Category Archives: kzqqvpxr

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Weichai Power (000338) Company Comment: 4Q Heavy Truck Industry Exceeds Expectations and Raises Annual Report Expectations

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Weichai Power (000338) Company Comment: 4Q Heavy Truck Industry Exceeds Expectations and Raises Annual Report Expectations

The sales volume of the heavy truck industry in 19 was much better than the market expectation at the end of 18.

Sales of 1.17 million vehicles before 19 years, + 2% per year, far exceed the 19 year expectations at the end of 18 years (around -20%).

We believe that the expected difference comes from: the logistics heavy truck sales hub brought by the continuous increase in the number of heavy trucks, and the market caused insufficient levels. After the emergence of heavy truck replacement in 18 years, the market has a linear extrapolation.Logistics heavy trucks will continue gradually.

However, we believe that the overlap of heavy logistics in 18 years is only due to the high base caused by the one-time purchase demand brought about by the 17-year rule. Therefore, at the end of 18, we insisted that the industry would still not experience a cliff-like decline in 19 years.

Weichai’s 4Q results may be better than expected.

In terms of quarters, the annual growth rate of heavy truck industry Q1-Q4 was + 1%, -5%, + 4%, + 13%.

19Q2 is probably at least mainly due to the high base of 18Q2.

Although the base in 18Q3 has been reduced, the heavy-duty truck industry in 19Q3 has been affected by the large tonnage and small standards, so the alternating growth rate of 19Q3 is not high.

Due to (1) the sales volume of the industry in 19Q4 was significantly higher than expected and increased by 13% each year; (2) the LNG heavy trucks were sold well in the fourth quarter.industry.

Weichai obviously benefited, and its annual report may exceed expectations.

From the perspective of the group, in 2019, Weichai Group (Weichai Group controlled the listed company Weichai Power) 杭州桑拿 realized operating income of 261.2 billion yuan, an increase of 14%.

Strategic reorganization of Germany’s Oeders and Austria’s Widis, to accelerate the industrialization of Weichai’s new format.

On January 15, 20, Weichai Power successfully completed the acquisition of 80% equity of ODS, which was converted into the acquisition of 51% equity of Vedis.

ODS is a technology leader in the field of high-power inverters and power equipment, and Vedis is one of the few well-known vehicle drive system development technology companies.

Weichai’s strategic restructuring has accelerated the industrialization of Weichai’s new business format.

In 2020, the industry’s sales volume is unlikely to show a cliff-like decline in market concerns.

We continue to use the sales volume calculation model to predict that the sales volume 杭州桑拿网 in 20 and 21 years will exceed 1.1 million units, with the acceleration of the elimination of the country ‘s triple trucks; (2) the impact of large tonnage standards on engineering heavy trucks will gradually decline;3) The governance of Wuxi has been tightened, and bicycle capacity has decreased.

There is a possibility of industry sales exceeding 1.2 million vehicles.

Investment suggestion: As the Q4 sales volume of the heavy truck industry exceeds expectations, we raise the company’s net profit forecast for the company from 2019 to 2021 to 104.


9 and 129.

700 million (democratic expectations are 97.

0 billion, 107.

700 million and 110.

800 million), the corresponding price-earnings ratios are 11 times, 10 times, 9 times.

Given 20 years of 13X target PE, the corresponding target price is raised to 18.

80 yuan (democracy target price is 15.

90 yuan), maintain “Buy” rating.

Risk reminder: Progress in the elimination of the country’s triple truck is less than expected, and major changes in the structure of social logistics transportation

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BYD (002594): It is expected that the subsequent launch of new cars is expected to slow the impact of subsidy decline on sales

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BYD (002北京夜生活网594): It is expected that the subsequent launch of new cars is expected to slow the impact of subsidy decline on sales

Core point of view The sales of new energy vehicles have increased, and the size of fuel vehicles has narrowed.

Overall company sales in July 3.

100,000 vehicles, 17 over the past decade.

0%; cumulative sales from January to July 25.

910,000 vehicles, gradually extending the first level1.


New energy vehicle sales in July 1.

