Dunhuang Seed Industry plans to increase by 1.5.8 billion shares, Shounong shares will become the controlling shareholder

Dunhuang Seed Industry plans to increase by 1.5.8 billion shares, Shounong shares will become the controlling shareholder
On the evening of April 15th, Gansu Dunhuang Seed Industry Group Co., Ltd. (stock abbreviation “* ST Dunzhong”) issued a plan for non-public issuance of A shares.The price of 92 yuan / share is issued to Beijing Shounong Co., Ltd. (hereinafter referred to as “Shounong”) for no more than 1.5.8 billion shares.After this issuance, Shounong will become the largest shareholder of Dunhuang Seed Industry, and Beijing SASAC will become the actual controller.Public information shows that Dunhuang Seed Industry is mainly engaged in the research and development and sales of various types of crop seeds, and the production and sales of dehydrated vegetables, tomato powder, hops products, and high-quality fruits and vegetables. It was listed on the Shanghai Stock Exchange on January 15, 2004.Its largest shareholder is the Jiuquan District Modern Agriculture (Holding Group) Co., Ltd., and the other actual controller is the Jiuquan State-owned Assets Supervision and Administration Commission.Founded in 1994, Shounong shares mainly include the breeding of poultry and other animals, the purchase and sale of poultry, etc. The controlling shareholder of Shounong is Beijing Shounong Food Group Co., Ltd., and the actual controller is the Beijing SASAC.According to the plan for the non-public issuance of A shares, Dunhuang Seed Industry intends to issue no more than 1 to the shares of Shounong.5.8 billion (inclusive) shares, no more than 30% of the company’s total share capital before the issuance, and the size of the funds raised does not exceed about 4.6.2 billion US dollars (inclusive), the issue price of non-public shares is 2.92 yuan / share.After this issuance, the controlling shareholder and actual controller of Dunhuang Seed Industry will change, Shounong will become the largest shareholder, the controlling shareholder, and the Beijing State-owned Assets Supervision and Administration Commission will become the actual controller and the former controlling shareholder of Jiuquan Modern AgricultureHolding group) limited liability company’s shareholding ratio reset 12.92% dropped to 9.94%, will not cause the company’s equity distribution does not meet the listing conditions.Dunhuang Seed Industry stocks will resume trading on April 16.Sauna, Ye Wang Ouyang Xiaojuan Editor Li Yan proofreads Wei Zhuo

Why is Kapoor just red?

Why is Kapoor just “red”?
Works “Symphony dedicated to the dear sun” “My Red Hometown” “Narrow Board” (left) at the exhibition site of Taimiao Art Museum, “Void” (right) “Will become a cross-section of a unique single-celled individual””Your Travel” was prepared in Beijing, China’s first gallery-level solo pavilion, divided into two pavilions, Central America and Taimiao. It was the masterpiece of his 35-year creative career. Most of the works are colored by red artist Anisch· Anish Kapoor’s first art gallery-level solo exhibition in China was officially unveiled at the Central Academy of Fine Arts. This month, the Tai Temple also opened a series of Kapoor’s series of stainless steel and pigment sculptures. By inverting and mapping the surrounding environment, KapoorHis unique artistic techniques will continue to stimulate the senses of the Chinese audience.  Walking into the lobby of the Art Museum of the Central Academy of Fine Arts, what stood before people’s eyes was a large-scale work.Red wax bricks dropped dramatically from the end of several rising conveyor belts into a piece of polymer of the same material.Above the conveyor belt, a huge red sun floated over the mechanized, unmanned scene.As the wax block slowly rose and fell rapidly, a sea of visually impactful red pigment accumulated on the ground, and the audience took out their mobile phones to record the moment when the wax block fell . This shockingThe installation is called “Symphony dedicated to the dear sun”, which is one of the four large-scale works arranged by Anisch Kapoor at the Central Academy of Fine Arts Museum.Along with these four works came to Central America, as well as models of important public project works in his artistic practice over the past few decades, including “Cloud Gate”, “Track”, “South Bank Center” and so on.It can be said that this exhibition presents the artist’s artistic creation spanning over 35 years and is an important review of Anisch Kapoor’s artistic history.  Author / Jia Qingfan The images in this edition are provided by the organizer A. A mix of Chinese and Western artistic ideas Anish Kapoor was born in Mumbai, India in 1954. His father is Indian and his mother is Jewish.Kapoor grew up in a Christian family in India. After studying electrical engineering in Israel, he came to London in the early 1970s to study art and became a Buddhist.The curator of this exhibition, Zhang Zikang, director of the Central American Art Museum, said at the opening ceremony that it is precisely because of such a complex cultural growth background, “In Kapoor ‘s works, ancient Greek mythology, Christianity, Judaism and Buddhism, Hinduism allusionsAll have their explanations.And Kapoor himself often participates: “I am just an artist working in the UK!”In his view, different cultural forms all contain the same truth. Multiculturalism is also the source and foundation of Kappel ‘s keen perception. In his works, we can see the fusion of Western thinking and Eastern philosophy.  Anisch Kapoor’s creations are often metaphysical, and his reflections on the binary opposition between matter and immaterial, existence and extinction, tangibility and intangibility, consciousness and unconsciousness are reflected in his works.In particular, Indian philosophy and religion are the source of inspiration for Kapoor. He said: “As an artist, I want to make every piece of my work not only an object, but also a carrier of philosophy. Many works are the embodiment of my oriental thought.”Eastern thoughts that have been conceived since childhood, combined with the expression of ideas and forms in the Western art world, these two together created the special charm of this” mixed “artist.  B. Excellent use of space and materials. Kapoor is a master of materials. In his creative career, paint, stainless steel, mined raw stones, etc. are all unique art works in his hands.The exquisite grasp of space is another characteristic of Kapoor ‘s artistic creation. He often uses the properties of various materials to interlace between natural landscapes and works of art, or to eliminate the boundaries between each other, letThe audience can get a new feeling when watching.His masterpieces “Cloud Gate” and “Sky Mirror” are positive. The artist uses the reflection of stainless steel to make the audience have an illusion in the illusion. Standing in front of such works, the fantasy of the inner world seems to be mapped; andIf the audience chooses to give up fantasies, the polished stainless steel face becomes an ordinary reflective surface, and this contrast also guides people to reflect on the authenticity of the landscape society.  In another of Kapoor’s representative work “Sinking”, the turning black vortex seems to draw the audience into the unknown abyss. Is this abyss the other end of the earth?Or is it an illusion deep inside?Every audience will have their own feelings when gazing into and being stared at by the abyss.As Kapoor said, “a real object can often lead to an intangible feeling”, his work of art seems to be a gap in the real world, through which people can see various possibilities.Kapoor uses materials, light and dark convexities in the space and other characteristics to guide the audience to engage in a spiritual dialogue with the artwork itself.  This time, Chinese audiences can see Kapoor’s stainless steel and paint sculptures in Taimiao.”S Curve” is an “S” shaped sculpture formed by the seamless connection of two large pieces of stainless steel, while “C Curve” is a huge piece of curved stainless steel.The convex and concave surfaces on both sides of the two pieces of art reflect the surrounding scene directly and backward.Surrounding these works is another group of Kapoor’s important stainless steel sculptures.These works all present upside-down images, blending the audience into the surrounding buildings and environment, challenging the viewer’s perception experience.  The use of C red pigment is expected to use high-purity colors to increase the visual impact of the work, which is another great magic weapon for Anisch Kapoor’s artistic creation.Among many colors, his favorite is red. Kapoor once said, “Red has some implicit and active sexual characteristics, which fascinates me. I always want to create works with red.”In addition to” Symphony dedicated to the dear sun “, the other three large-scale works in this exhibition of the Central American Art Museum are all based on the theme of” red “.  On the third floor of the museum, we can see huge red cubes. Although they seem to be regular in appearance, they are actually scattered with curved surfaces of different shapes. This work is called “A Cross-Sectional Body That Will Be a Unique Single Cell.”It explores the relationship between interior and exterior, body and space, and presents a fascinating biological form design to the audience.When the audience walks into the hidden door, they enter the mysterious cell body, and they can see that the bright red and bright holes are mysteriously connected and intertwined, generating a metaphor about the body, existence and faith.When the audience walks into the work and becomes a part of it, different moods and feelings are transformed into the present, and this mysterious cell structure will also be given different meanings.  In addition, the artist’s “Travel” at the location of the Argentina Memorial Park in 2017 also came to the Central American Art Museum. This is an industrial landscape work. We can see that the excavator painted in high purity blue is stoppedOn a few hundred tons of red toner, the two colors are in sharp contrast, which strongly stimulates the viewer’s eye, and the red layers over the mountains and the mountains give a very warm and spectacular feeling, which makes the audience can not help but praise this magnificentVisual effect.  The large-scale work on the fourth floor of the museum is another large automatic device “My Red Hometown” by Kapoor. In this work, the machine drives the metal arm to insert into the surface of an open container of 25 tons of red soft wax.During an hour of rotation, the waxy surface around the metal arm moves slowly, as if stirring, constantly shaping the shape of the wax and repeatedly forming a unique landscape.Although the volume of this work is not as huge as the first three, the visual impact it brings is not inferior. When the audience faces it, it will be involuntarily attracted to it. All materials and forms are no longer important.With the audience’s meditation and meditation and the imperceptible metal arm moving, time seems to be still at this moment.  How can we “understand” Anisch Kapoor?This seems to be the first question that every audience walking in the progress hall thinks about when they face the work of this “red” artist.On this point, perhaps Anisch Kapoor has already expressed the answer-“As an artist, I really have nothing to express.”But, I want to invite people to pursue.”This season, we are all the objects he invites. Everyone has the opportunity to swim and talk in his art, to discover, to feel, to explore, to become part of the imaginary world of Kapoor.

