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Housing companies continue to issue short-term debt to cope with debt due: 33 billion in outstanding debt in March

Housing companies continue to issue short-term debt to cope with debt due: 33 billion in outstanding debt in March

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  Original title: Real estate companies continue to re-issue short-term debt to cope with upcoming debts. Developers with US $ 33 billion in outstanding debt for three months have been developing to issue short-term bonds to cope with the upcoming debt repayment period.

  Real estate companies frequently issued short-term debt to replace long-term debt. On February 20, according to the Shanghai Clearing House, Binjiang Group completed the issuance of the second-term short-term financing bills of US $ 900 million in 2020, with an issuance period of 366 days and an interest rate of 3.

twenty four%.

  The prospectus shows that Binjiang Group has registered US $ 3 billion short-term financing bonds to return the issuer’s debt financing instruments.

The ultra short-term financing bonds issued this time were issued on February 24-25, 2020, with interest rates starting on February 26.

The funds raised in this period will be used to repay the 900 million yuan “17 Hangzhou Binjiang MTN001” that will expire on February 28, 2020.

  Since entering 2020, Binjiang Group has issued short-term financing bonds many times.

  On January 10, Binjiang Group stated that it will complete the issuance of the company’s first short-term financing bonds of 2020 on January 7, 2020. The actual total issuance was US $ 900 million, the issue rate was 4%, the term was 366 days, and the value date was 2020.January 9, 2014, the redemption date is January 9, 2021.

  On January 15, Binjiang Group announced that the company had issued the first phase of the company’s 2019 short-term financing bonds on January 9, with an actual issue volume of approximately US $ 900 million and an issue rate of 5.

3%.

  On February 14, Binjiang Group issued 12 quarterly notes with a maturity of 3 years and a coupon rate of 4%.

  On the signing date of the final prospectus, the balance of Binjiang Group’s outstanding debt financing instruments was 124.

5.6 billion yuan.

  Behind Binjiang Group’s repeated debt issuance, the company is under pressure to refuse to repay the debt.

The prospectus showed that from 2016 to 2018 and from January to March 2019, Binjiang Group’s current liabilities were 271.

6.5 billion, 358.

1.3 billion, 469.

5.3 billion and 603.

4.4 billion, accounting for 80% of total liabilities in the same period.

34%, 81.

61%, 68.

81% and 72.

25%.

  Binjiang Group said that in the past three years and the first period of the company’s liquidity resistance has improved and accounted for a higher proportion of total liabilities, the company has a short-term debt repayment pressure resistance risk.

If the company’s financing channels are not smooth in the future or the costs cannot be controlled reasonably, it may have a certain adverse impact on the company’s ability to repay its debt.

  As a capital-intensive real estate industry, financing and sales receipts are the main sources of funding.

Due to the impact of the epidemic, real estate developers’ sales receipts have been greatly affected.

In fact, debt financing has become the main channel for real estate transfusions for companies.

  In addition, Kerer’s research report shows that 2020 will be the peak period of housing companies’ debt issuance (Jin Qilin analyst). The annual internal debt of 95 typical housing companies will reach 500 billion U.S. dollars.During a peak period of debt repayment, the total amount to be repaid reached 33 billion yuan.

  Financing interest rates have fallen. Under this background, real estate developers re-issued short-term financing bonds and ultra-short-term financing bonds in the first two months of this year, and interest rates were reduced.

  On January 9, Jinke Real Estate issued 20 Jinke Real Estate ultra-short-term financing bonds SCP001 on January 7, 2020, with an issuance amount of US $ 800 million, an issue period of 270 days, and a coupon rate of 5.
.

3%.

  On January 17, R & F Properties issued a US $ 700 million ultra short-term financing bond with a coupon rate of 5.

4%, issuance period is 120 days.

Three days later, R & F Properties once again issued a short-term financing bond.

On January 21, R & F Properties completed the second phase of ultra short-term financing bonds for 2019, with a total issuance of USD 1.3 billion and an interest rate of 5.
28% with a duration of 270 days.
Both financings are used to replenish working capital, repay financial institution debt, credit debt and project investment.

  On February 13, China Merchants Shekou issued a US $ 1 billion ultra short-term financing bond with a coupon rate of 2.
.

70% of the issue period is 162 days. The raised funds are used to repay the company’s interest-bearing debt.

  On February 20, Gemdale Group issued a US $ 1 billion ultra short-term financing bond with a coupon rate of 2.

83%, with a maturity period of 270 days. All proceeds raised from the current bond are used to repay debt financing instruments terminated by the issuer itself.

  Some analysts said that the expansion of the issuance of short-term bonds by developers can quickly supplement the company’s cash flow and reduce financial pressure.

And developers use short-term bonds to cope with upcoming debt and exercise peaks.

  For developers, in addition to territorial debt, there is also the company’s debt due overseas.

  Bloomberg data shows that in 2020, the peak period of overseas debt repayment for housing companies will be March and November, exceeding US $ 4 billion and US $ 5 billion, 成都桑拿网 respectively.

The initial maturity scale of real estate companies’ overseas debts reached 294.

$ 6.5 billion, or about 2039.

8.3 billion yuan.

  Among them, Vanke Group will have the most debts due in 2020, with domestic credit debts, overseas debts and ABS totaling 650 maturities.

US $ 8.5 billion; followed by Evergrande Real Estate Group, with three total maturity scales of 599.

7.1 billion yuan.

The expiry scale of Dalian Wanda Group is 399.

0.6 billion, Country Garden is 283.

09 billion, Green City is 240.

