Golden Mantis (002081) Semi-annual Report Review: Maintaining Steady Growth and Good Financial Structure to Improve the Company’s Order Acceptance Ability

Golden Mantis (002081) Semi-annual Report Review: Maintaining Steady Growth and Good Financial Structure to Improve the Company’s Order Acceptance Ability
The company recently released its latest semi-annual report. The company’s operating income in 2019H1 was 137.9.6 billion, an increase of 26.51%; net profit attributable to mother 11.08 million yuan, an increase of 12.05%.Opinions are as follows: The company’s order growth rate remained high in the first half of the year, with residential orders performing well in 2019H1’s new breakthrough order of 224.7 billion, an increase of 25.35%, mainly due to the significant increase in the growth rate of public order, residential order growth rate maintained a high growth.Of which public order 127.4.4 billion, an increase of 23.68%, an increase of 21 over the previous year.71 single, or benefit from the steady growth of infrastructure and real estate investment in 2019, and the company’s ability to expand financial reporting transfer; residential orders 83.57 billion yuan, an increase of 27.20% (Q1 / Q2 growth rates are 12 respectively.94% / 42.(42%), a decrease from the previous year’s growth rate. Since 2019, the growth rate of Jindoutou’s offline stores has stabilized. It is expected that many stores will enter the period of income release in the future.As of June 30, 2019, the company had signed 621 uncompleted engineering orders.700 million, about 2018 revenue2.5 times, to provide a certain guarantee for future income growth. The company’s revenue has achieved high growth, and the gross profit margin has basically remained stable. In 2019H1, the company completed operating income of 137.9.6 billion, an increase of 26.51%.Which decoration business 102.6.3 billion, an annual increase of 25.78%; Internet home improvement 17.20 billion, an increase of 35.02%, thanks to the gradual landing of new home improvement orders in the early period, the contribution of offline stores has gradually increased.17.Receipt at the camp.50 billion, an increase of 34 in ten years.63%. The company’s gross profit margin is 18.92%, an increase of 2 per year.The 51 single ones were mainly due to changes in accounting standards and reclassification of R & D expenses in operating costs, excluding this factor, the gross profit margin decreased slightly by 0.3 units.The gross profit margin of the decoration business was 17.21%, an increase of 1.80 units; internet home improvement gross margin 23.22%, down 7.The 16 single ones may be caused by the rapid increase in the number of stores, the overall order cost ratio of the store, and the relative improvement in the proportion of customized fine decoration in the gross margin of the Internet home improvement. The company’s period expense ratio decreased slightly, and the growth rate of net profit attributable to mothers accelerated to improve the company’s period expenses in 2019H19.61%, a decrease of 0 from the previous value under the same caliber.37 units.Of which selling expenses are 2.70%, a decline of 0 every year.42 units; administrative expenses 3.65%, a decrease of 0 every year.12 units; financial expenses budget 0.44%, an increase of 0 every year.33 units; R & D expense ratio 2.83%, a decrease of 0 every year.17 units.The company accrued a total of zero asset impairment and credit impairment losses.1.3 billion.The company’s net margin is 7.85%, down 1 from the same period last year.27 units.In the first half of the year, the company achieved net profit attributable to its mother11.08 million yuan, an increase of 12.05%. The company’s cash flow improved significantly in the first half of the year, and its working capital advantage highlighted the company’s cash-to-cash ratio of zero.9626, down 4 each year.15 averages; previous payout ratio was 0.8605, a decline of 5 per year.13 single, net reduction in cash flow from operating activities5.4.3 billion, the previous year’s limit, the company’s repayment situation in the first half of the year has improved compared to the same period last year.Company asset and liability accounting 58.21%, a decrease of 0 from the end of 2018.9 units, or due to the company’s large number of wealth management products due to repayment of some debts.In combination with the company’s cash on hand, we believe that the company’s balance sheet still has better expansion capabilities.The number of reports, the company completed the first grant of the budget stock incentive plan, lifting the ban requires the net profit growth rate to reach 15 in 2019-2021.0% / 13.1% / 11.6%, we believe that the company is likely to meet the requirements for lifting the performance of the ban. Investment suggestion The company’s performance in 2019H1 will maintain steady growth. The growth rate of public order and residential orders in the first half of the year will be high, and the company’s future performance will have better protection.As a leader in subdivided industries, the company’s performance has grown steadily, its financial structure is good, and its offline store revenue has been gradually increased. It is recommended to discover the company’s consumption attributes.We 重庆耍耍网 believe the company is expected to obtain a higher estimated premium against the background of the overall order growth in the public service industry.The company’s EPS for 2019-2021 is expected to be 0.94, 1.08, 1.21 yuan / share, corresponding to PE, 10, 9, 8 times.Maintain “Buy” rating. Risk warning: Long-term fixed asset investment growth accelerates downward, home improvement business falls short of expectations

Macalline (601828) Company Review: Revenue Growth Slightly Continues to Advance New Nested Home Retail

