Jichuan Pharmaceutical (600566): Excellent platform helps brand Chinese medicine companies take off

Jichuan Pharmaceutical (600566): Excellent platform helps brand Chinese medicine companies take off

Key points of investment: The company’s internal operations are stable, and the “wolf culture” has helped the company continue to expand. The company has been established for more than 20 years. The relevant department settings and personnel management are mature, and the core leadership has remained stable.

The company adheres to the management of “wolf culture” and is good at growing in adversity. By correctly grasping the direction of market development, relying on the exclusive agency type accompanied by Pu Dilan, Xiaoer Xiaoqiao, etc., its performance has maintained rapid growth, and it was successfully listed in 2013.Maintain rapid development, and the market scale continues to expand.

Influenza and the development of channels have promoted Pu Dilan and Pediatrica to grow further. After 18 years of high flu, the incidence of influenza is still serious this year, and the demand for antipyretic and detoxifying drugs and pediatric cold medicines has increased.

Pu Dilan oral liquid is the company’s exclusive dosage form, such type in 201724.

800 million US dollars. In the future, through the improvement of hospital and drug store coverage, replacement of traditional Chinese medicine injections, expansion of medical insurance coverage and promotion of adult departments, etc., stable growth is expected. The compound growth rate in the next three years is expected to be nearly 20%.

Xiaoer Qiaoqing Qingre Granules is recommended as a commonly used medicine for the treatment of flu. There is room for improvement 北京桑拿洗浴保健 in hospital and drug store coverage. Conversion and high gross profit of sugar-free dosage forms will further increase profitability.

Relay of second-tier breeds to ensure sustainable growth of the company’s performance The company is currently launching a number of expected products in other areas such as gynecology and digestive medicine.

Rabeprazole uses the latest proton pump inhibitor technology, and its market share in PPI inhibitors continues to expand. The company’s rabeprazole capsule market share is nearly 60%, and it is expected to maintain stable growth in the next 2-3 years; TokeThe pharmaceutical industry channel integration effect is obvious. Through the company’s sales platform, the affiliated Fuyanshu capsules have a significant volume.

In addition, scutellaria tablets and ferrous protein succinate have entered a rapid growth stage, and a number of products under development are steadily advancing.

Earnings forecast and rating are expected to be attributable to net profit of 18/19/20 respectively.



08 billion yuan, EPS is 2 respectively.



96 yuan, corresponding PE is 18/15/12 times.

The company’s performance has grown steadily, and the current industry policy influence factors have increased. It is estimated that the expected average mean value is returned. With reference to comparable companies, the company believes that the company will have a reasonable PE of 20 times in 2019 and a target price of 50 yuan.

Risk warnings 1. Sudden policies lead to major price reductions of major products; 2. Large shareholders continue to reduce their risk.

Han’s Laser (002008): Downstream prosperity changes slightly lower than expected, optimistic about long-term development

Han’s Laser (002008): Downstream prosperity changes slightly lower than expected, optimistic about long-term development

Matters: The company released its 2018 annual report and 2019 quarterly report. In 2018, the company achieved a total of 110 operating income.

2.9 billion, a decrease of 4 per year.

59%; realized net profit attributable to shareholders of listed companies17.

1.9 billion, an annual increase of 3.

twenty two%.

It is planned to distribute a cash dividend of 2 yuan (including tax) for every 10 shares to all shareholders.

The company achieved operating income of 21 in the first quarter of 2019.

2.6 billion, an annual increase of 25.

65%; realized net profit attributable to shareholders of listed companies of approximately 1.

61 trillion, sixth grade 55.


Ping An’s point of view: Economic fluctuations affect demand and performance is slightly lower than expected: The company’s 2018 revenue and results were slightly lower than our expectations, mainly due to customer order substitution and macroeconomic changes since the second half of 2018.

From the perspective of each product business: (1) 2018 high-power equipment revenue23.

25 ppm, an increase of 12 in ten years.

09%, accounting for 21 of the company’s total operating income.

1%, the first half and the second half of the revenue growth rate was 26.

14%, 0.

26%, affected by the macro economy in the second half of the year; (2) Affected by the innovation cycle of electronic products, the company’s business income from low-power laser marking, precision welding and precision cutting reached 47 in 2018.

5.1 billion, accounting for 43 of total operating income.

1%, a decline of 23 per year.

22%, which has the highest impact on revenue; (3) Emerging industries, PCB equipment, lithium battery equipment, panels and semiconductor equipment have annual revenues of 16 respectively.

8.2 billion, 6.

4.1 billion, 8.

9.9 billion, an annual increase of 39.

00%, 17.

22%, 76.

twenty one%.

Looking forward to 2019, we believe that: (1) 2019 is not a big year for non-customer innovation, and the probability of related order growth is not high; (2) The worst time period for high-power products may have passed, accumulating macroeconomic stabilization,The downstream investment enthusiasm has recovered, and the performance in the second half is expected to be better than the first half; (3) Lithium-ion equipment, panel equipment, PCB equipment, etc. are still struggling to maintain a high growth rate, which will be the driving force for the company’s 2019 performance.

The negative growth rate of the first quarter of 2019 was affected by the high base: The company’s performance change in the first quarter of 2019 broke through, which was mainly affected by two aspects: (1) High base, the company disposed of its holdings in the first quarter of 2018Mingxin Test and PRIMA’s shares total about 1.

800 million, accounting for 49 of the current total net profit.

7%; (2) The gross profit margin has declined, and the company’s gross profit margin in the first quarter of 2019 was 37.

32%, compared with the same period of 20183.

