Tielong Logistics (600125) Covers for the First Time-Special Box Returns Extend Long-term Profit of Shatuo

Tielong Logistics (600125) Covers for the First Time-Special Box Returns Extend Long-term Profit of Shatuo
This report reads: The pricing distortion of different types of goods in China’s railway freight transportation, and the decrease in the turnover rate of railway containers, have inhibited the long-term profitability of the special container business.Fortunately, the company’s early expansion of the Shaying line business provided support for profitability. Investment points: 1.Covered for the first time, rated “Neutral”.The passenger transport business of Tielong Logistics gradually withdrew and the Shalong Railway and special container business became core businesses.The Shaying Railway has a transformation with the bulk cargo transportation and is currently at a cyclical high.The profit of the special container business continued to increase, but was limited by the freight pricing policy and turnover rate, and its contribution to long-term shareholder returns was limited.The 2019-21 EPS is predicted to be 0.37/0.38/0.40 yuan, 15 times PE in 2019, 1.3 times the PB estimate, given a target price of 5.77 yuan, rated as “neutral”. 杭州夜生活网 2. The special container business has long been constrained by railway freight pricing policies and declining turnover.Compared with coal railway transportation, the demand for special container railway transportation is one-way, with exceptional exceptions, lower turnover rates, and higher freight rates to replace it.The railway container freight rate is not expected to reflect the difference in turnover rate.Restrictions on pricing and turnover make it difficult for the company to merge into the hard work of a given business and turn it into a higher shareholder return. 3. Shaying Railway has become a core business that contributes to shareholder returns and gradually provides profit support.The company acquired Yingkou Port’s only railway sparse port in 2005—14.The 17-km-long Shaying Railway has been expanded twice with a total 杭州桑拿网 investment of 5.400000000.In the past 14 years, it has obtained 5 times the return on investment.This business is affected by the cycle of macroeconomic and commodity demand, and its cyclical properties are significant. Currently, it has clearly echoed from the 2016 cycle trough. In 2019, this business will still benefit from the transit iron, but it will still be reflected in the long-term impact of commodities. 4. The scale of processing trade business is limited, and the core lies in risk control.With the implementation of the horizontal supply reform in 2016-17, the scale of the company’s processing trade business has expanded, and its gross profit has reached 17%.The profit margin of the trading business is low and it needs to be driven by working capital. The company’s annual report clearly states that it will control operating risks. It is expected that the business scale will maintain a low growth rate. 5. Risk factors.Demand for special containers was lower than expected; macroeconomic fluctuations; bad debts in trading business.

Kodali (002850): Increase in gross profit margin of core business and continuous improvement of production capacity layout

Kodali (002850): Increase in gross profit margin of core business and continuous improvement of production capacity layout
Kodali’s 1H19 results exceeded our expectations and announced the first half of 2019 results: operating income11.70,000 yuan, an increase of 46 in ten years.7%; net profit attributable to mothers is 80.25 million yuan, an annual increase of 259.2%, corresponding to a profit of 0.38 yuan, exceeding our expectations, mainly due to the company’s capacity release, the gross profit margin of the lithium battery structure business increased. Lithium battery structural parts business has grown rapidly, and gross profit margin has increased.1H19 company’s lithium battery structure business income was 10.50,000 yuan, an increase of 67 in ten years.3%, the gross profit margin increased by an average of 10.1ppt to 24.8%; the increase in gross profit margin of lithium battery structural parts is mainly due to the release of economies of scale, strengthened cost control, and 1H19 aluminum and other major raw material prices fell slightly.1H19 automotive structural parts, other structural parts business income was 0.8/0.500 million, the previous change -49.8% / 183.0%.1H19’s consolidated gross profit margin was 24.3%, an increase of 8 per year.7ppt.Among them, the 2Q19 company’s comprehensive gross profit margin increased by 13.7ppt to 28.0%. Cash flow from operating activities improved significantly.Thanks to economies of scale and strengthened cost control, the company’s sales in 1H19 decreased the management expense ratio by 0.6/0.7ppt to 2.0% / 4.6%.The company increased its R & D efforts in lithium battery safety and other fields, and the R & D expense ratio increased by more than 2 in 1H19.5ppt to 5.8%.1H19 Net cash inflow from operating activities2.5 trillion, earlier 1H18 net inflow of 0.900 million increase of 167.The increase of 5% was mainly due to the increase in the company’s revenue scale, the increase in cash inflows in the provision of goods and services, and the expansion of the company’s bill discounting scale. Development trend The installed capacity of lithium batteries continues to increase, and the production capacity layout is constantly improved.On January 天津夜网 7, 2019, China’s power battery installed capacity was 34.7Gwh, an increase of 77 per year.0%, of which the installed capacity in July increased by 34 each year.3%, continuing rapid growth.From January to July, the company’s major customers, CATL, BYD, AVIC Lithium, and Xinwanda, achieved rapid growth in installed capacity, which guaranteed the company to expand more market share.At present, the company has completed the construction of the second phase of the Jiangsu and Dalian production bases, and plans to invest 2.The US $ 500 million construction of the first phase of Fujian’s power battery structural components project is mainly for supporting CATL production capacity.After the project is in production, the company is expected to achieve an average annual income of 700 million yuan.We believe that the company will continue 杭州桑拿 to improve the company’s competitive advantage by approaching downstream customers’ production capacity layout, and cooperating with customers in research and development, and deep binding. Earnings Forecasts and Estimates As the company’s earnings exceeded expectations, we raised our 2019/20 earnings forecast55.3% / 60.3% to 0.97/1.30 yuan.The company currently expects a 2019 / 20e P / E of 25.6x / 19.2x, maintain neutral rating, consider raising earnings forecast, raise target price by 16.7% to 28.00 yuan, corresponding to 2019 / 20e P / E is 29x / 22x, corresponding to the current ongoing 12.4% space. Risks New energy vehicle sales risk, lithium battery structural parts price decline risk.

