A total of three funds were released during the year ‘s three RRR cuts1.How does 75 trillion affect the stock market and property market

A total of three funds were released during the year ‘s three RRR cuts1.How does 75 trillion affect the stock market and property market
After nearly a week of supervised “spoilers” several times, the third consecutive year ‘s announcement of the RRR cut on April 3 came as scheduled, but the excess reserve ratio was lowered for the first time in 12 years but it was “seeing for a long time”.Initially announced that for the rural credit cooperatives, rural commercial banks, rural cooperative banks, village banks and urban commercial banks operating only in provincial administrative areas, the deposit reserve ratio will be lowered by 1 on April 15 and May 15.Implemented in place twice, each time down to 0.Five averages, releasing a total of about 400 billion yuan in long-term funds.At the same time, it was decided to reduce the interest rate of the consolidated excess deposit reserve of financial institutions from 0 on April 7.72% down to 0.35%, the interest rate has been zero since 2008.99% down to 0.After 72%, no adjustment has been made.Many experts said to the sauna and Yewang that the reduction of the excess reserve rate and the “step” of the targeted reduction are consistent, all in order to allow financial institutions to use funds where they are most needed, namely the real economy, especially affected by the epidemic.Many industries and enterprises.Lian Ping, chief economist and director of the Institute of Phytosanitary Investment, also mentioned that this also reflects that the world economic recession is gradually showing changes to the Chinese economy, while the macroeconomic policy adjustment has been significantly increased.The three RRR cuts during the year gradually released about 1 long-term fund.The budget of 75 trillion US dollars announced that the initial long-term funds released by the preliminary targeted reduction of about 400 billion U.S. dollars, on average, each small and medium-sized bank has about 100 million U.S. dollars in long-term funds, effectively increasing the stable source of funds for small and medium-sized banks to support the real economy, and even reducingBank capital cost is about 6 billion per year.Regarding the implementation of the quantile reduction, the transition stated that it is to prevent the liquidity accumulation caused by excessive one-off release and ensure that the small and medium-sized banks will receive all the funds to reduce the cash input to small and medium-sized enterprises.”After the RRR cut, more than 4,000 small and medium deposit financial institutions (including rural credit cooperatives, rural commercial banks, rural cooperative banks, village banks, financial companies, financial leasing companies and auto finance companies, etc.) have deposit reservesThe rate has been deducted by 6%. From the previous history and above, the 6% deposit reserve ratio is a relatively low level.”Senior style.In the past week, supervision has repeatedly “spoiled” the targeted downward revision.The National Standing Committee meeting on March 31 made it clear that further reductions in the direction of small and medium-sized banks should be further implemented. At the press conference on the morning of April 3, Vice President Liu Guoqiang also mentioned this plan.This is the third round of RRR cuts during the year.The first time was a comprehensive reduction of the standard on January 6th, and the deposit reserve ratio of financial institutions was lowered by 0.5 digits; the second time is the targeted reduction of inclusive finance on March 16th, and the targeted reduction of 0 for banks that meet the assessment standards.5 to 1 single, and at the same time, additional eligible exchanges will be reduced for the qualified joint-stock commercial banks.The first two RRR cuts gradually released long-term funds of about 1.35 trillion yuan, the cumulative release of long-term funds of about 1 three times during the year.75 trillion.From the close of the implementation of the two directional reductions in the past, the urgency of steady growth and employment can also be smoothed.Bank of China Chief Analyst Zong Liang told Sauna and Yeewang that under the current epidemic situation, international monetary policy is generally relaxed, and we have more room to move from the perspective of monetary policy, and we must make decisions based on the economic situation of our country.A directional downgrade is very close, providing a reasonable basis for ensuring stable economic development.Why target small and medium banks?Analysis: The policy tilt allows more funds to support the small and medium-sized enterprises affected by the epidemic. The unemployment rate rose in the first two months, especially for small and medium-sized enterprises.”This time, the targeted permission has selected small and medium-sized banks. The customers of these banks are mostly small and medium-sized enterprises, especially rural credit cooperatives, rural commercial banks, etc., and gradually released the long-term funds of small and medium-sized banks through the RRR cut, so that they have more fundsSupport small, medium and micro enterprises.Pan Helin, executive dean of the Digital Economic Research Institute of Zhongnan University of Economics and Law, told the sauna, Yewang.Dong Ximiao, chief analyst of Xinwang Bank and a special candidate of the National Finance and Development Laboratory, also analyzed that there are about 4,000 rural small and medium-sized financial institutions and urban commercial banks that operate only in provincial administrative regions, accounting for more than 95 of the country’s banking institutions.%, The implementation of targeted reductions in these two types of banks will help reduce the cost of capital for small and medium-sized banks, promote small and medium-sized banks to provide preferential loans to small and medium-sized enterprises, better serve rural revitalization and economic and social order recovery, stabilize growth and stabilize employmentOf great significance.Liu Guoqiang said at the press conference of the State Council Office that the monetary policy will grasp the strength, focus and rhythm in stages. The early stage was the epidemic prevention and control stage, and later it was gradually resumed production. Now it is necessary to enter the entire industry chain to resume production.To maintain reasonable and sufficient liquidity, there will never be a “money shortage” in the market, nor will the money “grow.”Policy tools to help small, medium, and micro enterprises overcome difficulties include refinancing and discounting.The National Convention on March 31 proposed to increase the re-discount limit of small and medium-sized banks by another 1 trillion, and expand the credit coverage of agriculture-related, foreign trade, and industries heavily affected by the epidemic.The Air Force has established a special refinancing fund of