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  • Dashenlin (603233): Q2 Performance Exceeds Expected Growth, Endogenous Trend Will Continue

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    Dashenlin (603233): Q2 Performance Exceeds Expected 杭州桑拿网 Growth, Endogenous Trend Will Continue

    The event company released a semi-annual report for 2019. In the first half of 2019, the company achieved operating income.

    5.2 billion, 3.

    81 ppm and 3.

    7.3 billion, an increase of 28 each year.

    65%, 32.

    21% and 33.

    93%, achieving a budget benefit of 0.

    73 yuan, on the one hand, operating cash flow1.

    10 yuan, exceeding our average expectations.

    The short-term increase in the chain growth rate is maintained, maintaining a good momentum of endogenous growth. In Q2 2019, the company achieved operating income.

    7.4 billion, 1.

    9.7 billion and 1.

    9.6 billion, an annual increase of 30.

    51%, 39.

    52% and 40.

    26%, Q2 QoQ expansion and promotion drove the company’s H1 performance to grow rapidly.

    We believe that: 1) Guangdong Province passed the hierarchical management method in 18Q2, the company’s expenses increased, and the performance base decreased; 2) The company has continued to build and expand since it went public in 2017. On an annual basis, until the end of 2018, the company’s number of stores in the growth period accounted for 3 years.Than at 52.

    58%, the endogenous growth trend is good; 3) The company’s pharmaceutical service capacity has been strengthened, the hospital side stores (more than 600) and DTP pharmacies have been steadily promoted (35 have been opened, with a target of 70), and the proportion of prescription drug revenue has increased to 28.

    60%, an annual increase of 31.


    From the perspective of profits in the first half of the year, we estimate that the increase in profits from tax reductions and small-scale taxpayer reforms will increase the profit growth rate by about 3%, and each time the self-construction speed increases, the profit growth rate will be around 3% -5%.The profit growth rate of students’ contribution is about 25%, and comparable-caliber same-store growth is about 11%.

    The expansion of H1 stores has slowed down, H2 has accelerated its expansion, and the expansion plan is maintained as of June 30, 2019. The company has 4,153 stores and 313 new stores in the first half of the year.

    In the first half of the year, there was a net increase of 274 stores, of which 156 were self-built stores, 118 were acquired, and 40 were closed.

    There are 3151 Medicare designated stores, accounting for 76 of the total number of stores.


    On the whole, the company’s H1 store expansion speed has increased, which is in line with the company’s slower H1 expansion and faster H2 expansion.

    It is expected that the expansion rate of H2 stores will gradually accelerate and remain unchanged at the expansion plan of 1,000 stores: 1) The self-built strength of H2 will be increased; 2) After the change of H1, the acquisition target will be upgraded and signed on H2.

    The endogenous effect is significant. Since the listing of the core market and comprehensive efficiency improvement, the company has adopted the method of self-construction and mergers and acquisitions as a supplement. The main expansion area is southern China, which has led to the company ‘s southern China and comprehensive monthly average efficiency since 2017.Downtrend.

    In the first half of 2019, the company’s expansion rate slowed down, and it strengthened refined management and scale effect enhancement. South China and the comprehensive monthly average ping efficiency rebounded, and operating efficiency was improved.

    The increase in the proportion of prescription drugs and promotion led to a decline in gross profit margin and good cost control. The remaining financial indicators were basically normal. In the first half of 2019, the company’s gross profit margin reached 40%, which gradually decreased1.

    67 units, mainly due to the increase in the proportion of prescription drugs, increased price reduction and tax reform; sales expenses and expenses 25.

    38%, down by 1 every year.

    A total of 73, management expenses4.

    06%, a decline of 0 per year.

    Thirty-one total, the cost is well controlled.

    Net cash flows from operating activities increase by 253 per year.

    06%, mainly due to the expansion of sales scale and the optimization of inventory brought about by the reduction in procurement scale.

    The remaining financial indicators are basically normal. Earnings forecast and investment rating We expect the company to achieve operating income of 114 in 2019-2021.

    7.3 billion, 144.

    00 ppm and 177.

    470,000 yuan, the net profit attributable to mothers is 6, respectively.

    9.2 billion, 8.

    7.2 billion and 10.

    880,000 yuan, an annual increase of 30.

    1%, 26.

    1% and 24.

    7%, equivalent to 1, respectively.

    33 yuan / share, 1.

    68 yuan / share and 2.

    09 yuan / share, corresponding to an estimated 40.

    6X, 32.

    2X and 25.

    8x, maintain BUY rating.

    Risk analysis Medical insurance policies are becoming stricter; store expansion progress is expected to exceed expectations; store profitability is declining; prescription outflow progress is gradually expected;

  • China State Construction (601668): Housing construction and real estate business perform brightly Minority shareholders profit or loss drags down profit growth

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    China State Construction (601668): Housing construction and real estate business perform brightly Minority shareholders profit or loss drags down profit growth

    Matters: The company released its 2019 Interim Report and achieved 6854 operating income.

    19 ‰, an increase of 16 per year.

