Financial stocks lifted this year to welcome small peak banks and brokerages

Financial stocks lifted this year to welcome small peak banks and brokerages

Original title: The lifting of financial stocks this year welcomes Xiaofeng Bank shares and brokerage stocks, which account for nearly 80%. Source: Securities Daily newspaper reporter Su Xiangyu The lifting of bans on circulating stocks often leads to pressure. Therefore, lifting stocks has been a hot spot in the market.

So, in 2020, which financial stocks will usher in lifting the ban, and what percentage of lifting stocks will affect it?

Therefore, “Securities Daily” reporter is now sorting out the financial stocks lifted in 2020 for investors’ reference.

  According to the statistics of the “Securities Daily” reporter, in 2020, the market value of financial stocks lifting of the ban (calculated on the closing price on January 6) totaled 493.5 billion yuan, of which 14 bank stocks had a market value of $ 193.1 billion, accounting for 39.

1%; the market value of 12 securities companies’ shares lifted reached 188.8 billion, accounting for 38.


This year, bank stocks and brokerage stocks together accounted for nearly 80淡水桑拿网% of the financial stocks’ market value.

  From the perspective of the types of banned stocks, the banned stocks in 2020 are mainly the initial stocks of restricted stocks issued by private shareholders and the placement of shares by targeted additional issuance institutions. Among them, the market value of the banned stocks of initial stocks of restricted stocks reached 288.7 billion US dollars, accounting for 58% of the market value of financial stocks;The market value of the ban on the issuance of shares by additional institutions has reached 112.7 billion, accounting for 23%.

Other types of shares are relatively small.

  A person in charge of equity investment in an insurance company told a reporter of the Securities Daily that a large proportion of listed companies ‘distributions lifted the contradiction and formed short-term effects, but in the medium and long term, the value of individual stocks after the test of lifting the ban may become more reasonable.Medium-, high-growth, low-estimation bank stocks are still the allocation of insurance capital, and the focus is on.

  Of the 26 securities firms, bank shares will welcome the lifting of the ban, accounting for 77% of financial shares. Among the financial shares lifting the ban this year, bank shares have the most market value.

  According to a reporter from the Securities Daily, in 2020, 14 bank shares will be lifted, including Postal Savings Bank, Yunong Commercial Bank, Zhejiang Commercial Bank, Bank of Beijing, Pudong Development Bank, Qingnong Commercial Bank, Industrial Bank, Suzhou Bank, and Zijin.Bank, Zhangjiagang Bank, Bank of Shanghai, Bank of Hangzhou, Bank of Xi’an, Bank of Qingdao.

  Based on the closing price on January 6, the Bank of China’s Bank of China in 2020 has the highest market value of lifting the ban, reaching 442.

2 trillion; Chongqing Rural Commercial Bank followed closely, reaching 307.

500 million yuan; Zhejiang Commercial Bank ranked third with 213.

200 million yuan.

The Bank of Beijing, SPD Bank, Qingnong Commercial Bank, and Industrial Bank also approached a market value of more than 10 billion, respectively, at 166.

200 million, 157.

300 million, 154.

300 million, 113.

400 million yuan.

Other banks are below 10 billion yuan.

  The 12 brokerage shares that will be lifted in 2020 are China Galaxy, Minmetals Capital, Zhejiang Merchants Securities, Hongta Securities, CITIC Construction Investment, Caitong Securities, Huaxin Stock, Hualin Securities, Zhongyuan Securities, Guoyuan Securities, China SecuritiesThe investment capital, Oriental Securities, is calculated based on the closing price on January 6, and the market value of the lifting of the ban is 626 respectively.

100 million, 318.

300 million, 234.

600 million, 186.

300 million, 140.

0 billion, 136.

0 billion, 80.

0 billion, 71.

700 million, 48.

700 million, 32.

0 billion, 7.

800 million, 6.

400 million yuan.
  On the whole, these 26 securities companies have a total market capitalization of 391.8 billion US dollars, accounting for 77% of the market value of financial stocks.

In addition to the lifting of the ban on individual stocks in these two major industry segments, financial stocks such as PetroChina Capital, South China Futures, and Ruida Futures will also face lifting of the ban this year.

  From the perspective of the main types of financial stock lifting this year, 60% of the original banned stocks of the restricted stocks were sold.For a long time, the first lifting of the ban on stocks has usually had an impact on prolonging the impact, especially the partial increase before the lifting of the ban penetrates individual stocks. After a large proportion of lifting the ban, the pressure on the pressure is even greater.

  For example, PICC, an insurance stock, entered the A-share market on November 16, 2018. At the beginning of its listing, PICC received 5 daily limit boards, and then went through a round of adjustments.

In November 2019, the PICC entered a period of lifting the ban, which continued to fall for 9 consecutive days and gradually decreased by 18.


As of January 6, PICC closed at 7.

68 yuan / share.

  For another example, on January 3, 2020, Zijin Bank’s 22.

07 billion shares were lifted, accounting for 60% of the total share capital.

30%, accounting for 85% of outstanding shares.

77%, the lifting of the ban involved 387 shareholders.

With the continued decline after the lifting of the ban, the closing of January 6th, Zijin Bank is expected to close at 5.

38 yuan, compared with November last year.

The high of 7 yuan dropped by half.

  It is worth mentioning that the scale of shareholder reductions does not exactly correspond to the peak of lifting the ban, which means that reductions and liftings do not necessarily occur simultaneously, so lifting the bans does not necessarily lead to large-scale reductions.

  China Merchants Securities pointed out that the pressure to reduce holdings caused by the lifting of the ban is more likely to be concentrated on some stocks, the proportion of equity pledges is high, and shareholders of companies with poor cash flow have pressure to reduce holdings; equity investment institutions, shareholders who have more income from lifting the ban will have more incentive to reduce their holdings.
However, considering that the beginning of the year is a period for the layout of some medium and long-term institutional investors, the entry of incremental funds can hedge the reduction in holdings brought by the lifting of the ban to a certain extent, so there is no excessive occupation in the total.

  Similarly, Zhou Maohua, an analyst at the Financial Market Department of China Everbright Bank, said that the initial ban and the issuance of restricted shares for sale are to increase the supply of stocks in the market, which will impact the liquidity of the market in the short term, but at the same time, the market situation still needs to be analyzed in detail.
If the restricted stocks are lifted, the market sentiment is high, and investors are optimistic about the stocks lifted, the capital continues to flow in and is expected to continue to rise.

In general, due to the reduction in the number of bans on the issuance of restricted shares, the impact on individual stock prices is relatively obvious.

New Hope (000876) 2019 Interim Report Review: Highly Proliferating Pigs with Biological Assets or Rapid Expansion

New Hope (000876) 2019 Interim Report Review: Highly Proliferating Pigs with Biological Assets 北京夜生活网 or Rapid Expansion

Consumable biological assets have increased rapidly. It is estimated that the number of pigs slaughtered in 2019 is expected to reach 3.3-3.5 million heads.

In addition, productive biological assets, fixed assets and construction in progress are all increasing rapidly, and it is expected that the number of listings in 2020 will continue to increase.

Maintain “Buy” rating and target price of 23.

7 yuan.

The third line bloomed, and the profit of 19H1 increased by 85%.

The company released its semi-annual report for 2019.

In the first half of the year, revenue reached 35.3 billion (same increase of 11%).

