BTG Hotel (600258): First-quarter results exceeded expectations mainly due to decline in REVPAR

BTG Hotel (600258): First-quarter results exceeded expectations mainly due to decline in REVPAR
Performance review The first quarter of 2019 performance was higher than expected. BTG Hotel released 1Q19 results: realized revenue of 19.440,000 yuan, an increase of 1% in ten years;7.4 billion, down by 1 every year.9%; lower-than-expected results, the main reason 杭州桑拿 for RevPAR replacement, and relatively stable profit margins.  Home: Repeat 0 above the overall RevPAR in the first quarter.5% (4th quarter of 2018: +2.8%), the same store RevPAR incorporated 3% (ADR continued to increase 0.1%, occupancy rate drops by 2 every year.5 single; economy hotels and mid-to-high-end hotels are separated twice.4% and formaldehyde 6.8%), significantly lower than the same-store growth rate in 4Q18 (+1.4%).This is mainly due to the high base formed by the Expo Centralization last March (the RevPAR growth rate of the STR hotel industry in March 18 reached 6).2%), and the average level of the exhibition in March this year, the region lacks the opportunity to raise prices comprehensively (March 19, RevPAR ranks 3 in the hotel industry).7%).Home revenue in the first quarter increased by zero.4% to 15.62 ppm, a 武汉夜生活网 margin reduction of 7.9% to 0.98 million, mainly dragged down by RevPAR insertion.  Old First Brigade: Comprehensive RevPAR increased by 1 in the first quarter.6% (ADR + 1.7%, OCC-0.1pct).  Hotel Expansion: Net opening of 12 hotels in the first quarter (75 newly opened, of which economic, mid- to high-end, and management output accounted for 17%, 37%, and 45%, respectively). As of the end of 1Q19, a total of 4,061 hotels had been signedNot open and contracting for 568.  Development Trend The plan to open 800 stores in 19 years remains unchanged, and the industry is expected to stabilize and rebound.1) The store opening plan reflects the company’s views on the future of the Chinese hotel industry.In the company’s history, the first quarter is expected to open stores during the off-season, and only 84 new stores were opened in 1Q18. We believe that the goal of opening stores has been expected to be achieved.  2) The government introduced corporate tax reduction measures to divide domestic passenger transportation services into tax reduction scopes in order to reduce corporate travel costs and increase hotel business sources.In addition, economic indicators such as PMI have the opportunity to recover.  Earnings forecast is based on RevPAR’s weaker-than-expected performance, lowering its 2019/20 earnings forecast by 5% / 7% to 9.74/11.6.9 billion yuan.  Estimates and recommendations At present, the company can sustain 21/17 times 2019/20 P / E ratio.Maintain the recommended level, but lower the target price by 7% to 25.08 yuan, mainly due to lower earnings, corresponding to 25/21 times 2019/20 P / E ratio, there is still 23% of upside.  Risks Macroeconomic and hotel industry stabilization rebounded weaker than expected.

AVIC Optoelectronics (002179) Incident Review: Equity Incentive, Long-term Military Industry White Horse Starts Again

AVIC Optoelectronics (002179) Incident Review: Equity Incentive, Long-term Military Industry White Horse Starts Again

Event: The company released the A-share budget stock incentive plan (second phase), and plans to award 3,206 to a total of 1,215 people including 1215 people, including some directors, senior managers, middle managers, core technical (business) personnel, and senior managers and core backbones.

50,000 shares, accounting for about 2 of the company’s total share capital.

9963%, the grant price is 23.

43 yuan / share.

The scope of incentive objects is expanded, which is good for the company’s long-term 北京洗浴会所 development.

The total number of proposed incentive targets for the second phase of the equity incentive plan (supplementary) announced this time is 1,215, which basically covers the company’s middle-level and above managers and core backbones, which is more than the 266 people granted in the first phase of the equity incentive plan.

We believe that expanding the scope of incentive objects can bind more people to the company’s interests, help fully mobilize the enthusiasm of leaders and key employees, and benefit the company’s long-term development.

Unlocking conditions are more stringent, and performance evaluation shows confidence.

The unlocking conditions for the second phase of the equity incentive plan (supplemental) announced this time are: the return on net assets in the financial year immediately before the unlockable date is not less than 13.

60%, and not lower than the benchmark company’s 75th percentile; the net profit of alternative non-recurring gains and losses attributable to shareholders of the listed company in the financial year immediately before the unlocking date is no less than 10 compared with the 2018 compound year.

00%, and not lower than the 75th place value of the benchmarking enterprise; the completion of the EVA index of the financial year before the previous day can reach the assessment target issued by AVIC, and △ EVA is greater than 0.

In this period of equity incentive plan (draft), 21 listed companies related to AVIC Optoelectronics’ main business are selected as benchmarking companies in the same industry, including international connector leading companies such as Tyco and Amphenol.

We believe that the unlocking conditions for the second phase of the equity incentive plan are more stringent than the first phase, which demonstrates the company’s confidence in future performance growth.

As a leading military connector company in the domestic aviation industry, AVIC will fully benefit from the accelerated advancement of national defense informatization construction.The promotion of 5G communications, new energy vehicles, rail transit and other high-boom industries will drive the continuous growth of civilian products, liquid cooling, and high-speed backplaneSuch new field layout will create more profit growth points.

Profit forecast and investment grade: The company’s net profit for 2019-2021 is expected to be 12.

1 billion, 14.

310,000 yuan, 16.

51 ppm, EPS is 1.

18 yuan, 1.

39 yuan, 1.

61 yuan, corresponding to PE is 35 times, 无锡桑拿网 29 times, 25 times, maintaining the “Buy” rating risk warning: military orders are less than expected; 5G construction progress is less than expected; the new energy vehicle industry’s prosperity decline

Wanda Films (002739) Annual Report Commentary: Multiple Factors Cause Performance-Resistant Cinema Line Leader to Refine Internal Strength

Wanda Films (002739) Annual Report Commentary: Multiple Factors Cause Performance-Resistant Cinema Line Leader to “Refine Internal Strength”

In 2018, the company realized a total of 140 operating income.

88 ppm, a six-year increase of 6.

49%; net profit attributable to mother 12.

9.5 billion, down 14 each year.

58%.

Among them, Q4 single-quarter revenue and net profit were 31.

8.4 billion and 0.

2.7 billion, an increase of 4 each year.

58% and -89.

46%.

Core point of view The gap between the company’s performance in 2018 has expanded.上海夜网论坛 The essence is: (1) the number of cinemas and screens in the country has maintained rapid growth, market competition has intensified, the market opening period of newly opened cinemas has been extended, and the single screens of cinemas have increased and decreased, As the gross profit margin of the projection business continued to decline.

(2) The proportion of non-ticket income in 2018 declined, affecting the overall level of gross profit margin.

(3) In Q4 2018, the company opened 28 new theaters, and the negative growth of the box office in the overlapping industries resulted in the net profit of Q4 in the single quarter only to 0.

2.7 billion.

(4) The increase in accounts receivable and long-term loans resulted in the company’s impairment losses on bad debts and increased financial costs.

The market share 成都桑拿网 of box office revenue increased slightly, increasing the number of terminals initially.

The company achieved box office 95 in 2018.

6 ppm, a ten-year increase of 8.

9%; of which, the domestic box office was 79.

800 million, an increase of 13 in ten years.

0%.

The company’s domestic box office growth rate is higher than the industry level, driving the market share to rise slightly.

6 points to 14.

1%.

As of the end of March 2019, the company has a total of 609 direct-operated theaters and 5,387 screens. At the same time, the expansion rate has improved.

A number of factors have led to the replacement of non-box office revenue growth in stages, and continued development of non-box office business is still an important direction in the future.

In 2018, the company achieved a total of 50 non-box office income.

200 million, an annual increase of 2.

6%; non-box office revenue accounts for 35% of revenue.

63%, compared with the same period of 20171.

37 points.

Due to factors such as the sale of overseas DVD business, the increase in the number of moviegoers and the high base during the same period, the company’s non-ticketing has deviated in the second quarter and the third quarter.

The financial forecast and investment recommendations predict that the company’s EPS for 2019-2021 will be 0.

78, 0.

83 and 0.

89 (In the November 2018 report, the forecast for 2019-2020 was 1, respectively.

00 and 1.

09).The main reason for the downward revision of the profit forecast is the overall growth rate of the industry, the competitive landscape and fierce competition.

Comparable companies have an average PE of 25x in 2019.

As the company is an absolute leader in the cinema industry, and considering Wanda Film’s injection expectations, the company is given 35 times PE in 2019, a premium rate of 40%, corresponding to a target price of 27.

3 yuan, maintain “Buy” rating.

