The boy took a look at Liyun before going to bed,Is actually a reminder and warning,If Li Huo doesn’t wake up again,He won’t give him any chance。

This warning will actually cause two completely different results,Lihuo will choose to resist in the end or repent?
Juvenile estimate,The latter is very unlikely,But if he chooses to resist to the end,Will produce new variables,Will even push the brother away from home to a dead end,It will also force the boy to retreat。
And at this special moment,Teenagers can’t choose either,Elder Hao must save,Dongfang Ruiqing must die too,Not clear this obstacle,Even if Li Tan wanted to talk,The boy didn’t have any chips and graspers to fight against Brahma.,This is the cruelty in front of me。
The boy really fell asleep,Even snoring,The people sitting around the bed are still silent,Their mood is quite complicated,The elders are most in favor of juvenile opinions,But the consequences are too serious,He can’t bear it,So choose silence。
Elder Qi is most opposed to juvenile impulse,But he is also very contradictory,Just watched Elder Hao slowly die in pain after being skinned and cramped?Let Dongfang Ruiqing ride on everyone’s head and shit?Let the coalition forces wipe out the Five Elements Island little by little?He can’t do the same,But we are very different,It won’t help to catch the life of a teenager,How to choose?
Elder Yi was originally a hot temper,I naturally agree with the coping of young people,But it is also not optimistic that the teenager can defeat Dongfang Ruiqing,Of course you can’t gamble if you have no chance,How to resolve the immediate crisis,Save Elder Hao,He has nothing to do。
Elder Jin’s attitude is the most calm,Even with half-dangling eyes,Like meditating,No one knows what he is thinking,No one really wants to explore what he is thinking about,Because Elder Kim never gives opinions on major issues,Even to say,And the last to be forced,So in the elders,His presence is the lowest。
Only Liyun sweats profusely,Sitting like a needle,He naturally understood the look in the boy’s eyes,But I didn’t expect that young people would be so unrelenting,Life is hanging by a thread,If stubborn resistance is a dead end,He is just such a brother,How can I stand by?
“Is it uncomfortable to leave the manager??”Elder Qi is right beside Liyun,I can see clearly his restless state。
“Okay,Okay,It’s just that the minor injuries from the day before yesterday have been repeated。”
“Oh,Treat the injury if you have an injury,I’m waiting here,You can rest assured。”
“Not get in the way。”
“Don’t force it。”Elder Yi also persuaded,“Young palace lord does not know when to wake up from this sleep,It’s not like everybody takes turns,The old man is here first,Rotate after two hours,Just follow our seat order?Heal the injury before leaving the manager。”
Everyone has no objections,Too many things on the island,Also guard against coalition forces,Some boil it,Not nurturing the spirit,Can’t hold it。
Three elders filed out,Li Yun hesitated for a moment,In the end, he left the study without saying anything。
The teenager turned over,A sigh,Then went to deep sleep,Elder Yi seems to feel,But after thinking about it, he shook his head,He speculated that there might be something unspeakable in Liyun,But I never dared to think about Lihuo。
Several elders on shift,Until the next morning,But never saw Liyun,Everyone only needs to rest when his injury relapses,Didn’t think deeply,His name was listed symbolically during the schedule,But didn’t really take it seriously。

Li Shini is very clear,In this violence,The power is the king of the king,Ordinary people can’t make a beautiful woman,Even,Will only become a good play。

