Hongdou shares (600400) 2019 first quarterly report comments: clothing revenue growth pressures pressure on gross profit margin to promote growth in net profit

Hongdou shares (600400) 2019 first quarterly report comments: clothing revenue growth pressures pressure on gross profit margin to promote growth in net profit
In 19Q1, revenue increased by 9%, net profit increased by 7%, and net profit resumed growth. In the first quarter of 2019, the company 天津夜网 realized revenue7.6.1 billion, an increase of 9.14%, net profit attributable to mother 5097.660,000 yuan, an increase of 6.60%, deducting non-net profit 4224.410,000 yuan, down 8.79%, EPS is 0.02 yuan. The growth rate of deducting non-net profit is lower than income mainly due to sales, increase in management expense ratio and increase in asset impairment losses, while net profit mainly comes from entrusted wealth management income, and government subsidies included in the current profit and loss increase. In terms of quarters, 18Q1-19Q1 company revenue increased by 20.88%, -48.43%, 17.05%, 8.32%, 9.14%, net profit attributable to mother increased by 51.30%, -87.04%, -10.38%, -18.74%, 6.60%. After 18Q2, the impact of the divestiture of the real estate business was eliminated. 18Q4-19Q1 was affected by the severe weakness in clothing consumption, and its income grew rapidly. In 19Q1, gross profit margin increased, investment income increased, and net profit resumed growth. Offline channel expansion drives revenue growth, growth in store efficiency, and distribution of segmented businesses: 2019Q1 company Hodo Menswear, OEM apparel, and other businesses achieved revenue6.55 ppm, 7644.190,000 yuan, 2908.480,000 yuan, an increase of 6.55%, 26.53%, 65.68%. The company’s own brand of red bean men’s clothing stores continued to expand, driving the growth of Hodo’s men’s clothing revenue, OEM processing business, and other businesses (including yarn printing and dyeing) grew rapidly. In terms of channels: 2019Q1 company’s online (private brand), offline (including private brand direct sales, franchise and professional wear group purchase business, OEM processing clothing sales, etc.) revenue was 1.2.3 billion, 6.0.9 billion yuan, an increase of 1.01%, 9.95%.Online, affected by the growth rate of the e-commerce industry, the relative growth rate of revenue growth.In terms of offline channels, Hodo Menswear is directly operated by the company in Q1 2019, and its franchise income is 4,609.930,000 yuan, 4.6.3 billion, an increase of 2.19%, 10.39%, channel expansion led to revenue growth, and store efficiency was replaced by the weak clothing consumption environment and a high base in 18Q1; until the end of March 2019, the company had a total of 62 direct-operated stores, extending its value-added12.At 73%, the efficiency of directly-operated stores decreased by 9.34% to 74.350,000 yuan; joined 1,278 affiliated stores, increasing 21 times.14%, franchise stores decreased by 8.88% to 36.240,000 yuan. The gross profit margin increased significantly, the expense ratio increased, and the inventory fell earlier. The gross profit margin increased by 5 in 2019Q1.50PCT to 30.00%, mainly due to the company’s increased strategic cooperation with suppliers, improving supply chain management capabilities and supplier bargaining power.In terms of business, the gross profit margins of Hodo Menswear for OEM in 2019Q1 were 31.80% (+5.54PCT), 15.96% (+6.26PCT), of which Hodo Menswear is directly managed, with a gross profit margin of 48.34% (+8.53PCT), 27.91% (+7.89PCT), the increase was mainly due to the improvement of the company’s upstream bargaining power. Expense rate: Expense rate increased by 4 during Q1 2019.79PCT to 21.80%, of which the sales expense ratio increased by 1.40PCT to 12.08%, mainly due to the increase in the number of stores, the increase in sales staff expenditures and the increase in amortization costs of smart projects; the management expense ratio (considering research and development costs) increased by 291PCT to 8.96%, mainly due to the increase in research and development expenditure; the financial expense ratio increased by zero.47PCT to 0.75%, mainly due to the increase in short-term working capital borrowing interest. Other financial indicators: 1) The company’s inventory at the end of March 2019 was 2.37 trillion, down 13 earlier.19%, mainly due to the company’s winter clothing products digestion, inventory value decreased.In 1Q1, the company’s inventory turnover ratio was 2.09, 31.14%, 2 in the same period in 18 years.35, 33.91%, the inventory turnover rate is slightly incidental. 2) The accounts receivable of the company at the end of March 2019 is 3.43 trillion, an increase of 2 earlier.69%, mainly due to the expansion of franchise channels, increased support for franchisees, 19Q1 accounts receivable turnover investment 225, compared with 4.74 has improved. 3) Investment income increased by 94 in the first quarter of 2019.10% to 2029.220,000 yuan, mainly due to increased proceeds from idle funds raised to purchase wealth management products. 4) Assets impairment losses in Q1 2019 increased by 27,206.74% to 1409.640,000 yuan, mainly due to the increase in inventory depreciation provisions for inventory goods. 5) The net operating cash flow in Q1 2019 was -9698.940,000 yuan, -8608 in the same period of 18 years.480,000 yuan, mainly due to the increase in the payment of electronic bank acceptance margin. The growth rate of clothing revenue in 19Q1, and cooperation with Perception Group to promote the application of the Internet of Things. We believe that: 1) In terms of clothing revenue, due to the weak overall consumption in 2019Q1, the company’s clothing revenue growth rate was only 2 at the end of March 19, Lower than expected, the growth rate of online income narrowed.In the future, the company will continue to develop offline stores, sink to lower-tier cities, strengthen product management and digital supply chain capabilities, increase single store revenue, and drive clothing revenue growth.2) In 2019, the company strengthened the control of terminal prices, enhanced the bargaining power of suppliers, and promoted the recovery of gross profit margin. The rapid expansion of the number of stores led to the continuous increase in sales expense ratio.3) On April 3, 2019, the company announced that it has signed a strategic cooperation framework agreement with Perception Group to jointly cooperate in smart stores, smart storage, smart manufacturing model factories, etc., and promote the Internet of Things and other technologies in the production, storage, and sales of clothing retail enterprises.In terms of applications, Perception Group is the earliest domestic institution to conduct research and industrialization of the Internet of Things, and achieved revenue of 53 in 2018.90,000 yuan, net profit 2.3.6 billion. As the company’s revenue growth rate in 2019Q1 is relatively relative, we slightly lower the EPS forecast for 2019-21 to 0.09/0.11/0.13 yuan (previous average 0.10/0.12/0.14 yuan), currently expected to correspond to 42 times PE in 19 years, higher short-term increase, we are optimistic about the company’s focus on the main business, clothing performance continues to grow, and the Group’s clothing resources are rich, the future home furnishings, underwear and other clothing-related businesses are expected to inject listed companiesTo maintain the “overweight” rating. Risk warning: The store opening speed is slower than expected, terminal sales continue to be weak, and expenses have increased significantly.

