“Cloud Show”, online VR viewing exhibition . National Grand Theater opens online mode
Due to the need for prevention and control of the new coronary pneumonia epidemic, the major exhibition halls of the National Grand Theater have been temporarily closed to the public, but the series of “Online Grand Theater” projects have begun to operate.Following on March 5th, the National Grand Theater first launched the “Online Exhibition” Anhui Music Drama Cultural Relics Exhibition, on March 6, “Looking Back on Classics-National Grand Theater Original and Production Repertoire Exhibition” was also officially announced, the exhibition was held in 360The VR three-dimensional presentation is presented to the general audience, and you can watch the exhibition online with your finger.It is reported that this exhibition selected more than 60 high-quality repertoire lens displays from the production repertoire of the National Grand Theater. Through graphic, model, scene restoration, audio and video and other exhibition forms, it will show the audience behind the original production of the National Grand Theater.The exhibition is one of the temporary exhibitions of the Grand Theatre. Since its opening, it has attracted millions of visitors.Watch the screenshot online. After the National Grand Theater released the “Announcement for Cancellation of Performances and Visits” for the first time on January 24, the sauna and Yewang found that from January 27, the National Grand Theater opened the series “Online Grand Theater”The event first launched the recommended list of “Music Companion, Don’t Forget Peace” on the public account, from Mendelssohn’s “Violin Concerto in E Minor” performed by Anne-Sophie Mutter to Mendelssohn’s “Midsummer Night”The prelude to Dreams, the four selected movements have been widely disseminated about the knowledge of classical music, and also temporarily solved the worries about people staying at home without leaving home.As of now, the “Online Grand Theater” has launched “Music Companion · Don’t Forget the Peace (Inspiring, Listening to the Soul,”) “Performance Accompanied · Releasing the Mood” “Dance Companion · Home Health” “Yiqi Refueling · Common Front”Online”, “Online Exhibition · Taste of the House”, “Emergency Fight in the Same Boat, National Grand Theater in Action”, “Art Micro Classroom” and other seven “Online Grand Theater” series, of which “Performance Accompanied · Release Mood” isIn the form of online performances, the next performance is provided every day to provide online viewing for the audience. Starting from the first “Red Blood Rebirth” concert of the Alexander Red Flag Song and Dance Troupe, “Dawn Quiet Here” has been pushed, “Ai”Dai”, “” Bowstring Feast “Concert”, “Jinsha River”, “Rose Knight”, “Military Girl” and more than ten concerts, operas and other performances.In addition to the seven major sections of the “Online Grand Theater”, the National Grand Theater has launched a collection of dramas “Cloud Show” from February 28, which includes the classic operas “Carmen”, “La Traviata”, “The Wedding of Figaro”, “Tosca”, “Sevilla Barber”, “Aida” and other 20 ultra-classical drama collections for free online viewing.Sauna Night Network also cooperates with the National Grand Theater to make these show shows a weekly online performance theme show. You can click the link to scan the code to watch the performance video and related discs.”Female Power” screening, seeing love and freedom ｜ Sauna Nightnet x National Grand Theater performance online screening “fairy tale special” finds bravery | Sauna Nightnet x National Grand Theater online theme screening accompanies you to “return to the theater” at home ｜Sauna Night Net x National Theatre Sauna, Night Net Editor Liu Zhen Tian Ai Ni Proofreading Li Lijun
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2016 Snooker Daqing National Championships 24th match result： Xu Si saves the match and wins the cold left hand
2016 Snooker Daqing National Championships 24th match result: Xu Si saves the match and wins the cold left hand
On October 24, the 2016/2017 Snooker Daqing National Championships (attached: 2016 Snooker National Championship complete schedule schedule + contestant matchup list / signing form) continued in the first round of the game,Chinese player Xu Si broke out of the game and saved 6-5 at the match point to reverse Kim’s left-handed Williams and successfully advanced to the second round of the national championship.In other games, Trump jumped two shots to break a hundred 6-3 wins Yuan Sijun, Zhang Jianjian lost six innings 1-6 lost to Bingham.Trump defeated Yuan Sijun to advance to the second round of the National Championship. Trump 6-3 Yuan Sijun Chinese teenager Yuan Sijun defeated Burns in the wild card game and encountered the popular championship Trump in the