5%) and a profit of 15.

600 million (same increase of 85%).

The performance was in line with expectations.

The company’s revenue growth in the first half was mainly due to the contribution from the feed business and poultry industry.

Among them, the feed business was affected by sales growth (876 attachments, an increase of 13).

7%) to achieve revenue of 192.

600 million (same increase of 7.

8%), the poultry industry was driven by rising poultry prices to achieve revenue 97.

9 trillion (same increase of 17.


The main categories of the company’s high profit growth in the first half of the year are: 1) the rise in chicken prices has driven the company’s poultry chain business to increase profits; 2) the poultry and aquatic products sales have increased, and the feed gross profit rate has improved, driving the company’s feed business profits to increase; 3) Rising pig prices drove the company’s pig breeding business investment to narrow.

The company produced 1.34 million live pigs in the first half of the year, and the average head is expected to be 100-110 yuan.

In the first half of the year, the hog breeding business still needed to further reduce the costs of newly-built pig farms and the increase in raising costs.

We estimate that the company’s average breeding cost in the first half of the year is about 15-15.

5 yuan / kg, of which Q2 cost has now improved month-on-month.

4) During the same period in the first half of 2018, 3.

500 million assets impairment loss.

Biological assets have increased rapidly, and the scale of pig production may have expanded rapidly.

By the end of the first half of the year, the company had achieved over 1.8 million piglets and fattening pigs through the placement of piglets from its own production and outsourcing, laying a substitute foundation for achieving the goal of expanding its production.

At the same time, the company’s consumable biological assets increased by approximately 73% to 2.4 billion yuan.

We each estimate that the company’s slaughter volume in 2019 is expected to reach 3.3-3.5 million heads.

In addition, the company’s productive biological assets increased by 12% and 27% to 5.

900 million.

With reference to the situation of other livestock listed companies, we estimate that the company’s breeding pig inventory at the end of the second quarter of 2019 has reached 100,000 to 150,000 heads, a 60% -70% increase from the end of the first quarter.

At the same time, the company’s fixed assets and construction in progress have maintained rapid growth (both increased by 19% and 90% respectively), which is expected to escort the company to achieve rapid growth in the number of live pigs in 2020.

In the large-scale livestock and poultry cycle, earnings growth is expected to continue.

The pig price has entered an upward phase, the company’s production capacity has accelerated, and the profit elasticity of the pig business has to be released quarterly.

At the same time, the pork gap is expected to boost poultry prices. As the 佛山桑拿网 domestic meat and poultry leader and poultry feed leader, its feed and poultry industry profits are also expected to rise at a high level.

Risk factors: epidemic risk, pig price rises less than expected, slaughter volume not expected, raw material price fluctuations, food safety incidents.

Investment suggestion: Maintain 2019/20/21 net profit forecast of US $ 3.4 / 66 / 6.2 billion, of which the estimated profit of agriculture and animal husbandry is approximately US $ 1.749 / 4.6 billion.
With reference to the estimated levels and historical estimates of interbank listed companies, the company’s 2020 profit segment is estimated.
Maintain target price of 23.

7 yuan (corresponding to 15 times PE), maintain “Buy” rating.

GF strategy: Spring restlessness may be late and continue to adhere to the counter cycle

GF strategy: “Spring restlessness” may be late and continue to adhere to the counter cycle

[Guangfa Strategy]“Spring Disturbance” May Be Late-Five Minutes On The Weekend (January Issue 1) GF Strategy Research Dai Kang, Cao Liulong ● Looking back at the history, “Spring Disturbance” has almost “revealed” in the past 10Every year, there is a wave of “spring agitation” for 1-3 months at the end of the year.

The logic lies in the marginal looseness of inter-bank liquidity during the new year, the early introduction of generalized liquidity at an early pace, institutional investors adding new positions during the assessment season, and the theme hype driven by the “two sessions.”

The probability of “Spring Fever” starting from January or February is basically half-open, and it is often separated from the most decisive main line “offensive”: it generally coincides with the strong industry when the previous market is weak, and fits the theme of the time.
  ● Based on the current situation, “spring agitation” still needs to “wait again” this year. We believe that the probability error of “spring agitation” in early January this year is mainly restricted by the general liquidity expectation is still difficult to improve.The ability and expectations are not high, and the annual report performance of the Main Board and GEM is not good, which leads to market risk appetite.

  ● Liquidity: It is difficult to extend the general liquidity expectation to improve the policy direction of “cross-border compression of general expenditures” due to overlapping pressures on cross-border capital flows.

The November settlement exchange rate has slowed down significantly, and monetary policy has yet to be significantly loosened.

Local debt issuance in advance, but the amount of debt issuance has not increased significantly. It is nothing more than a change from “Chaochaoshu” to “Chaochaoshu.” The channels of “wide currency” to “wide credit” have not yet been opened. It is difficult to predict broad liquidityImproved competitiveness.

  ● Institutional investors: the capacity and expectation of initial position increase are limited (1) public offering: position is not low, there are not many new funds at the end of last year, and the number of “bullets” for initial position increase is limited; (2) insurance capital: position is not very highLow, floating losses contradictions, the expected future promotion of new accounting standards, insurance capital in the market with high initial volatility, the expected increase in positions is insufficient.

  ● Corporate profit: Both the main board and the GEM annual report performance reports are not good. The latest announcement of the December PMI fell below the “dry line”, and the main board annual report performance forecast is not optimistic.

The GEM performance forecast will form a significant disturbance to the increase in market risk in January-(1) the supervisory layer strengthens the determination of goodwill impairment; (2) the GEM company has the incentive to reduce the goodwill and do BigBath;3) The goodwill impairment of GEM was concentrated and disclosed in mid-late January.

  ● Profit decline and credit limit did not significantly expand, and continued to adhere to the “counter-cyclical”. From October 7, “Water Poor, Hou Jiayin-2018 A-Share Fourth Quarter Strategy Outlook” took the lead in raising concerns about global liquidity inflection points on A sharesThe impact of “How to see the inversion of US debt spreads on A shares?”

》 Judging that the game policy has ended, the market is back to fundamentals.

We maintain our previous views.

If the market is to resist the rebound, it needs to take effect on credit expansion or have important events that increase risk appetite.

“Spring restlessness” may be late, and continue to recommend configurations: 1) profitable counter-cyclical industries (thermal power, livestock breeding, games); 2) policy counter-cyclical industries (nuclear power, 5G).

Thematic investments focus on regional coordination (Xiongan, Xinjiang).

  ● Core assumption risks: The economic downturn exceeds expectations, and the RMB exchange rate is expected to 四川耍耍网 appreciate.

  The main body of the report last week’s strategic point of view. The changes worth watching last week are: from January to November, the industrial enterprises above designated size achieved a growth in profits11.

8%, a slower growth rate than in January-October.

8 averages.

In February and December, China’s official manufacturing PMI was 49.

4%, down from last month.

6 averages, below the critical point.

3. In terms of industrial product prices, the prices of rebar and cold-rolled steel all fell last week. The price of the national cement market was stable, and the price and spread of chemical products fell.

4. In terms of funds from the north, the net inflow of funds from the north to the north last week was 27.

63 trillion, a net decrease of 39 the previous week.

1.1 billion yuan.