Zeping Macro: Social Finance M2 bottoms out and widens currency

Zeping Macro: Social Finance M2 bottoms out and widens currency

Social financial M2 bottomed out, wide currency and wide credit effective-January 2019 financial data reviewIt is expected to be RMB 3 trillion, with a previous value of RMB 108 billion.

China ‘s January social financing scale increased by 4.64 trillion yuan, with an expected value of 330.7 billion yuan.

China’s January M2 money supply for a decade8.

4%, expected 8.

2%, the previous value was 8.

1%.

  The main text 1, core points: 1) In January, the social financial credit data exceeded expectations, and social financial, M2 and credit data bottomed out, which is in line with our first quarter quarterly financial financial rebound.

It is expected that the growth rate of social financing will continue to appreciate, but the magnitude is not large; 2) The early wide currency and wide credit policy has begun to take effect; 3) financing structural problems still exist, especially the relatively high proportion of bill financing, indicating that commercial banks’ risk appetite is not highhigh.
Credit credentials are not good, and policies need to be continued. 4) Monetary and financial data are leading, and the bottom of the policy is ahead of the bottom of the economy.

We maintain our previous judgment: the economic outlook in the middle of 2019 bottomed out twice, the best investment opportunity is in China, the new cycle.

  In February and January, the growth rate of social financing rebounded faster than expected to 10.

4%, RMB loans are still the main force to support the growth rate of social finance.

In addition, bill financing reached record highs, regulatory margins were relaxed and non-standard financing resumed from negative to positive. Fiscal efforts pushed local issuance of special debt to accelerate, and marginal bond financing promoted the growth of cooperative financial institutions to grow faster than expected.

  The growth rate of social financing rebounded faster than expected, and the margin of physical financing growth improved.

New social financing scale was added in January 4.

64 trillion yuan, an increase of more than ten years.

56 trillion, a growth rate of 10

4%, stopped the revolution for 14 consecutive months, an unexpected rebound, and the marginal improvement of the real economy’s financing prospects.

  From a structural point of view, RMB loans are still the main force to support the growth rate of social financing. The market for bills is booming. Overlapping regulatory policies have loosened margins, which has led to entrusted loans. The margin of trust loans has improved, and non-standard financing has turned from negative to positive.

Regarding on-balance sheet financing, gradually increasing restrictions on RMB loans3.

23 trillion U.S. dollars, an increase of 330 billion U.S. dollars in one year, supporting the rebound of social financing; in terms of off-balance sheet financing, January and on-balance-sheet bill financing hit a record high, bill financing and undiscounted bank acceptance bills totaled 894.6 billion, accounting for 19% of social financing.

3%, up 13 from the previous.

5 averages.

In January, the margin of trust loans improved, and the margin of trust loans improved by 1.5 billion over the same period, -109.

800 million, the overall off-balance sheet financing from negative to positive, in January off-balance sheet financing was 343.2 billion, an increase of 2253 earlier.

800 million yuan; budget and fiscal efforts to promote the rapid issuance of special local debt; under the broad credit policy, market interest rates have fallen, bond financing has warmed up, and social financing has rebounded.

With the implementation of fiscal policies, local special debt was issued to January in advance, with reasonable and sufficient alternating liquidity, market interest rates fell, and bond market confidence restored. In January, local special debt was increased by US $ 108.8 billion, and corporate bonds were US $ 499 billion, respectively.Increased by 108.8 billion and 3767.

700 million, supporting the growth rate of social finance.

  3. Reduce factors and expand broad credit policies to drive bank credit volume. The proportion of medium and long-term corporate loans exceeds that of residential loans. The marginal structure of loans has improved, but the impulse for bills is still significant, and bank risk substitution remains to be improved.

  Short-term factors combined with the easing of credit policies drove the bank’s credit volume and increased RMB loans by 333 billion yuan.

New RMB loans in January 20193.

23 trillion yuan, an increase of 330 billion yuan a year.

Short-term and early-term long-term credit policies support banks to provide financing for SMEs, driving bank credit volume; restructuring, affected by seasonal factors, banks resumed preferential loans to high-quality customers in the early stage.Financing needs were also released in one month.

  From a structural point of view, the proportion of long-term and medium-term corporate loans exceeds that of residential loans. The margin of corporate vitality has increased, and the margin of loan structure has improved, but it is still dominated by short-term and bill financing, reflecting that bank risk substitution is still decreasing.

In January, the household sector loan increased by 989.8 billion yuan, and the corporate sector increased by 2.

58 trillion yuan, of which, corporate long-term loans1.

4 trillion yuan, accounting for 43 new yuan loans.

3%, which is 25 units higher than the previous month, but is reduced by 2 every year.The five subdivisions reflect the increased margin of corporate vitality and improved loan structure, but still lower than the same period.

The current increase in RMB loans is mainly short-term, with one-month short-term loans and bill financing of US $ 14.0009 billion, a multiplication of US $ 680.6 billion, indicating that bank risk substitution is still being supplemented and the continuity of the effect of the wide credit policy remains to be further observed.

  4. The growth rate of M2 rebounded and reached a new high in the past six months. The growth gap of M2-M1 continued to widen and was affected by the factors affecting the Spring Festival. The substitution also showed that the enterprise was not viable.

  The M2 money supply has grown at a rate of eight in ten years.

4%, an increase of 0 from December 2018.

Three digits, a new high since July 2018.

Fiscal policy was in force. Fiscal deposits increased by 533.7 billion in one month, and 447.2 billion less in one year. Tax reductions brought about by the active fiscal background led to a reduction in tax payments, pushing up M2 growth rate by 0.

26 averages.

The growth rate of M1 gradually decreases to zero.

4%, the growth rate of M2-M1 continued to widen, mainly due to a few factors. The Spring Festival in 2019 was advanced to the beginning of February, which resulted in a high increase in household deposits in one month. The timing of the payment of corporate salary bonuses was advanced.It also shows that the vitality of the enterprise is still insufficient.

