Yu Nong Commercial Bank (601077) New Shares Report: First A + H Shares Listed Rural Commercial Bank Structure Optimization and Adjustments Continue

Yu Nong Commercial Bank (601077) New Shares Report: First A + H Shares Listed Rural Commercial Bank Structure Optimization and Adjustments Continue

Chongqing Rural Commercial Bank is the first rural commercial bank listed in the country with “A + H” shares.

As of 2018, 1 branch, 42 sub-branches, and 1772 branches were allowed. With the help of the government, it has developed into a financial institution with special management, technological innovation, and product diversification.

Chongqing’s location advantage is obvious, and the process of financial internationalization is accelerating.

The company is deeply rooted in Chongqing and has a geographical advantage in Chongqing, serving 80% of Chongqing’s population. The market share of small and micro products is high in Chongqing.

Analysis of the company’s profitability: 1. The company’s revenue growth in recent years has been generally weak among comparable banks, and the growth rate is lower than the overall level of listed city commercial banks and rural commercial banks in the western region.

The growth rate of net profit was a low point in 2018, and the inflection point in 1H19 increased 18 years in the upward direction.

9%, the growth rate is higher than comparable peers.

2. ROA and ROE are higher than the overall level of rural commercial banks and slightly higher than the average level of western banks.

The overall ROA of Yunong Commercial Bank is at a relatively stable level, and the ROA of 1H19 is 1.

22%, the best level since 杭州夜网 2015 and the highest among comparable banks.

3. From the analysis of profitability DuPont, the level of net interest income and middle income of Yunong Commercial Bank is significantly higher than comparable peers. Although there is a certain margin, it still supports the company’s ROA at a high level in the peer.

At the same time, from the perspective of the leverage ratio, the company’s leverage ratio is higher than the average level of city commercial banks, and ROE will be higher than comparable city commercial banks.

Net interest income in 1H19 achieved a breakthrough rebound on a low base, mainly due to the size factor.

From the expansion of scale and interest spread, changes in net interest income are mainly affected by the size of interest-earning assets. From the perspective of price trends, interest spreads continue to occur.

By decomposing 杭州桑拿 interest margins, the asset-side rate of return of Yunong Commercial Bank has certain advantages in comparable banks.

1) Asset-side yield: The restructuring of Yunong Commercial Bank actively adjusted the asset structure and increased the proportion of high-yield credit, resulting in a gradual rise in interest-earning asset yields from 2016 to the highest in 20184.

7%, but 19 long-term loan interest rates have declined, dragging down interest-earning asset yields to 4.


2) Debt-end interest payment rate: Under the situation that market competition intensified in 2018 and the average debt cost of listed banks improved and increased, Yu Nong Commercial Bank’s upward compensation cost was smaller than that of its western counterparts, and interest-bearing compensation payments decreased in 1H19.

31%, a slight increase of 1bp compared to 2018.

Asset-liability structure: 1) Asset-side: The growth rate of interest-earning assets has a range of interest rate changes in 2018, mainly due to contraction and pressure drop in the scale of bond investment, and the growth rate of loans has continued to expand.

From a structural point of view, the proportion of loans and bond investments is high, the proportion of loans has steadily increased, and the assets of the same industry have declined steadily.

In addition, loans to companies are mainly concentrated in manufacturing, leasing, commerce, and water conservancy and public facilities. The proportion of loans for expanding manufacturing has declined, and areas with relatively high NPL ratios such as water conservancy, environment, and public facilities management, as well as leasing and business.Emerging loans such as service industry.

Personal loans are mainly based on mortgages and consumer business loans. Credit card loans account for a relatively low proportion and are decreasing year by year.

2) Resistor side: The growth rate of the interest-bearing debt ceiling is also the lowest point in 18 years. 1H19 achieved restorative growth, which was mainly affected by the increase in value-added growth and pressure drop from the same industry.

From a structural point of view, the proportion of core debt has increased, and it has actively refused to tilt to issuing bonds, and has a high degree of dependence on interbank resistance.

The degree of current deposits has declined.

Asset quality and capital adequacy ratio: 1, non-performing ratio and non-performing netness: in 2018, the non-performing ratio rose one-time under the worsening of bad expectations, but the overall non-performing level is still at the low level of Southwest Bank, and the non-performing net ratio is also proportional.rise.

2. Proportion of focus loans: From the perspective of future adverse pressures, the company’s focus loans accounted for a downward trend in 2016-2018, but there was a slight increase in 1H19, and the focus loans accounted for 2.


From a horizontal comparison, the 1H19 company’s focus category ranks fifth among comparable banks, which has certain advantages over Southwest City Commercial Bank, but higher than the average level of rural commercial banks, which is higher than the average level of rural commercial banks for the first time in five years.

3. The risk compensation ability is at a superior level among comparable banks.

Chongqing Rural Commercial Bank’s provision coverage ratio, the ratio of provision to loan ratio is at a relatively high level among comparable banks. The provision coverage ratio in 1H19 was 368%, and the ratio of provision to loan was 4.


Attachment: Net assets before the issue (calculated based on the company’s audited equity attributable to the parent company divided by the total share capital before the issue on March 31, 2019): 7.

37 yuan.

In addition, in the offline issuance, 30% of the shares allocated to each placement target have no lock-in period, and the shares can be circulated from the date of the listing of the Shanghai Stock Exchange; 70% of the shares are locked for 6The lock-up period is calculated from the date of the issuance of shares on the Shanghai Stock Exchange.

Risk Warning: The risk of regional economic deterioration.Risk of insufficient bank capital.

Risk of policy changes.

The subscription of new shares has a lock-up period, which may lock up the operating indicators of listed companies or present risks.

Zhejiang Dingli (603338): North American market breakthrough results in short-term pressure-bearing arm continuous breakthroughs to promote a new round of growth

Zhejiang Dingli (603338): North American market breakthrough results in short-term pressure-bearing arm continuous breakthroughs to promote a new round of growth

Highlights of the report Event description Zhejiang Dingli released three quarterly reports: Realizing revenue14.

45 ppm, a ten-year increase of 9.

02%; net profit attributable to mother 4.

44 ppm, an increase of 12 in ten years.

02%; deduct non-attributed net profit 4.

14 ppm, an increase of 15 in ten years.


Among them, Q3 achieved revenue of 5 in a single quarter.

97 ppm, an increase of 10 in ten years.

41%, net profit attributable to mother 1.

8.3 billion, down 3 each year.


