Lin Yang Energy (601222) 2018 Annual Report Comments: Photovoltaic Continued Growth, Smart Turning Point Visible

Lin Yang Energy (601222) 2018 Annual Report Comments: Photovoltaic Continued Growth, Smart Turning Point Visible

Investment 西安耍耍网 Highlights The company released its 18-year annual report and 19-year quarterly report: The company realized operating income of 40 in 18 years.

2 ten percent, an increase of 11 per year.

9%, realizing net profit attributable to parent company7.

600 million, an increase of 10 in ten years.

9%, net profit of non-attributed mothers was realized7.

4 ‰, an increase of 9 in ten years.

6%, performance was slightly higher than expected.

A cash bonus of 1 is paid for every 10 shares.

75 yuan (including tax).

In Q1 19, the company realized operating income6.

90,000 yuan, an increase of 19 in ten years.

1%, realizing net profit attributable to the parent company1.

6 ppm, an increase of 5 in ten years.

6%, the net profit of deducting non-attributed mothers1.

500 million, a five-year growth of 5.

3%, performance was in line with expectations.

The turning point of the smart sector is imminent, benefiting from the ubiquitous layout of the Internet of Things: the company’s smart sector has achieved revenue for 14 years.

300 million, through domestic market breakthroughs, to suppress domestic demand fluctuations.

In 2018, the company achieved overseas sales of US $ 38.05 million and orders in hand amounted to US $ 48 million.

At the same time, the company, as a global meter leader, is expected to benefit significantly from the ubiquitous power IoT construction bonus, and the construction of the “three types and two networks” terminal layer opens up a new blue ocean of smart terminal demand.

High-quality power station projects are in hand, and the trend of parity is worry-free: the scale of the company’s holding of power stations has been reduced to 1 since the end of 18 years.

45GW, power generation exceeded 7.

500 million to realize power generation revenue1.

33 ppm, an increase of 21% per year.

The company reserves item 1 in hand.

Above 6GW, and actively distribute distributed projects after parity.

The recent implementation of the parity policy is conducive to the orderly expansion of the company’s power station scale.

N-type battery efficiency breakthrough, EPC first year victory: the company’s high-efficiency N-type battery mass production conversion efficiency exceeded 21.

8%, and started the TopCon technology upgrade.

At the same time, with N-type high-efficiency products, EPC’s first year revenue exceeded 1 billion, and established cooperative relationships with core operators at home and abroad.

The company plans to realize the development and construction of 300-500MW power stations in 2019, including the deployment of overseas business of 100-200MW, to achieve the basis of continuous growth in performance, and to promote the application and penetration of N-type high-efficiency products.

Investment suggestion: We have adjusted our profit forecast. It is expected that the company’s EPS for 2019-2021 will be 0.

53 yuan, 0.

64 yuan, 0.

77 yuan, corresponding (included on April 25) PE is 10.

3 times, 8.

5 times, 7.

1x, initial prudent increase in rating. Risk warning: The installed capacity of distributed photovoltaics does not meet expectations; the expansion of overseas business does not meet expectations; domestic competition is intensifying.

Ren Zeping: Ranking of China’s Urban Development Potential in 2019

Ren Zeping: Ranking of China’s Urban Development Potential in 2019

As a guide, we propose a standard analysis framework that is widely adopted: “Real estate looks at population in the long term, land in the medium term, and finance in the short term.”

  At present, China’s urbanization is entering the era of urban agglomerations. The real estate market has entered a new stage of development, with regional differentiation. The long-term real estate mechanism is rapidly changing. The “one-city, one-strategy” upgrade has huge differences in urban development potential. Urban researchBecomes particularly important.

  In this research, we have refined and quantified the classic framework for more than a year. Based on the previous 60 indicators and more than 100,000 data, we screened out 27 indicators and about 50,000 data to establish multi-dimensional and multi-level.The verifiable fundamentals of the city’s development potential + market-side evaluation model ranks the thematic development potential of the 336 prefecture-level administrative units except Sansha City, Hong Kong, Macao, and Taiwan.

  This study is of reference value for recognizing the potential of urban development, for the government to establish a long-term mechanism, to promote the stable and healthy development of the real estate market, for residents to live and work in peace, and for business investment decisions.

  Abstract Research background and analysis framework: The real estate market has entered an era of urban agglomeration with equilibrium and regional differentiation.

1) Background: Real estate has entered a new cycle, and urban development has entered the era of urban agglomerations.

China’s population aged 20-50 peaked in 2013, with the ratio of existing housing units to nearly one.

1 The acceleration of the establishment of a long-term real estate mechanism marks a departure from the high-growth stage of the Chinese real estate market and a new era and new cycle of transformation and development.

In the medium to long term, the three major dividends of urbanization, improved housing and urban renewal will support the steady development of China’s real estate market in the future.

From a regional perspective, China has entered the era of urban agglomerations, with prominent regional differentiation, huge differences in urban development potential, and more prominent urban research value.

2) Analysis framework: fundamental analysis trend and market analysis timing.

Fundamental analysis is the core of the research and judgment of urban development potential, and the key lies in the research and judgment of the population. The logical chain is: people follow the industry, industry determines the rise and fall of the city, and location factors such as economies of scale and transportation costs determine the industrial layout.

We focus on the demand-side population status, population potential and purchasing power, as well as supply-side housing stock and land financial dependence on a total of 23 indicators.

On the market side, four short-term indicators, such as the housing price cycle, demand overdraft rate, destocking, and land-price-to-price ratio, are used to determine the heat of the urban market to determine the timing of entry based on fundamental analysis.

Backtesting based on historical data, the accuracy is 75%.

  Fundamentals: Ranking of China’s urban development potential in 2019.

1) Overview of the list: In 2019, Shenzhen, Shanghai, Guangzhou, and Guangzhou ranked among the top 4 in the medium- and long-term development potential list. Among the second-tier cities, Chengdu, Nanjing, Wuhan, Chongqing, Tianjin, Hangzhou, and the top ten residences; 32 cities in the eastern region entered the topFifty, the Yangtze River Delta, the Pearl River Delta region is particularly outstanding; more than 80% of the cities in the Northeast are behind 200.

The top 100 cities use 13% of the country’s land to gather 50% of the population, create 73% of GDP, and account for 62% of the country’s commercial housing sales.

2) Population status: The population continues to gather in big cities, and core cities in the central and western regions have risen.

From a regional perspective, the population is returning to central and western provinces such as Wanchuan, Guiyu, and eastern provinces, such as Guangdong and Zhejiang, and the population has co-existed. The population growth in Beijing, Shanghai, Tianjin, Heiheji, and Liaoning is sluggish or even negative.

From the perspective of the split-line cities, the population continues to flow into the first- and second-tier cities, the third-tier cities’ overall inflows are basically balanced, and the fourth-tier cities continue to pass.

From the perspective of key cities, the population of Shenzhen, Guangzhou, and Hangzhou has increased, and the core cities of Xi’an, Chengdu, and Changsha have risen. The population growth of eastern cities such as Beijing, Shanghai, Tianjin, Suzhou, and Wuxi has increased.

3) Population potential: People follow the industry, and the foundation and potential of the first and second line industries are outstanding.

First and second-tier cities with 25.

5% of the population created 46.

5% of GDP, the potential for population agglomeration is great.

In terms of industrial innovation, the effects of the first- and second-tier cities are significant. The proportion of listed companies and the total number of invention patents authorized account for about 70% and 75%, of which the absolute highlands in Beijing and Shanghai, Hangzhou, Guangzhou, Suzhou, Nanjing, Chengdu, etc.City first.

In terms of transportation location, the number of high-speed railways from the first to the second-tier cities’ transportation hubs is as high as 740 and 149, respectively. The eastern region benefits from physical geography and the first to develop strategic transportation infrastructure.

In terms of public resources, high-quality education in first- and second-tier cities, intensive medical resources, and urban rail transit improve urban operating efficiency.

4) Purchasing power: The absolute purchasing power of first- and second-tier cities is higher, while the relative purchasing power is lower.

At an absolute level, per capita savings deposits in first-tier cities have disposable incomes as high as 11.

5, 6.

60,000 yuan, far higher than other cities.

From a relative level, first-tier, second-tier, third-tier, and fourth-tier cities have house price incomes of 20 respectively.

8, 10.

6, 8.

4, 6.

0 years, but because of insufficient supply in first-tier cities, housing prices are not determined by the median income group, but by high-income groups.
5) Housing supply: Housing supply in first- and second-tier cities is tight, and land finance in second- and third-tier cities is relatively high.

Housing supply in first- and second-tier cities is tight, and the ratio of dwellings is 0.

97, 1.

02. There is excess risk in the Northeast, and the ratio of registered households exceeds 1.

.

1.
In the east and central regions, the financial dependence of land is relatively high, at 57% and 52%, respectively; in second and third-tier cities, it is higher at 64% and 50%, respectively.

  Market: When is the best layout of the top 100 cities in 2019?

1) Overview of the list: Based on the fundamental analysis, the top 100 development potentials are classified into 3 levels based on market conditions. Among them, 15 cities such as Shenbei, Shanghai and Guangzhou are the first grade, and 25 cities such as Chengdu and Wuhan are the second grade. Lanzhou, Xuzhou and other 60 cities are third gear.

2) Volume and price trends: Demand in some third- and fourth-tier cities is clearly overdraft, and transaction volumes in some first- and second-tier cities have picked up, and the market is expected to stabilize.

The housing prices in some first-tier and second-tier cities and surrounding areas that have undergone significant adjustment will gradually stabilize, such as insufficient supply or some growth pressure; the sales volume surged by the monetization of the shed in the early stage, and some third-tier and fourth-tier cities lacking fundamental supportAdjust risk.

3) Destocking: In the western region, fourth-tier cities have higher overall inventory risks.

From the perspective of saleable inventory, in January 2019, the first, second, and third and fourth tier sample cities’ inventory de-removal cycles were 11 respectively.

7, 10.

5, 11.

In four months, third- and fourth-tier cities have risen since the second half of 2018.

From the perspective of generalized inventory, in the western region of 2017, the land digestion cycles of fourth-tier cities were 2 respectively.

5, 2.

1 year.

4) Land acquisition cost: In 2018, the land price and housing price dropped from the overall level, and a few cities were still higher.

