CITIC Bank (601998): Two-pronged approach to replenish capital to open up space for asset expansion

CITIC Bank (601998): Two-pronged approach to replenish capital to open up space for asset expansion

Event: CITIC Bank announced on the evening of February 27, 2019 that it will publicly issue 40 billion convertible corporate bonds.

Investment suggestion: CITIC Bank’s transformation strategy is to advance from two wings to three driving forces. While maintaining the company’s advantage, the retail business’s short board has been optimized and improved; asset quality has continued to improve from the previous quarter, and bad generation has also performed well. After the issuance of 100 billion convertible bonds and the subsequent issuance of 40 billion preferred shares, capital will no longer be a constraint on asset expansion. It is estimated that the company’s net profit attributable to mothers in 2018/19 will grow at a rate of 4 respectively.

6% and 4.

0%, EPS is 0.


92 yuan / share, the current sustainable corresponding 18/19 PE is 7 respectively.

3 times / 7.

1X and PB are 0.

80X / 0.


The company has been dynamically evaluating 杭州夜网论坛 Hub 0 for 16 years.

9 times PB (we press 0 in 19 years.

The 9x PB estimated reasonable value is about 7.

95 yuan / share), considering the company’s solid fundamentals and better asset quality, we think it can improve the space and maintain the BUY rating.

Risk reminders: 1. The international economic and financial risks exceeded expectations; 2. The implementation of financial supervision exceeded expectations; 3. Economic growth exceeded expectations; 4. Asset quality deteriorated severely; 5. Trade friction escalated beyond expectations.

Core point of view: Continue to strengthen and enhance the retail business; the fundamentals are stable, and the asset quality continues to improve.1 In recent years, the company has vigorously developed the retail business while maintaining the advantages of the business.”One Body and Two Wings” gradually changed to “Three Driving Together” and achieved good results.

2. The 18-year performance express report The company achieved revenue of 1,648.

500 million, a five-year growth of 5.

20%, basically the same as 18Q3; realized net profit attributable to shareholders of the parent company of 44.5 billion US dollars, a long-term growth of 4.

57%, down slightly in the early 18Q3; total assets increased by 6 for many years.

83%, a slight increase from the previous month; the asset quality continued to improve from the previous month, and the non-performing loan ratio decreased by 2bps to 1.


It is estimated that if all convertible bonds are converted into shares, the core tier one capital adequacy ratio will increase from 89bps to 9.

54% 1, as of the third quarter of 2018, the company’s core Tier 1 capital adequacy ratio / capital adequacy ratio were 8 respectively.

65% / 12.

23%, it is statically estimated that if all the 40 billion convertible bonds issued this time are converted into shares, it is expected to increase 89bps / 88bps to 9 respectively.

54% / 13.

11%, reaching a higher level for joint-stock banks.

2. If the plan for the issuance of the 40 billion preferred shares announced by the company is considered again, if completed, it will effectively supplement and improve the Tier 1 capital adequacy ratio and capital adequacy ratio to 11bps.

22% / 14.


After the completion of the issuance, the company’s capital pressure will be effectively relieved, which will provide effective support for the expansion of the company’s asset scale.

CITIC Convertible Bonds have sufficient debt base value1. From the coupon terms, the coupon rates of CITIC Convertible Bonds for six years are: 0.

3%, 0.

8%, 1.

5%, 2.

3%, 3.
2% and 4.
0%, the overdue redemption price is 111% of the face value (including the last year’s annual interest), relative to other banks’ convertible debt in 17-18, giving investors higher coupon compensation, according to February 27, 2019The discount rate of Japan-China Bond AAA corporate bonds calculates the net bond value of CITIC Convertible Bonds to be 94.

5 yuan, the debt base is thick.

2. The initial conversion price of CITIC Convertible Bonds is 7.

45 yuan / share, the main stock of CITIC Bank on February 27, 2019 closing price of 6.

45 yuan / share, corresponding to the initial conversion value of 86.

57 yuan, with an initial premium of 15.


1. CITIC Convertible Bonds will be given a full priority to old shareholders, and CITIC Convertible Bonds will be given a full priority to old shareholders. If old shareholders need to prevent their shares from being diluted, they will participate in the listing and placement.The probability of a sell-off is estimated to have a small impact on the price of convertible bonds.

2. CITIC Convertible Bonds have the expected certainty of conversion.

At present, the banking sector of a stock market is fully recovering, but it is expected to continue, with high security. At the same time, the net assets of the bank will maintain a steady growth of more than 10%.Proportionate index distribution, the conversion price will be reduced year by year, triggering the possibility of an early conversion.

GF strategy: A-shares will meet rising risks

GF strategy: A-shares will meet rising risks

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

  Original title:[Guangfa Strategy]Risk Appetite Takes Over “Discount Rate Bull Market”-Five Minutes on the Weekend (February Issue 4) Source: GF Strategy Research Dai Kang (Jin Qilin Analyst) Zheng Kai (Jin Qilin Analyst)) Summary of the report ● The discount rate is driving the slowdown of the financial supply side, and 12 reports in the beginning of the year continue to recommend the growth of technology.

At the beginning of 19, we proposed that the discount rate would drive down the “financial supply side slow bull” of A shares. In the report before the opening of the Spring Festival, after the outbreak of the epidemic, “the core logic in the next stage will switch to a more friendly change in the denominator”The value of the A-shares has exceeded 1 trillion. The turnover of the A-shares in the last two rounds broke through the center and exceeded 1 trillion. They appeared at the end of November 2014 (the surge in December) and the end of February 19 (March Zhongyang).Interest rate + risk premium) driven downward.

  ● How to interpret the “discount rate bull market” in 14-15?

— Interest rates led the way, and risk appetite took over.

  Stage one, 14.


11 The risk-free interest rate fell by 110BP, with a loose margin; 14.


6. The risk-free interest rate center is flat while the index doubles, and the risk expectation value.

The characteristics of the risk preference relay: ① Residents and leveraged funds entered the market frantically, and fund issuance was hot.

② The volume of M & A and restructuring on the ChiNext has opened up a space for performance imagination.

③ Changes in the rising structure of the stock market, which value “forward space, long-term performance” is better than “spot performance”, and the company with a higher “next year profit forecast” factor outperforms.

  ● In 19 years, the “discount rate slow cow” was opened — interest rates led the downward trend, but the risk appetite was “owed to the east wind.”

  The difference between the “financial supply-side slow bull”: ① “flooding floods” are difficult to reproduce, and the interest rate center is slowly moving downwards; ② financial supply-side reform is to find a balance between “prevention of risks” and “prevention of risks to deal with risks” and replaceRepeatedly, risk appetite is only gradually repaired.

Therefore, the overall improvement of risk appetite in the early stage of 19 “is still owing to Dongfeng”: ① the two conditions for residents to enter the market only triggered one of them, and the lack of a “money-making effect” in the initial period of the securities transfer from bear to bull;The size of GEM mergers and acquisitions is still not high. ③ The growth structure of the stock market has changed (technological growth has begun to manifest), but it is still dominated by consumption-aware varieties (consumption).

  ● At present, A-shares will usher in a drive for increased risk appetite, and logic and investment opportunities will change accordingly.

  The discount rate consists of two parts: interest rate and risk appetite.

Looseness has become a consensus in the market. Residents must meet two conditions to enter the market (the actual interest rate is lower and lower, and the money-making effect). The money-making effect is basically satisfied. It is close to November 2014, which is better than the beginning of 19. The increase in market risk appetite will drive a new roundResidents enter the market, and refinancing is loose. The change in the stock market’s rising structure is also confirmed from the side.

  ● Continue to be bullish, “forward performance” is better than “spot performance”, and technological growth is from “hard” and “soft”.

  Last week’s quarterly 19Q4 cargo policy report and Politburo meeting (“Prudent monetary policy needs to be more flexible and moderate” and “more”), the market no longer needs to doubt the loose tone of Q1, and the “financial supply side slow bull” driven by the downward discount rate is currentlyThe driving force of more meaningful risk expectations, forward performance is more important than current performance, and continues to be optimistic about the growth of technology.

Continue to configure: (1) consumer electronics, panel, LED, new energy vehicle theme; (2) high-definition video, games, cloud office, medical information (see 2.

