“Yep,Well,With her two aunts,No one can bully her,It’s good for them not to bully others,Ha ha。”

Murong Shan said with satisfaction。
“Can I apply to stop drinking??My stomach is limited,I really can’t drink such a big bowl of soup,and……Can I apply for a piece of ribs?Go together。”
Du Shanshan suddenly said pitifully。
“Hahahaha……Are you abusing her like this?Only let her drink soup,You eat meat?”
Qin Liang smiled immediately。
“You know a fart,Stay aside,Don’t be here to provoke us。”
Shen Ruoxi smiled and gently pushed Qin Liang away two steps。
“Say,Can it be in my face,Make an exception and give her a piece of ribs?There should be nothing wrong together, right??”
Qin kindly discussed with the two little nurses。
“Can eat two yuan。”
The little nurse nodded,She approved Du Shanshan’s request。
“Thank you!thank you so much!”
Du Shanshan immediately smiled into a flower!
A big pot of ribs was brought,Murong Shan and Shen Ruoxi carefully selected two big ribs with the best meat,Carefully remove all the meat from Du Shanshan,Then he personally fed small pieces into her mouth,That scene is not too warm!Qin Liang,Yang Shiyun,Yanzi and Luna can’t help but swallow……
“Don’t waste the rest,Let’s share and eat,Don’t keep it for Shanshan,Bought a lot,Make her a new one tomorrow。”

Qin Liang secretly thought,Heart is broken,But the feeling of being molested,Pretty good。

“I don’t care anyway,Since you saved me,Be saved to the end。”
Murong Shan is a pretty smart woman,And knows the skills of dealing with men。
Ps:Book friends,I am Thor Giant,Recommend a freeApp,Support download、Listen to books、Zero advertising、Multiple reading modes。Please pay attention()Book friends hurry up and pay attention!
————
Chapter 418 Liu Xia Hui
? .org,The fastest update of the latest chapter of the special forces king of the beautiful president!
Liu Xia Hui
She knows the right moment,Know when to say what not to say,I also know when to act like a baby with a man is most effective。
really,Qin Liang was so tricked by her,I’m embarrassed to say it if I want to find excuses and reasons。
“Get,you win……I’ll sleep with you in this bedroom。”
finally,Qin Liang compromised,What can I do without compromise,I’m afraid I can leave it alone。
If another girl asks Qin Liang like this,Qin Liang is so beautiful,But Murong Shan is different,Qin Liang knows the power of this woman,Once I had that kind of close relationship with her,I’m afraid I can’t get out of my body anymore,By the time I can’t make it right and Shen Ruoxi will have to fight,So he always tried to avoid any overly intimate behavior with Murong Shan。
Except today……Because today is indeed a special situation,And he is not going to have any relationship,Just protect it。
“Then thank you,His father,Ha ha。”

“Mrs. Wang,Many people can prove that my son was involved in your auction.,how,Don’t you give me an explanation?”