Risk prompts box office growth is not up to expectations, market competition is intensifying, restructuring progress is slower than expected, goodwill impairment risk

Depth-Company-Bank of Shanghai (601229): Benefit from the wide spread of capital spreads and focus on changes in asset quality

Depth * Company * Bank of Shanghai (601229): Benefit from wide capital spread improvement and focus on changes in asset quality

The Bank of Shanghai’s revenue growth rate in the first half of the year maintained the forefront of the industry. Benefiting from the loose funds, the company’s net interest margin in the first half of the year improved significantly compared with the same period in 2018.

In the first half of the year, the company’s asset quality performance was generally stable, but the 90-day overdue and non-performing deviations have improved. Subsequent attention needs to be paid to changes in asset quality.

Maintain overweight rating.

The key performance of the support level is in line with 杭州夜网论坛 expectations, and the revenue growth rate remains at the forefront of the industry.

In the first half of 2019, the Bank of Shanghai’s net profit increased by 10 in 14 years.

3%, in line with our expectations (14.

6%).

The company’s revenue increased by 27 in two years.

4%, a faster growth rate than 厦门夜网 the first quarter (+42.

2%) Temporarily, mainly affected by investment income. The growth rate of investment-related income in the first half of the year (76%) is significantly lower than the previous quarter (311%), but the absolute level of revenue growth remains at the forefront of the industry.

The company’s main business performance was relatively stable. Among them, the repeated growth rate of net interest income under the high base in the same period of 2018 decreased by 3 from 12 in the first quarter.

0%; fee income grew faster in the first quarter and fell 1.

6 up to 9.

08%.

The interest margin has gradually improved, and the regularization of deposits has brought upward costs.

Bank of Shanghai loans increased by 4 in the second quarter.

30%, of which the growth rate of retail loan investment rate increased earlier4.

At 95%, the company increased its mortgage lending efforts, reflecting the convergence of the company ‘s retail asset risk appetite.

With regard to the increase in the speed of credit investment in the real estate sector in public credit, we believe this is one of the reasons for the increase in corporate loan yields.

40% (vs May 2018.

28%).

The company’s deposit performance in the second quarter was better, an increase of 6.
.

42%, the structure of demand deposits decreased by 0 compared with 2018.

56 samples, affected by this, the cost of deposits has increased.

However, the relief of the cost pressure on interbank risks in the first half of the year hedged the upward trend in deposit costs.

Overall, the net interest margin in the first half of the year was 1.

69%, an increase of 14BP in one year.

Looking forward to the second half of the year, we believe that under the background of downward pressure on economic storage, there may be insufficient financing needs of companies on the asset side, and at the same time, the effect of offsetting the cost of high-end interbank liabilities is improving, so the company ‘s interest margin has downward pressure on margins.
The rate of bad generation is rapid, but the overdue 90 days and the degree of bad substitution have increased.

Bank of Shanghai NPLs at the end of the half year1.

18%, a decrease of 1BP from the previous month. We estimate that the company will generate 0 in the second quarter due to its annualized bad results.

69%, a significant decline in the earlier quarter, the absolute level is still low.

The proportion of attention-oriented loans in the second quarter remained unchanged from 2018.

86%, the overdue rate fell 8BP to 1.

61%, but the overdue 90 days and the degree of bad substitution have increased by 13 substitutions to 92% compared to 2018, and we need to pay attention to changes in asset quality in the future.

Provision coverage ratio in the second quarter increased by 5pct to 334% from the first quarter, and provision provision increased by 3BP to 3 from the previous quarter.

94%, the provisioning foundation has been substantially consolidated.
It is estimated that we maintain the company’s EPS for 2019/20 to be 1.
90/2.

The forecast of 12 yuan / share corresponds to a growth rate of 15.

3% / 11.

6%.

The overall corresponding PE for 2019/20 is currently 4.

72x / 4.

23x, PB is 0.

63x / 0.

57x, maintaining the overweight rating.

The main risks facing ratings The economic downturn has caused asset quality to deteriorate more than expected.

Guoxin Strategy: A panoramic analysis of the tax burden of various industries and various types of taxes on A-share listed companies

Guoxin Strategy: A panoramic analysis of the tax burden of various industries and various types of taxes on A-share listed companies

A panoramic analysis of the tax burdens of various types of industries in A-share listed companies (Guoxin Strategy) Guoxin Strategy Group text: Yan Xiang, Zhan Di, Xu Ruchun, Zhu Chengcheng Summary of core indicators: Here is a detailed summary of the fee structure, and gradually complete the various industriesThe main characteristics of the tax burden of the tax types are as follows: First, from the perspective of the overall tax burden, (1) all A-share listed companies have reduced their taxes and fees as a proportion of their pre-tax profits since 2001; (2) 2017Taxes and fees accounted for 67% and 7% of total profits and revenue, respectively.

3%; (3) The tax burden of mining, chemical, real estate and other industries ranks first.

  Second, from the perspective of the total tax and fee structure, the tax and fee structure of listed companies has been replaced by neutralization and enterprises. The proportion of the total tax and fee is 37% and 30%, respectively.

  Third, looking at it from a higher perspective, (1) Machinery, equipment, communications, pharmaceutical and biological industries accounted for 69%, 67%, and 64% of the total taxes and fees; food and beverage, building materials, and light industry manufacturing industries accounted forThe proportion of revenue is 8 respectively.

1%, 7.

1%, 6.

6%, the tax burden is the highest; (2) According to detailed calculations, if the expected tax rate is reduced by 1%, 2%, 3%, the profit after tax can be increased by about 2 respectively.

2%, 4.

3%, 6.

3%.

  Fourth, from the perspective of corporate income tax, (1) in terms of trends, the pressure on corporate income tax burden of listed companies continued to decline between 2015 and 2017; (2) by industry, the real estate and food and beverage industry revenues accounted for the proportion of profitsIs 26.

7% and 23.

5%, the tax burden is the highest.

  Fifth, this schedule contains statistics of all ownership taxes and fees in all industries for reference by investors.

  From the perspective of the structure of total taxes and fees, the tax and fee structure of listed companies in Shanghai and Shenzhen 300 is injected, replacing and replacing half of the country.

Taking the payment expenses and taxes disclosed in the cash flow statements of all listed companies’ annual reports approximately overlapping the taxes and fees borne by listed companies in the corresponding year, we found that all A-share listed companies ‘budgeted taxes and fees accounted for a significant proportion of pre-tax profits since 2001The decline in tax and fee pressure in the mining, chemical and other industries (that is, the proportion of tax and fee expenditures in the area before the tax profit or the proportion of revenue) ranked first.

  Comparison of total tax and fee structure: reduction, reduction and incorporation. We take the Shanghai and Shenzhen 300 Index as a sample to analyze the tax and fee structure and industry comparison of listed companies in detail.

Based on the index tax data disclosed in the annual report of listed companies in the CSI 300 Index in 2017 (mainly obtained through income, gains, taxes, and additional subjects), we get the following options: First, the value-added tax in the tax structure of listed companies,Income tax deductions are halfway.

Through combing, we found that the taxes and fees borne by listed companies are extremely numerous. In addition to the replacement, deduction, consumption tax, real estate tax, vehicle and vessel use tax, land replacement, urban construction tax, education surcharge, stamp tax, land occupation and other costs,Some river management fees and flood control funds, cultural construction costs, non-staple food price adjustment funds, etc.

  In 2017, the statutory taxes and fees borne by Shanghai and Shenzhen 300 listed companies totaled 21,531 yuan, of which restructuring and income were 807.4 billion and 636.8 billion yuan, respectively, accounting for 37% and 30%, and consumption tax was 371.1 billion yuan, accounting for 17%.The land budget is 74.7 billion yuan, accounting for 3%.

Overall, expectations and interest rates can be described as replacing half of the total listing taxes of listed companies.

  Second, from the perspective of revenue, the pressure on taxes and fees in the food and beverage, real estate, and banking industries is the highest, and the pressure on taxes and fees in the agriculture, forestry, animal husbandry, fishery, comprehensive, and defense and military industries is lower.

Specifically, in 2017, the relative taxes and fees of the food and beverage, real estate, and banking industries accounted for 23%, 16%, and 15% of the total revenue; while agriculture, forestry, animal husbandry, fisheries, comprehensive, and defense and military industries accounted for the highest percentage of revenue and taxes.1%, 2%, 3%.

In 2017, the food and beverage, real estate, real estate, and banking industries set the proportion of taxes and fees to 21%, 15%, and 14% respectively; while agriculture, forestry, animal husbandry, fisheries, comprehensive, and defense and military industry accounted for the most taxes and taxes (total) revenue.+ Tax) The proportions are 1%, 2%, and 3%, respectively.

  Third, from the perspective of pre-tax profits, the pressure of taxes and fees in the chemical, mining, and comprehensive industries is the highest, and the pressure of taxes and fees in the agriculture, forestry, animal husbandry and fisheries, media, and leisure services industries is lower.

