Peking University Guanghua: Proposed to launch 4.88 trillion package of policies to restart the Chinese economy

Peking University Guanghua: Proposed to launch 4.88 trillion package of policies to restart the Chinese economy
Members of Peking University Guanghua School of Management Macro Policy Research Group: Liu Qiao, Xu Xianping, Zhou Li’an, Chen Yuyu, Zhang Zheng, Hue, Tang Yao, Zhang Lin, Gao Qianyun, Zhang Jiahui’s new coronary pneumonia epidemic spread rapidly around the world, directly impacting the real economyA huge disaster on the scale of the global economy and society.Although the epidemic prevention and control and economic restart have been leading the world in recent years, on the contrary, the first quarter economic data shows that the new crown epidemic has had an exogenous impact on the economic and social order once in a hundred years, and a series of monetary policies and fiscalCompared with the post-epidemic economic reconstruction goals in the complex situation and the downward pressure that will be faced in the longer term, the policy is weak and fragmented quickly, and the policy goals are not clear.The 1929 Great Depression was delayed because of insufficient policy strength, which is a lesson from history.The scale of the downward pressure on the economy following the weak economic inertia conference is even more difficult to solve.At present, we must be determined at the next level, with stronger impetus, to introduce economic recovery and reconstruction programs with variable strength, so that the economy can regain vitality.  Recently, the Guanghua School of Management of Peking University has repeatedly organized professors to make suggestions on China’s economic restart after the epidemic. Based on the impact of the epidemic and the changes in the core logic of the Chinese economy, it has put forward a package of policy recommendations: launching a fiscal policy with a scale of 4.A policy package of US $ 88 trillion, establish a special budget and special accounts, strengthen national budget co-ordination and supervision; accumulate a scale of 900 billion yuan in cash coupons and consumer coupons.For low-income people and population cash reserve vouchers in disease-affected areas, the policy objective is to bail out; nationwide issuance of digital consumer vouchers to boost consumption; the establishment of a “Small, Medium, and Micro-Enterprise Stabilization Fund” (1.5 trillion) and “Export Enterprise Stability Fund” (0.5 trillion), directly supporting small and medium-sized enterprises and export enterprises with financial support; increasing new infrastructure investment (300 billion); accelerating the pilot and infrastructure construction of infrastructure real estate investment trust funds; increasing effective investment in key areas, including public healthConstruction (1 trillion)), renovation of old communities (260 billion), rental housing (400 billion), etc .; it is recommended to provide a package of policies by appropriately increasing the deficit rate, issuing special national debt, increasing the size of local special debt, and revitalizing the stock funds.Financial support.  First, strengthen policy coordination and introduce a package of macro policies; establish a special budget system and special accounts for “economic recovery and reconstruction”, strengthen pre-supervision and post-event audits, and a number of fiscal and monetary policies have been introduced.In terms of monetary policy, it has been released for a long time2.2217 trillion medium and long-term long-term, of which through MLF, Pratt & Whitney’s targeted RRR cuts and re-loans respectively released 500 billion, 950 billion US dollars and 1 trillion of funds, while recovering 228.3 billion medium and long-term liquidity through TMLF.If the re-loan amount is not in place after the merger is completed, it is proposed to release a total of medium and long-term funds3.0217 trillion.All of these are the release of the base currency. Considering the average currency multiplier effect of about 5 times per year, the current support for monetary policy has been 15%.About 1 trillion.  It is clear that the central and local governments have intensively issued other burden relief policies.To improve the current state budget, more than 200 policy documents have been issued; more than 800 policies have been introduced by local governments.Our statistics show that local governments ‘expenditures on epidemic prevention and control have reached US $ 145.2 billion, and it is expected to gradually reduce the exemption of social security contributions to more than US $ 500 billion, which translates into a reduction of US $ 80 billion in tax exemptions. In the first quarter, the subsidy funds for people in need reached 1560One hundred million US dollars, coupled with water use, electricity costs, rent reductions and stable returns, the support policies beyond monetary policy are already more than 1 trillion.However, due to the fragmentation of policies, the lack of clarity in policy objectives, the unevenness of specific circumstances, and the unsmooth monetary system and mechanisms, although the current policy scale is not small, the real economy, especially the most severely affected by the epidemicChina ‘s small, medium and micro enterprises and the export sector still generally feel that their scale and intensity are not large enough.  In order to ensure that the policy support for small and medium-sized enterprises, low-income groups, employment, export sectors, etc. can be implemented and achieved results, we recommend strengthening national policy and policy coordination, launching a policy package led by fiscal policy, and clearly supporting theScale and key areas; at the same time, establish a special budget system and a special account to coordinate the source and use of funds, supervise and audit, enhance the credibility and transparency of the policy, so that the policy can really play a role.  Second, consumer coupons featuring “double-tier” consumption incentives suggest that we believe that supporting small, medium and micro enterprises and individual industrial and commercial households in the short term, and providing more jobs, boosting consumption is better and more direct than investment.Large-scale consumer coupon issuance can be used as a fiscal policy option.The consumption vouchers are mostly used during the rapid economic downturn. The government increases the consumption of residents through transfer payments. The increase in consumption drives the production of enterprises, the increase in production provides jobs, and the employment promotes consumption. The whole process is even a virtuous cycle and has a multiplier effect.  Our joint research with Ant Financial Services analyzed the 3.5 million sets delivered by the Hangzhou Municipal Government through the Alipay platform on March 27 and April 3, with a total value of 2.After the implementation of the US $ 500 million consumer voucher, it was found that the implementation of consumer vouchers has a positive effect on driving consumption after the epidemic.A financial subsidy of 1 yuan can drive an average of 3.New consumption of more than 5 yuan; consumption coupon surface quota, the stronger the pulling effect, the pulling effect will not lead to the substitution of future consumption; the consumption stimulus effect on different industries and populations has not been affected by the “digital divide”.  At the same time, through a comparative study of the effects of consumer vouchers across Guangxi, we find that consumer vouchers’ boosting effect on consumption is equally significant in relatively underdeveloped regions, and the multiplier effect is even greater.The introduction of digital consumer coupons that are flexible and in line with people’s psychology can form an accurate “boost” (behavior promotion) effect on people’s behavior, and can use relatively reduced financial expenditure to achieve a multiplier effect.  Therefore, we propose to adopt a “double-layer” consumption incentive plan to public cash coupons for low-income people and diseased areas; at the same time, implement large-scale consumer coupon issuance nationwide.The scale of the plan is 900 billion yuan.  First, for low-income people and the employed population in Hubei, there is a total of 1,000 yuan in cash coupons (that is, consumer coupons with 100% government subsidies).According to data from the Ministry of Human Resources and Social Security, the number of employed people in China reached 7 in December 2019.747.1 billion people, labor participation in competition 55.33% (7.7471/14).If the employment income of less than 3,000 yuan per month is recognized as a low-income group, this group accounts for 31%.Therefore, it is estimated that the number of low-income employed people except Hubei is about 2.2.3 billion people[(14-0.5917) × 55.33% × 31%)], the employed population in Hubei Province is about 3273.880,000 people.Therefore, the cash voucher subsidy amount is: 2627.3.1 billion (amount of subsidies for low-income employed people except Hubei + amount of subsidies for employees in Hubei Province = 22999).180,000 × 1000 yuan +3273.880,000 × 1000 yuan).The Engel’s coefficient of this group is very high, and income is basically spent to maintain daily operations.To accumulate cash coupons for this ethnic group, the main policy objective is to bail out and rescue people’s livelihood.  In terms of specific implementation, the release of cash coupons can explore and eliminate the “digital divide”, thereby dividing more than 200 million low-income people into a mobile Internet-based digital economic system.Through the coordination of telecommunications, third-party payment platforms, civil affairs departments, and financial departments, the beneficiaries are identified and digital cash vouchers are issued accurately.We estimate that the fiscal expenditure on bridging the “digital divide” is about 120-140 billion (purchasing mobile phones and one-year data packages at a cost price of about 600-700 yuan per person).It is worth noting that the long-term expansion of China’s digital economy infrastructure and the large number of innovations in application scenarios have brought more space for the design and implementation of public policies.  Roughly speaking, the nationwide accumulative total of 500 billion US dollars of consumer vouchers will be allocated by the state and allocated by central government funds. Local governments will explore “one city, one policy” based on local conditions. Although the specific conditions vary from place to place and the degree of development of the digital economy is different, the Hangzhou case has great implications for the consumption growth that can be brought about by the implementation of consumer vouchers within a scale.Take Hangzhou 3.Five times of the new consumption pull factor calculation, the cancellation of 500 billion consumer coupons can bring one.The total social retail sales of 75 trillion yuan led to 4.25% of total social retail sales increased.  