[Efficacy and taboos of Sakyamuni]_inevitably_jikou

銆 愰 湩 温 ︽ 璄 姫 姛 堁 堌 綸 乸 犆 汱 鐩 婂 _ 蹇 屽 彛
閲婅喀鏋滄槸涓€绉嶄粠鍙版咕鍦板尯浼犳潵鐨勬按鏋滐紝涔熷彨鐣崝鏋濓紝杩欑姘存灉鐨勮惀鍏讳环鍊肩壒鍒珮锛屽浜庝汉浣擄紝涔熸湁鐫€寰堥珮鐨勫吇鐢熷姛鏁堬紝缁忓父鍚冮噴杩︽灉锛屽彲浠ヨ揪鍒拌ˉ閽欏.楠ㄣ€佹彁楂樼潯鐪犺川閲忋€佹帓姣掕В姣掋€佹彁楂樻姉鐥呰兘鍔涚殑鏁堟灉锛屽綋鐒讹紝鍦ㄩ鐢ㄩ噴杩︽灉鐨勬椂鍊欙紝涔熸槸鏈夌潃涓€浜涚蹇岀殑銆備笅闈紝灏变负澶у浠嬬粛閲婅喀鏋滅殑鐩稿叧鐭ヨ瘑銆備You can see how to do it: ? 珉 鏄  粈 涔 堥 圩 幩 ︽ 灉 鏄Drilling and sorrowing: I ‘m going to cope with the battleship, and I ‘m going to go through the village ‘s pickaxe skills. I ‘m going to give the awards, I ‘m going to go, I ‘m going to do it, and I ‘m going to spray the umbrella.chen  銋 擃 賢 駹 賧 纴 鍙 f 夅 椴 滃 : In addition to the arbitrary chains and the combination of the haze and the radius of the sun and the sun and the sun and the sun and the sun and the sun.敤鏃朵篃鏈変竴浜涚蹇屽瓨鍦ㄣ€備簩銆侀噴杩︽灉鐨勫姛鏁?銆 佽 ˉ 餍 椤.楠ㄥ钩鏃朵汉浠己閽欐椂锛屾€讳細閫氳繃鍠濈墰濂舵垨鑰呴澶存堡鏉ヨˉ閽欙紝鍗翠笉鐭ラ亾閲婅喀鏋滀篃鏄竴绉嶅緢濂界殑琛ラ挋椋熸潗锛屽畠涓嶄絾鍚湁涓板瘜鐨勫井閲忓厓绱犻挋锛岃繕鍚湁涓€浜涘彲浠ヤ绩I’m sorry to say that I’m so bad, I’m so happy, I’m so happy, I’m so happy, I’m so happy, I’m so happy, I’m so happy瀵嗗害锛屾棦鑳介闃茬己閽欎篃鑳介闃查绉戠柧鐥呭彂鐢熴€?銆佹彁楂樼潯鐪犺川閲忛噴杩︽灉涓惈鏈夊ぇ閲忕殑纰虫按鍖栧悎鐗╁拰涓€浜涜憽钀勭硸锛屽畠浠彲浠ョ洿鎺ヤ綔鐢ㄤ簬浜虹被鐨勫ぇ鑴戜笌绁炵粡锛岃兘缂撹В鎯呯华锛屼篃鑳介晣闈欏畨绁烇紝瀹冭兘鎻愰珮鐫$湢璐ㄩ噺棰勯槻澶辩湢锛屼篃鑳藉噺灏戝仴搴峰繕鍜屾敞鎰忓姏涓嶉泦涓互鍙婂ご鏅曠瓑涓嶈壇鐥囩姸鍙戠敓銆?銆 佽 姣 厓 厓 姓 厓 厓 掁 樿 樓 Korean 撴 咰 兰 唘 攘 掘 镞 Duo Han Han   钖 冧 綜 涜 湫 渮 湮 彽 峽 尽 尽 幽 尽 幃I am afraid that you will be able to see if you have a slippery mustard, or if you have a lot of time, if you have a lot of time, you will have a lot of time.By the way, by the way, by the way, by the way, by the way: do you have a lot of troubles? It ‘s very difficult for you to see what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?It ‘s so hard to see what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?You can’t wait for a while, you can’t do it, you can’t do it, you can’t do it, you can’t go there, you can’t go there, you can’t do it, you can’t do it敓鎴愪汉浣撲笉鏄撴秷鍖栫殑鎴愬垎锛屽洜姝ら噴杩︽灉绂佹涓庨珮铔嬬櫧椋熺墿涓€璧峰悆椋熺敤锛屼笉鐒朵細瀵硅韩浣撳仴搴蜂笉鍒┿€傚彟澶栫姝㈠ぇ閲忛鐢ㄩ噴杩︽灉锛屽畠鎬╁ 数 槰: Ning put  鏉 愬  浜 bang 綋 綋 播 泭 圭 呜 幛 嗢 鐢 ㄥ 嵼 嵼 ニ 紩 雜 駏 傜 惜 懆 懆 懆鑸岀敓鐤珮鍙戙€?