18 “Embracing the Third Scenario Revolution in the World”); new recommendations (3) brokerage firms (including financial IT).

  ● Core hypothetical risks: Repeated epidemic control, economic growth exceeding expectations, and overseas uncertainty.

  The core text of the report 1 Express delivery (1) At the beginning of 19, we proposed that the discount rate would drive down the A-share “financial supply side slow bulls”. This week ‘s A-share turnover exceeded three trillion yuan for the third consecutive day.The upward over trillions appeared at the end of November 2014 and the end of February 19, respectively, both driven by the downward trend of the discount rate (interest rate + risk premium).

Our report before the opening of the Spring Festival proposed that after the epidemic shock, “the core logic will switch to a more friendly change in the denominator in the next stage. Historical experience shows that event shocks do not have a trend effect on the stock market. The deterioration of the epidemic damages the discount rate and drives the financial supply side down.”Slow Cow’s Main Logic”, since the beginning of the year, we have continued to recommend 12 technology core growth reports—1.

12 “Down with a discount rate to increase the” Winter Warmth “” prompts “Down to increase the discount rate.”

19 “Why the New Year’s Market Turns to Technological Growth” prompts that “adequate interbank liquidity will strengthen the three-factor resonance of technology growth stocks”; 2.

2 “03 is a mirror, more thinking than re-engraving history” prompts “It is recommended to use the opportunity of risk reduction and liquidity staged discounts to allocate technological growth”;

5 “The bottom is now” prompts “Seize the opportunity of oversold rebound and continue to recommend the growth of technology.”

In the process, we also released a series of special reports, focusing on new energy vehicles and 5G to continuously recommend investment opportunities in the technology growth segment.

This week’s blockbuster “Scenario Revolution” kicks off. Two reports provide an in-depth analysis of “embracing the third scenario revolution in the world.”

We recommend that investors pay attention to the gradual progress of the investment guide, and the logic of technology development from “hard” and “soft”.

  This week, the total A transaction volume has broken through trillions. The last two rounds of A-share transaction volume broke through the center and surpassed the trillions. At the end of November 2014 (the surge in December) and the end of February 19 (March Zhongyang), exactlyBoth are driven downward by the discount rate (interest rate + risk premium), and we analyze and compare the corresponding scenarios.

  (B) how to interpret the classic “discount rate bull market” in 14-15 years?

-Interest rate led the way, risk appetite took over.

  The 14-15 year “discount rate bull market” (looseness + wind bias increase) is no stranger, and more and more investors compare the current technology stock market with it.

The market can be roughly divided into two phases: Phase I, the growth of January-November 2014, and the downward interest rate; and from December 2014 to June 15, the interest rate center remained flat, and the risks went up.In the first stage, from January to the end of November 2014, under the loose stimulus, the risk-free interest rate went from 4.

6% interest rate 3.

At this stage, Fengquan A will gradually increase by 37%, leading the sector to increase by 50-60% (military industry, computers, and brokers); in the second stage, the high point in December 2014 to June 15 will be no longer the risk-free interest rate centerContinue to fall, interest rates from 3.

5% to 3.

At this time, the growth rate of Fengquan A reached an alarming 125%. It can be seen that the downward trend of the discount rate has significantly increased the positioning range from risk. The leading sector has moved from construction and non-silver to TMT, and the interval income has exceeded 150% (computer, construction, Media, textile clothing), among which the outstanding performance of the construction and textile clothing sector are not the logic of the industry itself, but driven by the theme of “1 Belt and 1 Road” and “Internet +”.

  How to enter the second stage with a reasonable discount rate?

What are the characteristics of “risk appetite relay”?

① Residents enter the market, and the issuance of funds is hot.

Residents opened new A-share accounts, the balance of the two financings, and the amount of bank transfers began to increase sharply in November 2014, indicating that incremental funds such as residents and leverage have begun to enter the market; the Xinfa Fund was hot, from December 2014 to June 15The average new common stock + hybrid fund share reached as high as 150 billion yuan per month over the 7-month period (compared to a monthly average of only 10 billion yuan between November 13 and November 2014).

② M & A and restructuring volume, opening up performance imagination space.

In the second half of 2014, the M & A and reorganization policy was further relaxed. In October, the CSRC issued two consecutive documents to support M & A and reorganization. GEM mergers and acquisitions significantly increased: 15-year Q1-Q2 GEM mergers and acquisitions exceeded the growth rate of more than 200%, and the average quarterly M & A size exceeded300 billion, the previous 14-year average doubled.

③ Changes in the rising structure of the stock market, the market valued “forward performance, long-term space” rather than “immediate performance”.

The gap between small market capitalization and large market capitalization companies has further widened, and the theme is active (state-owned enterprise reform, 1 Belt and 1 Road, Internet +). Among the stock market factors, companies with higher “next year profit forecasts” have an advantage, meaning that the market is valued “far””Period performance”, textile services, light industry and other only cross-border mergers and acquisitions brought “vision space” stocks and industries began to lead.

  (3) The “discount rate bull market” in the early 19th was bumpy-interest rates went down, but the risk appetite was “not yet in the east”.

  Early 19th global risk-on (see 1.

6 “Global Risks-On, A-shares spring restlessness starts”). As you can see, global tightening has shifted to easing + risk transfer to promote the decline in joint participation discount rate, and then we propose that the “financial supply side slow bull” is opened.

Understand the difference between the “financial supply-side slow bull” opened in 19 years and the 14-15 discount rate bull market: ① The “flooding flood” under financial supply-side reforms does not reappear, and the interest rate center slowly moves downward; ② risk substitution instead of “take over””The financial supply-side reform is to find a balance between” prevention of risks “and” prevention of risks to deal with risks “. Repeatedly, the risks can only be gradually repaired.

  Therefore, the three characteristics when the height of the increased risk in early 19 and 14-15 years are called “still owed to the east wind”: ①The two conditions for residents to enter the market only trigger one of them, and there is still a lack of a “make money effect”.The two conditions are “reduction in the real interest rate of the residential sector” and “profit effect of the stock market”. The former condition was met at the beginning of 19, but the other conditions did not exist yet, and the stock market was still at the starting point of a new round of bull and bull switch.

② The tightening of M & A and restructuring has eased, but the scale of GEM M & A is still not high.

In the fourth quarter of 2018, the strict restrictions on mergers and acquisitions and reorganization of the Securities Regulatory Commission began to loosen, but the size of the Q1 GEM M & A was still low.

③ The rising structure of the stock market has changed, but it is still dominated by the current performance.

In the first quarter of 19G, semiconductors, livestock and poultry breeding, which focused on long-term performance, began to grow, but industries with more definite current results such as liquor and white electricity still dominated.

  (IV) We recommend that the current logic and investment opportunities may be progressively changed. It is still a “slow bull on the financial supply side” where the discount rate is down. However, unlike in early 19th, after the consensus on loose expectations is basically formed, the market is veryMay be ushered in another driving force-increased market risk appetite!

  First, “looseness” has become a market consensus.

According to the 19Q4 air cargo government affairs report released last week (strengthening counter-cyclical adjustments and increasing credit support for epidemic prevention and control), this week ‘s Politburo meeting (“Prudent monetary policy needs to be more flexible and appropriate” adds the word “more”), Both indicate that 20Q1 can still maintain optimistic expectations on currency and credit.

  In fact, increasing market risk appetite will drive a new round of residents entering the market.

Residents must meet two conditions to enter the market (the actual interest rate goes down and the profit-making effect is low). At present, it is basically met, which is similar to the end of 14 and better than the beginning of 19.

The refinancing is loose, and the changes in the rising structure of the stock market have also been confirmed from the side.

The two conditions for residents to enter the market are basically met. Condition one. Historically, residents of several scales need to enter the market with real interest rates continuously falling for more than one year. In 2020, the real interest rate of the residential sector will fall by more than one year and reduce negative numbers.”Make Money Effect”.

After more than a year of “financial supply-side slow bulls”, the stock market’s money-making effect has been more significant since 19 years. The increase rate of Wonderful A conversion has exceeded 40%, which is close to 50% from January to November of 2014.The recovery from the bear market is obviously better. From the perspective of the new fund issuance scale, the current scale of residents ‘capital entering the market, if the future rises from risk to a growing market, the breadth of the market is expected to continue to break through with the promotion of residents’ capital entering the market.