Specifically, in 2017, the taxes, fees and taxes of the chemical, mining, and integrated industries accounted for 292%, 234%, and 100% of the pre-tax profit; and the taxes and fees of agriculture, forestry, animal husbandry, media, and leisure services accounted for the pre-tax profits respectively.It is 18%, 29%, and 33%.

  Changes in total tax and fee levels: The proportion of tax expenses of listed companies as a percentage of pre-tax profits has fallen sharply. In this section, we use the list of payment fees and expenses disclosed in the cash flow statement of all listed companies’ annual reports to approximate the taxes and fees borne by listed companies in the corresponding year (2017The general taxes and fees of listed companies in Shanghai and Shenzhen 300 in the year totaled USD 215.3 billion, and the ownership taxes paid in the cash flow statement totaled RMB 225 billion, that is, the paid taxes / total taxes = 1.

05, in fact, we use the value of taxes and fees in the cash flow statement to approximate the overall tax of listed companies, which is reasonable, or at least we think they are the same in terms of trends).We can get the following forecast values for the changes in taxes and fees paid by companies: First, since 2001, the proportion of taxes and fees of listed companies in pre-tax profits has fallen sharply.

Since 2000, all A-share listed companies have increased the amount of taxes paid, and the proportion of taxes and profits has shown a significant downward trend, reflecting the reduction in corporate tax and pressure.

Specifically, in 2001, all A-share listed companies’ taxes and fees accounted for 136% of pre-tax profits. By 2017, the value had dropped to 67%. Although it is still in a high position, from the perspective of changes,decline.
  Second, in the past two years, the taxes and fees of listed companies have improved and their proportion of revenue has improved.

Since 2001, the proportion of consolidated turnover paid by all A-share listed companies’ budgeted taxes has been roughly stable, but in the past two years, the taxes and fees of listed companies have reduced the proportion of revenue.

Specifically, in 2001, the taxes and fees of all A-share listed companies accounted for 8 of the revenue.

8%, compared with 9 in 2015.

3 %%, and as of 2017, the value had fallen to 7.

3%, reflecting the pressure on tax expenses of listed companies has been reduced in the past two years.

  Third, all A-share listed companies’ tax and fee growth rates shifted slightly.

Since 2001, the growth rate of taxes and fees paid by all listed companies has been continuous, showing a certain trend from top to bottom.However, since 2011, tax reduction measures such as the expansion of the camp reform and the expansion of the levy point have been continuously implemented, and all A-share listed companies have paid fees and taxes. The growth rate of the hub has suddenly dropped to the next level (of course, and the economic growth rateThe new normal is also penetrating), and the speed increase and shift are slightly more obvious.

Specifically, in 2011, all A-share listed companies paid fees and taxes increased by 26.

7%, while in 2017 the value replaced 4.
.

6%, the growth rate is significantly reduced.

  Fourth, the pressure of taxes and fees in the mining, chemical, and communications industries is the highest, and the pressure of taxes and fees in the banking, agriculture, forestry, animal husbandry and fishery, non-banking finance and other industries is lower.

Specifically, in 2017, the proportion of taxes, fees and taxes in the mining, chemical, and communications industries accounted for 229%, 199%, and 128% of pre-tax profits; and the taxes, fees and taxes of banks, agriculture, forestry, animal husbandry, and non-bank financial industries accounted for pre-tax profitsRespectively 34%, 35%, and 39%.

  Fifth, the growth rate of fees, taxes, and fees paid by the real estate, banking, and automobile industries is the highest, and the growth rates of traditional industries such as textiles and military industries are slower.

Since 2001, the increase in taxes and fees paid by the real estate, banking, and automotive industries (that is, the numerical value of the growth rate from 2001 to 2017) has been the highest, which is 26%, 23%, and 21%, respectively.

The traditional industries such as textile and clothing, national defense industry, agriculture, forestry, animal husbandry, and fishery set the growth rate of taxes and fees behind, which are 8%, 11%, and 11%, respectively.

  The following texts include specific tax and fee details including expectations. In consideration of the availability of data, we continue the previous method and continue to use the Shanghai and Shenzhen 300 index stocks as a sample for detailed discussion.

  The industry comparison of the level of income tax and tax burden takes the ratio of income tax to operating income and profit before tax as an observation indicator of the tax burden pressure on listed companies. Statistics found that since 2010, the changes in the tax burden pressure on Shanghai and Shenzhen 300 listed companies have been clearly divided into two.Phases: (1) basically stable phase from 2010 to 2015; (2) continuous decline phase from 2015 to 2017.

From an industry perspective, in 2017, the revenue from leisure services, finance, transportation, agriculture, forestry, animal husbandry and fisheries accounted for more than half of the total revenue, and the real estate, food and beverage industry had the highest tax burden on revenue.

  Changes in the level of income tax burden: In the past two years, the pressure on income tax has improved. We also take the proportion of income tax to operating income and pre-tax profit as an observation indicator of the income tax burden on listed companies. Statistics show that since 2010, Shanghai and Shenzhen 300 listed companiesThe changes in income tax pressure are clearly divided into two phases: First, the period of basic stability from 2010 to 2015.

In 2010, the CSI 300 listed companies’ insulin accounted for 3 of operating income and pre-tax profit.

0% and 21.

5%, the above indicators were 3 in 2015.

4% and 22.

8%, basically maintained stable, and the above-mentioned indicators during the period of 2010-2015 remained stable with small changes.

  Second, 2015-2017 continued to decline.

In 2015, the proportion of insulin in the Shanghai and Shenzhen 300 listed companies’ operating income and pre-tax profit were 3 respectively.

4% and 22.

8%, the above indicators were 2 in 2017.

8% and 20.

1%, which is significantly lower, and the pressure on income tax of Shanghai and Shenzhen 300 listed companies continued to fall during 2015-2017.

  Comparison of income tax burden industry: Real estate, food and beverage industry income tax pressure is the highest. By comparing the proportion of revenue in various industries to the total tax and the pressure of income tax pressure in various industries, we mainly get the following returns: First, leisure services, finance,For transportation, income from agriculture, forestry, animal husbandry and fishery accounts for more than half of the total revenue.

Specifically, in 2017, the five industries of leisure services, non-bank finance, banking, transportation, agriculture, forestry, animal husbandry and fishery accounted for 66%, 61%, 56%, 54%, 54% of the total taxes and fees, respectively.More than half.
And the chemical industry, mining, machinery and equipment industry revenue accounted for 7%, 11%, 16% of the total taxes and fees, respectively, have not reached 20%.

  Secondly, from the perspective of operating income, the pressure on the revenue tax of the banking, food and beverage, building materials and other industries is the highest, and the pressure on the revenue tax of the integrated, agricultural, forestry, animal husbandry, and fishery industries is lower.

Specifically, in 2017, the proportion of bank, food and beverage and construction materials industry revenues in operating income was 8 respectively.

3%, 7.

6% and 5.

9%; and comprehensive, agriculture, forestry, animal husbandry and fishing and automobile industry revenue accounted for 0% of operating income.

6%, 0

8% and 0.

9%.

  Thirdly, from the perspective of pre-tax profits, the pressure on the income tax of the defense industry, real estate, and comprehensive industries is the highest, and the pressure on the income tax of agriculture, forestry, animal husbandry and fishing, electrical equipment, and automobiles is lower.

Specifically, in 2017, the percentages of income from pre-tax profits of the defense military, real estate and comprehensive industries were 32.

8%, 26.

7% and 25.

Agriculture, forestry, animal husbandry and fishing, electrical equipment, and automobile industry accounted for 9% of operating income.7%, 11.

7% and 12.

7%.

  Comparison of industries that adjust the level of tax burden We believe that a feasible method for calculating the replacement of listed companies is to reverse the amount of replacement tax incurred by transferring tax surcharges.

Through calculation, we find that a total of 14 Shenwan Tier 1 industries are expected to account for more than half of total taxes.

From the perspective of revenue, taxes and fees for food and beverage, building materials, light manufacturing and other manufacturing and processing industries are the highest. From the perspective of pre-tax profits, taxes and fees for the mining, chemical, machinery and equipment industries are the highest.

With other conditions unchanged, we estimate that the Shanghai and Shenzhen 300 manufacturing scores will reduce the tax rate by 1%, 2%, and 3%, respectively. After the tax increase, the after-tax profit will increase by about 10.5 billion, 20.1 billion, and 29.7 billion, which will increase the profit.The amplitudes are 2.

2%, 4.

3%, 6.

3%.

  Brief description of a reasonable calculation method: Rolling rolling with additional surcharges is extended to a type of turnover tax that is levied on sales of goods, provision of taxable services, value-added of taxable acts and import of goods as the basis for tax calculation.

From the principle of tax calculation, reduction is a kind of turnover tax levied on multiple alternate supplementary values or added value of goods in the production, circulation, and labor services of goods.

That is, in theory, the allowable taxable amount = the value-added amount of goods × tax rate.

