Founder strategy: Weak economy, strong stock market Strong stock market has some driving force-

Founder’s strategy: “Weak economy, strong stock market” Does the strong stock market have some driving force?

Original title:[Founder’s strategy]Weak economy, strong stock market Source: Strategic research investment point 1, the current market has the characteristics of “weak economy, strong stock market”.

The strength of the stock market is not linearly related to economic growth. When the economy is booming, the driving force of the stock market is performance improvement. The “strong stock market” brought about by the great economic prosperity; and during the economic downturn, the stock market also has “strong”Stock market”. At this stage, the core driving force of market growth is the increase in estimates, which is due to the improvement of economic expectations caused by positive policy changes.

The new crown epidemic in the first quarter of 2020 will have a significant impact on the economy. After the holiday, the stock market is out of the V shape. The core driving force lies in the estimated driving force. It is estimated that the improvement stems from three points: First, there is ample liquidity, and the risk-free interest rate has dropped. Second, the epidemic situationThe improved data improves risk appetite. Third, the introduction of refinancing policies has triggered expectations of capital market reform.

  2. The new crown epidemic caused a significant impact on the short-term economy.

The epidemic situation has a significant impact on both economic supply and demand. From the perspective of supply, it reflects the decline in the growth rate of industrial production. From the perspective of demand, investment and consumption are affected by the epidemic. From a meso perspective, power generation, transportation trips, and commodity prices, Automobile and real estate sales have been significantly affected.

However, the impact of the new crown epidemic on the economy is one-time, and it is a short-term impact on the economy, rather than a significant long-term sustained growth. It is necessary to adhere to the path of development.

  3. Against a weak economic background, countercyclical policies are worth looking forward to.

2020 is the year of the decisive battle and the 13th Five-Year Plan. It is of great significance to achieve the goal of annual economic growth. Therefore, the overall tone of the policy must be loose, and it must support economic development. According to changes in the epidemic, the policy forecast is gradually changing from the structureSex policy to budget policy.

The meeting of the Political Bureau of the Central Committee, regarding the budget policy, the expressions of “two more” and “two positives” means that follow-up policies will still be introduced, currency concerns will be lowered, structural interest rates will be reduced, deposit interest rate changes, etc., and the fiscal concern will be the deficit rate., Local government special debt quota changes, policy-based financial role, special government bonds, etc., industry-focused cars, 5G, new energy vehicles and other policy responses.

  4. Strong driving force.

The driving force of the strong stock market in 2020 stems from three points: one is that the hedging policy, the share policy, and the industrial policy are still worth looking forward to; the other is that the economic trend is low before the high, which is conducive to the interpretation of the middle stock market;It is a big year for capital market reform and opening up. The new policy of refinancing opened the prelude to capital market reform and opening up.

  5. Allocation: Gradual growth, pay attention to brokers, infrastructure and real estate chain.

Relative estimation changes indicate that the growth style has formed a megatrend, and industrial change is the core of the growth style. Major technological innovations that trigger industrial trends in the long run are the decisive foundation for the growth style to bullish. The growth of the bull market in 2010, 2013, and 2015 was equal andRelated to industrial change.

From the perspective of industry configuration, actively pay attention to TMT, advanced manufacturing, medical services, and periodic attention to brokers, infrastructure and real estate chains.

  Text 1 The new crown epidemic has a significant impact on the economy The new crown epidemic has a significant impact on the short-term economy, especially in the first quarter of the outbreak.

The epidemic ‘s impact on economic supply and demand is obvious. From the perspective of supply, it is reflected in the slowdown in industrial production growth, which has led to a decrease in actual working days due to extended holidays across the country. As a result, the operating rate of industrial production facilities has been limited due to people, logistics, and capital flows.Affected by the impact of the growth rate of heavy chemical industry at the industrial level; from the perspective of demand, investment and consumption are equally affected by the epidemic. From the perspective of investment, infrastructure, real estate, and manufacturing generally start late and gradually recover;From the perspective of consumption, due to the impact of the epidemic, the vast majority of the population is in the home mode. Food, tourism, hotels, sports, entertainment, etc. are significantly affected, and optional consumption such as automobiles, home appliances, and real estate sales are also affected.

  From a meso perspective, various indicators point to a weak economy.

Judging from the average daily coal consumption of the six major power generation groups, it usually returns to a high level 2 weeks after the Spring Festival holiday. At present, the Spring Festival holiday has passed 3 weeks, and it is still in a reduced position, and the recovery is relatively slow. From the perspective of transportation personnel data,Until February 21, the transportation department delivered 13.87 million people, even a rebound from the lowest 11.2 million, but still fell 70% from the same period last year, of which 121 were railway transportation.

10,000, down 86 from the same period last year.

In terms of product prices, the prices of major industrial metals are low, of which the price of non-ferrous copper in the Yangtze River is 4.

60,000 yuan / ton, compared with 4 before the Spring Festival.

September saw a significant decline, and other industrial metals such as aluminum, zinc, and lead prices will also fall; from the perspective of major consumer products, the data of the China Federation of Automobile Manufacturers showed that China ‘s auto sales fell by 92% on February 16th, and it is expected to gradually decline by 40% in January and FebruaryAt the same time, in terms of the average daily sales area of real estate in 30 major cities, the average daily sales area in February 2019 was 280,000 square meters, and the average daily sales area in February 2020 (for 21 consecutive days) was 4.

61 million flats.

  The epidemic has no impact on sustainable development in the medium and long term, and we must adhere to the expected development path.

The impact of the new crown epidemic on the economy is one-time, and it is a short-term shock to the economy, which does not mean that the long-term potential growth has a significant impact.

Potential long-term changing production factors such as people, capital, and total factors. Through the improvement of education, the quality of workers has improved significantly, and the total factors brought about by technological innovation have increased. China even hopes to maintain it for a long time.Medium-speed growth.

In the medium and long term, China’s economic development is still good. It still adheres to the path of expected development, and enhances industrial upgrading and competitiveness through technological innovation and research and development support.

  2 Against a weak economic background, counter-cyclical policies are worth looking forward to. 2020 is the year of decisive battles and the year of the 13th Five-Year Plan. The achievement of annual economic growth goals is of great significance.

The launch of any macroeconomic policy must take into account the goals, and the most important goal in 2020 is to achieve a comprehensive well-off society and complete the 100-year goal. Under the impact of the new crown epidemic on the economic growth in the first quarter, counter-cyclical reduction policies will be strengthened.It is meaningful that the February 12th meeting of the Standing Committee of the Political Bureau of the CPC and the February 21 meeting of the Political Bureau of the Central Political Bureau pointed out: “The epidemic of the new crown pneumonia has a significant impact on economic operation.At the lowest level, strive to achieve the goals of the economic and social development goals and tasks, achieve a comprehensive and well-off society in a decisive manner, decisively combat the goals and tasks of poverty alleviation, and complete the “Thirteenth Five-Year Plan”.

  General tone of the policy: It must be loose, and it definitely supports economic development.

The February 21 Politburo meeting proposed that proactive fiscal policies should be more proactive and play a role in policy finance; prudent monetary policies should be more flexible and appropriate, alleviating financing difficulties and expensive financing; actively expanding effective demand, and promoting consumption recoveryComplement potential release; play a key role in effective investment, increase the start of new investment projects, and accelerate the progress of projects under construction.

Fiscal and monetary policies are “two more” and more active as described in the table of the Economic Working Conference at the end of last year, which means that the monetary and fiscal stance is loose and the domestic demand must be actively expanded. The focus is on consumption and effective investment.

  Policy orientation: From structural policy to scale policy orientation.

In the main stages of epidemic prevention and control, structural policies have played a huge role. Anti-epidemic related industries and enterprises that should be supported, such as masks, protective clothing, disinfectants, are allowed to support the residential industry and industries related to national economy and people’s livelihood.

Beginning in mid-February, the Politburo Standing Committee pointed out that both epidemic prevention and production should be emphasized. Since then, budget policies have been introduced, including the addition of 848 billion new local government debt lines, the MLF interest rate reduction on February 17, and February 20LPR interest rate cuts, monetary and fiscal additional policies have been introduced, which means that current policy guidance is mainly a series of policies, supplemented by structural policies. Later, we can continue to focus on the introduction of related policies.

  Currency: More flexible and appropriate, it means that there are opportunities for further adjustments such as reserves, structural interest rate cuts, and benchmark interest rates on deposits.

With the increase in the economic speed of the epidemic, the space for monetary policy has been opened. The reduction of MLF interest rates and the reduction of LPR interest rates means that the structural interest rate cuts are earlier than expected. Pay attention to the extent and intensity of subsequent RRR cuts and structural interest rate cuts.Gradually Vice President Liu Guoqiang pointed out in an interview with the Financial Times reporter: Monetary policy must properly respond to the economic downturn, increase monetary and credit support, increase countercyclical adjustments, and guide the reduction of corporate financing costs, thereby reducing the impact of the epidemic on the economy.

He also pointed out that the benchmark interest rate for deposits is the ballast stone of the nominal interest rate system and will be maintained for a long period of time. Afterwards, economic growth and price levels will be adjusted in a timely and appropriate manner.This means that monetary policy tools and space will still be abundant, and subsequent adjustments will be made according to the degree of economic impact of the epidemic.

  Finance: Two positive, paying attention to the deficit rate, policy finance, special government bonds, etc.

On February 21, the Political Bureau ‘s meeting stated on fiscal policy: “Proactive fiscal policy must be more proactive and play a better role in policy and finance.”

At the Central Economic Work Conference, “proactive fiscal policy must be effective and effective” should be more active, and then you can pay attention to the adjustment of the budget deficit. It is worth noting whether the fiscal deficit red line will break through and pay attention to the changes in the amount of local government special debt.

Bringing the role of policy and finance into full play means that the three major policy banks, such as the China Development Bank, the Export-Import Bank, and the Agricultural Development Bank, must play a good role, while playing a basic role in development, construction, trade, and agriculture, and taking into account historical policyThe role of finance can be considered in the launch of special construction funds launched in 15 and 16 years, special war epidemic bonds, and PSL support for specific infrastructure areas.

  Industry: Focus on damaged industries, automotive and emerging industries.

The focus of industrial policy has reduced the impact of the epidemic on the economy, and the replacement is to guide the adjustment of the economic structure.

From the current background, it is necessary to increase assistance for industries that have a major impact on the epidemic, such as accommodation and catering, sports and entertainment, transportation, and tourism; for industries that have domestic support and have important support for economic stability, such as automobiles, increaseThe policy should encourage a modest increase in indicators while encouraging local governments to proactively introduce relevant policies; for 5G, industrial Internet, semiconductors, integrated circuits, new energy vehicles, medical services, etc., in line with the direction of industrial structure adjustment, policy support should be increased.

  Real estate: The supply side mainly reduces the burden on real estate companies, and the demand side policy still needs to be observed.

At present, most of the policies that have been issued are concentrated on the supply side, and most of the supply-side policies are scheduled to support the SMEs, small and micro enterprises in the country’s policy framework, and some support policies are introduced to address the production and operation difficulties of real estate companies.Including support for payment of land prices, payment of taxes and fees for appropriate extensions, moderate relaxation of pre-sale conditions, online 苏州夜网论坛 approval, and continuous loans without drawing loans.

