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Tonight (19th), the sixth round match between China men’s soccer team and Japanese team will be held in Xiamen Egret Stadium at 8: 00. After winning Indonesia and Bahrain in succession, China men’s soccer team won two consecutive victories, tied the second in the group with six points, and ranked fourth only with goal difference, which rekindled the dream of hitting the World Cup. However, the shadow of the 0-7 away defeat in the first round of the group stage is still in sight. Despite the confidence brought by the two-game winning streak, it is still necessary to avoid the recurrence of the "tragedy" in the first round when facing Japan at home, and "losing less should win". Of course, fans also expect the China Men’s Football Team to show full fighting desire and finish successfully in 2024.

Tickets were sold out early and 500 domestic journalists gathered.

According to official sources, Xiamen Egret Stadium can accommodate 53,400 seats. Except for some safe areas used to isolate fans from both sides, more than 40,000 tickets can actually be sold. Although the strength of the two sides is very different, the game market can be said to be extremely hot. According to the official news of the national football team, the tickets for the home game against the Japanese team were sold at 17: 00 on November 8. The tickets for this game are divided into six grades, namely 280 yuan, 480 yuan, 680 yuan, 880 yuan, 1080 yuan and 1380 yuan. In addition, box tickets are also sold, the box size is 10-12 seats/package, and the sales method is scattered or whole, and the fare is 1380 yuan/seat or 1880 yuan.

As the national football team won two consecutive victories, and the Japanese team has many big-name players in Europe, on the evening of November 8, except for the box ticket of 18,800 yuan, all the tickets for this game were sold out. According to the ticketing information on the 15th, there are no tickets for the box ticket of 18,800 yuan, and all the tickets for the home game of Xiamen National Football Team are sold out.

On November 17th, China players were in training. Xinhua News Agency

Subsequently, on 16th, the organizing committee of the tournament added another stand by adjusting the fan area of the visiting team, and the result was sold out in just 2 minutes.

According to the relevant data of a ticketing platform, the high-end ticket price of 1380 yuan in this game has been fired to as high as 8280 yuan, and the lowest-end ticket price in 280 yuan has also been fired to 1210 yuan. This shows that the national football competition is still highly concerned and has a high market value.

On the afternoon of November 15th, the national football team flew to Xiamen after winning away from home. The international flight of Xiamen Airport arrived at the exit, and the fans were very enthusiastic. The national football team members left through other channels. A large number of fans met the plane at Xiamen Airport and shouted: "Team China is awesome! Come on, China. " There are also airport pick-up fans holding high the national flag and singing "Only if you fight hard can you win", cheering for the goal hero Zhang Yuning and shouting his name.

In addition to the fans, various media have also rushed to Xiamen. According to the information obtained by the upstream journalists from the China Football Association, the match attracted more than 500 domestic media reporters and more than 60 Japanese media reporters for live coverage.

Full of confidence, Japan trained openly all the time before the game.

At present, Japan ranks No.1 in Asia and No.15 in the world by FIFA, and they are the only unbeaten team in the group after five rounds before the World Cup 18 in Asia. Hajime Moriyasu, the head coach of Japanese team, has more than 20 European players. In the last round, he swept the Indonesian team with 11 naturalized players 4-0 away, and the offensive firepower was still quite fierce.

The match between Japanese team and Indonesian team was held on November 15th, which was a whole day later than the match between China men’s soccer team and Bahrain. Therefore, after the last round of competition, the Japanese team chose to fly directly from Indonesia to Xiamen to prepare for the war.

Although I had a day’s rest less than the national football team, the overall training atmosphere of the Japanese team was more active in the two training classes when I arrived in Xiamen. The players were talking and laughing, and the main players such as Sanxun, Wataru Endo and Takumi Minamino all appeared. Training programs include grabbing laps, shooting, confrontation and so on.

It is worth mentioning that Hajime Moriyasu sent a large number of substitute players in the match with Indonesian team, which also gave Wataru Endo and other main players enough rest time, which also means that it is very possible for Hajime Moriyasu to send all the main players in the match with the national football team.

On the afternoon of 17th, both the national football team and the Japanese team conducted public training in Xiamen. Interestingly, the Japanese team did not play cards according to the routine, breaking the convention of "15 minutes before the opening of training", but after 15 minutes of closed training, the whole process was opened to the Chinese and Japanese media, and the "unguarded" training class also showed their strong self-confidence.

On September 5, Japanese team player Sam Kun-hoon celebrated the goal in the game. On the same day, China played against Japan in the first round of the 18th Asian World Cup qualifier in Saitama, Japan. Xinhua News Agency

At the pre-match press conference on the 18th, Hajime Moriyasu said that this is a way to give back to the media. "I noticed that many journalists from China also came yesterday, which can also help us spread our football culture."

Hajime Moriyasu said: "We are very confident in the game, but we still need to arouse more fighting spirit. We should forget the result of the first round. Since 0:0, China has won two consecutive victories and is in good shape, so we need to analyze the tactics of China to win." And player Wataru Endo also said: "Tomorrow is the away game, we need to concentrate, and every game has some key moments. We need to go all out to deal with such a moment. "

At the press conference, a reporter asked the national football coach Ivan if he had the opportunity to lead the team to defeat Japan, which attracted laughter from the audience. Ivan also said: "After you raised this question, the reporters all laughed. What is certain is that nothing is impossible to play football. Any result is possible if you fight with a real knife on the field. "

The main strikers are all injured, and the national football team can only send surprise soldiers.

Judging from the ranking of FIFA, the 92nd place of the national football team is far below the 15th place of Japan, and the last time it beat its opponent was in distant 1998.

In the first round against Japan, the national football team was defeated 0-7 away, which made the domestic public opinion in an uproar. This also led to the fact that although the national football team scored 6 points with Saudi Arabia and Australia, the goal difference was very bad, and it could only rank fourth in the group.

Winning Indonesian, Bahrain and China men in succession is enough to win two consecutive victories, which rekindles the dream of China football hitting the World Cup. However, considering the huge strength gap between the two teams, it is definitely very difficult for the national football team to score points from their opponents. However, with the great improvement of the time, place and team morale, the national football team only needs to do its best to do its best and implement the defensive counterattack tactics. At least, it can look forward to "losing less and winning" to avoid another fiasco.

At present, the most worrying thing is that the team is full of wounded soldiers and the lineup is seriously disordered, especially on the attack line. Lei Wu, Fernando and Alan are all unable to participate in training because of injuries. Zhang Yuning, the main striker who scored the winner in the victory over Bahrain, was injured again and has been confirmed to be out of the game. At the same time, Baihe Lamu, who performed well, was also suspended because of the accumulated yellow card.

On November 14th, China player Zhang Yuning (right) celebrated with his teammates after scoring a goal. Xinhua News Agency

Since the stationing of troops in Xiamen on November 15th, the China team has been preparing for this tough battle. At present, it seems that Wei Shihao is likely to be pushed to the front line. In addition, Wang Ziming, Cao Yongjing, Lin Liangming and Xie Wenneng, who have just lifted the ban, may also be pushed to the front line.

At the same time, there is also a defense line that is plagued by injuries. In the last game, Jiang Guangtai, the main central defender, did not play because of injury. It is still unknown whether he can play in this game, while Li Lei, the main left defender, was injured in the game, so the national football team can only urgently call up Wang Zhenao, the harbor full-back. However, Wang Zhen ‘ao also missed the league for a long time due to injury, and his game status is also a question.