[Honey plus vinegar]_Honey plus vinegar_Benefits_Prerequisite

銆愯渹铚滃姞閱嬨€慱铚傝湝鍔犻唻_濂藉_鐩婂
I ‘m sorry, I ‘m so happy, I ‘m sorry, I ‘m sorry, I ‘m sorry, I do n’t know what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?汉浣撴柊闄堜唬璋紝鍔犲揩鑲犺儍鐨勮爼鍔紝鏀瑰杽鍜岄伩鍏嶈剛鑲殑鍫嗙Н锛岃€岃渹铚滀篃鏈夊緢濂界殑娑﹁偁閫氫究浣滅敤锛屾墍浠ュ悎鐞嗘惌閰嶅浜庡噺鑲ョ殑浜烘潵璁叉槸姣旇緝鏈夊埄鐨勩€?1 銆 丹 铚 滚 姚 姏 姏 唏 协 协 协 博博 尚 尺 悊 悊 氺 東 槠 開 尶 閶 閼 锽 参 参 離 書 専 姾 尃 尃 尃 尃 尃 尧 唔 尾 尃 尽It ‘s hard to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on.Juanhong, reading, reading, and reading, reading, writing, and reading2 TOWER Ciqing sickle Weng Ji mace dielectric Lai Fulie Wei chain Qunhan Man Weng Li Right- mutual insert  Lei fermium Dongpao Chán Peiren mace dielectric Lai flange fierce dog Hong Zhi Weng Xin Xiang Yu Chi Suozhuan sluice adze bare hill Chengtuan鍒板噺鑲ユ晥鏋滃浣曪紝涓€涓湀鑳界槮澶氬皯鏂わ紝杩欎釜娌℃湁鏉冨▉鐨勮娉曪紝鍥犱负姣忎釜浜虹殑浣撹川涓嶅悓锛岀敓娲讳範鎯篃涓嶅悓銆傝繖閲屽缓璁ぇ瀹舵妸鐧介唻铚傝湝鍑忚偉娉曞綋浣滀竴绉嶈緟鍔╃殑鍑忚偉娉曘€?3 銆 丹 擹 铚 槠 槠 嬬 殑 姣 巾 鏥 鏄  灏?Is it possible to read the bug?What are you talking about?Adze?If you want to know how to do it, please check the temperature in ° C. If you want to check it out, you will be able to see if you can read it.ュ 皢 1 ad?What is the best way to buy and sell in the village of Daqiu?Do you know how to link a great chain to a disease chain?The whole world, the rainbow, the world, the world, the world, the rules, the rules, the details, the details, the details, the details, the details, the details, the details, the information, the information, the information, the information, the information, and the information鑲犻亾鐨勫埡婵€锛屽彲浠ヨ嚜宸变粠灏戦噺寮€濮嬭瘯锛岀瓑鍒拌儍鑳藉鎱㈡參閫傚簲涓烘锛岃繃閲忕殑鐧介唻浼氬鑷磋儍鑲犻亾鎹熶激锛屾湁鑳冩簝鐤°€佽儍閰歌繃澶氱殑浜虹兢涓嶈浣跨敤!5 銆 佹 晣 愣 ㄦ 倀 紀 猴 紳 冩 啄 閄 Kai H chain frying 0.9 ‘?.8涔嬮棿锛岃儍娑茬殑PH鍊间繚鎸佸湪姝e父鐘舵€佹墠鏈夊埄浜庨鐗╃殑娑堝寲鍚告敹銆傚枬閱嬫垨鑰呰渹铚滈唻娣峰悎鐗╋紝鏃犵枒浼氱牬鍧忚繖绉嶉吀纰卞钩琛★紝鍓婂急鑳冩恫鐨勬秷鍖栧姛鑳姐€傞€氳繃濡ㄧ姝e父鐨勫惛鏀讹紝鎵颁贡鎴戜滑姝e父鐨勬秷鍖栧姛鑳斤紝鎵嶆槸铚傝湝鍔犻唻鍙兘鍑忚偉鐨勭湡鐩搞€傞暱鏈熻Umbrellas, bees, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, yum

[How to make anchovy mushroom soup]_ add shiitake mushrooms _ how to make

[How to make anchovy mushroom soup]_ add shiitake mushrooms _ how to make

The fish and mushroom soup is relatively simple to make. It doesn’t require too many ingredients. This will ensure that the taste of this soup will be more thorough and full of color and aroma, but it must be noted that it must be marinated first.Sturgeon, this can make the sturgeon’s original taste better and easier to taste. Remember also that the mushrooms are best sliced and made later, the effect will be better.

Because the mushroom itself is fresh, so it does not need much cooking. The steps are as follows: 1. Wash the mushrooms, slice them 2, break the eggs, add a little salt 3, heat the pan with a little oil, fry the mushroom slices for 30 seconds, addCold water 4. After the water is boiled, add the eggs, and then season with salt. Note: MSG is not needed, it is very fresh.

Please 🙂 Raw Pork Ribs Mushroom Soup Ingredients: 500 grams of large ribs, 100 grams of fresh mushroom soup, 100 grams of tomatoes, 15 grams of Shao wine, 5 grams of salt, 3 grams of MSG.

Practices: 1. Pat each large rib with a knife back and loosen it, then knock the bone marrow, add cooking wine, and salt for 15 minutes.

2. Add boiling water to the vessel, add large ribs, skim off the froth, add wine, low heat for 15 minutes, then high heat for 8 minutes, season with MSG and add tomato cubes and boil.

Goose blood mushroom soup ingredients: 200 grams of goose blood, 100 grams of mushrooms.

Method: Cut the solidified goose blood into small pieces, cut the pieces into pieces after the water is released, and fry the vegetable oil and fry the mushrooms for 5 minutes. Then, pour the goose blood clots and stir-fry until cooked thoroughly.

Medicinal value: Mainly treats gastric cancer, qi and blood sputum resistance: gastric lumps, hard, immovable, sometimes painful, vomits such as red bean juice, sometimes black as tar-like, weight loss, pale complexion,Fatigue, purple and red tongue, fine pulse.

Creamy Tomato Bacon Mushroom Soup Ingredients: Tomatoes (3), Bacon, Fresh Mushrooms Ingredients: Flour, Milk, Laver Seasoning: Pepper, Salt, Chicken Essence, Stuffing: 1, Use a small amount of bacon, chop, and use tomatoes to boil the waterAfter being peeled, use a grinder to make mud, and cut fresh mushrooms into slices. 2. Heat the wok, add mashed, stir-fry a small amount of flour, add fresh mushrooms, milk and tomato sauce, and add water to the appropriateThickness, add pepper, chicken essence, salt to adjust the taste and concentration; 3. Pour the prepared soup into a plate, cut the laver into thin filaments, and sprinkle it on the soup together.

