CSC got A-share IPO approvals print and publish no more than 400 million shares of the top ten securities being gathered in A shares

I would go nearly a half months, CSC 25 a share IPO market to obtain approval, the top ten securities brokerage industry finally will gather in an。  Brokerage Chinese reporter learned that May 25 evening, the Commission issued the latest IPO approvals, approval of "Ka billion and Technology Co., Ltd., CITIC Securities Co., Ltd." The two companies first application, landing the Shanghai Stock Exchange main board, raised a total 2.7 billion yuan。CSC is also the 25th night announcement on the HKEx。  Since last June 30 was accepted to the Commission today to the A-share IPO market approval, CITIC Securities A-share IPO listing process was less than a year, the progress is quite fast。  It is worth mentioning that, with the CSC a share IPO will be successful too, is expected in the first half of this year, China will collect a share of the securities industry for two consecutive years of revenue and net profit of the top ten brokerages。All the top ten brokerage landing A shares for domestic securities industry and capital markets, will undoubtedly have a positive guiding role, brokerage leading "Hengqiang" effect is more prominent。  After a complete listing of IPO shares, CITIC Securities will be the first 11 "A + H" shares of brokerage。There are currently 10 brokerages logged Hong Kong and A shares, respectively, CITIC Securities, Guotai Junan Securities, Huatai Securities, Haitong Securities, GF Securities, China Merchants Securities, Galaxy Securities, Everbright Securities, Central China Securities and Orient Securities。  The top ten brokerage brokerage Chinese reporters gathered in the latest surge was informed that CSC 25 to get a share IPO approval approved。UBS Securities, China Galaxy Securities as co-sponsor (joint lead)。It listed just over a year from CSC December 9, 2016 Hong Kong。  Following this year's first brokerage IPO shares listed on Huaxi Securities, CITIC Securities will soon become a second home this year, a share listing broker。This year, there Hualin Securities, Nanjing Securities, Great Wall Securities days the wind securities and a share IPO application will be successful too。National League securities and securities Hongta a-share IPO application to enter the pre-disclosure update phase, the Thai Securities IPO application shares a "feedback" state。  This also means that, until the completion of CITIC Securities A shares listed on the first half of this year, A shares will have collected the top ten securities companies。  Securities Association of China statistics, the year 2016 and the year 2015, securities firms operating income, net profit of the top ten brokerage competition "white hot", but the pattern has been set, according to the 2016 annual net profit of securities companies ranking table, which in turn were 10 large brokerage Guotai Junan Securities, CITIC Securities, GF Securities, Huatai Securities, Haitong Securities, Shen Wanhong source, Guoxin Securities, China Merchants Securities, CITIC Securities and China Galaxy Securities。  It is noteworthy that, in recent years, CSC operating performance is better than the industry average, ranking former investment banking industry in the second, the rest of the main business gradually "strong into the" top five industry。  Year 2016-2017, the domestic securities industry operating performance decline than in previous years。2016, Chinese securities industry revenue 328 billion yuan, down 43% year on year; net profit of 123.4 billion yuan, down 50% year on year; ROE 8.1%, down 11.8 points。At the end of 2016, the industry's total assets of RMB 5.8 trillion yuan, down 10%。  From the year 2012 to 2016, CITIC ROE of investment securities for five consecutive years ranked in the top 20 securities companies in terms of total assets calculated。2017 year, CSC core weighted average net assets yield 9.9%, significantly higher than at the Securities Association of China released data calculated 6.5% of the securities industry average ROE。Since 2018, the company's operating performance and stability, significantly better than the Securities Association of China statistics, the average level of the industry。  Consider choose the securities-related institutions mergers and acquisitions and asset CSC also will be the first 11 "A + H" shares listed brokerage。Report shows that CITIC Securities in 2017 operating income of 164.2.1 billion yuan, ranking sixth in the "A + H" shares listed brokerage。  Currently, the securities regulatory authorities encourage the company "bigger and stronger", the securities industry has entered "strong Always the Winner" pattern, remodeling industry already coming。CSC prospectus revealed an updated version of the pre-disclosure, "may choose to consider mergers and acquisitions and securities-related institutions assets when the time is ripe to accelerate the expansion of business scale and expand market share。"Prospectus, CSC The A share issue to raise funds net of issuance costs, will be used to increase the company's capital。CSC said that the unified management of capital after distribution expansion, plans to focus on the use of direction will include six aspects of "investment banking, wealth management, trading and agency services, investment management, international direction, building in the background."。  How to achieve better synergy of resources subsidiary, has become the leading brokerage focus。CSC existing five subsidiaries, namely CSC Futures, investment in the CSC, CSC International, CSC funds, investment CSC。In addition to CSC Fund holds 55% and the remaining four are wholly-owned subsidiaries。  Status brokerage

China Insurance Regulatory Commission and the central bank issued a silver perfect loan deal with the shackles of deviation bank loans at the end of "red point"

This time, the end of the bank "pull deposits" will do corpuscles?  8, silver and China Insurance Regulatory Commission issued the "commercial banks to improve the degree of deviation management related matters notice" (the "Notice") under the Central Bank, from improved performance evaluation, strengthen compliance management, strengthen five deposits deviation management to improve the degree of deviation deposit management。Wherein the regulatory deposit deviation index value adjusted from 3-4%。  This initiative regulators, commercial banks intention to be bound illegal sequestration, false deposit growth, the end of the deposit "red point" and other acts。Chinese Academy of Social Sciences Research Office, Bank of finance has just told reporters that the monitoring indicators appropriate to relax, helps to reduce the pressure on bank deposits aspects of assessment, can also reduce the force to pull the offending bank deposits, the root causes "chaos rule"。  Regulatory index value of 3% to 4% in 2014, the former China Banking Regulatory Commission, the Ministry of Finance and the central bank jointly issued a document, first established deposit deviation indicators to the constraints deposits "red point" behavior。At the same time, also requires banks to refrain from taking high interest Lanchu, through a third party intermediary to dump the loan, deposit and other financial products fell eight categories of deposit-taking mode。  Today, after a lapse of four years, issued a document management to improve the degree of deviation deposit, silver China Insurance Regulatory Commission said that this is an important measure to regulate the behavior of bank deposits, urging banks to strengthen compliance management, and complement the "governance chaos", but also to adapt the financial markets and banking model timely amendment of change and enable the bank to further standardize business practices to better support the real economy。  From the "notification" content, in addition to further strengthen the performance evaluation, aspects of compliance management and banking self-discipline requirements, the biggest change is to adjust the deposit deviation quantitative assessment methods。  Specifically, on the one hand to simplify the index value calculation method, the non-quarter quarter month month index is calculated using the same standard; 3% on the other hand the adjusted value of the original control indicators to 4%。  In compliance management requirements, compared to the 2014 version is deleted "ban high interest Lanchu" in order to comply with market progress。  For adjusting the index value of regulation, he had just said, to expand the range of allowable deviation of up and down, deregulation index is to some extent。"Now deposit tense, each are in short supply, regulatory strictly limit violations inflated deposits, is the 'rule of chaos'。"In the Bank Center for Financial Research E Yongjian, chief financial view, although indicators have been relaxed, but this revision to strengthen supervision and inspection, to further clarify the specific penalties for violation of refined deviation, more stringent than before。  Relieve moderate to relax pressure monitoring indicators of bank deposits, the market view, the commercial bank deposit pressure not unrelated。  Affected the market, Internet shunt deposits, commercial bank deposit pressure remains high, especially the last two years。  Central Bank data show that in April 2018 the RMB deposits increased 5.06 trillion yuan, up only 7.7 billion yuan more than the increase。. Household deposits increased 4.27 trillion yuan, up only an acceleration of 0.31 trillion yuan。  The first quarter of this year, the number of listed banks operating data, total deposits growth slowed to varying degrees, and even near-stagnation。Specific to the financial institution of view, Nanjing Bank, CITIC Bank, Bank of Chengdu and other deposit-year growth rate of less than 2%。  Deposit growth is weak mainly due to: First, the interest rate market, the bank is fierce competition for deposits; the second is the financial strict supervision, interbank liabilities limited sources; and the implementation of new information management rules, so occluded weapon guaranteed wealth management products to exit the stage of history, exacerbated the bank pressure。  In the past there have been institutional research report disclosed, "red point" the vast majority of deposits came from off-balance sheet financing。  This year, in order to compete for deposits, commercial banks are also exhausted the means, but also aimed at the years has been tepid structured deposits, making the product volume soared, in late April-owned national bank structured deposit scale surge to 9 trillion yuan; and certificates of deposit has become the primary means of Lanchu, six months to a number of banks raised the interest rate certificates of deposit, floating up to 55%。  However, this will further increase the cost of bank debt, may allow banks to recapitalize, thereby affecting the growth of bank credit, is not conducive to the real economy。  For the adjustment of the deposit deviation regulatory indicators, a Dahon East Branch sources said, a point of relaxation, is expected to have billions of dollars in Shanghai bank deposit pressure release。  E Yongjian said the revised norms and promoting bank deposits, deposit market stability, improve the stability of deposits, banks in favor of a more reasonable conduct deposit business, enhance the ability to support the real economy。

