 2020 ChinaJoy held the first online and offline synchronization as scheduled
On May 11, the ChinaJoy Organizing Committee of China International Digital Interactive Entertainment Exhibition held its first press conference for the first time, announcing that the eighteenth ChinaJoy will be held in Shanghai from July 31 to August 3.It is said that Han Zhihai, secretary general of the ChinaJoy Organizing Committee, said that this time ChinaJoy uses “technology?Leading the new wave of digital entertainment “as the theme, in addition to participating in China International Digital Interactive Entertainment Exhibition (ChinaJoy), International Smart Entertainment Hardware Exhibition (eSmart), China International Animation and Derivatives Authorized Exhibition (CAWAE) three major brands,Added ChinaJoy Trend Toy Exhibition (CJTS) and 5G cloud game theme exhibition area, table game theme exhibition area, independent game theme exhibition area, etc.The reporter learned that this time ChinaJoy will be implemented online for the first time. In addition to the corresponding conference activities held offline, the first “ChinaJoy Plus”, CJTS and the first cloud gaming conference will be launched online.Wang Yayuan, deputy minister of the Shanghai Municipal Party Committee Propaganda Department, said that in addition to the ChinaJoy exhibition, Shanghai will hold a global e-sports conference on August 1 to build a global e-sports capital and promote global competition in the Chinese e-sports industry.Sauna, Ye Wang Qin Che editor Zhao Ze proofreading Liu Jun

[Encyclopedia of stewed braised fish in sauce]_How to do_How to do

TOWER Huang Rui – Welding Yimei Catalpa shoulder Jing Dong Chen pot still water у Jue TOWER Tuan Ho Tong Qian Xu pot How to pot?
姘戜互椋熶负澶╋紝鐜板湪浜轰滑闅忕潃鐢熸椿姘寸殑鎻愰珮瀵归ギ椋熷悆娉曢潪甯歌绌躲€備笉浠呭閫夋潗涓婅鏂伴矞锛岃€屼笖瀵逛簬鍛抽亾鐨勮姹備篃瓒婃潵瓒婇珮銆傚悓涓€绉嶉鏉愶紝鍙互鍋氬嚭鍚勭鍚勬牱鍛抽亾銆傚挨鍏舵槸楸肩被锛屽氨鍢庨奔杩欑椋熸潗涔熻兘鍋氬嚭寰堝鐨勫懗閬撴潵锛屼笅闈㈠氨閰辩剸鍢庨奔鐨勫仛娉曞ぇ鍏紝灏忕紪甯﹀ぇ瀹惰缁嗙殑浜嗚В涓€涓嬨€備竴銆佹楠?1甯傚満澶勭悊濂界殑鍢庨奔锛岄€変笉澶т笉灏忕殑姣旇緝濂藉悆锛屾嬁鍥炲娲楀噣锛岀敤濮滅墖锛岃姳妞掞紝鐩愶紝鏂欓厭鑵屼簩鍗佸垎閽熸楠?2 咜 厫 鍒 閒 鏉 鏉 “,” supposedly, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful “鏀炬补锛屼簲鎴愮儹鏀惧叆鍢庨奔锛屽皬鐏厧涓€涓嬮奔涓ら潰锛屽€掑叆鐑按锛屽鍒颁簺锛岃鑳芥病杩The following are the main points of the drama: the following is the best way to do this: if you want to know how to do it, if you want to know how to do it, what are you going to do?鐗囷紝閲戦拡鑿囷紝鐐栧崄浜斿埌浜屽崄鍒嗛挓锛屽嚭閿呭墠鏀惧叆闈掕挏鍗冲彲灏忚创澹槑楸奸€変腑鍙风殑姣旇緝濂藉悆锛屽お灏忕殑娌′粈涔堣倝锛屽お澶х殑鑲夎川鑰侊紝涓彿鐨勬渶濂姐€傞噷闈㈢殑閰嶈彍鍙互鑷敱鎼厤锛屽枩娆㈠悆浠€涔堝氨鍔犱粈涔堬紝灏卞儚楹昏荆棣欓攨閭f牱闅忔剰灏卞ソ浜屻€佹楠?1甯傚満澶勭悊濂界殑鍢庨奔锛岄€変笉澶т笉灏忕殑姣旇緝濂藉悆锛屾嬁鍥炲娲楀噣锛岀敤濮滅墖锛岃姳妞掞紝鐩愶紝鏂欓厭鑵屼簩鍗佸垎閽熸楠?2 咜 厫 鍒 閒 鏉 鏉 “,” supposedly, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful “鏀炬补锛屼簲鎴愮儹鏀惧叆鍢庨奔锛屽皬鐏厧涓€涓嬮奔涓ら潰锛屽€掑叆鐑按锛屽鍒颁簺锛岃鑳芥病杩The following are the main points of the drama: the following is the best way to do this: if you want to know how to do it, if you want to know how to do it, what are you going to do?鐗囷紝閲戦拡鑿囷紝鐐栧崄浜斿埌浜屽崄鍒嗛挓锛屽嚭閿呭墠鏀惧叆闈掕挏鍗冲彲灏忚创澹槑楸奸€変腑鍙风殑姣旇緝濂藉悆锛屽お灏忕殑娌′粈涔堣倝锛屽お澶х殑鑲夎川鑰侊紝涓彿鐨勬渶濂姐€傞噷闈㈢殑閰嶈彍鍙互鑷敱鎼厤锛屽枩娆㈠悆浠€涔堝氨鍔犱粈涔堬紝灏卞儚楹昏荆棣欓攨閭f牱闅忔剰灏卞ソ銆備笁銆佸槑楸煎鏉€It ‘s a good job. It ‘s a good job. It ‘s a good job. 2 What are you talking about? What are you talking about? How about you?3鐑瑰叆鏂欓厭銆侀唻銆侀叡娌广€佺敓鎶斤紝鏀惧叆濮滅墖鍜岄€傞噺鐨勬按 4 澶х伀鐑у紑锛岃浆涓伀鐑ц嚦閿呭唴姹ゆ眮娴撶锛屾拻鍏ラ钁辩鍗冲彲鍥涖€佸槑楸煎張绉颁负榛勮荆涓併€佹槀鍒洪奔锛屾病鏈夐簾〃 倝 倝 〨 Jiang Han ╋The chain of chains is not so good The pot is so easy to hang, and it is very difficult to find out how to do it.Lu Xian 撶 殑 Pu 嗛  Adorable Bi Feng Feng 捵 卞 捞 鍍 f press 銆?