Macalline (601828) Company Review: Revenue Growth Slightly Continues to Advance 淡水桑拿网 New Nested Home Retail
Investment Highlights Event: Macalline released the third quarter report of 2019, and the company achieved revenue of 118 in the third quarter before 2019.24 ppm, an 18-year increase.34%; net profit attributable to mother 37.83 ‰, 9 years ago.06%; non-recurring gains and losses14.71 ppm, of which income from changes in fair value of investment properties13.88 ppm, all narrowed compared to the same period last year; non-net profit deduction of 23 was achieved.12 ppm, an increase of 5 in ten years.13%.Net cash flow from operating activities 29.25 trillion, a decrease of 8.34%.Among them, the company achieved revenue of 40 in the single quarter of 19Q3.67 ppm, an increase of 12 in ten years.41%, achieving net profit attributable to mother 10.78 ‰, the ten-year average of 3.9%, deducting non-net profit 5.99 ppm, a ten-year increase2.5%.  Revenue growth increased slightly and financial expenses increased.The company’s overall gross profit margin for the first three quarters of 2019 was 67.07% (-0.92 points.), Net interest rate 34.26% (-9.69 points.), Of which 19Q3 single quarter gross profit margin 67.26% (-1.63 points.), The construction business with the highest gross profit margin grew to a decline in overall gross profit margin.Expense rate for the first three quarters (plus R & D expenses) 36.61% (+6.2pct.).Among them, the selling expense ratio is 12.81% (+1.43pct), advertising and promotion costs increased; management expense ratio (plus R & D expenses)98% (+0.64pct), financial expense ratio 13.83% (+2.02pct), mainly due to the increase in interest-bearing debt and rising financing costs. The company expects to increase the proportion of long-term debt and optimize the debt structure.  Self-employed business: Keeping stable, the rental mall’s revenue increased significantly in the first three quarters.In the first three quarters of 2019, the company’s self-operated business income was 59.400 million (+10.7%), gross profit margin is 79.8% (+2.6 points.).The company operates 85 self-operated shopping malls (earlier +5), with a total operating area of 764.96 Magnum (earlier +73.10,000 countries).  Among them, 1) Revenue from own shopping malls 49.9.4 billion (+9.1%), gross profit margin is 86.6% (+2.2pct.), Gross profit margin further improved.2) Rental mall revenue 9.3.5 billion (+18.7%), gross margin 46.4% (+7.4); 3) Revenue from joint ventures and joint venture malls 3.300 million (-19.1%), gross margin of 62.1% (-6.7pct), revenue growth was interrupted.  Commissioned business: The project concentrated in the fourth quarter and the gross profit margin of the business was extended.As of the third quarter of 2019, the company operated 234 commissioned shopping malls (+6), and opened 31 franchise home building materials stores / industry streets (not involved in subsequent operation and management).19 The first three quarters of the Commission’s management business realized revenue 32.900 million (+18.4%), the management area of the shopping mall is 1252 Magnum (+4.14%), with a gross profit margin of 68.2% (+7.6pct).  The scale of store operation market is leading, and digital marketing opens a new era of marketing.1) The self-operated core competitiveness is superimposed on the asset-light model to strengthen channel value.According to the average report, the operating areas such as self-employed and commissioned management have been further increased, and product channel expansion has accelerated under the asset-light model.2) Steady growth of traditional businesses and accelerated development of emerging businesses.In the third quarter, the performance of traditional businesses improved comprehensively, and the profits of emerging businesses continued to grow.3) The digital marketing system is advancing steadily.Alibaba joined the board of directors and started a new round of model restructuring in the furniture industry.IMP smart marketing helps to create a super traffic field, and the “smart intelligence” era highlights the value of top furniture channels.  Investment suggestion: We believe that with the omnichannel flooding of the home business platform service provider positioning, along with the sinking of project management channels and business diversification, the company’s performance is expected to continue to grow steadily.We predict that the company will achieve revenues of RMB 166.5 billion, RMB 28.6 billion and RMB 20.6 billion in 2019-21, a year-on-year increase of 16%.1%, 12.8%, 10.7%, realized net profit return to mother 49.5, 55.1, 60.900 million, an increase of 10 in ten years.6%, 11.2%, 10.5%, the corresponding EPS is 1.49, 1.55, 1.72 yuan to maintain the “overweight” level.  Risk reminder: The degree of real estate boom reduces risks, and the development of projects under management is less than expected.

New Fund Explosions Frequently Ruiyuan Absorbs Gold 100 Billion Years Many Funds Rise Over 40%

New Fund Explosions Frequently Ruiyuan Absorbs Gold 100 Billion Years Many Funds Rise Over 40%

Original title: Exploded!

During the year, many funds rose by more than 40%, and new funds burst out frequently, and Ruiyuan attracted hundreds of billions of dollars!

  Source: Private placements can make money by lying at home, which is the dream life of many people, but I did not expect that this seemingly unrealistic idea could really be realized.

Due to the impact of the new crown pneumonia epidemic, enterprises cannot resume work normally after the year, and most people take the initiative to “isolate” at home.

Since the beginning of the year, in addition to the sharp decline in earnings, the A-share market has become extremely hot. Under the surge of the bull market, even the stocks have set a daily limit, and a large number of funds have very good returns.

  Many of the people in the industry have resumed work due to the epidemic, but some public fund managers have made enough income for a large number of people.

In less than 30 trading days, the highest yield of public funds this year has exceeded 40%, and the fund manager with the highest performance in 2018 has only worked 16% for a year. The extension of holidays and the booming market have led to a large number of investors.Realized that lying at home can make money.

  Explosive funds followed, and the fund ushered in money grabs. Although A shares experienced the first day of plunge under the “new crown epidemic”, this cannot stop the hot issue of public funds. This year’s fund market is full of popularity.
After Liu Gezhen’s famous Guangfa Technology Pioneer Mix sold out on January 17th, after attracting nearly 100 billion yuan a day, another explosive fund brushed the market on Tuesday. On February 18th, Ruiyuan Fund was the second one.The Fund-Ruiyuan Equilibrium Value Hybrid Holder Fund for three years was officially issued, and the sale was a big sale.

  In just 15 minutes, the subscription amount has exceeded the limit of 6 billion raised funds; within 2 hours, the fundraising has exceeded 200 billion; at noon, the raised funds have exceeded 55 billion; it is reported that on February 18, the fund raised funds all dayThe scale exceeds US $ 100 billion, and the sales channel is expected to predict that the scale of funds raised throughout the day is expected to reach US $ 120 billion.

What is even more surprising is that the news shows that a single customer of the Guangdong branch has placed $ 900 billion in orders.

  Calculated according to the maximum scale of 6 billion, if the fundraising scale on February 18 is 100 billion to 120 billion, then the final placement ratio is 5% to 6%.

If the product placement ratio is 5%, that is 10,000 yuan subscription, only about 500 yuan is confirmed.

It is foreseeable that, regardless of the scale of fundraising or the ratio of placements, Ruiyuan’s equilibrium value has outperformed last year’s fund performance and was managed by Liu Gezhen, the third and third runner-up of last year’s fund performance. The scale of funds raised by Guangfa Technology Pioneer on January 17 this year92.1 billion. At that time, Guangfa Technology Pioneer’s fundraising scale capped at 8 billion, and the final placement ratio was 8.


  Last year, public funds raised a new record with a maximum return of 121.