In the March 2019 sample of 100 cities, the premium rates for the transaction of residential land in first-tier, second-tier, and third-tier and fourth-tier cities were 4, respectively.

2%, 21.

6%, 21.

4%, of which second-tier cities have been on the rise for 4 consecutive months, and third- and fourth-tier cities have been on the rise for 5 consecutive months.

In 2018, the first-tier, second-tier, third-tier, and fourth-tier cities had land price-to-price ratios of 29%, 25%, 19%, and 13%. Except for the first-tier cities, which increased slightly by one compared with 2017, the second-tier, third-tier, and fourth-tier cities decreased respectively.7, 5, 2 single.

  Embrace urban agglomerations and seize megatrends.

The productivity of the metropolitan agglomeration, led by the central city, saves land and energy, is the main platform to support China’s economic growth and 北京桑拿洗浴保健 development, and is the focus of China’s current and future development.

In 2019, 96 of the top 100 cities with development potential are located in 19 major urban agglomerations, and 54 of them are located in 24 million-level metropolitan areas.

From the perspective of per capita production efficiency, the per capita GDP by size has been decreasing from large to small; cities with more than 10 million people have 14 million GDP per capita, which is 2 to 3 million cities.

One time, about five times that of cities with less than 200,000 people.

At the scale of the urban agglomeration, the core of the 19 urban agglomerations lies in five urban agglomerations, including Beijing, Tianjin and Hebei, the Yangtze River Delta, the Pearl River Delta, the middle reaches of the Yangtze River, and Chengdu and Chongqing.

It is estimated that by 2030, about 80% of China’s 2 billion new urban population will be distributed in 19 urban agglomerations, of which about 60% will be distributed in the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei, the middle reaches of the Yangtze River, Chengdu-Chongqing, Central Plains, ShandongSeven urban agglomerations such as the Peninsula.

At the metropolitan area scale, there are 24 metropolitan areas with more than 10 million people.

7% of the land gathers 33% of the population to create about 54% of GDP. Among them, Shanghai, Beijing, Shenzhen Wanhui, Guangfozhao and other metropolitan areas have obvious development potential.

Outside the metropolitan area, there are still two types of third- and fourth-tier cities that deserve attention: one is the third- and fourth-tier cities where the economic strength of the eastern coastal areas is more prominent, and the other is the distance from the central metropolis, the size of the population in the jurisdiction or hinterland.Large inland regional central cities are located in multiple urban agglomerations.

  The implementation of a real long-term real estate mechanism will help the market develop steadily and healthily, which is also the common expectation of the people, the government, and enterprises.

The key to a long-term mechanism lies in the link between people and land, financial stability, and strategies based on the city.

For cities where housing prices are too high due to continuous population inflows and insufficient land supply, land supply is increased; for cities with excessive population and excessive stock supply due to excessive land supply, land supply is reduced; supply and demand balance is achieved through human-land connection to solve population and landSeparation, supply and demand mismatch caused the first and second tier housing prices are too high, the third and fourth tier inventory is too high.

From the experience of the United States, Britain, Germany, Japan, Hong Kong, Singapore, etc., excessive financial leverage on real estate is the source of risk, and monetary and financial stability is the root cause. To avoid excessive currency issuance, excessive leverage and excessive borrowing by residents, passVarious means such as currency, finance, budget, land, etc., support rigid demand and improvement demand, and restrain throwing demand.

  Risk warning: there is a certain deviation in the model prediction; some indicators have not released the 2018 data, which affects the model estimation; the logic of the tourist city is different from other cities, and the model is not considered separately.
Table 1 Research background and analysis framework: The real estate market has entered an era of balanced and regionally divided urban agglomerations.
1 Research background: Real estate enters a new cycle, and urban development enters the era of urban agglomerations.

2Analysis framework: Fundamental analysis trend, timing of market analysis2 Fundamental: Ranking 2 in China’s urban development potential in 2019.

1Overview of the rankings: Shenzhen North and Shanghai top the list, regional center cities and the Yangtze River Delta Pearl River Delta perform well, and Northeast China lags behind.

2 Population status: The population continues to gather in big cities, and the core cities in the central and western regions rise.

3 Population potential: People follow the industry, the foundation and potential of the first and second line industries are outstanding 2.

4Purchasing power: The absolute purchasing power of first- and second-tier cities is relatively high, and the relative purchasing power is sufficient.

5 Housing supply: housing supply is tight in first- and second-tier cities, and the financial dependency of second- and third-tier land is relatively high. 3 Market: When will the top 100 cities be best in 2019?

  3.

1 Overview of the list: Top 100 development potential 3 points 3.

Volume and price trends: Demand in some third- and fourth-tier cities is clearly overdraft, and transaction volume in some first- and second-tier cities has picked up. Housing prices have stabilized3.

3 Inventory removal: In the western region, the overall inventory risk of fourth-tier cities is relatively high.

4 Cost of land acquisition: Land prices and housing prices have fallen as a whole, and a few cities are still high. 4 Embrace urban agglomerations and grasp the megatrend. 1 Research background and analysis framework: The real estate market has entered a balanced and regionally divided urban agglomeration era.

1 Research background: Real estate enters a new cycle, and urban development enters the era of urban agglomerations. From an overall perspective, the population aged 20-50 peaked in 2013, the demand growth has passed, and the ratio of existing housing units is nearly 1.

1 The acceleration of the establishment of a long-term real estate mechanism marks a departure from the high-growth stage of the Chinese real estate market and a new era and new cycle of transformation and development.

On the demand side, the scale of China ‘s 20-50-year-old main home buyers reached expectations in 2013, with new housing starts in 2011 and 2013 reaching more than 14 billion square meters in double peaks, and 2018 sales of commercial housing reached 14.

800 million square meters, probably the starting point of budget history.

According to the current population development trend, China’s population will peak around 2024. If subsequent fertility is encouraged, the peak time will be repeated up to 2031.

On the supply side, since the reform and opening up in 1978, especially since the housing reform in 1998, Chinese urban residents have basically achieved a historic leap from Tongzilou to residential quarters, from dwellings to basic livables.To 0.

8 rose to close to 1.

1, indicating the end of the era of housing cancellation.

On the policy scale, the real estate planning thinking has undergone a major change, gradually transitioning from a short-term policy to a long-term mechanism construction.

Over the past 20 years, China ‘s actual adjustment target has repeatedly repeated between steady growth and controlling house prices. It has shifted its mindset to focus on restraining demand and increasing supply, focusing on short-term changes to a long-term mechanism, gradually taking measures to reduce administrative burdens, and reducing the increase in housing price adjustment.

In December 2016, the central government clearly defined “the house is used for living, not for speculation”, and began to propose the establishment of a basic system and long-term mechanism to promote substantial and healthy development. The practical ideas gradually moved from short-term policies to long-term effects.The transition of mechanism construction has changed from a game of chess across the country to the policy of the city, and from a commodity attribute to a housing system that highlights the residence attribute.

  In the medium to long term, the three major dividends of urbanization, improved housing and urban renewal will support the steady development of China’s real estate market in the future.

The first is the urbanization bonus.

Urbanization of China’s Permanent Population in 201859.

6%, with an estimated average urbanization level of about 80% and other growth space, and the urbanization rate of the registered population is only 43.

4%, the civic space is even greater.

The second is the living improvement bonus.

At present, the rate of complete sets of urban housing with kitchens and bathrooms is only 85%, and 20% of households live in poor-quality bungalows. The per capita housing area is less than 25 square meters, which is a significant gap from developed economies.

As China ‘s economy continues to grow and incomes increase, and the size of households is becoming smaller, the per capita housing area has increased further.

The third is the urban renewal bonus.

With the growth of the housing stock market, the housing stock is renewed, and the scale of demolition and reconstruction will continue to rise.

Generally speaking, the average annual demand of China’s real estate market will be about 1.1 to 1.3 billion by 2030. Although the demand is large, the scale is still large.

(See the December 2018 report of the Evergrande Research Institute, “Continuation of the traditional cycle, or is the long-term mechanism broken?

— Prospects for the Real Estate Market in 2019》) From a regional perspective, China has entered the era of urban agglomerations, with prominent regional differentiation, huge differences in urban development potential, and more prominent urban research value.

In the era of housing, the development potential of cities is not very different, but in the era of overall housing balance, the development potential of cities is significantly different.

The housing stock ratio is low, the industry is strong, and the population has the potential for alternative development in cities. The housing stock ratio is high, the industry is weak, and the cities with a continuous population lack development potential.

In this context, it is important to judge the development potential of different cities.
From the international and Chinese experience, population migration is divided into two stages: from rural to urban migration, and to the urban agglomeration in the middle and late stages of urbanization.
Although China has proposed to take urban agglomerations as the main form of urbanization since the “11th Five-Year Plan” in 2006, it has clearly promoted the construction of urban agglomerations and started a new type of urbanization construction started in 2014. 19 urban agglomeration plans have been issued successively.

In November 2018, the State Council’s “Opinions on the Establishment of a New Mechanism for a More Effective Regional Coordinated Development” called for the establishment of a central city to lead the development of urban agglomerations, and urban agglomerations to drive a new model of regional development and promote the integration and interactive development of regional plates.

In view of the immature development of most urban agglomerations, the central government takes metropolitan areas with large cities as the core as the breakthrough point and starting point for the construction of urban agglomerations.

In February 2019, the National Development and Reform Commission issued the “Guiding Opinions on Promoting the Development of a Modern Metropolitan Area”, which requires the construction of a one-hour commute circle in the same city direction, marking China’s entry into the era of urban agglomerations.

In fact, in the past few years, housing prices in first-, second-, third-, and fourth-tier cities have clearly differentiated, which is a direct manifestation of the significant differences in urban development potential.

In the first and second tier cities, due to the increase in population, insufficient land supply skyrocketed in 2015-2016; in the third and fourth tier cities, inventory was high for a time, and later, due to destocking policies, it rose sharply in 2017-2018.

1.2Analysis framework: Fundamental analysis trend, market analysis timing Based on the classic framework of “real estate long-term population, medium-term land, short-term finance”, we have 27 indicators from the two dimensions of “fundamental + market”Study the development potential of 336 prefecture-level administrative units in China in 2019 (excluding Sansha), and specifically judge the mid-to-long-term development potential of cities based on fundamentals, and use the market to assist in timing.