In addition, other indicators of increased risk appetite are also more significant than in early 19th.

First, the new rules for refinancing are more relaxed than at the beginning of 19 (see 2).

16 “Impact of the Dingzeng Spring on the Capital Market”), although it is weaker than the M & A drivers in 13-15 years, the regulatory easing is still a hotbed of active M & A. Second, there has been some change in the growth 四川耍耍网 structure of the stock market since 2020.

“Visionary space” such as military industry, semiconductor design, and new energy vehicle industry chain is stronger than “immediate performance”.

  (5) Risk appetite for the bull market driven by the “declining discount rate”, how should the stock selection idea respond?

The market looks at “forward performance” over “spot performance”, which is why we are at 2.

18 began to recommend “embracing the third scene revolution in the world”.

For about 14 to 15 years, the market expected to enter the risk market places more emphasis on “vision space” and “forward performance”. Therefore, the growth of science and technology is accompanied by other styles, and the “application scenario” within the growth of technology replaces hardware equipment.

We launched the heavy recommendation series “Embracing the Third Scenario Revolution in the World” this week, which is also based on the change in investment thinking brought by the increase in risk appetite.

The global scene revolution has transformed into the route era of the “PC Internet scene revolution era-mobile internet scene revolution era”, and 5G will bring “the Internet of Everything scene revolution era”.How to grasp the rhythm under the idea of “scene revolution”?

One method is to grasp the big investment rhythm of application scenarios according to “eMBB-uRLLC-mMTC”. This year’s achievements are the first to achieve high-definition video, cloud games, online education, AR, etc.

The second method is to grasp the rhythm of revolutionary investment in staged scenarios based on six categories of catalysts; how to score various scenarios?

According to the order of 5G application landing, profit expectations, estimated levels, and fund allocation, the first grade: high-definition video, online education, cloud games.

Second gear: AR / VR, cloud office, connected car / autonomous driving.

Third level: telemedicine / medical information technology, industrial internet (see 2 for details).

18 “Scene Revolution” series one or two).

  (6) Continue to be bullish, and the growth of science and technology is from “hard” and “soft”.

The “financial supply-side slow bull” driven by the downward discount rate should pay more attention to the driving force of increasing risk appetite. Long-term performance is more important than current performance, and it continues to be optimistic about the growth of technology.

According to the 19Q4 Air Cargo Policy Report and Politburo meeting released last week (“prudent monetary policy needs to be more flexible and moderate” and the word “more” is added), the market no longer needs to doubt the loose tone of Q1. We have emphasized the looseness over the past yearThe driving market has gradually become the consensus of the market after the impact of the NCP epidemic, and investors may have increased risk. The residents ‘driving force to enter the market is far from sufficient, which is reflected in the trillion-dollar turnover in only three days and the sensitivity to transaction volume.Of brokerage stocks have not yet reached a new high for the current round (financial IT stocks have already performed well).

According to the risk appetite for improving investment ideas, we should pay more attention to the logic of long-term performance. We recommend that technology be gradually changed from “hard” to “soft”. We continue to recommend the “scenario revolution” of 5G applications.

Continue to configure: (1) consumer electronics, panel, LED, new energy vehicle themes; (2) high-definition video, games, cloud office, medical information; supplementary recommendations (3) brokerage companies (including financial IT).

  2 Important changes this week 2.

1 Real estate demand downstream of the Meso industry: Wind30 large and medium-sized city transaction data show that on February 21, 2020, the real estate transaction area of 30 large and medium-sized cities gradually decreased by 35.

78%, about -28 last week.

48% continued to decline, and the real estate transaction area of 30 large and medium-sized cities fell 90% month-on-month.

26%, a monthly decrease of 79.

08%, up 173 from the previous week.


  Automobile: According to the data of the Federation of Passenger Unions, the retail sales of passenger cars increased by 34% in the third week of February 2020, citing a slight decrease of 40% last week.

  Midstream steel manufacturing: The average price of steel prices fell this week, and the rebar price index fell by 1 this week.

68% to 3608.

49 yuan / ton, the price index of cold rolled steel fell by 1.

64% to 4204.

28 yuan / ton.

As of February 21, the rebar futures closed at 3,485 yuan / ton, an increase of 2 from February 14.


According to the data of Iron and Steel Network, the average daily output of crude steel from key iron and steel enterprises in early February was 193.

In 94 months, it was down by 2 from the end of January.


  Cement: National High Standard 42.

5The average price of cement dropped by 0 from last week.

36% to 458.

2 yuan / ton.

Among them, the average price in East China dropped by 0 from last week.

54% to 530.

71 yuan / ton, the Central South area fell 0.

98% to 503.

33 yuan / ton, North China remained unchanged at 445.
0 yuan / ton.
  Chemical industry: Domestic urea rose 2.

02% to 1720.

00 yuan / ton, light soda ash (East China) remained unchanged at 1500.

00 yuan / ton, PVC (acetylene method) fell 1.

82% to 6262.

00 yuan / ton, polyester filament (POY) fell 0.

10% to 7100.

00 yuan / ton, styrene butadiene rubber fell 3.

23% to 10057.

00 yuan / ton, pure MDI stabilized at 15,550.

00 yuan / ton, the international chemical prices, international ethylene fell 3.

30% to 732.

00 US dollars / ton, the international pure benzene stabilized at 731.

50 US dollars / ton, international urea rose 3.

33% to 217.

00 USD / ton.

  Excavator: In January, the sales volume of the company’s excavator was 9,942 units, compared with the 20155 unit in December last year, which decreased by 15 each year.


  Upstream resources coal and iron ore: This week’s iron ore prices have fallen, iron ore stocks have fallen, coal prices have risen, and coal stocks have increased.

The average domestic iron ore price fell by 1.

73% to 745.

58 yuan / ton, Taiyuan Gujiao car plate price including tax stabilized at 1440.

00 yuan / ton, Qinhuangdao Shanxi mixed outstanding liquidation 5500 prices rose 1 this week.

10% to 570.

40 yuan / ton; in terms of inventory, Qinhuangdao coal inventory increased by 12 this week.

31% to 520.

In April, the port’s iron ore inventory decreased by zero.

60% to 12394.

23 months.

  International Bulk: WTI is up 0 this week.

32% to 52.

At $ 75 / barrel, Brent gained 1.

26% to 57.

At $ 82 per barrel, the LME metal price index stabilized at 2862.

40, the commodity CRB index rose 0 this week.

97% to 174.

65; BDI index rose 16 this week.

94% to 497.

00.  2.

2 Stock market characteristics Stock market fluctuations: The Shanghai Composite Index rose sharply this week 4.

21%, the top three gains in the industry are electronics (13.

40%), national defense industry (12.

19%) and communication (11.

11%); the last three increases were medical and biological (1.

64%), banks (1.

60%) and real estate (0.

twenty two%).

  Dynamic estimation: The overall PE (TTM) of A shares this week from last week 17.

05 times rose to 17 this week.

96 times PB (LF) from last week 1.

64 times rose to 1 this week.

72 times; A shares excluding the financial services industry PE (TTM) from 27 last week.

82 times to 29 this week.

37 times PB (LF) from last week 2.

12 times rose to 2 this week.

24 times; GEM PE (TTM) from 195 last week.

76 times to 213 this week.

55 times, PB (LF) from last week 4.

22 times rose to 4 this week.

58 times; small and medium plate PE (TTM) 48 from last week.

21 times rose to 51 this week.

17 times, PB (LF) from last week 2.

83 times to 3 this week.

03 times; the total market value of A shares has increased by 5 from last week.

17%; the total market value of the A-shares excluding financial services industry increased by 5 from last week.

76%; required consumption relative to cyclical listed companies’ relative PB from last week 2.

45 times down to 2 this week.

41 times; relative PE (TTM) of ChiNext to CSI 300 from 16 last week.

61 times to 17 this week.

45 times; relative PB (LF) of ChiNext to CSI 300 from last week 2.

99 times rose to 3 this week.

