This move is beneficial to the overall interests of the entire Golden Triangle region,Especially after the Ten Billion Club took over the forces of the Golden Triangle,It also advocates the use of duels to resolve conflicts,Avoid unnecessary wars。

of course,Those who are eligible to participate in the seed duel are the big warlords of the Golden Triangle and the surrounding big forces,Those who are not strong enough have long been swallowed so that there is no hair left,Naturally there is no chance to enjoy this treatment。
quickly,This primitive bloody duel scene,Aroused the animality of everyone present。
Chadu guessed his face flushed with excitement,Shouted at the opposite side:“Fifty million dollars!I paid 50 million dollars for this!The seed I guess will win!”
I heard that General Chatuchai was so generous,The audience thundered,Those people’s eyes are full of naked longing。
Liu Niu’er narrowed his eyes,The expression on his face looks a little weird,He seems to dislike hearing such cheers,Because in this city,He thinks he is the richest person。
“I am Liu Niu’er,Bet 80 million dollars!”Liu Niu’er raised his right arm,Shouted with a serious face。
“80 million dollars?”There was another commotion around the crowd,This number is amazing,As expected of Liu Niu’er,The richest person in the Golden Triangle。
I guess I heard Liu Niu’er’s offer,Haha laughed:“The money is amazing!Have to win!”
Liu Niu’er beckoned,His subordinates actually carried the box forward,Crash all of a sudden,Pour the large dollar bills in the box in front of everyone。
At once,Like cooking oil,Ignited the emotions of the audience。
It’s the same thing to ask for a price,It’s another matter to really pour the dollar bills in front of you!This scene is too exciting,Too shocking。
Chatuchi’s face suddenly sank,He won’t be as crazy as Liu Niu’er,Take 80 million dollars with me,But this way,The momentum seems to be suppressed by the opponent。
Thousands of people present all turned their attention to Chadukui,I want to see how this great warlord leader will respond。
Chatuches and laughs,Attract everyone’s attention with a burst of laughter,Then he glared,Tao:“I brought a dozen cars,Over a hundred people come。Whether it is weapons,Quality of personnel,All the best。If I lose,They all belong to you!”
This remark,The audience was in an uproar again。
To know,A hundred ordinary people is nothing,But one hundred well-armed elite soldiers in the Golden Triangle are no joke,All the belongings of many small and medium-sized forces may not have such strength!
“it is good!I bet you!”Liu Niu’er laughed loudly。
At this moment,Hong Tairan, who was sitting next to Chatuchai, stood up,Said with a smile:“Count me too!A small bet,Ten million dollars,Plus four green leaf dragon fruits。”

Ouyang Yuan, this is much more serious than the warmth。He was not only called to the office of the school leader,I went to the Moral Education Office。

After warm and warm walked out of the school leadership office,I took out my phone and clicked into the campus forum,Check out the boutique post of Ouyang Yuan:
“Reject school violence,Start from me!”
“Isn’t it,This kind of school violence perpetrator appeared in our school。”
Ouyang Yuan is just like this as the perpetrator of school violence,notorious。
Until Ouyang Yuan came out of the Moral Education Department,Back to the classroom of my class,There is also an endless stream of discussions。
“Hey, I didn’t expect it,Squad leader,I see,Is it Banliu?。”A girl taking the lead,Wang Mei says。
“And there is,What he said in that audio?Wen Yunyun belongs to his family?Oh my god,He is too self-aware, right?。”
……Ouyang Yuan’s ears are really harsh,Ouyang Yuan, who was hacked to the point of anger and shame, grabbed Wang Mei by the collar on the spot:
“If you have morebbA few sentences,After school youTMJust wait for me!”
Several classmates saw Wang Mei being threatened by Ouyang Yuan like this,Also scared。
Ouyang Yuan is smarter,Suddenly realized that this is also school violence,He immediately released the hand holding Wang Mei’s collar。
In fact, a few classmates shut their mouths in fear on the surface,In fact, they have already started posting Ouyang Yuan threatening posts on campus forums.。
Ouyang Yuan, who was originally in the whirlpool of campus violence perpetrators, is even more black now.。
Everyone condemned Ouyang Yuan,One pass ten,Ten pass one hundred。
Many students who have a sense of justice are all righteous and angry,Thanks to them:

Tadao Hojo is also an old fox in the mall,Click until,Immediately nodded:“understand,understand!I just said it casually,Let’s implement as originally planned!I hope the new issue will become a hit。”

“Lu Sang,I’m actually a scholar,I like Mishima Yukio’s work very much,I also visited Mr. Yoshiki Tanaka,I have a deep memory of Tanaka-kun who killed everyone。”
Tadao Hojo takes a turn,I tried to discuss literature with Lu Menglin again。
Lu Menglin heard the other party mention the famous Tian Zhong Fangshu,Can’t help laughing:“Yes!Butcher Tanaka deserves his name,Whenever I think of the chapter where Yang Weili was assassinated,Will be very tangled in my heart。”
Tadao Hojo is a character who is very good at communicating with people,He has a keen sense of smell,It’s easy to find what you have in common with each other。
“Lu Sang,Why don’t we go have a drink!”Tadao Hojo smiled。
“Just us?Ha ha,Don’t use it anymore!”Lu Menglin shook his head and smiled。
“Haha!An old saying in your country,Since ancient times, celebrities are really romantic!And I have always felt,Life alive,Aesthetic wine and beauty can not be disappointed!Lu Sang,please hold on,Let me arrange。”
Talk about it,Tadao Hojo beckoned at the crowd not far away。
Someone over there has been paying attention to the movement here,Seeing Tadao Hojo beckoning,Two people quickly greeted me。
“Xiaoqi,Lu Sang and I are going to drink。Need beauty,You go find some of the best!”When Tadao Hojo spoke to this little seven,,Arrogant,Like ordering a dog。
The young man named Xiaoqi looks gentle,Wearing a pure white designer shirt,Citizen on my wrist,Looks like a dog,I didn’t expect to do this kind of business。
“Good!no big deal,I will handle it。”Xiao Qi nodded and bowed。
“Wait a minute!”Tadao Hojo stopped him suddenly。
“We just drink purely,Lu Sang and I are very pure people。do you understand?The beauty you found,It’s best to be a simple girl,Just like them,Understand?”

“forget it,Even if the spider is gone,But I don’t necessarily have the ability to return to the royal family and meet their princess。the most important is,At the beginning, I wanted to get the title through spiders。I am not a nobleman now,It’s not right!No change at all from before!”Liu Xing is very angry,I think Qin Feng is nonsense。

Then Qin Feng shook his head,“no no,Of course it’s not over yet。Although the spider was broken up,Has lost the ability to fight in large groups。But some of their senior staff are still running around,Even originally they have close relations with some European countries。At this time we will find those people,Then it shouldn’t be difficult to use some means to get you the noble title award!”
“This.”Liu Xing was obviously moved by Qin Feng’s words。
Chapter Four Hundred Three chapters
Seeing the meteor so divine change,Qin Feng knew that his flicker still worked,“Then it’s so decided,You clean up and get ready,We will leave tonight or tomorrow,I find a place to sleep first!”
Qin Feng was naturally tired after watching the plane for several hours,So apart from anything else, find an empty room and lie down and sleep。
Knowing that Qin Feng left,Liu Xingcai recovered from his meditation,“Bastard Qin Feng,He hasn’t apologized to me yet!I actually talked to him like this!Forget it,Big men shouldn’t be angry about this little thing!”
Liu Xing shook his head,He has always thought about his trip to Europe。But because I know my strength is not enough,So I haven’t been able to act。After returning to Myanmar, I have been living a life like a bastard。
He feels he needs to wait for a chance,only,His strength does not allow himself to do this。To know,There are a lot of spiders,Even if any,Not something Liu Xing can contend with。
And now,Since Qin Feng proposed it,And according to what Chu Xiao said before,Qin Feng belongs to the Sky Series,So he thinks,If you follow Qin Feng,Not necessarily without chance。
of course,Qin Feng said before that he wanted to catch a certain spider’s high-level fish that slipped through the net.bī)Forcing him to help,Liu Xing knows this is unrealistic。So,He plans to test Qin Feng’s strength first.,In case Liu Xing is not much different from him,Then you will lose your life if you suffer.!
So he must confirm that the two teams have the ability to protect themselves。But Liu Xing remembered Qin Feng’s spear skills,Think it’s useful。
finally,After thinking twice,Liu Xing went to Qin Feng’s room,Then kick the door open again。
If you don’t say anything, you must fight Qin Feng directly。