In fact, under the operation of buying funds last year to earn more money than buying stocks, explosive funds have been flowing continuously this year. In the 12 trading days since the Year of the Rat, there have been only 10 active equity funds, 6 of which are only one.Days sold out, many of which were ultimately placed in proportion, and many raised more than 7 billion yuan.

  On February 3rd, Penghua’s value growth debut, raising 7 billion funds in 4 days; the same day, 10,000 independent innovation debut, 4 days subscription amount exceeded the scale of the scale of 30 billion, the placement ratio was 16.

11%; therefore, there will also be a new trend in the industry at the time of flexible deployment of mixed first fundraising, which ended on February 13 early, raising 75.

94 billion.

On February 7, Oriental Red Hengyang, which is managed by Oriental Red Assets, was sold out on the first day of five years. It raised over 9 billion U.S. dollars, far exceeding the 2 billion raised scale, and the placement ratio was 21.

66%; On February 10, China Merchants Technology Innovation Mix attracted more than 7.5 billion gold on the day, far exceeding the 1 billion raise limit, and the placement ratio was 12.

74%; On the same day, the Franklin National Sea Fundamental Preferred Fund was issued. The fundraising ended on the 11th, and it took only 2 days to raise 3.9 billion yuan.

On February 12th, Yongying Technology drove a hybrid launch, surpassed the one-day sale, exceeded the 8 billion raise limit set by the fund, and placed a ratio of 82.


On February 13, the CCB Technology Innovation Fund raised 74 on the same day.

700 million, with a placement ratio of 13.


  It can be seen that when the new crown epidemic is raging, it does not affect the recurrence of explosive funds, which is also closely related to the strength of the market rebound since years later.

On the first trading day of the Year of the Rat, A shares fell sharply. The three major indexes—the Shanghai Composite 杭州桑拿 Index, the Shenzhen Stock Index, and the GEM Index—closed the adjustment ranges by -7.

72%, -8.

45%, -6.

86%, a drop far more than the market expected.

However, from February 4 to 18, A shares rebounded, and the three major indexes rose gradually by 8.

68%, 15.

61%, 20.

89%, GEM continued to hit new highs.  In this market sentiment with a significant money-making effect, investor enthusiasm is also very high. In the 12 trading days since the Year of the Rat, before Ruiyuan Fund, a total of 21 active equity funds were issued on the market., The total subscription amount exceeds 71 billion.

A total of 13 active equity-based “Nikkei-based” companies have appeared, of which 8 are funded by science and technology. It can be said that technology funds are still highly sought after.

In the next two weeks, 13 active equity funds will be issued, including new funds at the helm of star fund managers.

  A number of funds rose by more than 30% during the year. Since 2020, the theme of technology has been highly sought after. The current year ‘s net value of existing funds has exceeded 40%.

The data show that as of February 17, the top ten new economic forces A of the top ten economies have increased their net worth by 42 this year.

73%, significantly outperforming the index.

In addition, the National Alliance Securities China Securities Index refers to the semiconductor ETF, and the growth rate of China Resources Yuanda Information Media ‘s technology net value also exceeded 40%.

Data show that among the top ten heavy storage stocks of Wanjia Economic New Energy Fund, five stocks have increased by more than 50% this year.The tenth largest warehouse stock, the stock has risen more than 82% this year.

  In the hot market, just on February 17th, there were too many funds feeling out of stocks, and some funds’ net worth also hit new highs. SDIC UBS National Security single-day net worth rose by 7.

81%, Southern Military Industry Reform, Changxin National Defense Military Industry, Huaxia Military Safety, E Funda National Defense Military Industry, Rich Country CSI Military Industry Faucet ETF, and Cathay Pacific CSI Military Industry ETF single-day net value increase also exceeded 6%.

  In just over a month in 2020, there are currently 28 funds with a net value increase of more than 30%. The number of public funds that have yields of more than 20% this year has reached 154. Most of these funds are technology-themed funds.

This also echoes the stock market. According to the Shenwan Level 1 Industry Index, as of the close of February 17, electronics and computers were the only two industries with a growth rate of more than 20%, respectively, at 20.

51% and 20.

31%, far more than the third pharmaceutical and biological industry.

  Xia Fengguang, a futures fund manager of the private placement ranking network, said that the fundamentals of technology stocks are better, policy support is greater, and performance growth is leading.

“In terms of the global large cycle, the technology sector is an important growth engine.

Facing policies, chips, 5G and other technology stocks have given great support.

From the perspective of the performance growth of some expected companies, today, next two years may still be an acceleration period for the release of growth potential.

Since 2019, the capital has continued to flow into the technology stocks sector, and there are also a lot of new technology-based active management funds.

Therefore, it is expected that the main line of science and technology will be the focus of market attention during the transition to 2020.

  Yang Xinlin, general manager of Xinran Investment, said in an interview with the private placement schedule network that technology is still considered the main line of the market in the next few years. Semiconductors and consumer electronics, which are fully deduced in 2019, are relatively meaningful, but they are optimistic about the trend of the 5G application era.Soft technology segmentation, such as network security, medical IT, AR / VR, cloud computing and other high-level segmentation industry leaders.

  Regarding the market in the first quarter, GF Fund Liu Gezhen also publicly stated that it will still be based on technology.

From recent expert research and communication with people in the industry chain, everyone generally believes that the impact of the epidemic will not be particularly serious. The first quarter itself is the off-season for electronics as the main board block. To expand the impact of the epidemic, the performance of the first quarter should not be likeThe original expectations were particularly bright, but compared with the technology, cycle and consumption sections, the relative growth rate of technology is still fast. If combined with the second quarter report, the technology section is still the most cost-effective configuration.

Countdown to the opening of A shares to talk about the main foreign considerations

Countdown to the opening of A shares to talk about the main foreign considerations

A shares are about to open. Which industries are worth investing in?

Investing without looking at policies is like blindfolding. Come to Sina Finance University, listen to Miss Dong read the news, and understand the market.

The latest epidemic interpretation is free for a limited time before February 9!

  Original title: Countdown to the opening of A shares. Talking about the current major considerations of foreign countries affected by pneumonitis infected by a new type of coronavirus, the Shanghai and Shenzhen Stock Exchange will shorten the opening time of A shares from January 31 to February 3.Open on one trading day.