    4%; net profit attributable to shareholders of listed companies was 203.

    08 million yuan, an increase of 6 every year.

    1%, excluding non-recurring gains and losses is 191.

    41 ppm, an increase of 1 per year.

    5%; achieve basic EPS 0.

    45 yuan.

    Housing construction and real estate business income recorded a high growth rate, and Q2 revenue increased significantly: the company achieved operating income of 6854 in 2019H1.

    17 trillion, equivalent to 57 of the ten-year revenue in 2018.

    15%, a year-on-year growth rate of 16.


    From the perspective of business structure, the company’s housing construction, infrastructure, real estate and survey and design business respectively achieved revenue (without considering internal replacement) 4452.

    3.1 billion (+18.

    70%), 1404.

    880,000 yuan (ten years +11.

    2%), 977.

    110 thousand yuan (ten years +17.

    20%), 50.

    430,000 yuan (one year +31.

    30%). Revenue from all businesses maintained double-digit growth.

    Housing construction business is the main source of revenue, accounting for 64.

    96% (ten years +1.

    26 pct), infrastructure, real estate and survey and design revenue accounted for 20 respectively.

    50% (decade -0.

    96), 14.

    26% (decade +0.

    10 pct), 0.

    74% (decade +0.

    08 pct).

    From the perspective of market structure, the domestic business realized revenue of 6383.

    7.5 billion (+16.

    1%), with an income share of 93.

    14% (one year-0.

    24 pct); overseas business achieved revenue of 470.

    4.4 billion (twice + 21.

    00%), and the income ratio is 6.

    86% (decade +0.2 pct), the external income growth rate of the Territory increased faster than last year.

    By quarter, the company’s Q1 and Q2 achieved revenue of 2975 respectively.

    770,000 yuan (ten years + 10).

    15%), 3878.

    43 MB (+21 per second.

    67%), revenue growth in the second quarter increased significantly.

    Initially, the company realized net profit attributable to shareholders of listed companies 203.

    08 million yuan, equivalent to 53 years of net profit attributable to mothers in 2018.

    11%, a year-on-year growth rate of 6.

    1%, the same growth rate as the same period last year, non-recurring profit and loss totaled 11.

    6.7 billion yuan, an increase of 8 over the same period last year.

    8.8 billion yuan.

    Initial operating profit and total profit increased by 15 respectively.

    60%, 15.

    89%, we judge the profit and loss of minority shareholders (ten years +40.

    82%) or affect the growth rate of net profit attributable to mothers.

    The level of profit fluctuated slightly, and the increase in asset impairment losses was large: It was reported that the company’s comprehensive gross margin reached 10.

    13%, zero accumulated in ten years.


    From the perspective of business structure, the company’s gross profit margins for housing construction, infrastructure, real estate and survey and design business were 5 respectively.

    10% (decade -0.

    30 pct), 8.

    7% (one year flat), 32.

    70% (year -1.

    20 pct) and 16.

    30% (ten years +3.

    30 pct), the gross profit margin of the survey and design business increased, and the gross profit margin of the other three main businesses showed small or flat status.

    From the perspective of market structure, the company’s domestic business gross margin is 10.

    4% (decade +0.

    1 pct), gross margin of overseas business is 6.

    60% (year -7.

    20 pct), gross margin of overseas business extended.

    Regarding period expenses, the reporting expenses company period expenses3.

    22%, flat for one year; of which management costs increase by 17.

    5%, mainly due to the expansion of business scale and management staff; sales expenses increase by 27 each year.

    7%, mainly for real estate business advertising costs, promotion costs, sales commissions increased; financial costs decreased by 28.

    6%, mainly due to the decrease in current discounts, the factoring fee for derecognition of budgets receivable was included in investment income.

    In terms of asset impairment losses, asset companies suffered a total of 2 asset impairment and credit impairment losses.
    92 ppm, a significant reduction of 23 previously.

    In terms of net profit margin and ROE, the net sales profit margin was 4.

    6四川耍耍网9%, up from 0 previously.

    01 pct, considering the proportion of net profit attributable to mother, the net profit attributable to mother is 2.

    96%, ten years zero.


    ROE (expected average) is 7.

    52%, a decrease of 0 per year.

    45 pct.

    As for inventories and contract assets, inventories decreased by 814 trillion from the beginning of the period; contract assets increased by 1,618 trillion, mainly due to an increase in completed and unsettled amounts.

    The operating net cash inflow increased, and the accounts receivable decreased: the reported operating net cash flow of the continuous company was -828.

    970,000 yuan, a repeated increase of 212 over the same period in 2018.

    89 million, mainly due to increased purchases of goods and acceptance of labor payments.

    Investment net cash flow was -124.

    370,000 yuan, an increase of 30 over the same period in 2018.

    800 million US dollars, mainly due to capital purchases and construction of fixed assets, intangible assets and other long-term assets increased cash payments.

    Funding cash flow was 503.

    4.8 billion, a net decrease of 380 compared to the same period in 2018.

