Dashenlin (603233) M & A Incident Review: Mergers and Acquisitions Huaxing cut into the Hebei market.

Dashenlin (603233) M & A Incident Review: Mergers and Acquisitions Huaxing cut into the Hebei market.

Event: The company announced that it acquired a 46% stake in Baoshi Shengshi Huaxing (hereinafter referred to as the “subject”) with a transaction amount of 7424.

50,000 yuan.

If the successful completion of the merger and acquisition will achieve the holding of the target (holding a total of 65% equity), the company will officially enter the Hebei market.

Opinions: Use high-quality mergers and acquisitions to cut into the Hebei market and continue to promote the “north” expansion. We believe that the target is a high-quality target for the following reasons: 1) Regional leading companies: The target is Baoding’s pharmaceutical retail market scale and brand influence.One, as of the end of 18, it has 39 stores, located in the urban area of Baoding and surrounding areas, and is second in size only to Chongde Pharmacy and Baobei Pharmaceutical Chain; 2) Large single store scale: the annual revenue of the single store in 17 yearsAs high as 6.12 million yuan (excluding tax), which is much higher than the industry’s average annual single-store revenue of 840,000 yuan, indicating that the target stores are mainly large stores in crowded areas such as hospitals and commercial centers, and the proportion of prescription drug sales is also large., In line with the advantages of future card prescription outflows (the annual revenue of the target 18 single-stores dropped to 4.09 million yuan, mainly because the number of new stores in 19 reached 19, a gradual increase of 95%, which significantly reduced the average single-store size); 3) Strong profitability: The 17-year net interest rate of the target company is 5.

8%, which is close to the listed pharmacy chains. Considering the large proportion of low-margin prescription drugs in large stores, the net margin level is already excellent (the target 18-year net margin has dropped to 1.

7% is mainly due to the early interruption of new stores in 18 years, not due to shifting business levels).

The company borrowed the high-quality target to cut into the Hebei market, and further opened up room for growth.

The target PS is estimated to drop to zero.

87x, indicating that the rational period of the M & A market may have arrived, considering that the target 18-year tax-included income has reached 1.

8.5 billion, valued at 1 based on the underlying 100% equity.

6.1 billion calculations, the target 18-year PS is 0.

87x, about 18 years in the M & A market1.

5x or even 2.

The estimated level of PS of 0x, this acquisition is estimated to have dropped significantly.

Our preliminary judgments are: 1) Fang Gaoji Medical, the largest pharmacy merger and acquisition capital in the primary market, has suspended the acquisition of chain pharmacies at the end of 18 and moved to the integration stage of the pharmacy.The 厦门夜网 reorganization of policies such as registration of pharmacists, strict investigation of pharmacy medical insurance and theft of pharmacy, the standardization of the pharmacy market has significantly accelerated, the pressure on small and medium-sized chain operations has increased sharply, and the sales and urgency are expected to have increased significantly.

We believe that this acquisition or heralds the expansion of the rationality period of the M & A market, further implementation of the standardization policy of portable pharmacies, and the future company or other listed chain pharmacies will tend to integrate rapidly under a reasonable merger and acquisition scale.

The main 19 years of the target’s main contribution to consolidated revenue, and the non-consolidated profit contribution is not the main focus. Considering that the target is only the third largest in the pharmacy market in Baoding, and currently there are no other national / provincial large-scale pharmacy chain leaders in Baoding.Share (such as Hebei Xinxing Pharmacy affiliated to Yifeng, Shenwei Pharmacy, Huajing Pharmacy Chain, etc.), we judge that the company’s next business focus in Baoding is to expand as soon as possible and replace the first market share in Baoding toIt is easy to cope with the competition of other large drugstore leaders, so we believe that the target 19 years will mainly contribute to consolidated revenue, but not contribute to consolidated profits.

Assuming 19 new target stores are still built in 19 years, it is estimated that the non-tax revenue in 19 years can increase by 30% to 2.

07 billion, if consolidated for half a year in 19 years, it is expected to contribute 19 years of revenue growth of about 1.

2pp.

Mergers and acquisitions Huahuaxing cut into the Hebei market, the rationality period of the mergers and acquisitions market may have arrived. Considering the uncertainty of mergers and acquisitions delivery, we maintain the company 18?
The EPS for 20 years is 1.

33/1.

54/1.

82 yuan, the current price corresponds to 18?
20PE is 33/29/24 times.

This merger verifies our Air Force report’s judgment that the company has the potential to resist mergers and acquisitions. Considering that the company’s application for the issuance of convertible bonds has been approved by the Securities and Futures Commission on January 16, 19 (the scale is US $ 1 billion), we still maintain the company’s performanceThe judgment that the growth rate is expected to continue to accelerate, and the company will continue to accelerate the merger and acquisition integration with rational estimates in the subsequent continuous breakthrough opportunities.

Maintain “Buy” rating.

Risk Warning: The performance of M & A pharmacies is not up to expectations; the extension speed of new openings and M & A is not up to expectations.

Tianfeng Macro: Expects to calm down in March when liquidity tightens slightly

Tianfeng Macro: Expects to calm down in March when liquidity tightens slightly

Source: Song Xuetao’s original title “March Liquidity Preview: Need to be calm when mad (Tianfeng Macro Song Xuetao)”, the rise of A shares since the beginning of the rainbow, can benefit from policy-driven risk compensation and repair, but also received overseas fundsContinued inflows and continued loose support from domestic funds.

With fundamentals still in a semi-vacuum period, policy and funding are key factors in determining market sustainability.

From the perspective of market sustainability, we believe that we should pay reasonable attention to the liquidity situation of the domestic currency market for three months.