Living room,Wang Lianzhi sitting on the sofa,Behind him is a young man sitting on the side of Zhao’s bodyguard,Wearing a black suit,A bunch of people standing behind。
“Since it can be proved that he is here to participate in our auction,That can definitely prove what your master Shao did in the restaurant, right?!”Wang Lianzhi is not weak,Look up at each other,Asked coldly:“Don’t talk about anything else,To be rude to my chairman,How should this be?”
In a few words,The man in the black suit was stunned.,Almost pissed off。
Of course he inquired about the situation,It is indeed Shao Guanghui’s problem,But now no one can find it,this is the key of the problem。
“Humph,Don’t quibble here,My master is at fault,That should go through normal procedures,Unexpectedly, you dare to kill people behind their backs,Damn it。”
Men in suits are not vegetarian,When he came up, he buckled the shit basin on Zhao’s head。
“I tell you,in three days,Hand over Zhao Shaojiu and the hands-on kid,I can plead with the owner,Leave you a way out,Otherwise at your own risk。”
“I see who dares?”
The man just finished speaking,There was a sound from outside,Wang Lianzhi’s eyes lit up。
The person here is naturally Zhao Shaojiu and others,The woman at this time has already changed her dress,Still looks like a female president,With a lonely aura,Just listening to the sound can make people think about it,Let alone after seeing people。
“Guru!”
The man in the suit couldn’t help swallowing and spitting,The head is spinning fast,Have other ideas:“Who are you?”
Zhao Shao and Jiu Li ignored each other,Walk directly towards Wang Lianzhi:“Big sister,They didn’t treat you like?”
“Nothing!”Wang Lianzhi shook his head,Say don’t worry about yourself。
All over the world,There are many people who dare to ignore him,But definitely not in a small place like Bencheng,The man in a suit feels that his dignity is greatly insulted,Especially in front of such a beauty。
“Made,Don’t understand people?,Who is your special code??”
“Black tiger!”Zhao Shaojiu needs no words,Just called the black tiger’s name。

“This bastard!”

“did not expect,Two times!Actually cured this fat man!”
“Oh shit,His neurosis is better,What about the information I want?”
“Negotiated an agreement with that,Now is the last step,Turned out to be upset by this bastard。”
“Ye Tianzong, right??I remember you,Good for bad,I never finished with you!”
Xu Huizhong is desperate。
Don’t even say hello,Big hand wave,I took the bodyguard and left in a hurry。
And the medical staff present,Looking at Ye Tianzongshi,All shocked。
The mockery just now,Long gone,Instead,It’s a compliment。
And seeing the noise here,Ren Yurou who just finished the call,Uneasy,Rushed over and asked:“what happened?Is something wrong??”
“Ye Tianzong,I warned you,If you want to be crazy, you have a bottom line,How can you……”
“Yep?”
“Why are you kneeling for him?”
“you,You woke up?!”
……
————
Chapter Sixty Eight Dare to come
The farce is over。

[Cucumber egg breakfast cake practice]_Cucumber egg breakfast cake family practice_Cucumber egg breakfast cake practice Daquan_Cucumber egg breakfast cake how to make

銆愰粍鐡滈浮铔嬫棭椁愰ゼ鐨勫仛娉曘€慱榛勭摐楦¤泲鏃╅楗肩殑瀹跺父鍋氭硶_榛勭摐楦¤泲鏃╅楗肩殑鍋氭硶澶у叏_榛勭摐楦¤泲鏃╅楗兼€庝箞鍋?
The world is so smart that there is no need to know how to do it, if you want to know how to do it, if you don’t know how to do it, if you don’t know how to do it, if you don’t know how to do it,潅镄勭児璋冩揩鏀惧純锛屽叾瀹烇紝榛勭摐楦¤泲鏃╅楗肩殑鍋氭硶绠€鍗曪紝鎴戜滑涓嶉渶瑕佸噯澶囧お澶氱殑椋熸潗锛屽埗浣滅殑姝ラ涔熸瘮杈冨皯锛屽叧閿槸瀹冭繕鏄竴閬撴棦鍙彛鍙堣惀鍏荤殑浣宠偞銆?銆侀粍鐡滀竴鏍规礂鍑€鍒囦竵2銆佺敤鏂欑悊鏈烘墦鎴愭偿锛屽姞鍏ラ浮铔嬩袱涓?銆佺敤鎵嬪姩鎵撹泲鍣ㄦ悈鍖€4銆佹斁鐩愰€傞噺锛屽姞鍏ラ潰绮夛紝鎼呰嚦绋€绋犻€備腑鐨勭硦鐘?銆佸钩搴曢攨鐑х儹锛岀敤鍒峰瓙鍒蜂笂钖勮杽鐨勪竴灞傛补锛屽€掑叆闈㈢硦6銆佺敤鏈ㄩ摬鎶婇潰绯婃憡骞?銆 乺 鹅 鍒 閒 Hui 婉 呹 叆 鍙 Kang 闱?What’s the difference? What’s the difference? What’s the difference? What’s the difference between the real world and the real world? What’s the difference?銆佷粠涓€绔嵎璧疯鐩樺嵆鍙鐢ㄧ粡甯稿湪澶栭潰鍚冮キ瀹规槗缁欒韩浣撳仴搴峰煁涓嬮殣鎮o紝榛勭摐楦¤泲鏃╅楗肩殑鍋氭硶绠€鍗曪紝涓旈鏉愰兘鏄潪甯稿仴搴风殑銆?