Billboard Interpretation: This agency sold 10 shares of hot money one hundred million yuan a primary seal Roland Agriculture

December 25, Shanghai and Shenzhen stock index opened mixed, the two cities opened slightly on the red throughout the day they both entered a slow decline of the state。Two cities stocks rose more or less, or over 3% of the stocks only 100 only, each section of the performance is more sluggish。At the close, to close at 3280.46 points, or 0.5% of 1772 turnover.900 million。The Shenzhen Component Index closed at 11005.5:00, down 0.8% turnover 2039.500 million。GEM to close at 1755.81 points, down 1.32%, turnover of 54 billion。The disk, only immunotherapy is more powerful performance and the concept of gold。Apple concept, wireless charging, smart wear, chain blocks and other sections among the top decliners。  1, East Main Road, Shanghai Yin Cheng Kang Agriculture to buy a large stock the same day the word limit daily limit board。Data show that net purchases of aspects, Silver City Road East Shanghai to buy 1.4.9 billion, CITIC Shanghai Huaihai Road to buy 20 million, Huafu Yong Chun stay safe way to buy 20 million, Chongqing, China Galaxy 13.4 million to buy National Road, Hua Fuzhou, Xiamen Lake Road to buy 12.9 million。Net selling aspect, Zhongxing Road, Shanghai Everbright sell 1.9.7 billion, Jianguomenwai Avenue Beijing Capital Corporation sold 16.6 million, the other three are less than the amount sold 10 million。CITIC Huaihai Road in Shanghai to participate in the stock。  2, the main Ring Road Chengdu North Guotai Junan buy Zhuangyuan Mu field limit significantly the day the stock opened lower, the overall weak shock below the flat line, but an hour before the close, quick pull-up, and soon sealed the daily limit。Billboard data shows that net purchases of aspects, First Ring Road Chengdu North Guotai Junan bought 20 million, the other four are less than 10 million purchase amount。The amount of net selling terms, selling five were less than 10 million。Guotai Junan Chengdu North Ring Road, which involved the Unit。  3, Huaxin Ning Road, the main sea waves buy Gold Intelligent limit the stock closed the day limit, only a brief open board at the beginning of the opening bell, the rest were sealed trading board。Billboard data shows that net purchases of aspects, Huaxin Ning wave sea Road to buy 21 million, Shenwan Hong source Wuhan Wu large garden all the way west to buy 14.6 million, the group bought 10.6 million Ningbo Yongjiang Avenue, the other two are less than the purchase amount 10 million。Net selling aspects, institutions sold 45.3 million, the other four are less than the amount sold 10 million。Huaxin Ning Road, where the sea waves involved in stock。  4, Shenzhen, China Everbright Jintian Road, the main limit to buy the stock that day Guizhou Gas markedly higher, after opening higher volatility, and hit the daily limit, then re-open board and remain high and volatile, the daily limit to close again。Billboard data shows that net purchases of aspects, Everbright Jintian Road, Shenzhen to buy 19.5 million, the other four are less than 10 million purchase amount。Net selling aspect, Hai Tong Wing Street in Bengbu sold 31 million, Guotai Junan Nanjing Taiping South Road, selling 16.9 million, Dongguan Beijing Branch to buy 10.4 million, the other two are less than the amount sold 10 million。Shenzhen, China Everbright Jintian Road which involved the Unit。  The same day, the agencies involved in Billboard stocks involving a total of 15 stocks, five stocks were net buyers of institutions, A stone hit the net buying most, 1105.440,000 yuan。Another 10 institutions were net sellers of stocks, which were net sellers thunderous Branch of the largest, amounting to 5957.240,000 yuan。

Anticipation: real estate regulation to establish long-term mechanism in season five levy property taxes

