CITIC Securities: Bond market will be affected by risk appetite but debt bulls are not over

CITIC Securities: Bond market will be affected by risk appetite but debt bulls are not over

Source of the article: Clear summary of the report Highlights The financial data performance in January was outstanding, but in contrast to the eye-catching performance of financial data, the real economy continued to weaken, and financial and physical differentiation occurred. Should the bond market follow the financial data or reflect the real economy?

Specifically, monetary policy easing has been going on for a year. The rebound in financial data may not be a flash in the pan, and the growth in bills and short-term loans implies a rebound in regulatory and bank lending intentions. Financial data may face a stabilization process, but the real economy, including PPI, PMI, profits of industrial enterprises continue to slump, showing that the debt cycle has not replaced the physical demand.

Therefore, in the context of financial expansion and the differentiation of the real economy, we believe that the debt market will be affected by the risk appetite, but the debt bull is still not over, and the 10-year government bond yield to maturity center is still 3.

0%?
3.

4%.

  From the perspective of the debt cycle, the financial data is eye-catching and the real economy continues to weaken. Financial and physical divisions have occurred, and the stage of financial leading entities will continue.

In January, social financing increased by 4.64 trillion yuan, and the growth rate of the new-caliber social financing increased by 10 in ten years.

40%, budget loan surplus growth of 13 per year.

40%; In January, the manufacturing PMI continued to fall. The PMI and the new order index were below the line of prosperity and dryness for two consecutive months. The PPI continued to fall to the edge of deflation.

  Monetary policy easing has been going on for a year. The rebound in financial data may not be a flash in the pan, and differentiation will continue.

In the replacement process of monetary easing → credit expansion → recovery of physical demand, the sustainable and sustainable differentiation between financial data and physical data lies in whether the growth rate of social finance can stabilize.

Monetary policy easing has been going on for a year, and the rebound of financial data may not be a flash in the pan; returning to the structure of credit and social financing data, the growth of bills and short-term loans implies a rebound in supervision and bank lending commitments, and financial data may face a process of stabilization.

  There is a time lag between the physical demand represented by PPI and the financial expansion represented by the growth rate of social financing.

Historically, the growth rate of social financing has bottomed out and demand has picked up.
9 months lag.

In the context of no serious rise in oil prices, PPI is likely to move towards deflation, but it is likely to pick up at the end of the third quarter.

The differentiation between physical demand and financial expansion will continue.

  Interest rates may fluctuate.

During the period from the bottom of the three social meltdowns to the bottom of the PPI, interest rates will end downward and tend to fluctuate upward.

The bright performance of financial data in January and the assumption that the subsequent growth rate of social financing will stabilize, large-scale issuance of local debt requires a low interest rate environment, and one-year MLF3.

3% and TMLF3.

The 15% policy interest rate range also provides an anchor for interest rate levels. Under the situation that financial data fluctuates and economic data lags behind, market sentiment may contribute to the fluctuation of interest rate levels in the interweaving of long and short moods.

We believe that the center of the 10-year Treasury bond yield is still 3 under the background of financial expansion and real economy differentiation.

0%?
3.

4%.

  The main body of financial data and the entity have diverged in January. The financial data in January performed well and interest rates fell rapidly.

The latest announcement in January supplemented the social financing of 4.64 trillion yuan, an increase of $ 1,570.7 billion over a year, a record high, and the new caliber social financing grew at a rate of 10 in ten years.

40%.

New RMB loans amounted to US $ 3,230 billion, an increase of US $ 330 billion each year; the balance of expenditure debt increased by an additional 13.

40%.

The higher-than-expected social finance and loan data had an immediate impact on the bond market sentiment. Treasury bond futures fell rapidly after the financial data was released last Friday, and the performance of current securities was relatively stable. After a weekend, the current securities also showed a significant decline, 180019.

IB rose 4bps to close at 3.

At 145%, ChinaBond’s 10-year Treasury note has a yield to maturity of 3.

11%, up 3bps.

  In contrast to the eye-catching performance of financial data, the real economy continues to weaken, and financial and physical differentiation occurs.