[Mushroom and Crab Meat Soup]_Homemade Practice of Mushroom and Crab Meat Soup_Practice of Mushroom and Crab Meat Soup_How to Make Mushroom and Crab Meat Soup

TOWER RECORDS Zhuo chisel stacked Bo insert Qun Lu Cha ょ Jing pot Dongcen TOWER Tuan Bao lance Diao Qi silicon Gan Xian Dun Fort fermium Fan  Ning draft Cha Ping Zhen Bao lance Diao Qi silicon Gan Xian Dun Fort fermium Fancha Ping Li ぇ Wei╛Small and hard-working silicon?
鐧岀棁鑲嗚檺鐨勪粖澶╋紝浣犳槸鍚︿篃鎰熷埌杩囧鎬曘€傜檶鐥囪繖涓€鍙€曠殑鐤剧梾锛屼负浠€涔堢浜虹被瓒婃潵瓒婅繎锛熼ギ椋熷洜绱犺捣鍒板喅瀹氭€х殑浣滅敤銆傛墍浠ワ紝杩滅鐧岀棁锛岄鍏堣鍋氱殑灏辨槸鍋ュ悍楗銆傝€屽仴搴烽ギ椋熺殑绗竴甯冿紝浣犻渶瑕佽嚜宸卞湪瀹跺仛銆備笅闈紝灏辫灏忕紪1у 嬠 嬬 獛 鍏 鍏 鍬 鍬 鍬 铇 劣 劜 銜 倝 倝 謝 撴 堡 1.What are you talking about? What are you talking about?.1 頦 槴 姶 尨 姨 姽 姞 姞 勞 勬 勬 姬 兗 兗 兗 咗 咲 咲 咰 咰 咰 難 難 駓 駰 姮 姫 僕 難 姮 姫庡姞鍏ヨ槕鑿囷紝鍥犱负铇戣弴鍚告补锛屽彲浠ュ啀鍔犻€傞噺姗勬娌癸紝鍐嶅姞鐐圭洂鏈夊姪浜庤槕鑿囧嚭姹侊紝鐒跺悗涓€鐩寸炕鐐掕嚦铇戣弴鍑烘眮銆?.2铇戣弴娲楀噣锛屽垏鎴愬皬浠藉鐢紝锜硅倝鍒嗗皬鍧楀鐢ㄣ€傜暀涓嬮€傞噺鐨勮槕鑿囨渶鍚庣倰棣欐斁鍦ㄦ祿姹や笂鍋氳楗帮紝杩欓噷鎴戝皢娉″彂鐨勯噹灞辫弴涔熶繚鐣欎笅鏉ョ倰鐫€鐢紝娌℃湁鏀惧叆姹ら噷锛屾€讳箣鏀句粈涔堣槕鑿囪繘姹ら噷鐪嬩釜浜哄枩濂戒簡銆?.1 chain Qi Ai lasts ℃ Fort Xiashen press adze Shenduo Madangxinuu ㄧ Jingtuan  He rather Preparation arch fermium Dong welding Sui brandish floating Cha wa Ren forging pumping death chain Ling Yan Xia Advertisement Ji Hay ュ Zhang flange d2 Jane Does€鏉场閲庡北鑿囩殑姘?You are the only one who has a good relationship with each other. You should be the weakest one or the other. You will be able to forge a new level. You will be able to do it. You will be able to do it.敤鍐嶅姞姘翠簡锛屽啀鍔犻€傞噺鐨勭洂璋冨懗锛屾悈鎷屽ソ锛屽姞鍏ュ皬鍧楃殑锜硅倝锛屽ぇ鐏叜寮€锛岃浆Trick or treat? 20, or 20?.2铇戣弴鍑烘眮鍚庯紝鍔犲叆1灏忓嫼鐨勬煚妾眮鍜岀櫧钁¤悇閰掞紝缈荤倰鍧囧寑鍑洪鍛炽€?.Upset, stacking, stacking, stacking, stacking, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, building, buildingslip Ci  Wei Kemashenman Wantuorencha ya cha ya  Manwengsongrao (ii) Chi Chuiwolufei Juanzhu  Manwengsongrao (ii) Chichuiwolu Feijuanzhuqin Guikemagui Kema An お抔 呭 摝 銆?.鎼呮媽濂界殑娴撴堡鍊掑洖閿呬腑锛岀叜寮€鍚庡姞鍏ラ矞濂舵补锛屾贩鍚堝潎鍖€锛岃繖閲屽啀灏濆皾鍜告贰锛屽 姞 陃 噞 噺 噺 咄 洂 咂 咨 噗 銆?.This is the best way to find out what’s going on here: what’s going on? What’s going on? What’s going on? What’s going on? What’s going on?What are you talking about? Do you want to squeeze a pair of tweezers? Do you want to squeeze? Do you want to shove?.鏈€鍚庣洓鍏ョ涓紝鍙互閫夋嫨鐑ょ偣钂滈闈㈠寘鐗囬厤鐫€鍚冿紝鍋氭硶鐐规垜銆傝繖閬撹槕鑿囪煿鑲夋祿姹ゅ苟娌℃湁澶у鎯崇殑閭d箞闅撅紝鍙鎴戜滑鎸夌収姝ラ涓€璧峰仛涓€鏍峰彲浠ュ仛鍑虹編鍛崇You can’t do it by paneling, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it at all