  From a practical point of view, because it is difficult to accurately calculate the size of the value-added amount of the product, the conversion is based on an indirect calculation method: sales of military goods, provision of taxable services, and taxpayers who are subject to taxable acts, according to the goods, taxableTaxes on labor services, taxable activities and applicable tax rates are used to calculate the tax (output tax amount), and then replace the last converted paid tax (input tax). The surplus is the tax payable by the taxpayer.

  For ordinary taxpayers in general: taxable amount (deduction) = current output tax-current input tax, but since the replacement is a non-value tax, it is not reflected in the operating income of the corporate income statement. The biggest problem lies in the existingDid not directly announce the amount of replacement tax actually paid by the enterprise in the current period.

Therefore, how to accurately estimate the amount of supplementary tax actually paid by the current listed company is the main issue to be discussed here.

We believe that a feasible method is to reverse the amount of replacement tax incurred by expanding the tax surcharge.

  In accordance with the current tax laws, taxpayers must pay the city construction and maintenance tax and education surcharge at the same time as the turnover tax (budget, consumption tax, business tax), and the turnover tax “tax surcharge”.

Among them, the amount of urban construction tax payable = (expense + consumption tax) * applicable tax rate The urban construction tax rate is designated by the taxpayer as: 7% in the urban area, 5% in the county and town, and 1% in the rural area.

For large and medium-sized industrial and mining enterprises that are not located in urban areas, counties, and formed towns, the tax is 1%.

  Education surcharge payable = (actually paid supplement + consumption tax) × 3% In addition, the local education surcharge collection is 2%, and the education surcharge and local education surcharge are 5% in total.

  In ranking cities for construction tax, education surcharges are more suitable for the replacement tax actually incurred by rolling companies, because education surcharge rates do not change with regional changes.

  Therefore, in the case of sales tax, consumption tax, education surcharge, and local education surcharge, we can invert: Actual amount incurred in the current period = Education surcharge ÷ 3%-Business tax-Consumption tax reduction Tax burden Industry comparison: Revenue of various industriesGenerally, the proportion of total taxes and fees is relatively high. By comparing the proportion of total taxes and fees in various industries and the pressure of alternative tax burdens in various industries, we mainly obtain the following scales: First, a total of 14 first-tier industries that account for the total taxFees are more than half.

Specifically, in 2017, the scale of machinery, equipment, communications, and pharmaceutical and biological industries accounted for 69%, 67%, and 64% of the total taxes and fees; while leisure services, real estate, and chemical industry substitution accounted for 12% of the total taxes and fees., 23%, 26%.

  Second, from the perspective of revenue, the pressure on taxes and fees in the manufacturing and processing industries such as food and beverages, building materials, and light industry manufacturing is the highest, and the pressure on taxes and fees in industries such as agriculture, forestry, animal husbandry and fishery, leisure services, and comprehensive industries is lower.

Specifically, in 2017, the food and beverage, construction materials, and light industry manufacturing industries accounted for 8 of the total revenue.

1%, 7.

1%, 6.

6%; while agriculture, forestry, animal husbandry and fishing, leisure services, and comprehensive industry expansion accounted for 0% of revenue.

4%, 0.

7%, 1.

2%.

In 2017, the proportion of food and beverage, construction materials, and light industrial manufacturing industries (income + metering) expanded was 8.
.

0%, 6.

6%, 6.

2%; while agriculture, forestry, animal husbandry and fishery, leisure services, comprehensive industry-specific taxes and fees accounted for (revenue + income) respectively 0.

4%, 0.

7%, 1.

2%.
  Thirdly, from the perspective of pre-tax profits, the pressure of taxes and fees in the mining, chemical, mechanical equipment and other industries is the highest, and the pressure of taxes and fees in the leisure services, agriculture, forestry, animal husbandry and fisheries, and the media is lower.
Specifically, in 2017, the proportion of pre-tax profits in the mining, chemical, and machinery industry mergers accounted for 78%, 75%, and 65% respectively; while leisure services, agriculture, forestry, animal husbandry, and fishery, and the media industry accounted for 4% of pre-tax profits respectively., 5%, 11%.

  Complementary tax reduction sensitivity analysis: The expansion of various industries in the proportion of total taxes and fees is generally higher. In this section, we will conduct a sensitivity analysis on the expansion of the tax rate in the manufacturing industry. That is, we will discuss the reduction of conversion tax rates by 1%, 2%, and 3%.Manufacturing companies can increase the extent of net profit after tax.

Taking the tax rate drop by 1% as an example, the specific calculation method is as follows: reduce tax reduction and increase profit before tax (manufacturing) = actual amount incurred in the current period × (1% ÷ 16%) × 1.

1 Increasing tax reduction and increasing profits after tax (manufacturing) = actual amount incurred during the period × (1% ÷ 16%) × 1.

1 × 0.

8 Multiply 1 by the above formula.

1 is because the tax deduction is increased and the tax surcharge is reduced at the same time, multiplied by 0.

8 is because assuming an effective corporate income tax rate of 20%.

  With other conditions unchanged, we estimate that the Shanghai and Shenzhen 300 manufacturing scores will reduce the tax rate by 1%, 2%, and 3%, respectively. After the tax increase, the after-tax profit will increase by about 10.5 billion, 20.1 billion, and 29.7 billion, which will increase the profit.The amplitudes are 2.

2%, 4.

3%, 6.

3%.

The specific calculation results are as follows (classified by the Securities and Futures Commission industry, a total of 126 manufacturing components): industry comparison of other tax and fee levels In this section, we will classify all the taxes and fees of listed companies’ shares, except for substitution, into other taxes and fees ((Including urban construction tax and education surcharge), we gradually found that the other taxes and fees of listed companies are mainly consumption tax, and other taxes and fees in various industries generally exceed the total tax and fees. From the perspective of revenue, chemicals, mining, real estate, etc.The tax and fee pressure in the industry is the highest, and the tax and fee pressure in the agriculture, forestry, animal husbandry and fishery, non-bank finance, and transportation industries are lower.

From the perspective of pre-tax profits, the pressure of taxes and fees in the chemical, mining, real estate and other industries is the highest, and the pressure of taxes and fees in the banking, non-bank financial, agriculture, forestry, animal husbandry and fishery industries is lower.

  Comparison of other tax and fee structures: Consumption tax is the main type of other taxes and fees of listed companies in which other taxes and fees account for a large proportion of total taxes and fees.

In this section, we categorize all 北京夜网 taxes and fees of listed companies to other taxes and fees, including consumption tax, urban maintenance and construction tax, land replacement, total additional education fees, resource tax, and real estate tax.

In 2017, other taxes and fees of listed companies in Shanghai and Shenzhen 300 totaled US $ 707.2 billion, of which consumption tax, urban construction and maintenance tax, and land occupation were 371.1 billion, 79.4 billion, and 74.7 billion, accounting for 52%, 11%, and 11%, respectively.

  Other taxes and fees in various industries generally accounted for more than the total taxes and fees, and only 6 of the 28 industries in Shenwan accounted for more than 25% of the total taxes and fees.

Specifically, in 2017, other taxes and fees in the chemical, mining, and real estate industries accounted for 68%, 57%, and 47% of the total taxes; non-bank financial, banking, and construction materials industries only accounted for other taxes and fees.For 6%, 6%, 9%.

  Comparison of other taxes, fees and taxes: chemical industry, mining and other taxes, taxes and pressures from the perspective of revenue, chemical, mining, real estate and other industries, taxes and fees from pressure, agriculture, forestry, animal husbandry and fishery, non-bank finance, transportation, etc.Tax and fee pressures in the industry came later.
Specifically, in 2017, the scale of chemical industry, mining, and real estate industry accounted for 9% of revenue.

3%, 8.

1%, 7.

3%; and other taxes and fees in agriculture, forestry, animal husbandry and fishery, non-bank finance, and transportation industries accounted for 0.

3%, 0.

3%, 0.

5%.

  From the perspective of pre-tax profits, the pressure of taxes and fees in the chemical, mining, real estate and other industries is the highest, and the pressure of taxes and fees in the banking, non-bank financial, agriculture, forestry, animal husbandry and fishery industries is lower.

Specifically, in 2017, other taxes and fees in the chemical, mining, and real estate industries accounted for 198%, 132%, and 42% of pre-tax profits, while other taxes and fees in banks, non-bank finance, agriculture, forestry, animal husbandry, and fisheries accounted for pre-tax profits.They are 2.

1%, 2.

3%, 3.

2%.

  Attachment 1: The breakdown of revenue and pre-tax profit by tax of listed companies in Shanghai and Shenzhen 300

Full-time wife is free and annoying

Full-time wife is free and annoying

No matter how many full-time wives are envious, no matter how others think about their lives, they live real lives, with joy and sorrow, as Zhang Ailing once said-life is a gorgeous robe, fullFleas.

Everyone who has a full-time wife has a copy of the “Scriptures”.

