Liu Yuanchun: Need for unconventional innovation policy tools to support enterprise development in the short term

Liu Yuanchun: Need for unconventional innovation policy tools to support enterprise development in the short term
On May 22, Sauna Night held two sessions of economic strategies, invited economists to be a guest in the live room of Sauna Night, Peng Sen, former deputy director of the National Development and Reform Commission, former director of the Institute of Finance of the Ministry of Finance, and Jia Kang, director of the China Academy of New Supply Economics,Liu Yuanchun, vice president of Renmin University of China, and Cao Yuanzheng, chairman of BOC International Research Co., Ltd., etc., jointly interpreted the government work report released this morning.Liu Yuanchun said that in the past few years, the budget target should serve the real economy, create conditions for solving the financing difficulties of SMEs, and carry out a series of reforms. During the epidemic, it was actually well tested from late January to the present.There are already seven or eight types of monetary aid policies, and four major types of financial aid policies. The assistance funds of small and medium-sized enterprises involved have reached several trillions, but you will see that many small and micro enterprises are particularlyIt is not a strong sense of gain for individual industrial and commercial households.The reason is that under the impact of the super epidemic, it is difficult for us to use traditional rescue tools to penetrate the marginal population. Therefore, to complete the staged rescue tasks, we must have super-conventional rescue tools, so this government work report, Repeatedly two very special things.The first is to increase the fiscal deficit of 1 trillion US dollars and issue 1 trillion of special anti-epidemic bonds for a total of 2 trillion of funds directly to the cities and counties for the operation of the grassroots, for the protection of the livelihood of the grassroots, for the small and medium-sized primaryThe operation of the enterprise is very important, that is, we must cross the traditional bureaucracy system, and the traditional rules and regulations make some of our financial funds rescue methods more timely and more direct.Second, we must encourage the innovation of financial and monetary policy tools that directly reach the real economy. At present, many policy tools have not yet had a direct effect. Therefore, I feel that in this government work report, a special transfer payment in finance has a direct effect. Second,Financial innovation has a direct effect, and it provides space and platform for innovation through two blocks of future phased policy tools.In addition, we must also see that in terms of the mechanism and system, not only to solve the problem of survival, but also to solve the problem of the current deterioration of private enterprises ‘expectations and low confidence through the solution of development problems. This problem is precisely our economic cycle.The normalized concentration is also the key point that various capillaries can be broken through. Therefore, in the short term, we need some super-conventional innovative policy tools, and in the medium term, we need to reform the mechanism and system, which will create a good adjustment for future confidence and expectations.basis.Sauna, Ye Wang Pan Yichun Editor Chen Li proofreading Li Xiangling

Fang Shuo is still not fully recovered, Shougang to avoid losing streak to count on the Haohan combination

Fang Shuo is still not fully recovered, Shougang to avoid losing streak to count on the “Haohan” combination
In the 28th round of the CBA regular game tonight, the Beijing team made both appearances and welcomed back to Jeremy Lin’s Shougang men’s basketball team against the Shenzhen team at home to try to avoid a losing streak.Four in a row.Shougang returned to the Hamilton + Jeremy Lin combination.Figure / Osports Shougang Men’s Basketball officially announced last night to replace Youdu with Jeremy Lin and re-enable the foreign aid combination at the beginning of the season.After today’s pre-match training, head coach Yanis said that according to the status quo of the team’s backcourt strength, Jeremy Lin’s return became inevitable.”Fang Shuo’s situation is a factor that allows us to make substitution decisions. He also affects the design of the entire team’s offensive and defensive conversion tactics and tactics. He is not fully recovered. I hope he can recover soon.”Pointing out the reasons for choosing Dahan and Jeremy Lin as a partner, Yanis said:” We think it is more important to maintain the stability of the team. “Hamilton has come to the team for the third year. He knows the team and the entire league better. His stable output is the choice we want.”In addition, Zhu Yanxi has trained with the team. Although it is not yet possible to determine the specific time of the competition, his injury has been improving, and the team is more optimistic.”Shougang recently lost to Shandong and Qingdao in succession. Most of the reasons for the victory over Shanghai were due to the sudden failure of the opponent in the second half. The team dropped to sixth place. Yannis believes that although the current ranking is still high, the pressure is still very strongBig.”At first, everyone saw that the difference between many teams is very small, and the victory is only one game.The important thing is that we unite together to do what we should do and prepare for the future competition.”Beijing’s men’s basketball team has accumulated 3 consecutive wins after winning the Shenzhen team with 2 points at home in the last round. Tonight they will face the Zhejiang team who was killed in the last round.Marbury said that he needed to sum up the last lesson that was chased, and focus on preventing Shuangxiaowai in Zhejiang and local strong points Wu Qian, Zhu Xuhang and others.Editor Zhang Yunfeng proofreading Guo Li