US $ 300 billion and a refinancing quota of RMB500 billion.The unexpected “reduction of excess reserve ratio” and “let financial institutions use money where they need it most” are not unexpected. However, the first reduction of excess reserve ratio after 12 years is “seeing for a long time.”Lianping told the sauna and Yewang that the excess deposit reserve is a requirement for commercial banks to pay statutory deposit reserve in accordance with the continuous requirements. If the funds are ample, they can also be placed in replacement and pay interest.”This time the emerging interest rate of excess deposit reserve will be reduced from 0.72% down to 0.The 35% range is not small, basically very clear, that is, if you want commercial banks to have ample funds, do n’t place them, but more can play a role in supporting the real economy, such as credit and investment bonds.”Lian Ping said.Zong Liang also believes that the transition is to allow financial institutions to use their money where it is most needed, rather than depositing it gradually.The reduction of the excess reserve ratio and the targeted RRR cuts are unified and coordinated, so that financial institutions’ funds can be more compact and flow more into the real economy, providing better support for the development of the real economy.This rare operation also carries more signals.Lian Ping said that the reduction of the excess reserve ratio also reflects the positive effect of the world economic recession on the changes of the Chinese economy. It is absolutely necessary for macro policies to increase the code from all angles, and macro policy adjustment efforts have been significantly increased.”Monetary authorities can be said to be using various means to promote commercial banks to make better use of financial resources to support the real economy, especially to further promote the recovery of the real economy’s demand and recovery.”” Lian Ping said.An analysis of the “blow-wind” of the stock market and property market: To prevent speculations from lowering standards around the world, especially by intermediary agencies, lowering standards also helps to boost confidence in the stock market.China Merchants Fund said that this targeted RRR cut has released a greater signal of counter-cyclical adjustment intensity. Before the two sessions of this year, the market’s expectations for stimulus policies are still good, and it is also constantly protecting the market, thereby boosting market confidence.In terms of the impact on the property market, Yan Yuejin, director of the Shanghai Yiju Real Estate Research Institute, said that the previous monetary policy adjustments have had a large number of positive effects on the property market.First, the liquidity of commercial banks has increased, and the overall pace of subsequent lending will be accelerated, and the related loan business can also be well supported.The second is that the cost of related loans will be further reduced. The follow-up will have a positive effect on the reduction of loan interest rates for housing companies and buyers, and further activate the real estate development and housing sales markets.However, he also reminded that the recent housing transaction market is better than expected. It is necessary to prevent speculations such as speculation and lowering of standards in various agencies, especially intermediary agencies, to prevent various types of housing sales from arbitrarily increasing prices, and further promote the supplement of housing and housing speculation.Analysis of remaining space for RRR cuts and interest rate cuts: The deposit interest rate is more directly related to the people, and adjustments need to be comprehensively considered in public statements such as Politburo meetings and mergers, and will continue to promote the reform of the loan market quoted interest rate (LPR) to guide banks to the real economy.Make profit.The policy tool driving LPR’s decline is not only the RRR cut.On Monday, the reverse repurchase was restarted 29 trading days after the beginning of the year, and the interest rate was rarely reduced by 20 basis points at a time.Too many members of the public believe that the downward pressure on the economy in the first quarter of the country is high. The G20 meeting is also expected to strengthen policy coordination. It is expected that the interest rate of the 4-month minimum credit limit (medium-term lending facility) operation and the quoted interest rate of the LPR loan market will be synchronized.Downgrade.However, the decline in LPR has compressed bank interest spreads, and there has been increasing speculation about lowering the benchmark interest rate of deposits to “reduce the burden” on banks.Going forward, Liu Guoqiang said that the deposit interest rate is more direct to follow the relationship between ordinary people, adjustments need to consider the feelings of ordinary people, and also consider factors such as price, economic growth, internal and external balance.There are many ways to “reduce the burden” for banks, at least to provide budget funds.Lian Ping also analyzed that the current reduction in the benchmark deposit interest rate is not very suitable, because it affects many aspects, including the deposit income of ordinary people, the RMB exchange rate and so on.”There are some dilemmas in this situation.The real economy has encountered such a big impact as the world economic recession. This time the gradual reduction of the impact will be greater than during 2008 and 2009. Therefore, the policy intensity should be further increased. Reducing the deposit access rate by a certain amount is one of the policy options, but it is also necessary.Consider whether there is any impact.Many experts believe that there is still room for future RRR cuts and interest rate cuts.Dong Ximiao believes that in the early stage, the banking industry generally reduced the concession fee for the prevention and control of epidemic services and the resumption of production and production.Under the circumstances that the profit growth of the bank is affected, can the benchmark interest rate of deposits be lowered in a timely and appropriate manner, increase and reduce the cost of bank liabilities, and enhance the initiative and sustainability of banks to improve services.Regarding the decline in the benchmark interest rate of deposits, Lian Ping believes that the growth rate of existing bank deposits is not high, and loans will also be hindered.The benchmark interest rate for deposits has limited downward space and it is difficult to continue a substantial downward adjustment.Pan Helin believes that the upcoming RRR cut will gradually eliminate the market’s expectation of a comprehensive RRR cut and interest rate cut. In the context of the Fed’s interest rate cut, the space for the gradual comprehensive RRR cut and interest rate cut has been opened, but it is just waiting for a more appropriate time window.Sauna, Ye Wang Cheng Weimiao editor Chen Li proofreading Yang Xuli

