2015 World Women’s Volleyball Grand Prix, China 3-0 Zero, Germany leads the championship with two consecutive victories
On the evening of July 4th, Beijing time, the second round of the 2015 World Women’s Volleyball Championship Group B Group B Beilun Station in Ningbo ended.Although the Chinese women’s volleyball team suffered strong resistance from Germany in the second game, the key points were well grasped, and they successfully led the group with zero consecutive opponents. The scores of the three games were 25-15, 25-22 and 25-15.  The starting point of this campaign in China is consistent with the first battle. The main players are still the main attacker Hui Ruoqi, Zhu Ting, the secondary attackers Yang Junjing, Yuan Xinyue, Zeng Chunlei, second pass Shen Jingsi and freeman Lin Li.Germany changed to Boer and Brinker as the main attack, the secondary attack Shao Zeer, Brandt, to respond to Kozuh, setter Wes and free man Duer also made their debut.The Chinese women’s volleyball team celebrated the first round of China’s overcoming Hui Ruoqi’s breakthrough and Zeng Chunlei’s blocking net 6-2 surpass, Hui Ruoqi hit the team 8-4 lead into the first technical timeout.Germany, which is 4-9 behind, used Brinker and Kozuh to catch up to 6-9, and Hui Ruoqi and Zhu Ting’s flat pull effect was effective to ensure China’s 3-point advantage.Germany failed to withstand after 9-12. Zeng Chunlei’s counterattack, Yuan Xinyue’s probe has repeatedly scored, and China scored 4 points in the second technical suspension of 16-9.19-12 leading China changed Ding Xia and Yang Fangxu by two points and three points.Zhu Ting’s anode was successful, Hui Ruoqi’s back row ball was successful, China opened the score to 21-12.Zhu Ting scored the ball and China led 24-14 to get the game. Yang Fangxu missed the opponent’s goal and scored 1 point. Zhu Ting regained the success. China won 15-15 first.  In the second game, Germany’s 0-2 trailing German resistance Brinker’s serve chased to 4 draws. After 5 draws, Yuan Xinyue’s kick was blocked and his opponent was overtaken by 6-5.After the battle to 7 draws Kozukh hit after the attack, Germany 8-7 lead into the first technical timeout.Zhu Ting missed the ball by 10-8 in Germany. Zhu Ting and Shen Jingsi blocked and tied one after another. China scored 3 points and 11-10 to take the lead.In the stalemate phase, China’s pass was slightly fluctuated. After 14 draws, Zeng Chunlei successfully hung the ball, Yuan Xinyue blocked Bohr’s attack, and China scored 2 points in the second technical timeout to lead 16-14.Stiglot hit the ball, Vihmeier jumped for merit, and Germany tied to 16.Hui Ruoqi’s two spikings occurred in China more than 18-16. After Germany’s bite to 19-20, Zhu Ting succeeded in hanging the ball. Kozuh’s spiking was blocked and China led 22-19.Zhu Ting broke through and won the team’s 24-21 lead. Kozukh spoiled the ball and scored 1 point. Yuan Xinyue’s fast break locked the score at 25-22, China 2-0.  In the third game, China launched Zhang Changning and Zhu Ting as the main attack.After 4 draws, Shao Zeer made a fast break, Zhu Ting blocked the game and China surpassed 6-4.Germany tied to 6 draws, Zhu Ting made two spiking shots, and China led 8-6 into the first technical timeout.Zhu Ting counter-attacked the ball and China won a 3-point advantage. Zhang Changning succeeded in the attack. Kozuh made a missed shot and China took the lead 12-7.Zeng Chunlei served the drama, Kozuh then scored the net and China took a 16-9 lead in the second technical timeout.Zeng Chunlei once again served the team to gain an 8-point advantage. China, who led the score, replaced Ding Xia, Yang Fangxu, Zhang Xiaoya, Yan Ni and Wang Mengjie as substitutes.Yang Fangxu and Zhu Ting successively scored two consecutive consecutive points breaks in China, and Ding Xia succeeded in winning the match 24-13.Zhang Changning attacked the final word, China won 25-15, and Germany was zero.  In this campaign, Zhu Ting had 21 points for the blooming king, and his defensive offense was Yuan Xinyue. In response, Zeng Chunlei and the main attacker Hui Ruoqi both scored 9 points, and the substitute main attacker Zhang Changning scored 4 points.Germany’s main attacker Brinker won 13 points, and Kozukhe contributed 10 points.  In the first game of the round this afternoon, Russia swept the Dominican second team in three straight sets and remained undefeated. The scores in the three sets were 25-15, 25-22 and 25-8.In this campaign, the Russian rookie main player Ilchenko scored 11 points, the bench’s main attacker Pasinkova contributed 10 points, and responded to Gonzalova, starting the secondary attack Orlova and the backup secondary attack Yekaterina-EgyptFei Mowa scored 7 points.  Tomorrow prize competition Ningbo Beilun station will be the final day of the game.China and Russia, which are two consecutive victories, are fighting for the championship. Germany and Dominica, who have not yet won, compete for the third place. (Caucasus)