For example, the Ho is very obsessed with Xue.。
And the woman in front of him,Not only beautiful,And your body is with an expense。See the skin and teeth,I know that I have never eaten a suffering person.。
Such a woman,The identity is definitely non-rich。
And she came to Gao Bao so late.,The purpose is absolutely unusual,This is also myself.,But I don’t dare to reject the other side.。
Li Shi Tan wants to open,I don’t know what to say.。Looks like this is nothing to do with you.,But it seems that it can’t be regarded as an opinion。
“I am Xiao Hao, a lady, a lady.,During the next few days, I will go to the road.,So I am going to the government.……Help high and supervise points。”
I remembered!
Gao Boyi said why this woman looks familiar?,It turned out to be Xiao Yu’s daughter-in-law.!only,His high wife and wife,Li Tan himself is a help,Need a woman who has a husband“Point”?
obviously,This is not an ordinary point,Instead, in bed with a beautiful woman incense.“Point”Bar。
Gao Bo Yi and Li Tan Tan,I feel that this is completely incredible.。
Or,Although they are also considered“See how popular”Man,However,For Xiao Yu, the lower limit of this person,It is also some beginning to。
Take the initiative to make your daughter-in-law sleep,And still open to the door,I am afraid that I don’t know each other.,This face,Gao Bao is really don’t know what to say.。
perhaps,People are invincible,It is this kind of person.。
One time,The atmosphere in the hall is extremely,Three people are all,But I don’t know what to say.,Can break the current embarrassment。
“Zhang’s ah,I think you are also Duan Zhuang Xian Shu.,This kind of self-recommended pills,Let’s go here.。I sent you a bamboo pole.。”
Gao Bao sighed and said。
He sleeps,That’s because this account is collected from the high.,This is also what people who have given him people and the world.。No matter what person knows this,The most jokes, he is a good color.。
Never say he should not do this。
This era,Similar thing,Is the rule of the times!If you don’t do it?,Is the real hiper!
The Zhang’s Zhang is different from,She is Xiao Yu’s wife,And Xiao Yu is free with himself.,Nor is it expected to pack up?。
on the contrary,Sleeping,Will make people in the South Dynasties,Despise yourself,For the future unified world,Extinguishing Nan Chen is very disadvantageous。
Can say that this woman is not there, what benefits are not(Most good health),Will fall in the name,The cost of paying is extremely high。
This sale is really a lot.。
“I can’t go back like this.,If you go back like this,Be……Wife,Extendigue。”
Zhang said with a cry.。
If you are not Xiao Yu forced her,What she is bitter is like a man’s door?“Warm bed”?And Zhang’s is in the city.,Once the wife,Before being driven out of the house,The consequence is not imagined。
This is also because she has never had children with Xiao Yu.。originally,Her mother is also a big official,However, now Liang Guo is gone.,Her identity,It has become a waste paper。I can only watch Xiao Yu’s face.。
“Say,What do you want?。Don’t do those men’s men in children,It can be described as a shameful humiliation。Suffering from such a big insult,Things to do,Creating not a small thing。”
Gao Bo board face,The heart is dark, Xiao Yu, this is very poor.。
Even if he wants to be oil,Or what to do with Zhang’s(Not necessarily sleeping),Li Shi Tan,Does he dare?,Can he??
For women who prefer and choose their own,In front of her face,Unfamiliar woman,Don’t you hurt each other’s heart??
Only Xiao Yu is completely emperor’s mentality.,People who use people as tools,I can’t feel this matter, how is it?。
perhaps,Xiao Wei is deliberately said。
Who knows how this is thinking??

Blue Xin’s eyebrows look at him,Evening wind blowing,Blow her soft hair,She is exquisite,Soft and smart。

She smiled and soft:“熙,You are also very busy every day.,I am used to it,And one eating this lemon is super acidity,I will come to my spirit.,The inspiration is suddenly better.。”
“You!It’s really no way to take you.。”Xi Xi deeply sucked a bite,Looking at her,A distressed。
“Your stubborn sex,I don’t know when I can change it.?Tired, don’t say,Be wronged,I also take themselves,Blue,You are too tired.。”He is talking about,Blue-blue really is not easy。
He looked at his sister.,Heart hurt。
Blue delight is grateful to laugh,Xi Xi can do this for your friends.,It’s rare。
“熙,You don’t have to worry about me.,I’m fine,Not much to ask for the most hardships of children,But,Xiao Jun,Ran Ran,Kiki,Three people in their brothers and sisters,Never let me feel,There are moments,Take us very well,And you and Yu,I am the happiest now.。”
These few years,It is the happiest year of her twenty years.。
熙,Helpless laugh,Just, my heart is distressed.。
He still doesn’t understand her??
The suffering of her heart,The hatred designed in the same year,Biting at the ginger,Which is not pressed in my heart?。
A person in the night hides crying,He has seen several times,But he is far from watching her crying.,I have been with her in the distance.。
Until she cried tired,Go back to sleep,He will leave。
Xi Xi is going to talk,What they point,Waiter sends it,He went to the mouth,I swallowed back。
“Blue,Fast food,These things are hot enough to eat。”Xi Xi pushed the seafood porridge to her。
“Um,熙,You also eat。”Blue Xin laughs。
NS117chapter:The child is innocent