  Last week, investors generally paid attention to the 19-year A-share layout, especially the initial “spring agitation”. The core focus is: (1) What are the characteristics of the “spring agitation” market in the history of A-shares?

(2) Is there a “Spring Fever” market earlier this year?

(3) What are the main factors that affect the “spring agitation” market?

  On, our views are as follows-1.
Looking back at history, the “spring agitation” used to be almost “annually”: “spring agitation” generally occurs in January or February of each year, and the most definitive mainline “offensive” situation often occurs.

(1) Through the review of the operating laws of the A-share spring market in the past ten years, we found that there is a wave of “spring agitation”-“spring agitation” within 1-3 months of each year.: At the end of the year and the beginning of the year, the economy and policies have entered a “vacuum period”, with marginal relaxation of inter-year liquidity, institutional investors developing new warehouse layouts, enthusiasm for the theme hype driven by the “two sessions”, and “learning effects” in the stock market.
(2) The probability that “Spring Disturbance” will start from January or February is basically half-open-in the “Spring Disturbance” of the past 10 years: 5 years have begun from the beginning of January (Table 1, white shading)There are 5 years from the beginning of February (end of January) (Table 1, yellow shading + gray shading).

(3) The main line of “spring agitation” each year generally coincides with the strong industry when the previous market was weak, and fits the theme clues at that time-empirical data, the market changes significantly 1-2 months before the start of “spring agitation”.The five industries leading the rise in this “darkness before dawn” coincide with the leading industries that subsequently entered the restless range; at the same time, the more important event catalysts at the end of the year will also lead the relevant industries to lead and become a transitional springThe main line of the market (Table 2).


Based on the current situation, “spring agitation” still needs to “wait again” this year: We believe that the probability of “spring agitation” in early January this year is still relatively large, mainly subject to: generalized liquidity expectations are still difficult to improve, public offerings, and insurance capital increase positionsThe capabilities and expectations are not high, and the annual report performance of the Main Board and GEM is not good.

(1) It is difficult to loosen the general liquidity in the early stage. The National Finance Conference at the end of December last year “established the idea of a tight schedule and strictly reduced general expenditures”. At the same time, the balance in November was significantly reduced, and the pressure on cross-border capital flows was also (2) The initial institutional capacity and intention to increase positions are not high-public offerings: current positions are not very low, and the scale of new additions at the end of last year is limited; insurance funds: current positions are not very low; expectations for the future promotion of new accounting standards, riskExpectations of a capital increase are not strong.
(3) Poor performance forecast for the 18-year reports of the Main Board and the GEM-Main Board: The economy has dropped significantly in the fourth quarter of last year, and the probability of repairing the annual report of the Main Board is different;Central release in late January.

From the perspective of liquidity: the cross-border capital flow pressure combined with the policy guidance of “strictly compressing general expenditures” makes it difficult to make monetary policy more accommodative.
The channels from “wide money” to “wide credit” have not yet been opened, and it is difficult to improve the generalized liquidity.

(1) Monetary policy has a “constant power”, and the current pressure on cross-border capital flows also makes it difficult to make monetary policy more obvious. The bank’s foreign exchange settlement and sales deficit in November was 124.1 billion yuan, a significant increase from 103.8 billion yuan in October.

The proposal of the National Finance Conference at the end of December last year “established the idea of a tight life and strictly reduced general expenditures.”

(2) Credit spreads are still high, and the channels of “wide currency” to “wide credit” have not yet been opened-from July 18 to the present, the credit spread (5-year AA corporate bond yield-5 year AAA corporate bondYield) continued at 1.

0% to 1.

At a high level of 1%, the credit environment has not improved.

The local debt was issued in advance, but the total debt issuance did not increase. It was nothing more than a change from “Chao San Mu Si” to “Chao Si Mu San”.

“The National People’s Congress authorizes the State Council to impose new debt limits for local governments in 20191.

39 trillion yuan. ”

We believe that this is just to advance the issuance time of local debt, but it has not increased the issuance and has limited effects.

A similar situation happened once on August 7 last year: the Politburo meeting requested that the infrastructure supplement shortfall be merged in advance (but only not significantly increased). On August 7, the Shanghai Composite Index and the infrastructure sector rose sharply, but the following daysContinued shock down.

The market has formed a “learning effect”, and it is expected that this local debt issuance in advance will hardly cause a competitive response in the market.

From the perspective of institutional investors: public funds and insurance funds have limited capacity and expectations for initial positions: (1) public offerings: positions are not low, there are not many new funds at the end of last year-from our recent roadshow feedback,Public funds are cautious about market neutrality, but because of concerns about market estimates, they have stepped short, and most investors’ positions are still not low.

In addition, the size of the IPO fund at the end of last year was limited, and the “ammunition” was insufficient.

(2) Risk capital: the position is not very low, affected by the new accounting standards, the intention to increase positions is not strong-according to the statistics of the top ten shareholders of listed companies, the remaining 18Q3 insurance funds held positions A stock market value of about 1.

1 trillion, the highest point since 17Q3; the extent of the change in most insurance funds in 18 years, if the position is changed or lightened, the floating loss will become a real loss; the new accounting standards eliminate the “Can sell financial assets” account, this isThe use of new accounting standards in insurance funds and even increase positions will circumvent the current environment with a high rate of change.

From the annual report performance forecast: in November, the profits of industrial enterprises continued to grow negatively in a single month. In December, the PMI fell below the “Dry Rong Line”. It is expected that the annual report performance forecast of the main board is not optimistic;Value pressure will increase sharply, and it will also form a clear pattern of market risk appetite.

In November, the monthly profit of industrial enterprises continued to fall to -1 every year.

8%, meanwhile, PMI also continued to fall to 49 below the “Dry Rong Line”.

4. It is expected that the profit of the main board will drop significantly in the fourth quarter.

The GEM performance notice will significantly disrupt the market sentiment in January-(1) On November 16, the Securities Regulatory Commission issued the “Accounting Regulatory Risk Tips No. 8-Goodwill Impairment”, which further strengthened the recognition of goodwill impairment;(2) GEM ‘s 15-year outbound M & A scale is the “highest peak”. In the 18-year report after a 3-year performance commitment, GEM-listed companies have a strong incentive to actively depreciate their goodwill as a BigBath when they merge low(3) We calculated the disclosure date of the GEM company’s performance forecast for the impairment of goodwill in the 17-year report, and found that GEM companies generally began to disclose the goodwill impairment notice from the middle of late January, and the end of January is the goodwill impairment notice.The highest peak revealed.

From October 7th, “Water Poor Place, Hou Jiayin—A Quarterly Strategy Outlook for A-shares”, we took the lead in raising concerns about the impact of the global liquidity inflection point on A-shares.How to see the impact of the US debt spread inversion on A shares?
》 Judging that the game policy has ended, the market is back to fundamentals.
We believe that ample interbank liquidity will help the market after the year, but more importantly, it is difficult to improve the general liquidity expectation. The current rate of return is certain. If the market needs a penetrating rebound, credit expansion is required.It is effective or there is an important event that enhances risk appetite. At present, we continue to recommend patiently waiting for the opportunity to gradually operate the space.

It is recommended to continue to configure profitable counter-cyclical industries and policy hedging counter-cyclical industries-profitable counter-cyclical industries (thermal power, livestock breeding, games) + policy counter-cyclical industries (nuclear power, 5G).