[Does Xinyang Maojian belong to green tea?

】 _How to classify_How to classify

[Does Xinyang Maojian belong to green tea?
】 _How to classify_How to classify

Friends who often drink tea must know that Maojian is a kind of tea, and many friends often like to drink it.

Maojian itself also has some subdivisions, and some Xinyang Maojian are more well-known.

This tea contains at least a large amount of protein, at the same time it contains a large amount of alkaloids and organic acids, and it also contains some vitamins, so it has certain medical effects.

So does Xinyang Maojian belong to green tea?

Xinyang Maojian, also known as Yu Maofeng, belongs to green tea.

It is one of the top ten famous teas in China and one of the famous specialties of Henan Province.

The main producing areas are Luohe District (formerly Xinyang County), Pingqiao District (formerly Xinyang County) and Luoshan County of Xinyang City.

Created by Han tea farmers.

In the early years of the Republic of China, due to the reorganization of the five major tea houses in Xinyang tea area, the high-quality Benshan Maojian tea was officially named “Xinyang Maojian”.

Xinyang Maojian has a unique style of “thin, round, light, straight, white, white, fragrant, strong, and rich green.” It has various effects such as rejuvenating and quenching thirst, clearing eyesight, refreshing, refreshing and tired.

In 1915, he won the gold award with Guizhou Moutai at the Panama World Expo. In 1990, the Xinyang Maojian brand participated in the national evaluation and won the first place in the comprehensive quality of green tea.

Xinyang Maojian is known as the “king of green tea”.

Xinyang Maojian brand has ranked 3rd in the public brand value of China’s tea region for many years.

In 2017, in the evaluation of the regional brand value of Chinese tea, Xinyang Maojian ranked 59.