In January, the manufacturing PMI continued to fall, and the PMI and the new orders index were below the prosperity and dry line for two consecutive months. In terms of growth rate, the average CPI and PPI in January exceeded expectations. Among them, PPI continued to fall to the edge of deflation, and the real economy demand side remainedDowntrend.In addition, at the end of 2018, the profit growth rate of industrial enterprises also continued. Currently, it has fallen into the negative range, and the downward pressure on the real economy continues.

Can differentiation persist?

  Whether the differentiation between financial data and physical data can continue is in fact whether the growth rate of social finance can stabilize.
After the financial data exceeded expectations in January, the market’s attention focused on the “quality” and “quantity” of social financing and credit, and the analysis of “quality” eventually moved towards a sustainable and high growth rate.

From the contraction to expansion phase of the debt cycle, the replacement process of currency → finance → entity is the process of transition from general liquidity and government → financial market → enterprise to the replacement process of monetary easing → credit expansion → entity demand recovery.

Therefore, the two aspects of financial expansion and the differentiation of physical demand eventually fell back to an angle of sustainable and sustainable growth of social finance. In fact, there is still discussion about monetary policy intervention and the process of wide credit.

  Monetary policy easing has been going on for a year, and the rebound in financial data may not be a flash in the pan.

Since the second quarter of 2018, the transition has invested more than 1 trillion yuan in liquidity every quarter, with the main focus being on RRR cuts, supplemented by reverse repurchases and MLF operations.

This round of large-scale 无锡夜网 capital release has significantly made up for the liquidity gap. Since it reached a high starting point in January 2018, the liquidity gap has gradually narrowed, especially after the implementation of the RRR cut policy in the second quarter began to narrow and accelerate.The liquidity gap turned negative and continued to be in the negative range, and interbank liquidity surpluses occurred, and excess liquidity supply was realized.

The easing of funds also brought about a sharp decline in interest rates in the money market. The inverse repurchase operation rate and the inverted market interest rate both reflected the downward trend of money market interest rates.

Long-term monetary easing to credit expansion may be nearing its end in time lag.

  Back to the structure of credit and social finance data, the growth in bills and short-term loans implies a rebound in regulatory and bank lending intentions, and financial data may face a stabilization process.

From a structural point of view, a large part of the over-expected social financing and credit in January was the growth of bills and short-term loans, and the change in the size of medium- and long-term loans has become the main reason for pessimistic financial data in the short-term.

But in fact, monetary policy restructuring and credit expansion are a process without obvious demarcation points, and the process of bank lending intent and the repair of risk appetite will follow from short-term to long-term.

Looking back at several expected time points when the growth rate of social financing bottomed out and stabilized, in October 2008, May 2012, and June 2015, they all experienced the growth of bill financing and the growth of short-term loans.

Therefore, we cannot ignore the changes in the credit market because of the relatively large proportion of bills and short-term loans and the increase in medium- and long-term loans.

  At the same time, the rapid growth of short-term corporate loans and bill financing both reflect the bank’s satisfaction of corporate liquidity needs, and their essence still belongs to a wide credit rating.

In addition, the long-term rise in bill financing reflects the appropriate regulation of regulatory standards.

Macro-prudential supervision is gradually improved, and bill arbitrage is actually within the scope of supervision. However, since the second half of 2018, both on- and off-balance-sheet bill financing has picked up, indicating the marginal relaxation of regulatory standards.

The regulatory concept will gradually change, and the relative relaxation of non-standard recognition standards or the expectation of a longer transition period for the new rules of asset management may be gradually fulfilled, and the conditions for restricting the width of credit will also be relaxed.

  There is a time lag between the physical demand represented by PPI and the financial expansion represented by the growth rate of social financing.
Looking back at the growth rate of PPI and social financing since 2008, there is a significant time lag between the top (bottom) point of social financing and the top (bottom) point of PPI. For example, (1) the social financial growth peaked in April 2008, August 2008The monthly PPI peaked; (2) The growth rate of social financing in October 2008 was at the bottom of the stage, and the PPI will reach a low point in July 2009; (3) Some of the growth rate of social financing in 2009 came in May 2010.To the high point of the stage; (4) The growth rate of social financing bottomed out in May 2012, and the PPI reached a staged bottom in September 2012; (5) The growth rate of social financing rose to a high point in April 2013, and the PPI in December 2013Periodic peaks; (6) Social financing growth bottomed in June 2015, and PPI bottomed in December 2015.