660,000, 11 in ten years.

8%; sales of traditional fuel vehicles1.

440,000 vehicles, at least 22 per year.

2%, the excess narrowed by 18.

5 units.

Affected by the subsidized decline, BYD’s new energy vehicle sales in July had a negative year-on-year growth.

BYD sales of new energy vehicles in July1.

660,000, 11 in ten years.

8%, which is expected to 杭州桑拿 be mainly affected by the decline of national subsidies and the cancellation of land subsidies; cumulative sales from January to July 16.

220,000 vehicles, an average increase of 73 in ten years.


From a specific model point of view, new energy passenger car sales in July1.

600,000, accounting for 96 of new energy vehicle sales.

6%, sales may increase by 12.

0%; new energy commercial vehicle sales were 557 units, with each 5 sales volume extension.


Sales of pure electric passenger cars were 9,515, an increase of 16.

4%; 6,495 plug-in hybrid passenger cars sold, 35 replaced each time.


In July, the Dynasty series includes Yuan EV, Tang DM, Song MAX DM, Song Pro DM, Song Pro EV, and Qin Pro DM. The 2019 new models are listed in the market; the e2 will be launched in August.

The launch of new models is expected to mitigate the impact of new energy vehicle replenishment declines, and promote BYD new energy vehicle sales to maintain positive growth.

Sales of traditional fuel vehicles have gradually increased and continue to narrow.

BYD’s July sales of conventional fuel cars1.

440,000 vehicles, at least 22 per year.

2%, the excess narrowed by 18.

5 averages; cumulative sales from January to July 9.

680,000 vehicles, gradually extended to 42 years.


In terms of specific models, 2,227 cars are sold, another 29 per year.
8%, the range narrowed by 9.

1 unit; 8,091 SUVs sold, an annual increase of 63.
8%, the first positive growth this year; MPV sales of 4,100 units, each 60 units.


In July, BYD Tang, Song MAX and Song Pro launched a number of new national six models, which gradually changed the bottom of the industry and gradually stabilized.

Financial Forecast and Investment Suggestions: Forecast EPS for 2019-2021 is 1.


79, 2.

01 yuan, comparable companies for new energy vehicles, power batteries and other related companies, comparable companies in 19 years PE average evaluation 39 times, target price of 59.

67 yuan to maintain the overweight level.

Risk reminder: New energy vehicles, traditional car sales exceed expected risks, new energy vehicle replacement shrinks more than expected risks, government subsidies, etc. are lower than expected, and mobile phone parts business is lower than expected risks.

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Job hunting Don’t forget the psychological charge_1

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Don’t forget the “psychological” charging