Comment on the event The domestic market benefited from the 无锡夜网 high economic growth of the industry. Tariff levies still weighed on North American sales.

Mainly benefited from the continued high prosperity of the domestic aerial platform industry. As the industry’s first echelon leader, it is expected that the company’s domestic market sales in the first three quarters will continue to maintain a high growth trend based on a higher base last year.

In terms of overseas markets, the increase in tariffs in the United States caused the company’s North American market revenue to decrease by about 54% in the first half of the year. It is expected that sales in the North American market will still be affected by the increase in tariffs in the third quarter.Pioneering efforts are expected to continue the high growth momentum in the first half of the year.

In general, the company’s internal market sales structure is constantly optimized. The domestic market share of high growth potential is trying to continue to increase at 51% in 2019H1. At the same time, the overseas market sales structure is also optimized. With the rise of European and Asian markets,The dependence on the traditional North American market has declined, and the company’s North American market sales are expected to usher in a recovery under the expected background of tariff exemptions.

In Q3, the gross profit margin in the single quarter was slightly higher than the previous quarter, and efforts to reduce costs and expenses continued to increase.

In Q3, the company’s gross profit margin decreased by 1 quarter-on-quarter.

16pct to 39.

61%, mainly affected by US tariffs.

At the same time, the company continued to strengthen lean management and focused on reducing cost and controlling expenses. During the first three quarters, the company’s expense ratio fell by 7%.

06%, of which sales expenses and financial expenses fell through, which pushed the company’s net profit to 30 in the first three quarters.

69% hit a record high.

The feedback of the new arm type product terminal has been good and continuous breakthroughs. The commissioning of high-end arm type projects next year will promote a new round of growth for the company.

The performance of the company’s shear fork products has continued to upgrade, and has now ranked among the first-tier brands. The leasers and end customers have a good reputation. At the same time, the promotion of new arm products has won wide recognition in the market. In the future, it will gradually break through leading leasers such as Hongxin Equipment.

At present, the domestic arm type accounts for only about 10%, which is far lower than the 30% -40% of the European and American markets. The domestic market will continue to be a high-growth blue ocean market in the next few years. After the new capacity of the project is raised next year, it will promote the company’s newRound growth.
It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 5, respectively.

88, 7.

86 ppm, based on the latest equity, EPS is 1.

70, 2.

27 yuan / share, corresponding to PE is 37 times, 28 times, maintain “Buy” rating.

Risk reminders: 1) The progress of Sino-US trade negotiations is worse than expected; 2) Industry competition is intensified; 3) Exchange rate changes;

Haitong Securities Jiang Chao-Zero interest rate reduction cycle can not be said lightly meaningless

Haitong Securities Jiang Chao: Zero interest rate reduction cycle cannot be said lightly meaningless

Interest rate cuts do not equal the rate cut cycle-how to understand the current monetary policy!

(Haitong Macro Weekly Communication and Thinking No. 346, Jiang Chao, etc.) Jiang Chao, etc. Jiang Chao ‘s macro bond research summary has been short in the past, and the voice of gradual interest rate cuts has been endless, but looking at your loan bill, it feels more like someone elseRate reduction at home.

How to understand this round of interest rate cuts, has China really entered the so-called interest rate cut cycle?

  I. Dazzling interest rate cuts This round of interest rate cuts began on August 17th, and gradually announced the launch of the reform of the loan market quoted interest rate (LPR) formation mechanism.

In the end, there were mainly three types of interest rate reductions.

  The first type is the LPR interest rate.

  On August 20, the one-year LPR was announced in advance as 4.

25% more than the Air Force’s 4.

31% down 6bp.

On September 20, the one-year LPR dropped by 5bp to 4.


On the recent November 20, the LPR was reduced by 5bp to 4 every 1 year.

15%, LPR over 5 years is also down 5bp to 4 for the first time.


  The second category is the MLF interest rate.

  On November 5th, the one-year MLF operation rate before the initialization was announced in advance of 3.

3% return 3.

25%, which is also the first reduction in MLF interest rates since February 2016.

  The third type is the reverse repo rate.

  On November 18, the 7-day reverse repurchase tender announced in the spring dropped 5bp to 2.

5%, this is also the first time since October 15 years of reverse repurchase tenders.

  Second, the actual rate cut is minimal.

  However, from the perspective of the market, the actual rate of interest rate cut is minimal, which is reflected in two aspects: First, the benchmark interest rate is only reduced by 5bp.

  Of the above three interest rates, the MLF and reverse repurchase bid rates are determined by interest rates, and the benchmark interest rate can be considered.

The LPR interest rate is quoted by commercial banks on the basis of MLF. In fact, it is determined by commercial banks and is an indicator of market interest rates.

  Since the establishment of the one-year MLF in early 2016, the trend has been basically the same as that of the simultaneous reverse repurchase bidding, and the adjustment range for each change is exactly the same.

In the end, both the MLF and reverse repurchase rates were only reduced by 5bp, which indicates that the benchmark interest rate was only reduced by 5bp in the current round.

  Therefore, the three interest rate cuts since November are actually one thing.

First, the MLF interest rate was reduced by 5bp, and then the reverse repurchase bidding followed by a 5bp reduction, and then the LPR interest rate was reduced by 5bp following the MLF.

  As a result, lending rates have barely fallen.

  Initially disclosed in the third quarter cargo policy report, after the LPR reform was launched in August, the ratio of loans with interest rates higher than LPR in September was 83.

05%, compared with 84 in August.

13% slightly down.

  However, the budget announced in advance that the average interest rate for general loans in September will increase to 5.

96%, an increase of 0 from June.


That is to say, even in September after the previous LPR reform was initiated, the bank’s actual lending rate fell.
  In October, the LPR interest rate remained unchanged. In November, the LPR interest rate was reduced by 5bp following the benchmark interest rate. As a result, the latest general bank loan rates may have been replaced.
The level of 91%, which was about June, has only dropped by 3bp.

  The interest rate for residents’ loans is mainly the mortgage rate, and the average mortgage rate at the end of June was 5.

53%, rose to 5 in September.


The latest mortgage interest rate linked to 5-year LPR was also reduced by 5bp in November, so the latest mortgage interest rate linked to about 5.


  Suppose you took a 20-year principal and interest-based home loan for 20 years in June.

With a 53% mortgage interest rate, a monthly repayment of 6,986 yuan is required.

And follow the latest 5.