Wang Zhen ‘ao, who was selected as a substitute, revealed that his injury was just right. He was still training at the club in the morning and flew directly to Xiamen after receiving the call-up. "The head coach told me to get ready and be ready at all times. Japan is the strongest team in Asia, and this game will be very difficult to play. We must go all out without regret and play our spirit. "

Ivan also said: "We give full trust to the players in every game and believe that they will play their best. We still have confidence in this game."

Upstream journalist Tang Hao

[Original Truck House] China has a vast territory and changeable terrain. Long-distance transportation is not only a test for drivers, but also a high requirement for the durability of vehicles. For me, it is necessary to have excellent lubrication effect to ensure the long-term and high-load driving demand.

● 　“Latest progress of "Long Oil Change" project

In 2016, we cooperated with Jiefang to launch the 100,000-kilometer long oil change project of "Wan Li for Liberation, Shell for Worry-Free". The project has made a lot of investment and verification, and a total of 170 Jiefang units participated in the actual test and provided very valuable data.

At present, the "long oil change" project has been completely commercialized, and the long-term effect jointly developed by Shell and Jiefang has been stationed in Jiefang service station and the formulated parts agent. In the future, Shell will also develop a full range of ultra-long-life lubricants for other models of Jiefang, and adopt customized packaging to reflect its special identity.

● What is the oil that can run 100,000 kilometers?

According to the survey,At present, after most engine oils are used for 80 thousand kilometers, their oil film strength is not enough to protect engine metal parts. Continued use will not only greatly increase fuel consumption, but also aggravate engine wear.. In view of this situation, Mr. Shen Baowu, an expert in the application of Shell’s global solution products, said that the reason why Shell’s long-term engine oil can run continuously for 100,000 kilometers is because its base oil adopts natural gas to make oil, which increases the stability of refined oil.

Natural gas to oil process

The so-called natural gas to oil (GTL) refers to adjusting the molecular chain of natural gas by chemical methods, and converting it into base oil through a series of complicated processes. Compared with traditional oil,Synthetic oil made from natural gas is a clean fuel and does not contain sulfur, nitrogen, nickel impurities, aromatic hydrocarbons and other non-ideal components., its cleanliness is greatly improved.

　　For well-known stocks other than Coca-Cola and Xishi Candy, Buffett is not a long-term investor as everyone imagined. Investors have always thought that Buffett’s investment style is very scattered, but on the contrary, Buffett’s top five stock positions in his portfolio can account for more than 70% of his entire portfolio. Decentralization can preserve wealth, but centralization will increase wealth —

　　Just after the May Day holiday in 2019, the Warren Buffett shareholders’ meeting held in Omaha, a small American town, attracted many investors to queue up for admission not far from Wan Li. Since the first general meeting of shareholders in 1964, the "stock god" has basically not let investors down. In this year’s six-hour question-and-answer session, the scope of the questions involved investment, science and technology, human nature and so on. Buffett admits that he is no longer the kind of "value" investor in his early days. Many of his investment income comes from some more "expensive" companies. What is the strategic change of the stock god? Or have investors always misunderstood Buffett?

　　Why don’t you favor bargains anymore?

　　Buffett’s teacher is Benjamin Graham, the author of Securities Analysis. Graham’s most famous investment philosophy is "value investment". One of the most important characteristics of the so-called value investment is to buy a company that you are optimistic about at a cheaper price. Buffett himself described his investment philosophy as such: he likes to buy "cigarette butt" stocks.

　　What do you mean by "cigarette butt stock"? For example, investors see a cigarette butt that is about to burn out on the road, and pick it up when no one picks it up. Similarly, buying cheap stocks that no one buys is also called the "cigarette butt stock" strategy. This strategy can be seen everywhere in Buffett’s early investments.

　　In the 1980s, when Buffett bought Coca-Cola, the price was horribly low. But since he met his partner Munger in the 1970s, Buffett began to change, not just pursuing low-priced stocks. Xishi Candy is the most representative case of his change in investment philosophy.

　　In Munger’s words, if it is a very good bid, it is worthwhile to pay a little more! Therefore, the company Xishi Candy was acquired at a price higher than the book value, and it succeeded.

　　Has Buffett’s concept of value investment changed? Xia Chun, chief research officer of Noah Holdings, believes that high-quality stocks contribute the most to Buffett’s investment income, followed by large-cap stocks with little fluctuation, and then the so-called value stocks.

　　For well-known stocks other than Coca-Cola and Xishi Candy, Buffett is not a long-term investor as everyone imagined. If the holding period of Buffett’s traded stocks is arranged from short to long, the holding period ranked in the median is actually not long. Many of his transactions are completed in one year, and sometimes the holding period is only three months.

　　Buffett’s value investment concept is also called "deep value investment", which is completely different from the way of only looking at the price and buying assets at low prices.

　　Xia Chun believes that companies with low profits or even negative profits may be easily sought after by the market because they are cheap and have great potential. However, a truly high-quality company’s share price may not be cheap. As long as the current high-quality company’s share price is not so outrageous, it may bring benefits to investors in the future, which is the essence of Buffett’s stock selection strategy.

　　In Buffett’s own words, the "value" in value investment is not an absolute low P/E ratio, but a comprehensive consideration of various indicators of buying stocks. For example, whether it is the business that investors understand, future development potential, existing revenue, market share, tangible assets, cash holdings, market competition, etc.

　　Yang Delong, executive general manager of Qianhai Open Source Fund Management Company, believes that Buffett used to mainly invest in consumer stocks and financial stocks, but rarely invested in technology stocks, which allowed him to avoid the bursting of the American science and technology bubble in 2000, but at the same time missed the great development of technology stocks in recent ten years. Buffett corrected it in time and invested in technology stocks such as IBM, Apple and Amazon.

　　Summarize Buffett’s investment philosophy in one sentence: "If I want to buy high-quality stocks, I will definitely buy them when they are discounted." There are two key points in this sentence: first, it must be a good stock, and second, the buying time must be at a discount. It can be seen that Buffett’s value investment philosophy is not simply to choose cheap stocks and poor performance stocks, but to pay attention to those stocks with high quality and good development prospects. The two strategies and two kinds of wisdom of stock selection and timing are contained in it.

　　Decentralization or centralization

　　Leverage, fund allocation and short-term speculation … … Will these familiar words of domestic A-share market investment be found in Buffett’s dictionary? Buffett once said, "The only way for smart people to die is to add leverage." In the usual thinking, Buffett is a value investor and should disdain to use these speculative strategies, but it is not.

　　Xia Chun said that from 1980 to 2006, Buffett’s most common stock holding period was one year, and the second common holding period was three months. The label of "long-term investor" that ordinary investors labeled Buffett was not completely accurate.

　　Xia Chun believes that Buffett is very opposed to ordinary families adding leverage, borrowing money for stock trading or allocating funds for stock trading. However, Buffett himself is very good at adding leverage, and Buffett’s leverage is as high as 1.7 times.

　　In addition to leverage, another big problem that ordinary investors are struggling with is whether to "put eggs in different baskets". Or concentrate on investment?

　　Investors have always thought that Buffett’s investment style is very scattered, but on the contrary, Buffett’s investment is basically concentrated in a few stocks. The top five stock positions in Buffett’s portfolio can account for more than 70% of his entire portfolio. At least, there are only five stocks left in his entire position. Buffett advises everyone to diversify their investments, but he is a master of centralized investment. He believes that extensive diversification is generally used when investors are not fully aware of what they want to do. Decentralization can preserve wealth, but centralization will increase wealth.

