“What?You agreed?So fast?”Wei Xiaoxing heard what Cao Wen said,I didn’t expect it to be ironic,I just feel that happiness comes a little too soon,Too unreal。

“roll!”Cao Wen expresses in the simplest and most direct way。
“what?”Wei Xiaoxing was stunned,I thought this woman had such a bad temper,I really want to be together from now on,I’m afraid it’s not easy to get along with!
“Get back!”Cao Wen said again,The tone and words used this time are very straightforward,Make everyone laugh constantly。
All the students in Class 16 are suffocating a smile,Everyone is laughing miserably!
“Wei Xiaoxing!You cow!”
“Our study committee is too strong!I served!I’ll serve it in the future!”
“You deserve to be a student committee member,Please take my knee!You are my honor!”
The classmates in Class 16 are screaming,Laughing to fly,Don’t care that Wei Xiaoxing is suffering from the pain of losing love。
And these laughter,Also deeply stimulated Cao Wen,Her eyes wide open,Can’t believe it,Class 16 in front of me,It’s just a bunch of hooligans!Such a group of hooligans,How could he be a military student carrying glory,Take on the responsibility of defending mankind?
“enough!Shut up all!Hear me out!”Cao Wen furious。
The freshmen of Class 16 saw the head of the beauty department get angry,They closed their mouths obediently,After all they are just naughty,Not really stupid,Except for Wei Xiaoxing that nympho,Who would touch the head of the department at this time?!
“Don’t you think you can go to the red zone??Then I will tell you now,All wishful thinking!Absolutely impossible!”Cao Wen said loudly。
suddenly,All the students in Class 16 are silent,Even the laughter stopped completely!
They have a strange look,Staring at Cao Wen who said this。

“no need!”Xiao Fan walked into the company without looking back。

Chapter Seventy Three Accompany me to the bar
Shangguanyan looked at Xiao Fan and left without looking back,Also confused。
When I realized that I was so mercilessly thrown at the door by Xiao Fan,Yelled immediately:“Not Xiao Fan,What do you mean?”
Xiao Fan has already left without a trace,Naturally, I didn’t hear Shang Guanyan’s dissatisfaction。
Stomped his feet vigorously,After a cold snort,Shangguanyan also left the Lin Group angrily。
The scene in front of me was taken by the security guard at the company gate.,He didn’t expect that the beautiful police flower would take the initiative to find Xiao Fan,I never thought that Xiao Fan would treat that beautiful police flower with such a cold attitude。
Is Xiao Fan’s market already so good??
Thinking that Xiao Fan is also a security guard,Although it’s the security minister,But it’s also a security guard,At this moment, the security guard’s heart admires Xiao Fan even more.。
The security can do Xiao Fan’s job,It’s worth it!
Xiao Fan just sat down in the office,We ushered in another beauty。
Watching Qiao Anan,Xiao Fan asked:“How did you come?”
Qiao An’an cast a wink at Xiao Fan,Then teased:“This girl missed you,Come here to see you,what happened,do you have any opinion?”
Xiao Fan listened to Qiao An’an,Black lines suddenly appeared on my face,This Joe Anan,Again!
Xiao Fan looked helplessly at Qiao An’an,Don’t speak。
Qiao Anan sat down on the reception sofa,Said:“All right,Kidding you!Look scared you。”
“Let’s talk about it now,What the hell are you looking for me?”Xiao Fan asked。
Raise Erlang’s Legs,Picking nails,Said casually:“Suddenly wanted to drink,I want to come over and ask if you have time?”

First586chapter It’s a bit different from what I thought

? For Chen Geng’s arrival,China has given a very high standard of reception,Not only the leadership of the Civil Aviation Administration,Leaders of foreign economic and trade departments、It will soon be reorganized as the leader of the Third Aircraft Department of the Ministry of Aviation Industry、The leadership of the central office、State Administration of Radio and Television Industry, which has a cooperative relationship with Chen Geng、State Administration of Computer Industry、The leadership of the Fourth Machinery Department that is about to be reorganized……The leaders of almost enough departments are here,The banquet hall of the huge State Guest House is full of dangdang,Also because there were too many big leaders,So that the leaders of those units that have a cooperative relationship with Chen Geng,Not even qualified to appear in this hall,All sat in the side hall on the other side。
“boss,Why do I think they look at our eyes as if they are looking at the Flying Sheep??”Rosemary whispered to Chen Geng,The eyes of everyone wishing to swallow their boss made her feel anxious。
“Ok,Yes,In the eyes of many of them,We are big fat sheep。”Chen Geng smiled and nodded。
Have no idea,Looking at the four machine department、State Administration of Radio and Television Industry、State Administration of Computer Industry、Modu Automobile Factory、Departments or units such as Chang’an Machinery Manufacturing Plant,Relying on the cooperation with Chen Geng to earn a lot of money、Eat brain full of intestinal fat,Look at yourself again,I can’t scrape two or two oils out of my empty stomach,Who is not greedy?See fat sheep now……Oh,Do not,The Lord has appeared,How could everyone have no idea?
Chen Geng is not afraid that they have ideas,I’m afraid they have no idea。
Looking at the confident expression of my boss,Rosemary nodded:As long as you have a good heart, boss。
Said it was a banquet for Chen Geng,In fact, it can also be said to be a preliminary contact before the formal negotiation、Find out,Like this moment,Deputy Director Li of the Civil Aviation Administration spoke with Chen Geng on the basis of a toast with Chen Geng……
“Mr. Chen,How much do you know about our China Civil Aviation?”
“Don’t know much,”Chen Geng nods slightly:“I only know that78When the reform and opening up,The elderly are just civil aviation management with an economic point of view;At the beginning of last year,The old man made it again‘Civil aviation must be corporate’Instructions;And after a month,The Chinese government made adjustments to the civil aviation system,Decided to separate civil aviation from the military establishment,Changed the Civil Aviation Administration from being under the Air Force to directly under the Cabinet,Implement enterprise management。
As for the specific situation of China Civil Aviation,with all due respect,The situation is not very good,As far as i understand,As of the end of last year,China Civil Aviation has one and only140Transport plane,And more than80%The models are all made by the Soviet Union in the 1940s and 50s.—14、in—2Waiting for the obsolete propeller-powered airplane,The passenger capacity is basically20People to40Between people,Even in terms of the classification standards of contemporary international civil aviation,These planes are also standard regional planes.。
And looking at the entire China,Passenger capacity can reach100The number of medium and large planes with more than people is pitiful,Only inconvenient17frame,The airport is only79A,1980year,The annual passenger traffic volume of the civil aviation system is only343Million;The total annual transportation turnover is even ranked in Singapore、India、Behind countries such as the Philippines and Indonesia,Ranked No. 1 in World Civil Aviation35Bit……”