NS117chapter:The child is innocent
She looked at this big gear file.,Many people in the evening。
Five or six a table,Get together to drink and chat,Very lively。
She and Xi Xi,Always like these traffic extraordinary places,Don’t like to eat those with high-end places。
妍 often despise their two,Don’t know how to enjoy,I will take them to the high-end restaurant to eat a big meal.。
Xi Xi will complain to eat unsatisfactory,Go to her home to eat at night.。
Xi Xi picks up the beer on the table,Laugh:“Blue,Come,We do one。”
“it is good!”Blue Xin also picked up beer,The two touched the easy pull can,Drink a bite。
Blue Xin will not drink,Beer, she feels fierce.。
Xi Xi also knows,As long as the weather is not cold,Will give her ice beer,Ice beer’s taste is slightly better。
“Um!good!”Blue Xinkou,Ice-cold taste,Plus meat flavor,Extreme impact,Let her feel very enjoyable。
Xi Xi looked at her,Brilliant,Brilliant lights on his hands,Let him be more gentle and gentle。
“Blue,This thing is good,Have time,We often come to eat,Not far from your home。”
“it is good!All according to you,Who told us two to eat,There is also Kiki’s little guy,If you look, so much delicious,Get all over the day to eat。”Blue Xin laughs,She thinks her daughter.。
“Can,As long as Kiki wants to eat,I often take her to eat.。”For three small guys,He never refused。
He and the feelings of three little guys,Naturally, it is not ordinary。
“You!Will all get it。”Blue Xinyu is slightly complained。
Two people chat while eating,This sitting is 12 o’clock in the night.,Lively large stall,There are two people left.。

“What the two said,Why did you come to Heguo for the award ceremony??”

Jiro Matsushima looked up at Zhou Ziyi and Ding Sheng,The look on his face is also something worthy of fun。
Li Tianxing got up and looked at Jiro Matsushima,Helped him up very politely,In order to avoid a fixed forehead posture will make Matsushima Jiro’s waist disc protrude。
Looking at Matsushima Jiro’s puzzled eyes,Li Tianxing said with a smile:“Silly boy,Let’s participate in the award ceremony of Heguo,Just to capture you!”
Patted Matsushima Jiro on the shoulder,And completely ignored his angry face,Li Tianxing turned his gaze to Xiang Chen again。
“We don’t plan to go,Are you not full?”
Li Tianxing was not at all polite to Xiang Chen’s question。
Strange to say,Li Tianxing’s positioning of himself is a prodigal son full of copper smell,Barely counted as a businessman,The topic of family, country and world seems to have nothing to do with him,For a businessman,Great illness and disaster wars can have opportunities,Li Tianxing doesn’t want to take his family’s wealth to the next level,But sitting next to Zhou Ziyi and Ding Sheng,Li Tianxing marveled that he could feel the feelings of family and country。
Except for Matsushima Jiro’s slight sideways accident,Everyone here turned their eyes to Xiang Chen。
Ye Qingqing originally wanted to follow Xiang Chen,I can accompany him,But looking at the current posture,Ye Qingqing didn’t know what he should say to be appropriate,Especially Liu Qingmei besides him hasn’t spoken yet,Ye Qing can only remain silent。
“My name is Matsushima Jiro,Mr. Xiang。”
I found that Xiang Chen was looking at him,Matsushima Jiro was immediately introduced by Xiangchen。
“Matsushima Jiro!”
Xiang Chen smiled and nodded,Jiro Matsushima who got him bowed his head immediately,Express yourself listening。
“You saw it too,My friends are not willing to accept the invitation,And I also have a super meal ticket,So I can only refuse the kindness of your host。”
The smile on his face is rather helpless,Although I didn’t plan to accept the invitation at first,But such a high-sounding being kidnapped by morals,Still makes Xiang Chen feel a little uncomfortable。
“Mr. Xiang?”
Jiro Matsushima stared,Finally dared to look up at Xiang Chen。
“Don’t be so surprised,Who is the owner of your house??”Xiang Chen asked with a puzzled look。
Hear Xiang Chen’s question,Matsushima Jiro couldn’t help but straighten up,Then said to Xiang Chen:“My host is Zhixing Chuanyi。”

“I want to invest in Qingshui Village,Is this okay?”Lin Qingwei looked at Qin Feng very seriously and asked。

