Xuan Changneng: Expansion of foreign debt facilitation pilot to support cross-border financing of emerging companies

Xuan Changneng: Expansion of foreign debt facilitation pilot to support cross-border financing of emerging companies
On March 22, the State Council Office of Antiques responded to the impact of the international epidemic and maintained the stability of the financial market.Xuan Changneng, deputy director of the State Administration of Foreign Exchange, said that the foreign debt facilitation pilot will be expanded to support cross-border financing of emerging companies.Expand the pilot scope of foreign debt facilitation to Shanghai, Hubei, Guangdong and Shenzhen, etc., and allow emerging enterprises that meet certain conditions to automatically borrow foreign debt within the equivalent of USD 5 million.The following is inserted by Xuan Changneng, deputy director of the State Administration of Foreign Exchange.Since the outbreak of the New Coronary Pneumonia epidemic, the State Administration of Foreign Exchange has earnestly implemented the spirit of General Secretary Xi Jinping ‘s important speech, and in accordance with the deployment of the Central Leading Group for Response to the Epidemic Situation, under the guidance of the Financial Committee of the State Council, it has been coordinating the prevention and control of the epidemic and economic and social development.Fight the epidemic and actively support enterprises to resume production.Data show that despite the impact of the epidemic, this year, the foreign exchange market is expected to be generally stable.Here I briefly introduced two aspects of the foreign exchange support policy and the current high foreign exchange market.The foreign exchange bureau has always made epidemic prevention and control and supporting the resumption of production and production a top priority of its current work. It has listened to the demands of enterprises and other market participants, helped solve the problems encountered in foreign exchange, and increased its support for foreign exchange policies.One is to continue to make good use of the foreign exchange “green channel” policy, and actively support the prevention and control of epidemics and the resumption of production of enterprises.The second is to improve macro-prudential adjustment parameters and expand the space for enterprises to borrow foreign debt.On March 12, the People’s Bank of China and the Foreign Exchange Bureau jointly issued a document to increase the macro-prudential adjustment parameters from 1 to 1.25.After the policy adjustment, the balance of increased cross-border financing risk of the enterprise increased from 2 times to 2 times the original net assets.Five times, local institutions other than government financing platforms and real estate companies borrowed foreign debt space to further expand, which is conducive to small and medium-sized enterprises, private enterprises to better use various internal channels to raise funds.The third is to expand the pilot of foreign debt facilitation to support cross-border financing of emerging companies.Expand the pilot scope of foreign debt facilitation to Shanghai, Hubei, Guangdong and Shenzhen, etc., and allow emerging enterprises that meet certain conditions to automatically borrow foreign debt within the equivalent of USD 5 million.At the same time, the level of external debt facilitation in the Haidian Park of Zhongguancun Science City in Beijing will be further improved to better meet the needs of emerging companies in many places to use external debt funds and reduce their financial costs.The fourth is to actively use the cross-border financial blockchain technology platform to facilitate small and medium-sized enterprises to carry out trade financing.Editor Yue Caizhou

Bai Chongen: New infrastructure should grasp the rhythm and be based on effective demand