Overall, the growth rate of social financing has bottomed out and demand has picked up.
9 months lag.

  From the perspective of PPI, in the context of no serious increase in oil prices, there is a high probability that PPI will move towards deflation, and a rebound may occur at the end of the third quarter.

In January, the annual growth rate of PPI continued to decrease to zero.

1%, the main industries still continue the downward trend in prices, of which oil and gas extraction, petroleum processing, coking and nuclear fuel processing industries fell the most, and the decline in prices has improved from the previous month.

The varieties that affect PPI are mainly black series and petrochemical industry chain products. The black series depends on infrastructure and real estate. The clear domestic economic goals are clear. De-capacity, deleveraging, and environmental protection and production-restriction policies have eased the supply side to gradually recover. Black-based products.Prices are difficult to continue to rise in the short term; under the expectation that international oil prices will not increase significantly, PPI faces deflation risk in 2019, and the rise in PPI may occur at the end of the third quarter.

How does the bond market behave during the data differentiation stage?

  During the period from the bottom of the three social meltdowns to the bottom of the PPI, interest rates will end downward and tend to fluctuate upward.

In October 2008?
July 2009, May 2012?
In two phases in September 2012, the yield of ChinaBond’s 10-year Treasury bond turned to a volatile upward after a slight decline; in June 2015?
In December 2015, the yield of government bonds continued to decline after the PPI bottomed out. In fact, the reference value at this stage was not large, mainly due to the expansion of the non-demand-side expansion of the PPI upward or the contraction of the supplementary end.

  Attributable to the stock market, the three stages performed differently.

October 2008?
In July 2009, the Shanghai Composite Index rose rapidly, and the stock market saw a bull market. After the PPI bottomed out, the stock market continued to rise; May 2012?
In September 2012, the stock market decreased its PPI downwards and fell. Until the PPI bottomed out and rebounded, the Shanghai Composite Index started to rebound; June 2015?
The stock market disaster occurred in December 2015. Regulatory factors are influential factors that cannot be ignored.

  What is the current interest rate range?
  In “Fixed Income 2019 Investment Strategy-Going with the Trend, Loose Inside and Outside” we believe that the maturity yield range of 10-year Treasury bonds in 2019 is 3.

0%?
3.

4%, so far it can still be tested for residence.

Based on the current, how to judge the interest rate range?

  First, financial expansion gradually emerged, the probability of further easing policies was reduced, and the probability of interest rates would fluctuate and rebound.

After more than two months of grinding, the 10-year Treasury bond maturity yield has never exceeded 3.

05%, the market is always waiting for the introduction of further easing policies such as interest rate cuts, and under the assumption that the financial data in January and the subsequent social financing growth rate will stabilize, the probability of incremental decline will increase and decrease, and the introduction of further interest rate reduction policiesThe probability has also decreased, and interest rates continue to fall below 3.

The 0% probability has been significantly reduced.

  On average, under the background of financial expansion and weak physical demand, the rate and speed of interest rate recovery is relatively limited.

In the environment of financial and physical differentiation, the rate of upward interest rates is relatively limited. Under the situation that financial data has stabilized and economic data is lagging behind, market sentiment may contribute to the fluctuation of interest rates in a long and short mood.
But interest rates, the scale of local debt issuance in 2019 continues, and the low interest rate environment is still relatively important for the smooth issuance of local debt, which also limits the rapid rise in interest rates.

In addition, 1-year MLF3.

3% and TMLF3.

The 15% policy rate range also provides an anchor for interest rate levels.

Actually 3.

The 4% top range will be difficult to break before economic data confirms a recovery.

Overall, we believe the 10-year Treasury yield to maturity hub remains at 3.

0%?
3.

4%.

  (Article source: clear writing)

China Railway (601390): Excessive gross profit margin for orders in hand helps performance continue to rise

China Railway (601390): Excessive gross profit margin for orders in hand helps performance continue to rise

There are sufficient orders in hand, and the growth rate continues to rise. 杭州夜网 The company reports and signs new contracts1.