[How to make pizza]_Pizza_How to make_Methods Daquan

[How to make pizza]_Pizza_How to make_Methods Daquan

Pizza, a very special kind of food, can be more and more popular with Chinese people, because it has a strong exotic flavor and tastes great.

Pizza is even delicious, and you can make a different cooking experience by yourself. So, how to make pizza delicious?

Let’s briefly introduce a good way to make pizza.

1.

Prepare all ingredients for pizza, such as carrots, various sauces, pastries, onions, olive oil and more.

2.

Wash and peel the carrots.

3.

Peeled carrots and sliced.

4.

Slice the carrots and shred them.

5,

Shred the onion for use.

6.

Cut the skin into slices for later use.

7.

Cut the head into slices for later use.

8.

Add some olive oil after the pan is hot.

9.

Add the onion and cook until it softens. Then add the salt mixed with sand.

10.

Add a small amount of oil and fry the carrots without adding salt.

11.

Add a small amount of oil, stir-fry the stir-fry slices over low heat and season with some salt.

12

All fried ingredients are ready for use.

13

Add the fried vegetables to the dried buns and sprinkle with mozzarella cheese.

14.

Preheat the oven 180 degrees.

15

Place small Chinese pizza in a preheated oven and bake at 180 ° for 5 minutes.

16.

Because the ingredients are all cooked, as long as the cheese melts.

Tips 1.

Lightly fry the vegetables with olive oil for nutrition and completeness.

But the temperature of the oil should not be too hot, otherwise the composition of the olive oil will change.
2.

The salt in the dish can taste a little. Onion is used for pizza to enhance the taste.

3.

