Latest! The third quarterly report of 41 listed brokers was released, and the investment banking and derivatives business had bright spots.

The scale of derivatives business of listed brokers continued to expand.By the end of the third quarter, derivative financial assets totaled 147.9 billion yuan.
On the evening of October 30, all the third quarterly reports of listed brokers were disclosed, and 41 companies realized a total operating income of 371.038 billion yuan, down 21.03% year-on-year; The total net profit was 102.125 billion yuan, a year-on-year decrease of 31.2%. Only two brokers, Everbright Securities and Founder Securities, achieved a year-on-year increase in net profit.
Although the overall performance of the securities industry is under pressure, the scale of derivatives business of listed brokers continues to expand and develops rapidly. By the end of the third quarter, the scale of derivative financial assets of listed brokers increased by 82% compared with the end of 2021. At the same time, derivatives business has also played an important role in serving the high-quality development of the real economy.
Derivative financial assets
Rapid growth in scale
In the field of derivatives, which reflects the professional level of investment, many listed securities firms have grasped the trading opportunities brought about by market fluctuations, and continued to increase the layout of derivatives business. In the first three quarters, the scale of derivatives financial assets has expanded rapidly.
Wind statistics show that by the end of the third quarter, the scale of derivative financial assets of listed brokers totaled 147.912 billion yuan, an increase of 82% compared with the end of 2021. Among them, the derivative financial assets of CITIC Securities, CICC, Huatai Securities and Shenwan Hongyuan all exceeded 10 billion yuan, which were 47.662 billion yuan, 29.665 billion yuan, 25.116 billion yuan and 10.599 billion yuan respectively, increasing by 53.75%, 103.68%, 64.72% and 20.599 billion yuan respectively compared with the end of 2021. The market share of OTC derivatives business is highly concentrated, and the derivative financial assets of the above four brokers account for 76% of the total derivative financial assets of listed brokers.
Wu Pingping, a non-bank financial industry analyst in china galaxy, said that head brokers continued to promote the transformation and development of investment trading business, de-oriented, promote the development of customer-oriented business, reduce performance fluctuations and improve their anti-cyclical ability. The scale of derivative financial assets of securities firms has achieved rapid growth. Under the trend of institutionalization, securities firms, especially head brokers, regard securities lending business as an important starting point for institutional customer service, tap the strategic demand of securities lending transactions, expand the supply of securities sources, and enhance institutional customer service capabilities.
It’s not just the head brokers whose data are bright. Among the 41 listed brokers, the scale of derivative financial assets of 20 companies in the first three quarters increased by more than 100% compared with the end of 2021. Among them, 8 listed brokers, including Great Wall Securities, Founder Securities, soochow securities, Huaan Securities, changjiang securities, Nanjing Securities, Industrial Securities and Guangfa Securities, all increased by more than 500%. Of course, there are also listed brokers whose derivative financial assets have shrunk dramatically due to the scale of derivatives, the reduction of over-the-counter derivative business and the impact of changes in fair value.
However, some insiders told reporters that "the scale of derivative financial assets fluctuates greatly, and there is no linear relationship with profits. The increase may only be due to the low base last year, and it is not easy to judge from the trend. Moreover, the current market fluctuates greatly, and there is still a big gap between domestic and foreign means of hedging risks. "
Actively serve the real economy.
High-quality development
The reporter combed the third quarterly report of listed brokers and found that the substantial increase in derivative financial assets was mainly due to the rapid development of OTC derivatives market and fierce market competition.
According to the latest list of OTC options dealers (the sixteenth batch) issued by China Securities Association, there are currently 45 OTC options dealers, including 8 primary dealers and 37 secondary dealers, among which 5 secondary dealers are in the "transition period". OTC derivatives business of securities firms has become an important financial tool to serve customers’ risk management and asset allocation, and it is also an important growth point of operating income. The scale of OTC derivatives business of securities firms continues to grow. By the end of June 2022, the outstanding initial nominal principal of OTC financial derivatives of securities companies was 2.21 trillion yuan, an increase of 9.52% over the end of last year.
