Category: toxderoe

Economic expected to start stable, market expects marginal improvement
The economic operation is still facing challenges. At present, the world economy is significantly slowing down, the domestic automobile market is continuing to decline, the real estate market is facing adjustment risks, liquidity has not yet effectively entered the real economy, and other issues are prominent. The real economy has reduced difficulties and consumption growth has slowedThe growth of effective investment is weak, and the downward pressure on the economies of developing countries is still feasible.　　First, the automotive industry has entered a critical stage of development.　　The current automobile production and sales have continued to decline since the second half of 2018, especially since September, there have been two large declines. The growth rate of automobile production and sales has fallen by 14 in the first two months of this year.1% and 14.9%.At present, the automotive industry in developing countries is entering the development stage, which is disturbed by short-term factors, and also by long-term factors such as insufficient technological innovation.Looking at short-term factors, the first is that over-stimulation of market demand has caused overdraft of market demand.Introduced in 2015 1.The preferential policies for the purchase tax of passenger cars for 6 years and above were fully withdrawn in 2018. In 2016 and 2017, concentrated consumption occurred, causing market demand to be overdrawn in advance.Second, the slowdown of the macro economy will not affect the reduction in demand for heavy trucks and commercial vehicles such as large and medium-sized passenger cars, and it will also affect residents’ expectations for car purchases.Third, some dealers cleared their inventory before the Spring Festival and adjusted the pace of entering the car.　　Looking at the medium and long-term factors, the first is that the income of residents is relatively slow, the lack of wealth effects in the stock market, the rapid increase in the leverage of the housing loan and the household sector, and the expansion of consumption effects such as car purchase.Second, the weak technological innovation capability has led to increased competition in the low-end and mid-end brands market, rising raw material prices, falling revenues for vehicle manufacturers, and lack of new growth points for new energy commercial vehicle products.Third, due to problems such as traffic congestion, energy saving and emission reduction, some cities have implemented restrictions on purchases, restrictions on vehicles, and the initiation of car upgrades to some extent, which has restrained some car purchases.In short, as an important consumer leader, the automotive industry chain is very long, and the downturn in the automotive market has impacted upstream and downstream related industries.　　Second, the real estate market is facing adjustment pressure.　　The real estate market has experienced a significant cooling trend recently.From January to February, the income of commercial housing increased by 2.8%, sales area decreased by 3.6%, at least 12 respectively.5 and 7.7 averages.After the market has cooled down, there is a potential for adjustments in real estate development investment: First, the investment in Jian’an projects has continued to decline.Investment in construction and installation projects is the absolute main body of investment in real estate development. Recently, the investment in construction and construction projects has increased significantly, and has continued to decline for 10 consecutive months since March 2018.Second, there is a clear “false fire” in real estate investment.The current high growth in real estate investment is the result of rising land purchase costs.Investment in real estate development increased in 20189.5%, of which land purchase fees increased by 57%, accounting for up to 30%.3%, real estate investment excluding land purchase fees fell 3.2%.Third, the completion rate of commercial buildings continued to decline.Initially, the completion rate (completion area / construction area) of commercial buildings is continuously changing, and the completion rate in 2018 is only 11.4%, down by 1 from the previous year.The six averages are less than half of 2008, which means that the construction period of real estate projects is lengthening.Fourth, the financing channels for real estate companies have tightened their investment and construction progress.Fifth, the market cooling has led to a decline in corporate investment expectations.With the diminishing marginal effect of the “destocking” policy, enterprises have begun to actively establish the pace of construction.Therefore, from the perspective of Jian’an Investment, land purchase fees, funding sources, sales, and corporate investment expectations, real estate investment in the future will bear the pressure of relay downlinks and be affected by related industries.　　Third, the liquidity easing effect has not been effectively replaced.　　Since 2018, the prudent monetary policy has continued to adjust, with several times the RRR cut. In cooperation with the CBRC, banks have been promoted to strengthen financial services to alleviate the difficulty of financing for private enterprises and small and medium-sized enterprises.From January to February this year, RMB loans increased by 4.11 trillion yuan, an increase of 374.8 billion yuan a year; the increase in the scale of social financing has reached 5.31 trillion yuan, an increase of more than one year.05 trillion.　　Although the deterioration of social liquidity tends to be loose, there are still hidden concerns in the structure, which are mainly manifested as follows: First, non-financial corporate loans are extended by bill financing and short-term loan write-offs, and corporate mid- and long-term loans cannot be resolved.Among non-financial corporate and government group loans, short-term loans increased by US $ 224.1 billion per year, and bill financing increased by US $ 728.3 billion over the years, but medium- and long-term loans increased by 75.8 billion yuan.The sluggish mid- and long-term loan growth of enterprises is not conducive to “stabilizing investment.”Second, the bill business has significantly strengthened its support for social financing scale.Bank acceptance bills include discounted bank acceptance bills and undiscounted bank acceptance bills.Among them, bank acceptance bills become on-balance sheet loans after discounting, that is, bill financing; undiscounted bank acceptance bills are banks’ off-balance sheet financing.The budget bill business financing increase exceeds 6423 trillion, accounting for 61% of the increase in social financing scale.2%.Third, under the circumstances of falling interest rates on the bill market and loose loan quotas, there has been a certain amount of arbitrage in the growth of the bill business. The “idling” of funds is not conducive to improving the efficiency and level of financial support to the real economy.Therefore, due to the weak legal mechanism, multiple loose liquidities have not yet effectively supported the development of the real economy.　　