Lonnick revealed: “Cavani has recently resumed training. After two days of training, he looks in good condition, so I think he can at least enter the list of matches on Sunday.”

Manchester City is the premier league leader this season, leading Manchester United by 19 points. Lonnick admitted that the game is difficult to play, “We know we will play against the best team in Europe, they can even be the best team in the world. We have been creative enough in the past 11 games and can sometimes successfully change the opponent’s tactics, such as against Leeds United, but we should score more goals. If we can’t create more opportunities, that’s what I’m most worried about.”

United’s poor performance in recent years has undoubtedly weakened the appeal of the Manchester Derby. On how to rebuild the Red Devils, lonnick said, The team needs to learn from rivals Manchester City and Liverpool: “the club needs a person who has a clear idea and perseveres. In the past six years, Manchester City and Liverpool have remained stable in their positions. Guardiola and klopper know their tactics, which is the secret of the success of the two teams. This is the common ground between the top clubs and what Manchester United should learn.”

After the game, Guo Allen directly made a comment on social media, “I can’t understand. It’s a joke. I’ll play games. Bye.”

Comments about referees and players spread all over the comment area. Soon after, the topic of “Guo Allen was expelled” rushed to the microblog hot search, and it still topped the list hot search this morning. It can be seen that everyone’s attention to this matter is far more than the game itself.

From the perspective of slow motion, Aaron Guo’s layup was indeed suspected of being violated, but the referee could not guarantee that every penalty would be foolproof for other objective reasons such as angle on the court. We can only maximize the fairness of the players of the two teams, not to mention the uncertainty of competitive sports is also an attractive factor.

Of course, Aaron Guo’s complaint has his reasons, but his improper speech directly led him to two consecutive technical fouls and was finally expelled. For Guo Allen, it’s natural that some dumb people have a hard feeling of eating Coptis chinensis. They themselves suffer a loss. They find the referee to reason, but they suffer again.

As a player, respect the rules and face up to the problems. Even if you suffer a loss on the court, you can go through the appeal channel and ask the relevant departments to watch the video. If you compete directly with the referee on the court, the irrational athlete will naturally become the object of punishment. He will be wronged himself, which will only make him more embarrassed.

After Aaron Guo was expelled, I believe the CBA alliance will not turn a blind eye to his words on social media. According to the ticket issued by CBA League this season, Aaron Guo may be fined or even suspended.

In the match between Guangzhou and Jilin this week, Guangzhou head coach Guo Shiqiang was directly suspended for five games and fined 20000 yuan because he complained about the referee and made a scene on the technical stage. Zhao Rui was suspended for one match and fined 50000 yuan for judging with his fingers and using insulting language. It can be seen from the strict enforcement of the two rules of CBA, which is also related to the strict enforcement of the referee. Of course, the protection of referees is not biased. There are major omissions and misjudgments, and CBA also has a corresponding punishment mechanism for referees. For example, the referees and technical representatives of law enforcement Guangzhou and Jilin have been criticized internally, and there is even news that they have been suspended.

Although judges will be the target of many times, they should make complaints about the way to communicate or appeal through appropriate means. Blindly pushing the referee to the commanding height of public opinion will only make everyone watch the game with colored glasses and can’t appreciate the charm of competitive sports itself.

Of course, the remarks made by Liaoning team head coach Yang Ming at the post game press conference are worth praising for him. As the coach of the team and the coach of Aaron Guo, he apologized to the outside world for his players in front of the media. “The only deficiency is that Allen apologized to everyone and the referee through the media lens. (Guo Allen) the team will summarize the complaints about the referee’s decision, and strive for the coaching team to master the field environment and the scale of the referee’s decision in the future, so as not to make similar mistakes.” Yang Ming’s remarks set a good example for the whole team and even the whole league.

Under the background of the epidemic, CBA League has always been forging ahead and continuing the closed management of the tournament system. It is very difficult for 20 teams, including the referees. When the CBA League is in trouble, we need to work together to maintain the image of the league. Superstars, CBA League and fans are duty bound to work together to overcome difficulties and create a better environment for the CBA League.

Product / node Finance

In the A-share capital market, the textile sector has always been synonymous with tradition and low-key, and there are few large funds “lucky”.

However, in 2021, thanks to the baptism of the epidemic in 2020, the performance of garment enterprises increased significantly year-on-year, the live broadcasting of goods in full swing, the return of a large number of overseas orders and the Xinjiang cotton incident, the textile sector was stunned to tear a gap in the market of new energy and photovoltaic, and the stock price rose rapidly, with an annual increase of 17.02%, steadily outperforming the market.

Among them, Luolai life (002293. SZ), which is in the leading position, performed prominently, with a cumulative increase of 27.38% in 2021 and a new high in nearly five years in early January 2022.

Through the industry and the company itself, let’s take a look at the secret of “lying and winning” in Raleigh’s life and the possible challenges.