Under the principle of not housing and speculation, and not using real estate as a short-term stimulus, the demand-side relaxation policy is not anxious. It is mainly concerned that the introduction of demand-side policy liberalization in the context of a relatively loose fiscal and monetary environment will lead to the occupation of housing.Big rebound.

  Top 3 stock markets: policy hedging, economic growth, low economic trend, high economic trend, and capital market reform. The stock market grew significantly after the Spring Festival.

After the first day of the holiday, various indexes have moved out of the V-shaped transformation trend, of which the Shanghai Stock Index has increased by 10 since February 3.


In the context of the economy’s rapid decline in the first quarter, market growth means that the estimated growth is the core driving force. The estimated growth stems from three points: First, there is abundant liquidity, and the public issuance of the public market after the holiday will maintain a net issuance.At the same time, the OMO interest rate was lowered by 10BP, and the risk-free interest rate fell significantly. Second, the epidemic data showed a continuous improvement, and the number of confirmed patients across the country showed a rapid decline. Third, the capital market reform continued to advance, and the introduction of refinancing policies helped.Increase funding for dating.

  Since last December, we have maintained an optimistic judgment on the market.

In the December monthly report, we exclusively proposed the “Warm Winter Layout”, pointing out that global policy changes after August last year are worth paying attention to. The Federal Reserve cut interest rates for three consecutive months in August, September, and October. As the global water tap, its policy changes will:Global policy space.

China also began to increase its countercyclical policy from August. The State Council executive meeting gradually and effectively reduced the actual financing rate in mid-August. In September, it expanded the full-scale reduction of 50BP. In October, the MLF interest rate was reduced. In November, the OMO interest rate was lowered and the Ministry of Finance issued 1 trillion yuan.Special debt of 10,000 US dollars, paying attention to economic changes caused by policy changes, and relatively optimistic judgment on the stock market; the annual report “The First Dawn” points out that 2020 is the watershed of the macro economy, and it is in a decisive battle against a well-off society and the 13th Five-Year Plan.In that year, the policy has clear requirements for economic growth goals. The Chinese economy has entered a stage of development. The driving force lies in innovation drive and reform and opening up. The stock market shows a clear structural market and gradually grows optimistic about the growth style.

The February monthly report, “Suppressing the Growth, Deploying Growth,” pointed out that the new crown epidemic will affect economic growth expectations and risk estimates in the short term, and then focused on the introduction of counter-cyclical hedging policies, and gradually the counter-cyclical policies continued to develop to stabilize economic expectations and markets.Expected to rise again, the market is actively expanding in style.

  Weak economy, strong stock market.

The strength of the stock market is not linearly related to economic growth. When the economy is booming, the driving force of the stock market is performance improvement. For example, the stock market in 2006 and 2007 is a strong stock market that belongs to the period of great economic prosperity;There is also a “strong stock market” in the stock market. At this stage, the core driving force of market growth is expected improvement, and it is estimated that the improvement comes from the improvement of economic expectations caused by positive policy changes, such as 1999, 2009, and 2014.In the stock market in 2015, under the background of obvious downward pressure on the economy, a series of policies have been continuously strengthened and reform policies have been continuously launched, and market returns have significantly increased.

  Strong driving force 1: Policy hedging policy strengthened.

Against the background that the epidemic has a significant impact on the economy in the first quarter, counter-cyclical hedging policies will continue to intensify. In the year of the decisive battle against the well-off society and the end of the 13th Five-Year Plan period, economic growth has a clear bottom line goal, meaning subsequent currency and fiscalIndustrial policies will continue to be promulgated to repair economic growth expectations.

Subsequent currencies focus on RRR cuts, structural interest rate cuts, changes in the benchmark interest rate on deposits, fiscal concerns on deficit rates, changes in local government’s special debt quotas, policy financial roles, special government bonds, etc., and industry concerns on automotive, 5G, and new energy vehicles.
  Strong stock market driving force 2: Economic trends are low before high, which is conducive to the interpretation of the stock market in the medium term.

The impact of the epidemic on the economy is generally staged, with short-term characteristics, changing the weakening of the impact of the epidemic, and the economy will return to normal. After the low point in the first quarter, subsequent economic growth will definitely rise, which must be caused by the repair of economic inertia, Gradually stemming from policy intensification, the economy will show a “low front and high back” trend in 2020. This trend means that corporate profits are low front and high back, which means that the market’s risk substitution is gradually rising.

  Strong stock market driving force 3: Reform and opening up of the capital market are intensified.

2020 is a big year for capital market reform and opening up. In September 2019, the China Securities Regulatory Commission announced 12 key tasks to deepen capital market reform, including the science and technology board test field, the new third board reform, the GEM registration system, and the delisting system reform.The quality of listed companies, restructuring and reform of the refinancing system, etc., 2020 will be the year when these policies are refined and restructured, the implementation of the transformation of the securities law, and subsequent capital market reforms will be even more important.

The opening of the capital market to the outside world will also accelerate in 2020. The CSRC announced that starting from April 1, 2020, the restrictions on foreign exchange share ratios of fund management companies will be lifted nationwide; from December 1, 2020, nationwideNene has lifted the restrictions on foreign exchange share ratios of securities companies; starting on January 1, 2020, the restrictions on foreign exchange share ratios of futures companies have been lifted, and the opening of the capital market in 2020 will continue to advance.

  4 Configuration: Gradual growth, periodic attention to brokerage firms, changes in the relative estimates of infrastructure and real estate chains show that the growth style has formed a major trend.

We use GEM PE / Shanghai and Shenzhen 300PE to represent the relative estimated strength. After digesting and adjusting in August 15-19, the relative growth estimate has continued to rise from September 2019. The current relative estimate has been obvious.Go out of line 2.

8, but from the high point of the Air Force (2014, 2015) 6.

1 There is still a lot of distance. From the perspective of the big market style, the growth style has reached the acceleration stage after the initial charge.

  Industrial change is at the core of growth style.

The correlation between the growth start of the growth style and the macroeconomic environment, one is the easing of liquidity, and the downward expansion of interest rates is estimated to increase; the other is the transition stage of the economic turn to transformation and development, and industries that are in line with progressive development will receive more resources.

The rise of the growth style is more critical to industrial changes. Major technological innovations that trigger industrial trends in the long run are the decisive foundation for growth style bulls. The growth bull market in 2010, 2013, and 2015 are all related to industry changes.Strategic emerging industries, the outbreak of games and video in 2013, and the rise of Internet + in 2015 are the result of industrial changes under the 3G and 4G wave. The 5G investment curtain opens in 2019, and 5G investment in 2020 will continue to increase and change.With the improvement of the information infrastructure, relevant application scenarios will be supported by the boom.

  Industry configuration: Initially actively pay attention to TMT, advanced manufacturing, medical services, periodic attention to brokers, infrastructure and real estate chains.

From the perspective of the year, 2020 is a year of growth. Relevant fields such as TMT, advanced manufacturing, and medical services will all stand out. Although the short-term increase is huge, it is still expected to come out after a benign adjustment, and the opportunity of phase will decrease.Pay attention to the changes in the broker’s business climate, and pay attention to the infrastructure and real estate chain that are overweight by counter-cyclical policies.

From the perspective of industry configuration, focus on four configuration directions. One is the subdivided areas of the TMT industry chain supported by the boom, such as 5G, semiconductors, panels, integrated circuits, consumer electronics, cloud gaming, high-definition video, etc., and the second is focusing on advanced manufacturing., Such as new energy automobile chains, photovoltaics, semiconductor equipment, military equipment, etc .; Third, focus on the big health industry. The outbreak of the epidemic has triggered the need for related chains to make up for shortcomings. Capital investment will continue to increase, focusing on pharmaceutical retail, medical services, and medical devices., Pharmaceuticals, and other sub-sectors. The fourth is a staged opportunity to pay attention to brokerages and building materials, construction machinery, construction, real estate, home appliances related to infrastructure and real estate chains.

Xinyangfeng (000902) 2019 Interim Report Review: Bright Performance Replacing Green Harbor and Other Provisions Extend 23%

Xinyangfeng (000902) 2019 Interim Report Review: Bright Performance Replacing Green Harbor and Other Provisions Extend 23%

The company’s net profit attributable to mothers increased by 17 in the first half of 2019.

06% (Excluding Green Harbor and other accruals will increase by 23.

29%), this performance growth is particularly bright in the absence of a significant recovery in the industry.

Our long-term view of the company remains unchanged.

Maintain 2019/20/21 EPS forecast to 0.



08 yuan, maintain target price of 17 yuan and “buy” rating.

The performance in the first half of 2019 increased significantly, increasing by 17 each year.


The company announced that the revenue for the first half of 2019 will increase by 4 each year.

25% (Phosphate 南宁桑拿 compound fertilizer increased by 11 in ten years.

05%, the change in the trading business through confirmation methods decreased by 57.

96%); net profit attributable to mother 6.

3 billion, an increase of 17 per year.

06%, a significant increase (excluding the Green Harbor accrual of 23 per year.

29%), this performance growth is particularly bright in the absence of a significant recovery in the industry.

The preliminary performance growth includes: 1. The number of reports, the company’s conventional compound fertilizer sales and market share have steadily increased; 2. The company actively grasped the development potential, and promoted the significant increase in new fertilizer sales.

Operating health is healthier and profitability significantly improved.

From the perspective of product structure, the 杭州桑拿网 proportion of new fertilizers increased, and the sales of conventional fertilizers increased by 5 in the first half of this year.

13%, income increased by 11.

84%; sales of new fertilizers increased by 23.


Income increased by 28.


Based on continuous data in recent years, 2016/17/18 / 19H1 new type fertilizer accounted for 8% of revenue.




82%, gross profit to total gross profit ratio was 13 respectively.





Incremental earnings of new products The company’s profit has increased significantly, and net profit attributable to mothers will be achieved in the first half of 20196.

3 billion.

In fact, if the new accrued amount of RMB 38.59 million due to “Green Port Receivables, etc.” is excluded, the company’s net profit attributable to the parent should be 6.
69 ppm, an increase of 23 per year.

In the future, the phosphorus rectification will continue to advance, and the company will benefit for a long time.

On April 30 this year, the Ministry of Ecology and Environment issued the “Implementation Plan for the Investigation and Rectification of the” Three Phosphorus “in the Yangtze River.” On July 8, the Hubei Environmental Supervision Corps announced that the province had completed the special investigation on “Three Phosphorus” and subsequently entered the remediation stageIt is planned to basically complete the “three phosphorus” rectification task by 2020.

After investigation, there were 210 “three phosphorus” companies in Hubei Province, of which 74 had outstanding environmental protection problems, accounting for 35.

twenty four%.

The industry has feedback since the remediation, and the domestic phosphate fertilizer output fell by 5% in the first half of the year.

With the gradual deepening of the rectification, the enterprises on the right will benefit more.

Increase repurchase efforts and be optimistic about the company’s long-term development.

After the company passed the repurchase program in August 2018, as of March 31, 2019, the company converted and repurchased 13,748,059 shares of the company through centralized bidding transactions, accounting for 1.