first round of the race.In the first game, the two sides surrounded the fight. Trump 64-38 over scored and lost the coffee ball. Then he forced the opponent to clear the platform after the penalty and chase 64-64.Enter the first game.Since then, Trump has gradually found an offensive feel, with a 50+ win in a single game in two consecutive games and a 3-0 lead. Yuan Sijun improved slightly in the fourth game and seized the opportunity of a penalty point from Trump to get started and scored 82 points in a row.1-3 behind in a game. After the break between the innings, the two sides struggled to the ball in the fifth inning, Trump failed to turn the ball over, and Yuan Sijun won 2-3 behind in this inning.In the 6th inning, Trump once led 49-0, and then Yuan Sijun began chasing points. The two sides began to compete for coffee balls. Trump dropped the bag and left a chance. Yuan Sijun scored this game with a super score and the total score was 3-3.In the 7th inning, Trump built an advantage with a score of 41 points, and then scored a 4-3 lead over the score. In the 8th inning, Trump completed a single shot to break 100, 5-3 to get the match point.After Yuan Sijun scored a red goal in the 9th inning, the bottom bag made a simple black ball error. Trump followed by a single shot with 125 points and then broke 100. Eventually, 6-3 eliminated Yuan Sijun and advanced to the second round of the national championship. Xu Si 6-5 Williams Xu Si data map Xu Si scored a single shot 145 high score in the wild card game, and the opponent who advanced into the first round was the famous left-handed Williams. At the beginning of the game, Xu Si continued to play on the offensive end.The pole scored 76, 88 points and led 2-0.In the third game, Williams was able to pull back a game with 52 points. Xu Si then scored 77 points in the fourth game with a single shot, leading the total score 3-1.After the break, Williams’ status quickly improved, 4-3 in a three-game winning streak, Xu Si then won 4-4 in the 8th inning.In the 9th inning, Williams completed a single shot with 114 points and broke 100 points. He took the lead in 5-4 to get the match point. In the 9th inning, Williams completed a 52 point in the corner to save the tie 5-5.In the decisive game, Xu Si took a 38-5 lead, then Xu Si seized the opportunity to start again, and after a superb win, 6-5 reversed and eliminated Williams, breaking the biggest upset since the start of the national championship. Bingham 6-1 Zhang Health Chinese player Zhang Jianjian defeated Muir in the wild card game and met the 2015 World Championship champion Bingham in the first round of the race. Zhang Jianhe played very well in the first game, fighting until the final colored ball 75-58 wins 1-0 lead.But then the game was taken over by Bingham. After winning the second game 68-20, 84-0 in the third game and 86 points in the fourth game led to a 3-1 lead.After the break between the rounds, Zhang Jianjian still didn’t improve. Bingham made three consecutive innings. In the end, Bingham lost 1 round first, and then won 6 in a row.
They are no longer getting old exposure production special, revealing how the century-old historical data becomes 3D
“They are no longer getting old” exposure production special, revealing how the century-old historical data becomes 3D
On November 5th, directed by Peter the Lord of the Rings and The Hobbit series?Jackson’s war documentary “They Are No Longer To Be Old” exposed behind-the-scenes special edition of “Live Again”, Peter?Jackson personally predicted how the black and white damaged historical materials turned into a 3D full-color blockbuster 100 years ago.The damaged film undergoes a series of complex and exquisite repair procedures such as frame replenishment, exposure, coloring, and dubbing, and is presented on the big screen for the first time.The film was screened online at the National Arts Federation monograph on November 11th.In order to recreate the vast historical materials of World War I and bring the audience an immersive war experience, Peter?Jackson selected materials from 100-hour black-and-white images and 600-hour veteran interviews, and each frame was repaired frame by frame multiple times.Due to the age, part of the film has been contaminated or even damaged. The team needs to expend a lot of dust to remove it. At the same time, it also needs to adjust the frame rate of the film from 13 frames per second to the modern standard of 24 frames per second, so that the picture is fluent.The speed of play.Coloring is a daunting challenge.The badges, cuffs, small objects on each soldier’s body, and the color of every detail in the scene environment must be consistent with historical facts, but also clear and natural.Peter?Jackson said that in the history of the United Kingdom and Germany the