Third, through the “Small and Medium-Sized Micro Enterprise Stabilization Fund” to alleviate the difficulties for the majority of market players, we propose to establish a “Small and Medium-Sized Micro Enterprise Stability Fund” with a scale of 1.5 trillion yuan, led by the financial sector, to provide supporting credit to small, medium and micro enterprises.In response to the impact and impact of the epidemic, the economic recovery and reconstruction programs issued by several major economies in the world such as the United States, Germany, France, Japan, etc., include measures to provide emergency loans or loan guarantees for enterprises, especially small and medium-sized enterprises.In view of this reality, tamping the bottom line of people ‘s livelihood and stabilizing the economic fundamentals are important foundations for coordinating the smooth progress of other work, and the survival of small and medium-sized enterprises that have contributed more than 80% of urban employment is important to stabilizing employment and protecting people ‘s livelihood.The problem is closely related.For many small, medium, and micro enterprises or individual industrial and commercial households, only 50 trillion US dollars of financial support is needed to survive the end of the world’s major blockade, return to normal operating conditions and cause their own operating capabilities to survive.  Therefore, for specific operations, we recommend issuing 1.Special trillion-dollar bonds are entrusted to commercial banks to issue directly to small, medium and micro enterprises in the form of transitional refinancing.The finance bears 70% of the credit risk, and the commercial bank bears 30% of the risk, which not only directly provides funds to small and medium-sized enterprises, but also avoids the moral hazard of financial institutions.There are two levels of loans, interest-free loans within 500,000, interest payments from 500,000-10 million at the benchmark loan interest rate, and the use of expenditure funds is strictly supervised.  Fourth, through the “Export Enterprise Stability Fund”, to protect the industrial chain and manufacturing industry, we propose to establish an “Export Enterprise Stability Fund” to support the export sector and maintain the industrial chain layout, with a scale of 500 billion.According to our calculations, the added value of the annual export sector’s contribution in 2019 is close to 10% of GDP and close to 30% of manufacturing.According to the forecast issued by the International Monetary Fund, global GDP will grow negatively by 3% in 2020, and global trade volume will fall by 11%. Assuming that exports in that year will fall by 10%, multiplied by the added value of the export sector to account for 10% of GDP, and the export sector willMore than one exception dragged down economic growth.  The export sector has played a benchmark role in promoting gradual technological progress, knowledge diffusion, and organizational development.However, the growth rate of the export sector has always been lower than the growth rate of GDP. It has been under pressure from R & D and costs for a long time. The external spread caused by the global spread of overlapping epidemics and the global supply chain operation are not smooth.The potential for long-term economic growth will also be affected.In addition, the export sector has strong regional aggregation and involves a large number of industrial workers. If there is regional unemployment, the impact is difficult to estimate.  Focusing on the short-term difficulties of the export sector, and considering the long-term important role of the export sector in the Chinese economy, we recommend that fiscal policy give priority to supporting the export sector and protecting market players.In addition, for regions where the export sector is relatively concentrated, it is possible to help enterprises share part of the wage costs of employees according to local conditions.In terms of specific operations, we will make overall planning at the macro scale and inject financial funds. The relevant ministries and commissions will take the lead in setting up a joint budget committee and a supervisory committee. The specific implementation can be handed over to commercial banks.Through short-term and medium-term low-interest loans to help companies overcome temporary difficulties.The selection of aid targets is tilted to key regions and key departments, and priorities are set according to the importance of export enterprises in the industrial chain, pre-epidemic performance and tax performance.  Fifth, use monetary policy tools to fully release liquidity. We recommend a clearer positioning of monetary policy in the economic restart under the epidemic.Monetary policy should further cooperate with fiscal policy to provide sufficient liquidity for economic recovery, and at the same time reduce the benchmark interest rate of deposits in order to guide the loan interest rate down, to reduce corporate financing costs, and through structural monetary policy and strengthen the use of loan supervision to ensure liquidityThe effective use of funds to prevent the emptying of funds and disengagement.  In restarting the economy, the following measures are recommended: (1) Reduce the benchmark interest rate of deposits in due course.The main cost of commercial banks is to pay interest on deposits. When the epidemic hits the economy, reducing the interest rate on the bank ‘s liabilities by adjusting the benchmark interest rate of deposits will release a strong easing signal, which will produce a counter-cyclical adjustment effect.(2) Further lower policy interest rates such as MLF and OMO, thereby guiding loan interest rates downward and reducing corporate financing costs in the real economy.(3) Gradually continue to introduce structural monetary policy, and fiscal policy to “precise drip irrigation” to export enterprises, small and medium-sized enterprises and other specific types of enterprises, by increasing the re-loan of small and medium-sized enterprises, and then re-discounting the amount, giving sufficient loan amountTo release more liquidity and stabilize more basic market players.(4) In conjunction with the China Banking and Insurance Regulatory Commission, the supervision of loan use should be strengthened to ensure that capital flows to small, medium and micro enterprises and the real economy, and to prevent funds from idling or excessively flowing into the real estate market.(5) It can provide more liquidity to policy banks through mortgage supplementary loans (PSL) and other methods, better play the “quasi-fiscal” function of policy banks, and improve their ability to release low-interest long-term loansAnd scale.Sixth, vigorously promote new infrastructure construction and real estate investment trust fund financing pilots. We propose to increase investment in new infrastructure. In 2020, the scale of new infrastructure will be about 315.5 billion.At the same time, it is recommended that on the basis of the pilot projects of public real estate investment trust funds for infrastructure construction, the pilot steps in key regions, key industries and high-quality assets with higher yields be accelerated and scale support policies be actively introduced.  (1) The new infrastructure investment proposal has recently become a hot spot for new-type infrastructure construction, which is based on grasping the new trend of world scientific and technological development, and scientific decision-making based on its own new development support point is also a driving force for development.New infrastructure is closely connected with new industries, new formats, new business models and new products, and new services. It directly affects and serves vertical industries such as industry, agriculture, transportation, and energy. It focuses on market-oriented and enterprise-oriented operations. InvestmentThe main body, the investment model is diversified, and the application of the industry, market cultivation requires a process, it is necessary to play the role of the market and the government, and increase the intensity of comprehensive implementation.  According to the latest data from the Ministry of Industry and Information Technology and our new infrastructure charter, it is estimated that 500,000 5G base stations will be built in 2020, with an investment of 250 billion US dollars, and 4.25 million 5G base stations will be built during the 14th Five-Year Plan period, with an investment of 1.7 trillion, driving the market scale of related industries about 9 trillion.It is expected that the AI chip and AI server investment in the field of artificial intelligence will be US $ 65.5 billion in 2020, with an investment of 1 during the 14th Five-Year Plan period.9 trillion, driving the market scale of related industries about 6 trillion.  During the period when the economic recovery is in desperate need of momentum, increasing investment in new infrastructure can drive the recovery of the demand side and get its market players out of the predicament.For new infrastructure investment, we have the following nine suggestions.(1) It is recommended to strengthen planning guidance and implementation of supporting policies, clarify the principles, objectives, tasks and policy reforms of the new infrastructure, reorganize major engineering projects, provide supporting work guidance or guiding opinions, and implement and improve through planning.(2) It is recommended to use good development and policy financial instruments to encourage and guide financial institutions to support new infrastructure through various channels and methods, such as the issuance of new infrastructure special bonds and the establishment of new infrastructure special loans; gradually release more long-term low interest ratesLoans; resume development of bank soft loan products as equity investment tools or project supporting capital, etc.(3) Existing financial special funds for science and technology, the National Venture Capital Fund should focus on supporting projects related to new infrastructure; establish a national new type of infrastructure investment fund to guide and attract social capital participation, expand diversified, market-oriented special funds.(4) Innovative use of infrastructure trust and investment funds (REITs).At present, the infrastructure REITs have been opened for pilot, and new infrastructure investment should focus on the use of equity financing tools to achieve a true multi-level market-based investment and financing system.REITs can become the last link in the new infrastructure investment chain, helping to form a circular and sustainable investment and financing ecosystem.(5) Budget efforts to promote open sharing of government data.Relevant laws and regulations should be promulgated as soon as possible, expand the data sharing responsibility list, set out a data sharing management list, establish data opening, exchange, protection and transaction mechanisms to promote the legal, fair and orderly circulation and transaction of data.