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Yao Jinbo: 58 cities are moving towards an era where service income is the mainstay
On May 8th, 58 antiques from the same city were held annually at the “58 Magic Day”.At the press conference, 58 Jincheng CEO Yao Jinbo said that 58 Tongcheng is moving from a platform based on traffic revenue to an era in which service revenue will dominate in the future.According to Yao Jinbo, after more than ten years of development, 58 City has become a company with stable income and profitability.In the last year, the internal BG-based in-depth industry separated the property, recruitment, and automobile businesses.58 The same city is moving from a platform based on traffic revenue to an era where service revenue will dominate in the future, with quality services to promote further growth of traffic.”In the past year, we have increased industry investment and integration in many areas of our main business. We have acquired the used car auction platform Uxinpai. We have also initiated the establishment of 58 Aifang with the World Bank, Tongce, etc.”Yao Jinbo introduced.At present, there are more than 4 billion talented talents in 58 cities. In 58 cities, Anjuke’s second-hand housing service platform covers more than 100,000 real estate brokerage companies nationwide and more than 1 million real estate brokers.The new house online service covers 640 cities across the country, with market shares in more than half of key cities.Yao Jinbo said that as an Internet technology company, he also vigorously develops technological innovation products such as AI, big data, and VR visualization. He hopes that new technologies such as video interviews, VR viewing, and VR viewing will develop better in the connection between merchants and users.The role.58 Data from the same city shows that the ProSense VR tool matrix replaces offline viewing, and a total of 7 million sets of Prospective VR panoramic views have been digitized.Users and brokers can talk to each other across the screen. The average click rate of the VR viewing remote control is 1.53 times, the average stay time is 6 times the average.During the epidemic period, the number of visits of Pro Sense VR users nationwide increased by 500% month-on-month.”This epidemic has accelerated the onlineization of all walks of life for at least three years. Today, almost all small and medium-sized enterprises, no matter you are in a big city, a small or medium city, or even a township, no one will doubt that they must move their business and businessCome to the Internet.”Yao Jinbo thinks.In addition to providing services in the city, 58 Tongcheng has also further focused on the sinking market and content services in the past year. It has launched two new brands-58 Tongzhen and 58 tribe, which has begun an attempt to commercialize.It is understood that during the epidemic, 58 cities announced six major support measures for 10 million merchants on the platform, including the recruitment of special positions for emergency positions, the establishment of special funding assistance policies, and online online tools such as VR / live broadcast, real estate business.Announcing the announcement of one billion support funds.Sauna, Ye Wang Chen Weicheng Editor Wang Jinyu Proofreading Li Shihui

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Weihua (002240): Steady downstream core customers return to net profit

The company released the 19-year interim report, and the company’s net profit surpassed the increase. The company released the 19-year interim report on July 23: the first two quarters of 2019 achieved a total of 10 operating income.

6 billion, down 5 every year.

55%; net profit attributable to mother is 0.

61 ppm, an increase of 5 in ten years.

76%; net profit after deduction is 0.

580,000 yuan, an increase of 28 in ten years.

52%; basic profit return is 0.

11 yuan, expected ROE is 2.


The company’s performance is lower than our budget expectation. We expect that the follow-up company will continue to increase the volume of lithium salt products and maintain the “overweight” level. It is expected that the EPS in 2019-21 will be 0.

32, 0.

44, 0.

61 yuan.

Lithium salt business has developed steadily, and the revenue has increased. According to the 19-year report, the net profit attributable to the mother in 19H1 was 0.

61 ppm, which is lower than the lower 19H1 performance forecast lower limit of 0 disclosed by the company.

6.5 billion.

According to the number of reports, the decrease in the company’s forestry business revenue was mainly due to the decrease in forest sales; the decrease in rare business revenue was mainly due to the avoidance of excessive fluctuations in the price of residual products and the increase in operating risks, and the active control of rare trading business; the revenue of lithium saltThe increase was mainly due to the increase in the release of unit capacity and sales. However, due to market factors such as the sharp decline in the price of lithium salts, the growth in gross profit margin fell by about 40 pct to 19.


Acquisition of upstream high-quality assets to stabilize downstream core customers It is said that the 19-year interim report. At the end of May 19, the company disclosed the revised asset reorganization report. At present, the re-declaration materials 杭州夜网论坛 have been submitted to the CSRC and supplemented.

Oino Mining is currently under active construction, and is expected to be put into production by November 19, when the company’s lithium salt business production raw materials will be effectively guaranteed, through the upward extension of the industrial chain, to achieve better business synergy.

According to the company’s announcement, on June 15, 19, the company signed a 8.

43 Strategic cooperation agreement for initial lithium salt product supply.

At present, the company has established cooperative relations with American Yabao, Bamo Technology, Rongbai Technology and other industries.

We believe that the company has recently reached a long-term cooperation agreement with Bamo Technology, and the downstream customers of lithium salts are even better protected.

Lithium prices are close to the bottom cost range, and it is estimated that there is limited room for reduction. As of July 23, 19, the domestic battery-grade lithium carbonate price was 7 yuan.

450,000 yuan / ton, an earlier 18-year high fell by more than 50%, and the current price has gradually approached the cost line (about 60,000 yuan / ton according to CRU statistics), and we believe that there is limited room for continued reduction.

We believe that under the background of low prices, some high-cost production capacity may be cleared, and low prices will continue to increase capacity investment and construction for a long time. In this context, high-quality lithium ore resources will prevail.

Lithium salt project production and sales are expected to continue to increase, maintaining the “overweight” rating. Due to the decline in lithium carbonate prices, the gross profit growth of the lithium salt business has declined, and the profit forecast has been lowered.

02, 36.

99, 47.

0.6 million yuan, net profit attributable to mother 1.

74, 2.

34, 3.

24 ppm, net profit is lowered by 24%, 27%, and 20% from the previous level.

Lithium ton market capitalization reserves per day (0.

770,000 yuan / ton) 60% -70% discount, the company’s reserves of spodumene resources converted to lithium carbonate equity is 68.

55, corresponding to the market value of lithium business 31.
99 ppm; magnetic materials will not be considered due to excessive fluctuations; wood-based panels are expected to have 19 years of profit and equity.

19 trillion, refer to comparable company average 12XPE gives 19 times PE 12 times, corresponding to 14.

2.8 billion.

The total market cap is 45.


27 ppm, corresponding to a target price of 8.


58 yuan (originally 11.



Maintain the “overweight” rating.

Risk warning: The profit of the wood-based panel business is less than expected; the approval of lithium ore, the start of the lithium salt project, the progress of raw material supply is less than expected; the decline in lithium prices exceeds expectations.

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Zhejiang Longsheng (600352): High growth results in line with expectations Operating cash flow continued to improve

The company released the first quarter report of 2019: the report consolidated and the company realized operating income of 47.

710,000 yuan (+12 compared with the same period last year).

8%, QoQ + 5.

8%), net profit attributable to mother 12.