CITIC Securities (600030): Accrual of credit impairment losses in line with expectations

CITIC Securities (600030): Accrual of credit impairment losses in line with expectations

Key points of investment: The company’s performance as a whole is in line with expectations, the core indicators remain the industry leader, and the market share of some businesses (brokers, investment banks) has increased. High growth in 2019 is expected.

The net profit attributable to mothers in 2018 was 9.4 billion yuan, -18% year-on-year. The net profit in Q4 was 2.1 billion yuan, + 19% month-on-month, and the average return on net assets was 6.


Credit impairment provision (2.2 billion) is more prudent than peers.

The overall performance was in line with expectations. The core indicators maintained the leading position in the industry. The market share of some businesses increased by 9.4 billion yuan in net profit for 18 years, an increase of 18% year-on-year.

The decrease in initial performance was mainly due to the increase in credit impairment losses (US $ 2.2 billion), increased fees and commission income.

At the end of the period, the shareholders’ equity attributable to the parent company was 153.1 billion yuan, YOY + 2.

23%, average return on average net assets 6.

2%, a decrease of 1 from 17 years.

62 units.

In 18 years, the company’s scale, performance, and market share of major businesses have maintained the number one in the industry, and the market share of some businesses (brokers, investment banks) has increased.

Affected by the market environment, litigation fees and commission income increased, but the margin was smaller than that of the industry. Due to the market fluctuations, shrinking transaction volume, and the impact of changes in regulatory policies, the 18-year gradual processing fee and commission income increased by 17.4 billion yuan, -8% year-on-year.
Market share of total equity-based transactions6.

09%, second in the industry.

Net income from agency securities trading (including seat leases) was 7.4 billion, a year-on-year increase of -8%. In the fourth quarter, the single-quarter revenue was 1.6 billion, a month-on-month increase of -9%.

Affected by the equity financing scale budget (YOY-39% of net funds raised from the IPO), the net income of the securities underwriting business was 3.6 billion, YOY-17%, and Q4 single quarter was 1.2 billion, + 78% MoM.

The net income of the client’s asset management business was 5.8 billion yuan, an increase of 2% year-on-year. The long-distance peers in the fourth quarter were 1.7 billion yuan, a quarter-on-quarter increase of + 37%.

The self-operated business dragged down the company’s performance. It is expected that in 2019, the self-operated income (net income from investment + net income from changes in fair value) will be 8.8 billion, YOY-34%.