In March, liquidity is expected to tighten slightly from January to February, returning to the level of the fourth quarter of 2018, and gradually improving.

  First, why should we pay attention to the funding situation in March?

  Since the beginning of the year, A shares have risen like a rainbow.

The improvement in market performance is due to the supplementary repair of risks promoted by policies-intensive hedging policies have been implemented, structural reforms have been introduced, and Sino-U.S. Trade negotiations have eased significantly; and they have also suffered from the continuous transfer of overseas funds and the continued easing of domestic fundssupport.
With fundamentals (macro data and company financial reports) still in a semi-vacuum period, policy and funding are key factors that determine market sustainability.

  For the time being, the policy side is temporarily worry-free under the care of the two sessions and the better Sino-U.S. Negotiations, while the capital side has seen a significant rise in capital gains in the last few trading days of February: the pledged repo rate between banks and deposits (DR007) and Interbank Offered Rate (SHIBOR 1W) have increased by 42bp / 61bp in the last 9 trading days.

Therefore, from the perspective of market sustainability, although there is no strong correlation between the money market interest rate and the stock market, the stock market’s rise or fall often occurs when the money market interest rate is too high or too low, so it is feasible toThe liquidity situation of the domestic currency market remained rationally watched.
Figure 1: Continuous liquidity tightening since mid-February (%) Source: WIND, Tianfeng Securities Research Institute II. How big is the liquidity gap in March?

  As for cash withdrawals, it is estimated that 300 billion yuan will be invested in liquidity.

In March, the effect of the Spring Festival gradually subsided, and the scale of cash to deposit conversion was significantly weakened compared with January to February.

With reference to historical conditions and the time of the Spring Festival this year, M0 is expected to decrease by about 300 billion in March from the previous month.

  In terms of financial funding, it is estimated that the liquidity will be 700-850 billion.

March is the month of fiscal investment.

In the first quarter, the demand for steady economic growth was relatively reduced. In November 2018, the Ministry of Finance issued a number of notices on the transfer of central and local payments in advance, gradually opening up the year to accelerate the progress of fiscal expenditure.

Therefore, it is expected that the progress of fiscal capital investment in the first quarter of this year will be advanced and strengthened. With reference to recent years, it is expected that a net investment of 700-850 billion yuan will be made in March.

  In terms of monetary policy tools, 700 billion yuan of liquidity is expected to be withdrawn.

On March 7th and 16th, MLF expired 104.5 billion / 327 billion, and the reverse repurchase in the first half of March totaled 260 billion.

After the aggregation, the stock monetary policy instruments in March expired a total of 691.5 billion yuan, concentrated in the middle and early March.

  As for interest rate debt, it is expected that liquidity will be 400-500 billion.

Local debt will continue to be issued at high speed in March. We estimated in the annual report “Winning the War: China’s Macroeconomic and Strategic Outlook 2019” that increasing local government debt in 2019 can replace 2.

85 trillion, currently it may be around 3 trillion.

According to the assumption that most of the additional debt issuance is completed before the fourth quarter and 70% issuance in the first and second quarters, considering that approximately 770 billion has been issued from January to February, it is expected that new local debt will be issued in March from 300 to 400 billion.

Coupled with government bonds and government bonds, the net financing scale of interest rate bonds in March is estimated to be 400-500 billion.

  Taken together, the liquidity gap in March was about 150 billion yuan. After two reductions in one month, there was no obvious liquidity gap in the capital market.

  III. March liquidity forecast: The capital interest rate center rose slightly, and the change increased. The forward-looking liquidity gap cannot clearly point to the subsequent tightening of liquidity, because the liquidity environment is basically a marginal change in monetary policy.

For example, one month before the RRR cut, we calculated that the pre-holiday liquidity gap exceeded 3 trillion, but after continuous RRR cuts and open market operation net hedging, the January interbank deposit pledged repo rate (DR007) replaced 2017.The lowest level since January.

  Although the current economic fundamentals do not support the direction adjustment of monetary policy, the probability of further easing is also relatively small.

In March, liquidity is expected to tighten slightly from January to February, returning to the level of the fourth quarter of 2018, and gradually improving.

  This issue can be viewed from several perspectives.

  First, money market liquidity has been too loose in the past two months.

DR007 has fallen back to the level of September 2016, which is only 12bps from the lowest point, and since January, DR007 has a 7-day reverse repo rate (2.

55%), 南宁桑拿 so the liquidity level of the currency market in the past 2 months is even more accommodative than in the 2016 “asset shortage”.

In the process of interest rate marketization, in order to ensure the effectiveness of the interest rate corridor, money market interest rates have been re-extended to break through the borders and boundaries. Therefore, it is necessary to gradually reduce liquidity or reduce policy interest rates (monetary market interest rate reduction).

At present, before the Federal Reserve ‘s interest rate meeting on March 21, it is clear that the probability of interest rate cuts in the domestic money market is not high. Therefore, the DR007 hub in March may pick up from January to February, which is close to the level of the fourth quarter of 2018.
Figure 2: Interbank liquidity levels from January to February are higher than in the first half of 2016 (%) Source: WIND, Tianfeng Securities Research Institute Second, monetary policy enters the period of effect observation.In the overall budget, the growth rate of social financing rebounded in January, and there is not much room for the current policy to fall back. It is expected that the growth rate of social financing will run in a narrow range between 10% and 11% for most of the time. Although the rebound is not significant, butOverall higher than in the second half of 2018.

Price budget. The rapid decline of the money market interest rate in this round started in the second quarter of 2018, and the bill financing interest rate basically fell simultaneously, to only three in the fourth quarter.

