Category: 洗浴

Until Dean Wang appeared in front of Lin Yuner and Xiao Fan,The two of them had the opportunity to take a closer look at the heart-warming dean’s mother’s。

This is a middle-aged woman who looks almost 50 years old,In terms of age,She should be Lin Yuna’s mother,Which is about the age of Liu Chunlan。
but,Although the two people are the same age,but,Let’s just say separately if the heart-warming Dean Wang and Liu Chunlan stand side by side,That should be whoever it is,It’s impossible to tell that these two people are the same age, right?!
Liu Chunlan has very little to worry about in her life,Usually,There is a lot of time to do various maintenance,So no matter from any angle,,I can’t tell that she is in her 50s。
But Dean Wang, the heart-warming home, is different,She may have put all her hard work in her life on the children in Warm Heart Home,So she looks like,But a very old pair,Very tired look。
“Mr. Xiao,Miss Lin,First of all,I want to represent all the children in Heartwarming Home,For the coming of you two,Express my heartfelt thanks,To know,We have been here for a long time,No outsider has visited them。”When Dean Wang said these things,Obviously her expression and tone are somewhat lost。
“Dean Wang,You really don’t have to be so polite,If we knew there was such a place in Yunshi,Then we should have come here long ago!”Lin Yuna said to Dean Wang very politely。
————
Chapter 275 Reasons to abandon children
“Yes,Dean Wang,And when we came here today,And didn’t bring any gifts to the children,This is because we have not considered it well!”Xiao Fan after Lin Yuner,Also very politely。
“Do not,Do not,Do not,how could be?As long as you can come,It proves that you have a heart for these children!We won’t pick this。”Dean Wang also said。
“that,Dean Wang,If you can,Can you take us to visit your place now??We want to have a comprehensive understanding of the heart-warming home。Don’t know if it is convenient or inconvenient?”After Lin Yuna arrived at this heart-warming home,,Talk to Dean Wang,That can be said to have always been polite。
“Convenience,Convenience,Of course it’s convenient!Please come with me,I will take you two to find out。”Dean Wang heard that Lin Yoona was coming to visit the Heartwarming Home,I’m very happy。
Since it’s Tian Xingyao’s friend,And after learning about the situation of Warm Heart Home,Came here the first time,and so,If nothing happens,Then they should be helping the warm heart home!
wrong,Not necessarily,But will definitely help the warm home。
after all,No one is idle,I want to come to this place as a tourist attraction。
Moreover,Even if Dean Wang is not very sure about the character of Lin Yuner and Xiao Fan.,They should also trust Tian Xing Yao。
After all, this Tian Xingyao was picked up by the heart-warming Dean Wang,Of course,Dean Wang also rejected the crowd,Stand by,Must pay a huge sum of money to treat the baby Tian Xing Yao。
Let’s talk about the condition of this heart-warming home,The conditions are fairly acceptable,Compared with the current situation where you have to worry about three meals a day,That’s a huge difference!

————

Chapter Three Hundred and Twenty One Zhu Ziqing2
Xiang Chen and Mo Mo’s itinerary from Wanghai to Magic City Zhu Ziqing knew,Just find a job in its place,Because of work,Zhu Ziqing didn’t think that Xiang Chen and Mo Mo’s trip would disturb much.。
It just so happens that there are some urgent things to deal with,Zhu Ziqing let Xiangchen and Mo Mo travel in the magic city,Hit someone or something。
But when Zhu Ziqing heard the report,When Qu Tianyi of the Dragon Group was dispatched to the magic capital,He knew,This time Xiang Chen played in the magic city again!
Too late to solve the trouble at hand,Zhu Ziqing first sent Shirley to the magic city,And I take the fastest plane,Starry night。
After reaching the magic city,Zhu Ziqing learned that Xiang Chen and the others had started fighting in Li’s villa,Listening to Shirley’s report,Even if not involved,Zhu Ziqing was sweating unconsciously。
Drive as fast as possible to Honolulu,The import and export have been blocked,Too late to wait for them to check their identity,Zhu Ziqing,Rushed to Li’s villa as quickly as possible。
Heard Shirley’s report,He has prevented a large-scale shootout,Zhu Ziqing was also quietly relieved。
I jumped directly over the wall and entered Li’s courtyard,Falling in a very eye-catching position,Everything is going in the direction that Zhu Ziqing expected。If there is no whip that Xiang Chen suddenly attacked,,Zhu Ziqing thinks that his appearance is still perfecthjfjd.。
Suppressing the anger in my heart,After dealing with those who watch the excitement,When Zhu Ziqing looked back at Xiang Chen and Mo Mo,I don’t have the same resentment and anger in my heart。
Long time no see friend,Mutual commercial compliment。Said in Xiang Chen“Squat to speak,I am injured now,So tired to speak up”after that,Zhu Ziqing really squatted beside Xiang Chen and Mo Mo,Chatted with two people。