/ 01 /

The industry is large and the company is small

As early as in the farming society, there was the embryonic form of the textile industry. With the development of economy and the improvement of people’s living standards, the textile industry is subdivided into decorative textiles (Home Textiles), clothing textiles and industrial textiles according to the purpose. They together constitute three parts of this huge market.

As an important category of textiles, household textile products are known as “soft decoration” in bedroom accessories, which plays a decisive role in creating environment and style transformation, and imperceptibly affects our life.

Euromonitor data show that from 2011 to 2019, the market scale of China’s home textile industry increased from 1373 billion yuan to 247.5 billion yuan, nearly doubling.

However, in the process of life cycle evolution, its growth rate has slowed down year by year, from 17.55% in 2011 to 6.82% in 2015 and further to 3.99% in 2019.

It can be seen from the growth rate data that the track of Luolai’s life is not a high boom, but it should be noted that although China’s textile industry has dominated the global leadership for many years and bid farewell to the growth period for a long time, the per capita consumption is not high.

Figure source: BOC Securities Research Report

In 2019, the per capita consumption of the home textile industry in the United States was US $75.9, that in Japan was US $61.2 and that in China was US $25.7, equivalent to only about 100 yuan a year spent on the purchase of home textile products. There is still a large gap compared with developed countries, which also means that there is still considerable room for penetration and development.

As we all know, growth rate and penetration rate are a group of commonly used concepts in the consumer goods industry. Growth rate observe the growth stage and physical state of Companies in the industry, childhood, youth or prime of life and old age? Permeability measures whether the potential demand is large or not, and whether the potential for income increase is sufficient or not?

From these two indicators, the business of Luolai home textile tends to be “old age”, but due to the increasingly strong rigid demand attribute and the promotion of consumption upgrading, it has the power to make continuous money. It’s just that it’s hard to earn as much as new technology enterprises such as new energy and photovoltaic industry chain, or cyclical stocks such as COSCO Haikong and muyuan shares, which can’t stand starvation.

In terms of market structure, due to the simple products, low entry threshold and serious homogenization, the competition in the home textile industry is very fierce and sufficient, similar to building materials, home furnishings, catering, etc., showing the state of large industries and small enterprises as a whole.

Figure source: BOC Securities Research Report

In 2019, CR3 accounted for 3% and Cr5 accounted for 4.2%, while in 2017, CR3 accounted for 5.6% and Cr5 for 7.4%, indicating that market competition is intensifying and more entrants rush to eat “cake”, so that it is difficult to form Matthew effect.

However, on the other side of the coin, we still use the data of the United States and Japan to look in the mirror, which also shows that the leaders of China’s home textile industry have greater opportunities. In the future, they may continue to expand their scale based on the advantages of R & D, brand, channel, capital, production capacity and so on, so as to maximize the dividends of increasing market concentration.

Among them, in terms of medium and high-end home textile segments, it will account for about 20% of the market share of the whole home textile industry in 2020, and the market share of Luolai life is 2.2%, ranking first.

To sum up, this is an extremely fragmented market, which may be “marginalized” if you don’t pay attention. Although Luolai life has a certain comprehensive strength, the market share of more than two points is hard to say and has the absolute advantage, let alone earn money from the industry pattern, and subject to the brutal growth of various small and medium-sized brands, all parties are in a difficult game.

As a result, there are few tickets with a market value of more than 100 billion in the capital market, home textile industry or textile industry. At present, Luolai life has a market value of about 12 billion, which almost stands out among its peers.

/ 02 /

Scale leader, profitability second

From the macro industry to the micro individual, let’s take a look at the situation of Luolai’s life itself.

Luolai life was founded in 1992, initially called Luolai home textile. In 2009, following the trend of e-commerce destroying Gula, the company established LoVo Internet brand and listed on Shenzhen Stock Exchange in September of the same year.

After 2011, in order to expand product categories, Luolai life introduced towel, fragrance care and other categories through mergers and acquisitions or equity participation; In 2015, Luolai children’s store was founded, and the home store model began to take shape; In 2017, in order to explore overseas markets and enhance international popularity, Lexington was acquired, focusing on American high-end furniture.

Source: Luolai life official website

From 2005 to 2011, in the embryonic stage of the industry, the company grew rapidly, with a compound annual growth rate of 38.8% in revenue and 54% in net profit attributable to the parent company.

From 2012 to 2016, due to the economic downturn, e-commerce impact, inventory pressure and other factors, the home textile industry entered an adjustment period. The annual compound growth rate of Luolai’s living revenue decreased to 3.7%, and the net profit attributable to the parent decreased from 382 million yuan to 317 million yuan.

At the same time, the company’s valuation has been significantly corrected and has been consolidated for two years at the bottom. Until the bull market came in 2015, although its performance did not improve significantly, it also performed a “peak moment” due to the high market sentiment and the rising valuation.

After 2017, the home textile industry quickly transited to the flat development stage after a short recovery. In 2017, Luolai life achieved a year-on-year increase of 47.78% in revenue and 34.85% in net profit attributable to the parent company