26 units.成都桑拿网

The first quarter of each year is the off-season for the company’s business to recognize revenue. We believe that the company’s first-quarter results do not determine the direction of its performance.

Investment suggestion: The company is a domestic leader in laser equipment with the largest sales volume and the most abundant product categories, strong R & D strength, scale effect advantage and good brand awareness, so the company has a strong ability to expand its business horizontally.

In the growing business sector, the company’s market share has continued to increase; companies in the emerging business sector continue to expand and will continue to bring new growth points to the company.

Affected by macroeconomic fluctuations, performance base and other factors, the company’s short-term performance has changed 夜来香体验网 significantly, but we believe that the company’s long-term development logic has not been damaged, and it is still worth optimistic in the long run.

Based on the judgment of the domestic economy, adjust the company’s profit forecast. It is expected that the company’s EPS (based on the current share capital dilution) for 2019-2021 will be 1.71 yuan, 2.

67 yuan, 2.

83 yuan (the previous forecast for 2019-2020 was 2 respectively.

41 yuan, 3.

40 yuan), corresponding to the current sustainable price-earnings ratio of 24.

1 times, 15.

4 times, 14.

5 times, maintaining the “recommended” level.

Risk reminders: (1) Risk of slump in downstream demand: The company ‘s current revenue is partially transmitted from consumer electronics manufacturing. If the consumer electronics industry ‘s orders continue to fall short of expectations, it will lead to the company ‘s gradual realization of pressure; if the macro economy declines severely,The growth rate of equipment investment in other industries will decrease; (2) Increased prices of core fiber components such as upstream fiber lasers: Most of the lasers used by the company are imported from upstream manufacturers such as IPG. If they are affected by trade wars and other factorsThe prices of upstream core components have risen, and the company’s product replacement or inability to make price adjustments in a timely manner will affect the company’s gross profit margin; (3) Exchange rate effects: the company’s laser and other core components are mainly purchased from abroad, so the company hasCertain foreign exchange reserves; if the exchange rate changes significantly, it may bring foreign exchange losses to the company and affect the company’s performance.

AVIC Sunda (000043) Commentary on Major Issues: Leading State-owned Enterprise Property Management May Start

AVIC Sunda (000043) Commentary on Major Issues: Leading State-owned Enterprise Property Management May Start

Core View AVIC Suntec announced that the company intends to purchase investment properties by issuing shares.

Valuation of part of the property management of New AVIC Sunda.

We noticed that if the acquisition of China Merchants Property is completed successfully, the new AVIC Sunda Property Management segment (not the entire company) will have a pro forma revenue of 66 in 2018.

300 million, net profit reached 3.

100 million, net profit margin 4.


The level of corporate net profit margin is relatively high among listed property management companies.

We believe that the estimation of property management companies can give priority to market value / area under management and PS indicators.

Currently, the average PS for comparable property companies is 3.

60, the market value / unit in the tube area is 0.


Considering that the company’s profitability allows after all, we give it below the industry average of 2.

5 times PS, giving industry average of 0.

91 times the market value / million square meters in the tube area, taking the average, we believe that the company’s property management part is reasonable market value of 140.

900 million.

Valuation of AVIC Sunda’s other businesses.

The company also has real estate development business and investment real estate.

Of course, the company’s platform budget also has net debt, and China Merchants Property also has disadvantages.

The company’s real estate business is mainly reflected in inventory and investment real estate (fair value valuation), with a total of 86 at the end of the first quarter of 2019.


At the same time, the company’s net interest resistance is 26.


In addition, China Merchants Property has a debt scale of 13.

0 million yuan (conservative estimate, replacing the total debt with the total debt of China Merchants Property).

Based on this calculation, the net debt value of the company’s other business segments is approximately 47.

0 million.

Evaluation of the value of New China Aviation Sunda.

As the transaction price of the acquisition was disclosed in this announcement, we are temporarily unable to obtain the target price of AVIC Sunda and cannot give the company a rating.

We have summarized the value of the property management sector and other business assessments, and concluded that the reasonable value of Xin AVIC Sunda is 187.

90,000 yuan (we redistribute, this is not the corresponding fair market value of the current share capital, it is the pro forma fair market value after the issue, the share capital is not yet determined).

If considering the uncertainty of the event approval, a 20% discount is given, the current probable reasonable value is 150.

300 million.

Risk reminder: The nature of the company’s acquisition of investment is yet to be approved by the regulatory authority, and there is controversy and uncertainty.

The formation of the leading value of the central enterprises, the company’s medium and long-term value is more worth looking forward to.

Property management companies operate independently of real estate development companies, and set up core competitiveness of property management companies.

Only with a few trivial roles like the cost center of a real estate company, can a property management company formulate a more independent business strategy, carry out more effective incentives, and make great progress in the blue ocean of the service industry of property management.

We believe that the strong combination of China Merchants Property and AVIC is likely to build a central government property management growth leader in the medium and long term, and cultivate a 杭州夜网论坛 comprehensive service system for urban development and industrial upgrading with obvious advantages.

This strong alliance is not the end, but the beginning.In the Hong Kong stock market, large-scale property management companies have rapidly expanded the role of developer vassals after listing, taking over the third party ‘s continued increase in the area under management, and the value-added service income and profit share have continued to rise, creating a cumulative income for investors and also for ownersCustomers and even society as a whole create value for quality services.

BOE A (000725) 2019 Interim Report Performance Review: increasing revenue but not increasing profit in the first half of the year

BOE A (000725) 2019 Interim Report Performance Review: “increasing revenue but not increasing profit” in the first half of the year

A brief evaluation of BOE’s revenue in the first half of 2019 was about 55 billion yuan, a year-on-year increase of about 27%, and net profit attributable to mothers was about 16.