Until later Qin Feng became a soldier,Tired like a dog all day,Get busy too,Maybe also time

long time,Qin Feng didn’t think of Qin Xibei so often。
But he never thought,I will meet her at the airport today,And he played as the representative of the Caesar family。
When Qin Feng saw Qin Xibei’s first glance at the airport,The first reaction is not the lovesickness in these ten years,But the fear of childhood。
That’s why Qin Feng is here,When Qin Xibei didn’t find him,Quickly slip away。
Now also proved,Qin Feng was right to slip away,Because no matter what Qin Xibei’s status outside is,Regardless of her appearance in front of outsiders。
In front of Qin Feng,She is still that arrogant and domineering,Her Royal Highness the Queen。
Remembered for so long,Qin Xibei still shows no sign of waking up,Looking at Qin Xibei sleeping sweetly,Qin Feng stopped his hands。
(End of this chapter)
————
Chapter Seven Hundred and Sixty Five Crazy about it
Bend down and carefully picked up Qin Xibei,Ready to take her into the bedroom to sleep。
But when he lowered his head and approached Qin Xibei,Qin Feng was a little bit dumbfounded,Even if she considers herself a younger brother,I should avoid it too。
Ten years,Qin Feng is not a kid anymore,And the pig-killing knife of ten years,Although she didn’t make a fuss on her face,But she took her body,Become more and more sexy and charming,Believe that it is a man will be crazy about it。
“Qin Feng!”About two hours,Qin Feng was so scared that he almost fell off the sofa by the roar of a Hedong lion。
After knowing that Qin Xibei called him,Qin Feng stumbled into the bedroom。
“I am here,what happened?”Qin Feng asked quickly。
“Nothing,Thought you were gone。”Qin Xibei rubbed his eyes,Lying on the bed again。

But no one cares about Kylie·Hicks’s voice is getting smaller and smaller,Kelly·The information in Hicks’ words was shocked:what?!Just before the three major U.S. stock indexes all fell10minute,The recently suspended Iran-Iraq war is about to start again,The Gulf is in danger of reigniting war?

This is the perfect explanation why the three major U.S. stock indexes plummeted together。
Although more than two months ago7month20day,The UN Security Council has just passed the No. 1 request for an immediate ceasefire between Iran and Iraq.598Resolution,And Iraq is7month21Japan welcomes UN resolutions,And publicly announced that it would suspend attacks on Iranian sea targets as a show of sincerity,But the problem is that Iran on the other side of the war has not598To make a statement on the resolution,Iran and Iraq fighting again are completely normal。
It’s just that the stock market is still in trouble、An era where there is no wind and grass,The Gulf is at risk of reigniting war:For the stock market and international futures trade,There is no worse news than this。If this kind of news can’t make the stock market fall,How can I fall?
Just this way,Everyone’s gaze at Chen Geng inevitably made them even more frightened.,Ji Shengcheng asked Chen Geng tremblingly:“boss,Did you know yesterday that Iran and Iraq are going to fight?”
Not just Ji Shengcheng,Everyone else in the room looked at Chen Geng with the same eyes,Only Kelly who just came in·Hicks looked ignorant:what happened?Can anyone tell me what happened?
Of course Chen Geng refused to admit that I did know that1987The first week of the stock market crash,Iran and Iraq gave the Americans and the world a big surprise:“How could I know this kind of thing?”
But no one believes!
Whether it’s Ji Shengcheng or other traders,All one pair“You treat me as a fool?Do you think we will believe?”Emoji,Even Kelly who just figured out what happened·Hicks,Also a pair“boss,We know you are a real magical wizard,But you don’t have to hide it like this?”Look。
in“Oriental Wizard”After the title spreads more and more widely,Chen Geng compiled this、A nickname used to scare people,Seems to have really become his symbol,Everyone believes that Chen Geng is indeed a man from the East、The wizard who holds the mysterious oriental magic。
Ji Shengcheng is a bachelor:“boss,We will do what you say in the future,Never again dare to question your words。”
His words also represent the heartfelt voice of the traders in the room,Even the clever trader secretly warned himself,After getting the money this time,Be sure to close your mouth tightly,I can’t tell the story this time,Otherwise in case Mr. Fernandez is lively,He has done something,I didn’t know how to die……If you die without pain,But in case Mr. Fernandez is very business because he leaked the news,Decided to make myself painful、The tormented way slowly died?