AVIC Shen Fei (600760): China’s first naval and air force aviation construction backbone company

AVIC Shen Fei (600760): China’s first naval and air force aviation construction backbone company

As a conventional heavy fighter R & D company, the company directly benefited from the advanced 深圳桑拿按摩网 construction company of the navy and air force. It was a fighter manufacturer in the early days of New China.

From the J-5 series of the first generation fighter to the J-8 series of the second generation, and from the J-11B, J-15, and J-16 series of the third generation to the J-31 of the fourth generation, the company has been the Chinese Air Force.And Navy Aviation provide advanced fighter products.

The company will continue to benefit from the modernization of naval and air forces.

The J-16 multi-purpose fighter is in great demand and has a strong replacement space for the J-16, in addition to the outdated JH-7 series and the Qiang-5 series, and the Su-30MKK, which was transferred around 2000 and is nearing its life limit.There are also some J-7, J-8II in active service of the Air Force and Naval Air Force.

After 杭州桑拿网 refitting the J-16, these units redeployed a variety of operational forms, such as air interception, ground-to-sea attack, and anti-radiation, which were previously deployed as a single interceptor or ground attack mission.

It is estimated that the total market space of the J-16 is close to 200 billion yuan.

The F-15 carrier-based aircraft and the F-31 stealth fighter benefit from the development of naval aircraft carrier-based aviation. The replacement of the F-15 carrier-based aircraft in our army is similar to the US F / A-18E / F / G series.With the development of the military aircraft carrier fleet, the total market space is close to 220 billion yuan.

At present, the annual carrier and various related combat equipment are still in their infancy, and the growth of carrier-based aircraft can provide the company with considerable performance growth.

The naval aviation of the world’s major powers is in the midst of replacements of the third and fourth generations. The demand for the medium-sized four-generation stealth fighters is huge.

The total space of the J-31 market is about 180 billion yuan.

Investment suggestion AVIC Shen Fei, as an important domestic fighter manufacturer, considers the increase in company performance brought by the demand for fighter jets in the first army-wide remodeling, as well as the reform of military pricing mechanism and the reform of institutions and other policies.The price-earnings ratio is compared with military general assembly enterprises, considering the company’s growth and scarcity.

Taking PE as 40-55 times, calculated according to the estimated EPS in 2021, the corresponding two-year reasonable estimate is 36.

4-45.

5 yuan, an increase of 18.

6% -48.

3%, maintain BUY rating.

Risks suggest that the construction of the Air Force and the Navy may be less than expected, and the progress of the reform of military industry central enterprises may be less than expected. The above factors may cause the company’s performance to be less than expected.

Fund Weekly Review: Super Qicheng Fund Growth Technology Net Fund Soars

Fund Weekly Review: Super Qicheng Fund Growth Technology Net Fund Soars

China Net Finance January 17 news The two cities adjusted sideways this week, but it is still difficult to stop the madness of technology stocks. The net value of technology-themed funds has skyrocketed, and this week, over 70% of funds have grown.

Among them, ordinary stock funds and hybrid funds increased by over 70%; tiered funds increased by over 60%; ETFs were mixed; enhanced index funds increased by over 60%; QDII funds were mixed; mixed FOFs increased by over 90%, only 40%Only decreased; bond funds increased by more than 80%; the yield of money funds fell significantly from last week.

  This week, ordinary stock funds and hybrid funds increased by over 70%.

Among them, China Resources Yuanta Information and Media Technology Co., Ltd. grew by 9%.

70%, the largest increase, Great Wall Jiujia’s innovative growth and flexible deployment of mixed growth9.