　　In addition to Coca-Cola and other well-known secondary market stocks, Buffett is actually a master of private equity investment. Over the past 10 years, Buffett has criticized private equity and hedge fund managers on many occasions, so investors generally think that Buffett doesn’t like private equity investment and hedge fund trading. But few people know that Buffett left his legacy to start a business by trading hedge funds, mainly buying and selling stocks and bonds of listed companies.

　　Now, most of Buffett’s Berkshire investments are non-listed companies. Buffett is more like a private equity fund manager. In his portfolio, the investment of non-listed companies accounts for about 70%.

　　Xia Chun said, "Whether you use speculative strategies such as leverage or enter the field of high-risk non-listed companies’ equity investment, you must have enough key knowledge, and at the same time, you should judge high-quality companies accurately."

　　Is Buffett’s strategy suitable for A shares?

　　At the Buffett Shareholders’ Meeting in 2018, Buffett maintained a positive and optimistic attitude towards China’s economy and market. At this shareholders’ meeting, Buffett once again said: "China is a big market, and we like big markets. It is very important for China and the United States to get along well. Before China had a new policy of opening wider to the outside world, we were already in contact with China. Berkshire has bought some China stocks before, but the number is not particularly large, and some bigger deployments may be made in the next 15 years. "

　　So, is Buffett’s strategy ineffective if he gets A shares? According to the retracement calculation of Li Xunlei, chief economist of Qilu Asset Management under Zhongtai Securities, according to Buffett’s stock selection principle, A-share investment may also get high returns. Buffett stressed that companies with high ROE (return on net assets) must be selected and bought at a low PE (price-earnings ratio), believing that the valuation is relatively reasonable when PE and ROE are similar (for example, PE is 20 times and roe is 20%). According to these indicators, the net value of "high ROE+ low PE" strategy in the A-share market has increased by 246% in the past 10 years, while the Shanghai and Shenzhen 300 index has increased by 66% in the same PEriod. Most of the strategies have achieved positive excess returns, which shows that the stock selection standard of "high ROE+ low pe" is generally effective in the past 10 years.

　　Li Xunlei said that some people misunderstand that value investment is not acclimatized in A-shares, perhaps because in the impression of many A-share investors, A-shares are greatly influenced by policies and have a high degree of irrationality, so value investment may not be applicable in A-shares. This may be related to the fact that most people pay too much attention to the "bull stocks" with outstanding short-term performance. If we focus on the annual super bull stocks, we can hardly see the shadow of value stocks, which may be the reason why value investment is not acclimatized in the impression of ordinary investors. In addition, because individual investors pay too much attention to short-term returns, they generally pay attention to the so-called "stock-active" stocks with greater stock price fluctuations, especially those with daily limit, and may not be interested in value stocks with relatively stable performance and stock price.

　　At present, many investors believe that Buffett’s success cannot be replicated, but Xia Chun thinks that this is not the case. American regulators require large institutional investors to announce changes in their positions every quarter. Every time Buffett announced the change of his position, not many people followed suit, because everyone thought that the stock price had been reflected in the market. In the future, more and more investors will truly imitate and apply Buffett’s stock selection method. (Economic Daily China Economic Net reporter Zhou Lin)

　　On February 6th, Beijing Internet Finance Industry Association issued a notice saying that with the governments of various countries strengthening supervision on the fields of "virtual currency", "ICO", "virtual digital assets" and "cash loans", some overseas institutions are at risk of being forcibly banned by the host governments. Beijing Mutual Gold Association reminds financial consumers to recognize the essence of "virtual currency", ICO and "virtual digital assets" transactions and enhance their awareness of financial risk prevention.

　　Although countless media have conducted numerous popular science, explanation and analysis on words such as blockchain and cryptocurrency, the related technologies are very complicated. Below weGive a few examples“May be inaccurate."An example ofI hope to help the majority of netizens.

　　Blockchain ≠ Encrypted currency maybe it’s like a template for printing money.

　　We always hear about blockchain and blockchain in the near future. Is blockchain equal to cryptocurrency? Of course not. Let’s start with an example.

　　First, ask everyone what appears in the picture below:

　　Yes, money. Purple 500 euro bills, something we all like.

　　Now we hope that we can put aside all financial common sense for a while. What is the most basic component of banknotes?

　　In fact, the younger people answer this question, the faster — —paper. Yes, the pattern on the face of the banknote, the technology here and there, and all kinds of anti-counterfeiting details, the banknote can be said to be a pile of paper encrypted in strict accordance with unified regulations.

　　This kind of encryption will enable the central bank issuing money to clearly know how much money is circulating in the market, and also ensure that people can use unified regulations to verify their own money when conducting cash transactions and confirm that "well, this is real money, not blank paper."

　　As the basic technology of Bitcoin, the first step of blockchain is to design a strict encryption system, which will make a virtual piece of paper have one of the characteristics of currency: the transaction is open, and what the currency looks like is also known, but how to make it casually is very difficult.

　　Let’s give an inaccurate but vivid example: this encryption is like a template for printing banknotes.

　　Blockchain is more than encryption, it is also a ledger.

　　Encryption is very important, but it is only the first step in the long March. If you want to encrypt a piece of paper, you have to let everyone see clearly what it looks like and the information is highly transparent. How difficult is it to do the above three things?

　　Not to brag,The author will immediately show you what is on-site encryption in 2 seconds:

　　The author wrote "100 yuan" on the back of this scrap manuscript shot by the editor-in-chief at 116 east longitude and 40 north latitude, a street and an office building in Beijing, this time, this humidity, temperature, the intensity of writing and the advanced level of calligraphy.

　　From many aspects, this paper is almost unique. As long as it is scanned and copied purely physically, the author creates "cryptocurrency" with his own "hand of God".

　　But if I go to the second floor of the building to eat 1: 1 rice, take out this "100 yuan" when I check out and shamelessly say "change" to the waiter, do you think it is appropriate?

　　From this, we have to say that the second key function of blockchain is distributed bookkeeping. The word distributed bookkeeping may sound too awkward. Let me give you another example to explain it here.

　　For example, Bruce Wayne, who always wears strange clothes to do good deeds, gave his son Damian Wayne, who also loves to wear strange clothes to do good deeds, a hundred dollars of pocket money. This isEquivalent, Bruce’s assets decreased in 100 yuan, while Damian’s assets increased in 100 yuan.As shown below:

　　However, what if Bruce gave Damian the "virtual currency 100 yuan" created by the author with the "hand of God"? — —

　　The number of "+-100" is gone, and my son is confused. He thinks that Dad took a piece of broken paper to fool him.

　　Distributed bookkeeping, the content is very complicated, and the principle is unclear without a few thousand words, but the effect is very clear: — — It is to make this piece of paper written by the author achieve "+100". It’s just that "100" doesn’t refer to any real money, but the A4 paper that I scribbled casually.

　　Distributed accounting technology solves this problem,These "+100" and "-100" are actually equivalent to a kind of bookkeeping that exists silently between the two parties to the transaction.The distributed bookkeeping of blockchain digitizes this form of bookkeeping, which is somewhat similar to the withdrawal record of bank cards.

　　In addition, the number of "cryptocurrency" like bitcoin on the network is constant (under the condition that the encryption algorithm is still safe and no publisher makes it bad), and distributed accounting makes this code really become a product.

　　The difference between real money and real money is that real money can achieve effective transactions because its essence is a contract between the owner and the market. The effectiveness of the contract comes from the credit and policy support of central banks in various countries. It reflects the economic cooperation between individuals and society and becomes the accounting unit for transactions and storage.