The 5% mortgage interest rate requires a monthly repayment of 6,879 yuan, saving about 17 yuan before, and the decline is very limited.

  Third, monetary policy will not be tightened. Since the rate of interest rate reduction is so limited, why do you gradually lower it?

  In our opinion, the main message passed this time by the gradual and modest rate cut is that monetary policy will not be tightened, thereby stabilizing income expectations and preventing upward interest rates from hurting the economy by mistake.

  Inflation triggered austerity expectations.

  After August this year, affected by the hog epidemic, the price of pigs suddenly accelerated to increase, and the chain growth rate for the third consecutive month was around 20%.

Due to the surge in pig prices, the CPI reached the policy target of 3% in September and further rose to 3 in October.


  The rise in inflation expectations has triggered the gains from tightening monetary policy, which is reflected in the bond market. The 10-year government bond yield has gradually rebounded, rising from the lowest 3% in mid August to 3 at the end of September.


  And historical experience shows that the national debt interest rate is a leading indicator of loan interest rates. If the national debt interest rate continues to rise, then the loan interest rate will often rise afterwards.

  The economic downturn still needs to be loose.

  However, the budget and the current economic downturn are still under pressure and still need the support of loose monetary policy.

  The GDP growth rate in the third quarter fell by 6%, hitting a new low level for nearly 30 years, and was already lower than the quarterly lows during the Asian financial crisis in 1998 and the global financial crisis in 2008.

The industrial growth rate in October replaced 4.

7%, only higher than 4 in August.

4%, the second lowest value of the year. From the perspective of the three major needs, only the decline in exports in October improved slightly, and the rapid change in consumer investment growth means further downward pressure on the economy in the short term.

  In this context, if the expected upward trend is allowed to push up the interest rate level, considering that the gradual upward trend is dominated by pig prices, the structural monetary tightening will indeed hurt the economy by mistake.

In fact, a slight signal of interest rate reduction has released a clear signal that monetary policy will not be tightened due to the surge in pig prices, which can stabilize market expectations and prevent a significant rise in interest rates.

  After the policy rate was cut in November, the latest 10-year Treasury rate has fallen back to 3.

About 2%, which means that the expectations of rising interest rates have been effectively distorted, which also helps the economy to stabilize at a low level.

  Fourth, we cannot lightly reduce the interest rate cut cycle, but in addition, we think that the short-term interest rate cut has limited space, and it is by no means entered into the interest rate cut cycle. The reason is: First of all, the real interest rate reduction is not 5bp.

  Internationally, the rate of interest rate reduction is usually 25bp. For example, the US Federal Reserve has cut interest rates three times this year and reduced the interest rate by 75bp.

In China, the amplitude of the national budget benchmark after 2010 is also 25bp at regular intervals, while the smaller downward adjustments are 18bp and 27bp.

  It can be seen that a 5bp interest rate cut is far lower than the international and historical averages, and its role is to prevent interest rates from rising rather than to guide interest rate growth to decline.

  In practice, 淡水桑拿网 prevent potential divergence.

  In the quarterly third quarter cargo administration report, it was clearly stated that future expenditure needs are wary of expected expected divergence.

  Furthermore, we also discussed the price trend in a column, arguing that there is no basis for continued growth or deflation.

It is expected that after 2020, the structural mutations caused by the reduction of pig price growth will gradually fade away, and after the base effect has subsided, PPI will lead to bottoming out and the gap between CPI and PPI will narrow.

  In this context, if monetary policy is significantly relaxed and the PPI is bottomed out, it may stimulate growth to spread from pig prices to other areas.
Therefore, to prevent the unexpected divergence, it is still necessary to maintain a sound monetary policy, which also means that there is limited room for interest rate cuts.

  Again, avoid stimulating real estate.
  In the Politburo meeting in July, it was clearly stated that “the substance should not be used as a means of short-term economic stimulus”, and at the same time, this reference was echoed in the third quarter monetary policy report.

  According to the latest loan interest rate mechanism, the mortgage interest rate is linked to the 5-year LPR, which is jointly determined by the MLF interest rate and the bank plus points.

  Assuming that the future really enters the interest rate reduction cycle, that is, the continuous reduction of the MLF bidding interest rate, it will cause the mortgage interest rate to continue to decrease, and the result will be real estate restimulation, in case the real estate bubble resurrects, it is definitely worth the money.

  Finally, we must stick to structural deleveraging.

  At the meeting of the Central Committee of Finance and Economics in early April 18, “structural deleveraging” was first proposed.

The 19-year government work report also made “adhering to structural deleveraging” an important goal.

And in the monetary policy report in the third quarter of the beginning of the year, it was also necessary to “orderly advance structural deleveraging.”

  In the past two years, thanks to policies such as new asset management regulations, we have successfully stabilized China’s debt leverage.

Based on the revised 18-year GDP data, we estimate that the macro-leverage arrangement at the end of 18 years was 239%, which has been stable at this level for six consecutive quarters.

  However, since entering 2019, the macro leverage has shown a slight upward trend. We estimate that the macro leverage at the end of the third quarter will rise to 245%.

The reason is that the current social financing budget surplus is growing at 10.

7%, still higher than 7.

9% GDP nominal growth rate.

If at this time we adopt a reasonable and substantive interest rate cut policy to stimulate monetary financing to continue to rise, then it may cause China’s macro leverage to change again.

  Therefore, no matter from the perspective of preventing the divergence of expectations, nor from stimulating real estate and structural deleveraging, China does not support China’s future interest rate cut cycle.

  Fifth, cherish normal monetary policy and even future growth in order to increase the intensity of countercyclical adjustments and continue to reduce interest rates. We believe that there are at most a few other 5bps. The overall interest rate cut is very limited.Negative interest rates are meaningless.

  First of all, if the economy can be improved by a major interest rate cut, Japan and the euro area, which currently implement negative interest rates, should be the best economies.

  Therefore, the truth is that long-term economic growth has nothing to do with currency, and developing the economy with money and debt will only lead to short-term bubbles and long-term depression.

  Interest rates match economic growth.

  From a macro perspective, the level of interest rates actually matches the level of economic growth.

The US Treasury bond rate is around 2%, higher than the negative interest rates in Japan and the Eurozone, because the US has a higher level of economic growth.

  Usually, the nominal growth rate of a country ‘s GDP determines the upper limit of corporate loan interest rates. After deducting credit spreads, it is the level of national debt interest rates, and the gradual benchmark interest rate is similar to short-term national debt interest rates.

