[Encyclopedia of Corn Dumpling Stuffing]_Corn Dumpling Stuffing_Homemade Practice_Production Method

銆 愮 帀 綫 抽 ズ 瀛 愰 Gao 氭 桶 氶 岆 集 楗 擗 哙 壣 卂 璺 緺 揭 璺 _ 鍒 多 綔 珂珂珂珂
闾 d 町 锽 Cang  钖 冮 ズ 逮 殑 浜 擜 叉 儉 儰 剰 浜 嗭 溴 浠 婂 ぉ won’t let you go in the rudder and drill in Hong Kong¤ Umbrellas are so sorrowful, they ‘re so good, and they ‘re the best ones.杩欑楗哄瓙璇ュ浣曞仛鍛紵 涓€銆佺尓鑲夌帀绫抽ズ瀛愮殑鍋氭硶 1.潡 у 潡 2.遚  倝 劝 撴 垚 勋 軋 註 3 3.楦¤吙鑿囨礂鍑€4.奦 呙 堙 幨 囦 纰?.Do you have a sorrow and a sorrow?.鑲夋偿涓姞鍏ラ€傞噺鐨勬按锛屾寜鐓т竴涓柟鍚戞悈鎷?I am so sorrowful. I am sleeping. 8.鍔犲叆楦¤吙鑿囨媽鍖€9.鍔犲叆钁辫姳锛屾媽鍖€10.鍔犲叆鐜夌背绮掓媽鍖€11.鏈€鍚庯紝鍔犵洂璋冨懗锛屽姞娌规媽鍖€寰呯敤12.闈㈠洟鎻夊ソ鍚庯紝閱掑彂涓€浼氬効13.Xun backpack Xun 14.15 pounds.鎿€鎴愮毊16.呖 呬 磣?7.姘 村 紑 钖 咯 庯 纴 鏀 Fear of 将 和 兑 腆 啊 咊 婄 倊 瀛 瀛 倊 倊 瀛 瀛 倊 倊 倊 瀛 倊 倊 倊 瀛 瀛 倊 倄 倊 紛 瀛 倊 倊 倛 倛 倛 倊 倊 倛 倊 倊 倊 倊 倊 倛 倊 倊 倊 倛 倊 倊 怛 瀛 倊 倄 倄 倊 怛 倊 怛 倛 倊 倊 倊 倛 倊 怛 倊 怛 倛) What are you talking about?8.What’s the difference? What’s the difference? What’s the difference? What’s the difference?9.楗哄瓙娴笂鏉ュ悗锛屽嵆鍙崬鍑恒€?浜屻€侀鑿囩帀绫虫按楗?1.2 Luan Yan’s sorrows and sorrows, according to the words ” 劂 銆 傜 帀 絫 瀴 瀲 氲  阃 夌 餜 鐜 夌 背 2.I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m happy, I ‘m going to do it, I ‘m going to do it, I ‘m going to do it, I ‘m going to do it, I ‘m going to do it, I ‘m going to do it.ソ 銆?。Upset  ソ 钖 庡 咺 嬬 帀 绫 Chong 矑 4.What are you talking about?。鑲夌粸纰庡悗鍔犲叆鐩愩€佺硸銆侀粍閰掋€佽€佹娊鍜屼簲棣欑矇6。What’s the matter? What’s the matter?。銷 犲 将 咣 黣 鶜 卜 帀 绫 Chongqi 89 mom and dad sleep in the maid’s house and the maid in the house is up to him.What’s the difference between mother and daughter? What are you doing? How are you going to change? It’s not easy to get rid of it.0.闈㈢矇鍚堟垚杞‖鍚堥€傜殑闈㈠洟鍚庨ェ30鍒嗛挓宸﹀彸锛屾搥鐨寘棣?1.鍏 ㄩ 儴 鍖 呭 ソ 镄 勯 ズ 瀛?2。寮€姘寸叜鐔?3。Upset, down, down, up, down, back, up, down, up, down, down, down, down, down, down, down涓夈€佺帀绫抽ズ瀛?1。鎶婄帀绫崇矑鐢ㄥ垁鍓婁笅鏉ャ€傦紙鐜夌背姊楄姱鐣欑潃鏈夌敤锛?。What’s the difference between you and me? I’m afraid of you?.鑳¤悵鍗滃幓鐨礂鍑€鐢ㄨ彍鍒ㄥ瓙鍒ㄦ垚缁嗕笣澶囩敤銆?.鐦﹁倝鍓佹垚鑲夋湯锛屾斁鍏ヨ懕濮滄湯銆佽儭妞掔矇銆佽泲娓呮悈鎷屽潎鍖€涓婃祮鍚庣暐鑵屼竴浼氥€?.闱 掓  铤 蓤 哲 噣 卣 囨 垚 庰 庰 庢 庢 soup 銆?.鎶婅捀濂界帀绫崇矑銆佽儭钀濆崪銆侀潚妞掓斁鍏ヤ竴涓皬鐩嗛噷锛屽姞鍏ュ皯閲忕洂銆佸皯璁哥櫧绯栥€侀浮绮俱€佺敓鎶芥媽鍖€銆?.鍐嶆斁鍏ユ媽濂界殑鑲夋湯鎼呮媽鍖€銆?.Upset, upset, upset, up, down, up, down, up, down, back, up, down, up, down, up, down.鍙栦竴浜涙彁鍓嶅噯澶囧ソ鐨勯ズ鐨€?0。Do you want to squat?1.What is the difference between the elder sister and the elder sister?2.What are you talking about? How about you? How do you do it? Press the button and press the button. Feed the page. Get it right. Check it out.

[Can you eat bread and bananas for breakfast?

】 _Breakfast_How to eat

[Can you eat bread and bananas for breakfast?
】 _Breakfast_How to eat

Breakfast is the most important meal of the three meals. If the breakfast is not or ca n’t eat well, it will easily affect the work of the day, and may cause diseases in the long term. Banana bread is OK for breakfast, butWhen you eat bananas, it is best not to eat bananas on an empty stomach, and don’t eat bread and bananas for breakfast. You can eat them with porridge or buns or something.

Breakfast must be accompanied by good quality protein foods, such as milk, eggs, cheese, meat, etc., the best ratio of starch and protein supplement is 11: 1.

The description indicates that breakfast is based on two slices of bread, sandwiched with ham, cheese, 1 fried egg, a few slices of cucumber or tomato, and served with 1 cup of milk or juice, which is a “golden breakfast” that can provide energy once a day.

