What is the investment value of Yingjia launched currency enhancement products?

What is the investment value of “Yingjia” launched currency enhancement products?

Source: Hejing Ruizhi | Wangjing Borg’s returns on fixed income products are related to product maturity and credit rating: (1) Usually the maturity is longer than the maturity and the maturity is higher. For example, the bank’s financial management exceeds the money fund, and the high return has a price, Because long-term products with poor liquidity cannot be refunded at any time; (2) usually the credit rating is lower than the credit rating, the return is higher, for example, the P2P income is higher than the bank financing, the high return is also costly, because the creditLow ranks have a high probability of default.
In the past year, the yield of Yubao, a money fund, has continued to slump, basically remaining at annualized levels2.

About 6%, everyone likes low-risk and high-yield products, so each platform has successively launched “currency enhancement” products. For example, Alipay has a good balance.

  So, what is Yingjia?

Yifangda’s full name is Yifangda, which is a combination of money funds and bond funds. Among them, money funds account for 65%, bond funds account for 35%, and the risk rating is medium to low risk. Similar to Yu’ebao, the balance is mainly based on money funds.The fund portfolio has higher security, and the minimum purchase amount is 100 yuan.

From the perspective of earnings, the earnings are better than that of ordinary money funds and are competitive.

  Specifically, the surplus Kerry’s bond fund contains 20% of E Fund’s Anyue ultra-short-term debt C and 15% of E Fund’s Anrui short-term debt C.

The higher part of its earnings compared to surplus treasure is mainly contributed by the bond funds inside.

There is no redemption fee for the purchase and redemption of Class C shares, but if the holding period is less than 7 days, a 1 is still required.

5% punitive redemption fee.

  If the investor holds a “good balance” for less than seven days of redemption, the redemption fee is 35% of the bond portion and 1 is required to be paid.

A 5% punitive redemption fee, with a total ratio of 0.

525%, if 10,000 yuan, the redemption fee is 52.

5 yuan, far more than the product of almost 10,000 yuan a day a dollar income, so the remaining good for holding more than one month.

  In the world, there is no love for no reason; no high yield for no reason . (1) There is also negative income in the history of currency funds. On December 30, 2003, Huaan Cash Wealth Fund was officially established.

Huaan launched the First Monetary Fund. The supervision of monetary funds is in an experimental stage. The fund manager’s investment fund will be extended for longer and longer periods of time in pursuit of high yields. The continuous liquidity will have problems. The currency fund will run and bonds will run.Unrealizable event.

  On August 16, 2004, the “Interim Regulations on the Management of Money Market Funds” was promulgated, stipulating the maximum duration of money funds and decentralized investment of money funds.

  For various reasons, there have been 13 negative returns in the history of the money fund, and these history appeared before 2013. Since then, there have been no negative returns on the money fund due to the improvement of monetary fund regulations and the ability of fund companies to operate.

  (II) Monetary Fund Enhancement Strategy In 2017, I unintentionally saw a promotional image of Tiantian Fund Network, which basically means that the rotation of currency funds (that is, redemption of recent low-yield currencies and purchase of the latest high-yield currency funds) can create very high returns.
If we have some experience, we know that it is basically impossible to multiply the increase in the return of money funds by rotating money. But is it possible to get more than the average return of money funds?

Therefore, the backtest was specifically made using the 2016 IMF’s 10,000 income data. The results of the backtest are surprising!

Let’s start the harvesting mode . As shown in the figure, when the rotation period is 7 days, the profit of the currency fund rotation strategy is only 202.

70 yuan, far less than the average return of the entire money fund (about 250 yuan), but most of the worst money fund income (about 160 yuan).

With the increase of the rotation cycle, when the rotation cycle is 35 days, the strategy reaches the optimal 335.

20 yuan, ranking third in the income of all money funds in that year, second only to Jiahe and the Central European Money Fund.

However, it must be clear that the ranking of monetary funds in 2016 is a posteriori result, and our rotation strategy is initially running according to certain rules.

In a sense, the use of the monetary fund rotation strategy can beat 99% of the monetary funds. This result is indeed shocking!

  Seeing this, you realize that Wangjing Borg was once a master of investment in currency funds, but why have you abandoned this in recent years?

  Because Borg acknowledges: (1) Monetary fund has limited increase in round-robin income, and the market money fund’s income is currently almost 2.

6%, under the trend of continued downward interest rates in the future, it will not exceed 3 by any means.

5%; (2) Monetary funds can only invest in bonds with good liquidity, short maturity, and high grades. If you want to increase yield, you need to invest in bonds that have expired. For example, if the balance is good, the bond maturity is slightly extended, and the yield is increased(3) Long-term bank financing can invest in some non-standard assets, and the return on non-standard assets is higher than bonds, so the bank’s financial management ratio is higher than that of money funds, but the risks facedHigher, but fortunately, there are hidden “just cashed” big banks, but this “just cashed” is also the target of regulatory crackdown.

  There are also some combinations that use the strategy of bond funds and new funds to increase returns, but these enhancements are short-term and impossible to stabilize in the long term. For investors who look at it, they may catch up with the income adjustment after buying. InvestmentIt needs to be simplified, and it can’t be time-consuming and labor-intensive for the sake of income. Therefore, the long-term income is still tested by the Hulk portfolio. The 南京桑拿网 short-term income depends on the common currency fund. The combination of these is actually not low.

Makihara (002714) Annual Report 2018 Review: Cycle Turning Point Has Arrived

Makihara (002714) Annual Report 2018 Review: Cycle Turning Point Has Arrived

Affected 苏州夜网论坛 by rising epidemic prevention and construction costs, the impact of pig prices in advance to suppress pig prices, 19Q1 performance or short-term pressure.

