Peng Changyi looked at her,Think about it:“I just said,I totally respect your opinion。”

Shu Qing said:“Then you can accompany Nana tomorrow,Let old Gu send me。”
Peng Changyi startled,Said with a pair of innocent eyes open:“Dropped me path so soon,I was laid off before I started?”
Shu Qing smiled,Turned around to get his bag。
Peng Changyi took her hand again,Said:“tomorrow,I’ll see you off?”
Shu Qing looked at him expectantly,But she can’t judge the sincerity of Peng Changyi tonight,Just slap his hand,Said:“obedient,You accompany your child first,Let me calm down。”
Peng Changyi nodded,Let go of her hand,Said:“I’ll call you again that night。”
Shu Qing nodded。
that’s it,Peng Changyi sends Shu Qing back to the dormitory,He didn’t follow her up,But after watching her room light up,Saw her come to the window again,Wave to him,Draw the curtains,Peng Changyi turned around now。
————
First203chapter Farewell
after come back,Peng Changyi’s wine is completely sober,He regrets what he said to Shu Qing,Originally, he was going to be when Shu Qing left,Clarify the relationship with her,if that’s the case,Tonight will be a very romantic start,She has longing、Go back with your own expectations,such,Both sides will feel unhappy,Feelings continue to ferment and heat up,But because I confessed my feelings to her,Made Shu Qing lose confidence in herself。To know,Girls are all emotional,They care about these,Although he repeatedly stressed that his heart has been emptied,Will Shu Qing believe it??。
It seems that Shu Qing is right,Although drunk and not addicted,But emotionally it’s still hard to control,I said everything when I got excited after drinking。
at this time,He regrets dead,Secretly gritted his teeth,No matter how much alcohol I drink,She insisted not to say anything。
after,Do they have a future??Shu Qing seems disappointed in herself,But I really shouldn’t tell her the truth?Is he really wrong??
the next day,Peng Changyi called Lao Gu,Let old Gu send Shu Qing。Old Gu said puzzledly:“Didn’t you say everything was done last night??You send。”
Peng Changyi said impatiently:“I want you to send it,Get up quickly。”
Old Gu said:“My enteritis……”

“Hey,Which?”

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————
Chapter One Hundred Seventy Five You help me let him go
? .org,The fastest update of the latest chapter of the special forces king of the beautiful president!
You help me let him go
Chen Hao asked in a daze。
“Hello,Are you Chen??”
A man on the phone asked。
“I’m,who are you?What are you doing?”
Chen Haoyi heard a call from a stranger,I wanted to hang up the phone in an instant。
“I’m a policeman from Haishang City Traffic Police Brigade,Do you know a girl named Shen Ruoxi??”
Ask。
“Know,what happened?she is my friend。”
A question mark was drawn in Chen Hao’s mind;Traffic Police Brigade?Policemen?Shen Ruoxi?What situation is this?
“Shen Ruoxi just had a car accident,Now in the emergency center,We don’t know who her family is,Seeing that you are the second person in her contacts on her phone,So we called you。”
Shen Ruoxi’s phone address book,Qin Liang in the first place,The police called Qin Liang first,But the phone is off,Because when Qin Liang went to the lake to save people,The phone got water,No longer available。
Chen Hao in second place,Naturally the police’s second choice。

? “Okay old sister,Don’t you dare to make a move today??Facts proved;You can defeat the bad guys, right??So you don’t have to be afraid,The bad guys just look different,All the same,You can beat one today,Tomorrow can also beat the second

A,You’ll get used to it,Then you are just like us,Hehe。”
Liu Xiaoyun continues to play Qin Liang’s words。
“Then i’m just like you,Became a tigress, right??”
Murong Shan teased,I accepted everyone’s advice,Isn’t it a determined decision?。
“When we need to be tigress, we will be tigress,When we need to be kittens, we will be kittens,This is not a contradiction。”
Liu Xiaoyun answered confidently。
“That makes sense,Then show me as a little cat。”
Murong Shan said with a smile。
“Sister Shanshan,You are great today!Caught the bad guys,Will you come to the white fox in the future?I really hope to be protected by your sister。”
Liu Xiaoyun instantly played a Jiao Didi,Cute little cute!Spoiled Murong Shan with a standard loli tone……
“……”Everyone looked at Liu Xiaoyun in disbelief!This is the first time everyone in the Shen family has seen Liu Xiaoyun use such an image,Such a voice appeared in front of everyone!Qin Liang was even more stunned!I took care of Liu Xiaoyun“Tough girl”image of,Suddenly saw her cute girl