　　However, through "cryptocurrency", it is the other way around, and the accounting is realized by technical means. In this purely technical process, people find that the problem of credit has been solved in reverse. (Note: this sentence is quoted, because this is the key point of the current controversy on this topic. I’ll explain it further later. )

　　In other words, today’s "code currency" may be called "the n power of 10", and it may become "the n power of 1" one day. Who is "square" in the end … …

　　

　　In the beginning, ICO was not equal to "circling money", but more like "rewarding with praise"

　　We have already roughly introduced what cryptocurrency is, but how do these "coins" go out and attract others to "make money"? This requires ICO.

　　ICO(Initial Coin Offering), the abbreviation is just one letter short of the IPO of the stock market, and it is the first time that a blockchain project issues tokens to raise "cryptocurrency". In the previous upsurge of token issuance, it was distorted step by step by strange people into a financing channel, and even became a "circle of money".

　　The original intention of ICO is actually not "distribution", but an "open source reward". In more vivid terms, it is similar to "rewarding".

　　If there is no regulated organization, how complicated is the ICO process? Let’s continue to give some examples that may not be accurate:

　　Suppose that my messy data such as writing, paper and location are spliced together, forming a very bad but satisfying "blockchain" feature in the eyes of the public, and publishing the above wonderful data and calculation methods, as well as what is written on the back of this paper to tell everyone. I’m equivalent to making this "100 yuan" open source (open code).

　　Each token is a set of codes. As we mentioned above, this code is a highly transparent encrypted lasso, which is almost unobstructed except personal transaction information. But once the person who created this kind of code disclosed his secrets, it would be tantamount to giving everyone the core of intellectual property rights, and he did nothing good.

　　At present, there are only two reward mechanisms for human beings, name and benefit. It’s very troublesome to give it. Let’s give it a name first.

　　In the above picture, except for some unreliable people who left messages for me, there is a friend who I can’t remember where I added a friend to praise me. If I add a "scan code reward" to the lower right corner of the picture, it will be more like the original ICO.

　　Yes, ICO is actually a reward mechanism for code developers at the beginning. Open source means sharing your knowledge wealth with the world and sharing the overall progress of the algorithm. It is also like a little red flower awarded by a teacher.

　　However, this kind of "reward" of "praise" will evolve into "financing" after a slight change, andTake the token obtained by rewarding as something similar to stocks, bonds or even real money, and call it "this will always be yours" … … But I don’t know how much it will be worth in the future.

　　

　　According to the above examples, summarize the risks of several "cryptocurrencies"

　　Just as the face value can’t be seen only by the superficial "100 yuan", whether the encryption ability of the "code" I wrote in 2 seconds can meet the most basic and critical security guarantees, such as ensuring uniqueness, privacy and transaction effectiveness, is something that most of us don’t know.

　　In fact, it is not uncommon for hackers to invade the virtual currency trading platform to carry out sabotage activities. One of the most important reasons for this increasingly normal attack is the uneven quality of code.

　　2、We don’t know what the real motive of the sender is.

　　Account books, blockchain, cryptocurrency, ICO, etc. are all different things. Although we have done the above things, what is the original intention? But just like the paper in the above picture, the paper is folded in half on A4 paper, and there is a small sun … … But is the author a man or a woman? What is the motivation for collecting praises? Is there a curse written on the back of this paper? Am I mentally abnormal in writing this word? It is a mystery to those who want to subscribe.

　　3. At present, most "cryptocurrencies" are unreliable.

　　Steve Strongin, global head of investment research at Goldman Sachs Group, said in the latest report that in the past month, the market value of virtual currencies has evaporated by nearly 500 billion US dollars, and the situation may get worse. Most virtual currencies are unlikely to exist in the current form, and investors should be prepared to lose all their value.

　　… … … …

　　There are many risks and opportunities are hard to understand. The author’s own "cryptocurrency" is just a joke example.

　　As a technology, blockchain can serve more than one kind of "coin". There are some imperfections in the above examples, but we hope that everyone can treat technology rationally and seriously understand the system. (Huang Boyang/Wen)

　　China Net Finance February 8 (Reporter Qin Xiao) Recently, Kouzijiao (SH: 603589), a well-known listed wine company, attracted the attention of investors in the secondary market because of the suspected problems of buying whole cases of wine without packaging bags, leaking wine and empty bottles.

　　Source: investor platform

　　A few days ago, a financial reporter from China Net saw on the investor interaction platform that some investors asked the Secretary-General: A closer look at the Tmall store found that there were some bad reviews. Most of the bad reviews reflected that there was no packaging bag in a case of wine, and it was fruitless to ask the customer service. Some customers even commented that they would never buy the cellar again. In addition, we communicated with offline distributors and learned that the relevant facts (there is no portable packaging bag for the whole case of wine) also exist. Some customers expressed their incomprehension that the whole case of "Ten Years of Kouzijiao" and "Twenty Years of Kouzijiao" was not equipped with a handbag, and some customers gave feedback that there were empty bottles or (only) half a catty left. "Please attach great importance to these details. Please do a good job of quality inspection and filling improvement in Kouzi cellar. Don’t lose loyal customers because of small losses and details. "

　　Regarding the above questions and suggestions, the director of Kouzijiao responded, "Hello, thank you for your concern and suggestions, and wish you a smooth investment."

　　According to the annual report, the company currently operates official flagship stores in JD.COM, Tmall, Suning.cn and other platforms. China Net Finance reporter looked at the above-mentioned e-commerce platforms, and found no evaluation of "no free packaging bags" for the time being, but there were some bad reviews around the problems of "empty bottles" and "wine leakage" mentioned by investors.

　　The handbag problem is mapped to the gift market.

　　In response to the "lack of packaging bags" that consumers have responded to, the official platform customer service told reporters that "there may be missing gift bags, and you can contact customer service to reissue them if you have not received them". In addition, the customer service also said, "If you buy two or more bottles of gift bags by default, if you need a gift bag to buy one bottle, just note on the order."

　　According to industry analysts, combined with this year’s wave of returning home, consumers’ attention to packaging bags and product details represents that the gift consumer market has begun to warm up. "Visiting relatives and friends and giving gifts, liquor packaging is also the embodiment of’ mind’ and’ face’ to a certain extent."

　　Recently, JD.COM Supermarket released the "Report on Alcohol Consumption in the Spring Festival of 2023", which shows that the sales of liquor gift boxes on JD.COM hourly shopping platform have increased by more than 10 times year-on-year.

　　According to soochow securities Research Report, the long-term consumption upgrading trend of liquor industry remains unchanged, and the consumption scenario and willingness are expected to gradually recover in 2023, with a clear main line of recovery, and the overall trend of weak sales and slow recovery is gradually accelerating.

　　Essence Securities Research Report pointed out that the sales of liquor terminals in the Spring Festival of the Year of the Rabbit were strong, and the banquet and gift market benefited from the obvious recovery of returning home, and the regional liquor performance was outstanding, especially in the price band below 300 yuan. The performance of relying on income is stable. Under the background of returning home, the gift market has also recovered significantly, and the performance of high-end wine is stable.

　　According to the 2021 annual report of Kouzijiao, the company’s high-grade liquor accounts for 96.17% of the revenue, among which the representative brands are the ten-year cellar, twenty-year cellar, five-year cellar and six-year cellar mentioned by investors.

　　Storing and leaking wine and empty bottles

　　China Net Finance reporter found that there are indeed consumers who said in the after-sales evaluation that the products of Kouzijiao are leaking wine and running away after receiving the goods, mainly in the links of 20-year and 10-year products.