unification of the original color is very rare, the team spent a lot of time to prepare the most authentic khaki.The film also allowed the surviving veterans to call them their stories in narration, and invited the master of the world’s lip language to interpret the dialogue of the soldiers before dubbing.”Realism” is Peter?Jackson’s core appeal.The highest, the production team repaired the black and white images 100 years ago to the highest standards, the grass and trees in the picture, the soldiers smiled to do the most realistic restoration.Special effects technicians even built a CGI model for 3D tracking to enhance the facial details of the characters, making each fighter come to life on the screen.In terms of presentation, Peter?Jackson uses 3D technology to enhance the three-dimensional sense of the film, and strives to make the audience immersive.At the same time, Peter?Jackson breaks through the routine of restoring history from a macro perspective, standing at the perspective of ordinary soldiers and restoring World War I, showing their daily life on the battlefield, tapping their inner activities of despair and fear, and making the audience feel a strong resonance with each other.Peter?Jackson also hopes that this film will inspire people to re-understand how the destiny of themselves and their families has been rewritten by war, and what the significance of war is.Sauna, Ye Wang Zhou Huixiaowan Editor Xu Meilin Proofreading Chen Diyan
[How to eat durian skin braised pork ribs]_Recommended diet
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[Maixiang purple potato gourd round practice]_Maixiang purple potato gourd round home _Maixiang purple potato gourd round practice _Maixiang purple potato gourd round how to do
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[How to make potato eggplant sauce]_ potato eggplant _ how to make _ how to make
[How to make potato eggplant sauce]_ potato eggplant _ how to make _ how to make
In the Northeast, it can be said that you ca n’t eat rice without sauce. The most common sauce is potato eggplant sauce. It is best to use eggplant for potato eggplant sauce. The taste of round eggplant is not good.The sauce will definitely make you eat 2 more bowls of rice.
First, the practice of potato eggplant sauce: 1, prepare the materials first chopped green onions, parsley and spare.
2, eggplant cut into natural strips, potatoes chopped.
3. Put more oil in the pan and fry until the eggplants become soft, the potatoes slightly turn yellow, then add soy sauce to color, and add soup for 15 minutes.
4. When the eggplants and potatoes are soft and rotten, turn off the heat and squeeze them with a spoon.
5, add salt, MSG seasoning, sprinkle the chopped green onion and coriander on top and serve.
Second, tips: 1. Eggplants should replace the added Northeast eggplants instead of round South eggplants as much as possible, and the water tastes great.
Generally, we do not try to peel when making eggplant, because the most nutritious part is stored in the skin.
2. The taste of this dish is light and earthy. It is suitable for bibimbap, which is loved by the elderly and children.
3, Ma Ya can be stored until the next autumn, generally covered with straw, protected from light, cold and dry conditions, stored in winter to prevent freezing, to avoid germination in spring.
4, the epidermis is shrunken, the dull eggplant is not fresh.
5. Eggplant is rich in vitamin P. The most concentrated part is the combination of the purple epidermis and the flesh. Therefore, the eggplant is purple top grade.
Third, the practice of eggplant-braised eggplant practice one.
1. Cut the eggplant vertically into strips, then cut horizontally into sections, and cut the pork belly into shreds.
2. Slice the peppers and smash the garlic.
3. Heat the oil, add the eggplant to the pan and fry it immediately.
4, put two spoonfuls of oil in the pot, first explode the pepper and garlic, then add the shredded pork to fry until the color changes, then add the fried eggplant, add soy sauce, sugar, wine and seasonings, and then serve out the pan.
Practice two.
1. Wash the eggplant, remove the head and tail, cut into the shape of a hob, soak in clean water, pick up the drained water and sprinkle the starch and stir well.
Wash the heads and tails and cut into pieces.
2. Wash and slice the pork, chop it into mud, add 1/2 tablespoon of soy sauce, 1 tablespoon of raw flour, 1/2 tablespoon of oil, and 1/3 tablespoon of chicken powder, mix well, and marinate for 10 minutes to taste.
3. Pour 3 tablespoons of oil into the pan and heat up. Pour in minced meat and stir until the flesh turns white.
4. Continue adding 10 tablespoons of oil and scallion. Add eggplant and stir-fry over high heat. Add 5 tablespoons of water to fry until the eggplant water becomes soft, about 5?