Just the act of getting out of the car,Throwing the women out a few blocks long ago,Don’t even think about it,There will be a lot of people going after each other tonight,Although there are many people pursuing。

As for Xia Chenglong,Ok……No one seems to pay attention,No one even connects each other with the company of the woman,Everyone thought the other party was just a bodyguard。
No wonder,In a high-end club full of suits and shoes,Whose partner will wear ordinary military plain clothes,Isn’t this laughed off?!
Zhao Shaojiu didn’t pay attention to the surrounding eyes,She is still a little nervous,After all, you have to get close to their enemies。
“That fourth brother,If you are really sure that our plan is feasible?How do i feel a little hanging。”Zhao Shaojiu asked without changing her face。
“Do not worry,You just have to ask him out,Leave the rest to me。”
That old fox Wang Yishan,Looks carefree,Very careful,If there is nothing particularly important, I will stay in the Warrior Association and not come out.,Today is a good opportunity。
“Miss Zhao,I’m from Nima GroupCEOZhang Bo,Can i invite you to be my partner tonight?”
……
They just got out of the car and haven’t walked two steps,A little white face came up shamelessly,Then give yourself a strong package,I almost watched Xia Chenglong。
There is such a cheeky person in the world,It’s an eye-opener。
Zhao Shaojiu, who was a little nervous, was so engaged,That kind of atmosphere disappeared in an instant,She is also the noble first female president of Bincheng。
“Sorry,I do not need。”

Secondly,There are a few buddies here,Can distract everyone,Even if I secretly say something to Liu Xiaoyun,It won’t always attract the attention of other girls……

This is Qin Liang’s true motive!Anyway, he knows;Even if Yang Zhi and Shen Ruoxue are greasy together,Shen Ruoxue won’t have anything to do with Yang Zhi……The first Shen Ruoxue is not that kind of frivolous little girl,Second, Yang Zhi didn’t have the guts!
Liu Xiaoyun is secretly strange;Why does Qin Liang call Yang Zhi and the others??Said he couldn’t protect five girls alone,The obvious is just an excuse!The sisters of the Rose Legion still need a man’s protection?Isn’t that nonsense?!
Is it to give Yang Zhi a chance to pursue Shen Ruoxue??That’s impossible!Qin Liang’s to Shen Ruoxue“Watch over”,Not in“Watch over”Under oneself,He’s not so generous!Just like Qin Liang said;Shen Ruoxue and Liu Xiaoyun,All his private property,Don’t even think about it!
What is his intention for doing this??
While Liu Xiaoyun is thinking hard,Qin Liang took a peek at her,The eyes of the two changed,Qin Liang avoided his eyes immediately,Dare not look at Liu Xiaoyun……
So Liu Xiaoyun thought again,I suddenly understood in my heart!It turns out that Qin Liang is foresight and wants to create the opportunity to be alone with himself!
“There are still many hearts,Ha ha……”
Liu Xiaoyun smiled happily,Seeing Qin Liang for himself,Can even think of such a complicated mind,It can be seen that he really took care of himself!
The only one who began to struggle is Shen Ruoxue。She knows Yang Zhi’s love for herself very clearly,The personal relationship between the two is actually quite good,But every time as long as one is with Yang Zhi,She and Yang Zhi will be the targets of all kinds of ridicule!Can’t hide,Made her very embarrassed,Embarrassed,But it’s hard to say anything,
Can only endure……So Qin Liang took the five girls downstairs,While the five girls are preparing things,I called Yang Zhi first,Arranged a meeting place,Wait for the girls to come out with a military backpack alone,Then I drove a car slowly,Towards the destination without rush
go with……
“I said,What are your backpacks??How come everyone has so much?”
In the car,Qin Liang has nothing to ask for words。
“Master,You can’t just ask about girls,In our country,That’s very rude。”
No one else said anything,Luna speaks first!
“I have a hasty!You are not brave!Even your master’s master dare to criticize?”