Features: Western-style soup, rich in nutrition, beautiful appetizing, can also be used for breakfast with toast.

[Efficacy and role of rape pollen]_Recommended diet

銆愭补鑿滆姳绮夌殑鍔熸晥涓庝綔鐢ㄣ€慱鎺ㄨ崘楗
The most important thing is that the link between the Ning Ge and the Ning Ge is the best way to get through it, and you will be able to see how it works in the world.I am afraid that the chain will be set up with a fear chain. I am going to make a lot of money. I am going to make a lot of money. Do you know how to do it? Do you know how to do it?敺鎬у墠鍒楄吅澧炵敓鏈夌潃鏄捐憲鐨勭枟鏁堬紝涓嬮潰鎴戜滑灏辨潵浜嗚В涓€涓嬫补鑿滆姳绮夌殑鍔熸晥鍜屼綔鐢ㄣ€傛补鑿滆姳绮夐噷闈㈠瘜鍚泲鐧借川锛屽瘜鍚粍閰被鐨勫寲鍚堢墿锛岃繖浜涜惀鍏荤墿璐ㄥ浜庤I ‘m sorry, I ‘m sorry, I ‘m happy, I ‘m happy, I ‘m happy, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry锛屽彟澶栧彲浠ラ闃茶绠″嚭鐜伴€氶€忔€х殑闅滅锛屽浜庨闃插績鑴戣绠$柧鐥呮湁鐫€寰堝ソ鐨勬晥鏋溿€傚钩鏃堕€傚綋鐨勫悆涓€浜涙补鑿滆姳鐨勮姳绮夛紝瀵逛簬鐢锋€х殑鍓嶅垪鑵哄姛鑳芥湁寰堝ソ鐨勮皟鐞嗙殑浣滅敤锛屽彲浠ラ闃插墠鍒楄吅鐐庯紝瀵逛簬鍓嶅垪鑵鸿偉澶т篃鏈夊緢濂界殑娌荤枟鐨勪綔鐢紝閫傚綋鐨勫悆涓€浜涜兘澶熻皟鑺傝韩浣撶殑鍐呭垎娉岀郴缁燂紝鏈夊緢濂界殑鎶楁哀鍖栫殑鍔熻兘锛屽湪闃茬檶鎶楃檶鏂归潰鍔熸晥鏄庢樉銆傝偩鍔熻兘涓嶅ソ鐨勪汉閫傚綋鐨勫悆涓€浜涙补鑿滆姳鑺辩矇鏄潪甯告湁濂藉鐨勶紝鍥犱负娌硅彍鑺辩殑鑺辩矇鏈夐闃茶叞鑶濋吀杞€佺泭鑲惧浐绮剧殑浣滅敤锛屾补鑿滆姳鑺辩矇閲岄潰瀵屽惈榛勯叜閱囷紝杩欐槸涓€绉嶆姷鎶楃播鏍峰姩鑴夌‖鍖栫殑钀ュ吇鐗╄川锛屽彟澶栧浜庡コ镐ф湀缁忎笉璋冧互鍙婄棝缁忕瓑鐥囩姸涔熸湁鏄捐宪镄勬不鐤椾綔鐢ㄣ€傚鏋滃钩鏃惰偁鑳冨姛鑳藉嚭鐜版槑鏄剧殑涓嬮檷锛屽嚭鐜伴ギ椋熶笉鑹瓑鐥囩姸鐨勬椂鍊欙紝鍙互閫傚綋鐨勫悆浜涙补鑿滆姳鐨勮姳绮夛紝杩欏浜庤偁鑳冪柧鐥呴闃层€佽偁閬撶粏鑿屾劅鏌撻兘鏈夊緢濂界殑浣滅敤锛屽彟澶栧瘜鍚搧璐ㄥ厓绱狅紝鍦ㄩ闃茶传琛€鏂归潰鐨勪綔鐢ㄤ篃姣旇緝鏄庢樉锛屽浜庣櫧棰嗘潵璇翠篃鍙互閫傚綋鐨勫悆涓€鐐癸紝娌硅彍鑺辫姳绮夋湁寰堝ソ鐨勬姉鐢佃剳杈愬皠鐨勬晥鏋溿€?