6.2 billion (+ 62% year-on-year.

5%, quarter-on-quarter +35.

3%), after deducting non-return to net profit of mother 9.

4.8 billion (+ 24% year-on-year.

0%, quarterly +50.

9%), the performance was in line with expectations.

The price of dyes and intermediates rose, and the performance was higher than the previous month.

Since the environmental protection inspection of the Jiangsu and Zhejiang regions in 2017, the dye industry has continued to improve the supply and demand pattern, especially at the end of April 2018. Due to the stealing of emissions in the northern Jiangsu Chemical Park, enterprises in the park have been shut down, the supply side has further contracted, and the product price has risen.2019Q1 remained high and volatile.

According to the operating data disclosed by the company, the average price of domestic disperse dyes for each quarter (excluding tax) is 4.

0 million / ton fluctuations, reactive dyes at 3.

0,000 / ton fluctuated.

Dystar’s decentralized, density blue and other product prices increased seasonally. Dystar’s decentralized price continued to increase from less than 100,000 / ton in 2018Q1 to about 140,000 / ton in 2019Q1.Nearly 100,000 / ton in 2019Q1.

Reporting intermediates, the company’s dyes operating income 28.

10,000 yuan (+18 compared with the same period last year).

6%, +8 in the fourth quarter.

3%), sales of 5.

75 Statutory (+7 year-on-year.

1%, +5 from the previous quarter.

1%), average price 4.

RMB 870,000 / ton (+10 compared with the same period last year).

7% quarter-on-quarter, +3.


Intermediate resorcinol average price of about 60,000 / ton in 2018Q1, about 80,000 / ton in 2019Q1, operating income of intermediate business10.

7.6 billion (+ 34% YoY).

2% quarter-on-quarter +23.

5%), sales 2.

78 expected (YoY -4.

3%, +14.

9%), average price 3.

87 tons / ton (+40 compared with the same period last year).

2%, +7 from the previous quarter.


The company’s 2019Q1 sales gross margin was 44.

3%, an increase of about 1 a year.6 pct, an increase of about 0 from the previous month.

2 pct.

According to the reported baseline, construction in progress increased by 2 compared with the end of 2018.

US $ 9.5 billion, mainly due to increased investment in H acid projects with an annual output of 2, clean production and environmental protection integration projects, and reactive dyes and hollow relocation projects.

Amount of operating cash flow 10.

2 trillion, -5 compared to the same period last year.

The US $ 3.7 billion was substantially positive and continued to improve in the single quarter, mainly because the substantial investment phase had ended.

The Tianjiayi accident caused the supply to shrink again, and the sharp rise in product prices helped the company’s 19-year performance to a new level.

Affected by the “321” Xiangshui Tianjiayi explosion accident in 2019, Tianjiayi’s production capacity of about 1 m-phenylenediamine was withdrawn, accounting for about 20% of the domestic market. At the same time, the Xiangshui Park and its surrounding coastal areas, Guanyun, and Guannan Parks were suspendedRemediation and safety inspections have been launched in various provinces and cities across the country.

At present, the supply of the m-phenylenediamine industry is tight, and the supply of dyes has contracted again, resulting in a sharp rise in product prices.

The market price 北京桑拿洗浴保健 of m-phenylenediamine has changed from about 4 before the explosion.

From 50,000 / ton to more than 100,000 / ton, the market price of disperse dyes increased from about 40,000 / ton to 70,000 / ton.

Benefiting from the substantial increase in product prices, the company’s 19Q2 performance is expected to explode again, boosting a new high in 19 years.

The supply and demand pattern has been continuously optimized to promote the upward movement of dyes and intermediate prices, and the company’s real estate business has progressed smoothly.

Due to the “321” accident in northern Jiangsu, the rectification of the park has been strengthened again. In the future, there will be a large number of non-compliant BMs to accelerate the shutdown and elimination. The supply and demand of dyes and intermediate industries will continue to be optimized.Further enhancement.

In addition, the company’s real estate project is progressing smoothly. The Huangshan Road project is expected to complete remittance this year. The Datong Road project is expected to be pre-sold in 2020. The Huaxing New Town project is expected to start construction at the end of the year.

Investment suggestion: Maintain “overweight” rating and maintain profit forecast. It is expected that the net profit of the mother will be 59 in 2019-21.

65, 61.

98, 63.

910,000 yuan, corresponding to EPS 1.

83, 1.

91, 1.

96 yuan, PE 11X, 10X, 10X.

Risk Warning: Dyes and Intermediate Prices Fall, Real Estate Business Is Less Than Expected

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Guosheng Securities: The impact of loosening restrictions on the settlement of real estate in these cities?

Abstract Urbanization: From land to people, from permanent residence to household registration, the area of urban built-up areas in China increased by 150 from 2000 to 2017.

6%, but the resident population in cities and towns has only increased by 77.

2%, the urbanization of land is far better than the urbanization of the population.

This mismatch has also led to a lack of “ghost towns” in a small number of areas, so a series of policies focused on population urbanization.

  The urbanization rate of China’s permanent population and household registration population continued to exist, and it expanded significantly between 2000 and 2010.

As of 2018, the urbanization rate of the registered population was 43.

4%, 16 lower than the habitual caliber.


The relaxation requirements set out in the “Key Tasks for New-type Urbanization Construction in 2019” are mainly aimed at the settlement problems of permanent residents without household registration.

  Policy effect: Certain urban land may have different types of large-scale cities that are expected to be transformed from loose settlement.

Focus on Beijing-Tianjin-Hebei, the Yangtze River Delta and Guangdong, Hong Kong and Macao three major urban agglomerations, such as Hangzhou; and the first cities in the agglomerations outside the three agglomerations, such as Zhengzhou and Xi’an.

  Type II cities focus on cities with strong attractiveness and purchase restrictions, which are expected to be affected by the policy.

Divided into three categories: 1) Beijing-Tianjin-Hebei, Yangtze River Delta and Guangdong-Hong Kong-Macao three major urban agglomerations, such as Wuxi and Ningbo.