9.1 billion ranked second in brand value rankings.

Famous tea producing areas: Cheyun Mountain, Jiyun Mountain, Yunyun Mountain, Tianyun Mountain, Lianyungshan, Heilongtan, Bailongtan, Hejiazhai, commonly known as “Five Clouds, Two Lakes and One Village” in Luohe District, Xinyang City.

Quality Features Xinyang Maojian has a unique color, fragrance, taste and shape. Its color is fresh, clean, free of impurities, elegant aroma, fresh, fresh, refreshing, mellow and sweet. From the appearance, it is uniform and fresh.Green is shiny and white.

The shape is thin, round, light, straight, white, green and lustrous. It has a long-lasting fragrance, a strong taste, and a bright and clear soup.

High-quality Xinyang Maojian soup is tender green, yellow-green or bright, with a fragrant smell, and poor quality Xinyang Maojian soup is tender green, yellow-green, or bright, with a fragrant and fragrant smell. Inferior Xinyang Maojian soup is tender-green, yellow-green or bright.Green or yellow, turbid and dark, not resistant to brewing, no tea fragrance.

Xugong Machinery (000425): 2018 Annual Report, 2019 First Quarter Report Meets Expectations, Optimistic for Longitudinal Profit Elasticity in 2019

Xugong Machinery (000425): 2018 Annual Report, 2019 First Quarter Report Meets Expectations, Optimistic for Longitudinal Profit Elasticity in 2019

Event: Xugong Machinery released the 2018 annual report and 2019 first quarter report on April 29, 2019, and the company achieved total revenue of 444 in 2018.

10,000 yuan (ten years +52.

45%), net profit attributable to mother 20.

460,000 yuan (ten years +100.

44%); The company achieved total revenue of 144 in the first quarter of 2019.

20,000 yuan (ten years +33.

72%), net profit attributable to mother 10.

5.3 billion (+102.

73%).

Investment highlights: 2018 annual report and 2019 first quarter report are in line with expectations, and revenue continues to bloom across the board.

Revenue by segment in 2018: lifting machinery 157.

460,000 yuan (+48 for the whole year.

11%), 89 for construction machinery spare parts.

0.2 million yuan (ten years +72.

89%), 50 scraping machinery.

1.3 billion (+39.

79%), piling machinery 48.

7.9 billion (six months +46.

65%); Revenue by region: Domestic market 385.

1.6 billion (previously + 49%), 58 overseas markets.

9.4 billion yuan (ten years + 78%).

The historical burden is effectively cleared, and we continue to be optimistic about the profit elasticity of the decade in 2019.

Gross profit margin decreased: In 2018, the company’s sales gross profit margin was 16.

69% per year -2.

The gross profit margins of 20pct, lifting machinery, spare parts for construction machinery, scraper machinery, and pile machinery are 21 respectively.

62% / 10.

19% / 17.

35% / 19.

66% a year -1.

49 / + 2.

11 / -2.

94 / -2.

72pct. In 2018, the company relied on “Project No. 1” to increase the handling of two mobile phones and legal aircraft, which led to a reduction in the deviation of the gross profit margin of the main engine, especially the automobile crane sector.The gross profit margins were 18 respectively.

11% / 16.

70% / 19.

30% / 上海夜网论坛 12.

63%, the fourth quarter gross margin was -6.

67 points.The company still handled a small amount of historical baggage in Q1 2019, with a gross profit margin of 16.

76%, it is expected that the impact of historical burdens on the company’s profitability in the second half of 2019 will be basically eliminated.

The period expense ratio decreased: the company’s period expenses in 201810.

84%, three years -3.

36pct, sales / management (including R & D) / financial expenses 5.

12% / 5.

77% /-0.

04%, -0 per year.

55 / -1.

67 / -1.

13pct, based on the effect of scale, the category with a smaller decrease in sales expense ratio caused the increase in market expansion. The decrease in financial expense ratio was mainly due to the increase in index revenue and the decrease in exchange losses.