3.3 billion yuan.

The expiration scale of other real estate enterprises is within 20 billion yuan.

Yunda shares (002120): business growth led the industry’s single ticket revenue declined

Yunda shares (002120): business growth led the industry’s single ticket revenue declined
Event: The company announced its semi-annual report for 2019 and achieved operating income of 155 in the first half of the year.540,000 yuan, an increase of 163 in ten years.51%; net profit attributable to mother 12.96 ppm, an increase of 29 in ten years.60%; net profit of non-attributed mothers is 11.870,000 yuan, an increase of 27 in ten years.46%.Q2 achieved operating income of 88.6.9 billion yuan, an annual increase of 173.23%; net profit attributable to mother 7.29 ppm, an increase of 22 in ten years.11%; net profit of non-attributed mothers 6.870,000 yuan, an increase of 20 in ten years.74%. The business volume maintained high growth in the first half of the year, and the market share increased.The company completed business volume 43 in the first half of the year.3.4 billion pieces, an increase of 44 per year.71%, 19pcs higher than the industry average growth rate; of which Q1 completed business volume of 17.8.4 billion pieces, Q2 completed business volume of 25.500 million pieces.Report information, the company’s market share increased by 2.06pct reached 15.62%. The adjustment of the income caliber led to an increase in revenue and revenue. Under a comparable caliber, the single-ticket income fell.In the reporting year, the company adjusted its income caliber and included fee income as income (69 in the first half of the year).18 ppm), leading to a substantial increase in revenue by 163.51%, single ticket income 3.30 yuan.Excluding the impact of the fee income on the table, it is assumed that the single ticket delivery fee is 1.60 yuan, the first half of the single-courier express business income of about 1.70 yuan, compared with the same period last year 1.74 yuan / ticket had previously fallen by 2.3%; of which, the single ticket single income is 0.73 yuan (+0.04 yuan), single ticket transfer income 0.96 yuan (-0.08 yuan). The gross profit per ticket decreased, and the company continued to optimize cost management.Under the combined caliber, the single ticket cost is 2.83 yuan, an annual increase of 134.63%; single ticket 重庆耍耍网 gross margin is 0.46 yuan, down 12 every year.68%.In the first half of the year, operating costs increased by 239.57%, much higher than 174.24% express delivery service revenue growth rate, gross profit margin decreased by 16.52% to 14.12%.The company insists on implementing and continuously deepening its “cost-leading” competition strategy based on technological innovation and refined management-based on the management and control of the full-cycle operating costs of the express delivery, the company gradually increases the potential for sorting and transportation, and increases the proportion of tractorsAnd the loading rate reduce the marginal cost of a single ticket, reduce the transportation cost through the in-transit loading system, reduce the sorting cost through automatic sorting, and continuously reduce the transit distance. 武汉夜网论坛 Investment suggestion: The company’s business growth continues to lead the industry, cost control continues to develop, service quality and quality are high, and the main business of express delivery has obvious advantages. Considering that the express business will no longer be consolidated in the second half of the year, the company’s 2019/2020/2021 EPS is expected1.21/1.47/1.76 yuan, PE is 30.23x, 25.05x, 20.84x, maintain “Buy” rating. Risk Warning: E-commerce growth is rapidly expanding, price wars in the express delivery industry, and labor costs are rising

Weixing New Materials (002372) 2018 Annual Report Commentary: PPR grows new business against trend, new regions open smoothly

Weixing New Materials (002372) 2018 Annual Report Commentary: PPR grows new business against trend, new regions open smoothly

Matters: The company’s 2018 performance growth increased by 19.

1%, EPS0.

75 yuan On January 12, 2018, the company realized operating income of 45.

7 ppm, an increase of 17 in ten years.

1%, net profit attributable to shareholders of listed companies9.

80,000 yuan, an increase of 19 in ten years.

1%, earnings per share are 0.

75 yuan; operating income of 16 trillion in the fourth quarter 武汉夜网论坛 alone, an increase of 20.

7%, the ring increased by 48.

3%, net profit attributable to shareholders of listed companies.

2 trillion, the same increase of 17.

3%, ring increase of 21%, single quarter contribution EPS 0.

25 yuan.

Profit distribution plan: A cash dividend of 6 yuan (including tax) will be distributed for every 10 shares, and the capital reserve will be transferred to all shareholders by 2 shares for every 10 shares.

The total domestic plastic pipe production in 2018 was 1,567 tons, an annual increase of more than 3%, and a decrease of 3% compared with the growth rate in 2017.

Weixing New Material has excellent brand and operation. Its product structure is mainly retail. The sales and revenue growth rate is higher than the industry. The profitability is stable. The revenue and performance have 深圳桑拿网 maintained a steady growth trend.

The company’s operating goals for 2019 are: operating income goal to strive to reach 52.

500,000 yuan, costs and expenses strive to control at 39.

About 80 ‰; gradually calculated, the target of total operating revenue growth rate is 15%, and the total operating cost control target is within 15% growth.

Comment: The retail business has high pricing power, stable gross profit margin, and reduced sales rate.

Report the company’s consolidated gross profit margin 46.

8%, rising by 0 every year.

05pct; sales rate, management rate and financial cost reset13.

7%, 4.

7%, -0.

3%, a year-on-year decrease of 1%.

3, 0.

6, 0.

1pc, R & D expense rate 3.

2%, rising by 0 every year.

8pct; period rate 21.

3%, down by 1 every year.

3 units.

The company’s comprehensive gross profit margin in the fourth quarter was 45.

8%, a decline of 0 per year.