6 minutes.
5. Pour in the minced meat and stir-fry for 1 minute. Sprinkle with 1/3 tablespoon of salt, 1/5 tablespoon of chicken powder, and 1/2 tablespoon of soy sauce to season.
[How to make curry beef jerky]_Homemade curry beef jerky_Curry beef jerky Daquan_How to make curry beef jerky
[How to make curry beef jerky]_Homemade curry beef jerky_Curry beef jerky Daquan_How to make curry beef jerky
If you want to make this dish, you need to prepare the dishes and the necessary things before cooking. Below we introduce the practice of curry beef jerky. After reading it, you must try it yourself.
1.
Cut the beef into strips of uniform finger thickness, rinse with running water, and cook out the blood water foam in a warm water pot 2.
Drain the water, rinse the beef, and then boil again. Repeat 3-4 times until the water is clear and the meat surface turns white.
Drain the beef, red curry paste, yellow curry paste, heat the water to make a paste, put oil in the pan, heat the oil and stir-fry the beef evenly, add sugar (more flavor), raw soy sauce, a little old soy sauce, curry paste, Stir fry evenly.
The curry tastes heavy, and I didn’t put any other seasonings.
Put the fried meat into the pressure cooker, and select “meat ribs” directly. The curry beef is huge when it comes out of the pot5.
Stew the curry beef back into the wok and stir-fry the juice. After it is dried, place the meat on a tin-lined baking sheet. I made a total of 5 kg and a half.Eat, the remaining baking sheet of aca341 lined up 3 dishes. I did n’t know the temperature this time. Uncle 10 said that it would be baked with hot air at about 90 degrees. Let ‘s try it. After the introduction of the curry beef jerky is finished, you should alsoAlmost mastered.
Well, you can go to the kitchen now. For the family, children, and yourself, please carefully prepare this dish. This is a different kind of “mind”.
China Merchants Bank (600036) Quarterly Report Review： What do you think of the third quarterly report of China Merchants Bank？
China Merchants Bank (600036) Quarterly Report Review: What do you think of the third quarterly report of China Merchants Bank?
Event: On the evening of October 30, China Merchants Bank disclosed 3Q19 results: revenue 2077.
300 million, a year-on-year increase of +10.
36%; net profit attributable to mother 772.
3.9 billion, a year-on-year increase of +14.
63%; annualized weighted ROE amounts to 19.
19%.
As of the end of September 19, the scale of assets was 7.
31 trillion yuan, non-performing 北京桑拿洗浴保健 loan ratio1.
19%.
Earnings growth has risen, and ROE leads the market leader in banking stocks, the third-quarter report of China Merchants Bank.
Although the growth rate of net profit increased (14 in 3Q19.
6% vs 1H19 of 13.
1%), but the 19Q3 net interest margin fell as expected, which also deepened the market’s move towards the future.
Overall, performance is in line with market expectations.
In the third quarter of 19th, the revenue growth rate slightly increased, mainly due to the contribution of the improvement of non-interest income growth, while the growth of net interest income was replacing.
As a benchmark for retail banking, China Merchants Bank has expanded the traditional old path of “credit expansion-refinancing-credit expansion” and has the characteristics of light capital.
In the third quarter of 19, the revised ROE reached 19.
2%, leading level for A-share listed banks.
Taking into account the 3Q19 capital adequacy ratio of 15.
44%, which is higher than the reduction in regulatory requirements, and the endogenous capital is replenished quickly, and the dividend ratio may be increased in the future.
The asset structure has been optimized, and the net interest margin has peaked in stages. However, the loan ratio of China Merchants Bank is significantly higher than the industry average, but its loan ratio is still rising slowly, from 52 at the end of 14 years.
1% rose to 61 in 3Q19.
1%.
On the debt side, 3Q19 deposits accounted for 71.
5%.
3Q19 net interest margin 2.
65%, 5BP lower than the previous 1H19; 19Q3 single quarter net interest margin was 2.
57%, a decrease of 12BP month-on-month, confirming the market’s view on the staged peak of China Merchants Bank’s net interest margin.