(6) Strengthen the responsibility of state-owned enterprises in scientific and technological research, effectively increase the R & D scale and investment of key enterprises in the proportion of main business income, and strengthen the incentives for innovation achievements.(7) Support private enterprises to develop application scenarios.It is possible to further increase the proportion of R & D budget pre-tax plus substitution, open up the creation of market access thresholds, create a level playing field, strengthen financial services, protect legal property rights, and stimulate the innovation of private enterprises.(8) Adjust and optimize energy-related policies. First, only control the total fossil energy consumption and exclude the consumption of renewable energy.The second is the power grid planning, and the construction should consider the characteristics and needs of the new infrastructure; the third is to support the application of 5G construction to divide electricity market transactions and other aspects, and implement targeted and precise support policies.(9) For construction, the land management department opens up green channels.5G construction requires a lot of land, and the government needs to open up green channels, strengthen overall coordination, help related companies solve resource sharing, improve social resource utilization, and form synergy to create conditions for opening up indoor application scenarios.  (2) Relevant suggestions for the pilot work of infrastructure real estate investment trust funds The opening of the pilot projects of infrastructure real estate investment trust funds has become a major positive news for the economic restart after the epidemic, which can revitalize China ‘s huge infrastructure stock assets, recover early investment, reduceThe leverage ratio between enterprises and local governments allows more social capital to participate.  Existing REITs can give priority support to infrastructure projects including railways, toll roads, trunk airports, utilities, and other infrastructure projects such as pollution control, warehousing and logistics, and high-tech industrial parks and special industrial parks.Infrastructure real estate investment trust funds can gather key regions, key industries and high-quality assets with higher yields.We recommend that the regulatory authorities give targeted supplementary supporting policies in terms of asset transfer and asset operation based on the characteristics of infrastructure REITs “public ownership, public use, and public benefit”.  7. Increase effective investment in key areas Increase effective investment in key areas can inject momentum into the economic recovery under the epidemic, including: (1) Expanding investment in the public health system, the scale of 1 trillion during the epidemicThere is a high level of weakness in the public health system.In 2018, domestic medical expenditure accounted for 6 of GDP.4%, this ratio was 17 in the US in the same year.2%, Japan 10.7%.At present, the total investment in this field can still increase space.We propose to provide capital of 1 trillion yuan for investment in infrastructure such as the public health system, to promote the improvement of social public security capabilities and to provide impetus for post-epidemic economic recovery.  (2) Investment in old communities, housing leasing, affordable housing, and infrastructure construction in central cities / urban circles. The scale of 660 billion old communities, leased housing, affordable housing, and central cities / urban circles is huge.Drive multiple considerable investments.According to our statistics, there are 170,000 residential areas in need of renovation across the country, involving a construction area of 4 billion square meters.It is understood that the current capital investment in the renovation of old communities in various pilot cities shows that the average capital required for the renovation of each community is about 8.5 million yuan, and the required capital for renovation is 280 yuan per square meter.On average, the two calculation methods can get that the renovation of old communities will boost investment by about 1.3 trillion, if promoted in five years, 260 billion new investment can be made every year.  There are now 13 million new citizens every year, 2.For 900 million migrant workers, their housing problem requires a lot of rental housing and affordable housing investment to solve this problem.Rental housing and affordable housing are investment directions that are really related to people ‘s livelihood, thoroughly solving the housing problem of low-income families, promoting the formation of a multi-subject supply, multi-channel guarantee, and rent-purchase housing system, which can also accelerate the construction of a substantial long-term mechanism.The policy positioning of “no housing, no speculation”.  We recommend an additional investment of US $ 400 billion in rental housing and affordable housing. You can consider providing capital from the fiscal or housing provident fund, establishing a “development and construction guidance fund”, and the participation of market institutions and financing provided by financial institutions to directly participate in security.Construction of leased housing, or purchase of operating assets of the government and domestic enterprises, and the assets will be updated to guarantee rental housing.After cultivating and maturing, it will exit through publicly-funded REITs, forming a closed investment-financing loop of “development → cultivation → exit → development”.Investment at this stage and in the future budget can greatly promote the recovery of the economy in the epidemic, and at the same time ensure the safety of funds through mechanism design.  Through the construction of central cities / urban circles, promote the integration of infrastructure and equalization of basic services, expand the effect of urban agglomeration and the optimal population size that cities can accommodate, promote the formation of a unified large market, and involve more people in the “market”To achieve the growth of per capita income through agglomeration, realize the complementary development of the difference between the central city and the surrounding towns, and finally narrow the development gap.This part of the investment budget is already planned and does not include our statistical scope.  Eight, the funding of the policy package guarantees the scale of the economic restart policy package under the epidemic.88 trillion, in order to ensure the implementation of the policy, we recommend that we start with the following aspects and provide active funding guarantees: increase the issuance of special debt. Special debt can become the main source of fiscal power.Our recommendation: Expand the issuance of special bonds to 3 in 2020.5 trillion yuan, about 1 more than last year.4 trillion or so.  Under the impact of the current epidemic situation, the issuance of special national bonds has potential uncertainties in economic growth, and it is necessary to increase counter-cyclical adjustment to stabilize the economy.In order to cope with the fiscal gap of declining government revenues and increased expenditures, especially the national debt index, the long cycle is characterized by a variety of ideal ways of financing the fiscal revenue and expenditure gap.We recommend issuing 2 trillion special government bonds in a timely manner without causing a gradual increase in housing prices.For specific implementation, special national bonds can be purchased through commercial banks, and the funds obtained are financed by financial intervention to support small and medium-sized enterprises, export enterprises, people in need or consumer bonds.Currency derived from this process can be controlled by adjusting the deposit reserve.At this stage, the liquidity released by monetary policy has intensified to support the issuance of special government bonds, and we do not recommend the direct purchase of special government bonds.  Increasing the deficit rate The implantation of deficits in 20192.8%, if increased to 3.6%, according to the GDP of about 100 trillion budget, you can use about 8 trillion of funds.  Give full play to the housing provident fund balance. At the end of 2018, the balance of the individual housing loan balance of the housing provident fund payment still has a balance of about 800 billion. We believe that the plan for the reform of the provident fund system can be formulated as soon as possible to guide the provident fund to participate in the supply-side construction.According to our research, the efficiency of the use of provident fund funds is generally higher, but there are differences between different regions.In addition to new first-tier cities and first-tier cities, many regions have excess provident fund liquidity, there is a phenomenon of idle funds, and there is room for further improvement in the rate of capital utilization.A large amount of deposited funds is difficult to obtain the ideal operating income, which has an adverse effect on the preservation of housing provident funds, appreciation, and even the long-term development of policy housing finance.  By the end of 2018, the housing provident fund had delivered 872 to 373 affordable housing construction pilot projects.1.4 billion loans.We believe that in 2020, some of the idle funds of the provident fund can be appropriately revitalized, and the balance of about 400 billion yuan can be used to issue loans for pilot projects to support the public health system, the renovation of old and old communities, house leasing, affordable housing and urban infrastructure construction.  Infrastructure real estate investment trust fund financing as of 2017, the long-term infrastructure real estate investment amount is 113.68 trillion, public infrastructure REITs have entered the pilot stage, and the securitization rate of 1% can reach a trillion-scale market scale.  Appropriate transfer of equity of listed state-owned enterprises is currently 3,799 A-share listed companies, of which 1,104 are central and local state-owned enterprises, with a total market value of 27.5 trillion, accounting for 40% of the total market value of A shares.6%, the annual progressive dividend always accounts for the market value.2%.In 2019, the State Council has fully promoted the transfer of some domestic capital to enrich the entity’s social security fund. The transfer rate is unified to 10% of the company’s conventional equity. During the implementation process, it has accumulated transfer experience and achieved benefits.We suggest that consideration may be given to appropriate transfer of equity of listed domestic companies and equity dividends to supplement the budget to ease pressure.If a unified transfer of about 10% of the equity of a state-owned enterprise, the market value is 2.75 trillion yuan, 60 billion yuan in dividends can be distributed every year.Sun Night Editor Sun Yong proofreads Wei Zhuo