However, the upward cycle of pig prices has started, and the production capacity in the northern region has been deepened, and highly elastic pig prices are expected.

As an industry leader in continuous expansion, the number of listings is expected to continue to increase.

The rise in both volume and price is expected to drive the company’s profits to continue to increase.

Raise EPS forecast for 2019-2020, raise target price to 81 yuan, and maintain “Buy” rating.

Profit in 2018 5.

2 trillion, in line with expectations.

It achieved operating income of 133 in 2018.

900 million (33% increase), profit 5.

200 million (down 78%).

The increase in revenue was mainly due to the expansion of sales scale: in 2018, the company sold a total of 1101 pigs.

10,000 heads (the same increase of 52%), of which 1010 were commercial pigs.

90,000 piglets.

40,000 heads, breeding pigs 3.

80 thousand heads.

The main category of profit caused by the decrease in pig prices: the average selling price of the company’s commercial pigs in 2018 was 11.

62 yuan / kg, a 20% decrease from 2017.

The performance was in line with expectations.

The company plans to distribute a cash dividend of 0 for every 10 shares.

5 yuan.

Rising costs, low pig prices and short-term pressure on 19Q1 performance.

The company expected 19Q1 to expect 5.

200 million-5.

600 million.

The main reasons we judge are: 1) The cost of the company ‘s breeding has increased due to non-blast epidemic prevention and pig farm construction. It is estimated that the total cost of the company ‘s breeding will be 11 in 2018.

8 yuan / kg increased to 12-12.

5 yuan / kg; 2) Panic sentiment about the epidemic situation and the impact of the Spring Festival. In 19Q1, the pig breeding industry was generally released in advance, and the pig price was correspondingly under pressure. In addition, according to grassroots research, the companyThe slow-growing pigs in the house will not be re-raised, and the others will be sold uniformly, which will cause the average weight of the slaughter to drop and drag down the average sales price.

It is estimated that the company will produce 3 million to 3.5 million pigs in 19Q1, with an average investment of 150-180 yuan.

The inflection point of the cycle has arrived, and the leader is moving forward.

1) Pig price: The affected 18Q2 breeding stocks, the impact of non-epidemic diseases and the embargo policy, the current production capacity of the domestic pig breeding industry has reached 19%, far exceeding the capacity reduction in the previous two cycles.

The current trend of de-capacity production is still continuing, or as high as 28%.

Among them, the company’s production capacity is mainly distributed in northern regions such as Henan. Due to the severe epidemic situation in 2018, its production capacity has been deepened, and local pig prices are highly flexible.

2) Company listing volume: The company aims to achieve 13 million to 15 million listings in 2019.

Combined with the company’s fixed assets and construction surplus (up 42% at the end of 2018) and productive biological assets (up 4% at the end of 2018; from the perspective of historical average productive biological assets, it can support approximately 13.6 million heads of 2019) Annual sales volume), we estimate that the company will sell about 13 million heads in 2019 (the same increase of 18%).

Considering that profit growth in 2019 will improve the company’s cash flow and accelerate its capacity expansion, it is expected that the company will 佛山桑拿网 sell about 17 million heads in 2020 (a 31% increase).

Risk factors: Livestock and poultry prices rise more than expected; raw material prices fluctuate sharply; livestock and poultry epidemics.

Investment suggestion: Considering the reversal of the cycle or the significant increase in pig prices, the company’s sales volume is expected to continue to grow at a high level. We revise the EPS forecast for 2019/2020 to 1.

64/6.19 yuan (was 1).


33 yuan), plus the EPS forecast for 2021 is 5.

28 yuan.

With reference to the company’s average profit level in the previous cycle and the historical forecast level of its peers, it will give 13 times PE for 2020 EPS, raise its target price to 81 yuan, and maintain a “buy” rating.

Zaisheng Technology (603601) Company Tracking Report: Announcement of Incentive Scheme to Benefit a Large Number of Employees

Zaisheng Technology (603601) Company Tracking Report: Announcement of Incentive Scheme to Benefit a Large Number of Employees


The company announced 都市夜网the stock budget incentive plan and was approved by the extraordinary shareholders meeting. According to the incentive plan, according to the company’s data before the 2018 annual equity distribution, it plans to award 1751 to the incentive object.

710,000 stock budgets, accounting for 3 of the company’s total share capital.

24%, of which 1523 was awarded for the first time.

220,000 shares, maximizing the share capital2.

82%, the exercise price granted to the stock budget for the first time is 8.

97 yuan / share.

The performance appraisal target for the three exercise periods granted for the first time is based on the deduction of non-net profit attributable to shareholders of listed companies in 2018, and the non-net profit deduction of shareholders attributable to listed companies in 2019, 2020, and 2021 will not increase by less than 201825%, 50% and 80%.

The budget incentive scheme has a wide range of incentives and is a fixed cornerstone of the company’s development.

The target of this incentive plan includes company directors, senior management personnel, middle management personnel, and core technology. The business backbone has a built-in supply of 171 people.

The company’s 2018 annual report disclosed that the parent company has 361 employees, a total of 1,222 employees, and this incentive accounted for the number of employees registered at the end of 201813.

99%, motivating a wide range of employees, fully motivating employees, and promoting high growth of the company.

Optimistic about the breakthrough of PTFE products and the development of thermal insulation materials to promote the company’s performance.

Chongqing Baoman, a subsidiary of the company, developed a PTFE membrane, which broke the oligopoly situation of Daikin and Nitto of Japan and fully connected the high-end market.

From the perspective of filter materials, the company has achieved full coverage of meltblown materials, glass fiber materials and PTFE materials. From the perspective of the industrial chain, the company has achieved full industry coverage of upstream glass wool, midstream filter paper and downstream purification equipment, with a complete layout and strong discourse power.