The decrease in net interest margin in the third quarter of 19 was mainly due to the decline in loan yields and the rise in deposit costs.
Considering that the loan interest rate is still falling, the net interest margin may continue to decline slightly in the future.
Asset quality remains outstanding, and loan allocations remain superior to high asset quality.
The non-performing loan ratio in the third quarter of 19 was only 1.
19%, 4BP lower than 1H19.
1H19 focuses on the loan ratio1.
30%, overdue loan rate1.
56%, less adverse pressure in the future.
In addition, short-term China Merchants Bank has severely reduced the proportion of loans to non-performing high-industry industries such as manufacturing, and the relationship between asset quality and economic cycles has been improved due to credit structure adjustment and optimization, and future non-performing concerns are relatively small.
The loan-to-loan ratio is high.The loan-to-loan ratio in the third quarter of 19 reached 4.
89%, up 1BP earlier, maintaining a high level.
If it will be higher than 2.
The provision of 5% loan-to-loan ratio is restored to net assets, currently estimated to be only 1.
34PB (lf).
Investment suggestion: benchmark for retail banks with a target price of 43.
As a leading retail bank at RMB05 / share, China Merchants Bank has a relatively high proportion of retail business and prudent risk control. Its performance is less affected by the economic cycle, its performance continues to grow steadily, and its ROE is high and stable.
Although the retail business of China Merchants Bank is still large, both the number of retail customers and retail AUM have maintained a high growth rate.
However, due to the impact of deposit disintermediation and the implementation of LPR reform, it is expected that the net interest margin will gradually peak.
Due to the early termination, it is estimated to switch to 2020 and give China Merchants Bank a target assessment1.
7 times 20-year PB, corresponding to a target price of 43.
05 yuan / share, maintaining the rating of overweight.
Everyone’s life still holds nearly 10% of China Merchants Bank, or continue to reduce its holdings, which may gradually suppress short-term performance.
Risk reminder: Net interest margin drops sharply, and asset quality deteriorates.
Quick review of major events of China Software (600536)： the establishment of the Innovation Research Institute to tackle the ecological problems of the PK system
Quick review of major events of China Software (600536): the establishment of the Innovation Research Institute to tackle the ecological problems of the PK system
Event: The company announced on September 9 that it plans to participate in the investment and establishment of China Power (Hainan) Joint Innovation Research Institute Co., Ltd., with a registered capital of 500 million yuan, of which 95 million yuan will be invested by Chinasoft Systems and 19% will be held by the company.
Guoxin Computer’s view: The establishment of the company and the shareholder CLP Co., Ltd. jointly established the Hainan Joint Innovation Research Institute to accelerate the maturity and ecological improvement of the “Feiteng + Kirin” (PK) system, and once again highlight the company’s software asset integration platform architecture.
This investment is expected to focus on tackling key problems, realize transformation and upgrading, and fully support the large-scale development of independent innovation projects.
The PK architecture can now be used as an alternative to the Wintel system in the core areas of the country and some industries. In the future, the expansion of the bidding target and the opening of industrial application scenarios will expand the advantages and further expand the market.
In addition, the subsidiary ChinaSoft Systems is expected to benefit from innovative research and development, better serve the transformation and upgrading of traditional information systems in the core areas of the country and key industries of the national economy, realize the transformation of ChinaSoft systems into product innovation, and continue the high performance in the first half of 2019.growth trend.
The company has a complete basic software layout, leading in system integration and expansion, and perfect ecological integration.
Estimated net profit attributable to mothers in 19-21 years.
92/5.
40/8.
5.5 billion, corresponding to 0 EPS.
59/1.
09/1.
73 yuan, corresponding to the current sustainable PE of 156/84 / 53X, maintaining the “overweight” level.
Comment: As a part of the CEC software asset integration platform, the company established a research institute to accelerate the mature development and ecological improvement of the PK system. The company is a large high-tech listed company controlled by China Electronics and Information Industry Group Co., Ltd. (CEC) and a CEC network security and security company.The core enterprises of the information sector bear the responsibility and mission of the “National Team of the Software Industry”.
