A number of data are urgent, the United States is approaching 3 trillion US dollars, can it save the recession?

A number of data are urgent, the United States is approaching 3 trillion US dollars, can it save the recession?
Beijing time this morning, in the context of continued economic downturn, the US economic rescue plan was upgraded again, and the House of Representatives passed a US $ 484 billion relief bill, which also brought the US government ‘s emergency expenditures for the new coronary pneumonia epidemic to nearly US $ 3 trillion.Behind this, many economic data in the United States continue to send bad news, the number of people applying for unemployment benefits has increased significantly, the Markit manufacturing PMI has fallen to a record low, and some institutions expect the US GDP to shrink unprecedentedly in the second quarter.More than 2,600 people have applied for unemployment benefits, and nearly all of the 11 years of new employment have been erased in the past five weeks. Since the rapid development of the epidemic overseas, the closure of enterprises has caused the US labor market to be sluggish, and the number of applicants for unemployment benefits has hit record highs.According to data released by the US Labor Department on April 23, as of the week of April 18, the number of initial jobless claims after the seasonal adjustment was 442.70,000 people, a decrease of 810,000 from the previous week’s correction level, and a change of 523 from the previous week’s correction.70,000 people.Although this is the third consecutive week of initial jobless claims, it is still at a very high level relative to the same period last year, moving to 578 for four consecutive weeks on April 18.650,000 people, compared with 21 in the same period last year.7.75 million people.The number of applicants for each week on March 28 and April 4 exceeded 6.5 million.In the past five weeks, the total number of Americans applying for unemployment benefits has reached 2645.30,000 people, this figure has exceeded the incremental increase of 2244 in the United States since November 2009.20,000 non-agricultural jobs.This means that it took only five weeks for the United States to wipe out the jobs created in the past 11 years.The U.S. Department of Labor issued a statement saying that the number of unemployed people caused by coronavirus continued to rise.The Department of Labor will continue to provide guidance and support to states to help them implement the increased unemployment benefits in the Cares Act. 44 states are currently paying an additional $ 600 per week in benefits provided by the Cares Act.At present, the official unemployment rate data for April has not yet been released. In March, the US non-agricultural employment report showed that the unemployment rate dropped from 3.5% jumped nearly one colony to 4.4%; non-agricultural employment decreased by 70.10,000 people, the first decline since 2010, and the largest decline since March 2009.In fact, the data in March only reflects the beginning of the collapse of the US job market. The US Department of Labor collected data from the first three months of the previous period. At that time, the United States was just beginning to close down.Another data also performed poorly.According to data released by IHS Markit on Thursday, the U.S. Markit manufacturing PMI ranked 36 for the first time in April.9. Created a new low of more than 11 years, the former ranking 48.5.In addition, the initial value of the Markit service industry PMI of the United States in April also reached a record low, at 27, the previous variable 39.8.The U.S. composite PMI index fell to 27 in April.4. This is the lowest level since the index was compiled at the end of 2009, and was 40 in March.9.A PMI below 50 means that expectations are shrinking.Chris, chief business economist at IHS Markit?Chris Williamson said in a statement: “The deterioration of the PMI shows that the economy has contracted faster than the worst of the global financial crisis.”Conventional investment banks expect a record replacement of US GDP in the second quarter of this year.”The latest Goldman Sachs report predicts that the US economy may shrink by 34% in the second quarter, and this year will shrink overall6.2%.Morgan Stanley expects US GDP to replace 30 in the second quarter.1%, the average unemployment rate will be pushed up to 12.8%.Once again, the anti-epidemic rescue expenditure has been nearly 3 trillion US dollars. In the case of deterioration of multiple indicators, the US government has further increased its economic rescue efforts.This morning, Beijing time, a rescue bill with a budget of 484 billion US dollars was passed by the US House of Representatives, and the president will sign it into law after it is signed.The bill includes small business assistance, hospital grants and coronavirus testing.Among them, $ 310 billion will be used for the “salary guarantee plan”, which provides loans to small businesses for the payment of wages, benefits, rents, and other expenses; $ 60 billion is used for damage relief loans and small and medium-sized enterprise administration of the United States.Grants; $ 75 billion in