JDG zero seal FPX enters the Spring Finals again, the League of Legends professional game will welcome the new king

JDG zero seal FPX enters the Spring Finals again, the League of Legends professional game will welcome the new king
Zhang Xingran (ID: Zoom) performed well today.After the TES defeated the S8 world champion iG team yesterday, JDG also defeated the S9 world champion FPX team in today’s League of Legends professional league semi-finals, showing the super strength of JDG with zero results.JDG is the terminator of the FPX team.After FPX came to the LPL league, four times into the playoffs, but three times were planted under JDG.Democratic Party Kim Sang-tai also said in an interview: “JDG is much better than last year. JDG is ten thousand times stronger than last year. JDG is in very good form this year!Judging from today’s three games, it is not that FPX is playing badly, but JDG is playing too well. In team battles, operational decisions and execution, it performs better than FPX.Especially after Zhang Xingran (ID: Zoom) returned to the JDG team, Zhang Xingran helped the team win in 19 small games.It is said that he said that playing games in the military team was somewhat casual, and his return moment reminded his teammates to be energetic.Although he performed very well today, Zhang Xingran was very modest, saying that he was very pleased that he had not stepped back compared to last year.He scored 90 points for his teammates’ performance today, but only scored 60-70 points for himself.”In this year’s S10 World Championships, the LPL division will be promoted to the first division, and there will be three straight places.When other nationals were staring at the S8 and S9 championship teams to study and research, LPL crossed two dark horses TES and JDG to the final.In the Spring Finals, JDG will face TES. Neither team has ever won the league title. On May 2nd, a new king will raise the LPL Silver Dragon Cup.When asked how Zhang Xingran felt about the TES team, he said, “I was a neighbor with Taobo before, and they are all good brothers, so everyone cheer.”Sauna, Ye Wang Liu Shujun editor Wang Xihuang proofread Zhang Yanjun

[Easy bear macaron’s approach]_Easy bear macaron’s home-made practices_Easy bear macaron’s practices Daquan_Easy bear macaron how to do

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Meijim (002621) company comment: Meijim combined to show high growth

Meijim (002621) company comment: Meijim combined to show high growth
Investment Highlights Event: The company released three quarterly reports, and realized cumulative revenue for the first three quarters4.8.2 billion, an increase of 203.75%; net profit attributable to mother 0.8.3 billion, an increase of 523.06%.Q3 achieved revenue 2.0.5 billion, an increase of 236.14%; net profit attributable to mother 0.4.9 billion, an increase of 747.27%. Opinion: Megem is the main source of profit contribution, and the overall performance is in line with expectations.In the first three quarters, the company gradually realized net profit attributable to its mother.8.3 billion, an increase of 523.06%, net profit is close to the upper limit of the democratic guidance.At first glance, it is estimated that USJEM achieved net profit of nearly 1 in the first three quarters.6 ppm, calculated as a 70% equity ratio and contributing about 1. 10,000 yuan (US Jem 19H1 net profit 0.9.2 billion); long-term performance bet against 2.With US $ 3.8 billion, since Megem’s main profit contribution comes from the second half of the year (18H1 net profit accounts for nearly one-third of the vertical proportion), it is not a big problem to see performance commitment.Kai Tak Education has good enrollment and Shanghai’s excellent operation. It is expected to achieve a net profit of nearly zero.300 million; It is estimated that the total expenditure of traditional manufacturing business and headquarters expenses is 0.About 500 million. Megem has also shown improvement in profitability.In the first three quarters, the company’s comprehensive gross profit margin was 67.57% (+23.26pct), the cost rate during the period is 30.88% (-10.11pct), with a sales expense ratio of 6.99% (+0.36 points), the management expense ratio is 19.99% (-11.24 points), R & D expense ratio 2.70% (-0.99 points), financial expense ratio 1.21% (+1.76pct).Net interest rate is 26.21% (+17.79 points). Significant brand advantages and good store opening trends.As a leader in domestic early education, Megem has significant brand advantages and strong franchise. It actively develops in third and fourth tier cities while encrypting stores in first and second tier cities. At the end of 18, it had 434 stores in 29 provinces and cities nationwide. 19 years agoIn the third quarter, a net 杭州夜网论坛 increase of approximately 70 stores drove rapid growth. Set to increase pressure on relief funds.The company announced in September that it plans to raise funds from Zhuhai Rongyuan, Helen Huoluo and Liu Junjun not exceeding 16.The US $ 500 million was used to pay the final payment for the purchase of 100% equity of Megem and repay the debt, which will help alleviate funding pressure and further bind Megem. Investment suggestion: As a leader in domestic early education, Megem has achieved high growth. Megem has significant brand advantages, strong franchise, good store opening trend, deterministic replacement of performance growth, and it is expected that the completion of performance commitment will not be a problem.Maintain net profit attributable to mothers for 19/20/21 years1.45/2.16/2.With a profit forecast of US $ 4.3 billion, the current market value is US $ 7.5 billion. Taking into account the effect of dilution of equity, the corresponding 41 / 35x estimate for 20/21 is maintained. Maintain the “Buy” rating. Risk warning: The expansion of the franchise center is less than expected; the policy risks of the early education industry.