During the Chinese New Year, the overseas market fluctuates continuously. How does the institution treat the A shares after the market opens?

What are the current foreign considerations of the Chinese market?

  During the holiday season, the First Financial reporter interviewed more fund managers and traders of foreign institutions. They said that it is appropriate to replace the opening of the market with only one day. It is not advisable to break the opening excessively, otherwise it will cause panic.

Just as MSCI considered the issue of a large-scale suspension of A-shares at the time, the suspension of trading was the highest level of liquidity risk, which would make it impossible to conduct risk management.

  For foreign countries, A-shares will remain one of the most attractive markets in the next decade, but the need for more careful selection is the consensus of foreign countries.

Since the fourth quarter of last year, the market ‘s excessive hype and the theme of recovery and recovery, some stock performance has deviated from the fundamentals, and may be impacted in the short term, but it has structural competition barriers, substitution, and the theme of defense will outperform.

  Excessive excessive opening is not beneficial to liquidity management. Earlier, MSCI told the First Financial Reporter that under market fluctuations, whether investors may skyrocket and plunge will cause individual stocks to be eliminated, thereby understanding excessive one-sidedness.

Unless there is a long-term suspension, market fluctuations will not cause MSCI to remove individual stocks. The key lies in the investability of a market.

  Miao Zimei, co-head of Asia-Pacific stocks and chief investment director of China at Robeco, told reporters that the opening of the A-share market on February 3 will not continue to delay, which is conducive to the organization’s portfolio liquidity management.A shares gradually build confidence.

If the market starts too long, it will aggravate market interests and investors may sell other liquid Chinese assets.

The short-term rise and fall of the market is unavoidable, and the long-term healthy development deserves the attention of regulators.

In addition, the market’s impact on the budget may be the allocation of pledge risk in 2018, but the overall point of A shares is higher than at that time, and the risks are relatively relative.

  Wang Guohui, chief investment officer of Singapore Bisun Asset Management (APS), who initially invested in A shares through QFII, told reporters: “It is more important to pay attention to the long-term development of the market. First 天津夜网 of all, we must ensure that the market participates in free trading. As a result, the market is closed due to panic and depression.Otherwise it will affect the reputation and credit of the market.

The most important thing is that China needs to repeatedly highlight the fact to investors that China’s fundamentals are healthy and the epidemic will eventually be controlled, so the impact on the economy is short-term.

He pointed out that during the Asian financial crisis, Hong Kong stocks stopped trading for a week, but the situation was worse after the opening, because excessive expansion will increase market intervention.

  Several foreign fund managers also told reporters that the suspension of trading of A shares on January 31 has had a certain impact on overseas open-ended public funds. “In overseas markets, subscriptions 苏州桑拿网 and redemptions have been opened. If there is a major capital outflow,A shares cannot be traded, and the breakthrough poses liquidity risk to fund managers.

“International investors take liquidity risks very seriously, and not opening is the biggest liquidity risk.” Yuan Yuwei, a senior global macro trader, told reporters, “gradually, through the painstaking operation of the supervisory layer, and alternate communication with international institutions, MSCI continues toExpanding the alternative factors of A shares has promoted the value investment of A shares in recent years has become easier and lower, so as to achieve effective protection of investors, create a favorable environment for social security, pension funds to enter the market, and increase warehouses.
“As a value investor, if you believe that the market is undervalued,” Any change caused by short-term panic is a time for Buffett’s greed, “he said. In fact, as far as the fundamentals and estimates of the stock line are concerned, short-term fluctuationsThere are not a few institutions waiting for admission.

  估值过高的拥挤交易或受冲击  “似乎全球市场的‘动物精神’就这么被一场短期的疫情冲击暂时遏制了,”
王国辉称,“一些涨幅过度的股票自然会在短期冲击中受到清洗, But stocks that have the ability to capture structural economic excess returns will outperform in this environment.

“Global stock markets have continued to rebound since the fourth quarter of 2019, and multiple spots of A shares have been sought after by the market.

As early as a week before the Spring Festival, China Business News reported that after the repetitive period of performance changes, the true appearance of the crowded “focus on enterprises” will be tested again.

At the time, the APS investment manager said in an interview that “the current market is quite crowded, including 5G, Huawei’s industrial chain, undervalued cyclical stocks, etc., and some companies have almost reflected the profit expectations for many years to come.

In 2020, the market’s breakthrough focus fell on the performance expectations in 2021. Therefore, the focus of the allocation in the first half of the year needs to be transformed from hype, the company must be more carefully selected, and the layout of long-term continuous competition barriers, relatively uncongested, and reasonable conversion.Companies, some companies are the target of long-term outperformance.

The so-called congestion, data from the Navy Haitong Securities Research Institute show that, in terms of the position of PE in various industries since 2005 (100% is the largest, 0 is the smallest), computers are located at 93%, communications are 89%, and electronic components are 82%., Appliances 60%.

Under the ranking, real estate is 7%, building materials 7%, and construction 5%.

  ”We are optimistic about the three major sectors for a long time, high-end manufacturing, consumption upgrades, and technology controllability, but the short-term forecast of the third concept is under pressure. Since the second half of last year, many sub-sectors have even seen a 200% and 300% increase.It has included profit forecasts for many years to come.

Zhou Wenqun, manager of Fidelity International China Equity Fund, told reporters.

  Xu Tao also noticed that APS research found that from 4G to 5G, half of the added value will be obtained by TSMC. The biggest beneficiary is not in A shares, so the current revenue needs to be more careful with 5G or Huawei’s industrial chain.

  At the same time, cyclical stocks have been the focus of market hype in the past few months. The cement and other sectors have risen more than expected. The logic behind this is that infrastructure investment has stabilized and the global economy has recovered. Improving domestic and foreign demand may drive PPI and industrial enterprise profit growthSpeed up mildly.

“But the prices of most cyclical stocks have fully reflected the expectation of economic stability. The current policy is more about a” stable economy “rather than a” strong stimulus “, so the expected difference in infrastructure investment is very small.

He said.

  ”At present, cash positions are in a high range, and positions occupy owners with low leverage and reorganize defensive enterprises,” said Wang Guohui. “A long-term trend is that companies are beginning to rebuild their own supply chain ecosystems, and preliminary capitalExpenditure plan.

