So next,I want to deal with this problem again,I won’t talk about other issues for now。

But then,Actually here,These people nodded in agreement。
“Young master,What else we need to do?”
People around look at Zhao Shijie,I don’t forget to say it here。
But with these people,I didn’t forget to say here。
obviously,Such a thing,In fact, at a fundamental level,It’s better than they thought,More direct and thorough。
And the more so,In fact, it looks like Zhao Shijie,These things,How to deal with it。
Actually Zhao Shijie said:“Other conditions,I don’t say that much,But this kid,Must break his leg for me!”
Looks at Zhao Shijie,This account,anyway,You should also do a good calculation。
So from the current point of view,The more so,Actually these problems,How to deal with it。
Just like this,Actually, it’s not easy。
And looking at these,For these things I have encountered so far,Actually speaking,To see Zhao Shijie,These things,It’s still absolutely necessary to get it done quickly.。
I just looked in front of my eyes subconsciously,The more so,In fact, in Zhao Shijie’s eyes,This time,Must be the winner。
“Haha,Actually now,What should I worry about??”
To see Zhao Shijie,Next,Just need to be here,Just keep waiting for news。
As for other things,Judging from the current situation,It seems that I really don’t need to worry about it at all。

“never mind,Thank you for your love.,I can’t do this.。”

Say,Zhang Duo directly twisted,As for the electric vehicle key on the ground,He didn’t even see it.。
Insults to insult this copy,He feels nothing.。
What happened to him is also a college student?,And people who have done managers,Actually, I am giving them to the other party.,Not only did Li Hui’s work,The result is not honest here.。
Look at the back of the departure,Liu Sihai disdain。
“Xiao Li,Go to the door to the door。”
boss,Why do you want to lock??”
I heard the words of Liu Sihai,The secretary next to him is somewhat wondering。
But I saw Liu Sihai’s face.,Especially the light in the eyes,She immediately understood the other party’s meaning。
“Hey-hey,Do you say why you want to lock??
Anyway, I don’t want to lock.,But for your innocence,affim” I haven’t finished it yet.,The female secretary is to work directly as a shy model.:“boss,You are bad,How can I have a big day?” Liu Sihai has not listened to the other party nonsense.,Into the action。
“Hey-hey,Boss likes it.,Don’t call the boss in the future,I prefer my husband.,Let’s one side,Then go to the car together,how is it?”
Very fast in the house is a swallow。
And Zhang Duo is a little fascinating on the street.,He didn’t know where he actually.。
Yang Tie has given him a call before,It is also very obvious in the meaning of the words.,Yang Tie’s company is Li Hui’s capital,If you let him go back this time,The result is natural that it is self-evident.。
After all, he is guilty.。
Come carefully,How many times, this small county doesn’t seem to have his own place.。
Hesitate,He also bought a ticket,Choose to start another city,He believes that his strength is absolutely。
Just when he was ready to go back to the dormitory,Li Hui Feng also received a call from Jin Xijie.。
The things that Jin Xijie said that he is also very happy.,He didn’t expect Zhang, many customers, will sell so many customers.。
I heard a few communities are a lot of people who are running.,His some time is hesitant to use each other。
From psychology, he is a bit uncomfortable.,But I thought of the people of Jin Xijie to promote,I am afraid I can’t do it.。
I also have some contradictions at once a time.。
The 627th chapter Jiang Shuyan wants to enter the mountain
Jiang Shuyan has come out from the big river.,The whole person feels bad.。
She felt that Li took someone to give her someone to have something else.,She did not heard anything in any of the books in any class.。
Is it not a family task?,She feels that they will go back to find a book in the first time.。
Because she is very trouble now,Her chest is actually developed two times to make her abduction。
Even the close clothes brought this time can’t wear it.,Can only use a lotus。
I heard Li Hui’s conversation with Jin Xijie on the phone.,She didn’t want to help Li Hui,But hesitated:“Since the other party is in this regard, it is not followed.?
After all, such talents are not full of streets.,You are now in business route,Not a matter of feelings,As for so hesitation??”
Suddenly heard the voice of Jiang Shuyan,Li followed the wind and looked back.,Laugh:“how?
Not angry?
I didn’t expect this to look like this.,And when you don’t believe it, you don’t believe it.?