Chapter 904 Very upset
These funds seem to be a lot,But who doesn’t know if Qin Feng is willing,It is normal for the funds here to increase tenfold immediately。
Lin Qianqian looked at everyone and asked without understanding:“Did I said wrong thing?”
“Ha ha,You are not wrong,But there is a sentence,We also want to ask you,Do you think,This thing is as simple as you think?”
Have you ever thought,If Qin Feng changes the price of vegetables to 30 yuan,How much you might get that day?
Huang Junjie stood up and said,He wants to know if Lin Qianqian knows these things。
Lin Qianqian really doesn’t understand,So she said hesitantly:“Estimated to be hundreds of thousands?”
“Ha ha,Do you think too little,I tell you,The vegetables here are normal for tens of thousands of catties a day,do you understand me?”
And the vegetables everywhere,One more dollar a day,Those are incredible numbers,Not to mention multiple times。
We told him not to have such a low price,Otherwise this thing shouldn’t be like this,But he has always insisted on letting the profit to everyone,unfortunately……
Huang Junjie is also a bit angry,Not to Qin Feng,Just to those who benefit。
Those people haven’t been troubled by Qin Feng,But after something happened here,Those people are not only not willing to help,Most are still cynicism。
Qin Feng didn’t hear those words,But Huang Junjie’s news is so well informed,He naturally knows many such things。
Lin Qianqian fell silent suddenly,She suddenly realized,I seem to have done something bad here?
It’s just that Lin Qianqian won’t admit her mistake,Because she thinks all this is Qin Feng’s fault。
If it wasn’t for Qin Feng,How could she turn things into this step??
“Thank you Mr. Huang,But something has appeared,Then we have no meaning。seriously,For Qingshui Village,I did what I was supposed to do,As for the extra stuff,Really has nothing to do with me。”
Cloud leadership,You also know that I originally wanted to make Qingshui Village develop smoothly,But those people think they can develop,and so……
Qin Feng is telling the story of those people getting the fields back,This incident also made Qin Feng very upset。

Chapter Twenty Seven:Heavenly Armor

Wait for Lena to assemble the armor for them,Xin Zhao and others felt that they were tall and tall,Even facing aliens is nothing。
In a word,This group of people now have their self-confidence swelled to the extreme,I really thought to bring armor,I am a hero。
“what,Angkor,Where’s your helmet?”Xin Zhao looked at his handsome heroic appearance,Then look at Wu Xing,Found that the opponent was not wearing armor,Can’t help but feel a little strange。
Xin Zhao’s words caught everyone’s attention,When he found out,Looking at the presence, only Wu Xing has no armor,Suddenly,All looked at Lena in doubt。
Now Liu Chuang Leina gave it all,Wuxing shouldn’t be without,They are curious why the other party did this。
“amount……That one,Your armor is not ready yet。”I saw everyone looking over,There was embarrassment on Lena’s face,Very unnaturally。
She can’t wait to slap herself now,So hi,Distribute all the armor in advance,it’s good now,I don’t know if the other party will misunderstand me。
really,Lena’s words fell off,The scene fell into embarrassment。
People who were originally happy because they had armor,I’m not embarrassed to show off at this time,Qiangwei directly used the micro wormhole transportation technology to take the armor back。
Play,Noisy,But everyone came to Super Seminary,Will be all comrades in the future,If because of this,Cause mutual grievances,That’s serious。
Qilin wanted to take off the armor too,But she doesn’t use the wormhole transport technology,I can only try to take it off one by one。

Amei asked Taozi because it is because Taozi is closely related to Lin Shangyun and Xiao Xiao.,May has a good impression of Lin Shangyun,Get along well for some days。

Ami prepared steak for dinner,I ordered a few candlesticks in the restaurant,The temperature in the restaurant is carefully controlled by Amei,During decanting,She talked about the history of the winery with great emotion,And some stories about wine……
Chen Wenjin couldn’t help but think of what Wang Shuai said,When getting along with May,Her style and taste are very interesting,Ritual preparation,For Ami, it is a sense of ritual itself。
May tells the story behind the wine,Taozi listened very carefully,At the end,Learn the wine tasting steps of others,Drank。
“The fruity aroma and vanilla aroma of this wine are charming。”Lin Pinjian’s words remind Chen Wenjin of a friend in memory。
“The thick taste is also good。”Xiao Xiao added her opinion。
Amei looked at Chen Wenjin,He had to say seriously:“My taste is stronger,Appreciate the mature black currant fragrance more。”
A smile flashed in Lin Shangyun’s eyes,Chen Wenjin caught it when he looked at him instantly,But just continue to pretend to be serious。
May is very happy with the taste of the three of them,I didn’t want to ask Taozi,I’m afraid she minds,Just asked:“Do you like peaches?”
Taozi liked it after hearing the story,But don’t know how to say,Just want to say something delicious,Lin took the sentence:“Peach has been observing the wine,I should really like the beauty of this wine’s dark ruby red。”
“Ok,Is pretty,Taste good too。”Tao Zi didn’t have the right silence because of Lin’s relief,Such sincerity makes Amei feel that her mind is simple and good。
May introduces the prepared steak……
Chen Wenjin expected this meal to be insufficient,May has always been exquisite style,Deliberately prepared more,But it only scored three or four points。
Finished eating,Watched another movie at May’s house,It’s almost time,Thank you so much。
When Chen Wenjin sent Lin home,Big Bear drove and waited at the intersection of Jinhu District,Picked peach away。
This time,Lin didn’t say anything to get off at the intersection,Obviously feel that there is no need to hide。
Send it inside,After polite farewell,Xiao Xiao looked at Chen Wenjin,said laughingly:“Let’s go,Go to dinner with you,I must not have enough to eat at night?May I can’t guess your appetite。”
“Then thank you。”Chen Wenjin drove back,The few sips of red wine in the evening were taken as alcoholic beverages by him,A few sips of drinks said it could affect his driving?Anyway, he would never believe it if he didn’t run into a drunk driving check!
“Amei just told me,Surprisingly you still like wine tasting,The taste is very accurate,I don’t know you have this hobby。”Xiao Xiao naturally cares about Chen Wenjin’s preferences,But only heard him say with a smile:“I just say something like that,I vaguely remember that your tasting words with Lin were used with that word。I mostly don’t pursue refined style in eating and drinking,Thanks to Ami for his meticulous hospitality,Respect her preferences。Look back and find an opportunity to help let Ami know the truth,So she doesn’t get me wrong,That was a waste of her treasure。”
Xiao Xiao couldn’t stop laughing for a while,Thinking of Chen Wenjin’s serious appearance at the time,And the number of tasting words just right,Take Ami’s stunned moments and moments,I was so excited that I found a soulmate,I know the truth later,Afraid of being angry and funny。