The following foods also have a refreshing effect, you may wish to add some for breakfast.

Spinach Spinach contains magnesium, a mineral that women tend to lack.

The role of magnesium in the human body is to convert the retina in the muscle into available energy.

Bananas are known as “high-energy foods” and contain glucose that is easily absorbed by the body, while also supplementing potassium.

Studies have shown that too low potassium can cause muscle pain, arrhythmia, slow response, etc., while eating a few bananas can supplement potassium deficiency.

Strawberries are rich in vitamin C, which helps the body absorb iron and nourish cells. Therefore, eating more strawberries can make the body fuller.

Oatmeal is a kind of acidic fiber food. The energy release is slow and balanced, so that the human body’s blood sugar has been maintained at a high level, so it will not feel aging and full of energy quickly.

Skimmed yogurt Many women experience fatigue and lethargy before and after menstruation.

A study has shown that eating more calcium-rich foods, such as skimmed yogurt, can significantly improve this condition.

Tuna In high-protein fish, tuna is rich in tyrosine. Tyrosine in the human body can help produce neurotransmitting substances in the brain, making people focus and have quick thinking.

[First, honey is better-]_How to choose_How to choose

[First, honey is better?

】 _How to choose_How to choose

Honey is a natural health tonic. If you eat it regularly, it will have a lot of health benefits. Frequent drinking of honey can only promote blood circulation, and it also has the functions of beauty and beauty, freckle removal, and honey.The liver also has a protective effect, which can help people eliminate fatigue and enhance the body’s resistance. There are many types of honey. Is honey better?

Initially, when choosing honey varieties, you should choose them according to your physical fitness.

If you don’t care about the variety, the lighter the honey, the better.

The sensory identification of honey is mainly based on the following aspects. The first is to observe the color depth, whether it is shiny and whether its tissue state is colloidal, and how thick it is. At the same time, pay attention to the presence of precipitation, impurities, and bubbles.Wait, then it smells whether the smell is pleasant and pleasant, whether there are fermented sour taste, wine taste and other odors.

The last is to taste its taste, to see if the taste is sweet and pure, whether it has bitterness, sour and metallic taste and other bad tastes, and tingling feeling.

For sensory identification of honey color, good quality honey is generally white, pale yellow to amber.

After the honey is placed (refrigerated and crystallized), crystals will appear at the bottom, while fake honey does not have this phenomenon.

Good-quality honey has a pure fragrance and a variety of honey plant flowers.

No odor, light aroma of inferior honey.

Good quality honey has a pure, sweet taste, while inferior honey has a sweet and astringent taste.

Dropping 90% alcohol without white flocculent precipitate, but no sugar.

Drop the honey on the white paper. If the honey gradually penetrates, it means that there is sucrose and water.

Sugared honey is relatively high, not clear, cloudy, and has a poor floral aroma.

What is the best for honey?

Rich nectar plants: The richness of nectar plants, due to the higher nutritional content of honey, especially in the area of naturally growing medicinal plants, and the effectiveness of synthetic nectar nectar to prevent and treat diseases; proteins, vitamins, minerals, and biological substances in honeyActive enzyme content is higher, nourishing and replenishing, prolonging life, and it is the first choice for pregnant women and children. Bees have a long honey production cycle: honey is harvested once or twice a year, and it contains multiple recombinant flower plants in the hive.Fully brewed inside, mature naturally, eliminate artificial intervention, honey protein, vitamins, minerals, high sugar content, higher bioactive enzyme content, not easy to deteriorate, so this honey can be stored for a long time; after sterilization: beesSpit nectar into the honeycomb, and repeatedly spit it out. A large amount of bacteria and microorganisms accumulate in the hive, so it must be taken through sterilization and disinfection, especially for pregnant women and children. It is safe to choose a manufacturer with QS quality certification.Guarantee, prevent the occurrence of honey poisoning; the color of honey: crystal clear, scattered like honeydew, thick in size; 蜂Honey flavor: sweet incense mixed with thick vegetation fresh flavor, long aftertaste.

[Does American ginseng and carrots interact?]_ Gun Xun_is it relative?

銆愯タ娲嬪弬鍜岃儭钀濆崪鐩稿厠鍚椼€慱鐢樿崁_鏄笉鏄浉鍏?
The backpack, the umbrella, the umbrella, the ball, the board, the board, the board, the board, the board, the board, the board, the board, the board, the board, the board, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, the box, and the box.The chains are very sloppy, sorry, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful艰嚧浜哄悆浜嗕細鏈夌敓鍛藉嵄闄┿€傝儭钀濆崪閲岄潰瀵屽惈涓板瘜鐨勭淮鐢熺礌锛屼汉浠悆浜嗚兘澶熻ˉ鍏呭ぇ閲忕淮C锛岄偅涔堣タ娲嬪弬鍜岃儭钀濆崪鐩稿厠鍚?I’m so sorry! Jane Nauder, I’m worried!Sorry, cowardly?鍐护杩涜ˉ锛屽鏁颁汉閮戒細閫夋嫨鑶忔粙鑽€傝€屽湪鏈嶇敤鑶忔粙鑽殑鍚屾椂锛屼篃鏈変笉灏戠殑楗 綸 乸: Ammonia chains and fine chains, and drills, and drills, and chains, and chains, and chains, and chains, chains, and chains.鍙傦紝浼犵粺涓尰璁や负鏈嶄汉鍙傚繉椋熻悵鍗滐紝鍏舵牴鎹槸浜哄弬琛ユ皵锛岃悵鍗滄秷姘旓紝浜岃€呭悓椋熶細娑堣В浜哄弬鐨勮ˉ鐩婂姛鏁堛€備汉鍙傝悵鍗滃彲浠ュ悓椋熴€傛湇浜哄弬蹇岄钀濆崪婧愪簬浣?璇磋捣浜哄弬钀濆崪鐩稿繉鐨勫師鍥狅紝浜哄弬鍚冧簡鏈夊彲鑳戒細浜х敓鑳€姘旇繖绉嶅壇浣滅敤锛岃繖鏃跺氨鍙互鐢ㄨ悵鍗滄潵閫氭皵锛屽叾瀹炵敤鐧借眴钄汇€侀湇棣欐姘旀暎涔熻锛屼汉鍙備笌闇嶉姝f皵鏁c€佺櫧璞嗚敾鏄笉绂佸繉鐨勶紝鐢ㄨ繖浜涢€氭皵鐨勪笢瑗挎槸涓轰簡瑙e喅浜哄弬鐨勫壇鍙嶅簲锛屽苟涓嶆姷娑堝畠鐨勫姛鏁堬紝鎵€浠ラ鐢ㄨ悵鍗滀篃骞朵笉浼氭姷娑堜汉鍙傜殑鍔熸晥銆傛渶杩戠殑鐮旂┒缁撴灉鏄剧ず锛屼汉鍙傛墍琛ョ殑鏄汉浣撲腑鐨勫厓姘旓紝鍏冩皵鍒欐槸浜轰綋鐢熺悊娲诲姩鐨勫熀鏈姛鑳?钀濆崪娑堟皵锛屾寚鑳冭偁娑堝寲涓嶈壇鎵€浜х敓鐨勮儉姘斻€傜幇浠h惀鍏诲鐮旂┒璇佸疄锛岃悵鍗滃惈涓It ‘s very stable and beautiful. It ‘s a patent. It ‘s a patent. It ‘s stupid. It ‘s set up. It ‘s a flag. It ‘s a good idea.The result is that the effect of the Chinese version of the ad hoc chain is thin, and the chain is made of silicon, honey, bees, and bees, and it ‘s very difficult to get around. It ‘s not a good idea. It ‘s a plastic chain. It ‘s a chain of things.I am sorry for you: the best way to do it is: the best way to do it, the best way to do it, the best way to do it, the best way to do it, the best way to do it, the best way to do it, and the best way to do it.婃垚鍒嗙殑鍚告敹銆傚洜姝わ紝鍚屾椂鍚冧汉鍙傘€佽悵鍗滃ぇ鍙笉蹇呮媴蹇с€?