6pct; sales rate, management rate are 14%, 4%, respectively, down 2.

8, 0.

3pct, R & D expenses and financial expenses are 3 respectively.4%, -0.

14%, each year rose 0.

8, 0.

1pct; period rate 21.

2%, a decline of 2 per year.

1 unit.

PPR business increased against the trend18.

1%, the growth rate of western and central China and export business is high.

Report on core company sales of comprehensive products21.

4In the beginning, it grows 7 every year.

8%.

By product, PPR pipe fittings, PE pipe fittings, PVC pipe fittings sales revenue increased by 18 respectively.

1%, 13%, 15.

1%; PPR, PE, and PVC products accounted for 56 of the revenue respectively.

6%, 27.

8%, 12.

2%, gross profit margin is 58.

7%, 33.

1%, 28.

8%, the gross profit margin changed by 0 in the short term.

4, -1.

4 and -0.

9 units.

By region, East China, North China, and Western China accounted for 49% of sales revenue.

8%, 20.

9%, 11.

8%; East China, North China, and West China sales revenues increased by 12.

9%, 16% and 31.

8%.

In other regions, Central China’s revenue increased by 27 in ten years.

4%, the proportion increased to 5.

7%; Northeast China revenue increased by 24.

4%, accounting for 5.

4%; revenue in South China increased by 5.

6%, accounting for 2.

9%; export business increased by 25.

8%, accounting for 3.

5%.

Profit forecast and investment rating.

In 2018, Weixing New Material’s revenue and profit both grew rapidly and steadily: the company’s products have strong retail attributes and maintain high profitability.In 2019, the improvement of real estate completion and the recovery of second-hand housing transactions in first- and second-tier cities in China are expected to benefit the company’s home improvement retail business, and the municipal and real estate engineering business is also steadily expanding.

We maintain EPS 0 for the company 19-20 years.

90, 1.

The profit forecast of 07 yuan, plus the EPS forecast for 2021 is 1.

25 yuan, with reference to the evaluation level of home improvement building materials such as Sofia, Sankeshu, and the company’s target price of 22.

5 yuan, corresponding to the doubling of the PE level on the 25th of 2019, maintaining the “recommended” level.

Risk warning: the total demand of the macroeconomic downturn; the increase in crude oil prices causes the cost of raw materials to rise.

Guiyang Bank (601997) semi-annual report comment: the performance growth rate rebounded significantly and asset quality was under pressure

Guiyang Bank (601997) semi-annual report comment: the performance growth rate rebounded significantly and asset quality was under pressure
Event: On August 26, Guiyang Bank disclosed the 19-year interim report.Revenue 67.600 million, a year-on-year increase of +12.0%; profit before provision 49.7 billion, a year-on-year increase of +12.4%; net profit attributable to mother 26.5 billion, a year-on-year increase of +16.4%; ROE reached 17.32% (annualized), maintained high; NPL ratio 1.50%, + 11BP QoQ, provision coverage ratio of 261.0%. Opinion: Performance growth has picked up significantly, ROE maintained high revenue and PPOP growth has picked up significantly.1H19 revenue 67.6 billion, a year-on-year increase of +12.0%, continued the rebound in 19Q1 (18-year revenue YoY +1.3%, a past low of nearly 6).Net interest income + other non-interest income 62.5 billion, a year-on-year increase of +20.5%; middle income 5.1 billion, a year-on-year increase of +14.2%, the proportion is still the lowest, and the structure needs to be optimized.Net interest margin fell slightly.1H19 net interest margin is 2.27%, the previous 7BP down, mainly due to the complex upward interest rate of deposits.Profit before provision 49.7 billion, a year-on-year increase of +12.4%, 5 pct upstream upstream, 7 upstream than 19Q1.3 pct, profitability remarkably recovered; net profit returned to mother 26.5 billion, a year-on-year increase of +16.4%, the long-term halving of bad write-offs constitutes the main support for performance, and the contribution of scale expansion has weakened. ROE remains high.In 1H19, the ROE reached 17.32%, -20BP a year, comparative advantage is maintained. The business continued to return to deposits and loans, and the interest rate on deposits improved, and the optimization of the asset-side structure reduced risks.At the end of 19H1, 151.5 billion loans and 269.1 billion investments were invested, an increase of 13.8%, 4.3%, adding placement biased loans.From the perspective of dismantling, loans mainly depend on corporate loans (+20.9 billion, of which +5.8 billion in construction industry and +3.9 billion in warehousing post).Investment increased by 11.1 billion from the beginning of the year, mainly due to trust / asset management plans (+5.3 billion), government and quasi-government bonds (深圳桑拿网+3.4 billion).Investment accounts for 51 of interest-earning assets.3%, non-standard accounting for 41% of investment.8%, 18 years pressure drop 6.5 pct, but 19H1 increased by 0.3 pct, the risks remain.The growth rate of deposits declined slightly, and the interest rate also increased.The balance of deposits in 19H1 was 332.9 billion, a year-on-year increase of +6.5% (18H1 is 11.8%), deposit expansion is under pressure.Among them, the current period was 159.8 billion, which was -8.3 billion from the beginning of the year, and 156.2 billion from the regular period, +24.9 billion from the beginning of the year.Therefore, the interest rate for deposits in 1H19 increased by 41BP to 2 compared with the increase in 18 years.15% is the main factor that narrows the spread. Overdue and attention rates have risen significantly, and changes in senior management may reduce risk and reduce overdue and attention rates.In 19H1, the late non-performing rate / attention rate / overdue rate were 1.50%, 3.08%, 4.49%, up 15BP / 49BP / 156BP respectively.Among them, the overdue rate went up, mainly because the overdue 1-90 days rate went up by 158BP, indicating that 3.7 billion new overdue occurred in 19Q2.The annual report also added that on August 25, it has dropped from 2.1 billion to 6.6 billion, and the static overdue rate will fall by 108BP to 3.41%.Provision coverage ratio was down 15 from the previous month.2 pct, which is 5 lower than the initial period.1 pct; loan-to-loan ratio of 3.92%, 32bp earlier than the end of 18 years.Capital consumption is fast.19H1 core tier 1 and tier 1 capital adequacy ratios were 8 respectively.84%, 10.26%, which is 77BP and 96BP lower than the beginning of the year, which is slightly tense, and there will be demand for capital replenishment in the future.The three executives have changed collectively since July.Former Chairman of the Board of Supervisors Zhang Zhenghai was promoted to chairman, former Party Committee member and vice president Xia Yulin was promoted to president, former director and vice president Yang Qi was promoted to chairman of the board of supervisors. The slowdown in scale expansion may indicate that its business risks have increased and decreased, and subsequent risks are expected to continue to clear. Investment suggestion: The growth rate of performance has rebounded significantly. The pressure on asset quality is still affected by changes in the three executives, or the risk appetite of the business may decrease.It is expected that the growth rate of net profit attributable to mothers will be 10 in 19-21.7% / 12.2% / 13.5%, the corresponding EPS is 1.77/1.98/2.25 yuan, given target assessment 1.Double 19 years of PB, corresponding to a target price of 12.50 yuan / share, maintaining the overweight level. Risk reminder: The advancement of interest rate marketization will continue to narrow the interest margin; policy tightening will exacerbate the “asset shortage”.