Jiang Wan’er looked at Dean Huo,Asked anxiously。

“This one……Maybe Doctor Fang has something to deal with。”
Dean Huo said to himself。
Jiang Wan’er this time,Seems to be on the bar with Fang Yu。
Huo Cheng also wants to help,But can’t stop!
“Is there anything more important than me taking medicine?”Jiang Wan’er displeased。
“Waner……I heard what my father said,Fang Yu is indeed in a hurry。and so,You take medicine first。Later,I take you to find him,how is it!”
Hu Yili smiled。
“Really?That means……I can be discharged?”
Jiang Wan’er said happily。
“Follow our inspection,Ms. Jiang, you are indeed healthy。Can be discharged……but,I think Dr. Fang has to judge it himself。It’s better to decide whether to leave the hospital!”
Huo Cheng adopts a rigorous attitude,Seriously remind。
otherwise,There will be a problem。
Fang Yu is away,He can’t hold it!
“This one……”
Hu Yili was shocked。

Qiao Tianyu can’t save his teacher Mr. Wu Wenjie?

on the one hand,Although Qiao Tianyu has never seen Wu Wenjie since his rebirth,But morally speaking,Mr. Wu Wenjie is Qiao Tianyu’s teacher after all,Is the one who taught Qiao Tianyu this skill。
This time, if Qiao Tianyu is afraid of Wu Minghao and Jianying’s involvement in the pound exchange rate prevention and control system and“Diplomatic bond”The trap set up and hesitated,Cause the rescue mission to fail。
Then Qiao Tianyu will be posted“Rebellious”“Deceive”s Mark,This is for China, which attaches great importance to the inheritance of the division,Totally unacceptable!
Let’s talk more,Same as Qiao Tianyu,Mr. Wu Wenjie has devoted his life to establishing the life of China Finance,I spent my whole life trying to protect China Finance,And this is also the highest pursuit of Qiao Tianyu in this life。
So even if you put the friendship between master and apprentice,,Just talk about Mr. Wu Wenjie’s exemplary power and outstanding contribution to China Finance,It’s enough for Qiao Tianyu to stand up high,Admiration。
Qiao Tianyu also has the responsibility and obligation to rescue Mr. Wu Wenjie,Let the world know that we are not Mr. Wu Wenjie fighting alone!
So in terms of emotion and reason,Qiao Tianyu should rescue Mr. Wu Wenjie!
On the other hand,The pound exchange rate prevention and control system and“Diplomatic bond”This is the key to Qiao Tianyu’s containment of the forces of the United States and Britain to rescue Mr. Wu Wenjie,It is also the most important starting point for Qiao Tianyu to break the crisis in the world offshore financial market.。
And now Wu Minghao and Arrow Sakura are also in the pound exchange rate prevention and control system and“Diplomatic bond”Layout for many years,Set up many traps and wait for Qiao Tianyu to cast,Once Qiao Tianyu acts rashly, he will fall into the opponent’s trap。
At that time, not only Mr. Wu Wenjie will be brutally attacked by his opponents,And Qiao Tianyu and his allies will be deeply involved,Even ruined with Wu Wenjie,Lose everything。
At that time, the two branches established by Huaxia people over many years“National Defence Fund”Will fall short,China Finance will completely lose“Great Wall”,Fully exposed under the eye-catching big international bearish minions。
To know,In the 1990s when international hedge funds flourished,Even the highly developed financial empires such as Britain and the United States cannot withstand the fierce attacks of financial vultures,Not to mention China, which is just getting started in finance。
So now Qiao Tianyu is truly in a dilemma,Are you risking the destruction of the entire army?,Enter the enemy line with enthusiasm and rescue the teacher Mr. Wu Wenjie?
Still hold on“Deceive”“Rebellious”Infamy,For China to leave the last steel Great Wall guarding China Finance?

