National Securities (600109): Net profit increased 16% year-on-year better than peers

National Securities (600109): Net profit increased 16% year-on-year better than peers

Investment highlights: Investment banking business expanded in 18 years, but IPO reserves are still abundant.

The differentiated service model featuring active management has steadily increased the scale of special asset management.

Steady investment strategy, achieved high investment returns in 18 years.

Reasonable value range 10.

30-10.

99 yuan, maintain the “excellent than the market” rating.

  Event: National 青岛夜网Gold Securities realized operating income of USD 3.8 billion in 2018, -14% per year; net profit attributable to its mother was USD 1 billion, -16% per year; corresponding to EPS 0.

33 yuan.

In the fourth quarter, the operating income was 13 trillion, ten years + 5%; the net profit attributable to mothers was 3 trillion, ten years-7%.

The larger-than-expected net profit was smaller than that of its peers mainly due to the company’s higher investment income.

No credit impairment loss has been accrued for 18 years, and USD 200 million has been accrued for asset impairment losses.

Brokerage / underwriting / asset management / index / investment income accounted for 26% / 19% / 4% / 15% / 28% of operating income respectively.

  Develop a high customer service system and build core competitiveness.

Realizing brokerage income of 10 million US dollars, -20% per year.

Share-based trading market accounted for 1.

39%, a slight increase in one year, the commission rate is 0.

031%.

As of the end of December, the balance of Liangrong was 5.9 billion and the market share was zero.

78%, the market share increased by 0 in ten years.

04ppt.

The un-decompressed market value balance of stock pledges was 545 million, an increase of + 8% over the previous 17 years; a surplus of US $ 3.7 billion from self-owned finance.

  The scale of investment banking business in 18 years, but IPO reserves are still abundant.

Realized underwriting income of 70,000 yuan, -47% for the whole year.

The scale of underwriting of stocks and bonds is -64% and -15% each year.

The scale of equity underwriting was 13.1 billion; of which 4 were IPOs and 2.5 billion were underwriting; 12 were refinancing and 10.6 billion were underwriting.

The scale of bond underwriting was 29.9 billion yuan; the underwriting scale of corporate bonds and corporate bonds reached 8.3 billion yuan and 2.9 billion yuan respectively.

There are 113 IPO reserve projects, of which 9 are main boards, 9 are small and medium-sized boards, and 16 are GEM boards.

The company registered 137 Bao Dais, ranking 5th.

  The differentiated service model featuring active management has steadily increased the scale of special asset management.
Realize asset management income of 10,000 yuan, -29% per year.

The scale of entrusted management is US $ 142.9 billion, a year-32%; of which the scale of collective asset management is US $ 2.5 billion, which is -73% for decades; the scale of targeted asset management is US $ 109.2 billion, each time -36%;, + 7% for one year.

  Steady investment strategy, achieved high investment returns in 18 years.

Realized net investment income (including fair value) of 11 ‰, + 126% per year.

The company adopts a stable investment strategy, proactively reduces risk appetite, and appropriately expands the scale of bond investment to achieve higher investment returns.

  Investment suggestion: We expect the company’s total net profit for 2019-2021E to be 0.

42, 0.

45, 0.

48 yuan, the absolute net assets are 6 respectively.87, 7.

22, 7.

6杭州桑拿网 0 dollars.

We give it 1 of 2019.

50-1.

60 times PBR, corresponding to a reasonable value range of 10.

30-10.

99 yuan, maintaining the “primary market” rating.

  Risk Warning: The continued downturn in the market will lead to the expansion of business scale and further strengthening of market supervision.

Fuling mustard (002507): improvement of fundamentals, grasp of estimated repair

Fuling mustard (002507): improvement of fundamentals, grasp of estimated repair

The growth rate of mustard mustard Q3 income / operating profit / attribution net profit was 8% / 2% /-7%, the income statement performance slightly exceeded market expectations, advance receipts fell under a high base, the overall statement of the report is consistent with the channel caliber.

Q3 gross profit margin was strengthened by cost dividends, and the increase in sales expense ratio under high channel and brand expenses.

Considering that the forecast of foreign exchange dealers has gradually turned positive and the channel inventory has fallen, we judge that the company’s fundamentals have basically stabilized and the channel adjustment is nearing completion.

Although the terminal demand is still severely weak, the company is responding to the poor market environment and is exerting stronger subjective initiative, research and development, and market follow-up.

At present, it is estimated that relative to the overall condiment sector, the company’s ROE level is definitely at a discount, and it is close to the bottom of historical forecasts. It has a certain margin of safety. It is recommended to pay attention to the oversold opportunity. We slightly adjust the EPS in 19-20 to 0.

86, 0.

96 (previous time 0.

9, 1.

02), considering the evaluation switch, raise the target price to 27 yuan (corresponding to 28X next year), and maintain the “prudential recommendation-A” rating.

The growth rate of mustard mustard Q3 revenue / operating profit / attribution net profit was 8% / 2% /-7%, total revenue for the first three quarters of 201916.

40,000 yuan, an increase of 3 in ten years.

8%, operating profit 6.

110,000 yuan, an increase of 3.

3%, net profit attributable to mother 5.

180,000 yuan, down 1.

0%.

Of which 2019Q3 income was 5.

180,000 yuan, an increase of 7 in ten years.

6%, operating profit 2.

390,000 yuan, an increase of 2.

2%, net profit attributable to mother 2.
.

30,000 yuan, down 6.

8%.

Q3 cash back 6.

1.4 billion, down 1 year.

3%, mainly due to the high base effect last year.

Net operating cash flow 2.

1 trillion, a reduction of 0 a year ago.

500 million.