Chen Fu, chief non-bank analyst of GF Securities, said that the capital market has been accelerated to open, the derivatives business of securities companies has developed rapidly, and the high moat has created high concentration. Derivatives business has a natural legal person qualification barrier, and its business qualification is strictly restricted by the regulatory authorities. Up to now, there are only eight primary dealers (who can directly hedge the risks of on-site stocks with customers), and OTC derivatives business requires brokers to have strong capital strength, strong risk control ability and rich customer resources.
At present, a number of listed securities firms have ironed out market fluctuations by developing and applying derivative financial instruments, such as Everbright Securities and Founder Securities (both secondary dealers), whose net profit increased year-on-year in the first three quarters, and the development of their respective derivative businesses has also enhanced the stability of their performance. By the end of the third quarter, the scale of derivative financial assets of Everbright Securities was 1.394 billion yuan, an increase of 154.68% compared with the end of 2021, mainly due to the increase in equity swap and OTC options. The scale of derivative financial assets of Founder Securities was 438 million yuan, a substantial increase of 1725.85% compared with the end of 2021, mainly due to hedging and financing income swap business.
Among them, vigorously developing derivative business, neutral strategy business and non-directional business of sales and trading has always been the strategic direction that Founder Securities adheres to. According to the data of the first half of the year, the survival scale of OTC options of Founder Securities increased by 109.05% year-on-year, and the survival scale of income swaps increased by 1486.07% year-on-year.
In recent years, the OTC derivatives business of securities firms has ushered in a period of rapid development, and the market scale has increased substantially, which has effectively complemented the OTC market and played an important role in serving the high-quality development of the real economy.
Guotai Junan said that it takes advantage of futures and derivatives tools to effectively help entities reduce operational risks. Guotai Junan Futures comprehensively uses hedging, OTC options and other service tools to help entities cope with the epidemic situation and the risk of market price fluctuations. By the end of September 2022, the customer’s rights and interests had exceeded 100 billion yuan, an increase of about 27% over the end of last year, accounting for 5.74% of the national futures market turnover, a record high in recent years; The company actively carried out the business of "Guotai Junan Hedging". In the first three quarters, the cumulative turnover of equity business exceeded 110 billion yuan, up 52% year-on-year.
At the same time, in response to market challenges, in the first three quarters, Shen Wanhongyuan grasped the core positioning of derivatives business in serving the real economy and the overall situation of national development and reform, and in serving the construction of the capital market system, and strived to create value for the development of the real economy and enterprises. Through investment and research empowerment and financial technology empowerment, we will continuously improve pricing and hedging trading capabilities, and continue to provide differentiated product creation to customers, helping customers to conduct portfolio management in an unfavorable market environment and smooth market fluctuations.
In the first three quarters, the investment banking business of A-share listed brokers performed steadily.Expert: Further growth may be achieved in the fourth quarter.
A-share listed brokers closed in the third quarterly report. As of press release on October 30, all 41 A-share listed brokers have handed in their "transcripts" in the first three quarters. Overall, in the first three quarters of this year, although listed brokers generally suffered from downward pressure on their performance, the investment banking business of head brokers performed steadily, which became an important guarantee for their performance.
According to the data of Eastern Fortune choice, 41 listed brokers achieved revenue of 371.038 billion yuan in the first three quarters of this year, down 21.03% year-on-year. Among them, under the pressure of self-operated brokerage and investment income, the operating indicators of investment banking business were relatively stable, and the net income of securities underwriting business totaled 42.998 billion yuan, a year-on-year increase of 5.35%.
Dong Zhongyun, chief economist of AVIC Securities, told the Securities Daily that since the beginning of this year, due to internal and external factors, the A-share boom has declined, and brokerage, asset management, credit and other businesses with high market relevance have been negatively affected. China’s capital market continued to deepen reform in an all-round way, IPO maintained normal issuance, and the scale of equity financing reached a new high this year. The ability of investment banks to serve entities continued to increase, and investment banking became the highlight of brokerage business in the first three quarters.