  Enjoying a happy time Cheng Yuecheng, a 28-year-old female college graduate, has a working experience: 5 years of medical work. My husband is in an IT company and was a marketing representative in a city in central China.

We met in that city and got married. Last year, he was suddenly transferred back to headquarters.

His stomach is not very good. I have been conditioning for him. I am worried that if he is alone, his health will become worse and worse, so I will follow.

Originally I wanted to find a job, but the doctor was always very busy. In addition, the pace was so fast that it was difficult to take care of him. After thinking about it, it was good to be a full-time wife at home.

Anyway, he made enough money for us to spend.

  I carefully prepare meals every day until he comes back to eat.

When he worked overtime in the unit, I went to his office to have dinner with him.

The rest of the time is watching discs, shopping, and surfing the Internet.

The rented house is small and has no children, so there is not much housework.

Every month, I find that I am fat, which means that my life is too comfortable.

So, when my husband was on a business trip, I followed the tour.

Travel has opened my eyes and my life has been enriched a lot. However, travel costs a lot. I thought about it and thought that it was not easy for my husband to make money. I do n’t make any money, how can I spend more?

So I decided to take advantage of the opportunity to be a full-time wife and help Mr. Do something.

  I search the Internet for reports and market information related to his work every day, and sort it out for him; I also try to help with some planning cases at home. Although I am not professional, but there are also flashes of light, sometimes an idea can inspire himIdeas.

Since I often post online, my writing skills are not bad.

So I started trying to contribute to some newspapers.

Gradually, there were some draft fees.

The gentleman showed energy to me easily.

I’m also very proud, joking: “Why are you so lucky to marry a woman so capable of me!

“He smiled and said,” You became so capable as a full-time wife, and you should thank me! ”

“I should say thank you for life, let me appreciate the fun of a full-time wife.

I enjoy this life very much.

Too many people think that a full-time wife will be separated from society and become ignorant and numb.

I do not agree with this view. I think that whether a person can keep up with the times and integrate into society depends on whether he has a job or not. It depends on whether he can make his life absorb nutrients on different soils.

Isn’t it a job to be a full-time wife?

Also, I don’t agree with relying entirely on Mr. I think a full-time wife should use her strengths to ease the burden on the family.

Some people say that to be a full-time wife, you must be prepared for “hungry rice” and determined to “make rice”. I think it is very appropriate.

When you are a full-time wife, you should learn something so that you can prepare for a new job in the future. You can’t be abandoned by your career just because you left the workplace internship.

Even if I am preparing for a child now, I think I will go to find a job after the child goes to kindergarten.

Money is second, mainly to cultivate children to touch and adapt to the world.

How can you raise children when you are always at home?

  Life is like seesaw Yang Qilin. Qian Yu and his wife have worked together for many years. My wife and I took turns at home. My wife became a full-time wife only once during my child birth, about a year.

And I became a full-time gentleman twice “gloriously” for a total of 8 months.

The reasons for both are: one, the child needs someone to take care of it; two, they are dissatisfied with the original job and plan to resign and start another stove.

For full-time at home, I should say that my experience is deeper.

  First, talk about how my wife feels at home full time.That was 10 years ago, and my wife wanted to have a baby, but her maternity leave was only 4 months. She was very busy with work and had no time to take care of her children after taking maternity leave.

When there is one more person to eat and one less to make money at home, my pressure is naturally greater.

But as a man, I had to carry it. During that time, I often worked overtime. Anyway, the wife had the full power to take care of me.

As a result, my wife was reared in vain and I lost weight.

I was just one year older than her in college, and it seemed like I was 10 years older than her.

When joking, the winning wife was upset and said, “Otherwise, you come to be a full-time gentleman. I go out to work and earn no less than you!”

“The child was returned to his hometown when he was 1 year old.

My wife returned to the workplace, and soon she became very successful.

Thinking that children will spend more money in the future, this time we work hard to earn money.

When the child was 4 years old, I resigned because of disagreement with the company boss.

After so many years of hard work, I managed to “take a vacation” and I took my child back to Guangzhou as soon as possible.

After two months of hard work, the gap caused by space and time was finally eliminated.

I play with my child every day and prepare food for him.

I prepared dinner and brought it to the table waiting for my wife to get off work and enjoy the joy of family. My heart was full of happiness.

And after my careful training, my son’s masculinity increased greatly.

Although the life is happy, after careful consideration, my wife and I decided to send the child back to my hometown to finish kindergarten before coming to primary school.

After sending the children away, I rejuvenated and found a good job again.

  As soon as the child was going to school, the child was picked up.

But at this time, our couple are very busy at work.

I work as a manager in a joint venture company and need to travel frequently.

The child was put into a teacher’s home to eat, live, and study, which cost a lot in a month.

Last year, when my son was celebrating his birthday, he suddenly asked us if he was his biological parent.

If so, why not always live with him?

My wife and I were distressed: Why do we make money?

I took the child back from the teacher’s house and vowed that I would never let the child feel that way again.

I had a serious discussion with my wife and found that at least one of us must personally find a new job to take care of my family.

The two of us compared our salary, position, and development prospects, and the wife was slightly better.

So I consciously went home and became a full-time gentleman again.

  This time I did it for half a year.

Read the relief book every day and take care of three meals.

Buying food, washing dishes, mopping the floor, bathing the child at night, playing games with him, checking homework, one is enough and a full family “husband”.

One Wednesday I bought a white-collar MM next door one after another. Her eyes were full of energy instead of praise, and she said in exclamation: “Wow, you are such a great man!

“I’m very proud of the average.

However, one day ago, when I came back to buy food and met her again, her eyes were full of fox confusion. I told her in a chat that when I was not working now, she immediately got scorn.

I understand her subtext: “How can a big man keep his wife?

“Yes, that’s how I want to get back in the lead anyway.

It’s time for my wife to go home to preside over “government affairs”.

Marrying well is not once and for all. Chu Ye ‘s 25-year-old female college graduate work experience: My parents who were not workers gave me smart eyes and clear skin. They taught me from childhood:, Marry a good family.

“In the past, my focus was on the first three sentences. Later, when I went to college, I suddenly realized that no matter how good the front is, it’s a pavement. The key is to marry a good person.

My parents don’t want my future life to be as closed and contradictory as they often are.   When I was in college, Meteor Garden was all the rage. Almost all girls dreamed that one day a handsome Prince Charming like F4 would come to court him.

Not all girls are as lucky as Shancai.

So when the roommate asked: “A poor Yan Chengxu and an ugly Daoming Temple, which one would you choose as a partner?

“I do not have any choice.

  The answer in my heart is that I am looking for someone who gives me a sense of stability and security so that I don’t have to worry about life, but not too old or ugly.

My husband entered my life at that time.

He is engaged in engineering construction. He is 4 years older than me and graduated from high school.

He has a project near our school and will come to school to dance on weekends.

His purpose is also very clear, because he has not gone to college, he must find a college student to be a wife “improved the quality of the population.”

We fell in love soon after we met, and we all knew that each other was the one I was looking for.

In my freshman year, I was basically waiting to graduate.

He also told me, don’t let me go to work.

I also know that undergraduates like me who are not graduates from infinite schools are very unlikely to stand out in the fierce competition and get good positions.

As you work hard for more than a thousand dollars a month, you might as well live a quality wife life at home.

  He spent a lot of money when we got married. He really liked me. He was willing to spend money for me. He bought a 150 square meter house, which was well decorated and gave my parents 200,000 yuan.

My parents were crying with joy, proclaiming everywhere that I had found such a good-looking and good-looking Ruyi Langjun who was deeply attached to me.

  Life after marriage is leisurely.

The center of my life is my husband.

I took all his food, clothing and accommodations, organized the house in an orderly manner, and dressed the gentleman in a magnificent manner.

Soon, I gave birth to a beautiful daughter.

The first two years of life were very fulfilling, but problems followed. First, because I had a daughter, my parents-in-law whispered to my husband every day: “Regenerate one, anyway, she is idle, not to mention workingNot afraid of being fired.

“What is this nonsense?

At first I pretended that I didn’t hear it, but then I could n’t hear it anymore, so I shot back: “Why don’t anyone take the basic national policy so seriously?

“My in-laws immediately turned green.

  Because three people are idle at home with big eyes and small eyes, the contradictions naturally increase with each passing day.

I refused to my husband. He said, “Fortunately, you didn’t go out to work, otherwise you would not be able to unite these loved ones at home. How can you handle the relationship with colleagues?

“Later, the child was over two years old and I sent her to kindergarten.

My parents-in-law said that I “have no job, and I have stuffed my children with the teacher, and only care about myself for fun.

“At that time, my husband was very busy. I was relatively unhappy with my parents-in-law every day at home, so I used various excuses to go out for shopping and classmates.

As a result, the contradiction became serious, and my mother-in-law always pretended to show my late return time to my husband.