700 million, a year-on-year decrease of about 44%, and net profit after deduction is about 6.

500 million, a reduction of about 57% each year.

Among them, Q2 revenue increased by about 30% each year, net profit attributable to mothers decreased by approximately 36%, and gross profit margin in the single quarter decreased by approximately 1.

7%, revenue and profit as expected.

Operational analysis The new production line was put into operation to drive continued revenue growth. The decline in panel prices dragged the company to “increasing revenue but not increasing profits”: in Hefei10.

Since the 5th generation line was put into production, the company’s revenue growth rate in the past four quarters (3Q18-2Q19) has continued to expand, respectively 5%, 13%, 23% and 30%.It is manifested as “increasing income but not increasing profits”.

As the company currently maintains the world’s largest volume in five major application areas such as smartphone LCD screens, tablet computer screens, notebook computer screens, monitor screens, and TV screens, the company adjusted its product structure for two quarters.Single-quarter gross margin fell by only 1.


Flexible OLED products have increased in size and increased in size, and new products such as folding mobile phones are gaining momentum: Although the overall price of liquid crystal display panels has shifted downward, taking a 32-inch TV panel as an example, the decline in 2Q is close to 30%, but the company is equipped with Huawei Mate 20 ProAnd P30 Pro’s flexible OLED product output continues to increase, the wholesale volume in the first half of the year exceeded 10 million units.

In addition, as Huawei ‘s core supplier of the foldable mobile phone Mate X, which will be launched in the third quarter of this year, we believe that the new foldable mobile phone products will give the company a leading edge in the competition of differentiated flexible OLED mobile phone panels.

Supply-side production reduction has become the main theme, and panel prices are expected to usher in a rebound in the fourth quarter: starting from mid-2017, the average decline of LCD panels has exceeded 50%. At present, the prices of TV panels 65 ”and below have fallen below that of most panel manufacturers.Cash costs, “closed factories and reduced production” became the main theme of the industry in the second half of the year.

Korean factories Samsung and LG are fully turning to OLED, and it is estimated that the two domestic Koreans will total about 220k / month.

The 5th generation line will be shut down, Taiwanese manufacturers will begin to reduce the production line production rate, and the mainland plant Tap BOE will also be fully production and sales in the first half of the 10th.

The production capacity of the 5th generation line is reduced by about 25%. The clearing of production capacity at the supply 杭州桑拿网 side will help drive panel prices to stabilize and rebound in the fourth quarter. BOE has clearly benefited as a leading LCD panel.

Investment suggestion We maintain the company’s forecast of net profit attributable to the parent in 19-21 years of 4.8 billion, 10 billion and 15.5 billion, respectively, and the corresponding EPS is 0.

14 yuan, 0.

29 yuan and 0.

45 yuan, maintained at 5.

The target price of 78 yuan remains unchanged.

Risk warning: Sino-US trade war repeatedly affects terminal TV demand; panel industry price war continues to affect company profits

Northbound funding once exceeded 30 billion-waiting to cut foreigners?

The truth is here

Northbound funds exceeded 30 billion yuan: waiting to cut foreigners?

The truth is here

Northbound funds once exceeded 30 billion yuan!

Someone is waiting to cut foreigners leeks?

The truth is here on Friday. Northbound funds rose unilaterally throughout the day, with a total net inflow of 148.

6.2 billion, a record high this year and the second highest in history.

Among them, the Shanghai Stock Connect channel net purchase 71.

3.7 billion yuan, the Shenzhen Stock Connect channel net purchase of 77.

2.5 billion.

  After the close on September 20, the FTSE Russell and S & P Dow Jones Indices index performance adjustments will bring a total of $ 5.1 billion in passive incremental funds to A shares.

Compared with the index adjustment strength in previous years, this figure also reached a new high during the year.

  Northbound funds once exceeded 30 billion. Northbound funds totaled a net inflow of 148 on Friday.

US $ 6.2 billion, the second highest on record, with a net purchase of 71 on the Shanghai Stock Connect channel.

3.7 billion yuan, the Shenzhen Stock Connect channel net purchase of 77.

2.5 billion.

The highest historical record occurred on November 2, 2018, when the total net inflow of northbound funds was 173.

8.5 billion yuan.

  Specifically, the inflow of northbound funds reached the highest point of the day at the last moment.

  After 14:30 in the afternoon, the rate of northbound capital inflows increased significantly, and the round-robin bidding reached its peak in the late session.

In terms of capital surplus, the net inflow of northbound funds in the late session exceeded 30 billion yuan.

  It is worth mentioning that from the above picture, the trend of Northbound funds rushing up and down in the late round of collective auctions, and such a trend in the first few late “pulse quotes” occurred in various degrees.

  The performance of Northbound funds on the same day when the performance of the two previous two indexes was deducted pointed out that this does not mean that Northbound funds were bought and sold in just three minutes, but because the flow chart was calculated by the balance of funds on the day, rather than real-time transactions, Some of the final and final orders may also be calculated internally, temporarily occupying some of the quota.

  Game funds to enter early?

  Because 南京夜网论坛 some northbound funds are expected to be allocated on the last trading day before the index adjustment performance, for some game funds that want to “cut rich leeks”, buy in advance before that, and sell the chips to the northbound funds on the last day.It is a theoretically feasible arbitrage opportunity.

  Judging from Friday’s trading session, many FTSE Russell’s underlying stocks have been rising in a straight line, accompanied by a surge in trading volume.