2) The second and third cities in urban agglomerations other than the three major urban agglomerations, such as Changsha.

3) The top two cities in the most populous provinces.

In addition to the above three types of cities, other cities need to comprehensively consider factors such as economic scale, industrial structure, education and medical resources, public services, and the natural environment.

  Two observation samples: Xi’an and Tianjin Xi’an: Settled in one million, housing prices rose sharply.

Xi’an has relaxed its settlement conditions since March 1, 2017, with “three releases and four drops”, and has settled up to one million in two years.

While the registered population is rising rapidly, Xi’an house prices are also growing rapidly, with an average increase of 37 in sample housing from February 2017 to March 2019.

0%, while Baicheng rose only 12.


With the increase in the registered population of Xi’an, along with the increase in the immediate demand for buying a house, even under the restriction of purchase restrictions, the real estate volume and price have also risen.

  Tianjin: “Patching” in a timely manner to avoid arbitrage and limited increase in housing prices.

On May 16, 2018, Tianjin released the “Haihe Talents” action plan to relax the settlement conditions. At the beginning, the settlement requirements were somewhat ambiguous.

The patch was quickly applied within 4 minutes, and the fractured staff in a work unit in other provinces and cities went to Tianjin without a work unit to apply for settlement.

Due to stricter control over the settlement conditions than in Xi’an, the increase in household registration in Tianjin is limited, and there is no role in increasing housing prices.

  Impact on the bond market: Under the divide, the major cities that loosen household registration restrictions may exacerbate the division between cities.

Tier 1 and Tier 2 cities and strong Tier 3 cities may increase the land sales and prices of some cities by relaxing the registered population; while weak Tier 3 and Tier 4 cities are increasing their population, they are also facing a decline in the number of shed reforms and a decrease in monetization.The drag on property sales.

Regarding the impact of the bond market during the year, it will affect at least two aspects. We believe that the opposite impacts the interests of the conference, that is, the economy will be dragged down by the replacement of third- and fourth-tier real estate.

  Risk reminder: Real-estate policy adjustments exceed expectations.

  The NDRC issued the “Key Tasks for New-type Urbanization Construction in 2019”, which requires that type II cities with a permanent population of 1 to 3 million in urban areas must completely remove the restrictions on settlement; type I large cities with a permanent population of 3 to 5 million in urban areas must fully releaseThe conditions for wide-ranging settlements were opened, and restrictions on households in key communities were completely lifted.

[1]How will this affect the real estate market?

  Urbanization: From land to people, from resident to land registration, the urbanization under land finance is mainly the land urbanization.

Since the tax-sharing system, local governments with “lack of money” have explored the road of land finance to leverage urbanization. By expropriating rural land instead of land prices, they can be converted into higher-priced urban construction land, which can even be converted into land.Gold, driving real estate prosperity also brings benefits.

The funds provided by the land finance have become an important source of funding for urban infrastructure.

From 2000 to 2017, China’s urban built-up area increased by 150.

6%, but the resident population in cities and towns has only increased by 77.
2%, the urbanization of land is far better than the urbanization of the population.
This mismatch has also led to a lack of “ghost towns” in a small number of areas, so a series of policies focused on population urbanization.

  The focus is on increasing the urbanization rate of the registered population.

The urbanization rate of China’s permanent population and household registration population continued to exist, and it expanded significantly between 2000 and 2010.

In October 2016, the State Council issued the “Plan to Promote the Settlement of 100 Million Non-Resident Family Population in Cities”, which requires that “the average urbanization rate of household registration population should increase by more than one per year, and the average annual household transfer rate should be more than 13 million.”Barriers to promote the urbanization rate of household registration population closer to the urbanization rate of permanent population.

By 2018, the urbanization rate of the permanent population will be close to 60%, which basically meets the goal of achieving the urbanization rate of 60% of the permanent population by 2020;[2]The urbanization rate of the registered population43.

4%, 16 lower than the habitual caliber.

2%, the difference narrowed nearly 1% compared with 2010.

[3]It can be seen that the easing settlement requirements set out in the “Key Tasks of New-type Urbanization Construction in 2019” are mainly aimed at the settlement of permanent residents without a registered household.

  Settlement relaxation affects two aspects of real estate demand: First, the permanent resident population who has not purchased a house locally, and the demand for housing released after obtaining the household registration, the demand mainly comes from local graduates, immigrants and local migrant workers.Groups, especially the first two groups.

Second, the non-registered permanent residents who have already purchased a house in the local area will release the improved demand for buying a house after obtaining their household registration. This part of the demand may still be suppressed in cities where purchase is restricted.

  Policy effect: The urban land area may be based on the city ‘s permanent population due to the division of the city ‘s size. The statistical differences in this data are relatively relative. We mainly rely on the 2017 data from the Urban Construction Statistical Yearbook of the Ministry of Housing and Construction.

It is just that there are problems in some cities in this data,[4]but the advantage is that the urban population and urban population statistics are comprehensive, covering municipalities, prefecture-level cities and county-level cities.

  It is expected that large cities in Type I can be replaced in varying degrees from loose settlement.

These cities basically have varying degrees of purchase restrictions, and restrictions on sales, such as relaxation of settlement, may bring incremental demand to the real estate market.

Focus on Beijing-Tianjin-Hebei, the Yangtze River Delta and Guangdong, Hong Kong and Macao three major urban agglomerations, such as Hangzhou; and the first cities in the agglomerations outside the three agglomerations, such as Zhengzhou and Xi’an.

  Type II cities focus on cities with strong attractiveness and purchase restrictions, which are expected to be affected by the policy.

The 20 cities with limited purchase policies in type II big cities can be divided into three categories: 1) Type II big cities such as Beijing, Tianjin, Hebei, Yangtze River Delta and Guangdong, Hong Kong and Macao, such as Wuxi and Ningbo.

Backed by large urban agglomerations, and with its own integrated industrial strength and education and medical resources, it can divert talents that cannot be settled in the first city.