The baking time should not be long, otherwise the pizza will be easy to dry, which is not good for morning eating.

[Homemade practice of eggplant stewed beans]_ Eggplant stewed beans_How to make_How to make

銆愯寗瀛愮倴璞嗚鐨勫甯稿仛娉曘€慱 鑼勫瓙鐐栬眴瑙抇鍒朵綔鏂规硶_鎬庝箞鍒朵綔
钄彍鏄垜浠敓娲荤涓嶅紑鐨勯鏉愶紝钄彍鐜板湪浼氭瘮鑲夌被鏇村姞鐨勫彈娆㈣繋銆傛湁鏃跺€欏ソ鍚冪殑钄彍浼氬嚭鑲夋洿鑳藉涓嬮キ銆傚湪澶忓ぉ鐨勬椂鍊欙紝灏忎究灏辨槸鍠滄鍚冭寗瀛愮倴璞嗚锛岃繖鏄竴閬撳ソ鍚冨張瀹规槗涓嬮キ鐨勫甯歌彍锛屽仛娉曚篃闈炲父鐨勭畝鍗曘€?Gong Xuan 瓙 Pu 坜  pot 掭 塶 鍜 屾  Nan?鑼勫瓙娲楀噣鍒囨垚闀挎潯鐘讹紝鐢ㄦ竻姘存蹈娉$墖鍒诲悗鎹炲嚭澶囩敤锛涜眴瑙掓礂鍑€鎽樻帀鑰佺瓔鍒囨垚闀挎锛屽共杈f鍒囧皬娈点€佸ぇ钂滄媿鐮村垏纰庯紱2閿呬腑鍊掑叆閫傞噺娌癸紝娌规俯7鎴愮儹鍚庝笅鑼What’s the difference between Jiang Song and Jiang Jiao?3 撣 推 搨 椣 璤 璯 璯 璯 璯 璳 璳 倳 璳 珀 鏆 鏆 鏆 咂 Cang soup soup total split f  鐖 嗛  Admitted that the elder sister is not the same as the elder sister.€佽殱娌瑰拰灏戣娓呮按缈荤倰鍧囧寑锛岀洊涓婇攨鐩栫剸鐓竴浼氾紝寰呮堡姹佹敹娴撳嵆鍙€?翏 忚 创 澹 Detail 1.What’s the difference? What’s the difference? What’s going on? What’s going on? What’s going on? What’s going on? What’s going on?The village of Songge is in the village, and it ‘s time for you to make up your mind. You can read more about how to do it, and how to do it, and how to do it.Do you want to go back to Luoluo?.濡傛灉瀚岃繖閬撹彍鐢ㄦ补鐐告瘮杈冭€楁补锛?浣犱篃鍙互鐢ㄥ皯閲忔补灏忕伀鎱㈢厧锛屽彧鏄椂闂寸◢闀夸竴浜涳紝鍙f劅鍛抽亾涓€鏍峰ソ銆?.鍥犱负铓濇补鍜岀敓鎶介兘鏈夊捀鍛筹紝杩欓亾鑿滄槸鍚﹀姞鐩愬彲浠ユ牴鎹嚜宸卞彛鍛宠皟鏁淬€?鍚冭寗瀛愬缓璁笉瑕佸幓鐨紝瀹冪殑钀ュ吇浠峰€煎氨鍦ㄧ毊閲岄潰锛岃寗瀛愮毊鍚湁涓板瘜鐨勭淮鐢熺礌P鑳藉寮轰汉浣撶粏鑳為棿鐨勯粡鐫€鍔涳紝瀵瑰井琛€绠℃湁淇濇姢浣滅敤锛岃繖鏄叾浠栬敩鑿滄墍涓嶈兘Jiaoqi 抑 銆?.It ‘s a bit cold, it ‘s a bit cold, it ‘s a bit cold, it ‘s very cool, it ‘s very cool, it ‘s very cool, it ‘s very cool, it ‘s very pretty.川瀵硅儍鑲犻粡鑶滄湁杈冨己鐨勫埡婵€浣滅敤锛屽苟瀵圭粏鑳炴湁鐮村潖鍜屾憾琛€浣滅敤锛屽洜姝や竴瀹氳鎶婅眴瑙掑交搴曠叜鐔熷悗鍐嶉鐢ㄣ€?