  Wanhe Electric’s late-season collective bids continued to increase by 10.

02%, down from 0.

62% pulled up to rise 9.

40%; Only Education’s collective bidding price continued to increase by the end of the year9.

95%, down from 0.

05% rose to 9 up.

90%; Guocheng Mining’s collective bidding price continued to increase in the late5.

44%, up from 1.

36% pulled up to rise 6.


  In addition, Ping An of China, Maotai of Guizhou, Ping An Bank and other long-term favored blue-chip stocks in foreign countries have also seen significant volume late.

  ”Choose a few high-quality white horse stocks that foreign countries will definitely buy, buy them in advance, and even failed to sell them on Friday. Putting high-quality white horses in your hands for a while will not hurt.

I think this is an opportunity to give it a try.”The words of investor Xiao Xu may reflect the mentality of some funds.

  Accelerated foreign inflows since August In fact, with the three major international indexes exceeding and expanding, Northbound funds have continued to enter the market since late August. From August 16 to September 20, the net inflow of Northbound funds has reached 863.

6.1 billion yuan.

On Friday, with the simultaneous performance of the two indexes, the single-day net inflow of northbound funds hit a new high for the year.

  In the past week, it is not uncommon for Northbound funds to be bought in late trading. Some people say that Northbound funds may have opened positions in advance.

  A market source said that passive index funds that require more “harsh” transaction prices in order to trade at prices close to the closing price and achieve at least tracking error are often bought late in the market.

However, it does not rule out that other passive funds open positions in advance when they meet the requirements to smooth market fluctuations around the effective date of the index.

  FTSE Russell related sources said that passive funds tracking the index need to open a position after the close of this Friday, but usually gradually increase positions in advance, without necessarily waiting for the final close.

  According to Zhang Qiyao, chief strategy analyst of Guosheng Securities, according to the replacement plan announced by the first-level MSCI, a round of MSCI expansion plans is expected to be implemented in November this year.

  Zhang Qiyao further pointed out that the recent QFII quota restrictions have been lifted, which indicates that the opening up to the outside world continues to accelerate.

The lifting of the issuance quota limit is another important change in supporting foreign investors to invest in the domestic market and promote the further opening of the internal stock and bond markets.

He said that through the maturity of the interconnection mechanism, the replacement of QFII by northbound funds has become a trend.

Therefore, the cancellation of the QFII quota limit signal is even more significant, and then there may be large and small opening policies.

  According to Morgan Stanley’s forecast, in 2019, approximately $ 40 billion to $ 70 billion of potential transfer funds will be gradually increased, which includes about $ 18 billion of passive funds and about $ 20 billion to $ 50 billion of active funds.

After the refinancing loosened, the bank’s financial management funds can’t stand the funding and increase leverage?

After the refinancing loosened, the bank’s financial management funds can’t stand the funding and increase leverage?

Original title: After refinancing “unbundling”, the bank’s financial management funds can’t sit still!

“Financing plus leverage” participation in the increase in the end is not fragrant?

  Source: After the implementation of the new rules on refinancing by the Daily Economic News, some emerging listed companies that have launched a fixed increase plan act quickly and adjust their plans in accordance with the new rules.

Affected by this favorable situation, listed companies have continued to rise and fall daily. Among them, Gree Electric intends to subscribe for US $ 2 billion after Sanan Optoelectronics revised its growth plan, which can also continue to grow.

It is under this kind of money-making effect that the popular scene of “first-level hospitality and second-level paying bills” reproduces Dingzengjianghu.

  ”Daily Economic News” reporter noticed that in order to gain greater profits, the phenomenon of “allocation of funds plus leverage” in the fixed-income market again.

Recently, an intermediary released a small advertisement in a private equity group saying: “Recently, the fixed-income market has begun to heat up. For 6-month and 18-month tickets, we can provide leverage funding, the leverage ratio is 1: 1, one vote and one trial.Tip 6.


“After the refinancing new rules came into effect, some emerging listed companies that have launched a fixed increase plan acted quickly and adjusted the current plan in accordance with the new rules.

According to incomplete statistics from reporters, recently, there are no less than 30 listed companies including Shenyu Co., Ltd., Guanghong Technology, Kaipu 重庆耍耍网 Biotech, and Aonong Biotech. All of them have “overtime” to modify the fixed increase plan.Program.

  For example, Huaping shares replaced the original fixed-income plan with a lock-up period of 18 months for the subscribed shares, and at the same time, a 20% discount on the issue price; on the evening of February 19, Petty issued an announcement saying that the issue of the non-public offering of stock solutionsThe target, the price and pricing principles of the issued shares, the restricted sale period of the issued shares, etc. shall be adjusted. The issue price shall be adjusted to be no less than 80% of the average trading price of the company’s shares 20 trading days before the pricing reference date.

  In addition, Zhonghuan announced on the evening of February 19 that it adjusted the company’s non-public offering of A 淡水桑拿网 shares.

The adjusted issue target range is no more than 35 specific shareholders, and the issue price is not less than 80% of the company’s stock transaction average price 20 trading days before the pricing reference date. It cannot be transferred for 6 months from the end of the issue.

Raised funds not exceeding 5 billion U.S. dollars, intended for use in integrated circuits
12-inch semiconductor wafer production line project and supplementary working capital.

