Deutsche Bank: the situation in Greece after the referendum four kinds roadmap

Night network, nightlife network Finance YORK, July 6 news, Greece on Sunday to hold a referendum on the international bailout creditors, voting results showed that more than 61.3% of Greek citizens oppose the rescue plan。This result means that Greece is likely to be forced out of the euro。German Chancellor Angela Merkel and French President Francois Hollande agreed to call for the convening of the euro zone summit to discuss the crisis in Greece on Tuesday。  Deutsche Bank (Deutsche Bank) by the scientists believe, after a referendum rejected the rescue plan proposed by the creditors, the Greek crisis unpredictable consequences and probabilities range surged again。  Deutsche Bank pointed out that the next few hours, the two sides willingness to resume negotiations and restart the conditions under which negotiations will be the next most important thing。After that, the pressure faced by the Greek economy and the public will gradually increase, the banking system is frozen, the more stringent capital controls。This will force Greece must quickly make a decision, in the end is to return to the negotiation track, or consider alternatives – out of the euro。  Deutsche Bank believes the situation could progress in the next four kinds roadmap: The first possibility: soft Agreement。Eurozone creditors to provide assistance protocol for significantly reducing conditions to Greece, but the least likely to think that Deutsche Bank。  The second possibility: default and stay in the euro。Greek default, but remain in the eurozone, other members of the Bank of Greece for direct recapitalization, while the Greek government only domestic resources to meet their financial needs。Deutsche Bank believes this is a low possibility of secondary cases。  A third possibility: to reach a new agreement。With the banking system shutdown caused by the economic and political costs continue to rise, the Greek government was replaced by radicals of a new national unity government, and reached a new aid agreement with creditors。  A fourth possibility: Greece out of the euro。Deutsche Bank economists believe that Greece out of the euro and the maximum likelihood third scenario, both the possibility of roughly。Therefore, if the four possibilities are taken into account, the probability of a Greek exit should be less than 50%。  But views differ from other institutions, after the referendum results came out, JP Morgan Chase (JP Morgan) that Greece out of the euro has risen to two-thirds probability, Barclays Bank (Barclays) also believe that Greece out of the euro is a high probability event。(Shofu compilation)

Deutsche Bank: Greece will not default 4 Reasons

Night network, nightlife network Finance YORK, May 12 news, Tuesday 7 Greece needs to repay IMF [microblogging] (IMF [microblogging]).500 million euros loans, and loans Greece needs throughout the year to the IMF and the European Central Bank [microblogging] to repay nearly $ 12 billion。Due to the depletion of cash, fears that Greece may not be able to repay the loan, which appeared in some form of risk of default and bring Greece out of the euro。  But the German newspaper Der Welle published an article entitled "Greece can not exit the euro", saying even a small problem in Greece appear to pay creditors in Europe, the event will not lead Greece out of the euro, Greece out of the euro is not impossible things to avoid。The article cites Deutsche Bank (Deutsche Bank) HEINEN Nicolaus analyst's point of view, he believes that Greece will not default, mainly based on the following four reasons: 1. Risk of infection。80% of Greek government bonds in the hands of eurozone members, if Greece defaults, will lead the Greek government bonds plummeted, so that eurozone members suffered losses; 2. European Central Bank funding。The European Central Bank may continue to inject liquidity to Greek banks to help Greece in the short term refinancing; 3. Geopolitical factors。As an outpost in the eastern Mediterranean, Greece is not an option for Europe; 4. Capricious is a good sign。HEINEN said: "The Greek government's actions seem capricious, but this may show the level of devastation in Greece prospects may be less than half of media publicity。"But that does not mean that Greece did not worth worrying about。  According to the "Wall Street Journal" reported that, taking into account the risk of contagion of the Greek problem, IMF said it "is working with South-East European governments to develop contingency plans on a Greek default" because "there may not be able to reach an agreement to continue aid to Greece."。  The article also noted that the National Bank of Greece, Alpha Bank, Piraeus Bank and the European Bank Ergasias has about 20 percent of banking assets in Bulgaria, the former Yugoslav Republic of Macedonia, while these banks in Romania, Albania and Serbia also has a branch, once people in these areas feel they have the risk of deposits in Greek banks could panic and run。But Joerg Decressin, deputy director of the IMF's European division said it is difficult to quantify the scale。(Shofu compilation)

Derailment of your body my soul

He received a strange phone, the hospital at noon。    She broke a rib after a white bandage wrapped around the front to。。。。。。    I bought a fruit to go, not wake up, lay down, in turn catch the subway to work, just in front of the temporary turn, looked back at her, a ray of sunlight shone on her pale face, then turned and go with。    She was on a business trip a few months, I have prepared a dinner with her favorite sweet and sour pork, and fish-flavored pork。    The doctor told me that she is OK, take a break of several months will be all the more, and her head hit the car with a door glass, skull fracture, no rescue suburbs, I know they are too red and green the event of heavy goods vehicles rolling in another direction。    They are colleagues who travel together to start a company car。    Fifth, winter sunset For dispassion abandoned when commuting between floors of the city, I was smoking a cigarette in the office to see if they coiled round and round in my space……    Eight, I put the lunch went to the hospital, in the middle Hui Letang home, the house was quiet and suffocating, I will pour the sweet and sour pork ribs bathroom……    She sober him, has been in tears, I helped her with a paper towel, married for ten years, was crying in the United States is the same。    A month later discharged from hospital, I was to pick up her car, was a cloudy day, there are like degrees below zero forty-five, white clumps of gas exhaled, she mentioned instrument, to see him……  Monument pictures very handsome, if an accident should be a promising, I see from a distance, she stood before him, the wind whipped up and down in a rolled-up leaves her feet, like a lonely soul mortal dance……  After a half months we divorced, I am a process engineer, a red light will continue for a few seconds is a breeze, I entered the city public camera system and watch them gently kiss in the car, and the warm embrace……    That can save the story, in the winter freeze tightly to the memories of the past。