Public offering of quantitative hedge funds greets new students after three years

Public offering of quantitative hedge funds greets “new students” after three years

Securities Daily reporter Wang Siwen Recently, Huaxia Fund, Wells Fargo Fund, Invesco Great Wall Fund, Zhongrong Fund, Haifutong Fund, Debon Fund, and Shenwan Lingxin Fund Quantitative Hedge Fund were officially approved.

Since the approval of the seven publicly-raised hedge products has 南京桑拿网 returned after a lapse of three years, it has caused widespread market debate.

  In this regard, Hu Lifeng, head of the China Galaxy Securities Fund Research Center, said in an interview with “Securities Daily”: “For this public fund, the most important thing is to vigorously developEquity funds with a stock position of not less than 80%.

Quantitative funds, hedge funds, and quantitative hedge funds, as non-mainstream funds of a specific strategy, need to be analyzed and judged in conjunction with specific fund contracts.

It is understood that the return risk is more attractive than expected. It has been known that since January 2016, public quantitative hedge funds have not made any progress for more than 3 years.

After a lapse of three years, the public offering of quantitative hedge funds opened again. This time, 7 quantitative fund products reported by fund companies were approved.

  Regarding the marginal cause of this reopening, Ding Luming, chief of CITIC Securities Investment Financial Engineering, said in an interview with “Securities Daily”: “First of all, three budget products of Shanghai and Shenzhen 300 were officially unveiled this year.The opening is closely related to the further expansion of securities derivatives.

The second is that from November of this year, the spread of stock index futures has greatly reduced. For hedge funds, stock index futures have changed from the original cost item to the contribution of additional income. From the issuer’s perspective, the next one to twoProduct income is expected to improve to a certain extent during the year. Of course, the core key is to improve the competitiveness of products. Fund companies with product competitiveness are more willing to issue such products.

From the perspective of regulators, in the current environment, this type of product exceeds the chances of obtaining a positive return, which also conforms to the original intention of the product design.

I think the resonance of the above reasons has promoted the re-opening of publicly-funded quantitative hedge funds.

“A public fund manager who deeply cultivated quantitative and index research told the Securities Daily reporter:” The re-approval of the public quantitative hedge fund means that the market has a better understanding of the risk management properties of derivatives. In a low interest rate market environment,The configuration requirements for a variety of products have also scaled.

“” The biggest advantage of publicly-funded quantitative hedge funds is that they can make better use of stock index futures. Under the expectation of future reduction in hedging costs and low interest rate market environment, the conversion of hedge product income to risk ratio is very attractive.

The above fund manager told the Securities Daily reporter.

  The total size is 73.

From the 7.2 billion US dollars of approval information, of the 7 products approved this time, Zhongrong Smart Selection Hedging Strategy submitted application materials and was approved in 2015, and the remaining 6 products replaced 2019 application materials and approved.

Of the 7 products, 5 are sponsored funds and 4 are regular open-ended funds for 3 months.

If the issue is successful, the size of the public offering of quantitative hedge fund products will usher in a considerable expansion.

  Specifically, according to data from the Industrial Engineering Financial Engineering team, there are currently 18 quantified hedge funds in the market (1 for multi-allocation funds), with a total market size of 73.

7.2 billion.

Among them, the largest scale is Hifton Alpha Hedging, with a current size of 16.

8.9 billion yuan, followed by Hui Tianfu’s absolute income strategy, with a scale of 9.

9.8 billion yuan.

  From the perspective of income, all 18 quantified hedge funds have achieved positive returns since this year. Among them, Guangfa Hedging Arbitrage has the highest return, and returns 14 since this year.

83%.

  The Industrial Engineering Financial Engineering team issued a point of view: “At present, there are 18 quantitative hedge funds in the market, with a total size of 73.

7.2 billion.