Bai Chongen: New infrastructure should grasp the rhythm and be based on effective demand
桑拿夜网讯(记者程维妙)3月22日,在“清华经管学院校友终身学习计划——‘闻道经管’校友公开课”上,谈及疫情对中国企业有哪些影响时,清华大学Bai Chongen, Chair Professor of Freeman Economics and Dean of the School of Economics and Management, said that the impact of the epidemic on Chinese enterprises has a relationship with our policies. The government has introduced a series of measures to protect enterprises, so as to budget and finance costs.Relief to the enterprise.But pay special attention to, if the epidemic lasts too long, companies may face the risk of challenge.Bai Chongen analyzed that some companies may suffer from excessive impacts on cash flow due to reduced sales, and the supply capacity of robes disappeared, affecting the supply capacity of the whole society; some enterprises have more difficulty in expanding reproduction, their ability to invest with their own funds has declined, and financial institutionsAs a result, lending expectations have also declined; some companies will be impacted by the supply chain, such as upstream companies going bankrupt or unable to expand production, causing the raw material demand of the company to be affected and thus unable to produce.Bai Chongen said that there are still some special cases where the distorted impact of cash flow may have a positive impact, which should also be considered separately.For example, overcapacity in an enterprise, even if it has not been profitable before, has always been sustained. If the impact of the epidemic causes some companies to have cash flow problems and eventually withdraws from the market, the excess capacity will be reduced, which is not a bad thing for the healthy development of the entire industry.In addition, the epidemic situation may also bring some opportunities to well-operated enterprises, some of which are conducive to the restructuring of these enterprises.Talking about the enlightenment of the epidemic to the internationalization of domestic enterprises, Bai Chongen once again mentioned that some of our enterprises’ upstream supply depends on other countries. The lesson learned from the epidemic is that we cannot rely on it to a high degree.In addition, our companies should pay attention to improving their cross-cultural management and cross-cultural communication capabilities. Sometimes this is a soft barrier. “If communication is not good, others will not accept you. Both the company and the government and the public must strengthen this aspect.Ability to make it easier for companies to go out.He said.Regarding the “new infrastructure” of recent attractions, Bai Chongen said that the dividend of “new infrastructure” was magnified under the epidemic, but it should seize a good pace.Construction should be built on the basis of effective demand, to avoid excessively rapid construction resulting in low utilization; some new infrastructure-related technologies are still developing rapidly, and rhythmic construction may allow emerging new technologies to be effectively used in new construction; If the government support is too strong and improperly designed, it will cause some enterprises to shift their focus to obtaining government support, but instead reduce the resource consumption of real innovation activities.Editor Xu Chao proofreading Chen Diyan

[Homemade green eggplant]_How to do_How to do

[Homemade green eggplant]_How to do_How to do

In the memory, in the summer, eggplant is one of the most common vegetables. It is a common dip on many family tables. Eggplant is rich in vitamins and iron. Eating eggplant often helps to supplement iron. EggplantNot only is it a delicious vegetable, but it also has a specific therapeutic effect. Eggplant has certain effects on clearing heat and stopping bleeding, swelling and pain, and sores on the tongue. It is more common; green-skinned eggplant is also used more often.

Method 1: Ingredients for braised eggplant: shallot, ginger, garlic, eggplant, green pepper, starch, cooking wine, vinegar, soy sauce, oil, tomato sauce, sesame oil, salt, white sugar.

Production steps: pour the eggplant into the salt water for 15 minutes, then remove the eggplant from the salt water to squeeze out the eggplant water, and then sprinkle a thin layer of starch.

Diced green peppers, sliced onions, ginger and garlic.

One spoonful of cooking wine, two spoons of soy sauce, three spoons of sugar, three spoons of vinegar, and sesame oil and water are mixed for later use.

Put the oil in the pot and cook it for seven times, then fry the eggplant until golden.

Leave the oil in the pan, then add the scallion, ginger, garlic and fragrant.

Add green pepper and tomato sauce and stir for one minute. Pour the prepared juice into a pan and boil.

Add the eggplants and stir-fry until the juice is evenly collected. A braised eggplant is ready.

Method 2: Green eggplant with minced meat, one green eggplant, minced pork, salt, cooking wine, sugar, soy sauce, spring onion, ginger.

Production steps: Wash and peel green eggplant, friends who like to eat skin can ignore this step.

Dice the eggplant, sprinkle with a little salt, and wash the eggplant when the water comes out, and blot it with kitchen paper.

Mince pork, add soy sauce, cooking wine, sugar, and marinate for a while.

You can add ground ginger and minced garlic without adding a lot or no.

Heat the oil and fry the eggplant until it is half cooked.

Stir-fried minced meat and fry until whitish, add the previous eggplant.

Stir fry for a while and add a tablespoon or a tablespoon of watercress.