    30,000 yuan was mainly due to the absorption of investment, the decrease in cash flow from issuing bonds and the increase in cash paid for debt repayment.

    At the end of the reporting period, the company’s monetary capital surplus was 2,724.

    1.6 billion, a decrease of 450 from the end of 2018.

    8.5 billion (-14.

    20%), mainly due to the decrease in net cash inflows from planned activities.

    In terms of capital structure, the company’s assets and liabilities at the end of the period supplemented 76.

    54%, a decrease of 0 from the end of 2018.

    40 pcts, a decrease of 2.

    24 pct; debt restructuring after excluding advances 76.

    52%, an increase of 9 over the end of 2018 and the same period in 2018.

    07, 5.


    As of the end of the reporting period, the company had an interest rate of 4,965.

    89 ppm, an increase of 753 over the beginning of the year.

    780,000 yuan, an increase of 7 from the end of the first half of 2018.

    8%, of which long-term loans, non-current debt due within one year, should increase the amount of bonds.

    In terms of accounts receivable, the company’s bills receivable and accounts receivable at the end of the period were 1611.

    6.8 billion, a decrease of 278 from the end of 2018.

    2.3 billion (-14.

    72%), and the collection progress is good; it is included in the accounts receivable turnover sample4.
    42, an increase from the same period in 2018.

    From January to July, the amount of housing construction contracts increased, and real estate contracts and land reserves increased: In terms of newly signed contracts, according to the company’s latest business briefing report, the company’s new construction contract value from January to July 2019 was approximately 1.378 trillion yuan, increasing annually8.

    7%, an increase of 6 over the same period in 2018.
    2 pct.

    From the perspective of business structure, the housing construction business has newly signed US $ 118.07 billion, an annual growth of 23.

    3%; 2,504 trillion newly signed for infrastructure business, down 30 a year.

    1%; 67 trillion newly signed for survey and design business, down 4 a year.


    Compared with the January-July 2018 score, the growth rate of newly signed contracts for the housing construction business increased significantly by 18.

    For one pct, the growth rate of newly signed contracts for infrastructure business and survey and design business decreased by 24 respectively.

    3 pct, 16.

    2 pct.

    The new short-term single income of infrastructure construction may be mainly affected by the initial growth rate of fixed investment and the decline in PPP investment.

    In terms of different regions, the territory newly signed USD 134.3 billion in January-July 2019, an increase of 7 years.

    3% (one year-0.

    2 pct); new overseas signings of 93.6 billion US dollars, an annual increase of 32.

    9% (one year +79.

    In terms of PPP business (30 pct), according to the interim report, as of the end of June 2019, the company had implemented 345 PPP projects with a planned investment of 495 billion yuan, covering areas including municipal engineering, transportation, comprehensive development of urban and industrial parks, ecological construction andEnvironmental protection, etc.

    Judging from the volume of housing construction projects, the company’s housing construction business gradually constructed an area of 128.87 million square meters from January to July 2019, an increase of 6 per year.

    7%; the newly started area is 21,312 million square meters, with an annual increase of -2.

    8%; the completed area was 104.19 million square meters, an increase of 48 throughout the year.


    In terms of real estate business, on January 7, 2018, the company’s real estate business contract contract was about 2208 trillion, with a long-term growth of 39.

    4%, an increase of 21 over the same period last year.

    7 pct; the company’s newly purchased land reserve is about 11.11 million square meters, and it has a land reserve of about 11.11 million square meters at the end of July.

    Investment suggestion: We expect the company’s operating income growth rate from 2019 to 2021 will be 6 respectively.

    7%, 9.

    3%, 9.

    5%, the growth rate of net profit attributable to mothers was 11 respectively.

    3%, 11.

    5%, 11.

    6%, corresponding to 1, respectively.

    01, 1.

    13, 1.

    26 yuan, maintaining the investment rating of Buy-A, giving the company a 6-month target price of 8.

    08 yuan, equivalent to August 2019.

    0x estimated P / E ratio.

    Risk reminders: severe macroeconomic risks, rapid growth of domestic infrastructure investment risks, PPP project implementation failures to meet expected risks, overseas project implementation failures to meet expected risks, project repayment risks, etc.

  • Long Cable Technology (002879): Cable accessory faucet captures high voltage and low voltage integration