Improvement of important financial indicators: In 2018, the company’s net sales margin was 4.

63% (ten years +1.

10pct), ROE (increase) / ROA are 8 respectively.

28% / 3.

96%, ten years +2.

97 / + 1.

31pct; 2019Q1 company net profit margin rose to 7.

34%.

Strictly control the risks of credit sales and improve operational efficiency.

In 2018, the company increased the collection of collections, effectively promoted the collection of debts and the risk of strong control. By the end of 2018, the account receivable was 18.1 billion (total + 24).

64%), accounts receivable accounted for 40% of total revenue.

66% (decade-9).

07pct).

During the current cycle, the company strictly controlled credit risk. Except for the full payment, credit sales were tilted to the installment form with a higher down payment ratio. The company reported that the sales amount of the company’s mortgage and financial lease accounted for 5 of the total revenue.

06% / 13.

09%, ten years -10.

36 / -2.

52 points.

In 2018, the company’s accounts receivable turnover rate / inventory turnover rate were 2 respectively.

73/3.

78 times a year + 0.

78 / + 0.

83 times.

Operating cash flow was slightly under pressure: In 2018, the company’s operating cash flow was 33.

09 million yuan (+4 for the whole year.

92%), 2019Q1 operating net cash flow1.

07 billion US dollars, the annual increase from the previous month, mainly due to the gradual main sales model and bills receivables. The company ‘s downstream large state-owned enterprises accounted for a relatively high proportion. Instalment + bill settlement is a common practice. Short-term impactOperating cash flow.

Estimates and grades: Increase earnings forecasts and maintain “overweight” grades.

We believe that the industrial demand of XCMG listed companies for truck cranes and loaders is only 20% or more in elasticity in 2019, and there are expected state-owned enterprise reforms and group excavator asset injection expectations; the company’s 2019 performance elasticity is multiple, and we believe the company estimates stabilityWill continue to enhance.Increase the profit forecast for 2019/2020, increase the forecast for 2021, and originally expected to achieve a net profit of at least 30 in 2019/2020.

12/29.

5.5 billion, and is now expected to achieve net profit attributable to mothers in 2019/2020/202134.

19/34.

43/31.

920,000 yuan, corresponding to EPS0.

44/0.

44/0.

41 yuan, corresponding to PE 10/10/11 times, considering that the company can still change its performance elasticity in 2019, giving 13 times PE in 2019, the target price is 5.

72 yuan, corresponding to about 24% growth space.

Baotai (600456): Performance growth and growth are optimistic about subsequent development

Baotai (600456): Performance growth and growth are optimistic about subsequent development

Event: In the first half of 2019, the company gradually realized revenue19.

700 million, previously increased by 24.

4%, realizing net profit attributable to mother 1.

1 ‰, rising 225 per year.

0%, net profit after deduction is 1

10,000 yuan, an increase of 299 in ten years.

7%.

In the second quarter alone, the company achieved revenue of 8.

15 ppm, a ten-year average of 7.

8%, achieve net profit attributable to mother 0.

810,000 yuan, up 91.

7%, net profit after deduction is 0.

7.4 billion, previously increased by 110.

7%.

  Comments: The main reason for the company’s net profit growth in 2019 is due to the steady rise of the aviation, aerospace, aerospace and other fields, the order of the civilian product market has grown significantly, the international market has broken through, and the production and sales of titanium products have increased.

In the first half of 2019, the company’s titanium product sales were 10,170 tons, an annual increase of 69.

3%; the company’s titanium products operating income is 15.

60,000 yuan, an increase of 49 in ten years.

The gross profit margin was 7% from the same period last year.

12% increase by 1.

36 single to 23.

48%.

Benefiting 佛山夜网论坛 from the rise in titanium prices, the subsidiary Baotai Huashen (titanium tetrachloride, titanium metal) in the first half of 2019 achieved revenue3.

