Depth-Company-Xinhua Insurance (601336): Agents scaled up but NBV performed poorly in Q2

Depth * Corporate * Xinhua Insurance (601336): Agents scale up but second quarter NBV performs poorly

The company released its 2019 Interim Report, achieving net profit of 105 attributable to mothers in the first half of the year.

5 ‰, +81 a year.

8%; realized premium income was 739.

9 trillion, +9 for ten years.

0%; new business value 58.

9 ‰, at least -8.

7%; embedded value 1,914.

0 billion, +10 from the previous 18 years.


The release of the investment end + the return of taxes and taxes drove high performance growth, and the new insurance individual orders fell by a margin: in 2019, the company’s net profit attributable to its mother was 105.

5 ‰, +81 a year.

8%, accruing the impact of AFS impairment, the company’s performance in the first half of the year was worse than its peers; excluding the new tax reduction policy18.

After £ 500 million, it is +49 per year.


2019H company realized premium income of 739.

9 trillion, +9 for ten years.

0%; health insurance premium income 283.

9 trillion, +25 for ten years.


Among them, one insurance channel has a long-term insurance premium of 90 in the first year.

6 ‰, at least -2.

4%, from a single quarter point of view Q1 / Q2 insurance channels in the first year of long-term insurance premiums are 55.


4 ‰, Q2 single season half a year -21.

8%, -35.


An insurance channel accepts the first year of premium growth rate of long-term insurance, which is mainly due to the time required for new agents to release capacity.

The number of agents has picked up, but NBV has performed poorly: 2019H Company realized an embedded value of 1,914.

0 billion, +10 from the previous 18 years.

5%; new business value 58.

9 ‰, at least -8.

7%; remaining margin of 2,083.

1ppm, +6 over 18 years.


The new business value rate dropped by 12.

6 averages to 38%, of which, the value of new business in one insurance channel / bank insurance channel is 57.


9 trillion, the annual growth rate is -3.1% /-64.

2%; new business value rate is 50.

7% / 7.

1%, which decreases by 3 each year.


6 units.

In addition short-term insurance premiums38.

8 ‰, +31 a year.

0% is also expected to dilute the new business value rate increase.

Although the number of agents grows by 15 per year.

5% to 38.

60,000 people, at least +15.

5%, but monthly per capita capacity fell by 13.

8% to 4,472 yuan, dragging down the performance of NBV in various insurance channels.

The investment side benefits from the secondary market conditions, but the provision of AFS impairment affects the performance of the investment side: 1) The total annualized / net investment return for 2019H is 4

7% / 5.

0%, the total investment return is half a year -0.

1 unit, the net investment return rate is the same as last year, the annualized total investment return rate is lower than the listed peers; 2) other comprehensive 武汉夜网论坛 income improved, compared with last year’s floating loss of 27.

9 trillion, twisted to floating profit 0.

9 ‰; 3) Impairment loss of invested assets 10.

2 trillion and bid-offer spread loss 5.

With an impact of 20,000 yuan, the company’s total investment income increased only slightly 2.

0% to 168.

800 million.

Investment suggestion Company Q2 was affected by the decline in per capita capacity and the change in premiums in the first year of long-term insurance, and the value of new business grew less than expected.

With the company’s new secretary-general in place, the company’s opening strategy in the second half of the year and next year still needs to be observed. Adding agents is expected to gradually release capacity.

We expect the company’s NBV growth rate to be -2 in 2019/2020/2021.

9% / 1.

twenty three.

0%, EV growth rate is 13 respectively.

9% / 13.

6% / 15.


The company’s overall 2019 PEV is 0.

81. Maintain the overweight rating.

Risk reminders: The growth rate of insurance premiums for protection-type insurance products is lower than expected; the dual impact of market fluctuations on industry performance and estimates; and the uncertainty of insurance company investment caused by downward interest rates.

Sinoma Science & Technology (002080): Wind Power Driving Performance Elasticity Appears Initially

Sinoma Science & Technology (002080): Wind Power Driving Performance Elasticity Appears Initially

This report reads: The company’s 19Q1 performance exceeded expectations. We judge that 2019 may be a year of wind power installed capacity, which is expected to drive the company’s performance flexibility.

Investment Highlights: Maintain “Overweight” rating.

1Q1 company achieved revenue of 26.