　　Source: screenshot of e-commerce platform evaluation

　　In the product link of "Kouzijiao 20-year-old 50-degree 500ml" of an official e-commerce platform in Kouzijiao, some consumers commented that "there are two bottles of wine with intact outer packaging, which have the problem of running wine" and "running very badly". In the product link of "Kouzijiao 10-year-old 50-degree 500ml", some consumers commented that "the wine leakage is very serious, and the wine bottles are everywhere", and some consumers said that "the wine leakage was received the first time".

　　In addition, under the links of other hot-selling products, there are also consumer reactions that there is a problem of running alcohol. Some consumers even said in the six-year product link of Kouzijiao that "one bottle of wine was leaked" and "one bottle was empty".

　　In this regard, the official platform customer service replied that the store supports replacement and return. The reason is explained as "small probability infiltration during transportation". It is worth noting that a consumer refuted the customer service’s "improper transportation" in the evaluation: "A box of four bottles of wine, three bottles of wine leaked out when unpacked. Your bottle has not been sealed, and it depends on logistics. " In response to this evaluation, the merchant said, "I am sorry for the inconvenience, and the feedback will be actively optimized."

　　Some insiders pointed out to reporters that there are many possibilities for liquor to leak. The first is that the wine bottle is improperly positioned in transportation; The second is the occurrence of cracks and breakage; The third is that the bottle cap is not tightly sealed.

　　Previously, it was questioned by investors because of "old-fashioned packaging"

　　According to public information, the above-mentioned e-commerce platform is one of the main sources of direct sales of Kouzijiao. According to the company’s annual report, its direct sales revenue is mainly the official flagship store of Kouzijiao in JD.COM Mall, the flagship store of Kouzijiao liquor in Tmall, the official mall of Kouzijiao in WeChat and the exclusive customized sales revenue of original wine. In 2021, the company’s direct sales revenue was 71,646,100 yuan, a year-on-year increase of 19.91%.

　　Kouzijiao had been questioned and suggested by investors because of the "old-fashioned packaging design".

　　On November 21st, 2022, at the performance briefing in the third quarter of 2022, some investors paid more attention to the packaging design of Kouzijiao. Some investors said that they learned through personal purchase experience and other channels that "Hexiang 518", which was positioned as a second-highest big single product, had "uneven cutting of the red plastic part of the bottle neck" and "uneven spraying of red paint". I hope the company can pay attention to the packaging quality and details.

　　At the same time, some investors have raised the question that "the design and packaging of the company’s products are too old-fashioned, and the design and packaging have remained unchanged for many years. Many shareholders have reflected this problem, so why can’t it be improved?"

　　In this regard, Kouzijiao responded that the company has always paid attention to improving product quality, and packaging is an important part of the overall product, and the company continues to optimize and adjust according to market feedback. At the same time, the company emphasizes both packaging aesthetics and anti-counterfeiting, and will further strengthen packaging aesthetic design while ensuring anti-counterfeiting technology.

　　According to the 2021 annual report, one of the key tasks of Kouzijiao during the reporting period was to promote the construction of the first-phase automatic packaging workshop of Kouzi Industrial Park, and "strive to put it into use within the year". Before the completion of the first phase of construction, the packaging of the cellar may rely on upstream procurement. In 2021, the purchase amount of Kouzijiao on packaging was 921 million yuan, accounting for 52% of the current purchase.

　　Kouzijiao said in the "risk warning" of the financial report that with the growth of the company’s sales volume, upstream packaging manufacturers may not be able to meet the company’s personalized product needs if their production capacity is insufficient. If the company can’t absorb the pressure of the rising cost of packaging raw materials by raising the sales price of products, or can’t find an alternative packaging supplier in time, it will directly affect the cost of products in the current period, thus adversely affecting the company’s profitability in the current period.

　　According to the company’s financial report, in the first three quarters of 2022, Kouzijiao achieved an operating income of 3.762 billion yuan, a year-on-year increase of 3.67%; The net profit of returning to the mother was 1.202 billion yuan, a year-on-year increase of 4.47%.

　　Judging from the secondary market, as of the close of February 8, Kouzijiao reported 56.93 yuan/share, a decrease of 1.51%. In 2022, the stock fell by 16.87%.

　　After filming "Langya Bang" and "The Pretender", Hu Ge fell into a period of confusion. He wanted to try some breakthrough roles to give him the urge to create. At this time, he met the director Diao Yinan, and then collaborated on the movie "The Wild Goose Lake". Today, the film was released, fulfilling Hu Ge’s long-standing dream of literary films. He finally shot a transformation work.

　　■ "Reduce the heat and simmer" to find new ways to perform

　　Hu Ge remembered meeting the director Diao Yinan at a restaurant in Shanghai. When Diao Yinan found him through friends before, he was surprised. He had been working in the field of TV dramas, and now a famous literary film director found him and said, "I’m a little flattered." When it comes to the director Diao Yinan’s interest in Hu Ge, it is because of the advertisement on the Armani store near his home that Hu Ge’s handsome image shines brightly. Later, when he saw Hu Ge in a magazine with a rough shape, Diao Yinan felt that this actor has different sides.

　　Over the years, when Hu Ge was filming TV dramas, he used a rush acting method. Time was tight and the intensity was high, so he couldn’t prepare the role properly. Now that he was filming movies, he could finally immerse himself in the role for six months.

　　In the film, Hu Ge plays Zhou Zenong, a wanted criminal who was originally the leader of a car theft gang. He was involved in a turf grab and got involved in a fight. He accidentally killed a police officer and had to flee. During this time, his fate is tied to two women. This is a complex character. In Hu Ge’s mind, Zhou Zenong is a very mature man. His final struggle is to get 300,000 bounty to compensate his wife and children before he is arrested.

　　At the beginning of filming, Hu Ge was still a little worried that he would not meet the director’s requirements, but the director Diao Yinan clearly told him, "I will not let him go easily." Because he was responsible for the work and Hu Ge’s performance.

　　Hu Ge first made himself close to Zhou Zenong in appearance. He had to dry the lamp to make his skin darker; he had to lose weight to make himself more muscular and powerful; he also had to learn Wuhan dialect; and more importantly, he had to step into Zhou Zenong’s inner world. Once the director asked him on the spot, how did he feel? He told the director honestly, "There are good and bad things, whether it is physical or mental pressure." But Hu Ge would not deliberately avoid these, because these negative emotions or physical feelings are the same as Zhou Zenong’s psychological state during the escape process in the film, which is exactly the inner unease that the characters need.

　　At first, Hu Ge thought Zhou Zenong was a slovenly man, but during the fitting, the director told him that Zhou Zenong actually had requirements for himself. His leather shoes were clean, he wore sharp trousers, a nice belt, and his hair was clean. Knowing this made Hu Ge understand the inner world of this character better. He was not a heinous person, and at least he hoped to be responsible for his wife and children.

　　After entering the group, the director asked the actors to read the script. After Hu Ge finished reading the script, he looked up at the director and found that Diao Yinan was in tears. He was completely immersed in the story.

　　■ "Reach the limit" has an extra calmness

　　In the film, the scene where Zhou Zenong shoots and kills a police officer by mistake is a turning point in the character’s character. Zhou Zenong is chased by an opponent with a gun, rolls down the embankment of the provincial highway, and falls into a puddle. In this scene, Hu Ge is exhausted, and his physical and mental strength have reached the limit. But it is also this scene that becomes a watershed for Hu Ge’s performance in the film. "I think the whole person is opened up, and that state is the closest to Zhou Zenong."