  5. Supervision policies continued to be implemented to reduce overall standards, support commercial banks in replenishing capital, guide banks to optimize credit structures, and support the rebound in social financing growth.

  From the perspective of policy budget, the development of monetary and financial policies is an important factor in exceeding financial data expectations.

First, there are four targeted reductions in 2018 each year, and the full reduction in January 2019 to maintain a reasonable and adequate market liquidity. Second, from December 2018 to February 2019, multiple channels are used to support commercial banks to supplement capital.To ensure that banks have sufficient capital, so that more funds will be invested in the real economy; third, since the second half of 2018, changes have taken place, and mergers and acquisitions by regulatory agencies such as the CBRC have guided commercial banks to optimize loan structures and support small and micro enterprises and private enterprise financingPromote the continuous improvement of the loan structure.

  6, bill financing is hot, but can only temporarily suspend corporate short-term financing needs, and bill arbitrage does not have long-term nature, it is difficult to drive structural deposit interest rates continue to fall.

  Liquidity is reasonable and plentiful, and the interest rate on the money market has fallen, which has driven down the interest rate on bills.

In 2018, the RRR cut was made 4 times a year, and refinancing was increased and re-discounted. In January 2019, the RRR cut was comprehensive. The interbank liquidity was reasonable and abundant, and the money market interest rate fell, driving the bill financing interest rate from 5 in March 2018.

58% reformed to 4 in September.

twenty two%.

In bond financing and loans, the interest rate advantage of bill financing is prominent, which has given rise to the hot phenomenon of bill financing since 2018.

  Banks have low risk appetite, short bill financing terms, strong liquidity, low risk, and meet bank needs.

In addition to the overall liquidity factor, most of the notes have a maturity of 6 months, short maturity, strong liquidity, and bank credit guarantees or corporate credit endorsements, risk returns, which are in line with the bank’s low risk appetite for 2018-2019, so they are also subject to businessBank favorite.

The proportion of bill financing in new loans increased from 1 in January 2018.

2% rose to 31 in December 2018.

4%.

  There is room for arbitrage between bill interest rates and bank wealth management, structured deposits, and large deposit certificates.

Due to the decline in the direct interest rate of bills and redistribution, there is an objective interest margin between products such as bank wealth management, structured deposits, and large certificates of deposit. Enterprises have the incentive to use discounted funds to purchase deposit products and earn interest margins.

For example, on January 20, 2019, the expected return of a six-month wealth management product replaces 4.
.

4%, while the direct interest rate on notes over the same period was only 2.

About 9%, the rediscount rate is only 2.

6%, the company has 150 arbitrage space.

  For enterprises, bill financing can partially solve their short-term financing problems, but bill financing tends to be short-term and has limited support for long-term fixed investment.

In the period when the downward pressure on the economy is intensifying and the risks of banks are increasing, bill financing has a relatively high cost and relatively short cost. It can supplement the company’s operating capital, repay the remaining debt or settle, etc. to meet the short-term financing needs of the company.

However, short-term bill financing, limited support for the long-term investment expansion of enterprises, there is no long-term sustainability, and unblocking monetary policy channels is still the key.

  As for the market interest rate, liquidity is reasonable and sufficient, and the continuous impulse of overlapping bills is expected to drive the decline of bank deposits, structured deposits, large deposit certificates and other broad-spectrum interest rates, but it is also not worthy of sustainability.

At least, there have been five RRR cuts each year since 2018, maintaining reasonable and sufficient liquidity in the market, and solving the problem of difficult financing for private enterprises. It is expected that monetary policy will continue to be guided by broad credit, so that money market interest rates will drive a broad-spectrum interest rate decline;The current behavior of companies using bill arbitrage will expand the supply of bank wealth management, structured deposits or large certificates of deposit, and drive banks to lower the structured deposit interest rate, which is also not long-lasting.

  7. We expect that social financing will stabilize and pick up in the first quarter, but the magnitude will be small.

Monetary and monetary policies are loose, and alternative channels are gradually unblocked, but not flooding; the main force of restructuring and social financing is still on-balance sheet loans, and the key lies in the unblocking of alternative channels for currency.

  The growth rate of social financing in January was 10.

4%, which verifies the judgment of the Air Force’s social financing growth rate in the first quarter.
We expect that the growth rate of social financing in the first quarter of 2019 will continue to rebound, but the intensity is not great: first, the low social financing base in 2018, and gradually laying the foundation for the recovery of social financing growth in the first quarter of 2019; second, alternative monetary policyLoose but not flooding, the scale of unblocking monetary policy is still the key, so it will not cause obvious credit placement. Third, in terms of social financing, on-balance sheet loans are still the main force of social financing.Considering the main factors, the scale of new loans from March to March will return to normal, corporate debt will grow steadily, local special debt will expand and grow steadily, bill financing will not be sustainable, and off-balance-sheet financing will not rebound, so we expect the first quarterThe growth rate of social financing rebounded little.
  8. The growth rate of M2 was roughly 2 quarters ahead of GDP growth rate. Social integration, M2 growth rate stabilized and rebounded, which verified our decision to determine the second bottom of the economic growth rate in mid-2019, and the economy sought to stabilize in the second half of the year.

  With the continuous development of monetary and financial policies, the growth of social finance and M2 has stabilized and rebounded. It is expected that the economy will achieve a second bottom in the middle of 2019 and is expected to stabilize in the second half of the year.

Generally speaking, monetary policy has a time lag, so the policy bottom usually appears ahead of the economic bottom.

From the perspective of monetary and financial policies, the current monetary and financial policies continue to exert force to promote economic stability. From the perspective of financial data, the growth rate of M2 bottomed out in one month. According to historical experience, after the M2 currency is released, the real economy needs roughly twoThe quarterly time is internalized, so M2 growth rate is roughly 2 quarters ahead of GDP growth rate.

In addition, combined with the reduction in the PMI and the decline in the non-manufacturing employment index, we judge that the current economy is in the “L-shaped” bottoming period of “growth and shifting”. It will achieve a second bottom in the middle of 2019 and the second half of the yearHope to stabilize.
  9. The deep-seated problems and prominent contradictions in the economic and financial fields are still credit deficiencies. Under the condition that external pressure margins have slowed down, monetary policy should increase countercyclical cyclical hedging, focus on unblocking monetary policy measures, and solve corporate financing difficulties.