14 times; equity risk premium from 0 last week.

73% dropped to 0 this week.

56%, stock market returns from last week 3.

60% dropped to 3 this week.


  Fund size: This week’s new equity + hybrid fund share is 718.

8.3 billion copies, up from 173 last week.
3.4 billion shares; this week the fund market gradually expanded with a net increase of 751.
8.1 billion copies.

  Active trading account ratio: According to the company’s data, as of February 22, the number of new investors for the week was 31.

570,000, ranked 20 last week.

630,000 fell.

  Balance of margin financing and securities lending: As of Thursday, February 20, the balance of margin financing and securities lending was 10,897.

22 billion, up 3 from last week.


  Restrictions on restricted shares: 796 restrictions were lifted this week.

2.1 billion yuan, 963 is expected to be lifted next week.

7.8 billion.

  Size non-reduction: The overall size of A shares this week is non-net reduction of 45.

07 billion, the industry that has reduced the most this week is pharmaceutical bio (-11.

2.9 billion), national defense industry (-7.

53 billion), food and beverage (-5.

1.3 billion), the industry that has increased the most this week is real estate (3.

4 billion), public utilities (0.

92 billion), commercial trade (0.

16 billion).

  Funds from the North: This week, the net inflow of funds from the North China Stock Connect to the North was 64.

9.4 billion yuan, a net inflow of 43 last week.

7 billion yuan.

  AH premium index: The A / H share premium index rose to 125 this week.

82, the A / H share premium index was 123 last week.

3Liquidity termination February 22, the transition this week, a total of 4 reverse repurchases expired, accumulating a total of $ 122 billion; 1 reverse repurchase, a total of $ 100 billion; issued 1 budget note swap for 12 months,A total of 1.5 billion; the net return of open market operations (including treasury cash) totaled 920 billion.

  As of February 20, 2020, R007 was down 4 this week.

61BP to 2.

29%, SHIB0R overnight interest rate increased by 9.

90BP to 1.

355%; the direct interest rates of the Yangtze River Delta and the Pearl River Delta have fallen this week, and the Yangtze River Delta has fallen by 6.

00BP to 2.

40%, the Pearl River Delta dropped by 9.

00BP to 2.

41%; term spreads are up 1 this week.

43BP to 0.

92%; credit spread decreased by 4.

07BP to 0.


4 Overseas United States: On Tuesday, the US February NAHB house price index was 74, lower than the previous value of 75 and lower than the predicted value of 75.

The US January PPI was announced on Wednesday: final demand increased by 0 sequentially.

5%, higher than the previous value of 0.

2%; January PPI: Final demand increased by 2.

1%, higher than the previous value of 1.

3%; core PPI rose by 0 in January from the previous month.

3%, higher than the previous value of 0.

2%; core PPI exceeded 0 in January.

7%, unchanged from the previous value; New housing starts in January: 109 private houses (thousands).

1, lower than the previous value of 109.

Existing home sales in January in the U.S., which were announced on Friday, fell by a month.

27%, lower than the previous value of 3.

95%, lower than the predicted value of 1.


  Eurozone: The ZEW economic sentiment index for February in the Eurozone was released on Tuesday.

40, lower than the previous value of 25.

60, lower than the predicted value of 30.

Eurozone services PMI (initial value) for February announced on February 52.

80, higher than the previous value of 52.

50, higher than the predicted value of 52.

20; February ‘s PMI (initial value) 49 for Eurozone manufacturing.

10, higher than the previous value of 47.

90, higher than the predicted value of 47.

50; Eurozone comprehensive PMI (initial value) 51 in February.

60, higher than the previous value of 51.

30, higher than the predicted value of 51.

00; EU CPI rose by 1 in January.

70%, higher than the previous value of 1.

60%; In January, the CPI in the euro zone decreased by 1 from the previous month.

00%, lower than the previous value of 0.

3%, unchanged from the forecast value; in January the euro zone CPI rose by 1 year on year.

40%, higher than the previous value of 1.

30%, in line with the forecast.

  United Kingdom: Unemployment rate in the UK for December was announced on Tuesday 3.

80, unchanged from the previous value.

Wednesday announced that the UK’s January CPI fell by 0 from the previous month.

3%, lower than the previous value of 0.
0%; CPI continued to rise in January.
80%, higher than the previous value of 1.

30%; Core CPI in January decreased by 0 from the previous month.

55%, lower than the previous value of 0%; core CPI rose by 1 in January.

60%, higher than the previous value of 1.


  Japan: 142 GDP for the fourth quarter of 2019 announced on Monday.

9 trillion, a decrease of 1 from the previous month.

60%, lower than the previous value of 0.

1%, a decline of 0 per year.

40%, lower than the previous value of 1.


It was announced on Friday that January CPI fell by 0 from the previous month.

10%, lower than the previous value of 0.

00%, rising by 0 every year.

70%, lower than the previous value of 0.


  Overseas stock markets this week: The S & P 500 is down 1 this week.

25% closed at 3337.

75 points; FTSE London fell 0.

07% closed at 7403.

92 points; German DAX fell 1.

20% closed at 13579.

33 points; Nikkei 225 fell 1.

27% closed at 23386.

74 points; Hang Seng fell 1.

82% closed at 27308.


  2.5 Macro social financing scale: The supplementary social financing scale in January was 5.

07 trillion yuan, higher than the previous value of 2.

1 trillion, an increase of 39908 billion over the same period last year.

  Money supply: At the end of January, the broad money (M2) balance was 202.

31 trillion yuan, an increase of 8 in ten years.

4%, 0 lower than the end of last month.

3 digits, unchanged from the same period of the previous year; the balance of narrow money (M1) was 54.

55 trillion yuan, unchanged from the same period of the previous year, with an increase of 0% for many years, which is 4 lower than the end of last month and the same period of the previous year.

4 and 0.

4 averages.

  RMB loans: RMB loans increased in January3.
34 trillion, up from 1 last month.
14 trillion yuan, an increase of 110 billion yuan over the same period last year.

  3A list of data to be released next week Highlights next week: US GDP (forecast) for the fourth quarter of 2019, US core PCE price index in January, China ‘s official manufacturing PMI in February Wednesday, February 26: US new house sales in January

  Thursday, February 27: US fourth quarter 2019 GDP (forecast).

  Friday, February 28: January American branch distribution income, US personal consumption expenditure in January, US core PCE price index in January.

  Saturday, February 29: China ‘s February official manufacturing PMI and February ‘s non-manufacturing PMI.

  Risk reminder: The epidemic situation is still uncertain, which will further impact the economy and corporate profits.

Nanshan Holdings (002314): a benchmark for high-end warehousing operations with significant safety margins

Nanshan Holdings (002314): a benchmark for high-end warehousing operations with significant safety margins

High-end warehousing is a rare growth area in the real estate industry. As the second-tier leader of logistics real estate, the company is a leader in the industry and asset quality, and will benefit from the industry dividend in the long run; and Nanshan Group has excellent potential land resources and further market cooperation in the futureOr integration space.

The company’s current market value is about 60% off the heavier appraisal value, and the safety margin is significant; it is expected that the EPS for 2019-2021 will be 0.

20, 0.

23, 0.

25 yuan / share, corresponding to 15 for PE.

3X, 13.

5X, 12.

4 times, maintain “Highly Recommended-A” investment rating, target price 4.

39 yuan / share (30% discount corresponding to the estimated value).

The benchmark for high-end warehouse operations may fully benefit from the logistics real estate bonus.

At the end of 2015, Baowan Logistics planned to build / under construction / operate logistics parks with a construction area of 2.09 million square meters / 730,000 square meters / 1.35 million square meters. In 2016, the newly signed land was over 3600 acres (estimated about 1.25 million square meters, Chongqing / Xi’an / Changsha / Xianyang etc.), Landed more than 1,500 acres in 2017 (about 500,000 square meters, Chongqing / Ningbo / Changsha, etc.), newly settled in Hangzhou / Huai’an / Zhangzhou / Deyang, etc. in 2018, 301 acres (about 100,000 square meters, Tianjin / Hefei / Ningbo) in the first half of 2019), That is, Baowan Logistics continued to lay out along the river, coastal “T-shaped” network, and urban circle. The pace was vigorously expanded in advance in 16-17 years, and appropriate adjustments were made in 18-19H1. At present, it has basically achieved comprehensive coverage of core cities across the country.Upstream of the core logistics, the logistics network and scale effect have initially formed; by H1 of 2019, Baowan Logistics owns and manages 63 smart logistics parks in China, with an operating storage area of nearly 3 million square meters and a planned area under construction (including projects to be built)More than 3 million square meters.