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    Long Cable Technology (002879): Cable accessory faucet captures high voltage and low voltage integration
    This report reads: The trend of EHV upgrades is increasing, and the demand for high-grade voltage-resistant cables has doubled.As a leader in the industry, the company has established technical barriers to capture the ultra-high voltage market, and has improved the distribution of low and medium 上海夜网论坛 voltages through integration.The first coverage is given an “overweight” rating with a target price of 25.00 yuan. Investment Highlights: The first coverage is given an “overweight” rating with a target price of 25.00 yuan.The market is worried that the cable industry, as a traditional industry, will cause insufficient demand due to the economic downturn. However, we believe that the downstream demand structure of the cable is constantly changing, and it is continuously developing towards the UHV grid.It is estimated that the revenue for 2019-2021 will be 8 respectively.78, 11.57 and 14.880,000 yuan, net profit attributable to mother 1.55, 1.93, 2.5.1 billion, corresponding to EPS 0.80, 1.00, 1.30 yuan.Combined with the average assessment of comparable listed companies in 2020, the target price is 25.00 yuan, corresponding to 杭州夜网 25 times the PE in 2020, the first coverage gives the “overweight” rating. Based on the cable industry, the company’s performance has maintained steady and rapid growth.As a leading company in the domestic cable accessories industry, the company’s revenue in 2018 was 6.9.5 billion, net profit attributable to mothers1.2.8 billion, continuous and steady growth in performance, and healthy operating cash flow throughout the year.At the same time, the company is one of the few domestic manufacturers that can produce 500kV AC and DC high voltage and ultra high voltage cable accessories, and has a high market share in the field of 110 kV and above cable accessories.According to the statistics of the winning bids collected by the State Grid, the company’s market share of cable accessories of 35 kV and below, high voltage of 110 kV and above, and ultra-high voltage cable accessories are 23 respectively.01% and 20.92%, the faucet is stable up and down. Demand in downstream segments is strong, and cables are still in a boom cycle.At present, the industrial chain of the wire and cable industry is mature, the upstream prices are stable, and the downstream sub-sectors have strong demand.The upstream raw materials of the wire and cable industry chain include copper, aluminum and its alloys, polyethylene, and ethylene-propylene-diene rubber. The prices have shown a downward trend since 2018, which is conducive to the production cost control of the cable industry.Downstream power grid investments, UHV, UHV projects, new energy, railways, and urban rail transit have all driven the increasing demand for the cable industry, and cables are in a boom cycle. Catalyst: State Grid Bidding Wins Risk Warning: Fiscal Shrinkage Causes Power Grid, Rail Transit Construction Significantly Advances

  • Zhongtai Securities Li Xunlei-30 financial escorts highlight the effect of interest rate cuts will continue

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    Zhongtai Securities Li Xunlei: 30 financial escorts have outstanding effects and interest rate cuts will continue

    For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

      Original title: Zhongtai Securities Li Xunlei: “Economic 30″ escorting effect is outstanding, interest rate cuts will continue. Source: The Associated Press epidemic is the core topic of the current Chinese people. The impact caused by the epidemic is not just the standard of people’s health.Affect positive permeability-from the micro level to the people’s life and work, the normal view of the enterprise’s normal operation, and the macro level is related to the national economic scale, which has an impact on China’s economic development.

    The A-share market after the beginning of the year of the rat clearly reflects the impact of the epidemic.

      Will the epidemic affect China’s economy?

    What are the escort policies for the macro budget next?

    Along with these issues, a reporter from the Associated Press interviewed Li Xunlei, chief economist of Zhongtai Securities.

      Li Xunlei believes that the negative impact of the epidemic on China’s GDP growth in 2020 is zero.

    Between 5 single and 1 goals will not change the long-term trend of China’s economy and the rising trend of China’s economy in the global economy.

    In response to the epidemic, monetary policy, the interest rate cut cycle will continue later; on fiscal policy, fiscal expenditure will increase, and the fiscal deficit rate may exceed 3%.

      At the same time, Li Xunlei also pointed out that the Shanghai Stock Index around 2700 points is itself a value investment range. Really high-quality core assets may change in the short term, but there are still investment opportunities in the medium and long term.

      The “Economy 30”
    escorting effect is outstanding, and the interest rate reduction will continue for the first two trading days. The daily turnover of stocks has reached 500 billion to 900 billion, which is inseparable from the regulatory escort. “Economy 30”Basic key role.

      On the afternoon of February 1, the Ministry of Finance, the Banking Insurance Regulatory Commission, the Securities Regulatory Commission, and the Foreign Exchange Bureau jointly issued and issued the “Notice on Further Strengthening Financial Support for the Prevention and Control of Epidemic Situation of New Coronavirus Infection and Pneumonia.”Enterprises in severe regions, especially small and micro enterprises, provided differentiated credit support, and proposed 30 pragmatic adjustments to renewal or renewal of loans that were difficult for enterprises affected by the epidemic to terminate loan repayment.

      On the capital market, the five ministries and commissions announced that they will flexibly and properly adjust corporate information disclosure and other regulations, appropriately relax the time limit for capital market related business processing, give priority to providing financing services for listed companies in epidemic areas, and reduce or exempt some expenses such as listing of companies in areas with severe immunity.

      How to parse “30 Articles of Finance”?

    Li Xunlei believes that each measure is highly targeted and operable, and it is divided into two categories according to its functions: one is the emergency policy to solve the problem of liquidity, expanding the support for money and credit, and maintaining liquidityReasonable and ample, strengthen financial support for key medical and living product manufacturing companies, and provide discounted support for key disease prevention and control enterprises; the other is the “survival” policy, which is a measure that can save time for supporting enterprises.

      Why is it said that each measure is very targeted and operable?

