Category: JeOqIuXE

55756_007之Goldfinger 金手指等390个文件_

th of the existing main political parties, and, taking the control of the Government in their hands, shall not only legally consign the liquor traffic to its coffin, but nail it down with a constitutional 鏉窞妗戞嬁鎸夋懇鐗规湇 amendment, then Mr. Roosevelt’s comparison will apply.
In selecting those who are to receive its remembrance and its honors, the world has always given its preference to such as have battled for freedom. It may have been 鏉窞澶滅敓娲婚緳鍑?with the sword; it may have been with the pen; or it may have been with a tongue that was inflamed with holy rage against tyranny and wrong; but whatever the instrumentality employed; in whatever field the battle has been fought; and by whatsoever race, or class, or kind of men;

鏉窞澶滅敓娲绘寚鍗? width=

the champions of human liberty have been hailed as the bravest of the brave and the most worthy to receive the acclaims of their fellows.

Now, if that estimate be not altogether inaccurate, what place in the scale of renown must be assigned to those pioneers in the successful movement against 鏉窞姘寸(q寰俊 African slavery in this country who have commonly been known as “Abolitionists”鈥攁 name first given in derision by their enemies? It should, in the opinion of the writer hereof, be the very highest. He is not afraid to challenge the whole record of human achievements by 鏉窞娲楁荡鐢ㄥ搧 great and good men (always save and except that which is credited to the Saviour of mankind) for exhibitions of heroism superior to theirs. Nay, when it is remembered that mainly through their efforts and sacrifices was accomplished a revolution by which four

鏉窞妗戞嬁鎸夋懇瀵绘璁? width=90%

million human beings (but for the Abolitionists the number to-day in bondage would be eight millions) were lifted from the condition in which American slaves existed but a few years ago, to freedom and political equality with their former masters; and, at the same time when it is considered what qualities of 鏉窞瓒虫荡娌瑰帇璁哄潧 heart and brain were needed for such a task, he does not believe that history, from its earliest chapters, furnishes examples of gods or men, except in very rare and isolated cases, who have shown themselves to be their equals.

In the matter of physical courage they were 鏉窞spa鎸夋懇浼氭墍qq unsurpassed, unsurpassable. A good many of them were Quakers and non-resistants, and a good many of them were women, but they never shrank from danger to life and limb, when employed in their humanitarian work. Some of them achieved the martyr’s crown.

In the matter of conscience they were indomitable. Life to them was worth less than principle.

In the matter of money they were absolutely unselfish. Those of them who were poor, as the most of them were, toiled on without the hope of financial recompense. They did their work not only without the promise or prospect 鏉窞鐢熸椿缃?of material reward of any kind, but with the certainty of pains and penalties that included the ostracism and contempt of their fellows, and even serious risks to property and life.

All these sacrifices were in the cause of human liberty; but of liberty for whom? That is 鏉窞瑗挎箹鍖虹敺澹吇鐢焥pa the crucial point. In all ages there have been plenty of men who have honorably striven fo