56 trillion, an increase of 27.

4%, net profit attributable to mother 2.

1.5 billion, an increase of 45.

2%, exceeding market expectations.

We believe that 2019 is a big year for wind power installations, which is expected to drive the company’s performance flexibility and increase the company’s eps to 1 in 19-21.

02 (+0.

1),北京夜网 1.

2 (+0.

15), 1.

46 yuan, the same increase of 41%, 17%, 21%.

The company’s dynamic PE hub in the past five years is about 25X. Out of prudence, the company was given 19 times the PE and raised its target price to 19.

38 yuan.

Wind power continues to pick up, and demand for blades is booming.

It is estimated that during the reporting period, the company’s sales of wind power blades exceeded 900 MW, an increase of more than 120% over the recent period, the price was basically the same as last year, and the blade gross profit rate returned to 20%, which turned into a profit and turned into a profit.

The company’s wind turbine blades start to match the rise in the industry’s prosperity. According to the statistics of the National Energy Administration in the first quarter of 19, the installed capacity of wind power plants with 6000 kW and above in China was 188.88 million kW, an annual increase of 12.


In 19 years, we have tentatively confirmed the judgment of “rushing to install the equipment”, and gradually the wind power installed capacity is gradually developed.

The fiberglass price center moved downwards, but increasing production capacity contributed to sales growth.

Affected by the changes in the prices of electronic yarns and low-end rovings, the glass fiber prices of the company in 19Q1 were estimated to be 4-5pct above the continuous top.

However, the company’s top 12 production line was put into production at the end of 18, contributing to the sales increase. It is estimated that the sales volume also increased by about 5%.

From the perspective of industry demand, inventories have started to decline in March, and more production capacity has been basically digested. We judge that the first quarter is the bottom of glass fiber demand and price, and the profit growth in the second quarter began to pick up.

Lithium-ion alkaline basic breakeven, mid-to-high end positioning new energy.

The company’s four 60 million flat wet production lines have been completed, and it has established long-term cooperation agreements with billion-well lithium energy and other well-known battery companies.

We believe that the company’s lithium-ion dissolving products are positioned at the high end, and the completion of the production line debugging is expected to provide new momentum for the company’s performance growth.

Risk reminder: 南京龙凤网global macro economy gradually expands, and lithium battery progress is less than expected

Nine best ways to prevent influenza in winter


Nine best ways to prevent influenza in winter

Winter is a season of high flu, with millions of people getting the flu every year and even requiring hospitalization.

How to prevent health and prevent influenza?

The US Journal of Prevention recommends 10 methods: 1.

Avoid touching public items and avoid touching public items, such as bank pens, public phones, door handles, etc., which can reduce the chance of infection.


Standing hand sanitizer, more hand sanitizer has antibacterial effect, after applying the hand sanitizer and rubbing for 10-15 seconds, the hands are still moist, which means that the amount of hand sanitizer used is enough, and then washed away.

It is also possible to use a sterilized paper towel with an alcohol concentration of at least 60%.


Making friends and sharing friendships can alleviate mental stress and promote good health.

The proportion of people with a lot of loneliness, people with a wide range of social abilities can produce more flu antibodies.


Putting pressure on yourself When someone is under stress, the body will send out a warning signal to release the decompressive hormones and adrenaline, and the immune system will make more immune cells.

But if the stress is too long, there will be interactions.

Therefore, you can try to establish a realistic short-term goal for yourself and enhance your immunity.


More exercise, more massage people who can actively move for 3 hours a day, people with less activity have a 35% lower risk of influenza.

Experts suggest that it is best to exercise 3 times a week, go fast, climb stairs or play table tennis.

Usually you can do more massage, whether it is a professional massage, or knocking on the back between husband and wife, can increase the content of complex amines and dopamine in the blood, thereby improving immunity.


Do not blindly add vitamins. Taking a lot of vitamins every day is unlikely to reduce the chance of getting flu, which will be bad for your health.

The best way to get rid of it is to supplement your vitamins once a day.

You can choose a complex vitamin preparation containing vitamins A, B6, B12, C, D and folic acid, selenium, calcium, zinc and other minerals.

In addition, it is best to include a small amount of traces in foods, because some vitamins must be broken down by lipids to be absorbed by the body.