We had a fierce quarrel because of this, and the husband was very angry, thinking that he would support me and that I could spend the money, and I was not able to live well.

I am also very wronged, why can’t I live well?

The gentleman said, “I came home late to be entertained for this family.

You came home late to break up the house.

“I understand his suspicion of me, sad and angry.

  I asked my cousin why she had a good relationship with her in-laws. She said, “I’m probably too busy every day and I don’t have time to meet my in-laws.

“I think it makes sense.

As the saying goes, nothing is wrong.

It seems I have to find a job.

  The full-time wife’s nirvana keeps the charm attractive: the full-time wife can easily be neglected because she is too busy with housework, and she is no longer glamorous in appearance; coupled with the small world of family, it is easy to get away from society, and talk and think behind others, Resulting in a gap with his husband and even a family crisis.
So when a full-time wife stays attractive, it’s all about the appearance of beauty and fitness, but also the inside knowledge and cultivation.

  Keep the kitchen in perfect skill: As the saying goes, to tie a person’s heart, you must first tie his stomach.

This is even more important for full-time wives, where husbands often go out for entertainment.

In the mind of the gentleman, when any mountain and sea taste is less than your wife ‘s dish, your full-time wife will naturally attract countless praises and envy.

  Learn more and learn more about developing expertise: If you are too busy, you will feel sick. It is better to take advantage of time to learn something useful and develop some hobbies and expertise.

In addition, you must not lose your profession. When he returns to the rivers and lakes, he can move forward and back freely.

  Inattention to disease and people: Psychological studies have found that women with multiple roles have a better level of mental health.

For example, it is also a professional woman. When there are problems in the career, women who are married with children will cope better than single women.

However, full-time wives tend to be tired because they are too singular in roles and do not receive recognition from work and society. Therefore, interact more with people, contact more with the outside world, adjust their psychology, and be a happy full-time wife.

  Chu Ye ‘s 25-year-old female college graduate work experience: My parents who were not workers gave me smart eyes and clear skin. They taught me from an early age: “Study hard, get into college, find a good job, marry a good family.
“In the past, my focus was on the first three sentences. Later, when I went to college, I suddenly realized that no matter how good the front is, it’s a pavement. The key is to marry a good person.
My parents don’t want my future life to be as closed and contradictory as they often are.

  When I was in college, Meteor Garden was all the rage. Almost all girls dreamed that one day a handsome Prince Charming like F4 would come to court him.
Not all girls are as lucky as Shancai.
So when the roommate asked: “A poor Yan Chengxu and an ugly Daoming Temple, which one would you choose as a partner?
“I do not have any choice.
  The answer in my heart is that I am looking for someone who gives me a sense of stability and security so that I don’t have to worry about life, but not too old or ugly.

My husband entered my life at that time.
He is engaged in engineering construction. He is 4 years older than me and graduated from high school.
He has a project near our school and will come to school to dance on weekends.
His purpose is also very clear, because he has not gone to college, he must find a college student to be a wife “improved the quality of the population.”

We fell in love soon after we met, and we all knew that each other was the one I was looking for.
In my freshman year, I was basically waiting to graduate.
He also told me, don’t let me go to work.
I also know that undergraduates like me who are not graduates from infinite schools are very unlikely to stand out in the fierce competition and get good positions.

As you work hard for more than a thousand dollars a month, you might as well live a quality wife life at home.

  He spent a lot of money when we got married. He really liked me. He was willing to spend money for me. He bought a 150 square meter house, which was well decorated and gave my parents 200,000 yuan.
My parents were crying with joy, proclaiming everywhere that I had found such a good-looking and good-looking Ruyi Langjun who was deeply attached to me.
  Life after marriage is leisurely.
The center of my life is my husband.
I took all his food, clothing and accommodations, organized the house in an orderly manner, and dressed the gentleman in a magnificent manner.

Soon, I gave birth to a beautiful daughter.
The first two years of life were very fulfilling, but problems followed. First, because I had a daughter, my parents-in-law whispered to my husband every day: “Regenerate one, anyway, she is idle, not to mention workingNot afraid of being fired.
“What is this nonsense?
At first I pretended that I didn’t hear it, but then I could n’t hear it anymore, so I shot back: “Why don’t anyone take the basic national policy so seriously?
“My in-laws immediately turned green.
  Because three people are idle at home with big eyes and small eyes, the contradictions naturally increase with each passing day.
I refused to my husband. He said, “Fortunately, you didn’t go out to work, otherwise you would not be able to unite these loved ones at home. How can you handle the relationship with colleagues?

“Later, the child was over two years old and I sent her to kindergarten.
My parents-in-law said that I “have no job, and I have stuffed my children with the teacher, and only care about myself for fun.”At that time, my husband was very busy. I was relatively unhappy with my parents-in-law every day at home, so I used various excuses to go out for shopping and classmates.
As a result, the contradiction became serious, and my mother-in-law always pretended to show my late return time to my husband.

We had a fierce quarrel because of this, and the husband was very angry, thinking that he would support me and that I could spend the money, and I was not able to live well.
I am also very wronged, why can’t I live well?
The gentleman said, “I came home late to be entertained for this family.
You came home late to break up the house.
“I understand his suspicion of me, sad and angry.
  I asked my cousin why she had a good relationship with her in-laws. She said, “I’m probably too busy every day and I don’t have time to meet my in-laws.
“I think it makes sense.
As the saying goes, nothing is wrong.
It seems I have to find a job.
  The full-time wife’s nirvana keeps the charm attractive: the full-time wife can easily be neglected because she is too busy with housework, and she is no longer glamorous in appearance; coupled with the small world of family, it is easy to get away from society, and talk and think behind others, Resulting in a gap with his husband and even a family crisis.
So when a full-time wife stays attractive, it’s all about the appearance of beauty and fitness, but also the inside knowledge and cultivation.

  Keep the kitchen in perfect skill: As the saying goes, to tie a person’s heart, you must first tie his stomach.
This is even more important for full-time wives, where husbands often go out for entertainment.
In the mind of the gentleman, when any mountain and sea taste is less than your wife ‘s dish, your full-time wife will naturally attract countless praises and envy.
  Learn more and learn more about developing expertise: If you are too busy, you will feel sick. It is better to take advantage of time to learn something useful and develop some hobbies and expertise.
In addition, you must not lose your profession. When he returns to the rivers and lakes, he can move forward and back freely.
  Inattention to disease and people: Psychological studies have found that women with multiple roles have a better level of mental health.
For example, it is also a professional woman. When there are problems in the career, women who are married with children will cope better than single women.

However, full-time wives tend to be tired because they are too singular in roles and do not receive recognition from work and society. Therefore, interact more with people, contact more with the outside world, adjust their psychology, and be a happy full-time wife.

What you do n’t know

What you do n’t know

Generally speaking, women are more likely to be anaemic because of their physical characteristics.

Common anemia is mainly caused by iron deficiency, vitamin b12 deficiency and folic acid deficiency, and it is necessary to increase the absorption of these nutrients from the diet, especially iron.

In addition, even if there is no anemia, women are prone to various symptoms of blood deficiency, and it is best to dialectically adjust them.

  First, the iron requirement of women of childbearing age is the highest as a nutrient element. Iron has three characteristics: first, the content of food is low; second, the body needs less, and third, the metabolic loss is small.

This is because iron is mainly stored in hemoglobin in the human body. Although red blood cells are renewed every 120 days, as long as there is no blood loss, the iron in it can be reused.

Therefore, the body’s demand for iron decreases.

  However, the iron requirement for adults recommended by the Chinese Nutrition Society is higher in women of childbearing age than in men.

In general, men’s demand for various nutrients is higher than that of women, or is flat.

But in women’s childbearing age, iron is the exception, which is determined by women’s physiological characteristics.

Women of childbearing age will lose blood every month due to their regular vacation, which will cause the iron element to be unusable, so the demand for iron will increase greatly.

  Under normal circumstances, the holiday is a normal physiological phenomenon, and under normal conditions, it will not cause anemia.

However, if the amount of false blood is too large or the interval is too short, it can easily cause anemia.

  Similarly, some chronic bleeding in the digestive tract will also cause iron loss and increase the body’s demand for iron.

  From this perspective, iron deficiency anemia is the primary cause of anemia in women of childbearing age.

Therefore, iron supplementation is an important means to improve anemia.

  Second, the best iron supplement for a certain food has three key factors that determine whether it is good or bad: first, the iron content in the food; second, the iron absorption rate in the food;

  In general, from the perspective of iron content, red lean meat, liver, animal blood, fungus, hemp sauce and other foods are more abundant.

However, the high content of pure iron does not mean that the effect of iron supplementation is good.

There are two types of iron in food, one is heme iron and the other is non-heme iron.

The absorption rate of the two is much different, the former is obviously better than the pair.

In general, heme iron is found in animal foods.