The total land supply should be crawling peg population increase, rather than a violation of law to reverse the economic regulation。In this sense, land targets should not be evenly distributed in each city, but to see who's large population, fast growth。  What kind of measures should be used to implement the system it balanced real estate?Late last year, Xi Jinping, general secretary of clear requirements in the central working conference: "adhere to the 'house is for living, not for speculation of' positioning ',' integrated use of financial instruments, land, taxation, investment, legislation, speed up study the establishment of national conditions, to adapt to the basic laws of the market system and the long-term mechanism, inhibition of the real estate bubble. "。This important indication is that we do a good job of real estate regulation and reform of the total real estate management system to follow。We must focus on functional positioning of real estate, to clarify the principal contradiction, to build a four-beam eight columns, supporting policies and measures in order to achieve long-term stable and healthy development of the real estate market。I think there are five basic current system is particularly important。  One long-term mechanism: first the land, control of the total land supply。  The total land supply a city of 100 square meters per person in general can be controlled, this should become a legal principle。1 million for the supply of 100 square kilometers of urban population。Crawling peg, striking。What does it mean?The city you have the ability, the concentration of population to 500 million and if previously only gives you 350 square kilometers, the next few years will gradually increase the supply of land each year, make up the gap。Not according to the will, we plan future urban population of 5 million, now only 2 million, it is necessary 500 square kilometers, the result of the next decade really gives you 300 square kilometers, an additional 300 million people that you did not come, or just to 100 million people, or even the original 200 million people still go some people wrong with this land, who is responsible?  To land crawling peg, not that you go to the imaginary regulation, the will。This is because the floor plan can become a reality intent of factors, not just the land issue, but also involves factors industrial clustering capabilities, infrastructure capacity, investment and financing capability to match。Among these factors, factors that bring up the rear of the land, and should not be blind expansion of investment leader。  In short, the total land supply should be crawling peg population increase, rather than a violation of law to reverse the economic regulation。In this sense, land targets should not be evenly distributed in each city, but to see who's large population, fast growth。In principle, we should follow function in accordance with industry go, people to go along with the industry, along with population and industrial land away to form a relatively complete land control logic chain。  Second, controlling the ratio of land structure。  100 square meters per capita urban construction land, how to allocate it?Are not used to engage in infrastructure, public facilities, nor are used to engage in commercial and residential。In general, there should be 55 square meters for infrastructure and schools, hospitals, cultural facilities and other public transport, municipal services, green space, which is the basic needs of the urban environment design。Of industrial land should be controlled within 20 meters, one square kilometer to be 100 billion yuan output value。In this regard, would like to Shanghai to study, as early as in the development of Pudong in the 1990s, Jinqiao Industrial Zone planning 10 square kilometers, was requires at least 10 billion yuan of output per square kilometer, in fact Jinqiao industrial zone on the annual output to 2000 up to 150 billion yuan a。  Now some cities, industrial land input-output ratio is too low, or even only 2 billion per square kilometer?3 billion of output, waste too serious, we must increase the rigidity of the constraints of the past too generous industrial land Forced down。If the 10 million people of the city, 1000 square kilometers of land for construction, they can engage in commercial facilities, 50 square kilometers of land。Residential land of 200 square kilometers, equivalent to 200 million square meters, if the average floor area ratio 1:02, is 400 million square meters, the urban population of 10 million, 40 square meters per capita housing should be balanced。Therefore, to change the past in order to engage in wasteful investment industry, the proportion of industrial land in question is too high, the 20% of urban land for residential development, 5% for commercial development, this ratio is finalized use as a rule of law。  Third, control the price of land auction。  In general, the floor price of not more than one-third of the current rate。If a land surrounding the current prices 10,000 yuan / square meter, land take 3300 yuan / square meter will stop, otherwise it will artificially push up prices。When the land supply is relatively sufficient, reasonable, and effective time, if land prices, and put the government reserves to balance it out more than a few sell。In another case, the transformation of the old city, the demolition cost is high, but in order not to lose money while the government can not take high land prices, selling land should be joint income suburbs, the part to balance out a way to cover the cost of renovation of the old city。The Government appears to be a point to eat a small loss, but overall a good investment environment, industrial and commercial development of the economy, the balance between the real economy and real estate, the city will eventually develop long-term health。  Long-term mechanism of the two: First finance, developers firmly hold its own funds to get to the bottom of this。  Any developers get the money must be its own funds, this provision has long been。In general, developers engage in real estate, the proportion of social capital and financing in general should be 1: 3。Now, the average national real estate intermediation and how much?A conservative estimate is 1:09, some developers may reach 1:50.  1:09 is how come it?Take the money Panax open, if a piece of land 1 billion yuan, 300 million yuan out of their own, in addition to 700 million yuan borrowed from financial institutions, then at least the land mortgaged to the bank loans sixty-seven billion, making good house again take over the sale of mortgage loans。This process, if the land rose to 2 billion yuan three years later, the developer can get 1.5 billion mortgage。Finally, financing the entire development process can add leverage to 1:09.  Behind the "King" emerging, not only is the shortage of land auction mechanism problems, also related to financial and unlimited overdraft, than the financing ability of developers。So, as long as the money to buy all the land of all allowed borrowing, with these firewalls, and now a lot of money in M2 can not enter into the real estate。This way, the "king" phenomenon will certainly be wiped out more than half。  Second, and more resolutely prevent developers account borrowing。  Developers made during development bonds, bank loans, considered a fairly standard, but sometimes it is private equity funds, private equity funds seems to be, but the "real debt-shaped shares", and sometimes also the financial capital, usury did you get。If a developer has 30% of the capital is a clear, 70% of loans are essentially banking, trust, the bond market to, and that is also decent。If a developer involved in debt one hundred financial institutions on dozens, all kinds of usury, "the usury" accounted for more than 50% of all financing, your account is a state of crisis at a glance。The development operation of such developers must be vigilant。  Third, carefully manage mortgage loans。  The most direct regulation of real estate credit market, the most effective approach is to set reasonable leverage ratio between the down payment and mortgage。If this ratio is too high, such as zero down payment, will result in the real estate bubble, triggered systemic financial risk; too low, such as zero mortgage, will make people buy a house difficult, the macro will result in the property market downturn, restricting the development of real estate market。Therefore, according to the different levels of demand and price trends, implement differentiated mortgage system。  To do this, the problem is the people involved in the approved loans and revenues。  Three long-term mechanism of: the first tax form has to contain the high-end, mid encouragement, there are low-end differentiated tax system security。  There are high-end containment, this is on the high-end residential villas, to implement differentiated tax policy, if ordinary commercial tax rate is 1%, then we must consider the villa closed 5%, if you want to sell three to five years, can be re-transaction tax rose 8%。Hong Kong is to continue to increase the stamp duty, no one would dare added real estate。In the end there is encouragement, it is to let ordinary people can afford to buy from the housing, such as money the first suite of mortgage loans can be deducted personal income tax。Future tax reform should take their ordinary real estate mortgage income tax deduction of such policies。This is the prevailing global real estate tax policy。The low-end secure, that not only taxes, but also help the government built public rental, low-price guarantee people and housing。  Second, timely property tax or property tax。  This has four major advantages: First, a sound tax system。In western countries, often 40% of total direct tax revenue。China is generally indirect taxes, the lack of direct tax, property tax is part of the holders of direct taxes, in line with international experience。Second, it is an important means to effectively curb speculative real estate speculators。1% tax rate to calculate the property tax, a $ 2 million house even years to double to 400 million yuan, the book made a profit of 200 million, but the appreciation of the process of real estate tax, plus the process of the sale to pay deed tax, VAT and so on, and then consider the funding of the final value of the coefficient, motivation will greatly reduce real estate speculation。Third is due to hold part of the cost increase to help optimize the allocation of resources, the prosperity of the housing rental market。The fourth is a huge adjustment for the whole ideology will be social housing concept, the concept of real estate and housing areas。  Overall, property taxes should include five elements: (1) a variety of house stock, a clean sweep increment, increment, close together stock。(2) based on the amount of housing appreciation tax, if the tax rate of 1%, worth 100 million houses will levy $ 10,000 to five million yuan appreciation tax rose to 50,000 yuan。(3) the higher the cost of ownership of high-end housing, but also the relative tax rate increase。(4) low-end, midrange houses have a deductible item, so that 70% of the whole society?80% of the tax pressure in the low-end housing is not。(5) After the implementation of property tax, leased land can no longer expire after 70 years of secondary payment of land transfer, orderly system to succeed。The five basic principles of the property tax should be considered。  Third, land tax study。  Eighth session of the Third Plenary, constructive allow rural collective land transfer, lease, shares, equivalent to the market and the implementation of state-owned land, with the right to the same price。The implementation of the reform measures, tax policies need follow-up。For example, an acre of rural collective constructive land sold for 500 million, how to achieve it?This is not only determined by the cost of land acquisition, but also closely related to supporting social resources and inputs。State-owned land transfer income, after deducting the cost of land acquisition and relocation, is Na Quxiu subway, building schools and other public infrastructure。After the shoot rural collective constructive land, all owned by farmers and collective economic organizations, is clearly unreasonable。