Net investment income was 71 trillion, and net income from changes in fair value was 17 trillion.

At the end of the period, the fair value of the company’s investment in the special account of Zhengjin Company was 15.3 billion, a decrease of 12% from the end of the previous period.

Credit impairment losses were accrued by 22 trillion, which is a more prudent correction of 24 trillion in net net income than peers, a year-on-year increase of + 1%, and 9 trillion in a single quarter in the fourth quarter, a chain + 63%.

It is mainly the change in the statistical caliber of interest rate income that incorporates “other interest income on debt investment” (self-operated bond interest rate income) into the entry path.

The funds pledged from stock pledged repurchase raised 38.5 billion yuan, -51% from the end of 17 years.

The balance of Liangrong was 5.41 million yuan, which was -24% over the end of 17 years.

Credit impairment losses amounted to 22 trillion, and Q4 accrued 10 trillion in a single quarter.

Overall view: Both policies and market conditions can be improved, and high growth can be expected.

The company’s current corresponding 19E net assets are limited to 1.

8 times PB, as the industry leader is expected to enjoy the expected premium.

According 杭州夜网论坛 to the profit data disclosed in the annual report, the 19-20 year profit forecast was adjusted from 128/146 million to 123/143 million.

The retrospective company is the first to bid in the securities sector in 2019, and maintains a “buy” rating.

Risk warning: the policy falls below expectations, the risk of employee stock ownership plan and reorganization plan being suspended, suspended or cancelled

Zhongshun Jierou (002511) Tracking Report-Long and Short

Zhongshun Jierou (002511) Tracking Report-Long and Short

Excellent channel expansion and product research and development capabilities, the company broke out in the field of not-so-optimistic tissue paper, whether a new brand can replicate the previous record is worth looking forward to.

In the short-term, due to the expected decline in pulp prices, the expected gross margin has been raised to 36.


Taking into account the company’s short-term and long-term prospects, the company raised its rating to “Buy”.

Product side: The structural upgrade is continuous, and the personal protection extension is landing.

The company ‘s high gross profit “Face + Lotion + Natural Wood” in 19Q1 accounted for over 65% of revenue and is expected to reach 70%.

At present, a series of contributions to high-end product revenue has exceeded 50%. It is expected that the subsequent growth will slow down, and the emulsion will become the main force driving structural upgrade.

It is estimated that the company’s non-roll paper business will account for 63 in 2019-2021.

3% / 64.

1% / 65.

9%, the gross profit margin continues to increase the remaining space; the company’s high-end sanitary napkin “Dorei honey” products have recently been put on the market. Currently, the sanitary napkin market is fiercely competitive, and the top four have obvious advantages (CR430.

8%), but through new channels and new selling points continue to emerge, new brands still have the potential to break through.

The company’s main products are extremely thin, non-sensitive, strong absorption, based on the existing channel advantages, online and offline simultaneous promotion, follow-up categories may be extended to the field of adult incontinence.

The company gradually establishes a full product matrix, which is good for long-term development, but its specific performance has yet to be tracked.

Channel side: Emerging channels continue to release channel dividends.

After four years of rapid development, the company’s traditional channel dividend release peak has passed: the number of dealers has grown from 500 years to nearly 3,000, the distribution channels have covered more than 1,800 cities, and about 1,000 areas to be expanded in the next 2-3 years;The KA channel continued to promote distribution to direct sales.

It is expected that future revenue will maintain a steady growth and continue to contract slightly, while emerging channels will continue to release channel dividends.

Among them, the e-commerce channel’s share in 2018 reached 24%, the revenue growth exceeded 60%, the commercial sales channel share was 5%, and the revenue growth exceeded 50%. It is expected that the e-commerce and commercial sales channel share will increase to 30% and 6% in 2019In addition, the company added new mother-to-child and new retail channels this year. While optimizing the distribution system, it plans ahead for the expansion of the personal care business.

It is estimated that the CAGR of traditional distribution / store / e-commerce / commercial sales / maternal and infant + new retail channels will be 4 in 2019-2021.

twenty three.

0% / 42.

4% / 33.

0% / 45.


Capacity side: The nationwide capacity layout is advancing as scheduled.

The company currently has seven major production bases, with a total production capacity of 65 inches in 2018, but 62.

6% of production capacity is concentrated in South China.

In 2019, 12 additional hubs in Hubei and 5 in Tangshan went on smoothly, adding support for channel sales in central and northern China.

The company plans to increase the annual production capacity by an average of 10 in the next three years, continue to promote the nationwide production capacity layout, and gradually narrow the capacity gap with leading companies.

The pulp price fell more than expected, and the expected gross profit margin was raised to 36.


The price of pulp in 19Q1 decreased by 8 from 18Q4.

03%, the decline continued to expand after entering the second quarter.

Sluggish demand, high inventory, and additional currency depreciation pressure, judging that pulp prices are still under downward pressure in the short term.

However, the upstream continues to shrink the supply. It is expected that pulp prices will bottom out in the second half of the year. Judging that the expected decline in pulp prices is greater than the previous forecast of 6%.

Assume exchange rate 6.

9. The price of pulp in the outer plate fell by 8%. Considering the potential channel profit, it is expected that the gross profit margin in 2019 will promote repair to 36.

5%, higher than the previously expected 35.7%, an increase of 2 per year.


Risk factors: fluctuations in raw material prices; new product sales are less than expected; channel expansion 南京龙凤网 is less than expected; capacity deployment is less than expected.

Earnings forecasts, estimates and investment ratings.

It is expected that the decline in pulp price in 2019 will be greater than expected, which will bring about performance flexibility; the company’s emerging channel revenue will maintain rapid growth and continue to release channel dividends; due to new channels and new selling points in the personal protection industry, new brands still have the potential to break through.

Based on the above reasons, the EPS forecast for 2019-2021 is raised to 0.



61 yuan, the original forecast was 0.



60 dollars.

Considering factors such as industry prospects, development prospects, and comparable company assessments, the target price is raised to 12.

6 yuan, corresponding to 30x PE in 2019, upgrade to “Buy” rating.