05%, the total amount paid is 1.

25 billion.

On this basis, the company announced that the repurchase plan was adjusted from “not more than 1 trillion, not more than 5 trillion (inclusive)” to “not more than 3 trillion, not more than 5 trillion (inclusive)”.

The shares to be repurchased this time will be the target shares of the company’s future reorganization of the equity incentive plan at an appropriate time.

If the upper limit is 10 yuan / share, each repurchase corresponds to 10 million shares, accounting for 13 of the total share capital.

0 billion shares of 0.


As of July 31, 2019, the company repurchased 14,542,659 shares of the company in an incremental bidding transaction, accounting for 1.

11%, the highest price is 10.

00 yuan / share, the lowest transaction price is 8.

43 yuan / share, the total payment amount is 1.

33 ppm (excluding transaction costs).

Risk factors: The company’s sales growth rate is lower than expected; agricultural product prices have fallen sharply.

Maintain “Buy” rating.

Based on the optimistic view of the company’s industrial chain layout and long-term strategy, our long-term optimistic view of the company remains unchanged.

Maintain 2019/20/21 EPS forecast to 0.



08 yuan, maintain target price of 17 yuan (corresponding to 13 times PE in 2019), maintain “Buy” rating.

Document No. 1 officially announced that these investment opportunities are not fault-tolerant

Document No. 1 officially announced that these investment opportunities are not fault-tolerant

Knock on the blackboard and draw the key!

The No. 1 Central Document was formally released. These investment opportunities cannot be ignored. Liang Min Tang Tang Ling officially announced the No. 1 Central Document this year.

This document, entitled “Several Opinions of the Central Committee of the Communist Party of China and the State Council on Adhering to the Priority of Agriculture and Rural Development and Doing Well the Work on Agriculture, Countryside, and Peasants”, is the No. 1 Document for the 16th consecutive year focusing on the work of “agriculture, rural areas and farmers”.

  Let ‘s first highlight the key points for everyone: * Stabilize grain production and ensure that the area planted to grain is stable at 16.

500 million acres.

  * Implement soybean rejuvenation plan and expand planting area through multiple channels.

Improve supplementary policies for corn and soybean producers.

  * Comprehensively promote the improvement of rural human settlements with a focus on rural garbage and sewage treatment, toilet revolution and improvement of village appearance.

  * Support supply and marketing, postal services, agricultural service companies, farmer cooperatives, and other agricultural productive services such as agricultural technology promotion, land custody, farming and planting, unified prevention and control, and drying and storage.

  * Continue to deepen the comprehensive reform of supply and marketing cooperatives, and formulate regulations for supply and marketing cooperatives.

  * Implement Digital Village Strategy.

Continue to carry out comprehensive demonstration of e-commerce in rural areas, and implement the “Internet +” agricultural products out of villages and cities project.

  * Deepen reform of the rural land system.

Maintaining rural land contractual relations to be stable and unchanged for a long time, study and issue supporting policies, guide local governments to clarify specific measures for postponing the second round of land contract termination, and ensure a smooth transition in policy convergence.

  * Improve the standardized management system of land transfer, develop moderate forms of agriculture in a variety of forms, and allow financing for contracted land management rights.

  * On the basis of amending relevant laws, improve the supporting system, comprehensively promote the reform of the rural land acquisition system and the reform of rural collective business construction land entering the market, and accelerate the establishment of a unified urban and rural construction land market.

  * Quickly promote the registration and issuance of the right to use the homestead, and strive to basically complete it by 2020.

Quickly compile guidance on strengthening management of rural housing sites.

Study and draft regulations on the use of rural homesteads.

  The full text of “The Central Committee of the Communist Party of China and the State Council on Adhering to the Priority of the Development of Agriculture and Rural Areas” and Doing Well the Work of “Three Rural Issues” (Scrolling)March 3) This year and next is a decisive period for building a well-off society in an all-round way. There are enough hard tasks that must be completed in the “three rural” areas.

The Party Central Committee believes that under the complexity of the downward pressure on the economy and the profound changes in the external environment, it is of special significance to do a good job in agriculture, rural areas, and farmers.

We must persist in solving the “three rural” issue as the top priority of the work of the whole party, further unify our thinking, strengthen confidence, work gradually, consolidate the good trend of developing agriculture and rural areas, and play the role of the “three rural” ballast stone.To take the initiative to deal with various risks and challenges, and to ensure the sustainable and healthy economic development and the stability of the overall society, the foundation for achieving the first century-old goal is achieved on schedule.

  To do a good job of “three rural” issues, we must fully implement the spirit of the Party ‘s 19th National Congress and the 2nd, 3rd Plenary Session of the Central Committee and the Central Economic Work Conference, guided by Xi Jinping ‘s thoughts on socialism with Chinese characteristics in the new era.The overall layout of the “One Body”
and the coordinated promotion of the “Four Comprehensive” strategic layout, firmly grasp the general tone of the work of steady progress, take into account the development requirements, adhere to the overall plan of priority development of agriculture and rural areas, and take the implementation of the rural revitalization strategy as the general starting point.The goal is to complete the hard tasks that must be completed for the “three rural” work in a well-off society, adapt to the new requirements for rural reform and development imposed by complex internal changes, grasp the key points, make up for shortcomings, and strengthen the foundation, and deepen around “consolidation, enhancement, improvement, and unblocking”Structural reforms on the supply side of agriculture, resolutely winning the battle against poverty, giving full play to the role of rural grass-roots party organizations as a fortress, comprehensively promoting rural rejuvenation, and ensuring the successful completion of the rural reform and development goals and tasks promised by 2020.

  First, we must focus our efforts on precise policy and decisively defeat the poverty alleviation. (1) Complete the task of poverty alleviation without compromise.

Align with the established poverty alleviation goals, implement the existing policy deployment, and ensure that the poverty-stricken rural population meets the standards to achieve poverty alleviation by 2020. All poor counties will take off their hats and resolve the overall regional poverty.

Adhere to the current poverty alleviation standards, comprehensively investigate and solve outstanding problems affecting the realization of “two cares and three guarantees”, prevent blindly raising standards, appetite, prevent digital poverty alleviation, and false poverty alleviation.

Strengthening poverty alleviation monitoring.

We will further consolidate our responsibilities to overcome poverty, unify the strictest assessment and assessment, and ensure accountability and effectiveness.

Continue to strengthen the poverty alleviation cooperation between the eastern and western regions and the central government’s designated poverty alleviation.

Promote in-depth efforts to strengthen party building to advance poverty alleviation.

Organize normalized interviews, and interviews whenever problems are found.

Make good use of the results of the special inspections on poverty alleviation and advance the expansion of political responsibilities for poverty alleviation.

  (2) Mainly focus on deep poverty areas.

Aim at the key and difficult issues of precision poverty alleviation in deeply impoverished areas, make a list, clarify responsibilities one by one, and reconcile accounts.

Major engineering construction projects continue to tilt towards deep poverty areas, with special industries supporting poverty alleviation, ex-situ poverty alleviation and relocation, ecological poverty reduction, financial poverty reduction, social assistance, cadre talent and other policies and measures leaning toward deep poverty areas.

There has been increased funding for the “three districts and three states” for poverty alleviation.

Deep poverty areas with high levels of poverty, high incidence of poverty, and high levels of poverty alleviation in the “three districts and three states” must also co-ordinate fund projects and increase support.

  (3) Focus on solving outstanding problems.Highlight the development of long-term poverty alleviation industries, focus on solving the problems of disconnected production and sales, insufficient risk protection, and improve the participation and direct benefits of the poor.

Strengthen the follow-up measures for poverty alleviation and ex-situ relocation, focus on solving the problem of relocation, ignoring the follow-up assistance, and ensure that one household is relocated and one household is stably lifted out of poverty.

Strengthen compulsory education in poor areas to control dropouts and avoid dropouts due to poverty.

Initial basic medical insurance, critical illness insurance, medical assistance and other multiple safeguard measures will build a solid foundation for rural health services to protect the basic medical needs of the poor.

Solidly promote ecological poverty alleviation and promote the coordination between poverty alleviation and development and ecological protection.

Adhere to the combination of poverty alleviation, aspirations and wisdom, strengthen vocational education and skills training in poor areas, strengthen the integration of development-type poverty alleviation and security poverty alleviation, and work hard to solve the “one-stop” and part of the poor and other key issues, and strengthen the poorEndogenous motivation and self-development.

Earnestly strengthen the front-line precision assistance forces, and select and match the strong resident team in the village.

Concerned and caring for the poor cadres, increase work support, help solve practical difficulties, and relieve worries.

Continue to carry out special management on corruption and style issues in the field of poverty alleviation, severely investigate and deal with misrepresentation and misappropriation, embezzlement and favoritism of relatives and friends, and eating and holding cards.

  (4) Consolidate and expand the achievements in tackling poverty.

The poverty-stricken counties, poor villages, and poverty-stricken populations were tackled. After the poverty-stricken people withdrew, the relevant poverty alleviation policies remained stable, reducing and preventing the poor from returning to poverty.

Study and solve new problems such as the lack of policy support for the minority groups whose income levels are slightly higher than those of the poor households who set up files.

Persist in and promote good experiences, good practices, and good ways to overcome poverty.

Do a good job in linking up poverty alleviation and rural rejuvenation. For the poor counties after the removal of hats, they must consolidate development results by implementing the rural revitalization strategy, and continue to promote economic and social development and improvement of the people’s lives.

Summarize the practical creation and great spirit of poverty alleviation.

Early planning for the strategic thinking of the poverty alleviation target after the completion of 2020.

  Second, consolidate the foundation of agriculture and ensure the effective supply of important agricultural products (a) Stabilize grain production.

We will continue to focus on grain production, promote the cultivation of grains on the ground, and the breakthrough of technological breakthroughs in grains to ensure that the area planted with grain is stable at 16.

500 million acres.
We will steadily improve the policies that support grain production, and tap the potentials of increasing yields, such as variety, technology, and disaster reduction, to ensure farmers’ basic income from grain production.

Give full play to the advantages of major grain-producing areas, improve the benefit compensation mechanism for major grain-producing areas, and improve the policy of rewarding and subsidizing large grain-producing counties.

Responsibility for stabilizing grain production in the main sales area and the production and sales balance area.

Strictly observe the red line of 1.8 billion mu of cultivated land, comprehensively extend the special protection system for permanent basic expansion, and ensure that permanent basic planting is maintained at 15.

More than 4.6 billion mu.

Build a modern meteorological service system for agriculture.

Strengthen the assessment of the responsibility system of the Governor of Food Security.

  (2) Complete high-standard food construction tasks.

Consolidate and improve grain production capacity, and ensure that 8 billion mu of high-standard lawns are built by 2020.

Revise the national high-standard farmland construction overall plan, unify the layout, construction standards, organize implementation, acceptance check, and store in the above figure.

Strengthen capital integration, innovate investment and financing models, and establish a diversified financing mechanism.

Implement the overall regional construction, promote the comprehensive supporting of Tianshuilin road power, and simultaneously develop efficient water-saving irrigation.

