“Little girl，You reach over。”Five old hands knotting，high speed，Dazzling，What spells are still in my mouth，Low voice，Can’t hear。
Yang Yinyin doesn’t want other little girls to have the slightest twist，Very boldly extended his hand。
The five elders here have just made these preparations，A bead immediately appeared in Yang Yinyin’s hand，Suspended。
Very profound、blurred，Unusually beautiful。
Unfortunately, the flaw in the beauty of this bead is，There is a crack。
not long，Not deep，But it’s unusually eye-catching。
“drink！”Five elders shouted，The beads immediately glowed green，The beads that were originally rotating at a low speed immediately rotated quickly。
Simultaneously，The nail of the thumb of the right hand makes a quick stroke on the index finger，A little，The purple things fly out immediately。
Although things fly out very fast，But Qin Feng still sees clearly what that thing is，That’s a worm still wriggling！
“Old man，What do you want？”Qin Feng rushed over directly，You old man is not good at solving Gu，Actually made a bug，Want to hurt my boss！
“What do you want？”The Guro with dirty braids had been staring at Qin Feng，Watch him suddenly move，So I immediately started。
“Get out of me！”Qin Feng didn’t want to waste too much time on this person，Just gather internal force and blast out，There is no pause in the figure。

And among these major forces，It’s not a monolith，The goal is exactly the same，That’s why there is such a delicate atmosphere right now。
It’s a pity that Lu Menglin has been unable to show up，And the super powers and most of the troops in Shocking God Valley，All went to the city of steel again，Defence the emptiness here，Plus Lu Menglin’s parents, relatives and friends are in the valley，That’s why Jin Soyeon and Su Xuehen were a little rat-inhibited，Dare not give it a go。
At this moment，Representatives of two superpowers，And the Russian master who was invited to the town by them，All three cast their eyes on the other person。
“Mr. Deng，You are the representative of China，Your Hua Guo and Lu Menglin have always been the closest，Be fair to you。Should this space channel be open?？”A representative of the superpower pointed the finger at the representative sent by China，Ask loudly。
This Mr. Deng has not said a word，As a representative of the superpower，He seems too low-key at this time。
but，Since he also came to Jingshen Valley with these representatives，Then it can be determined，He and the China he represents，At this moment, it is in the same direction as other forces，All came to ask for an open space passage in Jingshen Valley。
“Everybody，I think you might have misunderstood！I came to Jingshen Valley，Entrusted by others，Come to see Mr. Lu Menglin。”Mr. Deng said with a smile。
Hear his remarks，The representatives sneered，I think it’s time for this guy to burn his brows，It’s still hiding，It is really owed to the great power。
This Mr. Deng smiled and waved，Pulled a person from behind。
The one who was pulled out by him was actually a little Taoist，Young，At most 13 or 4 years old，A face of green onions，Although the expression on his face is a bit childish，But the eyes are clear and bright，Looking at Su Xuehen and Jin Soyan curiously。
“This little Taoist is a descendant of Wudang Sect，He has something to find Mr. Lu Menglin。I just happen to happen，Just brought him here by the way。”A lightly described sentence by Mr. Deng，I immediately picked myself off。
Good guy！What he said，Immediately attracted dissatisfied eyes from all around。
What does Hua Guo mean?？Are they getting rid of themselves？It means that I don’t agree with open space channels anymore？

His voice just fell，The auctioneer will announce the answer：“This is a medal，Champion medal of the first Olympic Games。To know，The first Olympic Games were held in1896year，Held in Athens, Greece，More than a hundred years have passed。There were not many competitions at that time，There are not many championship medals。This one，It took us a lot of effort to collect it，Significance……”
The auctioneer kept boasting，This is his job。
I saw the front of the medal was the head of the main god Zeus in Greek mythology。Zeus holds an earth in his hands，On the ball stands the Greek goddess of victory，Legend is in Greek“Olympia”。The back of the medal is the ruins of the Acropolis，Printed in Greek“1896Athens International Olympic Games”Typeface。
“Champion medal？Why not gold？The silver medal is the runner-up, right?？”Not only Huazi questioned，The audience in the live broadcast room was puzzled。
Hu Yang had to tell them，Greece at the time felt that gold was too tacky，So no gold medal，Only silver and bronze medals were cast。The champion was awarded a silver medal and an olive branch wreath，The runner-up was awarded a bronze medal and a laurel wreath，The third place only has a bronze medal。Each contestant will get a commemorative certificate。
“Uh！Tacky？Isn’t it because of insufficient funds?？”Jiangnan joked。
Hu Yang glanced at him unexpectedly，Nodded：“It seems like this，It is said that in order to host the Olympic Games，Although the Greeks donated、A lot of money was raised by issuing stamps，But the sports meeting can be held smoothly，In the end, it can be helped by the rich Greek businessman George.Averov donated a huge sum of one million。
To thank him for his contribution，Greece built a statue for him in Athens square，And held the opening ceremony one day before the opening of the sports meeting。”
Jiangnan and the others froze for a while，Smile suddenly，Ok！Got it right。
Greece is also miserable，Not mentioned in the first Olympics。The second Olympics directly bankrupted the country，Change to another country，I’m afraid I’ve stayed away from this sports meeting.？
“1896Year！then，We are still ruled by the Qing government，I guess the Qing Dynasty didn’t even know about this sport。”Zhang Qingliang sighed。
Populus shook his head：“Brother Zhang，you are wrong。At that time, Greece sent an invitation to the Qing Dynasty，But Empress Dowager Cixi objected and rejected the invitation from Greece。”
I fucked！
The audience in the live broadcast room suddenly looked black，The Qing Dynasty really disconnected China from the world。no doubt，This is a dynasty that plunged the Chinese nation into a century of shame。
Ok！The Manchu was pulled out again by everyone。