2017 Badminton World Championship schedule time World Championship national badminton entry list

2017 Badminton World Championship schedule time World Championship national badminton entry list
The 2017 World Badminton Championships (23rd Badminton World Championships) will be held in Glasgow, Scotland from August 21st to 27th, bringing together almost all the top badminton players in service worldwide.Chen Long, Lin Dan and Li Zongwei, who are regulars in the Badminton World Championships, will all play.If you want to witness this feast of badminton, the schedule of the 2017 Badminton World Championships, the schedule of the 2017 Badminton World Championships, the list of players in the 2017 Badminton World Championships and the position order of the 2017 Badminton World Championships, you need to know about it.Latest news: 2017 Badminton World Championship lottery result: Li Zongwei Chen Long with Lin Dan about Sun Wanhu 2017 Badminton World Championship qualification scoring cycle starts from the 17th week of 2016 and ends on April 27, 2017, each player is selectedThe ten stations with the highest points in the competition.If the same association has 4 people/top 8 players in a single event, you can get 4 tickets in full; if there are 3 people/top 24 players, you can get 3 tickets; if there are 2 people/For the top 150, there will be 2 tickets.The current list of the Chinese badminton team Glasgow’s line-up is roughly determined.   Lin Dan got the qualification for the 2017 Badminton World Championships, but Chen Long, the men’s singles defending champion, was unexpectedly squeezed out of the quarterfinals.Because of his previous promotion to the 2017 World Badminton Championship shortlist, the defending champion Chen Long can only hope to submit a wild card to the World Badminton Federation.The World Badminton Federation decided to submit a wild card for the 2017 Badminton World Championships to Chen Long on May 5th. As a result, the Chinese badminton team Glasgow added another member and the men’s singles played at full capacity.   On June 6, the World Badminton Federation announced the forwarding list of the 2017 World Badminton Championship’s substitute players. Li Xuerui was fortunate to receive tickets for the 2017 Badminton World Championships.After being confirmed by coach Li Xuerui, Li Xuerui will abandon the World Championships due to being in a state of recovery and give the qualification to Guoyu rookie Chen Xiaoxin.   2017 Badminton World Championships Chinese list: Men’s singles: Lin Dan, Shi Yuqi, Chen Long, Tian Houwei Women’s singles: Sun Yu, He Bingjiao, Chen Yufei, Chen Xiaoxin Men’s doubles: Li Junhui/Liu Yuchen, Chai Biao/Hong Wei, Liu Cheng/Zhang Nan, Huang Kaixiang/Wang Yilu Women’s Doubles: Chen Qingchen/Jia Yifan, Luo Ying/Luo Yu, Huang Dongping/Li Yinhui, Bao Yixin/Yu Xiaohan Mixed Doubles: Zheng Siwei/Chen Qingchen, Lu Kai/Huang Yaqiong, Zhang Nan/Li Yinhui, Wang Yilu/After the conclusion of the Sydney Badminton Open at the end of June, Huang Dongping has determined that badminton players who have played in the World Championships in Glasgow have closed their doors and prepared for a series of preparations.It is almost a month before the World Badminton Championship begins. Although the surface of the world badminton is quiet, the tension before the game is even stronger.   2017 Badminton World Championships time and place schedule: 1, August 21 (Monday) 18:00-06:00 Qualifier 2, August 22 (Tuesday) 19:00-06:00 Qualifier 3, August 23Sunday (Wednesday) 19:00-06:00 1/16 Final 4, August 24 (Thursday) 19:00-04:00 1/8 Final 5, August 25 (Friday) 18:00-06:30 1/4 finals Badminton World Championships August 25 schedule time 6, August 26 (Saturday) 18:00-06:30 semi-final 7, August 27 (Sunday) 20: 00-01: 30 Final Badminton World Championship Finals Program Time Schedule The 2017 Badminton World Championships are the 23rd World Badminton Championships, one of the top three badminton tournaments in the world, hosted by the Badminton World Federation.The Badminton World Championships will be held in Glasgow, Scotland from August 21st to 27th, 2017. The list of related players will be announced on August 3.Further reading: 2017 Badminton World Championships CCTV5 live time watch guide 2017 Badminton World Championships schedule highlights analysis predicts that the first round of Lin Lichen is easier

China Association for Fundamentals: Reduction of annual membership fees for all member institutions in Hubei Province in 2020

China Association for Fundamentals: Reduction of annual membership fees for all member institutions in Hubei Province in 2020
Sauna Night News China Fund Industry Association issued an announcement on April 28, saying that in order to actively respond to the State Council’s call for tax reduction and fee reduction, to effectively reduce the burden of members and reduce the cost of production and operation of members, China Securities Investment Fund Industry Association (hereinafter referred to as “the Association”)To study and formulate a 2020 fee reduction plan, which was reviewed by the Association ‘s President ‘s Office and voted on April 27, 2020. The relevant information is now announced as follows: First, all member organizations in Hubei Province that have been severely affected by the epidemic (removal)(One of the institutions in Hubei) is the annual membership dues in 2020.At the same time, all new applicants in Hubei Province will be exempted from joining the association (an organization in Hubei, one of the registered or office locations) in 2020.The second is the reduction and exemption of the 2020 annual membership fees of private equity startups (the projects in the invested region include small and medium-sized enterprises or emerging enterprises and the book value accounts for more than 50% of the size of the management fund).The third is to reduce or exempt local associations, futures companies and subsidiaries from 2020 annual membership fees.The fourth is to reduce the 2020 annual membership dues of public fund management company subsidiaries and securities company private equity fund subsidiaries that have caused operational difficulties due to a decline in asset size and a significant decrease in profitability.In summary, the above reduction and exemption programs benefited 815 member organizations, and the fee reduction and exemption expenditure was about 30 million yuan.