Huayu Automotive (600741) First Coverage Report: Benign closed loop ignored by underrated component giants

Huayu Automotive (600741) First Coverage Report: Benign “closed loop” ignored by underrated component giants

Leading auto parts, the world’s first interior.

The company is a comprehensive component giant with the largest revenue in the country.

The customer coverage is deep and wide. The main customers are SAIC, FAW Group, Changan Automobile, GAC Group, Brilliance Automobile, Beijing Automotive, etc.

From 2009 to 2018, the company’s operating income and net profit attributable to mothers increased from 246.

7, 25.

500 million rose to 1,571.

7, 80.

300 million, CAGR reached 22.

9% and 20.


Among them, interior and exterior decoration are the company’s core business, with an average annual revenue contribution of more than 60%, and interior decoration ranks first in the world.

Domestically, the dashboard, steering wheel, and car seats rank first.

The business of functional parts is constantly improving, and the layout is constantly improved.

19H1 revenue of functional parts business reached 142.

900 million, accounting for 20% of revenue.

3%, the company’s second largest business.

In terms of original business, many products such as air-conditioning compressors, drive shafts, steering gears, etc. are directly in-house faucets, and nearly half of them have a market share of over 30%.

In terms of new business, the company has improved three aspects after the acquisition of Huizhong Automobile and Saxophone: 1) Improve the chassis industry chain and increase the layout of the 深圳桑拿网 transmission system: make up the front and rear axles, the lack of subframes, and promote such as CVT, TC 2) Perfect global layout, increasing customer stickiness; 3) Pushing the “electronic” transformation of chassis products: E-Booster and EPB respectively won BAIC New Energy and BYD fixed points.

Leading automotive industry, benefiting from intelligent LEDs.

In 2018, Huayu Vision became a wholly-owned subsidiary of the company, and its revenue for 2019H1 reached 71.

900 million, accounting for 10.

2%, the company’s third largest business.

In terms of market expansion, Huayu Vision was formerly known as Shanghai Xiaoyan. In 2017, the national city accounted for about 33%, far exceeding other domestic rankings.

In terms of technology, Huayu Vision holds 2,127 patents, which is about twice the second place.

In terms of product development, Huayu Vision has always been at the forefront. In 2019, it cooperated with Chinese Express to launch the world’s first alternative intelligent interactive headlight based on DLP technology, and continued to increase the layout of smart car lights.

Fully deploy new energy and break through the overseas monopoly of millimeter-wave radar.

The nine major subsidiaries of the company each focus on electric drive systems, BMS, electronic steering gear, electric air-conditioning compressors and other fields, forming a complete new energy automobile parts industry chain layout.

Among them, the company’s electric compressor and battery management system market share in 2018 were 10 respectively.