47%, Guolian An’s preferred industry mixed growth9.

38%, Guolianan Technology Power shares rose 9.

05%; Wanjia Select Mix fell 3.

27%, the largest decline, Wanjia macro timing and multiple strategies fell 3.

24%, Wanjia Ruixing Mixed fell 3.

05%, Wanjia Xinli fell 2.

84%.

  The grading fund rose by over 60%, and the overall increase in the theme B of technology and Internet theme was the largest, while the overall decline of the theme B of steel and coal theme 深圳桑拿网 was the largest.

Which rich country industry 4.

0B rises by 8.

19%, the largest increase, CSI Shenwan Electronics rating B increased by 7.

79%, Rich Country Mobile Internet B grew by 5.

99%, Penghua Internet B increased by 5.

84%; China Merchants Securities CSI Coal B fell by 5.

68%, the largest decline, Penghua Steel B fell by 5.

58%, Zhongrong Coal B fell by 5.

58%, Wells Fargo Coal B fell by 5.

twenty three%.

  ETFs are mixed.

Its China Security CSI All-Share Semiconductor ETF rose by 10.

73%, the largest increase, Cathay Pacific CES Semiconductor ETF increased by 10.

36%, Guolian An CSI refers to the semiconductor product and equipment ETF connection A rose 9.

78%, Guolian An CSI refers to the semiconductor product and equipment ETF connection C rose 9.

77%; Huitianfu CSI Energy ETF fell 南宁桑拿 2.

88%, the largest decline, the GF China Securities All-Share Energy ETF fell by 2.

At 71%, the Tim Fortune CSI State-owned Enterprises One Belt One Road ETF fell by 2.

At 31%, E Fund’s CSI State-owned Enterprises One Belt One Road ETF fell by 2.

28%.

  Enhanced index funds increased by over 60%.

Among them, the Changxin CSI 500 Index increased by 5.

36%, the largest increase, the rich country CSI high-end manufacturing index enhanced growth3.

47%, the theme index of CSI in the rich countries increased by 2.

88%, Huitianfu CSI Environmental Governance Index (LOF) C rose by 2.32%; Western China Securities CSI State-owned Enterprise Dividend Index increased by 1 and decreased.

28%, the largest decline, Qianhai Kaiyuan CSI Big Agricultural Index increased by 1 and fell.

At 01%, the CSI China Connect 100 China Sustainable Development Index enhanced A and dropped 0.

At 81%, the Xingquan Shanghai-Shenzhen 300 Index (LOF) C fell 0.

80%.

  QDII funds were mixed.

Among them, China Mobile Mobile Internet Hybrid (QDII) (USD cash / USD cash) increased by 4.

34%, the largest increase, the rich blue-chip select stocks rose 4.

19%, China Mobile Mobile Hybrid (QDII) (RMB) rose 3.

37%, on the investment in Morgan China’s biomedical hybrid growth3.

16%; Huabao oil and gas dropped by 3.

51%, the largest decline, E Fund’s crude oil C class RMB fell 3.

35%, Yi crude oil Class A RMB fell 3.

34%, Cathay Pacific fell 3.

27%.

  The hybrid FOF increased by over 90%, and only four declined.

Among them, NORD’s category selection (FOF) increased by 2.

36%, the largest increase, and China Merchants and Wyatt’s balanced pension three-year hybrid (FOF) increased by 1.

At 17%, Huaxia Pension’s holdings of mixed ownership (FOF) increased by 1 in 2050.

At 11%, Huaxia Pension increased its holding hybrid (FOF) A by three in 2045.

05%; Zhongrong Quantitative Selection FOF C dropped 0.

13%, the largest decline, Zhongrong Quantitative Selection FOF A fell 0.

12%, Qianhai Kaiyuan Yuyuan dropped 0.

At 09%, BOC Ankang’s prudent old-age pension target fell by 0 per year.

09%.

  Bond funds rose by over 80%.

Among them, Western China’s stable double-interest bond C rose by 1.

83%, the largest increase, the western region benefited from a stable double-interest bond A increased by 1.

82%, human security benefits are set to increase by three months.

At 72%, China Merchants Tianrong’s three-month initial bond issuance A has increased by 1.

62%; Hongta Red Earth Ruixiang Pure Bond C fell by 2.

08%, the largest decline, Ping An Huilong pure debt fell by 1.

85%, Haifutong convertible bonds preferred bonds decreased by 1.

54%, Xinyuan Hengxin Yield Enhancement Bonds fell by 1.

20%.

  The rate of return of money funds has dropped significantly from last week, and the average rate of return of money funds this week was 0.

048%. According to the data on January 16, only 48 currency funds have an annualized return of over 3% on the 7th, and only 32 currency funds have an income of more than 1 yuan per 10,000 funds, which is more than half of the previous number.