[Bamboo Dried Laoya Tang]_Bamboo Dried Laoya Tang_How to make_Practice Daquan

銆愮瑡骞茶€侀腑姹ゃ€慱绗嬪共鑰侀腑姹濡備綍鍋歘鍋氭硶澶у叏
Lastly, any ring chains are also available, as well as arrests and arrests. Mutual Ning, Mutual Recreation, Engagement, Sliding Peaks, and Mutual Engagement闃蹭究绉樼殑浣滅敤锛岀瑡骞茶€侀腑姹ょ粷瀵规槸姣旇緝缇庡懗鐨勪竴绉嶆惌閰嶆柟娉曪紝鑰岃缁嗙殑鍋氭硶鎶€宸у彲浠ラ€氳繃浠ヤ笅鐨勫仛娉曟潵璁よ瘑銆?涓€銆佹潗鏂欎富鏂?绗嬪共銆佽€侀腑璋冩枡:鏂欓厭2姹ゅ寵銆佺洂閫傞噺1. 绗嬪共娲楀噣锛屾斁鍏ョ叜娌哥殑寮€姘撮噷娴告场涓ゅ皬鏃舵垨鏇撮暱锛屾场鑷冲彂杞紝鎹炶捣鍐插噣锛屾播骞叉按锛屽垏娈?2. 娲楀噣瀹板ソ鐨勮€侀腑锛屾柀澶у潡锛屾敖姘存崬璧?3. Hao?纰楁按鍊掑叆鐡︾叢鐑у紑锛屾斁鍏ョ瑡骞诧紝姝︾伀鐓哺锛屽€掑叆鏂欓厭锛岃浆鏂囩伀鐓蹭袱涓皬鏃讹紝涓嬬洂璋冨懗鍗冲彲鍝佸皾銆傚姛鏁堟竻鐑€佹粙闃淬€佷績椋熸銆侀槻渚跨銆?浜屻€佸皬璐村+1銆侀腑瀛愪竴瀹氳閫夌敤涓€骞翠互涓婄殑鑰侀腑锛屽綋鐒舵渶濂芥槸涓や笁骞寸殑鍦熼腑锛屽喎鍐荤殑楦瓙涓嶆帹鑽愬晩;2銆侀腑瀛愭湁鑶诲懗锛岃寰椾竴鏉ヨ鍓幓楦眮鑲★紝浜屾潵瑕佺劘姘What are you talking about? It ‘s hard to tell what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?3 Mohengquzi Xiqing last  Fort Tinggaiyixuan litigation  upsetting plug Toso Fujifuhao Yilubenyue ki Qianbixinfei Ju  Ping Chen Huchangaoqu Benshenchifei Dongguoniechong  flawThis is the most important thing: the umbrella and the wind, the wind and the wind, the forge and the wind, and the wind and the wind, the wind and the wind, the wind and the wind, the wind and the wind.闂存姌鑵撅紝鍐嶈€呬篃娌″繀瑕侊紝楂樺帇閿呯殑濂藉鍦ㄤ簬寰堝鏄撴妸鑰侀腑鐐栭叆锛岃€屼笖钀ュ吇娴This article is written in the following text; 4 pages, 4 pages, 10 minutes, 10 minutes, 20 minutes, 20 minutes, 20 minutes, 20 minutes, 20 minutes, 20 minutes, 20 minutes, 20 minutes, 20 minutes, 20 minutes, 20 minutesThe world’s economy is changing, the world economy is changing, the economy is changing, the world is changing, the world is changing, and the world is changing.囧彲浠ユ牴鎹嚜宸辩殑浣撹川鏀惧叆涓嬪垪涓€鏍烽鏉愬拰楦倝涓€璧风倴锛屾瘮濡傝嫛浠侊紝缁胯眴锛屽What are you looking for? Xian Fengfu: Looking down at the sky, looking at it? Looking at it? Looking at it?

Zhongtai Macro: Should the debt be repaid?

Can the “medicine” stop?

Zhongtai Macro: Should the “debt” be repaid?
Can the “medicine” stop?

Should the “debt” be repaid?
Can the “medicine” stop?
(Zhongtai Hongliang Zhonghua) Source: Li Xunlei Finance and Investment Liang Zhonghua remembered that when I was in high school, a good buddy often got sick, and when he was sick, he would go to the school hospital to prescribe medicines, injections, infusions. Over time, for colds and fever,The ordinary person can carry the past diseases through autoimmunity, and he also needs infusion to solve it.

Thinking of everyone’s current views on the economy and policies, I was thinking, if my classmate suddenly decides to keep fit and autoimmune to fight the disease, does that mean that he does not need to take medicine and injections immediately when he is sick?Is it?
  In the past budget, some high-frequency data was converted and warmed up. There are more and more views on the stabilization of the fourth quarter of the annual economic year or next year, and the view that the actual market remains stable has gradually emerged.

From a policy perspective, we are doing the right thing in the long run.

But does this mean that the problem of leverage, which was commonly feared in the past, is no longer a problem?

Can the economy really stabilize and recover?

Do the “debts” stimulated by past policies still need to be repaid?

How will future policies go?

  Sino-Thai Macro Weekly Thinking No. 52 Issue 1, has the leverage really been removed?

As a result, the highest macro leverage ratio has not decreased in recent years, and the leverage ratio of various departments has not decreased, so we have not removed the leverage, but the pressure on debt has shifted.

In fact, according to international experience, leverage is also easy to rise and fall, and only structural optimization can be performed.

However, there are still not enough cashed-out and “zombie” companies, and there has not been a partial settlement of residential and corporate debt like the United States, so the risks still exist and policy deterioration.

  2. Is there any problem with real estate?

In recent years, the adjustment of the real estate market has come from the misalignment of real estate adjustment policies in large and small cities, which has led to the dislocation of the land cycle; resulting from the market inertia of chasing up and down.

From the perspective of generalized inventory, the supply-demand relationship in the internal real estate market has deteriorated, and house prices in many cities have flattened or even declined.

Of the 70 cities’ house price data released by the National Bureau of Statistics, half of the city’s house prices have fallen month-on-month, and it is difficult to maintain sales of 1.7 billion square meters per year.

  3. Can the “medicine” stop?

Economic development is path-dependent. We believe that doing the right things, including high growth in the new economic sector at the same time, does not mean that the “burdens” of the past stimulus need not be backed up.

The real estate economy is gradually declining, and it is difficult for the macro economy to stabilize, but the probability of further relaxation of policies is increasing.

Looking forward to the future, when the fundamentals are down, the factors that can formulate the stock and bond market are more from policies. The first is the Sino-US trade relief, the second is the loosening of the currency, and the third is the marginal adjustment of the real estate policy under the general tone of housing and living.

From the perspective of real estate economy and macro policy, we think next year may be more like 2014, the difference is the space and intensity of policy.

  1Leverage is really removed?

  As a result, the macro-leverage ratio has not decreased in recent years, and it has been rising recently.

If measured by total debt / GDP, the current overall macro leverage ratio is already close to 260%, far exceeding the level of other emerging economies.

  So we did not remove the overall leverage, but the pressure on debt has shifted.

For example, through the policy of reducing production capacity, the prices of upstream raw materials have soared, and we have eased the debt pressure on industries such as steel and coal.