Add water starch before cooking.

Method 3: steamed green eggplant ingredients: three green eggplants, garlic cloves, soy sauce, vinegar, sugar, sesame oil, spicy oil, pepper oil, coriander, and onion.

Production steps: Wash and drain the eggplant.

The knife crosses three times from the tail of the eggplant to the head, constantly, making the eggplant spread out and easy to taste!

Steam in a boiling water pot for at least 15-2 minutes to completely softly insert and remove the eggplant. Press the steam water inside the eggplant with chopsticks.

Seasonings (garlic, soy sauce, sugar, vinegar, pepper oil, spicy oil, sesame oil, you can also put some sesame sauce, onion seeds, crushed parsley) and mix it with steamed eggplant.

[Honey grapefruit tea weight loss method?】 _Slimming_how to drink

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[Can bitter gourd make a mask]_Bitter gourd mask_how to do_how to make

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Zhichun Technology (603690): The 2018 annual report and 2019Q1 gradually formed a strategic layout of the trinity of equipment, materials and processes around the semiconductor industry

Zhichun Technology (603690): The 2018 annual report and 2019Q1 gradually formed a strategic layout of the trinity of equipment, materials and processes around the semiconductor industry
Company announcement: 1) Release of 2018 annual report: 2018 revenue realization6.740,000 yuan, an increase of 82 in ten years.6%, net profit attributable to mothers is 32.44 million, 34 per quarter.2%, net profit after deduction is 28.71 million yuan, every 30 years.7%; 18Q4 single quarter revenue 3.530,000 yuan, an increase of 146 in ten years.4%, an increase of 168% month-on-month, net profit attributable to the mother is 2.19 million yuan, a decrease of 62% per second; 2) The first quarter report of 2019 is released, and the revenue is 1.160,000 yuan, an increase of 57 in ten years.7%, net profit attributable to mothers was 11.43 million yuan, an increase of 441 over the same period last year.16%.18-year revenue exceeded expectations, profit exceeded expectations, and profit in 19Q1 exceeded expectations. The rapid revenue growth is mainly due to the company’s success in becoming a qualified supplier of advanced domestic processes in the field of integrated circuits, and large customer orders have grown rapidly.In 2018, 800 million new high-purity industrial system orders and wet cleaning equipment orders1 were added.100 million, gradually adding 9.10,000 yuan, an increase of 35 in ten years.82%; In addition, as the company expanded its cleaning equipment products and expanded R & D in 成都桑拿网 the wet process, R & D expenses increased by 23 million yuan in 2018, and the R & D expense ratio was 5.41%, R & D expenses in 20173.6%, resulting in a decrease in the company’s return to net profit.If the effects of research and development expenses, listing subsidies and fair incentive costs are restored, the net profit attributable to the parent will increase by approximately 45% per year.We believe that in 2019, the company’s initial investment will enter the harvest period. In 19, it plans to obtain 1.5 billion supplementary orders and confirm revenue of 1 billion U.S. dollars. It ranks the company’s 18-year plan. The growth rate is 100% from the continued increase in the percentage of semiconductor revenue. The gross profit margin is slightlyThere is contraction.Due to the company’s competitive advantage, the product quantity is slightly discounted, and the limit on the price of materials received at the cost end has reduced the overall gross profit margin by 11pct to 28%, mainly due to the decline in the gross profit margin of the semiconductor industry.The gross profit margin of the sector was 25%, a decrease of 15pct. The gross profit margin of the non-semiconductor industry (including photovoltaic, LED, medical, etc.) was 35%, which was equivalent to 38% in 2017.The company’s revenue from the semiconductor sector in 20184.39 trillion US dollars, a year-on-year increase of 109%, accounting for 65%, the company’s business layout around semiconductors has achieved initial results. The business of wet cleaning equipment is progressing smoothly, and customer orders are abundant. New business orders in 2018 were about 1.1 billion yuan, some products are expected to recognize revenue in 2019.According to SEMI data, the global semiconductor cleaning equipment market size was US $ 2.6 billion in 2015, and will grow to 32 by 2017.According to ACMR estimates, by 2020, cleaning equipment will reach 3.7 billion US dollars, and the replacement cleaning process will continue to increase. Driven by the increase and improvement of new plant lines, the market demand will increase in the next 5 years.The company’s tank equipment has been recognized by many high-quality customers. Wet cleaning equipment has received formal orders from SMIC, IWC, TI, Yandong, China Resources and other users. The follow-up single-chip cleaning equipment is also in the verification process. It is expected to be 19 yearsExpect to get orders. Gradually form a strategic layout of the trinity of equipment, materials, and technology around the semiconductor industry, maintaining the “overweight” level.The Qidong plant is about to be put into use, and subsequent wet-process equipment will be gradually moved to Qidong production. A subsidiary in Hefei will be established through a subsidiary company to Micro Semiconductor. It will mainly deploy wafer recycling and component cleaning businesses, and also deploy semiconductor equipment related chemicals and consumables.The company issued shares and raised funds to acquire Bohui Technology, which has been approved by the China Securities Regulatory Commission. All new shares have been registered and listed. The total share capital is currently 2.5.8 billion shares are expected to be consolidated in April 2019.Newly added the technical part of the wave forecast in the profit forecast (adjusted the 19-20 year forecast, the original forecast was 1.45/1.97 ppm, another 21 years), and the net profit is expected to be 1 in 2019-2021.32/2.72/3.42 trillion, EPS is 0.51/1.05/1.33 yuan / share.