Chen Geng’s voice fell,There was a burst of laughter at the scene:Chen Geng is quite interesting。
Zhang Changmou is a little embarrassed,He just about to explain,But Chen Geng waved his hand:“just kidding,Don’t mind Zhang Deputy Bureau。”
“I do not mind……”Zhang Changmou’s dumbfounding way。
Adjusted the atmosphere a bit,Chen Geng became serious again:“Deputy Bureau Zhang has just told everyone about the significance of this cooperation,I will tell you something different、At the same time, I believe this is what everyone here is most concerned about:product quality。
I don’t know if any of you here think‘The contracts are signed,As long as I produce,Can you still do?’,But I will tell you,This kind of fluke is best not to have,If you look at the sample contract we provided earlier,You will find that the product quality、The testing method has strict regulations,I will conduct random inspections for each batch of parts from each manufacturer,As long as the unqualified ones are randomly detected,Not only will the entire batch be returned,You have to compensate for the loss……”
“It’s not fair!”
Chen Geng’s voice just fell,Someone shouted immediately。
“unfair?”Chen Geng smiled:“Why not fair?”
I probably saw that Chen Geng didn’t mean to pursue it,The person who was talking suddenly became bolder:“Of course it’s not fair,You keep saying what if our products are not up to standard,Are all good for you,Why?”
Hear this,Zhang Changmou suddenly couldn’t sit still:“Mr. Chen……”
Without waiting for Zhang Changmou to finish,Chen Geng shook his head,Signal he doesn’t mind,Low channel:“Nothing,Leave it to me。”
Hesitated,Zhang Changmou finally nodded。
Chen Geng:“The gentleman who just said that these terms are in our favor,You think this condition is not fair enough for you、I think Chen Geng can make a lot of money just by shipping the parts you produce to the U.S.,But you have to work hard in sweat,So you feel unfair,Right?”
“Isn’t it that way,You capitalists are vampires……”
vampire?Chen Geng smiled,It’s been a long time since I heard someone call myself that,It feels kinda kind:“Since you think we are just sitting back、The vampire lying on you,Then I have to ask a rhetorical question:Why don’t you go to America to sell your products??This way,You don’t have to be exploited by me as a vampire, right?。”

At this time, Situ Lengfeng and Huangpu Ningyun both vomited blood at the same time.,Pale,Breathlessness。

The two raised their heads fiercely,Glanced towards the sky,But at this time they have no way。
“Dragon King,Soldiers in the Northwest Frontier are tight,I order you to quickly support!”
“Obey,Under the true dragon seat!”
The real dragon disappeared into the sky after speaking,Xia Chenglong,Situ Lengfeng and Huangpu Ningyun didn’t say much at a glance。
But when these people were fighting,Zong Xueqin is indeed gone long ago,Originally, Xia Chenglong thought Zong Xueqin would not run far with an injured body.。
but,When Xia Chenglong released his divine consciousness,But found that there is no trace of Zong Xueqin around here。
Although this time I almost killed Zong Xueqin,It’s really a pity,But the man has escaped,There is no way now。
Northwest Badlands。
When Xia Chenglong came to the northwest wasteland,Everyone is respectful when they see Xia Chenglong,I saluted Xia Chenglong first。
“Welcome to the Dragon Throne。”
Xia Chenglong nodded gently:“Where is your military commander?”
“Enlighten the Dragon King,Lord Commander,On mission deep in the wasteland。”
Xia Chenglong nodded gently,Then it turned into a streamer and flew towards the distance。
Deep in the wasteland。
“what?You said you want to take us to the slayer’s base camp!I tell you,That is absolutely impossible,We will never go with you!”
The commander of the military was obviously pissed off by the man’s words,At this moment, his eyes narrowed into a slit:“You have no choice,Remember you started the war first,You are captives,We will be fine without killing you!”
“Don’t need you to kill us,We yellow people have our own pride and dignity,We won’t give in to you!”
The ridiculous man rushed directly to a rock after he said it。

Zhejiang Meida (002677): Growth momentum continues in weak markets, profitability is basically flat

Zhejiang Meida (002677): Growth momentum continues in weak markets, profitability is basically flat

The growth momentum in the weak market continued, and the profitability was basically flat. In the first three quarters of 2019, the company achieved total operating income11.

