[How to make zibai delicious?】 _Zhaobai_How to do_How to do

銆愯尛鐧芥€庝箞鍋氭洿濂藉悆锛熴€慱鑼櫧_濡備綍鍋歘鎬庝箞鍋?
鑼櫧灞炰簬涓€绫绘按鐢熺殑钄彍锛屽挨鍏跺湪鎴戜滑鍥藉鐨勫崡鏂瑰湴鍖轰互鍙婁笢鍗椾簹鏄潪甯告祦琛岀殑銆傝€屼笖鑼櫧鐨勫埗浣滄柟娉曢潪甯哥殑闅忓績鎵€娆诧紝姣斿鏈夌殑浜哄枩娆㈠悆鐐掕彍锛屽氨鍙互鐐掕尛鐧斤紝鍠滄鍚冭厡鍒剁殑锛屽氨鍙互鍍忚厡鍒跺叾浠栬彍涓€鏍疯繘琛岃厡鍒讹紝鍛抽亾閮芥槸闈炲父涓嶉敊鐨勩€傝€屼笖鑼櫧涔熺畻鏄竴绉嶈惀鍏婚鐗╋紝閭d箞锛岃尛鐧芥€庝箞鍋氭洿濂藉悆?1 銆 ? 髻 難 掛 尛 铛 铛 铛 铛 铏 髣 掣 探 擂 掆 悆 掆 柽 镞 啺 埗 埗 埗 埗 岗 埗 埗 埗 韗 岗 岗 岗 圗 鏗 Cang Cangcang each other’s hands Lou Lou Sui’s do not fear the toilet gong  槠 娲 好 傽 傽鎶婇潚绾㈡鍚勪竴涓紝娲楀ソ鍘荤苯鍒囨垚涓濈姸锛屽ぇ钂滈€傞噺鍒囨垚钂滄湯锛屽湪閿呬腑鏀炬补鍔犵儹浠ュ悗锛屾妸钁辫姳鐐掗锛岀劧鍚庢斁鍏ラ潚绾㈡涓濆拰鑼櫧涓濅竴璧风倰鍖€锛屽姞鍏ュ皯閲忕敓鎶斤紝鍐嶅姞鍏ラ鐢ㄧ洂锛屾渶鍚庢斁鍏ヨ挏鏈紝鐐掔啛浠ュ悗鐩存帴鍑洪攨灏卞彲浠ャ€?2銆佹补鐒栬尛鐧芥补鐒栬尛鐧戒篃寰堝ソ鍚冿紝鍦ㄥ埗浣滄椂闇€瑕佷笁鐧惧厠鏂伴矞鑼櫧锛岀敓濮滃崄鍏嬶紝鍐扮硸鍗佸厠锛岀敓鎶戒笁鍗佸厠锛岀帀绫虫补鍜岄鐢ㄧ洂閫傞噺锛屾妸鑼櫧娲楀ソ鍒囨垚鐗囩姸锛屽叆娌归攨鐐稿埗锛岀偢濂戒互鍚庡彇鍑猴紝閲嶆柊璧烽攨鏀惧啺绯栫倰鍖栵紝鍐嶅姞鍏ョ敓鎶斤紝鎶婅尛鐧藉叆閿呯剸鍒朵竴浼氬姞椋熺敤鐩愯皟鍛筹紝璋冨寑浠ュ悗灏辫兘鍙栧嚭椋熺敤銆?3 銆 尛 尛 尛 小 圏 圏 圉 圉 嬉 笣 縣 煣 掣 厝 尝 玅 篃 篃 篃 篃 Global Economics and Social Security Research and Development Research and Development Research and Development Research and Development Co., Ltd.Sorry, you will be able to see what is happening, and you will be able to find out how to do it, how to do it, how to do it, how to do it, how to do it, and what to do岀劧鍚庡姞鍏ョ敓鎶斤紝鐐掑寑锛屾帴鐫€鏀惧叆钁辫姳鐐掗浠ュ悗鏀惧叆鑼櫧涓濓紝鐐掍袱涓夊垎閽燂紝鍔犲叆椋熺敤鐩愯皟鍛筹紝鍑洪攨鍓嶅姞鍏ラ浮绮炬彁椴滃氨鍙互銆?

[Still soaking garlic in vinegar?Soaking honey is better!】 _Vinegar_Bee Candy

銆 愯 缮 鍦 ㄩ 唻 娉 “ぇ 钂 滐 纻 娉 帹 铚 滃 姛 叁 堟 洿 崚 崒 銆 慱 椋 甼 唼 _ 铚 傜 塸
The father and the father are slippery, and the father and the father are going to go to the market, and they will be able to walk around the world, and they will walk around the world.笉鐖卞悆閰哥殑浜烘潵璇达紝閱嬫场杩囧悗鐨勮挏鍙互璇撮毦浠ヤ笅鍜姐€傞偅涔堜粖澶╁氨缁欏ぇ瀹舵帹鑽愯渹铚滄场澶ц挏鐨勬柟娉曪紝涓嶄粎鍔熸晥鑳藉拰閱嬫场澶ц挏濯茬編锛岃€屼笖鏇磋儨涓€绛癸紝瀵逛簬琛ヨ偩澹槼涔熸槸鏋佸ソ鐨勩€傚叿浣撴槸鎬庝箞鍥炰簨鍛?涓€璧锋潵鐪嬬湅涓嬮潰鐨勬枃绔犲惂!”I don’t know how to do this, I want to use any chain shoulders”, “I don’t know how to do it”, I don’t know how to do it, I don’t know how to do it, I don’t know how to do it, I don’t know how to do it.杩樺彲浠ラ槻鐧屻€侀檷涓夐珮銆侀檷鑳嗗浐閱囥€侀闃茶鏍撶瓑鐩稿叧鐤剧梾锛屽挨鍏舵槸鍚冨畬娌硅吇椋熺 卜 岜 岳 儳 儳 鐑 ら  鐗 ╁ 悆 镣 笣 ぇ 钂 滆 瑮 鑳 By the stamped version of the chiseled 沃 沑 殑 揑 姉 偉 尡 遏 珡 箏 箏 箉 箉 箉 箉 癉 癉 瘏 珏锛岃挏鍦ㄩ厭绮剧殑浣滅敤涓嬩細浜х敓涓€绉嶅彨鍋氬ぇ钂滅礌N鐨勭墿璐紝杩欑鐗╄川涓昏鍔熸晥灏辨槸鏉€鑿屻€侀檷涓夐珮銆侀槻鐧岀瓑寰堝ソ鐨勯闃诧紝灏ゅ叾鏄績琛€绠$浉鍏崇柧鐥咃紝瀵规不鐤楄剳琛€鏍撲篃鏈変竴瀹氱殑鍔熸晥銆傚ぇ钂滄场铚傝湝濂藉澶氬锛屽叿鏈夋湁缂撹В鐤插姵锛屾彁楂橀娆层€佺枏閫氳绠°€佹姉鐧岀殑浣滅敤銆備笓瀹剁О澶ц挏灞炰簬杈涜荆鍒烘縺鎬х殑椋熺墿锛屼細鍒烘縺鑳冮粡鑶滐紝鍚冭繃鍚庤繕浼氬紩璧峰彛骞诧紝鑰岃渹铚滃叿鏈夊仴鑴俱€佸拰鑳冦€佸What’s the matter? I want to know how to do it. I want to know how to do it. If you want to know how to do it, you can’t do it. You can’t do it. You can’t do it. You can’t do it.I have a lot of experience, and I have a lot to say. I have a lot of effects. I have a lot of effects. I have a lot of experience. Stretching, squeeze, sorrow, sorrow, sorrow, sorrow鑳芥洿濂藉湴淇濇姢鑳冮粡鑶溿€?铚 傝 湝 娉 ”ぇ 钂 湡 湡 镄 勫 彲 浠 ヨ ˉInlaid sentence sentence?杩欎釜闂鐨勭瓟妗堟槸姝g‘鐨勩€傚洜涓鸿渹铚滃拰澶ц挏鏈韩閮藉叿鏈夋潃鑿屾秷姣掔殑寮哄姏鍔熸晥鐨勶紝浜轰綋缁忓父鎬х殑椋熺敤铚傝湝璺戝ぇ钂滆繖涓璋憋紝鍙互鏈夋晥鐨勬竻闄や汉浣撲腑娈嬬暀鐨勫簾寮冩帓娉勭墿锛屽浜庝汉浣撶殑鏂伴檲浠h阿鍔熻兘鍏锋湁寰堝ソ鐨勪績杩涗綔鐢紝浜轰綋鐨勬柊闄堜唬璋㈠姛鑳藉寮轰簡锛屼汉浣撶殑鍚勪釜鍣ㄥ畼鐨勫厤鐤姛鑳借嚜鐒跺氨浼氳窡闅忓寮猴紝褰撶劧涔熷氨璧峰埌浜嗗己鑲捐ˉ鑲剧殑鍔熸晥浜嗐€傝渹铚滄场澶ц挏鐪熺殑鍙互澹槼涔?缁忓父鎬х殑椋熺敤铚傝湝娉″ぇ钂滃浜庡.闃冲寮烘€у姛鑳戒篃鏄叿鏈変竴瀹氱殑鍔熸晥鐨勩€傚洜涓哄ぇ钂滄湰韬槸鍚湁鍒烘縺鎬х殑纭寲鐗╋紝瀵逛簬浜轰綋鐨勬柊闄堜唬璋㈠拰琛€娑插惊鐜叿鏈夐潪甯稿ソ鐨勪績杩涗綔鐢紝灏辩浉褰撲簬涓€绉嶅寮轰汉浣撴柊闄堜唬璋㈠拰琛€娑插惊鐜殑鍌寲鍓傘€傚綋鐢锋€х粡甯哥殑椋熺敤澶ц挏锛屽彲浠ユ湁鏁堢殑澧炲姞浜轰綋涓竴姘у寲姘悎閰剁殑鍚堟垚锛岃€屼竴姘寲 姘  掎 導 掺 强 叺 叺 揚揚 涚 涚 揚 曚 橚 槚 姾 庡 庰 庰 风 民 覈 嶈 围 盲 燵 嶔 嬩 嫴 専 尃 尖尖 尖尖 尖尖 尖鐒跺氨浼氭湁鏁堢殑澧炲己鐢锋€х殑闃磋寧鍕冭捣鐨勬€ц兘鍔熻兘锛岃繖鏍峰氨杈惧埌浜嗗.闃崇殑鍔熸晥浜嗐€?铚 傝 湝 娉 “ぇ 钂 滆 綮 綮 圊 埄 嫫 姛 堁 堜 箞?You ca n’t tell you if you want to know what to do if you do n’t know what to do and why do n’t you know how to do it?﹁偤鍖栫棸鐨勫姛鏁堬紝澶ц挏涔熸槸鍏锋湁鏉€鑿屾秷姣掔殑浣滅敤锛岄暱鏈熼鐢紝鑳芥湁鏁堢殑澧炲己浜轰綋鐨勫厤鐤兘鍔涳紝涓よ€呯粨鍚堝悗锛岃繕鑳芥湁鏁堢殑鎶戝埗缂撹В鍝枠鐥呯棁鐘剁殑鍙戠敓锛岃繕鍙You can’t wait to see what’s happening in the world. What’s going on? What’s going on? What’s going on? What’s going on? What’s going on?