[How to make cocoa butter pastry cake rolls]_Home made cocoa butter pastry rolls_How to make cocoa butter pastry rolls_How to make cocoa butter pastry rolls

[How to make cocoa butter pastry cake rolls]_Home made cocoa butter pastry rolls_How to make cocoa butter pastry rolls_How to make cocoa butter pastry rolls

For the woman he loves, should you learn to make some decent food?

The answer is definitely yes.

Therefore, now I will first introduce the practice of cocoa butter pastry rolls.

1.

Egg white and yolk isolated 2.

Add 35g of fine granulated sugar to the 12 egg yolks and beat with an egg beater until foaming, then add water, salad oil, and stir evenly.

21 Sift the low-gluten flour 4 into the yolk paste.

12 Stir well 5.

Add 21 granulated sugar in two portions and beat until wet foaming 6.

1Pour the batter back into the remaining two-thirds of the protein and turn into a paste.

2 Take enough beaten protein, add in egg yolk paste and mix well.

1 Expand the neatly divided small dots 9 on the baking sheet covered with oil paper.

2 Take a small portion of batter and insert it into the inlaid flower bag, and cut a small opening 11 with sharp corners.

Sift cocoa powder into the remaining egg yolk paste and turn into a uniform cocoa batter12.

Pour the cocoa batter into a small baking pan and smooth the surface of the cake batter with a spatula.

Pick up the baking sheet and shake out large bubbles 14.

Immediately bake the baked cake pieces on the drying rack to prevent shrinkage, tear off the oily paper while it is hot, and then cover it back to prevent cracking15.

Pour the whipped cream into a clean bowl and add the sugar 16.

Beat with a whisk to cream 18.

Spread whipped cream on the cake base 19.

Roll it up slowly, put it on both sides and refrigerate for 1 hour to set it up. After cutting it off, you can accept the detailed method of watching the cocoa butter pastry rolls. Are you aware of it?

Then, please use your amateur practice to start the actual combat.

Believe that with your ingenuity, it doesn’t take long to make this dish.

HKUST News Flying (002230): Winning the bid for the largest single AI dividend in education AI continues to be released

HKUST News Flying (002230): Winning the bid for the largest single AI dividend in education AI continues to be released
Event: Shandong Kexun Information Technology Co., Ltd., a wholly-owned subsidiary of the company, won a single-source winning unit and a budget amount in the government procurement project of Qingdao West Coast New District in the area of teaching artificial intelligence + educational innovation application demonstration zone.600 million. Comment: The benchmarking project of the company’s AI industrialization.The main construction content of the Qingdao Demonstration Area for Teaching Demonstration Project includes: high-quality balanced services for education in the region, focusing on optimizing the basic support services for education in the region; advancing services for demonstrating education for students according to their aptitude, focusing on artificial intelligence to provide teachers 武汉夜生活网 with aptitude for teaching, and individualized learning services for students; education demonstration and creationServices, focusing on providing education and demonstration services for big data, career planning, and intelligent management; teacher information literacy improvement services, focusing on the development of teachers’ professional capabilities, providing training and teaching and research services. The project not only involves many key artificial intelligence technologies including natural language understanding, knowledge mapping, logical reasoning, and deep learning. At the same time, there must be large-scale practical application cases of related technologies in the field of education as a guarantee for project construction and implementation. The business model was further optimized.In the field of education, 上海夜网论坛 the company adheres to the concept of “artificial intelligence helps education to achieve dreams according to their aptitude,” and actively promotes the innovation of education and teaching models. Through the in-depth application of unique artificial intelligence technology in the education industry, it covers digital and intelligent education and education covering the main scene of educationLearning environment, realizing teaching according to aptitude, and promoting education progress.At present, the company’s smart education products have covered more than 25,000 schools across the country. The successful bidding of the project was purchased from software and hardware facilities and services, which means that the company’s business model has been further optimized. Single-source procurement highlights AI’s core competitiveness.This project provides services for public education and is a government-purchased service project.The service content of the project needs to apply natural language understanding technology, the patented technology used is unique, and the company has been approved by the Ministry of Science and Technology to provide technical support for the country’s only State Key Laboratory of Cognitive Intelligence.The project involves a large number of schools, and the platform and system content should be protected.In terms of technology, the company can provide the only continuous transcript technology based on large vocabulary in China to achieve the rapid detection of sensitive information in educational resources. Investment suggestion: As the undisputed leader in the domestic voice industry, the company’s artificial intelligence applications have made rapid progress.It is expected that the EPS for 2019-2020 will be 0.43 and 0.64 yuan, maintain “Buy-A” rating, 6-month target price of 40 yuan. Risk warning: Business promotion is less than expected.

SDIC Power (600886): Fine Product SDIC: Different Views on Water and Fire are Compatible and Leading

SDIC Power (600886): Fine Product SDIC: Different Views on Water and Fire are Compatible and Leading

Key points of the report: Take a closer look at the state investment in early 2019. We have written an in-depth report “The thermal power cycle is up, and hydropower is growing.”