The increase was mainly due to the increase in promotion and transportation fees paid in this period.

Cost dividend guarantees increased gross profit and sales expenses continued to increase.

Under the cost dividend, the company’s gross profit margin increased by 2 in 19Q3.

From 7% to 60%, the sales expenses increase by 33 million each year, and the expense ratio increases by 5.

7% to 13.

7%, which is expected to be related to channel fission, brand sponsorship and other supplements.

It is worth mentioning that the company’s R & D investment has increased significantly this year, which is expected to be related to the acceleration of new product development.

The operating profit margin of Q3 increased slightly, but due to the high base of external operating income, the net profit attributable to mothers increased negatively.
Fundamentals have stabilized, and seeds of optimism are germinating.
This year’s Q3 accounts received in advance1.

3 billion, a reduction of 55 million a year, assuming that the amount of advance receipts is flat every year, and the income is broken down by a small number, which is consistent with our channel tracking caliber.

According to grassroots analysis feedback, although the introduction of Q3 is weak, the channel inventory has fallen to a reasonable level, and we believe that the merchants have resumed positive growth.

Although the company performed mediocrely in terms of performance and performance from the second quarter to the third quarter, we see that the company as a whole shows an attempt, the fundamental risk factor “inventory level”, and the potential risk factor “estimate” mean is reasonable and higherHigh investment in market construction is good for future development, and we suggest that at this point, the company can be more optimistic.

Adjust for new issues, pay attention to oversold opportunities, and maintain the level of “Prudent Recommendation-A”.

The pickled mustard Q3 income statement performed slightly better than market expectations. Considering the sales situation and inventory level, we judge that the company’s fundamentals are basically stable and the channel adjustment is nearing completion. Although the terminal demand is still weak, the company is responding to the poor market environment and is playing a more important role.Strong subjective initiative, research and development, and market development are 成都桑拿网 good for follow-up efforts to maintain long-term stable growth.

At present, relative to the overall condiment sector, the company’s ROE level is definitely discounted, and it is close to the bottom of historical estimates, which has a certain safety margin.

Let’s slightly adjust the EPS for 19-20 to 0.

86, 0.

96 (previous time 0.

9, 1.

02), considering the evaluation switch, raise the target price to 27 yuan (corresponding to 28X next year), and maintain the “prudential recommendation-A” rating.

Risk warning: economic downturn consumption weakens, upstream costs fluctuate

Ren Zeping: Reform cattle 2.

0 Outlook for China’s Economy and Capital Market

Ren Zeping: Reform cattle 2.

0 Outlook for China’s Economy and Capital Market

Zeping Macro Macro Ren Zeping experienced five years of bear market in the long dark night, and the market was in a tragic mood. In 2014, the author put forward “5000 points is not a dream” and “the last battle against the bear market”.

  In 2015, when the market was about to reach 5,000 points, it was in a state of extreme fanaticism. When the “selling house and stock market” became popular, the author proposed “I rationalized the market and became crazy”, “the altitude has been high and the wind has been walking slowly”, and predicted that “house prices doubled.”

  At the end of 2018, when the “departure theory” and “washing and sleeping” ideas became popular and the market was extremely pessimistic, the author proposed that “A lot of A shares are now very cheap” and “the best investment opportunities are in China”.No, it’s Thai. ”

  Is the future predictable?

This mysterious question has long been controversial, sometimes as if we were presupposing astrology.

But when we start to explore the world of the economic cycle and the nature of human nature, it can help us understand and even master the law of development of things, make decisions more correct, and be different.

  Focusing on the analysis of macroeconomic indicators for 20 years, I deeply feel the essence of basic research and logical framework, and believe that independence and objectivity are the foundation of research (see the work: “New Cycle-China’s Macroeconomic Theory and Practice” “Real Estate Cycle”).

He has participated in major debates in the macro field for many times. At first he was a minority, but it was widely accepted and verified by economic operations.

In 2010, he participated in the research and proposed the “speed-up shift”, 2015 forecast “economic L-type”, and 2017 forecast “new cycle”.

  What is the main logic of the bull market that started in early 2019?

Where does the future go?

This is the most concerned issue in the current market.

  In 2014, the author first proposed the “reform cow” and created the “buffalo” and “transition cow” analysis framework and logical system, which are widely spread in the market.

  We believe that this is an upgraded version of the “Reform Bull”, namely “Reform Bull 2”.

0 “.

  First, this is an upgraded version of the “Reform Bull”: “Reform Bull 2.”

0 “According to international experience, the successful catch-up economies have shifted around the per capita GDP of 11,000 international dollars, with the average economic growth rate from 8.

3% dropped to 4.

5%, a decrease of about 50%.

With the demise of demographic dividends, rising labor costs, and technological progress from imitation to innovation, China’s economy has been facing growth shifts and structural changes in recent years.

At present, the main challenges facing the Chinese economy are structural and institutional issues, rather than externalities and problems. Therefore, reform and opening up is the only way out. Water stimulus will bring brewing crises. Germany, Japan, South Korea, Taiwan, China and other successful transformationsSimilar things have happened in the economies of China (see Ren Zeping: “Macro Scale of Speed-up and Shift Periods and Cattle and Bear Catalysts: International Experience and China’s Future”).

  The author once proposed that “new 5% is better than old 8%”: the new 5% new growth platform built through reform in the future is better than the old 8% old growth platform that was barely maintained by stimulus in the past.The industrial structure has been upgraded, the growth momentum has been changed, the risk-free interest rate has fallen, corporate profits have improved, and the stock market has gone bullish.

  According to the DDM model, reforms will reduce risk-free interest rates, increase risk appetite, and improve China’s long-term economic growth prospects.