69 trillion, an increase of 8 over the previous year.

7%.

The company plans to sign new contracts in 20191.

8 trillion, the actual new contract value with 18 years increased by 6.

5%.

As of the end of the reporting period, the company’s outstanding contract value was 29,019.

20,000 yuan, an increase of 12 over the end of last year.

8%, which is 3 of the year’s revenue.

92 times.

Benefiting from the infrastructure easing policy, municipal orders are gradually realizing revenue, and the company’s performance is expected to increase steadily in 2019.

  The operating income grew steadily, and the gross profit margin of various businesses increased. The company’s total annual operating income was 7404.

400 million, an increase of 6.

8%.

Of which: 624.2 南京桑拿网 billion in infrastructure business, an increase of 4.

63%; survey and consulting business of 14.6 billion, an increase of 12.

64%; real estate development business was 43.3 billion yuan, an increase of 42.

74%.

The company has not consolidated the PPP project-related SPV companies from more than 40 in 2017 to more than 60 in 2018, and the corresponding proportion of related transaction revenue has increased from 4.

74% increased to 5.

65%, the income contribution of PPP projects has increased.

The company’s planned revenue for 2019 is 750 billion yuan, an increase of 11 from last year.

9%.

In addition, the overall gross profit margin in 2018 was 9.

9%, an increase of 0.

The 52 singles are mainly due to the higher gross profit rate of municipal projects, real estate development, and highways, which increased from 40 in 2017.

5% / 4.

4% / 11.

7% to 43 in 2018.

5% / 5.

9% / 13.

2%.

With the company’s continuous advancement in the above-mentioned high gross margin business, its gross profit margin may continue to rise in the future.

  The period expense ratio increased slightly, the net profit attributable to the mother increased steadily, and the period expense increased by 6.

02%, an increase of 0.

72 units.

The company aims to control the expense ratio at 5 in 2019.

About 8%, a decrease of 0.22 singles are expected to improve management and control capabilities and expand profitability.

The reported quantity sales expense ratio is 0.

48%, basically the same; management expense ratio 2.

79%, basically flat; R & D expense ratio 1.

81%, an increase of 0.

21 per share, the first is the increase in R & D investment; the financial expense ratio is 0.

94%, an increase of 0.

The 37 singles are mainly due to the fact that the quality margin is no longer discounted under the new accounting standards, the asset securitization business has been carried out, and the scale of interest-bearing liabilities has increased.

Since will be 4.

The 2.6 billion entrusted loan interest income included in financial expenses was reclassified to investment income items, resulting in an increase in investment income.

Taken together, the net profit attributable to the mother during the reporting period was 17.2 billion yuan, an increase of 7%, and the Q3-Q4 single-quarter growth rates were 4 respectively.

93% /-17.

45%, the fourth quarter was significantly earlier than the previous quarter.

Mainly due to the increase in non-wholly-owned subsidiaries in 2017, minority shareholders should accrue losses. After excluding the impact of this part, the net profit attributable to the parent increased in the fourth quarter of last year.

  In terms of cash flow, due to the expansion of the operating scale and the strengthening of the company’s right to confirm the completed unsettled payments, the company’s ability to settle the downstream owners improved, and the cash-to-cash ratio in the reporting period.

1338, an increase of 7.

14 units; payout ratio is 1.

0675, increase by 10.

77 units.

Net operating cash flow inflow was 119.

6.2 billion, a decrease of 212 over the previous value.

5.8 billion.

  Investment advice The company has sufficient orders in hand, and its gross profit margin continues to increase.

As a leader in the infrastructure industry, it is expected to benefit from the industry opportunities brought by the infrastructure easing policy in 2019 and achieve further improvement in performance.

In summary, we are optimistic about the company’s future development, and it is expected that the EPS for 2019-2021 will be 0.

92, 0.

96, 1.

03 yuan / share (originally 0.

91, 1.

02 yuan / share), corresponding to PE 8, 8, 7 times, raise the target price to 10.

5 yuan (original target price of 9.

5 yuan), maintain “Buy” rating.

  Risk Warning: The rapid growth of investment in fixed assets, the company’s project progress is not as expected

Different day and night skincare priorities

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Different day and night skincare priorities

The skin condition is different at different moments, so the skin care points and techniques are different between day and night.