After one year, we re-examine the coaxial research and conduct a more in-depth analysis: What are the new changes in the thermal power business in the face of the impact of thermal power asset disposal and the floating electricity price mechanism?

The operation time of Yazhong Power Station has been extended. How about the profitability of Midstream Power Station itself?

How much gain can it bring to downstream power 四川耍耍网 stations?

In addition, the company’s hydropower and thermal power have different operating characteristics. How should the company’s intrinsic value be evaluated?

Asset optimization merger cost down link, electricity price mechanism adjustment is difficult to hinder performance improvement trend The company intends to transfer all the equity of 6 participating holding companies including SDIC Xuancheng, and the “equity transaction contract” has now occurred.

The transfer of inefficient thermal power assets is beneficial to the company’s thermal power structure optimization and profitability improvement.

Although the evolution of the floating electricity price mechanism may cause the company’s average thermal power price to change, it is expected to hedge the impact of electricity price adjustments on the company’s performance under the expectation that coal prices will continue to decline.

The Yazhong River Midstream Hydropower Station will be the company’s main incremental power source in the future. The first units of the Lianghekou and Yangfanggou hydropower stations are expected to start production in 2021.

As the main benefits of Lianghekou Hydropower Station are reflected in the compensation benefits of the downward hydropower station, in addition to the incremental contribution of the midstream hydropower station to be put into operation in the future, the profitability of the downstream hydropower stations already in operation on the Yalong River has also been obtained.Enhanced.

In addition, the Yazhong-China DC transmission line has entered the stage of full-scale construction. It is planned to be put into operation at the low end in the first half of 2020, and the whole line will be open by the end of 2021. It is expected to ensure the smooth delivery of Yazhong generator power.

Discussion on the value of SDIC power: The SOTP segment is estimated to take into account the company’s equal emphasis on water and fire, and the differences in the operating characteristics of hydropower and thermal power. Therefore, we consider the use of segment assessment to discuss the value of the company.

The segment forecast result is much higher than the company’s internal forecast, reflecting that the internal forecast may change the forecast for the next ten years. The company is expected to continue to improve the company’s performance and the release of dividends in the future, replacing the scale of future electricity prices for hydropower. MidstreamThe uncertainty and time cost of long-term construction of power plants are also factors that affect SDIC’s power estimation.

Investment advice Based on the latest operating and financial data, it is expected that the company’s EPS for 2019-2021 will be 0.

75 yuan, 0.

82 yuan and 0.

87 yuan, the corresponding PE is 10 respectively.

52 times, 9.

60 times and 9.

09 times.

Although the increase in the electricity price of Yalong River under the influence of market electricity in recent years has affected the company’s performance, considering the restoration of the thermal power business’s profitability and the commissioning of Yazhong Generator is expected to increase the company’s profitability from both incremental contributions and compensation, giving the company a “buy”grade.

Risk Warning: 1.

Risk of unsustainable growth in coal prices; risk of deterioration in power supply and demand; 2.

Risk of incoming water changes; electricity price risk under market influence.

Sun Paper (002078): Profitability continuous repair project advances to build a complete raw material supply system

Sun Paper (002078): Profitability continuous repair project advances to build a complete raw material supply system

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

The price of wood pulp continued to fall, the price increase in the peak season was good, and the profit level continued to be repaired.

The company’s production capacity continued to be put in place for a long period of time, the self-sufficiency rate of wood pulp was further improved, and the growth path was clear.

Investment Highlights: Raise target price to 9.

40 yuan, maintain overweight rating.

The company released the third quarter report for 2019, and Q3 profit continued to increase month-on-month, and its performance was in line with 杭州桑拿 expectations.

The long-term company has a significant cost advantage, overseas projects are ushered in the harvest period, and the self-sufficiency rate of wood pulp continues to increase.

Maintaining the company 2019?
EPS is 0 in 2021.

82/0.

97/1.

08 yuan, with reference to the industry to give the company about 12 times PE in 2019, raise the target price to 9.

40 yuan to maintain the overweight level.

The performance was in line with expectations, and Q3 earnings continued to increase sequentially.

The first three quarters achieved revenue of 164.

10,000 yuan, an increase of 1.

81%, net profit attributable to mother 14.

8.5 billion, down 17.

57%, gross profit margin 21.

13%, net interest rate 9.

14%.

Among them, Q3 single quarter revenue fell slightly once every ten years.

20%, net profit attributable to mother increased by 4.

37%, gross profit margin increased by 2.

07pct to 23.

84%, net interest rate increased by 1.

05pct to 10.

72%.

The price of pulp continued to fall and the price of cultural paper rose well, and the profit level continued to repair.

Q3 Global and domestic wood pulp port inventories are still at high levels, pulp prices continue to fall internally and externally, autumn cultural paper prices have risen well, manufacturers’ inventory consumption has accelerated, and profit levels have rebounded significantly.

Wood pulp prices are expected to remain low, and the company’s profit level is expected to continue to repair upwards.

Three major projects have built a complete raw material supply system, and the strategy has steadily pushed forward the continuous improvement of comprehensive strength.

In the Laos project, 40 recycled fiber pulp boards are generally operating stably, and the US waste pulp boards produced have been supplied to domestic paper machines in batches; the Guangxi Sun Beihai “Forest Pulp and Paper Integration Project” will be integrated with the Laos project to help achieve transformation and upgrade;The initial 45 characteristic cultural paper projects of this department will further increase the production capacity of high-end cultural paper and optimize the product structure.

New production capacity continues to be put in place, the self-sufficiency rate of wood pulp continues to increase, and its cost-leading advantage surpasses the industry’s ability to withstand the disadvantages of paper and pulp prices.

Risk warning: less than expected demand, fluctuations in raw material and paper prices, slower-than-expected progress in increasing capacity

East China Pharmaceutical (000963): Company performance surpasses expectations and high growth in R & D investment

East China Pharmaceutical (000963): Company performance surpasses expectations and high growth in R & D investment

Matters: The company announced its 2018 annual report and realized revenue of 306.

6.3 billion, an increase of 10 in ten years.

17%; realized net profit attributable to mother 22.

6.7 billion, an annual increase of 27.

41%; net profit after deduction of non-return to mother22.

$ 3.6 billion, an annual increase of 28.

52%; EPS is 1.

55 yuan.

The distribution plan is 10 factions 3.

3 to 2.

Among them, the single quarter of 2018Q4 achieved revenue of 74.