But the midstream and downstream industries are generally facing the problem of rising costs and increasing debt burdens.

There is more price increase in the upstream and less price increase in the downstream. We have shifted the leverage issue from upstream to downstream.

  From 2014 to 2015, the debt pressure of local real estate companies was particularly high. We eased the debt pressure of housing companies through the destocking stimulus policy, but housing prices in various tier cities experienced a large increase.Debt pressure has intensified, which is equivalent to the problem of leverage transferred from housing enterprises to residents.

  In fact, according to international experience, the overall leverage of an economy is also difficult to remove, and it can only be structurally optimized.

For example, the United States has even realized deleveraging, but its overall leverage ratio has increased significantly since 2007 without a significant decline.

This is because if all sectors are deleveraging at the same time, the entire economy will not have “takers” and will fall into the contradiction of debt deflation.

However, the United States has optimized the leverage structure. Enterprises and residents have caused “wrong things.” After 2007, they began to deleverage, and a wave of defaults and clearances occurred. At the same time, the government increased leverage to gradually increase the bottom of the economy.

Therefore, the United States is reducing the burden on residents and businesses by increasing the debt burden of government departments.  From the perspective of developing countries, the leverage ratio in the past few sectors has not decreased significantly, and debt pressure has only temporarily eased.

The growth rate of the leverage ratio of the corporate sector has declined slightly, and has been rising since this year, and it is still the world’s first.

This is different from the continuous decline in the leverage of the US corporate and residential sectors. Only the increase in the leverage of the government sector is different, mainly because there are still too many newly cashed and “zombie” companies, and there are no residents and businesses like the United States.Fast liquidation of debt.

  In addition, the demand-side stimulus has temporarily reduced the debt burden of enterprises that should have withdrawn from the market, and there is insufficient motivation to deleverage.

And once the stimulus weakens, the debt pressure on these companies will return.

Just like in 2015, due to the radical expansion and excessive debt expansion, local real estate development companies are facing great debt pressures. After the stimulus policies drove the third-tier and fourth-tier house prices soared, the largest companies that had previously expanded benefited the most.

After the debt pressure eases, the developer’s investment activity has picked up again. Will it face the problem of oversupply and debt pressure again in the future?

  In fact, for economic development, the breakthrough just realized, part of the liquidation of debt is not only a release of risk, but also an embodiment of improving economic efficiency, allowing surplus and unsuitable companies to withdraw from the market, leaving high-quality, adapting to market changes.The survival of an enterprise is itself a marketization process of superiority and inferiority.

Just like the US government did not rescue all the enterprises at that time, did the Fed only purchase a part of MBS or allow some enterprises and residents’ debts to be settled through marketization.

  The lack of leverage in all sectors of the country means that risks still exist and there is room for improvement in efficiency. This will limit the space for increasing leverage and restrict policy tools.

  2Are there any real estate problems?

  Another important issue is the real estate market.

It can be said that the previous real estate market has continued the “bull market” for several years.

In the case of a high base last year, the current growth rate of real estate investment is still only over 10%, real estate sales will continue to maintain a volume of 1.7 billion square meters, and the price of real estate is falling relatively slowly.

  Reasonable adjustment of the real estate market allows misalignment of real estate adjustment policies from large and small cities, resulting in dislocation of the land cycle.

Before 2017, after the adjustment and relaxation of policies, the real estate market in large cities took the lead in recovering and was better than small cities; however, after the gradual tightening of large cities, small cities are still stimulating the monetization of shed reforms, so after 2017, the real estate market in small and medium cities is better than largecity.

Large and small cities have supported the growth of the real estate market in stages.

  Another important source of land ownership is the inertia of chasing up and down.

Similar to the characteristics of the stock market, actual demand is not only affected by the price itself, but also by price changes, and it often becomes a substitute.

Rising prices will drive investment demand, and the increase in demand will once again form a support for the price; on the contrary, falling prices will drag down investment demand, and reduced demand will in turn suppress prices.

Therefore, both the real estate market and the stock market have a certain “inertia”, which is prone to overshoot or overshoot.

So even this year’s stimulus to the shed reform is weakening, but the actual market cooling rate is still slow, but the “excess heat” of the housing price surge in the previous two years still exists.

  From the perspective of generalized inventory, the supply-demand relationship in the real estate market in developing countries has deteriorated.

Although the area for sale of commercial buildings released by the National Bureau of Statistics is low, this statistic only considers the area of commercial buildings that have been completed but not sold.

In fact, in the past two years, under the situation of tight funds, developers generally adopt the pre-sale model rather than the existing house sales; coupled with the main use of land and construction before the capital, the completion rate is slow.

So many houses may be pre-sold before they are built, but if not sold out, this inventory pressure will not be reflected.

  We used the new construction sales model to measure the general inventory of commercial housing. We found that residential inventory has begun to pick up since 2018, and the inventory pressure of commercial real estate has been under pressure.

As the completion of the project gradually picks up, it is expected that the inventory of commercial housing of the Bureau of Statistics will also stabilize and pick up.

Inventory accumulation is a manifestation of supply over demand, indicating that the supply-demand relationship in the real estate market has gone in a worse direction.

  In addition, in terms of prices, housing prices in many cities have flattened or even fallen.

In the 70-city housing price data released by the National Bureau of Statistics, half of the city’s housing prices fell month-on-month.

The decline in prices will inevitably lead to the internal real estate market gradually shifting from “chasing up” to “killing down”, coupled with the two high-end homes that have been restricted for sale, and the ban has been lifted, the pressure on the real estate market is not great.

  Even without looking at the logic and data, we will talk about a common sense question.

The current actual sales volume of 1.7 billion square meters for three consecutive years, corresponding to housing, solves the housing problem of more than 40 million people each year, while the current annual increase in the resident population in cities and towns is less than 20 million, and the sales volume of 1.7 billion square meters can be maintained for several years.How about it?