[Can pregnant women eat horseshoes]_Horseshoes_Pregnancy_Can you eat them?

[Can pregnant women eat horseshoes]_Horseshoes_Pregnancy_Can you eat them?

Every pregnant woman should pay attention to a healthy and reasonable diet. Before eating any food, you must know whether these foods can be eaten. Pregnant women can eat horseshoes, which can cure pregnancy edema. Juice with horseshoe juice can also treat sore throat orIt’s a hoarse voice.

1. Horseshoe, also known as ground chestnut.

The fruit is oblate, crisp, sweet and juicy, white and tender, and delicious.

It contains nutrients such as starch, calcium, phosphorus, iron, protein, trace amounts, thiamine, nicotinic acid, carotene, and multivitamins.

It is eaten as a fruit rather than as a raw pear.

Cooked into delicacies.

In restaurants, we can often taste horseshoe meat, horseshoe chicken, sweet and sour horseshoe, stir-fried or mixed horseshoe, no matter which method, the taste is unique.

In medicine, horseshoes also have a place.

Horseshoe sweet cold, into the lungs, stomach three classics.

It has the effect of clearing heart and purging fire, moistening lungs and cooling liver, digesting food and reducing phlegm, and diuretic eyesight.

The green horseshoe stem seedling, whose name is “Tong Amakusa”, has a cool and bitter taste, has the functions of clearing heat and detoxifying, and nourishing kidney and diuresis.

Pregnant women often eat horseshoe, which can be combined with pregnancy edema, complications during pregnancy, chronic nephritis, pregnancy with hepatitis and other diseases.

2. Many people are fascinated by the rich nutritional value of horseshoe. During pregnancy, a proper amount of horseshoe and kelp is used to cook soup, known as “Ersen drink”, to prevent pregnancy edema, iodine deficiency, pregnancy hypertension andHemorrhoids and blood in the stool.

Some people take horseshoes as a health food every day, wash each slice with 200 grams of horseshoe, fresh lotus root, and white radish, and take it with water. Take one dose daily to treat pregnancy edema.

Many pregnant women who are afraid of trouble will use horseshoe juice as tea to treat sore throat, glossitis and hoarseness.

3. Although the horseshoe is rich in nutrition, many people do not recommend it to pregnant women.

Horseshoe is a cold slippery product that has a certain effect on early pregnancy and can cause uterine contraction, which may induce abortion.

4. Women who love horseshoes should still consider it comprehensively. If you are in the early stages of pregnancy, it is best not to touch the horseshoes easily, because the situation from pregnancy to the elimination of the fetus is not only to ensure the daily intake of nutrients, which is beneficial toFor grain development, we must avoid eating horseshoes by mistake to adversely affect obesity, and even cause serious consequences such as deformity and miscarriage.

V share rebound in A-shares

V share rebound in A-shares

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: V-shaped rebound in the A-share market. The odds of winning the stock market are as follows: □ Our reporter Wu Yuhua bottomed out in the two cities yesterday and the three major stock indexes staged a “V” -shaped rebound.

At the close, the Shanghai Composite Index rose 0.

28%, SZSE Component Index rose 1.

08%, GEM Index rose 1.

37%.

Analysts said that the recent index volatility breakthroughs, but the fundamentals are still good, the ChiNext trend is significantly stronger than the main board, and it is expected that the structural market led by technology stocks will continue.

  After the stock index V-shaped rebound quickly fell in early trading yesterday, the three major indexes collectively attacked.

The Shanghai Composite Index rose 0 on the day.

28% at 3060.

75 points; SZSE Component Index rose 1.

08% at 11072.

06 points; GEM Index rose 1.

37%, reported in 1993.

At 90 o’clock, the GEM refers to the time when it stood at 2000.

In terms of transactions, the Shanghai market turnover was 2784.

5.7 billion yuan, Shenzhen market turnover was 4295.

3.1 billion yuan.

  Of the 28 Shenwan Tier 1 industry sectors, 15 sectors rose yesterday, of which the electronics, electrical equipment, and computer sectors had the highest rises, increasing by 3 respectively.

57%, 2.

23%, 1.

57%; of the 13 industries that fell, the textile and clothing, agriculture, forestry, animal husbandry and fishery, and pharmaceutical and biological industries led the decline, falling by 1, respectively.

88%, 1.

68%, 1.

45%.

  In the concept sector, 南京桑拿网 the National Fund, Graphite Rubber, Lithium Titanium Nitride, etc. led the gains, while Artemisinin, Vitamins, and Gold Jewellery led the declines.

Yesterday, the Wind National Big Fund Index rose 6.

36%, 18 constituent stocks rose across the board, of which Anji Technology rose the most, reaching 13.

54%, Jingfang Technology, Huiding Technology, Tongfu Microelectronics, Jacques daily limit.

  The technology sector was the biggest highlight of the market yesterday. Jingfeng Mingyuan, Changxin Technology, DragonSoft Technology, Core Source Micro, Anheng Information, China Micro Corporation, McGrady Technology, Zhaoyi Innovation, Shenxinfu, Huiding Technology, Jingfang TechnologyTechnology stocks hit a record high.

  Regarding the technology sector, Founder Securities (protection rights) said that in 2020, a wealth of opportunities for “growth bulls” will emerge, and the key to getting out of the “growth bulls” is to form a long-term upward industry development trend. The current technology industry has shown this.Competitiveness.

With reference to the development experience of the 4G mobile Internet wave, the agency believes that the development of new technology in the 5G industry is still in a very sharp position. It may experience a period of infrastructure construction and in-depth development and diffusion in the future, but the long-term upward trend of the 5G industry is already obvious.

It is expected that the acceleration of 5G base station construction and the start of 5G mobile phone replacement in 2020 will become the focus of market attention.

  Incremental funds continued to flow into Wind data, showing that northward cash net replacement yesterday.

USD 6.4 billion, of which the net net reduction in Shanghai Stock Connect funds was 7.
.

7.1 billion yuan, the net inflow of Shenzhen Stock Connect funds was zero.

07 billion.
But since 2020, the cumulative net inflow of northbound funds has reached 501.
USD 5.3 billion, continued to achieve net inflows in early January, until the market adjustment and volatility turned into net penetration in the last two trading days.

  In addition, the scale of A-share financing in January was generally climbing.

Wind data show that as of January 21, the financing balance of the two cities was 10444.