Gree Electric (000651): Waiting for mixed reforms to land and steady growth in performance can be expected

Gree Electric (000651): Waiting for mixed reforms to land and steady growth in performance can be expected

This report reads: As Gree promotes modest promotions, the company’s market share and performance growth rate have significantly improved.

If the mixed reform is successfully implemented, it will further improve corporate governance and improve the quality of operations. It is also expected that the system will be restructured to maintain an overweight rating.

Investment points: Maintain profit forecast and target price, and maintain overweight rating.

With the promotion of moderate sales by Gree, the company’s market share and performance growth have further improved.

If the mixed reform is successfully implemented, it will further improve corporate governance and operation quality, and it is expected that the system will be reorganized.

The EPS for 2019-2021 is maintained at 4.



23 yuan, maintaining a target price of 70.

84 yuan, corresponding to 14 in 19 years.

6xPE, maintaining the overweight rating.

19H1 results basically met expectations.

19H1 company operating income 972.

9.7 billion (+6.

9%), net profit attributable to mother 137.

500 million (+7.

4%), gross margin 31.

0% (+1.

0pct), net interest rate 14.

1% (+0.


2Q19 company operating income 567.

4.9 billion (+10.

4%), net profit attributable to mother 80.

7.8 billion (+11.

8%), gross margin 31.

3% (+1.

95pct), net interest rate 14.

2% (+0.


The air-conditioning business grew steadily, and domestic appliances grew rapidly.

In 19H1, under the competition of other 南京桑拿网 air-conditioning brand’s cost-effective strategies, the company’s air-conditioning revenue increased by +4.


Channel control remains the same, with two years of advance receipts +49.

0%, accounts payable and notes ten years +73.


Benefiting from raw material dividends and product structure upgrades, the gross profit margin of the air-conditioning business is +1.

65 points.Household appliances were boosted by high-quality products such as Jinghong refrigerator and Dasong passion pot, and their income increased by +63.

6%, gross margin constant +11.

16 points.

The increase in the initial income consolidation exchange rate increased the financial expense rate of -0.

79 points to -1.


Waiting for the successful implementation of mixed reforms, stable growth performance can be expected.

Along with Gree’s continued promotion of modest promotions, the use of strong brands and manufacturing barriers, the company’s market share and performance growth are expected to pick up.

If the mixed reform is successfully implemented, it will further improve corporate governance and improve the quality of operations.