　　For Hu Ge, the hardest part was speaking the Wuhan dialect. He was given a language teacher. After a while, he thought he could speak as well as the teacher, but the teacher didn’t think he could. One day, Hu Ge said to the teacher, let me teach you Shanghainese, and he wanted to experience what it was like to be a teacher. After the roles were switched, Hu Ge quickly realized that he had only paid attention to the rhythm, pronunciation and intonation of speaking Wuhan dialect, but ignored the pitch. After finding this trick, he was much more efficient in the process of learning.

　　In a topless scene in the film, Zhou Zenong needs to bandage himself after being shot. To make the character look thinner, Hu Ge avoids drinking water long before the performance, so that his abdomen looks a little shriveled. He tries to keep himself in a haggard, exhausted state.

　　It was very rare that the film was shot in a smooth manner, and Hu Ge had never encountered such a crew before. This was especially helpful for the actors’ creation. Because from beginning to end, the entire mood of the actors was coherent, and there was no need to disconnect their emotions like in the previous film in order to take over the scene. "Of course, the premise is that there is a strong investor who can allow us to create so willfully."

　　As the leader of the car theft gang, Zhou Zenong naturally had a lot of scenes of riding motorcycles, which was not difficult for Hu Ge, because he was a motorcycle enthusiast in life. The first time he went downstairs to the producer Shen Yang’s company to get a paper script, he rode a motorcycle. Shen Yang was shocked when he saw Hu Ge, who joked that he was here to pick up the courier. "I think mastering a skill is still useful for filming. Because many actors have fallen, I didn’t fall."

　　The film was shot around Wuhan during the hot weather, and the heat of Wuhan kept Hu Ge in a state of confusion, making him almost unable to distinguish the boundaries between reality and fantasy. "Sometimes I am me, sometimes I am Zhou Zenong," he believes, this story should have taken place in Wuhan, and if you go to other places, you will not be able to shoot such a feeling. After filming the film, everyone said that he had changed. "I found that I seem to be more calm than usual, which is brought to me by the role of Zhou Zenong."

　　After six months of filming, Hu Ge felt that he had gained a lot and gained a lot of happiness, "I like performing again!"

　　Our reporter, Wang Jinyue, and the picture

　　Authors: Associate Dean and Professor, School of Marxism, China Renmin University. Song Xueqin

　　Over the past century, the Communist Party of China (CPC) has led the people of China to win the revolution, construction and reform again and again, realizing the dream of Chinese people with lofty ideals to stand in the world again in modern times, and opening up a new road for the development of human civilization. In his important speech celebrating the centenary of the founding of the Communist Party of China (CPC), General Secretary of the Supreme Leader pointed out: "We should use history to reflect reality and look far into the future, see clearly why we succeeded in the past and how we can continue to succeed in the future from the Communist Party of China (CPC)’s century-long struggle, so as to remember our initial mission more firmly and consciously and create a better future." At the important moment of celebrating the centenary birthday of our party, it is timely to carry out the study and education of party history. The view of party history is a collection of a series of ideas about party history and party history, which includes what party history is and what party history is in the ontological sense. The answers to these questions determine the significance of learning party history. In the sense of methodology, it includes how to study and study the history of the party, which reflects and affects the understanding of the ontology of the history of the party. To give full play to the positive significance of the study and education of party history, we must establish a correct view of party history.

　　The study of party history needs to adhere to two dimensions: ontology and methodology.

　　The history of communist party, China is a collection of the history of the Communist Party of China (CPC) from the revolutionary period to the present, which consists of a series of objective facts. However, the Communist Party of China (CPC)’s historical position and practical significance in the period of revolution, construction and reform doomed its history to be different from a general history. After decades of development, the academic circles of party history and national history have reached a consensus on the nature of party history, that is, the history of the Communist Party of China is a historical discipline with political characteristics. Party historiography requires learners to accurately grasp the main theme and mainstream essence of party history, pay attention to major issues, and "root out the source, consolidate the foundation and cultivate the yuan" in order to establish a correct understanding of China’s reality and future. The ontological view of the history of the Communist Party of China should include the confirmation of the objectivity of the history of the Communist Party of China and the political and scientific nature of the history of the Communist Party of China. Under this premise, it is easy to understand the necessity and significance of studying and educating the history of the Party: we are not studying for the sake of satisfying curiosity, nor for the sake of learning, but for drawing strength from Party building, ideals and beliefs, so as to better move towards the future. To achieve this goal, we need to have a comprehensive understanding of the research and study of party history in the sense of methodology. Since Party historiography is political and scientific, how to deal with the relationship between them becomes the key to establish a correct view of Party history.

　　To establish a correct view of party history, we must take a clear-cut stand and stress politics

　　Historically, the Party’s historiography shows a distinct political nature. Comrade Cai Hesen noticed the necessity of systematically summarizing and studying the history of communist party in China earlier. He pointed out that a good party member needs "a cordial and profound knowledge of the Party’s history" to understand his own responsibilities. To understand the stage and degree of the Party’s development and the future development path, he needs to study it "by historical methods". This means that the history of the Party is not a study in the study room, but a study with strong political and realistic significance concerning the cultivation of qualified party member and the choice of the Party’s orientation. It can be seen that the early the Communist Party of China (CPC) people have recognized and expounded its political attributes and functions at the beginning of the study of the history of the Communist Party of China.

　　During the Yan ‘an period, Comrade Mao Zedong pointed out that "it is necessary to understand the historical development of the Party’s line and policy, to study today’s line and policy, to strengthen inner-party education and to promote all aspects of work". After the rectification movement and the study of Party history, the Communist Party of China (CPC) achieved an unprecedented high degree of unity in ideology, politics, organization and military affairs, which laid a solid foundation for the Party to win one victory after another in the new-democratic revolution and socialist revolution and construction. The discussion, drafting and revision of the Resolution on Some Historical Issues of the Party since the Founding of the People’s Republic of China have played an important role in unifying the understanding of the whole party and persisting in taking economic construction as the center, and made ideological preparations for reform and opening up. In the new period of reform and opening-up, the study and study of Party history has played an important role in upholding and strengthening the Party’s leadership and promoting Socialism with Chinese characteristics’s modernization. Comrade Jiang Zemin attaches great importance to the study of party history, and has repeatedly pointed out that the study of party history is of great significance for strengthening ideals and beliefs, implementing the basic line and carrying forward the fine traditions of the Party. Comrade Hu Jintao demanded that more attention be paid to educating the whole party and people with the history of China, especially the revolutionary history of China, and that the study of revolutionary history should be combined with the education of ideals and beliefs and the construction of advanced nature. Socialism with Chinese characteristics has entered a new era, and the Supreme Leader’s General Secretary regards the study of Party history and the history of New China as "a compulsory course to uphold and develop Socialism with Chinese characteristics and push forward all the undertakings of the party and the country", and asks for "three whys".Carry out extensive publicity and education.

　　From a realistic point of view, the internal and external environment facing China’s current development requires us to attach importance to the political nature of Party history. The closer we get to the goal of the great rejuvenation of the Chinese nation, the more complicated the risk test will be. The accelerated and profound evolution of the world’s unprecedented changes in a hundred years has added to the complexity of the situation at home and abroad. The Communist Party of China (CPC) is the most essential feature of Socialism with Chinese characteristics. To attack and deny the history of the Party is to deny the cause of Socialism with Chinese characteristics and the glorious prospect of the great rejuvenation of the Chinese nation. Only by clearly recognizing the political nature of the Party’s historiography can we clearly fight against historical nihilism and safeguard and consolidate ideological security. Marxists are good at drawing lessons from history. This fine tradition of summing up and learning is the embodiment of the Communist Party of China (CPC) people’s scientific world outlook and methodology, and also the embodiment of the Party’s advanced nature. In a word, the history of the Party has a distinct political nature since its birth, which makes the study of the history of the Party occupy an important position in the cause of the Party. The reality of today’s China also requires us to attach importance to and carry forward the political nature of the Party’s history. Defining this attribute will be the first step to correctly study the Party’s history.