84%, which also brought the problem of structural deposit arbitrage; the general loan interest rate has started to decline from 4 quarters, and whether it can continue to decline remains to be further observed; the policy intervention of personal housing loan interest rates has been stronger, since the first quarter of 2017It continues to rise, and it is expected that there will be downward space in the future.

  Therefore, after experiencing loose liquidity since the beginning of the year, the return of monetary policy from the money market to the real economy has entered an observation period. It is unlikely that monetary policy will be further relaxed until the data are clear.

Figure 3: Conversion of money market interest rate to mortgage interest rate (the length of the SHIBOR sample interval, which can be approximated as DR007) (%) Data source: WIND, Tianfeng Securities Research Institute Third, affected by regulatory crackdown on arbitrage, the net value of February billsThe financing ranking dropped significantly in January.

At the State Council meeting on February 20, the leadership paid particular attention to the issue of capital idling. The relevant speech also mentioned the need to control capital idling and combat arbitrage.

According to the data of the Shanghai Bills Exchange, the net acceptance of commercial bills (including commercial and silver bills) in February is estimated to be -21.7 billion, down by 107.6 billion and 652 billion from January and December last year, respectively.The decline was also higher than in previous years.

Figure 4: Comparison of annual growth rates of net acceptances and balances of commercial bills. Data source: WIND, Tianfeng Securities Research Institute. Fourth, monetary policy is subject to supplementary restrictions on terms of trade.

The conclusion of the China-US trade agreement may have an important impact on the RMB exchange rate and domestic current account balances. The RMB exchange rate lacks flexibility to depreciate and even needs to appreciate. After expanding imports, the trade surplus in goods narrows, and the current account may shift from a surplus to a deficit.

Therefore, the supplementary terms of trade constrain the easing space for domestic monetary policy to form an overlap. Further easing is likely to wait until the Federal Reserve ‘s monetary policy changes first.

  In summary, for short-term liquidity, we believe that the three-month capital interest rate hub will rise and increase. Therefore, we recommend that you rationally observe the impact of monetary policy attitudes on liquidity, and you need to calm down when you are crazy; for medium liquidity environments,We are still more optimistic until fundamentally there has been a noticeable steady growth.

In addition, “deepening financial supply-side reforms” requires both a strong capital market and a stable low interest rate environment.

  Risks suggest that Fed ‘s policy shift is not as good as expected; China-US trade talks are not progressing as expected

Oupai Home Furnishing (603833): Tree roots are deep and stable

Oupai Home Furnishing (603833): Tree roots are deep and stable

Key points of investment: industry leaders, big homes in full swing.

The company is a benchmarking company in the domestic custom home furnishing industry and is committed to providing consumers with one-stop home design solutions, high-quality home product configuration and user-friendly home comprehensive services.

Start with custom cabinets and extend to whole-house products.

In 2018, the company’s overall cabinet sales were the first in the country, and the overall wardrobe sales were the second in the country. The sales of custom wooden doors were the top four in the country.

The custom home industry bonus gradually faded, and the shuffle proceeded in an orderly manner.

Affected by the decline in the real estate market, the growth of custom home furnishing companies slowed down.

The final market dividend and traffic dividend are gradually fading.

In fact, we believe that the custom home furnishing industry can still outperform the industry characteristics of high-quality large companies.

With reference to mature overseas markets, the penetration rate of some categories continues to increase, and industry concentration has gradually increased.

According to our calculations, based on the total income of cabinets, wardrobes and whole house customization, the CR3 in the Chinese market is only 14.
.

59%, the total market share of all eight custom home listed companies is only 20.

11%.

In the future, the customized home furnishing company will gradually accelerate the nationwide production capacity layout. Consumers’ environmental protection requirements for home furnishings continue to increase, and some small and medium-sized enterprises in the industry are out of the market in the winter. The concentration of the customized home furnishing industry is further enhanced.

The distribution channel has deep roots and the bulk business has developed rapidly.

The company’s dealer resources and the number of dealers have obviously merged with other companies in the industry.

Bulk business from July 2014.

94% of the revenue share developed to December 2018.

51% of revenue.

In 2018, in addition to the bulk business of cabinets, the bulk business of wardrobes, wooden doors and bathrooms has developed rapidly.

In addition, the gross profit margin of the company’s bulk channels in 2018 was as high as 49.

48%, indicating that the company has certain competitive advantages over its peers in terms of customer selection and product negotiation.

The big home set sail and actively embraced new channels and models.

A rich matrix of categories and brands, complete layout of cabinets, wardrobes, wooden doors, bathrooms and home accessories, linking the “Europa” and “Europe” brands to mid-to-high-end brands, and “Europe” positioning to the public just need, different brands in differentThe marketing strategies at different levels should cooperate to further consolidate and expand the company’s market share and competitive advantage.

In 2018, the company actively explored in the assembly of 北京夜网 large homes, and the landing effect was noticeable.

As of the end of 2018, there are 22 cities in the city where the home furnishings are installed, and the home furnishings have contributed more than 100 million yuan to the first performance.

The new business model of “Enhancement and Enabling” has opened up a new path for the company to realize the big home strategy, and is expected to become one of the main engines for the company’s performance growth in the next 3-5 years.

Covered for the first time and given a “Buy” rating.

The company is expected to achieve revenue of 138 in 2019-2021.

44/168.

17/198.

78 ppm, an increase of 20 in ten years.

3% / 21.

5% / 18.

2%, net profit attributable to mother 18.

96/22.

98/26.

89 ppm, an increase of 20 in ten years.
6% / 21.
2% / 17.

0%.

The closing price 淡水桑拿网 on May 30, 2019 was 112.

36 yuan corresponding to PE is 24.

90X / 20.

55X / 17.

56X.