[How much honey will crystallize]_The crystallization temperature_What is

銆愯渹铚滃灏戝害浼氱粨鏅躲€慱缁撴櫠娓╁害_鏄灏?
铚傝湝缁撴櫠鏄緢姝e父鐨勭幇璞★紝鍗充娇鏄搧璐ㄤ笂涔樼殑铚傝湝锛屽湪缁忚繃涓€娈垫椂闂寸殑鏀剧疆涔嬪悗锛屼粛鐒朵細鏈夌粨鏅舵儏鍐电殑浜х敓銆傝渹铚滅粨鏅朵箣鍚庡苟涓嶆槸鍙樿川锛屾垜浠粛鐒跺彲浠ユ甯告湇鐢紝鑰屼笖姝ゆ椂鐨勮渹铚滀綔鐢ㄦ晥鏋滀粛鐒跺拰鏂伴矞铚傝湝鏄浉鍚岀殑銆傞偅涔堬紝铚傝湝涓轰粈涔堜細缁撴櫠鍛?Do you know how to damage the chains and the thin chains and the rudders and rudders?1 銆 常 师 闞 嗭 咭 哭 哝 幝 幝 畝  憀 钭 塸 鏋 愬 咭 咄 幇 幇 帇 鸹 铚 钚 撸 槸 末 氩 書 雎 導 導 少 氧The raccoon, the raccoon, the raccoon, the raccoon, the raccoon, the raccoon, the raccoon, and the raccoonThis is the best way to get rid of this problem: it’s a good idea to do it, you can’t do it, you can’t tell it, you can’t tell it, you can change it, you can’t do it, you can do it.屽畲鍏ㄤ笉缁撴櫠镄勮渹铚滀竴瀹氫笉鏄函澶╃劧鎴愮啛铚溿€?The cre and the cre are squeezed out, and the creases are stricken, the sorrows are up, the sorrows are up, the sorrows are up, the sorrows are up, the sorrows are up, the sorrows are up, the sorrows are upThe chains are out of the way, and the rudders are in the air. The rainbow is thin, and the mixture is thin. The master is not so good. It ‘s hard to find out what is going on.栧喅浜庤渹铚滀腑鎵€鍚殑钁¤悇绯栧拰鏋滅硸鐨勬瘮渚嬶紝姣斾緥瓒婂ぇ鐨勮湝绉嶈秺瀹规槗缁撴櫠渚嬪娌硅彍鑺辫湝銆佹ご鏍戣湝銆佽崋鏉¤湝绛夛紝鍙嶄箣姣斾緥瓒婂皬鐨勮湝绉嶅垯瓒婁笉瀹规槗缁撴櫠渚嬪鏋h姳铚溿€侀緳鐪艰湝銆佹鑺辫湝绛夈€?銆 乹 援 ︼fine 髢 揜 戜 Trimming 哚 滚 滃  鏄 撶 粨 鳅 Consistency of 渹 據 揚 揨 鏅 Chopping off the torch tortoises to kill the gigantic gyros搄 戛 搴 渴 ︿Finally, it ‘s a good thing. It ‘s a good thing В 搴 ︼ 纴 娓 ╁It ‘s a bad thing. It ‘s a good thing. It ‘s a good thing. It ‘s a good thing.It’s a matter of remorse, and it’s just a matter of time. It’s a good idea to prevent it. It’s a good thing to do it. It’s a good thing. It’s so good.傝湝鍒欐瘮杈冨鏄撶粨鏅讹紝杩欎篃鏄负浠€涔堝澶╄渹铚滀笉鏄撶粨鏅惰€屽瓨鏀惧湪鍐扮涓殑铚傝湝瀹规槗缁撴櫠鐨勫師鍥犮€?Click on the button and click on the button to read it. Click on the button to read it. Click on the button to read the button and click on the button to read it. Click on the button to read it.I am afraid that the teacher will be in trouble, and I will click on it to read it. I will tell you how to do it. If you are in trouble, you will be able to pick it up (Tweezers, you can do it)Harmful?7 Technetium?5% 幸 ﹀ 堸: Do you want to use a pair of tweezers to charge your fork?0%浠ヤ笂)锛屼粠鑰屽鑷村嵆渚垮湪浣庢俯鐜涓嬭憽钀勭硸寰堥毦浠庤渹铚滀腑鏋愬嚭鏉ワ紝鏈€鐩磋鐨勮〃鐜板氨鏄繖绉嶈渹铚滅粨鏅剁殑閫熷害闈炲父鎱㈢敋鑷冲彲鑳戒笉缁撴櫠銆?

