Buffett: Not seeing any violation of investment

Buffett: “Not seeing any violation of investment”
How Buffett will deal with the huge cash reserves has always been the concern of the outside world. However, Buffett said at the shareholders meeting: “We did nothing because we did not see anything violated.”According to Berkshire’s latest first-quarter report, as of the end of March this year, the company had a record $ 137 billion in cash and similar tools.Berkshire shareholders have been waiting for Buffett to use some of the cash, especially after the coronavirus caused a significant decline.In the Air Force, Buffett used the reduced opportunity to acquire some companies at a discount.During the 2008 financial crisis, Buffett made special investments in companies such as Bank of America and Goldman Sachs.”We are willing to do something very big.I mean, you can come to me on Monday morning and come up with 30 billion, 40 billion or 50 billion dollars.If we really like what we see, we will do so.”Buffett’s novel.”But for now,” we haven’t seen anything suspected yet. “”Sauna, Ye Wang Gu Zhijuan editor Zhang Bing proofread He Yan

Two goals lead to equalization, Renhe draws Tianhai to continue relegation hope

Two goals lead to equalization, Renhe draws Tianhai to continue relegation hope
“Even if there is only a glimmer of hope, we will try our best to extend it.”Slightly brave before the game, Louis probably didn’t expect that he and his boys actually did it, but the process was very difficult.The 27th round of the Chinese Super League continued this afternoon. In this relegation battle against Tianjin Tianhai, the Beijingers and 2 to 2 faced with their opponents. When they scored the first point of the league in more than two months, they will be weak.Relegation hopes to continue.In fact, for Renhe, before playing against Tianhai, one foot almost stepped into the middle armor.After 26 rounds of the league, they only accumulated 12 points at the bottom, and there are more than 10 points away from the relegation safety line. They can only hope to win in the remaining 5 leagues, and relegation opponents make mistakes in a row, which is almost impossible to completetask.Diop headed to break the deadlock.Masika counterattacked the next city.Perhaps it is precisely because of the psychological withdrawal of the burden that the wrecked people and players have played a long-lost level in this campaign.In the first half, Renhe used a side pass and a defensive counterattack. Diop and Massica completed the scoring respectively.And these two offensive methods are precisely the magic weapon of relegation last season.Easy side fight again, Reinaldinho came off the bench, sounded the counterattack horn of Tianhai, Alan and Zhang Chenglin equalized the score within 10 minutes.Since then, Renhe’s door is still screaming, and many people in the team have been yellowed. Eventually, in a very embarrassed state, it was difficult to keep a draw.In this battle, Renhe points reached 13 points.As the Air Force lost one game, Renhe and the remaining 4 rounds of the league have to play. Compared with Tianjin Tianhai, which ranks third from the bottom with 22 points, Renhe is still theoretically relegation possible.

Yu Yu: Li Guoqing will continue to perform farce, divorce proceedings for more equity

Yu Yu: Li Guoqing will continue to perform farce, divorce proceedings for more equity
On April 30, Yu Dang, executive director of Dangdang.com, sent an internal letter to all employees, saying that Li Guoqing led someone to break into the official seal, and he performed self-directed and farce on the Internet, which caused public concern.Yu Yu said that Li Guoqing accused of divorce last year, more is to get Dangdang equity, the court trial is still in progress.”And he disregarded the law and disturbed Dangdang indiscriminately for personal gain.From falling cups to grabbing chapters, he will continue to perform farce, in addition to eating melons, everyone does not have to bother.”She represents that Dangdang has not joined the general meeting of shareholders and has not revised the articles of association. Li Guoqing is not a shareholder of Dangdang. The company has already ended the labor relationship with him.”Attached to the full text of Yu Yu’s internal letter: Dangdang children’s shoes, this year’s Spring Festival, Qingming two holidays, everyone is uncomfortable because of fear of the epidemic.Finally, the sun is shining brightly. From spring to summer, we ushered in the May Day holiday.Colleagues of Cangdian and customer service need to stick to their positions and continue to serve Dangdang customers.We are all people, thank you: the workers are glorious and pay tribute to the workers!Dangdang colleagues in Wuhan, you hold back the longest, waiting to meet you!The duck neck nibbled, the hot dry noodles rested, and I pushed the waist and liver noodles in Wuhan.The book festival just passed is a special time for Dangdang people. Many of our departments have been preparing for dozens of days. The whole company has worked hard to overcome the retail depression caused by the epidemic and created and witnessed a record high!While we were still immersed in joy, Li Guoqing led someone to break into the official seal suddenly, and conducted self-directed and self-acting farce on the Internet, which caused public concern.Li Guoqing sued for divorce last year. More of it was to get Dangdang equity. The court’s trial is still in progress.For his own benefit, he ignored the law and disturbed Dangdang.From falling cups to grabbing chapters, he will continue to perform farce, in addition to eating melons, everyone does not have to bother.Dangdang.com has not participated in the shareholders’ meeting and has not revised the articles of association. Li Guoqing is not a director of Dangdang. The company has already ended his labor relationship with him.Our house for several months, this May Day holiday, please take the easy holiday: stagger the peak, use public chopsticks for dinner, avoid congestion when traveling, and enjoy a safe and peaceful holiday!Peggy sauna, edited by Lu Yifu, Ye Wang, Li Weijia, proofread by Li Shihui