funds to subsidize hospitals; $ 25 billion to support coronavirus testing.Since then, the scale of financial assistance launched by the US government during the anti-epidemic period has been close to US $ 3 trillion, but it may still not be enough.Of the US $ 350 billion of the US $ 2 trillion bailout plan approved in March, the funds were used up last week, and the new funds may soon be exhausted.CNBC reported that the bill passed this week may not end the government’s response to the outbreak. Democrats have pushed for an additional bill that requires the federal government to allocate funds to states and municipalities to help them resolve budgetary strains.The Fed also took further action. The Fed announced on Thursday that it will expand the use of its Wage Guarantee Program Liquidity Tool (PPPLF) as soon as possible, so that more lenders that are accredited by the SME Administration can obtain loans.PPPLF provides credit to financial institutions that provide loans under the “salary guarantee plan”, and these loans are called collateral.According to WHO data, as of 10:00 a.m. Central European time, the number of confirmed cases worldwide reached 254.50,000, the number of deaths reached 17.60000.Among them, the number of confirmed cases in the United States exceeds 800,000, and the death toll exceeds 40,000.The research report of CICC pointed out that the global economy is still facing a downward trend, and the policy response is still facing the risk of being too small and too slow.The economic relief policies that major countries have introduced are expected to partially alleviate the cash flow pressure on businesses and households.However, in the face of the impact caused by the “100-year epidemic” epidemic and the interpretation of the global epidemic, the epidemic control time may be later than expected. The global economy is still facing risks. The policy response is still facing the risk of insufficient strength and time lag.It is expected that subsequent countries will continue to increase their fiscal and monetary policies.Regarding the effectiveness of the rescue measures, many experts interviewed by Sauna and Internet at night said that the role of various economic stimulus plans is more to help residents, enterprises, medical departments and other departments to overcome the difficulties during the epidemic.Epidemic prevention and control.Pan Xiangdong, chief economist of New Era Securities, said that enterprises cannot produce normally due to the impact of the epidemic, and at the same time, they must face a sharp reduction in orders caused by shrinking consumption in the future.Therefore, some companies will have to face the risk of bankruptcy due to the cash flow crisis brought about by the sharp reduction in income, which will increase the unemployment rate and will aggravate the economic recession.The economic stimulus plan is to help residents and enterprises survive the crisis of survival, prevent the outbreak of debt crisis, and the closure of enterprises, but before the epidemic is controlled, the effect of stimulating production may not be so good.Three major stock indexes rebounded more than 20% in a month. Can US stocks maintain their rebound momentum?In terms of markets, the three major US stock indexes on April 23 were mixed.The soaring decline of US stocks on Thursday was mainly influenced by the poor performance of the antiviral drug Ridexivir in clinical trials.In the first two days of this week, due to the influence of the crude oil market, U.S. stocks fell continuously. The average price of the Dow Jones and S & P 500 fell by more than 4%, and rebounded by about 2% on Wednesday.In fact, since the low of March 23, US stocks have begun to gradually rebound.During the month, the Dow rebounded 29%, the S & P 500 index rebounded 25%, and the Nasdaq rebounded 24%.The current decline in the three major US stock indexes relative to the highest point in mid-February has narrowed from more than 30% to about 17%.The current round of US stocks rebound is believed to be driven by the Fed ‘s extraordinary monetary policy and the huge financial support of the US Treasury, but the market is still divided on the future trend of US stocks.Ping An Securities believes that after the recent strong performance of US stocks, the rebound may soon end.The European and American epidemic decline rate is significantly slower than that of China in February, and there is a serious internal differentiation situation, which will lead to the European and American epidemic situation falling to a controllable situation and it will cost less; the epidemic situation of emerging economies is in the stage of accelerated development.It is possible that China, Europe and the United States will enter the third stage of many emerging market players, and the slenderness will hit the market’s optimistic expectations.In addition, the recent rebound of US stocks has recovered most of the resettlement and lost ground. Considering that the yield of US debt is close to zero, the risk is bound to continue to rise, and it is difficult for US stocks to rise further.Sauna, Ye Wang Gu Zhijuan editor Wang Jinyu proofreading Li Shihui