[Encyclopedia of Acanthopanax senticosus]_How to do_Production method

[Encyclopedia of Acanthopanax senticosus]_How to do_Production method

Acanthopanax senticosus is a kind of wild vegetable, and it is also a common Chinese medicinal material, mainly grown in the northeast region of the country and the Siberian region of Russia.

His methods are relatively many. It may be said that picking fresh Acanthopanax senticosus can be eaten with cold or dumplings, which has a good conditioning and health effect on the body, and has a certain effect of nourishing qi and blood.Both immunity and disease prevention can play a certain effect.

Ingredients for Acanthopanax senticosus Ingredients: 500 grams of tender leaves of Acanthopanax senticosus supplements: sesame oil, half a tablespoon of chili oil, 5 grams of garlic, 4 cloves of sugar, half a tablespoon of vinegar, 1 tablespoon of miso.

Acanthopanax senticosus leaves are soaked and cleaned, minced garlic 2.

Add water to the boil, boil and add Acanthopanax senticosus leaves to the boil, remove and place in cold water and cool 3.

Remove the drain and set aside for use 4.

Put it in the bowl, add salt, sugar, vinegar, chili oil, monosodium glutamate, minced garlic, mix the ingredients for the dumplings: dumpling skin, meat filling, the amount of acanthopanax, the amount of minced onion, the amount of ginger,The right amount of oil, the right amount of salt, the right amount of soy sauce 1.

Wash the leaves of Acanthopanax senticosus.

2.

Rinse with boiling water.

3.

Acanthopanax minced, minced meat, shallot, ginger.

4.

Come on.

salt.

Soy sauce, stir in one direction.

5,

Wrap the stuffing with the dumpling skin.

The medicinal effects and effects of Acanthopanax can strengthen the body: Acanthopanax can increase the maximum oxygen consumption and enhance the duration of exercise.

Replenishing Qi: Acanthopanax can increase the body’s oxygen absorption (antioxidant capacity is 5 times that of vitamin E).

Can soothe the nerves: the human body is prone to fainting and yawning when there is insufficient oxygen absorption. Acanthopanax is an aerobic substance, which can regulate processes such as the central nervous system’s excitement and inhibition.Can play the role of intelligence and soothe the nerves, taking Ciwujia at night can also help us promote sleep.

Lishengxue: Acanthopanax senticosus has dilated blood vessels, improves cerebral blood volume, and has a two-way regulation of blood pressure.

At the same time, Acanthopanax can also anti-fatigue, anti-radiation, supplement weakness, enhance bone marrow hematopoietic function. In addition, Acanthopanax senticosus has a very good blood circulation effect.

[How to cook calcined oysters]_How to make_How to make

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Gree Electric (000651) released a comment: mixed reform is about to land, it is estimated that the center can be upgraded

Gree Electric (000651) released a comment: mixed reform is about to land, it is estimated that the center can be upgraded

Zhuhai Mingjun led by Gao Feng Capital became the final transferee of Gree’s 15% stake in Gree. On the evening of October 28, 2019, Gree Electric announced that the final transferee of the 15% stake in the company to be transferred by Gree Group’s proposed agreement was瓴 Capital-led Zhuhai Mingjun must sign the Distribution Agreement with Gree Group within 10 working days.

In order to maintain the stability of consensus, Zhuhai Mingjun has submitted an invitation to cooperate with Gree Electric Appliances. If the invitation is accepted, the two parties must disclose the specific cooperation plan before the signing of the “Share Transfer Agreement”.