The designation of grain production functional zones and important agricultural product protection zones has been fully completed, and high-standard grain construction projects are prioritized in the “two zones”.

The construction of Xinjiang’s high-quality cotton production base will be resumed, and the construction scope of the sugar cane “double-height” base will cover all the designated protection areas.

Further strengthen soybean water conservancy construction.

Promote the continuous construction of supporting water-saving transformation and modernization in large and medium-sized irrigation districts.

Strengthen the protection of black land in Northeast China.

Strengthen comprehensive management of groundwater over-exploitation in North China.

Promote pilot projects for the rehabilitation and rehabilitation of heavy metal polluted arable land and the adjustment of planting structure.

  (3) Adjust and optimize the agricultural structure.

Vigorously develop the production of scarce and green and high-quality agricultural products, and promote the shift of agriculture from production-oriented to quality-oriented.Further advance the quality food project.

Implement the soybean revitalization plan and expand the planting area in multiple ways.
We will support rapeseed production in the Yangtze River Basin, and promote the demonstration and popularization of new varieties and new technologies and the full mechanization.

Actively develop woody oils.

Implement dairy industry revitalization actions, strengthen the construction of high-quality milk source bases, upgrade small and medium-sized dairy farms, and implement infant milk formula promotion actions.

Reasonably adjust the structure of grain and forage, and develop the production of high-quality forage such as silage corn and alfalfa.

Reasonably determine the scale of aquaculture in inland waters, reduce offshore waters, overcrowded cages in lakes and reservoirs, promote marine pasture construction, and regulate the orderly development of offshore fisheries.

Reduce fishing intensity of rivers, lakes and offshore fisheries, and implement a full ban on fishing in the Yangtze River aquatic biological reserve.

Implement agricultural product quality and safety guarantee projects, improve the supervision system, monitoring system, and follow-up system.

We will step up efforts to monitor and control animal epidemic situations such as African swine fever, strictly limit control measures, and ensure industrial safety.

  (4) Accelerate breakthroughs in key agricultural core technologies.

Strengthen innovation-driven development, implement key agricultural key technology research actions, cultivate and expand agricultural strategic scientific and technological innovation forces, and promote independent innovation in the fields of biological seed industry, heavy agricultural machinery, smart agriculture, and green alternatives.

Establish scientific and technological innovation platform bases such as the State Key Laboratory in the field of agriculture, create a deep integration platform for production, teaching and research, and strengthen the construction of the national modern agricultural industry technology system, scientific and technological innovation alliances, industrial innovation centers, emerging industry demonstration zones, and science and technology parks.

Strengthen the scope of enterprises’ main body of technological innovation, cultivate agricultural science and technology innovation enterprises, and support qualified enterprises to take the lead in implementing technological innovation projects.

Continue to organize and implement joint research on rice, wheat, corn, soybean and livestock and poultry varieties, and accelerate the selection and promotion of high-quality grass species.

We will support the research and development of weak and applicable agricultural machinery, promote the transformation and upgrading of agricultural machinery equipment industry, and accelerate the advancement of agricultural mechanization.

Strengthen the creation and application of intellectual property in agriculture.

Accelerate the integration, innovation and promotion of advanced practical technologies.

Establish and improve the property rights system for agricultural research results, establish the ownership of scientific and technological achievements of scientific research personnel, improve the evaluation mechanism for talents and the guarantee of mobility, and merge part-time and part-time salaries.

  (5) Implement important agricultural product security strategies.

Strengthen the top-level design and system planning, based on domestic protection of important food supplies such as grain, make good use of two international and domestic markets and two resources, scientifically determine the level of protection of important domestic agricultural products, improve the security system, and improve domestic security capabilities.

The use of rice and wheat as indispensable varieties will stabilize corn production, ensure that the grain is basically self-sufficient, and the rations are absolutely safe.

Speed up the legislative process of food security.

On the basis of improving quality and improving efficiency, we will consolidate the production capacity of cotton, oil, sugar and natural rubber.

We will speed up and support agriculture to go global, strengthen international cooperation in the “Belt and Road” agriculture, proactively expand domestic imports of agricultural products that are in short supply, expand multiple import channels, cultivate and expand multinational agricultural enterprise groups, and raise the level of agricultural foreign cooperation.

Strengthen the comprehensive management of anti-smuggling of agricultural products.

  Third, solidly promote rural construction and speed up the shortcomings of rural human settlements and public services. (I) Do a good job of rectifying rural human settlements for three years.

In-depth study and promotion of Zhejiang’s “Thousand Villages Demonstration, Ten Thousand Villages Rehabilitation” project experience, comprehensively promote the improvement of rural human settlements with the focus on rural waste and sewage treatment, toilet revolution and improvement of village appearance and village appearance, and ensure that the rural settlement environment will be realized by 2020Significant improvements were made in stages, the village environment was basically clean, tidy and orderly, and villagers’ environmental and health awareness was generally enhanced.

Encourage each locality to base itself on actual conditions, adapt to local conditions, reasonably select appropriate and easy-to-use, long-term remediation models, and focus on overcoming technical difficulties.

Establish a government intervention mechanism that is mainly local and subsidized by the central government.

The central government grants subsidies to the rural toilet revolution and the entire village, and awards advanced counties for the improvement of rural human settlements.

Special funds are invested in the central budget to support the improvement of rural human settlements.

The county level is allowed to raise funds and integrate related funds in accordance with regulations, and concentrate them on the improvement of rural human settlements.

Encourage social forces to take an active part in organically combining the improvement of rural human settlements and the development of rural leisure tourism.

Extensive village cleanup operations.

Create beautiful and livable villages and the most beautiful courtyards.

The improvement of the rural human settlements should be compatible with the level of rural economic development, coordinated with local culture and local customs, pay attention to practical results, and prevent superficial articles.

  (2) Implementation of village infrastructure construction projects.

Promote the strengthening of rural drinking water safety projects, strengthen the protection of rural drinking water sources, and speed up the solution of “difficult drinking water” and unsafe drinking water in rural areas.

Promote the construction of the “Four Good Rural Roads” in an all-round way, increase the implementation of the “long road system” and demonstration counties, and realize that all the established villages can pass through the hardened roads, and the areas with conditions extend to natural villages.Strengthen road construction in the village.

Fully implement the rural electrification transformation project and accelerate the completion of a new round of rural power grid transformation.

Improve the county’s rural logistics infrastructure network, support production sites to build agricultural storage and preservation facilities, graded packaging and other facilities, and encourage enterprises to establish logistics distribution outlets in counties and villages and villages with conditions.

Accelerate the extension of broadband networks to villages, and speed up and reduce fees.

Continue to promote the renovation of rural dilapidated houses.

Improve the long-term mechanism for the construction and management of village infrastructure, clarify the responsibility of each management, and encourage local governments to supplement the budget for management and protection.

  (3) Improve the level of rural public services.

We will comprehensively improve the level of public services in rural education, medical care, social security, pensions, culture and sports, and accelerate the equalization of basic public services in urban and rural areas.

Promote the integrated development of urban and rural compulsory education, and implement the nutrition improvement plan for rural compulsory education students.

We will implement a plan for tackling popularization of high school education, strengthen the improvement of rural children’s health, early education, and preschool education.

Speed up the construction of standardized village clinics and implement the special post plan for general practitioners.

Establish and improve a unified basic medical insurance system for urban and rural residents, and integrate urban and rural residents’ critical illness insurance simultaneously.

Improve the determination of basic pension insurance for urban and rural residents and the normal adjustment mechanism for basic pensions.

Coordinate the urban and rural social assistance system, improve the minimum living security system, and give preferential treatment to the resettlement system.

Accelerate the construction of comprehensive grassroots cultural service centers in rural areas.

We will improve rural left-behind children and women, the elderly care service system, support the development of multi-level rural pension services, and strengthen and improve services for rural disabled people.

Promote the establishment of an urban-rural unified basic public service budget supplement mechanism and improve the basic rural public service standards.

  (4) Strengthen rural pollution control and ecological environmental protection.

We will make overall plans to promote the management of landscapes, forests, fields, lakes and grasses, and promote the green development of agriculture and rural areas.

Intensify the control of agricultural non-point source pollution, carry out agricultural fertilizer and drug saving actions, and achieve negative growth in the use of chemical fertilizers and pesticides.

Develop ecological recycling agriculture, promote the utilization of livestock and poultry manure dirt, straw smashing, agricultural film and other agricultural crops, and realize the full coverage of the entire county for the utilization of manure and sewage resources in large livestock farming counties and make great efforts to control white pollution.

Expansion of the pilot crop rotation system.

Create a leading area for green agricultural development.

Carry out rural greening and beautification actions, build collective forests and villages, protect ancient and famous trees, carry out wetland ecological benefit compensation and return farmland to wetness.

Comprehensive protection of natural forests.

Strengthen the restoration of degraded shelter forests in the “Three Norths” area.

Expand the conversion of farmland to forests and grasslands, and steadily implement the conversion of grazing land to grassland.

Implement a new round of grassland ecological protection subsidy incentives.

Extend the river length system and the lake length system, promote the improvement of rural water environment, and strictly manage the aquatic ecological space management of rural rivers and lakes.

  (5) Strengthen rural planning and leadership.

Strengthen the planning and management as the basic work for rural rejuvenation and achieve full coverage of planning and management.

Take the county as a unit to quickly compile or revise the village layout plan, and the county-level party committee and government should coordinate and advance the rural planning work.

According to the principle of planning before construction, comprehensively consider land use, industrial development, construction of residential areas, improvement of human settlements, ecological protection and historical and cultural heritage, pay attention to maintaining the rural style, and formulate a multi-purpose and practical village plan.

Strengthen the management of rural building permits.

  Fourth, develop and expand rural industries and expand channels for farmers to increase income. (I) Accelerate the development of rural characteristic industries.

Develop diverse and characteristic agriculture according to local conditions, and advocate “one village, one product” and “one county, one industry”.

Actively develop industries such as fruit and vegetable tea, edible fungi, miscellaneous grains and beans, potatoes, Chinese medicinal materials, specialty breeding, Linte flowers and seedlings.

Support the construction of advantageous areas for collective agricultural products.

Innovatively develop rural handicrafts with national and regional characteristics, vigorously explore rural skilled craftsmen, cultivate family home workshops, hand workshops, and rural workshops.

We will improve the system of quality standards for characteristic agricultural products, strengthen the protection of geographical indications and trademarks of agricultural products, and create a number of characteristic product brands of “earth names” and “township names”.  (2) Vigorously develop modern agricultural product processing industry.

Taking “heads and tails of grain” and “heads and tails of farmers” as the starting point, we support the transformation of agricultural product processing industries in the main production areas based on counties, making them industrial chains to stay in counties, changing the distribution of raw materials in rural areas, and the layout of urban processing.

Support the development of primary processing of agricultural products suitable for family farms and farmers’ cooperatives, support the development of intensive processing of agricultural products in counties, and the establishment of specialized agricultural villages and processing counties.

We will make overall plans for the production of agricultural products, distribution centers, and wholesale markets for land sales, and strengthen the construction of a backbone network of agricultural product logistics and a cold chain logistics system.