Fourth, the downward pressure on the world economy has continued to increase.　　Since the second half of 2018, the world economy has seen European and American stock markets plunge, oil prices have fallen, bond yields have fallen, and the prosperity index has fallen, and other variable risk signals have increased the pressure on the global economic deceleration.From the perspective of the economic cycle, the world economy has reached the top of the current growth cycle in 2018 and entered a downward phase.In the first quarter of this year, the global real economy may accelerate its decline and subsidence.　　Looking at the leading indicators, the JP Morgan Chase Global Manufacturing PMI was 50 in February.6, down from the same period last year 3.Five points, a new low since June 2016; January’s OECD comprehensive leading indicator has fallen back to 99.2, hit a new low since October 2009.From the perspective of major economies, the economic growth momentum of the United States has weakened, the effect of tax reduction policies has diminished, and the government shutdown has affected residents ‘consumption.Downturn, again facing deflation risks.　　In terms of institutional expectations, major international institutions have recently lowered their expectations for world economic growth.The International Monetary Fund (IMF) lowered its forecast for global economic growth in 2019 in the January World Economic Outlook revised report.2 good to 3.5%.The OECD expects the global economy to grow separately this year and next.3% and 3.4%, 0 lower than the forecast of November last year.2 and 0.1 average.The World Bank (WB) predicts that the global economy will change to 2 this year and next.9% and 2.8%, down by 0 from the June 2018 forecast.1 average.The global economic growth has typical policy shock characteristics. The tightening of US monetary policy and the intensification of trade frictions are the main incentives. Global debt remains high, Brexit, and geopolitical risks are rising. Factors such as increasing global economic growth are increasing the global economy.　　The marginal situation of growth expectations is improving. The leading index indicates that the economic growth expectations for the second half of the year are gradually stabilizing, the scale of tax cuts and fees surpassing expectations, financial support for the real economy has been strengthened, the capital market has rebounded significantly, and foreign trade uncertainties have released positive signals. Overall market expectationsThere has been improvement and improvement, and the positive factors for stable economic development have accumulated.　　First, the prosperity index shows that the annual economic growth in the second half of the year has stabilized.　　The National Information Center (SIC) macroeconomic prosperity model analysis system shows that the consistent composite index continues to fall, indicating that the short-term internal macroeconomic continues to overcome downward pressure; the leading composite index has stopped falling and rebounded, indicating that the economy is expected to gradually stabilize in the future.Since 2015, the system’s leading composite index has been leading the consensus composite index for about 7 months on average.The latest forecast of the leading composite index appeared in July 2017, reaching 103.67 points, and then continued to lower, and rebounded for 4 consecutive months after bottoming in October 2018, until it rose to 101 in February 2019.01 o’clock.The leading composite index stopped falling and rebounded, which indicates that the consensus composite index is expected to stabilize and recover after 7 months, indicating that the long-term economic operation in the second half of the year will gradually stabilize.　　The second is that the tax cuts exceeded expectations and stimulated the vitality of market players.　　This year’s active fiscal policy focuses on tax and fee reductions. Exceeding expected tax cuts will help boost market confidence and stimulate endogenous momentum in the real economy.This round of tax reduction was more than expected, without the need to expand the issuance of additional national debt, or to reduce government spending, increase the profits paid by state-owned enterprises to spend vacancies in spending also exceeded market expectations.The expected average budget growth rate is 39% of the expected domestic tax revenue in 四川耍耍网 2018.3%, reducing the budget tax rate has a significant economic stimulus effect on developing countries, and lowering will reduce the domestic use cost of manufactured products (product addition + conversion rate), and achieve demand expansion; and must also ease the operation of manufacturers to a certain extentPressure to increase marginal profit levels.According to the calculation of the State Information Center Dynamic General Equilibrium Model (SICGE), the existing tax rate of 16% in the manufacturing and other industries will be changed to 13%, and the current 10% tax rate in the transportation and construction industries will be restored to 9%.Drive GDP growth within one year.15 averages, employment increased by 0 correspondingly.2 averages.　　Third, the rebound in the stock market has boosted confidence in economic development.　　Since the beginning of this year, the stock market has picked up significantly each year.At present, the main conditions for the stock market to pick up are: First, from a fundamental perspective, the current stock index does not reflect the level of China’s economic development.Since the international financial crisis, the Chinese economy has contributed about 30% of the global economic increase, but China’s stock indexes have only about half of their historical highs, while European and American and even some Asian countries’ stock indexes have continuously hit record highs. The United States, Germany, India, and South Korea’s stock indexesIncreased by 90%, 52%, 84% and 25% from the historical highs before the financial crisis.　　