Seeing Leilani wishing to put her head in her clothes,Chen Geng smiled:“This is not bad,If you came here at the coldest time a year ago,I can freeze your nose。”

Leilani·Taylor exclaimed,This temperature is already unimaginable low temperature,What was it going to be like when it was the coldest year ago?
“of course it’s true,”Speaking of which,Chen Geng’s heart suddenly became mischievous:“And at this low temperature,The properties of many substances will undergo some magical changes,Like iron,Sweet at this low temperature。”
Leilani·Tyler’s already big eyes suddenly became two big:“impossible?How can this be?”
“Ha ha……”
Chen Geng did not answer,But shrugged,To Leilani·Taylor One“Guess what i said is true”Inscrutable expression。
Looking at my boss’s expression,Leilani·Taylor is a little uncertain,Tell yourself by your own knowledge,Iron becomes brittle at low temperatures,But how can it be sweet?This makes no sense,But the boss’s serious expression doesn’t seem to be lying,and so……Could it be true?
Take a look at the thick snow on the airport lawn,Leilani·A thought came to Taylor:Maybe it has something to do with the special local climate here?
But Leilani·Taylor is not so stupid that he believes it,My eyes turned twice,She deliberately fell behind Chen Geng a few steps,In a low voice, he asked the staff of COMAC who came forward to pick him up.:“Mr,justbossSaid the iron is sweet now,really?Is it related to your climate here?”
This is obviously the man from the northeast who heard the words of the beautiful female secretary of his big boss,Eyes are round:This girl,Is it silly??
And Chen Geng walking in the front is talking to Wang Dazhi who came here specially……
“Chen Dong,President Li of Eastern Airlines asked me,When do we start making pictures-204Prototype?”Taking advantage of this,Wang Dazhi asked Chen Geng。
“how?”Chen Geng was a little surprised:“Eastern Airlines wants to purchase this200Seat class aircraft?”

Qin Feng was not surprised by this answer,rThe city is really the same as the sky light said,Extremely complicated,These people are tied together,Fight together。

Other way:“Got it,Go ahead and implement the planned plan。”Finished,He hung up,From the hotel’s floor-to-ceiling windows, look towards the main road where people come and go,Smile。
The sky at this time is densely clouded,A rainstorm is approaching。
Early next morning,Song Litao wakes up early as usual,Drinking sauerkraut and millet porridge,Watch the news。
There is a piece of news in the news,Talking about yesterday afternoon and evening,Someone noticed,Normal flow raterThe city airport received far more planes than usual,Looks very unusual,rSomething big may happen in the city。
And this watcher,Also posted this message on the web forum,And made various nonsensical guesses。
This question even got on the local hot search,TV reporter captured the news point,Contact the airport,But the airport said there is no comment,Everything is normal at the airport。
Saw this news,Song Litao sneered,Shook his head,Sighed,News is becoming less and less serious now,Such news is boring,What is the value of reports。
At least the broadcast is useful for the common people,Like the news from his company yesterday。
If he knew the consequences of what the news said,He wouldn’t think so。
After breakfast,He took a break,Then drove out to Fangyuan International Hotel。
Here today,He and Sun Yongli will fight back against Qin Feng,Get Ding Kun out。
Come to the hotel lobby,I saw forty or fifty young people,Are wearing suits and ties,His face suddenly showed disappointment。

“What right do you have?”