[Can I eat okra during lactation]_Recommended diet

[Can I eat okra during lactation]_Recommended diet

The nutritional value of okra is very high, and eating it properly will not cause any adverse effects on the human body. The origin of okra is in the tropics. It is a vegetable variety with obvious health effects. It is suitable for most people to eat, especially aboutFor breastfeeding mothers, they can also eat okra properly, which helps to improve the immunity level and has a good effect on nurturing children.

Okra has the function of lowering blood sugar, the viscous proteins in okra, and other pectins. These nutrients can promote the decomposition and absorption of sugars after entering each other, reduce the pressure of cumulative replication, and assistThe effect of lowering blood sugar, as well as the carotenoid nutrients, can promote the normal secretion of insulin and balance human blood sugar.

For lactating mothers, eating okra properly has a good effect on breastfeeding and breastfeeding. It is rich in various nutrients, especially calcium and potassium ions, and has the effect of breastfeeding and leaching.In addition, the protein inside is very rich, these proteins are also one of the raw materials for milk synthesis, so it can promote breastfeeding mothers to secrete more milk to feed their children.

Postpartum mothers will face the problem of postpartum obesity. At this time, eating some okra properly can not only improve the maternal body’s water health level, but also have the effect of weight loss. Okra is a high-nutrition and low-fat vegetable that has cholesterolRole.
The effect is a good food to lose weight during lactation.

I just learned that I can eat okra during lactation?

The nutritional value of okra is very high. Breastfeeding mothers eat some okra have a good conditioning effect, not only has the effect of lowering blood pressure and blood sugar, but also has a good effect of weight loss. In addition, eating some can also promote milkSecretion.

[Homemade practice of sauce eggplant]_Eggplant_How to do

銆 愰 睿 姹 彗 倗 怮 怑 杺 Father’s pot 氭 硶 銆 抱 徫 瓙 _Hoo Shuo Luo pot?
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[How to make celery vegetarian stir-fry]_How to make_Practice