“This is naturally ok,But I don’t understand。Why do you want to invest there?To know where it is now,I really don’t see any good investment。”
Qin Feng said seriously,He can’t tell at all。
Heard this,Lin Qingwei shook her head and said:“I still didn’t understand at first,Why did Tianguang and others follow you desperately,But now I understand,Only by following you can we mix some future。”
Qin Feng said that he was stunned,Can’t see at all,what is happening,Follow yourself and there is a future?
Even though he knows he has the ability,But he is even more aware of a situation where his ability is not great。
Besides, he didn’t necessarily show anything,These guys just like this?
“This thing,Can we talk slowly?”Lin Qianqian also looked at Qin Feng and said,After my grandpa was treated,,Her personality is very different from before。
She is very gentle and quiet,This also made Qin Feng a little confused。
But at this point,Qin Feng was also relieved,Because this girl doesn’t need trouble。
“Naturally。”Although Qin Feng said he wanted to go back,But it doesn’t have to be right now。
Several people are sitting in the house。
“I don’t know what your thoughts on the development of Qingshui Village,But what do you need to do,I can do my best to cooperate with you。just,I hope I can get the same treatment as Jiang Tianguang and others,Can something like this?”
Lin Qingwei looked at Qin Feng with a serious face and said,There was an unspeakable sincerity in her eyes。
Qin Feng thought for a while and said:“Don’t ask me about this,If you need it,I can find someone,Then tell him。”

Now the third aunt Su Jing and Su still come to disturb her and Mr. Lu’s rare short time,Of course Su Yunlei is a little unhappy。

“Leilei,You brought this man into Su’s house,Not suitable。”Su Jing thought for a while,Finally gritted his teeth and said。
She felt that she was Su Yunlei’s elder after all,Secondly, I am not wrong,If the little princess of the Su family brings a wild man into the house casually,The people in the family are going to turn the sky!
I don’t know Su Yunlei’s reaction is unexpected,She suddenly stood still,Turn around slowly,The expression on his face is getting colder。
“Sanyi,What do you mean?Can’t i take my friends home?Still in your eyes,Su Yunlei doesn’t even have the qualifications to bring friends into the house?”
Although Su Yunlei is young,In Su’s family, he is a small ancestor who has collected thousands of favorites,Usually looks nice outside,At home, I don’t give any face to anyone。
This is not because Su Yunlei has a weird temper,Without respect,But in a huge family like the Su family,Everyone has their own way of survival。
At a very young age,Su Yunlei’s mother told her,In the hell of Su’s place,Must not be weak,Don’t let others think you’re bullying,Otherwise, many people will jump out and step on your head,If others step on you,You stepped back hard,Step on them until they are scared!
See Su Yunlei Fa Biao,Su Jing suddenly felt a little in her heart,Know I was wrong。
She thought Su Yunlei was young,Usually polite,I shouldn’t turn around with myself casually,I don’t know that this little girl is still from the Su family,This is a tigress!
Chapter six hundred and eighty nine There is calmness in every big event
“Leilei,Do not be angry!you listen to me,How could this person be your friend?Why should he be your friend?He and Mrs. Su Yi came to our Su’s house together。”Su Jing had to bet it all,Break the relationship between this little cricket and Su Yi’s mother and daughter。
To know,Su Yi ran away from home,I haven’t returned to Su’s house for more than ten years,Regarded as a great shame by the Su family,It has always been used as a negative teaching material to educate the next generation。

Such a product of civilization,Put in the world,It’s also famous,Not an unknown person。