　　To establish a correct view of party history, we should grasp the dialectical relationship between political and scientific nature of party history.

　　By establishing a correct view of party history, politics and science will complement each other. The key to grasp the political and scientific nature of the party’s historiography in practice lies in focusing on the main line with a grand historical view and attaching importance to the mainstream and essence.

　　First of all, we must grasp the history of the party in the course of the great rejuvenation of the Chinese nation. Since modern times, the great rejuvenation of the Chinese nation has been the unremitting pursuit of people with lofty ideals throughout the ages. Whether upholding education, saving the country through science and technology, or advocating constitutionalism or revolution, advanced Chinese is committed to saving the nation and making self-reliant China stand in the east of the world again. It is under the guidance of the common ideal that the advanced Chinese people with different origins and different ideological understandings gradually moved towards Marxism in their exploration, forming the trend of hundreds of rivers entering the sea, which led to the establishment of the Communist Party of China (CPC). The Communist Party of China (CPC) combined the basic principles of Marxism with China’s concrete reality, embarked on a practical road of saving the country, always struggled in the front line of the national and ethnic undertakings, and finally led the people of China to win the new-democratic revolution in arduous struggle. After the founding of the People’s Republic of China, the dream of strengthening the country with industrialization as the core is the key to understand various institutional arrangements during the socialist revolution and construction period. Only with a certain industrial base, China will be able to ensure national security and seek national development in the wave of modernization. Since the reform and opening-up, China has made great progress in politics, economy, culture, society and ecology, which is attributed to the Communist Party of China (CPC)’s leadership and the Communist Party of China (CPC)’s adherence to his original intention and mission. Thus, a history of the Communist Party of China (CPC) is a history of seeking happiness for the people of China and rejuvenation for the Chinese nation. Without this, learning the history of the party will get twice the result with half the effort.

　　Secondly, we must grasp the history of the party in the tortuous course of human civilization. Understanding the history of Marxist political parties is inseparable from the 500-year history of socialist development. From Thomas Moore to Marx, socialism bears people’s yearning and pursuit for a better life. The cause of the Communist Party of China (CPC) is the cause of China, and it is also the cause of human civilization. Today, China has provided a modernization road different from the western model for developing countries with its own experience. At the same time, China, which is becoming increasingly prosperous, is also actively shouldering international responsibilities, promoting global environmental governance and implementing emission reduction commitments; Advocating the construction of a community of human destiny; Committed to creating a fair and reasonable new international political and economic order.

　　Thirdly, we should explore the rich connotation of party history with a great historical view. For a long time, political history has been the main and even the only concern of the Party’s historiography. Today, the history of the Party can be divided into the history of unremitting struggle, the history of theoretical exploration and the history of self-construction, and can also be divided into political history, economic history, cultural history, social history and ecological history according to the "five in one". These different classification methods enlighten us that we can’t simplify the rich treasure house of party history into a "meeting history" or a "main character activity history". There should be vivid scenes in the history of the Party, that is, "We should not only write about great people, but also write about little people" and "not only educate people with correct principles, but also cultivate them with noble sentiments". Otherwise, it not only limits the improvement of the research level of party history, but also limits the practical value of party history. Regardless of the size of the research field, the study of party history should have great concern and clear problem consciousness. The study of social history focusing on marginal groups seems small, but it can carry the pursuit of helping social construction and exploring the road of modernization.

　　Finally, we should deal with all kinds of questions from home and abroad with a great historical view. The Communist Party of China (CPC)’s ruling position is the choice of history and people, which is an objective fact with profound historical roots and realistic foundation. In the face of attacks, accusations, smears and confusions on the history of the Party at home and abroad, it is necessary to "clean up the roots" with scientific methods and rich research results. This requires us to establish a grand historical view, and to understand and explain the universality and particularity of China’s road with a grand vision covering the "four histories".

　　Grasping the relationship between politics and science of party history and establishing a correct view of party history are prerequisites for in-depth study of party history. The broad masses of cadres should combine their own work with the study and education of Party history, deeply understand the initial intention and mission of the Party, practice the ideals and beliefs of communist party people, be active summoners in the study and education of Party history, and tell the story of reform and development in combination with their own reality. Party member can’t be satisfied with being a passive receiver. They should actively study the history of the Party in their work and life, know the laws of the history of the Party, solve their doubts with scientific methods while strengthening their faith, and criticize the wrong views about the history of the Party with in-depth thinking and scientific understanding. The masses should realize the particularity and importance of the history of the Party, the profound reasons why China overcame hardships and won historic victories again and again in modern times, and the particularity and importance of sticking to the China road and telling the story of China well, so as to deeply understand the past, present and future of Socialism with Chinese characteristics.

China Daily, February 28th Ayhan Kose, deputy chief economist and director of the forecasting bureau of the World Bank, called on emerging economies to increase investment in 2024 to accelerate the global economic recovery at the academic dialogue on global economic outlook in 2024 hosted by the International Finance Forum (IFF) on February 28th.

In this dialogue, Gauss systematically introduced the World Bank’s outlook for global and regional economic growth in 2024. In particular, he pointed out the importance of accelerating investment in promoting economic growth in emerging and developing economies, and focused on global policy priorities. Gauss said that global economic growth still faces many challenges in 2024. Rapid and sustained investment will help to quickly resume production, improve labor productivity, promote global trade, promote foreign direct investment, reduce inflation and eliminate poverty, and improve the financial and financial situation of emerging markets and developing economies.

With regard to China’s economy in 2024, Gauss said that the challenge facing China is to transform its growth model, which should be transformed from investment and export-led economic growth model to consumption and service-led economic growth model as soon as possible. Gauss is very much in favor of the current policies adopted by China to promote the transformation of consumption and growth patterns. He said, "It is very important for China’s economy to enhance consumer confidence in the short term, promote the transformation of growth mode through firm reforms, and consolidate the expectation of medium and long-term economic growth."

According to the latest Global Economic Outlook report released by the World Bank, China’s economic growth is expected to slow down to 4.5% in 2024 due to low consumer confidence, slow consumption and persistent downturn in the real estate industry.

Gauss said that although the US economy will grow stronger than expected in 2023, driven by strong consumer demand, high interest rates will curb the momentum of US economic growth. The World Bank predicts that the US economic growth will slow down to 1.6% in 2024. Although the overall inflation rate in the United States is declining, the core inflation rate is still rising, so Gauss estimates that the Federal Reserve will cut interest rates in the second half of the year.

Gauss said that overall, the global economy will be the weakest since 1995 in the first half of 2024. Due to regional conflicts and geopolitical tensions, persistently high interest rates and financial stress risks, the growth of major economies will be lower than expected. The global economic growth in 2024 will also be affected by the downturn in trade activities. The World Bank predicts that the global economy will slow down to 2.4% in 2024.

According to Gauss analysis, the decline of manufacturing production and the interruption of supply chain in 2023 led to a flat global trade in 2023, but global trade is expected to pick up after experiencing ultra-low growth in 2023.