Thematic investments focus on regional coordination (Xiongan, Xinjiang).

  2 Important changes last week 2.

1 Real estate demand downstream in the Meso industry: Wind30 large and medium-sized city transaction data shows that as of December 28, 2018, the real estate transaction area of 30 large and medium-sized cities has gradually decreased5.

71%, about -6 the previous week.

30% increased, real estate transaction area of 30 large and medium-sized cities increased by 10 month-on-month.

96%, a year-on-year increase of 4%.

73%, up 20 from the previous week.


  Cars: According to the data of the China Federation of Passenger Transport Associations, the retail sales of passenger cars in the third week of December dropped by 36%, and about -28% in the previous week decreased.
  Midstream steel manufacturing: Rebar price index fell 1 last week.

84% to 3959 yuan / ton, the cold rolled price index fell 0.

79% to 4,309 yuan / ton.

Last week’s total steel stocks rose by 0.

97% to 797.

57, rebar social inventory increased by 4.
81% to 314.

91 tons, cold rolled stocks fell by 1.

24% to 107.

40 inches.

Last week’s steel gross profit fell, and rebar fell by 3.

04% to 1191.

39 yuan / ton, cold rolling rose 0.

21% to 1191.

87 yuan / ton.

As of December 28, the rebar futures closed at 3,404 yuan / ton, down 2 from the previous week.



According to the data of Iron and Steel Network, the average daily output of crude steel by key steel enterprises in mid-December was 183.

68 digits, down by 1 from the beginning of December.


  Cement: The price of the national cement market was stable last week.

National high standard 42.

5 The average price of cement remained unchanged at 463.

5 yuan / ton.

The average price in East China remained unchanged at 552.

86 yuan / ton, the central and southern regions remain unchanged at 505.

83 yuan / ton, North China remained unchanged at 431.

0 yuan / ton.

  Chemicals: Chemical products prices and spreads have fallen.

Domestic urea rose by 0.

51% to 1960.

00 yuan / ton, light soda ash (East China) fell 1.

71% to 1975.

00 yuan / ton, PVC (acetylene method) fell by 277% to 6,664.

14 yuan / ton, polyester filament (POY) fell 5.

19% to 8342.

86 yuan / ton, styrene-butadiene rubber fell by 1.

23% to 11,757.

14 yuan / ton, pure MDI fell by 1.
02% to 20850.

00 yuan / ton, the international chemical prices, international ethylene rose 0.

70% to 825.

29 US dollars / ton, international pure benzene fell 6.

30% to 525.

07 US dollars / ton, international urea fell 3.

70% to 253.
00 USD / ton.

  Upstream resources coal and iron ore: iron ore prices fell last week, iron ore stocks fell, coal prices fell, and coal stocks fell.

The average domestic iron ore price rose by 0.

73% to 602.

55 yuan / ton, Taiyuan Gujiao car plate price including tax stabilized at 1800.

00 yuan / ton, Qinhuangdao Shanxi mixed outstanding liquidation 5500 prices fell 2 last week.

57% to 597.

80 yuan / ton; in terms of inventory, Qinhuangdao coal inventory decreased by 6 last week.

31% to 572.

In April, the port iron ore inventory increased by 1.

95% to 14156.

43 inches.

  International Bulk: WTI rose 4 last week.

85% to 47.

At $ 59 / barrel, Brent rose 0.

27% to 52.

At $ 80 / barrel, the LME metal price index fell 0.

76% to 2809.

30. The commodity CRB index fell 0 last week.

63% to 171.

05; BDI index fell 3 last week.

57% to 1271.


2 Stock market characteristics Stock market fluctuations: The Shanghai Composite Index fell 0 last week.

99%, the top three gains in the industry are communications (2.

48%), food and beverage (1.

94%) and leisure services (1.

36%); the last three gains were steel (-3.

17%), the media (-3.

29%) and mining (-3.


  Dynamic estimation: The total PE (TTM) of A shares last week from the previous week.
10 times down to 12 last week.

98 times, PB (LF) 1 from the previous week.

40 times down to 1 last week.

39 times; A shares excluding the financial services industry PE (TTM) as a whole from the previous week18.

13 times down to 17 last week.

91 times, PB (LF) 1 from the previous week.

72 times down to 1 last week.
70 times; GEM PE (TTM) 42 from the previous week.

38 times down to 41 last week.

85 times, PB (LF) from the previous week 2.

66 times down to 2 last week.

62 times; small and medium plate PE (TTM) from the previous week 23.

87 times down to 23 last week.

53 times PB (LF) from the previous week 2.

15 times down to 2 last week.

12 times; the total market value of A shares has fallen by 0 from the previous week.

90%; the total market value of the financial services industry, excluding A shares, fell by 1 from the previous week.

20%; required consumption relative to the relative PB of cyclical listed companies from the previous week1.

62 times down to 1 last week.

94 times; relative PE (TTM) of ChiNext to CSI 300 from the previous week4.

16 times rose to 4 last week.

13 times; relative PB (LF) of ChiNext to CSI 300 since the previous week 2.

17 times rose to 2 last week.

16 times; last week’s equity risk premium was 2 from the previous week.

20% rose to 2 last week.

35%, stock market returns from the previous week 5.

52% rose to 5 last week.


  Fund size: The share of new equity + hybrid funds last week was 57.

2.7 billion copies, up from 20 the previous week.

4.1 billion shares; last week the fund market maximized a net reduction of 375.

49 billion copies.

  Balance of margin financing and securities lending: As of Thursday, December 27, the balance of margin financing and securities lending was 7,665.

98 billion, down by 0 compared with the previous week.


  New A-share account openings: According to data from Zhongdeng, the number of new investors for the week ended 21 December.

30,000, 21 in the previous week.

200,000 fell.

  Restrictions on restricted shares: 744 restrictions were lifted last week.

07 billion, 1196 is expected to be lifted next week.
2.8 billion.

  Non-reduction in size: Last week, the overall size of A shares was reduced by 40.

6.8 billion, the industry with the most reductions last week is the bank (-7.

6.9 billion), electronics (-6.

48 billion), machinery and equipment (-6.

4.2 billion), the industry that increased the most last week is light manufacturing (2.

38 billion), transportation (1.
1.7 billion), National Defense Industry (1.

1.3 billion).

  Funds from the North: Last week, the net inflow of funds from the Northbound Stock Connect to the North was 27.

63 trillion, a net decrease of 39 the previous week.

1.1 billion yuan.
  AH premium index: The A / H share premium index dropped to 118 last week.

95, the A / H share premium index for the previous week was 117.



3 Liquidity At the end of December 29th, 11 reverse repurchases were issued, accumulating USD 730 billion; 5 reverse repurchases expired, totaling USD 490 billion; open market operations (including treasury cash) were USD 240 billion.
As of December 28, 2018, R007 was up 21 last week.

68BP to 4.

83%, SHIB0R overnight interest rate fell by 10.

16BP to 1.

470%; the direct interest rates of the Yangtze River Delta and the Pearl River Delta increased last week, and the Yangtze River Delta rose by 10BP to 3.

00%, the PRD rose by 10BP to 3.

05%; term spread rose 2 last week.

98BP to 0.

63%; credit spreads rose 2.

98BP to 1.



4Overseas United States: December supplementary chamber of commerce consumer confidence index of 128 announced on Friday.