  Fundamental analysis is the core of the research and judgment of urban development potential. The key is to judge the population trend. The logical chain is: people follow the industry, and the industrial layout is determined by the location.

First, real estate looks at population for a long time, and population determines demand.

Population is the foundation of all economic and social activities, and it is the fundamental support for the development of the real estate market.

Due to the sharp decline in the number of births, China’s population increased by only 5.3 million in 2018, and the total population will peak in 2024-2031. Each region has gradually entered the era of the population game of population competition.

The fundamental driving force of population migration is the gap between actual income and living standards. The general rule is that people go with the industry and people go higher.

Second, industry determines the rise and fall of cities, industry rises and cities rise, and industry gathers population.

At present, China’s economy has shifted from a high-speed growth stage to a development stage. From the mid-low end of the global value chain to the mid-to-high end, the regional industrial structure has changed significantly.

At the regional level, a large number of manufacturing industries along the eastern coast have been affected by rising costs, and have already moved to the Chinese mainland and Southeast Asia.

From the perspective of urban agglomerations, core cities in developed urban agglomerations are clustering high-end manufacturing and high-end service industries, and general manufacturing is shifted to the surrounding areas. Manufacturing clusters in developing metropolitan areas continue to cluster and develop to core cities, and the general urban industrial structure outside the urban agglomerationPresent low-end manufacturing and low-end service industry.

Third, location determines the industrial layout, and economies of scale and transportation costs determine location.

The industrial layout of enterprises is aimed at maximizing profits, and regional location selection is necessary.

However, location factors are not static, and changes in factors such as economies of scale and transportation costs are included.

The key to the first development of the eastern coastal areas of China is not the policy of opening up first, but the location of the coast is conducive to exports; globally, about 60% of the total economic volume is concentrated within 100 kilometers of the coast.

High-end manufacturing and high-end service industries are clustered in core big cities, mainly due to cost reductions and increased efficiency brought by economies of scale.

  Specifically, we focus on the demand-side population status, population potential, and purchasing power of the population, as well as the supply-side housing stock and land financial dependence on a total of 23 indicators.

Among them, the current status of the population is divided into two dimensions: size and structure, including indicators such as immigrant population, population age structure, urbanization rate, and primary school students.

Based on the basic logic of “people follow the industry, people go higher”, we analyze population potential from four aspects: economic strength, industrial innovation, transportation location and public resources.

In addition to the economic aggregate, we use the economic-population ratio (regional economic aggregate / population ratio) as the overall population attractiveness to reflect the size of the economy, the number of listed companies with A + H shares, and the number of invention patent authorizations to reflect regional advanced industries and innovationAbility to reflect the location of traffic by the number of high-speed rail departures to the end, the density of the highway network, the distance to the central city, the number of college students, the number of practicing (assistant) doctors, and the density of the urban rail transit network of the highway.Medical resources, public transportation and other public resources.

In terms of purchasing power, we focus on absolute levels of per capita savings, human-dominated income, and relative levels of house-to-income ratios.

On the supply side, we focus on two indicators: the ratio of dwelling units and the dependence on land finance; of which, the ratio of dwelling units reflects the overall balance of the existing housing market, and the dependence on land finance reflects the dependence of local governments on real estate and related land transfer preference.

  On the market side, four short-term indicators such as destocking, housing price cycle, demand overdraft rate, and land-price-to-price ratio are used to determine the short-term changes in the urban market to determine the timing and priority of entry based on fundamental analysis.

Some cities even look at the medium and long-term development potential from the basic surface, but if the short-term demand overdraft is severe, the potential will still be developed in the short term.

We use four short-term indicators to reflect the market, including the land digestion cycle, the housing price cycle, the demand overdraft rate, and the land price to housing price ratio.

Due to incomplete data on saleable inventory, we use the general inventory depletion index of the land digestion cycle to reflect the urban house inventory.

The housing price cycle reflects whether urban housing prices are currently in a predetermined position, whether they are growing or falling, and the relevant duration.

The demand overdraft rate is the degree of change between the current growth rate of residential sales area and the growth rate in the past few years. If it deviates from the past average value, it is likely to mean a risk response.

The land price-to-price ratio can roughly reflect the current cost-benefit ratio of real estate companies’ land acquisition, but if there is no introduction of population and industries, regions with low land-price-to-price ratios also lack development potential.

  In addition, most short-term financial indicators have national identity and small regional differences, so the model consideration range is not divided.

Financial policies (interest rates, liquidity growth, credit, down payment ratio, etc.) are not only one of the main tools for macroeconomic transformation in various countries, but also the policy that has the most significant impact on short-term changes in the real estate market.

Housing development and purchase are highly dependent on bank credit support. Policies such as interest rates, down payment ratios, and credit will affect the ability of residents to pay, as well as the developer’s withdrawal of funds and expectations, and the impact on supply and demand changes in the housing market.

  All the data in this article come from public sources, including the national and local statistical bureaus, government public information, Wind, and some real estate professional data agencies.
For some regions or indicators that have not yet released 2018 data, we will use 2017 data instead.
  In terms of data processing, in order to eliminate the dimensional difference of the original data, the “optional-selection” method is adopted for the standardization of the original data.

Among them, for monotonically increasing indicators, linear conversion is 0-100, and for monotonically decreasing indicators, linear conversion is 0-100.

  In terms of weight processing, the analytic hierarchy process is used to set specific index weights from top to bottom, and the weight settings are optimized by back-testing historical data.

In the 2015-2016 data backtest, the accuracy of the model for ranking is 75%, and the goodness of fit to the index is 62%.

  2 Fundamentals: China’s urban development potential ranks second in 2019.

1 List overview: Shenzhen North and Shanghai top the list, regional center cities and the Pearl River Delta in the Yangtze River Delta perform outstandingly, and the Northeast is generally lagging behind. According to GDP, per capita disposable income of urban residents, and the political structure of the city, the country is divided into 337 prefecture-level units and above.It is a city of one, two, three and four, of which Sansha City is not included in the list because of the lack of duplication of public data.

Four first-tier cities include Beijing, Shanghai, Guangzhou and Shenzhen, with GDP of more than 2 trillion in 2018; second-tier cities are municipalities other than first-tier cities, multiple provincial capital cities, planned single cities and GDPs greater than 700 billion and urban residents’ per capita disposable income of 40,000 yuanThere are a small number of developed prefecture-level cities with a total of 35; third-tier cities are a small number of weak provincial capital cities and other prefecture-level units with a GDP of more than 200 billion US dollars; 85 fourth-tier cities are the remaining prefecture-level units with a GDP of less than 200 billion yuan.Each.

  In 2019, Shenbei, Shanghai, Guangzhou, and Guangzhou ranked top 4 in the medium- and long-term development potential list. Among the second-tier cities, Chengdu, Nanjing, Wuhan, Chongqing, Tianjin, and Hangzhou ranked among the top 10; 32 cities in the eastern region entered the top 50, and Northeast China hadOver 80% of the cities are behind 200.
The top 100 cities gather about 50% of the population with 13% of the country’s land and create about 73% of GDP, accounting for about 62% of the country’s commercial housing sales.

Shenzhen has the highest urban development potential, followed by Beijing, Shanghai and Guangzhou.

Among the second-tier cities, Chengdu, Nanjing, Wuhan, Chongqing, Tianjin, and Hangzhou rank among the top 10; Zhengzhou, Changsha, Xi’an, Jinan, Hefei and other provincial capitals, Xiamen, Qingdao and other planned cities, Suzhou, Dongguan, Foshan and other developed citiesTier Cities entered the top 20.

The capital cities of the province except Hohhot, Yinchuan, Xining, and Lhasa all rank in the top 50.

Among the top 50 cities, there are 32 in the eastern region, 6, 8, and 4 in the central, western, and northeast regions, respectively.

Except for municipalities directly under the Central Government, provincial capitals, and cities with separate plans, the top 50 prefecture-level cities are mostly located in the Yangtze River Delta and Pearl River Delta regions, including 8 Yangtze River Delta city clusters, 4 Pearl River Delta city clusters, Haixi city clusters, and Shandong PeninsulaThere are 2 city clusters each.

In terms of different regions, the proportion of cities ranked after 200 in the east, central and western regions is 4 respectively.

6%, 22%, 64.

1%; 30 cities in Northeast China rank behind 200, accounting for 83 of the prefecture-level units in the region.

3%, the development potential is generally lower.

It should be noted that the development potential index synthesized after each index is standardized has only a certain ordinal meaning.

2.

2 Population status: population continues to gather in big cities, the rise of core cities in the central and western regions. From a regional perspective, the current population returns to the central and western provinces such as Wanchuan, Guiyu, and eastern provinces, such as Guangdong and Zhejiang.Population growth is sluggish or even negative.
From the reform and opening up to around 2010, the population moved to export-oriented coastal developed areas on a large scale.

Since 2010, industrial transformation and upgrading in the transitional coastal areas, industrial undertakings in the central and western regions, and the growth of the older generation of migrant workers, some of the population has gradually returned to the central and western regions, and the population growth rate in the eastern region has slowed down, while the population in the northeast region has begun to grow negatively.

The current population return is obvious in Anhui, Sichuan, Guangxi, Henan, Guizhou and other provinces. The average annual increase of the permanent population in Anhui rose from -330,000 in 2000-2010 to 370,000 in 2010-2015, and then increased to 2015-2018.In the year of 600,000, Sichuan rose from -560,000 to 320,000, and then increased to 460,000.

The resident population growth in Guangdong, Zhejiang and other provinces was once significantly offset by the return of population, but the population re-obviously gathered in 2015-2018, with the current average annual increase of 1.66 million and 660,000 respectively.

Jiangsu replaced 520,000 in 2000-2010 from 250,000 in 2010-2015 and 250,000 in 2015-2018. There was no significant improvement. The population agglomeration difference between Jiangsu and Guangdong was similar to the difference in economic development, and the overall economy of the two places began in 2016.Gradually widen.

  From the perspective of the split-line cities, the population continues to flow into the first- and second-tier cities, the third-tier cities’ overall inflows are basically balanced, and the fourth-tier cities continue to pass.

From 1982 to 2017, the average annual growth rate of the first- and second-tier cities was significantly higher than the national average, and the first-tier cities had a higher growth rate, indicating a long-term net inflow of population and a greater concentration in first-tier cities.

Among them, from 1991 to 2000, from 2001 to 2010, and from 2011 to 2017, the average annual growth rate of population in first-tier cities was 3.