Ming Ming, chief economist of CITIC Securities, said in an interview with Securities Daily that in the first three quarters, due to the poor performance of the equity market as a whole and the decline of investors’ risk appetite, the economic business, asset management business, investment business and net interest income of listed brokers declined as a whole, while the investment banking business performed steadily. This reflects that with the continuous improvement of multi-level capital market construction, the function of securities firms to support the financing needs of the real economy is also increasing.
Head brokers performed well. In the first three quarters of this year, CITIC Securities ranked first with 6.271 billion yuan, while CICC and CITIC Construction Investment ranked second and third, achieving 4.657 billion yuan and 4.566 billion yuan respectively. In terms of increase, the net fee income of investment banking business of CITIC Jiantou Securities increased by 32.40% year-on-year, while Guotai Junan and Guangfa Securities increased by 28.61% and 28.56% year-on-year, respectively.
According to Ming Ming, the investment banking business of securities firms showed three characteristics in the first three quarters: first, the investment banking business was fiercely competitive. Although the overall business scale expanded, the pricing power of securities firms was slightly insufficient, resulting in relatively slow profit growth; Secondly, the Matthew effect of investment banking has intensified. From the perspective of net income of investment banking, the top seven brokers account for over 61%; Finally, with the integration of IPO, additional issuance, mergers and acquisitions and other businesses, investment banking has become an important channel for investment banks and other departments within the brokerage to play a synergistic effect.
Dong Zhongyun also believes that the concentration of investment banking business continues to rise. He analyzed that "since the pilot of the registration system, the total scale of stock bond underwriting has continued to rise, but in terms of breakdown, investment banking resources, especially high-quality resources, are further concentrated in the head and large brokers, and small and medium-sized brokers can only seek breakthroughs by creating quality and differentiated positioning."
"At the same time, with the continuous deepening of the reform of the registration system, in addition to the core sponsorship and underwriting functions, the pricing ability and investment ability of the brokerage investment banking business have become increasingly prominent. Brokerage investment banks are gradually moving from channel value to collaborative value, and the synergy between investment banking, research business, investment business and wealth management business is becoming more and more important. " Dong Zhongyun said.
Combined with the situation of brokerage investment banking business in the first three quarters, it is clearly predicted that with the gradual weakening of various factors that suppress the A-share market, A-shares are expected to gradually start to repair the market, and brokerage investment banking business may usher in further growth in the fourth quarter.
Obviously, there is still room for improvement in the investment banking business of securities firms. It is suggested that securities firms can seize the opportunity of high-quality development in multi-level capital markets and provide differentiated products for customers with different financing needs, thus strengthening the core competitiveness of the company.
With the deepening of the reform of the registration system, the importance of core competencies such as sponsorship, pricing and underwriting of securities firms has become prominent. Dong Zhongyun suggested that the investment banking business of securities firms can continuously improve the quality of practice from three aspects: strengthening the linkage with other business lines such as research and investment, continuously improving the practice ability and industry research ability of investment banking employees, improving the ability to judge and screen projects, and screening high-quality projects from the source; Continue to strengthen the construction of internal control system, improve the quality control and risk control system, further consolidate the internal control defense line with reasonable division of labor, clear rights and responsibilities, mutual checks and balances and effective supervision, and do a good job in risk prevention and control; Continue to improve the level of specialization, improve pricing power, and truly play the role of value discoverer.
Editor: Gao Shuai | Audit: Li Zhen | Director: Wan Junwei
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China, which broke through this decade.