The company’s expected revenue in 2019 is expected to improve quarter by quarter, and the dividend rate is expected to increase again after the equity transfer is completed.

Core risks: Intensified competition in the industry and termination of the company’s equity transfer.

Wanneng Power (000543): Capacity expansion and increase in operating profit under coal prices, laying foundations, increasing investment income and boosting performance

Wanneng Power (000543): Capacity expansion and increase in operating profit under coal prices, laying foundations, increasing investment income and boosting performance
Event description The company released the first three quarters of 2019 performance forecast: from January to September 2019, the company is expected to achieve net profit attributable to its mother of 62,000-750 million yuan, and an increase of 106.26% -149.51%. Incident comment The installed capacity increased for ten years, which drove the 武汉夜网论坛 company’s operating profit to increase.In December 2018, the company increased its shareholding in Fuyang China Resources Co., Ltd., a joint-stock company, and realized holdings. As a result, the company’s installed installed capacity expanded, which in turn boosted operating income growth.In addition, from January to August 2019, Anhui Province realized a cumulative electricity consumption of 154.7 billion kilowatt-hours, a further increase of 7.62%, higher than the national average electricity consumption growth rate4.45%, the use of strong electric energy and production capacity expansion will drive the company’s operating profit increase. The year-on-year decline in coal purchase prices laid the foundation for the company’s performance growth.On January 8, 2019, the average thermal coal price index in Anhui Province was 590.50 yuan / ton, compared with the same period last year (616.62 yuan / ton) down 26.12 yuan / ton, a decrease of 4.twenty four%.Driven by the continuous decline in the price of coal in Anhui Province, the company’s coal purchase price has fallen compared with the same period of the previous year, and the profit margin of power generation is expected to be significantly repaired, which will increase the company’s main business profitability. The investment income calculated by the company’s equity method exceeded previous growth.Among them, on May 31, 2019, the company purchased Shenwan Energy assets through a combination of issuance of shares and cash to complete the completion of the account, and officially obtained a 49% stake in Shenwan Energy. Shenwan Energy contributed to the company from June to September 2019.Investment income calculated by equity method1.7.1 billion yuan.In addition, due to the continuous downward trend of coal prices in Anhui Province, the company’s shareholding in Huaibei Tancheng Power Generation and China Coal Xinji Lixin Power Generation may also continue to improve performance in the first half of the year, contributing more investment income for the company. Driven by the expansion of production capacity and the decline in coal prices to improve the company’s main business profitability and investment income growth and other factors, the company expects to achieve net profit attributable to its mother in the third quarter of 2019 of 26,722.360,000-39,722.360,000 yuan, an increase of 67 in ten years.17% -148.50%; in the first three quarters, the company expects to achieve net profit attributable to its mother of RMB 620 million to RMB 750 million, a further increase of 106.26% -149.51%.On the whole, the improvement of the company’s performance may continue, and it is optimistic that the company’s performance will achieve growth. Investment suggestions and estimates: Based on the latest financial data, we adjust the company’s profit 北京桑拿洗浴保健 forecast and expect the company’s EPS for 2019-2021 to be 0.36 yuan, 0.50 yuan and 0.57 yuan, the corresponding PE is 12 respectively.60 times, 9.07 times and 8.03 times, maintain “Buy” rating. Risk Warning: 1. Risk of deterioration of power supply and demand environment; 2. Coal prices are at risk of unsustainable growth.

[The practice of Wufu fancy steamed dumplings]_The common practice of Wufu fancy steamed dumplings_The practice of Wufu fancy steamed dumplings_How to make Wufu fancy steamed dumplings

[The practice of Wufu fancy steamed dumplings]_The common practice of Wufu fancy steamed dumplings_The practice of Wufu fancy steamed dumplings_How to make Wufu fancy steamed dumplings

Many office workers will choose to go outside for three meals a day. After all, they are tired from work, and it is not easy to insist on cooking by themselves. In fact, the practice of Wufu fancy steamed dumplings is simple, and this course is rich in nutrients.You only need to overcome a little bit to eat delicious food, and at the same time you can make yourself healthier.