In the medium and long term, we believe that it is a good time to lay out a custom home furnishing leader. If real estate completion data improves in the second half of the year, the home furnishing company is expected to usher in a new round of repairs.

Considering that the company’s leading position is stable, the performance growth potential of the engineering channel and the assembly channel is large, and the leading company has a leading price premium compared to comparable companies. We believe that the company’s reasonable estimate for 2019 is 28-32 times PE, corresponding to 126.

28-144.

32 yuan.

Covered for the first time and given a “Buy” rating.
Risk reminders: Real estate boom continues to be sluggish, assembly business advances less than expected, and informatization construction falls short of expectations

A shares cater to expansion and expansion through Yinhua MSCI China A share ETF grasp-jiyu-

A shares cater to expansion and expansion By Yinhua MSCI China A shares ETF to grasp the “base case”

Original title: A-share welcomes the largest expansion in history. Yinhua MSCI China A-share ETF grasps the third step of the “base case”, and includes all large-cap A-shares in the index (including eligible GEM targets) in the MSCI emerging market indexThe separation factor of the company was increased from 15% to 20%. At the same time, the mid-cap A-shares (including eligible GEM targets) were divided by the MSCI Emerging Markets Index by 20%.

This adjustment adjusts performance after the close on November 26.

  It is reported that the expansion will bring A-shares the largest increase in history.

CICC estimates that the size of the incremental funds (active + passive) for the A-shares will be about US $ 35-400 billion (approximately US $ 250-300 billion), and the budget will be allocated twice in May and AugustCapital inflows (about 23 billion U.S. dollars) are about 50% -70% higher.

Among them, the increase of the large-cap stock removal coefficient from 15% to 20% will bring about $ 20 billion in capital inflow (accounting for 54% of the total inflow), and the increase of the mid-cap stock separation factor from 0% to 20% will bring about 170USD 100 million (46% of total inflow).

  It was initially expected that from the end of this year to the third quarter of next year, the international index will increase an equity weight intensively, and A-shares will usher in a period of accelerated foreign goods clearance.

In this context, Yinhua MSCI China A-Share ETF (512380) is expected to take the lead in benefiting from the intensive allocation of A-shares to help investors grasp investment opportunities in the process of A-share internationalization.

  From the past experience of reducing or increasing the proportion of MSCI at least once, the index adjustment has compensated for the excessively obvious shifts in most consecutive days.

Northbound funds, which are foreign weathervanes, have been sweeping cargoes recently, lurking A shares in advance.

  WIND data show that in the last three months on November 6, there was a net inflow of northbound funds of 1,388.

70ppm, accounting for nearly 59% of the net inflows this year, shows a trend of “accelerated” inflows.

  (Data source: Wind as of 2019.

11.

06; Unit: 100 million RMB) According to this, Yinhua’s foreign investment allocation is the preferred target.

Its constituent stocks are 258 the same as the Shanghai and Shenzhen 300 Index, and 155 are the same as the CSI 500 Index. From the perspective of style, the broad market and the mid market are balanced, and both value and growth stocks are equal, which is particularly suitable for the A-share expansion plan.

  From a fundamental point of view, the MSCI China A-share RMB Index shows good profitability, large growth space, and low estimates.

Its constituent stocks have good fundamentals, have the potential for sustained and steady growth, and meet the long-term allocation needs of overseas funds. WIND data show that as of November 6, the MSCI China A-Share Index PB and PE were 1, respectively.

43 and 11.

91 times, which is lower than the CSI 300 and CSI 500.

In 佛山桑拿网 the long run, the long-term profitability of the index is also included in the mainstream market index.

Since the base date of the MSCI China A Index, it has gradually returned 77.

50%, at the same time, the Shanghai Composite Index and Shenzhen Component Index increase 57.

70%, 51.

97%.

  Comparison of MSCI China A-Share Index and Mainstream Index Returns (Data source: Wind; as of 2019.

11.

06) It is worth mentioning that some securities firms pointed out that from the end of this year to the third quarter of next year, the international index will increase an equity weight.

With reference to overseas experience, the current A-shares are at the beginning of a sustained period in foreign countries. In the future, Northbound funds will continue to be allocated additional A-shares.

In this context, investors do not hinder Yinhua MSCI China A-Share ETF and its linked funds, follow the pace of northbound funds, and share the dividends of A-share international investment.

Chairman of Ya Life: Epidemic brings 3 probabilities and 4 challenges to property companies