Depth-Company-Chint Electric (601877): Three quarterly results in line with expectations Gross margins increase quarter by quarter

Depth * Company * Chint Electric (601877): Three quarterly results in line with expectations Gross margins increase quarter by quarter

The company released the third quarter report of 2019, and the performance was in line with expectations.

The company’s low-voltage electrical and photovoltaic businesses are driven by two wheels, with solid performance growth. We are optimistic about the company’s future development and maintain a BUY rating.

Key points supporting the rating The results of the three quarterly reports are in line with expectations: The company released the third quarterly report for 2019 and achieved operating income of 224 from January to September.

7.7 billion, an annual increase of 17.

62%; realize net profit attributable to shareholders of listed companies.

64 ppm, a ten-year increase2.

65%, after deducting non-reduction, it drops to 0.

02%; the increase in profit and loss after the transfer of generators to Zhejiang Water Investment in 2018 will be extended by 20.


Among them, the third quarter achieved revenue of 80.

50 ppm, an increase of ten years.

67%, down 4 from the previous month.

54%; profit 10.

80 ppm, a ten-year increase of 7.

21%, down 13 from the previous month.


The company’s three quarterly results are in line with expectations.

The gross profit margin increased quarter by quarter and the operating cash flow performed well: the company’s gross 北京桑拿 profit margin in the first three quarters.

41%, a decrease of 0 per year.

36 averages, of which the gross profit margin in the third quarter was 31.

71%, an increase of 1 per year.

40 units, an increase of 2 from the second quarter.

71 averages, showing a trend of seasonal improvement in 2019.

In terms of operating cash flow, the company’s net operating cash flow in the first three quarters was 29.

55 ppm, a sharp 99% increase previously, of which net inflow in the third quarter was 19.

65 ppm, a previous increase of more than 3 times, an increase of 47 from the previous month.

68%, operating cash flow performed well, reflecting higher earnings quality.

Power station operation is stable and distributed installed capacity continues to grow: As of the end of the third quarter of 2019, the company’s inventory is in the total installed capacity of photovoltaic power stations.

18GW, of which centralized type 1.

15GW, distributed 2.

03GW, decentralized grade at the end of half a year 20191.

The installed capacity of 57GW increased by 461MW, an increase of 1 from the end of the third quarter of last year.

11GW; for centralized generators, there was no significant change in installed capacity during the year, and it increased by 135MW at the same time last year.

In the first three quarters, the company realized electricity fee income17.

96 ppm, an increase of 14 years.


We estimate that the company’s estimated earnings for 2019-2021 will be 1.
85, 2.
22, 2.

53 yuan, the corresponding price-earnings ratio is 11.


9, 8.

7x; Maintain Buy rating.

The main risks facing the rating are photovoltaic policy risks; photovoltaic power generation supplementary arrears and curtailment risks; domestic fixed asset investment falls short of expectations; overseas market expansion falls short of expectations.

Preliminary formal demarcation and non-standard: Banking wealth management income is difficult to change significantly

Preliminary formal demarcation and non-standard: Banking wealth management income is difficult to change significantly

四川耍耍网On October 12, the Rules for Confirmation of Standardized Credit Assets (Draft for Solicitation of Comments) (hereinafter referred to as the “Rules”) were released in advance, and the deadline for comments was November 10, 2019.

This is also an important supporting detail of the new asset management regulations.

  After the publication of the Rules, there are a number of opinions that the strictness exceeds expectations. This is also mainly because the Rules clearly state that “the financial management direct financing instruments of the banking financial registration and custody center” and “Beijing Financial Asset Exchange’s debt financing plan” are non-compliant.Standardize creditor’s rights assets.

The Air Force market also expects that the above two can officially obtain the identification of the underlying debt assets, thereby achieving non-standard non-standard conversion.

  A number of bank asset managers interviewed by China Business News said that the “rules” were “exceeded expectations”, and “the rules are basically the same as the internal draft we saw in January.

For the non-standard definition, the transition has solicited multiple rounds of comments. We have also provided feedback on the above non-standard definition, and supervision has been adopted.

In fact, most bank officials have already implemented the most stringent standards, so the Rules can be said to be expected.

Zhang Song, head of the Research Department of the Asset Management Department of an East China District, told reporters.

  As far as the impact on banks, wealth management and the bond market is concerned, Liao Zhiming, chief analyst of Tianfeng Securities Banking, told reporters that he believes that the rules are strict or may have an impact on wealth management returns, and the chief executive has a certain impact on the scale of financial management and business income.However, considering that the current wealth management business income contribution to bank revenue is very low, the determination rules have little impact on bank performance.

Many institutions have also noted that the current extension of the bond market may be an appropriate strategy, and it is necessary to pay close attention to the third quarter macroeconomic data released this week.

  The new rules do not count as “significantly stricter than expected.”
The “New Rules for Assets Management” issued in April 2018 proposed “equal differentiation and tradable; identification of standardized debt assets, tradable; full information disclosure; centralized registration, independent custody; fair pricing, The liquidity mechanism is perfect; trading in the interbank market, the stock exchange market and other trading markets established with the consent of the State Council “five conditions.

  With this release, the Rules further refine these five conditions on the basis of the New Rules for Asset Management.

The Rules clearly state that the following assets are standardized debt assets: “bonds, asset-backed securities and other fixed income securities, mainly including government bonds, central bank bills, local government bonds, government-backed agency bonds, financial bonds, and non-financial corporate debt financingInstruments, corporate bonds, corporate bonds, international agency bonds, interbank certificates of deposit, credit asset-backed securities, asset-backed notes, asset-backed securities traded on stock exchanges, and publicly raised securities investment funds in the fixed income category.

The severe and strict part that all circles think is mainly because the qualitative Yindeng Center, the North Gold Institute and the insurance ABS are non-standard, and the non-standard transfer to standard is further improved.

“Some high-level corporate entities are unable to obtain on-balance-sheet credit support directly due to credit lines or industry constraints. They can only use non-standards. After the bidding is refined, generalized funds such as banks and wealth management may further limit the financing of these enterprises.

“Li Qilin, chief economist of Lianxun Securities, said.