According to the latest Global Economic Outlook report released by the World Bank, various investments in many emerging economies are growing rapidly, but there is a tendency to slow down. He suggested that governments in emerging economies promote economic recovery by promoting investment more comprehensively and boldly. He said that reducing investment now will seriously hinder the realization of global climate-related goals and other sustainable development goals.

When talking about policy priorities, Gauss said that global cooperation should be strengthened to deal with climate change, ensure global food security, solve the debt problem and prevent trade decoupling. Policymakers in various countries should also improve fiscal and monetary policies to cope with the trade-off between debt and investment demand, narrow the gender gap and increase women’s participation in social economy.

　　Zhongxin Jingwei Client September 8 (Zhang Yunan) In 2019, the A-share market staged a "prison situation". According to the statistics of Zhongxin Jingwei client, up to now, the actual controllers of 12 listed companies have been arrested, involving 771,200 shareholders.

　　12 actual controllers were arrested

　　The client of Zhongxin Jingwei noticed that the actual controllers of 12 A-share listed companies were arrested during the year. From the reasons, there were many cases involving economic crimes, including illegally absorbing public deposits, illegally disclosing important information, misappropriating funds, etc. ST Changyu and the actual controller of Storm Group are suspected of bribery; In addition, the real controllers of Sunflower Pharmaceutical and Xincheng Holdings are individuals suspected of committing crimes; *ST Zhongke real controller involved in triad crimes.

　　*ST Kangde has received much attention since the disclosure of the annual report on April 30, and 12.2 billion yuan of funds have gone astray, and the company’s annual report has also been issued with "non-standard" opinions. On May 12th, Zhong Yu, the actual controller, was forced to take measures. Since July 8th, the stock has been suspended, and the former White Horse shares have fallen from the altar. In 2015-2018, the company’s net profit was actually negative for four consecutive years, which touched the situation of major illegal forced delisting, and the company’s shares may be subject to major illegal forced delisting.

　　Storm Group said that since Feng Xin was arrested, the company has been negatively affected in terms of strategic landing, business development and personnel stability. In terms of performance, in the first half of the year, Storm Group achieved a year-on-year decrease in revenue of 89.44%; The net profit was-264 million yuan. According to the regulations, if the net assets of Storm Group are negative in 2019, the Shenzhen Stock Exchange may suspend the listing of the company’s shares.

　　The youngest controller of these 12 companies is Tang Jun, who was born in 1987 and was selected in the list of "30 elites under the age of 30" by Forbes China in 2017. On March 28th, Derivative Technology announced that Tang Jun, the actual controller of the company, Zhang Lin, the chairman and general manager, Yu Jun, the director, and Jin Haiman, the deputy general manager and secretary of the board of directors, were taken compulsory measures by the public security organs for allegedly illegally absorbing public deposits. The company’s semi-annual report shows that the revenue in the first half of the year decreased by 59.78% year-on-year; The net loss attributable to shareholders of listed companies was 242 million yuan, compared with a profit of 382 million yuan in the same period last year.

　　Born in 1971, Luo Jing, the actual controller and chairman of Boxin shares, is known as "Mulan in business", and owns Chengxing International Holdings, a listed company in Hong Kong, Boxin shares, a listed company in Singapore, and Camsing Healthcare.

　　On July 5, Boxin announced that Cyndi Luo, the actual controller and chairman of the company, and Jiang Shaoyang, the director and chief financial officer, were criminally detained by Yangpu Branch of Shanghai Public Security Bureau on June 20, 2019 and June 25, 2019, respectively, and related matters have yet to be further investigated by the public security organs. According to the announcement of Boxin Co., Ltd. on August 8, the board of directors received a written resignation report from Chairman Cyndi Luo on August 8, and after his resignation, Cyndi Luo no longer held any other positions in the company.

　　Nearly 80 billion market value is gone.

　　Once the actual controller or chairman has problems, although most listed companies will announce that "related matters will not have a significant impact on the company’s production and operation", the secondary market does not seem to buy it. According to the rough calculation of the Sino-Singapore Jingwei client, the market value of nearly 80 billion yuan evaporated. In addition, Boxin, ST Tianbao and *ST Pengqi all closed down on the day of news disclosure.

　　From April 30th, the share price of Kangdexin has fallen by 29.6%, and the market value has evaporated by 5.24 billion yuan, involving 155,500 shareholders.

　　As a GEM stock that has created 29 daily limit records, after Feng Xin, the actual controller of Storm Group, was arrested, the latest closing price of the company was only 4.58 yuan/share, with a total market value of only 1.5 billion yuan. Previously, the highest stock price of Storm Group once reached 123.83 yuan/share, with a market value of over 30 billion yuan.

　　After Tang Jun, the actual controller of the spin-off technology, surrendered himself voluntarily, the company’s share price went down for nine consecutive "I" boards. Up to now, the share price has dropped from 52.5 yuan on March 27th to 11.2 yuan, and the market value of the company has evaporated by nearly 16 billion yuan in half a year.

　　After Zhang Changhong, the controlling shareholder and actual controller of Great Wisdom, was detained by the public security organ, the stock had three daily limit boards. After Wang Zhenhua, the actual controller of Xincheng Holdings, was arrested, the company’s share price had four short-term limit drops, with a cumulative drop of 37%, and the market value exceeding 35 billion evaporated.

　　The exchange "hands out" inquiries

　　Photo by Xin Jingwei Xiong Jiali in the data map

　　The negative news of the actual controller will bring a series of chain reactions to listed companies, such as the stock price plummeting, the market questioning the company’s debt and operation, etc., and the regulatory authorities also rushed to "shoot". Sunflower Pharmaceutical, *ST Kangde and Storm Group all received regulatory letters from the exchange.

　　On April 10th, some media reported that Guan Yanbin, the former chairman and actual controller of Sunflower Pharmaceutical, was arrested by the People’s Procuratorate on suspicion of intentional homicide. The Shenzhen Stock Exchange issued a letter of concern, asking Sunflower Pharmaceutical to explain whether the above matters may lead to the change of the actual controller of the company and whether the production and operation activities of the company are affected.

　　Sunflower Pharmaceutical said that the company’s control right is stable and the actual controller has not changed. In response to media reports that Guan Yanbin was suspected of intentional homicide, Sunflower Pharmaceutical said that the actual controller of the company had a dispute with others for personal reasons and caused physical injury, and the judicial authorities took compulsory measures. After the company’s self-examination, there is no situation that should be disclosed but not disclosed in time.

　　* The progress of ST Kangde’s alleged violation of laws and regulations has also attracted much attention from the market. *ST Kangde announced on July 5 that it had received a notice of administrative punishment from the CSRC in advance, and planned to take measures to ban Zhong Yu, Wang Yu and Zhang Lixiong from the securities market for life. At present, *ST Kangde has only received the Advance Notice of Administrative Punishment and Market Prohibition, and the final result still needs to be confirmed by the Decision of Administrative Punishment.

　　In its reply to the inquiry letter of Shenzhen Stock Exchange, Kaiying Network said that Wang Yue resigned on March 25th, 2019 and no longer held any position in the company. Wang Yue’s loss of contact and detention did not affect the company’s business development, daily production and operation, and the stability of management. Feng Xianchao, the deputy general manager, is being investigated by the public security organs for his alleged personal economic crimes. During the investigation, Feng Xianchao’s work was taken over by other members of the company’s management. The matters under investigation did not affect the company’s business development and daily production and operation, and other members of the company’s management still performed their duties normally. (Zhongxin Jingwei APP)

　　(The opinions in this article are for reference only, and do not constitute investment advice. Investment is risky, so you should be cautious when entering the market. )

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