400 million (+22.

4%), gross profit 6.

0 million yuan (+25 compared with the same period last year).

1%), gross profit margin 52.

5% (+ 1% year-on-year.

1 pct), net profit attributable to mother 3.

0 million yuan (+23 compared with the same period last year).

1%), corresponding to a net interest rate of 26.

7% (+0 year-on-year.


Q3 single quarter total revenue 4.

400 million (+18.

1%), gross profit 2.

200 million (+16 year-on-year.

5%), gross margin of 50.

8% (YoY-0.

7pct), net profit attributable to mother 1.

200 million (+20 compared to the same period last year).

4%), corresponding to a net interest rate of 27.

9% (+0 year-on-year.


Overall, the completion of the real estate delivery cycle has continued to be sluggish after the extension of the delivery cycle. According to the National Bureau of Statistics data, the completion of commercial housing in the first three quarters of 2019 3

3.1 billion square meters (YoY-8.

5%), of which the third quarter was completed in a single quarter1.

01 billion square meters (YoY-0.


The penetration rate of integrated cookers in the context of weak demand for kitchen appliances has increased, achieving growth beyond the overall kitchen appliance industry, and the company continues to benefit as a segment leader.

Q3 single quarter expense control improved, advance receipts decreased slightly from the uplink, the company’s sales / management / R & D / financial expense ratios in the first three quarters of 2019 were 14 respectively.

0% / 4.

5% / 3.

1% /-0.

5% (+2 year-on-year.

6pct / -1.

8 points / +0.

5 points / -0.

1pc), in which the corresponding expense ratios in the third quarter were 10 respectively.

0% / 4.8% / 2.

5% / -0.

3% (-1% year-on-year.

4 points / -0.

2pct / +0.

2pct / +0.


On the whole, the company ‘s gross profit margin improved in the first three quarters in the context of easing cost pressures. Costs decreased but the increase in profitability remained basically the same; Q3. Gross profit margin decreased in the third quarter compared with the previous quarter, but expenses were controlled and single quarter profitabilityIt’s basically flat.

At the same time, it will be terminated until the end of the 2019Q3 quarter.

7.8 billion (QoQ + 20.

0%, year-on-year.

7%) Dealers are still active in making payments.

Profit forecast and investment rating We believe that the kitchen appliance industry has determined the growth space in the long-term dimension. The industry characteristics of low penetration and high growth of integrated stoves give the company the opportunity to give full play to its first-mover advantage and help it enjoy the industry growth dividend;The recovery in demand from the centralized delivery of completed projects in the future will also benefit the industry and the company.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 4 respectively.

5, 5北京桑拿洗浴.

2, 5.

80,000 yuan, the annual growth rate was 19.

8%, 15.

0%, 12.

3%, the latest closing price corresponds to 19 in 2019 PE.

0x, taking into account the estimates of comparable companies and the growth rate of performance, give PE20 in 2019.

0x, corresponding to a reasonable value of 14.

0 yuan / share, maintaining the “overweight” rating.

Risks suggest that the real estate boom continues to decline; the expense and expense harvest is less than expected; and the industry competition pattern is deteriorating.

Wuliangye (000858) 2019 First Quarterly Report Review: Successfully Started the Start, Reform Drives Steady Improvement

Wuliangye (000858) 2019 First Quarterly Report Review: Successfully Started the Start, Reform Drives Steady Improvement

Event: The company released the first quarter report of 2019 and achieved operating income of 175.

900 million, an increase of 26.

6%, net profit attributable to mother 64.

800 million, an increase of 30.


Q1 sales receipts also increased by as much as 69.

9%, net cash flow from operating activities was 79.

300 million, an increase of 230.

6%, outstanding performance in cashback and cash flow, and the performance achieved a good start as scheduled.

Q1’s sales are good, and the performance is a good start.

In terms of this year’s goals, the Group proposes to complete the 100 billion target ahead of time and strive to promote the second venture. The company’s revenue target is 50 billion, maintaining a growth rate of about 25%, of which Wuliangye Plan2.

3 revenue, an increase of about 15%, Q1 achieved a good start in terms of both money collection and income performance.

Combining previous channels and feedback from the Spring Candy Club, 50 years ago1.