At the same time, the advantages of VIP core materials are obvious. We believe that VIP boards replace rigid polyurethane foam as refrigerators,上海夜网论坛 freezers and other insulation materials are in a rapid development stage. We calculated that by 2016, VIP boards permeate and dissolve 2% in refrigerators and freezers.

If calculated based on the penetration rate of VIP boards of 10% in 2029 and 80% penetration in 2045, the market size of VIP boards in 2029 and 2045 is 113.

9.1 billion and 911.

2.4 billion.

Give a “first-tier market” rating.

We expect the company’s EPS to be approximately 0 in 2019-2021.

30, 0.

36, 0.

45 yuan for the 2019 PE 25?

30 times, reasonable value range 7.


0 yuan.

risk warning.

New materials replace risks, and downstream development is less than expected.

Funds fight 50 index-the selection of the number of core assets enters differentiated competition

Fund Falcon 50 Index: Selecting the number of core assets enters differentiated competition

Original title:[Depth]Report on the Fund 50 Battle Index | Edited by Huang Huiling | Song Yi’s stocks that make money this year are particularly in line with the aesthetics of public funds.

  They are the leading companies in their industry. In addition to the traditional hot targets of public funds, they also wear flashing labels such as “Social Security Heavy Warehouse”, “MSCI China Concept”, “QFII Heavy Warehouse”.

  They are also called “core assets” by market capital.

Extreme, Northbound funds and institutions cling to heating “core assets”, the first high-priced stock in Maotai, Guizhou (600519.

(SH) Repeatedly hitting new highs, forming a stark contrast with the “small, bad” companies that frequently burst.

  According to wind data statistics, as of October 16, the average increase of A-shares has been 23% this year, and the average increase of 45 stocks of public offering funds (with more than 500 funds) has reached 52%, far exceeding the average of A-shares.Gains.

  The prevailing “core assets” theory has influenced the product design thinking of index funds. Whether it is a broad-based index or a custom industry index fund, the idea of “selected stocks” is adopted.

  More interestingly, the sample size was invariably set at 50.

  50: The number of core assets is selected. The big bull market of blue chip stocks from 2017 has made the concept of “beautiful 50” deeply rooted in the hearts of the people. Every company wants to create its own “Chinese version of beautiful 50”.

  The SSE 50 Index is a preliminary 50-target index.

Initially, there are over 37 SSE 50 Index funds in various forms.

Even so, the giants continue to enter.

On September 6, E Fund’s SSE 50ETF and its affiliate funds were established.

Prior to this, E Fund has owned E Fund’s SSE 50 Index, SSE 50 Index Enhanced Fund; on September 9, Tibet Dongcai Fund Company reported its first fund, which is also an index fund that tracks the SSE 50 Index.

  Looking at the fund circle, in addition to the heated SSE 50 Index battlefield, the category “50” has also quietly blossomed.

  Among the funds established this year, there are both the local 50 index-Zheshang Huijin CSI Phoenix 50ETF, and the strategic 50 index-Jiashi CSI Ruilian Fundamental 50ETF, and Zhongrong CCTV Finance 50ETF.

  There are more 50 funds on the road, including China Merchants Hang Seng Shanghai-Hong Kong-Shenzhen Greater Bay Area Innovative Select 50 ETF, and China Securities Industry 50 Series Index Fund of Wells Fargo, covering consumer, pharmaceutical, and technology fields.

  In addition to equity index funds, bond index funds also favor the “50”.

  Interface News found that according to wind statistics, a total of 228 bond index funds have been declared in the past five years.

Since the end of last year, a limited number of bond index funds have appeared, of which the most selected “50”.

Including Industrial Bank’s CSI Bank 50 Financial Bond Index Fund, Anxin Fund’s CSI Credit Entity 50 Bond Index Fund, Changxin Fund’s CSI Convertible Bond and Exchangeable Bond 50 Index Fund, etc.

  In addition to the explicit “50” funds, many custom index funds also control the sample size to about 50.

For example, China Securities Technology TapIndex tracked by Huabao Technology TapETF has 50 constituent stocks.

In addition, the Shenzhen Science and Technology Innovation Index Fund, which is currently to be issued by Essence Fund, has 50 constituents.

  Why are 50?

  Why are 50?
Hu Ying, general manager of the financial management department of Anxin Fund, told Interface News that the choice of 50 is to find a balance between the stability and capacity of the index sample.

“30 are too few, 80 are too many, and 50 are just right.”

  CSI Fund Subject 50 Bond Index Fund reported by Anxin Fund selected 50 credit subjects.

Hu Ying said that whether it is a bond or an equity index, three principles are complied with when compiling: one is to have sufficient liquidity; the other is to strive to choose the best target; the third is to increase the number from the underground and take into account the easier to remember numbers.

  ”As far as the CSI Credit Subject 50 Bond Index is concerned, if the number of credit subjects increases to 70 or 80, the tail subjects may be wrong, which will increase the frequency of position swaps and tracking defects.

“The letter of the CSI Credit Entity 50 Bond Index Fund of Anxin Fund is a” selected bond “idea.

“The interest rate debt has been very hot for the first two years, but in the end, the allocation priority of investors will gradually extend to credit debt.

Compared with active funds, passive funds have low fees and can give investors more choices.

Hu Ying said.

  As for the stock index, a person in the fund that participates in index customization told Interface News that 50 is a better choice for selecting in a segmented industry.

“When doing index selection, first of all, the sample space must be relatively large.

There are too few samples of certain lithium battery positive and negative materials to be indexed.Well, in an exponential space, 50 is enough.

In terms of name, everyone prefers the whole, jumping to 100 is too much. ”

  ”In fact, these two years of references to core assets, beautiful 50, the background is the stock economy, the leader is sought after.

“The source believes that this is not the time for a hundred schools of thought. Everyone thinks that high-quality companies are selected to compile the index.

