[Efficacy and role of rape pollen]_Recommended diet

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

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?

[Do you eat beef and blood?]_ Effect_Efficacy

[Do you eat beef and blood?]_ Effect_Efficacy

Beef is a kind of nutrient-rich and extremely high-protein meat. Beef also contains many vitamins and trace elements such as potassium, which can not only enhance people’s physical fitness, but also provide more nutrition for the human body.

Moreover, the content of beef in adults is relatively low, and even those who are losing weight can eat beef.

Patients with too many civilians also regularly eat beef.

So, does beef eat blood?

Beef can replenish blood.

Benefits of beef: 1.

Creatine in beef has a higher creatine content than any other food, which makes it particularly effective in building muscle and strength.

In the first few seconds of training, creatine is the source of muscle fuel. It can effectively restore adenosine triphosphate and make the training more continuous.


Beef contains vitamin B6 The more protein we need, the more vitamin B6 we need in our diet.

And beef is rich in vitamin B6, which can enhance your immunity, promote metabolism and protein synthesis, so that the body can recover in time after high-intensity training.


Beef contains carnitine. Chicken and fish have low carnitine and creatine, but high beef content.

Carnitine is mainly used to support trace metabolism and produce branched chain amino acids, which play an important role in muscle growth of bodybuilders.

4 Potassium and protein potassium in beef is a mineral lacking in most athletes’ diets.

Low potassium inhibits protein synthesis and growth hormone production, which affects muscle growth.

Beef Protein Protein: 4 Hydrolyzed lean pork tenderloin produces 22 grams of major protein.


Beef is a low content of linoleic acid, but it is rich in linoleic acid. Linoleic acid is a potential antioxidant that can effectively recover tissue damage caused by exercise, some kind of weightlifting.

In addition, linoleic acid acts as an antioxidant to maintain muscle mass.

[How to fry small greens]_Small greens_How to fry_How to fry

[How to fry small greens]_Small greens_How to fry_How to fry

The vitamins of small greens can also clear heat and detoxify. Direct vegetarian cooking is a relatively simple method, but we also need to pay attention to some small tricks. We must master the heat, not too long, so as not to make the greens grow old.

1. The stir-fried vegetables are well-learned. The key lies in that the “fried” is just right. Don’t overdo it. Of course, you can’t bring “raw”.

The mystery lies in mastering the heat, frying quickly, and cooking as soon as possible, preferring to be “raw” and not overcooked, because overripe vegetables will lose their own moisture and become unpalatable.

Remember: this is the secret of master cooking vegetables.

2. Specifically, follow the appropriate procedure as follows: first choose the vegetables, remove the yellow rotten leaf stalks, and control the moisture after washing.

Can not be cut into sections, it is better to open a strip of vegetable stalks with leaves.

It is best to use a frying pan. Put more oil and burn until the oil fume is slightly. Put the whole or whole green vegetables in the pot into a pot, stir fry under a scorching fire, turn it several times, and let the sides of the vegetableTry to dip it in oil and heat evenly.

Add the salt and monosodium glutamate as soon as the soup is just cooked and spill a small amount of soup. The saltiness is just right.

Do not cover the pot during the frying process.

The whole frying process takes only a few minutes, and there is no need to add water to “stir” to cook.

3, this whole or stir-fried vegetables, due to the basic retention of water in the inside, it tastes crispy and delicious, but it changes the freshness of the vegetables, the color is green, there is only soup juice and vitamins without the soup.C has the least damage. The only materials needed are fresh vegetables, salt, oil, and MSG.

[Can you eat porridge overnight?]