  In addition, he also noticed that the reverse bond repurchase and inter-bank lending are non-standard, but inter-bank coverage is not included and may be included in the non-standard, affecting financial institutions’ financing of leasing companies, automobile consumer finance companies, and AMC.This part of the capital budget often flows to enterprises such as urban investment in non-standard forms, and urban investment financing is therefore indirectly restricted.

  However, in fact, Zhang Song told reporters that the “Rules” had solicited multiple rounds of opinions, and were completely different from the initial documents, and banks and other institutions had already expected this.

At the same time, new and old scratches are also implemented this time, and the existing “old-style” non-standard (now replaced by non-standard) non-standard (now replaced by non-standard) non-standard investments such as the North Gold Exchange bond financing plan are not subject to regulatory restrictions on non-standard investments to avoid liquidity risks.

  He also said: “Instead of paying attention to the Rules, the” Net Capital Management Measures for Commercial Banks’ Financial Subsidiaries (Trial) (Consultation Draft) “released in late September deserves more attention.

After the release of the consultation draft published in September, it was once reported that non-standard dreams of bank wealth managers and overweight securities investment were hotly debated.

The reason for the hot discussion is that it is required that wealth management funds invest in non-standardized debt rights assets with a risk factor of 1.

5% to 3% (0 higher than the average of trust and securities asset management).

5 samples) to curb the expansion of non-standard investment.

  Off-balance sheet transformation challenges are intensifying, and the impact of bank performance is controllable. Under the new environment, off-balance sheet transformation challenges are intensifying. Netization and standardization changes are the general trend.

However, the agency believes that the overall performance impact can be controlled because the wealth management accounted for a small proportion of bank profits.

  Liao Zhiming said that in the long run, non-standards play an important role in the allocation of wealth management assets of banks, so the return on wealth management has improved significantly. Non-standard investments are the traditional advantage of bank financial management.

Due to the strict requirements of this release rule, “non-standard” is clearly defined as non-standard, and the non-standard investment requires maturity matching and a higher capital occupation of wealth management subsidiaries, or it may lead to a decline in the financial management yield advantage.

“Out-of-standard financial management is expanding to standard assets such as stocks and bonds, and the conversion challenges are increasing.

“But he mentioned that it had less impact on bank performance.

In the first half of 2019, the wealth management business income of listed banks that disclosed wealth management business income data generally contributed more than 5% of revenue, with an average of only 1.


The rules are determined to be strict or have an impact on wealth management returns, and have a certain impact on wealth management scale and business income. However, considering the current contribution of wealth management business income to bank revenue is very low, the rules are considered to have little impact on bank performance.

  Aiming at the initial net capital management measures, taking Bank of Communications wealth management as an example, with a registered capital of 8 billion U.S. dollars, there is still a lot of room for non-standard investment.

The 5% risk factor is reversed, and the investment can be nearly 300 billion?
Non-standard scale of 400 billion yuan.
According to the reporter of First Financial, the opening of various financial management subsidiaries is still in the product preparation stage. The total scale of issued products is at most about 10 billion, so there is still a lot of space, and non-standard investments will not be brought along.of.

  In addition, Xingye Research also noticed that the identification criteria of the Rules embodies the dynamic principle of “substance over form”, rather than statically “divided asset diversity” for a lifetime, thereby providing asset types for the future bond market.Development, the expansion of transaction and registration custodian space has left redundant space.

  Financial management income is difficult, the bond market is more and more, and even as soon as the “rules” come out, all circles believe that bank financial management returns may decline, but institutionalists believe that this expectation is difficult to achieve.
  ”Now the yields of interbank certificates of deposit, large deposits, and savings-type government bonds are all set there. They will not fall more than expected. Since this year, bank wealth management has maintained a certain level of leverage on the investment side in order to improve product yields to maintain customers.

Zhang Song told reporters.

  As of the end of June 2019, the balance of non-factory wealth management products was 22.

18 trillion, the leverage of financial investment 113.


In 2018 and the first half of 2019, the yield on wealth management assets declined rapidly, and the yield on credit bonds was at historically low levels. In order to improve product yield to maintain customers, bank wealth management maintained a certain level of leverage on the investment side.

  Of course, taking into account the restrictions of the new asset management rules and new financial management rules, there are restrictions on the duration and investment proportion of net worth wealth management products for investment in non-standard assets, and the proportion of non-standard positions in banks is indeed declining.

As of the end of June 19, the proportion of non-standard claims held by bank wealth management dropped slightly to 17.


  As far as the impact of the bond market is concerned, Li Qilin believes that the rules as a whole are good for standard bonds (credit bonds). Although they can have a certain credit contraction effect, the impact is difficult to measure.

In addition, the reason why it is difficult to extend the financial management yield to the downside is mainly because various circles expect that China’s 10-year government bond yields will not decline in the short to medium term.

Since last week, affected by rising overseas yields and better trade negotiations, China’s 10-year government bond yield has climbed to 3.


  ”At present, we need to pay close attention to the macro data for September and the third quarter this week. Upward global growth may put upward pressure on yields, but for long-term investors such as banks, it is still feasible to buy on a dip and increase the duration.Strategy.

Zhang Song told reporters.

TCM health sleep is key

TCM health sleep is key

According to the sleep theory of the Yellow Emperor’s Canon, the midnight night is a yin and yang meeting, and when the water and fire meet, it is called “heyin”, which is the time when the yin is the heaviest and the time to enter the best sleep state.

  Sleep is an important means to balance the yin and yang of the human body, it is the best energy saving, it is also the best reserve and recharge, it is the best way to restore fatigue and get out of sub-health.

  The mechanism of TCM sleep is: Yin Qi Sheng is stunned (sleep), Yang Qi Sheng is stunned (wake up).

So you should go to bed at night (21-23), and enter the best sleep state at night.

Because according to the Sleep Theory of the Yellow Emperor’s Canon, the middle of the night is the yin and yang meeting, and when the water and fire are at hand, it is called “heyin”. When the yin is the heaviest in the day, the yin master is quiet.

  There are four magic weapons to improve the quality of sleep: the first is to promote napping.

“Zi, noon” is the time when the body’s energy is “heyin” and “heyang”, which is good for nourishing yin and nourishing yang.

It is best to fall asleep before 11pm.