  What is the new pursuit when the economic aggregate continues to step up to a higher level?

  When factor input is difficult to drive economic growth, where is the new kinetic energy?

  When the global competition becomes increasingly fierce and a new round of scientific and technological industry transformation is coming, how will China respond?

  The answer is innovation.

  Drive development with innovation. From running together and then leading, from quantity accumulation to qualitative leap, from point breakthrough to system capacity improvement, in the past decade, from development concept to development path, historical changes have taken place and historic breakthroughs have been made.

  The ranking of China’s global innovation index continues to climb, from 34th to 11th from 2012 to 2022, and it has successfully entered the ranks of innovative countries.

  Innovation, the first driving force for development, is pulling China to achieve one new breakthrough after another on the road of high-quality development.

  Since 2013, China has launched a number of high-scoring satellites, which can observe the subtle changes in its territory. This is one of the areas where the spatial form of China has changed the most in the past ten years — — Shenzhen qianhai.

  In 2012, Qianhai was still a muddy beach. In the past ten years, buildings with innovative passwords have grown out of the land.

  In Qianhai Shenzhen-Hong Kong Youth DreamWorks, Innovation Center, Talent Station and Entrepreneurship College, entrepreneurs can enjoy the whole process service from company registration to listing, and 601 teams complete business incubation here, including 331 teams in Hong Kong.

  Less than two kilometers away from DreamWorks, it is Qianhai Shenzhen-Hong Kong International Financial City, which has been in operation for less than a year, and 195 financial institutions have signed up, injecting a steady stream of financial support for entrepreneurial innovation.

  In China (Shenzhen) Intellectual Property Protection Center, on average, nearly 500 patents have been applied for every working day, and more than 6,000 related businesses such as patent acceptance, transformation and application have been handled.

  Today, Qianhai has launched a total of 685 institutional innovations, of which more than 80 have been replicated and promoted nationwide.

  When we expand our vision from Qianhai to the whole country, we will find that innovation has been everywhere.

  Nowadays, searching for the word "innovation" on navigation software will get a total of more than 50 thousand destinations. In the past ten years, they have been mainly distributed in the eastern coast and extended to the central and western regions, and now they have spread all over the country.

  Looking through the five-year national science and technology plans in recent years, we find that the name of the "science and technology development plan" during the "Twelfth Five-Year Plan" has changed from the "Thirteenth Five-Year Plan" to "science and technology innovation plan". From development to innovation, the word change and the difference between the two words not only emphasize "innovation" unprecedentedly, but also reflect a brand-new development concept.

  We collected the "Twelfth Five-Year Plan" and "Thirteenth Five-Year Plan" of 31 provinces, autonomous regions and municipalities, and analyzed the data of 62 documents with more than 1.5 million words. The frequency of the word "reform" soared from 244 times in the Twelfth Five-Year Plan to 748 times in the Thirteenth Five-Year Plan, and the frequency of the word "innovation" soared from 3484 times in the Twelfth Five-Year Plan to 7793 times in the Thirteenth Five-Year Plan. The frequency of "basic research" increased from 184 times to 300 times.

  At the xi he Laser Facility of Shanghai Institute of Optics and Mechanics, Chinese Academy of Sciences, researchers adopted a number of innovative schemes and obtained the highest brightness and lowest energy dispersive electron beam in the world.

  Wang Wentao, a researcher at Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences: Based on this research, the photon scientific apparatus can be compressed to the size of a desktop, realizing the leap-forward development from following to leading.

  In Wuhan, Hubei Province, large scientific devices such as pulsed high-intensity magnetic field experimental device and several national key laboratories have been put into use. In the precision gravity measurement research facility, the scientific research team has developed the highest precision space inertial sensor in China.

  Bai Yanzheng, head of the national major scientific and technological infrastructure system for precision gravity measurement, broke the technical blockade of foreign countries and successfully conducted many on-orbit tests such as the "Tianzhou-1" cargo spacecraft and the "Tianqin-1" satellite.

  Ignite the engine of innovation and inspire endless power.