Hewang Electric (603063) commented in the Interim Report: revenue growth and growth of key businesses are progressing smoothly

Hewang Electric (603063) commented in the Interim Report: revenue growth and growth of key businesses are progressing smoothly
Event: The company released its 2019 Interim Report, which stated that the company’s total assets were 371,153.720,000 yuan, an increase of 1 over the beginning of the period.37%; net assets attributable to shareholders of listed companies 244,844.800,000 yuan, an increase of 2 from the beginning of the period.95%; the company realized operating income of 69,378.390,000 yuan, an increase of 134 in ten years.25%; net profit attributable to 武汉夜生活网 shareholders of the listed company is 2,316.0.6 million yuan, -41 per year.30%. Various businesses are progressing smoothly and the competitive advantage of wind energy converters is obvious.The company continues to optimize the product structure, make full use of the outstanding product quality advantages and service level advantages, and after years of unremitting efforts in the field of new energy electronic control systems, especially in the field of wind power converters, has established a certain competitive advantage.The company has better grasped the development potential of the wind power industry, and has always adhered to the strategy of high performance, high quality and reasonable pricing to expand the market of the wind power industry. The company broke through the protection and reliability difficulties of offshore wind power, and its multi-point test operation was stable.The offshore wind power market has gradually grown steadily; at the same time, the company has achieved product innovation in the field of photovoltaic inverters, and the outstanding performance of new products has been recognized by customers, and the revenue of photovoltaic inverters will gradually increase; the company’s low-voltage inverters and engineering invertersOn the basis of multiple trials, it officially launched on the market. Continue to increase investment in research and development.The company’s senior management background is a pure Huawei Emerson system, and core executives accompany Emerson’s R & D and management experience.The company has a team of 255 R & D engineers, and continuous high-intensity R & D success ensures that the company has core intellectual property rights.According to the company’s announcement, the company’s R & D expenses accounted for more than 10% of revenue in the past two years, which is higher than the industry’s central level in manufacturing.In the first half of 2019, the company continued to expand R & D investment to 0.6.2 billion. The brand advantage is obvious, and the market share is promoted.The company has been cultivating in the field of wind power converters for many years, and its products have been highly recognized by the market and widely distributed in wind farms.The company’s market share of wind power converter products is relatively high, which reflects the customer’s recognition of the company’s products and brand value.For a long time, wind turbine manufacturers have mainly used self-produced wind energy converters to replace this part, and the company’s share in other markets has reached nearly 30%.In the future, through the development of the wind power market, complete machine manufacturers will release certain external orders, and the company will gradually increase its market share. High-power converters for offshore wind power may become a future growth point.According to the company’s announcement, the funds raised were mainly invested in offshore wind power projects. From the perspective of industry development, the growth rate of offshore wind power in the past three years cannot be underestimated.The current wind energy converters used at sea are mainly the products of large international electrical companies such as ABB. The improvement of the company’s technology and design level is expected to achieve import substitution in the future and create new growth points for the company. The industrial chain has been extended downward to exert synergy.According to the company’s announcement, the company acquired a 51% stake in Fuyao Energy, and the industrial chain extended down to EPC, which is conducive to the company to play a synergistic effect, develop generator business, and obtain downstream photovoltaic power generation and wind farm development and construction capabilities.In addition, Fuyao Energy’s 2018-2020 performance commitment promises to deduct non-net profit of 1, 1.4 and 1.700 million.In the first half of 2019, Fuyao Energy achieved a net profit of 2,915,711.67 yuan. Investment suggestion: As a leading company in electrical equipment, the company seizes the development opportunities in the new energy industry and has long cultivated in the field of wind energy converters and photovoltaic inverters, forming a certain brand advantage and market influence.With the advent of the new energy industry, the company is expected to achieve promising growth.It is expected that the company’s net profit for 2019-2021 will be 2 respectively.53,3.50 and 4.43 trillion, corresponding to EPS0.60, 0.83 and 1.05 yuan / share, corresponding to PE16, 11 and 9 times, given a “buy” rating. Risk reminders: industry policy risks, product price and gross profit decline risks, and changes in the competitive landscape.

Shanghai Environment (601200): “2 + 4” business with better-than-expected performance is becoming more complete

Shanghai Environment (601200): “2 + 4” business with better-than-expected performance is becoming more complete

Event: The company released its 2018 annual report.