[Chinese cabbage fried pork liver]_How to do_How to do

[Chinese cabbage fried pork liver]_How to do_How to do

Chinese cabbage fried pork liver is a food made with Chinese cabbage and pork liver. It is also a kind of food with better taste and high nutritional value.

Because whether it is Chinese cabbage or pork liver, it has a certain promotion effect on human health, and can provide a variety of nutrition for the human body.

So, how to make Chinese cabbage fried pork liver is more delicious?

The following introduces the practice and nutritional value of Chinese cabbage fried pork liver!

First, the practice of Chinese cabbage fried pork liver 1.

Soak pork liver in saline for a few minutes (blood water can be removed), wash, cut into thin slices, pour in the starch, wine, soak and marinate the flavor, and then put the starch before stirring the oil.


Take 4-5 leaves of Chinese cabbage, cut into the size of the index finger.

Shred carrots.

Cut the garlic seedlings into sections.


In hot oil, pour pork liver slices and stir-fry until the pork liver turns from soft to hard, then serve it on the plate immediately.

This process takes less than a minute and should not be fried for too long, otherwise the liver will grow old.


Add some oil to the pan, add carrots and garlic sprouts, stir fry for a while, then pour cabbage.

When it is cooked at high fire for 7-8 minutes, put in an appropriate amount of salt and basically smoke.


Add the pork liver slices that have been oiled and stir fry for about half a minute. Sprinkle with chicken essence and stir well before they come out of the pan.

Second, the nutritional value of Chinese cabbage Chinese cabbage is rich in vitamin A, which is higher than the content of cucumber1.

8 times.

Vitamin a is a natural anti-cancer substance, so there is a saying that eating Chinese cabbage is anti-cancer. This is very scientific.

Vitamin a can prevent cell mutations caused by carcinogens, thereby achieving the purpose of suppressing the onset of cancer and preventing the occurrence of cancer.

The content of vitamin c in Chinese cabbage is much higher than that of ordinary vegetables, about 1 higher than that of tomatoes.

4 times, about 4 times higher than cucumber, is an ideal source of vitamin c.

Vitamin c can be very harmful to the human body. It can be used for beauty and beauty, and can also strengthen the human body’s resistance. If you eat it in winter, you can add your own cold resistance to prevent colds and colds.

Third, the nutritional value of pig liver 1, rich in iron in pig liver, is the most commonly used food in blood-supplementing food, consumption of pig liver can regulate and improve the physiological function of hematopoietic system in patients with anemia; 2, pig liver is rich in vitamin AIt has the function of maintaining normal growth and reproductive functions; it can protect the eyes, maintain normal vision, prevent dry eyes, fatigue, and maintain healthy skin, which is of great significance to the health of the skin; 3, regular consumption of animal liver can supplement vitamin B2, whichIt is important for supplementing the body’s coenzymes, and completing the body has an important role in detoxifying some toxic components.