Benefiting from e-commerce and its driving factors such as the express delivery industry / consumer upgrade / third-party logistics, as well as the replacement of stock, the high-end warehousing industry continues to thrive. Baowan Logistics is the benchmark for domestic high-end warehousing operations, and the industry sector and asset quality are relatively leading.Long-term or will fully benefit from the logistics real estate dividend.

Listed companies have a revaluation of 17 billion yuan, a 60% discount on the market value of the heavier appraisal value, and a significant margin of safety.

(1) The revaluation of Baowan Logistics is about 90 billion yuan.

Baowan Logistics Operation Park covers an area of 3 million square meters, with 18 years of income7.

5.4 billion, with a NOI of about 4 at 60%.

500 million (net profit of 30% -40% of undeducted expenses in 16-18 years, plus depreciation costs and taxes equal to approximately NOI), assuming a capitalization rate of 5%, the estimated 3 million Ping Park under construction is estimated to be under constructionThe value is a 30% discount, corresponding to Baowan Logistics ‘conservative conservative revaluation of approximately 15 billion, and the net interest-bearing debt scale is expected to be approximately 3 billion (18Q1 Shenzhen Base B ‘s net interest-rejection scale is 2.9 billion), which is Baowan Logistics’ revaluation.120 billion, Nanshan Holdings 77.

36% equity corresponds to about 90 billion; (2) The estimated net asset value of the development business is about 80 billion.

As of H1 2019, the company’s unfinished construction area is about 1.4 million square meters, with a corresponding value of about 22 billion yuan. The structure is mainly distributed in Changsha / Suzhou / Wuhan and other places, accounting for 37% / 36% / 19% (building areaCaliber), which can be developed for about 3-4 years, and can contribute an estimated value-added of about 2 billion US dollars, with net assets of overlapping equity of nearly 60 billion, corresponding to an estimated NAV of about 8 billion US dollars.

In addition, other business volumes are small and the profit is poor. Jiajia does not give value for the time being. In this way, the corresponding revaluation of listed companies is about 17 billion, and the current market value is about 8.2 billion, which is about 60% off the revaluation of listed companies. The safety margin is significant.

The potential land resources of Nanshan Group are excellent, and there is room for further market cooperation or integration in the future.

The group owns 3 in Chiwan area.

4 square kilometers of land, of which, south of Chiwan 2nd Road is mainly land for ports and terminals, and the proportion is approximately piled up; Chiwan 2nd Road to Chiwan 6th Road is mainly industrial land. Currently it is mainly a yard, and it will be partially transformed into R & D in the future.Spaces for self-owned properties such as buildings; north of Chiwan No. 6 Road is a key area for future commercial development, including Hongchang plots, complexes of Chiwan double subway exits on Lines 2 and 5 and so on.

The potential developable volume of Chiwan area is not small, and in the long run, the overall planning of Chiwan area has more space.

In addition, the Group has 10,000 acres of 南京桑拿网 industrial and logistics land in key first- and second-tier cities nationwide, which can be connected to logistics business, and some can be built into logistics parks and transportation bases.

Maintain “Highly Recommended-A” investment rating and target price of 4.

39 yuan / share.

High-end warehousing is a rare growth area in the real estate industry. As a benchmark for domestic high-end warehousing operations, the company is relatively advanced in industry integration and asset quality, and will benefit from the industry’s dividend in the long run; and Nanshan Group has excellent potential land resources, and further market cooperation will exist in the future.Or integration space.
The company’s current market value is about 60% off the heavier appraisal value, and the safety margin is significant; it is expected that the EPS for 2019-2021 will be 0.

20, 0.

23, 0.

25 yuan / share, corresponding to 15 for PE.

3X, 13.

5X, 12.

4 times, maintain “Highly Recommended-A” investment rating, target price 4.

39 yuan / share (30% discount corresponding to the estimated value).

Risk reminder: Real estate sales fall short of expectations, and logistics business advances less than expected.

Autumn, dry and moisturizing conditioning as a flower

Autumn, dry and moisturizing conditioning as a flower

Chrysanthemum and Laoya Tang Chrysanthemum, pleasing to the eye and removing dryness, “You can see Nanshan leisurely under the fence of the chrysanthemum,” which shows Tao Yuanming’s carefreeness, and also made countless people pay tribute to the little chrysanthemum.

Every autumn, it is the season for chrysanthemums blooming. When you are walking around Zhejiang, you will surely find that the streets and alleys are always selling “Hangbaiju”.

Chrysanthemum can be used for sencha or cooking.

A small chrysanthemum has a value that cannot be underestimated, which is rare.

  The editor recommends hot text: “Compendium of Materia Medica” has detailed records of the medicinal effects of chrysanthemum tea: sweetness, coldness, and the effect of dispersing wind and heat, and calming the liver and eyesight.

The “Shen Nong’s Materia Medica” believes that white chrysanthemum tea can “the main wind dizziness, swelling and pain, loss of eyes, skin dead muscles, rheumatism paralysis, Jiufu Qi, light and durable.

Experts say autumn is a great time to eat chrysanthemums.

Eating more chrysanthemums can help the body to replenish qi, tonicity, remove dryness, and detoxify.

Modern medicine has proven that chrysanthemums have a good conditioning effect on chronic diseases such as hyperlipidemia, hypertension and sub-health in modern people.

  The chrysanthemum and duck soup is suitable for the crowd: in the autumn, it is tired and boring for no reason, is listless, is in a sub-health state, and is recovering from a serious illness.

  Method: Soak 10 grams of chrysanthemum and 12 grams of wolfberry in water, and then put a peeled old duck, 5 grams of Cordyceps sinensis and five or six slices of American ginseng in a casserole.

When it is cooked to a half-seven degree, pour in chrysanthemum and wolfberry.

It is recommended to eat it twice a week, with duck and soup, and it is best to eat it at dinner, so that one month later, there can be a significant improvement in refreshing qi.

  Tip: As far as possible, chrysanthemum can also be put into chrysanthemum porridge, chrysanthemum cake, chrysanthemum cooking, and you can also brew our most common chrysanthemum to detoxify eyesight.

Experts point out that jujube chrysanthemum tea can also help cancer patients to restore their sense of taste.

  The sweet-scented osmanthus coconut cake Dangui Piaoxiang is famous from far and away. Even in the hot and noon time, as long as there is a breeze, you can smell this sweet smell.

If you have a heart, just collect a fragrance, that is, a delicious.

As early as the Warring States Period, Qu Yuan’s “Li Sao” had the sentence “Assisting the North to Discuss the Guijiang Pulp”, which is a record of osmanthus making food.

  Osmanthus and rose flowers are brewed together, which has the effect of relieving the qi and warming the stomach and cold; osmanthus flowers and chrysanthemum flowers are brewing together, which has the function of fragrant and clearing the stomach, and is suitable for stomach heat and bad breath;Analgesic, suitable for cold pain in the abdomen.

When eating ginkgo, lotus seeds, chestnuts, put a handful of sweet-scented osmanthus, the smell is fragrant, and it can increase appetite.

  The introduction of traditional Chinese medicine, sweet-scented sweet-scented osmanthus, has the effects of strengthening the stomach, reducing phlegm, regenerating sputum, dispersing sputum, and calming the liver, and can cure phlegm and cough, intestinal wind and blood stasis, toothache, bad breath, loss of appetite, and abdominal pain.

The effect of warming and dispersing cold as much as possible, warming the stomach and relieving pain and resolving phlegm and silt.

  Osmanthus coconut juice cake is suitable for the crowd: autumn is dry, and coconut juice is sweet and smooth, rich in vitamin C with antioxidant ingredients, which promotes human metabolism.

The dessert made with sweet-scented osmanthus is refreshing and pleasant, and it is really enjoyable.