[Comprehensive nutrition of bird’s nest, can pregnant women eat bird’s nest?]

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[Baby Pork Sausage]_Baby_How to eat

[Baby Pork Sausage]_Baby_How to eat

When the baby develops to a certain degree, Bao Bao and Bao Ma must add some complementary food to the child, because compared to milk powder or breast milk, complementary food can add more nutrients to the baby, so that childrenBetter development and growth.

Pork intestine is a good complementary food for babies. So, what should be done for pork intestines?

This is described below.

First, the baby’s complementary food pork sausage practice materials: pork fillet 100g, potatoes 50g, carrots 30g, 1 egg, 2 shallots 2 tools: blender, sausage mold Practice: 1, cut clean pork, carrots, potatoes into small pieces, Chopped green onion 2, pour all the chopped materials into a blender, beat eggs 3, then add an appropriate amount of water, beat into mud, pay attention to all materials are pureed, avoid carrots and potatoes and particles 4, beatFill the good sausage into the sausage mold, smooth the surface 5, cover it, and put it in the steamer for 20 minutes. Tips: 1. Potatoes provide starch. You don’t need to add starch when whipping the meat. 2The amount of water added needs to be able to completely stir the material into mud. You can add a small amount first, and then continue to add 3 to see the state of the whipped. Carrots and potatoes can be kept or replaced with other ingredients.

If there are no starchy ingredients, you need to add about 15g of starch 4. There is no salt in the meat. If you are eating for children over one year old, you can add a little salt. It is not a problem if it is not addedThe practice of mud is the same.

Tin foil is cut into small pieces, and the meat paste is set aside, then rolled up into a strip and gently rolled into a roll, and two screwed on the pot and steamed can be noted: 1, the meat paste can not be too much, otherwiseIt is easy to squeeze out 2, the meat is very thin and soft, so try to move gently when rolling, and finally twist it into candy. Three. The nutritional value of pork intestine is in animal meat. The pork has the lowest protein content and the highest trace.

Lean pork contains higher protein, which can contain up to 29 grams of protein per 100 grams and 6 grams of auntie.

After cooking, the small amount of pork will be reduced.

Pork is also rich in vitamin B.

, Can make the body feel excessive strength.

Pork also provides essential fatty acids.

Pork has a sweet taste, nourish yin and moisturize, and can provide heme (organic iron) and cysteine to promote iron absorption, which can improve iron deficiency anemia.

Pork ribs nourish yin, pork belly tonic, and spleen and stomach.

[Can confine be eaten with powder]_eat powder_maternal_can you eat

[Can confine be eaten with powder]_eat powder_maternal_can you eat

For mothers who have just given birth, diet at the confinement stage is also very important.

Not only affects the body’s recovery status, but also directly affects the secretion of milk, thereby affecting the baby’s growth and development.

Therefore, it is necessary to pay special attention to the diet of mothers. Do not make mistakes and understand some food taboos.

So, can confinement be eaten?

The answer is to eat flour.

But it is also eaten in moderation or even in small quantities to avoid the expected consequences.