2) The second and third cities in urban agglomerations other than the three major urban agglomerations, such as Changsha.

As a regional center, it can form a certain degree of siphon effect on the surrounding area.

3) The top two cities in populous provinces are enough to attract the population migration in the province to support land demand.

In addition to the above three categories, other cities need to consider publicly the city’s economic scale, industrial structure, education and medical resources, and other factors such as the natural environment.

  Two observation samples: Xi’an and Tianjin. In fact, in the past three years, some cities have relaxed their settlement standards in advance.

This means that some policy effects have been released earlier.

 In 2017-2018, more than 50 cities, including Wuhan, Xi’an, Changsha, and Chengdu, have relaxed restrictions on talent settlement.

Since 2019, six cities including Haikou, Guangzhou, Dalian, Changzhou, Xi’an, and Nanjing have continued to relax restrictions on their settlement.

This model of “grabbing talent” reflects that local governments have spontaneously ran away.

We analyze from two typical samples.

  Xi’an: Settled in one million, housing prices rose sharply.
Xi’an has relaxed its settlement conditions since March 1, 2017, with “three releases and four declines”. The number of settlements reached two million in two years, and the registered population of Xi’an in 2018 reached 986.

870,000 people, 161 higher than in 2016.

940 thousand people.

[5]While the household registration population is rapidly increasing, Xi’an house prices are also increasing rapidly, and the increase in 2017-2019 is significantly higher than the overall increase in Baicheng. The average increase in sample housing from February 2017 to March 2019 was 37.

0%, while Baicheng rose only 12.


With the increase in the registered population of Xi’an, along with the increase in the immediate demand for buying a house, even under the restriction of purchase restrictions, the real estate volume and price have also risen.

  Tianjin: “Patching” in a timely manner to avoid arbitrage and limited increase in housing prices.
As a municipality directly under the Central Government of Tianjin, the “Haihe Talents” action plan was released on May 16, 2018 to relax the settled conditions. At the beginning, the settled requirements were ambiguous.
In the following four stages, patches were quickly applied, and the employees who had work units embedded in other provinces and cities went to Tianjin without a work unit to apply for settlement.

In fact, Tianjin’s relaxation of settlement conditions, mainly to hope that dating talents, retaining talents.
Due to stricter control over the settlement conditions than in Xi’an, the increase in household registration in Tianjin is limited, and there is no role in increasing housing prices.

  Not all cities can attract talent by user base, and retain talent after attracting talent.

Whether it can attract talent inflows, in addition to the hukou value and insufficient settlement, the local industry conditions, housing prices, supporting public services and the natural environment are also large.

  Taking Tianjin as an example, some people value Tianjin’s hukou, which may not lie in the industry in Tianjin, but in the college entrance examination conditions in Tianjin.

Various factors will affect the amount of talent inflow, and then affect the ability to retain talent, and then it is expected to generate more land demand.

For example, even if it attracts a large number of people to move in, if the supporting public services are not satisfactory, some of the population who settled in the early stage may choose to move out, and the land demand brought about is also short-lived.

  According to this speculation, the city itself is sufficiently attractive to fully relax 武汉夜网论坛 settlements and attract population migration to support real estate and boost land finance revenue.

And if the city itself is not attractive enough to attract population inflows, it will not be able to support real estate and land finance.

Therefore, under this model may be “the stronger the stronger, the weaker the weaker.”

  Impact on the bond market: Under the divide, the major cities that loosen household registration restrictions may exacerbate the division between cities.

  First-tier, second-tier, and strong third-tier cities, by relaxing their household registration growth, have just brought the need to buy a house to some extent, which may push up land sales and prices in some cities.

However, since 2017, 50 cities have relaxed their settlement conditions, and some policy effects have been released ahead of 南京桑拿网 schedule.

While weak third- and fourth-tier cities are constantly facing population growth, they also face real estate sales dragged down by the replacement of sheds and the decline in the proportion of monetization.

  In terms of lengthening, loosening household registration restrictions in big cities is conducive to enhancing the benefits of urbanization and increasing the efficiency of economic growth.

As for the impact of the bond market during the year, we believe that the substitution shock to the economy will worsen, that is, the economy will be dragged down by the replacement of third- and fourth-tier real estate.

  Housing and living not speculation + local relaxation under the policy framework of the city, part of the impact on the amount of shed changes, but it is likely not enough to fully hedge.

After all, the effect of the policy is mainly focused on the transformation of the resident population to the registered population. For population migration, while increasing the land demand in the migrating area, it also corresponds to the decrease in the land demand of the migrating area.The maximum increase in land demand is limited.

  注:  [1] 2014年11月发布的《国务院关于调整城市规模划分标准的通知》,以城区常住人口为统计口径,将城市划分为五类七档。Cities with a permanent population of less than 500,000 in urban areas are small cities. Among them, cities with a population of more than 200,000 and less than 500,000 are small cities of type I, and cities with a population of less than 200,000 are small cities of type II.Medium cities; cities with a permanent population of 1 million to 5 million are large cities, of which cities of 3 million to 5 million are type I large cities, cities of 1 million to 3 million are type II large cities; urban permanent populationCities with more than 5 million and less than 10 million are megacities; cities with more than 10 million permanent residents in urban areas are megacities.

  [2] 2014年《国家新型城镇化规划》提出该目标。  [3]It is still 1 away from the target of 45% of the urbanization rate of the registered population in 2020.


The increase in the urbanization rate of the registered population, in addition to the permanent population settled, also has an important source is the removal of counties (county-level cities) to set up districts. From 2011 to 2017, the number of municipal districts increased by 105, and county-level cities and counties decreased.6 and 101.

  [4]For example, Hefei should belong to type II big cities according to the statistical data, but it was included in type I big cities in the “Yangtze River Delta Urban Agglomeration Development Plan”.

  [5]Xixian New District is under the jurisdiction of Xi’an, which affects about 600,000 people.

  Risk reminder: Real-estate policy adjustments exceed expectations.