“Then you will35A barrel of dollars with Russian oil,All sold to New Arctic Petroleum,Hope to make high profits from it,And get a piece of it!”

“It’s a pity that our Arrow Sakura organization has money,Buy all the oil from the world’s major oil companies,Your Qiao Tianyu can only be a waste of effort,Didn’t make much money,Hahaha.”
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First0188chapter Useless
Seeing that Keiko has thoroughly clarified the words,Qiao Tianyu has nothing to avoid,I finally don’t have to install it anymore。
“Haha,My dear aunt,I now finally understand how you broke the entire Qiao family with one person,Your scheming and the city are indeed great,Juniors admire!admire!”Qiao Tianyu smiled。
“Hahaha,Qiao Tianyu,seriously,Your plan makes sense,If it wasn’t for John to help us trade these days,The little Jiujiu who saw through you,Maybe you really fooled me!”Keiko said triumphantly。
“But now,Haha,Thanks to you Qiao Tianyu just now,New Arctic Petroleum18Cost price per barrel,The total price is as high as4300Billion dollar oil!”Keiko proudly showed off。
“Just for a whileOPECPolicy changes,Combine what we have1000100 million U.S. dollars in transaction funds raise oil prices,International crude oil prices can definitely soar to50A barrel of dollars!”
“At that time, the new Arctic Oil Company will sell all the crude oil it eats,Throw away acquisition costs,Our Arrow Sakura organization will get it in one fell swoop7644Billion-dollar profit!”
“Hahaha,Qiao Tianyu,how about it,7644Billion dollars in profit,You Fuxing Club won’t make that much for ten lifetimes,Greedy?Hahaha.”
Keiko is happier as she talks,Actually twisted his waist and jumped up,But haven’t said,Keiko is a natural stunner,Even though she is an old woman in her forties,But it’s still so charming when twisted!
“Hey.”
Hear here,The heads of the three families of Lu Cuichen shook their heads and sighed,Unexpectedly, Qiao Tianyu, whom they expected,In the end, I lost to that woman,And this time, the three big families have all their possessions!

Yao Yao stood aside and reminded。

“No need to!I have avoided the point!”
Xiang Chen’s tone doesn’t matter,A phone call that was broadcast suddenly got a response,And it’s still a scarce voice,It also brought Xiang Chen to the spirit。
“friend,I got in,Why can’t I see you?”
After hearing the severe voice,Xiang Chen’s eyes lit up,The voice is obviously unkind。
And Yan Zhengyi, who was lying next to Xiangchen, heard his brother’s voice,There was a flash of light in his eyes。
It’s just that the carpet Xiang Chen put into Yan Zhengyi’s mouth is really strict,So he can only make some whining sounds。
“It seems that my brother is already your turn?”
The lack of voice on the phone is indifferent,But Xiang Chen can still hear Yan Que’s breathing。
“You are still missing,You can run away halfway,Otherwise, your two brothers will be reunited now!”
Xiang Chen said with a smile。
Long silence,Yan Que did not answer Xiang Chen。
Xiang Chen’s response was very simple,He directly stabbed Yan Zhengyi again,And rotated the blade。