寰堝鑰佸勾浜烘瘮杈冭妭鐪侊紝鍚冨墿涓嬬殑椋熺墿浼氫笉鍋滃湴鐑簡鍐嶅悆锛岀洿鍒板悆瀹屼负姝€傚叾瀹炶繖鏄竴绉嶉敊璇殑琛屼负锛屽洜涓哄緢澶氶鐗╁啀娆″姞鐑箣鍚庝細鍑虹幇瀵硅韩浣撲笉濂界殑鐗╄川銆傞殧澶滅播鐑簡鑳藉悆鍚? 椋 熸 凌 和 幧 麧 庥 閅 閅 斿  咄 勭 咭 六 叄 鏄 戲 浠 ラ  鐢 ㄧ 殑 銆 嬾 嗕 嗕 嗱 刏 刧 刏 刏 刕 刧 鈆紝澶у涓€璧锋潵浜嗚В涓嬬叜鍏疂绮ョ殑鎶€宸у惂銆備竴銆佸叓瀹濈播鍙互闅斿鍚冨悧钀ュ吇鍖诲笀浠嬬粛鍏疂绮ユ槸鍙互闅斿鍚冪殑锛屽叓瀹濈播杩囧鍚庡啀鍠濅竴瀹氳灏嗙播鐑€忥紝鍚﹀垯瀹规槗鎷夎倸瀛愩€傚叓瀹濈播椋熸潗涓庡埗浣滈兘寰堢畝鍗曪紝鎴愬搧鑹叉辰椴滆壋銆佽川杞鐢溿€佹竻棣欒浜恒€佹粦鑰屼笉鑵伙紝琛ラ搧銆佽ˉ琛€銆佸吇姘斻€佸畨绁炪€備簩銆佺啲鍏疂绮ョ殑鎶€宸т竴鑸搴I’m afraid to read it, I’m afraid to read it, I’ll read it, I’ll read it, I’ll read it, I’ll read it, I will talk about it, I will go to the Umbrella, and I will split the chain, and I will split the chain and split the chain.I do n’t know what to do, but I do n’t know how to do it. I do n’t know how to do it. I do n’t know how to do it.栭鏉愮殑钀ュ吇鍜屽仴搴蜂綔鐢ㄣ€傜敱浜庡畠鐨勯ケ鑵规劅寰堝己锛岀淮鐢熺礌鍜岀熆鐗╄川鍚噺杩滈珮浜庢櫘閫氱櫧绮ワ紝閫傚悎瀛曞銆佷钩姣嶇敤浣滄櫄椁愪富椋燂紝鑳藉鍦ㄤ笉鍑忓皯钀ュ吇绱犱緵搴斻€佷笉褰卞搷娉鈼 駄 勫 嬠 鬠 笪 笅 笅 嬽 閽 府 锷 ╁ コ 討 х 紦 鎱 ㈢ 槮 韬  纴 鎴 栨 獒 淺 瓡 瓡 繡 繫 為 炜 邆 炜 炜 炜 炜 炆害鍏锋湁杈冨ソ鐨勯粡鎬э紝鑳借绮ュ彛鎰熼粡鏌斿彲鍙c€備絾鐕曢害绮掓瘮杈冮毦鐓儌锛岄渶瑕侀鍏堟蹈娉°€傚鏋滄崲鐢ㄧ嚂楹︾墖锛屽垯鏃犻渶鎻愬墠娴告场銆傚鏋滃帇鍔涢攨鍙互棰勭害锛岀洿鎺ユ妸鎵€鏈夐鏉愬拰姘存斁杩涘幓锛岄绾?Technetium?What is the difference between rushing, rushing, and rushing? ╁ 彲 绾?What’s the matter?  澶 ╀Are you going to borrow money?灏忔椂锛岄伩鍏嶇粏鑿岀箒娈栬繃搴﹁€屽彉鍛炽€傚彲浠ユ寜鐓ц嚜瀹舵潅绮師鏂欑殑鎯呭喌璋冩崲閮ㄥ垎椋I am afraid that you will be able to read the information in the realm of the world, and you will be able to see how it works. It ‘s not easy to find it. It ‘s not so good. It ‘s not so good.鑰岄檷浣庤惀鍏讳环鍊笺€備笁銆佸叓瀹濈播瑕佺叜澶氫箙1銆佹妸鍚勮壊闅剧叜鐨勮眴瀛愬拰绫虫斁杩涙櫘閫氱殑淇濇俯鐡跺唴,鍔犲叆寮€姘?Jujuan Xinjiang is not a good idea?鍗冲彲鍊掑嚭鐢ㄦ櫘閫氶攨鎴栬€呴珮鍘嬮攨鐓播.雴 戝 凡 缁 紎 鬎 鐢 ㄨ 經  Nan 娉 咞 啑 娆 ‘Jane, Liu Hong 儓 鎺 ㄨ 崘!!!The study of Ao’s father’s escort, 澶 у ぇ 缂 ╃ 煭 浜 叜 嶜 綜 餂?When you are up and down, you will be able to broadcast Qi Qi and Fei Chao, and you will be able to use it!!2銆佺孩鏋g敤鍐锋按娴告场20鍒嗛挓鍚庯紝鍐嶆礂鍑€澶栫毊;涓庣豢璞嗐€佸渾鑲夈€佺櫨鍚堛€佽幉瀛愮瓑涓€璧锋斁閿呰捀30鍒嗛挓澶囩敤銆傜朝绫炽€佺渤绫虫礂鍑€鍚庣疆閿呬腑锛屽厛鐢ㄦ枃鐏叜40鍒嗛挓锛屽啀Awkward and sorrowful, it’s awkward to succumb to sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows敎鑵汇€?銆佹渶濂芥场涓嚑灏忔椂锛岃繖鏍风播鐓嚭鏉ュソ鍠濓紝杩樺鏄撶啛銆傛櫘閫氶攨鐨勮瘽灏忕伀涓€涓崐灏忔椂锛岄珮鍘嬮攨鐨勮瘽锛屽紑閿呭悗杞皬鐏笉鐢ㄥ崐涓皬鏃跺氨鍙互銆備絾鏄背娉″緱鏃堕棿澶暱灏变細褰卞搷鍙f劅锛屼笉濂藉悆浜嗐€傛墍浠ユ渶濂戒笉瑕佷拱娣峰悎濂界殑鍏疂绮ユ潗鏂欍€傝涓嶅氨涔拌捀鐓椂闂村樊涓嶅鐨勯鏉愶紝涔扮殑鏃跺€欎粩缁嗙湅涓€涓嬮噷闈㈤兘鏈変簺浠€涔堜笢瑗裤€?銆佺啲鍒剁播鏃讹紝璞¤幉绫炽€佽姳鐢熶箣绫荤殑鍘熸枡瑕佸厛鐢ㄥ紑姘存场鍙戜竴瀹氭椂闂村悗锛屽啀涓嬮攨鍚岀啲銆?