Under the principle of no housing and speculation, some cities may relax their real estate policies due to the city ‘s policy to hedge against the financial pressure caused by the decline in land transfer income.


  Author: fixed income analyst Liu Guosheng Yu, Source: Yu Yan bond market

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Zhongzhuang Construction (002822) Company Comments: Entering the IDC field to provide cloud data processing for the blockchain. Single-quarter orders grow rapidly

The company and IDC service company Anxun Group’s long-term investment framework agreement is expected to increase capital by 54 million yuan. After the increase, the company will account for 30% of equity of Anxun Group.

At the same time, the company announced a brief report on operating conditions for the fourth quarter.

The opinions are as follows: Entering the IDC field is an important extension of the development of blockchain. In the future, cooperation in cloud storage is not excluded. Anxun Group is focused on data center construction, cloud video office, cloud computing and big data, data center operations and network security.The solution company has a telecommunications business operator license in Hong Kong.

Anxun Group has provided IDC services to many domestic government departments, financial institutions, and corporate unit customers.

The company invested in Anxin Group through capital increase. The reorganization is an important extension of the blockchain. IDC is a supporting infrastructure for the blockchain project and provides cloud data processing for the company’s blockchain platform operation. Instead, considering the recent epidemic reasons, cloud office,The demand for cloud video has skyrocketed, and some head cloud platforms have experienced congestion. Through this move, the company cuts into the field of cloud storage. Considering that the company’s CTO has a Tencent background, it does not rule out possible future cooperation in the field of cloud storage.

Orders increased in the fourth quarter, and the growth rate of new growth orders last year changed from negative to positive.

8 ‰, an increase of 98 in a single quarter.

5%; 19 years in the new millennium single 67.

61 ppm, an increase of 15 in ten years.

5%, a gradual increase of -2 from the first three quarters.

6% excellence improvement.

The growth rate of the single quarter in the fourth quarter is normal. From a quarterly perspective, the growth rate is stable and the reorganization is also related to the company’s operating strategy to use the capital advantage to expand its market share. This growth rate is valuable in the context of the general order of the entire decoration industry last year.

The company finally closed the order in hand82.

100 million, little change from the first three quarters of 19 years.

A long-term cooperation agreement with 杭州桑拿网 Agricultural Bank of China, the blockchain entered the commercial realization phase. The initial agreement between the company and Agricultural Bank of 6 billion intentional credit lines was established by the company and the pigeon information agreement to jointly establish a decorative blockchain technology platform and start business model realization.An important step.

First of all, this cooperation agreement is rare in the decoration industry, which can improve the company’s overall bargaining power in the industry, attracting many partners and even decoration companies with capital needs to go on the chain.

In fact, while effectively solving the upstream and downstream cash payment pressures, it is expected that the company can respond to certain handling and guarantee fees through supply chain loans, and decorate the industry’s blockchain business business model to promote realization.

Considering that the intended credit line can also be used by the company itself, and currently the decoration industry generally faces the risk of banks reducing credit lines, this agreement provides a good idea for the industry to solve financing problems, and the industry’s growth space may be opened again.

Investment advice The company’s continuous and vigorous development in the field of technology reflects the company’s decision to continuously empower traditional industries through technology.

Fast-growing orders and performance are expected to provide a better estimation margin, and expansion into the technology and property sectors is expected to bring upward estimation flexibility.

We maintain the company 2019-2021.

39, 0.

49, 0.

The EPS of 59 yuan / share is unchanged.

Maintain 12.

Target price of 5 yuan, maintain “Buy” rating.

Risk reminder: the epidemic affects the resumption of work in the entire industry, and the investment framework agreement has not been officially signed

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How to be glamorous in Party

Don’t look like an upstart who wants to be the protagonist of the party.

But in dress, I advise everyone to keep in mind that the material must be reversed!

Unless you are attending a party with special requirements for clothing, or a mask party or masquerade, etc., you must not damage your image in order to pursue excessive glare.

In any case, the most important thing is nature and freedom.

As long as you know yourself, know your true value, and maintain your own unique style, you can be full of charm.

  Don’t be self-centered. Don’t always focus on yourself. Try to focus on the lives and interests of others. Sharing the opinions of others or sharing the secrets of others will make others treat you as a confidant.

Because to others, you trust him.

Stubborn opinions and aggressive arguments may make others feel awe in you, but it is difficult to win friendship.

  Recognize and respect others Learn to remember other people’s names, remember the content of their most recent personality, and make him or her feel unique in your eyes.

Keeping this in mind will make you beloved and endless.

Praise others face to face, naturally and from the heart.

Listening carefully to others’ personalities and expressing your concern will make others trust you.

  Treat others optimistically and friendly when talking with close friends, try to get close to him, and pull his range very naturally, pat his shoulders, and express your affinity.

Always show your charming smile, say hello to everyone you meet, and use your enthusiasm and friendliness to infect everyone around you, and your charm will quietly bloom.

  Appreciating and expressing yourself A person who is worried, shy, and lacking confidence may easily gain sympathy, but there is no charm at all.

A person who knows how to appreciate himself and is good at expressing through body language will definitely win everyone’s attention and favor.

Remember: Be sure to lift your chest and abdomen when accurate. Good standing posture will make you look more confident.

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Slimming Yoga, DIY

Yoga enthusiasts yearn for the ancient civilization of India and want to overcome the profound religious thoughts found in yoga. In fact, practicing yoga is of great benefit, but for girls who are greedy, the most direct effect is to lose weight.

This is why yoga is popular with movie stars.

  A: The little butt upset Kegel exercise effect: tighten the hips, strengthen the bladder, prevent urinary incontinence, improve income, optimize the line.

  Posture: 1. Lie on your back with your knees bent, your feet and your feet facing each other, your legs open to the sides, your hands moving over your head, and your fingers crossed.

  2. Inhale, tighten your chest and lift it upwards.

  3. Hold this position for a few seconds.

  4. Exhale, slowly lower your hips and relax.

  5. Repeat the above actions several times.

  Two: Trunk leg is missing One-foot fracture effect: This exercise can shrink the ligaments and muscles of the leg and beautify the leg lines.