Cultivate leading enterprises and consortia of agricultural industrialization, promote the construction of a modern agricultural industrial park, a demonstration park for the integration and development of rural industries, and a strong agricultural industry town.

We will improve the linkage mechanism for the integration of rural one, two, and three industries, and allow farmers to share more industrial value-added benefits.

  (3) Develop new rural service industries.

Support supply and marketing, postal services, agricultural service companies, farmer cooperatives, etc. to carry out agricultural productive services such as agricultural technology promotion, land custody, farming and planting, unified prevention and control, drying and storage.

Give full play to rural resources, ecological and cultural advantages, and develop industries such as leisure tourism, catering and bed and breakfast, cultural experience, health and wellness, and elderly care services that meet the needs of urban and rural residents.

Strengthen the construction of rural tourism infrastructure and improve public services such as health, transportation, information, and postal services.

  (4) Implement the digital village strategy.

Promote “Internet + Agriculture” in depth and expand the demonstration application of the agricultural Internet of Things.

Promote the construction of big data for the entire industrial chain of important agricultural products, and strengthen the construction of national digital agriculture and rural systems.

Continue to carry out comprehensive demonstration of e-commerce in rural areas, and implement the “Internet +” agricultural products out of villages and cities project.
Promote information into the villages and households in an all-round way, and rely on “Internet +” to promote the extension of public services 重庆耍耍网 to rural areas.

  (5) Promote the transfer of employment of rural labor.

Implement a more proactive employment policy, strengthen employment services and vocational skills training, and promote the transfer of employment and income growth of rural labor forces through multiple channels.

Develop and strengthen the county economy, guide the orderly gradient transfer of industries, support the development of suitable industries to small towns, support the development of rural enterprises with strong employment capacity, support enterprises to set up production workshops and employment bases in rural areas, and increase farmers’ local employment opportunities.

Stabilize the employment of migrant workers and ensure timely and full payment of wages.

Accelerate the civicization of the agricultural migration population, and promote the full coverage of the permanent population in basic urban public services.

  (6) Support rural innovation and entrepreneurship.

Encourage migrant workers, college graduates, veterans, and urban talents to return to their hometowns to innovate and start businesses, support the establishment of various forms of entrepreneurial support service platforms, and improve the rural innovation and entrepreneurship support service system.

Implement preferential tax policies, encourage local establishment of rural employment and entrepreneurship guidance funds, and expedite the resolution of land use and credit difficulties.

Strengthen the construction of innovation and entrepreneurship incubation platforms, support the creation of collective entrepreneurship parks, and support the development of small and micro enterprises.

  Fifth, comprehensively deepen rural reform and stimulate the vitality of rural development. (I) Consolidate and improve the basic rural management system.

Adhere to the basic category of family business and incorporate the new connotation of the two-tier business system.

Prominently focus on the two new types of agricultural business entities of family farms and farmer cooperatives, start the family farm cultivation plan, carry out the standardization of farmer cooperatives, promote the construction of model cooperatives, and establish and improve the policy system and management system to support the development of family farms and farmer cooperatives.

We will improve policies to support the organic connection between small farmers and modern agricultural development, and improve the “peasant households + cooperatives” and “peasant households + companies” interest linkage mechanism.

Accelerate the development of various social service organizations, and provide full social services for each household.

Speed up the issuance of opinions on improving the grassland contracting management system.

Accelerate the comprehensive reform of agricultural water prices and improve the water-saving incentive mechanism.

Continue to deepen the comprehensive reform of supply and marketing cooperatives and formulate regulations on supply and marketing cooperatives.
We will deepen the reform of collective forest ownership systems and conventional forest farms.

Vigorously promote the grouping of agricultural reclamation areas and the reform of farm enterprises.

  (2) Deepen the reform of the rural land system.

Maintaining rural land contractual relations to be stable and unchanged for a long time, study and issue supporting policies, guide local governments to clarify specific measures for postponing the second round of land contract termination, and ensure a smooth transition in policy convergence.

Improve the legal system of collective ownership, stabilize farmers’ contractual rights, and revitalize land management rights.

Based on the basic completion of the registration and issuance of the right to contracted land, carry out “look back”, do a good job of finishing, properly resolve the remaining problems, and issue the land contract management right certificate to the farmers.

We will improve the standardized management system for land transfer, develop moderate-scale agricultural operations in a variety of forms, and allow security financing for contracted land management rights.

Summarize the experience of three pilot reforms of the rural land system and consolidate the reform results.We insist on collective ownership of rural land, do not engage in privatization, adhere to agricultural land use, prevent non-agriculturalization, and safeguard farmers’ land rights. We must not use the withdrawal of contracted land and homesteads as conditions for farmers to settle in cities and further deepen the reform of rural land systems.

On the basis of amending relevant laws, improve the supporting system, comprehensively push forward the reform of the rural land acquisition system and the reform of rural collective-owned construction land access to the city, and accelerate the establishment of a unified urban and rural construction land market.

Accelerate the registration and certification of the right to the use of homesteads, and strive to basically complete it by 2020.

We will steadily advance the reform of the rural housing site system, expand the reform pilots, enrich the pilot content, and improve the system design.

Quickly compile guidance on strengthening management of rural housing sites.

Study and draft regulations on the use of rural homesteads.
Carry out pilot projects for reclamation of idle homesteads.

It is allowed to carry out the renovation of idle rural school buildings, factory buildings, abandoned land, etc. within the county territory. The revitalization of construction land is mainly used to support new rural industries and new businesses and return to rural areas to start businesses.

Strict management of agricultural facilities land to meet reasonable needs.

Consolidate the results of the “big shed” problem rectification.

In accordance with the requirements of “take from agriculture, mainly use it for agriculture”, adjust and improve the income range of land transfer, increase the proportion of agricultural and rural population, and focus on the improvement of rural living environment, village infrastructure construction and high-standard farmland construction.

Steady implementation of supplementary cultivated land indicators and urban and rural construction land increase and decrease link savings indicators across the provinces to adjust the use of the transfer, all the transfer proceeds are used to consolidate the results of poverty alleviation and support rural revitalization.

Speed up the revision of laws and regulations such as the Land Management Law and the Property Right Law.

  (3) Further advance the reform of the rural collective property rights system.

Complete the national collective asset clearance and verification of capital on schedule, accelerate the construction of a rural collective asset supervision and management platform, and establish and improve a collective asset management system.

Guide rural collective economic organizations on the basis of democratic consultation, confirm membership status, attach importance to protecting the legal rights of special groups such as out-of-marriage women, accelerate the reform of the rural collective business assets joint-stock cooperative system, and continue to expand the scope of trials.

Summarize the experience of promoting the transformation of resources into assets, funds into shares, and farmers into shareholders.

We will improve the capabilities of rural collective property rights and actively explore ways to pledge loans for collective assets.

Study and formulate the law of rural collective economic organizations.

We will improve the rural property rights transfer transaction market and promote the open and standardized operation of various types of rural property rights transfer transactions.

We will study and improve merger preferential policies suitable for the characteristics of rural collective economic organizations.

  (4) Improve the agricultural support and protection system.

Follow the principles of increasing the total amount, optimizing the stock and improving performance, strengthen the forecast of green development, and accelerate the establishment of a new agricultural subsidy policy system.

Follow the principles of adapting to the WTO rules, protecting the interests of farmers, and supporting agricultural development.

Adjust and improve the “yellow box” policy and expand the scope of use of the “green box” policy.

Follow the direction of better exerting the role of the market mechanism and improve the minimum purchase price policy for rice and wheat.

Improve supplementary policies for corn and soybean producers.

We will improve the subsidy rate for agricultural credit guarantees and the mechanism of replacing compensation with awards, study and formulate specific measures for the business evaluation of guarantee institutions, and speed up the expansion of guarantees.

Improve the agricultural insurance policy in accordance with the requirements for expanding and increasing products.

Promote full-cost insurance and income insurance pilots for rice, wheat, and corn.

Expansion of agricultural disaster insurance pilots and “insurance + futures” pilots.

Explore the implementation of pilot programs to replace local agricultural products with special advantages with awards.

We will open up all sectors of financial services to the “agriculture, rural areas, and farmers”, establish an incentive and restraint mechanism for county-level banking financial institutions to serve “agriculture, rural areas, and farmers”, and realize that the growth rate of inclusive agricultural-related loans generally exceeds the average growth rate of the quota.

Promote rural commercial banks, rural cooperative banks, and rural credit cooperatives to gradually return to their roots and serve the local “three rural” issues.

To study and formulate specific measures for the performance evaluation and incentives of the “agriculture, rural areas and farmers” business unit of commercial banks.

Make good use of policies such as differentiated reserve ratios and differentiated supervision to effectively reduce the profits of the credit guarantee services of the “agriculture, rural areas, and farmers”, and encourage banking financial institutions to increase their mid- and long-term credit support for rural rejuvenation and poverty alleviation.

Support the listing of special agricultural futures budget varieties in key areas.

  Six, improve the rural governance mechanism, maintain harmony and stability in rural society (a) enhance rural governance capabilities.

Establish and improve a leadership system and working mechanism that combines party organization leadership’s autonomy, rule of law, and rule of virtue, and give play to the role of participants in governance.

Carry out pilots for the construction of rural governance systems and the establishment of demonstration villages for rural governance.Strengthen the standardized and institutionalized construction of autonomous organizations, improve the system of deliberations and discussions at the village level, promote the disclosure of village affairs, and strengthen effective supervision of village powers.

Guide rural areas to formulate or revise village regulations.

Promote rural grassroots governance according to law and establish and improve a public legal service system.

Strengthen comprehensive agricultural law enforcement.

  (2) Strengthening the construction of rural spiritual civilization.

Guide farmers to practice the core values of socialism and consolidate the party’s ideological position in the countryside.

Strengthen publicity and education, do a good job of the ideological work of the peasants and the masses, publicize the party’s line and policy and the policy of strengthening peasants to benefit the peasants, guide farmers to listen to the party, feel the party’s grace, and follow the party.

Carry out the pilot construction of the New Age Civilization Practice Center, and do a good job in the construction of county-level financial media centers.

Deepen the development of national spiritual civilization creation activities, launch a series of rural spiritual civilization construction demonstration counties, civilized villages and towns, the most beautiful families, excavate and set the example of moral example, play a leading role in demonstration.

Support the construction of cultural halls, cultural squares and other facilities, and cultivate characteristic cultural villages and towns.

Continue to promote the work of changing customs and customs in rural areas, guide and encourage rural grassroots self-governing self-governing organizations to adopt binding measures to control bad social habits such as marriage and funeral habits, sky-high prices, filial piety, and lack of support.

  (3) Continue to promote safe rural construction.

We will further advance the special struggle to eliminate gangsters and eliminate evil, severely crack down on gangsters in the countryside, and prevent the gangsters and other gangsters from eroding grassroots political power.

Severely crack down on the penetration of hostile forces, cults, and illegal religious activities into rural areas.

Promote disciplinary inspection and supervision to extend to the grassroots level, and resolutely investigate and deal with malpractices and corruption that occur near farmers.

Excellent leadership responsibility system for comprehensive management of social order.