The Austrian match lost to Ito Meicheng, Zhu Yuling surpassed the first goal of Guoping

The Austrian match lost to Ito Meicheng, Zhu Yuling surpassed the first goal of Guoping
Zhu Yuling and Guo Ping’s main position gradually moved away.Figure / Osports ITTF Austria Open ended this morning, Zhu Yuling lost to Japanese player Ito Mitsuki 1-4, and National Table Tennis ended the tour women’s singles 11 consecutive championship record.After losing this game, Zhu Yuling’s main position in Guo Ping has moved away.Over the past year, Zhu Yuling’s condition is not very good.In the quarterfinals and the semi-finals, she only played 7 innings before surpassing her teammates Gu Yuting and Wang Yidi.In the final match against Mito Ito, Zhu Yuling did not have a very good way, and eventually lost 5-11, 18-16, 7-11, 11-13, 10-12 and gave the opponent the first championship.Since the World Cup team game has just ended, the National Table Tennis Extension sent all the main players to participate in the Austrian Open.Zhu Yuling also ushered in a rare opportunity to prove herself, but it is a pity to grasp it.In addition to the women ‘s singles loss to Ms. Ito, Zhu Yuling ‘s partner Lin Gaoyuan lost to the Japanese combination Zhang Benzhi and Wada Hina in the mixed doubles final.Starting this season, Zhu Yuling’s main position is in jeopardy.No matter whether it is the singles of the World Table Tennis Championships in the first half of the year, or the World Cup team competitions that have just ended, there is no Zhu Yuling’s name on the national table tennis big list.Judging from the current situation of women’s table tennis, Liu Shiwen and Ding Ning are the two absolute main forces. Chen Meng, Sun Yingsha and Wang Manyu throw Zhu Yuling away. The three of them will compete for a seat in the Tokyo Olympics.After successive missed opportunities, Zhu Yuling has surpassed the first step of the National Table Tennis and is farther away from the Tokyo Olympics.In the men’s singles final, Fan Zhendong swept his opponent Zhao Zihao 4-0.At this point, the National Table Tennis Team won the men’s singles in the Austrian Open, and the men’s doubles (Liang Jingkun / Lin Gaoyuan) became the champion.The Japanese team won three championships in women’s singles (Ito Misato), mixed doubles (Zhang Benzhi and Wada Hina) and women’s doubles (Kihara Miyu / Nagasaki Miyu).

Shengnong Development’s net profit increased by 1 last year.7 times, white feather broiler business will develop rapidly

Shengnong Development’s net profit increased by 1 last year.7 times, white feather broiler business will develop rapidly
On the evening of March 27, Fujian Sunnong Development Co., Ltd. (hereinafter referred to as “Sunnong Development”) released its 2019 annual report.The report is significant, and Shengnong Development achieved a total operating income of 145.5.8 billion, an annual increase of 26.08%; achieved a net profit of 40.9.3 billion, an increase of 171 per year.85%.Among them, the cooked food sector achieved operating income of 42.68ppm, the compound strength of operating income for 8 consecutive years reached 29.38%.In terms of regions, the top 3 regions for Shengnong Development’s revenue are East China, Fujian and Guangdong.According to the number of reports, the annual sales of Shengnong Food in the national poultry meat conditioning market share exceeded 5%.Shengnong Development pointed out that in 2019, the overall white feather broiler industry will develop well.The epidemic situation has been superimposed to overcome the frozen and meat products of live poultry. The white feather broiler industry may have entered an upward trajectory and will continue to develop rapidly in the future.In terms of sales channels, Sunnong Foods has expanded its export channels to South Korea, and its overall export revenue has grown against the trend32.53%; Supermarket, convenience store and e-commerce channel revenue increased by 29 per year.49%, of which, revenue from convenience stores and e-commerce channels increased by 88 per year.53%; catering revenue increases by 40 each year.64%, of which, Chinese food has grown by about 300% in ten years.In the past year, Shengnong Development has reserved a total of 107 Chinese food products, 13 of which have annual sales of more than 50 million yuan, and two of them have sales of more than 100 million yuan.While profits are improving, Shengnong Development continues to complete scale expansion.In 2019, Shengnong Development completed the acquisition of Ousheng Agriculture and Animal Husbandry and Ousheng Industry, realized the minority shareholders’ equity of 30 million pigeons became 100% owned, and increased investment and construction of political and production bases.After the project is completed, Zhenghe’s production scale will double, with an annual output of over 70 million pigeons.In addition, Sunnong Development has also established industrial mergers and acquisitions fund Decheng Agriculture and Animal Husbandry with Sunnong Group, Fujian Rongcheng Derun Equity Investment Management Co., Ltd. and other parties, and acquired Gansu Zhongsheng Agriculture and Animal Husbandry to further realize the capacity expansion strategy.Sauna, Yewang Wang Siyang Editor Zhu Fenglan proofreading He Yan

Longji shares (601012): Cost reduction, expansion of production, acceleration of performance, acceleration of growth