  Su Yanqing, fund manager of China Merchants Fund Global Quantitative Investment Department, also holds the same view.

When cooperating with the Hang Seng Index Company to compile the Hang Seng Shanghai-Hong Kong-Shenzhen Greater Bay Area Innovation Select 50 Index, their idea was to highlight the advantages of enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area and choose companies with obvious technological innovation advantages in the Greater Bay Area.

“Some companies are relatively small, and they have not reached the stable growth range. Although some companies are connected, their investment in science and technology is not high, which is inconsistent with the index positioning. Such companies are not expected to affect the performance of the index.”

  Su Yanqing believes that the selection of high-quality stocks as the tracking target is becoming a trend in the entire market.

“In the past, indices were provided by index companies and fund companies simply tracked them.

Now fund companies will more or less participate in compiling the index, adding fundamental factors, choosing to choose leading companies or companies that meet certain styles. ”

  A deeper consideration is the vigilance of individual stock risks.

“In the past two years, regulations have become more stringent, and some stocks have experienced risks. Fund companies will also consider potential risks in the process of preparation.

“Su Yanqing said,” This approach can make investors feel that fund companies still create some screening for investors.

“How to choose 50?

  Wang Lele and his colleagues from ETF Investment Director of Quantitative Investment Department of Wells Fargo Fund have prepared for at least half a year, from discussing and determining the plan, to customizing the index company, to product declaration, approval, and final issuance.

  Wells Fargo’s industry leader index fund is a rare series of product lines covering consumer, pharmaceutical, technology, military and other industries.

  Although they all take “leading” as the core, if you look closely at these index compilation schemes, you will find that the compilation ideas of different industries are different, and the definitions of leading industries are also different.

  ”Consumer and pharmaceutical earnings are relatively stable, and stocks can be selected based on profitability.

Technology is an explosive industry and requires relatively high investment in scientific research.

The military stocks must screen companies whose core business is military.

Wang Lele introduced that because different industries have different attributes and investment logic, it is not easy to apply a formula to screen leading stocks.

  During the interview, Wang Lele has been involved in “investment logic”.

“We are all indices selected based on the investment logic of the industry.

The traditional compilation of the CSI 300 Index is very simple in selecting stocks by market value. ”

  In order to make the index more in line with investment logic, Wells Fargo Fund has transformed the power of the external brain.

“When working on the military leader ETF project, I asked the Aviation Industry Group, the first largest military group.

Our understanding of the military industry unit may not be as good as that of external experts, so we will replace them with suggestions.

“Looking at the Technology 50 Strategy Index, it is also somewhat different from other technology index in the market.

In order to avoid the risks of the high-tech industry, the index added a number of risk indicators, including the pledge ratio, the ratio of goodwill to net assets, current ratio, receivable turnover rate, return on net assets, and tried to exclude high-risk companies.
“All the selected stocks have been counted again, some rules have been found, and then the products have been productized according to the index.

“For nearly two years of differentiated competition, ETFs have flourished at a rate that is visible to the naked eye.

Thousand sails raced, and some themed tracks have become very crowded.

  The most sought-after theme in the secondary market this year is technology, and the technology 50ETF of Wells Fargo Fund is currently being issued.

Prior to it, at least eight companies were hunting for technology concepts.

In the first three quarters of this year alone, 21 technology-based index funds have been issued, of which four have been named as “technology.”

And the share of the first technology ETF, the leader of Huabao Technology, has already settled on the rocket, and has been the top leader of technology funds with a scale of nearly 7 billion.

  In the traditional battle of index funds, it is important to seize the starting high ground.

Is there a chance for the rich country fund that is late to overtake the curve?

Is there a regret for the Wells Fargo Foundation?

  Wang Lele’s answer was: “No regrets.Future trends in technology are still there.

Since 5G, China’s technology industry has entered the best track.

“More importantly, the deep processing of the index has allowed these funds to return to the track of differentiation and competition.

“Our technology 50 represents technology understood by rich countries, not technology understood by our peers.

We dare not say that our stock selection method is perfect, but the technology 50 stock selection logic is easier to find the research and development capabilities of listed companies.

“A careful comparison of the technology 50 of Fortune and the technology leader of Fortune will reveal that there is a clear difference in concept between the two.

The focus of Fortune 50 is on “sustainable technological innovation capabilities”, while the focus of Huabao Technology is on “large scale and high market share”.

  Fund 3.

The suspicion of the 0 era used Wang Lele’s words, “We are in Fund 3.

0 era. ”

  However, being ahead does not mean making money.

Although each company has its own characterization of the index, the reality is cruel, “more than 90% of investors only look at names.”

In the PK of the first round of the Science and Technology Index Fund, Huabao’s “technology leader” made the right place and debuted in the C position.

The actual difference effect brought by the differentiated design of the product can only wait for the time to declare the answer.

  Beyond the siege of product homogeneity, these more subjective index funds surrounded a new siege.

  A few people are cautious about smart beta, mainly because of the high cost of interpretation, the difficulty of understanding users and the effectiveness of factors.

“Some of the smart beta backtest data are beautiful, but they actually perform very averagely.

Is 杭州桑拿 the backtest data over-optimized?

Furthermore, a strategy that works well in the past does not mean it works in the future.

“A fund analyst said so.

  The high cost of explanation has discouraged some fund companies.

Taking the risk control of index funds as an example, an index fund manager told Interface News that although they intentionally avoided possible individual stock risks, and the company also had its own risk factor database to identify financial fraud and credit risk, etc.Still choose common indicators that the market has accepted, rather than self-made indicators.

  ”There is a difficult acceptance process for investors from cognition to acceptance. Investors are still a bit scared of the unknown.

Everyone will not understand your method in depth, but only look at performance and value warehouse 佛山桑拿网 positions.

