Vertical world hundred pro Benny, who only like you that kind of?End only a soft spot for you。End of the world fleeting, laying a paper Huanhua pad, twist a pen incense, before the darkness has not yet come, I wrote a farewell poem, Blue Bird asked to send you Diao。You know?The poor blue sky under their lives, I was removed displaced in this mortal world, only to find you。    ——Inscription (a) of quiet good time and sing the ballad snowflake time of quiet good, you listen to, who it was, in sing the ballad snow?    In winter, it is so far-fetched, quietly came, carried in the wind, slowly lifted deserted, solitude carries a lonely voice。In sighs from people in Dimei nodded, Shanshan comes, eye lift, thanks Spring, a chock, have snow。At this time a deep emotion in mind, the total soak inexplicable lonely, soft heart with a flick into scattered snow。    Under that blue screens, but who's face, stained with a pillow Tee Sang?Cup of tea, rose petals some scattered and fragmentary, rising in the water, halo, Purified water transparent, translucent instant light pink to a dance, which reveal the winter times past。And that subtle fragrance rising slowly, seems to come from a faint from the wilderness, willowy and silence。Trance, seems to me to hear that a glass and pieces sigh snowdrift。    It is unwilling, or also bear?Once, also went through the debate about youth, about the feast of love floating light, bathed mottled staggered, the sun's warmth blurred, so beautiful cherry witnessed the moment。But, after all, is that beautiful short glimpse, finally, in the winter, never seen it snow like cherry, only relentless snow, covered with an exquisite feelings。But hidden in a teacup, and that fragrance petals are always evoke the past period of Ripples。    Ripples from the wind, holding a roll of poetry and literature, fireplace listen snow。That distant wind, blowing from the ancient, legendary talk with Qi Yan。History through dust, smoke flared up, startled the depths of time a ray of poetic heart Qinyun。That is?Who was the Tang and Song of the boudoir, from Yan thin ring of fat, Moon Palace, the break out into the leaf spit Fang Rui pavilions, pretty dough stand in the mist, plum blossom, fallen Montreal。    Listen, who's tears, litter in the old days of winter?Those who were exposed to the powder charge down, apricot Tobacco and Aromatic woman, eyebrows Qingqi, was I gently picked up, soothe the soul gradually dying。“When Huaxinling to hate no one like flowers still, they spring into thin, broken in front of Liu”……Handshakes biting sadness, I gradually Qing Yin aloud, suddenly, picturesque scenery silence。    Flower thousand poems, and is now falling a few heavy?Years, flowery completion of mud, can not hold, but also can not afford to pick up。Until now, I do not know, those thousands of years ago Beauty envy of the world, tears form in winter snow, covered Tsing Yi, a real estate broker gently bomb, can back to the snow if the wind flow?Today, that on Qiu green branches, and covered with, who tears?    But the children who made the tears?Flower, flowers, from Fanghun UNCOLLECTED。Whispering wind blowing, string sounds like a bundle of purple, blue and white fiddle out a tie。“Look at the spring stray gradually fall, is when the roots die of old age, once the spring to make the old roots, flowers killed two people do not know。”Listen, who is singing shallow?“Shabana flower fly sky, red incense off who pity”。Who is in qingyin?But her is buried fragrant mound, weeping Canhong, silly child who understand?I know, that fragrant mound, buried not only falling, and that the roots of that youth, that love。    Snapshots come and go as the passenger hurry, as falling glow, such as water line goes。Lonely snow, piled into heartache。Winter has already begun to overlap, but who, it is still Lanzhou, every night croon, burial sad?    Love reflection, in the eyes against the current line; if the youthful pupil, frozen into the snow in front of fate。What happens in life, the original, as is also the case, there was also no match for the flowers blooming few moments。However, be aware that, before the flowers bloom have had one game this game a he, had a beautiful, so I do not lonely, not sad。    I know, if the more lonely, the more happiness and less。Pathetic thin, young, strong, said the solitude, the years of strong throw。In this way, we lost too many warm enough good。Because we want to believe that time is so beautiful, the world is still。Those yellowing in history, fade in time in the past, forgotten, it is the best memorial to her。    In fact, these flowers like fate, we know everything, but do not want to know。Because who has the flowers of the day, no one can Huakaibubai。Sencha leaning out of windows, fireplace snow, too elegant life, enamored of time, even if it is soft and fragile。Because, fortunately a lot of the world is actually a blessing, but it is too precious, we only smiled and intentions of burning a glass of lights, in order to drive this cold night decade a long meditation。    