In addition, the location of the different plots, due to the use of different purposes, some engage in financial and commercial facilities, cultural facilities and some engage in school, their prices are not the same, a sold 5 million yuan / mu, a shoot 50 yuan / mu, two local farmers and collective economic organizations, it is not fair。In Europe and the United States and China's Taiwan region, land tax is levied, after deducting costs, value-added within 50% to 40% of income tax, value-added 50%?100% 50% income tax, value-added more than 100% of the income tax 60%。Now, the introduction of land tax policy has not led to a lack of land resources like real estate taxes on tax。  Four long-term mechanism of: China's housing market lease rental system can be divided into public housing and rental housing two categories of goods。  First, improve the government's public housing system。General Secretary Xi Jinping had to accelerate the construction of housing security and supply system to emphasize that by 2020, mainly to public rental housing affordable coverage to reach 20%。Implement this requirement, not only can fully demonstrate the real estate property of public goods, so that the basic housing needs of urban families with protection。And, if we can get the public rental configured, will inevitably bring about the development of the developers and owners of all types of goods rental housing system, the entire system will be more balanced housing supply。  Overall, the construction of public rental should take a good five points: (1) the total amount, generally to cover 20% of the urban population, 20 square meters per capita to support the city of 1 million people is enough to build 4 million square meters the。(2) services including migrant workers, the new generation of college graduates and urban housing hardship, obvious features of these objects, easily approved。(3) simultaneously supporting hospitals, schools, police stations, neighborhood committees and other public service facilities and institutions, in one step。(4) gathering area rational layout, public rental housing and public facilities generally form shared with 1:03, schools, hospitals, public housing can not become a slum。(5) charge a reasonable property costs, generally priced at 50% with lots of real estate?60% rent accounted for about 1/6 of the annual income of low-income families。For the government, public rental real property, real estate prices will rise public housing rents, construction costs are able to balance good。Typically, about 60% of the construction of public rental cost of the loan, the interest on the loan balance can rent out。Like Singapore, more than five years of public rental housing, tenants can buy in the past, become common property room。If the total property room to be sold only in accordance with the market price to sell affordable housing management sector, government and then leased to a new security object。So the cycle, you can consistently do so。  Second, cultivate real estate rental market。  For developers hold rental, it is not reluctant to hold developers, but developers rely mainly on financing development model, determines its lessors do not hold the house。Imagine, 1:09 funding, some even half usury, after the house was built, roll up interest, developers will have to sell the house as soon as possible, in order to return the funds to repay the loan。From this perspective, the developers do not want to not engage in leasing of real estate holdings, but subject to the financing structure had to give up 1:09。Chinese real estate leasing too, in large part because developers and capital structure related。  In this sense, the government should allow developers to enter the first 1:03 of the financing structure, improve the access threshold for the developers, so there is capital strength of the developers involved in land leasing, not only help to curb speculation phenomenon, as well as contribute to the development of real estate rental market。In addition, to engage in long-term leases of real estate developer, to form a set of incentives, including tenant can use the housing fund to pay rent, transaction tax, deed tax, personal income tax rate higher deductible, etc.。Two suites for rent to people, there should be incentives。At the same time, from the legal guarantee rental housing residents and property residents enjoy the same national treatment in education, health care, household, etc.。  Five long-term mechanism: the ticket system of China's population, per capita arable land less than half the level of the world。In this context, we have to do two things: on the one hand, you want to cherish the country's land targets, strengthen conservation and intensive land use。At the same time, to explore new mechanisms to exit the rural homestead and construction land after the establishment of farmers into the city。  In the past one or two hundred large-scale urbanization process, is a common phenomenon in the world, various countries and regions of farmland not only did not decrease but increase。Why is this?The reason is that, living in rural areas due to the dispersion of per capita land for construction of 250?300 square meters; in the city, more intensive and saving about 100 square meters of land per capita。A farmers into the city, in theory, it can save more than 100 square meters of land for construction, if it reclaimed, cultivated land will increase。However, Chinese farmers have "two area" construction land in rural homestead and did not quit, and city construction land for a match, so the total amount of arable land declining。  How to solve this problem?The ticket design should follow three principles: First, we must reflect the nature of rural land ownership is collective; Second, farmers are the main body of rural reform, to protect their interests; third is to strictly implement the rural land use controls, between urban and rural areas the transaction is subject to votes of land for construction, it does not involve any arable land。  According to these three principles, approved by the central Chongqing ticket transaction carried out to explore。The so-called land ticket, meaning the homestead farmers to idle land and ancillary facilities, land for township and village enterprises, rural public facilities, land and other rural public construction land, construction land is arable land reclamation arising。As the main subject matter of the soil Exchange trading, with annual new construction land use plan targets and assigned by the State, the same functionality occupation and retrieval index, tickets may be consistent with land use planning, urban master plan in Chongqing City area agricultural land, in accordance with legal procedures into state-owned construction land levy。  Formation and use of the ticket, there are four basic aspects: First, reclamation, and second, acceptance, third, transaction, fourth is to use。Through this process, the farmers into the city, the rural homestead and constructive idle arable land turned into arable land developed suburbs joint is smaller than the cultivated area of rural reclamation, and finally the total area of arable land has increased。  On the one hand, the ticket system has financed "Agriculture" distinctive features。Mainly reflected in: first, to implement the most stringent farmland protection system。The ticket system will land mode from "preemptive after the meeting" to "before occupation" to avoid in the past accounted for more than make up less or even not only the phenomenon。Moreover, after thousands of years of agricultural civilization, our country can cultivate land development has been basically completed, lack of arable land reserve resources。"To vote" to solve the reclamation of arable land reserve resources shortage。Since most of the places in which the idle rural homes, abandoned school, township and village enterprises and other flat terrain, abundant water, neither in fear after the destruction of the ecological reclamation, but also to ensure the quality of additional land。  Second, breaking the space limitations of land resources allocation。As a virtual ticket to the standardization of trade goods, have virtual sex difference, bills resistance, also has a strong radiation, the transaction achieved through cross-earth, so that farmers can live thousands of miles away in remote areas to enjoy the big city suburbs land rent。  Third, give farmers more property rights。Increase farmers 'income, the key is to improve the farmers' property income。Chongqing ticket per acre average price of $ 200,000, net of reclamation costs more than 20,000 yuan, and net income of roughly $ 180,000。The money prorated 15:85 to collective economic organizations and farmers per acre farmer can get 15 million, it is a large property income。At the same time, the ticket as the securities used as collateral financing, asset-backed provide a realistic frame of reference for the evaluation of rural housing loans, so as to solve the problem of insufficient credit farmers。  Fourth, support the new rural construction。Ramshackle, ex situ poverty alleviation relocation has always been a problem of new rural construction, the main reason is that the peasants money。In practice, the Chongqing idle rural homestead reclamation and renovation of dilapidated buildings in rural areas, the relocation of geological disasters in hedge, alpine ecology combine poverty alleviation relocation work together to promote, to "vote" with "three room" effect。  Fifth, promote agricultural transfer of population into the cities。Through land reclamation and land ticket trade, migrant workers in cities have a "settling-in allowance", the corresponding pension, housing, medical care, children's education and the purchase of furniture and other issues, can be solved, no doubt Transfer residents can make better integrated into the city。  On the other hand, the ticket system available on the regulation of urban real estate in particular, play an important role in the supply of land。  Just mentioned, in recent years, the state has control of new construction land planned targets, but also the main supply infrastructure, public service facilities and industrial warehouse space in the configuration of the use of land for construction, insufficient supply of land for real estate。The ticket system can solve this problem to a certain extent, because land targets the ticket system formed, the market indicators, may be equivalent to the national land targets, it specializes in providing land to developers demand for real estate development time, which make up real estate the problem of insufficient development land。  Take Chongqing speaking, in recent years, Chongqing's state-assigned construction land 160,000?17 acres。Actual use, Chongqing priority to ensuring the infrastructure and livelihood projects of land, reasonable assurance mining warehouse space, can be used for real estate land is extremely limited, only about 10%, 2 acres。However, thanks to the ticket system, the annual market for 20,000 acres of land, nicely complement the required land for housing construction。Including Chongqing Wanzhou, Fuling, including twenty or thirty small cities relatively weaker, urban development process is a new construction land assigned by the State, the main city of nearly a million people in the large cities, 20,000 acres per year leasing of real estate development index, substantially all of the votes from the transaction。This is equivalent to Chongqing real estate development land index more than doubled the amount of land supply has doubled, greatly enhance the ability of real estate regulation。Chongqing to explore this has now been incorporated into the national "deepen rural reform and comprehensive plan" be promoted。  Institutional arrangements above these five areas, in accordance with the requirements of the central, four-beam eight columns to build a good, long-term mechanism of supply-side structural reforms, later gradually form of laws and regulations。China should have "real estate tax" should have "Housing Act" should have "rental method" will cure down to some basic institutional and long-term mechanism。  (The author is deputy director of the NPC Financial and Economic Committee。This article is my validation。Abridged) (Original title: five long-term mechanism to establish real estate regulation) (Editor: DF309)