寰堝鍠滄椋熺礌鐨勬湅鍙嬪钩鏃ラ噷閮藉皯涓嶄簡鑺硅彍杩欑被钄彍锛岃繖鏄洜涓鸿姽鑿滄槸涓€绉嶇鍚堝ぇ浼楀彛鍛崇殑钄彍锛屽懗閬撴竻棣欍€佷笉鑵讳汉锛屽悆璧锋潵鑴嗚剢棣欓鐨勩€傞偅涔堣姽鑿滅礌鐐掓€庢牱鍋氬ソ鍚冨憿锛熶笅闈㈠氨鏉ョ粰澶у鎺ㄨ崘涓€浜涜姽鑿滅殑鍒朵綔鏂规硶锛岀敤浠ヤ笅鏂规硶鍒朵綔鐨勮姽鑿滀細鏃究鎹峰張缇庡懗锛屽悓鏃惰繕寰堥€傚悎鍘ㄦ埧鏂版墜鍝︺€備竴銆佸伐鍏?Silicone (500g)  (1 trick?鏂规硶/姝ラ1銆佷拱涓€鏂よ姽鑿滐紝灏嗗彾瀛愭竻闄ゆ帀锛岀暀涓嬫牴鑼庡悆銆?銆佺劧鍚庡皢鍘诲ソ鍙跺瓙鐨勮姽鑿滃垏鎴愭鐘讹紝鏀惧叆纰椾腑锛屽苟娲楀共鍑€銆?銆 侀 擨 閨  閏 鍏 ュ 皯 Reading and reciting Qu Qunning ︽Summary  箣 钖 庯 纴 甲 叆 雺 雺 雺 雍 銍?How to make up for the problem? How to make up for the squirting of the squirting girl?銆佸姞鍏ヨ荆妞掍箣鍚庯紝鐐掑嚑鍗佺锛屽氨鍙互鍔犲叆鐩愩€佸懗绮俱€?銆佸啀缈荤倰涓€浼氾紝寰呯洂鍖栧潎鍖€涔嬪悗锛屽氨鍙互鐩涘嚭銆備簩銆佺礌鐐掕姽鑿滅殑鍋氭硶1.灏嗚姽鑿滃幓椤伙紝鍘诲彾锛岀敤姘存礂鍑€锛屽垏鎴?.3鍘樼背闀跨殑娈点€?.What are you talking about? Do you know how to do it? If you want to add it, you will be able to find out how to do it. If you want to know how to do it, you will be able to identify it.懕娈垫湯鐐濋攨锛屾斁鍏ヨ姽鑿滄锛岀炕鐐掑嚑涓嬶紝鍔犲叆绮剧洂锛屽啀鐐掓媽鍖€鍗虫垚銆傜礌鐐掕姽鑿滃埗浣滄彁绀烘鑿滃彲閰嶉鐧界背楗€傜礌鐐掕姽鑿滅殑椋熻氨钀ュ吇鑺硅彍鑺硅彍鐨勫钩鑲濋檷鍘嬩綔鐢紝涓昏鏄洜涓鸿姽鑿滀腑鍚吀鎬х殑闄嶅帇鎴愬垎锛屽姩鐗╁疄楠岃瘉鏄庡鍏斻€佺姮闈欒剦娉ㄥ皠鏈夋槑鏄鹃檷鍘嬩綔鐢ㄣ€備复搴婂浜庡師鍙戞€с€佸濞犳€у強鏇村勾鏈熼珮琛€鍘嬪潎鏈夋晥銆傜礌鐐掕姽鑿滅噺 介 噺 80.04 醗 娨 崱 鬔 嬬 槠 璐?.36 ounces?雴 傝 唑 0.8 guns?Do the insects press on the tree?2.08 鍏?144.15 Huan  toilet pumping  绾 ょ Huai 8.1 masher?缁 inches 敓 绱 燗 51.79 Huan  60 inches of toilets.02 姣 The toilet is hot 60.3 傣  炁 绁 绁 緓 燛 11.12 傣  toilets 浅 滅 殅 椌 310.6 HuanToilet?.42 姣 Toilet?.06 姣 Toilet and toilet 2.1 姣 Toilet?66.13 傣  Toilet relief?54.57 傣 Toilet?87.54 傣 Toilet?550.64 傣  toilet?.5HuaToilet?4.99 Jiao toilet threshold?.34 傣 Too close?.39 Jiao toilet?.46 Huan toilet threshold?。49 傣  toilet 陌?.99 姣 Toilet?

[How to make cumin chicken gizzards]_ Cumin chicken gizzards _ how to do _ making method

[How to make cumin chicken gizzards]_ Cumin chicken gizzards _ how to do _ making method

Nothing to do on weekends to make a cumin chicken gizzard, the delicious taste must be loved by family.

Do n’t worry about Bao Ma, the method of this dish is not complicated, and it can be completed in a few simple steps. However, when choosing chicken gizzards, pay attention to the stale chicken gizzards which are black and red, inelastic and shiny, and the meat is soft and unsuitablebuy.

1. Ingredients: 500 g chicken gizzards, 1 onion, 20 g cumin powder, shallot, minced garlic, salt, soy sauce, cooking wine, oyster sauce.

2. Steps / Methods 1. Wash the chicken gizzards and slice them; 22. Cut the onion into cubes; 3. Put the oil in the wok and add the shallots and minced garlic when it is hot until it is 70% hot.Stir-fry white and serve; 4. Heat oil in wok, fry onion until transparent, pour chicken gizzards, stir in cooking wine, raw soy sauce, oyster sauce, salt; 5. Add cumin when out of panStir well.

Third, buy chicken gizzards Fresh chicken gizzards are flexible and shiny, the appearance is red or fuchsia, transparent and thick; stale chicken gizzards are black red, inelastic and shiny, and the meat is soft and should not be purchased.

Fourth, storage of chicken gizzards Fresh chicken gizzards should not be stored for a long time after purchase, it is best to eat them in 2 minutes.