  Recently, monetary and financial policies have increased support for private and small and micro enterprises, and all efforts have been made to alleviate the financing contradictions of private and small and micro enterprises, and support for the financing, private bonds, and equity of the “three arrows” of private enterprises.

These long-term and long-term indirect financing are the prerequisites to truly achieve effective support for private and small and micro enterprises. We need to pay more attention to the small and medium-sized bank population. We recommend: 1) On the basis of promoting the return of small and medium-sized banks to their origins, further strengthen monetary policy.Support from small and medium-sized banks.

In the context of a certain structured commercial bank credit in developing countries, small and medium-sized banks are an important force in supporting private and small and micro enterprises in terms of their natural attributes, advantages, and experience.

The support for monetary policy in the early period is biased towards major medium-sized banks. For small and medium-sized banks, rediscounting and refinancing are mainly used.

In January 2019, a preliminary announcement was made of a “full-scale reduction”, a reduction of the deposit reserve ratio of financial institutions by one conversion, and a conversion announcement of inclusive finance ‘s targeted reduction.”” Adjusted to “Single-family credit is less than 10 million”, expand coverage coverage, and include more small and medium banks.

  2) Tolerance of non-performing loans to commercial banks has been expanded, and previous due diligence has been removed.

There are three major steps from “wide money” to “wide credit”. One is the supply of funds, the other is the intention to lend, and the third is the demand for money.

In the spring of 2018, the RRR cut was made four times and the net investment was 2.

3 trillion yuan of funds, the inter-bank market liquidity is loose.

However, the second step is not smooth. Due to the increasing downward pressure on the economy, the credit risk of private and small and micro enterprises has accumulated, the risk appetite of commercial banks has decreased, and the impact of strict supervision of alternative finance.On the red line, commercial banks are putting more energy on risk mitigation and poor disposal, and they are more prudent and careful in lending.

Future financial policies can explore differentiated regulatory policies and appropriately increase the tolerance of non-performing loans to small and micro enterprises.

At the same time, the grassroots credit personnel were temporarily exempted from their duties, reformed the non-performing loan assessment mechanism, and increased business enthusiasm.

  3) Continue to innovate capital supplementary tools for commercial banks.

Such listed banks can choose to supplement their capital with preferred stocks, fixed-increasing shares, and convertible bonds. Capital supplemented bonds are the most important choice for unlisted small and medium banks.

Since 2018, the regulator has successively issued documents to support the addition of capital replenishment tools, facilitate the issuance method, and expand the investor base. The Finance Committee recently convened a special meeting to study multi-channel support for commercial banks to supplement capital, and launched the issuance of perpetual bonds as soon as possible.

In the future, it is necessary to further formulate a consensus policy, expand the core capital replenishment channels of small and medium banks, expand the investor base, and substantially increase the capital replenishment capacity of small and medium banks.

  4) Monetary and financial supervision policies should not be “one size fits all”, restore legal and compliant non-standard financing functions, and ease financing interruption.

The main reason for the obvious contraction in the growth rate of broad money supply since 2018 is the cliff-type displacement of non-standard financing.

Although non-standard financing has increased the financing chain, in the case of low risk appetite of the internal indirect financing system and slow development of direct financing, non-standard financing as an important transition has objectively eased the pressure on financing of private enterprises.

Recently, President Yi Gang mentioned in his speech that “regulated shadow banking is a necessary supplement to the financial market”. In the future, relevant policies should be issued as soon as possible to clarify the scope of non-standard financing, and support legal and compliant non-standard restoration of financing functions.

  5) Activate the capital market, restore the stock market financing function, and promote the implementation of the science and technology board and registration system.

The continuous decline of A shares and the previous equity pledge risk have reduced the financing function of the stock market, which is not conducive to the increase in the proportion of direct financing and the financing of high-risk innovative enterprises.

The Politburo meeting on October 31, 2018 focused on “revolving around capital market reforms, strengthening institutional construction, stimulating market vitality, and promoting long-term healthy development of the capital market.

“In the future, we must activate the capital market, promote the implementation of the science and technology board and the registration system, and promote more small and micro enterprises. Innovative companies should use the GEM, the New Third Board, and the 深圳桑拿网 science and technology board to raise funds to strengthen institutional design. First, we must establish marketization.The stock issuance system and registration system should establish a market-based delisting mechanism, establish a strict information disclosure system, and increase the level of supervision and supervision after the event; the second is to improve the structure of investors and the proportion of institutional investors; the third is to improveThe design of the trading system further regulates the suspension of the company’s trading and cancels the stamp duty on stock transactions. The fourth is to improve the legal system, increase the deterrent effect of supervision, and significantly increase the cost of illegal crimes.

The market value of the huge earthquake in the A-share market evaporated 1.

1 trillion should I panic this time?

The market value of the huge earthquake in the A-share market evaporated 1.

1 trillion should I panic this time?

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  A shares have not reversed today!

  After experiencing a “scary night” on Monday in the outer disk market, the Black Swan once again instigated its wings. On Tuesday, the European and American stock markets rebounded sharply after the rebound across the board. Therefore, A shares that are not afraid of disturbing the “Deep V counterattack” are also receiving much attention today.

Surveys show that more than 50% of netizens still believe that A-shares may still stage an independent market today, and more than 60% of netizens believe that the current round of market is not over yet.

  However, today’s A-shares have experienced a wider range of fluctuations than the independent market that most investors expected.

The turnover of the two cities exceeded one trillion yuan for six consecutive days, but the amount of energy narrowed.

During the session, the early-stage attractions technology fell across the board, and the GEM fell by nearly 5%.

At the end of the day, the Shanghai Composite Index fell by nearly 1%, the Shenzhen Component Index fell more than 3%, and the Pioneering Index closed down 4%.

66%, the daily market value of A shares has evaporated by nearly 1.

1 trillion.

  In terms of sector stocks, only infrastructure stocks such as cement are weak and stubborn, and semiconductors, 5G, and cloud office that have performed strongly in the early stage are outstanding.

Among them, the 5G sector fell more than 4.

7%, the overall decline in the semiconductor sector is more than 7.
.

2%.

  Corresponding to the market downturn is the continued escape of smart funds, with northbound funds netting 67 today.

2.7 billion, a net decrease for 4 consecutive days.