Massage Massage diarrhea helpful to try these three locations

Massage diarrhea helpful?Diarrhea is sometimes in life things happen, then you know how to do it diarrhea?Massage diarrhea helpful?Following small to talk about how helpful everyone with diarrhea massage。 1 massage helpful diarrhea, diarrhea when Chiropractic chiropractic, acting mainly on the way back and both sides of the spine, the spine is a Chinese Du, the main one of the sun, chiropractic can regulate Yin and Yang, spleen and kidney。
In operation, light doctor with both hands against the index finger points spine Fangzhang Jiang, pushed up to the neck spine Dazhui。
While his hands alternately thumb on the spine by doing, pinching, twisting and other actions, a total of six times a pinch。
When the fifth pass, in the spleen, stomach Yu, Geshu do pinch mention the way。
After six times, three times the unit gently with both hands, thumb to the children of Shenshu。
Pinch plot therapy daily early morning or in the best operating results in the morning。 2, diarrhea massage Gumi vertebral end between the tail and anus, i.e. after long strong point of Du, also known as point Tail。 Diarrhea rubbing massage may be helpful to pass notes through the air Du, bowel function conditioning, points of calm, diarrhea can。 The basic approach: prone children, rubbing umbilical index ophthalmic or finger (i.e. Shenque), rub counterclockwise about 100 times, about 3 minutes。 3, diarrhea massage baths hand volar wrist crease yin and yang。 Also known as large stripes。
Radial (thumb side) to the pool positive, ulnar (little finger side) of the female pool。
The basic approach: two thumb from the palm side of the wrist crease center (ribs total points) divided by pushing aside, saying minute push large stripes, also known as the break up of yin and yang, yin and yang。

Wonderful!Anglo-Dutch War abandoned VAR technology because the referee will not use

  FIFA has confirmed that this summer's World Cup will use the VAR technology, for the team, they also want to test the technology in the next and more possible。 But for the England team, they suffered a big blow。
  England will start the day after the morning warm-up match with the Netherlands, the original game will use the VAR, but now the Dutch Football Association has told the "Daily Telegraph", because when the referee Spaniard Gil – Manzano and his team lack experience with the technology, so the game will not use VAR technology。
  The FA also confirmed that the World Cup match before the final and Costa Rica, will not have VAR technology, because by then the game at home to Leeds United, the Premier League and only venue equipped with this technology。   This means that before the World Cup, the England team and the game only in Italy and Nigeria as well as the opportunity to experience the VAR, the British media that they have to take the chance。   "Telegraph" the author said that although some of the players in the FA Cup and League Cup experienced VAR, but also lack of experience in national team。
And their main rivals on the World Cup in Germany has taken a VAR in the Bundesliga, which for the team will be a negative factor。   (From the Stanford football off)。

15-year-old school grass face squeeze acne receive notice in critical condition Experts advise

  When transferred from Hangzhou, Jinhua treatment, Wang left eye purulent severe swelling to only narrowed Line ", has entered the cerebrospinal fluid pathogens, so we issued a notice in critical condition。 "Dr. Zheng Lin said, 'Kobayashi was blood, eyes, cerebrospinal fluid infection have been confirmed, a diagnosis of sepsis, purulent meningitis, brain abscess, lung abscess……Superbugs' are actually called "methicillin-resistant Staphylococcus aureus," the result of the invasion of the body around Kobayashi。   This highly resistant superbugs, ordinary antibiotics simply do not work, Zheng Pro chose two of the most powerful antibiotic combination therapy, "Fortunately, cardiac ultrasound found no vegetation, temporarily ruled out the possibility endocardial violations。
"Says Dr. Zheng Lin。   Because diagnosed timely and accurate medication, Kobayashi's body temperature and blood began to return to normal after more than 20 days of hospitalization, blood Kobayashi bacteria had been cleared, but look a little cross-eyed, but Ophthalmology think first anti-infective, after six months or a year to see recovery, can be corrected by surgery。   Dr Cheng reminder, acne appears when the faces, preferably with 2% iodine early smearing the affected area several consecutive weeks, local clean, can dissipate Boil。
As Boil large, swelling around the eye ointment or chlortetracycline available to help more than a hundred, day 2?3, promote inflammation repaying。
Only in complete control of acute inflammation, infection and is very confined, it has formed a significant subcutaneous abscess, ulceration and eventually becoming when before with as little trauma conditions, cut the skin abscesses surface to facilitate drainage, but still can not extrusion。   Miao newspaper correspondent reporter Zhang Rui Yang Fengling。