1, lower than expected 133.

7, lower than the previous value of 135.

  Japan: Friday announced December Tokyo CPI (except fresh food) 0 every year.

9%, which is the same as expected and lower than the previous value of 0.

9%; announced unemployment rate for November 2.

5%, lower than expected 2.

4%, lower than the previous value of 2.

4%; announced job hunting ratio in November of 1.

63, unchanged from the expected value, higher than the previous value of 1.
62; announced that the initial value of industrial output in November was -1.

1%, higher than expected -1.

5%, lower than the previous value of 2.


  Overseas stock markets: The S & P 500 rose 2 last week.

86% closed at 2485.

74 points; London’s FTSE fell 0.
19% closed at 6,733.

97 points; German DAX fell 0.

70% closed at 10558.

96 points; Nikkei 225 fell 0.

75% closed at 20014.

77 points; Hang Seng fell 0.

97% closed at 25504.

  2.5 Macro-industrial enterprise profits: From January to November, the total profits of industrial enterprises above designated size reached 61,168.

Eight ten percent, an increase of 11 per year.


In November, industrial enterprises above designated size achieved a maximum profit of 5,947.

500 million, down by 1 every year.

8%, a growth rate of 5 than in October.

4 averages.

  December PMI: China’s official manufacturing PMI was 49.

4%, down from last month.

The 6 averages are below the threshold, and the manufacturing boom has eased; China’s non-manufacturing PMI is 53.

8%, an increase of 0 from the previous month.

The four best indicate that the expansion of non-manufacturing industries has accelerated.

  3List of data to be announced next week Highlights next week: China ‘s December official manufacturing PMI, China ‘s December Caixin manufacturing PMI; US December Markit ‘s final PMI value, US ‘s unemployment rate in December; Eurozone ‘s December manufacturing industryFinal PMI; UK manufacturing PMI in December; Japanese manufacturing PMI in December.

  Monday, December 31: China announces December official manufacturing PMI; Wednesday, January 2: China announces December Caixin manufacturing PMI; United States announces December Markit manufacturing PMI final value; Euro zone announces December manufacturing PMIFinal value; UK announces manufacturing PMI for December; Thursday, January 3: US announces changes in ADP employment in December (10,000 people); US announces December ISM manufacturing index; Friday, January 4: US announces 12Monthly unemployment rate; changes in non-agricultural employment in the United States in December (10,000 people); the growth rate of the national house price index in December announced by the United Kingdom; the national house price index in December announced by the United Kingdom;.

  Risk Warning: Economic Downturn Exceeds Expectations, Expected Appreciation of RMB Exchange Rate

HiSec (002653): Performance slightly exceeds market expectation, ushering in 2020 harvest of innovative drugs

HiSec (002653): Performance slightly exceeds market expectation, ushering in 2020 harvest of innovative drugs

Event: On the evening of January 13, the company issued a 2019 annual performance forecast.

The company is expected to achieve net profit in 20195.


20 ppm, an increase of 50 in ten years.

05% -56.

05%; The increase in performance was mainly due to the continuous and steady growth in operating income and sales volume during the period.

Opinion: The company’s performance is slightly better than market expectations. Based on the median performance forecast, the company’s Q4 net profit is about 1.

24 ppm, a reduction of zero government subsidies received in the fourth quarter.

Net profit after 97 ppm (Industrial Development Support Fund allocated by Nanshan, Tibet) is zero.

27 ppm, if considering the 4th quarter distribution incentive expenses, the profit and loss impact of investment in Haibao Life, etc., the company’s actual operating profit contribution in the 4th quarter is expected to achieve a substantial increase over the same period last year.

Large products 苏州桑拿网 continued to increase in volume, and marketing capabilities were rapidly improved. High performance growth in 2020 is expected.

With reference to IQIVA data, we expect that the company’s exclusive product dorastron will achieve approximately 100% terminal sales growth in 2019, while the amino acid series and three-cavity bags and various oral preparations will also achieve high growth.

By 2020, the overall revenue growth rate is expected to be more than 25%. At the same time, the company’s self-employment ratio is continuing to increase, and sales costs have steadily decreased. The company’s profit growth rate in 2020 is still expected to be in revenue growth.

The blockbuster innovative drug cyclopofen is expected to be approved in 2020H1, and the domestic market has 3 billion market potential.

Cyclopentin independently developed by the company is the me-better and substitute of the most classic narcotic propofol. Cyclopofen is highly effective and safer than propofol. It is expected to cover all volume indications and adapt to aging microscopy.The disease has been reported to produce and has obtained the priority review qualification. The CDE was officially approved before the end point of the largest indication for acute attack (the lunar calendar). This indication plan is to directly implement phase 3 clinical trials in the United States in 2020, which is expected to become an innovative drug with world competitiveness;With reference to the consumption of propofol, at a penetration rate of 25%, we expect it to have a market potential of 3 billion in China.

The company’s innovative drug research and development pipeline is rich, and the long-term development space is broad.

The company’s innovative drugs are characterized by endogenous research and development. By the beginning of 2020, the company’s innovative drug pipeline is expected to have 6 molecules in clinical stage, including 2 phase III and 1 phase II. It is expected that the company will declare 2-3 IND every year in the future.At the same time, 1-2 new drugs (indications) have been approved, and the road to transforming innovative drugs has become wider.

Profit forecast and investment advice: We estimate that the net profit attributable to the parent company of the company in 2019-2021 will be 5, respectively.

1.1 billion, 6.

4.6 billion, 8.

4.8 billion, an increase of 53 each year.

3%, 26.

4% and 31.

3%; we estimate the company’s segment by business, and the DCF estimate for innovative drugs is 148.

6 trillion, generic drugs 163-195 trillion.

In summary, we give the company an overall market value of 310-342 trillion in 2020, corresponding to a target range of 28.


5 yuan, maintain BUY rating.

Risk alert events: the risk of price reduction in drug procurement, and the progress of the development of innovative drugs gradually exceeds expected risks.

Dual effects of health care——Tian Hanqiao eats ginger

Dual effects of health care——Tian Hanqiao eats ginger

The ancients had known for a long time that ginger had a health-care effect.
Li Shizhen recorded in the “Compendium of Materia Medica”, “Ginger, toil without labor, can be vegetables, can be, fruit, and medicine.
“Some people say that Tianhan eats ginger to drive off the cold, and some people say that Tianliang is dry and dry, and less ginger is eaten. How and when to eat ginger is very knowledgeable.”
  Deodorize and add flavor. In August, the ginger is tender, and the ginger is yellow, so it is also called sub-ginger or purple ginger.
The ginger that was dug out in November was ginger. It was as wide as a palm of a peasant, brownish-yellow, with little water, spicy and strong.
Seasoning and medicinal herbs all rely on ginger. Ginger can be used to remove fishy stews and increase the flavor of fish and meat.
  The spicy ingredient “Gingerolin” in ginger and freckles, ginger has a strong antioxidant effect, can quickly remove free radicals, inhibit the production of peroxidized lipids in the body, and can reduce the deposition of lipofuscin.
In other words, if you have chloasma or age spots on your face, take five or six slices of ginger and soak them in a glass of boiling water at 90 ° C or higher for ten minutes. After the water temperature drops, add a small spoon of honey and stir.
Consistent drinking for half a year can not only prevent the expansion of new spots, but also make the appearance of spots lighter.
  Eat less dry autumn ginger ginger, dry autumn climate, dry Qi hurt the lungs, and then eat spicy ginger will dry up and dry up, exacerbating the loss of human body water.
Therefore, it is not advisable to eat more ginger before the late autumn comes and before the autumn rain, so as to avoid symptoms such as dry mouth, sore throat and constipation.
Eat less ginger at night to avoid irritating the kidneys and bladder.
  Recommended: Old Chinese Medicine Brown Sugar Ginger Tea Published cold, warm and stop vomiting, benefit the spleen and stomach, warm the palace to cure dysmenorrhea, prevent colds http: // www.
com / products / detail / 7

Don’t commit the contraindication of Chinese medicine and western medicine

Don’t commit the contraindication of Chinese medicine and western medicine

The combined application of traditional Chinese medicine and western medicine is very common in clinical practice, and there are also contraindications between Chinese and western medicine.