Tongling Nonferrous (000630) Interim Review: Downward processing fees dragged down second-quarter results.

Tongling Nonferrous Metals (000630) Interim Review: Downward processing fees dragged down second-quarter results The company ‘s overall performance was in line with expectations
Core point of view The company’s second-quarter earnings narrowed. The overall performance was in line with expectations: Recently, Tongling Nonferrous Metals released the 2019 semi-annual report, and the company achieved revenue of 468 in the first half of the year.59 ppm, an increase of 15 in ten years.09%; net profit attributable to mother 4.1.4 billion, an annual increase of 0.18%; net profit after deduction to mother 3.39 ‰, an average of 12 in ten years.02%.Q2 revenue was 236.83 ppm, a ten-year increase3.02%; net profit attributable to mother 1.34 ‰, 36 years average.85%; the company’s Q2 profit has narrowed compared to Q1, but the overall performance is in line with market expectations. The main production and sales continued to increase and the decline in processing fees dragged down the gross profit margin: the company produced a total of 70 copper halide in the first half of the year.76 for the first time, growing 8 per year.84%; copper content of copper concentrate 2.73 for the first time, growing by 4 per year.2%; copper processing material 17.31 for the first time, growing by 4 per year.85%; sulfuric acid 214.52 Initially, it grows 8 per year.twenty four%.Although the production and sales of products continue to increase, due to the decline in TC / RC costs of copper processing and the drop in sulfuric acid prices, the company’s comprehensive gross profit margin will increase from 5.37% dropped to 4.2%, resulting in a substantial narrowing of earnings in the second quarter.At present, the price of sulfuric acid is in a downward trend, and there is limited room for decline. However, the copper processing fee is affected by the mismatch between the growth rate of the copper supply side and the smelting side.Toxicity, the future may recover through copper downstream consumption 苏州夜网论坛 recovery.On the whole, the company’s gross profit margin will have limited downside in the second half of the year, and the combined new production capacity will gradually expand. The company is expected to supplement the price by volume to drive performance growth. The future 5G copper foil with high-end lithium battery copper foil production capacity is expected to become a new growth point: Company 2 has completed the first phase (1 ton) of the ultra-thin electronic copper foil project for advanced energy storage, and has been gradually delivered.A 2 ton high-purity metal rhenium production line has also been in trial production in the middle of the year, trying to promote the company’s performance growth.At present, the company has 4 initial copper foil production capacity, including 2 standard foils.25 inches, lithium battery 杭州桑拿网 copper foil 1.75 millimeters, technically 6 micron and 7 micron lithium foils have been mass-produced. At present, research and development of high-end copper strips and 5G copper foil products is being promoted, and it is expected to become a new performance growth point in the future. Investment suggestion: We expect the company’s EPS for 2019-2021 to be 0.07 yuan / 0.09 yuan / 0.10 yuan, the corresponding PE is 30.27/25.99/22.88 times, maintaining the “recommended” level. Risk warning: Copper processing fees fall, sulfuric acid prices fall, project advances are less than expected

In-depth-Company-BYD (002594): Toyota cooperation highlights the advantages of new energy technology development prospects

Depth * Company * BYD (002594): Toyota cooperation highlights the advantages of new energy technology development prospects

The company recently announced an agreement with Toyota Motor on July 19, 2019. The two parties will jointly develop pure electric models of cars and low chassis SUVs, as well as jointly develop the power batteries required for the above models.

The company is a domestic leader in new energy vehicles, with an average market share of new energy vehicles and power batteries exceeding 20%.

New cars have been launched successively, and high-priced models such as the Tang DM have continued to sell well. The high growth in production and sales is expected to bring great performance flexibility.

The company streamlined the business of parts and components, and gradually supplied externally advantageous businesses such as power batteries and IGBTs with huge development potential.

This announcement in cooperation with Toyota Motor is a powerful endorsement of the company’s new energy vehicle technology and battery technology, and promotes the rapid development of new energy vehicle sales and power battery external supply.

We expect the company’s estimated earnings for 2019-2021 to be 1.

69 yuan, 2.

15 yuan and 2.

At 41 yuan, the company’s new energy vehicle sales overlapped with an operating inflection point, and the outlook is bright. We maintain our Buy rating.

  Key points of the official rating New energy vehicle technology is leading domestically, and Toyota cooperates to enhance brand value.

The company has obvious competitive advantages in the fields of new energy vehicle technology, supply chain, and brand. It has long ranked first in domestic new energy production and sales. Tang EV / DM and other models have exceeded the price limit of 250,000 yuan and have continued to sell.

  The company has already cooperated with Mercedes-Benz in the field of new energy vehicles. The cooperation with Toyota to develop cars and low-chassis SUV pure electric vehicles is another proof of the company’s new energy vehicle technology leadership and is expected to further enhance the company’s new energy vehicles.Brand value helps sales continue to grow.