And do not put too many spicy and spicy seasonings, which is not good for human health.

Rice flour absorbs and absorbs and can be eaten in moderation, but pay attention to purchase. Rice flour purchased on the market may have undesirable additives, such as employees.

Therefore, it is recommended that confinement mothers eat as little as possible or not.

Rice noodles are very elastic, with a flexible texture. They will not boil soup when boiled, and they won’t break easily when they are fried. When you eat them, they are mixed with a variety of vegetable codes or soups for soup or dry fry.

Especially mothers who have just given birth to their babies can’t help but have too many food taboos.

It is also possible to eat sweet potato flour appropriately.

Because sweet potato powder contains a lot of supplementary fiber, postpartum mothers can solve the problem of difficulty in defecation by eating sweet potato powder.

However, after eating sweet potato flour, mothers should reduce their intake of other staple foods, otherwise they will cause excess nutrition and be detrimental to their health.

However, it must be remembered that you cannot eat spicy and irritating foods, because these foods may affect the quality of milk and make milk a certain irritation, so the child will not eat well.

For example, hot and sour powder.

Too much irritation in the seasonings will cause the uterus, high blood pressure, and local compression of blood vessels to cause insufficient blood supply, which may cause symptoms such as increased blood pressure and cause harm to pregnant women and fetuses.

Guanglianda (002410): Cloud transformation is progressing smoothly Non-public offering layout future

Guanglianda (002410): Cloud transformation is progressing smoothly Non-public offering layout future

Event: On the evening of October 28, the company announced the third quarter report for 2019.

The company achieved revenue in Q3 20198.

35 ppm, an increase of 15 in ten years.

51%; net profit attributable to mother was 6,930.

400,000 yuan, down 52 every year.


The company achieved revenue of 21 in the first three quarters.

83 ppm, an increase of 22 in ten years.

78%; net profit attributable to mothers1.

59 trillion, down 45 a year.


At the same time, the company released the “Preliminary Plan for Non-public Issuance of A Shares in 2019”.

Comments: Revenue has maintained rapid growth, and apparent performance has dropped significantly. In the first three quarters of 2019, the company achieved revenue of 21.

83 ppm, an increase of 22 in ten years.

78%, maintained a rapid growth, and gross margin growth decreased3.

54%, mainly because the digital construction business with the highest gross profit margin continued to grow, driving down the overall gross profit margin.

The company achieved net profit attributable to mothers in the first three quarters1.

5.9 billion, an annual decline of 45.

74%, apparently penetrating the decline, mainly due to: 1) the company’s digital cost business cloud transformation is accelerating, the company’s pre-received revenue has significantly increased under the SaaS model, and this part of the revenue cannot be recognized as current income, resulting in apparent revenue and profit.Impact; 2) Expenses increased rapidly during the period, of which sales expenses increased by 42 each year.

27%, mainly due to the increase in sales staff compensation and marketing promotion conference fees, each increase in research and development expenses of 35.

32%, mainly due to the increase in the company’s R & D staff budget.

Digital transformation business cloud transformation continues to advance, new construction digital product business release 2019 is a key year for digital transformation business cloud transformation, including Beijing, Shanghai and other first-tier cities with 10 business volume through the region began cloud transformation, the end of the third quarterThe budget surplus received in advance was 8.

5.2 billion, an annual increase of 78.

93%, indicating that the transition is progressing smoothly.

At the same time, the digital cost business accelerated the incubation of new businesses: cloud computing released a steel-concrete business version, and cloud pricing released a national tax reform version.

In terms of digital construction business, in October at the “2019 China International Digital Economy 苏州桑拿网 Expo”, the company released a one-stop service product for construction enterprises, “Digital Project Management Overall Solution”, and BIM technology-based project management software “BIM5D V4”.

0 “.

The company issued a non-public issuance plan to strengthen the technical foundation to ensure long-term development. The size of the raised funds for this non-public issuance is no more than 2.7 billion U.S. dollars. It is intended to be used for the following projects after replacing the issuance costs: cost big data and AI application projects, digital project integration managementPlatform project, BIMDeco decoration integration platform project, BIM 3D graphics platform project, Guanglianda digital construction product research and development and industrialization base, repayment of corporate bonds.