Quiet good time, yes。I want to sing the ballad snow, let those birds hovering in the winter, find a home。In this way, we hope you'll find me with the song, not as I like to find。    Paranoia, lift eye to heaven, songs from the light, casual, snow over clothing。    (B) the end of the world fleeting, fleeting time into poetry Yin shallow end of the world, time shallow Yin into poetry。Word by word, distressed into the sea。    Winter, snow like creamy, such as Ma Chi wind。Sitting at the table, drinking tea, this time, the eyes dense mist, then, lift eye perspective, watch the wind, look at that scene, gradually discovered, so soft, and even air gradually become thin and transparent , so, thoughts of winter, there were numerous, hee hee stir drop from the trees, the sky flow into feelings。    Trance, I seem to remember, in those years, chasing the winter that Yimiyangguang, that final touch of light Hui, who fell, fresh colors faded together with Rihui。Only, that dense knot of mind, form a fine cobweb, covered with loneliness, since then, can not be opened, and no one visits。    Inadvertently opened a book and saw wrote on a page:“The evil!I want to be together, longevity no absolute decline。Mountains have been worn, the rivers have dried up, thunderstorms, snow in summer, Heaven, and the king must dare。”    “Snow in summer, Heaven, and the king must dare。”Yin with Yin, I will be crazy, sorrow was not related to the wind and the moon, I kept thinking, I became drunk。    Zhuo Wenjun said in "Baitou Yin" in:“Ai such as mountain snow, Jiao Ruoyun in May。There are two Wenjun intended, it is to pull off phase。Today Doujiu will, Mingdan ditch head, walk up and down Yugou stop, things ditch water flow。Desolately desolately heavy, marriage does not have to cry, I would like to have as one people, the first white phase from the。HE curl bamboo, where the fish migration migration, man heavy duty, where money is knife?”    “Willing to have a heart, the first white phase from the。”This situation, and more precious this love, and more heart break。Love poem, innumerable twists and turns, to speak for a long time and everlasting fear most people are fickle。Zhuo Wenjun and Sima, such as this couple of people stay well, although the name, but can not always cover those brothels where there had been flaws, Ge popular pain。    As this farewell "farewell book" middle way:“Jing Chunhua aryl, colored Ling Su, Yu still piano, and so a new generation of sound!There Kam water mandarin duck, Palace of water, and he was new, people sigh Xi Shi, Wu does not dim in prostitution!Zhu strings broke, missing Der Spiegel, dew Xi, Fang time break, Baitou Yin, farewell injuries, efforts snacks Wunian concubine, Kam water stirred up, and the king of long tactic!”    Had this Feng Xi Feng Xi, it is no longer love Phoenix。Huang Huang Xi Xi, into a farewell poem, no hope in this life。Although the change of heart to win, but non-love affair Everlasting Love has been in decline。However, I want to find people, can understand my request Phoenix, ever understand, I turn Rouchang?Cang quiet eye brow, the scenery predicament, it is unknown road。    Love affair for the pad, pen for Gu Hong, points off of a single word, I do not know, ever exchange Bluebird relative to expectations?    Perhaps the earth, each a love is a long wait。But I am not afraid to wait, because I know, life blossoming, blooming youth the other side, some like Xia, some like smoke, some like fog, hazy, graceful。When to clean beautiful, when to go, Pure Came and Pure Shall Go。Return quiet and peaceful life, from the days of enchanting dazzling stillness behind the curtain from warm to the stage, this is the life。    Red after all just a fantasy, love this earth is one of the most beautiful poems。Huakaihuaxie just a process of life, every flower in full bloom are some of the most beautiful love。However, not on the world, everyone can get their own love。Only those elegant people walking posture, in order to gain earthly gifts feed of this most beautiful love。    Inadvertently read one sentence: the highest state of love is fleeting stand the plain。From then on, I know, it is not necessarily the most beautiful love legend, legendary as those poignant love, indeed beautiful, and really very sad。Love is the most insipid happiness of love, each other, plain comfort over a lifetime, so it is no longer a joke forever。    But, love, I'm afraid of hearing from the word, because the distance is not too close, too far away is the。Far people nowhere to be found, near the pass, I fear。So, I just could not find, could not find, a hundred thousand turn back, innumerable twists and turns, but refused to stop。So, I displaced, displaced again。    Perhaps the phrase should be“No Jun asked return date period”。We had sentimental, has displaced youth, most afraid of is a no go。Maybe one day, heaven and earth, the mountains, there is my heart, not just the landscape, time flies, has a half old。    If that time, I have yet to find a you, who will perform your hand and promise you a lifetime of steady?I can not imagine, because they want to, the more sad。