[Can black spots on cabbage be eaten?】 _How to eat_How to eat

銆愮櫧鑿滀笂鐨勯粦鐐硅兘鍚冨悧锛熴€慱濡備綍鍚僟鎬庝箞鍚?
鐧借彍鏄敓娲讳腑鏈€甯歌鐨勮敩鑿滐紝涔熸槸瀹跺鎴锋埛閮界粡甯稿悆鐨勪竴绉嶈彍锛岃繖绉嶈敩鑿滅殑浠锋牸寰堜究瀹滐紝涔熷€煎緱澶у缁忓父鍚冿紝鍒湅杩欑钄彍寰堟櫘閫氾紝鍏跺疄鐧借彍鐨勮惀鍏诲緢It’s hard to tell what is going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on, what’s going on?鑿滃瓨鏀惧緢闀挎椂闂寸殑璇濓紝琛ㄩ潰涓婂彲鑳戒細鍑虹幇涓€浜涢粦鐐癸紝杩欐牱鐨勭櫧鑿滆繕鑳藉悆鍚楋紵鐧借彍涓婄殑榛戠偣鑳藉悆鍚楋紵鐧借彍椴滃鍙彛锛屽彛鎰熷ソ銆佽惀鍏讳赴瀵岋紝鍚屾椂浠锋牸渚垮疁锛屽彲浠ュ拰寰堝椋熸潗涓€璧锋惌閰嶇潃鍚冿紝寰堝彈娆㈣繋銆傞偅涔堝ぇ鐧借彍涓婃湁榛戠偣杩樿兘鍚冨悧锛熷ぇ鐧借彍涓婄殑鐨勯粦鐐规槸浠€涔?銆佺敤娓呮按灏卞彲娲楁帀鐨勯粦鐐癸紝鏄皬铏瓙鐨勮櫕灞庢墍閫犳垚锛屾礂鎺変箣鍚庡嵆鍙鐢ㄣ€?銆佸ぇ闈㈢Н鐨勫皬榛戠偣锛屼拱鍥炴潵鐨勬椂鍊欐病鏈夛紝鏀句竴娈垫椂闂村悗灏辨湁浜嗙殑鎯呭喌锛屾槸鏈€甯歌鐨勯暱榛戠偣鎯呭喌锛屽ぇ鐧借彍鍥犱负骞叉棻銆佷綆娓╃瓑鐜閫犳垚鐨勭己閽欙紝涔熷彲鑳芥槸鍥犱负姘偉杩囧锛屽奖鍝嶉挋鐨勫惛鏀讹紝鎵€浠ヤ骇鐢熼粦鏂戙€?I ca n’t tell you what ‘s going on. I ‘m not sure how to do it. How to use it? How to do it? How to do it? How to do it? How to do it? How to do it?If you want to know how to do this, you will be able to find out what is happening in the world. It ‘s the world ‘s best. It ‘s a real thing. It ‘s very difficult to use it.氭爱鑲ラ€犳垚鐨勪竴绉嶇敓鐞嗙梾瀹炽€傜洰鍓嶆病鏈夐鐢ㄩ粦鐐圭櫧鑿滀細閫犳垚浜轰綋涓嶉€傛垨浼ゅ鐨勭浉鍏虫姤閬撱€傚彟澶栵紝濡傛灉鐧借彍鍙楄殰铏殑渚佃锛屽彲鑳戒細鍦ㄧ櫧鑿滃彾涓婄暀涓嬮粦鑹茬殑Soup, soup, bell, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks, chopsticks and chopsticks.The altar is ready to prepare for the awards and awards. The awards are simple. The tank is empty, and the tank is filled with water. It’s awesome. It’s awesome.浜嗏€滈粦鏂戠梾鈥濇垨鈥滆蒋鑵愮梾鈥濓紝杩欐牱鐨勮瘽灏变笉瀹滈鐢ㄤ簡銆傞唻婧滅櫧鑿滅殑鍋氭硶椋熸潗锛?Is Gongluo a pet to make up?揶 у 嫼 鍄 堥 唻 銆?鑼跺寵绯栥€?姹ゅ寵姘淬€?姹ゅ寵妞嶇墿娌广€?鐡eぇ钂滃垏纰庛€?-6涓共绾㈣荆妞掑垏纰庛€?What is silicon and silicon?鏂ょ櫧鑿溿€侀鐩愬仛娉曪細1銆佺櫧鑿滄礂鍑€銆佸垏鍧楋紱2銆佸湪涓€涓皬纰椾腑锛屾妸閰辨补銆侀檲閱嬨€佺硸娣峰悎鍦ㄤ竴璧凤紝鎼呮媽鍧囧寑鐩村埌绯栨憾瑙o紱3銆佺敤涓伀鎶婇攨涓殑娌瑰姞鐑紝鍔犲What is the difference between children and children?What is it?What are you talking about? What are you talking about? What are you talking about? 2 What are you talking about?銆佸€掑叆閰辨补娣峰悎鐗╃炕鐐?鍒嗛挓锛屽皾涓€涓嬪懗閬擄紝鍔犻€傞噺鐨勭洂锛屾悈鎷屼竴涓嬶紝鐩涘嚭銆?