Haitong Securities-2019 Document No. 1 hits eight major divisions and hopes to benefit

Haitong Securities: No. 1 document in 2019 hits eight major divisions and hopes to benefit

Haitong Securities Summary At present, the local two congresses have fully summarized. What kind of signals have been released by the provincial government work reports?

  Adjusted the growth rate to return to the mainstream target range and cut back to the mainstream.

Judging from the 19-year GDP target growth rate of 30 provinces, Liaoning has not mentioned the desalination, 13 provinces are the target intervals, and 22 provinces have been lowered. Only Hubei and Hainan have increased slightly.

This is quite similar to the 16 years, and contrasts sharply with the “mainly flat, slowing down overall” in the past two years.

  Reasons for provinces to reduce GDP growth.

First, the downward pressure on the economy has reappeared. In 18 years, the national GDP growth rate hit a new low for many years, and half of the provinces gradually realized the early GDP targets.

The second is the continuous squeeze out of data. For 13 years, the central government has promoted local governments to improve the government’s assessment system and shake off the burden of growth.

  The fiscal and resident income targets have also been lowered.

The former is the result of the combined 夜来香体验网 economic downturn and tax cuts, while the other reflects the reduction in employment pressure of local governments under the background that the goal of doubling income has been completed in advance.

  Investment impulse has become a thing of the past, dilute investment goals, and the downward adjustment is still the mainstream.

Investment is an important driving force for local governments to drive the economy. Therefore, lowering the GDP target will inevitably also lower the investment target.

From the perspective of the 19-year growth of investment targets in various provinces, 12 have been downgraded. After being downgraded for many years in the central and western provinces, this year has been reduced to some extent. In the remaining provinces, 13 were downgraded. Only Tianjin increased slightly, continuing the downward adjustment.the trend of.

  Land degradation has 上海夜网论坛 not been loosened, and the goal of shed reform has generally fallen.

19 provinces announced their 19-year shed reform targets, and the planned start-up volume has been reduced by 20% compared to the previous year. Henan, Zhejiang, Anhui, Sichuan and other large-scale shed reform provinces have significantly reduced their planned start-up volumes, with only 6 provinces slightly increasing.

The Ministry of Housing and Construction stated in October last year that the proportion of resettlement with monetization should be further reduced in the future.

The number of shed reforms and the monetization ratio are both reduced, and real estate sales are expected to be under pressure.

  Infrastructure underpins the economy, both hard and soft.

Many provinces have proposed to “implement key projects to supplement shortcomings”, and infrastructure has become an important driver of the bottom-up economy.

Among them, the central and western regions are dominated by railways, highways, airports, reservoirs, and waterways; the eastern part is intersected by rails, and underground corridors are the major ones; the construction of information infrastructure has received extensive attention.

  Policies protect private enterprises and improve endogenous motivation.

At the end of last year, the private enterprise forum and the central economic work conference all had to participate in “supporting the development and growth of private enterprises”. Provinces have incorporated their positions into the six central areas. There are three main types of policy measures.

The first is to introduce provincial regulations, the second is to raise financing targets, and the third is to break the barriers to entry.

  In summary, in 19 years, local governments downplayed and lowered their investment growth targets, while also adjusting the focus of stable investment, no longer stimulating real estate, supporting infrastructure in a multi-pronged manner, and encouraging the development of private enterprises.

  The acceleration of economic kinetic energy conversion has accelerated from stable employment to talent acquisition.

Local governments responded to the call of the central government, and in their announcements of the two sessions, they proposed a “re-employment priority policy”. The total number of newly-added urban employment targets announced by 28 provinces reached 14.91 million, and the target for surveying the unemployment rate was generally 4.

5%, 5.

5% or less.

When formulating employment policies, the provinces generally adopted the advantages of local industries and launched talent attraction programs.

Among them, the eastern provinces pay more attention to attracting “strategic technology talents” and “leading scientific research talents”, while the central and western provinces pay more attention to “skilled talents” and “craftsman talents”.

  Speed up technological innovation and transformation.

In the context of the urgent need for economic transformation and upgrading, local governments’ concerns over technological transformation and upgrading continue to rise.

In comparison, the northeast and central and western regions are more focused on the transformation and upgrading of traditional industries and are more prominently expanded; the developed eastern regions are more focused on creating industrial growth represented by new materials, new energy, intelligent manufacturing, and biomedicine, and more prominently in technology applications;It is also the consensus of local governments to speed up 5G commerce and strengthen the construction of new infrastructure such as the Industrial Internet.