USD 3.9 billion, a cumulative increase in financing surplus of 389 in the past month.

3.4 billion.

  In other words, since 2020, the increase in “north-bound” funds and the financing of the two industries has approached 90 billion yuan.

  In addition, there have been many explosive funds recently, and there have been many explosive funds in the market, such as the Bank of Communications Core-Driven Hybrid Fund, GF Technology Pioneer Fund, Bank of Communications Career Technology Innovation Hybrid Fund.

Combining the fund release announcement found that as of January 17, since 2020, 16 active equity funds in the market have raised more than 230 billion yuan, and 14 equity markets that have attracted much attention from the market have reached a total scale of 571.

2 ppm, of which Huitianfu’s core assets of the broad market mixed 113 days to raise 113.

2 ppm, becoming the largest active partial equity fund established this year; Invesco Great Wall Quality Growth raised 3 days to establish a scale of 67.

22 trillion; The Bank of Communications Core-Driven Hybrid Fund, which was established on January 13, “buy gold” over 500 trillion a day, with a placement ratio of only 11.

06%.

  Haitong Securities believes that the net inflow of A shares in 2020 is expected to exceed US $ 1 trillion.

Among them, retail funds are expected to flow into US $ 600 billion, leveraged funds are expected to be invested into US $ 400 billion; public funds are expected to flow into US $ 110 billion, private equity fund budgets are expected to flow into US $ 60 billion, and fund accounts are expected to increase by US $ 436 billion; bank wealth management is expected to invest US $ 15700USD 100 billion, brokerage asset management USD 90 billion, trust USD 215 billion; insurance funds are expected to transfer USD 600 billion; foreign exchange is expected to flow into USD 300 billion.

  Institutions are optimistic about the market outlook since January, the Shanghai Composite Index has increased by 0.

35%, the SZSE Component Index is gradually increasing6.

15%, GEM refers to a gradual increase of 10.

89%, the Shanghai Stock Exchange Index has adjusted in recent trading days.

January 23 is the last trading day of A shares before the Chinese New Year holiday. The question of holding shares or holding currency is in front of investors.

  For holding shares or holding currencies, many institutions are optimistic about holding holidays.

  Guoxin Securities statistics found that the performance of the A-share market around the past ten years of the Spring Festival found that the A-share Spring Festival effect is significant, and the market has a high probability of growth before and after the holiday. From the perspective of the rise and fall, the “Spring Festival red envelope” has a significantly low risk in the past ten years., High-yield characteristics; from the performance of various industries, the average growth probability of Shenwan’s first-tier industries in the five trading days before and after the Spring Festival is above 50%; from the absolute value of the rise and fall of various industries, in the pastIn the past ten years, the electronics and computer sectors have performed well overall, while the financial sector has outperformed.

Overall, in most cases, the performance of the A-share market before and after the Spring Festival is relatively good. Therefore, from the perspective of probability, the market performance does have a significant “Spring Festival effect”.

  Great Wall Securities said that from the historical perspective, the last spring market lasted mostly 2-3 months.

The logic of the current spring market has not changed, and the growth trend is expected to continue to 3 months.

With the current economic data and expectations of corporate earnings recovery, there is room for the risk premium to fall.

With reference to the average increase of spring market prices over the years, the market has room for continued growth.

  CICC said that due to the liquidity factors before the Spring Festival holiday, some investors chose to make a profit in advance after accumulating a certain amount of income, instead of affecting the trend of the A-share market in the next 3-6 months, which will be more positive.

In terms of layout, it is recommended to consider both cycle and growth, mainly focusing on the following three areas: first, some underestimation, low downside risks, and potential upside cycle sectors, such as real estate, building materials, and securities firms; second, relatively backward in the consumer sectorUnderestimated sectors, such as home appliances, home furnishings, hotels, tourism, and automobiles; third, technology and high-end manufacturing leaders that are in line with the direction of industrial upgrading, such as technology, new energy vehicle industry chains, and capital goods.

Guoxin Securities: Four Reasons for Semiconductor Localization as a Protracted War

Guoxin Securities: Four Reasons for Semiconductor Localization as a Protracted War

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Source: Guoxin Securities?

Semiconductor localization is a protracted war-Four reasons semiconductors will not be subject to people for a long time, and of course they will not be quickly localized. The “rapid victory theory” and “perishable theory” are wrong. It is a protracted war., And Chinese semiconductors are still high growth.

  Second: The Chinese market has a large demand, and localization can replace another 10 times more space.

  Third: The manufacturing process is far behind, and 7nm, 5nm, and 3nm require long-term R & D investment.

  Fourth: the top chip design capabilities, architecture, EDA software, etc. will be constrained in the short to medium term.

  ?

Average global growth rate-The growth rate of global semiconductors is different from the growth rate of the high-tech industry that the market has always understood, and the growth rate of the global semiconductor market is not very high.

1999?

In 2019, the global semiconductor compound growth rate was 5 in the past 20 years.

2%.

In the past 20 years, 15 years, 10 years, 9 years, 5 years, and 3 years, the global semiconductor display CAGR was 5 respectively.

2%, 4.

4%, 6.

1%, 3.

6%, 4%, -0.

3%.

  ?

China’s high growth-China’s semiconductor industry is growing faster than the world’s 1) China’s semiconductor industry as a whole is growing faster than the world, and the design industry is growing faster.

  2) The growth rate of domestic foundry manufacturing demand exceeds the global growth rate.

  3) The revenue growth rate of A-share semiconductor companies has been higher than that of US-based companies in the past 7 years.

  ?

10x space-If it can replace all imports, domestic semiconductors still have more than 10x space. In 2018, only 176.3 billion (US $ 25.1 billion) of China’s integrated circuit design industry revenue was sold to China, while China’s IC imports in 2018 were US $ 312.1 billion, Is domestically self-sufficient.

3 times.

If the supply of domestic chip design companies can replace the huge import demand, then the market for domestic chip design companies still has more than 10 times the space.

  ?

The “neck neck” is a short board and a scarce resource. The first step of localization with the greatest investment value is to become a “neck neck” first, and then the full domestication.

From the perspective of the industrial chain, semiconductor manufacturing is our “short board” and a scarce resource; from an investment perspective, the more short board, the more scarce the resource, the more investment value it has.

  ?

The industrial attributes determine that the current leader is also the future leader. Semiconductor manufacturing is a large expenditure and long-term accumulation industry. Founded 20 years ago, SMIC, and 15 years ago, Hua Hong Semiconductor has already occupied a large capital andA large amount of experience is the current leader and the future leader.

  ?

Investment advice The market is already fully aware of chip design and semiconductor equipment.

There is insufficient understanding of semiconductor manufacturing toxicity.

2020 is a big year for semiconductor manufacturing. We continue to recommend two major leaders: SMIC and Hua Hong Semiconductor.

  ? Investment risk is the first. Depreciation in the asset-heavy industry affects profits, and large capital expenditures affect cash flow.

Second, global competition.

Third, trade wars have intensified, making it impossible to purchase equipment.
  Investment Summary In the previous report, we merged “Why Semiconductor is a Big Wave”. In this report, we once again pointed out that the big market for semiconductors is that semiconductors will not be subject to people for a long time, and of course, they will not be localized quickly.It is not correct with the “peril doctrine”. It is a protracted war: first: the global semiconductor growth rate is vertical, while China’s semiconductor is still high growth.
  Second: The Chinese market has a large demand, and localization can replace another 10 times more space.

  Third: The semiconductor manufacturing process is far behind and requires long-term major development.

  Fourth: High-end chip design will be subject to others in the long run.

  Key literature I. Global Growth Index-Global Semiconductor Growth Index.

Unlike the growth rate of the high-tech industry that the market has always understood, the global semiconductor market is not growing at a high rate.
1999?In 2019, the global compound semiconductor compound growth rate during the past 20 years was 5.

2%.

In the past 20 years, 15 years, 10 years, 9 years, 5 years, and 3 years, the global semiconductor display CAGR was 5 respectively.

1%, 4.

4%, 6.

1%, 3.

6%, 4%, -0.

3%.

  Second, China’s high growth-China’s semiconductor industry is growing much faster than the world.

1) Judging from the quarterly and annual growth rate, the overall growth rate of China’s semiconductor industry is faster than that of the whole world, and the growth rate of the design industry is even higher.

2) Domestic OEM demand exceeds global demand (Global growth in 2019 is 13%.

5%, China increased by 21.

7%).

3) The revenue growth rate of A-share companies in the last 7 years is higher than that of US-based companies.

  Third, 10 times the space-If it can replace all imports, domestic semiconductors have more than 10 times the space.

In 2018, only 176.3 billion (US $ 25.1 billion) of China’s IC design industry revenue was sold to China, while China’s IC imports in 2018 were US $ 312.1 billion, which is domestically self-sufficient12.

3 times.

