Handan. Stock exchange.

"Pharmaceutical stocks?" Li Li asked, looking at the newspaper.

"Yes, pharmaceutical stocks. You know, all the war-related stocks are entering the market in large numbers, from the earliest banks, to munitions, to processing. All the way down to construction stocks. The number of shares listed by the IRA has become more and more numerous. From nothing to one, and then quickly rose to more than 50 now, no, to be exact, the sixtieth stock is a pharmaceutical stock. The investor on the side said.

Indeed, as the other side said, the number of stocks listed and traded by the IRA is increasing, and in addition to the bond market, there is also a stock market and a futures market, which are all meeting the various financial service needs of the IRA. Under such a demand, the major enterprises under the control of the Republican Army were rapidly listed, and according to Shangwu's expectations, within five years, the stocks of 50 enterprises could be listed. It's pretty fast. But in fact, the number of companies exceeding 50 stocks is less than a year. Now he has reached sixty, but the sixtieth stock, there is something special, how to say. This is the first pharmaceutical stock.

"Well, the war did bring with it the need for pharmaceutical stocks to be listed." Li Li said. The first pharma is a listed pharmaceutical stock. This is the No. 1 pharmaceutical factory controlled by the Republican Army, but its profitability is not very good. This is reported in the newspapers. Because most of the drugs they make are very effective, but the price is too low. Basically, it will maintain a cost price and will not lose money. Coupled with the fact that the price of medical care is not too high, although the impact is widespread, his financial situation is really not very good.

Li Li is not very fond of such stocks. Although pharmaceutical stocks are doing very well. However, this kind of practice of holding gold and not operating makes Li Li not very optimistic.

This is the capital market, and if there is not enough expected profit space, no investor will value the development of such a company. In the final analysis, pharmaceutical factories want to bring profits, and if the profits are controlled in a low space, they are really not too optimistic about such a situation.

The pharmaceutical industry does have some peculiarities. Because of the specialness, many things behave very differently.

Zhang Zhongjing and Hua Tuo are both doctors who treat diseases and save people, their purpose is very simple, that is, to treat diseases and save people, to a certain extent, they are doing such things personally, and they do such things with high ideals.

The Medical College and the First Pharmaceutical Factory are closely related to each other, and the Medical School provides a large number of prescriptions to doctors. In order to reduce the price of drugs to a greater extent, in addition to the necessary staff costs and some equipment costs, the cost of medicinal materials and pharmaceutical patent fees are very low. This leads to a serious outcome.

The First Pharmaceutical Factory has always been in a state of equilibrium, it has not caused losses, and the level of profitability is extremely limited. But such an equilibrium is itself a loss. Don't forget. In construction companies, many engineers, and even skilled craftsmen in factories, are highly paid, and they will have many invention patents in addition to their first time. In contrast, the level of patents of doctors is not very low. But the problem is that their patent fees are approximately equal to free. This poses a huge threat to the extreme reduction of the doctor's ability to innovate. This is extremely dangerous. After all, doctors are also human beings, and no one will engage in such a profession if it does not bring greater profits.

Although seeking a balanced relationship, Zhang Zhongjing and Hua Tuo must be like this, but the problem is that if they can't manage it well, this will cause a huge threat to the greatest extent, and balance is a loss. It is extremely dangerous for doctors to have a large number of patents and not make enough money to sustain them and invest more in scientific research.

Zhang Zhongjing, Hua Tuo certainly has his own ideals. But this is not conducive to long-term development, and in such a situation, most financial investors are not optimistic about such stocks. Because of the lack of investment value in stocks, no one wants to see their money in a state of loss. This is the biggest dilemma of First Pharmaceutical.

Everywhere there are various states of insurrection. The war seems to be becoming uncontrollable, and the imperial court is losing control of the place, and the living conditions of the people will enter a state of great instability, and the war will bring a large number of casualties and more outbreaks of pestilence. These are uncontrollable factors, in such a case, the demand for drugs will be very large, the prospects are very good, but such a model, no one will invest.