[How much adult content is considered low fat]_How to calculate_How to calculate

Are you just going to set it up? Do you want to read it? Do you want to pick it up?
You are the only one in the world. You are the only one in the world. You are the only one in the world.剛鑲巼鐩稿鏉ヨ鏄瘮杈冧綆鐨勶紝涔熷氨鏄鑲岃倝鐨勫惈閲忕浉瀵硅楂樹竴浜涖€傚苟涓嶆槸璇磋剛鑲巼瓒婁綆锛屼汉灏辫秺鍋ュ悍锛岄€氳繃鐮旂┒鍙戠幇锛岄€傚害鐨勮剛鑲巼鏄姷鎶楃柧鐥呯殑涓€涓噸瑕佺殑鏂规硶銆備笅闈㈡垜浠氨鏉ヤ簡瑙d竴涓嬭繖鏂归潰鐨勫唴瀹广€傝剛鑲惈閲忓灏戠畻浣庤剛涓€鑸0绉扳€滃噺灏戞补鑴傗€濇垨鈥滄洿灏戞补鑴傗€濈殑浜у搧蹇呴』鑷冲皯姣旈€氬父鐨勪骇鍝佸皯25%鐨勬补鑴傘€傝繖骞朵笉鎰忓懗鐫€瀹冩槸鈥滀綆娌硅剛鈥濈殑銆傛煇绉嶉鍝佹瘡100鍏嬮€氬父鍖呭惈40鍏嬫补鑴傦What is the difference between 25% and 100%?0鍏嬶紝浣嗘槸杩欎釜灏卞緢闅捐鏄€滀綆娌硅剛鈥濄€傚鏋滃畠纭疄鏄綆鑴傜殑锛岄偅灏卞繀椤绘寜鐓т互涓嬫爣鍑嗗垎绫伙細姣忕櫨鍏嬪浐浣撻鍝佹补鑴傚惈閲忓皯浜庢垨绛変簬3鍏嬨€佹瘡鐧惧厠娴佽川椋熷搧娌硅剛鍚噺灏戜簬1.5 guns?婢 冲 ぇ 鍒 ╀ 筜 鍜 屾 摊 摗 擞 叞) 姣 卌 卌 协 嬮 嬮  鍝 佴 呴 亴 亴 亹 價 雴 揓 濜 揜 揜?Arrogant?(鑻 卞 浗) Do you want to make up for it?Arrogant?缇庡浗鍜屽姞鎷垮ぇ)銆€鐢辨鍙互寰楀嚭锛屸€滃噺灏戞补鑴傗€濈殑椋熷搧鍙兘涓嶆槸鈥滀綆娌硅剛鈥濋鍝併€傘€€銆€濡備笂鍥撅紝铏界劧鈥滄棤鑴傗€濋鍝佸彲浠ュ惈鏈変竴瀹氶噺鐨勬补鑴傦紝浣嗘槸鍏佽鍚殑娌硅剛閲忎篃浠呬粎绋嶅ぇ浜庨浂銆傗€滀綆楗卞拰娌硅剛鈥濅篃鏄繖绉嶆儏鍐碉紝涓嶈繃瀹冨湪涓嶅悓鍥藉鐨勮寖鍥磋瀹氫负姣忎唤鍖呰鎴栨瘡鐧惧厠鍚?.5?1.5鍏嬮ケ鍜屾补鑴備笉绛夈€傝櫧鐒跺悇鍥戒笉鍚岀殑瀹氫箟锛屸€滀綆楗卞拰娌硅剛鈥濊繖涓€琛ㄨ揪纭疄閮借〃绀衡€滈ケ鍜屾补鑴傚惈閲忎綆鈥濄€傗€渪%涓嶅惈娌硅剛鈥濊繖涓€琛ㄧず鍙兘鐢ㄥ湪宸茬粡杈惧埌鈥滀綆娌硅剛鈥濇垨鈥滀笉鍚补鑴傗€濈殑椋熷搧涓婏紝鑰屼笖蹇呴』澹版槑鎬荤殑娌硅剛鍚噺涓庡0鏄庨潪甯告帴杩戙€傚洜姝わ紝鏌愰鍝佸彲浠ユ爣涓衡€?7% sorrows, silicon silicates, silicon silicates, silicon silicates, silicon sorrels, etc.?%锛屽洜姝ゆ槸浣庢补鑴傞鍝併€傚父瑙佺殑9绉嶄綆鑴傝偑椋熺墿锛?.Can you tell me if you can’t wait for a while? Can you tell me how to do it? Do you want to be sorrowful?.闄堢毊锛氬府鍔╂秷鍖栥€佹帓闄よ儍姘斾箣澶栵紝杩樺彲鍑忓皯鑵归儴鑴傝偑鍫嗙Н銆?.涔岃醇锛氫箤璐艰剛鑲惈閲忓緢浣庯紝涓嶆槗鍙樿儢锛屾槸鍑忚偉鏃剁殑濂介鐗┿€?.钖忎粊锛氬姘磋偪鍨嬭偉鑳栨湁鏁堛€?.鏈ㄧ摐锛氬彲娌绘按鑲裤€佽剼姘旂梾锛屼笖鍙敼鍠勫叧鑺傘€?.绔圭瑡锛氫綆鑴傘€佷綆閱c€佸绮楃氦缁寸殑绔圭瑡鍙槻姝究绉橈紝浣嗚儍婧冪枴鑰呬笉瑕佸鍚冦€?.鑿犺悵锛氬叿鏈夎泲鐧借川鍒嗚В閰电礌锛岃兘鍒嗚В楸笺€佽倝锛岄€傚悎鍚冭繃澶ч鍚庨鐢ㄣ€?。鑵屾笉绫昏敩鑿滐細妞嶇墿鎬ц剛鑲湪鍒朵綔杩囩▼琚垎瑙d簡锛屼絾姘磋偪鍨嬭偉鑳栬€呬笉鑳藉悆锛屼互鍏嶄綋娑叉粸鐣欍€?.You can read it in detail, and you will be able to read it and click on it. You can read it and click on it. It ‘s just that you have just installed it. It ‘s just  姪  笅 鬰 ㈡ 垚 銆?