  In 2014, China started a magnificent round of “reform bulls”.

“0” is mainly driven by the reform’s expectations. Expectations are ahead, but the reforms have fallen short of expectations for various reasons.

Due to the impediment of reforms, the policy subsequently turned to water stimulus and resumed the old path.

“0” turned into a “buffalo”, which skyrocketed and eventually ended in the form of a stock market disaster.

  ”Reform Bull 2″ launched in early 2019.

0 “is” Reform Bull 1. ”

The upgraded version of “0” is mainly driven by the actual implementation of the reform and the release of dividends.

  In December 2015, the Central Economic Work Conference proposed five major tasks of supply-side structural reforms: “de-capacity, de-stocking, deleveraging, cost reduction, and shortcomings”.””, Began to return to the right path, excess production capacity is cleared, real estate inventory is digested, and financial high leverage risks are resolved.

Although it experienced pain in 2016-2018, the old growth model was effectively cleared, and financial risks were controlled in a timely manner, which created the conditions for starting the “new cycle” of the Chinese economy.

  In the first half of 2018, the Sino-US trade war broke out and became the best sober agent. The external situation forced the internal and internal development needs, and China’s new round of opening-up process accelerated.

In the Boao speech in April 2018, it announced significant reductions in tariffs, accelerated liberalization of investment restrictions in financial and auto industries, and strengthening of intellectual property protection.

In March 2019, Premier Boao gave a speech, announcing to speed up the revision of the Foreign Investment Law, and expanding the opening of value-added telecommunications, medical institutions, education services, transportation, infrastructure, energy resources and other fields.

Positive progress has been made in the China-US trade negotiations, and a new round of vigorous opening-up has been implemented.  In March 2019, the “Government Work Report” announced a large-scale tax reduction plan. The private economy was highly valued, the multi-level capital market was raised to a new height, and the science and technology board and registration system were launched at a rapid pace.

  Judging from the actual reform process, investor response and market trends, “Reform Bull 2.”

The theory of “0” is valid.

  Why is this not a “buffalo” round?

Generally speaking, the monetary policy is structurally loose rather than flooded, the growth rate of M2 and social financing has rebounded moderately, shadow banking has been regulated, the real estate market has been operating steadily, and the stock market has been booming.

  Why is this not a “performance cow”?

Because reform and transformation are halfway through, it will take time for corporate profits to improve.

  There are also opinions in the market that put forward the “powerful bull” and “rejuvenation bull”. There is some truth, but the essence of the object has not been grasped, and the rejuvenation of a strong power depends on reform and opening up.

  The author expressly opposes the “national bull” view, and opposes any policy or government endorsement of the bull market. It is necessary to respect the laws of the market. From domestic and foreign experience, violations of economic laws and regulations will be punished.

  Second, the basic theory and experience of the “reform bull” growth shift and structural transformation period, “new 5% is better than the old 8%”, “reform is better than stimulus”, reform created a bull market, stimulated the brewing crisis.

  1. From the experience of Germany, Japan, South Korea and Taiwan, during the period of speed-up and gear-up, reform and opening up are the catalysts for the bull market. This will inevitably accelerate the reform and opening up in real terms and clear the progress of deleveraging.

  In the first half of the speed-up and gear-shift period, facing the huge challenges of structural change and deteriorating new ones, most economies initially refused to slow down and change. Inertia believes that economic growth is mainly a gradual or external issue, and attempts to stimulate the traditional heavy chemical industry through currency.Local infrastructure and real estate have returned to a high growth trajectory, maintaining the old growth model, which has led to increased leverage in finance, a sharp rise in debt risk, and the creation of a large number of ineffective capital requirements, forming zombies, black capital holes and huge debt vacancies, and brewing financial risks.

The risk-free interest rate is too high, the risk appetite is too low (investors are pessimistic about the prospect of economic transformation), the market is closed for a long bear market, or the short-term currency stimulus has plummeted.

  In the second half of the speed-up and shift-down period, all sectors of society, especially the government, form a consensus on reform, speeding up the reform, Lewis turning point, real estate bubble, and the strengthening of the US dollar.

There are two ways to deleverage, one is to actively reform the old and establish the new (Taiwan, China), and the other is to force the crisis to clear the country (Japan and South Korea).

Once the process of reform and opening up and liquidation deleveraging is started, the demand for invalid financing shrinks, the risk-free interest rate decreases, the risk increases, and market confidence recovers, thus becoming a catalyst for a bull market.

  2. German, Japanese, South Korean and Taiwanese macro-scale growth and shifting period and the bull and bear catalysts 1) Capital market performance during the Korean shifting period: the crisis was forced, the economy and the stock market took a deep dive.

South Korea refused to slow down in the first half of the 1992-1996 gear shift period, hoping to overcome the stimulus to maintain the old growth model, delay the clearance, increase the cycle of leverage and resistance, and raise the risk-free interest rate.

South Korea entered the second half of the speed-up shift period from 1997 to 2003. The 1997 financial crisis forced South Korea to clear its deleverage, and its risk-free rate of return declined.

The South Korean government was determined to push forward reforms, followed by industrial upgrading and rising corporate profits. Although Korea’s economic growth rate has not returned to the era of high growth since 2000, the stock market has gone badly.

  2) The performance of the capital market during the period of Japan’s speed-up and gear-up: the crisis was forced, the economy and the stock market took a deep dive.

Japan refused to slow down in the first half of the 1969-1973 gear shift period. The island reforms and currency layout stimulated the economy, and a short-term bubble appeared in the housing market.

Around 1973, the oil crisis and the over-inflation of the currency earlier caused high inflation, monetary policy shifted to austerity, and excessive risk-free interest rates led to a bear market for the stock market.