6%, 12.

7%, ranked at the top.

In addition, the company’s millimeter-wave radar broke through overseas technology blockades, becoming the first domestic component supplier to develop 24GHz and 77GHz millimeter-wave radars, and mass-produce supporting Roewe Marvel X and Jinlong buses.

SAIC Huayu has a strong “closed loop”, and the strong is always strong.

At present, the differentiation of the automotive industry is intensifying. From 2016 to July 2019, the share of car companies ranked 20th from 20th.

2% interest rate 13.


From the perspective of new models, only 26 auto companies have a national six rate (number of national six models launched in October / number of vehicles sold in December 18) exceeding 30%, and only 11 companies exceeded 50%.

We believe that product strength is the core competitiveness in differentiation in the future. Against this background, differentiation or continued to intensify, the strong is always strong.

SAIC and Huayu reset their leaders, forming a super-benign “closed loop”, which is expected to cooperate and develop hand in hand in the future industry reshuffle. Investment suggestion: Huayu Automobile has many excellent assets and technologies in the old and new fields; the “neutralization” strategy has begun to show its effectiveness in recent years, and it is expected to achieve excellent products and strong customer stickiness in the future to accelerate the seizure of new and old markets.

We expect the company’s net profit attributable to its parent to be 68 in 2019-2020.


3 trillion, corresponding to EPS are 2.

17, 2.

39 yuan / share.

Give Huayu 2019 the 15th.

0 times PE, corresponding to the target price of 33 yuan, the first coverage, given a “buy” rating.

Risk warning: automobile production and sales, business development, new energy intelligent driving development is less than expected, etc.

China Life Insurance (601628): Net profit increases each year to expand business optimization and development

China Life Insurance (601628): Net profit increases each year to expand business optimization and development

Solid income, rich equity investment income, and net profit increased. In the first three quarters of 2019, the company achieved net profit attributable to its mother of 577.

02 ppm, an increase of 190 in ten years.

4%, net assets 3,887.

54 ppm, an increase of 22 from the end of the previous year.

1%, total assets 36,090.

7.8 billion yuan, an increase of 10 from the end of the previous year.


The company realized total investment income of 1,344.

8.7 billion, a simple annualized total investment yield of 5.

72%, an increase of 231 basis points previously; net investment yield is 4.

83%, 21 basis points a year.

Premium, value optimization and promotion, sales team maintained expansion in the first three quarters of 2019, the company achieved a new single premium of 1,622.

15 ppm, a six-year increase of 6.

55%; the proportion of renewal premium income to total premiums is 67.


Achieve new business value growth of 20 per year.


As of the end of the reporting period, the total size of the company’s individual insurance channels reached 166.

30,000 people, an increase of 15 from the end 杭州夜网论坛 of 2018.

6%, an increase of 5.


The investment proposal closed on October 29, and the company’s Hong Kong stock priority was 19.

74 Hong Kong dollars at the current exchange rate of 0.

90 calculation, equivalent to about 17 yuan.

77 yuan, about 58% of the closing price of A shares on October 29.

We expect the EPS to be 2 each year from 2019 to 2021.

08, 1.

66, 1.

93 yuan, corresponding to 14 shares per PE.

9, 18.

6, 16.

0 times, the corresponding P / EV is estimated to be 0.

92, 0.

81, 0.

73 times.

  According to the stable scale of the company’s business model, assuming that its main business grows in a balanced manner, the remaining marginal long-term amortization of life insurance contributes stable profits, and the life insurance valuation method is used to predict future relevant 上海夜网论坛 indicators. The reasonable value of the company is 33.

63 yuan (considering a certain discount, the reasonable value of H shares is 24.
76 HKD is the highest), corresponding to 2019 P / EV of 1.
00 times.

The risk prompts the replacement of systemic risks brought about by major changes in the external financial environment; the risk of death difference losses, interest rate risks, and catastrophe risks caused by major changes in the risk rate of the insurance industry.

How to choose summer wipes is more conducive to health

How to choose summer wipes is more conducive to health

Wet wipes have become a must-have for people in summer, not only removing sweat from the body, but also bringing moisture to the body, making people feel cool.

But the choice of wet wipes is also skillful, Xiaobian will now teach you how to choose wet wipes.