A collection of 14 financial institutions "step on mine" Sun Life Everbright Life program of debt were unable to return Yingkou Port

June 13, Economic Observer Online reporter was informed, "Sun Life Everbright Life – Yingkou debt investment plan" investor list, a total of 14 financial institutions "step on mine"。  Yesterday, the Economic Observer Online correspondent reported Yingkou Port Group Co., Ltd. (hereinafter referred to as "the port of Yingkou, 600317.SH ") called for the reply – due principal and interest 'Sun Life Everbright Yingkou debt investment plans' total 5.Unable to pay 3 million yuan, plans to apply for adjustment due for repayment。  Reporters learned that invest Sun Life Everbright Asset Management Co., Ltd. (hereinafter referred to as "Sun Life Everbright Information Management") the institution debt investment, there are 13 insurance companies, for a total investment of 1.7 billion; in addition to a limited stake in China Everbright Bank Haikou branch company, invested 300 million yuan。  Step on mine of 13 insurance companies are China Life Insurance Co., Ltd. invested 4.500 million yuan, China Ping An Insurance Co., Ltd. invested 2.400 million yuan, China Ping An Insurance Company Investment 0.600 million yuan, Xinhua Life Insurance Co., Ltd. invested 200 million yuan, Taikang Life Insurance Co., Ltd. invested 100 million yuan, Yingda Taihe Life Insurance Company Limited Investment 1.500 million yuan, Yingda Taihe Property Insurance Co., Ltd. invested 0.$ 500 million in Midland Metropolitan Life Insurance Co., Ltd. Thailand Investment 0.500 million yuan, ICBC AXA Life Insurance Co., Ltd. invested 100 million yuan, CCB Life Insurance Company Limited Investment 0.500 million yuan, Taiping Life Insurance Co., Ltd. invested 100 million yuan, Huatai Property Insurance Co., Ltd. invested 0.500 million yuan, 100 million yuan investment in Huatai Life Insurance Company Limited。  Reporters get the documents show, "Sun Life Everbright Life – Yingkou debt investment plan" on December 14, 2012 Sun Life Everbright funded by the tube as a trustee initiated the establishment, to raise funds to qualified investors to invest in debt designated body of Yingkou Port investment projects by Chinese Bank Corporation Liaoning branch (Bank of China authorized by) the full amount of principal and interest to provide an unconditional guarantee with joint responsibility on the principal claim Yingkou Port under this item of the investment plan to the Division I。  "Sun Life Everbright Life – Yingkou debt investment plan" to raise funds for the two billion yuan, for a period of 7 years, the investment is floating, the beneficiary of the current rate of return of 5.68%。Interest is paid quarterly interest on the way, in four principal repayments, Yingkou Port, respectively, for the first time from the date of withdrawal investment plan subsisting full 66 months, the last 72 months and 78 months after the interest payment date (2018 June 20, December 20, 2018, June 20, 2019), respectively, to repay the entire principal quarter, debt service and to date (14 December 2019) one-time repayment of the remaining principal。  Reporters learned that, in May 2018, the Bank of China branch in Liaoning Province to Sun Life Everbright phone communication and information management proposed program hopes to change the principal, plans to postpone repayment of principal and inform the investment plan could be included in the Yingkou Port Group debt bank creditors conversion draft within range。  In this regard, Sun Life Everbright Information Management issued "on the Sun Life Everbright Life – Description Yingkou Port Credit Investment Scheme business", "description" explained the nature of the business of debt investment plans, investment plans and stressed that this should not be included in the debt-equity swap within range。  The program plans to postpone repayment of principal was opposed by institutional investors。Xinhua and information management relevant person in charge told reporters, "At present, almost all insurance companies are against (debt investment plans) deferred payment。"Currently, the Economic Observer Online reporter interviewed understood that the insurance companies to invest in the debt of the security plan 'betting' to the Bank of China will honor warranty。  Xinhua above information management relevant person in charge, according to the law, the Bank should assume security responsibility。  For investment projects step on mine issue, Ping An Life official said on Economic Observer Online reporter: "The company has always been committed to venture capital risk management, the investment project for the 2012 Division I by the Bank of China to assume irrevocable guarantee, asset security Guaranteed。"Huatai Life relevant person in charge told reporters," Bank guarantee security risks can be covered by the company。"Close to the Sun Life Everbright Information Management, she told reporters that" the company is in accordance with the procedures actively and fully communicate with relevant parties。Temporarily convenient to disclose more。But what is certain is that the likelihood of investors suffered actual loss is very small。"Bank of China told reporters the responsible person, the person said business has been contact, but not yet received a reply as of press time。