In the meantime, among the stocks of the previous attractions, 5G leader ZTE fell nearly 8% today, and more than 1 billion main funds flowed into the stock; “bull concept stocks” Oriental Fortune fell more than 6%, and the main funds exceeded 900 million; and the war was favored by fundsBOE A, which fell 8% today, was sold off by 2.2 billion main funds.

  On the whole, although there are nearly 100 stocks in the two markets, there are also more than 90 stocks.

Today, the two cities increased by 1382 stocks and decreased by 2399 stocks. Although most of the stocks in the two cities decreased, compared to yesterday’s statistics, the number of stocks in the two cities decreased compared to yesterday.

  So, does the plunge in investor regulation mean the end of this wave of markets?

Can you consider looking at the current market?

Institutional brokers, what about the fund?

  The trend of technology stocks is ending. Jufeng Gutou believes that recently, the demand for profit-taking, the sharp decline in the external market and the large gains of technology stocks have accelerated the A-share market to a good pace, and some chips have become loose.The short-term demand for stock adjustments and stock exchanges has also increased, and the pressure on the GEM adjustment after continuous upward movement has increased.

  However, the current pattern is that the market is still in a loose environment and policy counter-cyclical adjustments continue.

The stock market has relatively abundant liquidity, and the enthusiasm for long positions has continued to increase. Market funds have entered the market obviously, at least indicating that there is no systemic risk here.

At present, with the improvement in the efficiency of foreign cities entering the country, domestic investment has gradually become the mainstream of the market.

Therefore, this also gives more room to allow stocks to play, especially relatively loose, and is also conducive to the improvement of the performance of introduced stocks.

  Beyond that, the transition of technology stocks to a good trend is over, and it is normal for short-term consolidation demand to change. Once the adjustment is over, technology stocks start again, which is also the main force for the continued growth of the GEM.

For systemic risks, it’s too early to tell!

  In addition, Rongshu Investment said that after the country’s economic momentum has transformed from a traditional industry to a new technology industry, the new technology direction contains huge investment opportunities.

The trend of automotive electrification is accelerating. Is the new energy automobile industry the future 5?
One of the most promising industries in the past 10 years; the transformation into 5G business has accelerated, 5G low latency, high bandwidth, and large connection characteristics will drive subversive changes in the C- and B-end industries; the country provides alternatives for the development of the semiconductor industryIndustry policy and financial support, the domestic replacement of software and hardware in various industries in the future will become a deterministic opportunity for China’s technology industry.

Although individual stocks in these fields have accumulated growth in the short term, the long-term growth prospects are huge, and the continued growth of future performance will gradually digest the existing overvaluation.

  After the adjustment, we pay attention to the opportunity to compensate for the recent increase, especially after the Spring Festival, the market continues to make a strong attack. Both the stock index and individual stocks have increased significantly, and 杭州桑拿网 there will definitely be a more obvious adjustment trend.

However, driven by the continued enthusiasm of the long and rising enthusiasm of the long market, the adjustment trend of the market has been repeatedly and slowly slowed down. The continuously rising individual stocks and stock indexes are only a matter of time, but the sooner it is carried outAdjustment, the operation of the stock market index is about healthy.
In the past few trading days, the external market has fallen sharply. Many investors attribute the adjustment of A shares to being subject to external pressure. In fact, it has nothing to do with the decline of the external market. We need to adjust itself. The external decline is only a guide.Just for fire.

A-shares have always been so ferocious that they have risen, and they have been cruelly fallen, as have individual stocks.
  Tianxin Investment Consulting believes that in the short term, the market is still a certain adjustment trend.

Operationally, if the previous varieties fluctuated, if there was no performance + policy support, they would reduce their positions on rallies and wait patiently for the arrival of various new layout glasses.

  Another agency believes that the Shanghai Index has been running above the half-year line for several days, the overall moving average system has been repaired, and the funds on the disk are still active.

Although the external disk has been weakening continuously, the Shanghai Stock Index has been continuously affected by too much, and the market has changed spots in time. Today, heavyweights such as infrastructure and real estate have suddenly become active, injecting new momentum into the market again.

It is necessary to pay attention to hotspot conversions, and it is recommended to treat market changes reasonably and sell high and low.

  Yuanda Information said that technology stocks have undergone adjustments due to the recent excessive increase. The main players are chips, semiconductors, and software that have experienced large price increases in the early stage. The relevant new policies support the favorable 5G and ultra-clear videos.Fund dip, in operation, both the broader market and 5G technology stocks should focus on the direction of supplementary growth. Once the end of the fundraising is over, the leading pioneer in the later period will be driven by the direction of supplementary increase to become the core.

Therefore, we must abandon high risk stocks, adjust the decline and focus on brokerage companies, 5G Huawei and other opportunities to make up for the direction!

  The brokerage suggested ignoring the short-term fluctuation fund prompting the switch signal. Huaxin Securities pointed out that the stock market has continued to maintain its strength gradually despite the fact that the Shanghai Index has not effectively fallen below the 5-day moving average.However, the next A-share market has already started a structural trend. For investors’ top priority, we will continue to focus on the medium and long-term strategic allocation and ignore short-term changes in the index.

In terms of configuration, Huaxin Securities believes that although the pharmaceutical sector will directly benefit from the epidemic in the short term, the higher prosperity in the early stage will be relatively limited by the impact of the epidemic.
The 5G industry chain, the new energy vehicle industry chain, the media, and the computer sector are still working hard to become the main driving force for the rising market in the future.

  China Everbright Securities believes that the short-term global market volatility is exacerbated by excessive and excessive panic.

Take action to recognize that international investors have previously underestimated the development of the epidemic itself, as well as the risks of the epidemic and the impact of epidemic prevention measures on the global economy, and are currently raising it.

But at least, do n’t forget that the impact of the epidemic on the economy cannot escape the periodic rules, and at the same time, you cannot reuse the hedging effect of macro policies on the impact of the epidemic.

  Some private equity institutions believe that the huge strength of the Shanghai Stock Exchange Index today coincides with the sharp decline in the GEM. This has never occurred since the start of this round of the market, and it is also a relatively obvious shift signal. At present, we do not rule out technology that will hold positions.Part of the stock is switched to undervalued blue chips represented by financial real estate, but there is not much concern at present. The ChiNext may enter a period of sideways shocks, depending on the next trend decision.

  Another public offering agency stated that from the perspective of technical analysis, the trading volume has been high, and ETFs with the theme of technology have also continued to be popular, indicating that market sentiment has not subsided in a short time, so that a strong country in science and technology is a national strategy, and domestic substitution is also a long-term one.Direction, overall, technology stocks are still positive.