Secondly, from the perspective of funds, funds such as pensions, insurance funds, and some foreign exchange have entered the market. Especially since last year, the RRR cut has released a large amount of liquidity. Funds will mainly enter the property market in the past. Today, the most severe policy in history has not been loosened.Under the circumstances, it will mainly enter the stock market.　　Third, from a policy perspective, monetary policy has shifted from “stable and neutral” to “moderately tight”. Increasing the proportion of direct financing requires activating the capital market, especially promoting structural reform of the financial supply side, and formulating institutional dividends by accelerating the reform of the capital market system.　　Fourth, from the external environment, external uncertainty is expected to decrease.The current gradual warming of the stock market is expected to boost confidence in economic development; the corporate financing environment has improved significantly, reducing excessive reliance on bank credit, and avoiding breakthroughs such as the crisis of equity pledges; establishing a science and technology board and pilot registration system;It can solve the financing problems of technological innovation enterprises, accelerate the pace of technological innovation, and will cultivate outstanding entrepreneurs and middle class; enhance consumer confidence, effectively release the potential of domestic demand, and promote the formation of a strong domestic market.(Director: Zhang Yuxian, Deputy Director: Wang Yuanhong, Niu Li, Written by: Zhang Yuxian, Niu Li, Yan Min) The economic growth in the first quarter was mild and started at the beginning, the pressure on the production side is still increasing, and the new kinetic energy is growing faster; the demand side has been differentiated, and investment has stabilized and rebounded.Consumption demand is not strong, and external demand has declined. The economy in the first quarter will be moderate and gradual.　　First, industrial production slowed down and the service industry ran smoothly.　　Improved industrial production growth advantage.From January to February, the added value of industrial enterprises above designated size increased by 5.3%, an increase of 10 years average 1.Nine digits, down from 0 in December 2018.4 averages.There is contradictory downward pressure on industrial production, and it is expected to increase by 5 in the first quarter.About 6%.The main factors leading to the slowdown of industrial production are as follows: First, severe distortions in automobile production and sales dragged down industrial production, and automobile production and sales dropped by 14 from January to February.1% and 14.9%, the value added of the automobile manufacturing industry fell by 5.3%.Second, the sluggish external demand restrained the production of export-oriented industries, and the export delivery value of industrial enterprises increased from January to February.2%, ten-year average.3 averages.Thirdly, the production of high-tech manufacturing in January-February only increased by 6.4%, ten-year average.Five single ones, among which, the output of integrated circuits and smart phones fell by 15 respectively.9% and 12.4%; the export volume of integrated circuits and automatic data processing equipment decreased by 8 respectively.5% and 10.7%.However, we must also see that large-scale tax and fee reductions, vigorously improving the business environment and the rapid growth of new kinetic energy have strongly supported industrial production.Growth of strategic emerging industries from January to February10.1%, 3D printing equipment, graphene, new energy vehicles and other products output growth between 50% -200%.　　The service industry maintained stable operation.From January to February, the national service industry production index increased by 7.3%, continuing a good development trend, the service industry is expected to grow 7 in the first quarter.About 2%.First, the modern service industry has developed rapidly, and the information transmission, software and information technology service industry indexes, and leasing and business service industry indexes have increased by 26 respectively.5% and 7.9%.Second, the stock index has risen sharply, the transaction volume has increased significantly, and the securities, bond and currency markets are active. The financial industry is expected to become an important driving force for the growth of the service industry.The third is the rapid transformation and upgrading of the traditional service industry. The market for services such as health and old-age care, medical care, tourism and leisure has maintained a strong momentum.Fourth, the opening up of the service industry has been further expanded. The “Foreign Investment Law” has strengthened investor confidence and the attractiveness of the Chinese market to foreign countries, and a new round of rapid development has been ushered in the financial and other service sectors.However, the sales of commercial housing have cooled down, real estate industry production may be involved, and the slowdown of industrial production will also affect the productive service industry.　　Second, investment demand is expected to improve, and consumer demand for foreign trade weakens.　　Investment stabilized and rebounded.From January to February, the national investment in fixed assets increased by 6.1%, an increase of 0 faster than expected last year.For two years, investment is expected to increase by 6 in the first quarter.About 3%.First, the number of proposed projects is growing even better.According to the data of the national investment project online approval supervision platform, the number of projects planned for construction nationwide increased by 15 in 2018.5%, the proposed project will be converted into an actual investment project in a few months, providing an alternative project reserve for the stable operation of the investment; the second is the gradual advancement of infrastructure investment.Local government special bonds were issued in advance, the capital ratio of infrastructure projects was reduced, the investment in the central budget was allocated early, and policies such as strengthening financial support for infrastructure projects that were in line with the planned shortfalls were supported to support a marked rebound in infrastructure investment.The third is to improve the business environment. In particular, small and micro-enterprise loans of large state-owned commercial banks should increase by more than 30%. The recovery of the securities and bond markets will increase the proportion of direct financing, and companies will increase technological transformation and substitution to promote stable investment in manufacturing.However, it is conducive to expanding and affecting the investment capacity and investment expectations of enterprises.With the fall in industrial product prices, the profit growth rate of industrial enterprises has been traced from 21% in 2017 to 10 in 2018.3%, especially -1 in November and December 2018.8% and -1.9% drop.　　