But there are exceptions. Milk and eggs in animal foods contain non-heme iron. These plants have poor absorption rates.

  From the above two perspectives, red lean meat, liver, animal blood, etc. should be supplemented with other foods.

Moreover, this kind of food is very substantial when consumed, as much as you eat.

Some plant-based foods, such as black fungus, although the iron content per 100g of dry black fungus is very high, but the black fungus requires foaming, and people don’t actually eat a lot of it.

From another perspective, the water content of the black fungus is not satisfactory.

In summary, for people with iron deficiency anemia, red lean meat, liver, animal blood and other animal foods are the best.

  Third, the food that nourishes qi and blood can not be eaten in disorder. From the perspective of Chinese medicine, “black blood”, so dark-colored things have blood effect, such as red dates, gelatin, longan meat, brown sugar, etc.

Different from western medicine, many things in traditional Chinese medicine are homologous to medicine and food. Although the mechanism of its action cannot be analyzed from the ingredients, its efficacy is affirmative.

  The scope of blood deficiency is wider than that of anemia. People who are not anaemic can also have blood deficiency, especially women. In addition, the blood deficiency described by Chinese medicine is by no means isolated, and most of it will involve other problems, such as qi deficiency, blood deficiency, and blood stasis., Kidney deficiency and blood deficiency, yin deficiency and blood deficiency and so on.

Therefore, Chinese medicine believes that foods with blood-enriching effects have different biases at the same time.

Therefore, the syndrome should be differentiated when eating, or not only will not be able to implement a good blood replenishment effect, but will hinder health.

  Red dates: The main role of red dates is to nourish qi and blood, which is suitable for people with qi deficiency and blood deficiency.

The main characteristics of qi deficiency and blood deficiency are that the skin is not shiny, the wax is yellow, and the nails are white.

Some people are overheated and easily get angry, so they should not eat more red dates.

First of all, it is used to cook porridge, soak water, and eat three or five capsules daily without major obstacles.

  Ejiao: Ejiao’s main function is to nourish yin and blood, which is suitable for people with yin deficiency and blood deficiency.

  People with cold stomach and spleen are not suitable for Ejiao.Because gelatin is nourishing, it will hinder the stomach and affect the digestive function of the inpatient tract.

People with weak spleen and stomach have an appetite loss, indigestion, and are prone to diarrhea and vomiting.

If you take E-Jiao again, it will not only invigorate the blood, but will also affect your health.

Therefore, eating Ejiao alone is not enough, at least with some skin.

Chenpi is used to regulate the spleen and stomach and regulate the qi in the stomach. The combination of Ejiao and Chenpi can promote gastrointestinal function.

Moreover, “qi is the handsome of blood”, which can also promote the function of Ejiao tonic.

  In addition, Ejiao nourishes yin, and many women are prone to yang deficiency, and the simple yin supplementation is more obvious toward yang deficiency, so it is best to supplement yang at the same time.

  Longan meat: The main function of longan meat is to nourish the heart and spleen and blood, which is suitable for people with weak heart and spleen and blood deficiency.

The main symptoms of weak heart and spleen are palpitations, dizziness, insomnia and forgetfulness, and early white hair.

If you have symptoms of blood deficiency at the same time, you can eat more longan meat.

However, people with phlegm fire and thick tongue coating should not eat more, because longan meat will aggravate the symptoms of fire.

  Brown sugar: Brown sugar also has the effect of nourishing blood, but it is more used as a food, leading to health, and cannot be used as medicine.

Chinese medicine believes that brown sugar can replenish blood, mainly in terms of color. If you only look at the physical properties, it can’t be distinguished from white sugar, but the purity is slightly lower.

Moreover, maternal drinking millet porridge and brown sugar is also a common method of blood tonic.

Success-do 1% with 100% passion

Success: Do 1% with 100% Passion

[Introduction]Passion is a kind of power, it can melt everything. Passion is a kind of power, it can melt everything, but it is General David of West Point Military Academy.

Gleeson said, “To get the biggest reward in the world, you must have the passion to turn your dreams into all your devotion, the greatest pioneers of the past, to develop and showcase your talents.

Fire general passion is a means to promote the role of the team, or another embodiment of a person’s quality, is a happy errand, but why do some employees in the company treat it as hard labor?

First-class employees will respond that work is too boring.

However, in fact, the problem often lies in the employees’ attitude towards the company, and the most important thing is the employees themselves.

If an employee can’t treat his job passionately, then even let him do what he likes, and one month later he still finds the job boring.

Employees in most companies already have this experience.

  Harvard Business School Dennis.

Professor Sinlake conducted a survey of 500 companies and found that 80% of employees regard work as hard labor and can’t wait to find a job.

  However, in many companies, passion is an important factor in the achievement of West Point Military Academy. When new employees encounter setbacks or failures in training, they will never make excuses for themselves-some say their own bodyYou have health problems, are not fully playing, etc.-even look at yourself thoroughly.

Employees never study sluggishly, train and train. In fact, it is these factors that determine their success in the future competition.

Therefore, passion is as important to life as a West Point employee.

  Passion is the key to the success of the company to guide employees. If employees lose their passion, they will lose the courage to fight.

Needless to say, withstanding passion, they can release potentially huge energy and develop a strong personality.

Passionate, employees make boring work fun, energize them, and cultivate their passionate pursuit of their careers. Passing on passion, employees can infect relatives and friends around them, let them understand themselves, support themselves, and have goodInterpersonal relationships; With passion, employees are more likely to get promoted and reused by their bosses and win precious opportunities for growth and development.

  In Jack.

According to Welch, passion is a quality that shows the value of employees.

However, in many companies, unfortunately there are very few employees who are passionate about what they do and what they do.

See what our lives are like!

I woke up in the morning when I thought of going to work. I moved to the company with a grudge, and started my day’s work listlessly. After getting off work, I was happy immediately. When I was spending time with my friends, I never forgot about myselfHow boring and boring your job is.

So again and again.

  Henry.

Ford once said: “We never book our jobs as boring, and we get more meaning from our work and training.

Let employees find fun, dignity, accomplishment, and harmonious interpersonal relationships from learning. This is their responsibility as a qualified employee.

  Passion is an important condition for the success of many companies, the famous baseball player Jack.

Waterman is experiencing passion and has created one miracle after another.

  ”When I retired, I joined the professional team, but soon I was hit hardest in my life because I was fired.

I was weak, so the manager of the team wanted me to leave.

He said to me, “You’re so slow, like you’ve been on the court for 20 years.

Jack, after leaving here, no matter where you go to do anything, you will never have a way out unless you lift your spirits.

  Originally, my monthly salary was $ 175. After I left, I joined the Atlanta team. The monthly salary was reduced to $ 25. With such a small salary, I certainly had no passion for doing things, but I was determined to try.

After about 10 days, a man named Tenny.

A veteran of Mitte introduced me to Rogers Manton.

On my first day at Rogers Manton, I had a major change in my life.

I want to be the most passionate player in Texas and I did it.

  As soon as I played, it seemed like my body was charged.

I hit the high ball so strongly that the receiver’s hands were numb.

I remember once when I rushed into the third base with a strong momentum, the third baseman was frightened, the ball missed, and I successfully stole the base.At that time, the temperature was as high as 100 degrees Fahrenheit, and I was running around on the pitch, and I was very likely to get a heat stroke and fall down.

  The result of this passion surprised me. My skills were unexpectedly good.

At the same time, due to my passion, other team members are also excited.

In addition, I did not have a heat stroke. During and after the game, I felt that I had never been so healthy.

When I read the newspaper the next morning, I was very excited.

“Texas Times” said: “The new player is no different than a thunderball player. The rest of the team is full of vitality because of his influence. They not only won, but also the mostA wonderful game.

‘Because of my passion for work and career, my monthly salary has increased from $ 25 to $ 185, a seven-fold increase.

For the next 2 years, I have been a third baseman, and my salary has increased by 30 times.

why?

It is because of a passion, for no other reason.

“A passionate attitude is a necessary condition for doing anything.

Any employee who has this condition can succeed.

  The same is true in a company. In the offices, stores, and factories, there are many employees who are procrastinating. It seems that it takes a lot of effort to walk, making people feel that life is a heavy burden for them.

They hate their work and hope that everything ends soon. They simply know why others can be passionate and motivated, but they always feel boring and boring no matter what.

Watching such employees work is simply suffering, they are cynical.

  And those energetic and motivated West Point employees are motivated, focused, happy, create opportunities themselves, seize them, and want to complete their tasks better.

Different attitudes towards work: either seriousness, passion or lukewarmness, or focus or indifference, the end result is very different.

  Every boss will naturally feel that hard-working, dedicated and passionate employees are more trustworthy.

Every promotion is a great encouragement to them.

The positive attitude of these employees will often infect his superiors. The superiors also know that such subordinates are doing their best to help themselves, and it is also an incentive for those procrastinating employees.