2017 Snooker World Championship Ding Junhui 13-12 defeated Liang Wenbo full game video

2017 Snooker World Championship Ding Junhui 13-12 defeated Liang Wenbo full game video
In the second round of the 2017 Snooker World Championships, Ding Junhui and Liang Wenbo’s match, Liang Wenbo caught up in the first stage 2-6 behind, and has been fighting until the final.In the tiebreaker, Ding Junhui calmly scored 70 points in a single shot to win the quarterfinals. The next round will be against the Rockets O’Sullivan.The following is the snooker world championship Ding Junhui 13-12 victory over Liang Wenbo’s complete game video: game video Ding Junhui 13-12 victory over Liang Wenbo’s complete game video: click to watch the game. Ding Junhui leads 6-2 in the first stage and Liang Wenbo in the second stageState brave one shot 130 and four shots 50+ counterattack Ding Junhui a 5-3, pulled the score to 7-9 only two games behind Ding Junhui entered the third stage.  In the seventeenth inning and the first inning of the third stage, Ding Junhui made a beautiful snooker. Liang Wenbo got the second chance and revealed the opportunity at the same time, but Ding Junhui did not score the red ball and instead gave the opportunity back to Liang Wenbo.Liang Wenbo scored a single shot with 38 points and went to defense. Then Liang Wenbo made another mistake with a sharp bench to get 14 points. However, Liang Wenbo has already led 52:8 and the situation is quite complicated.Liang Wenbo won the mobile phone meeting and scored a single shot 58 points to clear the table to win the game, 8-9 only 1 game behind Ding Junhui.  In the eighteenth inning, Ding Junhui originally planned to play a defensive shot. The red ball not only missed the white ball but also plunged into the red ball pile.Liang Wenbo started with a single shot to win 98 points, Liang Wenbo won the game to 9-9 in two consecutive games.  In the nineteenth inning, Liang Wenbo started the game with a very difficult far-red ball. After a single shot of 61 points, the k-ball effect was poor and he turned to the defense.Ding Junhui later had a mobile phone meeting, but because of the last red ball stickers library must be transferred to the defense.In the end, Liang Wenbo scored a 81-59 overtime goal to win the game.Liang Wenbo overtake the score 10-9, leading for the first time.  In the 20th inning, Ding Junhui scored a defensive red ball in the middle of the bag to start, and turned into the defense after 37 points in a single shot.In the defensive battle afterwards, Ding Junhui had an absolute advantage and eventually won the mobile phone meeting, but later used the pole to hit the cue ball, but fortunately, there was no chance.Ding Junhui quickly started again, and finally scored a super-pointer 71:5 and finally won a game, rewriting the score to 10-10.  In the 21st inning, Ding Junhui made a defensive mistake, Liang Wenbo started and quickly scored a single shot with 85 points to win this inning, 11-10 lead Ding Junhui again.  In the 22nd inning, Ding Junhui started with a red ball and hit 147.After scoring 10 red and 10 black, Ding Junhui’s k-ball effect was not ideal. When he walked black, the red ball failed to score and the white ball fell into the bag. Liang Wenbo didn’t get up.The score came to 11-11 draw.  In the 23rd inning, Ding Junhui scored a red ball from the far end and was unlucky. The white ball hit the blue ball and there was no colored ball to play.Ding Junhui forcibly attacked the basketball goal but failed, Liang Wenbo got the cue ball out of control after 45 minutes, forcibly thin the big angle red ball in the bag.Ding Junhui started with 32 points and made a mistake. Liang Wenbo scored 50 points with a single shot to reach the match point 12-11.  In the twenty-fourth inning, Ding Junhui started with a single shot and scored 132 points. 12-12 strongly dragged the game into the tiebreaker.  In the decisive game, Liang Wenbo started with a combined ball. When the red ball was put on a 16-point racket, the cue ball flew directly and hit the red ball pile. Fortunately, the ball was not revealed.Afterwards, Liang Wenbo took the risk of forcibly attacking the combined ball to no avail, Ding Junhui started with a single shot 70 points to form a super score to win the tiebreaker.  At the end of the game, Ding Junhui won the tiebreaker, and finally defeated Liang Wenbo 13-12. In the quarter-finals, he will play against O’Sullivan.Further reading: 2017 Snooker World Championship live video address Snooker World Championship Online Watch

Chen Guangming Ruiyuan declares the second public offering-3 years and 20 years veteran Zhao Feng will manage