Chairman of Ya Life: Epidemic brings 3 probabilities and 4 challenges to property companies
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: Huang Fengchao, Chairman and President of Ya Life: The epidemic brings 3 opportunities and 4 challenges to real estate companies Source: Daily Economic News Every reporter Wu Shuying Every editor Wei Wenyi manages an area of more than 5 billion square meters, the business involves residentialAgile Life Services Co., Ltd. (03319, HK; hereinafter referred to as Ya Life), a property service, high-end merchant write-up asset management, public property services, and community business, has a decisive position in the property industry.  Under the new crown pneumonia epidemic, how do property companies view the possibilities and challenges of the industry?Recently, a reporter from “Daily Economic News” (hereinafter referred to as NBD) interviewed Huang Fengchao, the director and vice president of Agile Holdings, and the chairman and president of Agile Life Group.  Huang Fengchao believes that the epidemic situation fully reflects the comprehensive value of the property management industry in community disease prevention and control, resilience, and multiple services.In the future, real estate companies should pay more attention to the construction of science and technology information and do a good job of management, and have a high-quality brand to continuously expand the scale, and use the Internet and the Internet of Things technology to deeply dig the value of community business.  NBD: Some people point out that “this epidemic is the second value discovery for the property management industry”, how do you think about this view?  Huang Fengchao: China’s property management industry has made great progress in the past 30 years. From the construction of industry teams and the establishment of service standard systems to the application of intelligent services such as mechanization, informationization, and intelligence, the progress of the property management industry can be said to beEvery day, we continue to surprise and look forward to the owners, and have also received the recognition and trust of the owners.  Today’s property services have been fully integrated into people’s lives and are closely related to people’s quality of life and happiness index.It can be said that the value of property management companies has been continuously discovered and recognized by people, and its social and economic value is inestimable.In this outbreak, the property management company, as the backbone of the epidemic, fights on the front line of the outbreak. It is not afraid of safety, hardships and hardships. It shoulders the mission of protecting the health of the owners and has demonstrated good professionalism.Highly recognized by the government.  This epidemic fully reflects the comprehensive value of the property management industry in community disease prevention and control, resilience, and multiple services, and also reflects the spirit of the property person’s selfless dedication and mission.In my opinion, in the world, Chinese property management companies provide the most services and bear the largest responsibilities.  NBD: In your opinion, what might be the property company in this outbreak?Where is the challenge?  Huang Fengchao: I think there may be three points: First, through the response to this epidemic, each property management company will find a breakthrough in management and a deficiency in services. This is an opportunity to strengthen internal management and improve service levels; secondThis epidemic prevention work is an opportunity to show the excellent comprehensive service management level of an enterprise, and it can be recognized by the owner, society, and the government, which will comprehensively help the company’s future business development.Finally, discover more possibilities for community value-added services and upgrade community value-added services.  The challenge of the “outbreak” to the property management industry is mainly in four aspects.The first is the physical health of the owner. In the face of the epidemic, community personnel are complicated. How to prevent cross-infection of virus carriers in the community is the biggest challenge. Then the employee is safe. During the epidemic, there are relatively few protective materialsIn 都市夜网 order to do everything possible to do a good job of safety and logistical protection for employees; that is, the company’s efficient and fast management capabilities, emergency outbreaks, and put forward higher requirements for the company’s correct and fast decision-making capabilities.The crisis is in danger, reasonable emergency organization, smooth material purchase channels, flexible processes and flexible working methods are all issues that senior management needs to consider.

Case: Boy with a big face

Case: Boy with a big face

J, a handsome-looking boy, is 16 years old and is in the second grade of junior high school. He has been away from school for more than a year because he hates his better face.

When he entered the ward, his expression was shy and worried.

When he walked, he covered his face with his hands, and always slipped and hurried past.

He answered the doctor’s question in a low voice, and spoke very little.

In the ward, he often appeared restless.

The doctor asked him, “Why come to hospital?

“He replied that it was because he didn’t like his face and disliked his own face.

However, in the eyes of the doctor, he did not see what he called “big face”.

In the past, he did not like his father very much, and rarely took the initiative to communicate with his father.

Some things that must be said are also conveyed through the mother.

He didn’t like that his father always loved drinking, and Xinjiang was often drunk.

And do not like father and mother quarrel and lose their temper.

This hostile feeling towards his father has been more prominent since his onset.

Before he was hospitalized, he had not lived with his parents for a long time. He always lived at his grandmother’s house. Even so, he had less communication with his grandmother.

The relationship with my mother is a bit better, but I also speak to my mother when I need her to do things for him.

The MMPI test results at admission were: D72, Pd71, Si64.

The two-point front end is 24.

Neurosis may be 92.

54%.

  Strangely, he didn’t stay in the ward for a long time, and he began to get acquainted with several girls of the same age who were hospitalized at the same time. When he was with them, he was particularly excited, had many words, and had a loud voice.
Within 20 days of hospitalization, he began to fall in love with a girl five years older than him, and the patient was suffering from obsessive-compulsive disorder.

Seeing everyone else’s eyes were straight and intent.

There is no usual shyness at all.

Although people made it clear that he couldn’t fall in love with him, he was still the same and was extremely distressed.

For a long time after the girl was discharged from the hospital, he was distressed by the incident.

Later, the matter subsided, but the hospital stay took four or fifty days.

  After the girl was discharged from the hospital, he was concerned about his “face” again. He asked for a “thinning face cream”. Without the doctor’s consent, he bought a “thinning face cream” to apply.With a bottle, if it doesn’t work, I don’t think about “face” anymore.

  In order to ease their father-son relationship, the doctor did a lot of work for him.

Asked his father to come to accompany him, and did such a job for a month, but he just couldn’t figure it out.

A few days before his father was ready to accompany him, he called many times, asking his grandma not to let his father come, and threatened that if his father came, he would no longer cooperate with the treatment.

At the insistence of the doctor, his father came to the ward and came with his mother, allowing his mother to play a buffer role in it.

The moment he saw his father, he was like a mouse afraid of cats, hiding, avoiding, and hiding in the entertainment room to watch TV.

It was the doctor who just dragged him to meet his father, and reluctantly said hello to his father.

Thereafter, according to the doctor’s plan, his mother left, and the father was alone with him, and later they were actually better.

But there are still problems.

  In a flash, he had been hospitalized for two months, and his thoughts of “face” remained unshakable.

The doctor decided to announce to him the date of discharge and use a time-limited method to promote a “change” in his mind.

During this short period of time, his heart was more turbulent. After being hospitalized for so long, his “face” problem was still not completely solved, and he had to make the last effort.He proposed to the doctor to reshape his “face”, and the doctor agreed to “consult” the cosmetic department.

The result was that the doctor there said that there was nothing wrong with his face.

If the result of the plastic surgery is not satisfactory to him, the doctors there will take a “lawsuit” and they do not agree to plastic surgery for him.