Fed rate hike! Read a paper on the impact of domestic stock and property markets

  Beijing on March 22 morning, much recent attention of global investors meeting on interest rates in March formally settled。   After two days of discussions, the Federal Reserve announced that the federal funds rate target range by 25 basis points to a level to%。 This is the first time this year the Fed to raise interest rates, in line with market expectations。
  The impact on domestic assets and categories of analysis and perspectives from a number of blue-chip front-line general said, bring some negative impact is likely to continue raising interest rates despite the Fed on the domestic risk-free interest rate funds, categories of asset prices might thus have the pressure, but the equity market still has high appeal for the a-share market's long-term performance, we can still maintain a moderately cautious optimism。 Future investment opportunities in the stock market, continue to be optimistic still worth。   Is China a substantial follow-up to the biggest suspense possible effects on domestic monetary policy and financial aspects of the current level of interest rates the Federal Reserve to raise interest rates, the recent mainstream research perspectives from brokers and other sell-side institutions are generally agreed that, after the Fed rate hike, China's central bank will enhance the probability of a large open market operations interest rates again, which may lead to continued market funds rate continued to moderate upward。   (,) Chief macroeconomic researcher Zhao bonds to China Securities News (ID: xhszzb), told reporters that from the historical experience, China's central bank monetary policy mainly consider domestic factors; but in the last year with the normalization of monetary policy to speed up overseas, China's central bank monetary policy changes focus on overseas also increased significantly。
    In addition, private equity and other aspects of the analysis, the mainstream view is also inclined to believe that the central bank will lift interest rates again open market operations, as the interior of this Fed rate hike feedback。 However, there are private agencies also suggest that the risk that the Federal Reserve to raise interest rates later this follow up on the possibility of China's central bank to raise interest rates can not be fully ruled out。   Suzaku investment from Shanghai, Shanghai and other point of view generally believe that the current Fed interest rate hike, expected China's central bank will continue to affect market funds rate by open market operations in order to maintain the stability of the cross-border movement of。   The co-chief investment officer Chen Xin then to China Securities News (ID: xhszzb) reporters said that the current widely expected China's central bank will follow the Fed raised open market operations rate (including inverse interest rates, MLF interest rates, etc.) 5 or 10 basis points (% or%)。
Taking into account the repo rate and the interbank interest rate certificates of deposit issued significantly higher than the comparable interest rates of open market operations, policy interest rates just further confirmation of market interest rates, open market operations only if interest rates rise, then the negative impact on the financial markets will be very limited。
On the other hand, although the financing of social and economic growth momentum weakened from this year, inflationary pressures and controllable point of view, there is not the need to increase deposit and lending rates, but once the deposit and lending rates do rise, then on the domestic financial market will have some impact than expected。   It is noteworthy that, since the beginning of 2017, the overall direction of the inter-bank money market interest rate point of view, the face of the past year and the Fed has to raise interest rates three times, (,) between the central market funds rate, although a slight upward, but the overall rate is still very limited upward。
    Source: Finance Department terminal data as of March 21 funds rate is the weighted average deposit-taking institutions categories of assets is still relatively favorable Bi Jia shares from the perspective of asset allocation categories, the current overall blue-chip private equity investment in A-share market opportunities, overall confidence remains strong。   Deputy Director of Shanghai Suzaku investment research Hurong Chun said that the trend of domestic categories of assets but the main thing affected。 The current economic good start, vivid energy remains to be seen within。
Overall, with the social categories reallocation of funds, equity markets still have high appeal。   Shanghai Fu Shan, general manager of the investment Lin Chengdong further analysis, said this after the Federal Reserve to raise interest rates, lifting the domestic market interest rate volatility range that may arise, the discount rate on the market, the stock market has brought some pressure by mortgage rates。 Hike the cumulative effect of the final reaction on the resistance of economic growth, potential economic growth will fall in the long-term fundamentals and demand for commodities put pressure。
A shares, the Fed is expected for more advanced management of monetary policy, the market expected the Fed to raise interest rates relatively full, before the hike in global financial markets has been more fully reflect the impact of interest rates, so after the rate hike impact on the market is too small。
And, after the A-share market the Federal Reserve to raise interest rates in most cases will still run Historically, in accordance with its own rhythm。 Considering the stock market over the past two to three years compared to the financial side of the property market and commodities is not sufficient, therefore, despite the impact of the rate hike, the current market structure due to the presence of money effect, A-share market liquidity situation is not worth overly pessimistic。
  In addition, there are private agencies on condition of anonymity further said that the current overall benchmark lending rate at record level trough。 After this time the Fed raise interest rates again, the domestic benchmark lending rate is likely to gradually face the reality of upward pressure。
In this context, respect for domestic markets, like commodities and other investments, the recommendations should be cautious。     (Above benchmark lending rate over 5-year period) private blue chip stocks continue to focus on opportunities for A shares after this particular Fed rate hike, the current overall strategic view of the blue-chip private equity firms were generally more consistent, that is, in point of market expectations overall under the background of cautious optimism, we continue to tap investment opportunities in individual stocks。
  Double Ninth investment co-chief investment officer Chen heart said, from a valuation point of view, the valuation of a substantial restoration after 2016, small and medium-invasive way down the valuation, A-share valuation of the overall level of the whole market is becoming more rational。
Standing on the current point in time, the probability of systemic valuation of A shares to raise or lower are relatively small, but more opportunities mining stocks。 From the current point of view, the integrity of the value of large blue-chip return process has been more than half, "second division" basis appears next market will be significantly differentiated and more in the past year on。 On the one hand 10% of the expected performance of some stocks led the gains will continue to be the subject of excess returns for investors; on the other hand behind 2017 90% of the stocks will show a new "nineteen" market differentiation。 Investors are advised to seek further companies' expectations for the better has not been established but is expected to build the future, "the。   A combination of spot-share market run, deputy director of Shanghai Hurong Chun Suzaku investment research analysis said that the current market is mainly chasing high valuation, high stock prices of stocks, and for the size and performance of preferences is gradually fade。 This style with the previous market, TMT and other industries related valuations are low, but also enhance related to recent policy level to support the "unicorn" of enterprises has brought a degree of market attention。 In the specific investment strategy, the short to medium term, the agency will continue to play down the private sector style, continue to look for stocks based Alpha。
  Fu Shan Hai, general manager of investment Lin Chengdong also analyzed that the negative impact of the Federal Reserve to raise interest rates for A shares is mainly reflected in the discount rate for the valuation of erosion and leading corporate earnings growth potential。 From a structural point of view, since the value of stocks and growth stocks over the past two years, we experienced the opposite trend valuation movement, the value of stocks as a whole in a constant process of valuation increase, while growth stocks are declining in the valuation process。
Overall, at this stage in the bottom of historical valuation relative valuations of growth stocks suffered the impact of the situation better than value stocks, the stock market in the future and other topics, is expected to show a better investment opportunities。   The latest statistics from the Finance Department of big data terminal display by the close March 21, compared with directly affected by the Fed to raise interest rates while the US stock market valuation is facing bearish, the current A-share market as a whole right weight plates relatively low valuation ,, GEM as a whole is not very significant valuations inferiority。
  Source: Department of Finance large data terminal data as of March 21。