Quantitative hedge funds aim at absolute returns, control risks through hedging strategies, and have multiple robust return characteristics.

Under the background that the current risk-free returns have fallen sharply, stock index futures contracts have increased liquidity, and hedging instruments have become increasingly abundant, they may usher in development possibilities.

“In this lawsuit, Hu Lifeng, head of China Galaxy Securities Fund Research Center, said in an interview with” Securities Daily “reporter:” At present, for this public fund, the most important thing is to vigorously developEquity funds with a stock position of not less than 80%.

Quantitative funds, hedge funds, and quantitative hedge funds, as non-mainstream funds of a specific strategy, need to be analyzed and judged in conjunction with specific fund contracts.

Overseas Chinese Town A (000069): Performance Exceeds Expected Expansion of Resource Expansion

Overseas Chinese Town A (000069): Performance Exceeds Expected Expansion of Resource Expansion

Results Review First profit in FY20181.

29 yuan, an annual increase of 23%, exceeding the expected FY18 results announced by OCT: operating income of 48.1 billion US dollars, an increase of 14%; net profit attributable to mothers is 10.6 billion US dollars, an increase of 23%, corresponding to a profit of 1.

29 yuan.

  Centralized settlement of high-margin projects drove more than 40% of gross profit.

The company’s real estate business gross profit margin increased by 14 to 69%, the tourism business gross profit margin increased by 4 to 46%, driving the after-tax gross 苏州夜网论坛 profit margin to increase to 8% to 39%, and the gross profit after tax exceeded 42%.

Due to the increase in income, financial expenses increased by 29% to 21 trillion per year, and investment income decreased by 51% (mainly due to the high base of the settlement subsidiaries in the same period last year). Finally, the net profit margin attributable to the parent was 22%, which was increased by 2 before 2017Advantages.

  The increase in leverage caused a significant increase in the net defect rate.

Short-term companies supplementing total land reserves of 1382 are generally more than a 138% increase, resulting in a 32% increase in net debt ratio at the end of the period to 84%; cash expenditure on operating activities was 10 billion US dollars, an increase of 30% over the same period of the previous year, and cash in hand contracted 7% To $ 27.2 billion, covering 1 of interest-bearing debt due within one year.

3 times (1 in 2016/2017.

0/1.

9 times).

Pioneer Company to 5.

35%?
5.

74% of the cost gradually issued corporate bonds of US $ 9.5 billion, and financing costs remained low.

  The development trend continued to expand actively in the beginning of the year.

At the end of the period, the company ‘s total soil reserves increased by 99% to 2379 Universal (residential land 593 million), of which 75% are distributed in first- and second-tier cities. We expect to support the company ‘s sales in the next 5 years;With an annual growth rate of 92%, we expect to continue to accelerate the expansion and continue to replenish the quality resources of core cities.

  The tourism and cultural business has been fully promoted.

The operating income of short-term company tourism business increased by 6% to US $ 19.7 billion, and the number of tourists received increased by 16% to 46.96 million.

The layout of cultural tourism projects in Xiangyang, Zhengzhou and other places has been completed.
Five years plan to open Happy Valley in Nanjing and Xi’an successively, and land the Happy Coast and its upgraded version in Shunde, Nanjing, Nanchang and other places.

Initially, the company invested in the same journey, with a total investment of more than 2 billion U.S. dollars. In the future, the company plans to further strengthen mergers and acquisitions to develop innovative tourism business.

  Earnings forecast Considering that the company’s accelerated expansion is expected to increase future performance, we raised our 2019 earnings forecast by 12% to 1.

48 yuan?
Profit forecast for 2020.

66 yuan.

  Estimates and recommendations The company is currently trading at 5.

2/4.

6 times the 2019 / 2020e price-earnings ratio, maintain the recommended level, raise the target price by 17% to 9.

65 yuan (mainly due to the company’s expansion and acceleration to increase performance), the new target price 深圳桑拿网 corresponds to 6.

5/5.

8x 2019 / 2020e target P / E ratio and 25% upside.

  The settlement progress of risky real estate business was less than expected.

Social Networking: Privacy is no longer absolute

_1

Social Networking: Privacy is no longer absolute

According to internet news: On the forum of the CBD Headquarters Apartment in Beijing, a netizen with a signature of “itu” asked community netizens to vote on whether to continue their relationship with this boyfriend.

Because her boyfriend did not care enough for her, nearly 80% of netizens supported itu to impeach her boyfriend.

In the past, it was said that “distant relatives are worse than close neighbors”. This statement seems to be not applicable in today’s cement forest commercial buildings.

  However, through the medium of the community network, the neighbors next door may rarely meet and say hello, but this does not prevent each other from chatting and discussing online.

Even voted for the love direction of female neighbors.

  In modern society, the distance between people is subtle and unpredictable. The people around them may not say a few words, but there are so many people who are willing to confide their hearts to strangers on the Internet.

People should enjoy the convenience brought by scientific and technological progress.

In voting for a boyfriend, we saw the objective, fair, healthy, and sunny life of the Internet.

  From this, I thought of another thing: a pair of men who succeeded in online dating posted a post on the eve of their marriage, inviting netizens who drove in the same car with them to drive to their wedding.

In the early morning of the next day, the groom opened the window and saw that various cars downstairs and the same models of cars have been exhausted a lot . In the virtual space of the Internet, there is also a real touch.

  No matter how i make her decision, at least during this voting process, she will be concerned and comforted by strangers around her.

With the discourse space of the Internet, the so-called absolute privacy can also be shared with others, and some psychological problems of people will be relieved to a certain extent.