[Honey still consumes oil for teriyaki juice]_Ingredients_Method

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[Can grapes give birth to baby]_Antai_Bodhi_Can you eat

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[A certain food can cause hot and humid]_ hot and humid _ what to eat _ how to eat

[A certain food can cause hot and humid]_ hot and humid _ what to eat _ how to eat

Damp heat is a common physical symptom in pathology of traditional Chinese medicine. Usually the diet is very important. Many foods often cause the condition of damp heat, usually eat too much high sugar food or alcohol, fried, a small amount of high foodWill easily lead to hot and humid body, usually pay attention to healthy eating.

Humidity and heat are two different concepts in the etiology and pathology of traditional Chinese medicine. In clinical practice, these two causes are often mixed together to cause disease.

Some of the following foods that can be consumed regularly may cause hot and humid: 1.

Moon cakes or other high sugar foods.


Alcoholic drinks.


Rice dumplings, ravioli and other foods that are not easily digested.


Fat, fried and other high feces food.


Drink plenty of water in advance, especially cold drinks.


Long-term consumption of hot and spicy foods such as spicy frying.


Chinese medicine with nourishing yin (wetness) or nourishing yang (heating).

There are four reasons for the formation of the damp-heat syndrome: 1.

The feeling of external evil is mainly the feeling of damp heat.

The country is located in the northern hemisphere. At the turn of summer and autumn, the heat of the summer is not over, the water is flooded, the heat and humidity is the most abundant, it violates the human body, and it is a disease.

In the southeast coastal area, the humidity is heavy in the four seasons, especially from March to May each year, commonly known as “Meiyu days”. The weather is getting hotter, the heat is getting stronger, and it is more likely to cause moisture and heat.

Other external evils such as exogenous wind and heat of Liu Yin, in the case of spleen deficiency, there is moisture inside, and the combination of exogenous wind and heat and moisture inside also become hot and humid.

Just as Xue Shengbai Suoyun said: “The sun is injured internally, the wet drinks stop gathering, the evil spirits come again, and the internal and external phases are attracted, so the disease is hot and humid.

At the same time, the external evildoer’s lungs, chest tightness, coughing, and abnormal ventilatory movements, can also hurt the spleen and stomach, causing moisture from the endogenous, depression and heat, forming hot and humid.


The diet is not partial to addicted to fat and thick and greasy, and produce wet heat; alcoholic, oversatisfied, overly fatty and unclean diet, irregular diets are easy to hurt the spleen and stomach, causing food stagnation, wet resistance,Qi stagnation, etc., while food stagnation, damp resistance, qi stagnation, heat loss.

Alcoholic nature is “qi-heat and wet-quality”. Qi stagnation is also an important factor for water and moisture to stop gathering. The fat and thick flavor has the characteristics of moisturizing and heat-promoting. It can be seen that a variety of dietary inconvenience factors lead to the accumulation of moist heat.Cause.

The spleen and stomach are debilitated and endogenous, dampness and heat.

The spleen is mainly transported, which is the hub of water-wet operation. Due to various reasons, the spleen and stomach are injured, which causes its transportation dysfunction and stops internally.

Damp resistance becomes hotter over time, making it a proof of damp heat.


Emotional factors: “The spleen is the mind for thinking”, “thinking is the qi.”

Excessive thinking and poor mood will affect the evacuation function of the liver. The normal evacuation of the liver is an important condition for the spleen to lift the stomach and coordinate the healthy movement of the temper.

Liver dysfunction can not be adjusted by ventilator, spleen ascending and descending spleen disorders, spleen dysfunction, health, dampness, dampness, heat, dampness and heat, which can cause liver and gallbladder damp heat or spleen and stomach damp heat.

[Can the squid paste be eaten]_ Abdominal cream_Can you eat

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Yonghui Supermarket (601933) Interim Review: Expense Control Control During Continual Expansion of Stores in Decentralized Theater

Yonghui Supermarket (601933) Interim Review: Expense Control Control During Continual Expansion of Stores in Decentralized Theater

Event 杭州夜生活网 description The company released its 2019 semi-annual report on August 29, and the company achieved total operating revenue of 411 in the first half of the year.

76 ppm, an increase of 19 in ten years.

71%, consolidated net profit attributable to shareholders of listed companies.