Nothing succeeds like success!Harden lost 1 1.20 MVP standings leader James Wong unable to catch up

  Beijing time on March 4, the Rockets 123-120 win over the Celtics at home, ushered in a 15-game winning streak。 The rockets are nothing succeeds like success, leading the league record, while Harden is far ahead in the standings MVP Odds。   [] [] [] To face tough defense of the Celtics, the Rockets learned the experience of losing last time, to speed up the pace of the game, played his offensive。
May be unexpected is, the Green Army did not panic, but repeatedly exchange that prevail in the war。 The two sides tug of war continued until the last moment, with only hold the key to the ball, separation of the outcome。   The campaign Harden scored 26 points, 10 assists, seven rebounds and five steals, again played a superstar performance。
Rockets also successfully accept 15-match winning streak。 Rockets lead the league record, Harden also in the MVP standings odds triumph in the pack。
The latest odds show that most companies have closed MVP bets ahead。 A few are still opening data show that Harden overwhelmingly lost the lead 1。
From his recent LeBron – James, with the number 1 ranked lose 5 second gap significantly。   Harden is currently the team record and personal contribution, we are the most prominent。 Finished the regular season has been about 75 percent alone last 20 games, hardly anyone can shake Harden's leadership。 Bearded while achieving personal goals, we will try to lead his team to go farther in the playoffs。 (Pan Feng)。

CSRC negotiations Listed Companies: net interest increasing trend of the real economy adhere to merit all the good