  First, pay attention to the outer packaging should have the factory name, factory address, telephone, shelf life, effective ingredients, production batch number, production date, health license number, implementation of health standard number, instructions for use and precautions.

  Second, note that wipes for different uses have their own shelf lives.


“Ordinary wipes” are mainly used to clean the skin. The shelf life is generally 6 months?
3 years.


“Disinfection wipes” are divided into two types, one is for cleaning and disinfecting small wounds and surrounding skin; the other has broad-spectrum bactericidal effect, which is used for skin cleaning, smoothing, disinfecting, sterilizing and cleaning of daily necessities and sanitary ware.Sterilization, the shelf life of these two types of sterilization wipes is 2 years.


“Baby Care Wipes” are specially used to clean and care the baby’s face or chest. The shelf life is generally 1.

3 years.


The shelf life of “women’s special wipes for makeup removal” is generally 3 years; the shelf life of “women’s special wipes for care” is generally 1 year.

  Third, pay attention to the senses: qualified wipes have a soft, elegant taste, thin white, and will not fluff after use.

  4. Pay attention to tightness: The package of wet wipes in bags should be sealed without damage; the package of wet wipes in boxes and cans should be complete without damage.

The packaging is well sealed to maintain the effectiveness of the disinfection and disinfection of the wipes.

After taking the wipes, you should stick the sealing strips immediately, slender high temperature or direct sunlight, causing the wipes to dry and affect the use effect.

Anti-aging should do what this massage can anti-aging

Anti-aging should do what this massage can anti-aging

Baihui Point Baihui Point —– from the top of the head to the back of the brain.

618 things Baihui points, in the center of the head.

Because Baihui is at the top of the person’s head and at the highest point of the person, the yang that has been uploaded by the human body will meet here.

Massage method: sit on the chair, massage Baihui points with the palm of your hand, massage 50 times in a clockwise direction, 2 to 3 times a day, you can dredge the meridians and enhance the yang of the Du Meridian.

Yongquan Point Yongquan Point —– Heel to the toe of 0.

At 618, it is the Yongquan Point, at the foot of the foot.

Massage: Take the natural position, supine or prone position, use your own feet for the foot, bed or other things, depending on the person.

Guanyuan acupoints Guanyuan—–0 from the sole of the foot to the top of the head.

618 is located in Guanyuan, under the navel.

The gas of the small intestine gathers in this hole and is transferred to the skin through this point. It is the place where the health and the inhalation inhale.

Massage method: gently press it by hand, slowly from the clockwise direction, can regulate endocrine, improve long spots, long acne.

In the middle part of the human body, the torso is 0.

At 618, there is a tremor hole.

The middle point of the tremor is the part of the pericardial qi and qi. There is something to do with the pulse, the foot is too yin, the foot is less yin, the hand is sun, the hand is less than the intersection of the yang, and the qi can promote blood circulation and relieve phlegm.

Massage: Four fingers close together, then gently bend the clockwise ring with your fingertips or massage from top to bottom, don’t push up from the bottom.

How to properly select and use crispers

How to properly select and use crispers

Plasticizers make us hate and helpless about plastics.

In fact, our life is very dependent on plastic products, so learning how to properly select and use plastic products can not only avoid toxins but also make life easier.

  Store foods in household refrigerators. It is best to sort and store them after you buy them, pack them separately, and then put them in the refrigerator.

“Using fresh-keeping containers can no longer avoid cross-contamination and reduce the possibility of infection. It can also prevent food skewers and refrigerator odors, and increase freshness and keep food longer.”

  When choosing a fresh-keeping box, pay attention to confirm that the materials used in the fresh-keeping box, PC, PE, PP and tempered glass are hygienic and safe. The materials are not harmful to the human body.

It is recommended to choose transparent and translucent materials. You can easily confirm the contents of the box without opening the box when using it.

  In addition, pay attention to the applicable temperature of the storage box. Some containers are only suitable for 0?
Low temperature around 10 ℃, some containers can be used in lower temperature environment, such as -25 ℃, and some can withstand high temperature of 120 ℃.

  Good-quality fresh-keeping box is made of resin material, and the general temperature range is -20?
120 ℃, can be used in the refrigerator for food refrigeration, or in the oven for heating or cleaning.

  Experts also offer special tips for everyone: the square-shaped fresh-keeping box is suitable for refrigerator cabinet doors, which can store all kinds of food and leftovers; the shelf fresh-keeping box is easy to store moisture-containing food, such as fruits, vegetables and seafood; the round fresh-keeping box is suitableStore salads, sauces and various side dishes.