    Regarding the stability expectation and the difficulty of corporate liquidity caused by this epidemic, it has led to more effective results. He said, “From the current situation, the 30 financial markets have stabilized the market and the effect of preventing financial risks is good.

    The reporter of the Associated Press noted that from February 2 to February 3, a huge reverse repurchase operation was gradually launched for two consecutive days, accumulating liquidity into the market1.

    7 trillion yuan, achieving a net investment of nearly 550 billion yuan.

      For this, Li Xunlei said that the net investment of nearly 550 billion US dollars is sufficient for the above, but because 成都桑拿网 of the structural stratification of liquidity, “precise poverty alleviation” is not so easy.

    Next, the long-term or continued interest rate cut and interest rate cut cycle will continue.

      It seems that the term interest rate cut has new changes. The current gradual rate cut does not specifically refer to the benchmark interest rate for deposits and loans, such as a reduction in the reverse repo rate to reduce the interest rate.

    Li Xunlei said that in the future, gradually reducing interest rates may often use MLF, LPR and other tools to reduce market interest rates.

      It is not necessary to place too much emphasis on GDP. Structural adjustment is an important measure of economic growth. When talking about the impact of the epidemic on the Chinese economy, Li Xunlei said that the optimistic estimate is only about half a year, and the pessimistic estimate is one 成都桑拿网 year.

      Among them, the epidemic has distorted the impact of economic fundamentals in the first quarter of 2020, and GDP growth is expected to break 5 in the first quarter.

    However, the proportion of GDP in the first quarter was the smallest of the four quarters. If the epidemic affected only the first quarter, then the next three quarters could be raised a little, so that GDP may remain at 5.

    5 or so.

      In other words, the negative impact of the epidemic on China’s GDP growth in 2020 is zero.

    Between 5 levels-1 average.

      At this point, foreign brokers hold the same view. From the perspective of the economic impact of the first quarter, JP Morgan Chase, Nomura, and Citigroup are expected to affect about two.

    According to the calculation of the current economic impact, most agencies believe that the economy will rebound significantly after the epidemic is over, and can partially hedge the decline in the first quarter: if the epidemic ends in Q1, the economic growth rate will drop to 5.

    5% -5.

    8%, if it continues to Q2, the impact will be scale.

      Li Xunlei’s proposal states that don’t take the economic downturn too pessimistic, and the epidemic will not change the long-term trend of the Chinese economy and the rise of the Chinese economy in the global economy.

    “As the world ‘s second largest economy, China ‘s GDP growth rate has even fallen to 5%, and it is still a global double. What can we solve?

    And looking back at the historical data of other countries, GDP is showing a downward trend in the process of promotion from the top to the overall.

    Therefore, the Chinese economy should not place too much emphasis on the trend of GDP growth. The denominator is getting larger and larger, and the numerator can keep growing simultaneously.

    Li Xunlei further added the article.  For the future growth of China’s economy, Li Xunlei believes that it needs to be promoted through reform and transformation and upgrading.

      Among them, structural adjustment is an important measure for economic growth.

    After the optimization and improvement of the economic structure, the entire market also left good companies through elimination of superiority and inferiority in this process.

    In terms of development, after the economic restructuring, a large part of SMEs will face the contradiction of backward production capacity. Although it is said that it is difficult to solve the problem of financing difficulties and expensive financing for SMEs, and some backward enterprises are gradually eliminated.Market rules.

      For capital markets, this also brings structural opportunities.

    The past bull market was driven by funds. The current bull market should be driven by corporate profit growth and estimated levels.

      Fiscal policy should be more active, with a deficit rate exceeding 3%. In addition to accelerating the implementation of a prudent monetary policy, countering the epidemic situation, fiscal support may need to be further expanded.

      Li Xunlei said that after the emergency problem is resolved, if companies still have breakthroughs such as lack of orders, then they will face the question of how long they can survive.

    Treating a company with development prospects but suffering from an epidemic should not only solve temporary difficulties, but also solve its long-term difficulties.

    As a result, fiscal expenditures need to increase, as the fiscal deficit rate is now about two.

    8%, in the special context of the epidemic should be able to increase to 3%, which is an increase of 200 billion yuan in financial expenditure.

      In Li Xunlei’s view, monetary and fiscal policies play different roles.

    Monetary policy mainly addresses a scale issue, while fiscal policy can address structural issues.

    At present, the financial expenditure on medical treatment is far from enough, and the proportion is not high.

    With China’s aging population, people’s biggest expenditures are likely to be in health care, education and pensions.

      Compared with foreign benchmarks, the fiscal deficit rate is not high enough to exceed 3%. The data shows that Japan ‘s fiscal deficit rate is 7% and the United States is 4%, both of which exceed the security warning line of 3%, but they have not experienced a debt crisis.

      Li Xunlei believes that, in the name of China, the fiscal deficit rate can theoretically be higher.

      Why is this?

      ”The denominator of the fiscal deficit rate is GDP, the denominator of the corporate balance sheet is assets, and the numerator is resistance.