  The system reform has released dividends.

“Deepening the reform” is still a key task of local governments in 19 years, and its potential remains unabated.

The reform content of each province mainly covers the following three aspects.

The first is the reform of the economic system. Among them, the reform of state-owned enterprises focuses on advancing mixed reforms to realize the transformation from managing enterprises to managing capital; fiscal and tax reforms focus on reducing taxes and fees, optimizing fiscal expenditures, and revitalizing financial stock funds; financial reforms focus on alleviating SMEsFinancing is difficult to finance expensive issues and develop a multi-level capital market.

Second, the reform of land, resources and other factors has accelerated. The reform of the rural land system is an important change in the revitalization of the countryside. The reform of the resources is an important means of revitalizing the economy and promoting transformation in the central and western regions.

Third, the social system reform has been rolled out at various points, including education, medical care, endowment insurance, housing provident funds and other related systems, which are important interventions to guarantee and improve people’s livelihood.  In summary, the local government’s recognition of talents, technological innovation, and system reform is not only the implementation of the central spirit, but also an inevitable requirement for economic transformation and upgrading.

  At the end of last year, the Central Economic Work Conference pointed out that 19 years is the key year for building a well-off society in an all-round way and do a good job of economic work.

Economic and social goals for the new year will be announced at the National Two Sessions in early March.

At present, the local two congresses have all announced, what kind of signals have been released by the provincial government work reports?

We will make a detailed analysis in this report.


Slow down the growth rate of mainstream 1.

1Economic growth target: Recurrence interval, generally lowered. On February 17, 30 provinces across the country have connected the two associations in series. The two associations in Shandong are still in progress.

Summarizing the economic growth targets announced by the provinces, there are two major characteristics: First, the target range is reproduced.

Of the 30 provinces, 29 have announced specific GDP growth targets.

Thirteen provinces have set growth targets as intervals. The background is that at the end of the Central Economic Work Conference at the end of 18 years, “maintain economic operation in a reasonable interval” was re-mentioned.

This is quite similar to the 16 years. At the end of 15, the central government downplayed the growth target and set a “reasonable interval”. At the beginning of 16 the local two associations first appeared in the GDP target interval, and the number exceeded 9.

  The second is to cut back to the mainstream.

Taking into account the comparability of economic targets over the years, we do a simple treatment and replace the target interval with the median of the target interval.

We found that with the 18-year rating, 22 provinces in 19 lowered their GDP growth targets, 5 provinces remained the same, and only Hubei and Hainan increased slightly.

Among the provinces that were downgraded, Chongqing, Xinjiang, Guizhou, and Heilongjiang dropped the average by more than a single digit.

If the lower limit of the target interval is used to replace the interval, none of the 29 provinces will increase.

A similar manifestation appeared in 14-16 years, when at the same time, more than half of the provinces also lowered their growth targets, and rarely raised them.


2 Behind the slowdown in growth: Active decompression and the goal of reducing water levels in all provinces are mainly due to the following two reasons: First, the downward pressure on the economy is reappearing.

Regardless of the 16 years when the “target interval” first appeared, or the 14-16 years when more than half of the provinces lowered their growth targets, the background was the downward growth of the previous year.

The same is true this year. The growth rate of national GDP in 18 years has dropped to 6.

6%, and a new low since 91, only slightly higher than the target set earlier.

Local budget, more than 16 provinces can achieve the GDP growth target.

The downward pressure on the economy has reappeared, and local governments have lowered their growth targets to alleviate the pressure.

  Obviously, the six provinces of Chongqing, Jilin, Tianjin, Inner Mongolia, Hainan and Heilongjiang all had 18-year GDP growth rates below the target growth rate by more than one, which led to a significant reduction in Chongqing and Heilongjiang’s 19-year GDP targets.

  The second is that data is constantly squeezed out.

With the changes in the stages of economic development in developing countries, the assessment of GDP growth targets has gradually faded, and economic growth has become more qualitative. For 13 years, local governments have taken the initiative to expand the moisture in past economic data and shake off the burden of growth.

For example, provinces such as Liaoning, Inner Mongolia, and Tianjin have voluntarily reduced economic data.

And the difference between the nominal average GDP growth rate of each province and the national GDP growth rate was 2 from 08-12.

About 4%, continued to decline to 0 in 18 years.


The continuous expansion of local economic data also makes it necessary to reduce its growth target.


3 Reduced income targets: fiscal constraints, consumption pressure and economic growth targets have been reduced simultaneously with income growth targets, including fiscal revenue and household income.

  Fiscal revenue targets are generally lowered.

Both the economy and prices in 16 and 17 years have picked up, making local governments turn optimistic. A large number of provinces have also raised their fiscal revenue targets while lowering their economic targets.

However, from the perspective of the two local conferences in 19 years, 7 of the 30 provinces did not raise the target of fiscal revenue growth, and 19 provinces have lowered their fiscal revenue targets, and none of them have been raised.

The budget and the downward economic pressure have reappeared, causing the local government to once again turn to corrections; revised, at the end of the 18th Central Economic Work Conference proposed “to implement larger scale tax and fee reductions”, local fiscal revenue is bound to face downward pressure.

  Residents’ income targets are slowly decreasing.As the income of rural and urban residents successively completed the “double” goal of the 18th National Congress of the CPC in 17 and 18, the restrictions on local government residents’ income targets were eased. They were mainly unchanged from 17 and 18, and some of them were reduced toDowngrading.

This hugely and truly reflects the improvement of local governments’ pressure on the economy and employment.

And the income of residents continued to increase, and the overdraft consumption of debt to buy a house in the early period has also made local governments cautious about consumption prospects. Of the 18 provinces that announced growth targets for retail sales of social consumer goods, 7 were flat and 9 were downgraded.

Investment impulse is a thing of the past 2.

1 Dilute the investment targets. The downward adjustment is still the mainstream investment target of many provinces, and the remaining provinces are mainly lowered.

In the past, local governments used fixed asset investment as an important driver of GDP, and local investment impulse was very strong.