“Foreign countries have long been optimistic about the structural opportunities of A shares, but it is certain that A shares are still one of the most favored markets in foreign countries.

“We think the best opportunity in the world over the next ten years is in A shares.Wang Guohui told reporters.

  At the same time, some structural opportunities are also the focus of many foreign-oriented layouts.

Many foreign fund managers pointed out that, for example, the field of network information security is a key area for the excavation of long-term high-barrier companies; the five super metropolitan areas of the Yangtze River Delta, Beijing-Tianjin-Hebei, the Greater Bay Area, the middle reaches of the Yangtze River and Chengdu-Chongqing will be included in urbanization2.

0, there will also be structural opportunities in real estate.

  In addition to the structural long-term trend, in terms of the short-term situation in the near future, UBS Securities said that in the near future, depending on the spread of the virus, hotel operators with operations throughout the country will be significantly affected, although it is currently estimated thatBelow the 2003 low.

In addition, retail, parks, and theaters are areas that are often added to the Spring Festival, and they are potentially risky.

Alcohol consumption in the food and beverage channel (51% / 13% of beer / white liquor respectively) may be affected, but takeaway services gradually partially offset the effect.

  In addition, as consumers cook more at home, packaged foods and food retailers may change.

Online video, mobile / mobile games and e-commerce or Pico slightly replace this behavior change.

In addition, no drug / vaccine can treat or prevent this new virus immediately, but this situation may increase the demand for vaccine / medical examination.

  Attention to follow-up Chinese policies Under the short-term impact of the epidemic, international organizations are paying close attention to the introduction of China’s corresponding policies in the future.

  ”First, we must pay attention to the liquidity situation and include whether market sentiment will cause liquidity problems in the stock market.

In addition, it is more important to pay attention to the impact on the economy. In the first and second quarters, there may be short-term shocks, and the progress of infrastructure that was originally financed may slow down.

So, what other policies are there to respond?

What new policies will be introduced?

These are all concerns.

“China equity investment manager of an Asian asset management agency told reporters.

  On the afternoon of February 1, the five ministries and commissions of the Ministry of Finance, the Banking Insurance Regulatory Commission, the Securities Regulatory Commission, and the Foreign Exchange Bureau jointly issued the “Notice on Further Strengthening Financial Support for the Prevention and Control of Pneumonia of New Coronavirus Infection” (hereinafter referred to as the “Notice”).Great currency credit support, maintain reasonable and sufficient liquidity, strengthen financial support for key medical goods and living materials production enterprises, better meet the people’s normal financial service needs, and fight against epidemic prevention and control to maintain economic stabilityThe overall situation of development provides strong support.

  Looking back on the “SARS” period in 2003, 4 months, the central government set up a $ 2 billion SARS issuance fund, and the fund accounted for 0,153.8 billion U.S. dollars in the 2003 central budget budget.

13%, equivalent to 0 of GDP.

015%; in terms of monetary policy, as early as the second half of 2002, excess liquidity boosted investment growth, mainly driven by local government investment, but affected by SARS thereafter, at least increased the pace of monetary tightening until 2003Plans to raise the deposit reserve ratio only in September, when SARS was effectively controlled.

  Recently, Sheng Songcheng, the former director of the long-term survey and statistics department, said in an exclusive interview with First Financial News that counter-cyclical adjustment of fiscal policies should be strengthened, such as increasing central government transfer payments to local governments, increasing tax and fee reductions, and reducing corporate costsThe fiscal deficit rate can be raised to at least 3%.

  Ding Shuang, chief economist of Standard Chartered Greater China, told reporters: “Since February, a window of loose monetary policy has been opened, and it is expected that the government will quickly adopt preferential benefits and alternative methods to provide support to enterprises, especially small and medium-sized enterprises.
We expect that February will reduce the MLF and lower the MLF by 5bp (basis point).

“In general, Nomura and other institutions are also expected to gradually expand some intervening enterprises, and families provide targeted credit mitigation measures.

Beware of 5 foods that disrupt endocrine

Beware of 5 foods that disrupt endocrine

With the acceleration of the pace of life, many people are prone to endocrine disorders.

Endocrine disorders can easily affect the normal functioning of the body, and foods that are eaten daily will disturb the body’s endocrine, so diet needs attention!

Do you know of certain foods that disturb endocrine?

Endocrine disorders are caused by many reasons, leading to the gradual increase in people’s stress. Endocrine disorders have become a common symptom, so do not underestimate the problem of endocrine disorders. It is the culprit that causes physiological disorders.It should be killed in a timely manner.

  First, 5 kinds of foods that disturb endocrine1. Alcohol In the present era, drinking entertainment has become a must-have thing for people.

There is no wine on the table, so wine has become the mainstream on the table.

However, drinking properly can make you feel good. Excessive drinking will hurt your body. Frequent drinking will disturb the endocrine system and cause the decline of human immunity.

Liquor contains lead, which is a toxic doped heavy metal. Drinking too much alcohol can easily lead to lead poisoning, which can cause death and pose an immeasurable threat to people’s health.

  2. Fried foods Fried foods are the favorite of many people. They are tender and delicious, crunchy and crunchy, and Belgian. They have become a must-have food for shopping and leisure.

With the popularity of Korean dramas last year, fried chicken with beer has set off a frenzy of fried foods such as fried chicken. Streets, alleys, men and women love beer with fried chicken, and a large number of fried foods have become profitable for businesses.Gimmick.

  But do you know how harmful fried foods are to us?

Fried foods are the main culprits of disturbing endocrine disorders.

Fried foods are extremely hot when they are fried, and those foods that are fried in the pan are mostly meat. Vitamins and proteins that are beneficial to the human body at high temperatures are destroyed, resulting in changes in the material structure.Loss of nutrients, destruction, and often eat fried foods, heat is easy to accumulate in the human body, over time, it is easy to cause severe wind and cold.

  3, caffeine to drink a cup of coffee when you are tired of work, is a very refreshing beauty.

In fact, drinking a moderate amount of coffee can not only enhance the taste of life, but also enjoy the good time in the mellow and delicious flavor of coffee, which is a wonderful thing.