USD 5.9 billion, an annual increase of 16.

89%; net profit attributable to mothers4.

5.8 billion, an annual increase of 57.

79%; net profit after deduction 4

5.2 billion, an annual increase of 73.

98%.

Q4 performance exceeded expectations.

Ping An’s view: The growth rate in the fourth quarter of 2018 exceeded expectations, driving expected results to exceed expectations.

In 2018Q4, the company achieved revenue of 74.

59 ppm, an increase of 16 in ten years.

89%, higher than 8 in the first three quarters.

17%; net profit attributable to mothers4.

580,000 yuan, an increase of 57 in ten years.

79%, higher than 21 in the first 西安耍耍网 three quarters.

48%.

The unexpected performance in the fourth quarter of 2018 drove the performance performance to exceed expectations, and achieved revenue of 306 in 2018.

63 ppm, an increase of 10 in ten years.

17%; realized net profit attributable to mother 22.

67 ppm, an increase of 27 in ten years.

41%, slightly faster than the army’s expected growth rate of about 23%.

The company’s gross profit margin in 2018 was 28.

99%, up before 2017.

89 pp, is expected to be mainly affected by the two-vote system, of which Q1-Q4 single quarter gross margins were 31.

65%, 29.

10%, 27.

79% and 27.

35%, showing a gradual decline, the first is the gradual recovery of the commercial part, while the commercial part of the gross profit margin gradually reduced the industry, driving the overall gross profit rate down.Company expense ratio for 2018 was 19.

15%, an increase of 1.
.

74 pp, mainly due to the increase in selling expenses caused by the two-vote system.

The industry maintained rapid growth, and the main varieties remained strong.

Industrial segment: 2018 revenue 82.

USD 3.8 billion, an annual increase of 24.

03%.

Sino-US East China revenue 82.

08 million yuan, achieving a net profit of 18.

6 billion yuan, an increase of 24.

13%, 39.

24%, an increase of 2.
.

41 and 17.

67 pages.

The profit growth rate is higher than the income growth rate initially: 1) the company vigorously develops the grassroots level, and the grassroots marketing expenses are relatively reduced; 2) the company receives a discount of about 40 million from the income discount; 3) the company adopts a large variety strategy to further increase the scaleWait.

Commercial segment: 2018 revenue 223.

49 ppm, a five-year increase of 5.

47%, the growth rate continues to pick up, Q4 began to basically reach the continuous caliber of the two-vote system, it is expected that the growth rate in 2019 will be more than 10%.

Affected by the fierce competition of low- and middle-end hyaluronic acid in East China Ningbo, the growth rate in 2018 was 17.

4.1 billion (+6.

03%), net profit 2.

2.9 billion (+11.

71%).

International medical beauty: Sinclair achieved revenues of 7602 million, more than 4 million, and will maintain a good growth trend in 2019.

From the perspective of the main varieties, the growth rate of acarbose is about 30% and Bailing Capsule is about 11%. The two core varieties have shifted to the grassroots in the main battlefield. It is expected that the proportion of grassroots will reach 45% and 40%, respectively, and maintain rapid growth.
Among the second-line breeds, the three major breeds of the immune line grew at an average rate of 30%, of which tacrolimus was 40%, morphomycophenolate 30%, and cyclosporine 14%.

The overall growth rate of gastrointestinal pantoprazole is over 20%, 35% for capsules and 15% for injections.

Pioglitazone metformin has doubled and is expected to reach 2 in 2019.

500 million to 300 million scale.

The 70% growth rate of pyridaldehyde bufun is expected to exceed 100 million yuan in 2019.

R & D funding has increased rapidly, and it is hoped that the types of products under research will accelerate.

The company’s R & D expenses in 20187.

0.6 million yuan, an increase of 52 in ten years.

90%, it is expected that the R & D expenses will maintain a growth rate of more than 30% in 2019, and the amount will reach more than 9 trillion points.

In terms of generic drugs, compound omeprazole, sitagliptin metformin, anastrozole, and caspofungin have been submitted for production and are expected to be approved in 2019.

Subsequent troglitazone, linezolid, imatinib, and caraglipeline are in the pre-BE or BE stage, and all applications will be completed before the end of 2020. The next two years will be the company’s high-end generic drug diversityLanding period.

In terms of innovative drugs, liraglutide entered phase 3 clinical trials and ended its application for marketing in advance; Mehuatinib was in phase 2 clinical trials, where rare genetic mutations were reported and marketed in advance in 2020 based on phase 2 clinical data; DPP-4 inhibitor HD118 Phase 1 clinical trials have been completed, and PK / PD trials for diabetic patients are expected in the second half of the year. The oral GLP-1 innovative drug TTP273 is communicating with CDE and revising clinical protocols. Phase 1 clinical feasibility trials are expected in the second half of 2019.

Earnings forecast and investment rating: As the company’s performance is slightly higher than expected, we will forecast the company’s EPS for 2019-2020 from 1.
87 yuan, 2.

31 yuan increased to 1.
93 yuan, 2.

37 yuan, while the EPS is expected to be 2 in 2021.

92 yuan, currently totaling only 16.
.

8 times, maintain the “recommended” level.

Risk reminders: 1) Core product sales are less than expected: the two core varieties of existing companies have reached more than US $ 2 billion, with base figures.

At the same time, taking into account the possibility that the volume of procurement may replace the company’s varieties in the future, the related varieties may be sold less than expected; 2) The research and development progress is less than expected: the company may currently be researching varieties and include multiple new drug varieties, which is difficult to develop and risksLarge, there is a risk that the progress of research and development is less than expected.

3) Outward M & A risks: The company is now actively pursuing internationalization, such as the acquisition of Sinclair, a British medical standard, with certain uncertainties.

Investment bank preparing for science and technology board enterprises landing intention geometry

Investment bank “preparing for” science and technology board enterprises landing intention geometry

Since the draft of the scientific and technological innovation board was released, some emerging companies, especially the outstanding talents in the fields of artificial intelligence, new energy vehicles and biomedicine, have been listed as the first listed companies of the scientific and technological innovation board.

“A large number of investment institutions have begun to accelerate the pace (investing in science and technology startups). 杭州夜网论坛 This includes projects that can be listed (science and technology board) in two or three years. The entire industry chain is estimated to be up.”Zhang Chi, the founder of private equity fund Xinding Capital, told the Beijing News reporter.

  So, how do these companies react to the science and technology board?

  The head of an investment institution disclosed to reporters that the merger intentions of several companies he invested in landed on the science and technology board, including Xiaopeng Automobile.