Consumption growth forecast.From January to February, the total retail sales of consumer goods increased by 8.2%, an increase of ten years average 1.Five fines, excluding price factors, actually increased 7.1%, zero for one year.8 averages.Automotive, real estate, online consumption and other major areas have cooled down. It is expected that the retail sales of consumer goods will increase in the first quarter.About 3%.First, the automotive market has clearly cooled down.January-February auto retail sales fell by 2.8%, ten-year average.Five single, drag-and-drop growth of total retail sales of consumer goods1.25 averages.Affected by this, the retail sales of petroleum and products increased by only 2.5%, six years ago.6 averages.Second, competition in the real estate market affects consumption of related products.From January to February, the retail sales of home appliances and furniture increased by 3.3% and 0.7%, at least 5 respectively.9 and 7.8 averages.Third, after years of rapid growth, the growth rate of online shopping slowed down, and the online retail sales of physical goods increased by 19 from January to February.5%, sixteen per year.1 average.However, the unemployment rate in developing countries is stable, and residents’ incomes have continued to increase. Expansion of consumption policies has helped boost consumption growth. At the same time, service consumption growth in line with the direction of resident consumption upgrade has been growing well.　　Foreign demand has weakened significantly.From January to February, exports in dollar terms fell by 4.6%, imports fell by 3.1%, at least 28 respectively.3 and 25.3 averages.The impact of the decline in external demand and trade uncertainties is evident. Exports denominated in US dollars and imports are expected to increase by 0 in the first quarter.2% and 0.About 5%.First, external demand has weakened significantly since the beginning.The Baltic Dry Bulk Index abruptly changed from 1270 points at the end of last year to more than 600 points in March this year, reflecting the changing trend of global economic activity and the continuing deterioration of the trading environment.The second is the influence of trade uncertainties.From January to February, China’s exports to the United States fell by 14.1%, imports from the United States fell by 35.1%, drag and drop to the overall export and import growth of 7.6 and 3.9 averages.The third is the re-signing of the North American Free Trade Agreement, and the relevant regulations form barriers to trade, investment, and technology exchanges with North American countries.The fourth is the entry into force of the Comprehensive and Progressive Trans-Pacific Partnership Agreement, which aims to eliminate more than 95% of product tariffs, which will impact some overseas markets in Pacific Rim countries.However, uncertainties in foreign trade are gradually improving, and foreign trade companies are expected to improve. The devaluation of the RMB exchange rate after the last 4 months will help improve export competitiveness. Therefore, the import and export growth rate of countries along the “Belt and Road” is higher than the overallspeed.　　The third is the increase in consumer prices, and the prices of industrial producers have continued to weaken.　　The rise in consumer prices.From January to February, the CPI rose by 1.6%, an increase of 0 in two years.For six years, the CPI is expected to increase by one in the first quarter.About 7%.First, monetary policy remained tight and moderate, the deposit reserve ratio was reduced many times, currency liquidity tended to be loose, and the monetary and financial environment was conducive to the continued growth of consumer prices.Second, due to the Spring Festival, the prices of services such as travel and accommodation are relatively high.Third, the international oil price has continued to rise since the beginning of the year. The domestic price of gasoline and diesel has been raised four times, and energy prices have increased slightly.Fourth, the overall increase in food prices is not large, especially due to the impact of the African swine fever epidemic, pork demand has decreased significantly, and pork prices have fallen.Fifth, the tail-lifting factor was slightly reduced, and the CPI tail-lifting factor was zero in the first quarter.8. It goes down by 0 every year.3 averages.　　Industrial producer prices have continued to weaken.From January to February, PPI rose by 0.1%, a seasonal decline of 3%.Nine budgets, PPI is expected to rise slightly to zero in the first quarter.About 2%.The initial trend of lower industrial product prices: First, the marginal effect of price increases caused by supply-side structural reforms has diminished, leading to increased downward pressure on the economy, and the relationship between supply and demand for industrial products has become loose.Second, the prices of energy and raw materials have shown a downward trend. The prices of petroleum mining, coal processing, ferrous metals, non-ferrous metals, and chemical raw materials have shown a downward trend.Third, the PPI tailspan factor was zero in the first quarter.8, a decrease of 2 over the same period last year.The seven integrations have become an important factor in the fall in industrial product prices.　　Since the beginning of this year, various policies have gradually come into effect, especially through counter-cyclical adjustments such as initial RRR cuts, tax cuts, and accelerated issuance of special bonds to gradually achieve a stable and open macroeconomic economy. GDP growth is expected in the first quarter.About 3%.Exceeded expectations for tax cuts and a marked recovery in the stock market, so future growth margins are expected to improve.But at the same time, the economic operation is still facing the deceleration of the world economy, the domestic automobile market has fallen sharply, the real estate market is subject to adjustment risks, and social liquidity easing effects have not been effectively replaced.　　National Information Center Economic Forecasting Department