At the same time, it can also balance the autonomic nerves, incidentally reduce excess traces in the abdomen, and maintain a light body.

  Posture: 1. Lie on your back with your legs straight and your hands on your sides.

  2. Put your right hand on your right thigh, inhale, lift your left leg, and hold your left foot’s thumb with your left hand.

  3. Lift your upper body slowly, exhale, and pull your left leg over your forehead.

  4. Keep this position and take a deep breath for 5 seconds.

  5. Inhale and slowly lie flat on your upper body.

  6. Exhale and place your left leg in front of your body with larger leg muscles.

  7. Hold this position and breathe deeply for 5 seconds.

  8. Inhale and return to the starting position.

  Three: Eliminate the simple triangle effect of the waist of the bucket: This is one of the few postures in which the spine bends outward in yoga asanas.

This position is welcomed by practitioners. It aims at the excess of the waist and quickly improves the waist of the bucket. It can still strengthen the buttocks muscles and make your body softer and more flexible.

  Posture: 1. Stand upright with both hands hanging naturally. Open your legs with a pair of shoulders wide. Inhale and stretch to both sides, parallel to the ground.

  2. Inhale and slowly bend your right leg into a lunge.

  3. At the same time, the body is bent to the left, and both arms are always 90 degrees with the upper body.

  4. If possible, hold your right foot and extend it with your right hand, keep breathing for 5 seconds, and slowly straighten your right leg.

  5. Inhale and return to the starting action.

  6. Repeat the same action once on the right.

  Action essentials: When you bend your waist, pay attention not to tilt your upper body forward, otherwise the practice effect will be greatly reduced.

In addition, this action is not suitable for pregnant women.

  Four: amazing effect of weight loss big swing type effect: This posture is definitely the only way you must practice before putting on a bikini. This action can speed up blood circulation, strengthen abdominal muscles, arm and leg muscles, and stretch the lumbar spine.Stimulate kidney activity and radically improve the digestive and excretory functions of the practitioner.

If you are a super fat body who can gain weight by drinking cold water, then you must practice quickly.

  Posture: 1. Stand upright with your feet open slightly wider than the front. Hold your hands and fingers together and cross each other. Hold your left and right wrists with your palms forward and forward. Keep your hands straight as high as your shoulders.

  2. Hold your hands up and over your head, do not bend your elbows, palms up, at the same time, bend above the waist to the left, bend your right leg into a lunge, and straighten your left leg.

  3. Hold this position for 10 seconds.

  4, recover, and then bend down.

  5. Repeat 3 times.

  6, for the other side.

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Ten Must Reads for Workplace Survival

Must read one: respect the private space of others In OFFICE, private space is precious and must be faced.

“Interrupted” and “I’m sorry” are the essential words to ask others or interrupt others’ work.

In addition, remember to knock on the door before entering someone else’s office, and do not read the letters or documents of others on your own, or read other people’s business card boxes by claiming permission.

  Must-Read 2: Office Etiquette A, Phone: If the colleague you are looking for happens to be absent, don’t ask his assistant to write down a long message for you. Ask him to transfer to the telephone recording, leave your name and extension.

Simple content then go online.

  B. Copier: When you have a lot of documents to copy, and the colleague waiting for you only wants one copy, let him use it first.

If the copier runs out of paper, remember to add it; if the paper is jammed, you should dispose of it before leaving. If you don’t know how to repair, ask someone to help.

  C, Corridor: If not necessary, don’t interrupt the conversation between colleagues.

If you have interrupted, make sure your former colleagues are not ignored.

  Must-read 3: Keep clean A, embedded: All food must be eaten or discarded in time, otherwise your table may turn into a fly-filled garbage dump.

  B, if there is a public kitchen: don’t put dirty cups in the sink, and don’t put mushy or illegible garbage into the bin.

In addition, avoid heating strong foods in the microwave.

If the juice is splashing, remember to wipe it clean before leaving.

If you drink the last glass of water, add it.

  C, Ladies’ Toilet: Remember to flush after using the toilet and make sure all “things” have been washed away.

If the toilet paper runs out, please help replace it with a new one.

Waste should be accurately thrown into the trash.

  Must read 4: If you have a loan, if your colleague buys takeaway for you, please pay the required fee first, or return the money to him in time after he returns.

If you happen to be short of money, pay it back the next day, because no one likes to ask for money from someone.

Similarly, although the company’s internal appliances are not personal items, they must be borrowed or returned, otherwise it may hinder others’ work.

  Must-read # 5: Strictly abide by rules No matter how loose your company is, don’t take advantage of it too much.

Maybe no one will refuse you because you are 15 minutes early from work, but leaving in a big manner will only make you feel that you don’t value the job and are not professional. Those colleagues who work overtime feel that they are redundant.

Also, don’t abuse your company’s entertainment money for personal use, such as making long distance calls.

  Must-read 6: Keep your mouth shut Even if a colleague’s performance in a certain job is not satisfactory, don’t talk to others behind him, saying that right and wrong is the most likely to cause colleagues to distrust.

The reason is very simple: When a colleague says in front of you that others are right and wrong, don’t you doubt how he described you in the face of others?

  Boss usually hates right and wrong.

If you give a small report to your boss, it will only make him feel that although you are an “insider”, you will concentrate on your work instead.

If your boss tells you company secrets, remember not to leak a word or a word.

  Must-read 7: Do n’t interrupt the conversation When others express their opinions, interrupting the conversation mid-way is a very unreasonable thing, and it also affects other people ‘s impression of you and your credibility.

During meetings (or at any time), pay attention to what others are saying.

If you want to express your opinion, write it down and wait until the right time.

  Must-read eight: Do n’t show off If you ‘ve just been on a sunny beach vacation, of course you ca n’t cover your bronzed skin at once, but do n’t keep on working hard, even your breathless colleagues describe it face to faceYour pleasant holiday; don’t brag about your handsome and considerate husband or lover in front of your colleagues who are still single; or boast that “what you eat will not get fat” in front of excessive colleagues, this will only alienate othersyou.
  Must read 9: Praise others. Modern people may be too busy and often have no time to correct positive responses (such as saying “thank you” and words of praise). Ignore this simple but effective person who can always make you praise.Can help your performance.