If the supply of domestic chip design companies can replace the huge import demand, then the market for domestic chip design companies still has more than 10 times the space.

  Fourth, the “stuck neck” semiconductor manufacturing short board is a scarce resource with the greatest investment value.

The semiconductor industry involves many aspects. It is impossible to make all localizations in the short term. The first step of localization is to cause a “stuck neck” first, and then it is all-round localization.

From the perspective of the industrial chain, semiconductor manufacturing is our “short board” and a scarce resource; from an investment perspective, the more short board, the more scarce the resource, the more investment value it has.

  The nature of investment advice industry determines that the current leader is also the future leader.

Semiconductor manufacturing is a large investment and long-term accumulation industry. Founded 20 years ago, SMIC and Huahong Semiconductor, which has been established for 15 years, have already invested a large amount of capital and accumulated a lot of experience in advanced technology and specialty processes. SMIC is an advanced company in mainland China.As the leader of technology, Hua Hong Semiconductor is the leader of special technology, and the current leader is also the future leader.

2020 is a big year for semiconductor manufacturing. We continue to recommend SMIC and Hua Hong Semiconductor.

  Appendix: SMIC In-depth Report: “SMIC-00981.

HK-In-depth report: Leading semiconductor foundry, optimistic about advanced processes “20190916 Hua Hong Semiconductor in-depth report:” Hua Hong Semiconductor-01347.

HK-Post-Moore Era Welcomes Automotive Semiconductor Dividend “201810 Global Semiconductor Growth Transistor, Synchronizing with GDP in 1999?
The CAGR in 2019 is 5.

2% The global semiconductor mouse in 2019 was $ 409.8 billion, compared with $ 149.4 billion in 1999.

Over the past 20 years, the global compound growth rate of semiconductor injection molding has been 5.

2%.

  The growth rate of the global semiconductor market is the fastest. The shorter the interval, the lower the compound growth rate, indicating that the acceleration of the global semiconductor market growth rate tends to decrease.

Looking at the compound growth rate in different time intervals, the CAGR of the global semiconductor display in the past 20 years, 15 years, 10 years, 9 years, 5 years, and 3 years was 5 respectively.
1%, 4.

4%, 6.

1%, 3.
6%, 4%, -0.

3%.

The growth rate of the high-tech industry is different from the market’s consistent understanding. From the perspective of compound growth rate, the growth rate of the global semiconductor market is not very high.

  Second, the quarterly growth rate of global semiconductors is likely.

The figure below is obviously polished, and the quarterly growth rate of global semiconductor sales revenue is reset.

Without considering the transformative nature of the 2008 financial crisis, the trend of the previous quarter’s growth rate is even more obvious.

  Semiconductor has been the basis of the technology industry for 73 years. Since the invention of the first integrated circuit (only one transistor) of Bell Labs in 1947, the global semiconductor industry has entered a mature and stable stage.

  The growth rate of the semiconductor market is slightly higher than the GDP growth rate, and the global semiconductor compound growth rate is compared with the global GDP growth rate. According to the past 20 years, 15 years, 10 years, 9 years, 5 years, and 3 years,The semiconductor market and GDP are basically synchronized, and the growth rate of the semiconductor market is slightly higher than the GDP growth rate.

  Correlation with GDP is getting higher and higher According to the annual growth rate, the correlation between global semiconductor growth and GDP growth is getting higher and higher.

Semiconductors are the foundation of information technology, and end users are computer and automobile communications, which have a high correlation with the macro economy. Therefore, from a global perspective, it is reasonable that the growth rate of semiconductor industry and GDP are high.

  China’s growth rate exceeds global growth China’s semiconductor industry growth rate exceeds global growth quarterly, annual growth rate, China’s semiconductor industry growth rate exceeds global growth, is a necessary condition to support the domestic stock market semiconductor market.

  2009?
In 2019, the overall growth rate of mainland China’s semiconductor industry surpassed the global. Although the global semiconductor growth rate is vertical, China’s semiconductor industry is still developing rapidly.

The annual growth rate of China’s semiconductor industry is faster than the world’s. In the first three quarters of 2019, the global semiconductor transistor’s continuous growth rate was negative, while the Chinese market was growing in the same period.

  China’s semiconductor industry’s annual growth rate exceeds the global, 2017?
18 Chinese IC design growth 26.

1%, 21.

5%, compared to 21 globally.

6%, 13.

7%.

  The growth rate of integrated circuit design is higher. From the perspective of the subdivision-integrated circuit design industry, the growth rate is higher.

  The foundry’s growth rate is faster than the global growth rate. Semiconductor manufacturers’ models are divided into Fabless mode with only design without manufacturing and IDM with design and manufacturing.

Fabless, IDM, and system manufacturers are all foundry customers.

  The size of the semiconductor foundry market in mainland China in 2019 is expected to grow by $ 11 billion annually14.

6%.

  Global Fabless semiconductor foundry demand in 2019 is US $ 126 billion, 合肥夜网 an increase of more than 13%.

5%, of which China’s market demand is 28 billion U.S. dollars, an annual increase of 21.

7%.

  When the capacity of IDM manufacturers is insufficient, they will find a foundry. Some system manufacturers make their own chips, such as Huichuan (inverter), Hefei Sunshine (power supply), INVT (inverter). In order to reduce costs and ensure the supply chain,The design chip is manufactured by the foundry.

  Semiconductor foundry growth rate Super semiconductor industry growth rate, 2013?
In 2019, global semiconductors will grow by 34%, while Fabless demand (corresponding to foundry revenue) will increase by 83%.

  The growth rate of stock companies’ income is higher than that of US stocks. From the perspective of income growth, Chinese semiconductor companies are in the growth stage.

Comparing 天津夜网 the overall income of the 30 major semiconductor companies in the US stock market and the 27 major semiconductor companies in the A stock market, it is found that the revenue growth rate of A-share companies is greater than that of US stocks.

  The domestically imported space that is more than 10 times the domestic supply is 10 times the domestic supply. In 2019, the national integrated circuit imports were 300.5 billion U.S. dollars. In 2018, China ‘s IC design industry revenue was only 251.9 billion yuan (including exports).

According to the electronics industry-semiconductor-integrated circuit in the 10,000-level industry catalog, 26 integrated circuit design companies in this category are sampled. The total overseas revenue of 26 integrated circuit companies in 2018 was 40.

4%.

  The export ratio of the above 26 listed integrated circuit design companies is 40.
4%, we assume that the export ratio of all Chinese integrated circuit design companies is 30%, and domestic sales are 70%.

  According to the above export ratio, only 186.3 billion (US $ 25.1 billion) of China’s integrated circuit design industry revenue was sold to China in 2018, while China’s IC import value in 2018 was US $ 312.1 billion, which is domestically self-sufficient12.

3 times.

  Therefore, we can re-conceive that if the supply of domestic chip design companies can replace the demand for huge imports, then the market for domestic chip design companies still has more than 10 times the space.

  The key chip space size is specific to the core chip field, and the domestic self-sufficiency rate is reduced, or even zero.

  China ‘s market share exceeds and exceeds. From the perspective of chip demand, the Asia-Pacific region accounts for 60% of market demand. One is that Japan, South Korea, China, and Taiwan have many IC downstream industries and are global factories. The second is that Asia-Pacific has a large population.The market for electronic equipment is in great demand.
  In the global semiconductor sales market, the Chinese market share has gradually increased, and by 2018 the Chinese market will account for 33 of global semiconductor transistors.

8%.

  With the gradual increase of the Chinese market share, the market space of Chinese local design companies will become larger and larger.

  Manufacturing requires long-term development. Manufacturing is the focus of the semiconductor industry. In general, we divide the semiconductor industry into: design-manufacturing-package testing, EDA for design and manufacturing, and equipment for manufacturing and packaging testing.

  Semiconductor manufacturing is currently the largest scale in the development of semiconductors in mainland China. Computer CPUs, mobile phone SOC / baseband and other high-end chips have been replaced in China. Although the performance is different from the international giants, it can at least be used.

  And semiconductor manufacturing is at “0?
During the “1” breakthrough process, if overseas semiconductor foundries do not provide manufacturing services to mainland Chinese design companies, China ‘s semiconductor industry will be severely affected.

  Five silicon wafer factories monopolize the market The global semiconductor wafer market is mainly concentrated in several large enterprises, with high industry concentration and high technical barriers.

The top 5 large silicon wafer manufacturers in 2018 totaled 95% market share. The market shares of the top five companies in the industry were: Japan’s Shin-Etsu Chemical Market Share 28%, Japan’s SUMCO Market Share 25%, Germany’s Siltronic Market Share 14%, and Taiwan GlobalThe wafer market share is 14%, South Korea’s SKSiltron market share is 11%, and French Soitec is 4%.