The competition is fierce, and a psychological counseling teacher at a university revealed that there are more than a hundred graduate students who come to consult each semester.
There are several main aspects of the psychological confusion they encounter in the employment process: First, they are insufficiently prepared for entering the society.
A journalism student said that when he was in a media internship, he felt very uncomfortable. He was afraid of facing instructors, reporting topics, going out to interview various people, and writing hard.The manuscripts were “gunned” . soon to graduate, he still felt that he was only adapting to campus life.
  Second, it is difficult to control themselves in the face of competition pressures, such as insomnia, nervousness, irritability, and depression.
Some students are very anxious because they can’t find the ideal job for a while.
Seeing that all the other students have signed one by one, they have not yet landed, and they are more and more anxious, they ca n’t eat well, and they ca n’t sleep at night.
  The third is loss of self-confidence when frustrated.
Such phenomena are more common.
A lot of personal materials are printed, and every job fair will go. If you see a little bit of a post, you will send your resume, but it is often sinking into the sea.
A graduate said downcast, “I don’t know what to do in the future, I don’t know what I can do, and sometimes I don’t have any confidence in myself.
“Wu Weiyu’s early positioning, work, postgraduate study, and studying abroad are three choices that many college graduates face.
What choices you make, you must plan ahead, or you will be in a hurry.
Xiao Chen, who graduated from a college last year, bumped into a wall at several job fairs and felt that he would continue to study and prepare for the postgraduate entrance examination.
Hastily reviewed for a while, but ultimately failed to pass.
Watching some students prepare to study abroad, he was tempted again, but he did not take some exams necessary for studying abroad.
Instead, he wanted to find a job, but found that many job opportunities had been lost at this time.
  The person in charge of student management at Shenzhen University believes that since the junior year, students should begin to plan their career development direction, and at the same time carry out the necessary “psychological charging” to participate in the employment competition with a good attitude.
Through the psychological teacher’s one-by-one analysis and psychological counseling, I am more clear about my ideals and pursuits, and at the same time have a more accurate positioning of my career.
  The mentality needs timely counselling. What are some ways to recharge?
An important content of professional psychological counseling is professional psychological positioning.
At present, many college psychological counseling centers have designed interest, personality, and vocational ability tendencies and other test forms, in order to provide students with professional psychological positioning services.
Passing this type of test allows students to understand the career that suits them so that they can fill in the gaps in their studies.
The biggest benefit of “psychological charging” is that college students can understand themselves as early as possible and can calmly cope when looking for a job.
  Experts point out that “psychological charging” should also include adjustments to the job hunting mentality and teaching of job selection skills.
This requires the college’s psychological counseling department to cooperate with the school’s employment guidance center to set up employment counselling courses, and invite relevant parties in the enterprise to hold lectures to help students solve their doubts.
“Psychological recharging” should be different from person to person, and different types of students should be classified and counseled.
Such as liberal arts students and science students, popular and unpopular students, undergraduates and graduate students, their employment expectations, employment directions, and employment problems may all have large differences and should be targeted.

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The dangers of a baby eating too much

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The dangers of a baby eating too much

Parents must plan supplements so that children can always maintain a normal appetite.

  Excessive eating of children will cause brain damage in addition to obesity: (1) “Stupid eating” is prone to brain fatigue.

In order to digest too much food, the digestive tract will inevitably expand, limited blood and oxygen will be transferred from the head to the digestive tract, and the brain cells will temporarily temporarily expand, so the more you eat, the more blood you need, the less blood your brain supplies.Brain hazards.

  (2) “Stupid eating” will inhibit the physiological functions of the intelligent areas of the brain. Excessive excitement of the corresponding areas of the brain during digestion and digestion will inevitably cause the suppression of language, thinking, memory, imagination and other intelligent areas of the brain, and intelligence will increasedifference.

  (3) “Stupid eating” will promote premature brain failure.

Studies have found that premature aging substances can increase tens of thousands of times due to overeating after a meal.

Obesity can cause brain fatigue, cause premature brain failure, affect brain development, and have low intelligence.

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What to do if you lose your motivation at work

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What to do if you lose your motivation at work

“I used to love this job, but now, alas, the more I do, the less I do!

“” The mission was not completed this time. I have been defeated many times recently. Is my ability to work down?

“. often I hear office workers so disappointed with their work.

Increasing competition and overloaded workloads have turned the workplace into a “battlefield”, and many people’s ambitions gradually disappeared when they first joined the work.

This phenomenon of physiological infiltration in the workplace is a chronic occupational disease, which psychologists call occupational exhaustion.

  There are two ways for office workers to recover from a state of occupational exhaustion: one is to find a new job, and the other is to change themselves and re-qualify for the original position.

Although the former has transformed the work, if you can’t solve the problem psychologically, you probably won’t be able to get around the state of occupational exhaustion, so changing yourself is the most important method of feasible occupational exhaustion.

So, how to reduce the sense of exhaustion and regain the joy of work?

  1.Deal with stress in the right way.

  Faced with the same pressure, some people are safe and sound, while others are seriously broken because they use different methods to deal with the stress.

For example, when the safe and sound person feels that the workload is too large, he or she manages time and reasonably allocates things to be done at each time.

Those who are physically deficient either negatively deny the existence of stress or work harder to cover up the problem. This self-deceiving practice will instead form a vicious circle and make the body more affected.

  2.Think of crisis as a wealth.

  Career consultants suggest that when you’re exhausted from your job, it’s time to rethink yourself.