However, Xiaopeng Automobile responded to the reporter that the company currently has no relevant information on the matter.

In addition, DJI Innovations and the fourth paradigm all told reporters that there is currently no plan to land on the science and technology innovation board.

  Shangtang Technology said: “There is no specific time and place for planning to go public. We are not in a position to discuss this topic for the time being.

The company also expressed inconvenience to comment on the establishment of Science and Technology Edition.

  A senior executive of a short video and live broadcast industry legislative company told the Beijing News that the current amount of A shares is not active enough, and that although the Science and Technology Edition has improved and relaxed the ban on executive shares, some U.S. and Hong Kong stocks still require earlierHigh, so temporarily wait and see on the science and technology version.

  There are also redundant unicorn companies to wait and see on the science and technology board, especially the leader in their industry, the demand for listing financing is not great, because the current primary market funds can still provide them with sufficient ammunition.

  A person in charge of an investment institution: Several companies that have invested in both intend to log in to the science and technology board. For unicorn companies, the introduction of a large number of innovative specifications has made the science and technology board attractive, and some venture capital circles have paid close attention to the same.The different rights and VIE structure of the stock have been recognized in the specifications of the science and technology board.

  Fan Bo, general manager of Bedrock Capital Investment Department, told reporters that the impact of the launch of the science and technology board on the market will undoubtedly be huge, including the registration system, allowing enterprises with different rights to share the same stock, and unprofitable companies can also be listed.The delisting regulations have set a precedent for many domestic capital market policies.

  He believes that if this system really goes down gradually, it will mean that the entire issuance rules, regulatory system, and market operation of the science and technology board will be significantly different from other markets.

  The head of an investment institution disclosed to reporters that the merger intentions of several companies he invested in landed on the science and technology board, including Xiaopeng Automobile.

However, Xiaopeng Automobile responded to the reporter that the company currently has no relevant information on the matter.
In addition, DJI Innovations and the fourth paradigm all told reporters that there is currently no plan to land on the science and technology innovation board.

  The cold thinking of the science and technology board is not bad for the primary market. Some companies wait and see. Although the topic of the science and technology board is very hot, some companies wait and see.

  The person in charge of a company selected as the 2018 Guangzhou “Unicorn” innovative company list told the Beijing News reporter that the company has no plan to land on the science and technology board for the time being because the primary market is currently cold, but investors are still willingThrowing an olive branch, the company’s demand for financing is not great.

“As long as the company’s performance and business model are OK, don’t worry about finding no money.

The Science and Technology Innovation Board allows different rights for the same shares and also accepts the VIE structure, but for a unicorn company, there are many factors to consider when choosing a listing place, including the maturity of the capital market, the degree of investor understanding of the company’s business, etc.
An Internet company planning to go public during the year told the Beijing News reporter that although it has paid attention to the progress of the Science and Technology Innovation Board, the company finally decided to land on the Hong Kong Stock Exchange because the company hopes to raise more funds and the Hong Kong capital market is more mature.There is contradictory uncertainty on the board.

  A person in charge of the voice live broadcast platform also told the Beijing News reporter that the specifications of the science and technology board have just been released, and it is easier to accept high-tech companies such as artificial intelligence and biotechnology. The company does have a plan for going public, but it will notGEM is the first choice for listing venues.

  The original person: The quality of the company determines the market liquidity. Before the launch of the science and technology innovation board, in fact, China has established a new third board for high-tech enterprises to cultivate new forces for the main board.

However, due to the high biology of the trading door and the performance of the listing door, this has led to the poor liquidity of the New Third Board in recent years and the financing function.

  Fan Bo told reporters that the science and technology board and the new third board are not the same. “When the new third board was officially launched, there were a lot of things that were not fully prepared, and the listed valves were a little too large.

He said that due to the low listing requirements, a large number of companies have landed on the New Third Board, resulting in insufficient market liquidity.

“The main solution to the problem of market liquidity is still the quality of the listed companies. As long as the quality of the listed companies is good and the market is able to control the overall quantity, the problem will not be very big.

“Fan Bo analysis said that the first batch of companies on the S & T board must be of very good quality.” This batch of companies should be carefully selected by the securities dealers, local governments and so on to go public.

As long as the first batch is reasonably priced, it should not be a problem.

“Investors said that the standard for judging the quality of enterprises by investment institutions in” enclosure “science and technology board projects is being rebuilt.” A large number of investment institutions have begun to accelerate the pace (investment in science and technology enterprises), including those that can be listed after two or three years (science and technology board)The project, the entire industry chain estimates have been raised, “Zhang Chi, the founder of Xinding Capital, a private equity fund invested by long-term technology innovation and entrepreneurial enterprises, told the Beijing News that the size of the science and technology board basically meets market expectations.

Unicorn companies, brokers and investment institutions will be the main players.

  He believes that allowing potential companies to go public is the biggest innovation, and this system can really drive the development and progress of technological innovation.

Because research and development funding must be promoted through the capital market.

Establishing a science and technology innovation board to provide another exit channel for capital can attract funds to enter the field of scientific and technological innovation.

  Zhang Chi said that because the science and technology board allows more companies to be listed, the market’s evaluation system for listed companies will be rebuilt, and the market’s criteria for judging the quality of a company are rebuilt at the same time, which is both an opportunity and a risk for the enterprise.

  In the past, market management authority was limited to the Securities and Futures Commission, and the Securities and Futures Commission is far from the market, which is also an important reflection of the limitations of the A-share market.

Under the registration system, market management rights are delegated to the exchanges, and the exchanges serve the listed companies and are closest to the market.

“This breakthrough is significant,” Zhang Chi said.  There are opinions in the market that an investment of 500,000 yuan in biology may affect the liquidity of the science and technology board.

However, Zhang Chi believes that “According to the 500,000 investment biology of GEM in 2009, the investment biology of science and technology board is not high,” said Zhang Chi. From the perspective of value investment logic,Enterprises are basically companies with core investment value, which will inevitably attract capital inflows.

  At the same time, with the strong support of the national budget, the influx of funds from various parties into the science and technology board will almost become inevitable.

  Therefore, he believes that there is a high probability that the first batch of listed companies will have a market, which will bring a wave of good news to the sluggish market.

However, the market should also be wary of the rapid change in the science and technology board after it was initially over-hyped, and regulators should also guard against this phenomenon.

  ”There will definitely be a bubble in the science and technology board,” Zhang said, even if the bubble bursts, it will leave technology and promote social progress.