  Method: Mix 50g of horseshoe flour and 50g of corn starch, divide into two and pack in two containers.

Use 50ml coconut juice and water to mix the horseshoe flour and corn starch to a grain-free powder slurry. Add the sweet-scented osmanthus to the bowl with water.

Add 150ml of water to the sugar and bring to a boil.

Then pour the boiled sugar water into the coconut milk powder and osmanthus powder to stir up.

After the water is boiled, pour a thin layer of powder into a dish and steam for 5 minutes.

Then pour another kind of slurry into a dish and steam for another 5 minutes. Steam between the two powders.

Put the sweet osmanthus on the last layer.

  Xiaobian recommended hot text: Tips: There are many ways to eat Osmanthus.

Osmanthus fragrans is boiled in boiling water and picked up to dry. It is stained with white sugar and sealed in a bottle. It can be used as a food spice.

Take the first-class jujube, steam it with sugar, and add osmanthus to make the spleen and appetizing osmanthus candied dates.

Laugh at yourself

Laugh at yourself

I have a friend who has a black hair on her head that looks prematurely older than ten years old.

Whenever someone guesses his age wrong, he smiles with tolerance: “Nothing, you are not the first.

Didn’t anyone say that?

The lively road is not grassy, and the smart head is not hairy!

“This kind of self-deprecation and tolerance is very rare.

  Self-deprecation is a self-joke, a self-confidence and free and easy expression. Only a confident person dares to laugh at himself, because he knows that self-deprecation will not affect his mentality and the impression on others.


Fosty once said, “The golden rule of laughter is, just laugh at yourself first if you want to laugh at others.

“British writer Jestadon is a fat man, and he has difficulty moving due to excessive reasons.

He once told his friend: “I’m a man who cuts three times more than others.

When I made a seat on the bus, I broke down and let the three ladies sit down.

“This is a kind of self-deprecation.

This lighthearted self-deprecation created a lighthearted humor, while at the same time showing Jestadong’s high confidence.

  When we encounter an embarrassing situation, if we can use self-deprecating to create a humorous position appropriately, we can effectively place our own embarrassing situation, and at the same time, we can give the other party an easy experience and get the other ‘s goodwill, soThe atmosphere became more harmonious and more conducive to the purpose of communication.

  After Reagan became president of the United States, he paid a state visit to Canada.

At the beginning of his speech, Reagan’s speech was constantly interrupted by the chanting and martyrdom of the anti-American protesters.

Canadian Prime Minister Pierre?

Trudeau was embarrassed by this situation, but Reagan smiled and said to him, “This kind of thing happens from time to time in the United States. I think these people must have come to your country from the United States on purpose.

They want to make me feel at home.

“After Trudeau heard this, he suddenly smiled at both ends, and Reagan caused an embarrassing situation.

When the crowd on the field heard Reagan saying this, they became quiet.

  The famous Chinese painting master Zhang Daqian once toasted Mei Lanfang at the banquet and said: “Mr. Mei, you are a gentleman-move; I am a villain-move.

“Here, Zhang Daqian ridiculed himself as a” little man “according to the characteristics of his work, and immediately activated the banquet atmosphere.

5 kinds of behaviors in life that hurt the cervical spine

5 kinds of behaviors in life that hurt the cervical spine

An epidemiological survey showed that the incidence of cervical spondylosis in this population is as high as 21%, which is much higher than the national average incidence-7% to 17%.

The reason is that poor living habits combined with high-intensity work rhythms are the main reasons for the high incidence of cervical spondylosis in modern people.

  Survey article 21% of white-collar workers have cervical spondylosis Many people are curious. If you give a list of certain risk factors that cause cervical spondylosis, what is the most dangerous?

According to the research, we found that the impact of our daily habits on the cervical spine in accordance with the degree of danger is: bowing time, working pressure, age, pillow height, allowing cold, stress, exercise, sleeping posture, consciousnessFatigue, throat infections, ventilation, smoking, drinking, and causing trauma.

  In previous epidemiological investigations of cervical spondylosis, almost all the literature considered that age was positively correlated with the incidence of cervical spondylosis.

However, recent epidemiological surveys have upset some of the previous signs.

  The influence of age on cervical spondylosis may no longer be the primary factor. Through the changes in working and living conditions, the intensity of work, and the prevalence of young people with more stress are increasing year by year.

IT staff, pharmaceutical staff, middle school teachers, media workers, office clerks, accountants, drivers, students, etc. have become high-risk groups of cervical spondylosis.

  Mistake area 1: Playing with a mobile phone while watching a computer at home. People want to be comfortable and comfortable. It is not uncommon to watch a TV while lying in bed or on the sofa.Hidden great risks.

  Action: When playing with the mobile phone, the muscles of the arm have been pulled to the preset muscles.

Unbalanced tension is a predisposing factor for cervical spondylosis.

Therefore, please raise the laptop or lower the seat to keep your eyes level with your computer screen. Looking down and looking up will bend the cervical spine, which can only be a burden.

  Misunderstanding 2: Pillows are too high or too low. Many people like to sleep on high pillows, and others prefer not to sleep on pillows to prevent wrinkles.

This is not good for cervical spine health.

  Suggestion: The pillow we replace should be able to fully support the calibrated lordosis, and its height is best to maintain the normal lordosis of the cervical spine during sleep.

  The ancients said: “Sitting like a clock, standing like a pine, walking like a wind, sleeping like a bow.

“This sentence clearly points out the most correct body posture of a person. In this state, the human body has the least pressure to reduce.

Unfortunately, few people can do this now. Maintaining a good posture is not only good for physical health, but also a manifestation of elegant manners.

  Misunderstanding 3: Large single-shoulder backpacks. Many urban women at work like large single-shoulder backpacks, which allow generous fashion, easy replacement, and put large and small things in the bag.

As everyone knows, this causes a great burden on the spine, and it is easy to cause scoliosis due to uneven force.

In addition, when carrying a backpack, people shrug their shoulders unconsciously, or consciously raise the front of the backpack. These small movements can cause injuries to the spine for a long time.

  Some people will say, “I’m holding the head office?”

In fact, the bag or the back or the puppet has the same pressure on one side of the human body.

  Reason: It needs to be reminded that this does not mean that the backpack has no effect on the human spine at all. Gravity acts on the shoulder, which causes a burden on the blood and also affects health.

In our daily life, we must try to keep the pressure on our shoulders even.

  Misunderstanding 4: Too little clothing, greedy, cool and windy summer, women are wearing less and less, sling, umbilical, backless, open hip grooves . even more and more styles, bare skinMore and more.

  At work, shopping and shopping, in the company, the mall is full of cool air blowing from the air conditioner, refreshing, so cool!

Your body temperature has dropped, but the cold air has penetrated into your body through your skin.

In particular, the retinal hair is cold and cold, which is particularly easy to induce cervical spondylosis.

  Reason: The cervical spine is the place where the du veins and bladder pass. From the perspective of Chinese medicine, this is the place where the body is yang.

If you are greedy and cold, the retina is prone to cold and stiffness, which means that there is obvious spot leakage of Qi and blood in your veins or bladder meridian, which will also cause the basic pathological changes of cervical spondylosis.

  Mistake area 5: Health care instead of treating some people’s complications. I like to use massage therapy shops everywhere on the road and let them use the trigger method. A little carelessness will cause the risk of vertebral body, spinal cord, blood vessel and nerve injury.

Dr. Zhu Guomiao once encountered a medical dispute in which a patient massaged a damaged massage in a massage parlour. The patient was finally determined by magnetic resonance to be a fracture of the fourth lumbar vertebrae.

  Prevention: Dr. Zhu reminded to go to the beauty salon to press and rub the muscles, but never let non-professional physicians use the trigger method.

In addition, if the patient has obvious neck pain and low back pain, he must go to a professional hospital for diagnosis and treatment, because the judgment and treatment of neck pain are very professional.

Food recommendations for kidney and impotence in men

Food recommendations for kidney and impotence in men

Shrimp-Shrimp is delicious with high tonic and medicinal effects.

Chinese medicine believes that its sweet, salty, warm nature, aphrodisiac and kidney, nourishing essence, and breast milk.