Because rest at this time, you can nourish the yin most, sleep best, and can do more with less.

It is only necessary to take a 30-minute break at noon (11-13 pm), because it is the “Heyang” time and the yang is strong, so the work efficiency is the best.

  Also, slow down your breathing before going to bed.

Before going to bed, you can sit quietly, take a walk, watch slow-paced TV, listen to slow music, etc., to make your body gradually quiet, and then you will be overcast and overcast, and it is best to lie in bed for a few minutes to do qigong.Inner spirit.

  Before going to bed, you can eat something that supports the heart and yin, such as rock sugar lily lotus root tincture, millet red date porridge, lotus root powder or longan meat water . Because the heart is still working hard after sleeping, among the five internal organs, the heart is the hardest, so it is appropriateTonifying the heart and yin will be good for health.

  Patients with insomnia do not forget to soak their feet with warm water before going to bed, which can promote heart-kidney intersection.

The intersection of heart and kidney means that water and fire are in harmony, and it can promote the combination of yin and yang. The combination of yin and yang, sleep, of course, reaches the best state.

  First, due to various factors such as physical fitness, age, and personality, the sleep needs of each person are different, and the depth of sleep is also alternated.

For example, adolescents sleep deep and sweet, while seniors sleep lightly?

Awake; sputum is soaked in obese people, sleep time is often shortened, and people who are thinner?

Xu Huowang, sleep time is often applicable.

In general, you should go to bed and get up on time, and the actual sleep time should be determined by people.

  Second, the bedroom bedding sleep must have a suitable and quiet environment, the bedroom should be soft light and air?

Pass, keep cool in summer and windproof and warm in winter.

It is not advisable to sleep in the wind or place the stove near the bed.

  The bed should not be too small or too low. It should be convenient to get in and out of bed and make sleeping movements comfortable.

  The bedding should correspond to the four o’clock climate. For example, summer mats can include bamboo mats, rattan mats, or pudding mats, while in winter, warm and soft cotton duvets and down duvets can be used. The height of the pillows varies from person to person, usually the heightIt is flat with shoulders when lying on the side, and feels comfortable when lying on your back, about one fist or half-high.

The wide band should be able to rest the head and the rails on it, and it should be considered slightly higher.

There are many types of fillings in the pillow. The traditional Chinese medicine is used as the pillow to connect the volatile odors of the drug through the nasal cavity, acupoints, and pores to enter the body to play a soothing and soothing effect.Mung bean shell is used as a pillow core, and millet can be used in children, which is not cold and dry, and has spleen and stomach benefits, which is beneficial to children’s health.

  Third, conditioning before going to bed?

Anxiety and anxiety before going to bed Chinese medicine believes that “sleep first, then sleep” means that you must keep your mood calm before going to bed. If anxiety eliminates sadness, anger can make your liver flaming, and your restlessness will affect sleep quality.

Therefore, before going to bed, try to avoid disturbing things, which can cause your body and mind to relax, read, take a walk, or take a hot bath to help you fall asleep with peace of mind.


Less speech before bedtime. Speaking aloud before bedtime can consume your lungs, disturb your mind, change your mood, and affect your sleep. Therefore, you must “sleep without talking and sleep without talking”.


Should not be hungry and full before bedtime. If you eat too much or drink too much water at night, you will feel full stomach or drink more urine, which will affect your sleep.

Therefore, dinner must be diet-oriented and separated from the bedroom. At the same time, the food should be light and easy to digest, and drink less stimulant drinks such as strong tea and coffee, so as to avoid excitement and difficulty falling asleep, and reduce the number of waking up and going to the toilet at night.

  Fourth, sleep posture Chinese medicine believes that “the heaven and the human are corresponding”, therefore, when sleeping, head to the east or east and west, can respond to the yang qi to develop health.

There are many kinds of lying postures, and it is better to sleep on the right side with a “lying like bow” posture.

Because when lying on the right side, the limbs flex naturally, which relaxes the muscles and bones of the whole body, and keeps the internal organs in the body in a natural position, which helps to eliminate fatigue and maintain airways and blood vessels.However, the lying position is not fixed during sleep, and you will unconsciously turn over. Therefore, you do not need to force a certain lying position.

  Fifth, siesta is good for health. TCM health declaration of sleeping “noon siesta” means that you should sleep in the middle of the night and take a nap at noon. This can avoid the lack of nighttime sleep, benefit health, and improve afternoon learning andWork efficiency.

Siesta usually go to bed half an hour after lunch to sleep, so that the stomach food has a certain digestion time, about 15 minutes to 1 hour is appropriate, but also to prevent cold.

Common diets should be avoided

Common diets should be avoided

Whether suffering from acute or chronic diseases, the problem of dietary avoidance has just become more important than ordinary people, and civilians also attach great importance to it.

Patients with acute illness, if they do not pay attention to diet, it will often prolong the course of the disease and even worsen the disease.

For example, cough due to acute bronchitis, the symptoms of wind and cold outside the bundle, when lung Qi is not appropriate, it should be appropriate to eat Xinsanfenghan, Xuanfei Huatan ginger, light white, Su leaves, carrot soup and the like, avoid cold and cold and greasy productsSuch as persimmon or persimmon, pear, coriander, banana and so on.

If it is eaten, the cold evil must not be dissipated, but the cough will be aggravated and endless.

Patients with chronic diseases, diet should not be avoided, eating and drinking at random, the same kind of disease is prolonged, or the old disease is restored.

For people with chronic skin eczema, it is a hot and humid content that will not heal for a long time. It is only appropriate to take light leaking food all year round, and avoid eating all kinds of hair and spicy, fishy, sticky and sticky products.

Should not be divided, or hard to heal throughout life, or more and more repeated.

These are extremely common facts.

During the illness, the human body has yin and yang feeding, the disease is divided into cold and heat, and the constitution is different from the actual.

Food is like medicine. It is cold, hot, warm, cold, flat, and tastes bitter, sour, sweet, bitter, and salty.

Appropriate diet is beneficial to the disease and promotes healing. Inappropriate diet is like the wrong medicine. The lighter makes the disease repetitive, and the more serious makes the disease worse.