    Like western market economy countries, their government assets are very small, and the net assets of our state-owned state-owned enterprises are about 80 trillion yuan. In addition to land and natural resources, the net assets far exceed those of western countries.

    If we change the denominator of the fiscal deficit rate from GDP to assets, the denominator will increase a lot. From this perspective, our country’s resistance is very strong.

    Li Xunlei’s summary article, borrowing is a capability. The better the credit, the stronger the strength, the stronger the ability to borrow. China, as a public-owned country, has huge natural resources and its debt-bearing capacity is much higher than that of ordinary market economy countries.
      Facing the sudden disturbance of the epidemic situation, Li Xunlei and his team members also suggested that measures such as adjusting expenditure structure, reducing conference expenses, travel expenses, and overseas expenditures can be used to balance fiscal revenues and expenditures; arrange special savings and increaseCapital investment in health and epidemic prevention; tax reduction.

    Reductions in the catering, transportation, tourism, accommodation and other industries that are seriously affected by the epidemic, and reduction of some government funds; donations to social forces such as enterprises and individuals are allowed to be deducted in full before payment of compensation.

      Regarding the improvement of the long-distance running mechanism, the first suggestion is that the positioning of fiscal policy should be further shifted from economic policy to public policy, and greater emphasis should be placed on people’s livelihood.

    Second, fiscal expenditure in the public health field needs to form a fixed mechanism to prevent artificial adjustments. Third, financial resources follow the population.

    Cities with more concentrated economies have the ability to pay for public health and epidemic prevention costs. Cities with more concentrated populations face the pressure of infectious diseases. This also requires that financial resources for public health and epidemic prevention be moderately concentrated in cities.The central transfer payment method underpins.

      (Originally titled: “China and Thailand Securities Li Xunlei:” Financial Article 30 “effectively stabilizes the market and responds to epidemics, and the rate cut cycle will continue.”)

  • Decoctions important alkaline medicines cannot be replaced

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    Decoctions important alkaline medicines cannot be replaced

    With the market competition and the growing demand for Chinese medicine, the market for Chinese patent medicine is growing faster and more and more physicians are using it. This situation has impacted the clinical diagnosis of Chinese medicine, and the Chinese patent medicine market is shocking.Both joy and worry.

      Fortunately, first, proprietary Chinese medicines can be carried, convenient for oral administration, and welcomed by patients; second, the development of proprietary Chinese medicines continues to develop, and certain breakthroughs have been made in certain fields in certain diseases; and third, certain proprietary Chinese medicinesThe efficacy of the formulation is enhanced, and the curative effect is improved. Fourth, Chinese patent medicine has begun to be used by western medicine, developed the integration of traditional Chinese medicine and western medicine, promoted Chinese medicine to go abroad, and promoted the standardization of traditional Chinese medicine.

      The simultaneous use of a variety of proprietary Chinese medicines will cause some functions of the medicine to be rigidly combined with other functions, which is not conducive to treatment. Fourth, the theoretical research on the transformation of systematic dialectical treatment will have an impact.

      The Guizhi Decoction in Treatise on Febrile Diseases is not Zhang Zhongjing’s patent, but Zhang’s dialectical treatment of Guizhi Decoction and Mahuang Decoction and established the theoretical system of typhoid fever.

    In addition, there are various dosage forms of Chinese medicine and their effects are also different.

    Although proprietary Chinese medicine preparations also have a distinction between granules and capsules, they cannot fully meet the requirements of traditional Chinese medicine for treating the same disease and treating different diseases, treating different diseases and treating three diseases simultaneously.

      In the clinic, I once encountered a patient. I looked, smelled, and asked. After cutting, I prescribed a decoction. The patient asked if there was any medicine that was not fried?

    I said yes, but not as good as soup.

    However, the patients urged to prescribe proprietary Chinese medicines. They also said that the Chinese medicine hospital on their side rarely opened decoctions, and only prescribed proprietary Chinese medicines. This surprised me!

      The development model of traditional Chinese medicine is originally treatment-examination-prescription, circular substitution, and all these prescriptions are made into finished products, which is not conducive to the development of Chinese medicine. Therefore, it is necessary to properly handle the relationship between decoction and treatment of traditional Chinese medicine and take advantage of the development of traditional medicineTo promote the development and improvement of TCM syndrome differentiation and treatment.

  • Living and living four attention to help you prolong life

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    Living and living four attention to help you prolong life

    This is an ancient example that is worth pondering.

      A Venetian rich man named Cornaro, who ate and ate, was ridiculous, ate, and slept without any time. At the age of 35, he was already breathless. Many doctors thought that he was not far from death, but one doctor disagreed.He gave Cornaro a table of healthy living conditions, Cornaro strictly followed, and lived for more than half a century, and also wrote a book called “How to Live to 100.”

      Everyone, especially those with high blood pressure, should pay attention to four points: regular work and rest – life should be regular, get up on time, eat, activities, study and sleep, follow the rhythm and activities of the natural “biological clock”, which is beneficial toHealth and prevention of complications of hypertension.

      Adapting to nature – Human beings live in nature and are closely related to changes in nature.