Press conference Q & A session Q: listed companies to disclose 2017 Annual Report has been basically completed, can you tell us about the relevant situation?  A: As of the end of April 2018, in addition to * ST Hua Ze and other nine companies, Shanghai and Shenzhen listed companies to disclose 3522 Annual Report 2017。Details are as follows。  First, the performance of the situation (a) to maintain net profit growth, the loss narrowed, the growth rate of the plate are different。In mid-2017, the Shanghai and Shenzhen listed company achieved operating income 39.25 trillion yuan, an increase of 18.80%, growth accelerated 10.12 percent; net profit of 3.36 trillion yuan, an increase of 19.10%, the growth rate increased 11.65 points。From the profit and loss structure, the 3300 profit, 222 losses, the loss of 6.30% decline compared with 2016 0.62 points。Sub-sector perspective, net profit rose 20 motherboard.46%, the growth rate increased 15.90 percentage points, showing a good trend; net profit rose 19 small plates.88%, the growth rate decreased 16.88 percent; by Wen's shares and Letv two weight affect the company, net profit fell 17 GEM.98%, growth fell sharply 57.56 percent, excluding the two companies, the GEM net profit rose 3.19%。  (B) the performance of the real economy as a whole for the better。2017, non-financial listed company achieved operating income 32.91 trillion yuan, an increase of 21.07%, the growth rate increased by 10 compared to 2016.40 percent; net profit of 1.70 trillion yuan, an increase of 33.87% increase in the growth rate of 5.69 percentage points, to further consolidate the good momentum。From the profitability perspective, non-financial listed companies net assets yield 9.49%, an increase of about 1.4 percentage points。  (C) the performance of the financial sector to reverse the downward trend。In mid-2017, the financial industry achieved operating income of 600.34 trillion yuan, an increase of 8.Of 36%; net profit 1.6.5 billion yuan, an increase of 7.15%, reversing the declining trend in 2016。Among them, the banking sector net profit of 1.39 trillion yuan, an increase of 4.91% growth rate compared to 2016 increased by 3.08 percentage points; NPL ratio from the end of the year 20 161.70% down to the end of 20171.59%, asset quality continued to improve。Securities 1029 net profit.8.6 billion yuan, an increase of 1.62%。Insurance 1451 net profit.0.7 billion yuan, an increase of 44.62%。  Second, the continued optimization of the economic structure (a) supply-side structural reforms to further promote。Ordered to resolve excess capacity。2017, coal, iron and steel industry companies to acquire fixed assets, intangible assets and other long-term reduction of 5 assets to pay cash up.75% and 6.37%, continuing a downward trend in 2016, with production capacity continue to compress。By the end of 2017, coal, iron and steel industry, fixed assets and construction in progress total proportion of the total assets of 49.10% and 53.84%, compared with year-end 2016 decreased by 2.3 and 71.68 percent, the stock of production continued to digest。The real estate industry "to the inventory" significant effect。2017, the real estate industry companies stock sale by the proportion of total assets in 2016 34.46% down to 31.23% of real estate inventory levels continue to decline。Real economy "deleveraging" and achieved initial results。At the end of 2017, non-financial listed company's assets and liabilities was 60.05%, compared with year-end 2016 decreased 0.33 points。Among them, the state-owned non-financial corporate balance was 61.24%, down 0.31 percent, the first decline in recent years。With the continued introduction of tax cuts drop fee policy, corporate taxes and costs continue to reduce, by 2017 non-financial listed company's actual tax burden of total revenue 6.73%, down 0.61 points。"Fill the short board" to speed up investment in the field。2017, health industry, ecological protection and environmental governance industry occurred acquisition of fixed assets, intangible assets and other long-term assets to pay cash up 87.57%, 47.12%, continue to increase investment。  (B) The New Economic momentum continued to build up。In mid-2017, strategic and emerging industries listed companies net profit of 3946.2 billion yuan, an increase of 21.80%, continuing rapid growth。From the breakdown field, high-end equipment manufacturing and bio-industry net profit increased by 91.83% and 27.24%, leading new industries; new materials industry, new energy industry and a new generation of information technology industry net profit up 22.64%, 20.09% and 16.23%, continue to maintain high growth。From R & D situation, a listed company in mid-2017 R & D expenses 5747.3.9 billion yuan, an increase of 21.54% of R & D costs account for operating income of 1.46% rise compared with 2016 0.03 points。In addition, the concept of plate unicorn listed companies net profit of 369.6.6 billion yuan, an increase of 57.08%, reflecting to some extent, new technologies and new formats new model of industrial growth continues to accelerate。  (C) the downstream industry differentiation, regional development generally favorable。Sub-sectors, the continuing rise in the influence of supply-side reform and commodity prices, the upstream industry to achieve rapid growth, the mining industry in mid-2017 net profit of 1666.0.5 billion yuan, an increase of 175.91%, the growth rate increased 168.39 points。Manufacturing, construction and other midstream industry continued momentum, net profit of 6549.3.8 billion yuan, an increase of 41.16%, the growth rate increased 24.26 points。Among them, the net profit of the manufacturing sector to achieve 40.88% growth。Prices in the upstream to downstream extrusion formed a certain effect, in the case of demand has not significantly expanded, and information technology services, real estate and other downstream industry growth rate has declined, the downstream industry in mid-2017 listed companies net profit of 8738.4.5 billion yuan, an increase of 17.62%, the growth rate decreased 4.83 points。Sub-regional perspective, benefit from the national policy support in 2017 western and northeastern regions of listed companies net profit of 2274 respectively.6.7 billion yuan and 499.7.9 billion yuan, an increase of 55.52% and 40.33% faster growth。The economic rise of the central region of listed companies net profit of 1845.1.8 billion, an increase of 52.74%。The eastern region accelerated restructuring and upgrading of listed companies net profit of 2.89 trillion yuan, an increase of 15.13%, performance stabilized。  (D) listed companies to actively serve the national strategy, and actively participate "along the way" building。First, listed companies in a variety of ways trade, construction, industry mergers and acquisitions to support national economic development along the route。Second, actively participate in poverty alleviation accurate。According to the annual report disclosure shows that in mid-2017 in Shanghai and Shenzhen has more than 850 listed companies to disclose the situation to carry out precise poverty alleviation, the listed industrial company with its own characteristics and the actual poverty areas, poverty alleviation through the establishment of industry funds to carry out training and education, poverty alleviation participate in public activities and other forms of support poverty alleviation strategy。Third, efforts to support the fight pollution prevention and control battle。The two cities a total of more than 770 listed companies to disclose environmental information。In addition, ecological protection and environmental governance of listed companies industry revenues grew 38.59% R & D expenses increased 32.14%, indicating that the whole society is constantly increasing investment in environmental protection。  Overall, the continued improvement in the overall performance of listed companies in mid-2017, to optimize the structure, gathering new momentum to continue to grow, the supply-side structural reforms to further promote。But we should also clearly see that the impact of the global economic situation is not optimistic on China's macro economy, listed companies increased pressure, raw material prices continued to rise, tight cash flow from operating activities, a listed company liquidity pressures have increased。  Q: three new board listed companies to disclose the annual report in mid-2017 has been basically completed, can you tell us about the relevant situation?  A: As of now, a total of 10,764 listed companies to complete the 2017 Annual Report disclosure, disclosure on schedule 96%。Details are as follows。  First, the listed company as a whole to maintain high quality and rapid development momentum, and norms of corporate social responsibility has to further improve (a) the overall performance continued to maintain rapid growth。Disclosure report listed company has achieved a total revenue by mid-2017 1.98 trillion yuan, net profit 1154.8.4 billion yuan, respectively, an increase of 21.21% and 14.69%。In which the non-financial enterprises achieved a total revenue 1.89 trillion yuan, net profit 1012.9.9 billion yuan, respectively, an increase of 21.12% and 17.79% growth rate over the last year increased by 3.64 and 7.20 points。