Anyone who has long been ill, has shortness of breath, is weak, and does not think about eating or drinking, can use it as a tonic food.

eating prawn helps us to strengthen our body.


hzh {display: none; }  淡菜–淡菜又名珠菜、壳菜。 Rich in protein, iodine, B vitamins, zinc, iron, calcium, phosphorus, etc.

Its salty taste, warm nature, warm kidney solid essence, Yiqi tonic effect.

It is suitable for men with sexual dysfunction, nocturnal emission, impotence, room labor, and thirst.

Men’s regular food can strengthen the body and enhance sexual function.

  Loach-Loach contains high-quality protein, trace amounts, vitamin A, vitamin B1, niacin, iron, phosphorus, calcium and so on.

It has a sweet taste and a flat nature, and has the effects of nourishing qi and nourishing kidney and nourishing essence.

It has a better effect on regulating sexual function.

Loach contains a special protein that promotes sperm formation.

Adult men often eat loach to nourish their body.

  Donkey Meat-As the saying goes, “Dragon meat in the sky, donkey meat on the ground.

“Donkey meat is delicious and is a high protein, low feces, low cholesterol meat.

Traditional Chinese medicine believes that donkeys have a sweet flavour, have qi and nourish blood, nourish yin and aphrodisiac, and soothe the nerves.

Donkey kidney, sweet and warm, is beneficial to kidney impotence, strong muscles and strong bones.

Can treat impotence, waist and knees and so on.

  Oysters-Oysters are also known as oysters.

Rich in zinc and iron, phosphorus, calcium, high-quality protein, sugars and other vitamins.

Its salty taste, slightly cold nature, nourishing yin and yang, nourishing kidney and astringent essence.

Men eat oysters regularly to improve sexual function and sperm quality.

It has better effect on male nocturnal emission, fatigue and fatigue, kidney deficiency impotence and so on.

  Quail-The quail saying goes, “Eat birds and count quails.”

The quail meat is tender and fragrant, not fragrant, and has always been listed as a top quality wild bird.

Quail meat is not only delicious and nutritious, it also contains a variety of inorganic salts, lecithin, hormones and a variety of essential amino acids.

The meat and eggs of quail are good tonics, which have a beneficial effect.

Traditional Chinese medicine believes that men who eat quail meat can “replenish the five internal organs, benefit the essence and blood, and warm the kidney and help the yang.” Regular consumption of quail can enhance sexual function and strength, and strengthen bones and bones.

  Eggs-Eggs are the nutritional carrier of human sexual function and the best “reducing agent” to restore vitality after sex.

A few days before the wedding, the Arabs mainly use scallions and eggs to ensure that the sex on the wedding night is happy.

Indian doctors recommend that couples drink more rice porridge made from eggs, milk and honey before having sex.

Chinese folk also spread the custom of fried eggs for wedding dinner.

Newlyweds have frequent sexual lives and prolonged physical exertion. Supplementing eggs can help to restore physical strength quickly.

  Snake meat-parasitic, snake meat has become a fashion.

When two snakes mate, they last for a long time (vipers can reach 6?
24 hours), snake meat can effectively extend the time of sexual life.
  Pigeon meat-White pigeons have strong reproductive power, very strong sexual desire, and male and female mating are very alternating. This is due to the particularly strong secretion of sex hormones in white pigeons.Kidney qi, strong sexual function.
The efficacy of white pigeon eggs is better than that of white pigeon meat. According to the determination, white pigeon eggs are rich in protein, vitamins and iron, and have high nutritional value.

The following diet recipes have better effects on strengthening the kidney.

  (1) Take half of white pigeon meat, Morinda officinalis 10 g, Huai yam 10 g, wolfberry 10 g, stew and eat soup and meat.

Or use a medicine with a pigeon, if the service is too dry, you can also stew the pigeon with an appropriate amount of white fungus, then make up without drying.

  (2) Or take 2 white pigeon eggs, 10 grams of wolfberry, 5 grams of longan meat, take white pigeon eggs in the pot, and add rock sugar when eating.As a drug into the kidney.

  Dog meat-Dog meat is sweet, salty, and warm in nature. It has the effects of nourishing the spleen and stomach and nourishing aphrodisiac.

“Compendium of Materia Medica” contains dog meat with “an five internal organs, light body and qi, kidney and stomach.

Warm waist and knees, strong strength, make up five labor and seven injuries, blood and other effects.

Burning dog meat with black beans and eating soup can treat impotence and premature ejaculation.

The cooked dog meat with simmered ginger can warm the kidneys and aphrodisiac, relieve cold and relieve pain.

Dog meat is warm, and eating more can get angry.

It is not suitable for anyone who has a hot guide and Yang Shenghuowang.

Difficulties in finding jobs for graduate students

Difficulties in finding jobs for graduate students

For graduate students graduating this year, job search competition is particularly fierce.
Not only are undergraduates playing the “low pay” card, but also a large number of international students returning home to apply for jobs.
So, for this group of highly educated graduates, how to stand out from many job applicants?
The reporter interviewed several graduate students who are looking for jobs, and their experience may give readers some inspiration.
  Cherish the opportunity for internships. Do n’t put Miao Chennian upside down in journalism. Since the second half of last year, she has successively gone to many media units for internships.
Because of her master’s degree, it was easy to get an internship, but Xiao Chen failed to stay.
Investigating the reason, she felt that it was the failure to persist.
去年7月,小陈进入某主流媒体实习,不过实习的同时,她还忙着搜罗其他公司的招聘信息,实习期间花了很多精力做“网申 ”,结果本末倒置,报社觉得她做事不够积极,She persuaded her to go home early in less than a month.
Later, Chen went to several TV stations. The media units usually hope that the applicants can practice for a while to observe their abilities. However, Chen also quits because of the long time.
  Now thinking about it, Xiao Chen thinks that if he could bear his patience and stay for a longer period of time, he would have more opportunities to show himself, and maybe he would stay.
In addition, she also realized that she should distinguish between the primary and secondary, concentrate on the internship during the internship stage, and put aside the job search in advance.
She suggested that graduate friends take each internship seriously and summarize the experience after each internship, which will be very valuable in the future job search process.
  Demonstrate your own advantages, sober to know myself Xiaotang is from Shanghai International Studies University, and recently just finished an internship in a unit, waiting for the final result of the offer.
Because of his sober understanding of himself and his own advantages, Xiao Tang was praised by the unit leaders.
“Foreign language is my strength. I have been proactive in highlighting this ability since the interview.
Xiao Tang said that no matter whether the company has English documents that need to be translated or act as temporary interpreters, she has volunteered and tried actively.
Several times, the company leaders met the intern.
“It’s important for newcomers to get familiar with the company.
“Xiao Tang said that she has a more outgoing personality and enjoys communicating with people.” My internship position is related to marketing and sales, and my personality can help me achieve better results in my work.
“Xiao Xiaotang said that undergraduate teaching exercises practical and operational abilities, while graduate students focus more on theoretical research. Master students must combine the two well.” From the perspective of learning ability and cultural heritage, graduate students are absolutelyA win for undergraduates.
In addition, Xiao Tang also suggested that graduate students should not focus on job hunting in foreign companies and banks. Although these positions are better treated, they may not be suitable for themselves.
Foreign companies pay attention to the language expression and appeal of students, while some graduate friends are inherently introverted and more adept at learning, and will lose out in competition with undergraduates.
Therefore, graduate students must undergo necessary training to improve their competitiveness in the workplace.
  Interviewing is an important step in a job search.
Workplace experts conclude that graduate friends are apt to make some “advanced mistakes” during interviews.
To sum up, these “advanced errors” are mainly caused by graduate students’ failure to “put down their own shelves”.
  不善于打破沉默  因为长期在“象牙塔”中学习,或者自认为学历高,研究生面试时不擅长主动与面试官交流;还有些时候,研究生遇到面试官是位本科毕业的年轻后生,心中就Will mutter: “How can he be qualified to interview me?
“It turned out to be cold.
In fact, proactive conversations leave an initial good impression on the interviewer.
  To answer some questions from the perspective of space caves, graduate students are good at dealing with theories, but forgot to give examples.
Graduate students themselves give the impression of “only reading” and talk more about their own experience, which not only adds points to the answer, but also implies that the examiner has relevant practical experience.
  Pretending to be perfect When you are in the “group”, some people hold the view that “graduates should be better than undergraduates”, answering questions smoothly and steadily, and rarely have their own views.
When it comes to yourself, it is a “perfect person” with no shortcomings.
This type of answer will only make you lose points.
  Asking for salaries voluntarily: At the end of the interview, the examiner took the initiative to ask the question without mentioning the salary. In fact, he made a “taboo”, which would make professional interviewers very disgusted.
Now that undergraduates have taken the initiative to reduce their salaries, asking about salary makes people feel that you care.
In fact, if the recruitment unit is interested in you, it will naturally ask about the salary situation.