So, what are the key points and techniques for skin care during the day and night? Let ‘s compare them: Morning muscle warming: Mask is applied to the skin in the morning after a night of repair, it is in the best state, so there is not muchFor care, you only need to clean away the excess oil secreted that night, and add water.

  Many MMs, especially those with oily skin, will feel up early in the morning, and the skin is dull, which is a manifestation of severe skin dehydration.

Why not use 3?
Make a mask in 5 minutes.

  Applying a mask in the morning will always make the skin exceptionally bright and hydrated, making it easier to apply makeup in the future.

In addition, you can use a mask for emergency repairs in the early morning the next morning when you fall asleep without removing makeup, and the effect is also very good.

  Tip: Skin has its own biological clock.

At 8pm to 11pm, the micro blood vessels have the weakest resistance and are susceptible to susceptibility. At this time, it is not appropriate to apply a mask.

  Quick skin rejuvenation: It ‘s important to wash your face at night to strengthen your makeup and remove makeup. It ‘s just that you are applying heavy makeup or light makeup today. Even if you do n’t have makeup today, you just apply a layer of isolation and make up makeup removal.The cleanser washes away.

The makeup of the cream category belongs to lipophilic makeup and has strong adhesion to the skin. It cannot be cleaned with a simple hydrophilic facial cleanser at all.

  Therefore, it is best to choose a foam type of facial cleanser at night, which can deeply clean the face.

In the morning, you can change to a milder facial cleanser to remove the oil secreted from the face overnight.

  Tip: In order to make the skin cleaner, some people have suggested using a facial cleanser twice at night, which is too misleading.

If everyone does that, I believe that it won’t be long before the skin’s own moisturizing ability is destroyed and the skin becomes dry and sensitive.

  More accurate maintenance: Day Cream vs Night Cream The biggest difference between day cream and night cream is their ability to be absorbed by the skin.

Day cream focuses on isolation, like putting a protective coat on the skin, while night cream is a nutrient for the skin, mainly repairing and nourishing.

At least, replace softer night creams before the age of 25; over 25 to 40 years of age, the skin has just begun to age and replace nutrient-rich night creams; and those over 40 years old can choose night creams with enhanced repair and nutrition.

  If you have oily skin and excessive oil secretion from your skin, choose a refreshing day cream; if you have mixed skin, avoid using T-zones when using a day cream; if you have dry skin, choose dry skinDedicated day cream.

When applied, a little massage can help the skin absorb more effectively.

  TIPS: Many people do not have the habit of day cream and night cream, which will cause very serious consequences.

Use night cream in the morning, especially in summer. Excessive nutrition may cause the pores to be blocked due to excess nutrients. After the skin becomes dull and dull, it will not escape the signs of acne and blackheads.

What vitamins should be added to prevent different eye diseases

What vitamins should be added to prevent different eye diseases

Students carry a heavy academic load, office workers face computers all day, and some people watch TV, play video games, and surf the Internet. Countless eyes are overloaded. Many people suffer from visual fatigue, myopia, and even glaucoma.

how to improve?

  In addition to rest and scientific use of the eye, supplementing the eye with what it likes to “eat” is very effective in protecting the eyes, implanting eye diseases, and preventing vision damage.

  So what does the eye like to “eat”?

Like other organs in the human body, the growth and development of the eye and the maintenance of physiological functions are inseparable from proteins, lipids and carbohydrates (such as starch and sugar).

In addition, the eye also needs vitamins and trace elements. Although the requirements of these substances have been reduced, they play an important role in the growth and development of the eye, the maintenance of normal physiological functions, and the enhancement of disease resistance.

  Dry eyes, night blindness: “Eat” more vitamin A Comments: Vitamin A, also known as dehydroretinol, is a raw material for the synthesis of rhodopsin. This substance is a light-sensitive substance that exists in the retina.

If the eyes lack vitamin A, it will affect the synthesis speed of rhodopsin, cause night blindness, and even reduce the secretion of lacrimal glands, causing dry eye disease.