“The fund manager cited Kangmei Pharmaceutical,” “Our model identified the risks very early. Active funds must not be bought, but they have more than doubled before the fraud took place.

If it is a passive fund, investors will be reluctant to understand your product when they see that the core companies are not in it.

“In the future, more and more index funds will become smarter.

Whether the investment logic is feasible and the factors are valid still needs to be tested by time.

The cognitive development of investors also takes time to precipitate.

  Undoubtedly, the transformation of the industry and the development of the capital market is mature, and fund products will move towards more sophisticated instrumentation.

And Wang Lele firmly believes that the future market will be the world of passive investment.

“For the first time in August, the size of US index funds exceeded that of actively managed funds, and China’s capital market will do the same.

Will personal housing loans be fully reduced for the first time in 2020, will real estate financing benefit?

Will personal housing loans be fully reduced for the first time in 2020, will real estate financing benefit?

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

  Original title: For the first time in 2020, we will fully reduce personal housing loans, will housing company financing benefit?

  On January 1, 2020, the People’s Bank of China announced that in order to support the development of the real economy and reduce the actual cost of social financing, the People’s Bank of China decided to reduce the deposit reserve ratio of financial institutions to 0 on January 6, 2020.

5 averages.

It is reported that this move will release more than 800 billion US dollars of long-term funds, effectively increase the stable funding sources for financial institutions to support the real economy, reduce the financial costs of financial institutions to support the real economy, and directly support the real economy.

  And the first full-scale reduction in the new year will have an impact on the property market?

The industry generally believes that under the positioning of “no housing and speculation”, although the RRR cut can release a certain amount of liquidity and promote the stable development of the property market, the restrictions on housing enterprises will not weaken.

  The RRR cut funds are targeted at small and micro enterprises. Regarding the reasons and timing of private cuts, the relevant person in charge of the People’s Bank of China said: “The current RRR cut maintains a reasonable and sufficient liquidity, 杭州桑拿 which is conducive to the realization of monetary credit. The growth of social financing scale and economic developmentIt is appropriate to create a suitable monetary and financial environment for the expected development and supply-side structural reforms, and use market-oriented reforms to unblock monetary policy interventions, which is conducive to stimulating the vitality of market players, further exerting the decisive role of the market in resource allocation and supporting the real economydevelopment of.

  At the same time, small and micro enterprises and private enterprises are targeted at the introduction of RRR cut funds.

A person in charge of the People’s Bank of China said: “The RRR cut has increased the funding sources of financial institutions. Large banks must sink their service focus.Micro, the support of private enterprises.

“The budget is that in this comprehensive reduction, small and medium-sized banks such as city commercial banks operating in provincial administrative regions, rural commercial banks serving counties, rural cooperative banks, rural credit cooperatives, and village and township banks will receive long-term funds of 1200.It is more than one billion yuan, which is conducive to strengthening the local small and medium-sized banks that have returned to their roots to provide small and micro-services and the financial strength of private enterprises.

At the same time, the RRR cut has reduced the bank’s capital cost by approximately US $ 15 billion per year. Through the bank, the actual cost of social financing can be reduced, especially for small and micro enterprises and private enterprises.

  Candidates for the person in charge of the People’s Bank of China are about to hedge their cash requirements before the Spring Festival. The accumulation of liquidity in the banking system will remain basically stable, flexible and moderate, rather than flooding, reflecting a scientific and sound response to monetary policy.Reversing the cyclical adjustment efforts, the stable monetary policy orientation has not changed.

  The amount of personal housing loans will be relatively generous. For the first time in the new year, the overall impact of the RRR cut on the property market, Zhang Dawei, chief analyst at Zhongyuan Real Estate, said: “The purpose of gradually reducing the RRR is to ensure market liquidity, mainly to ensure small liquidity.The micro-enterprise’s liquidity and accurate injection of water into the real economy are by no means the real estate market or the stock market.

“From a historical perspective, the RRR cut is good for the real estate market and can ease pressure on capital.

The RRR cut can alleviate the financial pressure of real estate companies, and in addition, for home buyers, the mortgage price can be relatively stable.

Zhang Dawei said.

  Zhang Bo, Dean of the Research Institute of 58 Anju Guest House, said: “The RRR cut started earlier this year, indicating that the pace of liquidity relaxation will continue in 2020. It is expected that the amount of personal housing loans in the first quarter of this year will be relatively generous, and at the same time LPRSynchronous downward power increase, driving the overall property market to heat up after the Spring Festival.

“The vulnerability of corporate financing is still difficult to reduce.” For real estate companies, lowering the standard is beneficial to some corporate financing. It is a good thing for large real estate companies, but it has basically no impact on small and medium-sized enterprises with narrow financing channels.

The follow-up market is expected to continue to eat small fish from big fish.

Zhang Dawei said.
  However, expert-level experts have also focused. The purpose of the RRR cut is to support small and micro enterprises, the development of private enterprises, and the development of the real economy. It is not a “flooding flood”, nor is it aimed at the real estate industry.

  The Central Economic Working Conference at the end of last year also pointed out that we must establish a real long-term mechanism for healthy market development and adhere to the positioning of “houses are used for living, not for speculation.”Improve the housing market system and housing security system.

  Under the positioning of “no housing and speculation”, for the property market, although the RRR cut can release a certain amount of liquidity and promote the stable development of the property market, the restrictions on housing enterprises will not weaken.

Zhang Dawei said: “The real estate adjustment policy still restricts housing enterprises from increasing leverage.

“Zhang Bo analysis said:” The reduction in the benefits of development enterprises is limited, and the cost of financing may fall, but the difficulty in financing is still difficult to reduce.

“” The RRR cut is not targeted at the real estate market, and changes in real estate will not see full relaxation measures in the short term.