As a part of the CEC software asset integration platform, the company has created a complete product chain from operating systems, databases, middleware, security products to application systems; in the country’s taxation, party and government, transportation, intellectual property, finance, energy, health care, Security supervision, letters and visits, emergency response, industry and commerce, public utilities and other important areas of the national economy have accumulated tens of thousands of customer groups; meanwhile, following the development trend of the IT industry, focus on promoting new technologies such as cloud computing, Internet of things, mobile Internet, big dataApplications.
The joint establishment of the Hainan Joint Innovation Research Institute with the shareholder-China Power Co., Ltd. this time has accelerated the mature development and ecological improvement of the PK system, and once again highlighted the company’s software asset integration platform.
Among them, CLP Limited and China Electronics, the company’s controlling shareholder, signed the Share Transfer Agreement and the Supplementary Agreement to the Share Transfer Agreement on January 16, 2017 and March 26, 2018, respectively.Its holders of 223,190,246 shares of the company were transferred to CLP Limited for free.
Related procedures are currently underway.
If the implementation is completed, CLP Limited will become the company’s controlling shareholder, holding 45 shares.
38%.
CLP Co., Ltd. was established in December 2016 and is the core asset management platform of CEC Group. Its subsidiaries include Nanjing Panda, Rainbow Group, Huada Semiconductor, Zhenhua Group, etc.
China Software Equity Delivery is expected in the future.
As of the end of 2018, CLP’s total assets were 20,525,595.
200,000 yuan, with a total budget of 14,303,778.
200,000 yuan and net assets of 6,221,817.
100,000 yuan.
In 2018, it achieved operating income of 16,253,358.
One million yuan, net profit -36,869.
300,000 yuan.
The investment and establishment of the Hainan United Innovation Research Institute is based on research and experimental development. It is mainly focused on tackling key problems to promote the innovative development of the “Fei Teng + Kirin” (PK) system, thereby accelerating the maturity and ecological improvement of PK system products.Realize transformation and upgrading, and comprehensively support the large-scale development of independent innovation projects.
The investment conforms to the national cyber security strategy, the military information strategy and the group company strategy, adapts to the actual needs of internal large-scale upgrade development, and is conducive to obtaining local government policies and resource support. It is also conducive to optimizing internal coordination mechanisms, controlling operational risks, and improving the PK systemOverall competitiveness and sustainable development capabilities.
ChinaSoft Systems’ efforts to “system integration + product innovation” are expected to open a new chapter in development. The company will participate in the establishment of the Hainan Joint Innovation Research Institute to accelerate the improvement of product maturity and ecological perfection, and promote innovation and development. ChinaSoft can better serve the core of the country.The upgrading of traditional information systems in key industries and key industries of the national economy has enabled ChinaSoft to transform to product innovation.
It will have a positive impact on expanding the business scale, enhancing comprehensive strength, and improving the competitiveness of the company, which is conducive to the company’s expansion and long-term development.
ChinaSoft Systems is the company’s government, enterprise information construction system integration, software development, information security and related business entities. In the first half of 2019, it benefited from the rapid growth of high-tech business and independent security project revenue, and its operating income increased by 447.
04%, reaching 4.
16 megabytes, a year of increased bandwidth.
System integration + product innovation is expected to open a new chapter in development.
The rapid development of the PK system can realize the replacement of the Wintel system, and the market expansion gradually expands. At the end of 2017, China Electronics officially released the “PK system” at the World Internet Conference, which refers to the combination of the Galaxy Kirin operating system and the Feiteng processor.At present, the PK system of Feiteng + Kirin has realized the replacement of Windows + Intel’s Wintel system in some industry applications. The application efficiency is ahead of other security and controllable systems, and it occupies a considerable amount in the independent and controllable tenders in a few countries.Share.
The China Electronic Network Security and Information Technology Innovation Project won the first prize of the National Science and Technology Progress Award in 2018. The domestic complete machine based on the “PK” system made a perfect appearance at the International E-sports Competition. It can withstand the rigorous test of high requirements for software and hardware equipment.Demonstrated the excellent performance of the domestic machine.
Feiteng chip won the “China Core” 2018 Annual Major Innovation and Breakthrough Product Award, ranking domestic blank, and standing next to international counterparts.
The results of the projects that Kirin OS participated in won the 2019 National Science and Technology Progress Award.
In the future, the sinking of bidding objects and the opening of 厦门夜网 industrial application scenarios will expand the advantages of the PK architecture and further expand the market size.