  The global foundry was monopolized by TSMC in the third quarter of 2019. The ranking of the world’s top ten wafer fabs is: TSMC, Samsung, Glofonde, UMC, SMIC, High Tower, Hua Hong, World Advanced, Powerchip, Eastern Hi-Tech.

  The domestic foundry leader SMIC ranks fifth with a market share of four.

4%.

  The short board of the “card neck”, the five major difficulties in semiconductor manufacturing with the greatest investment value, are accompanied by the increasing integration of chips, and the advanced level of semiconductor manufacturing has gradually increased.

The semiconductor industry contains more and more machinery, chemical, software, materials and other fields, and it is a large system that integrates many integrated machines.

  At the same time, the semiconductor industry involving so many industries also promotes economic development.

Because the performance of semiconductor products is gradually improved, while the cost is reduced and the price is reduced.

So as to meet the market demand for high performance and specifications.

  An industry with such a high degree of industry integration has five major difficulties, divided into two categories.

  One is: high precision and high integration.

  The second category is: single-point process technology, integrated single-point technology, and mass production technology.

  First, integration is getting higher and higher.

The number of transistors integrated on a chip is increasing. From the 1960s to the present, the number of transistors has increased from one transistor to more than 10 billion.

Improved circuit integration challenges the ability of semiconductor manufacturing processes and improves process technology under reduced cost conditions to produce advanced large-scale integrated circuit chips.

To achieve this, the semiconductor industry has become highly standardized, and most manufacturers use similar manufacturing processes and equipment.

The key to successful market development is the company’s ability to launch the right product at the right time.

  Second, the requirements for accuracy are getting higher and higher.

The high accuracy is reflected in the critical dimension (CD). The physical size feature on the chip is called the feature size. The term mainly describing the feature size is the circuit geometry size.

The common understanding is that the smaller the key size, the more difficult the process.

The critical size was reduced from 1um in 1988 to 5nm in 2020, a reduction of 99.

5%.

From this point of view, the shortcomings of integrated circuit manufacturing have gradually increased, and the acceleration of serious lifting has also increased.

  From the transistor structure diagram, the key dimension is the gate length of the transistor (the line width in the figure below).

  Third, single-point technical breakthroughs are difficult.

The process technology that constitutes the smallest unit of a semiconductor manufacturing process is single-point technology, or component technology.
Integrated circuit manufacturing involves performing a series of complex chemical or physical operations on a silicon wafer.

  The manufacturing process of complex circuits exceeds 500 processes, and 500 processes are equivalent to 500 single-point technologies. Moreover, these processes are performed under precise instruments, which are difficult to see with the naked human eye, which brings great difficulties to manufacturing.
Taking the most typical CMOS process as an example, the following steps are involved.

  Fourth, multiple technologies need to be integrated.

Combined with single-point technology, the circuit is implanted into the silicon chip, and the technology that integrates this process flow is integrated technology.

For example, in the production of DRAM, more than 500 processes are required. This process is first developed in a research and development center, and the developed process can be actually produced.

  In the preparation process stage, the combination of single-point technology is unlimited. Even if DRAMs with the same integration and precision are manufactured, different semiconductor manufacturers use different methods.
In addition, different technology integrators have different process flow structures.

  The difficulty of integrated technology is how to complete the process of formulating specifications from an unlimited combination of component technologies in a short period of time to meet the specifications and run completely.

  We use integrated technology to understand through table tennis and football.

The single point technology of semiconductor manufacturing, we Chinese can break through, just like table tennis in single player sports, the Chinese can win the world championship.

However, the combination of these single-point techniques is just like the 11-man football team, and they cannot win the championship.

This is the difficulty of integrated technology.

  Fifth, mass production technology.

The technology of transferring the process flow of the R & D center through the integration technology to a mass production factory, and implanting a semiconductor that meets the quality requirements of the target on the silicon wafer and mass production is mass production technology.

A true strict exact copy is basically impossible.

Even if the development center and the mass production plant have the same equipment, the same results may not be obtained under the same process conditions.

Frankly, it is generally difficult to get the same result.

  This is because even with the same equipment, there will be slight performance differences between the two machines.

This difference constant machine is poor.

Machine difference can be said to be a difference in equipment that semiconductor manufacturing equipment manufacturers may produce due to the existence of uncontrollable factors when producing the same type of equipment.

With the continuous improvement of semiconductor precision, the problem of machine poorness has become more and more significant.

  Therefore, through the improvement of the degree of precision, it is necessary to implement fine processing, and the machine differences (small ones that will not be a problem during the drilling production process) become serious problems.

  Intel once required that 12-inch millimeter batch production plants located in Ireland, Israel and the United States must unify the types and models of manufacturing equipment, and even the specifications of each pipeline must be strictly uniform.

In addition, it also prepares detailed guidelines for equipment repair, maintenance inspection details, etc., requiring the three factories to perform operations in strict accordance with the operating instructions.

Even so, the yields of the three factory products are still different.

The root cause is the poor machine performance.

  In terms of mass production technology, yield is of great significance.

Yield is the proportion of qualified products in the finished semiconductor product that is implanted on the wafer.

Scale, the stage where the process flow has just been transferred from the development center to the mass production plant, and the yield of the mass production plant is almost 0%.

  And the technology that raises the yield rate to 100% as soon as possible and maintains the yield rate close to 100% for a long time is the real mass production technology.

  The mission of the development center’s integrated technicians is to do their best to develop the process flow so that at least one product can be fully operational.

The task of the integrated technicians in a mass production plant is to complete a process that can achieve a high yield based on this process.

Needless to say, at this time, the integration technicians in the mass production plant will lead the component technicians in the plant.

  However, there are also occasions where it is difficult to improve the yield.

At this time, the process may need to be re-developed.

When large-scale adjustments are required, the process is returned to the development center.

More unfortunately, you may need to redesign.

  In this way, it usually takes 5?
From the process originally prepared by the development center to the formation of a process that enables a mass production plant to achieve a high yield.
10 repetitions.
  Semiconductor manufacturing requires integrated technologies that precisely integrate various component technologies and mass production technologies that improve yield.

Only in this way can semiconductors be manufactured.

  The current investment boom in semiconductor manufacturing nationwide is based on this logic-“As long as you buy equipment, separate them and press the button, everyone can produce semiconductors.”

This view is wrong. It is believed that other industries may be right, but semiconductor manufacturing is definitely wrong.

  Manufacturing is the most eager to make a breakthrough. The semiconductor industry involves many aspects. All domestic changes are not possible in the short-term. The first step of localization is to “stuck the neck” first, and then all-round localization.

  From the following diagram of the semiconductor industry chain: design-manufacturing-package testing, the three major insertions, the most “stuck neck” is manufacturing.

  Semiconductor manufacturing is currently the largest scale in the development of semiconductors in mainland China. Computer CPUs, mobile phone SOC / baseband and other high-end chips have been replaced in China. Although the performance is different from the international giants, it can at least be used.

  And semiconductor manufacturing is at “0?
During the “1” breakthrough process, if overseas semiconductor foundries do not provide manufacturing services to mainland Chinese design companies, China ‘s semiconductor industry will be severely affected.
  Because even if a chip design company in mainland China can design a chip that is internationally recognized, but without manufacturing capabilities, the designed chip is just a “bunch of data” and cannot form a product.

  In terms of specific product segments, high-end CPUs, GPUs, FPGAs and other chips use 7nm and below processes, and low-end chips are gradually shifting from mature processes to advanced processes. Therefore, advanced processes are the “card neck” that Continental Semiconductor must first break through.”The project is a short board.

  Although SMIC and Huahong Semiconductor lag behind the global leaders, SMIC is the leader in advanced technology in mainland China, and Huahong Semiconductor is the leader in featured technology.

Semiconductor manufacturing is a large investment and long-term accumulation industry. Founded 20 years ago, SMIC and 15 years after its founding, Hua Hong Semiconductor has a huge capital investment and accumulated a lot of experience in the field of advanced processes and special processes. The rise of semiconductor manufacturing in mainland China is sureHave to count on this white company.

  Therefore, from the above point of view, the more our “short board”, the more investment value.

  Manufacturing is China’s core technology asset, and SMIC is the core asset that can become a major turning point in the development of national semiconductors.

The core asset is not 1?
The infinite expansion of N, the second is 0?
1 key breakthrough.

  The core asset is not better without it, but not without it.

The lack or disappearance of the so-called core assets in the market has little impact on the country and the society. It is a big deal to set up a company and continue to do it.

Semiconductor foundries such as SMIC are the foundation of the entire technology industry. Under the background of restrictions on semiconductor manufacturing overseas, the manufacture of crystal semiconductors in mainland China will shake the foundation of the technology industry.

From this perspective, SMIC is the core asset.

  As SMIC is in Hong Kong stocks, Mainland Capital does not know enough about SMIC.

At the same time, coupled with high barriers to semiconductor industry research, the capital market is passively monitoring SMIC.