He also said that he had not reached adulthood, and even they agreed to achieve plastic surgery, and they had to be over 20 years old. After returning from the plastic surgery consultation, he thought for two hours, and then came to the doctor’s office to tell the doctor his decisionNo plastic surgery, decided to go home and study hard.

After entering high school, let’s talk.

He seemed happy and suddenly relaxed, and I knew he was making a big decision.

I encouraged him to say that as a “man”, you should be able to take responsibility for your decisions.

You have to sign an agreement with your parents. You can tell them what you want from your parents, and ask them to gradually stop arguing at home.

But make a commitment to your parents.

What he promised was this: 1. After returning home, he immediately started school and followed closely his previous class.

(Before he got sick, he was the best student in the year group. He always took the first test, and his learning ability should not be a problem.) 2. He no longer paid attention to the “face” problem, at least before he was admitted to high school. 3. After he went back.Living with parents, no longer fled to grandma’s house, but only occasionally visited the grandma’s house.

The parents promised him: 1. Provide convenience for his studies, his father no longer cares about staying up and wasting electricity while studying, and 2. his parents no longer quarrel in front of him.

3. The parents promised that when he still needs plastic surgery when he is an adult, he will save some money for him to use at that time.

(This is a trick to slow down).

During the more than ten days of further discharge, the doctor’s requirements for him were: 1. Try loudly and calmly communicate with his father and doctor, including other adults in the ward; 2. Self-taught for more than 6 hours a day to adapt toThe need to go to school after home, 3, can not do both, can not be discharged.

People in several areas have promised to honor the content of these agreements.

  In the following days, he became happy, and he communicated with each other as frankly as an adult man.

Study hard every day.

Interaction with father and doctor is more natural than before.

He left the ward and was hospitalized for 72 days.

I hope he can grow up healthy.

The doctor hopes to get good news of his continuous improvement.

The patient, just discharged, has not received follow-up news.

  About the patient’s treatment summary: 1. The patient’s poor cognition, that is, he cannot learn without doing a good job of the “face”, and cannot do what normal people do.

It is a kind of bad cognition.

  2. The doctor has the right to “do not open the pot,” the principle of requiring the patient to face whatever they are facing, encourage the patient to grow, and promote the socialization of the patient.

Including him while in hospital, fell in love with a girl 5 years older than him.

The doctor did not criticize him, but expressed understanding.

And guide him to get a correct view of love, and fade away his past mystery of the opposite sex.

Although this process took nearly 40 days, it was worth it to the doctor.

Requires to interact with his father and ask patients not to evade. Although it is very difficult, it still partially solves the problems between their father and son, and makes a good start.

Explain to him that his son agreed with his father and became a man.

On the 20th day after admission, he wrote in his diary that he loved to speak and made friends more than when he was just hospitalized.

On the day of discharge, he also took the initiative to go to a girl patient who had been discharged to say goodbye to her.

  3. Encourage the patient to interact with others and trust others, and point out to him that not communicating with the doctor is “empathy”, which is to transplant the usual attitude towards the father to the doctor.

Therefore, in the process of treatment, stubbornly resist the help of the doctor.

  4. Time-limited treatment.

At the end of the extended treatment period, tell the patient the approximate date of discharge and accelerate the patient’s inner change.

Make patients “responsible” for lack of progress in treatment.

Force the patient to make the right choice at the fork.  5. Strengthen psychological treatment.

The total time of psychotherapy is about 40 times / half an hour.

These psychological treatments will change the patient’s ideological understanding, the role of psychological maturity mechanism, and even its long-term effects will easily occur after discharge.

During the treatment, the patient had fewer words and asked the patient to keep a diary. His diary was very detailed and rich in content. He basically obtained the required materials.

The patient rarely spoke to the doctor in language, but he kept a diary for the doctor.

This behavioral characteristic of patients is worth thinking about and is an interesting phenomenon.

  6, using flexible, comprehensive treatment.

Medication, pre-hospitalization, chlorpromazine 75 mg / day, orally.

In the first 20 days of treatment, the patient wrote in his diary that he was in a better mood than before and was able to communicate with others (referring to those girls).

One month after hospitalization, the combined use of Vestone was started at a maximum dose of 3 mg / day, hoping to have an impact on the pathological understanding of patients’ stubborn body image disorders.

In the end, a valid score cannot be given yet.

But the doctor decided to stick with the app.

Discharge medication: clomipramine 50 mg / day, Vestone 2 mg / day.

  Discussion on body image disorder: 1. Body image disorder is named as physical deformity disorder in DSM-IV, also known as Ugly Syndrome.

From the characteristics of the disease, it should belong to the scope of suspected neurosis.

It is also characterized by neurotic conflict.

Like the patient mentioned earlier, he has had conflicts with his father for a long time. He does not like his father’s drinking and vulgarity.

not educated.

He doesn’t agree with his father’s male character, speaks and acts like a little girl.

Manly.

Study pressure is high, always want to win the battle.

Never be reconciled to the second, school is always ranked first in class performance.

During the hospital stay, I fell in love with a female patient who was 5 years older than myself. Just 16 years old, I had to engage in a subject, and I was extremely distressed about this matter.

This also shows that in adolescence, he has a longing for sex.

Therefore, beauty reflects the psychological needs of the time.

  2, the pathological understanding of body image disorders, most people believe that it is the concept of overpriced.

However, some people think that it is a paranoid disorder, and it is difficult for many patients to shake this kind of thinking in clinical practice.

Some people believe that the pathological understanding of body image disorder is a “spectrum”, from the overpriced concept that can be solved by reasoning to the delusion that cannot be solved by reasoning.

Clinically, people can indeed see that some patients’ ideas can be loosened or even disappeared.