This world, after all, still need my words to heal those who are frustrated in love, those who are still waiting for the Red slowly people。Because, even if it is to give the world a little warm to be, I will never rest, full of distressed wrote these words。    The world will be the end, time will end, but the text is not willing this writing, the world can bring more warmth。This is my first long-cherished wish。And to you, my words, only in the long mortal world, and so light you pick up treasure in the heart。    If the end of the world will, then I want to finish this last farewell poem before this。To make people believe, perhaps to the end will be, but do not be sad。Because there are accompany you, accompany you to the end, this is a blessing。Even if the face of death, but also a smile。    Mei Xiang newly sprung, which withered in the winter snow, I have all of the text left this earth。Then, I will slowly accompany you, accompany you to go long this period of silence An indefinite period like the death of。


In recent times, the bond market to accelerate credit risk exposure, some private listed companies or listed companies held by the Group spate of debt default, triggering market worries。The industry believes that these debt default, reflecting the dual supervision of financial debt and government background, some companies own operating and financial control problems, the overall risk of the bond market is still controlled。  After the private listed companies defaulting on its debt frequent tide receded, before we know who is swimming naked。Recently, credit market debt acceleration risk exposure。May 28, German Securities announced that "16 Cadillac 01", "16 Cadillac 02", "16 Cadillac 03" holder meeting in the near future, the meeting approved the "Proposal requires the issuer to pay off the bonds early motion "and five motion failed" to authorize the trustee to take legal action to the issuer by the bondholders bear the full cost of the bill. "。  In Earlier, the emergence of one billion yuan, almost all flows underlying situation of enterprises to issue bonds。May 21, Oriental Garden announcement that the company's public offering of not more than 1.5 billion yuan of bonds has been approved, originally planned 1 billion yuan of corporate bonds issued, the actual issue size is only 0.500 million yuan。The industry believes that the contraction in the credit environment, poor qualified enterprises, especially private enterprises and part of the city voted to refinance the platform further increase the pressure, which will likely continue to accelerate the related credit risk exposure。  Statistics show that since 2018, less than five months, at least 19 bonds from default event has occurred, involving 11 issuers, total debt amounted to 176.0.4 billion yuan。In addition to the previous spring and Group, Dalian Machine Tool, Dandong Port, BOCO, the new default body 5, respectively, Shanghai Huaxin, rich bird, Cadillac ecology, environmental protection and fog God Anxiao。And 2016 is different is that the current round of breach of contract and more concentrated in private listed companies, including some of the more well-known listed companies, and therefore led to market concerns about contagion。  CICC believes that this "wave of defaults" is not accident that the current round of debt default last year to speed up the financing environment driven by the tightening, especially after the introduction of the new bank capital rules pipe non-standard assets quickly back to the table for local governments and private capital chain has brought considerable pressure。At the same time, a number of deleveraging macroeconomic policy overlay, including fiscal spending slows, local governments finance infrastructure investment and tighter regulation, tight credit in the table, but also intensified the pressure on corporate finance。  China and Thailand Securities chief economist Lee Thunder told reporters that this occurs mainly supply-side structural reforms and industrial restructuring caused。As the regional development of China's economy are quite different, breach of enterprises are mainly concentrated in the Northeast and other areas of relatively poor economic situation。From the industry point of view, mainly in the event of default of some industries face greater differentiation of traditional industries and environmental pressures。  Listed companies to issue bonds enthusiasm statistics show that this year listed company credit debt issue size has reached 4465.3.4 billion yuan, while last year only 979.4.1 billion yuan, an increase of up to 355.92%。Behind the sharp rise in listed companies to further enhance the debt pressure。Up to now, A-share listed companies in the stock of credit debt has reached the scale 28188.9.6 billion yuan。Among them, debt is expected to reach the year 5436.6.1 billion yuan。Even short deducting issuance of financial year, the scale of debt still amounted to 3666.1.1 billion yuan。  