  For investors, the biology of 500,000 is not high, and there will still be a large number of retail investors.

If the investment is irrational or the analytical ability is not up to standard, it will also become a potential risk for the market.

   CFO talks about science and technology board. Science and technology board companies have higher compliance costs and higher illegal costs. Science and technology board is ready to come out. Companies sprinting on science and technology board should make some preparations. What pressure will they face after landing?

The reporter interviewed Zhang Hongbin, the financial director of Shanghai Meilong Town Plaza Co., Ltd.

He said that the proposed landing company should establish an efficient corporate governance structure, and at the same time formulate processes and policies on risk management and internal control; after landing, companies face higher compliance costs and higher illegal costs.

  Beijing News: What do you think of the science and technology board?

  Zhang Hongbin: From the draft of the review rules for the listing of science and technology boards, many policy breakthroughs can be trimmed, including the implementation of the registration system; the removal of restrictions on profit requirements; the listing of enterprises with red-chip structures with different rights in the same stock;Delisting and reconstruction, etc.

  The Chinese economy is currently experiencing the pain of transformation. At a time when the pulling power of China’s demographic dividend is gradually diminishing, technological innovation will play a key role in the future development of China’s economy. The launch of the science and technology board can be regarded as the reform dividend of the Chinese capital market.

Large-scale technology companies that have entered overseas listings such as BATJ can return to the internal capital market so that internal investors can participate in investment; and unicorn companies that are pioneers of the new economy can be listed directly on China’s science and technology board to obtain financing.Conducive to the rational distribution of social resources.

In the current downturn of the capital market, the launch of the science and technology innovation board has further demonstrated the determination to recognize the development of a new economy by high technology.

At the same time that the science and technology board is planned to be introduced, under the current review system, listed companies in Shanghai and Shenzhen are frantically experiencing a pre-loss performance thunderstorm announcement. It can be foreseen that the science and technology board under the low-end biological registration system in the future also has higher risks.

  Beijing News: The science and technology board is “wide entry and strict exit”. Compared with the main board and small and medium-sized enterprises, what pressure does the company want to enter the science and technology board and must be prepared for it?

  Zhang Hongbin: Science and Technology Board will focus on corporate governance and information disclosure.

A better corporate governance structure and information disclosure system are the soil for risk management and internal control. As the so-called “orange is born in Huainan, it is tangerine, born in Huaibei, it is puppet.”

“If it becomes a market-oriented science and technology board listed company, compliance costs related to corporate governance and information disclosure may be higher.

Science and technology companies are generally more targeted at technological innovation and business models. Relatively speaking, the level of corporate governance and risk management is generally low. Science and technology companies that are going to be listed recommend establishing an efficient corporate governance structure while reducing risk management and internal control processes and policies.
An efficient risk management and internal control system can ensure compliance with regulatory requirements and is an indispensable tool for business operations.

Many studies have shown that companies with better risk management tend to keep up with their financial performance.

  Beijing News: Do you think the science and technology board can provide sufficient liquidity to attract companies to go public?

Which companies can sell for a good price?

  Zhang Hongbin: The company’s IPO is trying to seek a high valuation to obtain a high issue price. At present, investors have insufficient confidence in the capital market, especially recently, many companies on the GEM and small and medium-sized companies have announced major pre-loss announcements on performance, which has attracted science and technology boardsPower investors may have a potential distortion effect, but from the point of view of substitution, it is just a gradual strike for investors.

Those unicorn companies that truly represent the new economy should still get a high premium on capital once they go public.

Polarization may occur in the future. Companies such as Ant Financial that represent emerging business models are expected to be recognized by investors if they are listed on the science and technology board, and Tencent and Alibaba will also be favored by investors;Companies that play capital games under the name of Science and Technology will also be left out by investors.

  Beijing News: Will the science and technology board follow the high estimate of the GEM when it was launched? What are your views or expectations?

  Zhang Hongbin: China’s capital market has always had a new history. The first batch of stocks launched on the GEM has received very high estimates. After the listing, it has been rising all the way. When the GEM was launched, the successful shareholders made a lot of money.
The science and technology board consultation draft requires that the issue price of new shares of science and technology board enterprises should be determined through offline inquiry, and this means that the current limit of 23 times the price-earnings ratio of the A-share market may break through.

For enterprises, the issue price has more imagination.

The science and technology board consultation draft clearly abolished the profit performance requirements and other restrictions on the proportion of intangible assets. This is the Internet and high-tech companies’ listings have cleared the obstacles.

And many science and technology companies preparing to go public have not entered the profit period, and those science and technology companies are not suitable for 23 times price-earnings ratio of distribution.

How to reasonably estimate is a challenge and opportunity. In the era of the new economy, it is also necessary for traditional financial evaluation models to seek development.

  Beijing News: Compared with motherboards and SMEs, investors in science and technology board may be more mature. Do you think there is any pressure for companies to do this?

  Zhang Hongbin: Good growth companies need long-term investors. Similarly, long-term investors have always paid attention to good growth companies.

The science and technology board has set up a high-level biology for individual investors, and encourages public funds to establish science and technology board-related products.

It is indeed clear that leaders only want qualified mature investors to enter the market. After all, the science and technology board is a higher risk market.  At the same time, the science and technology board simplifies the delisting swap, cancels the suspension of listing, resumes listing, and directly terminates the listing of enterprises that are properly delisted.

Half a year ago, the vaccine was a fake long-lived organism. Such a company can directly terminate its listing on the science and technology board in the future.

Science and technology board companies have higher illegal costs.

   Preparing for the expansion of the science and technology board, the broker is promoting the science and technology board project but will not deliberately do more. On November 5, last year, the science and technology board was proposed at the Expo. Only less than 3 months have passed. The relevant dimensions and the draft for commentsIt’s out.

  On the evening of January 30, the CSRC and the Shanghai Stock Exchange issued a number of relevant documents on the Science and Technology Innovation Board, including the “Administrative Measures for the Initial Public Offering of Stocks of the Science and Technology Innovation Board” (draft for consultation), 3 department regulations, and 6 exchanges.rule.

Among them, companies that are not yet profitable are allowed to go public, the stock price limit is relaxed to 20%, the investor ‘s asset gate algorithm is not less than 500,000 yuan, and the market is strictly delisted. The unprofitable directors of the company may not reduce their holdings of shares before the IPO within 5 yearsThis rule set off a fever of science and technology in the market.