Taking ginseng, Astragalus ginseng, and Astragalus can stimulate the growth of white blood cells, and white blood cells can produce antibodies and interferons with antiviral function.

Oral 200 mg ginseng capsules can reduce the risk of flu by 30%.

Take 3 500 mg of Astragalus root capsules three times a day for 3 months or more to maintain sufficient immunity.


To ensure adequate sleep, sleep is the most important thing in winter.

Sleep 7 times a day.


The proportion of people who are 5 hours a day for 5 hours will reduce the number of antibodies produced by half.


If you take the medicine to treat the flu, if you are unfortunately infected with the flu virus, you can follow the prescription.

Reasonable arrangement of three meals a day can resist aging


Reasonable arrangement of three meals a day can resist aging

When it comes to eating, we have already progressed from “eat enough” to “eat well.”

However, look at our current health indicators, the real health crisis is not infectious diseases, acute diseases, most of these diseases have been controlled, but the lifestyle-related diseases caused by widespread dietary imbalances – diabetes, cardiovascular and cerebrovascular diseases, cancer, etc.

Therefore, for the pursuit of “eat”, we should not only pay attention to “eat well”, but should strive to “eat right.”

銆€銆€The purpose of “eating” is not as simple as feeding a stomach, nor is it so general to supply body energy. Modern cytology believes that “eat” is to provide cell nutrition.

The body is composed of 70 trillion cells. The cells “eat well” to have vitality, the cells have vitality, and the vitality of life.

Therefore, we should turn our attention to the microcosm inside the body, explore the needs of cells, and grasp the pulse of life.

According to this, here, from the perspective of cell therapy, the problem of “eat right” is simply combined.

銆€銆€Cell therapy three steps, cell nutrition daily food can be divided into two categories, a type of food through absorption and absorption, leaving carbon, sulfur, nitrogen, phosphorus, chlorine and other acidic substances in the body, called acidic food, such as chickenAnimal food such as duck and fish and carbonated drinks, alcoholic beverages, staple foods; another type of food, after digestion and absorption, residues potassium, sodium, calcium, magnesium, iron and other alkaline substances in the body, called alkaline foods, such as fruits,Plant food such as vegetables.

銆€銆€Cells require comprehensive, balanced nutrition, requiring acid-base foods to be reasonably matched.

Modern people, three-pointed, seven-pointed, must also be exogenously supplemented with alkaline nutrition after the age of 30.

However, the fact is the opposite. We only care about 鈥渆at well鈥?and do not take into account the needs of the cells.

You know, when you eat your stomach and your mouth is shiny, the cells are crying helplessly.

銆€銆€The cells in the body have a large number of deaths every moment, and there are new births every moment.

The various macro and trace elements required for this metabolism, as well as the various enzymes required, are constant and do not change due to mouth and eye preferences.

For your indifference to the nutritional needs of cells, cells will be forgiven at first, and they will struggle to save themselves and repair and regulate themselves.

However, this ability is extremely limited. Once you repeatedly fail to change and surpass the self-rescue ability of the cells, the cells will lose their activity, lose their health, fail to work properly, and lead to low organ function. The result must be disease.

銆€銆€Therefore, when we blindly tonic, or enjoy the happy time of 鈥渢here is now drunken wine鈥? it is best to ask the deepest inside: Cell, what nutrition do you need?

銆€銆€Second, the living environment of the human body More than 70% of the human body is water, including blood, bile, pancreatic juice, gastric juice, intestinal fluid, brain pulp fluid, joint cavity synovial fluid, saliva, urine, etc., commonly known as body fluids.

Cells, like fish living in water, live in this small river formed by body fluids.

銆€銆€Cells like the pH variable of this river7.


4, that is, weakly alkaline.

In such an environment, the cells have their own pleasures and do their part.

The comprehensive and balanced nutrition obtained from the advantages carries out a strong metabolism, ensuring the healthy operation of every organ and organ in our body.

However, we blindly pursue “eat well”, the more acidic substances in the body, the more and more acidic the body fluids.

Think about it, acid rain can destroy a forest, acidic things can also erode a machine, how do cells live in this acid river?

銆€銆€As a last resort, the cells had to start a self-help plan to mobilize the alkaline resources (minerals) in every part of the body to neutralize the acidic substances in order to balance the acid and alkali.