$ 6.9 billion, an increase of 46 per year.


Event review exhibition shop continues, decentralization of the top ten war zones.

In the first half of 2019, 84 supermarket stores (including the original Top 100 stores in Guangdong, excluding Yonghui mini stores, Yonghui Life, Super Species) were added, covering an area of 50.

80,000 square meters, of which 25 new stores opened in Q2 alone, an increase of 4 earlier Q1, the speed up of the exhibition; a total of 791 stores have opened, covering 24 provinces and cities nationwide, the same store continues to grow3.


At the same time, the company tested the MINI format. In the first half of the year, the MII store achieved a total of 50 cities in 19 provinces and opened 398 stores with an average area of 488 square meters and a total operating income of 5.

500 million US dollars, more than 300 new quarters opened last quarter; supermarket home business has covered 109 cities in 22 provinces, a total of 518 stores provide home services for consumers, achieving 13.

3 trillion, with an average monthly growth rate of 7.

1%, online sales accounted for 3%.

4%, an increase of 111% a year.

Among them, JD.com connected 407 supermarkets to the company, adding 112.

In the first half of 2019, the company decentralized the top ten theaters to expand its business. Each theater has a balanced development trend. The revenue ratio of the first to fourth theaters has decreased compared to last year, and has been reduced by -1.

77 points / -0.

58pct / -0.

16pct / -0.

75pct, but the overall revenue of the first four districts accounted for more than 60%; the proportion of revenue from the fifth to tenth war zones increased significantly, increasing by 0 respectively.


85pct, the biggest improvement is in Guangdong, which is 0.

85pct, followed by 0 in the Sichuan Theater.

8 points.

Of the top ten theaters, the largest increase in revenues came from the Guangdong region, with an annual increase of 74.

83%, the region may be affected by the company’s multiple investment contracts with Baijia and Yonghui in October 18; followed by 57 in Shaanxi and Ningxia.

75%, the district continued to maintain a growth rate of more than 50%, mainly benefiting from the company’s channel advantages in the sinking market.

The initial gross profit margin of department stores decreased, and the cost control during the period was obvious.

In the first half of 2019, the company’s main business revenue increased by 19 per year.

21%, gross margin 16.

39%, a decrease of 1 from the same period last year.

01pct, in which the gross profit margin of raw, fresh and processed products decreased by 1.

09pct to 13.

92%, food supplies gross margin decreased by -0.

98 points to 18.


By region, except for seven and ten regions (+0.
33pct, + 3.
68pct) In addition to the highest gross profit margin growth, the gross profit margins of the remaining 8 theaters have fallen to varying degrees, of which the Fujian region has the most obvious decline in gross profit margin.

93 points to 16.


Affected by the economic environment and the high base last year, the company’s larger gross profit department store clothing business, meanwhile, the CPI continued to rise and new store development led to a corresponding increase in costs.

During the first half of the year, the company’s expense ratio was 18.

22%, a decrease of 1 over the same period last year.

86pct, the effectiveness of open source and cost reduction control has been remarkable.

The sales expenses increase by 14 every year.

32%, but the sales expense ratio has dropped by 0 every year.

72pct, through the increase in the number of stores, the corresponding increase in daily operating expenses such as rent, utilities, manpower, etc .; management costs decreased by 21.

25% was mainly due to the decrease in the allocation of incentive fees and system development service fees in this period compared with the previous period; the financial expenses increased by 232%, mainly due to the increase in bank expenses and interest expenses in the current period.

Commodity moats have further deepened, and the omnichannel platform has continued to be optimized.

In the first half of 2019, the company’s logistics centers have covered 18 provinces and cities across the country with a total operating area of about 450,000 square meters. The logistics centers are divided according to temperature zones, of which 17 are room temperature distribution centers (including transit warehouses) and 9 are fixed temperature distribution centers; The first half of the distribution amount of 230.

4.6 billion.

In the first half of the year, the company was selling 44 of its own brands, with 1022 SKUs and a C-end opening of 7.

8.6 billion, accounting for 2%.

1%, of which 30% is fresh.

8%; B-terminal carbonic acid 7.

1.4 billion, of which 37% is fresh.