  San’an Optoelectronics also revised its fixed increase plan. According to the new refinancing rules, the pricing method was adjusted to not less than 80% of the company’s average stock trading price 20 trading days before the pricing reference date. Leading Gaoxin’s proposed subscription amount was US $ 5 billion.Gree Electric’s proposed subscription amount is US $ 2 billion; the lock-up period is adjusted as follows: Leader Gaoxin, the shares subscribed by Gree Electric cannot be transferred within 18 months from the end of the issuance; the total amount of funds raised from the issue does not exceed 7 billion, and the issue price is 17.

56 yuan / share.

The reporter noticed that Sanan Optoelectronics released the preliminary plan in early November 2019, and the issue pricing is now set on the resolution board’s decision day, and the price is set at 17.

56 yuan / share, while the company terminated on February 20 had previously been as high as 27.

55 yuan / share, which means that Miss Dong Hao throws 2 billion, and the proper profit is over 56%.

  Obviously yes, at the same time, some companies have thrown out the fixed increase plan according to the new regulations. For example, Jucan Optoelectronics disclosed the fixed increase plan on the evening of February 17, intending to issue 9 specific issues to the company ‘s actual controller, Pan Huarong.Fundraising does not exceed 6.

USD 3.0 billion, all of the specific issue objects are subscribed in cash, and the issue price is not less than 80% of the company’s stock transaction average price 20 trading days before the pricing reference date, and the lock-up period is set to 18 months.

  Some market participants believe that the introduction of the new policy on refinancing and the market-oriented issuance rules may promote the return of fixed-income investments, while guarantees, transaction agreements, and other gray measures will also be reduced, thus forming a series of consensus expectations for the fixed-income market.

Due to the further reduction of the fund gate information and holding period, the 6-month fixed increase instrument will become a cost-effective way to build positions in the equity investment process such as active equity and quantification. The 6-month fixed increase orThis year marks the peak of declaration.

  According to the private placement, companies that have cracks in the context of “deleveraging” will receive “blood transfusion” under the new refinancing rules, and small and medium listed companies will promote “full blood resurrection”.

The balance sheet of listed companies will be restored, asset quality will be improved, and a new round of balance sheet expansion will be entered.

In the medium and long term, this is definitely a favorable policy for small and medium-sized listed companies.

  It is against this background that a large number of investors participating in the fixed-income market believe that participating in fixed-increasing now is equivalent to a 20% discount to buy stocks, and large shareholders participate in storytelling, basically making steady profits without losing money.

Facing the temptation of arbitrage in the secondary and primary markets, a large number of investors decided to take a big bet and use leverage to allocate funds to participate in the fixed-income market.

As early as 2014, due to the booming growth stock market, some small and medium-sized stocks had high valuations. First, the arbitrage behavior in the secondary market has soared. There was a private equity boss who described the prestige at that time as “first-level invitations, second-level paying.”With similar market potential.

  The reporter noticed that recently, some intermediaries have released small advertisements with fixed funding in a private equity group, and there are also private equity consultants consulting related businesses.

The reporter consulted a little, and the other party actively added the reporter’s WeChat and told the reporter: “Recently the fixed-income market has begun to catch fire. For 6-month and 18-month tickets, we can provide leverage funding.

The reporter further explored, the intermediary told reporters that the current ratio of leveraged funds participating in the fixed increase is 1: 1, and the largest ratio is also so large.

In addition, the company has a shortage of funds called “insurance funds.”

As for the funding rate, the intermediary said that the 6-month period and the 18-month capital use cost are different, and 18-month is definitely more expensive.

In addition, the interest allocated is also closely related to the individual stocks that participate in it. At present, it is a one-voice, one-trial review, depending on the requirements of the inferior funds.

  Later, the intermediary also sent his business card to the reporter, which showed that the intermediary was an employee of a large domestic commercial bank.

The intermediary later told reporters that the fixed-increasing allocation business provided by their company was implemented by the bank’s wealth management subsidiary. Because of the new financial management regulations, the leverage of bank wealth management funds in participating in the equity market cannot exceed 1: 1.Participation is through an insurance asset management plan.
In addition, he also said that many investors are currently interested in the fixed-capital allocation business. Two orders were left that morning, and many investors are learning about this business.
  According to the reporter’s understanding, on September 28, 2018, the highly anticipated “Measures for the Supervision and Management of Commercial Banks’ Wealth Management Business” was officially released. It and the “New Rules for Asset Management” released in April 2018 jointly constituted the bank’s wealth management business to comply with.The regulatory needs of the market have once again focused on the “elephant” of bank wealth management.

For a long time in the past, major banks headed by China, Agriculture, Industry, Construction, and Communications could easily absorb a lot of public deposits and find very good investment projects.

With high-end and rigid payment, in more than ten years, bank financing has exceeded 28 trillion yuan.

  Since April 2018, in the tide of breaking the new rules for asset management that have just been fulfilled, bank financial management has had to face a major shock.

According to the data disclosed by the CBRC, the balance of non-guaranteed wealth management products of banks at the end of May 2018 was 22.

28 trillion, with a balance of 21 trillion at the end of June, and the scale and proportion of interbank financial management continued to decline.

The new financial management rules also continue the guiding principles of deleveraging in the financial industry. In terms of hierarchical leverage, swap banks issue hierarchical financial products; in terms of resistance leverage, the upper limit of debt ratio (total assets / net assets) and the “new asset management rules”Be consistent; Quantitatively, the leverage level of each open-end public offering wealth management product of a commercial bank shall not exceed 140%, and the leverage level of each closed-end public offering wealth management product shall not exceed 200%.

  What are the risks of leveraged funds participating in the fixed-income business?

Private equity ranking expert Liu Youhua told reporters that in the new refinancing regulations, the lock-up period and the lifting of the ban period have severely decreased, to a certain extent, significantly reducing the liquidity risk of fixed-income funds.