  According to media reports, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the policy interpretation meeting in the afternoon that day that the document will be publicly solicited for 30 days, after which the document can be revised and formally issued, and the enterprise can begin to declare.At the beginning of March this year, the first batch of enterprises to apply will be welcomed.

  As a “big steward” in the progress of corporate IPOs, are brokers skeptical?

  A sponsor representative from a large Beijing investment bank told the Beijing News reporter: “The new rules of the science and technology board open a door for high-tech companies that fail to meet the standards of the main board, small and medium-sized boards and the GEM, which will increase the customer base of brokerage firms, butWill strengthen information disclosure and intermediary agency responsibilities.

For the securities firm, it is necessary to grasp the latest trends of the new technology industry and the company in order to grasp the project more accurately.

“It further stated:” At present, we already have projects in science and technology board in progress, we will also classify customers, high-tech content is recommended to go to science and technology board, the traditional industry to the main board or GEM.

For the screening of customers on the science and technology board, we are in accordance with the standards published by the exchange, and mainly focus on the company’s scientific and technological capabilities and research and development capabilities.

“What is the attitude of brokerage customers?

The sponsor representative said: “Standard customers are willing to go, but the science and technology board is a brand new market, there are still some uncertainties, everyone is still watching.

“” The focus of our work will not shift, designing personalized solutions for different types of customers, and not tilting too much resources to the science and technology board.

“The sponsor representative said,” What projects do what projects, we have not set up a team for the science and technology board internally, we still do it according to the ownership of the customer.

“An investment banker of another established brokerage firm also said that it would not deliberately do more projects of science and technology board:” The launch of science and technology board is a good and innovative company with hard core strength and technology. This had a clear expectation last year. BeforeThere is research, which will be the focus of the work of brokers.

However, we will not deliberately do more science and technology board projects, but still depend on the needs of customers.

“For the flaws in the project, the investment banker said:” The project that does not obviously feel that the Science and Technology Innovation Board will be simpler. At present, we definitely have projects in progress.

“Another large brokerage investment bank also said:” The science and technology board project is already underway. ”

However, there are also brokers who are more cautious about the science and technology board.

  An investment banker at a large securities firm in South China said: “We mainly do small and medium-sized projects, and there are many traditional projects, and innovative projects mainly focus on CICC, Huatai, and CITIC.

“It said:” We are not currently promoting the project of science and technology board.

The science and technology board project may not be simpler, with more prominent information disclosure.

At present, it is certain that the water test phase will not be too open, and the regulatory thinking for many years is paternalistic. To change slowly, it depends on the market response, but this is a good start.

“Eight features of the Science and Technology Innovation Board listed in the eyes of the brokerage firm. Cloud Gate accepts qualified red-chip companies and VIE structures, conditionally accepts different rights for the same shares, 5 sets of standard pricing, cancels the same institution, unified quotes, and can report up to three placement dates.” GreenShoes “and” combat match “, trial sponsor sponsor follow-up investment mechanism, executives and employees participating in the match match call-back mechanism and offline placement share reduction of the proportion of online and offline call-back, after the call-back, the final share of the offline 60%Or 70% of the trading methods and the limit of the limit of the initial listing, the first five listing days after the listing is not set up limits, the other trading days limit of 20%.

  Personal investors’ door information Online purchase and secondary market investment, assets of not less than RMB 500,000 yuan, participation in securities trading for more than 24 months, stricter information disclosure and not yet profitable science and technology companies, should fully disclose the reasons for non-profitability, etc.More serious major violations of the law “retreat to the end” and cancel the suspension of listing.

It mainly focuses on two types of delisting bureaus. The first category is a major illegal mandatory delisting, which is consistent with the main board regulations. The second category is a “hollow” company that has lost its ability to continue operations and has no hope of recovering.

In addition, the science and technology board does not set up re-listing and reorganization. If the delisted companies meet the conditions for the listing of the science and technology board, they need to go back to the IPO channel, but for companies that have been forced to delist in a major illegal manner, they will implement a strict permanent delisting system.

In addition, the Science and Technology Board cancelled the suspension of the merger of listing, and the delisting efficiency has been greatly improved.

Source: Shen Wanhongyuan research report “Science and technology board system landing, eight characteristics comprehensive analysis” Individual investors investing in science and technology board will invest in the main board before, what is the difference between SMEs?

  First, qualified investors require 1.
The assets in the securities account and the capital account for the 20 trading days before the application for permission to open are not less than RMB 500,000; 2.
Participation in securities trading for 24 months Second, the rules and regulations of the stock trading board of science and technology board1.
There is no limit on the increase or decrease within 5 trading days after the listing, and the increase or decrease thereafter is 20%.

  2.Number of declarations: The number of single declarations should not be less than 200 shares, which can be increased by 1 share.

2. The maximum number of single declarations for market orders is 50,000 shares, and the maximum number of single declarations for limit orders is 100,000 shares;Declared price: According to the high and low grades involved, implement the smallest unit of different declared prices to reduce the bid-ask spread of low-priced stocks;
Fixed price transactions after the appointment.

After-hours fixed price trading refers to the trading method of buying and selling stocks at the closing price through the closing price entrustment after the auction transaction.

  Third, the certainty of the new income of the science and technology board will weaken1.Retaining the relevant provisions that “investors holding more than 1 million Shanghai market capitalization can participate in online issuance”, the subscription unit that can merge 1,000 shares / lot is reduced to 500 shares / lot, and the corresponding market value requirement of each purchase unit is correspondingly reducedIt is 5,000 yuan; 2.
There is no limit on the rise or fall of the new shares within five trading days, which means that the scale of the new shares will increase after listing, the certainty of the new share purchase income will weaken, and the investment risk will increase.

  3.Individual investors are not eligible for offline purchases. At present, offline investors in the main board market account for half of the total.

Individual investors’ online purchases and secondary market investments also require 500,000 stock market value and 24 months of securities trading experience.

  Fourth, the delisting of the science and technology board is more stringent, and companies that are careful about the black swan touching financial delisting indicators will implement delisting risk warnings in the first year, and will still delist directly in the second year.

Enterprises that are properly delisted will directly terminate listing, cancel suspension of listing and resume listing procedures.
  Source: Partly from Shen Wanhongyuan Research Report, “Science and Technology Board System Landed, Eight Features Comprehensively” Source: Partly from Shen Wanhongyuan Research Report, “Science and Technology Board System Landed, Eight Features Comprehensively” Collation: Wang Quanhao B06-B07 edition / Beijing News reporter Lu Yifu Yang Li Huang Xinyu Xiao Wei Bai Jinlei