and,This bronze artwork,Not only precious in China,A collector who is also obsessed overseas、Research experts, etc.。
“It should be fake?The truth,Haven’t been invited to drink tea?”Hua Zi couldn’t help but say。
Hu Yang smiled:“True or false,Try not to be bothered。The truth,It’s basically a hot potato,Hard to get rid of。False words,There is no need to start。
I don’t know how this got it,It looks like,It’s actually something that was just unearthed,So don’t do it。”
Another revelation,Ling Huazi and others,And the audience in the live room was shocked。Something just unearthed,Can be put on auction?This is incredible?Too courageous?
Hu Yang continued:“The person handling this artifact is very clever,Through your own way,It’s hard to see that this was just unearthed。otherwise,Give the organizer ten courage,Dare not show it。”
After listening to everyone,,That’s it。
The auctioneer began to introduce the source of this treasure,Said it was excavated by a farmer a long time ago,It’s just that no one paid attention,Was discovered by a senior in the circle,Treasured down,Never made public。
This time,Lend them this activity,Take it out for auction,Also contribute to charity。
When Hu Yang was still discussing the Sanxingdui civilization,Auction has started。Mr. Li and Mr. Ma shouted the most fierce,All fancy。
“Ugh!According to what Hu said,This is a cultural relic of the first phase of Sanxingdui,It’s just to trouble myself!Who can remind Mr. Ma?”
“Really no need to fight。”
“Still have to fight,If you get shot by that gringo,China will definitely not allow him to take it away,But it may have a price,To take it back。”
“Do you want to talk to Mr. Ma??”Sister Han couldn’t help but say。
Several people discussed a few words,Confirm from the mouth of Populus,That must be a cultural relic of Sanxingdui civilization,Finally decided to remind me,It’s a good bond。
Sister Han and President Ma met,Have a little friendship,So let her say。
When Sister Han went to remind Mr. Ma,,Hu Yang tells everyone about Sanxingdui civilization。This civilization was born in the Sichuan Basin,It can be called the culture of ancient Shu Kingdom。
Everyone is still confused,How did this civilization come,Some people say it is the result of the blending of foreign and indigenous cultures,But some places don’t make sense。

ZTE (000063): 5G Chaoyang Red Looks at the Leader again

ZTE (000063): 5G Chaoyang Red Looks at the Leader again

1. 5G leads a new wave of science and technology and a new economic wave. It is a combination of national will and market economy. It is not late.

5G is the beginning of a new wave of technology and the engine of a new economic wave. It has attracted the attention of the global market. As a first-tier country, China has basically achieved the pace of developing 5G in sync with the world.

In the Chinese market, the development of 5G is not only the spontaneous demand of the market economy, but also the will of the country.

We believe that 5G, as a combination of national will and market economy, has the smallest industrial development scale and relatively clear industrial trends.

2. After the embargo, the supply chain basically returned to normal, and the basic risks were reduced.

After the settlement of the chip embargo, the operator’s 武汉夜生活网 engineering construction / collection and mining began to resume, ZTE’s production line resumed, and ZTE’s suppliers began to resume normal supply. The impact of Huawei / Datang itself was not great, and the industrial chain had returned to normalOperational status.

According to Delll’Oro statistics, ZTE ‘s wireless access network RAN business market share increased by 5 percentage points in the third quarter of 2018, which could reverse the overall market share lost to Samsung in the second quarter.

The normalization of the supply chain is the trend, and once again encounters the risk cost of chip embargo.

3. In the medium and long term, the company is one of the four major leaders of global communications master equipment vendors, capable of providing 5G end-to-end solutions.

The increase in the capitalization of R & D funding shows that the company’s 5G and other R & D are smooth and gradually enter the commercial stage.

The Ministry of Industry and Information Technology and the Development and Reform Commission require that 5G be used commercially in 2020, and the company is expected to benefit in the long run.

5G deployment is higher and higher, base station density is greatly improved, a large number of new technologies are dated, and the added value of equipment technology is expected to increase significantly.

The company’s 18H1 R & D promotes capitalization ratio 19.

2%, an increase of 9 per year.

2 units, showing that the company’s 5G and other related research and development are progressing smoothly, gradually entering the commercial stage, and reaching the capitalization standard.

According to the information disclosed by the company on its official website on September 25, ZTE recently disclosed the first batch of 3GPP 5G SEPs (standard essential patents) to ESTI to more than 1,000 families.

As a result, ZTE became one of the four patentees holding more than 1,000 families of 5G NR standard patents.

At the same time, the company is one of the few manufacturers that can provide 5G end-to-end solutions, and the transition to 5G commercialization has gradually landed. The core business of the company’s operators and consumers promotes the development of new opportunities.

Investment suggestion: Through the development of the 2G to 4G network construction era, the company has become the world’s top four and the top two domestic telecommunications equipment vendors. In the new era of 5G construction, the 5G end-to-end solution layout will be realized.Committed to leading global 5G development and continuously increasing global market share.

Recently, the company’s release of edge computing servers is another major breakthrough in the 5G layout, adding even more strength to 5G competition.

At the same time, the company is basically eliminated due to the chip embargo at this stage, and its operations are basically restored. In the future, compliance risks are reduced, and the burden is basically lifted and started again.