"National team" the outcome of a single exposure bailout bailout brokerage Fukui mercy of 6%

Annual brokerage has been dressed in the mystery of the "national team" bailout report card, now involved in funded bailout at the time of the concentrated exposure。"Bailout lead Big Brother" China Securities Finance Co., Ltd. (referred to as "gold card company" under) the operation of the unified accounts stocks fall too far outperforming the broader market over the same period, a "national team" rescue transcripts in a major microcosm。  July of that year in order to "rescue Pioneer" 21 annual funding to support the market data broker has been disclosed in the 12 point of view, each broker certificate delivered to the gold holdings of the company's bailout funds are currently in Fukui state, but Fukui proportion had remained at around 6%。And since July 6, 2015 the company officially gold card "cargo sweeping" By the end of 2016, the Shanghai Composite fell 15.82%, the index fell 14.82%。  For tips bailout funds outperform, from the "national team" in the subject may be able to stake stuck twelve。Whether gold card company or the entire "national team" of holdings, love hearts are big blue chips。In the industry view, heavily loaded with blue-chip stocks, buy low sell high, or as a "national team" performance reasons outperforming the broader market。  Bailout transcript exposure beginning June 15, 2015, A-share market suffered a first round of stock market crisis, under the crisis situation, at the national level to start rescue measures。July 4 that year, 21 securities firms FireWire issued a joint announcement, 15% June 30, 2015 the net assets invested to rescue the market, for a total investment of not less than 120 billion yuan investment in blue chip stocks, the funds on July 6 on to return swap gold certificate by the way in the secondary market trader operation。  But late August after two months, A-share market tumbled again, so the "national team" is once again a large-scale attack, once again increase the number of brokers to support the market in September of that year, including the maintenance of stability pre-army。This is funded investment equity securities in accordance with the proportion of 20% of the year July 31 brokerages net assets。  The original "rescue Pioneer" 21 brokerages already 12 disclosure report data, these two brokerages a total of 1363 funded bailout.4.9 billion yuan, of which invested the most, to reach 211.0.9 billion yuan to 194.5.7 billion yuan, followed by 170 places.1.4 billion yuan in third, and another, and so on six brokerages amount invested 10 billion yuan less。  According to the relevant contract, each broker to put money into a special account card CICC unified operations, and other investment accounts in accordance with the investment ratio share the investment risk, share investment income, unified operation and management of investment certificates CICC。Among them, in the 2016 annual report, commissioned by the risk of volatility simulated value of gold investment certificates (VAR) Reference Index draw。  At present, according to the 2015 annual data, the company's stock certificate gold grades are in Fukui state, but each broker investment Fukui corresponding to the amplitude of the same height, both at 4.9%。And since July 6, 2015 the company officially gold card "cargo sweeping" through the end of 2015, the Shanghai Composite fell 9.55%, the Shanghai and Shenzhen 300 Index was down 3.99%, outperforming the broader market, but outperformed the Shanghai and Shenzhen 300 Index。  New data released 2016 annual report show soon, under the gold card company Trader, each broker investment corresponding to the amplitude remains highly consistent Fukui, Fukui proportion had remained at around 6%, a minimum of 5.67%, the highest compared with 6.27%。But after the front stretch, Gold card company's stock performance is not only outperforming the broader market also outperformed the Shanghai and Shenzhen 300 Index。Since July 6, 2015 the company officially gold card "cargo sweeping" By the end of 2016, the Shanghai Composite fell 15.82%, the Shanghai and Shenzhen 300 Index fell 14.82%。  Based on the report card gold investment accounts provided by the company, a number of brokerage firms, taking into account the nature and purpose of the investment accounts to invest, the special nature of the investment management decision-making model and disposal of equity and other investment vehicles and the company is different, and special fluctuations in the case of households trends in the fair value of the investment, the company believes that there is no objective evidence that the fair value of the investment accounts a significant or prolonged decline, and therefore no impairment provision。  Compared rescue "victories" gold card company's own performance has suffered "cut"。According to January this year, the company announced gold card unaudited financial statements for the year 2016, 2016 operating income margin deposit 23.63 billion yuan, down 63 year.11%, net 18.1.9 billion yuan, down 58 year.46%。  The multi-party insiders had analyzed bailout fund transactions may not be included in the financial statements Accounting。Gold card company had 2015 annual audit report, to maintain the company in July 2015 began to carry out the capital market stable special self-employed business, not included in the 2015 annual financial statements to reflect accounting, the report is intended to reflect the company's original business transactions and their results。The industry believes that the continuation of the 2016 high probability before treatment。  Attachment: various investment funds and brokerage accounts Fukui case evidence CICC unified operations outperformed the broader market for the secret of the secret bailout funds outperform, from the "national team" in the subject may be able to stake a stuck two。From the "national team" the current ownership situation, the blue chips are still the bulk of positions。  It is reported that, "national team" mainly includes the testimony of gold company, Central Huijin Investment Co., Ltd. (referred to as "Central Huijin" under), Central Huijin Asset Management Co., Ltd. (hereinafter referred to as "Huijin owned pipe"), the foreign exchange administration department and set up the five public fund (China, Castrol, energy, investment and easy Fangda Rui Feng Qing Hui), 10 asset management plans。  August 14, 2015 the Commission issued a special bulletin No. 21, the company announced gold certificate by the transfer of a part of the contract transfer shares to the Central Huijin, its long-held。  Show, has been disclosed in the current annual report of listed companies in 2016, "national team" appeared in more than 540 shareholders of listed companies, the aggregate holdings 6865.1.9 billion shares, market capitalization of 3 positions.43 trillion yuan。Which Central Huijin Huijin and information management are the main shareholders, the list of top ten tradable shareholders before coming out of a total of 484 listed companies, holds a total of 6199.3.1 billion shares, worth 2.89 trillion yuan; gold card companies coming out the top ten tradable shareholders of the top 200 listed companies in the list, holding 530.8.1 billion shares, the market value of positions 4270.2.9 billion yuan。  In the list of holdings at the end of 2016 gold card companies, the traditional blue chips as the most important head, in transportation, non-Bank Financial ,,, automotive, and other industries stocks above normal。In comparison, the number of stocks, on behalf of the emerging computer industry, the media industry is not much。  Overall the "national team" in the hands of existing shareholders perspective, the blue chips also a "national team" of Awkwardness, holding the front of mostly blue-chip scale。Among them, "national team" to hold a larger number of "big four", the size of the stake were more than 100 billion shares, of which "national team" body holds the largest amount for 1989.3.6 billion shares。  "National team" a large number of shares of the top 20 stocks, the market value reached 3 positions.06 trillion yuan, accounting for the "national team" total open market value of nearly ninety percent, of which 10 stocks from, four non-affiliated, are large blue-chip market capitalization。And if the scope of further expansion to large positions before the 50 stocks, a similar situation, total market capitalization reached 3 positions.18 trillion yuan, accounting for the "national team" over ninety percent of the total market value of positions。This 50 stocks, is "national team" favored by 11 banks covering all included, there are seven stocks belonging to the non-financial sector of silver, six stocks comes from the transport sector, the remaining half of the shares respectively from the mining, construction and decoration, etc.。  To market the banking sector in 2016 and in July 2015 to the end of the 2016 term, stable zone rose more than 11 percent rise compared to the decline of other industries, and the prices in a relatively stable state。  Beijing has experienced private equity believe that the key reason outperform "national team" was heavily loaded with stocks or blue chips, may also be control of the overall position in the course of holdings and buy low sell high based on the market; from an investment perspective look, "national team" of holding a certain reference value。

When you stop eating meat, which can be miracles!