The relationship between people suddenly becomes so close.

How can children’s medication be safe?

How can children’s medication be safe?

Experts say that there are two major reasons for children’s unsafe use of drugs. One is the lack of common knowledge among parents about medication, there are misunderstandings in medication, and the other is the lack of medication for children.

  After your child became ill, as a parent, have you been troubled by “decreasing the dosage of children” on the drug insert?

Ever worry about “lack of data” about the safety and effectiveness of medications for children?

So how can we ensure children’s medication safety?

  Recently, a “Children’s Safe Medication Survey”, which is expected to understand children’s medication habits and potential risks, was launched in Guangdong. Data show that the rate of unreasonable medication for this child is as high as 12% -32%.

The incidence of adverse drug reactions in children is about 12.

9% of newborns are up to 24.

4%.

Experts say that there are two major reasons for children’s unsafe use of drugs. One is the lack of common knowledge about medication, and there is a misunderstanding of medication, and the other is the lack of medication for children.

  Improper use of medicines by children is very common. “There is always a small medicine box at home, but every time I give my child a headache, it is either a half pack or an adult supplement. It is not good and I am afraid it is not allowed.”
“Ms. Zhang, who lives in Nancheng, told reporters.

Ms. Zhang said that her daughter is one and a half years old this year, and there are many commonly used medicines in a small medicine box kept at home, but every time she encounters a sick child, she still can’t figure out how to give her medicine.

  The reporter learned in the interview that many parents have the same troubles as Ms. Zhang.

“Last time, my husband and I were not at home, just in time for the child’s stomachache. The child gave the child medicine for purging fires, and he didn’t pay attention to the dose. Later, the child’s stomach pain worsened.

“Ms. Xin said that when she returned home, she found that the child was suffering from a cold stomachache, and immediately gave the child half a pack of mild tonic pills, but the child gave the child a whole pack of purgative medicine. Fortunately,It does not produce much anisotropy.

Another time, the child had a high fever, and the child’s uncle watched a TV and said that a child’s antipyretic medicine was good, so I bought it for the child. A few days later I heard that the drug was not good for the child’s development.Throw away any medicines stored at home.

“Ms. Xin has considered this.

  Li Wei, director of pediatrics at Taiping People’s Hospital, said that in daily admissions, improper use of medicines by children is very common, and there are more adverse reactions caused by transformation.

Specifically, some parents give their children some pain medicines, or drugs such as quick-acting cold and cold capsules, which contain ingredients that may cause the child’s physical resistance; some antipyretics are used for babies under 3 months oldIt is very serious. Doctors generally do not use antipyretics for babies under 3 months of age. Some compound preparations contain ingredients that are not safe for the child. Because of the misunderstanding of advertising, the exaggerated drugs purchased are also beneficial to the child’s bodyImpact.

  In the interview, a single reporter for children ‘s medicines found that in general, infants and children under the age of 2 will take extra care when taking medication and will repeatedly ask their doctors. For older children, if they have a cold-like illness, parents willWill relax your vigilance and “prescribe” your child.

  Ms. Zhang’s son is 6 years old.

Ms. Zhang said that she would also give the child some adult medication, but she would read the instructions carefully, but only some information in the instructions, such as “Pediatric reduction”, “Please follow the doctor’s advice”, “Adverse reactions are not clear” also let herIt’s weird, I don’t know what to do.

She said that if there were medicines for children, parents’ doubts would be resolved.

  In random interviews, many parents also expressed this intent, hoping for real children’s medicine.

It is understood that the so-called children’s medicine refers to the design suitable for children’s special physique and needs, using correctional flavoring agents to improve the bitter taste of the entrance, and improve children’s acceptance.

Another feature is that a dose scale or feeder is included in the package, allowing parents to easily grasp the dose.

  The reporter learned in an interview with supplementary pharmacies that currently there is a single variety of children’s medicines, most of which focus on medicines such as cough and cold. Other medicines, especially topical medicines, have very few varieties.

  In a pharmacy in Guantai Road, a salesperson said that the proportion of children’s medicines in all pharmacies’ medicines is very low, and most of them focus on medicines such as cough and cold. Others are some children’s health products.

The total sales of children’s medicines are average, and a few boxes cannot be sold in a month.

The child is uncomfortable. Most parents take their child to the hospital, and the ones who come to buy the medicine are also brought by the doctor.

  It is difficult for parents to inject a dose. “Every time the child is sick, the most difficult thing is to take the medicine dose. You need to read the instructions and calculate at the same time.

The reporter interviewed a number of parents of children randomly and found that the estimated dose of the drug is hard for the parents.

Many parents also feel confused when faced with the words “Children take under the guidance of a doctor” and “Children’s discretion” on the drug instructions.

  Many parents also said that taking medicine for their children is a headache, either because the pills are too bitter, it is difficult for the child to take them, or it is difficult to calculate the medicine dose accurately.

At least eating too little will affect the efficacy, eating too much is afraid of causing potential.

“Today, you can only read the instructions for your child’s medication, but the instructions are vague.

In this case, you can only dare to give your child medicine after repeated comparisons.

Ms. Xin reluctantly told reporters.  Ms. Liu, who lives in the first city of Jiangnan, said that because she was not assured of medicines, all the medicines purchased by her family for half-year-old babies were Hong Kong medicines.

She feels more relieved that these medicines have a directed dose based on the age of the child.

  In this regard, Li Wei introduced that children are not “smaller versions” of adults. They have different physiological characteristics. Taking adult medicine will damage organs. Even if the amount is reduced, there are risks, especially for children with special constitutions.May be life threatening.