Staying up late, I am not afraid that these health porridge can help you to detoxify your body late at night.

Staying up late, I am not afraid that these health porridge can help you to detoxify your body late at night.

Staying up late is not afraid that these health porridge can help you stay up all night. Detoxification and modernity. Modern urban life is very busy. Sometimes you are busy working overtime and dealing with the trivialities of life. If you don’t pay attention, you will be busy late at night and can only stay up late.

Everyone knows that staying up late will have too much impact on the body, and it is the enemy of women’s beauty. For women who often stay up late, eat the following 4 congees to help you beauty?
1, before the chrysanthemum rice porridge 50 grams, the previous rice 100 grams, first chrysanthemum decoction, and then the chrysanthemum soup with the previous rice boiled into porridge.

This porridge has good curative effect on middle-aged and elderly people with wind-heat headache, liver fire, red eyes, dizziness and tinnitus.

2, carrot porridge first carrot 1?
2 pieces (according to personal preference) washed and cut into filaments. After boiled water, boiled with vegetable oil, chopped green onion, ginger and other ingredients.

Use 100 grams of previous rice and water to cook the porridge. When it is cooked, add the fried carrots and cook.

Sprinkle some parsley, sesame oil, and feel a seductive fragrance into the nostrils.

Carrot porridge, diet vitamin A, where the loss of appetite or indigestion, dry skin, night blindness, high blood pressure, can often eat this porridge.

3, rose porridge is best to use dehydrated small rose buds that have not been opened, all nutrients are contained in the buds that have not yet been opened.

Use fresh stalked rice bran to make porridge. After cooking, add a small amount of small rose buds. When the porridge is light pink, you can eat it.

Regular consumption of rose porridge, can please people face, make the skin delicate and generous, but also treat stomach pain caused by liver qi stagnation, and also have calming, soothing and anti-depressant effects on the emotional side.

4, mushrooms, glutinous rice porridge, 100 grams of shiitake mushrooms, 100 grams of glutinous rice, cooked beef, cut into small diced, with boiled porridge, add onion ginger and lard, salt, MSG, pepper to eat.

This porridge can help treat acute measles, chronic gastritis and so on.

5, ginger glutinous rice porridge ginger 25 grams washed and mince, 100 grams of glutinous rice washed, 150 grams of sugar, 1 liter of water, three flavors into the pot with the same porridge, warm and stomach spleen.

50 grams of red dates, 100 grams of previous rice, boiled into porridge.

This porridge is calm, nourishing blood and soothe the nerves, tonic and spleen and stomach.

Clearing up the body’s toxins is good for our skin.

Many people have become ruddy after removing toxins in time, and the whole person is full of enthusiasm.

Therefore, we must detoxify and nourish in time.

If you lose weight during menstruation, you will lose more and more fat.

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If you lose weight during menstruation, you will lose more and more fat.

Among the outpatients with “menstrual irregularities”, it was found that most of the young girls, a female patient controlled their weight through a specific diet, usually with high-pressure soup, aloe vera, melon, lettuce and other foods, the menstrual crampsDuring the period, the grapefruit diet was more effective.

  As a result, the patient found that the amount of menstruation decreased immediately and the blood color became darker. The second month was similar, and even the abdominal pain was uncomfortable, and the whole person was lost.

Before using this method to lose weight, most of these girls did not have a history of dysmenorrhea, and the cost was unpredictable.

  When menstrual cramps, in addition to full rest, but also pay attention to nutrition, cold food such as ice, cold drinks, grapefruit, grapefruit, pear, watermelon, coconut, orange, tomato, mung bean, lotus root, cucumber, bitter gourd, loofah, melon,Chinese cabbage, white radish, etc., must be avoided or eaten as little as possible.

Usually, after the combination of traditional Chinese medicine conditioning and food screening, the abdominal pain of these patients is improved.

  In addition to the specific diet weight loss method, short-term fasting method, slimming medicine slimming method, now popular is the Chinese side to lose weight.

The consequences are menstrual disorders, disrupting hormone secretion, and some people even lose weight.

The Asian Wall Street Journal recently reported that “not to be as thin as a muscle” seems to be the special psychology of the oriental women. In addition to the slimming method other than sports, there are people who try to “before and after”.

  This phenomenon was observed in outpatients.

In fact, eating less and moving is currently the only way to control weight, and shortcuts often tend to lose weight.

The regimen during the period is not difficult. For example, Western women like to take the opportunity to eat some chocolate. The Chinese long-standing longan red jujube soup, red bean soup, ginger and brown sugar are all good choices.

  Note: It is best to pay attention to the following points during menstrual exercise: 1.

Reduce the amount of exercise: It is advisable to participate in some sports that are usually practiced regularly, such as jogging, gymnastics, boxing, table tennis, shooting and other sports.

  2.

Shorten the exercise time and slow down to reduce the amount of exercise and relax the muscles.

  3.

Avoid participating in competitions and shocking excessive sports: During the menstrual period, it is not advisable to participate in sports such as high jump, long jump, 100 meters running and football. It is also not suitable for push-ups, dumbbells and other strength exercises to increase abdominal pressure, so as to avoid excessive bleeding during menstruation orThe position of the uterus changes.

  4.

Avoid participating in various water sports: Do not participate in diving, swimming and water polo sports; do not wash cold water baths and wash feet with cold water to avoid infection and menstrual disorders.

  5,

Avoid competitive competition: Participating in these sports during menstruation is prone to endocrine dysfunction due to high mental stress and menstrual disorders.

  Therefore, an appropriate amount of exercise during menstruation is possible, and if there is a small amount of exercise in the weight loss plan, it can be carried out.

Doing the four principles of health in the spring and saying goodbye to the spring

Doing the four principles of health in the spring and saying goodbye to the spring

Health, spring revitalization, yang qi, so spring health should pay attention to protect the yang.

In the nature of nature, spring is a wood, and in the five elements of the liver is also a wood, so spring liver and liver protection is particularly important.

In the theoretical system of Chinese medicine, the liver is venting, and it is anger, depression and joy.

Therefore, in the spring, don’t be too angry, don’t over-guess and have melancholy emotions.

The spring weather is pleasant. We Chinese people like to eat health from the aspects of diet and living. How to maintain health?

Let’s take a look at several aspects of spring health.