Chen Guangming Ruiyuan declares the second public offering: 3 years and 20 years veteran Zhao Feng will manage
Original title: Chen Guangming’s Ruiyuan Fund declares its second public offering: the second public offering of a three-year holding fund “fund leader” Chen Guangming’s subsidiary Ruiyuan Fund Management Co., Ltd. (“Ruiyuan Fund”)finally come!  SFC product declaration information According to the website information of the SFC meeting, on December 12, Ruiyuan Fund reported a product application application registration material called Ruiyuan Balanced Value Three-Year Holding Securities Investment Fund, and the SFCAccepting the material on the same day, this means that the launch of Ruiyuan Fund’s second public offering fund product will officially begin the “countdown”.  Since October this year, the CSRC has launched a reform of the registration mechanism for public fund products, which has significantly improved the registration efficiency. The four major conventional products of active equity, passive equity, hybrid, and bonds are subject to rapid registration procedures, and the registration period does not exceed 10 days., 20 days, 30 days, more than 2/3 longer than the original registration cycle.  Soon afterwards, the Hua’an Quality Living Hybrid Fund declared by Hua’an Fund had the fastest approval rate of public funds in the past three years. It took only 5 working days for the product to receive materials from the CSRC and obtain approval.  ”Recently, the approval of equity products has been substantially accelerated, and product approvals have been obtained for the accelerated product within 5 working days.” A fund official predicts that if there is no accident, Ruiyuan Fund’s new product is expected to be completed by the end of 2019.Get product approval.  In March 2019, Ruiyuan Fund established Ruiyuan Growth Value Mixed Fund, the first public fund product affiliated, and Zhu Pengbo, deputy general manager of the company, partnered with Zhu Ye as 四川逍遥网 the fund manager.In November 2019, the fund added Chen Kunyuan as a fund manager.The public fundraising “single seedling” of this Ruiyuan fund has been robbed by the market on both the first day of issuance and the day when the large purchase limit was released, which shows the attractiveness of the market.  At present, apart from the product name reported by Ruiyuan Fund, no more information has been disclosed. However, some people have speculated that the proposed fund manager of this product may be the “veteran level” of low-key joining Ruiyuan Fund in early November.Fund manager Zhao Feng.  Public information shows that Zhao Feng has 20 years of experience in the A-share market, a bachelor’s degree in economics from Renmin University of China and a master’s degree from Columbia University. He entered the public fundraising industry in 1999 and has been an analyst at Penghua Fund.The fund manager is an earlier domestic fund manager; in 2005, he joined the Bank of Communications and Rhodes Fund as the fund manager, deputy director of investment, and director of special account investment.  In 2014, Zhao Feng resigned to start a private equity career. He co-founded a private equity fund, Shanghai Xingju Investment Management Co., Ltd. (“Xingju Investment”), with the former vice president of Xingquan Fund Wang Xiaoming and Zhang Huiping, the former fund manager of Xingquan Herun.Director, investment manager, Zhao Feng is also one of the company’s partners.In November 2019, Zhao Feng, 46, returned to the public fund industry again after five years in the private equity fund industry.  Wind statistics show that Zhao Feng’s 2006 annual performance return of 135 selected by Bank of Communications during the management period.29%, ranked in the top 30 of the industry’s public offering funds, and actually outperformed the benchmark for performance comparison.Zhao Feng acted as a private equity fund manager, and the performance of Xingju Wealth No. 1 managed during the period was also at the forefront of similar funds.

Dongfang Yuhong (002271): Double verification of growth and quality improvement

Dongfang Yuhong (002271): Double verification of growth and quality improvement

This report reads: The three quarterly reports released by the company have exceeded market expectations in terms of growth and quality improvement. We believe that the overall rise of Oriental Yuhong Furnishing House and Home Furnishing Company is the best quality in the building materials category track, maintaining 杭州夜网论坛 the “overweight” level.

Investment Highlights: Maintain “Overweight” rating.

Realized operating income of 128.

9.5 billion, an increase of 38.

64%; net profit attributable to mother 15.

6.6 billion, an increase of 40 in ten years.

55%; EPS 1.

05 yuan, slightly exceeding market expectations.

We maintain EPS 1 for 2019-2021.

37, 1.

74, 2.

17 yuan, maintaining a target price of 27.

87 yuan.

Revenue continued to grow rapidly, the track changed, and Yuhong’s advantages gradually emerged.

Yuhong Q3 achieved revenue of 49.

8.7 billion, a multi-year growth of 35 under a high base.

23%, further confirming the certainty of continued growth.

The demand structure judges that the real estate side and the infrastructure side should maintain a high growth rate at the same time, while the real estate side penetrates in hardcover houses, the downstream 杭州桑拿网 concentration has increased, and the growth of non-standard products has driven the slender growth rate.