However, caffeine-containing substances in coffee drinks can excite the nervous system, cause insomnia, or nervousness, disturb the normal endocrine system of the human body, and cause unbearable violations of people’s lives.

  In addition, taking too much caffeine can easily lead to rapid heartbeat and irregular pulse times, which poses a great threat to people’s lives.

In addition, the absorption of caffeine in the body will increase the secretion of a cortisol hormone in the body. This substance can stimulate the secretion of the adrenal glands. The stress hormone produced by it will stay in the blood for a long time, which will seriously damage the normal operation of the human endocrine system.

  Among them, the harm to women is the greatest. Due to the special constitution of women, endocrine disorders caused by caffeine drinks will affect the rise of female hormones in women, affect the quality of eggs in the ovaries, accelerate the aging of the human body, and directlyAffect fertility.

Therefore, we should cherish our health, drink less caffeine-containing beverages, and choose some freshly squeezed fruit juices that are rich in vitamins, which is also very good.

  4. Garlic Garlic is a common condiment on our daily table. Regular consumption of garlic can kill the anti-inflammatory and germicidal effects.

But eating too much garlic is also bad for our health.

Eating more garlic can easily lead to getting angry. Some people with stomach problems can easily cause damage to the gastric mucosa, which can cause stomach pain, abdominal pain and other uncomfortable symptoms.

Garlic contains some elements that lower human body’s red blood cell hemoglobin, which is the killer that causes anemia.

So do not eat more garlic, eat about 2 cloves a day.

  5. Leeks Leeks are also a common substitute on common people’s tableware. Leeks have the effect of nourishing kidney and yin, but there are also many disadvantages to eating chives, which have many adverse effects on people’s health.

For some people with stomach problems, if they eat more leek, they will easily feel heartburn and irritation to the stomach. Therefore, people with stomach problems should eat less leek.

  Leek is a warm food with a burst of hair, which is not suitable for some people who restart.

Leeks can provide a lot of energy for the human body. If you eat chives for dinner, it is easy to cause imbalance in the body’s internal secretion, and it is easy to fall asleep at night, resulting in the consequences of insomnia.

  Second, how to regulate endocrine disorders1, sports endocrine disorders are very harmful to the human body, so we need to conduct timely conditioning and rescue.

Among them, exercise is a good way to regulate endocrine disorders.

In normal times, we can participate in more exercises to improve the body’s functional immunity, and the body is almost released during exercise. Moreover, we can strengthen the bones, allow the muscles to exercise, enhance the vitality of the cells, keep them active, and stay young.
  2. Eat more fruits and vegetables. Fruits and vegetables are rich in vitamins and proteins. Eating more fruits and vegetables can even supplement various nutrients required by the human body, and can also regulate the physiological functions of the human body, thereby stimulating the endocrine system.Promote the secretion of saliva and the normal operation of gastrointestinal digestion.

  3. Don’t stay up late. The main reason for endocrine disorders is due to deviations in work and rest time and poor sleep quality.

Therefore, we need to rest on time, combine work and rest, and ensure extra sleep, and never stay up late.

Adequate sleep is great for regulating endocrine.

Different genders of soy cations cause different effects

Different genders of soy cations cause different effects

A study by Chinese researchers found that the incorporation of soy protein into different genders has different health effects.

The findings were published in the latest issue of the internationally renowned academic journal, the Journal of Nutrition.

  A research team led by researcher Lin Xu, a researcher at the Institute of Nutritional Sciences, Shanghai Institutes for Biological Sciences, Chinese Academy of Sciences, based on a population sample of the “Nutritional Health Status of the Chinese Elderly Population” project.A system analysis was performed.

  Studies show that after controlling for many factors such as age, region, smoking, drinking, physical activity, education level, work status, disease status, alternative information, etc., there is a large gender in the correlation between soy protein absorption and metabolic diseases.difference.

  Lin Xu said that in postmenopausal women, the increase in soy protein intake reduces the risk of suffering from metabolic diseases; while in men, the deterioration of soy protein intake reduces the risk of suffering from abnormal hypertension, and soy proteinExacerbations may increase the risk of abnormal blood sugar.

  At present, researchers do not know the biological mechanism of this difference.

Lin Xu said that this may be related to the dual effects of isoflavones and anti-estrogens in soybeans.

  Existing research proves that soy isoflavones play a role to a certain extent in different ages, genders, and sex hormone levels in the body.

Studies in Asian populations have found differences in the effects of soy protein on urine glucose levels and blood pressure in men and women before and after menopause.

Some animal experiments have also confirmed that soy protein has different effects on animals of different sexes.

  Studies by Chinese scientists have further suggested that there may be gender differences in the effects of soy protein implantation on metabolic diseases.

Therefore, further research is needed on the health effects of soy protein on people of different genders and ages.

Brain food therapy

Brain food therapy

Excessive use of the brain, dark blood consumption, can cause deficiencies in the five internal organs, brain failure and memory decline, slow response; heart and spleen deficiency can cause palpitations, insomnia, limb weakness, more dreams; insufficient liver and kidney can cause dizzinessEyes astringent, forgetful and dreamy.

The nourishing diet nourishes the liver and kidneys, nourishes the heart and spleen, enriches qi and blood, and accumulates kidney essence, so as to achieve the purposes of intelligent brain, promote thinking, enhance memory, and delay brain degradation.

  Pig brain wolfberry soup ingredients: 1 pig brain, 15 grams of pig spinal cord, 10 grams of wolfberry, seasoning.

  Method: Wash the pig’s brain and bones, put it in a bowl, divide into wolfberry, salt, monosodium glutamate, cooking wine, soy sauce, etc., steamed and served in a basket.

  Function: kidney and brain.

  Ingredients for stewed pig brain with two ears: white fungus and black fungus each 10 grams, one pig brain, the right amount of seasoning.

  Method: Wash the black fungus and white fungus hair, wash the pig brain in the same pot, add chicken broth to the right amount, simmer until the meat is
  Function: tonic.

  Ingredients for walnut longan chicken: 10 grams each of walnut kernel meat and 250 grams of chicken meat.

  Method: Wash and dice chicken, mix with cooking wine, starch, soy sauce, stir-fry ginger and shallots with hot oil in the pot, stir-fry the chicken and stir-fry, then add walnuts and meat, spring onion, ginger, pepperWait until cooked, add salt, MSG to serve.