In the fifth quarter, Laopu Five has completed 56% of its completion, and plans to complete all payments in Q1 from January to May. Q1 shipments are expected to approach 8,000 tons, an increase of about 20%.

The company’s bills receivable and accounts receivable at the end of Q1 was 162.

2 ppm, basically unchanged from the previous month, and received funds in advance of 48.

500 million, down 18.

500 million, down 9.

2 ppm is mainly due to the dealers’ early implementation of the 19-year plan to make payments at the end of 18Q4. The channel issuance and strong sales performance during the Spring Festival peak season.

Gross profit margin continued to increase, and cost control remained good.

Q1 gross profit margin was 75.

8%, at least 2.

6pcts is believed to benefit from the improvement in the structure of Wuliangye series products and the impact of slimming and price increases on some brands of tandem series wines.

In terms of expense ratios, Q1 sales / management / financial expense ratios are 7 respectively.

0% / 4.

4% /-2.

0%, basically the same, the cost control and operating efficiency continue to improve, the business tax rate of 13.

9%, down by 0.

1pct, at a reasonable level, Q1 net margin of 38.

7%, the same increase of 1.

2pcts, profitability has steadily improved.

From the perspective of the follow-up, in terms of Wuliangye series, the collector’s version of Puwu is expected to account for 9%; the invoice is raised to 859 yuan; the eighth generation of Puwu is expected to account for 35%. The quality, packaging and anti-counterfeit products are upgraded. The ex-factory price is expected to be 889yuan.

In addition, under the “1 + 3” strategy of Wuliangye, 501 high-end new products are gradually deployed. Recently, it has been clear that the brand principle of Wuliangye will no longer develop new general distribution products.The general distribution products with unstandardized strategies or marketing are sorted out and rectified; the 北京夜网 series of liquor brands are quickly slimmed down and cleaned up, following price increases.

On the whole, the company ‘s brand focus strategy has become clearer this year, the price system has moved up, and the improvement of the product structure has driven the gross profit rate to continue to increase. After the mixed reform, the company pays more attention to channel operation and expense allocation efficiency. The expense rate is expected to remain stable and profitability.Will maintain a steady upward trend.

The reform efforts are unprecedented, and we are proactive in seeking change and welcoming improvements.

The company’s actions have been readjusted since the beginning of the company. Before the holiday, it benefited from the high price of Moutai and its own increased sales efforts and better-than-expected sales 南京桑拿网 performance. The February Marketing and Marketing Reform Conference launched a variety of programs to promote the integration of the marketing structure into a provincial theater.March brand marketing conference listed and upgraded version of Puwu, disclosed digital management and control and distribution policy details, listed ultra-high-end 501 new products continue to increase brand value, two second-quarter market work scheduling meetings in April, clear Wuliangye general dealer brand combing, And clarified that the circulation channel billing requirement at the end of the month was quite high at 919 yuan.

We believe that the improvement of the marketing structure is conducive to improving the ability of intensive cultivation and quick response to the market. The upgraded version of the Fifth Listing will fully adopt the code-scoring system to achieve refinement and digital channel management. The price system will also be determined to improve. The existing channel approvals will continue.Rising to 860-870 yuan, channel confidence accelerated.

Since this year, the company ‘s brand focus strategy has become more clear, and the marketing channel breakout has become more effective. From the introduction of five new products, the development of brand slimming and cleanliness, channel control of goods at reasonable prices, and carding of general distributor products, the company ‘s reform efforts have been unprecedented.The determination to dare to move the knife is clear, laying a good foundation for the new product listing in the second half of the year and the distribution of control disks to smooth the price system. Raise target price to 110.

5 yuan to maintain the “strong push” level.

The company’s Q1 is well-received, and its progressive goals are progressive and aggressive. Since the beginning of the year, there have been many marketing reform actions and vigorous reforms. It has taken the initiative to seek changes and welcome channel improvements.

We raise the company’s EPS forecast for 2019-2021 to 4.



23 yuan (previous forecast was 4).



82 yuan), the current expected PE is 23/19/16 times, giving 25 times PE in 19 years, raise the target price to 110.

5 yuan to maintain the “strong push” level.

Risk reminders: risks of macroeconomic changes; product demand falls short of expectations; channel reforms fail to meet expectations.