We are firmly optimistic about the company’s long-term growth prospects after 2020’s expanded commercial use of 5G.

It is estimated that the net profit for 19-21 will be 54, 66 and 84 trillion, corresponding to 26 times 19 years. Maintain “Buy” rating.

Risk reminders: operational compliance risks, potential risks, low expectations of operator capital expenditures, escalating trade frictions between the US and China, and reduced order capacity in overseas markets

Credit Risks Frequently Exceeded 14.5 Billion Credit Defaults During the Year

Credit Risks Frequently Exceeded 14.5 Billion Credit Defaults During the Year

“The worst debt ever issued!

“In the face of the embarrassing situation that Oriental Garden (002310, SZ) planned to issue 1 billion debts but only raised 都市夜网 50 million yuan, on May 21, some media described it.

“Daily Economic News” reporter noticed that behind the difficulties of Oriental Garden’s debt financing, frequent credit defaults, corporate debt crisis, and asset management product risk events, and many of the story “protagonists” are listed companies.

  ”Daily Economic News” reporter statistics found that since this year (as of May 19), 17 credit bonds have defaulted, involving 10 issuers; the total amount of default is 145.

6.4 billion, an annual increase of 36.

twenty four%.

Among the issuers involved are multinational listed companies such as Rich Bird (Hong Kong stock 01919), Kaidi Eco, ST Zhongan.

  From the perspective of debt defaults of large listed companies, the issuers of credit bond defaults in 2018 were Rich Bird, Kaidi Eco, ST Zhongan, Chunhe 杭州桑拿 Group, Yiyang Group, Shenwu Environmental Protection, Dandong Port, Zhongcheng Construction, Dalian Machine Tool.And Sichuan Coal Group.

Among them, Dandong Port, Dalian Machine Tool and other companies have defaulted many times during the year.

  ”Daily Economic News” reporter noted that in early May, large private enterprises in Zhejiang Province, selected for many years as “Top 500 Chinese Enterprises,” Dunan Group was shocked to cover up the debt crisis.

Fortunately, Dunan Group is currently in breach of contract again.

But not all publishers are so lucky.

Within one week from May 7 to 13, successive listed companies announced successive debt defaults.

  For example, * ST Zhongan announced on May 7 that due to the overall market environment, the company’s multiple accounts receivables replaced the company’s return at the expected time, resulting in the company’s current liquidity tensions, unable to pay the bond principal and interest on time, “15 China Security” bond default.

Kaidi Eco also announced on the same day that the company’s medium-term bill “11 Kaidi MTN1” could not be paid on time.

Kaidi Eco said that the company has worked hard to raise funds for the current period of medium-term bills through multiple channels, but still paid the funds in full according to the agreed financing measures.

  In fact, at least a number of defaults have occurred in the bond market, and some asset management products and other debts have also begun to default.

  On April 27, CLP Investment Finance announced that the company’s “CLP Investment Finance-Ruijin No. 1 Asset Management Plan” and “CLP Investment Finance-Ruijin No. 2 Asset Management Plan” were delayed for three or four periods.

It is reported that the Ruijin project is divided into four phases with a total scale of 500 million yuan.

Among them, the first and second installments were successfully redeemed in April this year.

  On May 10th, Shengyun Environmental Protection announced that due to difficulties in turnover, the company had partially terminated its debts and paid off its debts.

2.9 billion yuan.

This matter may affect the confidence of other creditors in the company, which will further reduce the company’s financing capacity, and the company will face an intensified situation of funding.

  It has aroused the attention of regulators. Although a little too much involved asset management products and other later successful payment, or defaulted debts have been properly handled, the related risks have to arouse investor vigilance.

  Li Qilin, Managing Director of Lianxun Securities, believes that this round of defaults has two characteristics: one is the intensive and sudden nature of the outbreak.

In May alone, there were no less than five known credit risk events.

Some incidents exceeded expectations with no previous warning signs.

It is difficult to predict just by looking at corporate financial statements.

The second is a wider scope.

In addition to credit debts, non-standard assets represented by trusts have also encountered difficulties in repayment on many occasions. Assets that have just cashed in traditional asset management products have also replaced survivors.