  The trade war accelerates SMIC’s growth and accelerates capital market understanding of SMIC.

In the past year, in the context of the trade war and various restrictions on the development of Chinese semiconductors in the United States, the market has gradually become the core asset of semiconductor manufacturing, which is an indispensable asset.

Under this logic, SMIC should own higher estimates than other manufacturing industries.

  First, SMIC, as an unavailable core asset, compared with panel faucets, household appliances faucets, and mobile phone parts faucets, SMIC’s estimates have a lot of room for improvement.

  Investment suggestions We are optimistic about the domestic upstream chip design industry. The more upstream chip design companies, the stronger the downstream foundry demand, which is beneficial to the domestic semiconductor foundries. The two major domestic foundry giants are in Hong Kong stocks. We are in Hong Kong stocks.SMIC and Hua Hong Semiconductor are recommended within the scope.

  SMIC (0981.

hk): Leading semiconductor foundry, optimistic about advanced manufacturing processes Leading semiconductor manufacturing in China: State-owned background + technology CEO company is the largest semiconductor foundry in mainland China, the fifth largest in the world; the most advanced 14nm process is only behind the most advanced 7nm in the world, only behind2 generations.

The first two shareholders are Datang Telecom and National Integrated Circuit Fund.

  Liang Mengsong and Yang Guanglei joined and are expected to replicate 2013?
The glory of 2018 The technical CEO Liang Mengsong joined in 2017, and Yang Guanglei, the former director of R & D of TSMC, joined in August 2019. It is expected to promote the company to replicate 2013?
Brilliant 2018.

year 2013?
In 2018, technical CEO Ke Zaiqi became Intel’s CEO, during which the core net profit fell by 9% and increased by 157%.

Krzanich promotes the conversion of integrated circuits to the Internet of Things and AI, and based on the IDM model, dating foundry services.

  Trade war accelerates SMIC’s growth First, domestic semiconductor demand growth exceeds GDP growth; second, domestic chip self-sufficiency is very low, and trade war accelerates domestic substitution; third, the trade war has led upstream design companies to diversify orders from competitionOpponents are transferred to SMIC.

  The chaser has the opportunity to have another 7nm process logic in the mature process. In addition to the RF chip, the company’s 14nm (contributed revenue in the second half of this year) technology can be achieved.
For example, power management and fingerprint recognition application requirements ensure full production of 8-inch factories, and the demand for Internet of Things, CMOS image sensors, and WiFi chips will drive 12-inch business growth.

  SMIC is the real core asset. SMIC is the core asset that can become a major turning point in the development of National Semiconductor.

The core asset is not 1?
The infinite expansion of N, the second is 0?
1 key breakthrough.

  The core asset is not better without it, but not without it.

The lack or disappearance of the so-called core assets in the market has little impact on the country and the society. It is a big deal to set up a company and continue to do it.

Semiconductor foundries such as SMIC are the foundation of the entire technology industry. Under the background of restrictions on semiconductor manufacturing overseas, the manufacture of crystal semiconductors in mainland China will shake the foundation of the technology industry.

From this perspective, SMIC is the core asset.
  As SMIC is in Hong Kong stocks, Mainland Capital does not know enough about SMIC.
At the same time, coupled with high barriers to semiconductor industry research, the capital market is passively monitoring SMIC.

  The trade war accelerates SMIC’s growth and accelerates the capital market’s understanding of SMIC. In the context of the trade war and the United States’ various restrictions on the development of Chinese semiconductors, the market has gradually evolved. Semiconductor manufacturing is the core asset.Missing asset.
Under this logic, SMIC should own higher estimates than other manufacturing industries.

  First, SMIC, as an unavailable core asset, compared with panel faucets, household appliances faucets, and mobile phone parts faucets, SMIC’s estimates have a lot of room for improvement.

  Benefiting from the localization of semiconductors, market awareness has shifted from underestimated to reasonable, maintaining a “Buy” rating target price of 22?
twenty three.

7 The manufacturing of the semiconductor industry in mainland China will rise. From design to foundry, packaging and testing must be autonomous. Therefore, it is an inevitable trend for mainland chip design companies to seek mainland foundry.
Whether it is a domestic chip design giant or a chip design small and medium-sized company, it is possible to shift foundry to domestic. This kind of transfer of foundry orders has gradually become a consensus, and the trend is strengthening.

As a domestic foundry leader (many types of production lines and large production capacity), SMIC will obviously benefit.

  Expected 2019?
Income in 2021 will be 31.

$ 3.2 billion / 36.

$ 0.4 billion / 40.

USD 5.9 billion, with growth rates of -6.

8% / 15.

1% / 12.

6% in 2019?
The profit in 2021 will be 2.

$ 0.7 billion / 1.

$ 8.4 billion / 2.

USD 2.6 billion, a growth rate of 55% /-11% / 23%.

  The company’s technology as a semiconductor foundry follows. Technology breakthroughs are the key. We should look at the company’s technology first, then the revenue, and finally the profit.

In the medium and long term, we are optimistic about the rise of mainland foundries under the background of domestic substitution.

  The company’s reasonable range of PB estimates2.

5?2.

7 times, the company’s reasonable estimate is 22?
twenty three.

7 Construction, maintaining performance forecasts and a “Buy” rating.

  Risks suggest that the 14nm process is not progressing as expected, and global capacity is loose, affecting the company’s gross profit margin.
  Hua Hong Semiconductor (1347.

hk): The company focuses on special processes, and the revenue growth rate is stronger than the global market. The company is the world’s leading pure wafer foundry company. It specializes in embedded embedded memory, power devices, analog and power management, and logic and RF differencesWith a unique process platform and quality management system, it meets the stringent requirements of automotive electronic chip production.

The company’s discrete device platforms continue to show great advantages, especially super junctions, IGBTs and general purpose MOSFETs.

It is expected that the demand for discrete devices will continue to grow in the future.

In the second quarter of 2019, global semiconductors were initially $ 98.2 billion, a decrease of 16 from the same period last year.

8%; in the first half of 2019, it will replace 14 globally.

5%.

The global semiconductor market is still in a recession.

The initial averages of major global regions and semiconductor product categories declined.

  Because the company specializes in differentiated and unique technology platforms such as embedded embedded memory, power devices, analog and power management, logic and radio frequency, the quality management system meets the stringent requirements of automotive electronic chip production.

The company’s discrete device platforms continue to show great advantages, especially super junctions, IGBTs and general purpose MOSFETs.

Demand for discrete devices will continue to grow in the future, which will drive company revenue growth.

  Focus on small and medium customers to diversify risks In order to stabilize growth, the company chooses a small and medium customer strategy from the beginning and chooses differentiated competition from the perspective of target customers.

Because the budget of small customers is small, it is impossible to allocate the cost of tapeout by increasing the expansion amount, and the bargaining power of the customers served by the company is relatively weak.

Large customers have strong bargaining power, low profit margins, and high risks. The adjustment of large customers’ orders affects the stability of the company’s performance.

  Maintain “Buy” rating forecast for 2019?
Income in 2021 will be 10.

$ 0.9 billion / 16.

$ 6.9 billion / 13.

USD 3.2 billion, with growth rates of 8.

5% / 15.

8% / 14% in 2019?
2021 net profit is 2 respectively.
$ 1.2 billion / 2.

$ 3.6 billion / 2.

US $ 5.5 billion, with growth rates of 16.

3% / 11.

2% / 8.

1.
Maintain “Buy” rating.

  Risks suggest that new semiconductor device process alternatives, short-term demand for downstream power devices, Wuxi plants can not mass production on schedule.

  Industry investment risk is the first. Depreciation in asset-heavy industries affects profits.

  Second, large capital expenditures affect cash flow.

  Third, global semiconductor foundry leaders compete with domestic foundries.

  Fourth, trade wars have intensified, making domestic foundries unable to purchase equipment.

  Securities analyst: Wang Xueheng Telephone: 010-88005382 Email: wangxueh @ guosen.

com.

cn Securities Investment Consulting Practice Qualification Certificate Code: S0980514030002 Securities Analyst: He Lizhong Telephone: 010-88005322 E-MAIL: helz @ guosen.

com.

CN Securities Investment Consulting Practice Qualification Certificate Code: S0980516110003 Securities Analyst: Ouyang Shihua Telephone: 0755-81981821 E-MAIL: ouyangsh1 @ guosen.
com.

cn Securities Investment Consulting Practice Qualification Certificate Code: S0980517080002 Securities Analyst: Tang Hongyi Phone: 021-60875135 E-MAIL: tanghy @ guosen.

com.

cn Securities analyst: He Lizhong Telephone: 010-88005322 E-MAIL: helz @ guosen.

com.