Jiangxi Copper (600362): Internal attributive profit meets expected impairment and drags down Q4 deduction for non-attribution performance

Investment Highlights The company released its 2018 annual report: In 2018, the company achieved revenue of 2152.

9 billion yuan, an increase of 4 a year.

99%, net profit attributable to mother 24.

48 ppm, an increase of 52 in ten years.

43%, net of non-attributed net profit13.

63 ppm, with a ten-year average of 42.

91%.

Among them, Q4 revenue was 533.

65 ppm, a six-year increase of 6.

02%, ring-on-epoxy 9.

29%, net profit attributable to mother 4.

30,000 yuan, an increase of 1551 in ten years.

93% compared with 47 epoxy.

55%, deducting non-attributed net profit -1.

29 trillion, 10% lower than Q3.

500 million US dollars, turning losses into losses; at the same time, Q4 operating cash flow also increased by 149.

15% to 81.

8.2 billion.

The significant increase in Q4 return to net profit margins mainly due to a significant increase in asset and credit impairment losses, but the amount of impairment in 2018 also improved marginally compared to 2017.

The average quarterly Q4 price of copper in the previous issue increased slightly by 0 from the previous month.

8深圳桑拿网2% to 4.

94 million / ton, reflected in the gross profit margin, Q4 single quarter gross profit margin from 3 in Q3.

5% increased to 4.

3%, which also helped the previous gross profit margin from termination to 3 in Q3.
.

41% rose to 3.

63%, also reflects that the price is not the reason for the increase in revenue, Q4 revenue is ranked 9th.

29% to 533.

650,000 yuan, is expected to be mainly due to an increase in sales.

As a result, the estimated sales reflected in the income statement will affect sales and management expenses, respectively, and will replace 33.

3% and 40% will help to break down the three expenses of Q427.

9% to 6.

02 ppm; but the growth rate is that Q4 financial expenses increased by 0.

2.2 billion, mainly due to an increase in interest expenses by 6 from the previous quarter.

$ 8.5 杭州桑拿网 billion, although interest income also rose by 2 from the previous quarter.

2 trillion, but the increase is far less than the single-digit fee.

More importantly, we believe that the main reason for the significant increase in Q4 net profit attributable to mothers was that asset and credit impairment losses in the fourth quarter were as high as 10.

800 million, a significant quarter-on-quarter profit reduction of about 11.
2 ppm; of which Q4 asset impairment loss is 3.
49 trillion, a chain reduction of 4.

95 ppm with a credit impairment loss of 7.

2.8 billion, 6% lower than the previous month.

2.8 billion; and reached the expected target, a total of 18 assets and credit impairment losses were accrued in 2018.

51 ppm, which has an impact on the previous return to net profit of 17%.

09 million, most of the impairment is reflected in the breakdown of net profit attributable to mothers, and very few are returned through minority shareholders.

But it is also good to know that the total size of asset impairment in 2018 was divided by four.

86 ppm to 18.

51 ppm, mainly due to an impairment of only 13.
.

69 ppm, up from 21 in 2017.

5.9 billion, substantive target 7.

9 trillion, although there are new additions in 20183.

The impairment loss of US $ 0.4 billion in exploration costs, from a marginal point of view, the impact of asset impairment losses has been relatively small.

It is particularly important to note that the relative decline in Q4 return to net profit is much smaller than that of deduction to return, which is mainly due to the obvious increase in profit and loss from changes in fair value in the investment income account.

The net profit attributable to Q4 is only 47% from the previous month.

55%, a reduction of 3.

65 ppm, which is far lower than the net profit of non-returned mothers.

200 million decline.

We believe that the main reason is that the gains and losses from the fair value changes in the Q4 investment income account reached 7.

8.2 billion, an increase of 11.

Directly related to $ 1.6 billion; and Q4 also reached 2 in the net gains on changes in fair value.

5.6 billion, an increase of 1 from Q3.

9.5 billion, and some or some of this subject are also shown as non-recurring items.

In 2018, the company further improved the domestic industrial layout: the establishment of Jiangtong East China acquired a copper rod production line with a capacity of 15 mergers / year; and, acquired 65% of the equity of Yantai Guoxing Copper to build a copper production base of 18 acquisitions / year;What is more noteworthy is that it also acquired the listed company Hengbang shares29.