“Isn’t the Earth Alliance guarding over there??Why does the news come out from here?”
“What did Taoist Li Shixing tell you??What’s the situation on the Earth Alliance?”
“What about the city of steel?Can the City of Steel be opened for us to enter?”
For a time,Various problems,Flocked to Lu Menglin like a tide。
Almost simultaneously,All major forces on the earth have received this news,Their heads can pass satellite signals,Received the news from Jingshengu immediately。
as expected,The news from the Earth Alliance came back,The spatial passage of the three red zones,They were all shut down from the stronghold。
This is obviously a premeditated operation,And no doubt,Someone who can do this,Absolutely high-level in the Earth Alliance,And the most likely person,The Taoist Li Shixing who has died heroically。
Then,To escape from the earth world,Only hope,Fell on the man in front of me,The City of Steel has become the last choice for everyone。
For a time,All the representatives present,All staring at Lu Menglin with piercing eyes,The audience went from boiling to silence,Everyone wants to know,What does Lu Menglin think?!
According to Li Shixing Taoist,When there is only one road left in the city of steel,Then Lu Menglin who controls the City of Steel,It is equivalent to jamming the lifeblood of all forces on the earth,Can integrate their power without scruples,Unless they want to be trapped and die on earth。
As for the other way for mankind,Just go to outer space,But with human current aerospace technology,Still far from reaching the level of interstellar immigration,Besides, human beings don’t even have a destination,Not feasible at all。
And Lu Menglin,Is the most suitable person to lead human beings into a foreign world,He has an extremely strong personal power,A powerful army in his hands,There is another human fortress called the City of Steel,The most important thing is that he has opened up the situation in Shenmin Continent,Recognized by the god nation,Only entrust the fate of all mankind in his hands,Is the most promising。
As for what specific arrangements Lu Menglin will make,Is to let the high-level powers of various countries enter the city of steel first,Still use personal strength as the criterion for entering the city,These are not considered by Taoist Li Shixing,He is just responsible for the direction of human destiny,Guide to the most suitable angle。
Lu Menglin’s eyes swept across the audience,What I see are faces of expectation,Among them there are already hot eyes,There are also envy, jealousy, and hatred under careful hiding。

One color water mill brick wall,Qingliang House,The house is surrounded by stone walls,And the bone meal of dark creatures is added to the selected stone,Invisibly exudes a solemn and heavy meaning。

Many exotic flowers and plants are planted on all four stone walls,Vine,Yuidou,Or Chuishi Dian,Or through the rock gap,Fluttering like a green belt,Dissipate from time to time, bursts of fragrance,It makes people feel refreshing before they get close。
now,Qin’s backyard,A place also known as Chiba Garden,Guests at a feast,The celebrities and gentry in Red Willow City,Came a lot。
Mu Feiyan is here too,She came with grandpa Munan。
Mu Nan is the owner of the Mu family,Forty-one level archmage,It can be said to be highly respected in Red Willow City,Taishan Beidou,Elders。
And this old man used to be the dean of Hongliu Academy,It’s not an exaggeration to say that peaches and plums are all over the world,Important figures in many families in the city,Have studied at Hongliu Academy。
now,Mu Feiyan is completely different from the usual heroic style,Wore a plain dress,Headband pearl hairpin,I also specially put on a dark green shawl,Fully show the attitude of the little daughter’s home。
She went to a banquet with grandpa,Naturally, we have to take care of Mu’s face,Such a dress is normal。
Mu Feiyan, the devil,It’s rare to dress so well today,The younger generations of Qin’s children who were present were all looking at him,All are secretly admiring this rare wonder。
Naturally, Mu Feiyan would not pay attention,look steadily forward,Sitting next to grandpa,Look like a good girl。
Sitting across from the grandparents,It’s Qin Nanming, the head of the Qin family,Is raising a glass to pay respect to Mr. Mu。
Although Qin Nanming and Mu Nan are both family owners,But he is much younger,He’s also a whole generation lower than Mr. Mu,All smiles,Respectful。
Speaking of,Mu’s family is also unfortunate,Mu Feiyan’s father is the same generation as Qin Nanming,Unfortunately died young,I still have time to take over a Patriarch,Already sacrificed on the battlefield to fight the dark creatures,And Mu Nan has no children,Only such a son,That’s why the old man has always served as the patriarch,And treat this precious granddaughter like a treasure。
If Mu Feiyan hadn’t had a father since childhood,Often bullied by peers,I won’t develop such a perverse character,Known as a witch among the younger generation。
And today,The witch became a good girl,Actually there is a reason。
“Wood Master,Nanming invites you to a banquet in Fuzhong today,There is actually something,I want to discuss with you。Come,We drank this glass,Talk about important matters。”Qin Nanming smiled,A neck,Drank a glass of wine。
Just by his smiling face,No one present will doubt his sincerity。
What’s more, the Qin family and the Mu family have met for several generations,Qin Nanming is the younger of Mr. Mu Nan again,I also read in the college hosted by Mr. Mu,Can be regarded as a disciple of the old man,Deserve respect,The gift of discipleship。
Mu Nan smiled slightly,Take a sip of the wine in the glass,Laugh without talking。

How does the new crown pneumonia outbreak affect the capital market?