The contraindications between the compatibility of traditional Chinese medicine and western medicine antibiotics are as follows.

  Chinese medicines containing organic acids: such as schisandra, honeysuckle, dogwood, ligustrum, ume, peony, hawthorn, coriander, papaya, tangerine peel, etc.

  Avoid compatibility with aminoglycosides and macrolide antibiotics, because these traditional Chinese medicines can increase the acidity of urine after metabolism in the body, and weaken the antibacterial efficacy of these antibiotics.

  It is forbidden to be compatible with thiamine drugs and acetyl compounds, because it can lead to an acidic environment, reduce the solubility of sulfa drugs, cause sulfa drugs to precipitate in the urinary system, form crystals, and cause crystallized urine, hematuria, urinary closure, etc.

  Basic alkaline Chinese medicines: such as jellyfish, keel, oysters, corrugated seeds and some proprietary medicines such as rhubarb soda tablets, Wubeisan, etc.

  配 Compatibility with aminoglycoside antibiotics can increase the absorption of aminoglycoside antibiotics, increase blood concentrations, enhance effects, and increase toxic and side effects at the same time. Pay attention to dose adjustment and monitoring for long-term compatibility applications.

  Avoid using with penicillins, cephalosporins, tetracyclines, furantoin, etc. The alkaline environment can affect the absorption of these drugs and reduce the degree of action.

  Traditional Chinese medicines containing metal ions: such as gypsum, mother-of-pearl, keel, oysters, talc, Mingshi, vermiculite, magnets and other shell minerals.

Avoid using in combination with tetracyclines and macrolides, so as not to reduce or disappear the efficacy.

  Chinese medicines rich in metabolites: gallicia, gardenia, pomegranate skin, edible elm, etc. Compatible with drugs such as tetracycline family, lincomycin, etc., can easily form precipitates and make the drug lose its curative effect.

At the same time, because these sulfides have certain toxicity to the liver, they can be used together with hepatotoxic drugs such as erythromycin, tetracycline, rifampicin, isonicotine, and can aggravate liver damage.

  Traditional Chinese medicine with antibacterial effects: such as honeysuckle, dandelion, Coptis chinensis, Cotinus coggygria, Forsythia, Houttuynia cordata, etc., it is forbidden to be used in combination with bacterial preparations such as lactase, yeast tablets, intestinal growth, and enzyme-enzyme tabletsCan inhibit or reduce the activity of fungal preparations.

Feeding your baby to drink Chinese medicine can not add sugar

Feeding your baby to drink Chinese medicine can not add sugar

Traditional Chinese medicine decoction works very well, but it is bitter. Needless to say, it is difficult for adults to drink.

So some people think, in order to cover the bitter taste that is difficult to swallow, can you add some sugar to the soup?

This refreshing approach should not be promoted, otherwise the lighter will reduce the efficacy and the more serious will have side effects.

In each prescription, the composition of the medicine is different from “acid, bitter, sweet, acrid, and salty”, and the medicinal properties are also different from “cold, hot, warm, and cold.”

And sugars also have certain medicinal properties and effects. For example, sugars have the effects of nourishing the lungs, replenishing the spleen, and slowing the liver.Carbohydrates are also used in Chinese medicine.

However, it is also contraindicated in clinical use.

First of all, eating more will help heat. If the patient has full abdominal distension, dampness and heat stagnates the body, sputum accumulates in the body, thick tongue coating, etc., you can generally add sugar to avoid adverse reactions.

People with sputum should not take it.

In essence, white sugar is cool and brown sugar is warm. If white sugar is added to warm medicine, or brown sugar is added to cold medicine, it will attenuate the medicine, inhibit the full absorption of the effect, and affect the efficacy.

Thirdly, the chemical composition of traditional Chinese medicine is relatively complicated. Sugars, especially brown sugar, contain a large amount of elements such as iron and calcium. Proteins and metabolites in traditional Chinese medicine can be combined with them to cause chemical reactions.

Some active ingredients in the medicinal solution are coagulated and denatured, which in turn produces turbidity and precipitation, which not only affects the efficacy of the medicine but also endangers health.

Finally, some medicines work better by stimulating the secretion of the digestive glands by using bitterness.

Coptis chinensis, for example, excites the excitement of the taste analyzer and increases the excitement of the appetite center, which causes the secretion of gastric juice to increase reflexively, thereby exerting the effect of strengthening the stomach.

If you add sugar, this effect will be lost, and the effect of treatment will not be achieved.

After the autumn equinox, health points

After the autumn equinox, health points

This article is the official official content of Fengxian said, “Bai Luqiu night, one night cool night”, “A cold autumn rain, ten autumn rain is good to wear cotton”, from the autumn, the weather is getting colder every day.

After the autumn equinox is also the most vulnerable season, Chinese medicine often said that “the disease is three points after the summer.”

The body goes through the summer heat and is most likely to get sick in the fall!

First of all, the seasonal alternation will have an impact on the body, and the body can’t adapt at the moment. It is like a high altitude reaction and is prone to disease.

Basically, the autumn air is dry and the temperature difference between day and night is large, which causes the body’s respiratory system, heat balance system and skin’s immunity to decline, unable to adapt, and naturally vulnerable to disease.

Third, many people suffer from loss of appetite during the summer, prefer cold drinks, leading to damage to the spleen and stomach, and the lack of some nutrients in the body, which are likely to cause disease problems.

After the autumn equinox, be careful about 5 major diseases to find the door.

Cooling – Respiratory disease After the autumn, the weather turns cold. If it rains, the temperature drops more obviously.

Cold air will irritate the skin. The body’s immunity is reduced due to cold, and it is unable to resist the cold and evil. It is prone to lung and respiratory diseases such as fever, cough, bronchitis, etc. In severe cases, pneumonia may occur.


Autumn dryness – When the skin is dry and the autumn wind is cooling down, the moisture in the air is also dried. Chinese medicine refers to this climate characteristic as “autumn dryness”. At this time, dry mouth, dry lips, dry nose, dry throat and stool are prone to occur.Dry knot, itchy skin, chapped, nosebleed and other symptoms.


Greedy – gastrointestinal disease folk song “Qiugua bad belly” refers to the continued birth of raw a large number of melon fruits after the fall, cold food is easy to cause disease in the body.