Changbao shares (002478): Q3 oil and gas pipe profits remain stable

Changbao shares (002478): Q3 oil and gas pipe profits remain stable

Event 2019 Q3 Welded Steel Pipe 3 * 3.

The national average price of 75 is 4,209 yuan / ton, and the national average price of seamless pipe 219 * 6 is 4,夜来香体验网695 yuan / ton, which is roughly the same as Q2.

  Investment Highlights The mid-to-high price of oil and gas pipe-related products was affected by factors such as the “three barrels of oil” capital expansion and the steady supply of oil and gas pipes.

Taking the prices of welded steel pipes and seamless steel pipes as an example, in the first three quarters of 2019, welded steel pipes 3 * 3.

The average price of 75 countries maintains a high level of operation, with a maximum of 4261 yuan / ton and a minimum of 4169 yuan / ton; the national average price of seamless pipes 219 * 6 is highest of 4808 yuan / ton and minimum of 4652 yuan / ton;The high level is roughly equivalent to the 2017-2018 price.

In terms of raw materials, although the prices of billets and strips are at a relatively high level, the trend is relatively 北京夜生活 weak.

  In Q3 2019, the profit of related products of oil and gas pipes remained stable. In Q1 2019, the price difference between seamless steel pipes and raw materials remained stable. The price difference of welded pipes decreased slightly but maintained a high level.

Welded steel pipe 3 * 3.

The national average price of 75, the average price in the first three quarters of 2019 remained at about 4,200 yuan / ton, but the price of strip steel rose slightly, so the spread narrowed slightly to 300 yuan / ton.

Compared with the same period last year, the decline in welded pipes is smaller than that in strip steel, and the gap has widened to 4.

7 units.

The national average price of seamless pipe 219 * 6 performed better, the price remained stable at 4,700 yuan / ton, and the price difference with raw materials remained at 1,200 yuan / ton.

It is expected that the widening trend of price scissors differences between varieties in the fourth quarter of 2019 will remain stable.

  Earnings forecasts and estimates remain unchanged for the company’s earnings forecasts and buy ratings. It is expected that the company’s EPS for 2019-2021 will be zero.



93 yuan; P / E is 10 respectively.

02 times / 8.

08 times / 6.

77 times, continue to recommend.

  Risk reminder: The price of raw materials such as iron ore scrap and steel rises, and the risk of stock pledge increases.

为保支持率 安倍拟用自民党内批评势力改组内阁

为保支持率 安倍拟用自民党内批评势力改组内阁
­  中新网7月31日电 据日媒报道,日本首相安倍晋三考虑最早于8月3日实施的内阁改组和自民党高层人事调整中任用与安倍内阁保持距离的议员担任要职。­  报道称,在日本学校法人加计学园问题等内阁支持率持续下滑,在此情况下安倍欲拉拢党内的批评势力以期构筑全党态势。包括重新起用曾担任过阁僚的人士在内,安倍倾向于构筑重视防守的人选。­  围绕人事改组,安倍在本月9日向媒体表示,将在维持政府核心框架的同时,力争实现人心一新。但若多任用能力不明的首次入阁人士或与安倍关系亲近的朋友,可能会导致凝聚力下降。­  安倍认为,若任用一直对政府提出忠告的资深议员担任要职,能防止批评势力与政府渐行渐远,同时也能给外界全新的印象。­  报道称,具体来说,第二届安倍内阁成立的2012年12月起担任自民党总务会长的前邮政相野田圣子和2014年12月的第三届内阁成立时担任防卫合肥夜网相的自民党修改宪法推进总部长代理中谷元等人的名字浮现。野田还曾一度考虑参加2015年9月的党总裁选举。中谷则就加计学园等问题对政府运营提出意见。­  据悉,日本自民党内也有意见认为应让与安倍保持距离的后安倍候选人、前党干事长石破茂入阁。­  石破在演讲等场合称应该积极任用即便当选次数重庆耍耍网较少但很努力的人,否认自己将入阁。他还在30日的冈山市演讲中表示,如今在街头说自民党了不起的国民并不多。­  安倍计划31日与日本公明党党首山口那津男举行会谈。山口将要求公明党出身的日本国土交通相石井启一连任,安倍预计将接受这一要求。 责任编辑:纪玮维