Longji shares (601012): Cost reduction, expansion of production, acceleration of performance, acceleration of growth
This report reads: Longji’s 2019 silicon wafer extension funding application, non-silicon costs continue to decline, and profitability is expected to continue to rise. After 2020, the integration and consolidation of components will reappear high growth and maintain an “overweight” rating.  Investment Highlights: Maintain 北京夜网 “Overweight” rating.Increase EPS forecast for 2019-2021 to 1.38 (+0.19), 2.28 (+0.57), 2.76 (+0.74) yuan, the reason for the increase is that non-silicon costs fell more than expected, the throughput expansion progress exceeded expectations, and the target price was raised to 35.47 (+4.88) yuan, the reason for the increase is the upward revision of earnings forecasts.Longji shares announced the first half of 2019 results, and the results were in line with expectations.  Non-silicon costs have fallen sharply, capacity expansion has accelerated, and profits have entered an accelerated period.In the first half of the year, silicon wafers were exported.4.8 billion tablets, + 183%; for own use 7.9.5 billion pieces, export components3.2GW, + 21% a year.Overseas sales amounted to 2.4GW, accounting for 76% of total sales.In the first half of the year, the cost of non-silicon wafers increased by at least 32%, exceeding market expectations, highlighting the company’s cost-reduction culture and competitive advantage.At the same time, the speed of silicon wafer construction is expected to reach 65GW by the end of 2020, and one year in advance is planned.It is estimated that the annual silicon wafer expansion volume is expected to exceed 6 billion pieces, and the module is expected to exceed 6GW in the second half of the year, and continued growth in performance is expected.  Benefiting from a shortage of monocrystalline silicon wafers in 2019, major breakthroughs between components are expected in 2020.The orientation of the single crystal silicon wafer shows the shape of the long-ring double-oligonucleotide. In 2019, as the single crystal PERC battery downstream of the single crystal silicon wafer will significantly increase the production capacity by more than 30GW, the difference between the single crystal silicon wafers is unavoidable.At that point, the gross profit margin of monocrystalline wafers has risen to 30%. In the long run, the oligopoly maintains a gross profit margin of 25% and a net profit margin of 15% is also very reasonable.At the same time, the 合肥夜网 scale of Longji’s double-sided modules is expected to exceed 40% in 2019, which will also enhance profitability. Combined with orders on hand and long-term supply chain orders, modules will achieve 20GW sales in 2020, an increase of 100%.  catalyst.Non-silicon costs continue to fall, and product expansion has grown significantly.  risk warning.International trade policy and exchange rate risks in 2019.

Guangdong Expressway A (000429): Changes in Accounting Estimates Exceed Expectations and Upgrade Company Rating to Buy

Guangdong Expressway A (000429): Changes in Accounting Estimates Exceed Expectations and Upgrade Company Rating to “Buy”
Event Overview On the evening of January 1, 2020, the company issued an announcement. The third (interim) meeting of the ninth board of directors of the company passed the “Exchange Rate on Changes in Accounting Estimates” and agreed that the company would adopt Guangdong Provincial Transportation from January 1, 2020.Planning and Design Research Institute Co., Ltd. issued the “Fokai Expressway Traffic Volume Forecast and Toll Revenue Report” issued by the Beijing-Zhuhai Expressway Guangzhu Section Co., Ltd. for the company ‘s Fokai Branch in 2019, and “Beijing-Zhuhai Expressway Guangzhu Section TrafficVolume Forecast and Charge Income Report “as the basis for depreciation.The change in accounting estimates is expected to increase the net profit attributable to owners of the parent company by approximately 1 in 2020.0.6 billion.  Changes in accounting estimates, re-examination of the predicted 武汉夜网论坛 traffic volume of the Fokai Expressway and the Guangzhou-Zhuhai Expressway Guangzhu section, are expected to increase the company’s net profit attributable to mothers by approximately 1 in 2020.0.6 billion.  The company’s initial changes in accounting estimates are: 1) The Fokai South Section reconstruction and expansion project has been completed and opened to traffic on November 7, 2019, and temporarily transferred to fixed assets. Depreciation and depreciation will be accrued from December 2019.The deadline is tentatively set to December 31, 2026.The 2013 version of the predicted traffic flow adopted by the Fokai Expressway did not take into account the impact of factors such as the opening of the Fokai South Section expansion and expansion project, resulting in a difference between the actual future traffic volume and the predicted 杭州桑拿网 traffic volume.2) Due to changes in the economic development status and road network conditions of the Beijing-Zhuhai Expressway and Guangzhou-Zhuhai Expressway under the jurisdiction of the company, the current forecasted traffic volume used in the 2013 version is different from the actual situation, and the current predicted traffic volume is no longer applicable.  In accordance with the 2013 version of the forecasted traffic volume forecast, the depreciation for the Guangzhou-Zhuhai Expressway and Guangzhou-Zhuhai section of Beijing-Zhuhai Expressway will be 7 in 2020.07/1.At 97 ppm, the depreciation for Fokai Expressway and Beijing-Zhuhai Expressway Guangzhu Section of the Beijing-Zhuhai Expressway will be 5 in 2020 in accordance with the 2019 traffic forecast.92/1.US $ 6.2 billion, assuming fixed assets that do not take into account changes in the year 2020, are expected to increase the company’s net profit attributable to its mothers by 2020, respectively.86/0.200 million, totaling 1.0.6 billion.  Investment suggestion: raise the company’s target price to 10.84 yuan / share, upgrade to “buy”.  According to the depreciation standards for Fokai, Beijing-Zhuhai Expressway Guangzhu section re-approved after the change of this accounting estimate, the company’s net profit attributable to the parent in 2019-21 is 13, respectively.7/16.2/17.400 million yuan, the corresponding EPS is 0.66/0.77/0.83 yuan (the original EPS EPS is 0.66/0.68/0.73 yuan), according to the 70% dividend standard and December 31, 20198.The closing price of 26 yuan / share, the company’s dividend rate is expected to be 5 in 2019-21.6% / 6.6% / 7.1%.According to the 5% yield higher than the highway industry leader Ninghu Expressway (according to December 31, 2019 11).The target price of 23 yuan / share and the dividend ratio of 60% are expected to be issued by Ninghu Expressway in 2020.8%), give Guangdong Expressway A10.Target price of 84 yuan / share, upgrade the company rating to “buy”.  Risks prompt changes in highway toll policies and the macroeconomic downturn.