9%, 3.

4%, 1.

5%, second-tier cities are 1.

9%, 1.

8% and 1% indicate that the population migration in first- and second-tier cities since 2011 has been vertical but still agglomerated. The reasons for this include Beijing-Shanghai controlling people, aging migrant workers returning, and so on.

In the above three periods, the annual average growth rate of the total population of the third and fourth lines was 0.

63%, 0.

29%, 0.

44%, while the average national population growth rate is 1.

04%, 0.
57%, 0.
52%, indicating that underpopulation has been flowing back since 2011, but that net decline continues.

Among them, the average annual growth rate of population in third-tier cities from 2001 to 2010 and 2011 to 2017 was 0.

50%, 0.

44%, basically unchanged from 0 nationwide.

57%, 0.

52% of the population growth rate; the average annual population growth rate of fourth-tier cities is zero.

14%, 0.

38%, significantly lower than the national average.

  From the perspective of key cities, the population of Shenzhen, Guangzhou, and Hangzhou has increased, and the core cities of Xi’an, Chengdu, Changsha and other central and western cities have started to grow. The population of eastern cities such as Beijing, Shanghai, Tianjin, Suzhou, and Wuxi has grown significantly.

The past two decades have witnessed profound changes in the pattern of urban agglomeration.

Except for Beijing and Shanghai, which have taken the initiative in 2013, other cities have recently been “grabbing people”, but they are different.

From 2000 to 2010, the top five cities with the largest average annual increase in resident population were Shanghai, Beijing, Suzhou, Shenzhen, and Tianjin, with an average annual increase of 66, 61, 37, 34, and 310,000.

From 2010 to 2015, the top five cities with the largest average annual increase in resident population are Tianjin, Beijing, Shanghai, Shenzhen, and Zhengzhou, with an average annual increase of 50, 42, 22, 20, and 180,000.

From 2015 to 2018, the top five cities with the largest average annual increase in resident population were Shenzhen, Guangzhou, Hangzhou, Changsha, and Xi’an, with an average annual increase of 55, 47, 26, 24, and 230,000; Chengdu, Zhengzhou, and Chongqing (mainly(City) The average annual increase of the resident population also exceeds 150,000, while the traditional population agglomeration cities Beijing, Shanghai, Tianjin, Suzhou, and Wuxi have an average annual increase of less than 50,000. Beijing has sustained negative growth for two years from 2017 to 2018, and Tianjin once experienced negative growth in 2017.
  Judging from the household registration situation, there are a large number of immigrants in major cities, and there is a lot of room for localization of the population. The deepening of the reform and transformation of the household registration system will help release part of housing demand.

The central government requires that, with the exception of Beijing and Shanghai, a few megacities, other cities need to open up and settle down restrictions.

At present, the difference between the resident population and the registered population is more than 5 million people. There are 6 cities in Shanghai, Beijing, Shenzhen, Dongguan, Guangzhou, and Tianjin. Among the 2-5 million people, there are 5 cities in Suzhou, Foshan, Wuhan, Zhengzhou, and Ningbo.There are 15 cities with 1 to 2 million people and 18 cities with 500,000 to 1 million people.

The 44 cities mentioned above may be municipalities directly under the Central Government, provincial capitals, and cities with separate plans, or developed cities in the Yangtze River Delta, the Pearl River Delta, and the west side of the Strait.

In recent years, under the background of the reform of the household registration system and the “grabbing war”, the registered population of some large cities has grown rapidly.

In 2018, the registered population of Xi’an, Chengdu, Wuhan and Guangzhou increased by 86 compared with the previous year.

6, 40.

8, 30.

1, 29.

80,000 people, mainly due to the increase in household registration machinery.

2.

3 population potential: people follow the industry, the first and second tier industry foundation and potential highlight the first and second tier cities to 25.

5% of the population created 46.

5% of GDP, the potential for population agglomeration is great.

The current first-tier city is 5.

2% of the population created the country12.

3% of GDP, 20 in second-tier cities.

3% of the population created 34.

With a GDP of 1%, the population share of the third-tier cities and the economic share are basically the same, respectively 33.

9%, 34.

0%, the population expenditure of fourth-tier cities clearly exceeds the economic share, which are 39.

7%, 24.

5% (due to statistical problems, the total regional GDP differs from the national total).

From the perspective of economic-population ratio, in 2017, the number of cities in the first, second, third, and fourth tiers was 2, respectively.

4, 1.
7, 1.
0, 0.

6; From the perspective of the tertiary industry-population ratio excluding the industrial factor, in 2017, the number of first-, second-, third-, and fourth-tier cities was 3 respectively.

2, 1.

7, 0.

8, 0.

5.
From the perspective of economic growth, from 2015 to 2017, the average annual economic growth rate of first-tier, second-tier, third-tier, and fourth-tier cities was 7 respectively.

5%, 7.

9%, 7.

8%, 6.

8%, the fourth-tier economy has a small base, but the growth rate is still weak.

From a regional perspective, the areas with relatively low economic growth in recent years are the areas where water has been squeezed by data such as Liaoning and Shanxi, and remote areas such as Northeast and West, where the economic growth rate is mostly below 6%; while in many central regions, the economic growth rate is 8Between -10%, more than 10% in parts of the southwest.

Generally speaking, the population of the future will continue to converge towards metropolitan areas and regional central cities, and the population of third- and fourth-tier cities will continue to change in the future.

  In terms of industrial innovation, the top effect of first- and second-tier cities is obvious, with absolute highlands in the depths of Beijing, Shanghai, and Hangzhou, Guangzhou, Suzhou, Nanjing, and Chengdu.

The urban difference of industrial innovation is more obvious than the economic strength. This is mainly because innovation requires a high degree of concentration to be more efficient.

Judging from the number of A + H-share listed companies reflecting leading enterprises, Beijing accounts for 10% of the country.

7%, Beijing, Shanghai and Shenzhen combined accounted for 27.

5%, a total of 69 in the first and second tier cities.

9%.

From the perspective of the number of invention patents granted, Beijing has occupied the country’s top 14 because of its advantages in production, education and research resources.

4%, Beijing, Shanghai and Shenzhen accounted for 26 in total.

8%, the proportion of first- and second-tier cities reached 75.

5%.

The third-tier cities that rank relatively high in terms of industrial innovation are mainly Shaoxing, Changzhou, Taizhou, Jiaxing, Zhuhai and other cities in the Yangtze River Delta and the Pearl River Delta.

  In terms of transportation location, the number of high-speed trains at the high-end of the first- and second-tier urban transportation hubs is 740 and 149, respectively. The eastern region benefits from natural geography and the first to develop strategic transportation infrastructure.

From the perspective of physical geography, the eastern coastal areas have the first-mover advantage.

Under the strategy of the first development in the east, the transportation infrastructure such as high-speed rail and expressways has developed rapidly, especially in the Pearl River Delta, Yangtze River Delta, Beijing, Tianjin and Hebei.

From the perspective of high-speed rail accessibility, the average daily high-speed rail services of first-, second-, third-, and fourth-tier cities are 974, 460, 155, and 54; currently, 107 cities have not opened high-speed rails, mainly in the central and western regions.

In terms of the number of trips from the beginning to the end of the high-speed railway day, the average number of first-, second-, third-, and fourth-tier cities is 740, 149, 17, and 6 respectively, of which Guangzhou, Shanghai, Beijing, Shenzhen, Chengdu, Wuhan, Chongqing, Tianjin, Tianjin, Changsha, and Xi’an rank among the top ten in the country.

From the perspective of highways, the difference in road network density between first-tier and second-tier cities and third-tier and fourth-tier cities is still very obvious, which are 1001, 506, 330, and 99 km / 10,000 square kilometers respectively. Fourth-tier cities are only 10% of first-tier cities.

In 2016, the National Development and Reform Commission’s “Medium and Long-term Plan for the Railway Network” required that on the basis of the “four vertical and four horizontal” high-speed railways, a “eight vertical and eight horizontal” main passage be used as a skeleton, regional connection lines be connected, and intercity railways be replaced.High-speed railway network.

Among them, the eight verticals refer to the coastal passage, the Beijing-Shanghai passage, the Beijing-Hong Kong (Taiwan) passage, and Beijing-Harbin?
Beijing-Hong Kong-Macao Channel, Hunan Channel, Beijing-Kunming Channel, Bao (Silver) Sea Channel, Lan (West) -Guangzhou Channel; Baheng refers to Suiman Channel, Jinglan Channel, Qingyin Channel, Along the Yangtze River Channel, Shanghai-Kunming Channel, XiamenChongqing channel, Guangkun channel.

  In terms of public resources, quality education in first- and second-tier cities, intensive medical resources, and urban rail transit improve urban operating efficiency.

Public resources are supporting the development of the industry. High-quality public resources are obviously attractive to the population.

From the perspective of education, municipalities and provincial capitals often have the highest quality primary and secondary school and higher education resources in the region. The number of 985/211 universities in total accounts for 81% of the country, and the number of college students owns 58% of the country;Beijing, Tianjin and Shanghai rank among the top three in the country in terms of a college entrance rate.

From the perspective of medical resources, the number of practicing (assistant) physicians per 1,000 population in the first-, second-, third-, and fourth-tier cities was 3.

2, 3.

1,2.
2, 1.

9, and the quality of medical resources is vastly different, the country’s best quality medical resources are mainly concentrated in first-tier and second-tier cities.
From the perspective of urban rail transit, according to the latest approvals from the official websites of the city subway companies and the Development and Reform Commission, as of March 2019, there were 35 cities with urban rail transit (excluding trams) in the country, and the number of cities that had been approved for non-opening increasedTo 45.

Tier 2 cities in Taiyuan, Hohhot, Nantong, Quanzhou, and Yantai have not yet opened urban rail transit, and Tier 3 cities are currently only open in Wenzhou.

In addition to the three second-tier cities in Taiyuan, Hohhot, and Nantong that have been approved for opening subways, they include seven third-tier cities including Baotou, Xuzhou, Changzhou, Shaoxing, Jinhua, Wuhu, and Luoyang.

2.

4 Purchasing power: The absolute purchasing power of first- and second-tier cities is relatively high, and the relative purchasing power is only the per capita storage of first-tier cities, and the disposable income is as high as 11.

5, 6.