They may return to their pre-ill levels, or they may have only a few ideas, but they can do normal things, social functions are not affected too much, or all pathological concepts have disappeared.

But some are very stubborn and cannot be shaken at all.

A book in the United States records a patient’s obsessive attention to the face for 15 years, and continues to pay attention.

Seriously affected his quality of life.

Many patients put this awareness of the disease into action and require plastic surgery.

  3. The formation of such suspected overpriced concepts or delusions is, of course, related to the patient’s personality before illness, and may be introverted and suspected personality qualities.

The little patient mentioned earlier is an extremely introverted person: introverted, at school and at home, showing a lack of talk, bad communication, and not actively revealing his inner thoughts.

At home, he had not communicated with his father for a long time, and only used very few words to answer his father’s inquiries.

Although it is better to associate with a mother than with a father, it is also insufficient.

Very strong in learning.

Learn until late at night.Don’t delay a bit.

Little interest.

Even knowledge of the liberal arts must be recited many times.

  4. The focus of psychotherapy should be: (1) Reduce excessive attention to body image and accept that your body and appearance are healthy and normal.

Encourage patients’ hobbies and social interactions.

(2) Eliminate neurotic conflicts and reduce social stress.

Exploring the psychological roots of the onset, including fear, inappropriateness, rejection or abuse, and sexual depression.

Relieve the adverse factors of family disease.

(3) Encourage socialization of patients and promote social interactions among patients.

Express your inner experience with more words, rather than express your psychological needs with this “narrative disorder”.

(4) The patient’s “secondary obesity” is lifted, and the patient is required to take responsibility for his own affairs.

(5) Reward patients for social participation.

  5. Drug treatment of body image disorders: At present, it is uncertain about the role of drug treatment.

There have been claims of antidepressants and well-known antipsychotics.

It is intended to improve the patient’s depression, anxiety, and pathological understanding of body image.

Tips for Eye Health in Life

Tips for Eye Health in Life

The eyes are the windows of the soul, and protecting them is important.

So how do we protect our eyes in everyday life?

Let’s take a closer look.

  1. Healthy food long-term eating foods that are good for the eyes can also help to some extent. For example, deep-sea fish is rich in DHA, which can restore eyes to healthy development and prevent decomposition and cataracts; therefore, carrots, lemons, blueberries,Nuts, liver, etc., eat regularly, which can not only increase the antioxidant substances in the body, but also effectively protect the eyes and combat the phenomenon of aging.

  2. A short break at work can relax the eyes. It is best to leave the seat and look for some long-distance targets. Keep it for about 10 seconds. Taking a short break can help the eye protection infinitely.
  3. If the eye movements are continuously seated at the computer table for an hour, or reading for about an hour, try some eye movements, such as looking up and exhaling, moving your eyes back to the middle and taking a breath, so the movement is repeatedThree times, and finally continue the following, repeat the same action on the left and right.

  4, blinking In fact, blinking action can make the eyes secrete tears, keeping the eyes moist is very important for OL wearing contact lenses!

Many women just stare at the computer screen because they are so focused on their work that they forget the simple gesture of blinking, while the other eye is dry and uncomfortable.

  5. Is breathing helpful for eye protection?

Yes, in fact, it can speed up blood circulation when inhaling. According to surveys, many women slow their breathing rate because they are too focused on the computer, so remind yourself often to keep your breathing smooth to relax your body and mind.

Why do people love flowers?

Why do people love flowers?

The power of flowers is not limited to 60 seconds.

Janet.

New research from Morrisbo shows that admiring the beauty of flowers and feeling its fragrance can change your brain’s chemicals and make you feel more positive.

Janet.

Morris is a professor of psychology and director of the Human Emotions Laboratory at Gus University.

Here, there are the benefits of living with flowers.

  You will feel more up.

  When you’re down, finding a bunch of gerberas instead of a pint of chocolate will make you feel better.

In a study by Morris, when a girl accidentally receives flowers unexpectedly, she shows happiness and is still happy three days later.

  Your stress increases.

  Turn your home into a mecca of beautiful flowers.

In a study at Harvard Medical School, people who often placed flowers at home felt severe stress and worry.

  Let you get creative.

  For inspiration, put flowers in your office.

Researchers at the University of Texas have found that women have more innovative ideas and solutions to problems when flowers are nearby.

Inventory of three major causes of myopia in children

Inventory of three major causes of myopia in children

With the continuous improvement of social progress, the incidence of myopia continues to increase, and myopia has become one of the highest incidence of eye diseases in the world today.

According to data, it is expected that there will be more than 5 million blind people, more than 6 million people with low vision, and 10 million children with strabismus.

The average myopia rate of adolescents reaches 40%, and the myopia rate of college students far exceeds 70%.

At present, the number of people wearing glasses in China has exceeded 3 billion. China’s myopia patients account for 33% of the world, which is 10% higher than the world average.

  In view of the causes of myopia in today’s Chinese youth, experts believe that genetic factors, nutrient quality factors and environmental factors are the three major causes of myopia, and environmental factors among them are the main reasons leading to the increased incidence of myopia in China.

Adolescents are in a period of vigorous growth and development. The physiological functions and tissue structure of the eye are different from those of other periods. They have strong regulatory power, are inserted into the ball wall, and are susceptible to adverse environmental effects and form myopia.

Watching TV for a long time, playing computer games, incorrect reading, writing homework postures, etc., are all unhealthy environments that cause youth myopia at this stage.

Among them, watching TV is one of the important reasons for myopia in children.

Watching TV for too long will cause eye fatigue, and excessive eye use is an important factor in increasing the incidence of myopia in adolescents.

According to statistics from the United States in 1988, children can continuously watch color TV for more than an hour, and their vision can be reduced by 30%.