Zhongnan Construction (000961): 1H19 results in line with expectations

Zhongnan Construction (000961): 1H19 results in line with expectations

1H19 profit 0.

35 yuan, an increase of 42% per year, in line with expectations of the 1H19 results announced by China South Construction: operating income of 23.3 billion US dollars, an increase of 52% over the same period, net profit attributable to the mother of 1.3 billion, an increase of 42%, corresponding to zero profit.

35 yuan, consistent with the performance report.

Real estate carry-over income increased rapidly, and gross profit margin dropped slightly.

In the first half of the year, the company’s real estate business settlement income increased by 47% to $ 15.4 billion (mainly due to the increase in primary settlement projects).

The gross profit margin of the real estate business decreased by a proportion to 23 from the same period last year.

4%, after-tax comprehensive gross margin fell 1.

5 up to 17.


We estimate that the company’s pending resource profit margin level in the second half of the year is significantly higher than the same period last year, and it is expected that it will drive the company’s gradual margin increase.

The net interest rate declined marginally, 夜来香体验网 and the debt structure continued to optimize.

The company’s net interest rate at the end of the period increased 6 times from the beginning of the year to 186%. Interest-denying interest rates increased by 18% to US $ 68.6 billion from the beginning of the year. However, the proportion of interest-interest denials due within one year fell from 31% to 24%.

Cash in hand increased by 22% to 249 trillion in the early and early stages, which is one of the interest-resistant maturities within one year1.

5 times (1H18 is 1.

3 times, 2018 1.

1 times).

The minimum budget for the development trend is expected to reach 200 billion yuan, more than 40% of the added value.

The company achieved contract budget / sale area of 95.9 billion / 7.65 million square meters from January to July, an increase of 21% and 22% respectively.

Considering that the company’s push for goods will accelerate in the second half of the year and the base was reduced last year, sales growth will gradually increase.

We expect the company’s budget to total 2000 trillion, corresponding to a 36% growth rate.

Speed up the ground in the second half of the year.

In the first half of the year, the company added 4.2 million square meters of new land reserves in Xi’an, Nantong, Huai’an and other places, a year-on-year decrease of 63%; the amount of land acquisition amounted to US $ 26.9 billion, which gradually decreased by 45%, and the corresponding equity ratio increased by 35 to 84%.Second-tier cities account for 16 to 54% of the uplink; the average floor price has increased by more than 47% to 6,300 yuan / square meter.

At the end of the period, the company’s end stock soil reserves (unfinished caliber) increased by 5% earlier to 45.23 million square meters, and there was more demand for supplementary land storage.

We expect the company to actively replenish high-quality soil storage resources in the second half of the year, with preliminary land acquisition expenditures expected to exceed 50 billion.

Earnings forecasts and estimates We maintain the company’s 2019/2020 earnings forecasts unchanged.

Currently leading trades at 6.


0x 2019/2020 P / E ratio, maintain outperform industry rating and target price of 10.

30 yuan, corresponding to 9.


5x 2019/2020 target P / E ratio and 38.

5% upside.

The risk financing environment has been further tightened; the main layout urban land planning policies have tightened more than expected.