In spring, the spring climate is very good, but the climate change in spring is also very big. When it is cold for a while, the body’s resistance to cold evil will decrease. Therefore, in spring, we should not be tooTake off your thick clothes early, especially those who are old and weak, and you shouldn’t take your clothes down.

In the spring, you should try to get up early and get up early in the morning. In the morning, you can participate in the activities of the conference room and stretch your muscles.

I hope that my physiology will be harmonious and I will be full every day.

In the spring health diet, you can eat more warm yang food and less sour food on the spring diet.

Because the liver is the main spring, the five flavors, the sour taste into the liver, has a convergent effect, which is not conducive to the growth of yang.

Therefore, in the spring, we must pay attention to diet and nutrition, should eat more sweet, less acid.

In the spring, our metabolism is also relatively strong, so the diet can also eat a little spicy and light food.

In the spring diet, it is also a less medicated diet, mainly for eating light food.

The spring temperature rise in spring health is relatively fast, so we should participate in outdoor activities at this time, which can speed up the circulation of our human blood and help promote the operation of blood.

We often say that we go out in the spring, go out and do some relaxation exercises, such as flying kites, walking, jogging, playing Tai Chi, etc. These are very good for health.

Also, when the spring is in motion, we must pay attention to the fact that it is not suitable for too acute exercise. It is not suitable for sweating and panting. Because it will consume yang, it is very unfavorable for health.

How to raise the liver in spring health We have already learned that spring is a wood, and dare to correspond.

Therefore, spring health is mainly to raise the liver.

In the spring, when you raise the liver, you should keep your mood comfortable and prevent the liver from rising. This is good for the growth of yang.

Protecting the liver in the spring can eat more divergent Xingan foods. For example, we often eat leek, onions, rapeseed, coriander, white radish, cabbage, spinach, celery and other foods.

There are also foods like tofu, kelp, straw mushroom, enoki mushroom, and coix seed, which are very good ingredients.

In the spring, we should be open-minded, optimistic, and maintain a state of mind, which will help us protect the liver in the spring.

In the usual weekends, you can go outdoors and do some soothing exercise.

Drinking water after a meal makes you short-lived

Drinking water after a meal makes you short-lived

The reason is, if you don’t have any obvious alternatives, but have been in one or more of the following states for a long time, pay attention to sub-health has alerted you: insomnia, fatigue, loss of appetite, fatigue, palpitations, poor resistance, easy to irritate, often cold or mouth ulcers, constipation and so on.

  What do you usually do after dinner?

Is it smoking, eating fruit, drinking tea, bathing or loose belts, singing, walking, sleeping?

If you have one or more of the above habits after a meal, be vigilant, these life details are murdering your health!

  The digestive doctor reminds people that people’s awareness of health has increased with the gradual improvement of people’s living standards. Many people think that eating fruit after a meal is the best match for modern life.

Whether it is in a restaurant, a restaurant, or a meal at home, many people like to eat some refreshing fruit after a meal. In fact, this is a wrong habit because eating fruit immediately after a meal can affect digestion.

  The doctor explained that because food enters people’s stomach, it must pass one to two hours of digestion before it can be slowly transferred.

If people eat fruit immediately after a meal, they will be blocked in the stomach by the food that arrives in advance, so that the fruit can not be properly digested in the stomach, and the stomach is too long, causing abdominal distension, diarrhea or constipation.

If people adhere to this habit for a long time, it will lead to digestive disorders, so it is best to eat fruit 1-2 hours after a meal.

  The doctor also reminded that people should pay attention to correcting the wrong habits of drinking tea after a meal and walking after a meal.

  Prevention of sub-health needs to quit after-dinner habits: ◎ eat fruit after meals: Many people like to eat some fruit after meals, that is conducive to clear mouth.

In fact, this is a wrong habit. Eating fruit immediately after a meal will affect digestion.

Because, when the food enters the stomach, it needs to be digested for 1-2 hours to ease the elimination. When the fruit is eaten immediately after the meal, the fruit will be blocked by the food that was eaten before, but it cannot be digested normally.

  ◎ Drinking strong tea after a meal: Tea contains a lot of tannic acid, and after drinking a cup of tea, just the protein that has just been eaten and not digested combines with tannic acid to form a precipitate, which affects the absorption of protein;Substance may cause the absorption of iron, long-term cultivation of the bad habit of drinking tea after a meal, easily lead to iron deficiency anemia; transformation, drink tea immediately after a meal, a large amount of water into the stomach, will dilute the digestion of the stomachLiquid, which affects the digestion of the stomach on food.

  ◎ Smoking after a meal: Some people think that “a cigarette after a meal, the game has lived a fairy.

In fact, this practice is extremely harmful to the human body.

Because the gastrointestinal motility of the human body is completely reversed after the meal, the blood circulation is also accelerated, and the digestive system begins a comprehensive exercise.

If you smoke at this time, the lungs and body tissues absorb the smoke greatly, which causes the harmful components in the smoke to be absorbed in large quantities. It has a strong stimulating effect on the breathing and digestive tract, which can bring more functions to the human body and tissues.Smoking is greatly hurt.

  ◎ Drinking water after meals: Drinking water immediately after meals will replace the gastric juice, so that the food in the stomach will enter the small intestine without digesting it, eliminating the digestive capacity of gastric juice and easily causing digestive diseases.

If you drink soda after a meal, it is just not suitable for the body. The carbon dioxide produced by soda water tends to increase the intragastric pressure, leading to acute gastric dilatation.

  ◎ Driving after a meal: After the meal, due to the need for digestion, most of the blood is concentrated in the stomach, and the brain is in a temporary state. At this time, driving is likely to lead to operational errors and car accidents.

Therefore, it is safer to drive again after 1 hour.

  ◎ Karaoke after dinner: After eating, the stomach capacity increases and the blood flow increases. At this time, the singing incision moves down, the abdominal cavity pressure increases, and the dyspepsia is caused by mild, and the stomach and stomach discomfort are caused by the stomach.

Therefore, it is best to sing karaoke after eating food for about 1 hour after a meal, or simply sing and then go to dinner.

Chongyang Festival is approaching, please take care of the health strategy, it is worth forwarding!

Chongyang Festival is approaching, please take care of the health strategy, it is worth forwarding!

Tomorrow is the 9th day of the Lunar New Year, the Double Ninth Festival, I wish the old man a healthy and long life, happy and healthy!