We will deepen the development of grid-based service management, integrate the best-in-class grassroots front-line safety construction forces, and put more resources, services, and management in rural communities.

Strengthen the investigation and special treatment of hidden dangers in the areas prone to public safety events such as rural transportation, fire fighting, public health, food and drug safety, and geological disasters.

Accelerate the construction of information technology, intelligent rural social security prevention and control system, and continue to promote the construction of rural “Xueliang Project”.

We will continue to develop the “Fengqiao Experience” in the new era, improve the mechanism for the investigation and mediation of rural conflicts and disputes, and improve the ability and level of serving the population and maintaining stability.

  Seventh, give play to the role of rural party branches as a fortress, and comprehensively strengthen the construction of rural grass-roots organizations (1) Strengthen the leadership role of rural grass-roots party organizations.

Strengthen the construction of rural grass-roots party organizations, focus on improving organizational strength, highlight political functions, and continue to strengthen the construction of rural grass-roots party organization systems.

Add advanced branches, upgrade intermediate branches, reorganize branches after the rectification, and rectify the “one village, one policy” of the weak and scattered village party organizations on a county basis.

The “two committees” of the village were revisited, and members of the “two committees” of the village who had suffered criminal discrimination and had problems such as “village hegemony” and crimes involving blacks and evils were cleared out.

Implement the overall optimization and promotion of the leader of the village party organization, and complete the team.

Comprehensively merge the county party committee record management system of the village party organization secretary.

Establish a long-term working mechanism for the first secretary to be stationed, and send the first secretary to impoverished villages, weak and scattered villages and villages with collective economic shells, and expand to villages with a heavy task of village revitalization.

Intensify the efforts to train and select village party organization secretaries from college graduates, migrant workers, veterans, and outstanding party members in institutions and institutions.

Outstanding Normalization mechanism for selecting township leaders from outstanding village party organization secretaries, examining and approving township civil servants, and recruiting staff for township undertakings.

The five-year term stipulated by the United Village Party Organization promotes the country’s “two committees” and the county and township elections to proceed simultaneously.

Optimize the structure of rural party members, and increase the efforts to develop party members from young farmers and rural migrant workers.

To improve the county-level party committees’ responsibility system for promoting villages and townships, county and township party committees should regularly investigate and promptly resolve outstanding issues in the construction of primary organizations.

Strengthen and improve the leadership of village party organizations over various village-level organizations, and improve the village-level organization system led by party organizations.

Comprehensively promote the village party organization secretary to serve as the director of the village committee through formal procedures, promote the cross-posting of members of the village “two committees” team, and increase the proportion of village committee members and villagers’ representatives.

Strengthen the leadership of Party branches over village-level collective economic organizations.

A comprehensive consensus of “four discussions and two disclosures” was adopted to improve the important issues at the village level, and the village party organization should study and discuss the major issues.

  (2) Give play to the role of various organizations at the village level.

Sort out the functional positioning of various types of organizations at the village level, realize the establishment of various types of grass-roots organizations on demand, perform duties according to their duties, and there are people who work and have directors.

Villagers ‘committees should initially perform the functions of grassroots self-governing organizations, and strengthen villagers’ self-management, self-education, and self-service capabilities.

Establish and improve the village affairs supervision committee in an all-round way, and play a supervisory role in village affairs decision-making and disclosure, property management, construction of engineering projects, agricultural benefits policies and measures, and other matters.Strengthen the service functions of collective economic organizations, and play a role in managing collective assets, rationally developing collective resources, and serving collective members.

Bring into play the active role of rural social organizations in serving farmers and establishing new trends.

  (3) Strengthen the service function of village organizations.

In accordance with the principle of being beneficial to the construction of village-level organizations and serving the crowd, the work items suitable for the village-level organization to handle or undertake are entrusted to the village-level organization, and necessary working conditions are guaranteed.

Standardize village-level organizations to assist the government in matters of work and prevent arbitrary increases in the workload of village-level organizations.

Coordinate the reform of township stations, strengthen the construction of township service systems for farmers, and ensure that townships have teams and resources to serve farmers.

  (4) Improve the budget guarantee mechanism for village-level organizations.

We will improve the stable and economical guarantee system for the operation of village-level organizations with fiscal expenditure as the main content, comprehensively extend village cadre remuneration expenditures and village-level organization office expenditures, establish a normal growth mechanism, and ensure other necessary expenditures, such as operation and maintenance of village-level public services.

Take the development and expansion of village-level collective economy as an important change to give play to the leadership role of rural grass-roots party organizations, increase policy support and overall advancement, develop and strengthen village-level collective economy according to local conditions, and strengthen village-level organizations’ self-security and ability to serve farmers.

  Eighth, strengthen the party’s leadership over the work of “agriculture, rural areas and farmers”, and strengthen general guidance for prioritizing the development of agriculture and rural areas. (1) Strengthen the system guarantee for the five-level secretary to grasp the promotion of rural areas.

We will implement a rural work mechanism in which the central government raises funds, the provinces bear the overall responsibility, and the cities, counties, and villages are responsible for spare parts. They will formulate and implement detailed implementation rules for the five-level secretary to seize the responsibility for rural development.

Strengthen the statistical monitoring work for rural revitalization.

In 2019, the party committees of provinces (autonomous regions and municipalities) must, in light of local realities, issue city and county party and government leadership teams and leading cadres to carry out performance evaluation opinions on promoting rural revitalization strategies and strengthen the application of evaluation results.

All localities and departments should quickly sort out the hard tasks that must be completed to build a well-off society in an all-round way, strengthen the work layout, and ensure that this task is successfully completed by 2020.

  (2) Firmly establish policy guidance for priority development of agriculture and rural areas.

Former party committee members and the government must take the “four priority” requirements as the top priority for the work of “three rural issues”, shoulder it on their shoulders, hold it in their hands, and come into contact with the performance appraisal, taking responsibility at all levels.

Give priority to the “three rural” cadre deployment, enrich outstanding cadres to the “three rural” front, strengthen the elites to the grass-roots front, and attach importance to the selection of familiar “three rural” cadres to enrich local party and government teams.

Priority is given to the allocation of the development characteristics of the “three rural issues”, the system and mechanism barriers that restrict the free flow of urban and rural elements and equal exchanges are resolutely broken, the one-way pattern of rural elements is changed, and resource elements are moved to rural areas.

Priority should be given to guaranteeing the investment of “agriculture, rural areas and farmers”, insisting that agriculture and rural areas be the areas of priority for financial protection and financial services, and that the scale of public finances be tilted towards “agriculture, rural areas and farmers”.

A certain percentage of local government bond funds should be used to support key areas such as rural settlement improvement and village infrastructure construction.

Prioritize rural public services, promote the unification of basic public service standards in urban and rural areas, and harmonize the system to achieve a gradual and fair transition from formal inclusiveness.

We will improve the preliminary design of consensus agriculture and rural priority development, and promptly study and issue guidance and specific implementation methods.

  (3) Cultivate a “three rural” working team that understands agriculture, loves the countryside, and loves farmers.

Establish a mechanism for cultivating, equipping, managing, and using cadres in the work of “agriculture, rural areas, and farmers”, and establish a caring and incentive policy.

Guide the education of the “three rural” cadres to investigate and research, advocate the spirit of seeking truth and being pragmatic, keep close contact with the masses, and deepen their feelings for farmers.

Resolutely reorganize formalism and bureaucracy in poverty alleviation and rural rejuvenation work, clean up and standardize classification inspections, evaluate and supervise matters, and effectively solve the problem of grass-roots officials tired of welcoming and welcome inspections. Let grass-roots cadres concentrate their energy on doing practical things for the masses.Get things done.

Priority support for including rural talent in certain talent training programs.

Establish a county-wide talent pooling system and a rural talent orientation training system, and explore ways to diversify talents into rural revitalization through a variety of methods such as appropriate separation of job posts, on-the-job education, and innovative job title evaluation.

Recognize and reward various talents who have made outstanding contributions.

Implement a new type of professional farmer cultivation project.

Vigorously develop vocational education geared to rural needs, and strengthen the construction of agriculture-related majors in colleges and universities.

Promptly introduce the policy opinions of cultivating a working team of “agriculture, rural areas and farmers” who understand agriculture, love the countryside, and love farmers.

  (4) Give full play to the role of farmers.

Strengthen system construction, policy incentives, education and guidance, and mobilize the crowd, organize participants, and serve the population in the whole process of rural rejuvenation, fully respect the wishes of farmers, carry forward the spirit of self-reliance and hard work, and stimulate and mobilize the farmers’ initiative.

Give play to the leading role of government investment, through private office assistance, fundraising, labor compensation, etc., to guide and support village collectives and farmers’ autonomous organizations to implement or participate in village infrastructure construction and rural people who directly benefitRenovation of living environment.
Strengthen supervision of fundraising and labor services to prevent increasing the burden on farmers.

A simple review and approval method for village construction projects was introduced to standardize and narrow the scope of bidding and allow farmers to participate more and choose from them.

  At present, it is of great significance to do a good job in agriculture, rural areas and farmers. The task is arduous and urgent. In addition to the work in the eight areas mentioned above, other tasks deployed by the Party Central Committee and the State Council must be carried out for a long time, and work must be carried out to achieve practical results.

  Let us closely unite around the Party Central Committee with Comrade Xi Jinping as the core, and comprehensively implement the important breakthrough of General Secretary Jinping ‘s work on “three rural” work, forge ahead, overcome difficulties, and work hard to build a well-off society in an all-round way.Make new contributions to promote the overall revitalization of the countryside.

  Rarely proposed “Implementing Soybean Revitalization Plan” This year’s Central Document No. 1 proposed that implementing the soybean revitalization plan and expanding planting areas in multiple ways.  This is a rare proposal in a central document of a developing country to implement a soy revitalization plan, and its significance is intriguing.

  ”The soybean revitalization plan was also mentioned a few years ago, but this time the No. 1 document was re-presented as a way to expand the source of this soybean under the new economic plan, and the safety of domestic soybeans is high.

“Zheng Fengtian, a professor at the School of Agriculture and Rural Development at Renmin University of China, said in an interview with the Shanghai Securities Journal.

  In fact, at the national spring field management and spring ploughing video conference at the beginning of this year, Han Changfu, Minister of Agriculture and Rural Affairs, said that the focus of this year ‘s adjustment of planting structure is to consolidate the results of corn adjustment, appropriately reduce the area of rice and wheat in low-quality and inefficient areas, and expandSoy and oilseed production.

  It is reported that relevant departments of the Air Force State have issued a letter of opinion on the “Implementation Plan for Soybean Revitalization Plan.”

  According to the interpretation of Galaxy Futures, there are three main points in the plan: First, the area of soybeans will be expanded to reach 1 by 2020.

400 million acres, reaching 1 in 2022.

500 million acres, of which the soybean area will increase by 10 million acres in 2019; the second is to increase soybean area through the adjustment of planting patterns and the planting structure of rice, corn, etc .; the third is to optimize compensation policies, balance crop planting income, and motivate soybean cultivation.

  There will be a major breakthrough in the reform of the “three plots of land” This year’s Central Document No. 1 has written a lot about “deepening the reform of the rural land system”, and in terms of policy intensity, the policy intensity is unprecedented, especially the “three plots of land” (agricultural land,Major breakthroughs were made in the reform of operational construction land and homesteads.