Chinese software has a complete basic software layout, leading in ecological integration, and is the core workhorse of concentrated efforts. The company has a complete business chain from operating system, database and other basic software, middleware, security products to application systems, covering materials, party and government, Transportation, intellectual property, finance, energy and other important areas of the national economy, serving tens of thousands of customer groups.
The company’s partners include overseas giants, as well as domestic security and controllable core manufacturers.
The actual controller China Electronics and Information Industry Group Co., Ltd. (CEC) is the only company with an independent and controllable full industrial chain from chips, operating systems, middleware, databases, security products to application systems, forming security consulting, system integration,The information security service system for the entire life cycle of security operation and maintenance has the unique advantages of autonomous and controllable industrial chain linkage and ecological support.
Among them, the three core basic software vendors are also absolute domestic leaders, with product applications and ecological construction far ahead.
Winning bid software: Established in 2003, it is an earlier domestic operating system manufacturer.
In December 2010, the “winning bid Linux” operating system and the “Yinhe Unicorn” operating system developed by the National Defense University of Science and Technology were brand integrated, and the “winning bid Kirin” operating system brand was jointly launched.
At the beginning of 2016, Yilan Technology, a private capital, purchased 50% of the shares in the bidding software, thus making the bidding software a state with half of the state-owned and private capital.
According to CCID Consulting’s statistics, from 2011 to 2017, the winning bid of Kirin operating system has ranked first in the domestic Linux operating system market share for seven consecutive years.
Tianjin Kirin: Established in 2014, Tianjin Kirin is in a special competitive relationship with the winning software on the product system and technical route. In order to reflect the technical heritage of the National Defense University and to avoid potential legal risks, the company will resume the use of the “Galaxy Kirin” brand.
Tianjin Kirin is a state-controlled enterprise jointly established by China Electronics and Information Industry Group, National University of Defense Technology and Tianjin Binhai New Area.
The Galaxy Kirin Operating System, also known as the Kirin Operating System, originated from the National University of Defense Technology and is developing an operating system with the highest level of security in the country under the support of the “863 Program” and major nuclear high-tech major projects.
At the end of 2017, China Electronics formally released the “PK System” at the World Internet Conference, which refers to the combination of the Galaxy Kirin operating system and the Feiteng processor.
In addition to the desktop and server’s “Galaxy Kirin” operating system, the Tianjin Kirin Company’s “Kirin Cloud” provides users with a secure, resilient, highly available, high-performance public / private cloud solution.
In June 2016, Tianjin Kirin Academician Workstation, headed by Academician Ni Guangnan of the Chinese Academy of Engineering and Academician Liaoxiang of the National Defense University, was officially established.
Tianjin Kirin’s “Yinhe Kirin” has advantages in operating system security and reliability, fully supports international mainstream X86 CPUs, and also supports operating systems of Feiteng series ARM64 architecture servers.
Wuhan Dameng: Established in 2000, it is a big data platform company specializing in providing big data platform architecture consulting, data technology solution planning, product deployment and implementation for China Electronic Information Industry Group (CEC) affiliated basic software companies.
For more than 30 years, it has been adhering to original innovation, independent research and development, mastering core technologies and cutting-edge technologies in data management and data analysis, mastering all source code, and has completely independent intellectual property rights.
The company is a key internal software enterprise in the national planning and layout, an emerging enterprise that has obtained national “double software” certification, a database enterprise that has obtained national independent original product certification, and has an internal database research and development elite team. It has competed with international database giants and won the bid several times.
The development of Dameng Company has spanned seven “five-year plans”, and has completed nearly 60 national, provincial and ministerial level scientific research and development projects, and has achieved more than 50 research results, all of which are internationally advanced and domestically advanced.More than 30 approved national, provincial and ministerial science and technology progress awards, are the leading companies in the domestic database industry.
Dameng Company has established a stable and effective marketing channel and technical service network, which can provide users with customized products and localized original factory services to fully meet the user’s personalized requirements.
Dameng’s products have covered more than 30 industries, such as public security, electric power, railways, aviation, auditing, communications, finance, customs, land and resources, e-government, emergency rescue, etc.