During the reporting period, the company achieved operating income of 25.

830,000 yuan, an increase of 0 in ten years.

66%; net profit attributable to mothers5.

78 ppm, an increase of 14 in ten years.

21%, in line with expectations.

Key points for investment: The Luoyang project put into operation led to an increase in the treatment capacity of the incineration project, the bamboo garden was upgraded and upgraded, the water treatment capacity was slightly shifted, and the overall revenue was stable.

During the reporting period, in terms of volume: 1) Solid waste treatment: The Luoyang project was put into operation, and the company’s cumulative online power generation in 201819.

4.3 billion degrees, an increase of 9 in ten years.

74% of the incoming garbage was 637.

16 for the first time, growing 11 per year.

83%.

2) Sewage treatment: The company’s cumulative sewage treatment volume in 2018 was 5.

6.8 billion tons, compared with 6 in the same period last year.

7.5 billion tons, mainly due to the upgrading of Zhuyuan Water Plant.

In terms of profitability, the company’s contracting and planning design increased its gross profit margin 9 compared with the previous year.

At the same time, due to the reduction in depreciation of the Zhuyuan project and the improvement of the remaining water plants, the cost of processing water per ton of water has increased, and the gross profit margin of the water production and supply sector has increased.

03 averages.

In addition, the company received compensation for the relocation of the incineration plant, which resulted in an increase in non-recurring income of 63.9 million yuan over the same period of the previous year. Therefore, the company’s return to the parent 杭州夜网论坛 net profit increased faster than revenue in the reporting period.

The expansion in different places is still continuing, and the “2 + 4” structural model is gradually taking shape.

During the reporting period, the company’s business continued to develop. 1) Domestic waste: supplemented the Fenghua waste incineration power generation project (1200 tons / day), Shanghai Tianma Domestic Waste End-of-Disposal Comprehensive Utilization Center Phase II (1500 tons / day), Zhangzhou Pujiangling domestic waste incinerationPower plant expansion project (750 tons / day), Jinhua’s second domestic waste incineration power generation project (3,000 tons / day).

2) Municipal Sewage: Chengdu Wenjiang City Sewage Treatment Plant Phase III (6 per day) is added.

3) Hazardous waste medical waste: Sichuan Nanchong Jiayuan Environmental Hazardous Waste Disposal Project (6.

6 lowest price / year), long-term acquisition of the “Yinbin City Resource Recycling Industrial Base Construction Project Investment Cooperation Agreement”, and the acquisition of Shanghai Yongcheng Solid Waste Treatment Co., Ltd. (after technical reform 1.
).

32 ounces / year).

4) Soil remediation: won the bid for 8 survey and evaluation projects such as the remediation project for polluted groundwater in Shanghai Changfeng No.

5) Recycling of solid waste: Wetwater resources recycling project in Songjiang District (530 tons / day), and construction waste recycling project in Songjiang District (1800 tons / day).

Convertible bonds will help the company to ride horses.

The company plans to raise 21 through convertible bonds.

700 million, will help land the solid waste treatment capacity of 5,810 tons / day.

The group promises to help the company improve its market position in the fields of sewage, solid waste and hazardous waste by 2020.

Shanghai Chengtou Group’s environmental business also includes: Shanghai Laogang Waste Incineration Project (Shanghai Environmental Management has been entrusted to operate); Chengtou Water Services owns a large number of sewage treatment and sludge disposal assets, and holds the remaining 48 of Zhuyuan Wastewater Treatment Plant.

31% shares; Shanghai Environmental Industry owns the Shanghai Solid Waste Disposal Center and monopolizes the Shanghai medical waste market.

The March 17 issue of the “Shanghai Urban Investment (Group) Co., Ltd. Commitment Letter on Avoiding Interbank Competition”: “Under the agreed circumstances, injecting Shanghai Urban Investment (Environmental Group) assets and business into listed companies within 3 years”In the promotion of the company’s environmental protection leading department in Shanghai, to help the company’s multi-business development.

Earnings forecast and investment rating: With reference to the current progress of the project, we maintain the company’s 2019 return to net profit profit forecast6.

00 trillion, downgraded mother’s profit forecast for 2020 to 7.

23 yuan (was 7).
5.7 billion), corresponding to 20 times the PE in 19 years, and an increase in the net profit forecast for mothers in 20217.
6.4 billion.

As the regional leader in Shanghai, the company is actively expanding its foreign ports. The “2 + 4” structure is gradually taking shape, maintaining the “overweight” rating.

Makihara (002714): 2019 plans positively optimistic about the company’s pig breeding volume and price go up

Makihara (002714): 2019 plans positively optimistic about the company’s pig breeding volume and price go up

On the evening of March 26, 2019, the company announced the 2018 annual report.

In 2018, the company achieved operating income of 133.

880,000 yuan, an increase of 33 in ten years.

32%; net profit attributable to mother 5.

20 ppm, a decrease of 78 per year.

01%; net profit attributable to mother after deduction 4.

62 trillion, down 80 a year.

53%.

Of which 18Q4, the company achieved operating income of 42.

07 million yuan, an increase of 45 years.

80%; net profit attributable to mother 1.

70 ppm, a drop of 69 per year.

27%; net profit attributable to mother after deduction 1.

43 trillion, down 74 a year.

19%.

A dividend of 0 is paid for every 10 shares.

50 yuan (including tax).

The 2018 annual report is in line with expectations.

At the same time, the company expects that 19Q1 will be feasible5.

2-5.

600 million.

In 2018, the company’s initial slaughtering volume was completed, and the slaughtering volume in 2019 is expected to be 13-15 million heads.

In 2018, the company produced 1,101 pigs.

110,000 heads, an increase of 52 in ten years.

14%, completed the initial planning (11-13 million heads), the number of commercial pigs, piglets, breeding pigs were 1010.

90,000 heads, 86.

40,000 heads, 3.

80 thousand heads.

Despite the huge pressure from the African swine fever epidemic, the company’s 2019 annual plan is still active. According to the “Financial Budget Report 2019”, it is estimated that 13 to 15 million heads will be released in 2019, an increase of 18% to 36%.

According to the calculation of the relevant items of the balance sheet, this goal can be achieved: (1) fixed assets 135.

45 ppm, an increase of 27 per year.

82% (expected to support more than 13 million heads of production capacity); (2) Productive biological assets14.

61 ppm, a ten-year increase4.

23% (expected to be able to breed more than 600,000 sows); (3) Significant increase in construction projects to 36.

8 billion to support future production capacity.

However, the company’s cash flow is not sufficient, and it is urgent to implement the 2018 fixed increase project.

The annual report of the company’s asset and debt ratio for 2018 is 54.

07%, an increase of 7 per year.04pct, working capital is negative.

With the raised funds in place, the company’s profitability will increase after the pig price rises, and we expect the situation will improve significantly.

In 2018, the company’s hog breeding costs increased slightly each year, but on a sequential basis, costs did not rise in the second half of the year but fell instead.

Costs are expected to increase in Q1 2019.

According to estimates, the total cost of commercial pig farming in 2018 was about 11.

52 yuan / kg, up 0 before.

17 yuan / kg.

The operating cost is about 10.

5 yuan / kg, previously rose by 0.

28 yuan / kg, mainly due to the increase in the cost of feed ingredients; the three cost sharing is about 1.