  The use of various fresh-keeping boxes makes the refrigerator more tidy and keeps the food in the best fresh-keeping state for a long time.

Of course, it is best to eat fresh food under certain conditions. Different foods are stored for different periods of time. You cannot trust the freshness of the fresh box and refrigerator without restriction. It is better to eat the food as soon as possible.

Psychological health care during pregnancy


Psychological health care during pregnancy

The three months of mid-pregnancy are the psychological golden age for expectant mothers, but mental illness often occurs in the second trimester.

At this time, the freshness of pregnancy was gone. Although there was still time for childbirth, some expectant mothers who had been cheerful, confident, and assertive, suddenly became vulnerable and sensitive.
So he often loses his temper because of a little thing, so that the husband is at a loss.

  The pregnancy may potentially affect the growth of the baby, and the emotional changes of expectant mothers can be transmitted to the baby by causing certain chemical reactions.

Happiness, sadness, and baby will feel the same.

If the expectant mother is often in a bad mood such as nervousness, it will seriously affect the fetal development, so it is necessary to do good mental health care.

  In order to conceive a smart, healthy, and lively baby, expectant mothers need to give the baby in the abdomen the greatest love, learn to self-regulate, maintain peace of mind, and be good at controlling and relieving unhealthy emotions.

After dinner every day, you can go out for a walk with your husband, while walking slowly, talk to her husband, let your husband say a few words to the baby, and make him feel the happiness of being a father.

  Keeping a diary during pregnancy is a wonderful way to relax yourself.

Buy yourself a beautifully decorated diary, write a paragraph about your mood every day, and change the baby in your belly every day.

When the baby grows up, take out this diary and review these warm memories with the baby.

  A good living environment will also bring joy to expectant mothers.

To create a quiet, tidy and soft living environment for yourself, you can arrange the bedroom according to your preferences, such as placing some scented flowers or bonsai, and playing some beautiful and light music.

Music can completely promote the physiological development of the threshold, and the correction mother can also maintain a relaxing and relaxing effect and keep the spirit fully relaxed.

  In addition, you can also paste a beautiful baby pictorial above the bedside, while watching pictures in your spare time, imagine that your baby is as cute as this baby.

It’s also a good way to communicate with your baby.

Spend a few minutes a day whispering to your baby, such as “Baby, I love you.

“Wait, you can also say to your baby when you go out for a walk:” The weather is really good today, you and the mother enjoy the sun bathing together, the mother is really happy!

Fujian took the lead in seeking change, and included Taijiquan in the high school exam!

Parents started to be healthy at the age of 16

Fujian took the lead in seeking change, and included Taijiquan in the high school exam!
Parents started to be healthy at the age of 16

Reprinted from one hundred Author: Where does society
Fujian took the lead in seeking change, and included Taijiquan in the high school exam!
Parents: Have you started to be healthy at the age of 16?
Speaking of these two years, a very hot topic – the college entrance examination reform.
Indeed, education has always been called “the basis of people’s livelihood”, and it also affects the hearts of many parents.
However, many people may not think that one day “Tai Chi” will be included in the college entrance examination.
This time, Fujian Province took the lead in announcing that it had included “Tai Chi Chuan” in the high school examination subject, and the score was really small.
So, what is the matter?
Originally: Recently, the Fujian Provincial Department of Education announced the instructions for the high school exam, the first time the “simplified twenty-four style Taijiquan” as a mandatory subject of physical education subjects, accounting for 10% weight, the results of the examination will determine whether students can get a diploma.
The introduction of this new regulation can be said that many students and parents have not thought of it.
Some parents have said: In fact, Fujian, for a long time, is still favored for this kind of Chinese traditional martial arts culture.
Didn’t there be any rumors that I would like to include the “five ancestors” in the middle school test?
It seems that this high school exam is really “grabbing first.”
Some students also believe that this “Tai Chi” was included in the high school exam.
He feels that the classmates in the class have always paid too little attention to sports.
Many students basically sit for one day.
In the future, we will be able to “play Tai Chi” if we have nothing to do. It is really a matter of learning health.
However, some students think that now, even if they can’t finish their homework, how can they still have time to play Tai Chi?
In Xiaobian’s view, the Fujian Province took the lead in seeking change, and included “Tai Chi” in the scope of the high school examination. Such innovative measures are still very worthy of recognition.
After all, the physical fitness of children is also an indispensable aspect of our high school education.
However, some parents have said: I started to learn health at the age of 16?
It’s too inappropriate, let’s say that the children’s learning burden is so heavy, how can they think about “playing Tai Chi”?
In the end, Xiao Bian felt that the practice in Fujian Province was still very innovative.
After all, “Tai Chi” is a very important part of Chinese traditional culture and is very beneficial to children’s physical and mental health.
However, Xiao Bian also hopes that the school can reasonably arrange the time for students to “teach Tai Chi”. After all, the college entrance examination is the most important thing for high school children.
What do you think of “Fujian Province’s inclusion of Taijiquan in the high school exam?”
Welcome to leave a message to participate in the discussion!
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Happiness is determined by yourself, isn’t it?