  The "Implementation Plan for Deepening the Reform of Science and Technology System" promulgated in 2015 put forward a total of 143 key tasks. With the continuous deepening of the reform, one task was gradually lit up on the construction drawing, and it was all completed by 2021.

  How can the kinetic energy of innovation remain strong? From the flow of various factors of production in the last decade, we continue to look for answers.

  We analyzed nearly 300 "unicorn" enterprises in China, and found that their founders had something in common. 74% of them have master’s or doctoral degrees; 76% of them have technical background; One third of them have overseas study experience. When they started their business, their average age was only 38.

  Young talents are becoming the main force of innovation in China. The average age of quantum science team is 35 years old, the average age of Chang ‘e team and Shenzhou team is 33 years old, the average age of the new generation Beidou navigation satellite development team is 31 years old, and the average age of the Tianyan FAST research and development team is 30 years old.

  Among the more than 8 million researchers in the world, less than 1% can publish papers that are cited by high frequency, so they are called "highly cited scientists". In 2021, there were 935 people in China who won this honor, which was seven times that of 2014. The research fields covered materials science, computer science, biology and so on.

  In the past ten years, the construction of high-speed railways and 5G networks has led the world, and major breakthroughs have been made in manned spaceflight and Mars exploration. The scale of new energy vehicles and new display industries ranks first in the world. China is making greater contributions to the progress of human science and technology.

  Yangtze River Delta and Pearl River Delta are important growth poles of China’s economy. In an area where land space is so scarce, how to use the baton of innovation to gather factor resources? How to improve land use efficiency and better support the growth of emerging industries? Everywhere is constantly exploring the way to crack. Anhui, located in the Yangtze River Delta, turned its attention to those inefficient and idle stock construction land.

  As the head of the Innovation, Transformation and Upgrading Office of Hefei Economic Development Zone, Li Zhengmao’s recent work focuses on the land. Hefei Economic Development Zone is called "the first industrial zone in Anhui". However, as the scale of the park continues to expand, the growing troubles are increasingly prominent.

  Li Zhengmao, director of the Innovation, Transformation and Upgrading Office of Hefei Economic Development Zone: We must develop some new industries with high added value, but this is another contradiction. Why, there is no land.

  On the one hand, the profits of a large number of processing enterprises are getting thinner and thinner, and on the other hand, there is no land available for the booming emerging industries. How to jump out of the quagmire of industry wandering in the low-end and make limited land resources create greater value?

  Li Zhengmao, director of the Innovation Transformation and Upgrading Office of Hefei Economic Development Zone: We were indecisive at that time. In 2016, after the arrival of the General Secretary of the Supreme Leader, we proposed scientific and technological innovation, so we seized this opportunity. Finally, everyone decided that we should test the water first.

  In 2017, Hefei became a comprehensive national science center. Hefei Economic Development Zone began to explore the "industry+science and technology" model, carefully calculated the land, classified the enterprises in the area according to many indicators such as per mu revenue, profit and R&D investment, and implemented differentiated land use policies and fiscal policies, which forced the economy to accelerate transformation and upgrading.

  There are 724 mu of land originally belonging to a construction machinery enterprise, which was re-planned as an intelligent science and technology park after being reclaimed for a long time. Robot research institute, integrated circuit R&D center and new energy vehicle headquarters have successively settled down, which has led to a number of 100 billion industrial chains. The land is still the same, but the benefit per mu of land has increased from 150,000 yuan in 2013 to 370,000 yuan, more than doubling.

  In conjunction with the National Information Center, we summarize the land that is auctioned, auctioned and sold every month in all cities in the Yangtze River Delta and the Pearl River Delta, and use post-it notes of different colors to represent the different uses of the newly added land. Blue represents industrial land, yellow represents residential land and green represents other land, and each post-it note corresponds to 1 percentage point. Under the premise of "strictly observing the red line of cultivated land", the proportion of industrial land in new construction land increased from 43% in 2013 to 49% in 2021, an increase of 6 percentage points, and the proportion of residential land remained basically stable. In the past 10 years, the total amount of construction land in China has increased by 26.5%, but the total economic output created in the same period has more than doubled.