03 yuan / kg, down by 0 previously.

1 yuan / kg, mainly due to the decline in management costs (including research and development costs).

If it is split into quarters, we estimate that the full costs of Q1, Q2, Q3, and Q4 are about 11 respectively.

91, 11.

58,11.

46, 11.

3 yuan / kg, compared with the previous month, the company’s breeding costs in the second half of the year did not rise but fell.

According to the company’s performance indicators for 19Q1, we roughly estimated that its full breeding cost may have risen to about 12 yuan / kg.

From 2019 to 2020, the pig price will reach a record high, and the company will benefit from the increase in volume and price.

It is expected that the national pig production capacity will exceed 20%, and the African swine fever epidemic will not be completely eliminated in the short term. We expect that the pig price in this cycle will reach a record high, and the time to maintain the high level will also be shortened.

We estimate that the average price of live pigs in 2019/2020 will be 16, 20 yuan / kg, and the company’s slaughter volume will be 14/18 million heads, fully benefiting from the increase in volume and price.

Profit forecast and estimation: The company’s operating income is expected to be 246 in 2019-2021.

4/356.

4/346.

500 million, the previous growth rate was 84% / 44.

6% /-2.

8%; net profit attributable to mothers is 61.

6/118.

77/80.

85 million, the annual growth rate was 1084.

1% / 92.

8% /-31.

9% (Due to the highest-than-expected de-capacity, raise the pig price and raise the profit forecast for 19-20 years, the previous values were 23 respectively.

58/61.

86 ppm, with a profit forecast for 2021 added). The current corresponding PE is expected to be 19/10 / 14X.

After reviewing the A-share listed company’s young bird farming and animal husbandry, Makihara shares, Wen’s shares, Zhengbang Technology and Smithfield (listed in 2013) from the historical cycle high PE valuation level, we found that: pig breeding companies inThe average PE range of the year of the pig price cycle high was 10.

28X-16.

73X, mean 13.

5 times.

Taking into account factors such as the swine fever epidemic in Africa that leads to the expansion and restoration of production capacity and the time scale required for restoration, we believe that when the price of hogs is high in 2020, the safety PE of hog breeding companies will be 10 times; the reasonable PE is 14X, and a 40% increaseUpgrading to “Buy” rating. Risk reminder: the price of hogs does not rise as expected; the company’s actual production volume does not meet the expected 杭州桑拿网 risk

Annual report series of special analysis of environmental protection companies (8): Jingyu Environment (832507): Strategic transformation successfully achieved leakage + industrial two-wheel drive of concentrated brine

Annual report series of special analysis of environmental protection companies (8): Jingyu Environment (832507): Strategic transformation successfully achieved leakage + industrial two-wheel drive of concentrated brine

Event: The company released its 2018 annual report and achieved total operating income3.

08 million yuan, an 成都桑拿网 increase of 99 per year last year.

64%; net profit was 4,416.

640,000 yuan, an increase of 141 every year last year.

16%.

Committed to the “last mile” of sewage treatment, involving the field of waste leakage and industrial sewage: The company’s areas of involvement mainly include zero leakage of waste leakage and industrial wastewater crystallization resource utilization, and mainly covers electroplating wastewater in the field of industrial sewage treatment.Photovoltaic wastewater treatment and chemical industry, coal chemical industry, petrochemical industry, chemical industry park, coal mine water, metallurgy, power desulfurization wastewater, pharmaceutical industry industrial salt water crystallization and utilization of zero discharge business.

The company has 66 patented technologies, including 19 invention patents, 45 utility model patents, and 2 design patents.

The technology is in a leading position and the industry has rich experience in operation: the company has the core technology of waste leakage, which can deeply process the high-concentration concentrated liquid generated during the waste leakage treatment process, and improve the reuse rate of waste leakage through water production to 95% Or more, until zero emissions are achieved through the evaporation crystallization process.

At present, the company has gradually completed nearly 70 garbage leakage projects, ranking China’s leading position according to the performance of the E20 platform in terms of water treatment capacity.

After a long-term technical accumulation, the company took the lead in achieving salt separation by qualitative crystallization. The waste leakage and salt in industrial concentrated brine were pretreated and evaporated to produce pure sodium chloride and potassium chloride for industrial use.Utilize and achieve zero emissions.

At present, the company has completed and is currently constructing a total of nine industrial brine concentrated crystallization resource utilization and zero-emission facilities construction, two BOO projects, five operation management projects, the annual water treatment capacity of more than 600.

The company has the intellectual property rights of the core equipment of the zero-discharge full process of industrial concentrated brine crystallization resource utilization, the entire process of proprietary technology and parameters, and the continuous, long-term, safe and stable operation experience of complex chemical wastewater treatment water systems.Leading technology in concentrated brine zero discharge.

From a single infiltration and leakage project to enter the industrial brine business field, the business model shifted from EPC to EPC & operating income: The report increased the company’s industrial brine sales revenue ratio to 65.

5%, the contract and project winning amount is about 500 million yuan.

The company’s business model has shifted from a complete breakthrough in EPC to a combination of EPC and operating income. Consolidated statement operating income has reached 37.65 million yuan, accounting for 12% of reporting and operating income.

twenty two%.

First-tier companies reporting 1) Undertook the full sewage treatment water system operation of Yitai’s 120-micron fine chemical demonstration project; 2) The subsidiary Panzhihua Tongyu Environmental Technology Co., Ltd. completed the construction of the Panzhihua Excellence and Zhuyu Zero Vanadium Wastewater BOO Construction ProjectCommercial excellence begins.

3) Subsidiary Jingtai Environmental Technology signed the Hongqinghe mine water BOO project; 4) The company won the bid for the dense zero-emission EPC + O project in the Huaibei Lintong Coal Chemical Industry Park, and the number of operating and under construction projects reached 5 with an operating water volume of more than 600 ounces.

The market development is advancing steadily, and winning multiple bids to ensure future growth: It is reported that the company maintains the technology and market advantages of the waste incineration power plant leakage treatment market and gradually realizes it; in the field of industrial concentrated brine crystallization and utilization of zero-emission treatment,The company’s technological advantages are gradually recognized by the market.

Report, the company and its subsidiaries signed or won the zero-emission brine project of Huaibei Lintong Industrial Park, Xinjiang Yihua Chemical Co., Ltd. high-concentration brine distillation and salt treatment project, Inner Mongolia Huineng Coal Chemical Co., Ltd. coal-to-natural gas project (Phase I project) High brine concentration and salt crystallisation technology reform project (EPCC project), etc.

Investment suggestion: As of the latest, the company’s market size is 2.

23 ppm, corresponding to PE is 5X, it is recommended to pay attention.