  Function: nourishing the kidney and strengthening the spleen, nourishing the heart and soothe the nerves.

  Longan pork bone fish head soup ingredients: 10g longan, 100g pig spinal cord, 1 fish head, seasoning.

  Method: Wash the pig’s spinal cord and fish head, add the right amount of water to the same pot and boil it. Place the longan and spring onion, ginger, pepper, garlic, cooking wine, rice vinegar, etc., and simmer until it is cooked. Add salt and MSG to taste.Add sauerkraut leaves, parsley, and cook once or twice.

How to tell the difference between good and bad

How to tell the difference between good and bad

What do parents care about?

The baby eats and drinks Lasa every day and fills the parents’ hearts.

If you do n’t eat well, you ‘re worried about your baby ‘s nutrition. If you have a “smelly” problem, it ‘s even more anxious. Poor parents!

In fact, to a certain extent, stink is a barometer of your baby’s health. It is a mirror that reflects the function of your baby’s gastrointestinal tract. Carefully observe and understand the significance of the stink.heart.

  Is it smelly?

  Because breast milk is rich in oligosaccharides, it can fully stimulate gastrointestinal motility, so most babies will not have lumpy odor, nor obvious odor, golden yellow, occasionally greenish and relatively thin;Or like ointment, uniform.

Babies who take formula milk have a stool volume that is usually dry, rough, and slightly hard like plaster.

After the supplementary food is added, through the increase in the number and type of complementary foods, the baby’s stool will gradually approach the adult, the color will start to darken, and it will have different colors depending on the food.

These are normal good “smelly” manifestations.

  Would it be some kind of performance?

  No. 1 stinky smell: hard stool, ball performance: baby’s stool is dry and caked, sometimes like sheep’s stool, one by one, it is very laborious and painful to pull the odor, even sometimesWill not come out.

  Resolution: more than 90% of children do not have organ problems. They are functional constipation, mainly due to imbalanced development of various organs, meat and vegetables, and fast food, fried food, convenient food, and playfulness.They would not care about it, drinking too little water and other reasons.

  Prevention: In order to prevent the occurrence of constipation, the baby’s diet should increase the implantation of vegetables and fiber.

Parents should encourage them to eat more fiber-based vegetables and cereals.

Usually should consciously cultivate the baby to develop a regular bowel habit, and develop a good habit of pulling stinks every day.

If the constipation can’t pull out, you can apply enema to help soften the hardened stool, reduce friction, and help defecation.

  No. 2 bad stinky stinky smell: the baby’s stools are mushy and mixed with the smell of food spoilage.

  Analysis: Mostly due to babies eating too much and indigestion.

There is foam in the stench, and the acidity is pungent, which may be caused by indigestion of sugars.

Stool smells like rotten eggs and may be protein indigestible.

The stool is yellowish, heavy, and shiny like oil, which means that there is too much food in the stool.

  Prevention: Regulate your baby’s diet.

For lactating babies, pay attention to whether the formula is too high, whether you need to increase or decrease sugar or temporarily switch to low-fat milk, etc. (but note that low-fat milk cannot be eaten for a long time as a normal diet).

For babies who have already added non-staple food and weaned, you should reduce or suspend the corresponding food types according to the situation, and then add them gradually after the baby’s stool returns to normal.

You can also give your baby a multivitamin to help digestion.

  Stink No. 3: Stool with pus and blood: The baby’s stool is as thin as water, or it contains pus, blood, mucus, and the number of stools is increased.Enteritis and dysentery caused by this, at this time the baby’s stool frequency suddenly increased significantly, accompanied by fever, stomach pain, vomiting, do not want to eat and cold hands and feet.

  Prevention: Wash your hands before and after meals, peel the fruits, and avoid drinking raw water.

The food in the refrigerator should be thoroughly heated before eating. In summer, babies are most greedy for cold drinks, and parents should control their diet.

The baby’s tableware and various supplies should be disinfected frequently; let the baby often go to the tableware and bask in the sun to improve the resistance.

List of medicine and food homologs published by the Ministry of Health

List of medicine and food homologs published by the Ministry of Health

List of items that are both food and medicine (in order of strokes): cloves, star anise, sword beans, cumin, small thistle, yam, hawthorn, purslane, blacktail snake, ume, papaya, hemp kernel, substituteSubstitute flowers, host bamboo, licorice, white peony, ginkgo, white lentils, white lentils, longan (laurel), cassia, lily, nutmeg, cinnamon, ganzi, bergamot, almond (sweet, bitter), sea buckthorn, oyster,Fruit, Zanthoxylum, Chitosan, Ejiao, Chicken Gold, Malt, Kumbu, Jujube (Jujube, Jujube, Black Jujube), Luo Han Guo, Yujin Ren, Honeysuckle, Green Fruit, Houttuynia, Ginger (Ginger, Dried Ginger), Gardenia,Medlar, Gardenia, Amomum, Fatty Sea, Poria, Citronella, Citronella, Peach Kernel, Peach Kernel, Mulberry Leaf, Mulberry, Orange Red, Bellflower, Nocturnal Kernel, Lotus Leaf, Rice Seed, Lotus Seed, Galangal, Light Bamboo Leaf, Light bean drum, chrysanthemum, chicory, yellow mustard, perilla, perilla seed, kudzu root, black sesame, black pepper, locust rice, locust flower, dandelion, honey, gardenia, jujube kernel, fresh white grass root, fresh reed root,Belly snake, orange peel, mint, cormorant苡Jen, scallion white, raspberry, rugosa.

  List of items that can be used as health food (in order of strokes): ginseng, ginseng leaves, ginseng fruit, panax notoginseng, earth Poria, large thistle, privet fruit, dogwood, Sichuan achyranthes, Fritillaria cirrhosa, Chuanxiong, red deer fetus, Red velvet antler, red stag bone, salvia miltiorrhiza, Schisandra chinensis, Cimicifuga, Asparagus, Gastrodia elata, Pseudostellaria heterophylla, Morinda officinalis, wood fragrant, wood thief, burdock root, burdock root, plantain, plantain,Beishen ginseng, Pleurotus ostreatus, Xuanshen, Raw Rehmannia glutinosa, Raw Polygonum multiflorum, Baiji, Atractylodes macrocephala, Atractylodes macrophylla, White Cardamom, Shijingming, Dendrobium (provide applicable certificate), Bone Skin, Angelica, Bamboo Ru,Safflower, Rhodiola, American ginseng, Evodia rutaecarpa, Achyranthes bidentata, Eucommia ulmoides, Eucommia leaves, Shayuanzi, Peony skin, Aloe vera, Atractylodes macrocephala, Psoralea ,?