Happiness is determined by yourself, isn’t it?

Spiritual Messages In any case, if you choose to find positive aspects of things, you will feel happy; if you choose to focus on negative aspects, you will suffer.

Because happiness itself depends to a large extent on the decisions you implement.

I was not a very happy child before. Like most teenagers, I am always immersed in my troubles.

However, one day, I suddenly became more and more open: no one is likely to be unhappy. It does not require any courage to work hard. The real challenge is that you try to make yourself happy.

Perhaps many people have never heard of it, and happiness requires hard work.

We usually think that when the good things that we have difficulty controlling come, the happiness will follow.

However, the truth is just the opposite: in part, we control happiness ourselves.

Happiness is the result of trying to lead, not the result of waiting.

To make life happier, we must sweep away some stumbling blocks. Here are three of them: women are happy with balloons.

Compared with others on the wooden floor, most people like to compare with people who think they are more happy than themselves – relatives, acquaintances, or people we don’t know.

I have met a young man, and his great success and happiness make me envious.

He said that people love their beautiful wife and daughter very much, and they are happy to be a radio talk show host in their favorite city.

I remember thinking that he was one of the few lucky ones, and everything was so easy.

Then we have cancer, he told me that he is grateful for its existence, because a lot of information about sclerosis can be found online – his wife has been suffering from this serious disease.

I still remember now that I was foolish enough to think that his life was not unpleasant.

Happiness and Free Perfectionism Almost everyone has some predictions about their lives, but the problem is that people’s work, spouses and children rarely achieve the desired situation.

Take my personal experience: I have never been divorced in my family before, and I also think that marriage is a lifetime.

So, when my wife and I divorced after my son was born three years later, I also felt that the whole world had collapsed. I decided that I was a loser.

Later, I complained to the remarried wife Fran: I think that my family life has failed, and this feeling has not been solved.

She asked me, is there any problem with my current family (including her and her ex-husband’s daughter, my son)?

I must admit that except for only half of my time with my son, I feel painful (my share of custody with my ex-wife), and our family life is very happy.

“So, why are you not lucky?”

She asked.

I am deciding to do this, and it must be that I have to clear the “perfect family” on the subject.

The “missing bricks” syndrome is staring at a flaw that can greatly ruin happiness, just like looking up at the ceiling, paying attention to only the place where a tile is missing.

As a bald man told me: “Whenever I walk into a room, all I see is hair.

“One of the most important examples I have spent studying a few years of research is that people feel happy and have little to do with their living conditions.”

Just contact the reality, this name will be there.

We all know that some people’s lives are relatively comfortable, but they are not happy: we also know that some people have stepped on great pains, but they are still very happy.

The first secret is the heart of gratitude.

All happy people are grateful, but those who are not grateful do not feel happy.

We believe that unhappy people will repeat it blindly. In fact, it makes people unhappy.

The second secret is to realize that happiness is a by-product of other things.

The main root of happiness is the pursuit of the purpose of our lives – from studying insects to playing baseball.

We have more passion and we will realize more happiness.

Finally, I believe that some eternal will transcend us, and our existence has greater significance, which will help us enjoy more happiness.

We need spiritual or religious beliefs, or a philosophy of life.
Your philosophy of life should include this accepted truth: if you choose to find positive aspects of the facts under any circumstances, you will feel happy; if you choose to focus on negative aspects, you will suffer.
Happiness itself, to a certain extent, the decisions you make.