  Food supplements: animal liver, eggs, milk, carrots, beets, mustard, spinach, pumpkin, sweet potatoes, zucchini, apricots, peaches, crabs and flounders, etc.

  Prevent cataracts: Eat more vitamin C. Comment: The amount of vitamin C injected during substitution can affect the selectivity of crystals. Lack of vitamin C is one of the main causes of cataract in the elderly.

  Food supplements: fruits such as sea buckthorn, prickly pear, kiwi, jujube, hawthorn, vegetables such as rape, cabbage, parsley, tomato, artemisia, spinach, tears, itchy eyes: more “eat” vitamin B2 Comments: Vitamin B2 can maintain normal retina and corneaThe lack of metabolic effects can lead to discomfort such as tearing, eye redness, itching, and bruising.

  Food supplements: milk, lean meat, eggs, lentils, animal liver, animal kidney, etc.

  Daily eye care: Eat more vitamin B12, zinc, and molybdenum. Opinion: Vitamin B12 is extremely important for the production of myelin sheaths of nerve fibers (including the optic nerve).

Zinc participates in the synthesis of various substances in the eye and regulates its physiological functions.

Molybdenum is an important nutrient for iris.

  Food supplements: meat, pork liver, pork kidney, sea fish, laver, oysters, beans, peanuts, walnuts, chestnuts, radishes, etc.

  Prevention of myopia: eat more calcium, cadmium, and selenium. Comments: Calcium can eliminate eye muscle tension, and the formation of eyeballs is also related to calcium. Adolescents’ eyeballs have not yet been shaped. At this time, if there is a lack of calcium, scleral elasticity will decrease and it may develop into an axisSexual myopia.

The lack of formaldehyde can affect the secretion of insulin, leading to an increase in blood sugar, an increase in the osmotic pressure of the aqueous humor in the eyeball, and an increase in refractive power, which may cause myopia.

Selenium participates in the movement of eye muscles and pupils and is an important element for maintaining vision. If the daily selenium injection is less than 50 mm, it will move backwards and vision will be disturbed.

  Food supplements: shrimp skins, kelp, soy, sesame sauce, milk, beef, flour, semolina, mushrooms, grapes, selenium fish, poultry, cabbage, radish, garlic seedlings, etc.

Netizens reveal the inside story of undressing, online sales are slow due to grading

Netizens reveal the inside story of “undressing”, online sales are slow due to grading

After daily newspaper reports, the situation of erotic video chat on the Internet has converged, but similar situations are still occasionally seen in some video chat rooms.
To this end, the reporter learned in-depth interviews with some senior netizens to understand the reasons for the existence of erotic video chat and the inside story.
  Motivation for erotic chat A senior “networm” told reporters that many girls who pose in the video chat room are actually “childcare” requested by the website.
They often act as the so-called chat room homeowners, using the “color” action to provoke Internet users, thereby increasing website visits and realizing value-added room benefits; there are also “strip shows” in some rooms that are simply a way for some netizens to vent.
There are also older women who also expose themselves in chat rooms.
In these people, people may not think of them at all, but there are many people who tease them on the Internet. For the teaser, they are very repressive in reality, and they may use imagination when they chat with others in a passionate chat.To meet their own psychological needs, to the person being teased, things that can’t be found in reality can get a little psychological compensation on the Internet, satisfying their vanity.
  Wealth trading in online games The reporter also learned that the appearance of this kind of pornography is not limited to the current universal video chat tools. In online games, there are also players who do not hesitate to “get off” in order to gather “fortune”.
On October 21st, the reporter entered a currently popular online game through a friend’s account. As expected, some players publicly called for “Pay 100,000 gold coins (virtual currency in the game) for a blood-sweeping beauty video.”After the reporter got in touch with the player who posted the message, she responded very briefly: “Master guarantees, pay half first, and finish the conversation.”
When the reporter got in touch with his chat tool, he saw a young girl on the video. After paying, the other party started to perform in front of the video and made various provocative moves.
It was later learned that this player is a junior player, because the grading is too slow and it takes a lot of virtual currency. In order to gather “wealth” in a short time, this player has been selling “off” online for a while.
  情色视频聊天已成网络暗疮   2003年初,韩国开发的一款新视频软件在线用户就达到了7000人,但由于管理不善,一些聊天室出现了色情和违法乱纪的情况,导致这款聊天软件被Blocked.
Learning from the lessons, various operators have also formulated strict investigation and punishment regulations to minimize the negative effects.
However, judging from the investigation by reporters, the intensity of management is obviously not enough.
  On the other hand, although there is an erotic phenomenon at present, more chat rooms are relatively healthy places, and face-to-face communication with many people is a communication method that many netizens like.
During a reporter interview, a member believed that the tool is never wrong, and what is wrong is how to use it.
However, the innocence of software does not mean that the operator can let it go and let all the blame go to the netizens for breaking the rules.
Attorney Lei Sheng of the Law Firm of Gansu Tongrenxing said: “The things transmitted by the Internet should be healthy. Although all parties exposing each other in a video chat room are often voluntary, the Internet is a public place after all, so some netizens have sexThe behavior of chatting is against the relevant regulations of the Ministry of Public Security.
In any case, related to the current erotic chat phenomenon of various chat tools and chat rooms, the relevant operators have the responsibility and obligation to implement a more complete and effective management of their video chat rooms.