If you need to store chicken gizzards for a long time, you need to scrape and clean the chicken gizzards, put them in a clear water pot and cook them until they are nearly cooked.Take out the natural thawing when eating.

Fifth, the efficacy and role of chicken gizzards, the golden flavor of chicken is flat, enters the spleen, stomach and bladder meridian, and has the effects of strengthening the stomach and digesting food, accumulating stones, and taking urine.

Modern pharmacological studies suggest that gold in chickens mainly contains stomach hormones, keratin amino acids and other components.

It has the functions of increasing gastric secretion and gastrointestinal digestion, and accelerating the gastric emptying rate. It is a very commonly used Chinese medicine.

Digestion and stagnation help digestion.

Treatment of fullness of food, nausea, vomiting, nausea, accumulation of diarrhea, thirst, drowning, ulcers and aphthous ulcers, as well as convenience, in addition to heat and trouble.

[How to make the secret sauce of tin foil grilled brain flower sauce?】 _How to do_Making method

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Semir Apparel (002563): Children’s clothing leader continues to maintain rapid growth and reform of casual wear business is progressing steadily

Semir Apparel (002563): Children’s clothing leader continues to maintain rapid growth and reform of casual wear business is progressing steadily

Investment Highlights: Event: The company announced its semi-annual report, and its revenue increased by 48 in 19H1.

6% to 82.

1.9 billion, net profit attributable to mother increased by 8.

2% to 7.

2.2 billion.

In the second quarter alone, the company’s revenue increased by 35.

8% to 41.

2.0 billion, net profit attributable to mother increased by 5.

7% to 3.

7.5 billion.

The company’s main business has developed steadily in 19H1. Children’s clothing continued to grow rapidly to consolidate its leading position, and adult clothing reform continued to make progress.

The company’s sustainable business continued to grow steadily in 19H1, with revenue increasing by 21.

8% to 67.

400 million, of which 19Q2 increased by 13.

2% to 34.


(1) In terms of categories, the casual wear business increased by 12 in 19H1.

2% to 29.

4.4 billion, gross profit margin increased by 2.

25pct to 37.

18%; 19H1 in the children’s clothing business increased by nearly 30% to 37.

2.9 billion, continue to consolidate the position of the industry leader.

(2) Sub-channel segment growth rate, Semir’s integrated business online revenue increased by 29.

9% to 20.

8.5 billion, becoming an important driver of growth; meanwhile, the internal business offline revenue also maintained 18.

5% growth, the scale reached 46.

5 billion.

(3) In terms of the number of channels, the number of 3,858 casual wear stores in 19H1 increased by 28 compared with the beginning of 19, with a slight increase in total area; 5,546 alternative children’s wear channels increased by 253 compared with the beginning of 19, accounting for 4% of the total increase.

The healthy growth of offline business indicates that the company’s (1) adult wear field includes women’s in-house products, category expansion brought by new categories such as shoes, upgrade of store experience, and attempts to launch new products through cooperation with IP, which have begun to show results;(2) The sustainable scale advantage and continuously updated products in the field of children’s clothing, and its store image, continue to strengthen its industry leader.

The increase in casual wear gross margin drove the preliminary main business profit to exceed expectations.

The company’s overall business 19H1 operating profit increased by 28.

1% to 11.

1 billion, the profit growth rate exceeds the level of revenue growth, we think this is related to the company’s 19H1 casual wear business gross profit margin increased 2.

25pct to 37.

18% is related. At the same time, the company’s overall operation efficiency has also improved.

Kidiliz may increase slightly, and integration continues.

Kidiliz brought 15 to the company in 19H1.

40,000 yuan income, operating profit may be 1.1.1 billion.

Although KIDILIZ is still flawed, while the company continues to make structural adjustments, its brands such as Absorba and Catimini have begun to open stores in China and gradually explore the Chinese market.

Inventories / receivables extended their penetration, but the improvement from the 杭州桑拿 previous quarter was still on the rise.

In 19Q2, the company’s inventory and accounts receivable reached 42.


500 million, a five-year growth of 59% / 74%.

The increase in inventory led to an increase in inventory and accounts receivable due to consolidation, and an increase in the proportion of online businesses directly operated by the company led to an increase in inventory.