At the same time, under the influence of indifferent, sloppy, lazy employees, the manager’s work attitude will also change a lot, and there is a kind of peace of mind.

Therefore, he will consciously spend time with employees who have a good attitude, care about their lives, and have an instinctual cognitive psychology for those employees who do not concentrate on work, avoid responsibility, and do not cause actual results.

  We want Panasonic employees to take every little thing and every detail seriously, pay attention to it, and devote themselves wholeheartedly and passionately to everything, so you will succeed one day.

  Doing 1% of things with 100% passion At Microsoft, passion is life for an employee.

Full of passion, employees can even release potentially huge energy, and can also develop a strong personality; mastering passion, employees can make boring work vivid and interesting, rejuvenate themselves, and cultivate their enthusiasm for the causePursue; engaged in passion, employees can infect colleagues around them, let them understand you, support you, have good interpersonal relationships; through passion, employees are more likely to get the promotion and reuse of the boss, to win precious opportunities for growth and development.

  True, passion is an invaluable quality.

Just as Bill.

“If you want to get the biggest reward in the world, you have to transform your dreams into the passion you dedicate to realize them, like the greatest pioneers, to develop and sell your talents,” Gates said.
“Many great changes and miracles in history, whether social, economic, philosophical or artistic, have been carried out because of 100% passion for participation.

Napoleon launched a battle with only two weeks of preparation time and another year with others. The reason for this great difference is precisely because he has an unparalleled passion for winning on the battlefield.

  Great people’s passion for mission can write history, and ordinary employees’ passion for work can change their lives.

The famous life insurance salesman Betege has precisely his own high passion for work, creating one miracle after another.

  An unmotivated employee cannot complete his or her work consistently, and it is impossible to achieve creative performance.

If you lose your passion, you will never be able to gain a foothold and grow in the workplace, and you will never have a successful career and a fulfilling life.

So, from now on, be passionate about your work!

Take 100% of your passion to treat 1% of things, and don’t care how trivial it is. “You will find that the ordinary life every day is actually full and beautiful.

What are you afraid of standing at the door of marriage?

What are you afraid of standing at the door of marriage?

The fear at the door of marriage stood on the edge of marriage for the first time. I was 27 years old.

This is an age that is considered good by many people including my mother.

Not to mention that this man who wants me can be regarded as “advanced gray” according to current fashionable words.

According to him, when I was 16 years old, he was already ranked first in the team who planned to marry me home as my wife. With this sentence, I would date him 11 years later.

  The 27-year-old woman no longer dreams of her brain but counts with her fingers in the face of life-long events.

Many nights I lay my fingers on the bed: two houses + two cars + 300,000 annual salary + unconditional love for me = happiness.

In this way, he asked me if I could bring my household registration book and unit certificate to go with him to get married, and I nodded easily.

  I ran to the Civil Affairs Bureau in a taxi and halfway received a friend ‘s phone call. He said why you did n’t have a farewell meal with us and left with a man. I said I did n’t plan to say goodbye to you.How can we mix together after a while, my friend has no voice for a long time, and finally asked what marriage you married?

Later, for this problem, I turned around the sycamore tree in front of the Civil Affairs Bureau three times, and finally said sorry to the prospective groom who was watching me, I couldn’t marry you.

Having said that, I fled the scene at a sprint speed, and I didn’t dare go home to see my mother that night.

After that my mom didn’t cook for me for a month.

  After 6 years, it took me only three months to meet an honest man with a small house and be his wife. My mother asked me what I think about marriage, and I told her that I spent 6 years finallyI figured out the question when I turned around the sycamore tree and didn’t think of an answer: a woman needs to judge whether she can live with a man as a husband and wife, just ask herself, if his elaborate wife wants to work after workCome back home.

  Women running away at the door of marriage are often due to fear. After 27 years old, my fear was to start a family. I have no attachment to this family and another person in this family.

  Some people naively equate “free marriage” with “happy marriage” and ignore the two concepts that are completely different.

Honestly, after marriage has become a “private matter” for individuals to choose freely, it is far more fragile than “parent’s order”, “matchmaker’s word” or “routine formula” in the past.

It is difficult for people without certain knowledge and ability to truly understand and use the right to freedom of marriage. Moreover, the symbol and scope of this right to freedom are still changing with the times and individuals.

  In recent years, various new ideas about the right to freedom have flowed into our traditional society, which has been closed for many years, and have brought shocks to people’s ideas and behaviors regarding marriage.

Until recently, even today, young people are still struggling with various “unfree” marriages, such as arranged marriages, sale marriages, and compulsory marriages caused by external conditions such as property, housing, public opinion, and feudal morals.However, people have entered an empty “freedom world” in which they seem to recognize a kind of “freedom” emptiness and pressure.

If you do n’t see him, there are a series of possible contradictions and even crises in free marriage. Some couples who have enjoyed the right to freedom of marriage with joy and joy also surround the difficult situation of marriage breakdown.

Unfree marriages and free marriages can also become unfortunate, but truly happy marriages are so out of reach!

  If it is said that marriage from non-free to free must be corrected by the social revolution to change the “great environment”, then from free marriage to happy marriage, most of all rely on their own ideals and unremitting efforts to create an optimization.”Small environment”.

A happy marriage is like a variety of artistic creations, not a product that can be produced in large quantities. Society cannot design a standard model for it.

  When a person chooses a spouse to marry, has children, and creates a happy family and enjoys a happy life, the process is the same as a sculptor chooses a raw material to process into a work of art.

If a person intends to create a happy and beautiful marriage, then he must start from the point of choosing a spouse and step by step.

Marriage has a creative beginning, and then uses its unique technology and willpower to continuously process, modify, decorate, and improve, because the standard of happiness is constantly increasing, and one’s psychological desire for happiness is endless.

If there is a problem at some stage of the marriage process, or even a total failure, then find the cause from each branch.

It is a pity that many people do not understand that successful marriage is a creative process. They often attribute the unsuccessfulness to the improper choice of their spouses, without investigating their ability and patience for creativity.

When they encounter setbacks, they blame each other, and even “abandon old plans and new ones” easily, thinking that changing a spouse will solve the problem.

As everyone knows, if you don’t create the artistic talent for a happy marriage yourself, even the best “raw materials” will be scrapped in your hands.

Moreover, as the spouse of the “raw material” for creating a happy marriage, they are living people with great plasticity and potential for cooperation. If they cooperate well, they can achieve “multiple results with less effort”. Even if there are mistakes, they can be easily restored or corrected.

Compared with the creation of ordinary works of art, the difficulty of creating a happy marriage with quality that can change at any time has increased the difficulty of creation.

  Unfortunately, modern people seem to be increasingly lacking courage and patience in the matter of creating a happy marriage. They have no intention to give enough effort, and some people do not have the ability and skills to create, and the perseverance to learn and practice.

Of course, the scientific research and knowledge dissemination of marriage and family in the society also lags behind the times. The lack of convenient institutions and personnel to provide scientific help and guidance to people in difficulties is also the reason for the increasing number of marriage tragedies.

This involves the necessity and possible issues of previous extensive marriage counselling.

Overall healthy cycling

Overall healthy cycling

In the gym, we often see different ways of cycling.

Some people are accustomed to riding slowly and insisting on cutting down; others are concentrated on riding for a while and then suffocate; others like to ride fast and slow together.

So, what are the differences in the exercise effects of these riding methods?

What is the most scientific and effective way?

  Long-term slow cycling heart rate generally does not exceed 65% of the maximum heart rate.

For more than 20 minutes, more aunts will “burn” to replenish energy. Therefore, it is more suitable for those who are overweight for the purpose of reducing fat.

  Riding fast can make the heart rate reach 85% of the maximum heart rate.

At this time, the body is mainly powered by glycogen anaerobic fermentation, which can improve the anaerobic capacity of the whole body, especially the thigh muscles, and help raise the anaerobic threshold.

In other words, the physical discomfort after vertical exercise will be replaced, which will help our army to exercise at a higher intensity or to persist for a long time during high intensity exercise.

In addition, fast riding is also very valuable for cardiopulmonary function.

  In addition to combining aerobic and anaerobic abilities with cardiopulmonary function, the riding method combining speed and slowness can also increase the fun of exercise.

If you can get scientific guidance and adopt a more reasonable combination of speed and exercise, you will get better fitness results.

  Medium-speed riding is to control the heart rate at 65% -85% of the maximum heart rate, which is a good way to exercise cardiopulmonary function and physical aerobic capacity.

  It’s best to alternate the above methods when exercising, but one of them is mainly used in conjunction with the other methods to achieve better exercise results.

In addition, when the bodybuilder first starts exercising, the riding speed should not be too fast. Generally, the time is 20-40 minutes. If you feel tired during the period, you can ride slowly for 1-2 minutes to recover your strength.

After a period, gradually increase the intensity and duration of the exercise.