Work out in the morning in 5 minutes

Work out in the morning in 5 minutes

When you wake up in the morning, place the pillows behind your back, straighten your hands backwards and stretch your body; do sit-ups 3 times; place the pillows behind your back, bend your knees together, take turns to the left and right, and make them touch the bed, Still clinging to the bed when both hands are not moving.

  When wearing clothes, hold your hands behind your back and straighten your chest while straightening your hands; your upper body will hang down naturally, your hands will swing left and right, and your waist will twist to the left and right;

  Put on your pants to do a quick squat, with your feet upright, shoulder width, shoulders and waist straight when squatting and standing, with your hands flat, your legs stretched evenly, squatting to the end, and getting up fast.

Jump a few times at the beginning, then you can switch to a continuous continuous jump in the same place, so that not only strengthens the strength of the legs, but also exercise the heart, and improve cardiopulmonary function.

  After getting up to do 10 push-ups, 100 steps to raise your legs in place.

If you have time, you can also stick to the wall to do an inverted stand. This will not only strengthen your upper limbs, but also promote blood circulation.

Relief of pulses, meticulous generation, etc.

Relief of pulses, meticulous generation, etc.

The slow pulse is all around, unhappy, not slow, not strong, not weak, the pulse is gentle, the hardness of the pulse, and the tension is moderate. It is a normal pulse with stomach qi. It is found in healthy people.

The disease is found in the dampness syndrome that the air machine is trapped in wetness, or recovers after the illness.

  Hongmai (with large veins) has a large pulse shape. The pulses come like waves, they rise and fall, the pulse shape is wide, and the change is large.

The main hot card is Yang hot.

Common in patients with high fever.

  Big pulse: The pulse shape is large and the situation of prosperity and decline is mostly the phenomenon of disease progression. The so-called big disease progresses (large and powerful), and the main is positive (large and weak).

  The veins (small veins) are as thin as a line, the veins are narrow, and the fluctuation is small.

Master deficiency syndrome (qi deficiency and blood deficiency).

Common in patients with deficiency, chronic diseases.

  The small veins are also the fine veins. The main disease is the same as the fine veins.

  The pulse counts quickly, and sometimes it stops, and there is no fixed number, that is, the pulse is interrupted quickly.

For Yang Sheng heat, or stagnation of qi, blood, phlegm and food, is found in stagnation of qi, blood, phlegm, food, stasis, pain, and heat syndrome.

The pulse is thin and weak, and it is mostly a sign of collapse.

  The knots and pulses come slowly, and there is only one stop, and there are no fixed numbers, that is, the pulse is slow and irregular intermittently, which is the cold and stasis of yin or qi and blood stasis.Wait.
The result of weakness and weakness is qi and blood deficiency, which is found in arrhythmias caused by chronic fatigue and various types of cardiovascular disease.

  The pulses come to rest, only a fixed number, can not be returned, long-term re-activation, that is, regular interruption, the pulse beats to a certain number to stop once, the rest time is shortened, it is a sign of visceral gas failure, which can be seen in the rhythmArrhythmia, triplet, etc.