Japan entered the second half of the speed-up shift period from 1973 to 1980. After reform and structural adjustment, Japan’s industry was upgraded after 1975. The speed-up shift has made positive progress, the risk-free returns have been lowered, and the stock market has experienced a big bull market.

  3) The performance of the capital market during the gear shift period in Taiwan, China: The economy has transitioned smoothly, with stocks and bonds taking off directly.

The speed-up shifting of Taiwan, China occurred in the second half of the 1980s. However, as Jiang Jingguo advanced the reform ahead of the speed-up shifting in the early 1980s, the industry successfully upgraded to the electronic information industry.

Therefore, although the GDP growth rate has come down, but the risk-free coefficient has dropped sharply, coupled with the inflow of hot money from the trade surplus, the stock market has come out of a big bull market.

  4) The performance of the capital market during the German gearshift period: controlled exchange rates, tight currency, 7% yield on government bonds, and double-hits on stock bonds.

In 1965-1975, Germany expanded its hot money scale and was forced to adopt a tight monetary policy during the gear shift period. The risk-free interest rate was as high as about 8%. The stock market was a bear market and did push-ups.

It wasn’t until the 1990s that German risk-free interest rates rose and there was a big bull market in German stocks.

  3. Growth and shifting period, the reform creates a bull market, stimulating the brewing crisis. Gearing up, the economic slowdown is mainly due to structural and institutional reasons. Therefore, only reform can get out of the predicament, open a new future, and create a bull market.
Therefore, the key is to see the government’s determination to reform and open up and the beginning of clear deleveraging progress.

  Stimulation is steady growth, the disadvantage is to maintain the old growth model, delay the clearing, increase leverage, and reform is steady growth. The advantage is to release new vitality, accelerate the clearing of leverage, and break the old.

  International experience shows that the new 5% is better than the old 8%: during the gear shift period, the 5% new growth platform constructed through reform is better than the barely maintained 8% old platform. The excess capacity has been cleared and 无锡桑拿网 the micro-lives have been released.The industrial structure has been upgraded, the growth momentum has been changed, the risk-free interest rate has fallen, corporate profits have improved, and the stock market has gone bullish.
  Third, start the new cycle of China’s economy and the “Reform 2”.

0 “After years of trial and error and macro debates, China’s macro-scale and reform and opening up are on the right path recently, corporate confidence has been restored, the economy is stabilizing, and investors are voting with their feet.

  In the future, macro-budgeting policies should not only prevent untimely and insufficient hedging, but also prevent flooding and resuming the old path.

  Talking about the wrong country and doing prosperity.

Only with a pragmatic and market-oriented push for a new round of reform and opening 杭州夜网 up will it be possible to start a new cycle of China’s economy, a “reform bull”.

0 “can go higher and farther, don’t repeat the same mistakes.  It is recommended to use six major areas of reform and opening up as breakthroughs and mobilize the polarities at all levels: 1. Establish a breakthrough development assessment system, encourage local pilots, and mobilize the enthusiasm of local governments; 2. Fully liberalize automobiles, finance, petroleum, electricity, electricity, etc.Industry regulation, neutral competition, and mobilization of entrepreneurial enthusiasm.

The biggest reform is openness. Through openness, fair competition among market entities such as state-owned enterprises, private enterprises, and foreign enterprises, survival of the fittest, and improvement of efficiency will be achieved.

China has never been afraid of opening up. It is afraid that it will not open up. 3. Taking China-US trade negotiations as an opportunity to reduce tariffs, liberalize industry investment restrictions, strengthen intellectual property protection, actively promote the establishment of a China-US free trade zone, and mobilize rich enthusiasm; 4Large-scale tax and fee reductions, from fragmentation, preferential tax reduction to a package, inclusive tax reduction, comprehensive reduction of corporate income, manufacturing transformation, personal income tax rate, and improved corporate and residents’ sense of gain.

At the same time, through simplified administration and decentralization and institutional reforms, reduce redundant personnel and expenditures, and mobilize the enthusiasm of enterprises and residents; 5. Vigorously develop multi-level capital markets, reduce administrative intervention while strengthening legal supervision, encourage mergers and acquisitions and reorganization, and promote information disclosureThe registration system with the core of severe punishment and punishment, delisting system, etc., mobilize the enthusiasm of the new economy and PEVC venture capital; 6, the establishment of a housing-oriented housing system and long-term mechanism, the key is human-land linkage and financial stability.

Change the urbanization ideas of “control the population of large cities, actively develop small and medium-sized cities and small towns, and achieve balanced regional development” as soon as possible. The urban planning regional planning strategies for metropolitan agglomerations led by large cities will promote population and land.Free and full flow of technology and other factors, mobilizing enthusiasm in various regions.

Fried Maps Strategy Prevailed Public Offering Pay Attention to Regional Theme Investment

“Fried Maps” Strategy Prevailed Public Offering Pay Attention to Regional Theme Investment

⊙ Reporter Wang Peng ○ Editor Wu Xiaojing re-merged and incorporated into the continuous development of domestic urban area development plans, and public funds began to pay attention to the investment value of regional themes.

At present, large fund companies have issued or reported a number of thematic investment funds focusing on Beijing, Tianjin and Hebei, the Hangzhou Bay Area and the Guangdong-Hong Kong-Macao Greater Bay Area.

In addition, Huitianfu Fund has recently launched a theme ETF focusing on the integration of the Yangtze River Delta.

  Many members of the public believe that regional theme investment concept stocks may be significantly strengthened by policy stimulus in the short term, but the long-term performance of related theme investment funds is still in the improvement of regional economic development and corporate fundamentals.