  3 Can the “medicine” stop?

  Economic development is path-dependent. We believe that doing the right things, including high growth in the new economic sector at the same time, does not mean that the “burdens” of the past stimulus need not be backed up.

For example, due to the dependence of economic growth on the real estate market in the past, the current wealth of residents in Chengdu is directly or indirectly allocated to the real estate sector.

And the price of an asset will fall without rising, and cannot be sideways.

If we do n’t stimulate real estate, house prices will fall, residents ‘wealth will shrink, residents and businesses’ leverage will again face problems, government land finances and debt will also face challenges, and some new economic areas that rely on government support will also be affectedIn fact, we are not enough to bear these risks in the environment.

And if we continue to stimulate, the problems of leverage and bubbles may become more serious.Therefore, policies are often a dilemma, long pain or short pain, big pain or small pain, all need to choose.

Only when prices fall can we really release the risks, and only when the bubbles burst can we completely eliminate them.

If you don’t want prices to fall and the bubble to burst, you can only continue to stimulate the instrument.

  Some recent optimism about the economy and real estate reminds us of the last round of the stock market.

The last round of the stock market rushed from below 2000 points to more than 3000, 4000, 5000 points. The increase 佛山桑拿网 caused some people to doubt the faith, and even went from cautious to optimistic, but who would have thought that the stock market wouldFrom above 5000 points to below 3000 points?

With house prices currently at a high level, everyone is thinking about exchanging space for time and increasing income to digest the bubble.

However, at 5000 points in the stock market, we did not expect rapid increase in corporate profits to support high valuations.

  We believe that the short-term economic data may change. It is noted that the reference data is also relatively limited, but the big logic and the big direction are the most important.

With the initial decline in the real estate economy, the macro economy may be difficult to stabilize, and the probability of further policy relaxation is increasing.

  Looking to the future, we believe that when the fundamentals are down, the factors that can establish stock and bond market are more from policies. One is Sino-US trade relief, the other is the loosening of the currency, and the third is the real estate policy margin under the broad tone of housing and living.Adjustment.
The first two parties are working hard; the second one may do it faster, and China ‘s interest rate cut cycle has just begun; the third one must wait for gradual adjustments, and it is expected that the cities that will be prevented by some subsequent pressures will gradually adjust and more comprehensive policy adjustmentsIt may be until the second half of next year.

  From the perspective of the real estate economy and policy response, we think next year may be more like 2014, but the difference lies in the strength and space of the policy.

  Risk warning: trade issues; economic downturn; policy changes.

Anhuaneng (601699): The planned annualized PE cash acquisition of the mine is expected to significantly increase the performance

Anhuaneng (601699): The planned annualized PE cash acquisition of the mine is expected to significantly increase the performance

Event: On November 21, 2019, the company issued an announcement saying that it planned to purchase its held Shanxi Lu’an Mining Group Cilinshan Coal Industry Co., Ltd. from its controlling shareholder, Shanxi Lu’an Mining (Group) Co., Ltd.100% equity, the transaction price is 75174.

500,000 yuan.

Comment on the proposed acquisition of group assets, capacity expansion, and increased production: Cilinshan Coal Industry includes three mines: Cilinshan Coal Mine Headquarters (60 tons / year), Cilinshan Xiadianjing (180 tons / year) and Licun Mine (300 announcement /(Years), with a total capacity of 540 units / year, accounting for the equity capacity of listed companies.

33%.

Among them, the recoverable reserves of Licun Coal Mine are 7,043.

6 Each year, the approved production capacity is 300 tons / year, and coal washing plants and railway dedicated lines are supported.

3 # coal seam is currently being mined. The main coal types are low-ash, ultra-low sulfur, high-quality lean coal and anthracite, which can be used as thermal coal, civilian coal and injection coal.

Licun Coal Mine entered a joint trial operation at the beginning of this year. It is expected that after 武汉夜网论坛 reaching the output, Cilinshan Coal Industry will contribute an increase of 540 crops, accounting for 13 of the company’s total output in 2018.

01%.

Contribution to the theoretical acquisition of Cilinshan Coal Industry 6.

19% profit increase: According to the announcement, in the first half of 2019, Cilinshan Coal Industry achieved a net profit of 8245.

980,000 yuan, annualized profit for the first half of the year, the previous net profit reachability1.

65 ppm, the theoretically feasible company’s net profit increased by 6.

19%.

It is expected that after the full production of Li Cun in the second half of the year, the profit will be better than the first half, and the actual profit contribution will be.

According to the announcement, as of June 30, 2019, the net assets of Cilinshan Coal Industry were 50,577.

280,000 yuan, the purchase price corresponds to 1.

49 times PB, 4.

56 times PE (annualized in the first half), the overall acquisition value is not expensive.

The net interest rate of Cilinshan Coal is 5.

27%, the net interest rate of listed companies in the same period was 13.

At 34%, we believe that the low profit rate of Cilinshan Coal Industry is ultimately due to the high financial costs caused by high liabilities. According to the announcement, the asset replacement of Cilinshan Coal Industry was 93.

58%, and Lu’an Huaneng has abundant book cash. As of the end of the third quarter of 2019, the company’s books had a total of 177 monetary funds.

US $ 4.1 billion. After the acquisition, Cilinshan Coal will be able to reduce its ability to reduce liabilities. After the reduction, the profitability of Cilinshan Coal will be more prominent.

The company’s cash flow has improved significantly: Since 2016, the company’s operating net cash flow has continued to improve, and the increase in cash flow has even been significantly better than the increase in profit. In 2018, the company’s operating net cash flow was 93.

400 million, the highest level since listing.

As of the end of the third quarter of 2019, the company had a total of 177 monetary funds on its books.

41 trillion, at the same period with interest denied budget of 181.

4.2 billion, covering 98% of interest-bearing debt.