The increase in accounts receivable was brought about by the expansion of franchise scale.

However, the ratio of accounts receivable of the company decreased by 2 from 19Q1.

200 million, accounts receivable turnover days also have a downward trend for decades; the scale of inventory is relatively stable, and the overall statement is still improving.

Earnings forecast and investment rating: Based on the company’s excellent profit performance 武汉夜网论坛 in 19H1, we expect the company’s gradual main business in 19 years to grow by close to 20% on the basis of excluding the Kidditz consolidation and the one-time impairment impact of about 1.8 billion profit scaleAt the same time, Kidiliz is expected to bring more than 200 million operating results in 19 years, so the company’s net profit attributable to mothers in 19 years will reach about 1.9 billion.

Taken together, the company’s net profit attributable to its mother increased by 13 in 19/20/21.

0% / 15.

3% / 15.

0% to 19.



400 million US dollars, corresponding to an estimated 17/15 / 13X. As a leading white horse in the field of children’s wear and casual wear, it has a stable report and is expected to receive more long-term funds. Maintain a “Buy” rating.

Risk reminder: Retail sales are cold, exhibit stores and same-store growth are less than expected, after the acquisition, the synergy effect is not realized as planned

Invic (002837): Strong demand for temperature control in computer rooms, 5G construction promotes high temperature control in cabinets