Risk reminders: market competition risks, receivables payable risks, high asset-liability ratio risks

Aerospace Appliances (002025) Brief Evaluation Report: The performance growth is slightly lower than expected and good long-term development

Aerospace Appliances (002025) Brief Evaluation Report: The performance growth is slightly lower than expected and good long-term development
I. Overview of the event On October 21st, the company released the third quarter report of 2019 and achieved operating income of 25.12 ppm, an increase of 28 per year.11%; realized net profit 杭州夜网论坛 attributable to mother 2.97 ppm, an increase of 11 per year.34%.  Second, the analysis and judgment of performance growth was slightly higher than expected, the profit level fell in the first three quarters of 2019, and the company achieved operating income of 25.12 ppm, an increase of 28 per year.11%; realized net profit attributable to mother 2.97 ppm, an increase of 11 per year.34%.In a single quarter, Q3 achieved operating income8.93 ppm, an increase of 12 per year.68%; net profit attributable to mothers1.09 million yuan, 0 in ten years.09%, single quarter performance growth is small.The growth in the first three quarters was lower than expected. Initially, the increase in raw material costs and the increase in the proportion of low-margin consumer goods led to a decline in the company’s profitability.In the total reported, the 深圳SPA会所 company achieved a gross profit margin of 36.77%, a decrease of 2 from the same period last year.42 points.Company period expenses19.19%, compared with 20 in the same period last year.48% down 1.31pct, the company’s sales expense rate and management expense rate are better controlled.Accounts receivable increased by 84 from the beginning of the year.73%, mainly due to the increase in revenue led to the increase in accounts receivable, and the company’s repayment period is concentrated in the fourth quarter.The asset impairment loss caused by accounts receivable was 85.39 million yuan, an annual increase of 40.54%, we expect the company to carry out centralized payment in the fourth quarter, and asset impairment losses will decrease. Leading military connector, benefiting from the high-density aerospace launch company as the main supplier of aerospace connectors, and the connector business accounted for the largest proportion of revenue, of which military connectors accounted for over 70%.In 2018, it ranked first in the world with 39 space launch events. Yang Baohua, deputy general manager of the Space Technology Group, mentioned in an interview that it is expected that there will still be more than 30 space launches in 2019.  At present, the space launch is showing a high-density normalization trend. As a supplier of space connectors, the company’s connector performance continues to grow. Micro special motor develops steadily, optimistic about long-term growth potential The main body of the company’s micro special motor business is Guizhou Linquan Motor, which is mainly the development and production of military special motors, servo control, secondary power supplies and miniaturized telemetry equipment. The products cover all models of aerospaceAt the same time, it also supports electronic, aviation and ship models.National industrial policies support the development of new electromechanical component products to improve equipment informationization, intelligence, and system integration capabilities. The company’s development in the field of electrical machinery ushers in growth opportunities. Actively deploying the 5G field, Guangdong Huaying has established a joint venture with Dongguan Yangming to establish Guangdong Huaying. Among them, Aerospace Electric has invested 102 million yuan, with a 51% capital contribution ratio. It has been consolidated since March 2019.Guangdong Huaying promised to gradually complete the net profit after deduction of 37.5 million yuan within 36 months of establishment, which will help the company to improve its profitability in the future.Dongguan Yangming’s main military classified connectors, precision injection molding and classified cables, products have entered ZTE, Samsung and other domestic and foreign companies.Combining the advantages of Dongguan Yangming, the joint venture is expected to achieve results in the field of communication connectors. Participation in industrial investment funds to accelerate the development of the main business On September 16, 2019, the board of directors agreed that the company, as a limited partner, will invest 50 million yuan in its own funds to participate in the establishment of Shanghai Aerospace Jingkai Ruyi Equity Investment Partnership.The total size of this industry investment fund is 1 billion. The company intends to use its own funds to contribute 5,000 million with a shareholding ratio of 5.00%.The company’s initial participation in the industrial investment fund is to actively seek out, cultivate high-quality merger and acquisition targets, and accelerate the development of the company’s main electronic component business.We believe that in the future, the company is expected to continue to deploy new industries or consolidate its advantageous industries through mergers and acquisitions.  Third, investment advice The company, as a leading domestic aerospace electronic component company, adheres to the coordinated development route of military products and civilian products. We are optimistic about the long-term development of the company’s various sectors.Expected company 2019?In 2021, the EPS will be 0.96, 1.15 and 1.38 yuan, corresponding to PE of 27X, 22X and 18X. Comparable companies evaluate 33X on average and give a “recommended” rating.  4. Risk warnings 1. The industry’s fierce competition leads to a decline in profitability; 2. The increase in accounts receivable increases the risk of repayment

Peach Tree Root Lean Soup-Preconception Recipe

Peach Tree Root Lean Soup-Preconception Recipe

Peach tree root pig lean broth has the functions of blood circulation, blood smashing, and diarrhea elimination.

It is commonly used in the folk to treat women’s reproductive system tumors and other diseases, which is a good recipe before pregnancy.

.

hzh {display: none; }  【材料】桃树根60-90克,猪瘦肉90-120克,生姜3片。  The root of the peach tree is the root of the rose family peach.

The taste is bitter, flat, and the function is to break the blood through the menstruation. It is often used to treat amenorrhea and dysentery.

“Classified Herbal Sex” says it can “break blood.”

“Folk Compendium of Common Herbs” records that it can “exercise blood and cure low back pain.”

“Sheng Hui Fang” used it as a symptom of “the number of women in treatment is dysfunctional, the face is pale, the lips are pale and white, and the abdomen is lumpy.”

  With pork, it can nourish blood and nourish yin.

  [Boiled]Wash the peach root and soak it a little; wash the lean pork and cut into pieces.

Put ginger into the clay pot together, add 1000 ml of clear water (4 bowls), boil the fire for 1 hour, add the appropriate amount of salt instead, and drink soup and meat.

This product should be taken before bedtime at night.

Peach roots have strong blood-breaking power, which pregnant women should not take.

Children’s concentration age chart

Children’s concentration age chart

Today, share with parents how to judge whether the child’s attention is focused?

  Let’s learn it first. Attention is divided into intentional attention and unintentional attention.

  Unintentional Attention: It means that there is no intended purpose, and the attention of will supervision is not required.

  Intentional note: preset goals, subjective willpower to monitor.

  The younger the child, the shorter the time for focusing. The child’s focus can also depend on whether the value of the first point of interest is only a reference value and cannot be applied blindly.

If the child is not interested in something, his attention time will be significantly lower than this value, or he will not even pay attention at all.

What’s more, preschool children’s multi-tasking skills are often able to focus on several things at the same time. It is easy for parents to mistakenly think that they are distracted and even “active”.

  ◆ Parents’ improper practices and children’s inattentive dispersal have no concerns.

Even children who are identified as having poor concentration can, to some extent, play video games for hours.

Why are children so focused on playing games and doing other things for three minutes?

The problem lies with the parents.

Many times, parents are not helping the child to become more focused, but they are unconsciously attracting his attention and distracted: 1.

When a child is focused, parents intervene or bother the parent and ask the child, “What are you doing?”

Or union him: “This can’t be played this way, you see, be like this!

“A friend or neighbor came and asked the child to say hello. If the child ignored him, he would button down his hat:” No manners! ”

Auntie is talking to you, answer Auntie!

“You have to play with your child again and again.

  2.

In order to save trouble, plug the child with a mobile phone or iPad, let him play more electronic products, will reduce the child’s interest in other activities and things, he will naturally play video games and focus on doing other things such as sitting on a felt.

  3.

Force children to focus on doing what we think is beneficial to his growth, such as asking the child to read a book completely from beginning to end, not to run around, not to interrupt.

When the child lives in the moment, if he can’t control himself, an antagonistic relationship will be formed between the parent and the child, causing the child to establish a habitual response pattern-whenever we want him to do anything, he is always ready to escape.

  4.

Expectations of children are too high, giving children higher psychological cues regardless of the child’s level of development, using adult eyes to measure the degree of child’s concentration, and labeling children, causing children to become more and more unfocused.