  For example, the current nominal growth rate of the United States’ GDP is about 4-5 percent, and its bank’s best lending rate is 4.

75%, roughly the same as the nominal GDP growth rate.

  Its 1-year Treasury bond rate is 1.

56%, the interest rate difference with the loan rate is 300bp.

The benchmark benchmark interest rate range is 1.


75%, close to the one-year Treasury rate.

  And follow China currently 7.

The nominal growth rate of 9% of GDP, the average average interest rate of the latest bank loans is 5.

96%, the loan interest rate is still much lower than the nominal growth rate of GDP, indicating that in proportion to economic growth, the current loan interest rate is not particularly high.

The interest rate on China’s one-year government bonds is currently 2.

64%, the interest rate spread is about 300bp, similar to the United States.

The overall 7-day reverse repo bidding interest rate is currently maintained at 2.

About 5% is actually not high.

  Financing is not expensive but difficult.

  The main problem of the current Chinese economy is not expensive financing, and it is difficult to substitute financing.
According to preliminary published data, before 2013, private enterprises accounted for as much as 60% of the increase in loans, but after 2014 it fell to only 20%.

  From the perspective of the bond market, private enterprises accounted for about 20% of the net financing of credit bonds in 15-17, and in 18 years the net financing of credit bonds of private enterprises was close to zero, until November 19300 billion.
  Why is private enterprise financing difficult?

The key is that the financial system is dominated by state-owned enterprises, so credit is naturally expected to become an enterprise.

The key to breaking the situation is to further break through the monopoly of the financial industry.

Recently, the State Council announced that allowing foreign investors to set up holding or even wholly-owned banks, insurance, securities firms and funds in China is actually breaking the monopoly of the financial industry, prompting increased competition in the financial industry and improving the future financing status of private enterprises.

  Therefore, in terms of monetary policy, what China currently needs is not absolute monetary policy. Rather, it should further intensify reform and opening up, and unblock alternative mechanisms for monetary policy.

  In summary, we believe that in the face of structural inflation and downward economic pressure at the same time, the change of choice will slightly reduce the policy interest rate. The message is that monetary policy will not tighten and hurt the economy by mistake, but it also means that currencyThe policy will not be greatly relaxed, and there is no so-called rate cut cycle.

  I. Economy: Demand is basically stable 1) Offline real estate is stable.

In the first 21 days of November, real estate sales growth in 4 first-tier cities rose 26%, and real estate sales growth in 11 second-tier cities fell 4%.

Real estate sales in 18 third- and fourth-tier cities increased by more than 8%.

4%, the growth rate of real estate sales has improved since November compared with October, but real estate sales in third and fourth tier cities are still stable.

  2) The decline in cars narrowed.

In the first 17 days of November, the passenger car retail and wholesale growth rates of the CUP were -13% and -11%, respectively. Although the car sales in the previous two weeks were weak, they have improved significantly in the first week.

  3) The growth rate of power generation is stable.

In the first 22 days of November, the coal consumption of the six major power plants increased by more than 15%.

6%, among which the growth rate of coal consumption for power generation has rebounded since mid-late, which means that the growth rate of power generation since November is still stable.

  Second, prices: pig prices fell significantly 1) pig prices fell significantly.

Last week pork prices fell by 6 from the previous month.

9%, egg, poultry, and vegetable prices also fell, and food prices overall fell2.


  2) CPI continues to rise.

Pig prices have fallen since November, but the overall proportion of pig prices in November has been increasing for 10 months.

By the end of November, the price of edible agricultural products of the Ministry of Commerce increased by 4 from the previous month.

3%, CPI food prices are expected to increase by 2 in November.

5%, the CPI rose to 4 in November.


  3) PPI decline narrowed.

Since November, coal prices have fallen, steel prices have rebounded, and oil prices have risen slightly.

In the end, the price of raw materials for port futures in November will decrease by 0.

1%. It is predicted that the PPI in November will remain flat month-on-month, and the decline in PPI will narrow to 1.


  4) Expected expected improvement.

Since November, pig prices have dropped significantly, which means that short-term improvements are expected. Although CPI will still rise significantly in November, the CPI will rise from December to fall.

In terms of PPI, the rise in steel and oil prices since November, coupled with the apparent drop in PPI at the end of last year, is about to disappear, and the PPI tends to bottom out and rise from negative to positive early next year.

  Third, liquidity: the repurchase rate is reduced 1) the currency interest rate has fallen.

Currency interest rates fell last week, with the average R007 falling by 14bp to 2.

66%, mean R001 is down 34bp to 2.

DR007 downstream from 17bp to 2.

49%, DR001 down 33bp to 2.

  2) The budget continues to be released.

Last week, there were no funds in the open market, and the transition operation invested 300 billion yuan in reverse repurchase. This foreign bank invested 50 billion yuan in cash, totaling 350 billion yuan.

  3) The exchange rate depreciated slightly.

Last week, the US dollar index rebounded slightly, the RMB exchange rate against the US dollar and the US dollar declined slightly, and both the onshore and offshore yuan dropped to 7.


  4) The repo rate is reduced.

Last week’s budget was cut by 7 days for reverse repurchase bids of 5bp to 2.

5%, which is consistent with the reduction in the short-term debt instrument operating interest rate, helps reduce the marginal cost of financial institutions, promotes the reduction of LPR quotations and the actual corporate interest rate, and is intended to deal with short-term economic pressure and strengthen countercyclical adjustments.

However, the interest rate is only reduced by 5bp, which no longer reduces the interest rate sufficiently, reflecting the fine-tuning and precise thinking.

The fiscal policy reports of various countries have proposed to prevent the spread of expected expectations. Considering the continued high in the next half year, there is limited space for gradually increasing and reducing interest rates, and monetary policy will remain stable as a whole.

  4. Policy: Do not engage in flood irrigation 1) Do not engage in flood irrigation.

When meeting with reporters, Premier Li Keqiang and principals of major international economic and financial institutions stated that China is confident of achieving the economic and social development goals set at the initial stage and keeping economic operations in a reasonable range.

It will continue to maintain the continuity and stability of macroeconomic policies and make good use of counter-cyclical adjustment tools.

No matter how the outside changes, China will unswervingly implement a higher level of opening up.

We will implement precise policies, grasp the policies and regulations on tax and fee reduction, and insist on refraining from “irrigated floods”.

  2) Improve the socialist economy.