Distribution from the industry point of view, in accordance with sub-industry classification, the highest real estate issue size, reaching 864.900 million yuan, followed by the electric energy sector, reached 831.900 million yuan, the mining industry issue size reached 21.5 billion yuan。These three sectors accounted for the total issue size of listed companies to issue bonds in the proportion of 42.81%。Statistics show that listed companies during the year maturity terms of cases, contain multiple sub-sectors of the manufacturing industry was 176.1 billion yuan maturity bond scale, followed by electric energy sector, due to the size of 822.600 million yuan, the real estate industry to 717.8.6 billion yuan。  Orient Kim Chen Xi Suli first rating agency believes that the credit contraction of the strong bond issuers constitute regulation of certain challenges, the difficulty of financing and refinancing costs have been greatly improved, especially "by the new-old" over the impact of large enterprises rely。Specifically, part of the debt is high, profitability appears a significant decline in private enterprises or state-owned enterprises are more marginalized, especially in the field of corporate excess capacity or become a concentrated area of credit risk exposures; part facing the maturity of the bonds and sell back pressure the real estate business, in the case of a marked increase in the difficulty of refinancing, there might arise a new default subject。  On the other hand, public information display, the annual reports of listed companies are highly concerned about the solvency Exchange。To Feile Audio-Visual, for example, May 18, the Shanghai Stock Exchange issued its 2017 annual report after the audit inquiry letter of inquiry letter asked the company to combine business structure, the use of funds arrangements, operating conditions, indicating the reporting period Balance reason for the sharp rise and require listed companies with short-term borrowings, working capital and other short-term solvency analysis of the company's short-term debt risk and response measures if there is。  The bond market overall credit risk controllable despite their bond default event has occurred, but the industry generally believes that the credit risk of the bond market as a whole is still controllable。Thunder Lee stressed that the default amount of view, the amount of credit debt default ratio of less than 1%, only about 0.4% 0.About 5%, far below the current level of bad debts of banks, in a normal range within。Thunder Lee said that from the perspective of financial supervision, to break the rigidity of cash, so the company does not rule out the next lot of defaults。He pointed out that it should have the awareness of systemic risk, it is expected to guide good。  CITIC Securities believes that the recent frequent outbreaks of credit risk events, each main fuse and breach of the root causes are different, not the accumulation of the outbreak of the monetary policy environment or liquidity risk, but in their own operational and financial control。Under steady lever and anti-risk targets, is expected to dispose of the original risk will be more moderate, to prevent the accumulation of new risks。Future credit risk in general will be more moderate, but the main structure of the low rating still faces some risk。  CICC recommendations, at the policy level, to curb the spread of risk, the need to provide the necessary liquidity support and more stable policy is expected in the short term, to maintain the growth rate of the chain in the financial community a more reasonable level of overall financing conditions and helps to stabilize the total demand, while enacted as soon as possible and transitional arrangements for the implementation details of the new information management regulations also contribute to "nonstandard" assets orderly exit, reduce the "stampede" risk。Long-term institution building, financial deleveraging can not "man breaking into" smooth deleveraging requires co-ordination of tax reform and lower the quality of credit assets smooth exit mechanism, etc.。  Su Li believes that the recent case of default and subsequent possible that our credit debt market after the removal of credit risk presented by rigid state would have to honor the veil, and credit risk reduction will lead to the release of the origin of the credit bond market return to credit risk pricing guide investors credit rational balance between risk and return, help eliminate the risk of systemic risks。However, the relative concentration of credit risk exposure phase, financial institutions also need to avoid collective irrationality and stampede effect leads to increased risk of infectious。Recommends that bond market investors to enhance the recognition of credit risk and portfolio management capabilities, the risk exposure of the bond to develop response plans, calmly credit risk。  Related reports (Original title: strong regulation of financial business risk exposure to the bond market default risk overall normalization controllable) (Editor: DF370)