In the technology sector, an omni-channel operational marketing platform was built in the first half of the year to help the company’s strategic development.

The first half of Phaeton 2.

0 is fully landing and application.

The second phase of IHR was implemented at the end of July; the financial sharing system was tested in Guizhou and Sichuan at the end of July; the project to the asset system was tested and implemented at the end of August; the FOT pilot promotion of the logistics OTB project in October;.
Offer to acquire Zhongbai shares to increase Hubei’s market share.

In March this year, the company planned to adopt a tender offer to change the proportion of its shares held by Zhongbai Group directly and indirectly from the current 29.

86% will increase to no more than 40%. If the acquisition is completed, the company will become the largest shareholder of Zhongbai.

As early as 2014, the company had a “strategic cooperation framework agreement” with more than one hundred years. The two parties planned to carry out strategic cooperation in resources, networks, information, logistics and other aspects to jointly expand and strengthen core business.

Through strategic investment in Zhongbai, the company strengthens its strengths and complements each other’s strengths, and conducts in-depth cooperation with Zhongbai in joint procurement, fresh food management, and store management.

At present, the company has developed nearly 800 supermarket chains in 24 provinces and cities including Fujian and Chongqing, with an operating area of more than 6 million square meters. Among them, Chongqing, Fujian, Beijing, Sichuan and other provinces have replaced the company for many years and have a more mature area.Central China and Northwest China are the provinces where the company’s scale is mainly expanding. The company’s layout of Zhongbai focuses on its own development in Hubei Province. At the same time, Hubei is also the junction point connecting East China and Southwest China. The supply chain can form a good synergy.

Through the strategic cooperation with Zhongbai, the company can share the market share of the supermarkets in Hubei and Wuhan, and further promote the in-depth cooperation of the commodity supply chain.

The company has passed the anti-monopoly review by the State Administration of Market Supervision and Administration, and currently requires foreign investment security review and approval.

Investment suggestion The company focuses on the 厦门夜网 main business of the supermarket, decentralizes the top ten war zones, and has made breakthroughs in innovative formats in the core areas. There is a trend of balanced development in each war zone.

We are optimistic about the company’s ability to build a food supply chain based on a smart mid-level platform. It is expected that EPS for 2019-2021 will be 0.



39 yuan, corresponding to the company’s closing price of 9 on August 28.

91 yuan, PE for 2019-2021 is 40.

0X / 30.

6X / 25.
5X, give “overweight” rating.
Presence of risks Macroeconomic growth forecast; New industry-type business speed impacts performance; Short-term error risk of new zone expansion.

Jinke shares (000656): Employee shareholding steadily promotes excellent win-win and strong incentives