When the amount of acidic substances is small, the balance can be maintained. Day after day, there are more acidic things, and the self-rescue of the cells will reach the limit. Once the limit is reached, your disease will follow.

Therefore, the emergence of the disease is like freezing, not a cold day.

銆€銆€Some people ask, I am tired, my bones are loose, I am anemia, my calcium, where is my iron going?

Very simple, it is suitable for these people to have an unbalanced diet and no extra minerals. The supplement is that some calcium-containing and iron-containing foods are not high due to human factors; more importantly, when the body fluids become sour.These potassium, sodium, calcium, iron and other minerals have been transferred to the acid-removing army.

銆€銆€With one exception, fluoride likes acidic body fluids and prefers an oxygen-deficient environment.

In such an environment, the polymer will rapidly fission and become a tumor.

Reports from all research institutions around the world show that the body fluids of cancer patients are acidic, and the more acidic they are, the more advanced they are.

銆€銆€Changing the acidification of body fluids and also a weakly alkaline natural environment is an alternative to ensuring good health.

銆€銆€Third, the anti-aging condition of cells The aging of humans is actually the aging of cells.

To delay aging is to improve the anti-aging ability of cells.
銆€銆€Aging is oxidized.
A brand new car, left in the yard for a long time, will become a pile of scrap iron because the iron is oxidized.

When a piece of fat is placed in the air, it will turn yellow and will rot, because it is oxidized.

The outer layer of the cell has a cell membrane composed of feces and is also susceptible to oxidation.

When the cell membrane is oxidized, it loses its permeability, the toxins inside can’t come out, and the outside nutrition can’t get in.

As a result, the cells slowly age, and various diseases are unexpected.

銆€銆€Therefore, no matter what cosmetics you use, you can only make you look younger.

The aging of the inner cells is doomed to grow old.

銆€銆€Why are cells aging?

The key to the problem is free radicals.

The most important source of free radicals is oxygen. Although oxygen provides life support, it is also the “murderer” of deadly life.

The body burns oxygen to allow life to continue, but at the same time it releases free radicals.

Free radicals attack cells, causing adults to be oxidized, causing the protein to “degrade”. More seriously, it will pierce the cell membrane and destroy the genetic code, causing the cells to die and save themselves.

銆€銆€Antioxidant enzymes and other antioxidants in the body can degrade the lethality of free radicals and prevent the formation of free radicals.

The condition is that the body should have normal pH, and there must be enough antioxidants, such as SOD enzyme, vitamin C, vitamin E, 尾-carotene, flavonoids and so on.

These nutrients can not be obtained “eat well”, and the diet must be properly adjusted to properly supplement the anti-aging substances through exogenous sources.

銆€銆€In summary, our three meals a day is to provide a comprehensive and balanced nutrition to the body cells, cells are the root cause of “all things” such as illness, aging and so on.

Today, in addition to not being able to go to the big environment, we are changing our lifestyle and eating habits, starting with 鈥渆at鈥?and ensuring the health of our cells.

As Professor Staples, a well-known medical nutrition expert in the United States, said: If we eat something wrong, no doctor can cure us; if we eat right, we don’t need a doctor at all.

Nanji Islands escaped to the sea to hide in Taoyuan


Nanji Islands escaped to the sea to hide in Taoyuan

Always eager to see the sea.

銆€銆€The blue, endless sea.

Although Zhejiang is facing the sea, the coast is turbid.

The sea in my mind is to stay away from the coastline and rush to the depths of the sea to see it!

And I am a person who is very afraid of seasickness, so the sea is almost the pain of my heart forever!

銆€銆€Finally, one day, with the repeated encouragement of my husband, I made up my mind to try to overcome the fear of the imaginary wave bumps and started my first trip to the sea.

銆€銆€This time, the destination is Nanxun, a beautiful island 30 nautical miles from the land on the sea outside Pingyang County, Wenzhou.

銆€銆€The passenger ship we took out opened the Lijiang River dock on time. Gradually, the coast was getting farther and farther away from us, and the water surface gradually changed from yellow to blue.

The boat ran smoothly, almost no fluctuations, the sea was rippling, and there was flashing light. During the day, I was sitting on a boat in the West Lake, enjoying the calm water.

This is not the sea boat I imagined. Didn’t it fall down and down, is it called the sea?