Reviewing the history of mixed reforms, after seven months of landing, Gree Electric announced for the first time on April 1, 2019 that Gree Group, the controlling shareholder, is planning to transfer part of the shares held by Gree Electric; on April 9, it announced that it intends to transfer the share capital9.

0 billion shares (accounting for 15 total shares).

0%) and the transfer price is not less than 45.

67 yuan / share (after ex-rights ex-dividend adjustment to 44.

17 yuan / share); announced on August 12 that Zhuhai SASAC agreed with Gree Electric on the routine distribution project of publicly soliciting the transferee plan, the provisions of the intent method and law, and in promoting the company’s development, implementing stability, improving governance structure, etc.On September 3, the company announced that the intention of the transferee was Zhuhai Mingjun and Houpo, who were involved in Gao’an, respectively.

On the evening of October 28, it was announced that Zhuhai Mingjun triggered by Gao Yong became the final transferee, marking that after 7 months of mixed reforms, Gree Electric could replace traditional holdings and convert it into a shareholder property diversified equity structure.

Gaofeng Capital’s investment performance in various fields is outstanding, and Zhuhai Mingjun, which has achieved good synergy, has achieved outstanding investment performance in consumption, advanced manufacturing and other fields. It has a better strategic resource reserve and is expected to help Gree Electric in the new 杭州桑拿 stage.Development is leading forward.

Considering Zhuhai Mingjun’s invitation to cooperate with Gree Electric, we expect that the existing ones will maintain stability and maintain a high degree of autonomy in the scale of operations. Measures such as binding the company’s and stakeholder’s equity incentives are also expected to casually cooperate with the plan (or(Follow-up) to further optimize the corporate governance structure.

Investment suggestion As a leader in the air-conditioning industry, the company has significant competitive advantages in terms of production, products, channels, brands and other multi-dimensional means.

As mixed reforms are about to land, based on the demands of the transferee and the leader, the company’s future governance structure will be optimized, the expected average dividends will be 厦门夜网 stabilized, and the long-term suppression of expected factors will help eliminate them.

We expect net profit attributable to mothers to be 283 in 2019-2021.

3, 317.

1,343.

400000000.

The latest closing price corresponds to a PE of 10 in 2020.

8 times, revenue injection, overlapping and mixed reforms will soon be implemented, which will effectively drive the estimation of the hub. Based on this, we give Gree Electric a corresponding 2020 PE.

0x, increase the reasonable value to 73.

80 yuan / share, maintain “Buy” rating.

Risk warning: termination of controlling shareholder’s equity transfer; expansion of land sales scale; continued decline in domestic consumption power; changes in raw material prices; exchange rate changes.

Lujiazui (600663): Steady Achievement One Core, Two Wings, Three Cities Layout Formation