Introduction to the Double Ninth Festival The Double Ninth Festival is also known as the Nine Festivals, the Autumn Festival, and “Stepping in the Autumn”.

Because “Jiujiu” and “long time” are the same, nine is the largest number in the number, and has the meaning of longevity and longevity, so the ancients believed that the Double Ninth Festival is a geeful day worth celebrating.

The custom of the Double Ninth Festival is cool, and the fragrance of Dangui is fragrant. The festival of Chongyang on the 9th day of the lunar calendar is rich in activities and fun. There are ascending, chrysanthemum, chrysanthemum, chow, and rice dumplings.

Ascend: The disaster-stricken fitness Chung Yeung Festival first has the custom of ascending. On this day, all relatives must climb together to “avoid disasters”.

In the golden autumn of September, the sky is high and the air is high. This season, ascending to the future, you can achieve the purpose of being relaxed and happy.

In the place that is waiting, there are no special regulations, generally it is to climb the mountain and climb the tower.

Sacrifice ancestor: Xie Enqiu Chongyang Festival, and New Year’s Eve, Ching Ming Festival, Zhongyuan Festival are collectively referred to as the festival of the four traditional Chinese ancestors.

However, the worship of the Double Ninth Festival is due to the harvest of the crops, the ancestors of the ancestors, and pray for the ancestors to bless, so the atmosphere is relaxed and happy, there will be no grief like “Pedestrians want to break the soul.”

Respect for the elderly: The statutory old age festival is also the Chinese elderly festival. People should express their respect for the elderly and advocate the whole society to establish a culture of respecting the elderly, respecting the elderly, loving the old and helping the elderly.

On May 20, 2006, the Double Ninth Festival was listed by the State Council as the first batch of national intangible cultural heritage.

The new Law on the Protection of the Rights and Interests of the Elderly, which was officially implemented in 2013, clearly stipulates that the first day of the lunar calendar in September is the Old Age.

Sun-baked: Celebrating the harvest of the Double Ninth Festival is the best time to enjoy the autumn. Some mountain villages in southern China retain the characteristics of “sun-baked autumn”.

“Sun-autumn” is a typical phenomenon of farming. In the mountainous villages, due to the complex terrain and few village flats, they have to use the roofs of the houses and the roof sills of their homes to hang and hang crops.

Appreciation of Chrysanthemum: The meaning of longevity chrysanthemum is the flower of longevity, and it is also a symbol of the literati praise for the unyielding.

Chongyang is also known as the Chrysanthemum Festival, and the appreciation of chrysanthemum has become an important part of the custom of the Double Ninth Festival.

The lunar calendar is commonly known as the Chrysanthemum in September, and the chrysanthemum meeting of the festival celebrations.

Beijing people daisy chrysanthemum sticks on the doors and windows, “to lift the evil, to recruit auspicious.”

Pei: The evil spirits of Qi Ji believe that the September 9th is also the day of the murder, and the disaster is more difficult. Therefore, in the Double Ninth Festival, people like to admire the evil spirits.

Therefore, it is also known as “the evil spirits.”

The scent is strong, and it can be worn to avoid evil deworming, hurricane and cold.

As a traditional Chinese medicine, the medlar meat is sour, sputum, and mildly warm. It can be used for complications such as dizziness, tinnitus, waist and knee pain, internal heat and thirst.

Chrysanthemum wine in the Double Ninth Festival: Yiyin Zishen Chongyang Festival is the golden autumn season of the year, and the chrysanthemums are in full bloom.

However, the ancients did not just enjoy the chrysanthemum, they would drink with chrysanthemum.

Ancient chrysanthemum wine was specially made for the second year of the Double Ninth Festival during the first year of the Chung Yeung Festival.

Chrysanthemum wine has the medicinal value of clearing away heat and detoxifying, clearing the eye, calming the liver and soothing the lungs, and benefiting the kidney and nourishing the kidney.

Eating Chongyang cake: step by step in the custom of Chongyang, eating Chongyang cake is an indispensable one, because the “cake” and “high” homophonic, the living standard of the righteousness rises step by step, symbolizing the joy and good for the family.

Chongyang Festival steamed heavy cake is mainly to honor the elderly.

When the old man eats the double-yang cake, he will not suffer from backache, so he has to give the old man a heavy cake every year, so that the old man’s waist is strong and good.

Eat lamb noodles: Yiqi tonic Xiaoyang Festival to eat lamb noodles.

“Yang” and “Yang” homophonic, should be the code of Chongyang.

Face to eat white noodles, “white” is the “hundred” word to remove the “one” on the top, there are one hundred minus one for the meaning of ninety-nine, in order to “nine nine” code.

The mutton is warm, the qi is tonic, the warmth is warm, the spleen is thin, the waist and knees are sore, and the five labors are seven injuries.

Eat in autumn and winter, can be used to supplement the double effect of cold protection.

The guidelines for the health of the Double Ninth Festival: eating acid, moistening dryness for the autumn, easy to hurt Tianjin consumption; at the same time, autumn is particularly prone to respiratory diseases, such as bronchitis, bronchial ulcers, rhinitis, etc., for the elderly with low immunityin this way.

Coping with autumn dryness, you should eat less onions, ginger, garlic, pepper, etc., eat more sour fruits, vegetables and food to nourish the liver.

Living: Sleeping in the wind is the highlight of health.

Breeze in the autumn night, it is easy to be attacked by the “thief wind”, causing disease upper body.Therefore, at this time, when you fall asleep, you must avoid the wind and lie down.

Tonic: Avoid blind seasoning is the season of tonic, many old people at this time “post autumn”.

However, I remind you that you must make up for your specific situation. Many traditional Chinese medicine supplements are very stressful and cold. You must make sure you can take it before taking it.

Psychology: The mood is cheerful and the autumn flowers and trees are dying. The elderly are very easy to touch the situation, producing melancholy, irritability, desolateness, and coveted feeling, which will accelerate the physiological aging rate and cause various diseases.

Here to remind everyone, pay attention to keep a good mood, talk to family and friends, don’t be sad and sad.

When the time is heavy, I will send this article to my family, old friends, old classmates, old comrades, old colleagues!

Pray for more elderly people to be happy and happy: to enjoy the appreciation of Chrysanthemum, and to be happy!

Source: Pulse Health Editor: ZHFDA team statement: Copyright belongs to the original author, if possible, please contact the background, we will deal with it within 24 hours.