CN Securities Investment Consulting Practice Qualification Certificate Code: S0980516110003

Jinshi Resources (603505): Acquisition of 80% equity in Zhuangcun Mining Industry The integration logic of the industry is gradually fulfilled

Jinshi Resources (603505): Acquisition of 80% equity in Zhuangcun Mining Industry The integration logic of the industry is gradually fulfilled
The event company will acquire 80% equity of Ningguo Zhuangcun Mining on November 14, 2019. The company announced on November 13 that it had signed a “Transaction Intent Agreement” with Feng Zhanfu, Pan Hengsong and Ningguo Zhuangcun Mining.80% of the target company held by the transferor is acquired, and the total price to be acquired is not higher than RMB1.40,000 yuan, the individual tax payable by the assignor due to the assignment of the assignment shall be borne by the assignee.  Brief comment on the industry integration logic is gradually fulfilling the target company of this transaction, the scale of its mining license 5 per year / fluorite reserves of about 115 reserves.57 budget.The transaction does not include the Houkengwu fluorite mine under the company’s name, and the transferor and the target company are responsible for transferring it to a third party.Jinshi Resources has always focused on the investment and development of fluorite ore. If the transaction is successfully completed, the target company will become the company’s holding subsidiary, the company’s resource reserves will further increase, and the industry leader will be further consolidated.  In the long run, along with the Fluorite Mining and Production Control Regulations, the Fluorite Industry Access Standards have been released one after another, the industry entry barrier has been significantly raised, and the industry’s “small, scattered, random” capacity has continued to withdraw, and fluorite supply or willLong-term tightening, the price center shows an upward trend.  On January 25, 2019, the Ministry of Industry and Information Technology issued the “Specification Conditions for the Fluorite Industry (Consultation Draft)”.Document requirements: 1) “The development of the fluorite industry should be based on domestic demand, optimize the inventory, adjust the structure, promote mergers and reorganizations, and increase the concentration of the industry.New and expanded fluorite beneficiation projects should be combined with the elimination of backward, and encourage the development of fluorite beneficiation and processing in resource-rich areas; 2) “Requires that the amount of ore mined for new fluorite projects should not be less than 5 per year / before the implementation of this specificationIf the project that is put into production is expanded, the amount of ore mined shall not be less than 2 mm / year “; 3)” Encourage the construction of professional beneficiation lines in the concentrated mining area, and support the construction of matching self-provided mines, tailings ponds, sewage (material)Facilities “and so on.During the mining process of fluorite, high-fluorine wastewater and tailings slag will be produced. There are no safety and environmental protection facilities in small mines in the industry. It is a general trend to implement standardized mining and industry integration in the future.  The company promotes the integration of fluorite 深圳丝袜会所 resources. In November 2018, the company and the Inner Mongolia Geological and Mineral Exploration Company and Zhejiang Geology and Mineral Investment Company have signed a proposed cooperation framework agreement with the People’s Government of Ejin Banner, Inner Mongolia Autonomous Region.The main non-metallic mineral resources exploration, mining development, deep processing and other areas of cooperation, all parties strive to take 5-10 years to achieve the project company’s exploration, mergers and acquisitions and other methods to have 3,000 tons of recoverable prospective resource reserves as the goal, andThe total supporting investment is estimated to be about 2 billion yuan.At the same time, it cooperated with Ejin Banner State-owned Assets Group Corporation, Inner Mongolia Geological and Mineral Exploration Company, 北京桑拿洗浴保健 and Zhejiang Geology and Mineral Investment Company to set up Inner Mongolia Jinshi Industry Co., Ltd. in Ejin Banner to integrate and develop local fluorite-based mineral resources.  Goldstone’s absolute absolute leading position Prior to this transaction, the company’s fluorite reserves of resources are about 2700 tons of ore, corresponding to about 1,300 tons of minerals, and all belong to a single type of fluorite mine, which is usually a proven type of single fluorite mine.The use of resources is only about 6,000 initial minerals, and the company accounts for more than 20% of the country.The company has a mining scale of 102 coal mines, 7 mines in production and 5 ore dressing plants (another one is under construction).The company has 6 large-scale fluorite mines with an annual output of 10 higher than the above, ranking first in the country.In addition, the company has environmental protection mines, complete safety facilities, and professional talents. It is an absolute leader in the industry. In 2018, as the main sponsor, the “China Mining Federation Fluorite Industry Development Alliance” was established to lead the industry development.If the transaction is successfully completed, the company’s resource reserves and annual output will further increase, and the leader will further increase and strengthen.  Maintain “Buy” rating is expected to achieve net profit attributable to mothers in 2019-2020.56,3.470,000 yuan, the EPS is 1.07, 1.45 yuan, corresponding to PE of 17X, 12X, maintain “Buy” rating.

Common method for treating lumbar spondylolisthesis!

Common method for treating lumbar spondylolisthesis!

Although there are many methods to treat lumbar spondylolisthesis, in fact, not every lumbar spondylolisthesis treatment method is suitable for every lumbar spondylolisthesis.
How to treat lumbar spondylolisthesis should also look at the etiology and symptoms of patients with lumbar spondylolisthesis.
  Only by understanding these two points can we have a good therapeutic effect on the treatment of lumbar spondylolisthesis.
Let’s introduce some of the indications for the treatment of lumbar spondylolisthesis. Knowing the indications for the treatment of lumbar spondylolisthesis, I believe you will know how to treat lumbar spondylolisthesis.
  Patients with mild spondylolisthesis without obvious unstable symptoms may be treated non-surgically.
Such as lumbar support or wearing waist protection, back muscle exercise, physical therapy braking, traction, etc., can reduce symptoms and prevent further development of spinal spondylolisthesis.
Especially children and adolescents with simple pedicle fracture can achieve better results.
For acute isthmus fractures, if they can be diagnosed early, most of them can heal by braking.
Elderly patients can use this method.
Orthopedic experts at Beijing Heng’an Hospital of Traditional Chinese Medicine believe that if the spondylolisthesis is severe or gradually worsens, the symptoms are obvious, and those who fail to undergo strict non-surgical treatment need surgery.
  I. Surgical treatment 1.
适应症  (1)持续腰背痛,经非手术治疗3个月以上无效者;   (2)伴有椎管狭窄及持续性神经受压者;  (3)年龄在50岁以下,无严重的心肺Disease, diabetes and osteoporosis; (4) those with SSR ≥ 30%.
  2.
Principles of surgery ① Reduction of spondylolisthesis, recovery of the physiological curvature of the lumbosacral segment, stabilization of the spine through bone graft fusion, elimination of shear forces, and prevention of further development of the detachment; ②Relief of compression on nerve roots.
  二、非手术治疗  适应症  (1)椎弓崩解症状轻微者,或虽有轻度滑脱但无明显症状者;  (2)病情初次发作,病程较短者;  (3)60岁以上老年人Patients with mild spondylolisthesis, asymptomatic or mild low back pain, without surgery; (4) SSR <30%.

Top Ten Tips for the Elderly

Top Ten Tips for the Elderly

First, the emotions are cheerful, the faint and ruthlessness affects the longevity, the emotions are cheerful, and the open-mindedness is an important factor in preventing diseases and prolonging life.

Of course, the so-called gloom and nothingness does not mean “clearness, no desire, no effort, no action”, but to maintain optimism, so that personal fame and fortune suffers.

It is necessary to achieve “six less and one more.”

That is, less anger, less depression, less worry, less grief, less fear, less shock, more fun, but not eager, big music.

And we must treat the old and the sick correctly, and should be diagnosed and treated early.

  Second, when there is a preference, but not into the fascinating old, when there are some two or more preferences, this is beneficial for the development of interest, sustenance, and life.

The preferences of the elderly should be consistent with the physiological characteristics of the elderly, and it is better to use “static than movement”.

Such as planting flowers and bamboo, calligraphy and painting, poetry and lyrics, reading and fishing, chess and philately, etc., you can also watch TV, movies, etc., and watch some entertainment programs.

If the physical strength is better, it is also appropriate to travel and cultivate the sentiment.

But the preference is definitely one or more, and you should never be fascinated.

Into the fascination, it is bound to work hard, is not good for health.

  Third, sexual desire to festival, fertilization should be suitable for the Ming Dynasty doctor Zhang Jingyue said that “good health, will treasure its essence, refined and sturdy, gas is full of God, God is healthy, less sick, strong, oldAnd the strong and strong, are all fine.”

It can be seen that it is important to preserve the libido and preserve the kidney essence.

However, abstinence is not equal to abstinence, and the elderly can properly fit a house according to their age and physical condition.

However, those with hypertension, coronary heart disease, high blood pressure, diabetes, and pulmonary heart disease should be more cautious. It is best to ask a doctor.

  Fourth, sleep hygiene, but also pay attention to sleep is the best form of human brain rest.

After the old age, the kidney is weak and even relies on sleep to cultivate.

First of all, the sleep time should be mastered. The ancients have the saying that “sleeping in the nap” means that the zero point at night and 12 o’clock in the afternoon can all be in sleep. Of course, it should not be too mechanical.