The stability of funds brought by the RRR cut is conducive to the stability of the real estate market.

The trend of the property market in 2020 mainly depends on the real estate credit lines and the strength of talent policies.

Zhang Dawei concluded.

What makes a baby’s vision healthy?

What makes a baby’s vision healthy?

We usually do a vision test, looking at an E-type vision chart. The E-shaped openings point in four directions. The pilot test is a C-type visual chart. The small opening of C is facing the direction.Judge.

The reason is that the requirements for pilots are more stringent. When flying at high speed in the air, good vision promotes quick response and accurate judgment.

  Of course, babies will not be tested with an eye chart, but scientists have found that some babies have higher visual acuity, which is equivalent to seeing more on standard eye charts than other babies1.

5 lines.

  Why is there a close relationship between vision and human intelligence?

  Because visual stimulus is the most important source of information for forming human cognition. Vision accounts for 83% of the information that enters the brain. Infants and young children have lived in a suitable visual environment since childhood and will lay a good foundation for their perception and cognitive development.

  First, the relationship between vision and thinking.

Preliminary research shows that the use of visual image can greatly improve children’s attention, memory and comprehensive ability.

The children will see the objects he sees, whole, without thinking, but clearly printed in their brains, forming a solid brain image, a photosensitive film, and a red light.

This ability is unmatched by adults.

  With vision, concepts are created, from recognizing that it is a red light, to recognizing that “red light stops green light”.

This is a more cognitive or intelligent process.

Ear Congmu sees that it is the so-called “smart”, that is, high IQ.

  First, vision and language.

All infants and young children with good visual development have good language development.

The reason for this is that language learning is facilitated by two aspects: one is to listen and produce a sense of language; the other is to see that infants with high visual acuity can sharply sharpen the subtle differences in mouth shapes when adults speak, plus the language, Expressions, gestures, etc., infants and young children have a strong ability to imitate, and soon mastered the new life.

  How can I make my baby see more clearly?

  As soon as the baby is born, he will go through 12 months of rapid and amazing vision development.

At the time of birth, the baby’s eyes are not fully developed, and the visual structure and optic nerves are not yet mature. They can only see things about 20 cm in front of the eyes.

  However, in each of the following days, their vision will gradually expand. Babies under different nutritional conditions may gradually differentiate their vision development.

When the baby is one year old, at the same distance, a baby with good vision can see more subtle things.

In their eyes, the difference between clarity and ambiguity will affect the speed and accuracy of cognition.

  50% of retinal phospholipids are DHA. In order for your baby’s visual development to be good, a sufficient amount of DHA must be added.

  The famous American Morrie research shows: “In the first 12 months after birth, infants continue to introduce scientifically-proven levels of DHA from breast milk or formula, which will help the baby’s visual acuity development at 52 weeks of age.See more 1 on the standard eye chart.

5 lines.
“What is visual acuity? Simply put, visual acuity refers to the ability to distinguish subtle relative objects or objects.

Can see more on the eye chart 1.

5 lines, this is a big improvement!

This shows that the baby’s visual acuity is superior, and it is estimated that the information that the baby wakes up the brain every day is broad in quantity and higher in quality-clearer and more accurate.

Their idea of opening up the brain promotes the growth of dendrites and axons in the brain, causing myelination of the brain nerves, which accumulates over time, and the baby is certainly smarter.

Taboos of interpersonal communication in the workplace

Taboos of interpersonal communication in the workplace

First, avoid rude behavior.

Some people think that the simple and rude nature of working people is the nature of the working people, and the elegant and graceful manners are the “goodness” of the asset class.

This sense of small-scale farmers who despise modern civilization is very harmful.

  Second, avoid temper tantrums.

Mood and sorrow, and human sentiment.

However, if you are in a bad mood, you should “digest” it yourself, but you must not “attack” on others, otherwise it is very uncivilized.

No matter how bad your mood is, don’t lose your reason, but restrain your bad emotions properly and restrain your anger in thought.

A bad temper and a casual temper will not only hurt your temper, but will also make you “respect yourself”.

  Third, avoid flying short and long.

Colleagues and friends can’t be overstated in speaking a few heartfelt words, but they have disappeared irresponsibly spreading rumors everywhere and playing tricks.

In particular, it should be noted that you must not take pleasure in the misfortunes of others, even look at the situation, add jealousy, and use their privacy and suffering as your own negotiation information.

  Fourth, avoid talking too much.

Get along with others, don’t overdo it, especially don’t make fun and jokes with others casually in public and at work, and make fun of it.

  In short, to be welcomed in interpersonal communication, you must abide by the “Three Principles”.

The meaning of this principle is that people are required to accept others in an interpersonal relationship, to replace others, and to be aware of others.

It is called “Three A Principles” because in English, accept, replace, realize that the first letter of these three words is A.

American scholar Bujilin believes that the “three A” is like the basic food to satisfy people’s self-esteem, and cannot be replaced by other things in interpersonal communication.

His words are worth remembering by every employee of the company, if everyone does not want to be hated.

Yoga in your unexpected office

Yoga in your unexpected office

Many office workers who work at desks for many years are accustomed to writing on the side of the body, playing computers, or supporting the body with a vertical tilt of the head. The spine is unknowingly bent.

Want to stay upright?

Can be achieved every day in an office environment.

Pulian Yoga recently designed several effective yoga asanas for readers who are sitting in the office. Each movement is practiced once or twice. The time to keep the posture still is 5-8 deep breaths, which can usually be completed in 20-30 minutes.

When practicing, pay attention to slow and gentle movements, cooperate with breathing, do not be overly nervous and forcefully, try to practice on an empty stomach, inhale and exhale evenly and slowly, and it is best to persist every day and regularly.