Article by the Vice Premier of the State Council Liu He Renmin Ribao: Adhere to and improve the basic socialist economic system, adhere to and improve the public ownership as the main body, and jointly develop the economy of various forms of ownership to stimulate the vitality of various market entities;Market system.

  3) Coping with population aging.

The State Council issued the “National Medium- and Long-Term Plan for Actively Coping with Population Aging”, deploying specific tasks for population aging in five aspects, including consolidating social wealth reserves, improving effective supply of measures, building a system for supplying old services and products, and strengthening scientific and technological innovation capabilities.

The “Planning” proposes to select regions with characteristics and expectations for comprehensive innovation pilots in response to population aging.

  V. Overseas: The Fed announced the minutes of its October meeting, and the Eurozone ‘s PMI rose in November 1) The Fed announced the minutes of its October meeting.

Last Wednesday, the Fed announced the minutes of the October FOMC meeting. Most members believe that after the interest rate cut in October, there is no need to further cut interest rates in the short term. Unless there is a major change in the economy, the current interest rate is appropriate. All members do not agree to implement negative interest rates.An effective tool to boost the US economy, most members also discussed standing repurchase facilities.

  2) The Federal Reserve has no plan to issue digital currencies.

Last Wednesday, Fed Chairman Powell continued that the Fed did not issue a Central Bank Digital Currency (CBDC) plan and necessary, but could only use “small-scale research-based technology experiments” to better understand the technologies that can be used to support CBDC, while paying close attentionAdvances in global digital currencies.

  3) The Eurozone ‘s manufacturing PMI picked up in November.

On Friday, the euro zone announced an initial manufacturing PMI of 46 in November.

6, compared with the previous value of 45.

9 rebounded, Germany, France and manufacturing PMI in November were 43.

8, 51.

6, also higher than the previous value.

On the same day, European Central Bank President Lagarde said that the euro area needs to be weak and weak, and the monetary policy evaluation will begin in the near future.

  4) Japan’s export decline has expanded.

On Wednesday, Japan announced that it exported -9 twice in October.

2%, previous value -5.

2%, the previous decline was the largest in 3 years.

Among them, exports to the United States are reduced by 11 every year.

4%, exports to Asia decreased by 11 in ten years.
2%, the decline in emissions of US autos, aircraft engines and the substitution of plastics in China is the main drag.

Black bean soup, nourish liver and kidney, strengthen muscles and bones!

Black bean soup, nourish liver and kidney, strengthen muscles and bones!
Recently, cold air moved south, and Guangzhou’s temperature dropped significantly.Although the temperature is not low, the solar term is in the “three or nine days”, and the cold is heavy at night, which easily damages the yang in the kidney.  Li Xin, a TCM physician from the Department of Pharmacy of Guangzhou First People’s Hospital, pointed out that if kidney deficiency occurs in the human body, a series of functional decline and intensification will occur. Therefore, in winter, even in the warm winter in the south, it is still necessary to pay attention to nourishing kidneys.Tonic, enhance the body’s ability to resist cold.  Recommended diet recipe: Black beans,北京夜网 Eucommia ulmoides, pigtail material (3-4 servings), 100g black beans, 15g eucommia, one pigtail, 150g lean meat, 3 slices of ginger.  Method: 1. Wash the material first and soak the black beans in water; 2. Cut the pigtails into small pieces and simmer the water; 3. Add the proper amount of water to the soup pot and boil it. Put all the ingredients in the pot, and then boil it for 1 hour after seasoning. Season before eating.Just fine.  Efficacy: Yijing Yangxue, kidney and strong waist.  Li Shizhen introduced “commonly eat black beans, but never get sick from all diseases” in “Compendium of Materia Medica”, and highly evaluated black beans.Traditional Chinese medicine believes that black beans are sweet, flat in nature, savvy and beneficial in their eyesight, nourishing blood and removing wind, relieving water, and detoxifying.Its strong gluten and healthy function depends on the rich vitamin E and various trace elements in black beans, which is very effective in delaying aging, skin care, and reducing blood viscosity. It is also very helpful in preventing osteoporosis.  The Chinese herbal medicine Eucommia can replenish liver and kidney, strengthen bones and bones, and regulate blood pressure. It is used to treat waist and knee weakness, muscles and bones weakness.In addition, Eucommia also has the effect of tocolysis, so pregnant women can also consume it.With pigtail soup, it can supplement the shape, strengthen the waist, strengthen the bones and strengthen the kidney and strengthen the essence.  This soup is suitable for liver and kidney deficiency, kidney deficiency, low back pain, weak bones and bones, edema, oliguria, insufficiency of essential blood, early onset of white blood, etc. It also has auxiliary effects on cardiovascular diseases such as hypertension.(Reporter Zhang Hua correspondent Huang Yuexing)

Goertech (002241): TWS headsets continue to explode to help the company’s performance growth

Goertech (002241): TWS headsets continue to explode to help the company’s performance growth

[Key points of investment]The company achieved operating income of 241 in the first three quarters of 2019.

340,000 yuan, an increase of 56 in ten years.

23%; realized net profit attributable to mother 9.

85 ppm, an increase of 15 in ten years.

04%; net profit deducted from non-attributed mothers was 10.

870,000 yuan, an increase of 62 in ten years.


   The business of smart wireless headsets and smart wearers developed smoothly and profitability improved.

In the first three quarters, the company’s intelligent acoustic machine achieved revenue of 94.

590,000 yuan, an increase of 138 in ten years.

72% in the third quarter was 42.

56 ppm, an 83-year increase.

92%; intelligent hardware realized revenue 66.

$ 75 trillion, an increase of 49 per year.

88% in the third quarter was 27.

380,000 yuan, an increase of 47 in ten years.

84%, still maintains rapid growth momentum.

Driven by Airpods, TWS headsets ushered in explosive growth.

According to Counterpoint’s prediction, the global TWS headset expansion volume will reach 1 in 2020.

2.9 billion units.

And VR / AR equipment also ushered in an inflection point this year, with the expansion volume growing rapidly and gradually increasing in 202武汉夜生活网0.

While the sales volume increased, the company’s production yield also continued to increase, and the company’s total gross profit margin increased by 2 in the third quarter.

17 points, reaching 16.

85%, preliminary improvement is expected.

   Both sales expenses and operating indicators improved, and Q4 guidance is optimistic.

The company’s three expense ratios fell by 3 in the first three quarters.

81pct, down from the chain.

71 points.

Inventory turnover days have fallen by 33 each year.

4 days to 56.