The past 10 years, how hot vegetarian?According to Taiwan's food consumption survey shows that the number of people in Taiwan perennial vegetarian about 10% of Taiwan's total population。19-year-old to 44-year-old Taiwanese population, where there are 10 people per 1 person a vegetarian for many years。
According to the 2006 Annual statistics, India's vegetarian population accounts for 31% (about million people), and some Western countries even more。
Have you ever wondered if one day, when everyone stopped eating meat, there will be a miracle, you would like to join the ranks of all of it?This is not no figment of the imagination based, but many scientists have come to the experimental data and conclusions and predictions。If one day, everyone will not eat meat, the probability of illness cardiovascular disease, diabetes, cancer and so on will be much lower, disappearing forests will come back, global warming, pollution and other environmental problems are no longer a problem, It will become a friendly between people, animals。
It reduces the probability of human illness Harvard Medical School noted that "studies have confirmed the health benefits of vegetarianism。Mainly vegetarian diet is not only nutritious, but also can reduce the risk of chronic diseases。
"1 diabetes studies have pointed out, for 17 consecutive years or more times a week to eat meat once, the probability of suffering from diabetes will increase 74%。
The next study also found that only half were increased daily intake of red meat, the probability of developing diabetes within four years increased by 50%。2, cardiovascular disease like meat, vascular premature aging。
British researchers found that too much red meat and the number of fruits and vegetables contain insufficient diet will speed up the aging process of the human body, leading to cardiovascular disease, kidney disease and the risk of vascular premature aging rise。
The study was published in the "Journal of Aging"。And even semi-vegetarian, vegetarian food is up about 70%, meat accounted for three percent of people, the chance of suffering from cardiovascular diseases is also 20% lower than meat and more people。More related knowledge, please pay attention to the public health network Grandview Micro Signal: Grandview -COM (Long press to add a copy), health, health experts online to answer your questions, you can also press the right attention fast two-dimensional code!。

Chinese immigrants in the United States and other large number of buyers could not sublet cited neighbors unhappy

BEIJING, July 11 – According to the United States, "Qiao Bao" reported over the past year, Chinese buyers in the United States spent $ 22 billion, California house sold to foreign buyers 32% of new homeowners are Chinese, Chinese gathered Arcadia City over the past year, house prices rose by 18.5%。Chinese buyers enthusiastic newcomers to the South hot California real estate, property developers and also increase government revenue, but some buyers habits and practices that allows new immigrants quite unhappy neighbors。  I could not buy a house sublet neighborhood security concerns many new immigrants from China have spotted the US housing real estate investment opportunities, and therefore more wealthy buyers to purchase several houses and then rent out and sell to make money even after renovation。Ms. Zhang from Shanghai in Arcadia bought two houses in Alhambra bought a house changed hands for rent, and now she is still looking for other listings to see if there is no better investment opportunities。Ms. Zhang said, she hopes to buy large area but a small housing area of the house, it feels comparison value investment。  However, some residents in the San Gabriel Valley this displeasure, a home buyers believe that these people not only bought a house, gone to some ordinary families really want to buy a house and settle down to bring buyers difficulties, but also for the local community safety bring hidden dangers。He said that rental housing has specialized property management company, but also with the tenants of rental housing agency signed a contract, it is relatively easy to manage。However, these houses and communities for long-term stays are one, and sublet to others Most homeowners receive cash, identity unknown tenants, bring hidden dangers to the security community。  There are buyers that used to go to the San Gabriel area to see the house and found the homeowner houses were separated by partitions into several points between, and then rented to different people, not only the poor living environment, safe housing is also an issue。  Houses demolished for redevelopment destroyed the city's historic neighborhoods, said many like to buy a small house big yard Chinese buyers are hoping to tear down the old house, and then rebuild new homes。Some neighborhood this is quite unhappy, because some of the old house has a long history of representing the cultural communities, demolished for redevelopment is not conducive to preservation of local culture。  Ms Lau said housing agency, in fact, many old houses higher than the value of the new house。For example, many houses is all mahogany construction in San Marino, Calif., Is not only good design and high quality, such houses worth preserving。Alhambra Mayor Shen Kang also pointed out that some of the old residents of the city over the past few years the development of Arab discontent, because they want to save some of the old buildings。

Rivers and lakes regulatory capital sneak off with a sword cut "vine" touch "melon"