  Regarding agricultural land: Adhere to collective ownership of rural land, do not engage in privatization, adhere to agricultural land use, prevent non-agriculturalization, adhere to the protection of farmers’ land rights, and do not use withdrawal from contracted land and house sites as conditions for farmers to settle in cities and further deepen rural landInstitutional reform.
  Regarding collective business construction land: on the basis of amending relevant laws, improving supporting systems, comprehensively pushing forward the reform of the rural land acquisition system and the reform of rural collective business construction land entering the market, and accelerating the establishment of a unified urban and rural construction land market.

  Regarding homesteads: Accelerate the registration and issue of certificates for the right to use homesteads, and strive to basically complete them by 2020.

  We will steadily advance the reform of the rural housing site system, expand the reform pilots, enrich the pilot content, and improve the system design.

Quickly compile guidance on strengthening management of rural housing sites.

Study and draft regulations on the use of rural homesteads.
  Carry out pilot projects for reclamation of idle homesteads.
It is allowed to carry out the renovation of idle rural school buildings, factory buildings, abandoned land, etc. within the county territory. The revitalization of construction land is mainly used to support new rural industries and new businesses and return to rural areas to start businesses.

  Li Guoxiang, an expert from the Institute of Rural Development of the Chinese Academy of Social Sciences, said in an interview with the Shanghai Securities Journal that although the scale of rural collectively-owned construction land is limited, its use control is much looser than that of contracted land and homesteads are much looser.

According to the design of the comprehensive deepening reform in rural areas, rural collectively-owned land for construction purposes enters the market as well as state-owned land, with the same rights and the same price.

  The development of rural non-agricultural industries, especially the integration of primary, secondary, and tertiary industries, has huge profit potential. As the most precious resource and the scarcest element of economic development, social investors have a very strong demand for rural collective-owned construction land.

  At the beginning of 2015, with the authorization of the Standing Committee of the National People’s Congress, 33 counties (cities, districts) of the country launched pilot reforms of the “three plots”, namely, rural land acquisition, collective business construction land access to the city, and the reform of the homestead infrastructure system.

Relevant data show that at present, more than 10,000 collectively-owned construction land has entered the market, covering an area of more than 90,000 mu, with a total price of about 25.7 billion.

  However, Weng Ming, an expert from the Chinese Academy of Social Sciences, believes that “whether the reform of the ‘three plots of land’ has been rolled out in the future remains to be seen whether the reforms in the pilot areas are successful, and the conditions for full rollout are not yet mature.

The budget and document also propose that the rural land contracting relationship should be kept stable and unchanged for a long time, and the supporting policies should be researched and introduced to guide the specific methods for the second round of land contract termination and postponement to ensure a smooth transition of policy convergence.

We will improve the standardized management system for land transfer, develop moderate-scale agricultural operations in a variety of forms, and allow financing for contracted land management rights.
Speed up the revision of laws and regulations such as the Land Management Law and the Property Right Law.

  The analyst of Zheshang Securities pointed out that the land policy issued by the Central Document this year exceeded expectations, and the land policy is expected to usher in substantial progress.

The official announcement and implementation of comprehensive laws and policies related to land transfer, coupled with the deployment and improvement of the central document, land transfer may accelerate.

  Among the A shares, Suken Nongfa, Beidahuang (right protection), Hainan Rubber and other large listed companies all own land resources.

  Guotai Junan agricultural industry analysts believe that through the confirmation of land this year, the completion of the three pilot reforms of rural land and the completion and implementation of the Land Management Law, the acceleration of land circulation will open the golden era of domestic planting scale, and the domestic planting industry is expected to generate 100 billionMarket value business.

We are optimistic about the seed industry that contributes the most efficiency, and we recommend Longping Hi-Tech; the leading planters who benefit from land transfer, and we recommend Suken Agricultural Development.

  In the past years, after the release of the central government’s documents on the work of “agriculture, rural areas, and farmers”, what is the trend of the stock market?

  Relevant data shows that through analysis of data from 2004 to 2017, Shenwan Agriculture, Forestry, Animal Husbandry and Fishery has a high probability of obtaining excess returns after the central document is issued. Within one week, half a month, and one month, the probability of the plate receiving excess returns is respectively.Is 71.

43%, 50% and 64.

29%; average excess returns are 0.

94%, 0.

84% and 2.


CITIC Construction Investment (601066) 2018 Annual Report Comments: Investment Banking Business Continues to Lead the Self-operated Contrarian Trend and Gets Positive Income

CITIC Construction Investment (601066) 2018 Annual Report Comments: Investment Banking Business Continues to Lead the Self-operated Contrarian Trend and Gets Positive Income

Investment Highlights The company’s performance clearly exceeds the industry average, with a ROE of 6.

79%, active leverage has declined.

The company realized operating income in 2018, and net profit attributable to mothers increased and decreased3.

50%, 23.

11%, a clear industry average (-14.

47%, -41.

04%); active leverage ratio 3.

36, a decrease of 0 from 2017.

40pct; ROE is 6.

79%, a decrease of 3 from 2017.

11 pct, but still make the industry average (3.


Brokerage: The market share has declined, and the average commission rate has remained flat compared to 2017.

The company’s net income from brokerage business in 2018 decreased by 24 every year.

77%, exceeding the margin slightly higher than the industry average (-23.


According to the annual report, the market share of its stock-based transactions was reset2.

83%, compared with the company’s market share of 3 in 2017.

01% formaldehyde 0.

18 points.

According to preliminary calculations, the company’s average commission is reset to 0 in 2018.

452 ‰, unchanged from 2017.

Credit business: The market share of the two financial markets has decreased, the scale of fair pledges has been reduced, and large amounts of impairment provision have been made for the funds raised.

According to the company’s annual report, as of the end of 2018, the company’s margin on margin trading was 251.

2.2 billion, market share 3.

32%, a decrease of 1 from the end of 2017.

20 pct; stock pledged at 339.

RMB 08 million, a decrease of 113 from the end of 2017.

2.9 billion.

It is obvious that the company accrued credit impairment losses in 201811.

54 million, of which the impairment loss on the funds raised was 10.

76 trillion, 3-6 months and more than 6 months of impaired funds depreciation ratio reached 3 respectively.

87%, 6.

22%, a new high for democracy.

Investment Banking Business: Continue to lead the industry with outstanding equity financing.

In 2018, the company’s investment banking business income decreased and fluctuated6.

37%, significantly better than the industry average (-27.

40%).According to wind data, the company’s IPO underwriting market share is 9.

62%, an increase of 3.

31 points, ranking third in the market; the market share of additional underwriting is 13.

68%, the year before 2017 increased by 2.

30pct, ranking third in the market; the market share of debt financing underwriting is 8.

41%, a decrease of 0 from 2017.

38 points.

Asset management business: The scale of asset management decreased better than the industry average, and the business structure improved.

In 2018, the company’s asset management scale was 6522.

29 ppm, a decrease of 0 per year.

78%, better than the industry average (-21.


The company’s overall asset management business structure has improved. Collective asset management and the proportion of special asset management have increased.

23, 4.

22pct, the proportion of directional asset management dropped by 5.

45pct, the initial success of the transition.

Self-operated business: Investment income has gained positive income against the trend, and bond investment has performed well.

The company’s self-employed business performed well in 2018, achieving net income of 24.

25 ppm, a 10-year increase3.

38%, comprehensive income growth rate 2.

70%; if excluding the impact of the caliber (total interest income from other debt investment and debt investment).

4.3 billion) and realized a net income of 36.

60 ppm, an increase 都市夜网 of 56 in ten years.

53%, the actual comprehensive income growth rate4.


As of the end of 2018, the company’s own scale was 897.

2.2 billion, an increase of 167 over the end of 2017.

9.2 billion yuan.

Core logic: Under the background of the registration system, the underwriting of new shares will highly rely on the comprehensive competitiveness of the underwriter’s research, pricing and sales capabilities. We believe that the concentration of domestic investment banks will promote further improvement.

The company’s investment banking business continues to lead the industry. After listing, its capital strength has further strengthened, and it ranks first in the industry. Its business chain is replaced intact and its competitive strength is transformed. We believe that the company is expected to benefit from 成都桑拿网 this round of domestic capital market reform.

Profit forecast: If we do not consider the company’s fixed increase plan released in January, we expect the company’s EPS for 2019-2021 to be 0.

54 yuan, 0.

64 yuan, 0.

78 yuan, the corresponding PB of the closing price on March 18, 2019 are 3.

93 times, 3.

62 times, 3.

30 times, no coverage for the first time.

Risk warning: market downside risks, market turnover shrinks sharply, and equity margin risks increase

Changdian Technology (600584): Xingke Jinpeng 18Q4 dragged down performance for 19 years to see company integration progress

Changdian Technology (600584): Xingke Jinpeng 18Q4 dragged down performance for 19 years to see company integration progress
The company’s performance was lower than market expectations, and preliminary Xingke Jinpeng’s capacity utilization rate was too low.The company achieved revenue of 238 in 18 years.56 ppm, an increase of 0% per year, and an annual gross profit margin of 11 in 18 years.43%, operating profit realized -8.40,000 yuan, the net profit attributable to mother is -9.39 trillion, down 373 a year.58%.In the fourth quarter alone, it achieved 57.71 ppm, a decrease of 17 per year.50%, down 14 from the previous month.91%.In the fourth quarter alone, net profit attributable to mothers was -9.5.7 billion, down 637.03%.First of all, when the large customer orders of some Xingke Jinpeng factories are temporarily, the maximum production capacity is insufficient.We judged that Xingke Jinpeng’s 19-year profit is not prone to major profits. With the exception of Xingke Jinpeng, the business of each subsidiary has been smooth, and the company’s endogenous growth has continued.In view of the performance of the spin-off company, Changjiang Power Headquarters completed 55.4.4 billion in revenue, an increase of 5 in ten years.62%, net profit 2.5.8 billion.Changzhou Luzhou completed 15.95 billion, net profit 2.4.1 billion, an increase of 10 in ten years.64%.Changdian Suqian completed 9.Revenue of 3.6 billion, net profit of 54.19 million, an 都市夜网 annual increase of 26%.Long Power Advanced completed 24.5.4 billion, revenue decreased by 24%, net profit completed 2.3.3 billion.Changdian Korea completed 53.Revenue of 2.6 billion, realized net profit of 51.04 million.The growth of traditional main businesses is still better, and the company’s own governance capabilities are still improving. Sell part of the assets to the lessor to ease the pressure on funding.The company sold some of Xingke Jinpeng’s assets, including some of the equipment purchased with raised funds in the company ‘s fundraising project “eWLB Advanced Packaging Expansion and Supporting Test Service Projects”. At the end of April, its estimated net equipment value was 8,368.$ 930,000.We researched and judged that the company was mainly in order to obtain funds to ease the operating pressure. The receiving 杭州夜网论坛 shareholder of Fangxinsheng Leasing Co., Ltd. was still a domestic related unit. The volume of the part sold was smaller than that of Xingke Jinpeng.The assets are US $ 2.1 billion and the net assets are US $ 500 million. The sale of some assets accounts for a relatively small amount and the company leases equipment back. The company still continues to move to integrate Xingke Jinpeng.In the short term, easing funding pressure is tentative. The business is progressing smoothly, and each sector keeps cashing in.The company’s acceptance of orders from chip design factories has always been the focus of the market. After the company replaced the connection, the overall business progressed smoothly.From the advanced Bumping of Changdian, the flip of Xingke Jinpeng and the SiP of the headquarters, the company’s overall business development speed is obvious.The company’s competition in product categories is comparable to that of some markets. It can be expected that the company will support the interests of major customers in the future. We maintain the “overweight” rating.We lower the company’s attributable net profit forecast for 2019/2020 from 7.$ 4.4 billion / 11.8.9 billion to 0.4.6 billion / 2.3 billion, an increase of attributable net profit forecasts for 2021 5.6.1 billion, considering that the packaging market is booming in the next two quarters, traditional packaging orders will be better than expected, and the company’s own profits are expected to be digested by the market, maintaining an “overweight” rating. Risk warning: Xingke Jinpeng’s orders continue to fall short of expectations, and the semiconductor industry cycle continues to decline.