81 days, the turnover days of accounts receivable fell several times.

8 days to 86.

46 days.

The company’s internal control has achieved certain results, and various indicators have been improved.

Looking ahead, the company expects to realize net profit attributable to mothers through the continued rapid growth of smart wireless headset and smart wear business.


4 ppm, an increase of 35-55% per year, corresponding to a net profit of 1 in Q4.

85-3.5.5 billion.

  [Investment suggestion]Due to TWS headset sales exceeding expectations, the company’s production is progressing smoothly, so the company’s profit forecast is raised, and the company’s operating income for 19/20/21 is raised to 341.



2.7 billion, raising the company’s net profit attributable to its parent in 19/20/21 to 12 respectively.



990,000 yuan, corresponding to 0 EPS.



77 yuan, PE 43/31/22 times.

   Maintain the “overweight” rating.

  [Risk warning]Downstream demand is less than expected; industry competition has further intensified.

Saying that the three-point poison of Chinese medicine

Saying that the “three-point poison” of Chinese medicine

Traditional Chinese medicine is “non-toxic and has no side effects” in the minds of many patients, but Chinese pharmacists remind patients that “it is a three-point drug”, and some Chinese medicines are not suitable for large or long-term use.
  Long drink fat sea, pharyngitis is good but add accidents Because of years of smoking, drinking, Lao Wang has fallen into the problem of chronic pharyngitis, he specially prepared a large cup, usually nothing to bubble fat sea drink.
Unexpectedly, after drinking for a long time, although the symptoms of chronic pharyngitis have improved, it has added a problem of loose stools, spleen and stomach deficiency.
An old Chinese doctor told him that these symptoms are most likely caused by long-term heavy drinking of the sea.
Lao Wang is somewhat puzzled: Does nourishing Chinese medicine have no side effects?
  Bai Mingxue, deputy director of Zhengzhou Hospital of Traditional Chinese Medicine, said that the fat sea has the effect of clearing away heat and moistening the lungs, relieving pharynx and detoxifying, and relaxing the bowels. The long-term consumption of fat sea will cause damage to the stomach. Some people drink fat sea and stillIt can cause allergic symptoms, itchy skin, papules or lip edema, and some people have dizziness, palpitation, chest tightness, nausea and other symptoms; because the fat sea has antihypertensive effect, normal or low blood pressure for long-term drinking, may also appearLow blood pressure.
  Poor use of traditional Chinese medicine has side effects Bai Ming said that improper use of Chinese medicine has side effects.
For example, Niuhuang Jiedu Tablet has the effect of clearing heat and removing fire, but Niuhuang Jiedu Tablet contains realgar. If taken for a long time, it will cause great damage to the kidney and may become addictive.
Therefore, Niuhuangjiedu tablets should be taken under the guidance of a doctor.
  Zhibai Dihuang Pill is also one of the well-known Chinese patent medicines. It is often used to treat the kidney and kidney yin deficiency, the soft waist and the soft waist, head fainting and tinnitus and deafness caused by the rise of virtual fire. Many people take it as a health care product for a long time.
Bai Mingxue pointed out that some patients who are allergic to the mother, once they take Zhibai Dihuang Wan, will have symptoms such as dry mouth and body aches.
Patients with poor digestion can affect appetite after taking Zhibai Dihuang Pills.
  In addition, licorice, which has a heat-clearing effect and is used to treat cough, is often used by some people to soak in water.
However, the glycyrrhizin contained in 500g of licorice is enough to be addictive, and the proprietary Chinese medicine containing licorice is not suitable for long-term use.
Motherwort has the effect of promoting blood circulation and diuresis, and it is used for some people to use it for salad or boiled soup. However, the motherwort has the central nervous system components. After overdose, it is prone to general weakness, numbness in the limbs, chest tightness, shock, abortion,Adverse reactions such as back pain.
Poisoning with Tiangan, which has the effect of calming the liver and stopping the phlegm, can also cause symptoms such as headache, facial fever, coma, and rapid heartbeat.
  应在医生指导下对症服用  白明学提醒说,中药讲究配伍,患者应在医生指导下对症服用,以免配伍不当出现毒副作用,服用时还应当严格控制剂量,中药也会引起肝肾功能损害、急性Adverse reactions such as toxic shock and drug allergy.
That is to say, in addition to jujube and other 72 kinds of traditional Chinese medicines that have been determined to be homologous to medicine and food, no other Chinese medicine or proprietary Chinese medicine can be taken as a health care product or food for a long time.

Be an innocent young woman teach you to fight loose and rough skin

Be an innocent young woman teach you to fight loose and rough skin

As women age, the loss of moisture and collagen in the skin can easily make our skin appear rough.

How to be an innocent young woman, and how to challenge gravity?

Today I will teach you effective ways to improve facial relaxation.

  Reasons for skin relaxation: 1. There are two kinds of proteins in the dermis layer of the skin: collagen and elastic fibrin, which support the skin to become plump and firm.

After 25 years of age, these two proteins are naturally reduced due to the aging process of the human body, and the fiber conversion time between cells is degraded, which causes the skin to lose its elasticity; 2. The supporting power of the skin is reduced.

Adults and muscles are the skin’s largest supporting force, and the loss of subcutaneous aunt caused by aging, weight loss, uneven nutrition, lack of exercise and other reasons, muscle relaxation causes the skin to lose support and relax and sag; 3, other factors such as the earth’s heartGravity, inheritance, mental stress, exposure to sunlight and smoking also change the structure of the skin, and eventually the skin loses its elasticity and causes relaxation.

  Before the skin is slack, do a good job of preventing skin slack, which can prevent or delay skin slack and keep the skin young and prolonged. Here are some suggestions to help everyone better prevent skin slack.

  What level are you playing against the agile alert?

  Primary index: after 25 years of age, the skin blood circulation began to slow down, and the subcutaneous tissue began to become loose and inelastic, which caused the tension between the pores to open and make the pores visible.

  Intermediate index: The contour of the face becomes blurred or even the weight does not increase. The contour line from the earlobe to the chin also begins to become loose and loose, no longer smooth and clear, and it is especially obvious from the side.

  Advanced index: The skin on the sagging sacrum is no longer full and firm, the highest point of the face slowly moves downstream, and the nasolabial sulcus (also called the law pattern) begins to appear; it is not fat, but a double chin may appear.