  Seated back to back method: Sit on a chair, hold your left knee with your right hand, hold your left hand on your back or right waist joint, turn around when inhaling, stand still for 15-30 seconds, breathe naturally, and then return to exhaling.

Do this four times each.

Consciousness is focused on the abdomen.

  Note: When rotating, turn your waist, chest, neck, head, and feet. Keep your back muscles straight. Try to turn your head backwards. Look far away. It is best to look at green objects and relax your eyes.

  Sit on a chair with your legs close together and your consciousness on your abdominal breath.

First relax the upper abdomen, inhale with the nose, and expand the throat and chest with force to fill the chest, abdomen, and belly; then relax the lower jaw, exhale, and relax at the same time, the abdomen gradually goes down.

When exhaling, slowly exhale through the nose for two hours during inhalation. After exhaling, hold your breath for 1-2 seconds.

Note that the breathing of yoga has deep breathing, light breathing and quiet breathing.

Different breathing methods are used depending on the magnitude and difficulty of the action.

Absolutely what to do, adjust the breathing like this before and after training for 5 seconds each time.

After the exercise, sit comfortably in a chair with your lumbar spine straight forward, your shoulders sinking forward, and straight forward. Do not lean on the back of your chair, close your jaw slightly, close your eyes, and in your imagination the beauty you likescene.

  Bull face method: Sitting on a chair, shrinking the back muscles, right hand from top to bottom, left hand from bottom to top, back to the back, both hands hooked behind the back, try to open the rib cage, and stand still for 10 seconds.

Then reverse the direction.

The consciousness is concentrated on black hair.

  Note: Hook your hands together, pay attention to the eyes looking as far as possible when turning your head, the upper elbow joint is strongly pulled backwards.

Repeat 3 times.

  Lifting the abdomen: Standing behind the chair, holding the back of the chair with both hands, legs standing up and bending.

Close your eyes, hold your breath, hold your breath, and contract your abdomen, as if lifting the entire internal organs up, and keep this position for 1-3 seconds.

Relax your belly and inhale.

Practice 5-10 times.

Consciousness is on the lower abdomen, breathing.

  Note: Try to breathe through your nose.

  Tiger method: With your shoulders relaxed, sit on a chair, raise your index fingers with both hands, press your index fingers together, and stare at your fingertips for 10 seconds.

Move your right hand to the right, and chase the tip of your right finger with your eyes until you can’t see it, then slowly return your eyes to the front, and vice versa with your left hand.

Then put your hands down, keep your body still, and stare up for 10 seconds, then stare down for 10 seconds, interact up and down, then move your eyes to the right, down, left, and up, turn three times, and then left, down, and right, Up, turn three times.

Finally, close your eyes to stay physically relaxed.

Consciousness is concentrated on the fingertips.

  Note: When moving the eyes, do not move your head; when gazing, do not blink, inhale first and then terminate.

  For a long time at the desk, sitting on the back of the class is unknowingly tired, and correcting the improper posture caused by physical injuries over the years, yoga is a good choice.

Drink beer for barbecue or increase bowel cancer risk

Drink beer for barbecue or increase bowel cancer risk

The weather was getting warmer, and people started drinking cold beer, eating stewed vegetables, and grilling.

In fact, these seemingly ordinary habits hide the danger of causing colorectal cancer.

Experts evaluate this phenomenon.

According to a new survey, a total of more than 5,000 new cases of colorectal cancer are estimated to have occurred in the city this year. Among the new cases of colorectal cancer, more than 75 years of age occurred, and more than 15% were over 80 years old.

Experts point out that in addition to some “strong carcinogens” in food that are responsible for colorectal cancer, so-called modern life such as high diet, high calories, going out by car, and less physical activity are the main causes of high incidence of colorectal cancer.the reason.

Remind that once there is an increase in blood in the stool, changes in the number of stools, abdominal pain, persistent anemia or mucus-like stools, you should promptly go to a large hospital or specialist hospital for examination to promote early detection and early treatment.

Colorectal cancer is a malignant mutation of the large intestine mucosa due to environmental or genetic factors, such as poor prognosis and increased mortality. It is one of many common malignant tumors. Colorectal malignant tumors originate from mucosal epithelium or mucosaLower mesenchymal tissue.

Among them, the malignant tumors arising from the mucosal epithelium are collectively called colorectal cancer, which are the most common malignant tumors of the gastrointestinal tract. Those originating from mesenchymal tissue are called sarcomas, which account for about 1% of the large intestinal malignant implantation, mainly malignant lymphoma.Rarely, there are leiomyosarcoma, fibrosarcoma, and angiosarcoma.

Intestinal poisoning, unclear complexion, 10 kinds of food

Intestinal poisoning, unclear complexion, 10 kinds of food

If too much toxins accumulate in the body, dry skin, yellowish face, long spots, and poor complexion may occur.

In particular, pay attention to the inside that is most prone to contamination and dirt, the intestinal poison is not clear, it will become ugly and easy to gain weight!

In addition to ensuring a healthy schedule and proper exercise, the following 10 kinds of foods we usually eat can also help the body detox easily!

  1. Plasma fiber precipitation fibers are called “green scavengers”, which can adjust the balance of interconnected flora, keep the human body open, detoxify and laxative, cleanse the fat and maintain the skin health.

Supplementary dietary fiber can eat coarse grains such as coarse rice, oats, corn.

  2. Honey sugar cane juice has been sitting in the office for a long time. If you can’t breathe fresh air, it will affect lung function. Honey sugar cane juice can relieve lung heat and gastrointestinal heat.

  3. Yogurt The lactic acid contained in the yoghurt moves the human intestines and stomach at night. The yoghurt can be absorbed about two hours after dinner to help prevent constipation. Avoid drinking yogurt on an empty stomach.