Investment suggestion: The company and its shareholder CLP Co., Ltd. established the Hainan Joint Innovation Research Institute this time to accelerate the maturity and ecological improvement of the “Fei Teng + Kirin” (PK) system, and once again highlight the company’s software asset integration platform architecture.
This investment is expected to focus on tackling key problems, realize transformation and upgrading, and fully support the large-scale development of independent innovation projects.
The PK architecture can now be used as an alternative to the Wintel system in the core areas of the country and some industries. In the future, the expansion of the bidding target and the opening of industrial application scenarios will expand the advantages and further expand the market.
In addition, the subsidiary ChinaSoft Systems is expected to benefit from innovative research and development, better serve the transformation and upgrading of traditional information systems in the core areas of the country and key industries of the national economy, realize the transformation of ChinaSoft systems into product innovation, and continue the high performance in the first half of 2019.growth trend.
The company has a complete basic software layout, leading in system integration and expansion, and perfect ecological integration.
Estimated net profit attributable to mothers in 19-21 years.
92/5.
40/8.
5.5 billion, corresponding to 0 EPS.
59/1.
09/1.
73 yuan, corresponding to the current sustainable PE of 156/84 / 53X, maintaining the “overweight” level.
Risk Tips 1. Risks of party and government market purchases falling short of expectations; 2. Risks of safety and controllable industries developing less than expected.
Oupai Home (603833)： The third quarter of 2019 is in line with expectations
Oupai Home (603833): The third quarter of 2019 is in line with expectations
[Event]Oupai Household released the first three quarters of 2019 report and achieved 95% of revenue.
3.5 billion US dollars, an annual increase of 16.
33%, net profit attributable to mother 13.
78 ppm, an increase of 14 in ten years.
83%, deducting non-net profit 12.
90,000 yuan, an increase of 12 in ten years.
84%.
In terms of quarters, 2019Q3 revenue was 40.
250,000 yuan, an increase of 20% in ten years, the net profit of the mother 7.
$ 4.5 billion, an annual increase of 14.
65%, faster than the previous quarter.
[Comment]Revenue growth is steady. Wardrobes and distribution channels are the main drivers of Q3 growth.
The company’s single-quarter operating income is 20% per year, with an income increase of 6.
7.3 billion US dollars, different from the first half of the year, ① retail channel is the main force of Q3’s revenue growth, accounting for 74% of the total growth, while the first half of the bulk and retail growth is equally divided.
In the third and third quarters alone, there is a certain balance in the incremental impact of retail channels and bulk.
② In terms of categories, wardrobes are still the main growth driver, with an increase of 2.
72 trillion, contributing 40.
3%, an annual increase of 23.
1%, of which the number of stores is about 6% per year, the same store and bulk contribution amount.
And the cabinet’s incremental contribution also accounts for 26%, which is partially important.
Company advance payment 13.
64 ppm, a high level maintained throughout the year.
The industry’s downward cycle has maintained stable profitability.
The gross profit margin of the first three quarters of 2019 is 37.
64%, slightly below 0 per year.
24pct, single third quarter gross margin of 37.
62%, with a ten-year average of 1.
21pct, we judge that it is related to the company’s incentive channel policy, but at the same time, the sales expense ratio is reduced by 0.
4pct to 7.
67%, the company also increased research and development expenses, the expense ratio increased by 0.
68 points to 4.
12%, net interest rate 18.
52%, zero for ten years.
88 points.
Looking 北京夜网 ahead, the 19-year performance is expected to grow steadily.
In the short term, we are optimistic about the volume of the packaging channels of Oupai Home.
In the medium and long term, we believe that through the release of brand effects, dealer optimization and terminal empowerment, channel efficiency will increase, and the diversified drainage of the company’s continued layout will bring moats to revenue growth.
Profit forecast and investment advice: We continue to be optimistic about the company’s endogenous growth capabilities and long-term competitive advantages, and judge that the assembly channel will mature in 19 years, which will contribute to a stable and substantial performance increase.We expect EPS to be 4 in 2019-2021.
51/5.
21/6.
04 yuan, the corresponding PE is 25.
5/22 / 19X, maintaining “Highly Recommended” rating.
Risk warning: Real estate sales are sluggish, competition in the industry is intensifying, and big homes are less than expected.