In the summer, in order to prevent heatstroke and cool down, people often eat a lot of fruits and vegetables, cold food, leading to damage to the spleen, spleen and yang, then diarrhea, diarrhea and other acute and chronic asthma diseases will follow.


Temperature difference – cardiovascular disease in the early morning and evening temperature difference.

For abnormal cardiovascular events such as abnormal angina and even myocardial infarction, too cold and too hot are the predisposing factors.

Therefore, patients with cardiovascular and cerebrovascular diseases should pay special attention when the seasons are replaced.


Insect-allergic rhinitis is also a season of high allergies, which is closely related to the climate characteristics of autumn.

In autumn, the wind is strong, pollen and dust are scattered in the air, which is easy to cause allergies.

In addition, the temperature and humidity in autumn are suitable for the reproduction of venous insects, which may cause allergies.

Keep in mind the “345 Gold Principles” to help you through the “sick autumn” and “three” places can not be frozen!

The doctor introduced, as the saying goes, “Spring, Autumn and Autumn”, but there are three places that can not be frozen!

Head: The head is one of the most vigorous parts of the whole body.

Under the cold, the yang in the body will be lost, causing headaches and so on.

In addition, people with cardiovascular and cerebrovascular diseases should be especially vigilant in this regard.

It is best to wear a hat when going out, and use water when washing your hair.

Navel: Chinese medicine says the navel is a god’s acupoint. Warming this acupuncture point can encourage the body’s yang, especially those who are weak in the spleen and stomach, cold, and easy to diarrhea. Pay special attention to the warmth of this part, and take the method of often applying heat in the navel., to promote the cold and help the sun.

Feet: The foot is the farthest part of the body from the heart. Therefore, the blood flows through the longest distance, and the foot gathers many meridians of the whole body. Therefore, people often say that “the feet are cold, then the whole body is cold.”

When the feet are cold, the body’s resistance will drop, and the disease will be able to take advantage of it.

“Four” regimens for the treatment of health.

Slow autumn dry – Qingfei pear 1 pear, Chuanbei 5 grams, rock sugar, honey, the right amount.

One way is to empty the interior and put it into Chuanbei, rock sugar, honey and other cooking.

The second is to cut the skin with a piece of skin, put it in a bowl and steam it. It is best to put rock sugar in the bowl. After cooking, it can be mixed with honey.

Third, after the white fungus is soaked, put it in the cold water with the pear and cook the soup. According to the taste, you can add glutinous rice, jujube and so on.

3 times a day, served in the morning, evening and evening.

Autumn cough – white radish juice autumn cough is the most annoying, drink radish juice to accelerate the effect, the effect is good.
Add fresh white radish and a small amount of water into the juice. Be careful to cut off the radish skin. Otherwise, the taste will be too hot and the stomach can be stimulated.

Drink 1 a week?
2 times.


Anti-cold-on-white ginger porridge is cold, pale, sputum, autumn weather turns cold, cold and cold also come to the door, you can drink “onion white ginger porridge”, usually drink can also prevent colds.

First, the previous rice is simmered into porridge, prepared for a small piece of scallion and chopped, then added, put the ginger into the pan, and cook 5?
10 minutes.

Both scallions and ginger have the effect of dispelling cold and dissipating heat, which can dispel the cold in the body and help eliminate cold symptoms such as cough.

In addition, scallion also has the effect of relieving phlegm and relieving cough.


Xie Qiu–American ginseng stone 斛 broth “spring sleepy autumn lacks”, many people fall easily in the fall, can not afford the spirit.

Jieqiu can drink “American ginseng stone 斛 broth”.

Both sarcophagus and American ginseng have the effect of nourishing yin and fluid.

The two are cooked together with lean meat to make American ginseng stone slime broth, which is effective not only for long-term diabetes, or coronary heart disease, thirst caused by heart failure, fatigue and other qi and yin deficiency, but also can alleviate the heat damage.Rejuvenate, ease the lack of autumn.

“Five kinds of food” should eat one more.

Citrus: Citrus is warm, sweet, appetizing, and thirsty.


Pear: Pear has the reputation of “the fruit of the hundred fruits”. The pear is cold and sweet, which can help digestion and increase appetite.

It has the effect of moistening the lungs and clearing the heart, eliminating cough and relieving cough.


Apple: Apple is flat and sweet, and it is a good product for spleen appetite.

Apples with high crude fiber content contain malic acid and precipitated acid, which have astringent and antidiarrheal effects.


Radish: Radish is cool, spicy, sweet, with stomach and digestion, cough and phlegm, good for diuretic and clearing heat and detoxification.

Eat fresh radish before going to sleep every day to enhance heart function.


Persimmon: Persimmon is cold, sweet, and fragrant. The fresh persimmon is rich in vitamins and minerals, second only to citrus, and higher than pears and apples.

Persimmon can cure hiccups, hernias and other symptoms; persimmons can cure blood in the stool; persimmon cream can cure sore throat, cough, mouth sores and other symptoms.

In addition, the temperature and humidity in autumn are suitable for the reproduction of venous insects, which may cause allergies.

“Yellow Emperor’s Internal Classics”: Qiu Duo Yang Yin to prevent the consumption of Yin and blood, the first thing to follow the “Yellow Emperor’s Internal Classic” autumn and winter nourishing yin principle, eat more nourishing Yin Run and dry products, to prevent autumn dry injury Yin.

Dry autumn climate, should eat more sesame, walnut, glutinous rice, honey, dairy, pear, sugar cane and other moisturizing foods, and reduce the consumption of onions, ginger, garlic, leeks and other spicy products, to prevent the consumption of Yin and blood,And increase the feeling of dry lips.

Dietary balance in autumn is the harvest of all kinds of fruits and fruits. Eating more fruits can correct the health and prevent the occurrence of “autumn dryness”. However, the autumn climate is getting colder, and people with poor constitution should not eat more fruits to avoid damage.The yang of the spleen and stomach.

In autumn, fish, meat, and egg foods are also abundant. The range of food choices has been expanded. At this time, attention should be paid to the balance of food and nutrition in the quantitative allocation. Pay attention to the combination of the main and non-staple foods, and the combination of vegetarian foods.It is necessary to comply with the principle of “autumn and winter yin”.

In the morning, eat porridge, push Chen Zhixin Chinese medicine to promote porridge every morning in autumn.

In the Ming Dynasty, Li Wei believed: “Gaichen began to eat porridge, push Chen Zhixin, Liqi nourish the stomach, and produce fluid, which makes people refreshed and refreshed.

“Drinking porridge is especially beneficial to people’s health.”

In addition, it is also necessary to remember “the autumn melon”.

After the fall, no matter whether it is watermelon or melon, you can not eat more, otherwise it will damage the yang of the spleen and stomach.

Need to be reminded that although the autumn is the season of tonic, but can not blindly tonic, depending on their physical needs.

Pay attention to the sentimental sentiment in the autumn, the yang is disappearing, the yin is on the rise, everything begins to fall down from the mature tip of life, the flowers and trees gradually fade, and the vitality is lost. At this time, the human emotions can also go downhill in the natural world.If the emotions and the body are not reconciled, it often leads to sorrow and low mood.

Just as Wu Shiji said in the “Liang Li Wen”: “The disease of the seven emotions is also good, reading books to relieve boredom, listening to music, and better than taking drugs.”Therefore, when you are in the “Autumn Wind and Autumn Rain”, you can listen to music, enjoy drama, or watch a humorous cross talk, so that the feelings of depression will disappear.