After this pre-sale number is counted,，Not onlyAMCShareholders did not expect、OK，Jack·Welch was shocked that his jaw was about to fall：“boss，After ChryslerfamilyOutside，The second annual sales volume is expected to break through20Ten thousand models are about to appear？”
This is less than a month，The pre-sale quantity exceeds1.3Ten thousand，as long asAMCControl quality，There is a good reputation after listing，Monthly sales exceeded and stabilized at1.7Ten thousand vehicles should not be a big problem，Monthly sales exceed1.7Ten thousand，That is the annual sales20Ten thousand！
The annual sales of a model may break through20Ten thousand，Mr. Fernandez givesAMCDesigned a total of five models，If these five models are successively listed within a year，Doesn’t that mean at most one year，AMCCan turn losses into profits？It also means that even if you countJEEPThis brand，AMCIs not enough，Increasing production capacity can be officially included in the schedule？
Thinking of these two possibilities，Jack·Welch was in a trance：Although he is helpfulAMCI am confident of turning a loss into profit，But he didn’t expect，This day will come so fast。
Chen Geng shook his head：“Now that the annual sales exceed20Ten thousand is still too early，I gave you a good start，May not be able to control the quality、Create a good reputation after listing，It depends on you……Jack，I only ask you three：quality！quality！Still quality！”
“boss，Don’t worry，”Jack·Welch nodded heavily，KnowingAMCAfter the previous bad word of mouth performance，He knew very well why Chen Geng tirelessly emphasized quality：“I assure you，AMCThe quality must be the best among major U.S. automakers……”
“It’s just the best in America.，Must be the best in the world，”Chen Geng corrects：“Many people now say that the quality of Dongying Motors is good，Not easy to break，This won’t work，I give you two years，Two years later，I want to hear‘The quality of Dongying Motors is not bad，withAMCalmost’The statement。”
Although Chen Geng said this in a joking tone，Jack·Welch actually knew，This is the task assigned by the boss，Nodded heavily：“OK，boss……”
Promised，Jack·Welch seemed a bit embarrassed。
Know where this kind of difficult look comes from、What makes him embarrassed，Don’t need jack·Welch speaks，Chen Geng said：“Worried about environmental protection？”
“Yes，”Jack·Welch nodded：“After your adjustment，Our engines now barely meet the emission requirements of the environmental protection department，May be next year，We must implement more stringent new environmental regulations……”
……………………

Xiao Fan took Lin Yun’er’s hand and said:“I know，I understand your intentions，Just you are too sensible，I think you will feel bad if you hurt，I want to blame myself，Will change later。”
Lin Yuna said yes，Xiao Fan told Lin Yoona to lie down and rest，He went and asked Ma Li to cook something and deliver it，Liu Chunlan and Lin Feng，He will find time to explain。
The most important thing now is to know who did this，Who instigated it behind，After all, there are too many people staring at Xiao Fan in this world，Maybe，He should really consider moving the Lin family to a safer place。
He instructed Ma Li to cook something for Lin Yooner to eat and went back to the study，He picked up the phone，Thought for a while，Turned on the computer again，Directly started the video conference，Called out the person in charge of each base。
Fortunately these people are well trained，Otherwise, who can withstand this sudden call?。In the video，Xiao Fan’s face is very bad，So scared everyone did not dare to breathe，Xiao Fan called Shen Lin in too，Shen Lin had never seen Xiao Fan’s face so bad。
I saw everyone was here，Xiao Fan speaks directly:“How do you all work，my wife，Assassinated today，injured，Can anyone explain to me，Why are you unaware。”
Everyone looked at each other，Dare not breathe，The boss is injured this time，It’s strange that the boss is not angry。
It’s just that there is no abnormality to the elite，Just explain，Bad comer，The other party has probably been lurking for many years。
————
Chapter 418 Mystery man
Xiao Fan is nervous and unclear watching everyone in the video，More popular，Said coldly:“I train you，The people you cultivate，In the end, I couldn’t protect a Lin family。”
Everyone bowed their heads，Xiao Fan continued:“Is the next one coming straight to me?，Have you thought about it，If others suddenly attack，Are you sure to win?”
Xiao Fan didn’t roar，It’s the unquestionable majesty in the tone，This tone，Chilling。