[How to cook frozen duck legs-]_ How to make_How to make

[How to cook frozen duck legs?

】 _How to do_Making method

Frozen duck leg is a kind of meat that is more common in daily diet. Duck leg meat is tender and rich in nutritional value. It contains a large amount of protein and a variety of minerals. There are many ways to freeze duck leg, which can be used to make braised flavor.It’s better, and the method is very simple. You can make it at home. You can thaw the frozen duck leg first, and then marinate it with seasoning.

How to make frozen duck legs?

Ingredients Two duck legs, one potato, two spoonfuls of old soy sauce, one spoonful of cooking wine, appropriate amount of salt, half a spoonful of sugar, about five slices of ginger, scallions, three star anise, one dried pepper, and water or beer.Chop the legs into pieces, cut the potatoes into pieces 2, heat the pan into the duck and stir-fry the oil and seasoning (old soy sauce, cooking wine, salt, sugar, ginger, onion, star anise, dried peppers) and continue to fry and colorAdd water or beer over the duck and boil it. Then change to low-medium heat and simmer for 40 minutes until the meat is rotten. Add potato pieces to continue to stew the potato pieces. Cook the sauce on high fire and eat the benefits of duck legs.In large salamander, duck protein content is higher than livestock meat content, a small amount is moderate and the distribution is more uniform.

The fatty acids in duck meat have a low melting point and are easy to digest.

It contains more B vitamins and vitamin E than other meats. Duck meat also contains a large amount of rich niacin, which is part of two important coenzymes in the human body, and has protective effects on patients with heart diseases such as myocardial infarction.

The nutrients contained in 100 grams of duck meat are as follows: ((240.

00 kcal), protein (15.

50 grams), aunt (19.

70 g), pantothenic acid (1.

13 mg), carbohydrates (0.

20 grams), cholesterol (94.

00 mg), vitamin A (52.

00 μg), thiamine (0.

08 mg), riboflavin (0.

22 mg), niacin (4.

20 mg), Vitamin E (0.

27 mg), calcium (6.