    The human body should adapt to these changes.

    For clothing, it is necessary to increase or decrease clothes according to different seasons; housing should be sunny, moisture-proof and moisture-proof, air circulation, and some flowers and trees should be planted around the conditions.

      Pay attention to cleanliness – good hygiene is an important factor in improving your health.

    There is an old saying in China: start at dawn and sweep the courtyard.

    Also said to be diligent in bathing.

    This is to educate people to develop good hygiene habits.

      Get rid of bad habits – Hypertensive patients should quit smoking, avoid alcoholism and overeating.

    Moderate sexual desire.

    A harmonious sex life can make people feel happy and full of energy; indulgence of sexual life can easily lead to physical fatigue, lack of energy, and long-term causes premature aging.

    The number of sexual life can be determined according to the physiological condition and characteristics of each person. After middle age, it can be several times a week or even several months.

  • What are the hazards of high-heat foods?

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    What are the hazards of high-heat foods?

    Everyone knows that eating high-dose foods has the effect of increasing fat, but long-term consumption of high-dose foods such as KFC and McDonald’s is harmful to human health. Recent studies have further found that short-term consumption of high-content foods also causes physical damage because of muscle and brain energy.People become lazy and unresponsive.

      A new study in mice found that eating foods that were highly converted for 10 days caused short-term memory loss and caused difficulty in action.

    It seems that this is not very scary, but the researchers tell us that high-transformation foods can make people lazy and stupid.

      “Western diets are characterized by high levels of nutrients and often lead to high levels of diabetes, diabetes, heart failure and other long-term complications, but the consequences of short-term consumption of high-metabolism foods are of concern.

    “The participant in this study, Andrew of the University of Cambridge, UK, said.

    “We hope that our findings will promote attention to reducing the calories of food intake, which can bring direct benefits to their overall health, well-being and flexibility.

      The details of this discovery are published in the Journal of the American Society for Experimental Biology.

      Some human dental animals are considered to be very similar to humans in category studies, but human studies need to confirm cross-effects.

    In addition, because the life of the mouse is short, the effect of the research on the body of the mouse is significantly shorter.

      Murray and colleagues studied the consumption of low-fat foods (containing 7.

    5% of impurities) and rats that consumed high levels of food (containing 55% impurities).

    Rats who eat high-calorie foods have four times the muscles, and the ability to use oxygen to produce energy to move becomes lower, which makes their heart burden worse – and increases the volume.

      Rats who consumed high-metabolized foods spent nine days later on those who ate low-transfer foods, and took time to get out of the maze and make more mistakes.

      In mice that ate high-molecular-weight foods, the researchers found an elevated level of protein called deconstructin-3, which reduced the energy efficiency required for mice to produce oxygen.

      “This is a lot of high fecal drunkenness,” said Dr. Gerald Weissmann, editor-in-chief of the magazine. “It’s easy to absorb hot dogs, fried foods, and pizza at weekends, which makes our taste buds enjoyable, but it changes us.The muscles and brain are in a state of death.”

  • Do not drink carbonated drinks directly with your mouth

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    Do not drink carbonated drinks directly with your mouth

    The way we drink carbonated beverages is a vital factor affecting our dental health.

    The latest research shows that acidic gases in carbonated beverages can cause teeth, but if we place the straws correctly in our position, they can help reduce the chance of tooth infection and protect dental health.

      Carbonated drinks contain carbonic acid, which can help digestion and promote the exhaustion of heat from the body, creating a cool and refreshing feeling.

      So in summer, especially children like carbonated drinks.

    However, some experts have found that carbonated beverages contain considerable acidity, so regular drinking can easily lead to curled teeth.

      After 20 years of research, dental experts also found that people often put carbonated beverages without a straw or directly with their mouth.

    In this way, the mouth is like a pool filled with carbonated drinks, and the teeth are completely “soaked” with acidic substances, which can easily lead to teeth.

    The way of putting a straw in front of the incisor and incorporating carbonated beverages easily leads to a tooth in the vicinity of the incisor.

    However, dental experts have found that when drinking carbonated beverages, placing a straw behind the teeth can protect the teeth from being affected, and placing it in front of the incisors can easily lead to dental caries.Restrictions that cause acidic substances in the teeth to come into contact with the teeth.

      In addition, dental experts recommend using a straw when drinking carbonated beverages, and do not rush too quickly when you drink; rinse mouth with water after drinking carbonated beverages; and do not drink carbonated beverages before going to bed.

  • Sexual foreplay warming ecstasy night

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    Sexual foreplay warming ecstasy night

    Seeing that this situation is about to happen, you must not let this state continue. You must take a moment to regain the hot sexual relationship between you, so that you and your partner can rekindle the amazingly dry and beautiful.Sexual love.

    In a very special period, you need a very good means. At this tight juncture, you should try hard to try your best, and inject new sparks into your sexual life, which is tired and tired.