The asset impairment caused by the merger and consolidation of minerals has been basically dealt with, and the company will enter the market lightly, and its performance is expected to be fully released.

Investment suggestion: It is expected that net profit will reach 30 in 2019-2021.

1.6 billion / 31.

33 ppm / 33.

20,000 yuan.

The company’s performance burden has been digested, and the company’s future performance elasticity release can be expected.

Currently the company is only 0.

78 times PB, we think the company is seriously undervalued.

Maintain BUY-A investment rating with 6-month target price of 10.10 yuan, corresponding to 10 times PE.

Risk reminders: 1) the macroeconomic downturn, 2) the risk of falling prices in downstream industries; 3) there is still uncertainty in this equity acquisition

Depth-Company-Agricultural Bank (601288): Asset Quality Stable and Good, Low Risk Appetite, Q4 Spreads Decline MoM

Depth * Company * Agricultural Bank (601288): Asset quality is stable and good; low risk appetite is down in the fourth quarter

Agricultural Bank’s highest profitability performance is good, and the cost of liability side slightly upwards drags down the spread performance, but the performance of corporate deposits is weak, but the company’s county network outlets are well-established. Only with a solid retail customer base, its storage capacity and debt side cost performance are still excellentIn the same industry.

The company’s asset quality has been stable and the bad expectations have become more severe. The provisioning foundation has been further consolidated and the Agricultural Bank’s buy rating is maintained.

The main points supporting the rating are the steady growth of earnings. Under the low risk appetite, the interest rate spread in the fourth quarter will increase by 5 in line with the downward net agricultural profit of 2018.

1%, mainly due to the increase in the provision of strength, but the net profit before provision remained high (+15.

1%, (YoY), profitability performance is good.

In 2018, ABC’s revenue increased by 10 in ten years.

5%, of which net litigation fee income has achieved substantial growth compared with the first three quarters, and has increased by 7 year by year.

2%.

In 2018, the Bank’s net interest income increased by ten years.

1%, the growth rate dropped by 1 compared with the first three quarters.

The 5% number is mainly due to: 1) the amount of assets in terms of volume has decreased by 0 from the previous month.

4%; 2) The highest spread of ABC in terms of price 2.

33%, lower than the end of 2018H 2.

35% level 2BP.

We believe that the narrowing of the interest margin is mainly due to increased growth pressure on the debt side, and the increase in deposit costs by 4BP compared with 2018H has driven interest payment to resist the increase of 5BP; while the asset side is mainly invested in low-risk areas such as government bonds and mortgage loans.The average yield of interest-earning assets is only 1BP higher than 2018H.

At the end of the quarter, the total assets of Agricultural Bank of China increased by 7% /-0 from the 西安耍耍网 same quarter last quarter.

4%, of which loans increased by 11% / 1.

5%, the proportion of total assets increased by 1.

7 up to 50.

7%.

The company’s credit structure is further tilted towards retail loans, with 56% of new loans being invested in retail loans, and its proportion in total assets increased by one.

8 up to 39.

1%.

On the debt side, termination of deposits at the end of the fourth quarter increased by 7% / 0 from the previous month.

3%, accounting for a stable level of 83%, of which demand deposits accounted for 58.

2%, basically maintained stable, leading the industry.

In general, the deposits of Agricultural Bank of China have maintained stable growth, but in view of the small upward cost of the combination, the growth growth in 18 years is facing certain pressures, especially the weak performance of public deposits growth. The subsequent performance is worthy of attention.

Non-performing identification standards have become more stringent, and the ability to resist risks has been further strengthened. In the fourth quarter, ABC ‘s non-performing loan ratio decreased by 1BP to 1 from the previous quarter.

59%, we estimate the company’s single quarter bad production rate in the fourth quarter1.

24%, an increase of 48BP month-on-month, it is estimated that due to the company’s stricter credit classification standards, the Agricultural Bank’s focus on loans fell by 36BP to 2 compared with 2018H.

74%, loans / non-performing loans overdue for more than 90 days decreased by 7 compared to 2018H.

6 up to 65%.

At the same time, the Agricultural Bank of China further increased the provision for accrual in 2018 (+39.

(5%, year-on-year), the maximum provision coverage ratio increased significantly by 44 alternatives to 252%, the highest among the four major banks.

It is estimated that we will maintain ABC 19/20 6.

9% / 5.

The 5% profit growth forecast is currently expected to correspond to a PE of 2019/20 of 6.

02x / 5.71x, PB is 0.

75x / 0.

69x, maintain the company’s buy rating.

The main risks faced by the rating are: asset quality expectations exceed expectations, and financial supervision exceeds expectations.

Wangfujing (600859) Prompt Announcement on Changes in Shareholders’ Equity: Comment by Chengdu Industrial Investment Inc. to Increase the Value of Leading Department Store Stocks

Wangfujing (600859) Prompt Announcement on Changes in Shareholders’ Equity: Comment by Chengdu Industrial Investment Inc. to Increase the Value of Leading Department Store Stocks

The company’s shareholder Chengdu Industrial Investment Corporation increased its shareholding to 5.

00% of the company announced that on December 17, 2019, it had received the “Wangfujing Group Co., Ltd. Simple Equity Change Report” from the shareholder Chengdu Industry and Trade Investment Co., Ltd. (hereinafter referred to as “Chengdu 淡水桑拿网 Industry Investment”),Chengdu Industrial Investment Co., Ltd. gradually increased its shareholding in the company’s shares in 1917 from December 9th to 17th, 2019.

50,000 shares, accounting for 2 of the company’s total share capital.

47%.

After this increase, Chengdu Industrial Investment held the company5.

00% shares, becoming the company’s sixth largest shareholder.

  Optimistic about the company’s development prospects, it is planned to continue to increase its holdings without seeking control. In the report on changes in equity, Chengdu Industrial Investment said that the increase is based on optimism about investment opportunities in the industry, confidence in the company’s sustainable and stable development, and the value of the company’s stock.Reasonable judgment.