[How to make spring cake]_Spring cake_How to make_How to make

[How to make spring cake]_Spring cake_How to make_How to make

The making of spring cake can actually be done according to personal preferences, because it will be added to some shredded pork, bean sprouts, cucumbers, spring onions, etc. Some of these side dishes like to eat, and some people do not like to eat, so we must understand itThe basic steps, so that you can choose your own ingredients.

Practical production materials: 1.

250 grams of flour, 120 grams of boiling water, 50-60 grams of cold water, how about vegetable oil.

2.

The side dishes are free according to personal preference, such as spring onion, fried pork, fried bean sprouts, cucumber shreds, etc.

Cake embryo 1.
Add flour to boiling water and stir to form a loose dough shape. Add cold water in portions and knead by hand to make a soft, hard and moderately smooth dough. Cover with cling film and let stand at room temperature for 30 minutes.

2.
Take the dough out and cut it into pieces. Sprinkle the flour a little, knead it into long strips, and use a knife to divide small noodles weighing about 15 grams.

Press the small noodles into small noodles, and brush a layer of oil on the noodles for later use.

3.Take two small noodles and overlap the brushed faces together.

Use a rolling pin to roll the dough into a sheet of about 15 cm in diameter.

Pancakes 1.
Heat the pan, then add the rolled raw cake germs and cook over medium heat.

2.When air bubbles swell in the middle of the cake embryo, it means that one side is almost cooked, and the other side is flipped and the other side is slightly faint even if it is cooked.

3.Take out the pancakes and separate the two pancakes with one minute.