  Funds actively deploy regional theme investment Expansion of regional theme investment funds is becoming one of the key directions for public funds.

  Following the launch of the GF CSI Beijing-Tianjin-Hebei Cooperative Development Theme ETF and the South China CSI Hangzhou Bay Area ETF last year, E Fund and China Merchants Fund submitted the CSI Zhejiang New Kinetic Energy Trading Open Index Fund andApplication for CSI Zhejiang 100 Transaction Open Index Fund.

Since 深圳桑拿网 the release of the “Guangdong-Hong Kong-Macao Greater Bay Area Development Planning Outline” in February this year, the fund company announced that the pace of ETF products in the Guangdong-Hong Kong-Macao Greater Bay Area has accelerated significantly.

According to the data disclosed on the website of the Securities and Futures Commission, on May 16, Southern Fund, Huaxia Fund and GF Fund all applied for the Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100ETF.

On May 15, CCB Fund and ICBC Credit Suisse Fund also reported CCB Shanghai-Hong Kong-Shenzhen-Hong Kong-Macao Greater Bay Area Development Theme ETF and ICBC Credit Suisse Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100 ETF.

  Since April, the concept of the integration of the Yangtze River Delta has been heating up, and the Huitianfu Fund issued an ETF on the theme of the integration of the Yangtze River Delta of the China Securities Exchange.

Foreign countries have also started to pay attention to the layout value of regional themes.

JP Morgan Asset Management Corporation announced on May 20 that the CSI Morgan Yangtze River Delta Strategic Index launched in cooperation with CSI Index Co., Ltd. will be officially released on June 10.

  According to statistics from Morgan Asset Management, as early as 2016, the resident population in the Yangtze River Delta region reached 2.

2 billion, regional GDP 19.

5 trillion yuan, accounting for 16% and 24% of the national total, respectively.

As of the end of 2018, the number of A-share listed companies in the Yangtze River Delta has exceeded 1,200, accounting for 34%.

The area includes major cities such as Shanghai, Nanjing and Hangzhou, as well as two free trade zones.

  Participants in the long-term investment value of regional theme funds said that the transition of regional development theme related policies can indeed stimulate the concept stocks to strengthen in a certain period of time.

For example, the day after the Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area was released, the beneficiary stocks of Zhujiang Industrial, Yantian Port, Guangdong Hydropower and others all rose and stopped.

Since May, Jiaxing Silk, Wanjiang Logistics, Wuwu Biotech, and Jiangsu Jiaotongke and other Yangtze River Delta integration concept stocks have also clearly outperformed the market.

  However, from the perspective of long-term investment value, a fund manager in Shanghai believed that investors should pay more attention to whether the fundamentals of related listed companies will be better improved by the efforts of regional industrial policies rather than short-term themed hype.Opportunities for upgrading, performance improvement or asset consolidation.

  ”Yangtze River Delta, Pearl River Delta and other regions have always been the leaders of China’s economic development. If the products are designed properly, the target can be optimized and the weights can be set reasonably, which will indeed bring good investment opportunities.

However, the long-term performance of a certain product will still affect the local economic development and the performance of the company.

“Xia Chun, chief research officer of Noah Wealth, said.

  Founder Fubon Fund Index Investment Department head Wu Hao said that the growth of the regional economy is more certain than the growth of one industry.

For investors, there is an opportunity to share the growth dividend of high-quality companies in developed regions through the allocation of regional index funds in the medium and long term.

  Some fund analysts have warned that the historical performance of existing regional theme investment funds is uneven, and some index funds have not even beat the performance benchmark.

Therefore, investors need to be clear when choosing a fund company to lay out such products based on real investment strategy choices, or just to cater to investor preferences. This factor may trigger similar performance differentiation in the future.

3 steps to let your baby learn to control emotions

3 steps to let your baby learn to control emotions

Should the baby hold him when he is crying?

What should I do if my baby keeps crying in the middle of the night?

Think about it, do you understand your baby’s emotions?

Do you know how to answer your baby’s emotions correctly?

  Accompany your baby to improve EQ Many parents are repeating, overcoming the baby’s mood is always capricious.

In fact, we shouldn’t have too high requirements for babies. After all, they are still children and their ability to control themselves is indeed weak.

Furthermore, the relationship between a person’s self-control ability and EQ (Emotional Intelligence) is very strong.

Unlike IQ (IQ), IQ is more affected by innate conditions, while EQ is more subjected to acquired culture.

  If the parent’s IQ is not high, it is almost certainly impossible to raise a child with a high EQ.

In other words, the level of the child’s EQ to a certain extent the performance of parents in daily life.

As the child grows up, parents should accompany the child to improve the EQ, and can start at any time.

  Hint: What is EQ? EQ is Emotional Intelligence Quotient (Emotional Intelligence Quotient), originally proposed by American psychologists Charovi (Peter Salovi) and Meyer (John Meyer) in 1990.

Salovey believes that the essence of EQ can be roughly divided into five elements: clearly knowing their emotions, reasonably expressing their feelings, the ability to control the impulse of desire, knowing the feelings of others, and harmonious interpersonal relationships.

  3 steps to let the child be the master of emotions. 1. Knowing the emotions. Parents do this. Although the newborn baby will not speak yet, it will also express the inner feelings in other ways.

When you are hungry and your diaper is wet, your baby will usually cry and twist your hands and feet when you are happy.

However, at this time, the baby does not understand what his behavior means.

For newborns, many movements are not entirely due to their own expectations, but may be the performance of some reflex actions, but even so, in the process of interacting with the baby, the parents can still describe the baby’s feelings and let the baby respondHave a basic understanding of your emotions.