1, 300 grams of flour, about 110 grams of boiling water and 40 grams of cold water, adjust the water absorption of the flour by yourself, and stir into floc with chopsticks.

2. Knead the dough. At this time, the dough is not smooth. Don’t put it aside, wake it up and knead to make a smooth dough.

3. Let’s prepare the ingredients at the time of the noodles. When the meat is bought, let the seller chop it, chopped the onion and ginger, and 30 to 40 pumpkin flowers.

4. Soak the pumpkin flower in salt water for a while, then align the flower and tear it apart. Do not sacrifice the flower stalk inside, because the stamen is bitter into the meat filling and affects the taste. Wash the flower with flowing water.

5. Wash the squash flowers and chop them to squeeze the excess water.

6, prepare a pot, stir the chopped meat, onion ginger, cooking oil, a fresh soy sauce, sesame oil, oil consumption, Shisanxiang, MSG, some kind of salt together.

7, add pumpkin flowers and stir well.

8. Put the eggs in a pan and fry them. Cut them in advance. Put the agaric fungus and the shredded carrots in boiling water and scald them in cold water. Cut them into coriander and red bell pepper.

9, knead the dough into a smooth dough.

10. Knead the dough into strips and scoop into 25g each.

11, use a rolling pin to roll into dumpling skin.

12. Put stuffing on the skin.

13. Divide the dumpling skin into 5 equal parts.

14. Tighten the central part with your fingers, do not seal on the outer side, and squeeze the two adjacent sides tightly.

15, the five sides are so tight.

16. Take a recent photo, beautiful.

17. Put them all on the steamer when they are done, cover the lid, and let the water boil in cold water for 12 minutes.

18, put the prepared 5 materials into the round holes of the steamed dumplings with a small spoon after the pan is out, and the beautiful Wufu steamed dumplings are completed.

19. Take two photos.

20, the shape of the blooming flowers with coriander is beautiful?

21, are there any temptations to feel you?

Cooking at home is definitely hygienic. The practice of Wufu Fancy Steamed Dumplings is simple and can be done very well without any talent for cooking.

[How Japanese men think about their wives going to porn clubs]

[How Japanese men think about their wives going to porn clubs]

No man would like his other half to have the slightest connection with other opposite sexes. In fact, men are such careful and overbearing creatures.

However, from the perspective of women, they also desire to be loved and stimulated. So, how do men think of their wives going to clubs?

Now, from the psychological analysis for you to reveal the need for women to cheat!

What men think of his wife when he goes to a nightclub and talks about the Cowboy Club in Japan, what comes to mind is a picture of drunken fans, such as the champagne tower, and a high-turning woman surrounded by a group of gorgeous men.

However, if the women playing in the Cowboy Club are their wives, how would you feel?

“Will you allow your wife to go to the Cowboy Club?

“-The male answering” acceptable “was 23.

1%, 76 were “not allowed”.


Let ‘s take a look at the reason of the higher one: Niu Langdian is a culture that is very far away in Japan. The waiters in it are all males. Most of the patrons are rich. The job of Niu Lang is to accompany these people to drink and chatTo help forget the stress of life, some cowboys provide services.

Reasons not allowed: 1. Money issues “If the wife wants to spend money, I hope to spend it on other things.

“” To pay for the children’s tuition, the money is not so generous.

“” She won’t tolerate money, unless she uses the money she makes.

“” Who do you think made the money?

2. “The moral and ethical issue” because I want to lose face “will become a waste of money, and eventually the family will be broken.

“” You should work together to take good care of your family. If you are so unconscious, you will be disqualified. ”

“” Even if it’s not his wife, it feels subtle.

“3, are men hating it?” It felt like being cheated.

“Hope she can protect chastity.”

“” I think the hearts of the two are far away.

“Hate her frowning with other men.