60,000 yuan, far higher than other cities.
Absolute purchasing power is completely disposable income, and should also include per capita savings deposits. Although the current “storage and moving” phenomenon is obvious, it still reflects the relevant situation.

Judging from the per capita savings deposits of urban and rural residents, the number of Tier 1 and Tier 2 cities in 2017 was 11.

5, 6.

60,000 yuan, 4 for third-tier and fourth-tier cities.

1, 3.

20,000 yuan.

From the perspective of disposable income of urban residents, the number of Tier 1 and Tier 2 cities in 2017 was 6.

4,4.

50,000 yuan, third-tier and fourth-tier cities are 3 respectively.

6, 3.

10,000 yuan.

In addition, Baotou, Ordos, Hohhot and other resource-based cities have higher per capita deposits and disposable income.

  First-tier, second-tier, third-tier, and fourth-tier cities have house price incomes of 20 respectively.

8, 10.

6, 8.

4, 6.

0 years; but because of insufficient land supply in first-tier cities, housing prices are not determined by median income people, but by high-income people.

In 2017, first-tier, second-tier, third-tier and fourth-tier cities had house price income of 20 respectively.

8, 10.

6, 8.

4, 6.

In 0 years, the inter-city differentiation was significant, which is consistent with the higher housing price income in other core cities around the world.

Among them, the price-to-income ratio of Beijing, Shanghai and Shenzhen is 26.

5, 22, 21.

4 years; housing prices in second and third-tier cities in Sanya, Xiamen, and Fuzhou are also high, at 31.

2, 24.

2, 21.

For five years, Sanya was a national tourist city, and house prices were mainly affected by the purchase of houses by outsiders.

In principle, in markets where supply and demand are basically balanced, house prices are determined by median income people; in markets where supply is significantly greater than demand, house prices are determined by low-income people; in markets where supply is significantly less than demand, housing is determined by high-income peopleDecide.
Moreover, it is obviously different from foreign countries. Due to cultural differences, there is a “six wallets” phenomenon in Chinese people ‘s house purchase, that is, parents and other children ‘s financial support usually resist each other, which usually deviates from the traditional house income ratio.

However, considering the fact that the indicators and data cannot be better relative to the purchasing power in reality, the ratio of house price to income is still used here.
2.

5 Housing supply: Housing supply in first- and second-tier cities is tight, and financial dependence on land in second- and third-tier cities is high. Housing supply in first- and second-tier cities is tight.
97, 1.

02, there is excess risk in the Northeast, and the ratio of occupants exceeds 1.
.

1.
We reported in November 2018, “China’s Housing Stock Estimation: Surplus or Surplus?

》 Public housing unit ratios of provincial and prefecture-level units in 2017 were published.

By region, in 2017, the ratio of urban occupants in the eastern, central, and western regions, including students and their dormitories, was 0.

99, 1.

05, 1.

03, 1 in Northeast China.

13; The ratio of households excluding students and their dormitories in the eastern, central, and western regions is 1.

02, 1.

09, 1.

08, 1 in Northeast China.

17.

In terms of lines, the occupancy ratio (including students and their dormitories) in the first-, second-, and third- and fourth-tier cities in 2017 was 0.

97, 1.

02, 1.

06. Housing supply in first- and second-tier cities is tight.

Of the 336 prefecture-level units nationwide (excluding Sansha), in 2017, 89 cities had a home ownership ratio of less than 1, accounting for 26.

5%; there are 157 cities with a residential unit ratio of 1.
.

0-1.

Between 1, accounting for 46.

7%; the ratio of households in 72 cities is between 1.

1-1.

Between 2 accounts for 21.

4%; the ratio of households in 18 cities is higher than 1.
.

2, accounting for 5.

4%.

  In the east and central regions, the financial dependence of land is relatively high, which are 57% and 52% respectively; the second- and third-tier cities are 64% and 50%, respectively, which are higher than those of the first- and fourth-tier cities.

To a certain extent, the degree of land financial dependence means that local governments depend on house prices.

In terms of different regions, the land financial dependence (land transfer income / local general public budget income) in the eastern and central regions in the past three years was 57% and 51, respectively.

7%, higher than 31 in the west and northeast.

6%, 19.

4%.

This is due to the relatively weak demand in the west and northeast, and the ability of real estate to stimulate the economy is limited.
In terms of lines, the land financial dependence of second- and third-tier cities in the past three years was 64.

2%, 49.

5%, higher than 42 in first-tier cities.

2% and 35% in fourth-tier cities.

Among them, Shanghai and Shenzhen’s land financial dependence were 25% and 26%, while Beijing and Guangzhou reached 50% and 68%.
Of the 336 prefecture-level units (excluding Sansha) in the country, 16 cities have financial dependence on land greater than 100%, accounting for 4%.

8%; 31 cities are between 70% and 100%, accounting for 9%.

2%; there are 98 cities between 40% -70%, accounting for 29.

2%; there are 191 cities below 40%, accounting for 56.

8%.

3 Market: When will the top 100 cities be best laid out in 2019?

  3.

1 List overview: Top 100 development potentials are divided into 3 levels. Based on fundamental analysis, we have classified the Top 100 Development Potentials into 3 levels based on market conditions. Among them, 15 cities including Shenbei, Shangguang, and Chengdu are listed as first.25 cities are second gear, and Lanzhou, Xuzhou and other 60 cities are third gear.

The market is composed of four indicators: the inventory removal cycle, the demand overdraft rate, the housing price cycle, and the land price to housing price ratio.

We first divided the top 100 cities with three development potentials according to the development potential index, and then analyzed the market-oriented indicators to upgrade the cities with better current market trends, leaving other cities unchanged.

  3.

2 Volume and price trends: Demand in some third and fourth tier cities is clearly overdraft, transaction volume in some first and second tier cities is picking up, and house prices are stabilizing. In the early stage, sales volume surged due to the monetization of the shed, and some third and fourth tier cities lacking fundamental supportDemand overdraft risk.

For example, the sales growth rate of a city in the past 3-5 years has been below 20%. With little change in the fundamentals, the sales growth rate of a certain year has soared to about 50% and above. Such cities have a short-term existence.The risk of overdraft of demand is mainly from the third-tier and fourth-tier cities stimulated by the monetization of the shed reform.

Since 2017, sales of commercial housing in first-tier cities have declined significantly, and second-tier cities have remained basically the same. Third-tier and fourth-tier cities have continued to increase their share of housing by monetization and resettlement.

The sales volume of various tier cities has a rotating characteristic. The sales area of commercial residential buildings in first-tier cities increased by 14% in 2015, 10% and 26% in 2015 in second-tier cities, 26% in 2016, and 22% in third- and fourth-tier cities in 2016 and 2017.%, 13%, some of the third- and fourth-tier cities lacking fundamental support are obviously overdraft.

  From the perspective of the housing price cycle, housing prices in some first-tier and second-tier cities and surrounding areas that have undergone significant adjustments in the early stage will gradually stabilize, such as insufficient supply or some growth pressure.

From historical experience, in the past, housing prices in a large number of cities existed in a small cycle of about three years, rising a period of adjustment and a period of time. Behind the small cycle are changes in real estate, local dependence on land finance, demand release and overdraft.

From 2015 to 2016, housing prices in some cities in the Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta and some provincial capital cities have been in a downturn for more than 2 years. At present, the transaction volume has improved and the market has gradually stabilized.

The first-tier cities include Beijing, Shanghai, Guangzhou and Shenzhen, the second-tier cities include Tianjin, Nanjing, Wuxi, Suzhou, Hangzhou, Jinan, Zhengzhou, Wuhan, Dongguan, etc. The third-tier cities include Langfang, Wenzhou, Jiaxing, Zhuhai, Huizhou, and Zhongshan.Wait.
In some early stages, housing prices have been mainly stimulated by the monetization of the shed reform. At the same time, third- and fourth-tier cities lacking fundamental support have certain adjustment risks.

  3.

3 Inventory removal: In the western region, the overall inventory risk of fourth-tier cities is relatively high. From the perspective of available inventory, the inventory de-removal cycles of the first-tier, second-tier, and third-tier and fourth-tier sample cities in March 2019 were 11.

7, 10.

5, 11.

In four months, the destocking cycle of third- and fourth-tier cities has increased since the second half of 2018.

The availability of saleable commodity housing data is poor, and we selected the sample cities for analysis.

4 cities for first-tier cities: Beijing, Shanghai, Guangzhou, Shenzhen, 16 cities for second-tier cities: Tianjin, Chongqing, Nanjing, Wuhan, Chengdu, Suzhou, Xiamen, Xi’an, Changsha, Ningbo, Fuzhou, Qingdao, Changchun, Hangzhou, Jinan,Nanchang, the third and fourth tier cities selected 9 cities: Xuzhou, Putian, Dongying, Wuhu, Jiaozuo, Nanping, Sanming, Luzhou, Anqing.

Since 2015, thanks to the shed reform monetization policy, the destocking cycle of sales in third- and fourth-tier cities has continued to decline. The lowest period in May-June 2018 is less than 7 months, but it has gradually increased.

In March 2019, the first, second, and third- and fourth-tier cities’ saleable commercial housing de-recycling cycles were 11 respectively.

7, 10.

5 and 11.

4 months.

It should be noted that the inventory de-removal cycle is very sensitive to sales. The sales volume of commodity housing in some cities is currently at historical low levels. Once the transaction is warmed up, the de-recycling cycle will obviously decline.

  From the perspective of general inventory, in the western region, the inventory of fourth-tier cities is relatively high, and the land digestion cycle in 2017 was 2 respectively.

5, 2.
1 year.
In view of different regions, the inventory in the eastern, central and northeast regions continued to improve, and the inventory improvement in the western region was obviously insufficient.

In 2017, the digestion cycle of land in the eastern, central and northeastern regions was all 1.

15-1.

35 years, compared to 2 in the western region.
5 years.

Looking at the dividing line cities, in 2017, the land digestion cycles of first-, second-, third-, and fourth-tier cities were 0.

8, 0.

9, 1.

2, 2.

1.
Although first-tier cities were affected by the tightening of the reorganization started in 930 in 2016 and market sales continued to cool, the land digestion cycle was basically less than 1. The fourth-tier cities had weak sales and continued to increase land supply, and there were still inventory risks.

3.

4 Land acquisition costs: Land prices and housing prices have fallen compared to the overall situation, and a few cities are still relatively high. Recently, land transactions have picked up.