  From birth, mothers can tell their baby, “You are crying very sad now, because you are hungry!”

Mother feeds you to drink milk, and your stomach will not be hungry after a while!

“When the baby just woke up and wept, the mother could also say,” Baby!

Why don’t you cry because you can’t see your mother, don’t worry, my mother is here with you now!

“Baby will let your baby understand their emotions this way, this is the first step to improve EQ.

As your baby gets older, when he has the ability to express in words, he can be more free and more appropriate to express different emotions.

For example, if you do n’t get something, you will feel “sad”, if your mother is not around, you will feel “lonely”, and if you do n’t do well, you will feel “annoyed”.

  2 Accept the emotion parents do this When the baby falls, what do you do?

He said to the child, “No pain!

No pain!

Don’t cry, don’t cry, you are brave!

“I still hit the floor and said,” Don’t cry!

Don’t cry!

It (the floor) is really bad!

“I don’t think either of these approaches is particularly good.”

At this point, the parents might as well say, “You fell!

Is it painful?

Come, let me rub it for you.

“This will allow the baby to have a better understanding of his emotions, will not be suppressed, and will not easily express wrong emotions in the future.

  Babies will do this and never ignore their emotions.

When the child is crying, some parents may turn around and leave the scene, they think “don’t ignore him, he will stop by himself”.As everyone knows, this practice is extremely harmful to young children.

You know, your baby is crying for a reason.

If his emotions are not always recognized by his parents, the baby will feel very suspicion, do not know where he is wrong, and over time, it is difficult for him to learn how to express emotions correctly.

  3 Expressing emotions Parents do this For those wrong ways of venting emotions, they must let the child have a clear understanding, and at the same time tell him that these emotional expression channels are reasonable and acceptable.

If the child likes to hit people as soon as he gets angry, then even after accepting the punishment, he is expected to hit the next time he gets angry. If the parent also punishes the child by “hitting”, then he has moreImpressed, and it’s harder to understand that “hitting” is wrong.

Therefore, parents must accompany the child to find a suitable way of expressing emotions, sometimes speaking out loud, crying a lot or drawing the feelings in his heart.

  Babies will feel that emotions are not right or wrong, but they must be expressed in good or bad ways.

Therefore, parents must teach their children to understand this: “You can feel sad, but you cannot hit people; you can be sad, but you cannot drop toys.

“Let your child learn to express emotions more appropriately, rather than venting on other people, things or their own bodies.

Absolute emotion analysis

Absolute emotion analysis

When I entered the elevator, I saw a family of three.

Cute little girl, two or three years old.

I went in and stood inside, and the little girl moved quickly behind her mother.

I said to the little girl, “Hello, how old are you?

“She pressed her face tightly to her mother’s lap without saying a word.

Mother looked down at her daughter and said, “Don’t be embarrassed, tell your aunt how old you are.

“My daughter is hiding deeper.

My mother said with a little regret: “She’s so generous and a little timid.

“The father next to me also said,” Come out and talk to your aunt!

“Until they left, the little girl didn’t speak.

  What the little girl showed was suspicion and alertness to external objects.

Keeping a distance from strange objects and being close to the mother is her main way to protect herself from unforeseen injuries.

This emotion is the opposite of the usual positive emotions of joy, happiness, joy, excitement, etc.

Positive emotions lead us closer to the objects that bring us positive emotions.

Negative emotions, some sadness, pain, sorrow, anger, nervousness, etc., guide us away from the objects that bring us such emotions, or help our body prepare for possible injuries.

  From a biological perspective, positive emotions help us get closer to resources that are good for our survival, such as mom and dad, good food, toys.

Negative emotions help us stay away from danger, certain strangers, hot food, darkness, etc.

Therefore, positive emotions are conducive to our development, while negative emotions ensure our survival.

  Ten years ago, my German teacher, Professor Simon, demonstrated psychotherapy at the teaching site.

A parent asked him for help in anxiety: “Our 7-year-old daughter is afraid of darkness and refuses to stay in the room herself. What should I do?

The teacher ‘s answer completely subverted my idea: “Your daughter is very sensitive and she knows how to protect herself.

Then he raised his thumb and said to the girl, “You are great!”

“The nervous little girl who was originally crouched on the sofa immediately became clear. At the end of the treatment, she was very happy.

I guess it was because someone finally helped her parents understand her better.

  What Simon demonstrated was “protecting our negative emotions.”

The parents in the elevator, and what we usually do, are exactly the opposite.

We often criticize, suppress, deny, blame, and even scold children who show negative emotions.

  In fact, the mother did a very good job in the first year after the child was born.

When a child is crying, the mother is not stopping the child from crying, or checking whether the child is hungry, cold, peeing, or injured.

After all the doubts have been ruled out, if the child still cries, the mother will send the child to the hospital-negative emotions remind us that people are in a bad state or very uncomfortable with the environment at the time.

  What we need to solve is not to restrain or suppress emotions, or to remove unfavorable factors in the environment, or to actively adjust ourselves to better adapt to the environment.

Unfortunately, when children grow up, we often simply and “rudely” prevent these protective negative emotions.

  Take good care of our negative emotions, it will protect us and our offspring from danger.

The mother in the elevator, after discovering the child’s evasive behavior, could immediately pick up the child and give her a direct sense of security, telling the child: “I know, you don’t know this aunt, so I’m a little scared.

“Then communicate the situation of the child to the other party.

When the child observes that the mother can easily and happily communicate with this “stranger”, she slowly relaxes.

After going through a “situational security assessment”, the child may dare to try to approach a stranger.

  Of course, if the child has always shown strong negative emotions and is difficult to calm down for a long time, please don’t blame him / her! The best way is to take your child to an experienced psychologist as soon as possible.