    Stimulating sex will take you into the realm of sex.


    hzh {display: none; } (1)关于安全性   不管你今天要进行哪一种刺激式的性爱,在尝试以前最需要的注意事项就是安全性。Because stimulating sex is called “stimulus”, it is of course more dangerous than the usual way of making love, so the safety preparation beforehand is very important.

    If you are injured in the process, or if you have an uncomfortable accident, you lose the original intention of trying to stimulate sex, and you may not feel the joy of sex.

    (2) Psychological construction In general, stimulating sex is a relatively “salty” way of sexual relationship. You may have no feeling after trying it, but you may also be addicted if you try.

    But the most important thing is that at the beginning of the test, you must learn to face OPEN’s attitude and let go of your prejudice. You can’t be psychologically preconceived. This kind of sexual behavior is very strange or abnormal.The mentality is to face this kind of sexual behavior that you have never tried, so that you can achieve different sexual experiences.

      At the same time, you should remind you that you can pay attention to the whole steps in your mind before you make love. Only when you don’t do it, you don’t know how to start the trick, thus destroying the atmosphere and “sex”.

    Advice: Stimulating sex should not be used every day. After all, this kind of sexual relationship has become a habit. Every time you make love, you will unwittingly increase the technique and taste. Later, you and your partner will not try the usual way of making love.I feel very ordinary, so that when the next low peak of sex appears, I will find more intense means to stimulate the relationship.

  • Is there some kind of contraindication for menopausal women’s sleep?

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    Is there some kind of contraindication for menopausal women’s sleep?

    Full and reasonable sleep is very important for the health of menopausal people.

    The so-called reasonable sleep means that in addition to the proper sleep time, there should be some attention to the preparations, postures and habits of sleep, and there are ten taboos in combination.

      After avoiding sleep, the eating rhythm of some parts of the body begins to slow down and enters the rest state.

    If you eat before going to sleep, the organs such as perfusion, liver and spleen will be busy again, which will increase their burden and make other organs not fully rested.

    The functional area of the cerebral cortex executive digestive (digestive food) system is also excited, and often produces nightmares after falling asleep.

      If you eat too late to eat dinner and feel obese before going to bed, you can eat less snacks or fruits (such as bananas, apples, etc.), but after eating, you must rest for at least half an hour before going to bed.

      Second, avoid using your brain before going to bed. If you have the habit of working and studying at night, you should do something more difficult to do, then do something more relaxed, brake your brain, and fall asleep easily.

    Otherwise, if the brain is in an excited state, even if lying in bed, it is difficult to fall asleep, and for a long time, it is easy to form insomnia.

      Three bogey before the bedtime excitement of emotions and sorrows, are easy to cause the nerve center’s excitement or confusion makes it difficult for people to fall asleep or even cause insomnia, so avoid avoiding big anger or worry and anger before going to bed, to make the mood steady.

    If you are unable to sleep because of nervousness or emotional excitement, please take a supine position, put your hands under the navel, lick your tongue, relax your body, and when you are in the mouth, continue to swallow the body fluid. After a few minutes, you will fall asleep.

      Four bogey before going to bed to talk as the saying goes: food does not speak, feel no words.

    Because people are prone to make their brains excited and active in their speech, which affects sleep.

    Therefore, the elderly should not speak too much before going to bed.

      Five bogey to sleep and sleep, to the right side of the body is the best, so that the body bones, muscles are in a natural state of relaxation, easy to fall asleep, but also easy to eliminate fatigue.

    Supine squatting makes the whole body bones and muscles in a state of tension, which is not conducive to eliminating fatigue, and is easy to cause nightmares due to the impact of the hand on the chest and affecting the sleep, thereby affecting the quality of sleep.

      Six bogey and sleep, Sun Sizhen said: The night is often closed, this is the best way to maintain vitality.

    Sleeping and sleeping, it is easy to suffer from viruses and bacteria in the air, not only makes the disease from the mouth, but also easily causes the lungs and stomach to be stimulated by cold air and dust, causing disease.

      Seven bogey and sleep, the elderly are afraid of cold, especially after the arrival of winter, always like to sleep and sleep.

    In this way, a large amount of carbon dioxide exhaled by oneself will be inhaled, and the lack of necessary oxygen will be extremely detrimental to health.

      When you sleep and sleep, don’t let the wind coming in through the doors and windows blow to the upper limbs.

    Because when people are asleep, the body’s ability to adapt to the external environment is reduced. If you sleep in the wind, it will take a long time, cold air will invade from the capillaries on the human skin, and light people will cause colds.
      When the sleeping person sleeps, the eyes are closed, but they can still feel the light. If you sleep on the light, the light will disturb the natural balance of the human body, causing the body temperature, heartbeat, and blood pressure to become uncoordinated.It makes people feel uneasy and sleepy. Even if they fall asleep, they are easy to wake up.

      Ten bogey caused by sleeping on the stove, the human body is excessive, and it is easy to cause diseases such as sores.

    When you get up and down at night, it is easy to catch cold and cause a cold.

    It is worth mentioning that if you use a honeycomb coal stove for heating, you should pay attention to ventilation to avoid gas poisoning.