Avoid eating!

  The common diet should be avoided, and based on the guidance of traditional Chinese medical theory, it fully reflects the characteristics of syndrome differentiation and treatment of TCM, distinguishes the condition, understands the diet, and selects the diet.

In the diet of about 60 common complications, the main points of the basic syndrome classification of these common alternatives are briefly described, and the general principle of taboo is pointed out.
In this way, readers can understand the principle of “differentiating and choosing food” and master the essentials of “food should be avoided.”

12 bedroom sleep aids to sleep well


12 bedroom sleep aids to sleep well

The development of sleep disorders is related to excessive excitation of the central nervous system, excessive excitement of the sympathetic nerves, or the large amount of hormones secreted by stress.

Investigate its social reasons: fast-paced life, high work pressure, unstable family, and unharmonious interpersonal relationships . these can put us in a state of worry, distress, and sleep disturbances.

So, how do we do good sleep health and improve quality of life?


hzh {display: none; }  着重改善:睡眠觉醒周期不规则、睡眠浅、半睡半醒.

  Bedroom layout plan 1, a zen-like white snow cave-like bedroom is like white space when painting, and it always leaves space for viewers to imagine.

After that, the designer worked like a Zen-like picture scroll and put it on a bed, a few cases, a chair.

With a few strokes, a quiet place was outlined.

This space design technique is very similar to the dry landscape in Japan. The artificial style of natural creation exudes a beauty beyond nature.

It is not difficult to imagine that when our minds are assimilated silently day after day, perhaps that ethereal mood will also be transformed into our dreams.

And this kind of sleep is the high quality sleep defined by the authority.

  Bedroom layout plan 2, the privacy is decorated in a private space such as the bedroom, and the decoration is an embellishment with privacy and personality.

These decorations are sometimes like bears on the pillows, soothing.

If we say that the accessories in the living room always bring out some majestic meanings, which are unquestionable Chinese clothes on the scene, these delicate and delicate furnishings in the bedroom are just like the nightgowns that allow us to face in nude colors.

After that, whether it is a wooden hanging picture or the table lamp placed on the bedside table, it should be the owner’s favorite object, and it can be the scenery that can enter the dreamland together.

  Focus on improvement: insomnia caused by environmental factors such as noise, poor air quality, and sleep problems caused by restlessness after drugs that help sleep.

  Bedroom layout plan 1, soft hypnosis temperature Do you believe in hypnosis?

In fact, there is no need to use the hypnotist’s induction words, as long as you choose the right bedding, it can also help you sleep peacefully.

Highly ergonomic pillows, quilts that can maintain a reasonable temperature, and soft and hard mattresses can greatly improve the quality of sleep.

Clinical data from the American Sleep Research Center show that room temperature is within the range of 18-24 ° C, and the temperature inside the quilt is 32-34 ° C. People feel most comfortable during sleep, and the quality of sleep monitored is also the best.

Therefore, it is necessary to choose a quilt with a moderate thickness. Generally, the weight is 3kg. The quilt is too light to achieve the effect of heat insulation and warmth. The quilt is too heavy, which not only presses up and down, leads to reduced vital capacity, it is easy to have nightmares, and it is easy to make the temperatureExceeding 35 ° C makes the body’s metabolism over-excited, energy consumption increases, sweat increases, fatigue and drowsiness are felt after waking up, and it is easy to get cold.

  In this case, the designer re-laid a dream garden-like interior space, replacing it with a soft blanket on the bed and wrapping up a dream-like dream like a cloud.

It makes you feel dawn.

  Bedroom layout plan 2, one of the benefits of large-scale comfortable American furniture is that it is large enough.

In this bedroom, the designer deliberately chose this traditional American-style bed in order to give sleepers ample sleeping space.

Obviously, this is a modern version of the American country style design. The designer removed the tedious carvings at the head and foot of the bed, and redefined the style’s consistency and thickness with a simple and refined brush tone.

The quiet environment is an alternative to ensuring good sleep. On the advice of the health doctor, the floor design uses a two-color parquet log floor. This arrangement coordinates the visual effects of the space and reduces the decibels generated by walking.

  Focus on improvement: lethargy (including excessive sleep after trauma, continuous excessive sleep, etc.).

  Bedroom layout plan 1, why does the power of luxury always fall asleep?

Come and look at this bedroom.

Obviously this is an oversized room with a high roof, windows covered with wallpaper, and exquisite interior furnishings, all of which exudes a strong sense of luxury.

  Of course, people also focused on the low-hanging four-poster bed in the middle of the room.

It should be the protagonist here.

The main idea of design is to give people a stunning visual effect.

This room exudes joy, gorgeous style everywhere, and at the same time, vitality is contained in every detail here.

Yeah, the details that people feel inspiring are all there. Is the day away from drowsiness going to be far away?

  Bedroom layout plan 2, obliquely opened window + disappearing curtains + bird song In this room, even lying on the bed can overlook the mountains on the horizon.

The bedroom has a whole wall of floor-to-ceiling windows and a wide field of vision. It feels like being on the top of a mountain, so that the spirit can be refreshed in an instant.The windows are not closed and can be opened at an oblique angle, allowing fresh air to circulate continuously in the room.

All arrangements are for the sleeper to wake up from sleep as soon as possible, causing drowsiness.

The designer did not hang curtains for the four-poster bed in the room, in order to maintain a clear view and completely eliminate the drowsy atmosphere from here.

  However, don’t worry, you have to wait for another character to come out to wake up the sleeping sleeper . In the early morning, when the crisp bird sounds accompanied by the sound of dawn, everything is just ready.Ying Ying cried and went to the door of light dream, the moment of awakening has come quietly.

hzh {display: none; }  着重改善:压力大、焦虑所引发的失眠,而且常伴多梦、易觉醒等症候。   Bedroom layout plan 1, Qingming in the cold tone. Many people rationally summarize the male thinking mode.

But when the night comes, how many of them can still rationally manage their sleep process and control it as they wish in their own plans?

To avoid sleep disturbances, designers like to use color to coordinate the layout of male bedrooms.

Cool tone is a color commonly used in a certain space.