In addition, Toyota has invested heavily in electric vehicles, further consolidating the development direction of electric vehicles, and the company’s new energy prospects will have a long-term layout.

  Toyota’s endorsement of power batteries, etc., the prospect of external supply is expected.

The sales of new energy vehicles at home and abroad continue to grow at a high speed, but the supply of high-quality batteries is scarce. At present, the company in Ningde era is the largest, but the long-term layout may change.

The company’s power battery has extremely strong competitiveness in the fields of performance, cost, safety, consistency, etc., and its market share reached 24 in the first half of the year.

8% (real lithium research data), but mainly self-supplied.

Pioneer’s power battery capacity is expanding rapidly, and it actively explores external customers. At present, cooperation with Changan and Dongfeng continues to advance, and it is expected to explore more customers in the future.

This announcement of the company’s cooperation with Toyota in the field of power batteries is a powerful endorsement of the company’s power battery products, trying to help open up more external customers.

Toyota Motor proposed at the June 2019 electrification strategy conference to advance the original goal of achieving 1 million BEV / FCEV sales by 2030 to 2025. The company’s power batteries are also expected to receive some orders, and future development prospects are expected.

  New energy sales continue to grow rapidly, and performance is expected to increase steadily.

According to data from the China Automobile Association, domestic sales of new energy vehicles from January to June 2019 were 61.

70,000 vehicles, an increase of 49 per year.

6%; the company’s sales of new energy vehicles from January to June reached 14.
.

60,000 vehicles, an increase of 94 in ten years.

5%, the market share is as high as 23.

6%, up 3 by 2018.

9 points.

The company’s air force foresees a net profit of about 14 attributable to mothers in the first half of the year.

5?
16.

5 ppm, an increase of 202 in ten years.

65%?
244.

40%.

With the successive listing of Song Pro DM / EV and e-series new cars, the company’s new energy sales are expected to maintain rapid growth, and through measures such as cost reduction, it will actively respond to the decline in compensation, and the company’s performance will promote rapid growth.

  We estimate that the company’s earnings for 2019-2021 will be 1.
69 yuan, 2.

15 yuan and 2.

At 41 yuan, new energy vehicle sales exploded and overlapped operating inflection points, and the development prospects are bright. 杭州桑拿网 We maintain our Buy rating.
  The main risks facing the rating 1) New energy vehicle sales are lower than expected; 2) External supply of power batteries is lower than expected.

Fiscal International prepares to apply for permit

Fiscal International prepares to apply for permit

Source: Daily Economic News, every reporter Huang Xiaocong, every editor Xiao Ruidong, foreign news enters the public offering industry, and there is new news.

  Recently, a reporter from “Daily Economic News” was informed that some “foreign private placements” have shown greater interest in public fund licenses.

For example, Fidelity International stated that it will actively prepare to submit applications for foreign public fund licenses at an appropriate time.

  A person from a foreign agency said: “It depends mainly on your own ability and preparation.

When we feel that the conditions are mature, we will actively consider the issue of permit release.

According to Liu Youhua, a private placement ranking website: “Foreign direct application for public offering permits is currently not the biggest problem in terms of system and entry permits.

This will be an important step in opening the capital market to the outside world, meaning that the degree of opening up to the outside world in the financial sector will be further enhanced.

“Daily Economic News” reporters noted that recently there is market news that these “foreign private placements” can already apply for the establishment of public funds and have corresponding registered capital requirements.

  According to the reporter’s further understanding, if you want to apply, you can already apply.

However, although some foreign institutions are expected to be relatively strong, they have not made any further moves.

  A person from another institution said: “As far as I know, there is no notification about the public application for registration. We also actively communicate with relevant departments.

(For us), of course, I hope that I can get a license and exhibit in China as soon as possible.

However, no application has been submitted.

“In addition,” Regarding the registered capital, it is actually not the focus of our attention.

No matter how many millions, it has little impact on foreign countries. After all, they are all top-ranked asset management companies in the world.

What we are more concerned about is actually outside the timetable, there is a lot of information that is not clear.

For example, it may be difficult to adapt some requirements of local fund companies to foreign institutions. What will happen when applying for them?

All need further communication.

“The relevant person in the agency further said.

  With the advancement of the timetable, the budget of foreign applications for public funds may be further clarified.

At the same time, the real competition between foreign public offerings and local public offerings will also come soon.

  Liu Youhua pointed 北京夜网 out: “The advantages and disadvantages of foreign public offerings and local public offering funds are also obvious.

The advantage is that international brands have a large influence and it is relatively easy to raise funds. They can use the brand effect to quickly enter the market.

The disadvantages are also obvious. There are many types of domestic public fund products, and most of the products have very obvious characteristics of the Chinese market. Their valuation and market pricing, as well as investment logic are very different from foreign countries. Investment philosophyTo adapt to the Chinese market, it still takes time to observe.