And lowering the GDP growth target means that the investment growth target must also be lowered.

We can see that the 19-year growth target of fixed asset investment in each province has simultaneously exhibited two major characteristics: First, collectively dilute the investment target.

Although the goal of diluting investment has been normalized for 15 years, there are still 12 provinces with unpublished investment targets in 19 years.

Among them, Shanghai has not mentioned investment targets for 8 consecutive years, and Beijing, Zhejiang, Hubei, and Heilongjiang have not mentioned for 5 consecutive years.

Obviously, the provinces that have newly downgraded investment targets this year are generally located in the central and western regions, reflecting the unsustainable high investment growth in the central and western regions.

  Second, the growth target was generally lowered.

Of the 18 provinces with announced investment growth targets, 13 were downgraded and 4 were flat. Only Tianjin increased slightly, continuing the downward trend of investment targets in all provinces in the past 15 years.

Although Tianjin has raised its investment target, its economic growth target is still being reduced.

  The provinces have been completely diluted and their investment targets have been lowered. The focus of investment has also been adjusted, as shown in the following three aspects: 2.

2 Real estate standardization has not been loosened. The goal of shed reform has been universal.

At the end of last year, the Central Economic Work Conference pointed out that “to establish a long-term mechanism for the healthy development of the real market” and “persist to the positioning of houses for living, not for speculation.”

Local governments have responded to the call and stated in their announcements that they “stabilize land prices, house prices, and expectations of responsibility”.

  Reduce the shed reform target and reduce the proportion of monetization.

At present, 19 provinces have announced targets for 19 years of shed reform, with plans to start a total of 2.6 million units, a 20% decrease from 18 years.

Among them, Henan, Zhejiang, Anhui, Sichuan, and other major provinces plan to reduce the number of construction starts significantly, Henan dropped by as much as 70%, while only 6 provinces slightly increased.

The Ministry of Housing and Urban-Rural Development said at a conference last October that it was necessary to further reduce the monetization and resettlement ratio of shed reform. In the future, the shed reform financing will be mainly based on shed reform special debt.

The scale of the shed reform and the monetization ratio are both reduced, which means that in 19 years of real estate sales, investment will be subject to downward pressure on relays.


3 Infrastructure underpinning economy, both hard and soft infrastructure has become an important driver of underpinning economy.

At the end of July last year, the Politburo meeting clearly stated that “we should make up for shortcomings as the current key task of deepening supply-side structural reforms and increase the strength of shortcomings in the infrastructure sector.”

At the end of last year, the Central Economic Work Conference also needed to “increase the strength of shortcomings in infrastructure and other areas”, “strengthen the construction of new infrastructure” and “intensify investment in intercity transportation, logistics, and municipal infrastructure.”

  Midwest Rail Lines, Eastern Rail Transit, and 5G Networks.

Local governments implemented the spirit of the Central Committee in the communiqués of the two sessions, and generally proposed that they “expand effective investments” and “implement key projects to supplement shortcomings.”

Specifically, the infrastructure projects in the central and western provinces are dominated by railways, highways, airports, reservoirs, waterways and other traditional infrastructures, while the infrastructure projects in the developed provinces are dominated by rail transit and underground corridors.

As a typical representative of the new economy, the information service industry has also received widespread attention from local governments, and provinces have proposed to strengthen the construction of information infrastructure and accelerate the pace of 5G business.


4 The policy cares for private enterprises, improves endogenous power, and centrally sets the tone to support the development and growth of private enterprises.

The General Secretary had proposed at the private enterprise forum in early November last year to “strongly support the development and growth of private enterprises”, and proposed to improve the burden of corporate taxes and fees, solve the problem of difficult financing for private enterprises, create a fair competition environment, and improve the implementation of policies.In order to establish a new type of political and business relations, and protect entrepreneurs’ personal and property safety, the policy changes in six aspects.

At the end of last year, the Central Economic Work Conference also pointed out that a stable monetary policy should “solve the problem of difficult financing of private enterprises and small and micro enterprises”, and accelerate the reform of the economic system to “support the development of private enterprises, establish a legalized institutional environment, and protectPrivate entrepreneurs’ personal and property safety. ”

  Local policies have been adopted to protect the development of private enterprises.

In the context of the central government’s setting and supporting the development and growth of private enterprises, local governments have also issued policies to protect the development of private enterprises, which is much stronger than in previous years.

Judging from the two conferences in each province in 19, while supplementing the six measures of the central government, there are three major highlights: First, the introduction of provincial policies and measures, but Jilin, Shanghai, Zhejiang, Guangdong, Guangxi, Chongqing, Sichuan, and GansuProvinces and other provinces have issued regulations to predict the system to support the healthy development of the private economy.

The second is to propose financing support targets, such as Tianjin, Jilin, Shanghai, Anhui, Hubei, and Chongqing all proposed the establishment of a private enterprise rescue fund of 10 billion US dollars; some of these provinces have also established private enterprise development funds, reloans and rediscount funds, financingTarget size of the Guaranteed Development Fund.The third is to break through the barriers to entry of private enterprises in some areas, and selected Jilin to break through barriers in education, tourism, and culture; Chongqing proposed to relax the entry system for public services, infrastructure, and restructuring of state-owned enterprises; Gansu proposed to further open the airport, power, oil and gasAccess to exploration and development, transportation and other fields.


The speed of kinetic energy conversion quietly increased. In the announcement of the local two conferences, there were relatively a lot of efforts to stabilize employment, transform and upgrade, and deepen reforms. This is in line with the spirit of the Central Economic Work Conference. These are the three bright spots on the supply side, and also indicate that economic energy conversion promotes speeding up.


1 From stable employment to hiring talents, stable employment ranks first.

At the end of July last year, the Politburo meeting proposed “six stable” and stable employment topped the list. At the end of last year, the Central Economic Work Conference also put “stabilizing employment in a prominent position” and “implementing the employment priority policy”.

In response to the central government’s call, the local governments have stated in their communiqués of the two sessions of the CPC Central Committee that they must “join the employment priority policy” and “implement a more active employment policy”.