This is an extremely uncontrollable situation. If this situation continues, First Pharma will be in a huge disadvantageous state, and it is possible that it will go out of business.

Li Jiazhuang, War Department.

"The situation in the annexation states seems to have changed somewhat differently, although on the front line, our troops do not see some changes. But in the state, a lot has changed. It is said that some of them are going to retreat with the state army. Jia Xu said.

The intelligence services of the IRA are still very active. By collecting some details, they can see the change. For example, the families of some powerful people began to move, and a large number of vehicles that might have been carrying belongings were moved to other areas. Most of the IRA's intelligence does not have access to the core, but they can notice changes in intelligence through a series of abnormal situation gathering, and this is the importance of the details. All this information has finally been summed up in a single point. That is, the state army is retreating, and the first to retreat are the elites, because they must ensure the safety of their families, but these security reveal their next military action.

"We can't confirm whether this information is correct." Shang Wu brought the information and said this.

"But we should do something, at least create some riots, or some threatening actions." Jia Xu didn't mind creating some chaos for them, after all, this would create more panic, and such panic would create a bigger disaster for them.

"Well, such a situation is true for us, but I think it will lead to an unfavorable situation, and we will not bring back the magnates of the annexed states all at once. After all, they gave up, but they did even a very remarkable result, and if we were to show that they were going to impose a forced siege on them, I fear that they would do something extremely irrational, which would be a very difficult state for us. Shang Wu said.

Although there was the development of the guerrillas, it would take some time to expand to a greater extent all at once, but the magnates of the annexed states gave up there. This was an opportunity for the IRA to take control of the state. Although Jia Xu wants to hit the other party, it is very likely that this will cause another unfavorable thing to happen and push back. If the forces of the annexed states were to be pushed back at once, instead of withdrawing, the Republican army would still return to the old path of forcible attacks.

"Well, this is indeed a problem, but the Jingshi Luoyang side will definitely need such a result, if they continue to suppress, I think, they will still choose to retreat." Jia Xu saw that He Jin, the capital division, urgently needed Ding Yuan's military strength, because he needed a major guarantee. If you can't effectively guarantee such a situation. It will be a big trouble.

"I think we'd better calm down, don't act rashly, it's better to wait until they leave, and cause some trouble for them, and that's fine. There is no need to put a move now on the state army. Shang Wu said.

"Well, I hope so." Jia Xu said. In Jia Xu's view, the republican army has to take the road from the local to the core area controlled by the imperial court, which may be a long road, but it is very steady, in this process, Jia Xu does not mind consuming and attacking some of the local military forces of the imperial court, because this can minimize the difficulty of some of their attacks.

It can be said that Jia Xu does not mind doing this, but Shangwu is worried that the excessive blow will stimulate the determination of the state forces to retreat, because if they take the initiative to evacuate, it will be a good thing for the Republican army, and if they continue to stay in the place, the result can be imagined. Shang Wu did not want a greater degree of offensive warfare. That's too much of a military drain.

Therefore, Shang Wu's plan was to attack after a massive retreat.

General He Jin didn't know how much mistake he had made, and if the Bingzhou army maintained a confrontational posture, it might be saved, but unfortunately, because of He Jin's stupid decision, the Bingzhou army had to retreat, and retreat was the most difficult military operation. And retreat means creating opportunities. The IRA will not pass up such an opportunity.

Retreat means panic, and some unexplained behavior often brings some panic, for example, they will inevitably choose to retreat to ensure that their property is not damaged, even if it is a local force, they will choose to protect themselves, which provides extremely favorable conditions for the Republican army.

Jingshi, Luoyang.

"Stupid decision, stupid decision." After Cao Cao heard such news, he said this. The retreat of the state army has entered a substantial stage, and such a retreat will bring great trouble. Cao Cao said affirmatively.