Li Wei said that many domestic pharmacies currently sell over-the-counter medicines, most of which are for older children.

In comparison, the labeling of drugs purchased in Hong Kong is relatively clear, but even this is difficult to be 100% safe, because the dosage of children’s drugs prescribed by doctors is calculated based on weight, age, etc. It is difficult for parents to grasp this.

  Because of the lack of child-specific medicines, children’s medications are often prescribed by children. Instead of adults, they have adopted a long-standing practice of doctors and parents giving medicines to children.The complex “mathematics problems” for children’s weight calculation also lay a hidden danger for children’s medication safety.

  Because children’s physiological development is not mature, doctors are particularly cautious in taking medications. Even children, newborns, and infants of different growth stages are not the same when using certain medicines.

Li Wei said that children under the age of half should pay special attention to medication.

  The first requirement for children’s medication is safety. Li Wei suggested that from the family’s standing medicine, the children’s standing medicine is usually antipyretics, colds and gastrointestinal drugs. Children with more than 3 months in the family can prepare some, specific varietiesCan fully communicate with the doctor, clear the role of prescribing, giving medicines, functions.

In this way, the child can take necessary medicines and suitable medicines, thereby avoiding secondary harm to the children.

  Li Wei introduced that three steps are required to ensure the safety of medication. Before medication, doctors and pharmacists need to communicate with each other. Parents and doctors need to communicate to ensure that medications are used properly and well.

In the process of medication, because children are of different ages, the size of the dose must be calculated based on weight; at the same time, it is also necessary to pay attention to whether there is a contraindication to the use of various drugs.

After taking the medicine, pay careful attention to your child’s reaction and communicate with the doctor in time so that the doctor can make adjustments when taking the medicine.

  Li Wei also suggested that parents can usually browse more professional websites to understand the concept of correct medication, such as antiviral drugs such as antibiotics and some traditional Chinese medicine preparations.

In addition, parents should pay attention to the identification of some inadequate advertisements, and do not trust them.

  Pediatric medication common sense: Antibiotics: It is best to follow the doctor’s advice, and use narrow-spectrum antibiotics, single drugs, sufficient doses, and foot treatments. Do not stop using them by yourself.

  1. Antitussive and antiasthmatic drugs: Infants and young children generally do not need antitussive drugs, and more expectorants are used. Asthma promotes local absorption.

  2. Antidiarrheals, laxatives: No antidiarrheals are prescribed for children with diarrhea. Oral rehydration therapy, intestinal mucosal protective agents, micro-ecological regulators, etc. are usually used; most of the minor constipation is caused by fire. Generally, laxatives are not needed and can be taken appropriatelyQixing tea or diet to regulate.

  3. Medication for breastfeeding: Atropine, phenobarbital, salicylic acid, etc. can affect infants through breast milk, so use it with caution.

  4, sedative shock drugs: generally not used, when the diagnosis is clear, you can choose appropriately.

  5, antipyretics: infants and young children less than 3 months should use physical cooling method to reduce fever, children older than 3 months body temperature exceeds 38.

Antipyretics can be used at 5 ℃. Antipyretics above 39 ℃ should be used in combination with physical methods.

  6, but it should be reminded that the use of antipyretics should pay attention to: 1) children are not recommended to use analgin and aspirin; 2) against the use of glucocorticoids as antipyretics; 3) acetaminophen and ibuprofen can be used4) Be sure to carefully observe the child’s reaction and mental state after using antipyretics.

Drinking a milkshake for PMS

Drinking a milkshake for PMS

Core tip: The right time and the right drink can help you beat premenstrual syndrome (PMS). Studies have found that the potential for vitamin D and calcium supplementation is likely to change estrogen levels in the body, which can helpReduced risk of PMS by 40%.

  Although experts recommend that people drink eight glasses of water a day, most people drink less than three glasses.

Many people don’t like the taste of boiled water, it’s okay, there are many other options, these drinks are wholesome.

In fact, getting the right drink at the right time can help you beat premenstrual syndrome (PMS), stay awake, and treat headaches and more.

So the next time you feel thirsty, take a drink and make your body healthier.

  Drinking a milkshake for PMS female friends want to eat before menstruation every month, so why not indulge your taste buds these days, drink some desserts to prevent and alleviate complications and other symptoms?

Studies have found that the potential of vitamin D and calcium may cause it to change estrogen levels in the body, thereby reducing the risk of PMS by 40%.

  So you can try this low-calorie treatment: Mix 1 cup of skim milk with 1 cup of frozen strawberries.

This 160-calorie drink gives you 25% of the calcium and vitamin D you need.

  Drinking apple juice to relieve headaches for a day at work makes you feel nervous and can’t breathe because of work?

Apple juice or apple cider (hot and cold dialysis) can significantly relieve your headache, and its treatment time is as long as that of an aspirin.

Studies have shown that if you like the fragrance of fresh apples, it will have a very significant healing effect on your body.

On average, people say that the taste is 90% odor, and green apples or any single apple juice (either freshly squeezed or concentrated) can help alleviate the pain caused.

  Drinking lemonade to boost energy Whether you want to stay energized in the morning or feel depressed in the afternoon, drinking lemonade is a good choice.

A study from Chicago showed that lemon flavor can control anti-fatigue effects by stimulating nerves in the nose, which in turn can “wake up” the sensory system in the brain.

  Drinking pure coffee doesn’t get confused in the morning. When you are unwillingly pulled up in the morning, you can try pouring a cup of Java coffee for yourself.

Caffeine stimulates your nervous system, and you feel more awake and smarter.