1 trillion, net profit 0.

350,000 yuan, an annual increase of 40%.

  Industry supply and demand resonance, the company enjoys the bonus industry: upstream supply, under the influence of various factors such as the country’s continued promotion of supply-side structural reforms and environmental protection policies, part of the gradual generation of power generation, emissions of substandard titanium processing enterprises have withdrawn from the market, and the industry’s supply layout is optimized.
Downstream demand, strategic adjustments to transform the structure of the national economy, and industrial transformation and upgrading, the titanium industry has sustainable 深圳桑拿网 market development potential in the aviation, aerospace, and high-end equipment manufacturing industries.

  We estimate total titanium consumption in 2020 to be 8.

21 samples, three years (2018?
2020) Composite strength 14.

19%, titanium material entered a boom period.

  Company: China’s leading company in the titanium processing industry. In 2018, the company’s sponge titanium production capacity was 1 investment / year, titanium ingot production capacity was 3 per year / year, and titanium production capacity was 2 per year.

As industry supply and demand resonate, the company enjoys dividends.

  Earnings forecast and rating: Based on the continued improvement of the titanium industry, the company’s orders have increased significantly. We raise the company’s earnings forecast. 2019?
In 2021, the EPS will be 0.

60 yuan, 0.

87, 1.

19 yuan.
Maintain “Buy” rating.

  Risk warning: Titanium price growth exceeds expectations, downstream demand is less than expected.

Hangzhou Bank (600926) Interim Review: Asset Quality Continues to Improve

Hangzhou Bank (600926) Interim Review: Asset Quality Continues to Improve

Event: On August 28, 2019, Hangzhou Bank announced the 2019 interim 杭州评茶阁 results. Investment highlights: profit growth before provision increased by 30.

6%, with an expected annual increase in risk assets of 17.

1%: In the first half of 2019, operating income will increase by 25 per year.

7%, to achieve a 30% annual increase in profit before provisioning.

At 6%, net profit attributable to mothers will increase by 20 per year.

2%.

The balance of deposits increased by 6.

43%, loan budget increased by 10 compared with the beginning of the year.

56%.

The financial report data show that the net interest margin in the first half of the year exceeded 5BP per year: From the perspective of daily average data, the continued upward of the net interest margin is still benefiting from the debt-side peer resistance and the substantial decline in the cost of issuing bonds.

In addition, the rapid increase in retail consumer loans and operating loans will also help to improve interest margins.

The main contribution of new loans came from the corporate business: from the perspective of the structure of the new credit, the new corporate and retail loans accounted for 72% and 28% of new loans.

The increase in corporate loans was mainly concentrated in the areas of infrastructure construction and real estate; the increase in retail loans was mainly concentrated in personal consumer loans and operating loans.

On the debt side, the proportion of demand deposits declined slightly.

Net fee income is increasing by 45% per year: from the perspective of itemized data, the income from public and intermediate business has increased, including the contribution of custody business, bond underwriting, guarantee commitment and financing consulting business.

However, the fee income from retail-related card business remained basically stable.

The quality of total assets continued to improve: the non-performing loan ratio decreased by 7BP from the end of the previous year to 1.

38%; annualized variable of negative net generation rate is 0.

87%, a decrease of 34BP, and the negative net production after write-off was reduced to 1.

09%, a decrease of 28BP; the proportion of overdue loans was basically the same; the proportion of attention-oriented loans1.

11%, a decrease of 15BP from the end of last year.

Profit forecast and investment proposal: The fixed increase plan has been approved by the shareholders’ meeting, and the market is an alternative measure for capital replenishment.

The company’s profitability has improved and asset quality continues to improve.

The company currently expects the corresponding 2019-2020 PB estimate to be zero.

82 times, 0.

73 times, maintain “overweight” rating.

Risk factors: The economic recession is better than expected; the market decline presents systemic risks.