99% equity, and acquired the M & A agreement in March 2019. If the acquisition is completed, the company will become the controlling shareholder of Hengbang. Hengbang currently has 7 smelting production lines with an annual output of 50 tons of gold and 700 tons of silverWith a proven gold reserve of 112 tons, the company’s move will further improve the company’s diversified industrial chain layout.

In 2019, the company plans to produce 144 halogen copper, 25 tons of gold, 313 tons of silver, 362 sulfuric acid, and 20 copper concentrates.

58 spindles, 125 copper rods and other copper processed products.

8 samples, the overall product output indicators remained relatively stable.

Earnings forecast and rating: Based on crop stability and copper price expectations, a reduction of net profit attributable to mothers will be realized in 2019-202128.

75, 33.

93, 36.

370,000 yuan, corresponding to EPS 0.

83, 0.

98, 1.

05 yuan, corresponding to PE on March 27, 2019 is 18X, 16X, 15X, maintaining the level of “prudent increase”.

Risk Warning: Economic recovery is slower than expected, trade war risks, etc.

White Collar Students Studying abroad: To “medicine” the “disease”

The current study abroad market, like the weather, is described in one word, that is, “fire”.
Moreover, after years of continuous adjustment, the study abroad market has gone out of the blind mistakes of the beginning, and improving education and increasing knowledge are gradually becoming the mainstream direction of the study abroad market.
In this new trend, more and more “white-collar workers” appear in the army of students studying abroad.
Unlike students who have not yet achieved success in their careers, “white-collar workers” rarely go abroad to study abroad. Studying abroad is a high-level “charging” in their careers, in order to improve their ability to participate in future job market competitions,For great career prospects.
“White-collar workers” have a high starting point for studying abroad, but the cost of studying abroad is also relatively high. They need to give up the good career foundation and living conditions at the moment. If they choose improperly, they may become “kelp.”
So, how should “white-collar workers” choose their own “road to study abroad”?
In response, Mr. Qian Yongqiang, an MBA graduated from Yale University in the United States, with his unique professional vision and combined with his own experience, has prescribed a “medicine” for studying in three types of “white-collar workers”.
　　● “Big Bull” white-collar workers This type of white-collar career is stable and has a bright future. Students studying abroad often want to “go to the next level” and aim to accumulate “capital” for senior management.
For such “white-collar workers”, study abroad should be cautious, because giving up or interrupting the current career will make the “opportunity cost” of studying abroad high.
This part of the people can’t have the “herd mentality” to study abroad. They only stare at those hot majors, but should be lacking, and try to choose some short-term study courses.
Otherwise, after returning from school, the time will change and you miss the “golden period” of career development. It is very likely that you “lost your wife and lost your army.”
In addition, for this part of the “white-collar workers”, age is also an important consideration.
Most of the successful working people are almost middle-aged, and it is undoubtedly a huge challenge to adapt to a new environment abroad.
　　● “Potential stocks” white-collar workers 虽 Although such white-collar workers have not made a big name in their careers, they have great prospects.
Such “white-collar workers” have greater flexibility and choice in studying abroad, and can make plans for studying abroad based on their age, economic strength, foreign language level, hobbies, etc.
In addition, such people who study abroad can “go ahead, go back, and stay back”. They can focus on the future and greatly improve their professional ability through studying abroad. Even if their choices are wrong, there is room for manoeuvre without loss.
　　However, it should be noted that “local experience” is also an indispensable important factor for career development. Especially for those who want to compete in multinational enterprises, “local experience” is just as important as “advanced technology”.
Therefore, it is the best choice for such “white-collar workers” to work solidly for a while, accumulate “local experience”, and then study abroad.
　　● “Xiao Xiong” white-collar workers Such white-collar workers are often not very satisfied with their careers and are not optimistic about the prospects. Most of them study abroad to “change the environment”, and some people even hold a “gamble” mentality.
Such white-collar workers who study abroad often have high expectations and the highest risks.
Studying abroad cannot be taken lightly. If you lack confidence in the future because of unsatisfactory occupations and unsatisfactory environments, you can also change the environment and re-select occupations in China. It is easier to operate and the cost is relatively low.
Studying abroad is not a “magic bullet” that changes people’s destiny. It contains too many unknown factors.
　　Even the best universities abroad, including Harvard and Yale in the United States, are just a “channel” to your success. To open the door to success, you need to make your own efforts.
For this group of white-collar workers, they must have a clear “career goal” and a thorough plan before studying abroad, and they must work hard, so that they can make targeted trips to study abroad and truly change their destiny.
And if the decision to study abroad is made lightly just because of a momentary thought, it will most likely end up being a “bamboo basket draught”.

Yoga is the source of my happiness!

“are you happy?

I am very happy . “This is my favorite lyrics, because it fully shows my current mood, yoga has changed me tremendously from the inside to the outside.

I love life, I love yoga more.

　　My first relationship with yoga was in the previous year. At first, I only studied yoga. However, because of work, I practiced intermittently until I came into contact with yoga this year. That quietly deeply infected me, and the tweezers were firm.My determination to continue practicing.