And “grasping college graduates, migrant workers, retired soldiers, laid-off workers and other populations for employment” and “ensuring the zero clearing of zero-employment families” have also become high-frequency words in the journal.

  Places are highly recognized for employment.

From the perspective of new employment targets, the new urban employment targets announced by the 28 provinces totaled 14.91 million, significantly higher than the target value (11 million people) and actual value (13.61 million people) set by the NPC and CPPCC last year.

Looking at the unemployment rate target, the average registered unemployment rate target for each province is 4.

Below 5%, with the exception of Shanxi, the provincial average target for surveyed unemployment rate is 5.

Less than 5%, which is consistent with the goals set by the National People ‘s Congress and the National People ‘s Congress early last year.

  Talent strategy continues to heat up.

When formulating employment policies, local governments must also combine the advantages of local industries and launch various talent attraction programs to help local economic transformation.

Among them, the eastern provinces pay more attention to attracting “strategic technology talents” and “leading scientific research talents”, while the central and western provinces pay more attention to “skilled talents” and “craftsman talents”.


2 Speed up technological innovation and transformation.

At the end of the 18th Central Economic Work Conference, seven key tasks were proposed, of which “promoting the continuous development of manufacturing” and “promoting the formation of a strong domestic market” ranked first and second.

Specifically, the former requires “enhancing the technological innovation capability of the manufacturing industry, improving the demand-oriented, industry-university-integrated innovation mechanism with enterprises as the mainstay, and increasing the support for SME innovation”;Renewing equipment, accelerating the pace of 5G business, and strengthening the construction of emerging infrastructure such as artificial intelligence, industrial Internet, and the Internet of Things. ”

  The central and western regions are undergoing heavy technological transformation and upgrading, and the main strategy in the east is emerging.

From the perspective of the two local conferences, the Northeast and Central and Western regions are more focused on the transformation and upgrading of traditional industries, and are more prominently expanded; the developed eastern regions are more focused on creating industrial growth represented by new materials, new energy, intelligent manufacturing, and biomedicine, and more prominently in technology applicationsIt is the consensus of local governments to accelerate 5G commerce and strengthen the construction of new infrastructure such as the Industrial Internet.


3 The evolution of the system released the dividends.

Last year was the 40th anniversary of reform and opening up. At the end of last year, the Central Economic Work Conference “adhered to the impetus for reform and deepened the reform of state-owned and state-owned enterprises, finance, taxation, land, market access, social management and other areas.””Accelerated economic system reform” ranked fifth, specifically expanding and accelerating the reform of state-owned and state-owned enterprises, supporting the development of private enterprises, deepening the reform of the financial system, and advancing the reform of the fiscal and taxation system.

  ”Deepening the reform” has also become the focus of local governments in 19 years. Hainan Province clearly pointed out that 19 years is “the key year for Hainan to comprehensively deepen reform and opening up.”

In terms of specific content, the reform contents of the provinces mainly cover the following aspects: First, it has become a consensus to accelerate the reform of the economic system.

Provinces have generally proposed improvements in state-owned enterprise reforms, support for private enterprises, financial reforms, and fiscal and taxation reforms.

Among them, the reform of state-owned enterprises focuses on promoting the reform of mixed ownership and realizing the transformation from managing enterprises to managing capital. The three northeastern provinces have proposed key state-owned enterprises for reform; fiscal and tax reforms focus on tax and fee reductions, optimizing fiscal expenditures, and revitalizing fiscal stock funds.Liaoning and Guangxi mean the overall expenditure reduction target clearly set out; financial reform focuses on alleviating restructuring financing difficulties and expensive financing issues, and developing a multi-level capital market. Shanghai and Zhejiang have put forward specific solutions based on local conditions.

  The second is to accelerate the reform of land, resources and other factors.

Provincial revitalization is common in the provinces in their two sessions, and rural land system reform has become an important way.

In addition, the central and western provinces have also focused on promoting energy and resource product reforms, especially price reforms in the areas of electricity, natural gas, and urban transportation.

  The third is to roll out more reforms of the social system.

These include the reform of the education system, the reform of the medical system, the reform of the pension system, and the reform of the housing provident fund system.

19 years is the key year to build a well-off society at a high level. Protecting and improving people’s livelihood is still one of the key tasks of local governments.

  After sorting out, Haitong Securities is believed that the merger policy may directly or indirectly benefit the eight major divisions.

Strengthen innovation-driven development, including biological breeding (such as Denghai Seed Industry, Longping Hi-Tech, Dunhuang Seed Industry, Fengle Seed Industry, etc.), heavy agricultural machinery (such as YTO, Jifeng Technology, etc.), and smart agriculture (such as smart agriculture, etc.);  2.
Expand domestic imports of scarce agricultural products (such as Dongling grain and oil); 3.
Implement soybean revitalization plan (such as the Great Northern Wilderness (protection of rights), etc.) to support rapeseed production in the Yangtze River Basin (such as Longping High-tech, Agricultural Development Seeds, etc.); Implementation of dairy industry revitalization actions (such as western animal husbandry, manor ranch, etc.); 5.
Accelerate a new round of rural power grid transformation (such as Zhongyuan shares); 6.
Strengthen rural pollution control and ecological environment protection (such as Dayu water saving, etc.); 7.
Deepen the reform of rural land system (such as Xinyangfeng, Suken Agricultural Development, Beidahuang, etc.); 8.
Intensify the monitoring and control of animal epidemic situations such as African swine fever (such as Wen’s shares, Shengnong Development, etc.).

Zhejiang Longsheng (600352): Interim report meets expectations Intermediate price increase drives performance improvement

Zhejiang Longsheng (600352): Interim report meets expectations Intermediate price increase drives performance improvement

2019H1 net profit increased by 36% each year, in line with market expectations. Zhejiang Longsheng released its 2019 Interim Report, and the company achieved revenue of 96.

500 million, an increase of 5 in five years.

3%, net profit 25.