Here we can use a sentence to summarize the principle of autumn spiritual health, that is, to calm and rejuvenate, but to achieve this, the way is to try to eliminate distracting thoughts, in order to achieve a state of peace of mind.

In real life, people should use energy in their careers instead of “competing their names in the DPRK and competing for the city.” They should look at their fame and fortune, do more good things, and make more contributions.

How the common brain responds to old age

How the common brain responds to old age

Mr. Zheng was originally an editor of a magazine. After retirement, he continued to write, and prose, poems, etc. appeared in the newspapers. He also often encouraged and persuaded his friends with “common brain, not old”.

However, one night, he got up for a small solution, and suddenly felt that his left leg was weak and almost fell.

At the hospital the next day, the doctor asked him to do an MRI, and the result showed brain atrophy.

Zheng Lao actually pressed a big rock in his heart, becoming dull and depressed, lethargic, let alone write an article, and even too lazy to speak.

  Brain atrophy is a condition in which the brain tissue cells are correspondingly reduced, and the brain volume is reduced and changed to varying degrees.

Heredity, traumatic brain injury, encephalitis, brain dilation, cerebral hypoxia, gas poisoning, alcoholism, etc. can cause brain atrophy and lead to neurological dysfunction. Its clinical manifestations are decreased memory, decreased thinking ability, emotional apathy, and muscle stiffness.Uncoordinated movements, etc.

The senile atrophy of the brain is mainly due to cerebral arteriosclerosis and long-term destruction of cerebral blood vessels.

  When people reach old age, all organs have entered a natural decline process. This general trend is irreversible, and the human brain is no exception.

This causes wrinkles in the skull, like the white hair on the head, which is a natural law of aging.

But does a decrease in brain cells affect one’s intelligence?

Relevant research data suggest that there are more than 100 billion human brain cells, and more than 90% are dormant, and less than 10% of the cells are involved in functional activities of the brain nerves.

This shows that the potential of brain cells is large, and a small decrease in brain cells does not affect the exertion of human intelligence.

Alzheimer’s brain atrophy is a slow stepwise process, and it is one of the signs and causes of Alzheimer’s disease, but it is not equal to Alzheimer’s disease. This boundary cannot be replaced.

  How to deal with senile brain atrophy?

  First, don’t be afraid.

“They come, the security”.

The more ideological pressure, the worse the condition.

If the brain atrophy is detected and treated in time, there will be no ups and downs.

Lacunar infarction is also a senile disease. If the area is small, the lacunar space is separated, and there are no symptoms of focal nerve damage. Generally, there are no major obstacles. Area penetration and multifocal disease are generally good as long as they are treated in timeeffect.
  The second is not to be indifferent.

Despise it strategically, but confirm it tactically.

The cause of brain atrophy should be identified and treated in a timely manner.

If high blood pressure, diabetes, etc. cause or exacerbate brain atrophy, these primary diseases must be treated.

If it is brain atrophy with small stroke, Parkinson’s disease, etc., then these complications must be treated without delay.

  The third is not to leave it alone.

There is no effective treatment for senile brain atrophy.

So are we at a loss?


We can delay the development of brain atrophy and prevent it from turning into Alzheimer’s.

In addition to taking certain brain cell resuscitation agents and cerebral circulation enhancers as prescribed by your doctor, you must also use the brain reasonably.

Use and retreat the brain, but do not use the brain too much; read books, write newspapers, write articles, it is advisable to feel relaxed and happy; do not hold back, do not stand hard, put high demands on yourself.

Develop a variety of hobbies and get a proper rest in the mind.

Get plenty of sleep.

Participate in social activities, collective activities, exchange of ideas, and physical activity within your ability.

Take part in physical exercises that are suitable for you, such as gateball, walking, and Tai Chi.

Pay attention to diet and nutrition, change bad habits such as smoking and alcohol abuse.

  The First Affiliated Hospital of Zhengzhou University

Food | Ninetowns Palace Harvest Season – Buckwheat Health

Food | Ninetowns Palace Harvest Season – Buckwheat Health

Buckwheat annual herb.

The stem is red and soft.

Leaves alternate, heart-shaped, with long stems.

The color is white or reddish.

Fruit thin triangle, with edges.

The fruit can be ground into powder to make pasta.

Buckwheat food is good for the green hills, and the mulberry is full of Fangzhou.

Buckwheat “buckwheat health” buckwheat protein is rich in lysine, iron, manganese, zinc and other trace elements are richer than ordinary grains, and rich in rich fiber, 10 times that of general refined rice; buckwheat is rich in vitaminsE and soluble plasma fiber, together with gluconic acid and rutin (rutose), rutin has the effect of lowering blood lipids and cholesterol, softening blood vessels, protecting vision and preventing cerebral vascular hemorrhage.

Containing niacin components can promote the body’s metabolism, enhance detoxification ability, also has the function of expanding small blood vessels and reducing blood; buckwheat is rich in magnesium, can promote human fibrinolysis, expand blood vessels, inhibit the formation of blood clotsIt has anti-embolic effect and is also beneficial for lowering serum plasma, so buckwheat has a good nutritional and health care effect.

Buckwheat is sweet and cold, has an appetizing wide intestine, and is suffocated.

Treatment of sputum sputum, gastrointestinal stagnation, chronic diarrhea; at the same time, buckwheat can also do noodles, glutinous rice, jelly and other foods.

Buckwheat is rich in nutrients, which can not only give people food, give grass, give poultry, give honey, but also prevent disease and cure health. Buckwheat skin has always been a good material for pillows, and long-term use of buckwheat pillows is clear and hot.eyesight.

The beauty is sweet and crisp, and a spoonful of the heart is melted into the face. The oil is more fragrant, and the new oil cake is the first to taste the noodle cake.

荞 粑 粑 粑 粑 粑 粑 粑 粑 , , , , , 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 粑 , , 粑 , 粑 粑 , , , , , , , , , , , , ,Strictly check.


Green health and enjoy a low-key luxury.

Focus on buckwheat harvest processing process buckwheat shelling and milling process flow chart If you like our buckwheat welcome you to order phone: 0477-3117999 read so many buckwheat food and ask you hungry!


Jiuchenggong Tourist Resort, the small two waiting for the guests, you come to the food and crafts, we also have a good view, knocking on the simple game, knocking delicious food waiting for you!

– Autumn Tour Jiucheng Palace – Ike Khan Mongolian nomadic tribe Yuanyuan Inn train camp real people eat chicken specialties Erdos · Jiucheng Palace travel route.

Bus route (Dongsheng District) 26 Road: Bus Station – Zoo – Garden City – Jiucheng Palace – Donglian Animation City.


Self-driving route Baotou: Via Baomao Expressway – Dongsheng District – Zoo – Garden City – Jiucheng Palace Yulin: Jingmao Expressway – Dongsheng District – Zoo – Garden City – Jiucheng Palace Hohhot: Driving along the Beijing-Tibet Expressway 123.7 km, cross the Wudanggou Bridge, head toward Erdos/Xi’an/G65, turn slightly to the right ramp, shift 980 meters along the ramp, and go straight into the Baomao Expressway – Dongsheng District – Zoo – Garden City – Jiucheng Palace source: Jiucheng Palace Tourist Resort