Yogurt can also protect the stomach and intestines, maintain the ecological balance of the flora in the body, form a biological barrier, and inhibit the invasion of intermediates by harmful bacteria.

  In addition, yogurt can also prevent constipation. It can prevent constipation by generating a large amount of short-chain fatty acids to promote the promotion of peristalsis and the growth of bacteria.

In addition, the cosmetic effect of yogurt is not to be underestimated. Often drinking yogurt can moisturize, eyesight, firm teeth, and healthy hair.

The reason is that yogurt is rich in calcium, which is easier to absorb and absorb, and has a high utilization rate.

  4. Bananas Bananas contain chemicals that can dissolve toxic substances such as active oxides in the human body and improve immunity. When someone absorbs bananas, the white blood cells in the body will be stimulated, which will increase the number of white blood cells and accelerate activities.

The concentration of bananas is about 70% higher, and it is rich in glucose, protein, decomposed fiber, phosphorus, potassium, vitamin A and vitamin C.

In addition, bananas contain three natural sugars: sucrose, fructose and glucose, as well as rich in cellulose.

  5. Walnut Walnut has both clearing and tonic effect, and can be regarded as a detoxifying and detoxifying beauty.

Have a bowl of walnut oatmeal for breakfast every day.

Walnuts are rich in unsatisfactory fat. Regular consumption of walnuts will not only increase blood sugar, but also reduce continuous absorption of plasma. It is suitable for patients with hyperlipidemia, hypertension, and coronary heart disease. Walnuts are rich in unfortunate, canIntestines, treats constipation.

  The beauty effect of walnut is extraordinary, it can nourish the skin, make people white and tender, especially the skin is more suitable to eat.

Walnuts are also anti-aging, an adjuvant for neurasthenia, and can delay memory decline.

The vitamin E contained in walnut kernels transforms cells into oxidative damage caused by free radicals, and is recognized as an anti-aging substance in the medical profession. Therefore, walnuts are known as “Viva” and “longevity fruit”.

  6, grapefruit grapefruit is fragrant, sweet and sour, cool, rich in nutrition, high in medicinal value, and is one of the fruits that people like to eat.

It is rich in protein, sugars, organic acids, provitamin A, B1, B2, C, P and calcium, phosphorus, magnesium, sodium and other nutrients. Among them, per 100 grams of pomelo meat contains vitamin C57 mg, which is higher than pear10 times, containing 519 mg of calcium, much more than other fruits.

  Grapefruit contains physiologically active substances such as skin compounds, orange peel compounds, etc. Substitution of pomelo peel can reduce the viscosity of blood circulation and reduce the formation of blood clots.

Grapefruit has the effects of strengthening the stomach, moisturizing the lungs, nourishing blood, clearing the intestines, and facilitating the stool. It has a low yield, is prone to fullness, and also helps to lose weight.

  7, sweet potato sweet potato is one of the best detoxifying foods.

It is feasible to completely replace the main food with sweet potatoes in one meal. The sweet potatoes are very low in amplitude and easy to increase satiety.

Sweet potatoes contain more than 10 trace elements such as dietary fiber, carotene, vitamin A, vitamin B, vitamin C, vitamin E and potassium, iron, copper, selenium, and calcium.

The nutritional value is very high, and nutritionists call it the most balanced health food.

Only 0 per 100 grams of fresh sweet potatoes.

2 grams aunt, which produces a degeneration of 99 kcal, which is about 1/3 of rice, is a good low aunt, low-calorie food.

  Sweet potato contains beta-carotene, vitamin E and vitamin C in particular.

Especially sweet potatoes are rich in lysine, while rice and flour just lack lysine.

Sweet potatoes and rice noodles can be mixed for a more comprehensive protein supplement.

In terms of overall nutrition, sweet potatoes are among the best in food and vegetables.

Europeans and Americans praised it as the “second bread”. Former Soviet scientists said it was the “aerospace food” of the future, and the French called it a well-deserved “advanced health food.”

  8. Carrot Carrot is an effective detoxification food. After combining with mercury ions in the body, it can effectively reduce the concentration of mercury ions in the blood and accelerate the excretion of mercury ions in the body.

The potassium succinate contained in carrots helps prevent blood vessel hardening and lowers cholesterol.

Carrots can also strengthen the body’s resistance and indirectly eliminate polymers.The plant fibers contained in it increase the peristalsis of transplantation, promote metabolism, and prevent laxative cancer.

  Eating more carrots can lower blood lipids, promote adrenaline synthesis, as well as lower blood pressure and strengthen the heart. It is a good food therapy for patients with hypertension and coronary heart disease.

Eyesight is the biggest advantage of carrots. Carrots contain a large amount of carotene. After entering the body, they undergo enzymes in the liver and small intestinal mucosa. 50% of them become vitamin A, which has the effect of nourishing the liver and can treat night blindness.

  9, pumpkin pomegranate toxic pectin, can delay the absorption of sugar and lipids, can also remove heavy metals and some pesticides in the body, so it has the role of anti-cancer detoxification.

Pumpkin contains a variety of amino acids required by the human body, including lysine, leucine, isoleucine, phenylalanine, and threonine.

In addition, the genotype of ascorbate oxidase in pumpkin is the same as that in tobacco, but the activity is significantly higher than that of tobacco, indicating that the content of immunoactive protein is higher in pumpkin.

  10. Onion Onion can promote gastrointestinal motility, enhance digestion, and is rich in sulfur. It has the best combination of protein and is particularly beneficial to the liver, so it helps detoxification.

The trace element selenium contained in onion is a strong antioxidant, which can eliminate free radicals in the body, enhance cell vitality and metabolic capacity, and has anti-cancer and anti-aging effects.

Onions also contain a certain amount of calcium, which is reconstituted. Swiss scientists have found that eating onions can increase bone density and help introduce osteoporosis.