  5,

The absent-mindedness when accompanying the child leads to the lack of security of the child. The child feels that the parents are perfunctory him, resulting in an uneasy heart, and no mood to focus on other things.

  6.

Parents are worried about their children ‘s nervousness, and are anxious to change their children. ◆ Use 6 tricks to improve children ‘s focus and increase their attention. Do n’t worry too much.

As long as parents do the opposite, they can naturally create a more conducive environment for children to develop their focus: 1.

Create a safe family environment for your child. Only when the child feels at ease will he be able to do certain things with peace of mind and enjoyment.

Otherwise, he can only tangle with various “uneasy” factors, and it is difficult to concentrate.

  2.

When the child is easy to do something, try not to bother him and avoid paying attention too much, so as to prevent the child from becoming dependent and lacking autonomy.

When there is no one to accompany or arrange activities for the child, he will feel panic and bewildered.

  When he had to interrupt him, walked to him, squatted down, and said to him, “I see how focused you are (thumbs up)!”

Sorry, now we . (state the reasons, acknowledge the follow-up activities) “So, the child feels respected, he will not be emotional because of being interrupted, and will not have the energy of confrontation in his heart.

His heart is more stable, and his concentration will naturally develop better.

  3.
Electronic products can be played occasionally, and must not be used as electronic nanny to try to accompany children to play games, participate in his games, lead him to play deeper, longer, and replace creativity.
Children can naturally focus their attention on an activity for a longer period of time.

  4.

When the child is obsessed with an activity or something, follow his request. When the child is interested in an activity, provide him with more relevant information, materials, and possible related activities, so that he is related to the companion.Related things, and help him expand horizontally or initially, discover more interesting elements, and extend the tentacles of exploration in more possible directions.

  5,

Some small games are also good exercises to expand the child’s concentration, such as placing a small object in the palm of the hand and guessing which hand it was in the end.

Or consciously guide children to pay attention to certain things and observe changes in certain things, such as changes in seasons, light, shadows, and colors.

Lead your child to enjoy it all without stress, and his intentional attention will develop in this type of activity.

  We know that the development of concentration is not an overnight effort, nor is it a matter of intentional training.

Attentively, we are training our children’s concentration at all times.

Sitting position drag to fit the back end

Sitting position drag to fit the back end

In the movements before the exercise, the sitting position drag is a movement that develops the horizontal width, and it is also an essential and effective movement after the exercise.

In general, the seated drag action is performed after the deadlift action, and the effect of hip training is better.

Let ‘s take a closer look at how the drag gesture in the sitting position is practiced.

  1.

Action essentials: After adjusting the appropriate weight, lean on the seat, lean forward, keep your body perpendicular to the lever, then use the sponge shaft to fix the leg, then hold the lever with both hands and inhale deeply, When exhaling, drag two elbows from the body to approach the sides of the body, tighten the shoulder blades, pull the lever close to the upper chest and pause for a second to fully tighten the latissimus dorsi, and then suckWhen you reach the top, do not straighten your arms completely, and then drag again to repeat the exercise.

  2.

Exercise frequency and time: When you begin to exercise the sitting position shift, you can adjust the weight to 15-20 exhaustions per group, and do three groups per exercise. If you have a high training level, you can perform weight increase exercises.The number of times is 12, 10, 8, 6, 4, and 4 in order to practice six groups each time.

  3.

Note: The first point is to pay attention to the relaxation of the shoulder muscles when dragging. Friends who start practicing often shrug their shoulders when the movement is restored. This is incorrect and will greatly affect the latissimus dorsi muscles.force.
  The second point is to pay attention to the reasonable control of exercise rhythm. When the movement is restored, it is controlled by the latissimus dorsi muscles instead of being completely relaxed. This will easily cause damage to the shoulder and wrist joints.

  The third thing to note is that the body should not move back and forth. Many friends will move the body back and forth when practicing this action, which will be done many times.

However, our target muscles will not be tightened, which will not achieve the purpose of training the latissimus dorsi muscles, so our bodies must always remain perpendicular to the ground.

Cheek Protection and Food Therapy

Cheek Protection and Food Therapy

Mump is a common epidemic in pediatrics. The scientific name is “mumps epidemic”. It is caused by mumps virus through respiratory infections. The prevalence age is preschool and school-age children. Middle school students or adults also have sporadic cases.

The incidence rate throughout the year, but the incidence rate in winter and spring, the general incubation period is about two weeks.

The clinical manifestations of this disease are unilateral or bilateral parotid suppurative enlargement with fever37.

5?

38.

At 5 ° C, severe cases are complicated by meningitis, myocarditis, pancreatitis, laryngitis, and thyroiditis (ovarian inflammation).

Do not take it lightly because of illness.

Children should: (1) Isolate, rest and prevent contact with neighbors or young children and classmates.

(2) Reasonable diet, eat liquid or semi-liquid, high fiber, digestible food, eat more vegetable soup and drink fresh fruit juice, eat fruits, etc., drink warm water.

(3) If you have a high fever or suspected complications, go to the hospital as soon as possible.

  Topical prescription: 1.
Cactus application: appropriate amount of fresh cactus, scrape off burrs, cut into small pieces, wrap with white cloth, apply velvet, apply swollen parotid glands, replace with morning and evening, generally 2?
Swelling occurred within 3 days.

  2.Aged vinegar and garlic mud: equal amounts of aged vinegar and peeled garlic, and apply it to the affected area (such as fever, headache and other systemic symptoms, plus internal medicine), apply 2 or 4 times a day, each timeApply it until it subsides.

  3.Pepper white batter: Take pepper 0.

5?1 gram, white flour 5?
10 grams, mixed with warm water to make a paste, apply gauze to the swelling and fix.

  4.Own moxibustion: use moxa stick to warm the parotid glands 5?
For 10 minutes, it has the effects of warming blood circulation, removing blood stasis and eliminating inflammation, and analgesic.

Morning and evening twice daily.

  Diet side: 1.
Kumbu Red Porridge: 6 grams of kumbu, red scallion, mountain mushroom, 10 grams of prunella, 150 grams of rice.

The Chinese medicine is first fried for 10 minutes, then the juice and rice are used to make porridge, and then sugar is added. It is taken 3 times in the morning, middle and night.

With detoxification and swelling effect.

  2.Banlangen porridge: choose 15 grams of high quality isatis root, millet 100 grams, sugar content.

Banlangen first use slow-fire decoction, take the medicinal sauce and millet to cook porridge, add a small amount of sugar, take 2 times in the morning and evening.

  3.Mung Bean and Cabbage Heart Soup: Put 100 g of mung beans in a small pot and cook until cooked, add cabbage heart 2?
3, cook for another 20 minutes, take juice and serve, 1?
2 times.

With detoxification and swelling effect.

  4.Yinhuahuangzhi soup: choose 15 grams of Yinhua, 6 grams of Scutellaria, 30 grams of red beans, green beans.

Add the above Chinese medicine and red and green beans to the appropriate amount of water, decoction and juice, add some sugar one dose daily, take 2 times.

  5.Purslane: 80 grams of fresh purslane and 10 grams of garlic puree.

Cook the fresh purslane with water, remove the cut pieces, add the garlic paste, MSG seasoning and soy sauce, sesame oil, mix well and serve.
Take 3 times.

Use it for a week.