Benefit from short-term safety assets

How does the new crown pneumonia outbreak affect the capital market?
Benefit from short-term safety assets

What concept stock does antiviral drug launch benefit from?

Come to Sina University of Finance and listen to the annual column “Business Day Financial Morning Post”, free trial before February 9!

  Author unit: Haitong Macro First Financial is authorized to reprint from the WeChat public account “Jiang Chao Macro Bond Research”, which is abridged.

  Original title: How does the new crown pneumonia epidemic affect the capital market?

The impact of short-term safe assets benefit shocks may deepen, and risk assets are at risk.

  The epidemic situation of the new type of coronavirus pneumonia is grim, and we are confident to win the battle to prevent and control the epidemic.

But we must also think about what kind of impact this epidemic will have on the economy?

How will this shock be reflected in the capital market?

  SARS has not hindered the economic recovery, and the long-term impact is huge and limited. From an annual perspective, the impact of the SARS event has changed the upward trend of economic growth in 2003, and its impact on prices has been very mild.High inflation, large-scale assets performance in line with the characteristics of the economic cycle, the stock market returns are still considerable.

From the perspective of the front and back, the traces left by the impact of the SARS event are not obvious. In fact, it is the result of a faster recovery after the impact of the economy. If the observation angle is sunk and refined, the impact of the SARS event and the subsequent economyThe repair process will become more clear.

  The U-shaped trend of economic growth concentrated the impact for a quarter.

The annual economic growth in 2003 showed a clear “U-shaped” trend. The first quarter of the SARS epidemic spread in Guangdong, and its GDP growth rate for the quarter still reached 11.

A new high of 1%.

Instead of the impact of the model scenario on the economy began to appear in the second quarter, according to the preliminary calculations at that time, the GDP growth rate in the second quarter of 2003 was extended by more than three alternatives in the previous quarter.

With the solution of the epidemic situation, the economic growth rate in the third, fourth and second quarters rebounded rapidly. Although they did not exceed the period when the economy partially overlapped in the first quarter, they all exceeded the highest point of the quarterly GDP growth rate in 2002.

Therefore, it can be considered that the impact of the SARS epidemic on the economy was concentrated in the second quarter and then quickly repaired. This was only in response to the 2003 year GDP growth rate still reaching a record high in 8 years.

  From the SARS perspective: the impact of the impact may be deepened, and the risk of assets at risk will have an impact on the economy and the asset market.

  The short-term impact of new pneumonia, the growth has stabilized after the epidemic.

First of all, from the SARS experience, the epidemic event is a short-term shock and will not interrupt the medium-to-long-term trend of economic growth. The gradual economic growth trend in 2003 coincided with the trend of the quarter before the outbreak of the epidemic.
From this point of view, after the end of the new pneumonia epidemic, the medium-to-long-term economic growth characteristics will be similar to the fourth quarter of 2019 before the epidemic, while the economic growth rate of the fourth quarter of 2019 is stable at 6%, and the industrial growth rate has rebounded.The growth rate at the bottom of the recovery has been shown. Therefore, after the epidemic shock, the central and long-term economic growth center will advance to maintain stability.

  In addition, from the experience of the SARS period, the impact of the epidemic shock on prices is relatively limited and does not constitute a basis for high inflation. However, the increase in pork prices caused by the decrease in supply has pushed it to a higher level, overlapping the Spring Festival holiday.The concentration of goods brought about by the prevention and control of the new pneumonia epidemic may continue to remain high in the short term, leading to risks that still need to be vigilant.

  The impact of the epidemic has subsided and there will not be a strong lag effect.

How long will the outbreak last?

According to the experience during the SARS epidemic, the impact on the economy began before and after the policy overweight, and the impact on the economy ended with the epidemic basically showing that the number of confirmed cases has hardly increased, and of course, the number of suspected cases has been significantly reduced, andWill have a strong lag effect.