Put the ironed cakes on top of each other and cover them with a clean gauze on the front. This will not only keep the heat, but also increase the humidity of the cake, making the cake more flexible and delicious.

4.Take out a piece of cooked pancakes, add your favorite side dishes, and roll them together to eat.

Method 2: Main ingredients: Flour accessories: Artemisia annua, bowling mushrooms, carrots, northern mushrooms, fungus, bean sprouts seasoning: salt, monosodium glutamate, sesame oil 1. Mix the flour with boiling water and make it into a hot noodle, add a small amount of cold water, and stir for a while.Spare; 2. Pour the oil on the pan, add the bowl of shredded shreds and stir-fry, then add carrot shreds, bean sprouts, northern mushrooms, fungus, and Artemisia stalks and stir-fry evenly, add salt, monosodium glutamate and sesame oil.3, remove the dough, brush a layer of sesame oil on the flat back surface, sprinkle a thin layer, respectively, two dough cakes are stacked facing each other, then rolled into a wafer, brush a layer of oil in a pan, put the dough cakeBoil until both sides are mature. Rinse it into two spring cakes after it comes out of the pan, and roll in the fried vegetables when eating.

Greenland Holdings (600606) 2019 Semi-annual Results Express Review Comments: Stable Performance, Fast-forward, Multi-industry Coordinated Development

Greenland Holdings (600606) 2019 Semi-annual Results Express Review Comments: Stable Performance, Fast-forward, Multi-industry Coordinated Development
I. Overview of the event The semi-annual results announcement announced by Greenland Holdings announced that the company’s operating income in the first half of 2019 was 20 billion yuan, a year-on-year increase of 27.5%; realized net profit attributable to shareholders of listed companies of US $ 8.8 billion, an increase of 45 per year.7%. Second, the analysis and judgment of the release of performance is fast, and the profitability continues to improve. The company achieved operating income of RMB 16.1 million in the first half of 2019, a year-on-year increase of 27.5%; net profit attributable to mothers was 880,000 yuan, an increase of 45 year-on-year.7%.The high growth rate of the company’s net profit is mainly due to the increase in the company’s real estate projects’ carry-over income during the reporting period.In addition, the company’s net asset income is 12.16%, an increase of 2 over the same period of 18 years.76 singles, the level of profitability has further improved. Sales steadily increased, focusing on the core metropolitan area companies from January to June to achieve sales of US $ 167.7 billion, an increase of 3 years.1%, sales remained stable, ranking 7th in the industry.According to the number of reports, the company’s affiliates in third- and fourth-tier cities benefited from the market advantages of sub-projects such as inter-city space station construction. The sales amount increased by more than 50%, and business expansion and development was significant.In the first half of 2019, the company continued to adhere to the concept of urban agglomerations and metropolitan areas, focusing on key areas such as overlapping areas of first-tier cities, second-tier provincial capital cities, and prefecture-level high-speed rail stations.further optimization. Multi-industry has landed rapidly, and collaborative development has reached a higher level. In 2018, the company’s large infrastructure business realized operating income of US $ 1,481 billion, an increase of 41%; the value of newly signed contracts reached US $ 2,162 billion, a continuous increase of 63%, and it continued to solidify its foundationTo enhance industrial competition; maximize the profit of large financial businesses by 2.5 billion, an increase of 25%, give full play to the advantages of capital operation platforms, and seize the equity of leading technology companies.The company’s diversified industries are developing simultaneously, promoting innovation and transformation, improving development energy levels, and demonstrating industrial value. Third, investment advice Greenland Holdings has a fast-growing performance, sales have maintained scale, good finance, smooth financing, and coordinated development of diversified businesses.杭州桑拿The company’s EPS is expected to be 1 in 19-21.17.1.42,1.75 yuan, the corresponding PE is 5.6/4.6/3.7 times, the company’s highest in the past three years, the lowest, the median PE is 32.7/6.5/11.9x, maintaining the company’s “recommended” rating. 4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.

Bank of Nanjing (601009): fixed increase restarts re-investment capitalism tension expected to ease

Bank of Nanjing (601009): fixed increase restarts re-investment capitalism tension expected to ease

Event: On May 21, 19, the Bank of Nanjing disclosed a 14 billion fixed increase plan.