However, if leveraged funds participate in the fixed increase, at the same time that the returns are doubled, the risks are also doubled.

In addition, due to the impact of the lock-up period, due to the inability to liquidate some of the funds participating in the allocation, a large percentage of additional margin may be required, which will affect the normal operation of the fixed-income market to a certain extent.

  There are also private placements that although participating in a fixed increase with leveraged funds can amplify returns, it can also amplify risks.

The first is the uncertainty of the late trend of individual stocks participating in the fixed increase. If there is a deep decline before the ban is lifted, then this “good dream” that is stable and uncompensable may become a “bad dream” that dares not to wake up.

The first is to pay the interest on the funding, which will also eat away some of the profits.

Whitening Tips-5 Most Effective Homemade Whitening Masks

Whitening Tips: 5 Most Effective Homemade Whitening Masks

There are many small secret recipes handed down to the people, and they have many generations of experience.

There are some whitening methods. Today, let’s summarize them together!

  Folk whitening DIY hottest whitening mask 1, milk whitening prepare a small cup of fresh milk, (in the summer, you can also put fresh milk in the refrigerator, put on a cool, more comfortable).

Steam the face with steam, soak the cotton pad with fresh milk, leave it on the ends for about 15 minutes, remove it, and wash the bladder milk with water.

Long-term adherence can make skin tone white and even.

  2. Prepare aloe vera whitening three fingers wide and two fingers long and spotted aloe vera leaves and rinse them, then a piece of cucumber with a length of three centimeters, 1/4 egg white, 2-3 grams of pearl powder, an appropriate amount of flourMake the tone thin).

  Put the aloe vera and cucumber into the juicer and squeeze into a small bowl. Then add egg whites, pearl powder, and a moderate amount of flour to make a paste, which will not flow down.

  Wash your face, apply the adjusted paste on your face, wash it after drying, apply toner, skin care products, 1-2 times a week.

  3, tomato honey whitening This whitening formula can be used for face and hand whitening at the same time.

Especially for acne-prone skin, it can effectively remove oiliness, prevent infection, and make skin fair and delicate.

  Usage: You can mix tomatoes into tomato juice and add an appropriate amount of honey to stir until a paste.

Apply evenly to face or hands and leave to wash for about 15 minutes.

It is recommended to do it 1-2 times a week.

  4, beauty vegetable juice will be green pepper, big cucumber, a quarter bitter gourd, celery, green apple, etc. into a beauty vegetable juice to drink, this vegetable juice has enough vitamin C, very effective for whitening.

  5. Remove the spotted vinegar egg liquid, take one fresh egg, wash it, dry it, add 500 ml of high quality vinegar and soak it for one month.

After the eggshell is dissolved in the vinegar, take a small tablespoon of the solution and mix it with a cup of boiling water. Stir and take one cup a day.

Taking vinegar and egg liquid for a long time can make the skin smooth and delicate and remove all dark spots on the face.


One fresh egg of honey protein film and one small spoon of honey will become whipped and even. Before going to bed, use a clean soft brush to replace the film on the skin. Massage can be performed during this period to stimulate skin cells and promote blood circulation.

After being turned on and air-dried, wash with water, preferably twice a week.

This mask can also be diluted with water and rubbed hands, which can be used to supplement chapped skin in winter.

The most suitable fruit for papaya right now

The most suitable fruit for papaya right now

The famous doctor of the Song Dynasty recorded an interesting story in “The Competent Party”: When Gu went out in Anhui, he accidentally swelled his legs and legs and could not walk, so he had to go home by boat.

On the boat, he put his two feet on a bag packed with goods. When he disembarked, he found that his leg and leg swelling and pain had overcome a lot, and he was very surprised. He asked the boater what was in the bag and the boater answered it was papaya.

After Gu returned home, he bought some papaya slices, put them in a bag, and put his feet on it every day. Soon, his foot and leg disease was cured.

This shows that papaya does have a magical effect on rheumatism and pain.

  Of course, the above is a medicinal papaya, also known as iron foot pear, because it is produced in Xuancheng (Ancient Xuanzhou) in Anhui, it is called Xuan papaya, a plant of the family Rosaceae.

The papaya that is usually eaten, that is, the papaya in the fruit shop, is native to tropical America and is an exotic product. Therefore, it has been used to call foreign countries Fanban and Fandi since ancient times, and because of its fruits such as melons and woody, it is namedPapaya, also known as mango fruit, is mainly produced in Taiwan, Guangdong, Hainan and other places.

The two original plant species are completely different, so their sexual taste and efficacy are also different and should be distinguished.

  Xuan papaya is warm, sour, has aroma, enters the liver, and spleen meridian. Its main function is to relieve liver and tendons, dampen the stomach, and to cure leg pain, cramps, and athlete’s foot.

Mostly used to treat rheumatoid arthritis, waist and knee pain, athlete’s foot swelling, cramp muscle cramps and fractures, and also help digestive function.


hzh {display: none; }  番木瓜性微寒、味甘平,具有健脾胃、助消化、润肺燥、除热痰、通乳汁、利二便和防止肌肤老化、去黑斑、雀斑等功效.
  Modern pharmacological studies show that Xuan papaya contains sugars, proteins, trace amounts, minerals, vitamins A, B, C, E and carotene, flavonoids, pectin, saponin, papain and papain, malic acid, citronAcid, tartaric acid and other ingredients

Among them, papain can help digestion, and papain has strong anticancer activity against lymphocytic leukemia cells.

The latest research shows that papaya can also strengthen the body’s resistance, prevent atypical pneumonia and human rehabilitation.