  Tianfeng Securities’s solid income Sun Binbin’s team believes that the special feature of this round of bond defaults is firstly that the defaulting entities are concentrated in private listed companies; another feature is that the defaulting companies also involve some advantages of scale and companies with acceptable operating conditions.Large enterprises have a certain existing and influence in the local economy and job market.

  CITIC Construction Investment’s solid income team pointed out that this year’s bond default incidents, the first is to add default subjects to private enterprises, which continued the characteristics of 2017, which is related to the current situation of private enterprises operating weaker than state-owned enterprises and subject to stronger financing constraints.
Second, the defaulting entity relies too much on bond financing, and the defaulting entity’s level is generally not high.

Third, too many default owners are listed companies, which is significantly different from 2017 and may be related to the severe re-financing of some listed companies’ stocks.

  It is worth mentioning that the general manager of the front-line business department of a listed city commercial bank told the reporter of “Daily Economic News” that as long as the company has a record of default, it will be very difficult to issue debt financing.

The debt must be repaid first, or as soon as the subject’s rating drops, there will be no place in the market.

Unless the local government or creditor thinks the quality of the issuer’s assets is good and is willing to help, it will fall into a vicious circle.

  In fact, potential debt risks and disposal issues after a default event have caught the attention of regulators.  On May 18, Gao Li, a news report from the Securities and Futures Commission, said in response to a reporter’s question that the Securities and Futures Commission noted the recent high redemption risk in the bond market.

The CSRC has reminded relevant departments to focus on pre-examination of risks, forecasting, monitoring, and comprehensive research on breaches of contract that have occurred and deal with them.

The risks that may arise from the securities regulatory supervision are being worked out.

Kitakami funds plunge into A shares, foreign countries say that now is a good time to buy

Kitakami funds plunge into A shares, foreign countries say that now is a good time to buy

第一财经 周艾琳  [ “短期冲击虽有阵痛,但更是机会,A股仍将是未来10年居民最值得配置的资产之一,A股的优质公司不会停下成长的步伐,疫情改变不了These, the only thing that changed, gave us the opportunity to buy these core assets at a potential price.

” ]  受疫情短期影响,加之春节期间的累积卖压,A股节后首日下挫,截至2月3日收盘,上证指数跌7.85% reported 2743.

At 01 points, the SZSE Component Index fell 8.

45% reported 9778.

At 96 points, the ChiNext Index fell 6.

85% reported 1795.

77 points.

  During the holiday season, overseas stock markets generally suffered a severe setback, the HSI fell below 27,000 points, the U.S. Dow fell sharply by 600 points a day on January 31, and the A50 stock index futures fell by nearly 8%.Inevitably.

The positive signal is that Beijing’s capital raised a large price inflow of nearly US $ 20 billion on the 3rd, with sufficient liquidity, and has been selling across the board across the board. Many potential considerations may be a good opportunity to purchase Chinese core assets at a price.

  ”After the opening, some stocks still fell by only around 5%, which shows that investors have the ability to discriminate and have not gone to the entire ‘capitulation sale’. Many stocks are still actively trading, which is also an achievement in itself.

On the ‘Black Monday’ of the year, the US Dow Jones Index plunged 21%, and almost every stock had no trading volume on the day.

“Wang Guohui, chief investment officer of Singapore Bisun Asset Management (APS), who initially invested in A shares through QFII, told First Financial reporter.

  Fu Xi (Fulton) China Equity Fund Manager Wu Xiyan told reporters: “Although short-term shocks are painful, they are more opportunities. A shares will still be one of the most worthwhile assets for residents in the next 10 years.High-quality companies will not stop the pace of growth. The epidemic situation will not change these. The only change is that we have the opportunity to buy these core assets at a profitable price.

“The market is in an orderly manner. The inflow of capital from the north to the trend has fluctuated even in the opening of A shares, but the inflow of capital from the north has continued to rise at the same time, starting from 3 billion U.S. dollars and rising to nearly 9 billion U.S. dollars by midday.

  According to multiple interviews by reporters, institutional sources believe that in addition to short-term risks caused by the overall market decline,厦门夜网 affected by short-term epidemics, optional consumption, required consumption and other sectors are facing certain pressures; referring to the Hong Kong market, real estate stocks are also facing certain pressures, but the fundamentalsThe impact is not significant; at the same time, the market holdings of new energy vehicles and consumer electronics, although under short-term pressure, are not directly affected by the fundamentals of these stocks; the fundamentals of the tourism industry are under short-term pressure, but fund managers generally believe thatThe impact is generally in the first half of this year, there will be a certain decline in revenue this year.