  "Financing will lead to sell-off or forced liquidation transactions are generally open limit-down, which can easily cause more panic, regulators to clean up such accounts is conducive to long-term healthy development of the market。
After the 'information management new regulations' introduction, in the form of an off-market offer for the classification of the product or came to an end。 "Brokerage source said。
  A source close to the regulators, who told the China Securities Journal reporter, in recent years, regulators continue to consolidate must strictly regulatory trend, the market also showed positive ecological change, further operation of the market steady。 I believe continuing to strengthen law enforcement inspection, the capital market will serve the real economy, help develop high-quality, and create a more open, fair and equitable market environment。
  With capital Phantom manipulation scam behind the March 14, the Commission organized inspection of law enforcement special news conference to announce the recent investigation of three cases。
Among them, "the North eight syndicate market manipulation case" suspected of multi-account, multi-use huge amounts of leveraged funds only time shares stock manipulation, to be punishable by a fine not top five grid penalty, up to the amount of confiscated billion, its highest amount ever recorded ticket, shocked the market。   With the ins and outs of the case surfaced, had once disappeared off-site with the capital market is also re-emerged in the field of view。
Commission survey shows that eight north-funded companies with extensive use of the service, to achieve a high leverage ratio。
  The case investigators, said: "North eight large-scale use in this case with a Chinese company, with the capital of intermediary services in Jiangsu and Zhejiang provinces particularly active provider of funds will be provided to the stock accounts and financial intermediaries with capital, and then by the intermediary with the capital the accounts and use the money to North eight Group。 The eight North intermediaries involved in the case with the capital stock account has close to a hundred, the amount of each account from several hundred thousand to tens of millions of dollars, a large scale。 "China Merchants Securities analyst Hou Chunxiao, Zhang Xia had written about the so-called off with capital stock is owned company assigned to finance the corresponding proportion of shareholders in accordance with the amount of available funds, so as to achieve amplification amount of money, which is equivalent to adding leverage in this process, with the capital the company will charge interest based on the amount and duration of funding it provides, by its very nature belong to private capital。
  "Off with the capital account, there are two types, one is the product family, one is personal account。
The so-called product family, is the son under the umbrella trust account; personal account is a personal account name, such as with the capital company executives, relatives and friends like。
"General manager of a brokerage business department in east China Yin explained that it。   According to its introduction, there with the capital needs of investors, will break into a certain margin in the product family or individual households, coupled with the company will then offer for priority funding in accordance with the agreed proportions, then buy the shares, the account shows the product name or trust personal account owner has certain degree of secrecy, will increase the difficulty of penetrating account。
  Hou Chunxiao, Zhang Xia said, and brokerage business financing compared to open brokerage margin trading business requires more than 50 million personal assets, leverage of 1 times, while private capital is no hard and fast with the indicator of capital, leverage generally up to 2-10 times, risky。
Because with funding agencies are not legally engage in legitimate institutional securities brokerage business, there is no internal control, risk control and external oversight, and thus free in legal and regulatory gray area。   Overleveraged enlarge the risk, "we generally do not recommend too much leverage, too easy a warehouse explosion。
"According to Shanghai, a company with a capital of staff, the company can provide 2 times to 9 times leverage, according to the company's risk control standards, there will be some positions and early warning line, open line requirements。
For example: 3 times leverage single stock position in less than eighty percent control requirements, and it will set the warning line and closed line, warning line of 60% of the stock, the stock is 50% open line; the higher lever, position control requirements lower levels, 7 times more single stock positions and require control 60%, 80% warning line of the stock, the stock is 70% open line of。
"Once below the warning line, investors need to margin calls within the agreed time, if not further margin calls and stock price fell open line, will encounter strong level。 One of the main force, "China Merchants Securities, according to reports, the mid-2015's hot market, the OTC market with the capital it is stirred。
After the perceived risks with the capital of the OTC, June 12, 2015, the Commission had issued "on the strengthening of the external security of information systems access management," which requires States Securities Regulatory Bureau shall urge the external securities companies standardize information systems access behavior。
July 12 the same year, the Commission released "on the clean up and rectify illegal securities business activities" to be sorted out with a capital offense, then off with the capital once disappeared。
  "Financing will lead to sell-off or forced liquidation transactions are generally open limit-down, which can easily cause more panic。
Regulators to clean up the account in favor of long-term healthy development of the market, due to off-site with the capital markets caused by soaring plunge is not conducive to investors to guide rational investment。 "A broker source said。
  "In addition to off-site with the capital, and some were with the capital by way of structured information management products。
Trust example, the product information management intercalated, by providing the structure of 318,3210, scaled to the lever 1: 3, 1: 4。
"General manager of a brokerage business department Mr. Wei expressed the Northeast。   Regulation sword hanging moments in the November 17, 2017, the central bank, China Banking Regulatory Commission, Securities Regulatory Commission, China Insurance Regulatory Commission, the SAFE jointly issued "Guidance on (draft) specification of financial institutions, asset management business," open to the community to solicit opinions。 Which clearly stipulates that the public offering of products, open private equity products, investment targets investments in single or bonds, stocks and other standardized products more than 50% of private equity products shall not be graded share。
  "This means in the form of an off-market offer for classifying products or came to an end。
"Hou Chunxiao, Zhang Xia expressed。   Mr. Wei said that the funds are profit-driven, will find ways to circumvent the regulation, which will undoubtedly make it harder for regulators to combat illegal cases, the healthy development of the securities market much work。   March 9, 2018, the Commission conducted a special inspection department research and deployment, clearly the focus of the investigation and handling of serious cases of illegal behavior are four categories in which the second class will be on the 2018 inspection of law enforcement focus areas, key directions and specific arrangements "serious accumulation of market risk, jeopardize the smooth operation of the market violations。 Illegal trading acts performed by means of new financial instruments, financial abuse of the name of science and technology, or across markets; including through illegal gathering market funds, abuse of leverage, amplify market risk cases。 "" In the long run, restrictions on off-site with financing that will advance the objectives of deleveraging, will help improve the investment environment for the stable development of financial markets play a supporting role。 "Hou Chunxiao, Zhang Xia expressed。   For ordinary investors, how should safeguard their own interests it?If you buy the stock suffered losses related manipulated whether to make a claim through the legal weapons it?  "Insider trading, market manipulation, are" provisions of the Securities Act prohibited acts ", although the provisions of these two acts causing losses to investors, should bear the liability。
But only in 76, 77 "Securities Act" had a principled provisions, and there is no corresponding enforcement regulations or judicial interpretations to support current investors basically not through litigation to claims for market manipulation and insider trading。
"Jiangsu Law Firm Hanyou Wei Hua Yi expressed。
  Hanyou Wei said that in recent years, regulators to strengthen supervision and increase efforts to deal with the securities market law violations, rights of shareholders and healthy development of the stock market has played a huge role in promoting。
But for investors, the current rights still exist some difficulties and obstacles court level, such as the filing is difficult, difficult to define, long time trial。 Recommended that the Supreme Court should be as soon as possible new judicial interpretation and implementation details of such cases in order to solve the current problem of the referee standards are not uniform, giving the healthy development of China's capital market to support law。 The parties to speed up the revision of the "Securities Act", drawing on the legislative practice of mature markets, increasing the terms of investor protection, strengthen protection for investors。

Common headache why run after what kinds of headaches

Furthermore, the headache will affect people's life and work。
The most direct impact is sleep, not a few headaches headache patient sleep is good, light difficulty falling asleep, severe sleep all night。Because lack of sleep during the day and there is no spirit, work is also greatly affected。And some patients have chosen to work on the attack, is delay things。What relieve headaches 1, taking the right amount of aspirin: For the month occurred once or twice a tension headache, aspirin or other common anti-inflammatory drugs may come in handy。
However, excessive use of these drugs will cause more pain。
"It's like grasping rash, the more grasping the more itch will。
2, do not hesitate: if you decide to use aspirin for a headache, "should be a headache at the beginning; it is taking immediate, otherwise the effect is not obvious。"Dr. Barker said shuttle。Movement "campaign is an effective way to prevent headaches, because exercise can help you relieve tension and stress。
3, as usual motion: If a headache less severe case, the motion can help to improve the situation。"If you have a slight tension headache, exercise can help you eliminate。
"Dr. Barker said shuttle。However, if severe headache, do not exercise; in order to avoid the situation worse, especially in patients with migraine。What are the common headache 4, to sleep: the elimination of headache many people with sleep。But should avoid sleeping too much, so as not to wake up later, but headache。
5, do not nap: a nap may be able to eliminate the headache, but if you do not have a headache, it is best not to nap。"Naps may cause migraine。"The doctor said Dimon。"Weird sleeping posture to sleep lying flat or even tummy sleeping (belly down), all will shrink the neck muscles, triggering a headache。"The saliva lying posture helpful。
Similarly, when you stand or sit, do not tilt the body forward, or install a head torsional direction。
Some people like the cold cold forehead and neck, shuttle Buck doctor said this method is effective。