  It can be seen that both papaya and papaya are good things.

Papaya has a magical effect in preventing and curing diseases. It is both a medicine and a food; it can be used as both a vegetable and a fruit.

  The effect of folk papaya for treating diseases and activating collaterals, dispersing blood stasis and promoting blood circulation, and analgesic and numbing effects.

  The papaya cream is based on the declared papaya main medicine, compatible with frankincense, myrrh, etc. It is steamed and smashed to make a paste. It is added with raw yellow juice and served with rice wine, which can cure the symptoms of strong neck tendons and inability to turn sides.

  Papaya porridge with 30 grams of Xuan papaya, previously 100 grams of rice, add to the medicinal sauce, boil until the rice rotten porridge is cooked, add the right amount of brown sugar, cook a little bit and dissolve immediately, take daily and evening, even for several days, can cure calf cramps, athlete’s footEdema.

  Take 100 grams of papaya slices, 300 milliliters of honey, 2 grams of ginger, boil with water and boil for another 10 minutes. Change to heat and cook for another 10 minutes. Eat melon and soup to treat psoriasis.

  Take a large piece of papaya milk and cut it into several small pieces. Then prepare half a cup of milk, add it into the juice, add a small amount of water, honey, and stir well to form papaya milk.

  Papaya tincture uses 100 grams of papaya, 15 grams of white fungus, 10 grams of northern apricot, 12 grams of southern apricot, moderate amount of rock sugar, put together in a pot and stew, can be eaten after 20 minutes, can nourish the lungs, nourish the skin, delay aging,Thoroughly treat hot and dry cough, dry cough without sputum, bloody sputum and other symptoms.

  Papaya honey uses 4 xuan papaya, steamed and mashed into mud, and mixed with 1 000 grams of white sand honey.
2 spoons, 3 times a day, can treat joint pain.

  Papaya decoction is made from Xuan papaya with Wu Zhi, fennel, shiso, ginger, etc., decoction, can cure vomiting and twitching chest tightness.

Self-made jade screen can be caught cold at any time

Self-made jade screen can be caught cold at any time

The Yupingfeng scattered added a “wind-proof (wind-evil) wall” to the weak people.

  The “screens” for frail people to prevent colds alternate between winter and spring, and they often have infectious diseases. Some people with weak constitutions will inevitably have several colds and fevers.

The Chinese medicine name Fang Yu Ping Feng San was created by Wei Yilin, a national physician in the Yuan Dynasty. It is a good recipe for those with weak constitution to prevent infectious diseases such as colds. Try it.

  Qi Wensheng, director of the emergency department and chief physician of Guang’anmen Hospital, China Academy of Traditional Chinese Medicine, introduced that “Yuping Fengsan” is a special prescription for preventing colds and body weakness in traditional Chinese medicine. It mainly promotes patients’ “righteousness” to resist external evils and is suitable for healthy people andSub-healthy people.

In addition, it can treat early symptoms of mild colds, nasal congestion after some colds, and fear of cold.

  The name Yupingfeng San is very appropriate. “Jade” means precious and sturdy; “screen” is the furniture that windshields in front of the interior of the room; “San” means that the medicine is a powder, which means that the medicine is ground into powder and uniform.Mix made.

“Yupingfengsan” is like adding a strong and strong wind wall to the body of a weak person, so that the wind evil cannot penetrate.

  Only the three flavors of traditional Chinese medicine prescriptions have “Yuping combination is small and fine, Qizhu Fengfeng tripod is enough”, which means that Yupingfeng powder has a small and fine medicine composition, only astragalus, Fengfeng and Atractylodes 3 medicines.

Astragalus is the representative of spleen-enriching and qi-enhancing medicine. Inside, it can replenish the spleen and lung energy. Outside, it can fix the antiperspirant. It is especially suitable for the treatment of physical weakness and night sweats caused by the insufficiency of Qi on the muscle surface.The main drugs; Atractylodes can strengthen the spleen and nourish qi, and help Astragalus strengthen the function of nourishing qi and solidifying the surface, as an adjuvant;

  It can be said that the first two medicines mainly focus on righting, while the wind protection mainly focuses on eliminating evil. This prescription is a simplified combination of both the symptoms and the symptoms.

  How to judge whether you belong to the insufficiency of the muscle surface?

In general, those who have the following conditions can “seat in the right place”: thin, prone to cold, fear of cold and cold, sweating with a little activity, or suffering from allergic rhinitis (such as cold wind, sneezing).

  Homemade Yupingfeng San Yupingfeng San is sold in pharmacies and can be taken according to instructions.

However, Chief Physician Qi Wensheng said that powders can also be made at home, which is very convenient.

  1. Take directly: astragalus, atractylodes, and windproof medicine ratio is 2: 2,1,10 grams of astragalus, 10 grams of atractylodes, 5 grams of windproof, 3 kinds of medicines are ground into fines (the pharmacy can provide grinding services) for 1 dose,, Mix evenly, once in the morning and evening, take the warm water to serve, finish serving in 1 day.

  2. Decoction: add the above medicine to the medicine pot, decoction as tea, decoction 1 day, take 2 to 3 times.

Do men all over the world need kidney?

Do men all over the world need kidney?

I often see such TV pictures: a middle-aged man frowning and saying “No way”, “No way”, and then a kidney remedy came out. The voice said, how good is the kidney remedy.

If you change channels and another brand of kidney remedy, a woman is saying, “He’s good, I’m fine.” This overwhelming advertisement seems to tell people: men in the world should replenish kidneys, “Ten people are nine.””Fatigue is kidney deficiency” and “kidney deficiency is to nourish the kidneys”. Kidney deficiency is not good sexual function. Taking kidney-reinforcing drugs can nourish the kidneys and impotence.