The fixed increase plan was first publicly announced at the end of July 17th, and at the end of September 18th, it received the Decision not approved by the CSRC.

The fixed increase plan was launched again, and the uncertainty of refinancing reduced. Nanjing Bank’s fixed increase was a setback.

An increase plan was announced at the end of July 17 and was approved by the Jiangsu Provincial Securities Regulatory Bureau in November. The “Feedback” of the Securities Regulatory Commission was received in December.

On January 2, 2018, the announcement of the response to the “Feedback” of the Securities Regulatory Commission and the revised version of the fixed increase plan were announced, and the number of subscribers and shares remained unchanged.Received the Decision not approved by the CSRC.

The resumption of the fixed increase has reduced uncertainty and is expected to ease market competition.

The previous plan was rejected, and the uncertainty of refinancing increased. In addition, Nanjing has relatively tight capital constraints in comparable peers, and the core tier 1 capital space may be used for less than one year.

The resumption of the fixed increase will return the capital replenishment to the normal track, and the market will be re-deterministically corrected or effectively alleviated.

Both the proposed subscribers and their share adjustments, and the improvement and improvement of transportation holdings are both additional plans16.

9.6 billion shares, raising 140 million US dollars, the proposed subscriber and its division adjustment rate.

The proposed subscribers are reduced from 5 to 4.

At the end of July, the plan was invested by the former second and third largest shareholders, Zijin, and Nanjing Hi-Tech subscribed for 1.

8.2 billion shares, 0.

7.3 billion shares; Taiping Life Subscription 4.

5.8 billion shares (the original shareholding ratio was only 0.

17%, if the completion of the increase will become the fourth largest shareholder); date traffic holdings, Phoenix Group to subscribe for 6.

4.8 武汉桑拿 billion shares, 3.

3.6 billion shares become new shareholders (or 3rd and 5th largest shareholders if the fixed increase is completed).

The May 19 plan was subscribed by the former first and second largest shareholders BNP Paribas and Zijin Investment respectively.

2.1 billion shares, 1.

9.4 billion shares; Dating Transportation Holdings, Jiangsu Provincial Tobacco Company subscribed for 10.

18 billion shares, 3.

6.3 billion shares become new shareholders (or 3rd and 5th largest shareholders if the fixed increase is completed).

Traffic Holdings’ subscription share increased, and Taiping Life Insurance and Phoenix Group shares were cancelled.

Roughly speaking, the differences are: 1) Replace Phoenix Group with Jiangsu Tobacco Company; 2) Remove Taiping Life Insurance and give most of it to Jiangsu Communications Holdings; 3) Nanjing Hi-Tech and Taiping Life Insurance until a small amountbar.
If the fixed increase is successfully completed, the tight capital adequacy ratio will be greatly relieved. For 14 years, Nanjing Bank’s core tier 1 capital has not been sufficient.

After a fixed increase of 8 billion in 15Q2, it reached 9.

41% high.

Since 16Q1, it has often been below 8.
.

5% level (ie often less than 1 pct from the regulatory red line).

Business expansion or damage.

The sequential growth rate of RWA and net capital directly determines the sequential movement direction of the corresponding capital adequacy ratio.

In order to maintain a sufficient level of capital, the growth rate of net capital has virtually become the ceiling of RWA expansion, and Nanjing Banking’s business has expanded normally.

The tight capital ratio is expected to ease significantly.

If the 14 billion fixed increase is successfully completed, the RWA static measurement of 19Q1 will increase the three capital return rates by 1 each.

66 pct; in particular, the core Tier 1 capital adequacy ratio space is from 1.

02 pct widened to 2.
68 pct.
Investment suggestion: the uncertainty of the fixed increase can be reduced, the expected improvement in the improvement of capitalist tensions is restarted again, and the concern about the uncertainty after the previous plan is eased; if the fixed increase is successful, threeCapital adequacy ratios increased by 1.

66 pct, RWA growth rate decreased.

It is expected that the growth rate of net profit attributable to mothers will be 14 in 19-21.

6% / 14.

7% / 15.

1%, the corresponding EPS is 1.

50/1.

72/1.

97 yuan, give target assessment 1.

Double 19 years of PB, corresponding to 10.

81 yuan / share, maintaining the overweight rating.

Risk reminders: The economy is falling faster than expected; the adverse risks of non-standard investments.