I like yoga and want to learn more about it, so I did not hesitate to sign up for a yoga studio and become a professional yoga practitioner.

　　In this short and fulfilling half month, through the careful and selfless teaching of the teacher, I have truly stepped into the temple of Yoga. The changes in myself have been very obvious, from the body to the spirit, from life to the state of mind.Not only improved, but also corrected many previous misunderstandings and cognitions of Yujia.

　　In the process of practice, I learned the hardships of being a teacher. The teacher taught us that we are also learning yoga knowledge, posture, and at the same time practicing the basic qualities that a yoga instructor should have.

Unless the tone of the speech should be gentle, slow and relaxing, and you should do it gradually, carefully, to your own limit, and step by step.

For example, when doing a tree pose, I only knew that I aimed my feet against the thigh roots on the other side and raised my hands above the head.

I just learned after class. I need to find a fixed point, concentrate, toe down, keep balance, put my hands on my chest, and raise my inhalation arm over my head. Through this example, I think I need to become a coach rather than calm down., And to be standardized.

　　Now, I really started to get in touch with yoga and learn yujia. I found that my body is changing every day, the body is getting softer than before, and the movements that I could n’t do before have been improving every day. I feel the subtle changes in my body.
Although I woke up very early and hurried to catch the bus, my mood was always quiet and pleasant. It was a kind of mild joy and happiness.

Learning yoga is very happy, I like yoga very much.

I deeply understand that the more you practice, the more you really have some kind of life connection between you and others. This connection goes beyond the secular material and emotional connection.As we are all located deep in the ocean, there is an invisible tremor and transformation. For friends who know yoga or not, I want to tell him: yoga is really good!

　　Now I am enjoying more and more happiness. I firmly believe that I will “hold hands” with yoga in my life, until I grow old .

Women’s naked sleep hidden health knowledge

Health researchers and physiologists at home and abroad have researched and found that sleeping naked can no longer stretch the body comfortably, and it is also uncomfortable for physical health.

　　Naked sleep can eliminate pain: Naked sleep is highly effective in treating stressful diseases, especially the tension in the abdominal visceral nervous system can be easily eliminated, which can promote blood circulation and make chronic constipation, chronic diarrhea, back pain, headaches and other diseasesImprovement in breakthrough level.

At the same time, naked sleep can also have a soothing effect on people with insomnia.

　　Naked sleep can be beauty: without the package of clothes, the bare skin can absorb more nutrients, promote metabolism, strengthen the secretion of sebaceous and sweat glands, facilitate the excretion and regeneration of sebum, and the skin has a transparent feeling.

　　Nude sleeping private parts: Female genitals are moist all year round. If there is sufficient ventilation, the possibility of gynecological diseases can be reduced.

Sleeping not only makes people feel warm and comfortable, but also relieves common low back pain and physiological menstrual pain in gynecology. Women who have been unable to sleep for a long time due to cold hands and feet can go to bed soon after adopting naked sleep.

　　Enjoying tranquility in naked sleep: without clothes, the body is naturally relaxed, and blood flow is smooth. It can improve the coldness of some people’s hands and feet and help them enter deeper sleep.

　　The wrong sleeping position causes a variety of diseases. Experts point out that wearing tight underwear to sleep is harmful to health.

So, as a healthy lifestyle, you might as well try naked sleep.

　　However, there should be two points to pay attention to when sleeping naked: sleeping collectively or when children are sharing the same bed; secondly, the vulva and anus should be washed before going to bed and bathed frequently.

　　I always want to have a healthy and beautiful urban modern woman. Before going to bed, I do n’t want to take off my underwear completely and experience the transcendent feeling of “Sleeping Beauty”.

　　Four main precautions for naked sleeping: First of all, it is appropriate to use it when your family is too small and your family shares or lives together, because tension can lead to the opposite effect.

It is best to have a relatively secretive, independent environment.

　　In fact, the living environment needs air circulation, the temperature is appropriate, and it is quiet and comfortable, so that you can relax mentally and build a good sleep time.

　　Again, be sure to keep warm, adjust the temperature and humidity in the bedroom, and avoid getting cold and sweating.

　　Finally, the softness of the bedding should be moderate, and the mattresses should be clean and fluffy, often cleaned and exposed to the sun.

　　Question: Does exercise before bed hinder sleep?
What needs to be resolved is to have a correct understanding of the role of naked sleep. It is only one of the healthy sleep methods we adopt, and it should not always be adopted.

In addition, the skin is directly exposed to the environment when sleeping naked. Dust and pests can cause skin allergies and arthritis. People with sufficient constitution should be careful.

Old people should not go backwards fitness

Mr. Wang: Every morning when I go to the park for morning exercise, I can see many old people walking backwards to exercise, but I have heard that “going backwards” is not suitable for the elderly.

Excuse me, should the elderly should go backwards to exercise?