Therefore, many people are rushing to buy kidney medicine.

  Does anyone need a kidney?

Do I have to have kidney tonic in middle age?

  The concept of kidney explained by Chinese medicine is mainly from the perspective of function, covering the human body’s reproductive, urinary, nerve, bone and other tissues and organs, which regulate the human body’s function and provide “vitality” and “motivation” for life activities.effect.

“Deficiency” is mainly the result of poor function and nutritional deficiencies. Kidney deficiency can show kidney-related dysfunction, certain memory loss, low sexual function, easy fractures, anemia, inability to hold back urine, weak legs and so on.

These are the common symptoms of middle-aged people, but they cannot be generalized, thinking that the above symptoms must be kidney deficiency.

  Kidney deficiency is classified into “kidney yin deficiency” and “kidney yang deficiency”. Clinically, yin deficiency is more common than yang deficiency.

The manifestations of kidney yang deficiency are pale or dark, cold waist and knees, cold limbs, tiredness, and weakness; men with impotence, premature ejaculation, and loss of libido; they do not form or frequent urination, long, nocturnal urine, and pale tongue and white fur.
The manifestations of kidney yin deficiency are redness, tenderness and pain in waist and knees, dizziness, tinnitus, loosening of teeth; men’s spermatorrhea, premature ejaculation; insomnia, forgetfulness, dryness of the oropharynx, irritability, sweating during movement, redness in the afternoon, weight loss, Less yellow urine, red tongue with little or no moss.

Kidney yin and yang control the whole body’s yin and yang, and the change and balance of kidney yin and yang affect the dynamic balance of yin and yang of the five internal organs.

  Kidney deficiency is a manifestation of human aging. Aged kidney deficiency is an irresistible physiological process caused by aging. It is called physiological kidney deficiency, and middle-aged people with kidney deficiency symptoms are a kind of premature aging, called pathological kidney deficiency.

For middle-aged friends, if you want to change the senescence before you are old, you should nourish the kidney in time and improve the symptoms of senility due to kidney deficiency.

  Some people think that low back pain is kidney deficiency.

In fact, this is a misunderstanding.

Low back pain is not necessarily kidney deficiency. It is easy to delay the condition by treating kidney back pain only with kidney tonic.

Some chronic low back pains are common in the clinic, such as chronic low back muscle strain, disc degeneration and other low back pain caused by protrusion. Treatment with kidney and aphrodisiac drugs is sometimes effective.

But not all low back pain is related to kidney deficiency.

Most kidney tonic medicines are warm in nature, and patients with damp fever such as lumbar tuberculosis, lumbar suppurative infection, ankylosing spondylitis, etc., will worsen the condition if taken.

Low back pain is only a symptom. In addition to the distortion of low back bones and joints, muscles and other tissues can cause low back pain, visceral diseases near the waist can also be caused.

  Some people blindly kidney, in fact, there are many misunderstandings.

Many people in life do not need kidney, fatigue, and age are not the standard to limit kidney.

If people who do not need kidney supplements have taken kidney supplements, they will not only be unable to supplement nutrients, but will also increase the burden of detoxification on the organs. Some people think that “people who have a bad spleen and stomach should also have kidney supplements.””Three points of poison”, the degree of damage to kidney-poor medicine for people with bad spleen and stomach, it is necessary to replenish, the body not only can not absorb, but there will be controversy; some middle-aged people believe that “sexual dysfunction is kidney deficiency”, which is also incorrectFrom the viewpoint, sexual health problems cannot be simply reduced to “kidney deficiency” and “reinforcing the kidneys and impotence”.

  Clinically, many middle-aged people find out how to solve the problem of sexual insufficiency and strongly suggest that they need kidney.

In fact, their condition is discussed carefully, mainly due to psychological pressure.

Therefore, the doctor in charge will not prescribe kidney pills for such a helper.

Sexual health problems cannot simply be attributed to “kidney deficiency” and “nephropathy and impotence”.
Some unscrupulous traders use people’s misunderstandings to put drug ingredients in kidney tonics, which is very dangerous for patients.

  We do not give kidneys acutely. The key to kidney protection is daily. For the essentials, middle-aged men need to master it.

Regular activities of the waist can make the waist and blood circulation unobstructed, so that the kidney qi can be constantly nourished.

Appropriate exercise can improve physical fitness, active thinking, strengthen bones and bones, promote digestion and absorption of nutrients, and thus strengthen kidney qi.

Sex life should be moderate, not reluctant, not indulgent.

Let me give you a small “medicine” in your diet: eat more iron and protein-containing foods such as agaric, jujube, black chicken, etc. when you are tired; you should drink yogurt and hawthorn if you have indigestion;, Sea cucumber, ginseng, black chicken, domestic pigeon, etc.

Do some self-massage activities for the waist, these exercises can be a good health gate, nourishing kidneys.

Thoroughly do more massages to stimulate the feet. Traditional Chinese medicine believes that the Yongquan points on the feet are the place where the turbid air is reduced. Frequent massage of the Yongquan points can help to replenish the kidneys, strengthen the body, prevent premature aging, and relieve liver and eyesight.The larynx is centered to promote sleep and appetite.

Adequate sleep is also an important guarantee for restoring energy and vitality. No matter how stressful the work is, there is no more annoyance at home. When you go to sleep, you must rest on time.

  If you do this, stop looking for kidney-reinforcing medicines or health supplements.