00 mg), phosphorus (122.

00 mg), potassium (191.

00 mg), sodium (69.

00 mg), magnesium (14.

00 mg), iron (2.

20 mg), zinc (1.

33 mg), selenium (12.

25 micrograms), copper (0.

21 mg), manganese (0.

06 mg).

1. Duck-like melanoglyphic, cold, enters the lung, stomach, and kidney meridians, and has the effects of nourishing, nourishing the stomach, nourishing the kidney, removing entrails and hot bones, eliminating edema, stopping heat pus, and coughing and phlegm.

2, trace impurities in duck meat, other animal oils, the proportion of various fatty acids is close to the ideal value, the chemical composition is similar to olive oil, has a role in reducing cholesterol, especially suitable for people suffering from atherosclerosis.

3. Duck meat is also good for the heart.

100 grams of duck meat contains about 300 milligrams of potassium, which is related to heart rhythm, and potassium is high to fight sodium.

Eating too much salt and high sodium is the cause of high blood pressure, so it is very healthy to eat more duck meat every day to replace other meat dishes.

4, Chinese medicine believes that eating more duck meat can treat the skin caused by yin deficiency, dullness, dullness, weariness and other symptoms.

5. The B vitamins and vitamin E contained in duck meat can effectively treat beriberi, neuritis and a variety of metabolisms, and also anti-aging.

[Can aloe vera be eaten]_Can it be eaten_Can it be eaten

[Can aloe vera be eaten]_Can it be eaten_Can it be eaten

Long Zaoju, this is a folk name for aloe. In the northeast, aloe is a comparative medicine. Sometimes a cut comes from abrasions on the skin, so you can apply some aloe.Will absorb the effect of aloe.

In fact, aloe is still a kind of edible food, and its health effect is still very high.

So, can aloe vera be eaten?

The role of aloe 1.

Antibacterial, antibacterial peptide effect The antibacterial effect is derived from the cytokine function of Aloin, which has relatively aggressive biochemical properties, so that aloe can directly kill bacteria.


Promoting rehabilitation There are reports in the literature that aloe vera can promote the rehabilitation of infected animals and humans.

These documents mention feline leukemia virus and AIDS, and the role of aloe in the recovery of infected cats is amazing.

Other papers have reported that titanium analogs in aloe can stimulate cells to produce antiviral interferon.


The role of immune stimulants is the basic effect of aloe on the human body.

The improvement of aloe’s immunity on the body helps the aloe to have a significant effect in the treatment of some diseases caused by the decline of immunity.


Anti-inflammatory effect Anti-inflammatory is an important effect of aloe gel.

Aloe gel has analgesic and anti-inflammatory effects, whether it is burns, physical injuries, corrosive chemical injuries, or inflammation caused by ultraviolet radiation or heat radiation.

Experiments show that the anti-inflammatory drugs with aloe gel gel have the same efficacy as the anti-inflammatory drugs synthesized by modern chemistry, but the aloe gel does not contain harmful ingredients and is no substitute for the human body.


Wound healing effect Another important role of aloe gel is to promote wound healing.

Aloe vera has significant effects in promoting the healing of wounds and ulcers.

Injury to any part of the body surface or tissue, wound healing is the main problem, aloe gel can participate in this healing process.


Enhance phage, detoxification and cleansing function Another important role of aloe is the significant “phage” effect.

The body’s immune system uses phages to remove bacteria, infections, and debris from cell death.

Alkaline, immune stimulant has phage effect, and detoxification and cleansing functions in the body also have phage effect.

For the body, bacteria and bacterial debris are poisons that must be removed from the body.

Bacteria infected and dead cells in the body are also harmful to the body. These dead cells and the toxins in the body are cleared by phage.

Therefore, enhancing the phage effect is to enhance the detoxification and cleaning functions in the body.

If a person develops a chronic disease due to the accumulation of toxins in cells or tissues in the body, and insists on natural remedies, then taking a drug replaced by aloe vera can significantly enhance the body’s detoxification and cleaning functions.

According to reports, aloe vera has a therapeutic effect on more than a hundred chronic diseases.

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.