The profitability of listed companies to maintain a high level of overall return on equity 8.69%。After nurturing the development of the market, has 906 listed companies to achieve the scale upgrades, 48 micro-enterprises grow into small enterprises, 844 small businesses grow into large, medium-sized enterprises。  (Ii) further improve the robustness of the business。Non-financial corporate average asset-liability ratio 47.84%, down 0.19 points。Non-financial corporations inventory turnover, fixed asset turnover, total asset turnover, respectively, an increase of 2.84% 7.48%, 2.79%, improved operational efficiency。Taxes and fees paid by corporate cash proportion of total revenue fell 0.43 points, including small, micro-enterprises were down 0.62, 0.82 percent tax burden continues to fall。  (C) the continued optimization of the industrial structure。First, the modern service industry to enhance the leading role。Modern service industry (excluding the financial sector) revenue and net profit grew 26.94% and 29.12%, of which IT industry net profit rose 49.01%, the Internet economy, digital economy, the economic performance of outstanding share。The second is to extend the value chain in manufacturing high-end。Advanced manufacturing revenue accounted for 61.84%, an increase of 0.27 points。Equipment manufacturing, high-tech manufacturing growth increased by 11 over the previous year.74 and 2.30 points。Third, environmental protection and ecological improvement in people's livelihood industry。Involved in environmental protection and public services and other industries operating performance improved significantly, revenue and net profit growth over the previous year increased by 14.28 and 18.72 percentage points, to further expand investment, improve year on year growth rate of 2.24 points。Fourth, energy-intensive industry production continues to decline。Petroleum processing, electric power and heat, ferrous metal processing industries investment decreased more than 20% year on year。  (Iv) effective national strategies and services to fulfill their social responsibility。First, service areas and rural revitalization strategy coordination。Western and ethnic minority areas continued to improve the performance of listed companies, net profit rose 19.87%, the growth rate increased over the previous year 12.61 points。Second, the depth of participation in poverty reduction, breadth and degree of precision are improved significantly。Poor areas a total of 235 listed companies, revenue and net profit up 25.53% and 36.26%, significantly improved performance。9995 companies to disclose the poverty alleviation and social responsibility matters, 2489 the company responded to the call of poverty, with contributions, donations of books, the establishment of public funds and other forms, and actively deeply involved in poverty alleviation accurate。Third, expand to absorb the social employment。The number of listed companies up to 252 employees.03 million, an increase of 7.85%。  (V) further improve the corporate governance。After listing three new board, normative significantly strengthen corporate governance。Institution building, 4333 the company established a new corporate governance system in 2017, accounting for 40.25%; 7407 annual report of the company to establish a major error accountability system, accounting for 68.81% year on year to enhance 13.85 points。External checks and balances, there are 654 companies began to set up the independent directors, the company's management introduced 538 professional managers。Equity allocation, a total of 2548 listed companies announced dividend plan, accounting for the number of annual report disclosed 23 listed companies at home.67%。Where the 2044 implementation of the cash dividend, to be paid cash dividends Total 267.8.5 billion yuan。Information disclosure, reducing the number of 20 companies at home because of failure to disclose annual reports in 2017 and was punished when the year。1268 innovative company level, in addition to 28 companies delisting application has been submitted, 1193 completed on time in 2018 a quarterly disclosure, the disclosure schedule 96%。  Second, new momentum booming new industry, new formats, echelon has formed three new board market services the foundation of national development strategies of innovation even more profound (a) innovation-driven strategy in-depth implementation。First, the continued high investment in R & D and personnel。A total of 8586 listed companies to disclose the R & D expenditure, R & D expenditures total 607.3.0 billion, an increase of 9.96%。Talent drive characteristics significantly, undergraduate academic staff accounted for 25.81%。Second, high-efficiency R & D output。24 listed companies involved in the research project in mid-2017 won the National Science and Technology Award, the company has listed a number of the world's advanced core technology。The third is to insist on the study of production。Major technology development contract amount listed in mid-2017 the company signed a total of 255.0.5 billion yuan, an increase of 406.76%。About half of the company through the establishment of subsidiaries Research Institute, and Institute cooperative research projects, scientific research institutes have introduced ways of talent in depth background research, scientific research covering the block chain, artificial intelligence and other cutting-edge technology。  (B) development of new economic enterprises have formed in the interior of the new board echelon。2017 Annual Report Disclosure of 10,764 companies in the new economy companies about 4782, accounting for 44.43% involve new form of the new high-end manufacturing industry, bio-medicine, science and technology services, as well as a new culture, a new retail。Including production inputs 2138 new economic enterprise intelligence-driven, capital-driven, technology-driven factors outstanding performance, and reflects the high growth, high value-added, high rates of return output effect, a significant feature of the new economy。  (C) the new economic enterprises and foster new development in the Third Market。2546 New Economy companies listed since 4310 offering complete, total financing 1696.2 billion yuan, it provides important support for the company's business development。405 New Economy companies to complete mergers and acquisitions 471 times, for a total transaction amount 559.9.3 billion yuan。  Third, the objective understanding of the characteristics of small and medium enterprises development, further improve service development capacity of SMEs (a) the performance fluctuations should be an objective view of SMEs。There are 3027 listed companies net profit growth of over 50%, also a considerable number of the performance of the company have fallen sharply。Overall, fluctuations in performance characteristics in line with the development of SMEs in the growth stage, the longer part of the research and development of industry, such as the typical bio-pharmaceutical industry, generally have high investment, long cycle characteristics, during the development phase often requires substantial capital investment and non-profit。Meanwhile, China's economy is in a period of transformation and upgrading, a variety of new technologies and new formats are emerging, some industries may face the impact of the emerging industry, while growing companies in the strategic upgrading and restructuring phase, which are likely to affect short-term profits。The main objective should look at each market fluctuations in the performance of SMEs, and jointly create a favorable investment environment and investment climate, innovation and entrepreneurship in order to facilitate long-term development of SMEs。  (B) Although listed corporate finance capabilities continue to improve, but to improve the proportion of direct financing of small and medium micro enterprises the task is still arduous。Non-financial listed companies in mid-2017 a total of 1233 common stock financing.6.6 billion yuan, accounting for the proportion of social equity financing of non-financial enterprises 14.09%, an increase of 4.25 points。After the companies listed to benefit from regulatory and public to enhance the degree of indirect financing capability is also enhanced, a total of 2017 6607 the company has undergone indirect financing, accounting for 61.38% of the total amount of indirect financing 4650.8.1 billion yuan。On the other hand, listed companies financial expenses increased by 40.15%。Which are medium-sized and small enterprises increased by up to 65.24% and 42.07%, financial expenses as a percentage of revenue were increased more than 0.2 percentage points, reflecting the indirect financing of SMEs is still much lower cost space, three new board service small and medium micro enterprises, improve the proportion of direct financing of the task is still arduous。Recommended further enrich financial products, to provide differentiated and more efficient financing for the different stages of growth companies, to increase financial support for SMEs。