In the 2018 sample of 100 cities, the premium rates for residential land transactions in first-tier, second-tier, and third-tier and fourth-tier cities were 6, respectively.

1%, 12.

5%, 18.

1%, compared with 21 in 2017.

9%, 38.

3%, 45.

3% clearly interfered.

However, from the recent half-year data, land transactions have picked up. In March 2019, the premium rates for residential land transactions in the first-, second-, and third- and fourth-tier cities were four.

2%, 21.

6%, 21.

4%, of which second-tier cities have been on the rise for 4 consecutive months, and third- and fourth-tier cities have been on the rise for 5 consecutive months.

  The land price and housing price ratio have fallen, but the cost of land prices in a few cities is still high.

In 2018, the land price and housing price ratios of first, second, third, and fourth tier cities were 29%, 25%, 19%, and 13% respectively. Except that first-tier cities increased slightly by one compared with 2017, second-, third-, and fourth-tier cities fell by 7 respectively., 5, 2 subdivisions (because the price data for new houses at the prefecture level are incomplete, and the second-hand housing prices are used for analysis, the estimated land price-to-price ratio may be low).

Although the land price and housing price ratios of the various cities are not significantly different, the differences between specific cities are huge.

In addition, the current “price-limit, bid-for-price” land transfer model promoted by some cities has effectively stabilized the price of new homes, but it is easy to cause new homes to be snapped up under insufficient supply.

4 Embracing urban agglomerations and grasping the megatrends Urban agglomerations led by central cities are transforming production efficiency, saving land and energy, and are the main platforms that support China’s economic growth and development, and are the focus of China’s current and future development.

According to the fundamental ranking, 96 of the top 100 cities with development potential in 2019 are located in 19 major urban agglomerations, of which 54 are in 24 million-level metropolitan areas.

In November 2018, the State Council’s “Opinions on the Establishment of a New Mechanism for a More Effective Regional Coordinated Development” called for the establishment of a central city to lead the development of urban agglomerations, and urban agglomerations to drive a new model of regional development and promote the integration and interactive development of regional plates.

Based on the permanent population in the urban area of the Ministry of Housing and Urban-Rural Development, the cities are divided into seven categories: more than 10 million, 5-10 million, 3-5 million, 1- 3 million, 500,000-1 million, 200,000-500,000, and less than 200,000.

From the perspective of per capita production efficiency, the per capita GDP by size has been decreasing from large to small; cities with more than 10 million people have 14 million GDP per capita, which is 2 to 3 million cities.

One time, about five times that of cities with less than 200,000 people.
From the perspective of per capita urban construction land, large cities obviously save more land resources, and the per capita GDP creation by scale shows an increase in scale from large to small. In 2017, the per capita construction land in cities over 1,000 years was only 74.

5 square meters, while cities with 1 to 3 million and below 200,000 are 117 respectively.

3, 135.

5 square meters.

  At the scale of the urban agglomeration, the core of the 19 urban agglomerations lies in five urban agglomerations, including Beijing, Tianjin and Hebei, the Yangtze River Delta, the Pearl River Delta, the middle reaches of the Yangtze River, and Chengdu and Chongqing.
The 2014 National New Urbanization Plan (2014-2020) and the 13th Five-Year Plan require the construction of the Yangtze River Delta, the Pearl River Delta, Beijing-Tianjin-Hebei, the Shandong Peninsula, the west coast of the Strait, Harbin, Central and South Liaoning, Central Plains, and the middle reaches of the Yangtze River19 urban agglomerations, including Chengyu, Guanzhong Plain, Beibu Gulf, central Shanxi, Hubao Eyu, central Guizhou, central Yunnan, Lanzhou-Xining, Ningxia along the Yellow River, and the northern slope of the Tianshan Mountains.

Among them, the Yangtze River Delta, the Pearl River Delta, and the Beijing-Tianjin-Hebei urban agglomerations are the three most mature ones, with 23% of the country’s 5% land area.

3% of the population created 39.

3% of GDP has become the main platform for China’s economic growth and development and participation in international economic cooperation and competition, and has now risen to the national strategy.

In addition to the three major urban agglomerations, Chengdu, Chongqing and Wuhan with Chengdu as the core, the middle reaches of the Yangtze River have the most potential for development.
2% of the land area gathered 15.

5% of the population created 15.

6% of GDP.

Usually it is the Shandong Peninsula, the west coast of the Straits, the Central Plains, the Guanzhong Plain, Hachang, and central and southern Liaoning.

It is estimated that by 2030, about 80% of China’s 2 billion new urban population will be distributed in 19 urban agglomerations, of which about 60% will be distributed in the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei, the middle reaches of the Yangtze River, Chengdu-Chongqing, Central Plains, ShandongSeven major urban agglomerations, such as the Peninsula (see Evergrand Research Institute’s July 2018 report “Migration of China’s Population”).

  In the metropolitan area coefficient, 24 metropolitan areas with a population of 10 million or more are 6.
.

7% of the land gathers 33% of the population to create about 54% of GDP. Among them, Shanghai, Beijing, Shenzhen Wanhui, Guangfozhao and other metropolitan areas have obvious development potential.

The development of the current mainstream urban agglomerations is immature, and the production factors of some core cities are clearly overflowing to the surrounding areas. The central government has taken the metropolitan area with large cities as the core as a breakthrough point and a starting point for the construction of urban agglomerations.

In February 2019, the National Development and Reform Commission issued the Guiding Opinions on Promoting the Development of a Modern Metropolitan Area. This is China’s first central document with the theme of the “Metropolitan Area”, which requires the promotion of the foundations of large cities and surrounding areas for the same city.The integration of facilities, the strengthening of industrial division and collaboration among cities, the acceleration of the construction of a unified and open market, and the promotion of co-construction and sharing of public services, including the creation of a one-hour commute circle based on rail transit.

According to the relevant urban agglomeration plans and relevant local plans, China currently has 10 metropolitan areas with more than 20 million people, including Shanghai, Beijing, Guangfo Zhao, Hangzhou, and Shen Wanhui, and 14 1000 cities such as Chongqing, Qingdao, and Xiaquanzhang.10,000 to 20 million metropolitan areas.

There are 24 10 million-level metropolitan areas nationwide.

7% of the land gathers about 33% of the permanent population and creates about 54% of GDP.

From the perspective of development potential, Shanghai, Beijing, Shenzhen Wanhui, and Guangzhou-Foshan-Zhaozhou metropolitan areas are in front, followed by Su Xichang, Tianjin, Nanjing, Changzhutan, Hangzhou, and Chongqing.

It should be noted that some metropolitan areas overlap, and some Shanghai metropolitan areas and Hangzhou metropolitan areas overlap.

  Outside of the 24 metropolitan areas, there are still two types of third- and fourth-tier cities that deserve attention: the first group is third- and fourth-tier cities with outstanding economic strength in the eastern region, many of which are located inside urban agglomerations, such as Wenzhou, Zhuhai, Zhongshan, and Xuzhou, Haikou, Jinhua, Tangshan, Taizhou, Baoding, Weihai, etc.

Zhuhai, Zhongshan is the central city on the west bank of the Pearl River Estuary, with a population of 958 at the end of 2017.

70,000, is expected to become the next million-level metropolis.

Wenzhou, a coastal industrial and trade city with a developed coastal economy in Weihai; Tangshan and Baoding are located in the “Beijing, Tang and Qin” and “Beijing Baoshi” industrial development belts in the “three axes” of the Beijing-Tianjin-Hebei coordinated development space layout.

The only city in this category that is not in the 19 largest urban agglomerations is Xuzhou, the central city of the Huaihai Economic Zone.

In the “Huaihe Ecological Economic Belt Development Plan” of the National Development and Reform Commission in 2018, the “Huaihai Economic Zone in the North” part of the National Development and Reform Commission clearly stated: “Efforts should be made to improve the radiation-driven capacity of the central city of Xuzhou, and play the role of the eastern starting point of the Lianyungang New Asia-Europe Continental Bridge Economic Corridor and the land-sea interchange hub.And promote the coordinated development of the Huaihai Economic Zone “, and is defined as the Huaihai Economic Zone including Xuzhou as the core of 3 provinces and 10 cities, with an area of 8.
.

90,000 square kilometers.

  The second category is the central and western regional central cities that are far away from the central big cities and have large population in the jurisdiction or hinterland, such as Luoyang, Baotou, Yinchuan, Ordos, Yueyang, Mianyang, Hengyang, Anyang, Guangan, Suining, Liuzhou, NanyangEtc. Most are also located in urban agglomerations.

Among them, Yinchuan is the provincial capital, Luoyang, Baotou, Ordos, Yueyang, Hengyang, Liuzhou, and Nanyang are the provincial sub-central cities of the province.

In addition, Yichang, Changde, Zunyi, Xiangyang, Ganzhou and other local central cities currently do not have one of the top 100 cities with development potential, but in the long run it is still sufficient for certain development potential.

  Source: Zeping Macro Articles: Ren Zeping, Evergrande Research Institute, Xiong Chai, Yan Kai, Li Zhenhui, Bai Xuesong Interns Jiang Wenkun, Gu Caixin, Xu Zheng, etc. have contributed here

Jinjia Co. (002191): Large Packaging Expansion Smoothly Raises Profit and Enhances Potential for New Tobacco’s Continuous Layout

Jinjia Co. (002191): Large Packaging Expansion Smoothly Raises Profit and Enhances Potential for New Tobacco’s Continuous Layout

This report reads: The company released its semi-annual report for 2019, and its performance was in line with expectations.

The structure of the main business of cigarette labels has been continuously optimized and steadily increased. The large packaging business of wine bags and 3C color boxes have expanded smoothly. New tobacco products have been continuously introduced. The card has significant advantages and full potential.

Investment Highlights: Reduce target price to 12.

63 yuan, maintaining a prudent overweight rating.

The company released its semi-annual report for 2019, benefiting from the smooth expansion of new customers in color boxes and the growth of high-margin products such as wine bags and 3C, and its profitability has increased significantly.

Considering the continuous optimization of the company’s business structure, the new type of tobacco card slot has significant advantages, and its performance is expected to continue to grow.
EPS is 0 in 2021.

59/0.

69/0.

78 yuan, with reference to peers giving the company about 21 times PE in 2019, and lowered the target price to 12.