I couldn’t sit still, and I went to the bow of the boat. Ah, there was a little ups and downs here. I saw the waves that the boat had stirred up. I finally believed that I was at sea.

I suddenly remembered the uneasiness before, and the seasickness medicine that I swallowed before boarding the ship. I couldn’t help but laugh.

Probably because of the blessing of friend Xiaomei, it is so safe.

銆€銆€The sea is surprisingly calm, and the sea and sky are in the distance. The far island is like floating on the sea, and it is more beautiful under the blue sky and white clouds.

Some arrays, even the islands are gone, there is only a sea of hustle around, there is only one sea level line around, there is no reference object, suddenly there is no direction, the sea surface becomes round, and the sky becomes round.

This is the blue, the endless sea, today, I finally saw it!

The vastness of the sea, my smallness, if there is no personal arrival at sea, how can there be such a profound experience?

銆€銆€After more than an hour of sailing, we finally arrived at the destination – Nanji Islands.

Out of the cabin, my eyes lit up, the island scenery is indeed well-deserved, I saw a few islands around the island, the island is lush, the island is a strange stone; several fishing boats parked in the bay, the floating net stars of the breeding netA little bit; the sea breeze blew a salty smell, the sun was shining on the body, the fishermen enthusiastically greeted the tourists, selling homemade seafood, and the tanned cheeks showed a healthy rosy.

銆€銆€I have a sigh of relief, I am not dreaming, it is really on the island.

銆€銆€When I got to the sea, I realized that the white, rushing waves were only generated when I rushed ashore. That is, I was the most aggressive. I rushed ashore and retreated. Then the second wave rushed back.One wave followed by one wave.

So many people waited in this position to experience the fun of surfing: far away, saw a wave rising, rising above sea level, rushing in and out, “Come on!”

People shouted happily, reminding, preparing, watching the waves become more and more urgent, getting higher and higher, the white waves are up!

Like a myriad of white-haired long-haired poodles in a row, the jumping waves are like their feet running wildly on the water, and the blink of an eye is in sight!

At this time, I deliberately swooped down and looked up the waves. The half-meter-high waves slammed into the ground, and there was a fear of being overturned by the sea. Some people wanted the kind of thrilling excitement!

The rushing waves rushed out of the crowd.

銆€銆€One meter away, I only heard a happy shout, and an excited face just got out of the waves. I hadn’t had time to wipe my face. When I turned back, another wave rushed over!

In this way, people tumbling on the waves, jumping, shouting unscrupulously, what troubles can they not be washed away by this wave?

銆€銆€In the evening, the sun went to the mountains and went to the mountains. Most of the tourists went to the shore, and several small water-based people were rushing for a few round trips.

The daughter is wearing a swimming ring, has been in the sea for an afternoon, still refused to go, I simply sit on the beach, let the waves beat.

A bunch of fishing boats suddenly appeared on the far horizon, and it seemed like a silhouette in the afterglow of the setting sun.

The sky is dark, the waves are getting more and more urgent, and we are reluctant to go ashore.

銆€銆€The food stalls on the shore have been buzzing, and the proprietress greeted me warmly. Let us see the seafood in her big basin, all kinds of shellfish, sea fish, I can’t name it.

Nanxun’s friend Cao Shuji’s special enthusiasm, please ask us to have a seafood dinner. He took us to one of the best places to eat seafood and see the seascape – Nanxun Villa.

Nanxun Mountain Villa is almost on the top of the mountain and walks up the terrace of the villa.

Standing taller here, looking farther, the vision is particularly wide, and the islands that are far and near are all in sight.

The sea in the twilight faded from the beauty of the sun, turned into a piece of ink painting, and the thick green color filled the eyes of my eyes.

The moon is rising!Curved, especially bright, no moon halo, very clear.

Which knight is forgetting his new moon scimitar here?

銆€銆€The sea has no daytime shackles, and it is quiet and mysterious, and the enthusiasm of tourists continues to spread.

There are seven or eight tables on the terrace, the food is strong, the wine is right, only the cups are interlaced and laughter.

Old friends are here too!

The black insects are passionately around us, falling on us, on the head, even on the chopsticks, does it want to have a bite?

The men didn’t care, waving their hands and driving away, the women shouted and jumped and laughed, so lively!