At this time, you should take a moment to calm down and think about what you want?

Good at this field?

What type of work does your personality estimate?

Can this job excel?

Is it hard enough, or is it misplaced?

What expectations do you have for work?

What do you want from your work?

And in fact, can the job itself provide all that it needs?

  3.Seek social support.

  When you are threatened by stress, you may wish to discuss the current stress situation with your relatives, friends or colleagues.

At this time, caring relatives and friends will give you a sincere suggestion, and with their help to switch to more realistic goals, and at the same time re-examine the situation of stress.

In addition, if some actual help is really needed, it doesn’t prevent you from turning to the unit’s leaders and colleagues.

  4.Enjoy family and alone time.

  People in a depleted quagmire are usually those who devote almost all of their waking time to work.

When this group of people is threatened by stress, they can go to the family to listen to music, watch a movie, or play sports such as swimming and swimming, so that they can enjoy their family fun.

In addition to enjoying family time, it is also important to take time to enjoy personal time.

Therefore, after work, spend a little time introspection, contemplation, daze, and even daydreaming, you can enhance your role by relaxing, replacing and then.

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Subhealth Overcoming Diet Formula

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Subhealth Overcoming Diet Formula

Sub-health is said to be sick but not sick. Since it is not sick, it cannot be treated with medication.

In addition to sleeping, you must pay attention to diet in addition to sleeping. Xiaobian introduces several dietary recipes that attack Keya’s health.


When the brain is tired: nuts, namely peanuts, sunflower seeds, walnuts, pine nuts, hazelnuts, etc., have a good effect on brain health and enhance memory.

Because of the high content of essential fatty acids and linoleic acid in the body and no cholesterol, people often call nut foods “brain-building” foods.

In addition, nuts also contain special brain-building substances such as lecithin and choline, so for the brain worker, its nutrition and nourishing effects are unmatched by other foods.


When stress is too high: Vitamin C has the effect of balancing psychological stress.

When under strong psychological stress, the body consumes 8 times more vitamin C than usual, so you must re-place foods that consume more vitamin C, such as stir-fried cauliflower, spinach, sesame, and fruits.

People with high work pressures will get better results when taking vitamin C tablets.


When you have a bad temper: Calcium has the effect of calming emotions. Dairy products such as milk, lactic acid, and cheese, as well as dried fish, are extremely rich in calcium, which helps eliminate fire and gas.

Radish stew smoothes the stomach and strengthens the stomach. It has the effect of clearing heat and phlegm for those who are stagnation and sputum. It is best to eat it raw, and it can also be used as radish soup.

Beer can be appetizing smoothly, change the anger, drink a moderate amount for a longer time.


When it is sensitive to nerves: People who are sensitive to nerves are suitable to eat steamed fish, but you should add green leafy vegetables because vegetables have a nerve-stabilizing effect.

Lie down and rest before eating, relax and tense, you can also drink some wine to help the stomach move.


Lost three pulls four: when doing things, lose three pulls four, tiger head and tail, when careless, you should add vitamin C and vitamin A, increase the number of fruits and vegetables in the diet, eat less acidic foods such as meat.

Foods rich in vitamins C and A include peppers, dried fish, dried bamboo shoots, carrots, milk, red dates, field snails, and cabbage.


Insomnia, irritability and forgetfulness: Eat more foods with added calcium and phosphorus.

More calcium-containing such as soybeans, milk, fresh orange, oysters; phosphorus-rich such as spinach, chestnuts, grapes, chicken, potatoes, eggs.


Weak body: Weak people are suitable for stewed fish.

It’s best to take a nap before eating.

People are used to sleeping after meals. This is an incorrect habit. You should change to sleep for a while before meals, because people will feel more and more uncomfortable after sleeping.


When you are exhausted: You can chew some dried fruits such as peanuts, almonds, cashews, walnuts in your mouth. It has a magical effect on restoring physical fitness, because they are rich in protein, B vitamins, calcium and iron, and are mildly plant-based, but without plasma.