The second quarter of the Social Security Fund favors biomedicine relocation paths (list)

The second quarter of the Social Security Fund favors the biomedical warehouse relocation path (list)
Original title: Social Security Fund favors biomedicine in the second quarter, and the path of warehouse adjustment surfaced (schedule). The second quarter of each year is the time to check the interim results of listed companies, banks, etc., and the institutions also disclose their investment performance during this period, Which includes social security funds and pensions.  It is said that the National Social Security Foundation released a report on August 20 that the basic pension realized investment income of 98 last year.6.4 billion yuan, with an investment yield of 2.56%.  In essence, the equity investment situation of the social security fund last year was also repeated at the end of July.Overall, yields are lower than 西安耍耍网 the annual average.In 2018, the social security fund’s equity investment income amounted to -476.8.5 billion yuan, investment yield -2.28%.The average annual return on investment of the Air Force Social Security Fund is 7.82%, with cumulative investment income exceeding 950 billion yuan.  Last year’s transcript has been issued. As one of the important players in the market, the holding strategy of social security funds has attracted market attention.At the time of the disclosure season of the interim report of listed companies, the reporter combed and found that biomedicine, electronics and chemical industry became the three most popular industries of the social security fund in the second quarter.  Xinjin holds 33 shares as of August 20, according to WIND, more than 700 companies in the two cities issued annual semi-annual report 杭州夜网 results.Among them, the social security fund appeared in the list of the top ten shareholders of tradable shares of nearly 140 stocks, and 54 listed companies appeared in the list of tradable shares of the social security fund.  According to market data, a total of 132 stocks of social security funds appeared, and in terms of stock adjustment trends, in the second quarter, social security funds added 33 shares, increased their holdings by 48 shares, and reduced their holdings by 33 shares. The number of shares held by social security funds remained unchanged at 18 shares.It is worth mentioning that some of the consumer white horse stocks that have burst this year are also listed on the list of shares held by social security funds, such as Dong’e Ejiao, Fuling mustard and so on.  The reporter combed and found that from the perspective of the industry, in the second quarter of this year, the three industries with the largest number of stocks held by the Social Security Fund were pharmaceutical biotechnology, electronics and chemical industry.Among them, the medical biological plate involves Yunnan Baiyao (000538).SZ), East Ejiao (000423).SZ) waiting for 20 shares.  In terms of new shareholdings, among them, Jin Lei shares (300443.SZ), Jin Xinnong (002548.SZ) are held by two social security fund portfolios.  In terms of specific holdings, taking the Social Security Fund 406 portfolio as an example, in the last quarter of each month, it held a total of 26 shares, of which 7 shares were newly held, involving Tongce Medical (600763).SH), Gigabit (603444.SH), Wu Wu Creature (300357.Shenzhen), Jiuyang shares (002242.SZ) and so on.  From the perspective of the change, in the second quarter of this year, the largest three stocks in the social security fund’s outstanding stocks were Wowu Biological (300357).SZ), Rongsheng Development (002146.SZ) and Weiming Environmental Protection (603568.SH).  Institutions favor outstanding stocks through social security fund holdings, and their stock selection logic has been “revealed” accordingly.The chief strategic analyst of a medium-sized brokerage firm in Beijing told the First Financial reporter that as a medium-term and long-term stable investment fund, there are obvious substitutions in the industries held by social security funds, and pharmaceutical, biological, chemical, electronics, and computer industries are all substitutes within a certain stageIndustry.  According to incomplete statistics, about 80% of the stocks held by the Social Security Fund have continued to grow.Combined with the performance of this year’s Interim Report, the reporter combed and found that social security increased its holdings of stocks, Shuanghui Development (000895).SZ), Tonghua Dongbao (600867.(SH), our martial arts are in the top three.  From the performance of the above companies, Shuanghui Development achieved a net profit of approximately 23 in the first half of this year.8.2 billion.Tonghua Dongbao has a net cash flow of approximately 5 in the first half of this year.7.8 billion, an annual increase of 27.26%.

The etiology and pathogenesis of obesity


The etiology and pathogenesis of obesity

The fact that micro-absorption is more than instantaneous consumption increases the micro-synthesis is an excessive material basis.

When the calorie intake exceeds the energy required for consumption, it is almost completely converted into feces by storage in the form of liver and muscle glycogen. It is stored in the whole body fat storehouse, mainly triglycerides, with limited glycogen storage, and adulthood.The main storage form of human body heat energy.

  Such as frequent intake of excessive neutral obesity and sugar, it will accelerate the slight synthesis, become an external cause of obesity, often in the case of too little activity, such as stop physical exercise, reduce physical labor or bed recovery during bed restObesity occurs after childbirth recuperation.