300 million (excluding non-net profit of 20.

500 million), an increase of 36 in ten years.

2% (after deducting non-tax increase of 13 years.

1%), the performance was in line with expectations.

Based on the latest equity calculation, the corresponding EPS is 0.

79 yuan.

Among them, the revenue of 2019Q2 was 48.

800 million (+1 year on year.

2%), net profit of 12.

700 million (+ 17% year-on-year.


We expect the company’s EPS to be 1 in 19-21.



36 yuan, maintain “Buy” rating.

The intermediate price increase led to the foundation of the performance improvement report. The company’s average sales price rose by 36% to 4.

260,000 yuan / ton, every 5% to 5 sales.

6 nominal, corresponding to revenue 23.

80,000 yuan (+ 30% year-on-year), the business gross margin rose by 0 every day.

6pct to 48.

At 4%, Hongsheng Chemical (resorcinol) / Zhejiang Anuofang Amine (m-phenylenediamine) achieved net profit of 7 respectively.

2.4 billion (+ 11% year-on-year) / 1.

2.6 billion (+ 40% year-on-year), driving the company’s performance to improve.

At present, the price of intermediates still remains strong. According to Baichuan Information, the latest offer for resorcinol is 11.

40,000 yuan / ton, a slight increase of 4% from the peak in early May.

The relocation of the factory affects profitability. The dye market outlook is expected to pick up. The average sales price of the company’s dye 19H1 has increased by 19% to 5 in the past.

3 million / ton, due to the relocation of the production capacity of the Daoxiu plant area to the Shangyu Development Zone (new production capacity has begun production), sales fell by 12% to 10.

1 nominal, corresponding to revenue 53.

600 million (YoY + 5%), Longsheng Dyeing / Kehua Dyeing net profit is 2.


51 ppm (YoY -32% /-21%); overseas, Huasheng limited net profit increased by 7% to 7 in ten years.

25 trillion, due to the increase in accrual of integration costs, Dystar Holdings’ net profit replaced 33 million (2018H1 was 2.

4.1 billion).

Since Q2, the price of dyes has fallen sharply. According to Zhuochuang Information, the latest price of dispersed black ECT300% / active black WNN is 38/30 yuan / kg, which has dropped 17% / 9% from the high point in early May. Currently, the absolute inventory of manufacturers is at a low levelWith the expected easing of trade frictions and the gradual restart of downstream procurement, dye prices are expected to pick up again.
佛山桑拿网 Government grants and non-recurring gains from changes in fair value 19H1 The company realized investment income2.
660,000 yuan (+ 100% year-on-year), during which the rate of expenses fell to 0 in ten years.

1 point to 18.

5%, of which the increase in the cost of Dystar’s restructuring led to an increase in management expense ratio of 0.

5 points to 6.

2%; As a result of the reduction in exchange losses, the financial expense ratio has dropped to 0.

5 points to 1.


The company’s non-recurring income amount is 4.

80,000 yuan (0 for the same period last year.

500 million), including government subsidies 3.

2 ppm (mainly compensation for relocation). In total, the changes in the fair value of financial assets held by the company generate income.

500 million.

Real estate projects are progressing 杭州桑拿 steadily. At present, the company’s real estate projects are progressing smoothly. The Huaxing New Town project has obtained approval from Shanghai Jingan District and is gradually optimizing the overall design plan. The Datong base project progresses in an orderly manner and will begin pre-sale next year. Huangshan Road Project 1The company will enter the closing group during the period, and the company is expected to pay the house and confirm the income by the end of the year.

Maintain “Buy” rating. We maintain our profit forecast of USD 65/72/77 million for 2019-2021, corresponding to EPS of 1.



36 yuan, based on the comparable company’s estimated level (average 10 times PE in 2019), giving the company 9-11 times PE in 2019, corresponding to a target price of 17.


89 yuan (original value 19).


88 yuan), maintain “Buy” rating.

Risk reminder: downstream demand fails to meet expected risks, and environmental protection policy implementation fails to meet expected risks

Can technology stocks lead the gains?It ‘s estimated that it ‘s too expensive to invade and have a fund manager sell it.