A natural detoxifying power for dark yellow skin_1

A natural detox for dark yellow skin

Work pressure is often overtime?

Always take away food for three meals?

When you meet an acquaintance who hasn’t seen you for a few days, do you say that you have become stunned?

There are small fine lines in the dark yellow eyes of the race?

. Dear, your skin may need to be detoxified. Test it against the following 6 skin problems:.

hzh {display: none; }  你的肌肤需要排毒吗  - 肤色还可以,并不是很黑,但是暗沉、发黄;  -皮肤感觉干燥,缺乏水分,弹性减弱;  -眼角下方有轻微细纹;  -The corners of the eyes and nose are easy to be blown by the wind, and white dandruff is generated after sun exposure and before menstruation;

  If the above facts appear, you must immediately join the skin’s detox action!

  Don’t doubt, maybe you whiten and sunscreen all day, apply a mask during the day and apply it at night, but you may not take this set on your skin. Toxins can’t be drained out. Any maintenance is doing nothing.

  Different from targeted skin care such as whitening and acne treatment, the overall skin condition needs to be comprehensively improved. Brands have successively applied the Chinese health theory such as traditional Chinese medicine to launch various Chinese herbal medicines and various plant fruit extraction products, which can be adjusted from the inside outSkin, detoxifies the skin.

  Pomegranate red pomegranate fruit, one of the oldest fruits in the world, is extremely rich in biomedical value, and is regarded as a magical natural fruit treasure. It has a vivid color, a sweet smell and a unique effect.Since ancient times, people have been using a therapeutic agent, especially to maintain a young appearance and healthy state, and thus set a sacred alternative to skin beauty.

  Recommended use: Estee Lauder Fresh Nutrient Essence Lotion: RMB 560 / 30ml fused with multi-vitamins, minerals and high-efficiency seed extracts to continuously renew the natural luster and vitality of the skin, creating a dazzling, healthy and beautiful face.

Apple extract promotes the regeneration of skin cells and helps the skin to naturally renew.

Carnitine, creatine, adenosine phosphate and calcium, magnesium, zinc, etc. improve skin energy, accelerate cell metabolism, strengthen and purify skin, and avoid skin elastic tissues from being injured by toxins and accelerating aging.

  Green tea has long been said to be used for self-cultivation. Green tea is rich in antioxidant essences, which can prevent damage to the skin caused by ultraviolet rays, smoking, pollution and other environmental damage.

  Recommended use: H2O Green Tea Youth Eye Essence Lotion Price: RMB 420 / 13ML Green Tea Youth Eye Essence Lotion has triple green tea antioxidant essence (Japanese green tea, Paraguay tea, compound vitamins (vitamins A, C, E)) to form skin protectionBarrier to block all kinds of external injuries and create a pollution-free environment for the eye skin.

Get rid of dark circles, remove yellow gas and brighten skin tone.

  Red and white.

hzh {display: none; }  赤芍药生长于野外自然环境,具有清热去浊和活血通达的双重功效,能帮助促进肌肤循环和代谢能力,调整水分和油脂的代谢平衡,并增强肌肤的抵抗力;Paeonia lactiflora has the main function of nourishing, softening and moisturizing the skin.

  Recommended use: Herborist Cleansing and Beauty Taiji Clay RMB 380 / 290g Herborist Cleansing and Beauty Taiji Clay, Tai Chi Ancient Formula is the leading black clay for cleansing and decontamination, and white clay after skin replenishment to form “Tai Chi-Qingjifang”The structure of “Tai Chi-Run Yu Fang” inspires clearer and more effective supplements.

After clearing and moisturizing, black and white two steps restore skin balance, leaving skin fully glowing and natural.

  Safflower extract improves the blood microcirculation, promotes cell metabolism, enhances cell vitality, removes active free radicals, antioxidant effects, and prevents rough skin, wrinkles and dark spots.

  Recommended use: AVENIR Ayurveda Herbal Gel Lotion: RMB 138 / 200ml Newly added safflower extract, which has been an effective ingredient in Chinese medicine since ancient times, with more concentrated ginseng root, peony root, scutellaria root, angelica, kernel, Huang Gentian root and other natural herbal formulas, make the skin achieve rapid and effective deep purification, giving the skin more effective and safer perfect skin care experience.

The upgraded herbal curd lotion can be more quickly integrated with the skin, and the rich, moisturizing feeling is quickly transmitted to the deep layers of the skin, effectively conditioning the skin.

  Ganoderma lucidum has been considered to be able to “reinforce the solid foundation” and “tonic and strengthen the body” since ancient times. It is a very precious and rare plant.

Ganoderma is also a beauty product that can fight wrinkles, reduce inflammation, eliminate skin, and reduce gloss.

The beauty effect of Ganoderma Lucidum is mainly the organic germanium inside the Ganoderma lucidum fruit body. This substance has the function of purifying blood, promoting cell metabolism and preventing aging.

  Recommended use: YSL Saint Laurent Ganoderma Repair Cream ¥ 2480 / 30ml silky and delicate cream, using cell regeneration complex ganoderma extract, almond protein, etc., can eliminate wrinkles, let the complexion shine, and the skin alternates day after day.

Female premature aging signal flash Chinese medicine diet to help

Female premature aging “signal flash” Chinese medicine diet to help

A few days ago, a survey from an authoritative department showed that 30% of the 30- to 40-year-old female middle-aged women in China had menopausal symptoms.
Experts pointed out that medically known as recessive menopause, which occurs before the arrival of true menopause, is characterized by autonomic dysfunction and is a signal of premature aging in middle-aged women.
銆€銆€Experts say: pressure from work and living environment often causes middle-aged women to fall into irresistible anxiety and depression. Over time, they will interfere with their autonomic functions and have symptoms of premature aging such as recessive menopause.
In addition, some gynecological diseases will also reduce the ovarian function and low levels of hormone secretion in middle-aged women, making the menopause advanced.
銆€銆€Traditional Chinese medicine experts believe that the traditional medicine of the motherland has always attached importance to the role of diet therapy. Middle-aged women can also start from the following three types of diet treatment.
銆€銆€First, Ganoderma lucidum stewed pig’s trotters to prevent premature aging skin wrinkles: take 15 grams of Ganoderma lucidum, 1 pig’s trotters and cooking wine, salt, monosodium glutamate, onion, ginger, lard and so on.
Wash the pig’s trotters and remove the hair. Ganoderma lucidum is washed and sliced.
Put the lard in the pot, add the onion ginger and musk after the heat, add the pig’s trotters, water, cooking wine, salt, monosodium glutamate, and ganoderma lucidum. After the fire is boiled, use a simmer until the pig’s trotters are cooked.
銆€銆€Second, pork porridge porridge to prevent dry skin, hair is not honor: take 60 grams of pork tenderloin, 90 grams of rice and sesame oil, salt, pepper.
Wash and slice the pork first, stir fry with sesame oil, add water, and add rice porridge.
When the porridge is cooked, add salt and pepper, then boil and serve.
銆€銆€The third is the silver oyster eyesight porridge control colorless: take 15 grams of white fungus, 鏋告潪 10 grams, 100 grams of chicken liver, 10 grams of jasmine, 100 grams of glutinous rice and seasonings.
The white fungus is shredded into small pieces with water, and the chicken liver is cut into thin slices and glutinous rice is used together to cook porridge.
When the porridge is cooked until six minutes, add 鏋告潪, continue to cook, then add seasoning and jasmine, then you can eat.