5 best cosmeceutical brand skin care products

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5 best cosmeceutical brand skin care products

Looking around, not only the various medicines are displayed inside, various skin care products have also set up counters: Vichy, LRP Laroche-posay, AVENE, Uriage and Freeplus . Many consumersGive them a common name-cosmeceuticals.

Natural plant brand Fleursine safe skincare Freeplus Fleurs does not contain hot spring water, but it is currently developing rapidly in China.

It is a cosmeceutical brand attached to Kanebo cosmetics in Japan.

In the Japanese market, it has the highest market share among competing products.

Nine counters have been opened in Chengdu.

Vichy: To make healthy skin healthier The hot spring water used by Vichy is sulfuric acid-based hot spring, but it is not effective and is more suitable for healthy skin.

Vichy’s hot spring water contains the most minerals and trace elements, especially rich in calcium, copper, iron, and manganese, which can promote the regeneration and healing of epidermal and dermal molecules, “firm” the natural protective barrier of the skin; keep the skin young and active.
La Roche-Posay: Designing strengths for problematic skin: oil control, acne-removing, sensitive skin, photoaging skin careThe field of treatment.

Avene: Gentle repair of sensitive skin Strengths: Poorly tolerated skin, dehydrated skin, special dry / atopic dermatitis care Avene’s hot spring water is also based on the content of silicon dioxide, so you can use Avene skin care with Avene skin careProducts, focusing on allergic / sensitive skin care, can help fragile damaged skin repair and rebuild the natural protective barrier-hydrolipid film.

Yiquan: natural extracts have significant strengths: oil control, acne, freckle, anti-wrinkle Yiquan Dermatology Laboratory focuses on the development of functional skin care products, and among the added active ingredients, it is particularly beneficial to the extract of natural plants, And the effect is relatively obvious.

Fruit diet to eliminate age spots

Fruit diet to eliminate age spots

It is often seen that there are some “senile plaques” in the bladder of the elderly. These “senile plaques” are a sign of physical aging. How can these plaques be removed scientifically and safely?

Xiaobian introduced several freckle-removing fruits, which are safe and effective.

  Tomato anti-spot index: ★★★ ☆ Tomatoes have the effect of maintaining skin and eliminating freckles.

It is rich in lycopene, and vitamin C is the best weapon to inhibit melanin formation.

Experiments have shown that eating tomatoes can effectively reduce melanin formation.

  Small reminder: Tomatoes are cold. If you eat them on an empty stomach, it is easy to cause abdominal pain. Recommended: Use 1 cup of tomato juice per day with a small amount of cod liver oil to make your complexion ruddy.

  Anti-plaque “hero” list-foods with vitamins and vitamin C: Kiwi anti-plaque index: ★★★★ Kiwi is known as “fruit goldmine”.

It is rich in dietary fiber, vitamin C, vitamin B, vitamin D, calcium, phosphorus, potassium and other trace elements and minerals.

  Vitamin C in kiwi can effectively inhibit the oxidation of dopa free radicals in the skin, convert dark oxidized pigments into reduced light pigments in the skin, interfere with the formation of melanin, prevent pigmentation, and keep the skin fair.

  Small reminder: people with cold spleen and stomach should not eat more, and are prone to diarrhea.

Internet addiction is actually a social intention

Internet addiction is actually a social intention

The General Hospital of Beijing Military Region has created the so-called “Internet addiction diagnosis and treatment standard”, which defines Internet addiction as a mental behavior disorder and replaces the diagnostic sample of mental illness.

So-called, the standard has passed the expert demonstration organized by the Medical Administration of the Ministry of Health of the General Logistics Department of the PLA, and it is planned to be promoted to hospitals across the country after it is reported to the Ministry of Health.

  After the media reported the incident, it caused some controversy.

Most voices oppose the rate of replacing Internet addiction with mental illness. However, unfortunately, these voices are suddenly pale due to a lack of analysis of the formation mechanism of Internet addiction.

Watching a large group of people gesticulate around a hot topic, muttering a bunch of nonsense, and there are still people paying for such nonsense, is really a fun thing.

  The author also does not mean that Internet addiction is included in the category of mental illness. Although Internet addiction can cause mental behavior disorders, the cause of its formation cannot be attributed solely to psychology or mentality, and it may not be cured by the treatment of mental illness.Good internet addiction.

Perhaps converting Internet addiction to the local part of mental illness will bring considerable benefits to the mental hospital or the psychological clinic of the hospital, but that’s all.

The soft ribs of the “Internet Addiction Diagnosis and Treatment Standard” only look at Internet addiction from the physical and psychological dimensions, and just ignore the most important aspect of Internet addiction, the social dimension.

  In a sense, adding Internet addiction to the psychiatric site is actually a “demonization” of the Internet, and it is even a sign of another psychosocial disorder, the “Internet phobia.”

Since the majority of Internet addicts there are adolescents aged 13 to 17 who are online game addiction patients, here I take this group as an example to analyze the social dimensions of Internet addiction, and perhaps to treat Internet addiction.Not without help.

  According to statistics, there are currently about 40 million under-age Internet users in China, of which there are 4 million “Internet addiction teenagers”, accounting for about 10%.

In fact, there are very few people with Internet addiction in western countries. If it is only from a psychological and physical level, it is difficult to explain why there are so many people with Internet addiction in China, especially young people, and the proportion is so large.

In a certain country, “Internet addiction” is often regarded as the same thing as “drug addiction”. Naturally, many people are called “detoxification” in the same way to help young people quit Internet addiction, that is, using the “isolation method””, To keep them away from the Internet,” seeing nothing and keeping the mind out of the way “-this” firm wall and clear field “thinking is even reflected in some government regulations or policies, such as stipulating that Internet cafes cannot accommodate minors.