  Prevention of skin beauty tips to help you1, keep the skin clean: oily face, dust is too heavy, makeup time is too long or makeup removal is not complete, it will cause skin pores to block, difficult to breathe naturally, causing complications or skin nutrition imbalanceIn the long run, skin tension will be lost, there will be no elasticity, and skin relaxation will occur.

Everyday should pay attention to clean the skin thoroughly every day, and use natural, soft and non-irritating moisturizing nutrient water, while maintaining cleanliness, replenish the skin with nutrients, enhance skin vitality, and prevent skin sagging.

  2, maintain a balanced diet nutrition: overeating will cause excessive burden on the spleen and stomach, and at the same time cause excess nutrition, so that the skin can not maintain normal metabolism, causing the skin to be overstretched, lose elasticity and relax; and dieting to lose weight will cause skin nutrition too fastLoss can not be effectively replenished, a cavity is formed under the skin, and the skin is sunken and relaxed.

Therefore, effectively maintaining normal diet nutrition is also an important alternative to prevent skin sagging.

  3, pay attention to sun protection: more than 90% of skin relaxation is caused by excessive sunlight UV radiation, one is the formation of photoaging, and the other is the formation of a large number of free radicals in the body, the skin is over-oxidized and lose elasticity, resulting in skin relaxation.

Be sure to pay attention to foot sun protection at all times. At the same time, you can eat more fresh fruits and vegetables and collagen-added foods, such as grapes, tomatoes, carrots, red wine, green tea and other foods. Effectively supplement natural vitamin C in large quantities to combat skin oxidation and decomposition.A large amount of collagen remains in foods such as pig feet, which can strengthen the structural support of the skin, and at the same time strengthen the skin’s water retention and moisturization, so that the skin remains tight and elastic.

  4, maintain good expression habits: paranoia, frowning, raising eyebrows, squinting eyes, moody and other bad emotions and expressions will cause local skin excessive movement and muscle tension, so that the skin due to overwork and no effective rest and formedsagging skin.
  5. Appropriate exfoliation: Women love to do facial exfoliation in beauty salons, but excessive removal of horny skin will thin the skin and lose an effective natural protective barrier to fight against harmful environmental damage, and the skin will become dry and sensitive, Easy to produce skin sagging.

Therefore, it is best to exfoliate slightly once a month.

  6. Refuse to smoke full of alcohol and lack of sleep: Tobacco and alcohol contain a lot of irritating substances. The skin will lose its active and sagging relaxation for a long time due to the stimulation of these substances. Insufficient sleep and the skin’s metabolic burden will increase.Rest, long-term fatigue combat will also make the skin lose elasticity and relax.

Office workers beware of overworked computer radiation can not hurt eyes

Office workers beware of overworked computer radiation can not hurt eyes

Introduction: The symptom of “eye overworked” is that the “choroid” blood vessels in the eyeball are ruptured, and the blood and water infiltrate too much, causing “water overflow” near the macula, and the visual image is blurred.

Experts say that “excessive psychological stress” is the most likely cause of eyeball rupture.

  The computer family watch out for “eye strain to death” 10 strokes to the eye “decompression” experts said that this “overwork” is not necessarily “overwork” in physical function.

It is clinically found that “eye overwork death” has nothing to do with whether the body is tired and earlier. “Stress” is the main cause. Even when lying down and resting, psychological stress still exists.

Reporters, engineers, and computer families are the most likely to suffer from “overworked eyes.” Patients are younger.

  Since “eye strain” is related to psychological pressure, how should office workers decompress?

According to research, the following 10 psychological adjustment measures are effective decompression methods, may wish to try.

  1. Be good to others: Don’t be resentful when you are in trouble (including that you are right).

The price to pay for hatred is to make your emotions tense and punish yourself with the mistakes of others.

  2. Reading books and newspapers: Reading can be said to be the easiest and lowest consumption pastime, which can alleviate stress and increase knowledge and fun.

  3, learn to avoid: from some preliminary, complicated activities, from some man-made mess and fatigue.

It is best to remain silent when it is not necessary to speak, and listening to others can also reduce psychological stress.

  4. Laughing with laughter: Healthy laughter is the best way to relieve stress, and it is also a pleasant way to vent.

“Smile with a smile, ten years less”, sorrow and stress will naturally miss you.

  5, re-evaluation: If you really do something wrong, you must think of anyone who may make mistakes. If things go wrong, you should re-evaluate in order to continue to work normally.

  6. Shouting: Shouting or crying in a quiet place, crying is not shameful, tears can release sad feelings, and it is also a feasible method of internal stress.

  7. Spit it out quickly: If you are caused by something, don’t get bored and tell your distress to a credible, calm-headed person to get relief, support and correction.

  8. Don’t be picky: Don’t expect too much of others, you should see the advantages of others, and avoid being too picky about others’ behavior.

There is no perfect world, and the name may be just, so tell yourself: I worked hard, and it was not my fault to be the best.

  9, leave room: Do not try to scramble everywhere, force yourself to appear in a perfect image at all times, life does not need to be this way, you leave room for others, and often more calm.

Learn to say “no”.

  10. Music: Relaxing music helps relieve stress.

If you know how to play the piano, guitar, or other instruments, you might as well deal with this uneasy mood.

  Doctors at the University of Sassari’s Occupational Diseases Medical Center surveyed 212 bank employees.

The employees surveyed are in the same work environment and have the same job title and health background.

Examination by an experienced eye doctor confirmed that they had never had eye disease.

The survey found that 30% of those who complain of eye pain or blurry vision point out that they have too much work pressure to develop their expertise, friction with colleagues and lack of self-confidence.

Six beauty secrets of ancient fruits and vegetables

Six beauty secrets of ancient fruits and vegetables

Today, people are accustomed to absorbing various cosmetics on their bodies in turn, and people often ignore the oldest and most basic method of beauty treatment.

Quickly follow us to study the beautiful secrets hidden in the daily fruits and vegetables .

hzh {display: none; }  驻颜圣果:番茄  由于被发现含有丰富的茄红素,番茄这种普通而毫不起眼的水果近来一跃成为果汁市场中的明星。As a natural plant pigment, lycopene has excellent antioxidant effects, and can protect plants from damage caused by sunlight and air pollution. It can also prevent aggravation on the human body and the skin surface.The proportional benefit.

  Best Recipe: Tomato Scrambled Eggs or Tomato Egg Soup.

Since lycopene is a fat-soluble component, it must be naturally released through fat distillation to be effectively absorbed by humans, so processed tomato products are more nutritious than fresh tomato pigments.