We believe that 杭州桑拿 this non-public offering is conducive to the company’s further deepening of the construction informatization layout and further enhances the company’s profitability. At the same time, this financing will further strengthen the company’s capital strength, optimize asset and liability structure, and reduce financial risks.

Investment advice and profit forecast The company focuses on the two major businesses of digital cost and digital construction.

Digital costing business is a mature business, currently undergoing cloud transformation, and is a pioneer of cloud transformation in the domestic software industry.

The digital construction business is a brand new blue ocean market with a larger market space than the cost business, which will promote rapid growth in the future.

The company’s operating income is expected to be 31 in 2019-2021.

3.9 billion, 36.

3.8 billion, 47.

1.8 billion, net profit attributable to mother is 3.

4.8 billion, 5.

5 billion, 9.30,000 yuan, corresponding to 0 EPS.

31, 0.

49, 0.

80 yuan / share.

Maintain “Overweight” investment rating.

Risk warnings The progress of cloud transformation of the cost business is less than expected; the expansion of construction business is less than expected; the growth rate of newly started housing areas is rapidly shifting.

Yifeng Pharmacy (603939): Continue to maintain rapid growth and strong long-term competitiveness

Yifeng Pharmacy (603939): Continue to maintain rapid growth and strong long-term competitiveness
2018 performance was slightly lower than expected Yifeng Pharmacy announced 2018 results: operating income 69.13 ppm, a 43-year increase of 43.8%; net profit attributable to parent company4.160,000 yuan, an increase of 32 in ten years.8%, corresponding to profit 1.14 yuan (the company disclosed data, using more than the average number of shares), the performance was slightly lower than our expectations, mainly due to mergers and acquisitions and new stores to drive faster sales costs.The company plans to distribute cash for every 10 shares3.00 yuan (including tax). The development trend continues to maintain rapid growth.In 2018, the company’s Chinese and Western medicine revenue was 47.3 billion (+48.63%), Chinese medicine income 8.0.4 billion (+24.9%), non-drug income 11.4 billion (+36.4%), to maintain rapid growth, expansion is the endogenous growth brought about by the optimization of product structure, and reorganization is the extensional growth brought by the opening of stores and mergers and acquisitions.2019Q1 operating income 24.69 ppm, an increase of 66 in ten years.7%; net profit attributable to parent company1.470,000 yuan, an increase of 45 years.8%. The sales expense ratio increased, and the operating net cash flow increased by over 60%.The company’s main business gross profit margin was 39 in 2018.73%, a decrease of 0 from the previous.20ppt, mainly due to the decline in gross profit margin of non-medicine series4.29ppt.The company’s selling expense ratio is 27.43%, an increase of 0.51ppt, one side is the rapid increase in sales expenses driven by mergers and acquisitions and new stores, the extension is to increase the investment in e-commerce operations.Operating net cash flow 5.110 thousand yuan, an increase of 61.01%, outstanding performance. Regional focus and accelerated expansion.The company adheres to the regional focus strategy, pays attention to the intensive cultivation of the regional market, and highlights the regional competitive advantage.In 2018, there were a total of 3,611 stores, with a net increase of 1,552 stores. Among them, the company built 546 stores, added 959 new stores, added 89 new stores, and closed 42 stores, compared with 2013-17.(The net increase in the number of stores is 61, 150, 北京夜生活网 255, 470, 524 respectively), and the pace of expansion has accelerated.As of 1Q2019, the company’s total number of stores is 3958 (including 212 franchise stores). “Product + service” strategy is clear and long-term competitiveness is strong.In the short to medium term, the growth logic of pharmacies is mainly based on expansion; in the long run, internal strength is equally important, both in management integration and professional service capabilities.The company’s management level is in the leading position in the industry, and it continues to explore the innovative “product + service” model, improve the gross profit structure, and improve the profitability of its stores.Health management services lay the foundation for the next generation. Earnings forecast remains unchanged from 2019 earnings forecast1.59 yuan, first date 2020 profit forecast 2.11 yuan, with annual growth of 43.5% / 33.2%. The estimated and recommended company’s current expectations correspond to 37/28 times P / E in 2019/20. We maintain the recommended rating. Given the company’s management capabilities, we give an estimated premium and raise the target price by 16.7% to 70 yuan, corresponding to 44/33 times P / E in 2019/20, compared with the current 20% space. Risk manpower and rent costs are rising; new models are challenging; talent introduction cannot keep up with store expansion.