Under normal circumstances, the daily heat card of the human body varies, depending on factors such as age, gender, height, and labor nature. Due to the precise regulation of normal neuroendocrine, the body weight is relatively stable without obesity.

  The pathogenesis of obesity can be summarized into the following four groups of factors:

Genetic factors The incidence of simple obesity in humans also has a certain genetic background.

Human obesity is generally considered to be polygenic, and heredity plays a prone role in its pathogenesis. The formation of obesity is related to the way of life behavior, feeding behavior, hobbies, reactions and psychosocial factors.


Neuropsychiatric factors There are neuronuclei associated with feeding behavior in the human hypothalamus.

One pair is the contralateral nucleus, also known as the satiety center; the other pair is the ventrolateral nucleus, also known as the relief center.

When the center is full of excitement, there is a feeling of fullness and refusal to eat. When it is destroyed, the appetite is greatly increased. When the center is excited, the appetite is strong, and when it is destroyed, it is anorexia and refuses to eat.

Under physiological conditions, it is in a state of dynamic equilibrium, which regulates appetite to a normal range and maintains normal body weight.

The blood-brain barrier at the hypothalamus is relatively weak. This anatomical feature makes it easy for many biologically active factors in the blood to migrate to the place, thus affecting the feeding behavior.

These factors include: glucose, free fatty acids, norepinephrine, dopamine, serotonin, insulin, and the like.

In addition, mental factors often affect appetite, and the function of the prey center is controlled by mental state. When mental stress is excessive and sympathetic stimulation or adrenergic nerve stimulation (especially α receptor predominance), appetite is inhibited; when vagus nerve is excitedWhen insulin secretion increases, the appetite tends to increase.


Hyperinsulinemia The role of hyperinsulinemia in the pathogenesis of diabetes is compelling.

Obesity often coexists with hyperinsulinemia, and the causal relationship needs to be further explored, but it is generally believed that hyperinsulinemia causes obesity.

People with hyperinsulinemia obesity have about three times the amount of insulin released from normal people.

  Diabetes has a significant role in promoting micro-accumulation and can be used as a monitoring factor for obesity in a certain sense.

The role of insulin in promoting the increase of body fat is through the following interactions: 1 promoting the entry of glucose into the cells, neutral feces of the giraffe; 2 inhibiting the use of feces in the fecal cells.

  The coexistence of overfeeding and hyperinsulinemia is often an important factor in excessive occurrence and maintenance.


Slight brown tissue abnormal brown Slight tissue is a slight tissue that has been discovered in recent years, corresponding to white tiny tissues mainly distributed under the skin and around the internal organs.

The slight distribution of brown tissue is limited, only distributed between the scapula, the end of the cervical spine, the armpit, the mediastinum and the surrounding of the kidney. The tissue appearance is light brown and the cell volume changes relatively little.

  A small number of white tissue is a form of energy storage. The body stores excess energy in a neutral form. The white cell volume varies with release energy and storage energy.

  The brown intermediate tissue is functionally a thermogenic organ, that is, when the body ingests or is stimulated by cold, the brown micro-cell intracellular fat burns, thereby determining the energy metabolism level of the body.

The above two cases are referred to as feeding induction-induced heat production and cold-induced heat production.

  The brown heat tissue is directly involved in the total regulation of in vivo transformation, and the excess transformation in the body is released into the body, so that the body’s energy metabolism tends to balance.

  There are few studies on the brown tissue of human obese people, but some patients with heat-producing dysfunction can be observed.


In addition, hormones are important factors regulating abnormal metabolism, especially the synthesis and mobilization of triglycerides, which are determined by the regulation of enzymes by hormones, in which insulin and prostaglandin E1 promote adult synthesis and inhibition.Decomposes major hormones; catecholamines, trace amounts of high glycosides, ACTH, MSH, TSH, GH, ADH and glucocorticosteroids, which inhibit the synthesis of hormones to promote slight decomposition, such as excessive secretion of the former, repeated secretionReduced; can cause a slight increase in synthesis, excessive over the decomposition.

The relationship between endocrine factors and secondary obesity in this group is more serious.

Simple exercise helps you get rid of occupational diseases

Simple exercise helps you get rid of occupational diseases

Sitting and working for a long time, especially after using the computer for a long time, can be very tiring.

Take a break at this time and do this set of exercises designed for computer operators, which can quickly eliminate fatigue and restore physical strength.


Sit on a chair with your back straight and put your hands on it.

With one arm outstretched, turning back with the body, staring at the palms-inhaling.

Revert-Exhale and change hands.


Sitting on a chair with hands down.