Sino-Singapore (002912): Steady profit growth, high attention to online content security

The company predicts that the first three quarters of profit will increase by 10 each year?
20% Sino-Singapore released the 2019 third quarter report notice, from January to September 2019 attributable net profit1.

72?
1.

880,000 yuan, ten years + 10%?
20%, net profit attributable to a single quarter in the third quarter1.

04?
1.

1.3 billion, ten years + 10%?
20%.

Attention points The attributable net profit has grown steadily, and it is expected that the income-side growth will be around 20%.

(1) The net profit attributable to the first quarter of 2019 was -6.21 million yuan, compared to 2.92 million yuan in the same period last year, but the net profit growth rate in the second quarter of the single quarter was 23%, which is now recovering.

(2) We estimate that the single quarter net profit growth rate in the third quarter is 12%?
20%, single quarter profit grew steadily.

(3) Based on the net profit margins reported in each quarter of 2018/19, we estimate that the revenue growth rate for the three quarters may be 15%?
It is about 30%, which is basically the same as the 26% increase in the income of the Interim Report.

In terms of specific business, we expect that the revenue recognition of broadband network products will be better and have greater growth potential.

(1) Interim reports on broadband network products increased by 76%. We expect that the growth of broadband network business lines will be better guaranteed in the third quarter and subsequent support by orders such as telecommunications projects.

(2) Mobile network products are in the middle stage of product life cycle, while the number of manufacturers is reduced and market competition is fierce. We expect that the unit price of products will continue to decline in the second half of the year.

(3) The mid- and long-term business in the semi-annual report continued to decline in 1H19, resulting in lower overall 南京夜网论坛 revenue growth than we and the market expected. If the overall revenue growth rate in the third quarterly report is basically the same as the intermediate report, it may indicate that the business growth rate still needs to be improved.

The state’s highly recognized cyber security will ensure that the segment in which Secco is located maintains a high degree of prosperity.

(1) On September 29, the Ministry of Industry and Information Technology issued the “Guidelines on Promoting the Development of the Cyber Security Industry (Consultation Draft)”, which requires that by 2025, a large number of cyber security companies with annual revenues of more than 2 billion U.S. dollars will be cultivated, forming a number ofThe backbone of internationally competitive cyber security enterprises, the scale of the cyber security industry exceeds 2000 trillion; (2) On October 9, the Political Bureau of the CPC Central Committee conducted the 36th study on the implementation of the strategy of cyber power, and General Secretary Xi Jinping pointed out that it was necessary to “accelerate”Cyberspace security defense capabilities “,” Accelerate the promotion of the right to speak internationally and rulemaking in cyberspace “; (3) Driven by relevant policies, we expect that the cybersecurity industry and content security, network visualization and other subdivided areas will remainWith a high degree of prosperity, the system construction of relevant units will continue to strengthen.

Estimates and recommendations We maintain our profit forecast unchanged. The current forecast corresponds to a P / E of 37x / 27x in 2019/2020.

We maintain our target price of RMB 118, corresponding to a P / E of 43x / 32x in 2019/2020, and there is still 16% upside compared to the current existence. We maintain our Outperform rating.

Risk-related policies fell short of expectations; systematic estimates.