Invic (002837): Strong demand for temperature control in computer rooms, 5G construction promotes high temperature control in cabinets
Event: The company released the 2018 annual report and 2019 first quarter performance forecast. In 2018, the company achieved operating income10.$ 7.1 billion, an increase of 36 per year.01%; realized net profit attributable to shareholders of listed companies of 10,779.430,000 yuan, an annual increase of 25.92%.In the first quarter of 2019, the company expected net profit attributable to shareholders of listed companies: 431.RMB 460,000-719.110,000 yuan, an increase of 50% –150% in one year. Event comment: The company’s performance achieved rapid growth, and Shanghai Ketai successfully completed its performance commitment.In 2018, the company achieved operating income10.710,000 yuan, an increase of 36 in ten years.01%, achieving net profit attributable to shareholders of listed companies of 10,779.430,000 yuan, an increase of 25 in ten years.92%.Shanghai Cotec, which was acquired in May 2018, successfully completed its performance commitments and realized revenue from its main business1.74 trillion, net profit 2,375.380,000 yuan (According to the acquisition agreement, the original shareholders of Shanghai Ketai promised that Shanghai Ketai’s 2018, 2019, and 2020 audited alternative non-recurring profits and losses will be no less than 21.42 million in net profit attributable to the owner of the parent company, respectivelyYuan, 26.68 million yuan, 34.78 million yuan). Computer room temperature control and energy-saving products have steadily increased, evaporative cooling solution products have increased in proportion, and replacement data center products have begun to be supplied in batches.1) The temperature control and energy saving business of the computer room continues to benefit from the strong new demand for a large number of cloud computing data centers and the company’s advantages in product technology solutions in this field and the recognized advantages of mainstream customers. It achieved operating income in 20185.28 ppm, an increase of 22 in ten years.27%, 91 in 2017.At a high starting point of 48%, it is still growing steadily. From the perspective of downstream demand feedback, this year’s growth rate is expected to exceed last year. Due to the increase in the proportion of operating income of large projects, the progress of the installation and acceptance of the project has affected the recognition of operating income during the period, and the gross profit margin in 2018 decreased by 4 compared with the same period of the previous year.07Pct.2) The proportion of product revenue in evaporative cooling scheme increased.The company’s XFlex vertical asynchronous evaporative cooling unit and XStorm direct evaporative high-efficiency wind wall cooling system, after three years in 2016, 2017, and 2018, have become mainstream domestic commercial providers of evaporative cooling scale.In the report, the evaporative cooling scheme continued to be further promoted and applied, and its contribution to the company’s business increased year by year.3) The data center has entered the stage of large-scale application, and the company’s products have started to be supplied in batches.The company’s XRow inter-row air conditioner in targeted data centers has been widely used since the replacement of Tencent and Alibaba’s supplier list, and has become the preferred brand of many data center integrators.In addition, at the end of 2017, the company’s XSpace micromodule data center was successfully shortlisted for Tencent’s overall micromodule supplier list and began to be shipped in batches in 2018.Based on the overall plan of the initial data center system, the company gradually began to expand the business area of data center infrastructure integration. 5G network construction started, and cabinet temperature control and energy saving products are expected to usher in a new round of high growth cycles.In 2018, the operating income of cabinet temperature control energy-saving products2.400,000 yuan, an increase of 0 in ten years.96%, initially due to the continued expansion of the 4G construction scale in the domestic communications industry, and the impact of 5G construction has not yet started.The temperature control business of related cabinets from outside communications, including applications in the fields of power, energy storage, and industry, continues to maintain a high growth rate.The domestic 5G network construction has started, and the 4G wide 天津夜网 area coverage phase has basically ended in 2018. The three major operators have 4.78 million 4G base stations. 5G will use the “macro station + small station” network coverage model. The 5G network requires construction.The number of macro base stations will be no less than 4G, and the power and transmission of base station equipment will be greater than 4G, and there may be changes in the size of the common cabinet with 4G equipment.Regardless of whether a new 5G outdoor cabinet is adopted or an existing 4G outdoor cabinet is transformed, temperature control equipment with more heat dissipation capacity needs to be configured. It can be expected that the corresponding market demand of the entire 5G construction scale company will be greater than the 4G construction period. The company has completed the design of a series 杭州夜网论坛 of cabinet cooling products for 5G base station outdoor cabinets, and reported that the existing related products have been shipped in small batches, mainly for the supporting sales of well-known communication equipment manufacturers around the world.After the domestic market bidding starts, the company’s cabinet temperature control and energy saving products are expected to usher in a new round of high growth cycles. Passenger car air conditioners completed business integration, and their profitability improved significantly.In 2018, the operating income of passenger car air conditioners1.35 ppm, an increase of 51 in ten years.33%.After the company acquired Shanghai Ketai in May 2018, it implemented unified integration of passenger car air-conditioning business and strengthened marketing and services. The gross profit level was also improved due to scale effects and innovation in product function configuration.34 points.According to data from the First Commercial Vehicle Network, the output of pure electric buses in 2018 was 9.30,000 vehicles, an increase of about 5% in ten years.In 2019, the compensation policy for new energy buses will decline again. The subsidy rate for non-fast-charge pure electric buses will decline by an average of 50% on the basis of 2018, and the decline will be in place by the end of 2020. The compensation driving effect will enter the tail stage and promote newThe energy automobile industry has achieved a smooth transition. It is expected that the production and sales volume in 2019 should be stable at the level of 2018. Air-conditioning and services for rail transit trains will benefit Shanghai and Suzhou subway lines.Rail Transit Train Air Conditioning and Service is the first time that the company’s business sector was swapped in 2018, including the newly incorporated Shanghai Ketai’s “Rail Transport Train Air Conditioning” and “Repair and Maintenance Services” businesses.In the same period of this report, Shanghai Ketai consolidated related business income of 11,482.30,000 yuan.Shanghai Metro and Suzhou Metro are the company’s traditional advantage markets. The total length of subway lines approved for construction in Shanghai and Suzhou in 2018-2023 is 137 respectively.4 kilometers, 286.1km, the construction of new lines is expected to win a certain market opportunity for the company’s subway train air conditioning business. Investment suggestion: We updated the company’s 2019 and 2020 performance forecast data, and the company’s net profit for 2019-2021 is expected to be 1.40 (previous value is 1.61) / 1.86 (previous value is 1.88) / 2.RMB 30, EPS is 0.65/0.86/1.06 yuan, corresponding P / E is 31/24/19 times.Large-scale cloud computing data centers have strong demand for new construction, and equipment room temperature control and energy-saving products have steadily increased; 5G network construction has started, and cabinet temperature control and energy-saving products are committed to ushering in a new round of high-growth cycles; Shanghai Branch has successfully completed its performance commitments, and its operation has met expectationsFor the first time, we maintain its “overweight” investment rating. Risk reminder: data center investment construction progress; 5G network construction pace exceeds expectations; receivables impairment risk; goodwill impairment risk