Flex your arms and make a fist, lift your toes, and stop.

When you put your hands back to the datum, tighten your toes, and at the same time, your heels will rotate your toes.


Skull flexed elbows, hands on shoulders.

Exercise your whole body before and after your elbows.


Cross up and down, arms over your chest.

Lift your bones and perform whole body exercises on your chest while moving your shoulders, shoulder blades and pectoral muscles.


Sit on a chair with your back straight and hold your hands close to your abdomen.

Then straighten this leg forward and drop it back to the ground.

Change legs and do it again.


Straighten your hands forward and do swimming movements; like breaststroke.

Stretch your body forward and to the side as much as possible.


Sitting on a chair, with one leg tibial bent, he turned to the opposite direction and took a step towards the cross.


Change legs and do it again.

Bend your arms and fist, put your chest forward, open your hands forward, to the sides, and then extend upwards.


Straighten one leg with the toes facing upwards, and bend the other leg with the toes facing downwards, imitating walking movements and alternate feet.


Sitting on a chair with legs straight.

Raise your legs, turn to both sides, and make a circle on the floor.


Sitting in a chair with his arms bent, his hands on his shoulders.

Turn your body back and forth from side to side so that your bones and elbows are as close to the back of the chair as possible.

  12 Sit on a chair, put your hands behind your head.

Turn your head back and forth to both ends.

Place the capillary with both hands.

With one hand extending shoulders from the top, the other hand extending from the bottom up to the scapula, hands crossed behind.

Change hands and do it again.

Sit tightly against the back of the chair.

Straighten the spine, lower your head slightly, and turn gently to the sides.

Suppose there is a small ball in front of the chest, try to reach the ball with your forehead.

His eyes widened and he followed his head.

Baby cough in autumn or related to climate


Baby cough in autumn or related to climate

The autumn weather is cool but the air is dry. The temperature difference between day and night is large, and the baby’s resistance is weak. The respiratory tract is easily infected by the virus, causing respiratory diseases, colds, runny nose, cough, etc.

Some parents report that their children often cough at night in autumn, but they are fine every day.

Pediatric experts said that the baby night cough may be related to the climate, and generally do not need medication, but if the baby does not have a long-term cough, it may be high blood pressure, and parents are advised to bring their children to a doctor in time.

  Occasionally, the baby coughs at night and does not need medication. Parents report that the baby will have a dry cough at night when it falls into the autumn. It is relatively rare during the day. Do you need to give your baby medicine in this case?

The doctor said that if the baby coughs occasionally at night, it may be related to the dry climate in autumn. For the time being, no medication is needed. The child should drink plenty of water and increase the indoor humidity. If the cough symptoms do not ease and gradually worsen, it is recommended to see a doctor.

  If the baby’s cough worsens with phlegm or bronchitis, the doctor reminds parents that if the baby’s cough gradually gets worse and sputum cough appears, it may be bronchitis.

Cough medicine alone can only relieve symptoms and cannot treat the cause. It is recommended to bring your baby to a doctor in time to determine the cause and guide the treatment.

  Baby’s cough for a long time is not as long as the cause of cough in asthma. Acute cough is mostly caused by common cold and acute bronchitis-bronchitis, but the cause of chronic cough over 4 weeks is relatively complicated. Common diseases include cough variant disorders, rhinitisAnd upper airway diseases such as sinusitis.

  Do not take cough medicine as soon as your baby coughs. Some parents think that cough should be antitussive, and the child should be treated with antitussive medicine immediately.

In fact, cough is not a disease or a symptom caused by different diseases.

Therefore, cough control can not rely on cough drops, need to treat the disease itself that causes cough.

If you have a cough caused by a bacterial infection, you need to use antibiotics; if you have a cough caused by an allergy, you need to use anti-allergic drugs; if you have a cough caused by viral influenza, you can’t use drugs to eliminate the cause, and you must wait patiently for the body to form immunity against viruses.

  Baby cough should pay attention to light diet and drink plenty of water. Baby should eat a delicious, light, nutritious diet during cough.

Because irritating food will increase cough, you should eat less salty, sour and spicy foods. Therefore, you should eat less sweet and sputum.

Give a warm diet, noodles, and sliced soup are all good.

Do not eat cold food and beverages, and stay away from ice cream, ice cream, ice soda.

  When coughing, the rapid airflow takes away water from the mucous membranes of the respiratory tract, causing the mucous membranes to be dehydrated. Pay attention to replenish the fluid to the children.

If you have a fever, your body fluid consumption will increase due to sweating. Therefore, your baby should drink plenty of water and eat more fruits during the illness.