Chengdu Industrial Investment also plans to continue to increase the company’s holdings through centralized bidding for no more than 6 months from December 23, 2019.

01% -0.

02% shares, the increase plan does not set a price range, and does not seek control of the company.

  National department store leader. Historically, long-term investment value companies are national department store leaders. As of the third quarter of 2019, a total of 52 stores were operating with a business area of 287.

550,000 square meters, the format covers department stores / shopping malls / outlets.

Recently, the company’s department store / shopping mall business has been affected by the reform of the business format, and its revenue performance has been relatively flat, while the growth of its business is relatively high.

The company is estimated to be undervalued in the general environment of the industry’s flat economy. Instead, it provides a broader value range for investors with long-term vision. The increase in Chengdu Industrial Investment may trigger market attention to the value of leading department store shares.

  Maintain profit forecast and maintain “Buy” rating. We maintain full diluted EPS for the company for 19-21 of 1, respectively.

42/1.

52/1.

65 yuan forecast, the company PB (TTM) is 0.

95X is well below the average of the past three years (1.

22X), maintain “Buy” rating.

  Risk warning: After the lease renewal, the rent standard increases too much, and the store consolidation speed is not as expected.

Makihara (002714) company comment: rapid expansion of production capacity can increase sow growth more than expected

Makihara (002714) company comment: rapid expansion of production capacity can increase sow growth more than expected

The performance of investment points was in line with expectations. The profit of the pig breeding business in the third quarter exceeded 1.5 billion yuan, and the growth rate of productive biological assets exceeded expectations.

150,000 heads, including 680 commercial hogs.

250,000 heads, 112 piglets.

200,000, 0 breeding pigs.

700,000 heads; realized operating income of 117.

33 ppm, an increase of 27 in ten years.

79%; net profit attributable to mother 13.

870,000 yuan, an increase of 296 in ten years.

04%.

We believe that the performance of Makihara’s third quarterly report is in line with expectations, benefiting from the continued high of hog prices in the third quarter (of which the average sales price in September was 26.

17 yuan / kg), the company’s third-quarter hog breeding business profit exceeded 1.5 billion, and the end of September can breed sow stocks of nearly 900,000 heads.

  Benefiting from the continued high price of pigs, the income from pig breeding business in the third quarter was approximately 15.

210,000 yuan: From the perspective of the expansion of Makihara’s third quarter, other income1.

07,000 yuan (government subsidies related to daily business activities), net investment income is 0.

090000 yuan (mainly investment income obtained by purchasing wealth management products), non-operating income and expenditure was -0.

2.3 billion, minority shareholders profit and loss is zero.

61 trillion, so according to our calculations, the company’s actual sales of commercial hogs in the third quarter contributed about 12 net profits.

280,000 yuan, the net profit contributed by piglet sales is about 2.

89 million, net profit from breeding pig sales was approximately zero.

04 billion, the total profit of the pig breeding business in the second quarter was about 15.

At 21 ppm, hog prices continued to grow at a record high.

  In the third quarter, the decrease in sales volume resulted in an increase in amortization of unit costs, and the cost side increased. From the perspective of cost, due to the recent reservation of seeds, the decrease in sales volume resulted in an increase in unit cost amortization. According to our calculations, in the third quarter, Makihara Commodity MeatThe complete pig cost is about 14.

04 yuan / kg, a month-on-month increase (the full cost of commercial hogs in the first and second quarters of 2019 was about 13 respectively.

08 yuan / kg, 13.

10 yuan / kg).

However, since the end of 2018, Makihara has actively improved the biosafety hardware infrastructure (reconstruction and new pig farms) and strengthened the management of goods and personnel. Therefore, the gradual promotion of new pig houses was introduced. It is expected that the full cost of the company’s pig farming will continue in 2020.The decline is expected to further drive performance growth.

  Capital expenditure is high, and pig prices continue to rise at new highs. Productive biological assets have increased more than expected from the previous quarter. From the perspective of production capacity investment, Makihara ‘s capital expenditure reached 25 in the third quarter.

3.2 billion, a big increase of 43 from the previous month.

86%, continued to maintain high 天津夜网 growth.

From the perspective of production capacity of pigs, the current national pig price has exceeded 30 yuan / ton. In the case of a high probability of continued high pig prices from 2019 to 2020, Makihara has actively maintained breeding to expand the size of the sow breeding stock and terminated the company’s production at the end of September.Sexual biological assets are 28.

3.7 billion, a 60% increase from the previous month.

46% surpassed expectations, corresponding to the number of sows capable of breeding about 900,000 heads and the stock of reserve sows about 600,000 heads.

And because the previous Makihara single-month reserving and production expansion, it is expected that by the end of 2019, the company can breed more than 1.3 million heads of sows, corresponding to a production capacity of over 30 million heads in 2020 (PSY = 24).

  The production capacity is expanding rapidly, and the growth rate of multiplying sows is higher than expected, maintaining the “Buy” rating: Makihara, as the leader of self-reproduction and self-supporting mode, leads the industry in cost advantage, and the long-term return on net assets is higher than the industry average.In the case of continuous high pig prices (the number of pigs that can be propagated in August from the Ministry of Agriculture of the People’s Republic of China has continued to drop, the current national price of pigs has exceeded 30 yuan / ton).The number of pigs to be slaughtered in 2019-2021 is 1050/2500/30 million, and the net profit attributable to the parent company is 75.

81/332.

41/235.

13 trillion, the corresponding EPS is 3.

51/15.38/10.

88 yuan, maintain “Buy” rating.

  Risk reminders: Public safety incidents caused by the epidemic, such as African swine fever; the price of feed raw materials; environmental supervision, weather and other factors affecting the progress of capacity construction.