63 yuan, maintaining a prudent overweight rating.

Interim results were in line with expectations and profit margins remained stable.

2019H1 company achieved revenue of 18.

6.5 billion, an increase of 15.

90%, net profit attributable to mothers4.

6.5 billion, an increase of 22.

64%, with a combined gross profit margin of 43.

05%, a slight decrease of 0 a year.

99pct, net interest rate is 26.

83%, increasing by 0 every year.

45 points.

The structural upgrade of cigarette label business grew steadily, and new customers in the color box business opened up smoothly and the profit level improved.

The company has continuously increased its cigarette label design and research and development capabilities, continued to optimize its product structure, and its H1 cigarette label business revenue has also increased by 6.

55%; H1 color box business revenue increased by 80%.

64%, the proportion of total revenue increased by 6.

47 points to 18.

04%, gross margin from 23 in 2018.

52% improvement of 9.

19pct to 32.

71% of them have opened up new tobacco brand customers such as Lingxi and Momo, obtained the supplier qualification of mobile phones brands such as Zhongnuo and Haipai, and have shown good growth in the fields of fine tobacco, 3C, and fast-moving consumer goods packaging.

南宁桑拿 Deeply tapping the development potential of the new tobacco industry, the card slot advantage is obvious, and the new product launch is fruitful.

The company takes into account the layout of the new tobacco business both inside and outside the company. Jiayu Technology undertakes the production of Yunnan Tobacco’s heating and non-combustion smoking appliances. Yinwei Technology launched the FOOGO brand innovative technology electronic cigarette in the first half of the year.

As a multi-year tobacco label supplier with China Tobacco Company in China, the company is expected to join hands with China Tobacco Company to create a new chapter in domestic new tobacco and become a new profit growth point for the company.

Risk reminder: industrial policy risk, price fluctuation risk, customer expansion beyond expected risk

Five things you need to pay attention to when running

Five things you need to pay attention to when running

Life is movement.

We need to exercise regularly to better maintain our health.

So what should we pay attention to while running?

Any points to note?

Let’s take a closer look.

  1, landing buffer If you have carefully observed others running, you will find that many people are on the ground with their full feet, the sound of landing is also relatively loud.

The correct action is to run on the heel, and then make the transition to the full foot.

This is a protection for toes and bone fractures to prevent the occurrence of periostitis.

  2. Swing arm Swing arm is to keep the balance and coordination of the body during running, so that the body swings more naturally and conforms to the rhythm of human movement.

When swinging your arms, just remember not to leak your hands in the front and your elbows in the back, and shake naturally through your footsteps.

  3, Head-up and chest-to-chest running is to keep head-up and chest-up to help improve the human respiratory circulatory system and establish a normal state of memory.

Because during the running process, the human body is constantly consuming energy and prone to fatigue. At this time, if you can use your will to raise your spine, then it is easy to improve your hump.

  4. Breathing When running, the breathing is deep and long. Generally, nasal suction is used to whistle. If the physical strength is greatly reduced, mouth suction can be used.

  5. Heart rate jogging, as a kind of health aerobic exercise, should be distinguished from fast running.

In general, the number of heart rate rhythms most suitable for physical exercise is: (220-age) × about 60%.

When you run, you can measure the following properly.

Helping those who are timid

Helping those who are timid

1, caused by natural temperament.

This kind of child reacts more slowly to strangers’ people or things than ordinary children, and it takes a long time to adapt. Some children have weak neurotypes, are too sensitive, tend to be nervous, and instinctively do not know people, things, and the environment.feeling scared.

  2. Environmental impact.

The adults in the family are not good at dealing with foreign affairs, the children have little contact with the outside world, and lack of communication experience; living in apartment-style small families, most infants and young children are closed indoors, allowing living spaces for interpersonal communication to be learned, which is afraid of life during communication.,timid.

  Write a diary for your child and leave the best memories!

  Don’t miss the opportunity for early development in the age of 0-3. 3 Educational issues.

Children have been frustrated in previous interactions, such as parents forcing their children to be human, acting, etc.

When a child is unwilling because of racial psychological preparation or tension, he is persecuted by his parents and prepared for responsibility, which causes the child to be afraid of association.

The requirements for treating children are usually too high and too strict. The children are reprimanded for doing something wrong, and the child shrinks because of fear of failure.

Parents take care of their children too much and do everything instead. Once encountering a new environment, the child loses the ability to adapt to the new environment and will be at a loss.

Some children cannot control their own behavior due to the lack of normative constraints at home. Once dispersed among the crowd, the difference with the family is too great to adapt, resulting in timidity.

  How to help children?

  1. Parents should not rush to correct what is caused by nature, and allow the child to have a gradual process of adaptation.

While respecting the child’s expectations and not being threatened, the child is gradually expanded to accept new people and things.

  2. Due to environmental impacts, children should be actively created opportunities and environments for interaction with the outside world.

For example, visits between neighbors, take children out to help guests to know different people, go to the park, look at the crowds in the street, so that children can have the opportunity to contact some strange but kind people; let children help others do somethingDo what you can; if you meet a child of similar age, encourage the child to approach and play together . 3, parents should properly reset their child in the family.

Respect your child’s personality and help your child develop self-confidence, self-esteem, and self-love, neither doting or demanding.

In the activities of bringing children as guests or receiving guests, the child can be prepared in advance, or some moderate requirements can be made to guide the child’s behavior in front of the guests. After the activity, the child’s behavior should also be evaluated. MoreEncourage, less criticism, let the children try to communicate successfully, and encourage the children to make progress in their interactions.

Fifteen taboos to have a healthy baby

Fifteen taboos to have a healthy baby

1. Avoid “love” with the sick and get married and have children.

A marriage that “loves” a sickness and eventually forms a family member is an extremely imperfect marriage.

From the point of view of birth alone, it is very easy for both spouses to share the same disease to their offspring, which will seriously affect the child’s health.

  2. Avoid getting close relatives to marry.

Marriage between close relatives can cause serious deformities, children’s mental decline, and many congenital diseases, which has been proven by science for a long time.

  3. Avoid getting married with illness.

After getting married with an illness, experiencing changes in life after marriage will affect the health of both spouses. If it is a serious illness, it will bring crisis and cracks to the family.

More importantly, if you conceive and have a child while the disease is not cured, it is likely to have adverse effects on your child’s health.

  4, avoid medical examination before marriage.

Pre-marital medical examination is a procedure that must be completed during marriage, and it is also the guarantee of harmonious and happy life for both spouses after marriage.

In the pre-marital medical examination, you can also check whether the couple has problems that affect eugenics and prenatal care, and prevent problems before they occur.

  5, avoid the lack of necessary knowledge of indigenous knowledge.

Too many newly-married couples still have no children after a few years of marriage due to a lack of knowledge of rich knowledge.

They were so anxious and even complained to each other that they caused family disharmony.

  6, avoid honeymoon pregnancy.

Pregnancy is the first step to having a child. At this time, the physical condition of the couple directly determines the future child’s physical fitness.

During the honeymoon, both the couple are generally fatigued, and their sexual life is not very coordinated. At this time, pregnancy is not optimal.

In addition, both spouses should avoid getting pregnant while drinking, traveling or after fatigue.

  7, avoid advanced pregnancy.

For women, the best pregnancy age should be 25?
Between the age of 30 and pregnancy over 35 years of age can also affect your child’s health and intelligence.

Men’s age can be appropriately high, but not too high.

  8, avoid drug abuse during pregnancy.

Women’s abuse of drugs during pregnancy will directly affect the growth and development of vitamins in the body, and sometimes cause premature birth, miscarriage or stillbirth, so protein must be added.

When you really need to take the medicine, you should also take it under the guidance of a doctor, and do not abuse it.

  9, avoid viral infection during pregnancy.

Viral infections can affect maternal health and pose a certain risk to obesity, so they should be avoided.

  10, avoid excessive sex during pregnancy.

Pregnancy is an important period for women. At this stage, couples should restrain their sexual life without excessive excessiveness, especially in the first and last two months of pregnancy. Special attention should be paid to it, otherwise miscarriage or premature birth may easily occur.

  11, avoid excessive fatigue during pregnancy, not good rest.

Inadequate support for excessive fatigue and hypertension affects the health of hypertension.

  12, avoid refusal of physical examination during pregnancy.

Regularly checking your body regularly can eliminate potential hazards in a timely manner so that the fetus can have a better development environment. This is extremely important for the mother and the fetus.

  13, avoid smoking a lot during pregnancy.

The smoking mortality of pregnant women increases, weight loss, premature birth or congenital heart disease, and affects the child’s intelligence.

  14, avoid alcohol during pregnancy.

Pregnant women drinking alcohol, increased vitamin D content, poisoning syndrome, causing deformities.

  15, avoid contact with harmful toxic substances during pregnancy.
Excessive exposure of pregnant women to chemical pesticides, lead, X-rays and other trace oxide malformations may also lead to diseases such as hypertension and malignant tumors.
It should also be avoided.

Add some salt and reduce the amount of summer fitness

Add some salt and reduce the amount of summer fitness

Add a small spoon of salt to the kettle that you carry before going to the gym to prevent dehydration caused by excessive sweating.

  Reduce the amount of less to do high-intensity aerobic exercise such as running, spinning, and more soothing yoga, deep breathing decomposition and other “non-sweat” or “less sweat” exercise.

  Change time exercise time as far as possible after 6 pm.

It’s best to start around 8 pm, 1 hour.

  Bring a wet towel to ensure that you have a wet towel at hand at all times, not to wipe sweat, not to cover the mouth and nose to breathe during exercise, this can ensure that the body’s moisture is not lost quickly.

Did you miss at the weekend?

Did you “miss” at the weekend?