At present, it is difficult to accurately estimate when the new pneumonia epidemic has completely ended. According to our calculations, the epidemic is expected to reach its peak in early February. In this case, it should not develop into the second quarter of 2020.

If localities resume work smoothly after the holiday, the impact of the new pneumonia epidemic on the economy will be concentrated in the first quarter of 2020, especially in January and February.

  The short-term impact of the epidemic is likely to exceed SARS. The cycle and structure are different.

In the case of SARS, the impact of the new pneumonia epidemic on the economy may deepen.

By the time of the SARS epidemic in 2003, it was in the rising cycle of the economy, and the current transformation of the conditions of the factors, the economy is changing from high-speed growth to high-speed growth interval; instead, more importantly, the experience of the SARS period showsThe impact of the epidemic on the tertiary industry and consumption is relatively significant, and the current internal economic structure has been significantly different from that in 2003. The tertiary industry accounted for nearly 54% in 2019, compared with only 42% in 2003.Investment is the main driving force, and the contribution rate of consumption to economic growth in 2019 is almost double that of investment. Therefore, the short-term impact of the epidemic on the economy may be large.

  The rise of online consumer platforms has partially hedged the 武汉夜网论坛 epidemic.

Since the impact of the epidemic on the economy is mainly reflected in consumption, we must also note that the current consumption pattern is also very different from 2003.

Internet platforms represented by Taobao,, and Hungry? Are replacing the traditional offline sales channels. Online retail sales of physical goods have accounted for nearly one-fifth of the scale of retail sales of consumer goods. The 2003 SARS incident was virtually invisible.The development of these e-commerce platforms has been promoted. If these platforms can maintain non-snoring operations, and even maintain the level of 70% to 80% before the impact of the epidemic, then it can partially hedge the drag of the epidemic on consumption and even the economy.

  Express delivery supports online consumption and can maintain vibration or 杭州桑拿 shock absorption.

However, the role of the online retail platform depends on convenient logistics. Therefore, the performance of the transportation industry, especially the logistics industry, in the epidemic situation is particularly important.

Due to the isolation and control needed to prevent and control the new pneumonia epidemic, various levels of traffic control measures have also been introduced, and the current internal traffic conditions have been developed much earlier than the SARS period in 2003. The impact of the epidemic on the civil aviation and railway passenger transport industriesGreater impact possible.

If the express delivery business can keep running under the circumstances that the epidemic prevention and control allows, we can weave out some consumer networks and slow down the impact of the economy.  Monetary policy is moderately flexible and fiscal plays a role.

Since the benchmark is based on the SARS period, the impact of the epidemic on the economy may deepen, so how to choose the correct policy orientation?

  Basically, it is quite similar to that during the SARS epidemic. Although there are no signs of overlap in the current economy, the gradual level is affected by pork prices, and there is also upward pressure. Therefore, monetary policy should not be relaxed.The tools are quite abundant, and the policy means can also be more flexible, such as a small interest rate reduction in stages, and the reduction of LPR interest rates to reduce social financing costs.

  At the same time, we believe that fiscal policy can play a role. The 2003 budget actually adopted the method of “reducing income and reducing expenditures” and reduced the tax burden of certain industries. This is in line with our continuous active fiscal policy of reducing taxes and feesThe main idea is the same.

Under the impact of the new pneumonia epidemic, we can take advantage of the budget financing of government bonds to raise funds to further increase tax and fee reduction efforts.

  Short-term safety assets benefit, and risk assets are at risk.

Affected by the impact of the epidemic, in the short term, safe assets will benefit the most. For example, gold has increased by nearly 4% this year, and national debt has also increased significantly in the near future.

However, if we look back at the asset performance during the SARS period in 2003, it shows the characteristics of overlapping periods that are consistent with the economic cycle at that time, not caused by epidemic factors.

Then, after the end of the new pneumonia epidemic, the recovery of transfer demand will drive economic growth to stabilize and improve. Asset performance will show the characteristics of a recovery period. Equity assets are expected to recover lost ground. This also means that the current adjustment of risk assets is at risk.