Seed, Chiba, Polygala, Ophiopogon, Tortoise shell, Pelan, Platycladus orientalis, Rhubarb, Polygonum multiflorum, Acanthopanax senticosus, Rosehip fruit, Zelan, Zexie, Rose, Roselle, Zhimu, Apocynum, Kudingcha, golden buckwheat, golden gardenia, green peel, magnolia, magnolia flower, turmeric, coriander shell, coriander fruit, cypress, pearl, gypsophila, fenugreek, madder, coriander, chives, firstBlack rattan, incense stick, bone broken tonic, codonopsis, mulberry peel, mulberry branch, Zhejiang Fritillaria, Motherwort, Centella Asiatica, Epimedium, Cuscuta, Wild Chrysanthemum, Ginkgo Biloba, Astragalus, Hubei Fritillary, SennaLeaves, toads, lingonberries, locusts, pueraria, tribulus, propolis, sour horn, marjoram, ripe rhubarb, mature rhizoma glutinosa, snails.

  List of small items of health food (in order of strokes): star anise, starry hemp, golden gold, earth green wood incense, mandrill, chuanwu, guangfangji, mulberry leaf, horsetail, hex lotus, tianxianzi, croton,Mercury, periwinkle, kansui, born Tiannanxing, born Pinellia ternate, raw white aconite, raw wolf venom, Baijiangdan, Lycoris radiata, Guan Mutong, Nongji silt, oleander, cinnabar, rice shell (baby millet shell),Red Sheng Dan, Taxus, Red Fennel, Red Powder, Staghorn, Sheep, Lijiangshan Cigu, Jing Euphorbia, Kunming Mountain Begonia, Puffer Fish, Habitat, Green Lady Worm, Fish Vine, Digitalis, GoldFlowers, morning glory, vermiculite (white coriander, red coriander, arsenic), Caowu, Xiangjiapi (Barrel willow bark), camel poncho, podophyllum, mangwort, iron mallet, lily of the valley, sagebrush on snow, yellow flower clipBamboo peach, cantharius, sulfur, realgar, tripterygium, belladonna, hellebore, toad cake.

Are you doing the basic steps for skin care? _1

Are you doing the basic skin care steps right?

I believe that many MMs who love beauty will not neglect the maintenance of their skin and will never tire of it.

However, if the steps of skin care are done wrong, it is not worth it.

Especially now, after experiencing severe winter, various skin problems gradually appear.

Then, quickly check through the following five aspects to see if your maintenance work is correct and whether it is most suitable for your skin condition.


hzh {display: none; }  A肌肤护理并非需要使用同一系列产品  商家一般都会建议我们最好使用同一系列的护肤产品。In fact, we should choose the product that suits you best according to the skin condition.

For example, if you like certain series of lotions, but do not like this series of beauty liquids, then you can choose your own beauty liquids.

In fact, all skin care products are similar, even if they are mixed, after 2?
After 3 minutes, it can penetrate into the skin, so it is OK to mix it.

  B clarify the effectiveness and order of use of various skin care products. Toner, beauty lotion, lotion, and cream all have their own functions.

Toner: moisturizes and tightens the skin; beauty liquid: further tightens the skin; lotion: keeps the skin supple; cream: further moisturizes the skin.

  Cosmetic liquid is a special care liquid. Generally, if the skin condition is good, you don’t need to use it.

The difference between lotions and creams is that the moisture and oil content are uniform.

The oily and rich texture is a cream. In the period when it is easy to dry, if you still feel that your skin is not moisturized after using the lotion, you can apply the cream again.

  In addition, the horny skin becomes harder when the skin is dry, and suddenly it is difficult to absorb liquid skin care products at that time.

You should use a less greasy lotion to soften and soften the skin before doing other treatments in order to receive better results.

You cannot easily determine that cheap skin care products are not good. C cannot easily determine that cheap skin care products are not good. The prices of various skin care products are generally determined by composition, packaging, advertising, company size, etc.

High-priced products use higher cosmetic ingredients, but they may also be expensive for packaging and advertising.

In addition, some are due to the high quality of products and the effect of brand effects.

To be assured, you should choose more expensive products, but some companies have lowered their prices due to their size and output, and the price of single products will decrease due to the large output. Therefore, it cannot be concluded that cheap skin care products are not good.

  D. Choose skin care products that are suitable for your skin instead of skin care products, you must first understand your skin texture.

How to judge your skin?

  After cleansing the face, do not apply any lotion or lotion. Look after 15 minutes: the skin is still dry and tight-dry skin; itching and reddening-dry sensitive skin; the skin is tight but T startsOily-normal skin; non-tight and soft to the touch-often skin as a whole begins to oily-oily skin.

  Due to different environmental and personal hormones, human skin is different at all ages.

It was oily skin in the twenties, and it was not necessarily oily skin in the thirties.

In addition, as the seasons change and the physical condition of an individual is good or bad, the state of the skin also changes.

Therefore, you should regularly check your skin quality and choose skin care products that are suitable for you according to the situation.

  E How to save skin care products There are products that are particular about unused or unopened products. If you store them in a cool place, you can generally save about two.

Pay attention to the preservation method after opening.

The best place to store is of course a cool place, but it should not be placed in the bathroom or near water.

If it is placed in a dressing room or closet, it is better to choose a moderately cool place.

  However, any skin care product may multiply bacteria after it is opened, so even in the best storage environment, please use it within one year after opening.

Of course, it is also necessary to keep in mind the shelf life of the product. If the product has odor, discoloration, etc. when it is opened, do not use it.

If you’re worried that you won’t run out in a year, buy the small one when you buy it.

For our skin, don’t reuse expired skincare products.