Introduction: I do n’t turn on my phone or answer the phone, I do n’t watch TV, I do n’t chat on the Internet, I do n’t pay and I do n’t go shopping on the street.White-collar workers are eager to meet online on the weekend and suddenly “miss”-away from the hustle and bustle of urban life, withdraw from the stressful working state and become a true free person to relieve psychological pressure.
1. On the weekends, netizens met “missing together” and “work pressure, I want to disappear on weekends.
Without books, turn off the phone and disappeared on the weekend.
Find a place, forget the stress of work, know strange places, meet strange friends, and spend a chic weekend.
Anyone with this hobby?
Please leave a message and meet together.
“This is the declaration of a” missing weekend “group on the forum.
Recently, more and more white-collar workers are enthusiastic about playing “missing” activities on weekends: no internet, no phone calls, short trips with strangers, self-driving tours, etc., so as to get rid of stressful work conditions and relieve stress.
The life of urban white-collar workers is getting more and more boring-8 hours a day, 5 days a week, all in the company’s grid, there are leaders, jobs, and there are a bunch of faces staring at the computer just like themselves. The work has been programmedAlready.
Feeling exhausted and exhausted, he especially wanted to change his life style on weekends.
2. “Missing” is like recharging the body. Many “missing people” say that they feel “missing” on the weekend. In the short days they “disappeared”, they either traveled short distances, watched movies, or read books or slept., Cleaning, dating a stranger . as long as it’s not related to work, play whatever you think.
Even if the weather is bad, even at home in a daze, you can really relax and feel happy.
3. Finding a space for self-release However, the “missing on the weekend” also attracted some doubts on the forum.
Some netizens believe that this method of decompression is very new and attractive at first glance, which makes people “can’t help but be tempted”, but the operability is not strong and there is no way to try it.
Because many companies clearly stipulate that employees’ mobile phones must be turned on 24 hours, if they are found to be turned off or no one can be found, they will be deducted.
Some netizens do not agree with this way of decompression.
Netizen “Voice of the Shadow” believes that the “missing person” is too lacking in responsibility.
Although the unit does not go to work on weekends, the entire person plays “missing” and “disappears” without a trace. What if the unit has an emergency and cannot find anyone?
Wouldn’t you delay your work?
In addition, some netizens believe that there are many ways to reduce stress. To find the one that suits you, you can not use QQ, do not “weave a scarf” (write Weibo), do not open a mobile phone, or do not contact friends, but you do not have to play “Missing”.
Expert analysis: Modern people’s fast-paced life and stressful work pressure are breathless. Slowing down life and returning to nature has become a fashion, and people have begun to slow down their fine life.
As for the phenomenon of “playing disappearance” that is becoming popular among white-collar workers, an expert in social psychology believes that this shows that urban people are increasingly focusing on finding a space for complete release for themselves.
However, the rapid development of modern technology and economy, advanced communication and communication have changed people’s lifestyles, and they are like many invisible shackles that fasten urban people. Every day, they face a steady stream of information exchange, which easily leads to “information fatigue complications”Some white-collar workers will have the mentality of” reversing everything, “because of the high work pressure and thus going to the extreme of” missing “temporarily.
Occasionally “playing missing” and looking for a quiet environment can loosen the mind in a timely manner and help to adjust the mindset. It is a simple and happy lifestyle, but you should be alert to the situation that will evade reality for a long time.

Fat-reducing body-building exercises for big belly men

Fat-reducing body-building exercises for “big belly men”

First, the pedal lunge squat 1.
Stand with your feet naturally about 1 meter in front of the pedal, hold a dumbbell in each hand and hang it on your side, the weight of the dumbbell is moderate.
Keep your chest straight and look ahead.
  2.

Take a step forward with your right foot, place your foot on the pedal, keep your right thigh parallel to the ground, and press your left knee down.
Then return the right leg to the starting position and repeat the above action with the left leg.
  Second, barbell squat 1.
Stand with your feet as wide as your shoulders, carry a barbell of the right weight on your shoulders, keep your back straight, and look forward.
  2.The hips sink gradually until the thighs are almost parallel to the ground.
After a short pause, stand up slowly.
Keep your back straight.
  Third, double-arm dumbbell curls 1.
Stand with your feet naturally, hold a dumbbell in each hand and place it in front of your thighs with your palms back.
  2.Turn your wrists 90 degrees inward, and bend your elbows at the same time until the dumbbells touch your shoulders, then return to the starting position.
  Fourth, the hind arm flexion and extension 1.
Hold your hands against the edge of the stool, with your heels on the ground, and slowly move your feet forward until your legs are completely straight.
Note that your arms should be as perpendicular to your shoulders as possible.
  2.Lower your upper body slowly until your upper arms are almost parallel to the ground.
Later, raise your arms and return to the starting position.
  Five, supine press 推 1.
Lie on your back with a dumbbell in each hand, your elbows bent, your shoulders outstretched, and your palms facing each other.
  2.With both hands, slowly push the dumbbells upwards, and at the same time, rotate the wrists outward until the forearms feel struggling.
Later, return to the starting position.
  Six, leaning over the rowing boat 1.
Stand naturally, hold a dumbbell in each hand, keep your upper body straight, and then lean forward slowly, while flexing your legs slightly and keeping your back straight.
  2.When the dumbbells hang right below the shoulders, lift the dumbbells up as far as possible, while holding the shoulder blades firmly.
Later, lower the dumbbell to the starting position.
  Seven, referrals on the shoulders 1.
Bend your elbows, hold a dumbbell on your shoulders, palms down.
  2.Then, push up the dumbbells with both arms, while rotating your hands 180 degrees outwards, palms forward.
Stop for a while and return to the starting position with both hands.
  Eight, knees bent supine body 1.Lie on your back with your hands behind your head and your elbows extended.

Then, lift the right foot and place the joint on the left knee.

The left knee is bent and raised, and the left heel is about 10 cm from the ground.

  2.Use the power of the abdominal muscles to lift the scapula and head, shoulders up, left leg approaching chest, calf parallel to the ground.

After holding this position for about 2 seconds, return to the starting position and repeat the above action with another leg.

  Do 2 exercises in each section above?
3 sets of moves, each doing 15?
20 times, practice 3 times a week?
4 times.

I believe that after gradually training, your good figure will gradually show up.

The whole body part of the liposuction weight loss price exposure

锘?

The whole body part of the liposuction weight loss price exposure

Liposuction and weight loss surgery is to use a physical means such as ultrasound, high-frequency radiation, etc. to be slightly crushed, and then the liposuction tube is inserted into the subcutaneous fat layer through a small incision of the skin, and the subcutaneous accumulation of the body is slightly removed by the suction of the negative pressure to achieveLose weight and improve body shape.

At present, liposuction and weight loss has become one of the most cosmetic surgery operations in the world and previously performed.

銆€銆€There are several methods of liposuction: resonance liposuction, electronic liposuction, ultrasonic liposuction, electromechanical liposuction and syringe liposuction.

Liposuction and weight loss itself is very safe. After more than 30 years of development, it is technically mature and stable.

銆€銆€At present, the plastic surgery hospitals in Shenzhen have basically established the 鈥淟ip Absorption and Weight Loss鈥?service project, and they have already had very superb technology and superb medical standards. 39 Health Network Shenzhen Station Editor recently consulted relevant institutions and learned all over the body.The approximate price of partial liposuction to lose weight, I hope to give some help to netizens who have this demand.

銆€銆€The following is a small series of current industry internal price list about liposuction and weight loss: part price (yuan) facial liposuction (including mandible) 3000 pairs of hip liposuction weight loss 4000 棰?bow above liposuction weight loss 2000 upper and lower abdomen liposuction weight loss 5000銆€銆€Nasal side liposuction weight loss 2000 upper and lower abdomen lumbar liposuction 12000 re-lipid weight loss 3000 hips hips liposuction weight loss 3000 thigh lateral liposuction weight loss 4000 hips liposuction weight loss 4000 thigh parts liposuction weight loss 4000 arm under liposuction weight loss3000 thigh outside (inside) side + front side 8000 upper arm liposuction weight loss 4000 thighs inside and outside front liposuction weight loss 12000 lower arm liposuction weight loss 3000 knee joint liposuction weight loss 3000 wrist liposuction weight loss 3000 calf liposuction weight loss 4000 double waist liposuctionWeight loss 4000 foot wrist liposuction weight loss 3000 or more prices can be referenced, the specific costs are subject to the announcement of each hospital.

銆€銆€Xiaobian recommended Shenzhen Plastic Surgery Hospital: (before and after the ranking) Shenzhen Minglun Plastic Surgery Hospital: 0755-25185185 Shenzhen Tianmei Plastic and Aesthetic Hospital: 0755-26498599 Shenzhen Pengcheng Medical Beauty Hospital: 0755-82112525 Shenzhen Pengai Medical Beauty Hospital:0755-26650533Shenzhen Pok Oi Hospital: 0755-25890396 Shenzhen Armed Police Binhe Plastic Surgery Plastic Surgery Center: 0755-83615859 Shenzhen Bomei Plastic Surgery Clinic: 0755-61337623 Shenzhen Huayi Medical Beauty Clinic: 0755-83991158 Shenzhen Fuhua Beauty Hospital:0755-25660666Shenzhen Kanghua Medical Beauty Clinic: 0755-83329949, 13798378953 Shenzhen Sanmei Cosmetic Beauty Center: 0755-27796021 Shenzhen Nanhaicheng Medical Plastic Surgery Center: 0755-26054292 39 Health Network Shenzhen Station Editor Health Guidance: Before liposuction surgeryWhat do I need to prepare?

銆€銆€First of all, you should carefully understand the relevant matters of the operation and the doctor’s surgical operation skills. After careful selection of the hospital doctor, do the necessary preoperative examination according to the doctor’s request, such as blood routine tests, electrocardiogram, etc., arrange life and work, keep about 1Week’s full rest time, cancel the drugs unrelated to surgery, take a bath before surgery, prepare to clean loose clothes and try to withstand the pressure such as abdominal belts, stretch pants and so on.

銆€銆€Is liposuction to lose weight?

銆€銆€The function of the aunt’s aunt is not directly related to other systems of the body. It is not because some aunts placed on the part of the body cause dysfunction of other systems. Liposuction is a kind of wound on normal tissues.Leakage of blood, the skin may appear the following: (1) bruising, usually disappeared in 7-15 days (2) swelling, feeling numb, disappeared about 20-30 days (3) induration, under the skin, the appearance can not be detected, touchCan be connected into a hard block, about 90-180 days to dissipate.

銆€銆€Need to pay attention to the initial liposuction?

銆€銆€At least continue to elastic compression, waist, abdomen, abdomen, thighs, calves, otherwise continue to stretch compression, waist, abdomen, abdomen, thighs, calves, items, upper abdomen and upper arms, front can wear elastic pants,It usually lasts for about 3 months; in addition, it can’t be exercised every week, the operation area can’t be over-squeezed, and it should be kept clean, and the pinhole area should not be soaked too early.