Can technology stocks lead the gains?It ‘s estimated that it ‘s too expensive to invade and have a fund manager sell it.
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  The most profitable natural non-tech stocks in the market this year are.Although technology stocks fell across the board today, too many people believe that this is not a surprise. The continuous strong growth has made some technology stocks overvalued.  Fund sources believe that the recent rebound in technology stocks has extended, and the speed is fast. Short-term adjustments are more conducive to the subsequent market development, and the adjustment is not expected to be too large.Technology stocks will still be the main line of A-share investment in 2020. At present, some reasonable estimates of technology stocks should be selected for layout.  The three major indexes of technology stocks decreased in a large area in the early morning. The GEM index fell more than 1% at one time. The Shanghai and Shenzhen stock indexes performed slightly better.At noon, the Shanghai and Shenzhen indices rose by 0.3% and 0.4%, the GEM Index fell 0.46%.  From the surface of the disk, in addition to the pharmaceutical sector leading the decline, technology stocks also appeared across the board, computer, communications, chemical pharmaceuticals and other attention fell, until the midday closing, the media fell by 1.16%, chemical and pharmaceuticals fell by 1.13%, computer equipment dropped by 0.70%, communication services dropped by 0.65%.  Data source: Although the flush of technology stocks appeared today, they still cannot hide the strong performance this year.As of February 18, in the Shenwan industry, the average increase of individual stocks in the computer and electronic sectors exceeded 20%, and the average increase of individual stocks in the technology industry since the Spring Festival also exceeded 10%.Medical biology and communications also performed well.  Fund managers’ two consecutive “sell-fly” technology stocks have exceeded the expectations of too many institutions, and some fund managers have admitted that they have “sell-fly”.  ”The market’s risk appetite for technology stocks is too high. A technology stock that was originally in a heavy position continued to grow after it was sold. Later, considering the market sentiment tends to maintain, it bought up after buying it, and sold it after earning a wave.乎意料的是股价现在还在涨,可以说是两次‘卖飞’了。The current highest point is about 25% higher than the point at which it was sold for the first time. The key is that the estimate at the time of the first sale is no longer cheap.”A private equity fund manager Zhang Jun (pseudonym) said that many technology stocks are overestimated, and even areas such as PCBs and chips whose performance has been relatively weak due to the epidemic are not cheap.  Another private equity fund manager also said that last week, the company’s unified request to lighten up.However, in the past week or so, these lightened technology stocks have still risen a lot. Fortunately, at the time, most of the technology stock positions were retained.  In essence, some private equity funds have maintained their “fixing power”.A private equity fund in Beijing said that some technology stocks are not estimated to be cheap, but considering the recent high market sentiment, the market liquidity is positive, and has not been anxious to sell 北京夜网 before.  China Post Fund Manager Guo Xiaowen pointed out that around 2019, 2020 A-share investment may be more difficult.Because of the high degree of prosperity, stocks with good performance trends are expected to grow significantly, while high-quality technology stocks and growth stocks and many high-quality core asset stocks have significantly adjusted.For technology stocks, 2020 is the year of performance verification, and breakthroughs in individual stocks with performance that exceeds expectations may cause major adjustments, which is also a risk to be aware of when investing in technology stocks.Most positions will only participate in leading stocks.  Wait for the estimate to fall and explore new opportunities. Zhongzheng Jun understands that the continuous strong growth of technology stocks has caused some investors who have 上海夜网论坛 not got on the train to “don’t miss” the worry.At the previous price?  Gradually private equity fund managers point out that when market sentiment is high, the more you must maintain the rationality of investment, and the mentality of not being afraid to miss it.The estimate is seriously overestimated, and it is definitely going to fall. It is considered that the expected growth will not fall too much, which belongs to the “inertia of bull market expectations.”Of course, the extent to which the estimation falls depends on the performance of the company, the level of risk appetite in the market, and the tolerance of investors for the estimation.  Heju Investment said that the recent rebound in technology stocks has broken through at a faster pace, and a certain short-term change is also a normal phenomenon, which is more conducive to the development of the next stage of the market, but the adjustment is not expected to be too large.  Although the short-term estimates of some sectors are relatively expensive, in the opinion of more fund managers, the judgment that technology stocks are the main line of A-share investment in 2020 has not changed. At present, it is more important to choose some areas with reasonable estimates.  Zhang Jun said that in comparison, the estimates of some technology stocks are not expensive, some autonomous and controllable areas and so on.  Heju Investment pointed out that the impact of the epidemic on some technology stocks is medium and long-term, and it will continue to deploy online education, online medical care, online office, online entertainment and other fields in the future.The epidemic situation has changed everyone’s consumption habits. Once some consumption habits are established, the possibility of switching back may be small, which will profoundly affect the development rhythm of some industries.In addition, the localization of IT basic software and hardware is also worthy of attention.  Guo Xiaowen said that the core logic of technology stocks is the three cycles of innovation cycle, policy cycle and capital cycle. From the perspective of the industrial cycle, the electronics industry has a V-shaped reversal. From the third quarter of 2019, the long-term growth of the sector has accelerated.The industry is at a relatively advanced level, fully embracing the golden age of hard-core assets.Specifically, we are optimistic about the fine-molecule industries of consumer electronics (smartphones, wearable smart devices), semiconductors, radio frequency (sealing and testing), panels, LEDs, PCBs, and new energy vehicles.

Huaqiang Fangte (834793): Financing capacity supports future expansion speed

Huaqiang Fangte (834793): Financing capacity supports future expansion speed

The company’s recent situation The CSRC has accepted Huaqiang Fangte’s “IPO and listing on the GEM” materials to comment on unique theme park models: 1) Huaqiangfang’s specific location is a theme park in China’s third and fourth tier markets, avoiding the theme of first and second tier marketsThe fierce competition in the park can also benefit from the demographic dividend of the third and fourth tier markets in China.

2) In the “2018 Global Theme Parks and Museums Report” released by AECOM, Huaqiang Fangte ranked fifth in the world with 42.07 million tourists, which is the fifth consecutive year.

The # 1 Disney Group visitor in 20181.

With 5.7 billion person-times, Huaqiang Fangte’s tourist volume reached 27% of Disney’s.

3) Disney usually uses IP. Huaqiang Fangte uses Chinese traditional cultural stories as IP and uses special film technology to perform interpretation. This reduces the knowledge of IP creation and can be copied in batches, which has the advantage of business model.

Rapid expansion requires a lot of funds: 1) Huaqiang Fangte has built 20 theme parks across the country. The company plans to quickly build 30-40 in the next few years. We expect to build 4 themes in Jiayuguan, Changsha, Handan, Jingzhouparadise.

The company also looks forward to overseas expansion.

2) The theme park is an asset-heavy project.

In 2018, the company had 1 billion fixed assets, accounting for 56% of total assets; depreciation of fixed assets accounted for 18% of total revenue.

3) The company’s future planning requires a large 无锡桑拿网 amount of asset investment.

The company raised funds in 2016 and 2017.

As the financing capacity of the new three editions declines, the company needs to realize new financing through IPO.

The company is currently planning an IPO and the shares have been suspended.

Due to a three-year audit, the company has recently made error adjustments to the three-year statements for 2016, 2017, and 2018 (the net profit adjustment is small and not significant).

On June 20, the China Securities Regulatory Commission disclosed that the China Securities Regulatory Commission had revoked the materials of Huaqiang Fangte Culture and Technology Group Co., Ltd.’s IPO and listing on the Growth Enterprise Market.

It is estimated that the EPS forecast for 2019/20 is maintained at 0.


03 yuan.

Maintain Outperform rating and 深圳桑拿网 target price of 16.

00 yuan, corresponding to 18x / 16x 2019 / 20e P / E, 19% increase space.

The company currently expects 15x / 13x 2019 / 20e P / E.

Risks and severe weather; the animation industry is developing less than expected; international theme parks have accelerated their entry into China.