“At the same time, Liu Youhua also said:” In the short term, it will not have a large impact on the domestic public fund market, because domestic public funds started early and experienced 武汉夜网论坛 more than a decade of development, both in terms of system construction and market influence.More mature.

With reference to the development of foreign private equity in China for two years, the management scale is about 60 billion.

Therefore, it is foreseeable that the short-term impact on local public offerings should be quite limited.

“According to the data of China Securities Investment Fund Industry Association (hereinafter referred to as the Association), since June 2016, Fidelity, BlackRock, UBS and other internationally renowned financial institutions have actively established foreign private equity management institutions in China.

As of early August this year, a total of 21 foreign institutions have registered with the association, with 46 products on file, and asset management scale of 5.4 billion yuan.

Women’s and women’s diseases identified by belly button shape

Women’s and women’s diseases identified by belly button shape

The navel is cold, and if the navel is cold, it is easy to have diarrhea and cold. This is the reason most people understand.

For women, it can even affect menstruation.

Therefore, navel care is important.

Dialectical disease of belly button shape: What does it imply for gynecological diseases? Let’s take a look below. I hope that it can help everyone, especially female friends, to understand some to ensure their own health and prevent the emergence of gynecological diseases.

  First, identify the disease from the shape of the navel 1, the navel is small: it means that the body is weak, the hormone secretion in the body is abnormal, the body is weak, and the mental condition is not good.

  2, Navel depression: When obese or abdominal inflammation, such as adhesion tuberculous peritonitis, the navel will be sunken inward.

  3, protruding navel: when there is a lot of hydrops or ovarian cysts in the abdomen, the navel will expand and protrude.

  4, downward shape: Attention should be paid to prevent suffering from gastric sagging, constipation, chronic gastrointestinal diseases and gynecological diseases.

  5, upward shape: The navel eye extends upward, almost becoming a triangle with the top upward.

People with this kind of belly button should pay more attention to 6, the left side of the belly button: should prevent poor gastrointestinal function, constipation or large intestinal mucosal lesions.

  7, the right side of the navel: should pay attention to diseases such as hepatitis, duodenal ulcer.

  Second, the navel should be cold. Remember to keep the navel warm.

The navel is different from other parts of the abdomen. There is no muscle and light tissue under the umbilicus, and the blood vessels are abundant.

As the final closure of the abdominal wall, the skin is thinner, with high sensitivity, strong permeability, and fast absorption.

Because of its poor barrier function, the body is relatively weak, and it is susceptible to cold and cold.

  Pay more attention to the warmth of the umbilicus when sleeping to avoid causing diarrhea or cold.

Especially for young women, especially menstrual women, the blood vessels are in a congested state. The umbilical gown is most likely to contract the pelvic vessels due to cold, resulting in poor menstrual blood flow. Longer periods will cause dysmenorrhea, prolonged menstruation, and irregular menstruationReconcile.

  Third, the umbilical health care method 1, massage the navel sitting, lying, vertical imitation, as much as possible to relax the whole body, fully expose the abdomen, first rub your hands with the palm of your hand against the navel, press one hand on the navel, press clockwise firstRotate the counterclockwise direction from small to large by 50?
100 times, pressing gently should be gentle, not strong, once every morning and evening.

  The umbilical cord and the kidney move through the gas, and the spleen, stomach, small intestine, and large intestine are located in the perinatal umbilicus. Massaging the shrine and abdomen can increase appetite, dredge the ventilator, help digestion, strengthen the physique, flourish, and cause gastroenteritisPeptic ulcer, prostatitis and other diseases.

  2. Traditional Chinese medicine is applied to the umbilicus as it is really hot and constipated. You can apply mirabilite to bitter cold and diarrhea. For cold abdominal pain, apply umbilical ginger such as ginger, Wuyao, cinnamon powder, cloves, etc.

For the elderly and infirm, different medicines can be applied to the umbilical cord according to the deficiency of constitution, qi, blood, yin and yang, and physical fitness and longevity.

  Umbilical therapy and oral administration have the same purpose.

When the umbilical is applied, the medicine passes through the skin and reaches the meridians.

And through the meridian’s qi and blood flow injection, the medicinal properties are spread throughout the body with the qi and blood running, to achieve the purpose of warming the meridians, passing qi and blood, dispersing cold and dampness, reconciling the viscera, yin and yang, and strengthening the physique to prolong life.

  3. For navel cupping, choose a large hot pot, apply flash fire method, and place the hot pot on the navel. 15?
Remove the can in 20 minutes.

Navel cupping can treat hypertension, dysentery, chronic diarrhea, acute measles, and allergic rhinitis.

  The navel is supplemented with Zusanli, Zhongzhong, and large vertebra cupping. Menopausal psychological characteristics and health care introduction every day or every other day, every 20 minutes, can enhance the body’s immune function, increase appetite, and eliminate fatigue.