It’s just that my daughter is pitiful. I was besieged by the residents of these hospitable people. I didn’t dare to move when I sat. I hanged my tears. I begged me to take her back with a trembling voice. It’s a pity that I have a table full of seafood and I haven’t eaten a few mouthfuls.
But I am very satisfied. I can taste the seafood, look at the sea, blow the sea breeze, and the hard work of the week in such a pleasant place. I have disappeared at this moment. Although I only sit for a while, I have been intoxicated.

銆€銆€Going back to the room, my daughter was attracted by the Super Girl competition and forgot the troubles of the bug for the time being.

I walked outdoors, looked up, and was shocked. The stars were so close to me, as if they were within reach!

The pieces are huge and bright, like the best diamonds scattered on black velvet, and like countless shiny eyes.

It must be the pure air of the island, so that I can see such a clear night sky.

In the distance, the faint sound of the waves came, and the little insects in the grass suddenly screamed, making the summer nights of the island more and more silent.

This is the night of the island, empty, quiet, transparent, and my heart is pure.

銆€銆€Early the next morning, we went to Sansui to see the reef.

The bus was bumped and smashed on the winding mountain road. The mountain road was very narrow. It was really thrilling when the two cars met. The drivers on the island had long been familiar with these roads, so the speed was fast.

On the edge of the island, the three plates are surrounded by reefs and have different forms. They have evolved many myths, “Sun Monkeys worship Guanyin”, “Zheng Cheng successfully test swords”, “Pandas listen to the sea”.

It is more and more like watching.

What’s more interesting is that on the hillside, there are rounded reefs on the top of the mountain. Is the previous sea level higher than the current level, so the reef is washed here?

Or was the former Nanxun Island sinking under the sea and gradually rising to keep the reef on the top of the mountain?

The grotesque reef inspires people’s imagination. When you are tired, you can rest on the big lawn and look up at the blue sky and white clouds; or one can hide behind the reef and listen to the sound of the waves quietly.

銆€銆€The reef path by the sea is the most beautiful place, with cliffs on one side and the sea on one side. The road is narrow and only one person can pass, but there is no railing.

To say that it is the road, in fact, is to walk on the reef, there is almost no trace of artificial paving, only in the most dangerous places, will be carved a few steps on the stone to avoid slipping.

The reefs are rugged, the roads are rugged, the scenery is really beautiful, the reefs are scattered to the sea, the places that have been washed away by the waves all the year have turned black, and the bare under the sun is dazzling white.

The stones on the beach are round, and the touch of the sea has changed their original appearance; the stones on the shore are still sharp and angular, and the mottled body embodies the texture of the rock.

銆€銆€In the end, the path is a small dock at Sanpanwei. Cao Shuji specially arranged for us to take a speedboat tour around the island. This is a special place that ordinary tourists can’t enjoy.

The speedboat sailed away from the island like an arrow from the string, and traced it to the bird island not far away.

Bird Island is one of the southern islands. It is home to a variety of seabirds. It is a protected island. Visitors can only watch the island and cannot go to the island.

The speedboat quickly approached the bird island and slowly slowed down, letting us experience the most natural scenery here.

A group of birds were frightened, fluttering and fluttering, hovering over the surface of the sea; more birds stopped resting on the reef without paying attention to our interruptions.

We quickly put out a variety of POSE, to freeze this beautiful moment.

銆€銆€This is the last place we visited on the island. Everyone was a little reluctant. I stood on the deck and looked around greedily. I wanted to put all this beauty into my eyes and imprint it in my heart.

The boat accelerated, the deck began to sway, and the captain told everyone to return to the cabin, but I did not want to go back, to experience the stimulation of this last sea.

There is no wind at sea. Because of the speeding of the speedboat, the wind is strong. I hold the railing tightly and stand up against the wind. All my hair flies backwards, and there is only a whistling wind in my ear.

The blue sea, the blue sky, the white clouds, and the sun-baked people.

銆€銆€When the passenger ship back to the Lijiang River sailed downwind, it was smoother and smoother than when it arrived. When it arrived at the Minjiang River Pier, it was on the land, and it was a feeling of returning to the mortal world.

The far island is like a fairyland, extraordinary and unconventional.

銆€銆€After a journey is over, the new journey begins again, travels, and life.