China Insurance Regulatory Commission issued a proposed standard credit insurance business: non-supply financing for the four types of credit insurance business

CIRC make up the regulatory and institutional shortcomings of thinking, we are continuing to fall。After repeatedly being mentioned risk OCI sector, this innovative credit guarantee insurance business is about to be taken into strictly regulate the。  May 16, China Securities Network exclusively learned that China Insurance Regulatory Commission on the basis of previous research on the carpet Mopai, the introduction of this programmatic document specifically for insurance – the "credit guarantee insurance business supervision Interim Measures" (hereinafter referred to as the "Rules") It is currently in full swing within the industry for comments。  China Securities Network reporter got this exclusive draft。Compared to January last year, in December last year, were released in April this year, "China Insurance Regulatory Commission on Strengthening Internet platform guarantee insurance business management notice", "China Insurance Regulatory Commission on Further Strengthening the Internet platform to ensure notify the insurance business management (draft)", "to carry out financing credit guarantee insurance business investigation notice", the "approach" of the scope of regulation has been further extension to the entire credit guarantee insurance business, not just the internet platform, financing and other related credit guarantee insurance business。  Threshold qualifications: Integrated solvency adequacy ratio of not less than 150% according to the draft, the so-called credit guarantee insurance (hereinafter referred to as "ECIC"), refers to the credit risk as the object of insurance, divided into credit insurance (export credit insurance except) and guarantee insurance。Credit insurance policyholders, the insured per capita for the right person; guarantee insurance policy holders is the guarantee, the insured person human rights。  According to the draft, issued a document to regulate the credit insurance business, aims to strengthen the supervision and management of business credit insurance, credit insurance business behavior norms, cross guard against financial risks, protect the legitimate rights and interests of the insured。  According to the draft regulations, the insurance company credit insurance business, should adhere to disperse a small, robust prudential principles, we should be careful to carry out the insured natural person net loan platform for credit insurance business; the insurance company to carry out insurance business letter should comply with regulatory solvency requirements, fully consider solvency regulation system of capital constraints on credit insurance business, to ensure that the overall size of the company's capital strength to match the credit insurance business; the same time, insurance companies should carefully assess risks accurately measure net loss rate risk, a reasonable estimate profit margins, base rates the fix should match the liability underwriting risks。  It is worth noting that not all of the property insurance companies can operate business credit insurance, even if qualified property insurance, business insurance business also has a corresponding letter of credit demand。  The first is the solvency provisions。Draft regulations, insurance companies credit insurance business in the previous quarter core solvency adequacy ratio should not be less than 75%, and the overall solvency adequacy ratio of not less than 150%。After the solvency of insurance companies is lower than the above requirements, should be suspended to carry out new credit insurance business, and can meet the requirements of solvency, credit insurance business to carry out recovery。  Followed by underwriting capacity requirements。Draft regulations, the insurance companies underwriting the credit insurance business liability balances, shall not exceed 10 times the end of the previous quarter's net assets。Single obligor's liability underwriting performance balance, shall not exceed 5% of the net assets at the end of the previous quarter, and not more than 500 million yuan。For a single performance obligation liability balances and related party insured, shall not exceed 8% of the net assets of the end of the previous quarter, and not more than 1 billion yuan。More than the balance of responsibility required by section, should be handled reinsurance; not for the reinsurance, not covered。  Set ban: credit insurance business shall not provide financing for the four categories of conduct for business, the draft also explicitly set a number of prohibitions。For example, insurance companies may not be required to provide credit insurance business into the following four categories of financing behavior。First class asset securitization business behavior or implement the transfer of claims to package assets, asset securitization, trust assets, and other forms of fund shares; Second, corporate bonds as well as non-state-owned business enterprise bonds; Third, a packaging underwriting financial bad debt losses agencies; Fourth, other acts prohibited underwriting CIRC。  On the prohibition of conduct that requires insurance companies to carry out credit insurance business, may not have these behaviors: insurance policyholders illegal, to avoid regulation and other acts; underwriting losses will not actually incurred or loss determined; underwriting the financing behavior of the parent company or subsidiaries ; in the form of split policy period or the amount of insurance, underwriting and financing under the same financing terms or loan contract amount does not match the credit insurance business; policy by special agreement in the form of substantial changes in the approval or filing of credit insurance products。Including but not limited to the substantive content of the object underwriting, insurance liability, exclusions, insurance rates, payment mode, compensation processing; disguised form of liability insurance in order to provide credit risk protection for the financing behavior; other acts prohibited by CIRC。  In the process of rapid development in recent years, credit insurance business, the net loan platform for credit insurance business is particularly fierce。Net loan credit insurance business platform, refer to the insurance company and the information network lending agencies, credit insurance business as both lenders and borrowers on the net loan platform provides。Late last year an event of default occurs, the risk of exposing the platform is the net loan credit insurance business, further reflects the property insurance company short board on the net loan platform credit insurance business risk prevention and control。  