Here, the designer chose a water blue wallpaper. This color, after following the thinking logic of the male bones, also brought his mind into a realm of clarity.

  Bedroom layout plan 2, the traditional return to relax, relax again.

This is the designer’s design plan for this space.

A beautiful iron frame bed is especially warm against the afternoon light.

This warm look is integrated into this scene, spanning twenty years of time and space.

The floor lamps with aligned floor lamps are all black-lacquered. This traditional process continues the traditional style. It also relies on the person leaning on the bed to be surrounded by a leisurely thinking mode.The event began to fade away, and in the increasingly soft light, our mood began to be as clear and peaceful as the water of the pond.

Take a nap, or sleep here for a night, presumably even the dream will be so beautiful that people don’t want to wake up.

  Focus on improvement: difficulty falling asleep, and sleep problems caused by alternating jet lag or overtime.

  Bedroom layout plan 1, let reading become a prelude to sleep. How to avoid light is the first problem to be solved when designing a bedroom with a corner window.

The heavy curtains even blocked the entry of light and blocked the fresh air.

In order to solve this problem, the designer has set up a small reading area near the window, this area is not far from the bed, especially suitable for people who have a night reading habit.

Face-up windows are always open day and night, reorganized, and side-lighting dates have no effect on sleepers. In addition, the continuous influx of fresh air also ensures a healthy indoor sleeping environment.

  Bedroom layout plan 2, personalized “induces” life as gorgeous as summer flowers, the designer here to pass to the residents is a breath of life.

  In this case, the designer intentionally created a kind of rough space texture, and then put it into a log frame bed, a traditional style corner cabinet . And all these designs are just a kind of pavement, and the viewer is looking aroundAfter that, they all kept their eyes on those beautiful flowers, because the designers believed that these bed-covered flowers were not only printed on the soft fabric, but also in the sleep of the sleeper.

Indeed, this arrangement accommodates too many sensory components, but the addition of these sensory components must be based on the personal characteristics and preferences of the occupants, because “tailoring” is essential to create a good sleeping environment.

  Focus on improvement: emotional sleep disorders, excitatory insomnia (including insomnia caused by stress before the test).

  Bedroom layout plan 1, the theme of “easy” women are women, nothing can change their fascination with romance in their bones.

Many times, everything that has happened in society has tempered them as if they were all super-girls, pretty women. Maybe they can only take a breather if they return to their boudoir.”At last, he disappeared.

But don’t worry, maybe just adjusting the furnishings of the lower bedrooms will make them feel dawn again and say goodbye to the trouble of insomnia.

Falling bedspreads, soft carpets, crystal chandeliers, drooping window veils . The comfort zone decorated with these objects will instantly return them to their nature.

  Bedroom layout plan 2, harmonious subtraction seems to be minimalist style is a prominent feature of the Japanese style.

In this case, the sloping roof that folds up sweeps the low of ordinary day homes, bringing more fresh air and imagination to the bedroom.

After that, the designer deleted the expected details, and the rest of the furnishings were indispensable elements in this scene.

This harmony has extraordinary benefits for people with insomnia.

Because this kind of contour implies a kind of quietness from the heart. Maybe you can also play a tune before bedtime, so that the same simple and refreshing melody, while responding to space, becomes a prelude to guide you into the dream.

Routine Pore Skin Care Program_1

Routine pore skin care routine

The problem of pores that cannot be eliminated becomes the difficulty of skin care, which makes you hate it!

What can I do to get stumped without an effective solution?

  The problem of the original smooth and delicate skin with enlarged pores is caused by abnormal keratosis of the hair follicles and sebaceous glands and atrophy of the aging skin.

Although it is a simple problem, it is not easy to deal with large pores.

  One of the main reasons for the formation of large pores is the reason: the dirt caused by the strong oil secretion caused by the division of the dirt makes the metabolism of the skin not smooth and cannot fall off as scheduled, causing the pores to expand.

Squeezing acne is over-stimulating-Excessive squeezing of acne, acne, once the dermis is damaged, the pores become enlarged.

The concentration of irritating cosmetics and creams becomes more and more serious, and the pores become larger and larger.

  Cause two: Excessive oil absorption at this age can’t help but take out oil-absorbing paper and deep cleansing masks, but beware-excessive oil absorption will distort the normal secretion of oils, and many deep films first expand the pores to deepenPores carry oil and dirt out.

  Cause three: Smoking When you enjoy the flutter of clouds and fog, cigarettes cause your blood vessels to contract, blood circulation slows down, and nutrients cannot reach skin cells smoothly. Therefore, if you are dry and aging, you will report early and your facial lines will sag naturally., Pores are widened.

  Cause four: Increased stress or endocrine. Adult acne problems caused by stress or endocrine are still wasting mature skin. Gradually, pores begin to expand.

  Why does pore care always fail?

  Large pores are divided into keratinous type, shiny type, dehydration type, and slack aging type. It is effective in treating different types of pores with a large amount of effort.

First understand what kind of pores you have.

  1, horny type: incomplete cleaning, double pores, pressure, tension, horny thickening, poor metabolism.

  Solution: strengthen exfoliation.

Use products that contain ingredients such as fruit acid, salicylic acid, enzymes, or exfoliating microcrystalline particles.

  2, shiny type: genetic, eating too much oil or because the climate is too sweltering may be caused, adolescence most often appear.

  Solution: Condition skin oils.

You can use grease to absorb high-molecular oil-absorbing powder, licorice, saw palmetto, witch hazel, papaya, ZnPCA.

  3. Dehydration type: The skin is dehydrated, and the pores are like dried mud.

Especially in the cabin of an aircraft, the skin is most prone to air-dried orange peel.

  Solution: strengthen hydration.

Hyaluronic acid can use natural moisturizing factor NMF, collagen, moisturizing amino acid, molecular nail products.

  4, the type of aging: aging phenomenon caused by increasing age, ultraviolet rays.

The skin is loose and the pores (capsules) wall lacks collagen support.

Y-shaped pores are large (drop-shaped), and finally the pores are arranged in line with the connection.

  Solution: Strengthen skin firmness.

Products containing vitamin A (A alcohol), L-C, pentapeptide, yeast, and soybean extract can be used.