Sleep time should generally meet 8 hours per day.

Those who are older can be appropriately reduced.

It is advisable to take a nap for about an hour.

In fact, sleep posture should also pay attention to, advocate “lying as a bow”, it is best to lie on the right side, the right lower limb is straight, the left lower limb is bent.

The beds of the elderly should not be too soft, too high, and the pillows can be slightly higher to relieve the burden on the heart.

In addition, do not drink alcohol and smoke before going to bed, especially not excessive emotional fluctuations.

Do not eat after eating or depressed.

  Fifth, the right amount of exercise, master the appropriate “life is in motion”, sports make people live longer.

Use appropriate amount of physical activity to regulate the functions of various departments, dredge the meridians, activating blood and qi, and it is beneficial to prolonging the disease.

But pay attention to master the amount of exercise.

The time and intensity of exercise should vary from person to person. Generally, half an hour of exercise is performed every morning and evening, and it is better to feel uncomfortable or slightly tired after exercise.

It is best for the elderly to exercise together and brake each other.

People with high blood pressure, high blood pressure, epilepsy, pulmonary heart disease, etc. should pay special attention to exercise, it is best to consult a doctor.

  Sixth, diet is a festival, not a partial eclipse to regulate diet is particularly important for the elderly.

First of all, regular quantitative, elderly spleen and stomach weakness, especially need to be quantitative, but the number can be increased once, each time should eat 80% full.

Basically, it should be thick and thin, light and delicious, avoiding the thick taste of the cream, not partial eclipse, and strive to approximate.

Eat less animal feed and high-salt foods.

In addition, we must pay attention to moderate heat and cold, the elderly spleen and stomach yang deficiency, over-eating cold will hurt the spleen and stomach, over-eating hot products are easy to accumulate damp heat.

Also pay attention to the cleanliness of the diet, avoid smoking and less alcohol.

  Seven, clothing broadband, cold and warm is suitable for the “Nei Jing” said: “virtual evil thief wind, avoiding sometimes . sickness has never been.”The elderly have poor body temperature regulation function, and the clothes should be properly warmer and slightly more fat. The underwear should be made of cotton material, because the cotton cloth is soft, light and absorbent.

As the seasonal climate changes, the living and the thickness of the clothes of the elderly should also be changed.

In the spring and summer season, “nights get up early, do not hate the day”, autumn and winter festivals, “early nights and nights, must wait for the sun”, to “spring and summer Yang, autumn and winter nourish”.

  Eight, living in a quiet, sunny life, more than half of the time spent in the home.

The survey shows that elderly people living in beautiful, spacious and bright homes are long-lived.

Therefore, the residence of the elderly strives to be quiet, the surrounding environment is good, the noise is small (the noise of the living environment should not exceed 40 decibels), the sunshine is sufficient, and the ventilation is dry.

  Nine, regular physical examination, anti-micro-advanced elderly nervous system response is slow, often symptoms are not obvious or atypical.

Therefore, the elderly can carry out physical examinations on a regular basis, and can find replacements in time, especially for cardiovascular and cerebrovascular diseases and cancers that are prone to occur, and early detection and early treatment.

  Ten, taking drugs, can not be abused after the old, the body is weak, must not abuse the tonic.

It should be noted that “the virtual person also has the difference of yin, yang, qi, blood, and viscera.”

Therefore, the elderly should use the health care medicine under the guidance of the doctor, and the prescription should be used according to the physical condition of the elderly.

The elderly medication is generally suitable for mild and warm, and should be used with caution or without diarrhea.

Older people use drugs as little as possible, and more medicinal drugs are more likely to produce “drug resistance.”

The dosage should also be small, and it can be taken regularly when needed, but it should not be large each time.

Some massages, massages and other treatments are easy to replace, and the elderly can master them themselves.

Get in touch with Pilates

Get in touch with Pilates

Maybe not the entire world, but in most parts of the United States, parts of Canada, Europe, Africa, and all of Asia, it must be experiencing a Pilates storm, an exercise designed for stretching, strengthening and body balancemethod.

  The Pilates movement was founded in 1920 by legendary figure, sports trainer Joseph H.

Created by Pilates, this Pilates-style approach is tandem training on mats or with professional equipment.

  Pilates and his wife opened the first Pilates Pavilion in New York City in 1926. Most of their first guests came from the dance industry.

  With targeted systematic training and focused breathing training, Pilates has proven to people that it is valuable not only because it is an exercise in fitness, but also in professional sports training and all types of physical rehabilitationImportant auxiliary.

  Because of the love of the majority of dancers, Pilates classes are popular in domestic fitness rooms, physical therapy rooms, group classes, luxury spas and leisure fitness centers.

  With the aging of the population and people’s easing requirements for healthy exercise, Pilates seems to be more able to enter the mainstream, including the system of public primary and secondary schools, thus shaping the model of fitness.

  In the past three years, Pilates has developed in China with the help of some world-class teachers and Pilates practitioners.

  Eduard Botha is one such teacher. He is from South Africa. Not everyone has an international Pilates trainer certificate. He is currently teaching courses at the Pacific Century Club in Beijing.

  Botha received a Pilates trainer certificate from the International Center for Body Art and Science in the United States, but he said that Pilates qualifications are now available in China.

  Botha said, “Pilates can be found in many fitness centers in Beijing, but there are very few places to use Pilates to train.

“In Pilates private lessons, guests practice various movements and stretches using Pilates equipment.

The multiple settings of the equipment allow Pilates instructors to easily guide people of different sizes.

  Equipment Pilates is also a good way to assist rehabilitation training, so it is very popular with clinical medical scientists.

  Why is Pilates so popular in China?

Botha said that most people can do Pilates. Although doing a good job is a challenge, if you work hard, you will see results.

Chinese medicine teaches you to look at your feet for 10 seconds to judge your health

Chinese medicine teaches you to look at your feet for 10 seconds to judge your health

Pedicure health care: Chinese medicine teaches you to watch your feet for 10 seconds to judge your health.

Do you want to know the health of others without touching their foreheads within 10 seconds?

Sneak at his feet.

  Sudden contraction of the feet Hypertension problem: Sudden cramps in your feet, or sudden contraction of your muscles, may be transient conditions caused by exercise or dehydration.

Sometimes, when lying down, a muscle or surrounding muscles suddenly become paralyzed, followed by soreness.

If this happens often, your diet should increase your calcium, potassium and magnesium intake.

Pregnant women must be careful during late pregnancy to increase blood flow to prevent this from happening.

  Solution: Try bending your feet and massaging the pain.

You can also use cold towels or disinfectant alcohol to relax your muscles.

To avoid cramps in your feet, gradually step your feet before going to bed, and then drink a cup of hot milk to add calcium.

  Feet and toe problems: Crude circulation is usually caused by vascular disease.

This occurs when the heart cannot supply enough blood to the foot due to arteriosclerosis.

Insufficient blood supply will make people unable to detect the pulse of the foot.

Earliest, the feet may be bright red or blackish; when they rise, the feet will immediately turn pale.

  The toe claws are slightly sunken, and the crux of the spoon-shaped indentation problem is the sign of anemia.

Caused by insufficient hemoglobin, a protein that replaces iron found in blood cells that transport oxygen.

Internal bleeding (such as ulcers) or severe irregular menstruation can also cause anemia.

When anemia occurs, the same happens with nails: the color and nail bed appear pale.

And the nails are fragile and the feet always feel cold.

Fatigue is the primary symptom of anemia. Other symptoms include concomitant shortness of breath, dizziness, or headache.

  Solution: Anemia can be diagnosed by a full blood count test.

  Crux of incurable foot pain: This is the main manifestation of diabetes.

Elevated blood glucose levels can cause damage to the nerves in the feet, manifested as scratches, cuts, or irritation caused by stress or accidental friction.

Other symptoms of diabetes include frequent thirst, frequent urination, fatigue, blurred vision, and obesity or weight loss.

  Solution: Immediately treat the ulcer and have a check for diabetes.

  Cold feet problem: This happens to women.

Women’s core body temperature is lower than men’s, so even they are healthy and sensitive to cold.

If a woman over 40 years old has cold legs, it may be hypothyroidism because the thyroid gland regulates body temperature and metabolism.

In addition, poor circulation is also one of the reasons.

  Solution: Insulating natural materials are most effective in keeping warm.

If you have health problems other than cold feet, I suggest you see a doctor.

  Feet nails are thick and yellowing: the cause is a fungal infection under the nails.

People with onychomycosis are usually unaware and will remain undetected for years.

However, this infection will soon spread to all toenails and even fingernails, causing the nails to smell bad and darken.

People with diabetes, people with circulation problems and immune system problems are susceptible to the disease.

If elderly people have problems walking, it may also be the problem, but it is not easy for people to notice.

  Solution: See a professional doctor who treats the feet or often go to the doctor for treatment.