What color is good for the eyes?

What light to use

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What color is good for the eyes?
What light to use

External objects have various colors, which can make the objects stand out clearly and beautifully, and make people have different emotions and hobbies.

  Excessively bright colors can cause people to feel tired, and changes to excessively dark colors can make people feel heavy; red and yellow can give people a dazzling feeling, and cyan and green can give people a cool and calm feeling.
The absorption and reflection of light by various colors are different. Red reflects 67% of light, yellow reflects 65%, green reflects 47%, and cyan reflects only 36%.

Because red and yellow reflect light more strongly, they are prone to glare and dazzle.

Cyan and green are relatively moderate in the absorption and reflection of light, so they are more suitable for the human nervous system, cerebral cortex and retinal tissue in the eyes.

For example, grasses and greens can absorb the ultraviolet rays that are harmful to the eyes in strong light, while reducing the glare caused by strong light to the eyes.

-This article is organized and published by Jiajia Tesco Health Products Mall. When a person looks at a distant tree in a glass window after intense study or work, the nervous nerves will feel relaxed and the eye fatigue will disappear.

  What color of light is better for the eyes when reading?

  Generally, the most commonly used lights when reading are fluorescent lamps, light bulbs and yellow sun lamps.

In principle, as long as the reader is sitting upright, reading habits are good; then according to personal habits, no matter which color of light is selected, it will not cause great damage to the eyes.

  However, for comparison, fluorescent tubes are constantly flickering and emitting light; the degree of instability of this flicker is far more than that of sun lamps and light bulbs.

It’s like when watching TV, the picture is changed from many pictures and continuously connected and combined.

  The pupils of people’s eyes will tremble because of such flashes, constantly zooming in and out; therefore, it is better to use a sun light or a light bulb when reading.

Walking restarted

Walking restarted

Core tip: The researchers measured the walking speed of 35,000 participating elders and found that the faster they walked, the longer their life span.

According to statistics, 87% of elderly men who walk fast are 10 years longer than those who walk slowly; 91% of women who walk faster live 10 years longer than walk slowly.

  According to the research results of American researchers, the pace may predict the longevity of human beings. Scientists have found that the elderly who go faster can substitute for longevity than the slower ones.

The study’s report was published last week in the Journal of the American Medical Association.

  Researchers measured the walking speed of 35,000 elders (both men and women over 75 years old) who participated in the study, and found that the faster they walked, the longer their lives.

According to statistics, 87% of elderly men who walk fast are 10 years longer than those who walk slowly; 91% of women who walk faster live 10 years longer than walk slowly.

  However, the performance of Stephanie Studenski, a geriatrics expert at the University of Pittsburgh Medical Center in charge of this study, does not mean that increasing walking speed can increase life span, because “your body will automatically choose the right fit for youThe speed of personal health. ”

  However, scientists say doctors may consider testing a patient’s pace to determine his health.

Another early research report pointed out that walking speed can indeed improve the survival rate of people over the age of 65.

Seth Landefeld, director of the University of California Center for Aging Research, said in Discovery News that testing walking speed is particularly helpful for examining cancer and cardiovascular disease.

  The results of earlier scientific reports all show that for middle-aged and elderly people, wearing sports shoes and going for a walk is one of the best ways to maintain a healthy and long life.

Among them, one study pointed out that walking 9 a week.

5 kilometers can ensure more sensitive brain activity, while Harvard University research suggests that women can reduce the risk of stroke by more than 40% as long as they often walk or walk at brisk pace.

TCM teaches you how to do a good job

TCM teaches you how to do a good job

The postpartum period is when the body is weakest, and some annoying symptoms often come in at this time, which seriously affects the quality of confinement and even reduces the speed of recovery.
Faced with long-term child-raising mothers, don’t despise these body warnings!
  Not only does traditional Chinese medicine advocate that “since you confine yourself, you can raise your body”, more and more western doctors also agree that women should use diet and nursing during the confinement period to replenish energy consumed during labor.
However, in order to be “delicious, sleepy, and good mood”, the premise is good health. Some mothers have physical and mental symptoms such as loss of appetite, tiredness, insomnia, and constipation due to stress or physical factors.Opportunity, very unfortunate!
Are you a “just released” mother?
Are you worried that your physical condition will affect the effectiveness of confinement?
Through the consultation of traditional Chinese and western medicine in this module, I believe it can help you alleviate discomfort and spend every day easily.
  Poor appetite Appetite is an indicator of health.
Generally speaking, the mother will have a good appetite because of the drop of progesterone in the first week after giving birth.
However, some mothers suffer from loss of appetite due to the stress of taking care of their babies, lack of sleep, emotional excitement, and worry about their physique. Coupled with reduced maternal activity, it is not easy to feel hungry, or it is difficult to eat confinement food.During confinement, get the nutritional supplements you deserve.