At present, the rapid penetration of refined decoration in third- and fourth-tier cities has just begun. Real estate investment has maintained high performance, and the steady growth momentum of infrastructure and municipal administration is also strong, which is sufficient to support the continued growth of waterproof revenue.

19Q3 company gross margin was 36.

27%, affected by the rising oil prices in Q3, down 1 MoM.

4 averages, rising slightly each year.

Taking into account that the gross profit margin in 2018Q4 is only 30.

71%, under the current stable replacement of oil prices, it is expected that there will be less pressure on the reduction of gross profit margin from the fourth quarter of 2019 to the first quarter of 2020.

Performance margin disturbance in the third quarter.

The company’s Q3 operating net cash flow was -8.

900 million, we observe that cash paid in Q3 for other operating activities is 14.

400 million (we supplement most of the performance bond) is actually a disturbance to the company’s operating net cash flow. If we remove this effect, the actual operating net cash situation will even increase significantly this year.

In the third quarter of 2019, accounts receivable and bills receivable increased by 8 from Q2.

From 6.5 billion to 8.1 billion, we believe this is a normal operating response. At the end of the year, cash flow and accounts receivable have improved significantly.

Risk Warning: Macroeconomic Downturn, Raw Material Costs Increase

Zhonggong Education (002607): The growth of leading stocks in 19H1 results increased by 100% to 135%

Zhonggong Education (002607): The growth of leading stocks in 19H1 results increased by 100% to 135%

Brief evaluation of performance On July 5, 2019, China Education Education announced a performance forecast, and it is expected to realize net profit attributable to mothers in the first half of 20194.

25 ppm-5.

00 million US dollars, an annual increase of 100% to 135%, the second quarter of 2019 is expected to achieve net profit attributable to mother.

19 ppm-3.

0.94 million yuan, an increase of 21% -49% in ten years.

Performance has expected growth, and net profit attributable to mothers was achieved in the first half of 20182.

12 ‰, accounting for 18% of the highest net profit, of which Q1 / Q2 respectively account for -5% / + 23% of the initial net profit attributable to the mother.

2019Q1 achieved a turnaround, and 2019Q2 still maintained rapid growth.

Analysis of the five aspects of the long-term growth of public education-① The track where public education is located is a “fuzzy and important” training field. The Matthew effect is very obvious. The public education industry will only become stronger and stronger.In the case of not much marketing expenses, it ranks high in some searches, which can reflect this sideways.

②Industrialization operation, large backstage and small front desk, significant advantages in the management system, increased profit margins under the effect of scale, and the public education in 2019Q1 turned losses into profits, costs and expenses have improved significantly, and gross profit margin in 2019Q1 decreased by +3.

0pct, net interest rate +14 per second.

5pct, the sales expense rate is -5 years.

9pct, the management expense rate is ten years -6.

0pct, R & D expense rate is ten years -2.

7pct, 2018 net margin increased by 5.
.

5 points, profitability has been continuously strengthened.

③ Horizontal expansion. Except for civil servant recruitment training, public institution recruitment training, teacher recruitment and teacher qualification certificate training, other 北京夜生活网 businesses, such as the postgraduate research business, are expected to double this year.

④ Initially cover low-tier cities, with extensive and in-depth demand and strong sinking ability. At present, outlets have covered 300+ prefecture-level cities with a coverage rate of over 95%. County-level cities are the main direction for channel expansion in the future.

⑤ The main source of demand for public education is the improvement of the participation rate-with the repeated content of the exams and fierce competition, there is still a lot of room for improvement in the participation rate of the track.

The number of one-time recruits for civil servants in 2019 has declined, and it has not caused a reduction in the number of participants. It will only make people feel that “the content of gold is higher”, and the theater 天津夜网 effect will help increase the potential for participation.

Investment recommendations We expect the company to achieve revenue 89/19.

0/113.

500 million, a ten-year growth rate of 43% / 27%, net profit attributable to the mother16.

0/21.

5 ‰, a year-on-year growth rate of 39% / 34%, corresponding to P / E of 51/38 times, leading advantages continue to highlight, maintain the buy rating, raise the target price to 15.

5 yuan.

Risks indicate policy risks; the increase in participation rate may be lower than expected; risks such as replacement of enrollment.