Lily’s boss always thanked her for all her efforts and efforts before leaving work, which made Lily very satisfied and determined to work hard for her boss.

  Other benefits of complimenting others are: the receptionist will remind you that the boss is in a bad mood today; colleagues will rush you before the deadline.

As long as you praise others, you may get incalculable returns.

  Must-read ten: Don’t waste time wasting the time of others is the most common fault. Many people take their work home because it is the only way to complete the work without any obstruction.

So A, do n’t write long emails: “Urgent” can be displayed in the title, and the content must be concise.  B, don’t holdline: If you and someone else have a more important phone call, you should ask the person with the first personality to hang up and reply to him later.

  C, On time: For those who are on time, it is definitely not good to wait for someone who is late to participate.

If you are the person in charge of the meeting, please distribute related memos, agendas, etc. to everyone the day before the meeting.

The antique time of the meeting is preferably 30 minutes before work, because everyone rushes to work at this time, the meeting can be carried out more effectively.

Please also start the meeting on time and don’t wait for those who are late.

  D, don’t bother your boss: Don’t ask your boss for everything.

If you really need help from your boss.

Because he prepares the answer before seeking his guidance.

  E, don’t talk too much: it is not appropriate to talk to colleagues, but you also need to be disciplined.

If you are resting, others may be just the opposite. It is best to avoid distracting colleagues.

If your colleague often enters your room, try to sit behind the door; if the situation is not controlled, you can remove your conference chair, for convenience will not stay long.

  F, when the leader asks questions, remember to stand up and talk back.

This is a respect for leadership and a basic courtesy.

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The most basic diet of allergic rhinitis suggests that allergic rhinitis should be prevented

In the high incidence of allergic rhinitis, pollen, irritating odor, dust, etc. can cause it to occur, and the incidence rate is high in the population.

The method of radical cure is not yet, the best measure is prevention, then how to prevent it in peacetime?

Let’s start with the diet.

Here are the basic dietary recommendations for preventing allergic rhinitis. I believe it will help you. Get it quickly!

A diet to prevent allergic rhinitis, Flammulina velutipes contains essential lysine and arginine, and its zinc content is very high. Both amino acids and zinc can promote the development and growth of children’s intelligence, and the bacterial strains in Flammulina velutipesIt can improve the body’s immunity, as well as antibacterial and anti-inflammatory effects.

Long-term consumption of Flammulina velutipes is beneficial to eliminate heavy metal ions and metabolic wastes, toxins, and anti-cancer effects in the body. Flammulina velutipes also contains a protein that inhibits the onset of hypertension, rhinitis and allergic skin diseases.

Therefore, whether it is a patient with rhinitis or a person who wants to prevent rhinitis, there is nothing to eat enoki mushroom to strengthen their immunity.

Second, perilla basil is the companion of sashimi. It has the highest appearance rate in Japanese cuisine. It is food and medicine. Perilla contains essential fatty acid, linolenic acid, which can be converted into DHA in human body.It has a strong health care function. It can moisturize the lungs, relieve the pain, and can be eaten by pregnant women and children. Eating some perilla during pregnancy is good for preventing allergic rhinitis.

Third, green tea green tea contains a large amount of phenolic compound catechin, which can reduce the probability of pollen allergy, this catechin is only found in green tea, but not in black tea, especially fresh green tea, the content is higher,Long-term drinking can prevent allergic rhinitis.

Fourth, red jujube red dates are rich in antioxidants cyclic adenosine monophosphate, which can prevent allergic rhinitis. The best way to eat red dates is to cut dried jujube and boil water. Do not put sugar, just use dryJujube boiled water, you can also use boiling water to soak the jujube, pay attention, because the jujube is not easy to be infiltrated by water, you must cut it.

Fifth, mango eating mango can prevent allergic rhinitis, because there is a lot of vitamin C in mango, vitamin C has a strong antibacterial and anti-inflammatory effect, can resist common inflammation.

At the same time, mango leaves and stems have an extract that inhibits S. pyogenes, Escherichia coli, Pseudomonas aeruginosa, and has the ability to inhibit influenza virus.

Sixth, apples can prevent allergic rhinitis when eating apples. When eating apples, they can absorb vitamin C, which is helpful for anti-inflammatory.

At the same time, the cellulose in the apple helps the body to move and replace the impurities.

Apples eat into their mouths, moisturizing their throats when chewing, and are extremely helpful for breathing and digestion.

Seven, carrots to eat carrots can prevent allergic rhinitis, carotene in carrots, can prevent skin allergies, have a good treatment for allergic dermatitis.

Among them, β-carotene can also regulate the balance between cells, enhance the body’s resistance, and let the body no longer have an allergic reaction.

Eight, spinach to eat spinach can prevent allergic rhinitis, there is a lot of minerals in spinach, the body lacks minerals will cause the virus to harm the body, eating spinach can enhance the resistance and kill these bacteria.

Vitamins and vitamins in spinach help to protect the skin, avoid viruses, bacteria damage the skin, prevent allergic diseases, and prevent eating more.

Nine, coriander to eat coriander can prevent allergic rhinitis, allergic rhinitis often occurs because of lung, spleen, kidney three parts of qi deficiency, while eating cold food will aggravate allergic rhinitis.

Coriander is a warm food that helps to replenish yang, and coriander is a less irritating vegetable that does not cause much irritation to the respiratory mucosa.

Among them, vitamins and minerals can also increase the resistance, so try to eat more.

Ten, yogurt drink yogurt can prevent allergic rhinitis, fermented foods have a large number of beneficial bacteria, these beneficial bacteria can enhance immunity and effectively prevent allergies.

Drinking yoghurt can adjust the ecology of the intestinal flora in the body, which helps the body to adjust and does not hinder drinking a little.

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