Jinke shares (000656): Employee shareholding steadily promotes excellent win-win and strong 都市夜网 incentives
The event company released the “Announcement on the Progress of the Excellent Win-Win Plan and the First Phase of the Employee Stock Ownership Plan from 2019 to 2023”. As of February 20, 2020, the first phase of the stock plan has passed “Guoxin Securities Jinke SharesThe “Excellent and Win-win Employee Shareholding No. 1 Single Asset Management Plan” gradually purchases approximately 5152 shares of Jinke shares through centralized bidding.40,000 shares, accounting for 0 of the company’s total share capital.96%, average transaction price 6.58 yuan / share. The strong encouragement of opinions helps to motivate employees and improve execution. According to the “Phase 1 Shareholding Plan (Budget)”, the total amount of funds planned for this period does not exceed 2.5 billion, of which the employees self-raised 杭州桑拿 funds do not exceed 12.5 ppm; it is proposed that the ratio of financing funds to self-raised funds shall not exceed 1: 1 by means permitted by laws and regulations such as margin financing and securities lending, that is, the financing amount shall not exceed 12.500 million.The shareholding plan stipulates that if the net profit attributable to the mother for any assessment year from 2019 to 2022 is 38 compared with the net profit for 2018.The excess excess of 8.6 billion US dollars is 30%, 60%, 90% and 110%, which is equivalent to not less than 50.500 million, 62.200 million, 73.800 million and 81.6 trillion, corresponding to a growth rate of not less than 30 in ten years.0%, 23.1%, 18.8% and 10.5%, the next year will be 3 of the net profit of the assessment year.5% withdraw special funds as the source of funds for this plan.The fair incentive plan and project follow-up investment established by the company in 2015 achieved satisfactory incentive results, and performance was significantly improved.The diversified incentive mechanism helps to motivate employees, enhance execution, enhance cohesion, and escort new heights for the company’s development. Sales increased rapidly, and the contrarian trend became more flexible. Kerer’s data showed that the company achieved 180.3 billion yuan in 2019, an annual growth rate of 51%, exceeding the initial sales target set.From 2015 to 2018, in this category, the compounded growth rate of sales area reached 75% and 59%, respectively. The growth rate ranks among the top of mainstream housing enterprises.Under the dual influence of the merger of the “war epidemic” at the end of the off-season brought by the Spring Festival, the company’s sales increased against the trend.In January 2020, the sales amount of the full caliber was 86.9 ‰, an increase of 17% in ten years, significantly ahead of the level of the same echelon.Corresponding equity budget 72.0 million yuan, equity ratio of 83%, showing a qualitative increase.Taking into account the company’s active acquisition of land in a cyclical manner in recent years, and a positive feedback on sales volume, ample land reserves ensure the company’s continued development in the future, and the trend is more flexible. Diversified business development, the property sector performed well. Jinke Property, to which the company belongs, is firmly ranked in the TOP10 property management industry.As of the end of mid-2019, the area of progressive contract management has reached 2.3.9 billion square meters.The service format covers residential buildings, government public construction, commercial office buildings, and urban complexes.The new contract management area in the first half of 2019 was 35 million miles, far exceeding the sales area of Jinke Co., Ltd. during the same period.At the same time as the scale increases, the profit level has ushered in improvement.The gross profit margin of property management services in the first half of 2019 reached 23.6%, an increase of 4.8 units.We believe that the benefits brought by the company’s property management sector are mainly reflected in: (a) high-quality property services help to enhance the overall value of the company’s products; (b) the property market is in an expansion period, and Jinke Services can expand endogenous growth and extensionAt the same time, the scale is expected to increase the performance contribution by taking advantage of the wind: (c) There is a potential dividend to increase the market value of the group. Debt optimization, leveraged and controllable companies successfully issued public bonds issued to qualified investors in 2020 (the first phase) in February 2020, with a total issue size of US $ 2.3 billion.Among them, Variety One is a three-year term, with an issue size of 19 million and a coupon rate of 6.0%; Variety 2 is a 5-year term, the issue size is 4 trillion, and the coupon rate is 6.3%, financing channels remain unblocked.Benefit from the improvement of sales repayment ability and the active expansion of diversified financing channels.Net debt replenishment for the third quarter of 2019 was 144.3%, a significant decline of 73 from 2017.8 digits, slightly up from 2018.The company achieved sales rebates of 10.51 million yuan in 2018, an increase of 84% year-on-year, and a repayment rate of 88%.As of the third quarter of 2019, the company’s monetary funds were 309.With US $ 6.4 billion, abundant funds provided guarantee for the company’s transformation from external financing-type scale expansion to internal source funds to support sustainable development. Investment suggestion: After the company’s sales volume exceeded the 100 billion mark in 2018, the company will continue its high growth momentum in 2019.The strength of holding against the trend has not diminished, the rich soil reserves have been continuously released, and strong incentives have been provided to improve efficiency and reduce costs. It is expected that the sales volume will reach a new level in the future.While consolidating the main business, the company actively carried out the development of diversified businesses such as property management, technology industry, new energy, and formed a synergistic effect with the main business.Through the improvement of sales repayment ability and the expansion of diversified financing channels, leverage is controllable, and it is expected to realize the transformation from external financing-type scale expansion to internal funding to support sustainable development.We expect the company’s EPS for 2019-2021 to be 0.98, 1.26, 1.53 yuan / share, compared with the current sustainable PE of 7.5, 5.9,4.8 times.Maintain the “overweight” rating. Risk reminders: Tighter-than-expected capital tightening, marginal improvement in the restructuring policy did not meet expectations, and the uncertainty of the impact of the epidemic caused the company’s sales to fall short of expectations.