However, judging from a starting period, it is exactly a good point for adding positions.

  Wang Guohui also believes that the market is no longer experiencing 天津夜网 excessive panic, but is a reasonable exchange of positions, which reflects that the A-share market is maturing.

“The U.S. stock market was very speculative in the past. Even at present, speculation is not low. The institutionalization of a market takes a long time, and what China needs to do is to make the right decision at every major change.

“The agency believes that the current voluntary stock selection is substantial.

Jiang Yan, portfolio manager of Morgan Asset Management Greater China, told reporters that outbreaks, geopolitical and trade risks may trigger stock changes, but the transformation of the Chinese economy from scale to quality will not change. Research-based long-term investors alsoCapturing investment potential in it.

In China’s long-term structural development trend, three major sectors deserve attention: health care, consumption and technology.

  Specifically, China’s healthcare market is fragmented, and there is a lot of room for upgrading each other in terms of healthcare services and even product and drug distribution, and related investments are also heavily invested in research and development.

The State Council has issued multiple notices on deepening the reform of the medical and health system in recent years, and the epidemic may accelerate the reform of catalysts.

  In terms of consumption, China has gradually become the world’s largest retail market.

With the increase of household disposable income and the rise of the middle class, China’s consumer activities are moving towards high-quality and high-end, and consumption upgrades are the general trend, which will create more business opportunities in the long run and jointly promote technological innovation.

And benefiting from creativity and strong consumer power, China ‘s technological development is no longer just a production base serving Western countries, nor is it limited to manufacturing smartphones and developing e-commerce. Rather, it has expanded to research and development software, cloud business, and regeneration.Energy and other fields.

There are more and more information technology companies in the market helping Chinese companies strengthen their network security, and leading software companies in the Mainland are emerging.

  After the pain, the core assets are reappearing “attractive estimates” Since 2019, China ‘s core assets have become more and more expensive by foreign countries. At present, after the pain, the market believes that core assets will show more attractive value.

  Wu Xiyan mentioned, “This short-term event is just a long round of cattle. The unexpected impact on the way of the slow cattle. The impact will only cause a short collision and will not change the upward direction.

The shock brought us, although there is pressure for short-term net worth retreat, but more opportunities-once again gave us the opportunity to buy high-quality companies at progressive prices.

“She said that after this shock, she might be able to buy more consumer goods leaders at 20 times the price of PE, and these leaders, in the future 2?
In 3 years, it may be difficult to see such a price range; maybe you can buy cycle leaders below 10 times. These leaders may bring us a good dividend return in the next few cycles; maybe technologyThe leader, after this shock, can also give us a rare buying opportunity, which may represent the direction of economic growth in the next 10 years.

  To many institutions, A shares will remain one of the most worthwhile assets for residents in the next 10 years.

  There are also potential foreign-funded institutions that the impact of the epidemic on the economy is likely to be seasonal. The demand in many industries is only a short-term loss or more is only gradual, and does not completely disappear, and the long-term estimated impact on outstanding companies is even smaller, becauseThe cash flow in the future years will have no effect at all, that is, the intrinsic value of high-quality companies will hardly offset, and the short-term market decline will be more emotional or the company’s profit for the year will exceed expectations.

  In fact, First Financial also noticed that some institutional funds were sold on the daily limit. For example, on a series of daily limit listed companies such as Jiangnan Gaoxian and Zhende Medical, institutional funds appeared in the sell position.

  However, a number of preset people have said that before the Spring Festival holiday, A shares have accumulated about 5% since the previous high.

From the perspective of amplitude, if the SARS epidemic of that year is taken as the reference, the space for the subsequent market index growth rate will be very limited.
  Wu Xiaofu, the director of Tianhe Investment, believes that the continuous fermentation of the black swan during the festival has caused emotional depression after the festival. This epidemic is faster and more efficient in responding to earlier SARS in all aspects, and the duration will be changed.The impact on the company’s performance will be smaller than expected, so the moment is a good opportunity.
  ”But it needs to be noted that before the inflection point of the epidemic emerges, the market will be more of a short-term repair and the whole will still be biased. To truly reverse it, we still have to wait for the inflection point of the epidemic to emerge.

Wu Xiaofu said to First Financial.