Gujia Household (603816): Endogenous and Extensional Qifa Power Software Leads to Steady Expansion
[Event]The Gu family released its 2018 annual report and achieved 91 revenue.7.2 billion, an increase of 37 previously.61%; net profit attributable to mother 9.89 trillion, an increase of 20 in ten years.29%; net profit increased by 34 after deduction.05%.Q1 / Q2 / Q3 / Q4 revenue increased by 34 twice.2% / 26.9% / 34.9% / 52.9%; net profit attributable to mother increased by 42 in ten years.9% / 7.0% / 30.6% / 0.7%, the company’s performance was in line with expectations. [Comment]1) Revenue: Endogenous and steady growth, and contribute to the elasticity of consolidation.In 18 years, the Gu family accelerated the pace of mergers and acquisitions, and it is estimated that the extension contribution will be about 10%, and the endogenous growth rate will be close to 25%. ① In terms of categories, traditional categories continued to expand, and new categories grew rapidly.Sofas / beds / accessories / dining chairs increased by 39.3% / 27.8% / 32.1% / 20.5%, steady growth.Among them, the growth rate of internal growth of sofas is 20% +. It is expected that leisure / fabric sofas are stable, functional sofas have a higher growth rate, and bedding / supporting products are still in a high-speed expansion range.IT services / mahogany furniture / custom furniture increased by 90.8% / 40.1% / 145.8%. ② In terms of market, domestic sales revenue grew steadily, and foreign sales business developed steadily.Domestic / export revenues increase by 29 each year.1% / 56.7%.In terms of domestic sales, the channels expanded rapidly. The number of independent brand stores increased by 956 to 4,222. The opening and infiltration of stores accelerated, and the efficiency of stores increased.In terms of export sales, the Gu family’s national strategy for exporting and the strategy of major customers have achieved significant results, and orders have increased during the trade war.At present, the company has a total of 6,076 stores (including 1,854 stores of other brands) at home and abroad, and its layout is becoming increasingly international. 2) Profit: The gross profit margin is slightly under pressure, 杭州桑拿网 and the expense ratio is optimized during the period. ① The overall gross profit margin decreased by 0.9 points to 36.4%.In terms of different products, the gross profit margin of sofas / accessories / dining chairs decreased by 1.6/0.3/1.4 points to 34.9% / 26.2% / 28.5% is mainly due to the combination of lower gross profit and lower profitability. The gross profit margin of bedding is flat at 38.At 2%, the average TDI price of raw materials has been basically flat, and the gross profit rate of custom / redwood rose by 3.1/0.5 points to 30.0% / 14.0%, mainly due to the increase in scale of high income.By region, the gross profit margin for domestic sales rose by 0.5pct to 42.9%, the gross profit margin of exports fell 0.4pct to 23.6%. Although the trade war allows profits to compress profits, the devaluation of the renminbi has replaced some of the effects.In the future, the price of raw materials such as TDI will be basically controlled, and profits will be promoted to stabilize. ② Costs continued to be optimized during the period.Selling expense ratio decreased by 1.5 points to 19.5%, mainly due to improved channel efficiency, enhanced precision marketing, and increased management expense ratio by 0.7 points to 2.7%, mainly due to the increase in equity incentive expenses, the R & D expense ratio rose by 0.4 points to 1.5%, the company made design and research and development, and the financial expense ratio fell to 0.4pct to 0.3%, the overall period cost is controlled. ④ Other important financial indicators: the proportion of non-operating income in revenue decreased by 0.7pct to 1.9%, mainly because the government subsidy has not increased with the expansion of income; and the increase in interest rates from 17.1% rose to 23.7%, net interest rate fell by 1.5 points to 10.8%, but the net profit growth rate after deduction is as high as 34.1%.In addition, the ending inventory increased by 32 from the beginning of the period.3%, bills receivable and accounts receivable increased by 118% from the beginning of the previous period, mainly due to new accounts receivable and inventory that were consolidated. Operating net cash flow has decreased by 11 every year.9%, but the decline was narrower than Q1-3. 3) Future: The real estate boom is expected to pick up. The company broadens categories + broadens channels to maintain growth. ① At present, real estate sales in first- and second-tier cities have an upward trend. As for completion, real estate developers’ improved financing environment + mandatory house delivery constraints will drive the completion of 19 years of growth.While the software industry has a good competition pattern, the company has a prominent advantage as a leader and will benefit from a rebound in the industry’s prosperity.②Enjoy channels for new categories, maintain a high increase in brand dividends, increase customer unit prices, and develop regional retail centers to improve the organizational structure and support the development of multiple categories.③ The channel is still at a high-speed expansion channel, and further infiltration opens the blank market.Empower dealers + online and offline drainage + informatization to improve channel efficiency, and same-store promotion to maintain growth.In addition, custom + software fusion stores, whole house B2B, new retail, department stores and other models are increasingly abundant.④ If the Vietnam plant is put into production, it can enhance the company’s bargaining power in the trade war, and the company benefits from the increased market concentration, and the export orders continue to rise. 4) Earnings forecast: It is estimated that the earnings per share for 2019-2021 will be 2.84/3.42/4.06 yuan, corresponding to 19 for PE.7/16.3/13.8 times.We are optimistic about the wolf development under Gu Jiada’s home furnishing strategy and partner culture. There is room for growth in the future and we maintain a highly recommended level. Risk warning: Real estate sales increase sharply, outbound M & A falls short of expectations[