Sany Heavy Industry (600031) Quarterly Report Review: Performance Meets Expectations Continuous Improvement in Operating Quality

Sany Heavy Industry (600031) Quarterly Report Review: Performance Meets Expectations Continuous Improvement in Operating Quality

The performance was in line with expectations, and the quality of operations continued to improve. The company released the third quarter report for 2019. From January to September, it achieved operating income of 58.7 billion / + 43%, which was attributed to net profit of 91.

6 ppm / + 88%, after deducting 92.

5 ppm / + 77%, performance is in line with expectations.

Q3 revenue increased by 18%, and excavators and concrete machinery achieved rapid growth.

The company’s competitiveness has continued to improve, the profitability has further room for improvement, and the quality of operations has improved.

Expected EPS for 2019-21 is 1.



78 yuan, PE is 10.



8 times.

To benchmark global leaders, we are optimistic about the company’s long-term development potential.

Give 20x PE evaluation 10x?
11x, corresponding to a target price of 15.



99 yuan, maintain “Buy” rating.

In Q3, revenue increased by 18%, and the sales volume of the construction machinery industry, which realized rapid growth of excavators and concrete machinery, increased rapidly, and the company’s competitiveness continued to increase, thereby increasing the product city share.

Q3 single-quarter revenue was US $ 15.3 billion / + 18%, which was narrower than the increase in Q2 revenue growth in the previous quarter. We judge that the three major breakthrough products performed differently: 1) Excavators maintained growth rates higher than the industry level, 1-9The monthly sales volume of the excavator industry increased by 15%, of which Q3 single-quarter sales increased by 16% quarterly; 2) Concrete machinery ranked first in the world, benefiting from real estate investment exceeding expectations, rapid project construction, and rapid growth of concrete machinery; 3) The Q3 crane industry’s single quarter sales volume has dropped by 4% each year, and the company’s market share is high, or it will be affected to some extent.

The profitability was quickly repaired, the cost was well controlled, and the R & D investment increased by 32% from January to September.

5% / + 1.

4 pct, Q3 single quarter gross margin was 33.

0% / + 2.

9 pct, we judge that the gross profit margin of the excavator is relatively stable, the hoisting machinery has improved slightly, and the concrete machinery has room to improve.

The net interest rate from January to September was 16.

0% / + 3.

7 pct, Q3 single quarter net profit was 16.

1% / + 4.

2 pct, benefited from: 1) the company vigorously promoted digitalization and intelligent manufacturing, operating quality, operating efficiency, and per capita output value continued to increase; 2) costs were effectively controlled, and costs were reduced by 9 during the period from January to September

1%, sales / management / financial expense ratios are reduced by 1 each year.



5 pct.

The company continued to increase R & D investment in construction machinery and key components, and the Q3 R & D expense ratio reached 5 in a single quarter.

5% / + 2.

5 pct.
The operating quality continued to improve, the financial structure was stable, the operating cash flow was stable, and the operating efficiency was improved. The changes in the accounts receivable and inventory turnover ratio from January to September significantly increased.
The overdue amount dropped significantly, and the overdue rate of new sales was well controlled.

The financial structure is 西安耍耍网 stable, with assets and liabilities replenishing 50 at the end of September.
76%, compared with the previous quarter and supplement 4 respectively.

3 pct with 2.

6 pct.

Net cash flow from operating activities from January to September94.

45 ppm / + 8%, the highest level in history.

We raise our profit forecast and maintain a “Buy” rating. We expect the construction machinery industry to develop steadily in 20 years, the company’s competitiveness will continue to increase, and its profitability will be higher than expected.

It is estimated that the net profit attributable to mothers will be 110/130/150 trillion and the EPS will be 1 in 2019-21.



78 yuan (up 6).

5% / 3.

4% / 2.

3%), PE is 10.



8 times.

Domestic companies in the same industry have an average PE value of 9 in 20 years.

1x, overseas leader CAT and Komatsu’s 20-year PE average 11.


To benchmark global leaders, we are optimistic about the company’s long-term development potential.
Give the company an estimated 10x PE in 2020?
11x, corresponding to a target price of 15.


99 yuan, maintain “Buy” rating.