According to personal preference, some people like sweeter coffee, but it should be noted that low-fat or skim milk is added instead of a spoonful of sugar.

This is because if you add a lot of cream or a lot of sugar, this will even affect your waistline, and these substances can not provide the energy required by the human body for a long time.

Pure milk can supply the protein and glucose needed by the body, which helps to maintain the stability of blood sugar more continuously.

  Drink ginger tea to regulate your stomach. When your cold stomach hurts, your mother may let you drink ginger ale.

Ginger is helpful in resolving acid reflux and relieving the symptoms of nausea.

However, the taste of carbonated soda is unbearable for some people, so you can add it to two or two small pieces of ginger in ordinary tea water, or put some tender ginger pieces in a pot of boiling water, and cool it for five minutes before drinking.

Chamomile tea and mint tea have also been found to relieve abdominal pain, but you should avoid using mint if you want to treat heartburn, which may exacerbate gastric reflux.

  Drinking grapefruit juice to consume a small amount of grapefruit (grapefruit) is known as “weight loss food” is not the plot of the novel.

A 12-week study of 108 obese patients found that those who drank 8 grapefruit juices per meal improved by about 3 on average.

3 pounds.

To ensure that the weight loss effect of grapefruit did, the researchers compared: Some patients who drank the same amount of apple juice overdose did not lose any weight.

  Drinking low-fat chocolate milk restores the energy and flavoring of milk. The optimal ratio of glucose to protein is about 3-4 grams of carbohydrates per gram of protein.

Although most “recovery drinks” provide carbohydrates and electrolytes that are lost through sweat, protein supplements can help you recover quickly after exercise.

Milk also contains bone-enhancing nutrients such as calcium, which cannot be provided by sports drinks.

Why choose chocolate milk?

If you blend milk into real cocoa powder, this beverage supplemented with antioxidants can better help the body repair muscles.

  Drinking green tea improves memory According to a recent study in the United States, if you feel you are a bit forgetful, improving the brain’s properties in green tea can help you think more quickly.

Researchers determined that the elderly who drank at least two cups of green tea a day reduced their volume of cognitive dysfunction by nearly half compared with those who drank green tea only three times a week.

And coffee, black tea, and oolong tea can be found to help improve the nerves in the brain.

Beautiful races can be made in the kitchen

Beautiful races can be made in the kitchen

When using diet therapy for skin care, if you can choose different diet therapy varieties according to different complexions, you will achieve better cosmetic results.

Just move your hands.

  Pale-looking type-Honey Jujube and Peanut Jujube pale: Causes of blood circulation problems due to kidney deficiency.

  Preparation method of honey and peanut dates: 100 grams of red dates, 100 grams of peanut kernels, put some water in the pot after soaking in warm water, cook on low heat until cooked, add 200 grams of honey, until the juice is thick and cease the fire, you can also cook in a pressure cooker 30Minutes, the honey is ready for the peanut kernels, and the red dates are cooked into the pot.

  Effects of Honey Jujube Peanut Jujube: Red Dates Qi, Peanut Clothing Blood, Moisturizing Peanut Meat, Honey Qi.

  Face with multiple wrinkles-dried fruit yam mud causes multiple wrinkles: deficiency of the spleen and stomach.

  Preparation method of assorted yam: 500 grams of fresh yam or potato cooked, peeled, pressed, and squeezed into a dough shape, topped with peach kernels, red dates, hawthorn, green plums and other fruit materials, cook in a steamer for about 10 minutes, And then topped with honey.

  The effect of assorted yam: yam nourish the spleen and kidney, peach kernel nourish the lung, nourish the kidney, moisturize and dry the brain, and red dates nourish qi and nourish blood.

Comprehensive effect makes skin wrinkles stretch, smooth and moisturized.

  Face Fatty Type-Reasons for Face Fatty Caused by Fried Rice in Rapeseed: Yang Deficiency, Insufficient Kidney Yang, Water on the Head and Face.

  Preparation method of fried rice rapeseed: 200 grams of rapeseed, washed and cut into long sections, and fried with oil.

Then add 50 grams of warm sea water that has been soaked in warm water, add an appropriate amount of chicken broth and stir-fry, add salt, monosodium glutamate, and thicken to serve.

  The efficacy of fried rice rapeseed: rapeseed diuretic and dehumidification, sea rice tonic kidney, chicken soup tonic deficiency Qi.

Comprehensive quality makes facial puffiness subside.

  Dark face-chestnut stewed cabbage causes dark face: insufficient kidney qi, concentration of yin.

  Method for stewing cabbage with chestnuts: 200 grams of raw chestnuts, shelled, cut in half, simmered with duck soup until cooked, add 200 grams of cabbage strips, salt, monosodium glutamate only, thicken cabbage when cooked.

The effect of chestnut stewed cabbage: duck nourish yin and tonic, chestnut spleen and kidney, and cabbage tonic and moisturize.

The comprehensive quality makes the complexion fair and bright.

  Rough-faced type-The reason for the rough-faced bamboo shoot sea cucumber is that the blood of the yin is insufficient, which is seen in the dry-type constitution.

  Method for preparing bamboo shoots sea cucumber: 200g sliced sea cucumber, cut into strips with 100g slices of fresh bamboo shoots or bamboo shoots, and cook with lean meat, add salt, monosodium glutamate, sugar, wine, thicken and eat.

The effect of bamboo shoots burning sea cucumber: sea cucumber nourish yin and nourish blood, bamboo shoots clear heat.

The comprehensive effect makes the skin delicate and light.