Depth-Company-China Everbright Bank (601818): Outstanding fee income performance, operating income maintained rapid growth

Depth * Company * Everbright Bank (601818): Outstanding performance in fee income, operating income maintained rapid growth

Everbright Bank’s profit growth in the first half of the year was in line with expectations, fee income still maintained rapid growth ahead of its peers, stable interest margin performance, and stable and good asset quality.

Considering that the company’s fundamentals have improved significantly, the expansion of program fee income has expanded its competitive strength, and is lower than the industry average estimate, we maintain China Everbright Bank’s Buy rating.

Key points of the support level The rapid increase in revenue was in line with expectations, the performance of program fee income was bright, and the overall profit of the bank maintained a rapid increase. The net profit before provisioning in the first half of the year increased by 32.

0%, the growth rate fell 4 compared with the first quarter.

7 single, but the company’s credit cost in the second quarter fell 0 chain.

46 up to 1.

63%, supporting Everbright Bank’s first half net profit increased by 13.

1% from the previous quarter (+7.

5%, year-on-year) increased by 5.

6 units.

The company’s operating income has maintained rapid growth, with an annual increase of 26.

6%, a slight increase of 6 from the previous quarter.

Nine are single, one is because investment income has decreased by 36.


Second, net interest income was 51 from the first quarter.

The growth rate of 2% has improved, but in absolute terms, it still maintains a rapid growth, which is due to the reclassification of credit card installment income by China Everbright Bank, which has caused some disturbance.

In terms of fee income, after excluding credit card installments, it still achieved 21 in the first half of the year.

The annual increase of 7% is mainly due to the annual increase in bank card income28.

The 3% boost shows that China Everbright Bank leads the industry in competition in non-interest income growth.

At the end of the quarter, the scale of Everbright 厦门夜网 Bank’s assets increased by 2 compared with the previous quarter.

80%, of which loans increased by 3.

38%, credit was slightly replenished earlier in the first quarter, and loan extensions increased by 16.

4% (vs1 quarter, +18.

(9%, year-on-year), and its proportion in total assets stabilized at 54.


On the debt side, deposits maintained rapid growth, an increase of 4 from the previous quarter.

11%, an increase of 21 a year.

5%, the previous growth rate was unchanged from the first quarter.

The growth of structural deposits is mainly driven by regular periods, which has increased the proportion of deposits since the beginning of the year.


In terms of net interest margin, China Everbright Bank’s net interest margin was 2 in the first half of the year.

28%, a significant 48BP increase in advance, we must 北京桑拿洗浴保健 increase the disturbance of credit card installment reclassification.

We estimate that China Everbright Bank’s single quarter net interest margin in the second quarter was two.

27%, unchanged from the previous month. Although the return on the asset side decreased slightly by 3bp, the cost on the liability side also declined due to the slow explanation of the cost pressure from the industry. The net interest margin remained stable under the combined effect of the two negative segments.

Asset quality remained stable, and the provisioning base needed to be further reduced. Everbright Bank’s bad replacement in the second quarter1.

57%, a decrease of 2bp from the first quarter in the first quarter, and the proportion of attention-oriented loans in the second quarter decreased by 11BP to 2 in the initial period.

30%, the company’s asset quality remains stable.

We estimate the company’s annualized non-performing loan generation rate in the second quarter of the year1.60%, a decrease of 12bp from the previous quarter.

As of the end of the second quarter, China Everbright Bank had a loan / non-performing loan ratio overdue for more than 90 days at 88.

7%, serious adverse consequences, but an increase of 4.

6 units.

As of the end of the second quarter, the company’s provision coverage ratio and loan provision decreased by 66BP / 4BP to 178% / 2 from the previous quarter.

80%, the provision coverage ratio should be further improved to further enhance risk prevention capabilities.

It is estimated that we slightly raised China Everbright’s net profit growth rate to 11 in 19/20.

4% / 10.

1% (previous forecast was 8.

23% / 9.

27%), currently the PE corresponding to 2019/20 is 5.

23x / 4.

75x, PB is 0.


57 times.

The main risks to the rating are lower than expected.