It must be said that this is a stupid way of “headache, foot pain and foot pain”, and the effect can be quite limited-because the cause of Internet addiction among teenagers is not the Internet itself, or even the InternetSeek from other places-the Internet is only a medium, and it can only show its various functions and effects, whether it is positive or okay, when it is integrated into a certain social and cultural context.

  In my opinion, the “Internet addiction” of adolescents is actually the product of the intersection of traditional Chinese culture and modern civilization, especially the Internet-in a sense, every Chinese person is a potential “Internet addict”Because traditional Chinese culture is inherently immune to the destructive side of the modern medium, the Internet.

Adolescents are more likely to become addicted than adults. In addition to their lack of judgment and self-control, it is more important that they do not encounter so many trivial issues in the adult world.

  China’s traditional culture values collectives rather than individuals, and even does not even have the concept of “individuals.” Naturally, it lacks the respect that people should have as individuals.

Thousands of years of feudal autocracy has shaped the nation’s severe slavery, and their deep sense of weakness and incompetence has captivated them, making it easy for them to gain some kind of psychology by controlling or abusing similar paths that are weaker than them.Compensation-Moreover, when a minion becomes a master, he is often more brutal than his original owner (this kind of cruelty can be a virtual violence in online games)-this is the most important socio-psychological basis of Internet addiction.

  Mr. Tao Hongkai, a visiting professor at Central China Normal University, who is famous for helping young people to quit internet addiction, said in a “deep breathing in mind” speech to more than 500 minors and their parents in Yinchuan:In people, the root is the unsuccessfulness of family education, the failure of exam-oriented education and the influence of bad social culture.

There is no panacea for quitting Internet addiction. It requires families, schools and society to take responsibility.

In fact, the reasons that Mr. Tao Hongkai said are mainly because our “adult-oriented” society affected by feudal dictatorship lacks due respect for human rights and does not regard them as “persons” with self-conscious individuals.”Looking at the cause-culture is quite inert and is the most difficult thing to change. The traditional” authoritarian cultural field “makes everything in it operate in the same direction of spin.

The Internet is diffuse, democratic, autonomous, and interactive. These characteristics of the Internet have made young people who face the oppression of the adult world in real life and lack autonomy find the feeling of being the master or controlling and manipulating others.So that the mental energy accumulated by them found a legitimate vent.

But slaves are still slaves after they belong to the master. If he cannot emerge from the dual structure of master / slave – the “master” of the virtual world of the network will eventually become the slave of the network.As an independent individual, he entered the network as a virtual “master”.

  In addition, the increase in population density resulting from the urbanization wave and the continuous increase in living space is another important cause of Internet addiction.

The increase in population density does not mean an increase in human-to-human communication. On the contrary, it means an increasingly brutal competition for survival and the loss of sincere relationships between people.

In modern urban society, man is lonely and lonely. Although he is a member of the crowd, it still does not help-he has become an atom.

This atomic existence makes people yearn for communication, whether it is a real or virtual substitute.

  A small reader of Ningxia’s “Huaxing Times” once wrote to the newspaper by e-mail-“I really want to thank the Internet!

Without the Internet, maybe more of us will fall into criminals or psychopaths.

Mom, I love you, and I can only tell you on the Internet, do you know?

I’m very lonely.

I long for the communication of the heart, when I am hurt, when I long for freedom . I don’t feel your love for me at all.

Did you know?

Sometimes I hate you.

I’m like a lifeless puppet, all my words and deeds can’t shrink the track you embed for me.

As a life, I bear the hope of the whole family, and this responsibility has crushed me.

It’s not hard to find out that the voice of this little reader has condensed almost all the causes of “Internet addiction”-contrary to what the “Internet addiction diagnosis and treatment standard” thinks, “Internet addiction” is notPsychosis, even the treatment and prevention of various types of mental illness, is actually a way of self-protection for those who are close to collapse to cope with or avoid the harm of reduced environment.

  Doctors have made clear the pathogenesis of a certain disease in order to prescribe the right medicine and better cure the body’s diseases.From the analysis of the mechanism of “Internet addiction”, we can trim it and try to quit the Internet addiction or avoid the destructiveness of the Internet with the “isolation method” of “not seeing the desire and disturbing the mind”.Is not a wise move-reality has also proven that this method has little effect.

The treatment of “Internet addiction” is a huge systematic project. Only by improving the social and cultural environment and eliminating the various social and cultural factors that produce “Internet addiction” can most people, including adolescents, be guided reasonably.Use the Internet and play a huge role in promoting social development.

Buzhong Yiqi Cake

Buzhong Yiqi Cake

[原料] 鸡蛋10个、党参、黄芪、红枣各20克、炙甘草6克、当归9克、白术9克、升麻5克、柴胡5克、陈皮9克、生姜15克、白糖600克, 2 grams of soda.

  [制作] 将党参、黄芪、当归、升麻、柴胡、陈皮、生姜、炙草、白术柴胡、红枣去灰渣、加工,烘干研成细末,鸡蛋打入盆内,用掸蛋Add the sugar, continue to simmer, add the egg syrup and the sugar, and add the flour, Chinese medicine powder, and the soda to simmer until they become one.

Place a layer of fine straw paper in the steamer, pour the egg syrup into a flat roll, steam for about ten minutes, take it out and turn it on a chopping board, and cut into 20 strips with a knife.

  [Usage]Serve with meals.

  [Function]Buzhong Yiqi is suitable for early menstruation caused by qi deficiency.