Teach you how to make chopped fish head

Teach you how to make chopped fish head

Reference recipe: material: fish head, chopped chili production: 1, wash the fish head, split in half from the middle.

  2. Put the shredded ginger and spring onion in the dish, put the fish head in it, and cut the side down.

Sprinkle minced garlic and shallot on top.

Put some shredded ginger on the gills.

  3. Spread the chopped peppers on the fish head.

Try it first. If the chopped peppers are not salty enough, you can sprinkle some salt on the fish head.

(Some restaurants fry the chopped peppers first to make them heavier.

But it feels more oily, so this approach is not adopted.

) Pour some cooking wine.

  4, into the steamer, steam for 15 minutes after the water is boiling out.

(It doesn’t matter if you steam for a few more minutes)

New concept of decompression

New concept of decompression

Is stress the most effective way to breathe deeply, practice yoga or talk to someone?

not necessarily.

The United States “Prevention” magazine recently reported that coping with stress may sometimes require changing a psychological perspective, accepting some new concepts, and finding a method suitable for you.

  1. When you can sleep, you can go to bed VS do not breathe, before going to bed, when the husband and wife are in a quarrel, they want to make it clear, and then go to sleep.

Now Andrea Whitberg, a PhD in marriage and family at the US Air Force University of Technology, says forcing yourself to discuss issues limits self-control and thinking.

It is better to temporarily suspend the truce, sleep first, and “negotiate” tomorrow.

  2, venting temper vs controlling emotions Parents have taught us to temper our temper since childhood, but the latest research in “Biological Psychiatry” shows that speaking out of fear and anger can reduce the secretion of stress hormones.

For example, if you are in a traffic jam, scold a few words when you get angry.

  3, funny pets VS looking for friends in a bad mood, we first think of family and friends.

However, research by James Braskovich, a professor of psychology at the University of California, has found that teasing pets is more effective in lowering blood pressure that rises due to stress.

  4. Diverting VS Chattering Karin Koffman, a professor of clinical psychology at Kent State University in the United States, found that chattering is not for everyone, but may cause other health problems.

After pain, distracting is more effective.

  5, eat dark chocolate VS do not eat because of fear of gaining weight, many people are afraid to eat snacks when in a bad mood.

But the author of “Proteomics Research” pointed out that eating a dark chocolate can relieve nervous nerves and reduce stress hormones.

  6, freewheeling VS meditation meditation is upset, most people advise themselves to take a deep breath, meditation.

However, research in Counseling and Clinical Psychology shows that this approach is not suitable for everyone.

Anything that is good for forgetting your troubles can be tried, meditation does not work, you can try running, knitting sweaters and so on.

How to get along with a boss who doesn’t appreciate you

How to get along with a boss who doesn’t appreciate you

I believe that after joining the work, each of us has a beautiful dream, that is, meeting a boss who appreciates himself like a “Bole” can enable us, “Thousands of horses”, to go straight to the top and succeed in our career.

But the reality is not so perfect. We can meet some bosses who don’t appreciate ourselves, they don’t appreciate us, maybe because of our ability, or our character, sometimes even nothing, just because we don’tPleasing to the eye.

If so, what should we do?

There are two ways to get along, depending on how important your job is to you.

  The first method is called “self-deception”.

It is to imagine that the purpose of each criticism of the boss is to cultivate, promote you, and then conscientiously try to do your job impeccably.

This method is suitable for those who want to build on existing work.

I have not only experienced this method myself, but also learned a lot from it.

At that time, I had just taken part in the work, and passed the competitive job examinations within the company, and became a manager, serving as a quality manager in a large workshop.

My boss is a very picky person, and because of my education and gender, and my overly straightforward personality, he doesn’t appreciate me at all, and he even hates me.

Therefore, he did not make me difficult at work, and often criticized me at meetings for no reason.

One day, the boss gave me a hard training at the meeting and refused.

Back home, I thought about it all night, and then I finally figured it out.

  From that day forward, I made myself live happily every day, and forced myself to accept his criticisms in good faith.

I am very strict with myself at work.

At work, except for eating and going to the bathroom, I spend so much time at the job site that I can understand every single one of the production and deal with it as soon as possible.

Although he often took the initiative to work overtime, the bonus he gave me at the end of the month was no longer fair, and I never asked why.

After the trial period expired, the quality of the workshop I was responsible for improved greatly.

The superiors have also been praised many times at company meetings.

An unexpected surprise came.

It turned out that every time the leader of the company’s quality control department visited the workshop, I found that I was busy at the scene, coupled with my excellent work performance, I even rose to the next level after the trial period and was directly transferred to the company’s quality controlMinistry work.

  When I got the order, I had mixed feelings, and I was also fortunate to change my mind in time at a critical moment.

Without that boss’s nitpicking and difficulties, maybe I would not have achieved what I am today.

  The second method is called “pressure to power”.

It is to treat the unfair damage suffered as a huge motivation for leaving the job and seeking scale development. Of course, this method is suitable for those who are not very attached to the existing job.

I have a friend who, although he only has a technical secondary school diploma, is very intelligent and capable.

Unfortunately, his boss didn’t think so, so he worked in that unit for a long time but never got promoted.

Some time ago, when I contacted him by phone, I realized that he had successfully become a graduate student in a key university.

Later, he told me that whenever he suffered an unfair expense, instead of being indignant like others, he switched to leaving the unit and realizing his great ideals.

  In fact, there is nothing in this world that cannot be solved, and nothing is absolute.

Just as the back of the South Pole is the North Pole, the malicious back is goodwill, and the back of failure is success.

As you immerse yourself in sorrow and anger, you can’t extricate yourself in anger. It is better to face a conflict in life with an optimistic attitude, because for those bosses who do not appreciate you or even suppress your boss, the best counterattack is to use your own excellencePerformance to prove himself, thereby breaking his repression, and even surpassing him, realizing his ideal.

The model boyfriend proposed a breakup

The model boyfriend proposed a breakup

The phone rang and I was very excited. I was a college roommate.

: Information, it says: We broke up.

I was taken aback. The exemplary boyfriend in our eyes, the boyfriend who used to love her very much, even broke up.

  It only took more than a year to graduate from college, and everything was gone.

She told me that she missed the ordinary life of her past school days, and she missed time at the happiest moment.

She told me she was sad, and I said, you have to learn to be happy now.

In fact, happiness is now.

Only the happiness that is now strung together can be a lifetime of happiness.

Happiness is also a psychological feeling.

Because happiness requires you to discover it yourself, let go of the burden on your heart, and taste it carefully.

  The breakup was sad at the time, but everyone who has experienced the breakup can’t help but laugh at being silly if they think about the day: “Isn’t I living well now?

“In love, it’s not necessarily because you did something wrong. Maybe you didn’t do anything. Maybe you did too much.

Don’t love, sometimes it just feels changed, there is no reason, no more sadness will not help.

When a person’s life train is about to derail, the partner next to him may not be able to walk side by side. At this time, I should thank the other person and accompany you for a journey of life.

Therefore, we should cherish everyone who accompanies us for some time.

  Love in the city is originally an inescapable but longing thing.

No one guesses the ending. When you often have love, the love affair just happened for another supper, and the painful moment of love affair may be a brand new beginning.

For love, if it is a round dance, two people must be willing to step on the same pace and follow the same rhythm, in order to jump out of the beautiful double dance.

When the other party doesn’t want to dance anymore, you have to grab his hand and drag his body to jump down, and the dance is not good.

  When two people run away from each other, at this time, if you can relax and re-understand yourself or others, it may be a good thing.

It ‘s better to start a new way of life from now on, let go of the burden, discover happiness, and learn to be happy!

It’s not hard for a thin person to get fat

It’s not hard for a thin person to get fat

After the thin person removes the cause, it is beneficial to choose the supplemental medicine together with diet therapy, but it is also necessary to adhere to physical exercise to promote blood circulation, increase metabolism, strengthen the function of the organs, and improve the body’s disease resistance.

  Thin people, except congenital, are mostly caused by acquired disorders, such as chronic disease damage to the spleen and stomach, tracking and dying, undernutrition, overwork injury, loss of nursery after childbirth, physical fitness, etc., but these factors should also be dividedFor the spleen and stomach qi deficiency, spleen yang deficiency or yang deficiency and other different triggers for nursed back to health.

  Chinese medicine believes that “the spleen and stomach are the foundation of the day after tomorrow”, and the stomach is the main food, the spleen is transported to nourish the muscles of the limbs.

When the spleen and stomach are weak or yang, the food cannot be digested and transported well, and the human tissues and organs and muscles are not nourished, resulting in malnutrition and thinness.

  Therefore, the treatment of spleen and stomach qi deficiency, appropriate qi to nourish blood.

For those who are yang deficiency, the principle of warming yang and qi is the principle.

Generally, it can replace ginseng, Codonopsis, Astragalus, Huai Yam, Atractylodes, Glutinous Rice, Pork Belly, Lamb, Beef and other tonics, tonics, Shuijianbi or stewed bone soup.

In addition, you can also choose Sijunzi Decoction (pill), Shenqi Baizhu Powder, Buzhong Yiqi Decoction (Pill), Guipi Pill (Tang) and other drugs, which have better curative effect.

  ”Skinny people are more yin and anger”, therefore, common dry mouth, dry hands, feet, heart, heat, constipation, etc., can choose sand ginseng, polygonatum, milk, duck, turtle meat, pork to nourish yin and reduce fireTake a stew as well.

At the same time should not eat spicy and hot products, so as not to consume the Yin fluid, aggravating the condition.

  In short, fat people, thin people after the removal of the cause, the appropriate choice of tonic drugs, with diet therapy is beneficial.

But we must also adhere to physical exercise to promote blood circulation, increase metabolism, strengthen the function of the organs, and improve the body’s disease resistance.
If physical exercise can be sustained, obese people will lose weight, their feet are light and fast, their shortness of breath disappears, and their energy is strong; while those who are thin can gain muscle, long strength, strong body and strong spirits.