　　Wang Aicheng, director of the Department of Acupuncture and Moxibustion, Third Affiliated Hospital of Beijing University of Chinese Medicine: Although there are many advantages in going backwards, elderly people and people with cardiovascular diseases are not suitable for going backwards.

If you go backwards, you need to stand upright or slightly back, so that the spine and back muscles will bear the gravity and movement force than the usual fractures, so that the spine and back muscles that are not able to move forward can be exercised, which is beneficial to blood and blood.Smooth.

People who work or study at the desk all day can effectively eliminate fatigue and back pain.

　　In addition, when retreating, the legs should be straight and straight, and the alignment can not be bent, thereby increasing the strength of the knee joint and the femoral muscle, thereby causing the muscles, ligaments and femoral muscles around the knee joint to be exercised.

Because the back of the toes is a virtual ground, mainly relying on joints and heel bones, and the function of these corresponding parts has been exercised.

　　However, it is not a matter of going backwards, it has a lot of precautions.

First of all, there must be a reference object. The body of the first-timer leans forward first. When walking, the legs are naturally inclined. You must first use the toe to land and then transition to the whole foot. The center of gravity should be placed in front, so that even if you step on it, you will not fall.Follow the head.
The arm should naturally swing and maintain the overall balance. This way, the waist and leg muscles can be strengthened, and the balance can be enhanced, which is more oxygen-consuming than the positive line.

In places where there are many people with more cars, it is not advisable to walk on low-lying roads to avoid falling and accidents.

Exercise in the park or in the woods, be sure to pay attention to the surrounding trees and stones to avoid falling or hitting.

Revealing the truth of “ten nutrition myths”

Lead: Not all “nutrition taboos” are real, so keep your eyes open!
　　Reveal the truth of the “Top Ten Nutritional Myths” “Myths” 1. Eating carbohydrates will make people fat. To tell the truth: proper intake of carbon-containing foods will not directly lead to weight gain.
The body uses carbon to synthesize energy. If you do not consume carbon-containing food for a long time, you will become fatigued.
　　”Myth” 2. Drink 2 liters of water a day. To be honest: you need to replenish the water lost from breathing, stool and sweating every day, but it is not necessary to drink a total of 2 liters of water.
Because it is difficult to measure your daily intake of water through food and drinks.
But if your urine is yellow and transparent, then you are in a good state and you don’t need to drink more water; if your urine is yellow, drink more water.
　　”Myth” 3. Brown cereals are total nutritional cereals. To be honest: brown pigments and additives can make general foods pretend to be full nutritional cereals.
When buying this kind of food, you should clearly identify the label to ensure that it is a whole nutrient cereal, and consume 100 grams of whole nutrient cereal every day to reduce the risk of heart disease, diabetes and stroke.
　　”Myth” 4, eating eggs will increase cholesterol To be honest: Some people say that egg yolk contains the highest cholesterol in all foods.
However, with the right amount of eggs, cholesterol is not enough to pose a health hazard.
Studies have shown that eating an egg every day does not raise cholesterol levels, and eggs are an important source of nutrition in the body.
　　”Myth” 5. All wine is harmful. To tell the truth: once again, the right amount is the key.
Drinking a small amount of wine and beer is considered modest and does not cause any harmful effects on the body of healthy adults.
Alcohol is an anticoagulant, and red wine is an antioxidant, so drinking a small amount a day is good for your health.
　　”Myth” 6. Everyone needs to supplement vitamins. To tell the truth: if you eat a variety of fruits, vegetables, and cereals, and at the same time a proper low-fat and low-protein diet and calorie intake, there is no need to supplement vitamins.
Pregnant women or patients with nutritional disorders need specific vitamin supplements.
　　”Myth” 7. Extra protein is needed for large muscles. To be honest: on the contrary, intake of extra protein is not useful for expanding muscles, unless you do a lot of strength training while ingesting.
But food factors increase metabolism, and in order to rule out excess protein, the body is overloaded with work, leading to sad results.
　　”Myth” 8. Irritable bowel syndrome should not eat fiber-containing foods. To tell the truth: dietary fiber includes two types: one is soluble and the other is insoluble.
Patients with irritable bowel syndrome should not eat foods containing insoluble fiber, but soluble fiber is easily absorbed and can prevent constipation.
Most cereals contain soluble fiber.
　　”Myth” 9. Immediately eating after exercise can help muscles. Truth be told: Endurance athletes need to take in carbohydrates and supplement glycogen storage in time after training. A small amount of protein and a drink can enhance this effect.
Drinking low-fat chocolate milk or carbohydrate drinks can supplement glycogen lost during exercise and is good for the body.
Protein does not help long muscles, so strength athletes do not need to eat immediately after exercise.
　　”Myth” 10. A low-sugar diet can prevent type 2 diabetes. To be honest: the level of sugar in food is not the cause of diabetes; diabetes is caused by the body’s insulin resistance.
Foods high in sugar can cause blood sugar levels to peak, but high blood sugar is only a sign of diabetes, not the underlying cause.