In addition, clam soup, shredded green pepper, cold vegetables, sesame, strawberry and other foods are rich in protein and moderate transformation, which can protect and strengthen the liver without preventing eating more.


When your eyes are tired: When you are facing the computer all day in the office, your eyes are always tired. You can order an eel at lunch because the eel is rich in vitamin A, which is essential for the human body.

In addition, eating some leek fried pork liver also has this effect.

  It’s a three-drug poison. To deal with sub-health, you still have to start with your diet. When you pay attention to your body’s supplementation with vitamins, it’s not easy to get close.

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Deal fairly with collective loyalty

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Deal fairly with collective loyalty

Suspicion is the sharp sword that disintegrates enterprises. Nowadays, more and more young people start their own businesses. Many entrepreneurial teams started with passion and sincere cooperation, but after a little success, there was intrigue, leading to a small career.

  The reason is mainly that at the beginning of entrepreneurship, there was no deep trust built between team members.

This crisis of trust was highlighted during the distribution of benefits, with a series of destructive consequences.

The annual failure rate of enterprises in Zhongguancun is about 25%. One of the most important reasons is the lack of unity within the entrepreneurial team.

The investigation found that after the business collapsed, the original entrepreneurial partners basically parted ways and continued to work with relatively few.

  The development of trust has specific rules. Why is it difficult to build trust in entrepreneurial teams?

This starts with the psychological mechanism of trust.

Trust is a state of mind. This state of mind is not a continuum from trust to distrust, that is, it is not simply a question of the degree of trust, but a two-dimensional structure: trust and distrust can coexist or not.

For example, there is no trust relationship between two strangers, but it does not mean that they do not trust each other, that is, there is no mistrust between them; and two very good friends must have trust between each other, but it may alsoThere is distrust. If one party wants to do something that is not good at it, the other party must not trust his ability.

This relationship can be used to explain the initial state of trust of the startup team.

At the initial stage of many entrepreneurial teams, since team members are not very familiar with each other’s behavior style and ability level, the degree of trust and distrust are very low, which can be said to be a vague psychological state, which increases the interaction between each other andThe deepening of the understanding between them leads to the gradual clearness of the vague mental state, which leads to clear trust or distrust.

So after the beginning, or deep friendships and feelings are formed between each other, which creates conflicts and estrangements, this is very natural.

  After the trust is broken, it is difficult to recover and understand the trust development process in the entrepreneurial team, and you can find some targeted measures to establish and maintain the trust in the entrepreneurial team.

Simply put, one is to strengthen trust, and the other is to prevent mistrust and prevent trust from turning into mistrust.

Trust is a very fragile state of mind. Once cracks occur, it is difficult to reduce. It is often costly to eliminate distrust and its effects. Therefore, preventing distrust is more important than enhancing trust.

  In fact, entrepreneurs mainly look at each other’s character and ability when choosing an entrepreneurial partner, so the means to enhance trust must also start from these two aspects.

Compared with ability, character is more important. It is the basis of people’s interaction and cooperation, and it is also a substitute for determining whether a person is trustworthy.

In the entrepreneurial team, people attach great importance to the character: whether the members are honest, whether the members’ behaviors and motivations have a strong selfishness.

Therefore, in order to strengthen the trust in the entrepreneurial team, team members are required to be loyal to the collective, treat each other with sincerity, get along fairly, establish guarantees in the system, and establish a sound management system and benefit distribution system in the early stages of entrepreneurship.

  Misunderstanding and suspicion are caused by poor communication between team members, and mutual distrust caused by boots is a very common phenomenon.

In the process, entrepreneurial partners should meet frankly and create various forms of communication opportunities.

When misunderstandings and suspicions arise, they should be eliminated in time to solve the problem with open mind.

When discovering the weaknesses of the other party, you should adopt an inclusive attitude and put yourself in the position of the other party instead of complaining to each other.

  Since the entrepreneurial team can work hard to achieve common goals, it must also solve the problem of trust.

As long as you have the rules of trust and the right methods, you can help entrepreneurial partners to share their hardships and ensure that entrepreneurship starts and ends.