  Therefore, prevention of myopia in adolescents should start from each family.

Parents have an important responsibility for supervision in the family environment.

  Experts suggest that the family eye protection program can start from the following: First, change the game mode: Modern urban children’s games are mostly based on indoor self-entertainment, such as televisions, personal toys, game consoles, computers, etc. Therefore, parents shouldEncourage children to change the way they play and do more multi-level activities.

  Second, pay attention to eye hygiene: educate young people to pay attention to eye hygiene, pay attention to the distance between eyes and books when reading, posture should be correct, can not lie down or read while walking; pay attention to the reading light should be sufficient, reading and writing for 40 minutesYou should rest and see far away, and you cannot indulge in game consoles and televisions too much.

  Third, pay attention to eye health: Persist in eye exercises every day, phakic (temporary fast alternate look far and near); self-acupoint massage (eyes bright, bamboo, fish waist, silk bamboo empty, bearing cry, four white, etc.); fogTherapy (Dai + 1.

50D glasses are farsighted).

  Fourth, vision loss should promptly go to the hospital for examination and treatment.

  In addition, we should also pay attention to dietary habits and nutritional matching to avoid the lack of chromium, calcium and other trace elements.

  What keeps the experts in mind is that after all, it is very difficult for young people to get rid of TV and computers. From a social perspective, he suggests that parents should choose TVs and computers that can help protect the eyes of young people.Come.

Will minimize eye damage to teenagers.

  Experts mentioned that if children’s eyes are to be protected, the television must meet the following conditions: 1. The brightness must reach a brightness suitable for eye viewing, that is, at a color temperature of 5500-6500, and the average brightness is 100-200 (cdm2), not too dark.It should not be too bright. This range is conducive to children’s eye development.

  2, the color must be pure, the number of colors of the three primary color combinations is consistent with the natural color, to protect children’s eyes as the pigment correctly recognize the color.

  3, dynamic watching TV picture can not appear smearing, dynamic response should be consistent with the eye’s afterimage period, to ensure that the eyes focus well, to prevent fatigue.

Winter skin favorite moisturizer recommended

Winter skin favorite moisturizer recommended

Winter is coming, and the weather is getting colder and drier.

In the cold winter, a rich moisturizing cream becomes an essential skin care product.

Women’s skin must not be short of water, otherwise fine lines and dry lines will find you.

Therefore, we recommend several rich moisturizing creams, so that you can be a watery woman in cold winter days.

  Jurlique moisturizing cream 420 yuan / 40ml product effect: a variety of natural extracts such as rosehip oil, shea butter, green tea and daisy, for dry skin and cold seasons, comprehensively calm and repair and resist oxidation, keeping the skin smooth and firm.

  Editor’s trial experience: Hose packaging ensures that the product is not easy to deteriorate and is easy to use.

The skin is very plump and mixed skin will feel slightly oily; but dry skin must not be deposited in a cold and dry environment and has a full sense of protection.

The pure soothing formula is great.

  Kosé Sekkisei Pure Cream II (Fengze type) 460 yuan / 40 grams Product effect: Traditional Chinese medicine, makes skin metabolism smoother and strengthens the skin’s natural lipid barrier, helping the skin to obtain a high degree of moisturization and smoothness, like white porcelainTexture.

  Editor’s trial experience: The particle size is fine, the texture is rich, the sulfate is a little sticky, the sensitivity of dry skin becomes low after use, and there will be no small dry lines until night, the skin feels transparent, and the skinIt is even, and the place that was easy to explode is smoothed.

  Guerlain Hydrating Youth Active Day Cream SPF10 710 yuan / 30ml Product effect: Contains desert rose compound extract, which stimulates the skin’s moisturizing potential. Even in the face of harsh environments and years, it still keeps the skin young and soft.

  Editor’s trial experience: light and thin, but very moist, but a little shiny.

The skin feels soft after use and there is no dry worry all day.

The scent is special, very seductive, and intimate with a sun protection index.

  La Prairie Rejuvenating Deep Hydro-Cream Cream 1500 yuan / 30 ml Product effect: Water-in-oil-in-water technology, the skin can get the moisturizing effect of the thick cream without any burden at the same time; Coenzyme Q10 can help the skin to evenly secrete oilStable and hydrated for 16 hours.

  Editor’s trial experience: Very rich, more suitable for dry skin, can smooth out small dry lines; increase skin brightness, fullness is also good; it will not dry at all in a day, and the durability is very good.

Normal skin has a slightly shiny finish.

  L’Oreal Paris Moisturizing All-Day Moisturizing Water Essence 110 yuan / 50ml Product effect: Instantly refreshes the skin: It is delicate and smooth, and the pleasant mile shape can instantly combine with the skin, giving the skin a fresh and vibrant feeling.

Maintains skin’s optimal moisture lock all day.

Enhance the skin’s natural defenses: Moisturizing all-day moisturizing water vitamin C **, can enhance the skin’s defenses.

  Editor’s experience: now use the third bottle, the effect is very good!

Highly recommended!

Especially suitable for skin aged 18-25!

  DIOR water moisturizing moisturizing cream 550 yuan / 50ml product efficacy: moisturizing and shiny skin is the first appearance of beauty you have come to the girlfriend network.

Deep in the skin, the amount of water determines the vitality of your skin.

When you feel that your skin is dry, dehydration marks have quietly appeared, revealing your skin’s lack of vitality relentlessly!

  Editor’s experience: I bought a moisturizing type suitable for dry skin. My honey net has the best reputation for beauty products. So I usually use a layer of moisturizing essence to moisturize the whole day when it is the coldest in winter.The functional type is suitable for mm with good skin foundation.