Risk reminders: The domestic economy is down faster than expected; the growth rate of infrastructure investment has not risen as expected; real estate investment has continued to narrow; the industry’s competitive environment has deteriorated; new product markets have not expanded smoothly;

Common People (603883): Store Expansion Smoothly Promotes Steady Performance Growth

Common People (603883): Store Expansion Smoothly Promotes Steady Performance Growth
Event: On October 30, the company released the third quarter report of 2019: 83 in the first three quarters of 19 years.70 billion, an annual increase of 23.59%; net profit attributable to mother 3.9.4 billion, an annual increase of 21.44%; deduct non-net profit 3.7.3 billion, an increase of 20 in ten years.62%; net operating cash flow 7.07 billion, an increase of 20 in ten years.42%.EPS1.38 yuan / share.Company performance is in line with our previous expectations.  Comments: 1. The income growth rate has temporarily increased, and the profit growth rate has been steadily. In terms of quarters, the company’s income and profit maintained rapid growth.27 billion (+23.34%), 28.0.6 billion (+26.06%), 28.36 billion (+21.46%); net profit attributable to mother 1.60 billion (+22.15%), 1.1.1 billion (+22.02%), 1.2.4 billion (+20.12%); deduct non-net profit 1.4.6 billion (+15.98%), 1.10 billion (+25.17%), 1.1.7 billion (+22.50%).  The Q3 revenue growth indicator was slightly supplemented in the first half of the year, and is expected to be related to the improvement in the rate of self-construction and mergers and acquisitions in the third quarter under the environment where the policy of licensed pharmacists is becoming severe.  The company’s net cash flow from operating activities was 7.07 billion, an increase of 20 in ten years.42%, mainly due to revenue growth and inventory optimization.The inventory turnover days in the first three quarters of 19 were 87.7 days, an improvement from the 90 days of the same period last year.  In terms of gross profit margin, the gross profit margin for the first three quarters of 19 was 33.89%, compared to 35 in the same period before 18.56% fell slightly; in terms of net interest rate, the net interest rate in the first three quarters was 4.71%, compared with the same period in the previous 18 years4.79% down 0.08%.The decline in gross profit margin is expected to be related to the increase in the distribution business and the proportion of prescription drugs. In the future, the size of stores in each region will gradually expand, management costs will increase, and the brand and scale effect will be synchronized to ferment, and the company’s profitability will be promoted.  2. Self-built + mergers and acquisitions have steadily advanced, with strong integration capabilities. In the first three quarters, the company’s number of stores reached 4,808, with a net increase of 467 in the first three quarters (177 in the first quarter + 207 in the second quarter + 83 in the third quarter).In the first three quarters, there were 536 new direct-operating and M & A stores (389 direct-operated stores + 147 acquisitions), and a net increase of 467 (69 closed stores). Quarterly, Q1, Q2, and Q3 opened new stores 109 and 183 respectively., 97, acquired 91, 45, 11 and closed 23, 21, 25 stores, self-built stores accounted for 72 new stores in the first three quarters.57% (389 new direct sales / 536 new totals) (excluding franchise).Through rigorous selection of targets for mergers and acquisitions and all-round empowerment, the company has acquired more than 1,500 stores and gradually reached or even exceeded expected results. The company’s market share in the 11 key provinces of key development 杭州夜网 has steadily increased.  3.Full employee incentives In April 2019, the company awarded 161 incentive objects (7 executives + 200 core personnel).110,000 shares, accounting for 0 of the total share capital.57%, grant price 30.12 yuan / share; In September, a further 12 were awarded to 40 incentive targets (1 executive + 39 core personnel).930,000 shares at a grant price of 37.88 yuan / share, employees are fully motivated.The evaluation goals of equity incentives are: based on the net profit attributable to mothers in 2018, the growth rate in 19-21 is not less than 20%, 45%, 70%; the annualized growth rate is not less than 20%, 20 respectively.83%, 17.twenty four%.Incentive expenses amortization: RMB 19,608 / 1388 / 5.55 million in 19-21, with little impact on profits.  Profit forecast: Net profit is expected to be 5 in 201无锡桑拿网9-2021.29, 6.6, 8.3.3 billion, corresponding to PE is 37, 29, 23 times.Covered for the first time and given a “Buy” rating.  Risk warning: Store performance after mergers and acquisitions is less than expected.