  Whitening master: papaya papaya breast enhancement effect, and few people know that only the consumption of green papaya can achieve the best breast enhancement effect.

In addition, scientists have found that papain in papaya also has a whitening effect. Eating a small amount of papaya after a meal also has certain effects on preventing gastric ulcers and indigestion.

And papaya is a low-speed fruit, so you don’t have to worry about your figure when you eat it.

In 2007, the World Health Organization released the “Global Healthy Food Rankings”. For the first time, papaya topped the fruit list.

  Best recipe: Cut the papaya into pieces, add milk and egg yolks into a juice, then add lemon juice and honey.

  Detox good fruit: Cherries Cherries have been called “beauty fruit” since ancient times. Frequent eating can make the skin smooth and moist.

Of course, cherry is also recognized as a “detoxifying fruit”, which has the effect of removing toxins and unclean body fluids, has a good laxative effect, and is quite helpful for detoxification of the kidneys.

However, although cherries are good, be careful not to eat more.

Because in addition to containing a lot of iron, it also contains a certain amount of cyanide, if too much food can cause iron poisoning or cyanide poisoning.

Once you eat more cherries, you can use sugar cane juice to clear heat and detoxify.

  Best recipe: raw food.

When you buy cherries, you should choose a fruit with pedicles, bright color and full skin. If you can’t eat it at that time, it is best to keep it at -1 ℃.

  Today, people are accustomed to absorbing various cosmetics on their bodies in turn, and people often ignore the oldest and most basic method of beauty treatment.

Hurry up and follow us to study the beautiful secrets hidden in the daily fruits and vegetables . New slimming favorite: sweet potatoes, which used to be difficult to be a “tasteful house” in recent years, have become the first choice for Western women’s beauty and slimming.

It turned out that sweet potatoes are rich in β-carotene, potassium, iron and vitamin B6, and each 100 grams of sweet potatoes produce less calories than rice. In the “2007 Global Healthy Food List” released by the World Health Organization, sweet potatoes were the firstThe popularity on the top of the vegetable list is evident.

  Best recipe: steamed sweet potatoes.

Sweet potato skin contains a lot of healthful nutrients.

Others such as sweet potato porridge, stewed sweet potatoes, etc., nutrients will be converted to reduce the loss of water.

In general, sweet potatoes still retain the most nutrients when steamed, and they can also be eaten with skin.

  Anti-Aging Force: Soy Soy contains a lot of vitamin E which is good for cell growth, which can inhibit skin aging and prevent pigmentation on the skin.

At the same time, as a phytoestrogen, isoflavones in soybeans also have anti-oxidation ability, and are inedible foods to maintain shiny and delicate skin.

Amy’s MM may wish to keep beans on your food list.

  Best Recipe: Soy Milk.

Wash the raw beans the first night and soak them in cold water.

The next morning, put it in a juicer to squeeze the juice, and then heat the water and soybean milk juice at a ratio of 1: 2 or 2: 3.

  Acne “fresh” front: Compared with celery, the beauty effect of celery seems to be little known.

According to the “Compendium of Materia Medica”, celery has the functions of “accumulating essence gas”, “removing congestion” and “stopping cholera diarrhea”.

It can clean the dirt in the skin cells, remove skin oils, have good acne and fire-clearing effects, and lighten the scars caused by acne.

However, because celery is a photosensitive plant, you should pay attention to sun protection after eating celery.

Teach you to drink tea to lose weight and drink good lines

Teach you to drink tea to lose weight and drink good lines

In fact, many complicated methods can help you lose weight, but we have neglected it in life.

Take tea, suppose you drink right, it is also a good way to lose weight.

But I don’t know from what time the end, the woman no longer drinks tea.

Just walk into the restaurant and the staff will interrogate and ask for some kind of drink, so that they can forget the tea.

Here, the term “beverage” refers only to sweet liquids, not to various types of tea.

  The most incredible thing is that in just ten years of hard work, people have agreed that the underage children can only drink sweet drinks, but few people give their children tea.

Why do our parents prefer to choose good and healthy drinks like cola, but let the children alienate from time to time and have the bad tea?

  Perhaps, as long as the child grows up, the extra aunt, the pain of suffering all the time, will remember the possibility of tea.

  For more than two decades, several studies have demonstrated the weight loss of tea and tea extracts.

Studies have found that about 8 grams of oolong tea per day, alternating half of the thinner weight loss.

There are also studies to prove that there are 2 cups of oolong tea with high concentration of catechins every day. After three months, the weight, waist circumference and body fat ratio of lean men are reduced.

A deeper study found that there are some active ingredients between green tea and black tea extract, which can increase the absorption of food, promote the oxidative decomposition of fatty acids, and inhibit the activity of micro-degrading enzymes.

These effects are not completely replaced by caffeine.

  Of course, the shortcomings of tea are far from being limited to weight loss.

In fact, it can help the body to replenish water, eliminate pollution, resist radiation, lower blood fat, strengthen bones, and supplement antioxidants. Now it is just an entrance, and we must say a misunderstanding.

Then, regarding the weight loss effect of tea, it is also worthwhile to talk about the misunderstanding.

  Myth 1: The more expensive the tea, the better the weight loss.

  Since the effective ingredients for the weight loss of tea are polyphenols and theaflavins, as well as caffeine and theophylline, it is necessary to select teas with high levels of these substances, and these factors are related to the price.

  Myth 2: Drinking light tea can help with weight loss.

  Any active substance requires a sufficient dose to carry out the well-being effect.

In the effective study of weight loss, the amount of tea polyphenols per day is 90?
Between 690 mg.

Just drinking three or two cups of fragrant light tea can not help to lose weight.

  Misunderstanding 3: Drinking tea can be temporarily maintained.

  The control of body weight by drinking tea does not necessarily have a temporary maintenance effect.

Once you stop drinking tea, your weight will be able to recover.

  Myth 4: Drink a small amount of tea in the morning and lose weight by sleeping less.

  For people with sensitive caffeine, drinking strong tea can affect sleep, so drinking tea in the morning and morning is more appropriate.

Drinking tea after 5 pm has the ability to form insomnia in the morning, and increasing sleep does not improve the weight loss effect, thereby lowering blood sugar and increasing the hormone level that promotes appetite, so it is quite a matter of gains and losses.

  Of course, if you do not need to lose weight, especially for children, it is better to control the amount of caffeine.

  The recognized light tea is still a good reference for the well-being.