Science and technology board and motherboard “ice and fire two days” multiple stocks “weak”
Sci-tech board review | Sci-tech board and the main board of “two days of ice and fire” Most stocks “weakened” On February 20, the A-share market showed a large increase after the first suppression, and the Shanghai stock index closed up nearly 2% and regained 3000At the point, the GEM Index rose more than 2% and hit a new high.Looking at the market, the sector showed a general rise. The civil aviation sector led the gains in the morning. Liquor led the recovery of consumer stocks, and big finance also heard a surge.Overall, the market’s money-making effect is still hot.　　Different from the general rise pattern of A-shares, the stocks of the science and technology board have performed poorly today.　　In the final close, the stocks of the science and technology board still showed the outline of falling more or less, of which only 17 stocks became popular, 1 stock closed flat, and 68 stocks closed down.　　In terms of gains, the stocks of the science and technology board are generally not high, and there are only Fangbang shares (688020).(SH) rose nearly 10% to close at 9.83%; 800 million time and space (688181.SH), Xinmai Medical (688016.SH), Jia Bi You (688089.SH), Platinum (688333.(SH) and other gains over 2%.　　In terms of decline, Core Source Micro (688037.SH) fell nearly 10%, Yinghantong (688080).SH), Ruisong Technology (688090.SH), Rongbai Technology (688005.SH), Borui Medicine (688166.SH), You Carved (688158.SH), Huafeng Measurement and Control (688200.(SH) Twelve science and technology board stocks fell more than 5%.　　In terms of turnover, as of the close, the total turnover of the individual stocks of the science and technology board reached 254.9.6 billion yuan, continued to decline compared to the previous trading day.Obviously, after the turnover of the two cities broke through one trillion yesterday, the turnover of the two cities today broke one trillion again, with a total of 10,684 transactions throughout the day.26 trillion, up 2 from yesterday.85%.　　Among them, China Micro Corporation (688012.SH), Lanqi Technology (688008.(SH), Huafeng Measurement & Control has an average turnover of more than 1 billion, and there are 6 science and technology board stocks with a turnover less than 100 million.　　The downturn in the stocks of the science and technology board also gave the stone technology (688169) listed on the science and technology board tomorrow.(SH) Under some pressure, the market is paying attention to how high it can rise on the first day.　　Stone Technology with 271.The issue price of 12 yuan / share has become the first highest-priced stock in the current issue price set by the science and technology board enterprises, and this issue price has also hit a new high of the current issue price of A shares.According to public information, Stone Technology’s main business is the design, development, production and sales of intelligent hardware such as intelligent cleaning robots.Stone Technology has received much market attention because its first customer is the Xiaomi Group and is regarded as a Xiaomi ecological chain model company.　　With the continuous expansion of the science and technology board, and the effect of making money appears in advance, the data shows that from February 3 to the close of February 20, the average increase of the stocks of the science and technology board is nearly 10%, of which, Youku has risen more than 50%, Borui Pharmaceutical rose over 40%, Tiannai Technology (688116.SH) rose over 35%.　　The effect of the science and technology board on making money has continued to increase, and at 无锡桑拿网 the same time, major fund companies have been continuously deploying science and technology theme funds.It is understood that since February 2020, a number of science and technology theme funds have been approved for issuance, including Jianxin Technology Innovation 3 Years Hybrid, Debon Technology Innovation 3 Years Hybrid, China Life Security Technology Innovation 3 Years Hybrid, Guolian SecurityInnovate for 3 years, and Pu Yin AXA’s scientific and technological innovation is preferably three years.　　So far, the number of companies listed on the science and technology board has reached 86.Tianfeng Securities predicts that in 2020, there may be 160 listed companies in the science and technology board.According to Guosheng Securities, with the expansion and increase of the weight of the science and technology board company in the 武汉夜网论坛 A-share market, the science and technology board is expected to become one of the “main battlefields” of A-shares in the future.　　However, there are also some individuals who believe that the current technology stocks cover a large number of industries, the industry chain is also lengthy, and there are high research barriers. For ordinary investors, the investment is extremely high.It is recommended to use technology theme funds to grasp the investment opportunities of technology innovation companies and technology stocks.