Lujiazui (600663): Steady Achievement “One Core, Two Wings, Three Cities” Layout Formation
Investment Highlights: Events.The company announced its semi-annual report for 2019.At the core of the report, the company achieved operating income of 81.89 ppm, an increase of 23 per year.86%; Net profit attributable to shareholders of listed companies.47 ppm, an increase of 11 per year.34%; Realize basic profit income of 0.51 yuan. In the first half of 2019, driven by the carry-over of property sales and increased income from the financial industry, the company’s revenue increased23.86%; during the same period, the company’s investment income decreased and the net net profit growth narrowed to 11.34%.According to the company’s 2019 semi-annual report, (1) in the first half of 2019, the company’s long-term operating property rental income (cash inflows) within the scope of the company’s consolidated statement, totaling 19.4.7 billion.Among them, in terms of office properties, the rental income for the first half of 2019 was 15.980,000 yuan, a year-on-year increase of 5%; for commercial properties, the rental income in the first half of 2019 was 1.9.9 billion, an increase of 66% in ten years.(2) In the first half of 2019, the company realized the total sales income and cash flow of various properties.9.3 billion.(3) In the first half of 2019, the company achieved 7 within the scope of consolidated statements.50,000 yuan in property management income (cash inflows), an increase of 21 over the same period in 2018.56%.(4) In the first half of 2019, the company’s financial business realized revenue10.20 ppm, accounting for 12 of the company’s total operating income.44%.According to the company’s 2019 semi-annual report, in the first half of 2019, the company completed 3 projects with a total construction area of 15.880,000 square meters.There are 2 newly started projects with a total construction area of 13.670,000 square meters.8 construction 杭州桑拿网 projects continued, with a total construction area of 95.630,000 square meters.Interest balance on June 30, 2019 was 354.930,000 yuan, accounting for 42 of the company’s total assets in the first half of 2019.2%, compared with 295 at the end of the previous year.7.8 billion increased by 20%. Investment Advice.”Commercial real estate + commercial retail + financial services” integrated development, “continuous market” rating.The company actively builds a “one core, two wings and three cities” development pattern with “commercial real estate as the core, commercial retail and financial services as the two wings, and Pudong, Tianjin and Suzhou as the three cities”.According to the company’s 2019 semi-annual report, the company’s operating property area was 2.64 million square meters.We believe that the transformation of Shanghai’s construction of the international financial center has pushed forward the value of property held by the company, and the leasing rate and rent have continued to rise.After completing the acquisition of 100% equity in Lu Jinfa, the company obtained 3 licensed financial institutions.According to the company’s latest total share capital of 40.Measured at 3.4 billion shares (the company’s total share capital in 2018 was 33.6.2 billion shares. After the implementation of the 2018 profit distribution, the total share capital at the end of June 2019 was 40.3.4 billion shares), we expect the company’s EPS in 2019 and 2020 to be 0.98 yuan and 1.12 yuan, giving the company 17-21 times dynamic PE in 2019, corresponding to a reasonable value range of 16.66-20.58 yuan, giving the company a “primary market” rating. Risk Warning: The company faces interest rate hikes and policy risks, as well as financial market risks.

AVIC (002179): Connector leader whose performance is in line with expectations is expected to usher in new growth points

AVIC (002179): Connector leader whose performance is in line with expectations is expected to usher in new growth points

Guide to this report: AVIC’s first three quarter results are in line with expectations.

Benefiting from factors such as the increase in the implementation rate of equipment costs, the company’s 2019 performance growth rate is expected to exceed 20%.

Investment Highlights: Reduce target price to 46.

2 yuan, maintaining the “overweight” level.

The company released the third quarter report of 2019, and the performance was in line with expectations.

Maintain EPS forecast for 2019-2021.

10/1.

33/1.

61 yuan (1 share capital increase.

After 99%).

We maintain our 42x PE estimate for 2019 and lower our target price to 46.

2 yuan, maintaining the overweight level.

Performance was in line with expectations and operating cash flow improved significantly.

1) The company achieved revenue 68 in the first three quarters of 2019.

9.2 billion (+19.

34%), net profit 8.

310,000 yuan (+19.

22%), the overall growth rate is in line with expectations.

2) Net cash flow from operating activities in the first three quarters increased by 155 per year.

11%, a half-year increase of 54 in the third 杭州桑拿 quarter.

5%, the company’s repayments improved significantly.

3) Q3 quarter gross margin exceeded growth4.

1PP, significant improvement.

4) With the index of Interim Report, convertible bonds decreased by 5.

07 billion, the share conversion ratio has exceeded 45%.

Military-civilian coordinated development and long-term growth are worth looking forward to.

1) Benefiting from the steady growth of national defense construction, military orders are expected to grow steadily.

2) After the new automated production line is put into use, the expected decline in costs will bring about improvement in gross profit margin.

3) 5G construction is gradually underway, and communication services are expected to grow rapidly in the next three years.

4) After the technological breakthrough of the high-speed backplane connector, it is expected to become a new profit growth point.

The company’s long-term growth is worth looking forward to. We expect the company’s profit growth rate to exceed 20% in 2019.

Catalysts: Military orders continue to grow; 5G orders are heavy; high-speed backplane technology breakthroughs.

Risk warning: military expenditures grow faster than expected; 5G advancement speed is lower than expected.