In this regard, net loan platform for credit insurance business, the draft regulations, the insurance company net loan platform to carry out credit insurance business, in addition to prohibited acts shall be subject to the above, and shall not have these behaviors: the existence of illegal acts or are rectification the net loan platform to carry out credit insurance business; conduct credit insurance business and fails to meet the insurance-related provisions of net loan platform; underwriting same natural person, limit legal person or unincorporated organizations with more than one borrower and the main limit of net loan platform specified in the relevant sectors; CIRC ban other acts。  At the same time, also requires insurance companies to carry out net loan platform for credit insurance business, deal with cooperation of net loan platform to develop strict qualification entry requirements; agreement the insurance company and the net loan platform signed, it should be clear obligations of both parties right; insurance companies carry net loan platform credit insurance business, shall be in accordance with the relevant provisions of the internet insurance business, good information disclosure and services; at the same time, insurance companies should be required to cooperate net loan platform released by the insurance company unified production and licensing of insurance products important information and avoid net loan platform false, misleading propaganda。  Strengthen internal control: ECIC should set up a special department or management team with the rapid development of credit insurance business in recent years, but also exposed the insurance company is not sound internal control, risk control measures in place, inadequate contingency plans and other issues, the insurance industry gathering a large number of financial risks。To this end, the draft of a clear specification from strengthening internal management。  In the system construction, insurance companies should establish a business system in line with prudent business principles, including business assessment reviewing system, decision-making procedures, after the recovery and disposal system and risk early warning mechanism and emergency response mechanisms, business system should be run through credit insurance business of the whole process and various operational aspects, to ensure that relevant decisions or operations are traces to be investigated。  In terms of organizational architecture, the insurance company to carry out insurance business letter, the letter should set up a special security department or management team, before the implementation, in the background isolated risk management principles。Insurance company head office centralized management of the credit insurance business, branch offices should be set up before the full-time staff in charge of security risk control, security in the review, after security management, and collection, claims, recovery and other post-overdue。  In terms of team building, insurance company or corporation shall be equipped with a hire background knowledge economy, finance, legal, financial, and statistical analysis or professional credit guarantee has experience in insurance, financing guarantees, bank credit, and continue to strengthen professional training and personnel training, improve the ability to identify risk。  In addition, the draft also requires the insurance company shall be in accordance with the financial regulations, accounting standards and other requirements, independent accounting, a separate statistics, category management, accurate records, a true reflection of operating expenses credit insurance business, operating costs and operating results; the insurance companies to offer credit insurance business should be distributed according to the specific type of business risk profile, reasonable extract the relevant liability reserves, unexpired liability and credit insurance business, the implementation of risk classification management, accurate measurement of the risk of liability is not due。  In auditing credit, insurance companies rely on third parties to gradually establish a risk control mechanism mainly based transition to internal audit, risk control mechanism, supplemented by a third-party risk review mechanism。Insurance company to closely track the performance of obligations to the business, assets performance for the authenticity of the obligor, the authenticity of the transaction, repayment ability and willingness to repay conduct due diligence to prevent false fraud。  At the same time, insurance companies should establish business credit insurance risk warning mechanism, and for the main types of risk, early warning indicators and set parameters, to achieve early warning, early disposal; insurance companies should establish business credit insurance risk of sudden emergency response plan, a clear disposition department its duties, the measures and procedures, resolve risks。  The risk of regulatory authorities repeatedly referred to the risk of credit insurance business, according to China Securities Network reporter, in fact, the China Insurance Regulatory Commission prior to the drafting of the "measures", the CIRC relevant person in charge had repeatedly refer to the letter of the insurance business。  April 11, China Insurance Regulatory Commission Vice Chairman Chen Wenhui in the supervision of training of the top insurance solvency said that the current credit risk highlights。Among them, risk Certain financial payment platform hidden, conducted through credit insurance business to insurance, such as "Qiao Xing debt event", the lessons worth serious reflection。  Then, on April 23, the CIRC issued the "Notice on Further Strengthening the insurance risk prevention and control work," mentioned the need to strictly control credit insurance business risk, the insurance company to carry out the investigation of the transmissive credit guarantee insurance, can not focus on underwriting directly penetrate the underlying risks of financial products, various types of transfer of usufruct or pledge debt for cash, credit insurance business net loan financing platform and other acts, fully ascertain the risk of the real, a reasonable estimate of risk exposure。To improve the ECIC internal control management system, so that a sound system, operating standards, effective compliance。To adhere to the principle of small decentralized management, resolutely close down the complex underlying assets, the risk of uncontrollable, excessive exposure to the credit insurance business, and make the existence of business risk monitoring and work to resolve。(Original title: China Insurance Regulatory Commission issued a document intended to make up for shortcomings regulatory norms credit insurance business) (Editor: DF328)