  Seen from the satellite, China’s economic structure can be clearly seen.

  In suzhou science and technology town, Jiangsu Province, in 2020, a new generation of information technology industrial clusters will grow, and there will be more than 40 high-tech enterprises in high-tech fields such as industrial Internet and cloud computing.

  In Tianfu New District, Sichuan, in 2022, all four parks of Tianfu New Economic Industrial Park were completed and put into use, and more than 120 major digital economy projects have been launched.

  In 2017, xiong’an new area was established. In 2022, Xiong ‘an Innovation Research Institute of China Academy of Sciences is speeding up its construction, coordinating the innovation resources of 16 institutes and universities of Chinese Academy of Sciences, and promoting integrated innovation and transformation of key technologies.

  In the past ten years, the number of national independent innovation demonstration zones has increased from 3 to 23, and the number of national high-tech enterprises has increased from 49,000 more than ten years ago to 330,000.

  Where the money goes is also a weather vane to observe the economy. China has now become the second largest capital market in the world, with hundreds of millions of funds flowing in the stock market every day.

  In 2012, among the 19 industry categories of domestic A-share listed companies, the top three enterprises were manufacturing, wholesale and retail, and real estate. In 2021, the number of listed manufacturing enterprises more than doubled, and information transmission, software and information service industries rose to the second place. The number of scientific research and technical service enterprises has increased from 13 to 97, making it into the top ten.

  Behind the vicissitudes of the capital market is the advance and retreat and replacement of old and new industries. The industrial agglomeration effect of "hard technology" is more obvious in science and technology innovation board.

  From the opening of science and technology innovation board in 2019 to the first half of 2022, in just three years, 429 companies went public in science and technology innovation board, raising a total of more than 610 billion yuan. In 2021, the R&D investment of listed companies in science and technology innovation board accounted for 10.3% of the revenue. In the past decade, the credit supply in manufacturing, science and technology enterprises and other fields has been expanding, and the high-level cycle between science and technology, capital and real economy is being opened.

  In the new era, China needs to break the growth bottleneck with scientific and technological innovation more than ever before.

  On the vast territory, there are over 2 million 5G base stations scattered all over the world. Besides hundreds of millions of mobile phones, there is also a huge user base, that is, factories.

  When night comes, the flashing lights in the smart factory indicate that production is in full swing. More than 200 high-definition cameras and more than 8,000 sensors collect production data in real time, and the machine can automatically perceive, transmit and diagnose problems by analyzing the data, thus completing fully automatic production.

  In the National Industrial Internet Big Data Center, China’s industrial Internet platform brings together millions of digital factories, and the total number of networked devices exceeds 70 million sets. According to the geographical location information of each device, we print the 15 provinces with the most networked machines on film, and at the same time print the 15 provinces with the largest decline in the working-age population in China on another film. When the two films overlap, we find that these provinces basically overlap. The wave of digital transformation is hedging the impact of demographic dividend changes and continuously improving the production efficiency of manufacturing industry.

  Innovation not only reshapes factories, but also rebuilds farmland.

  According to the flight trajectory of tens of thousands of agricultural drones, we have generated a data map, which shows that clusters of light clusters change with the seasons and appear in the main agricultural producing areas from south to north. In September, light and shadow began to gather in Xinjiang.

  The southern foot of Tianshan Mountain, Bayinguoleng Mongolian Autonomous Prefecture, Xinjiang, has sunshine for more than 3,000 hours all year round, which is one of the most suitable land for cotton growth on the earth.

  In 2021, some young figures appeared in this ancient and vast cotton field.

  Two "post-90 s" boys, four agricultural drones and more than 300 sets of intelligent equipment have completed the 3000-mu cotton experimental field from planting to harvesting, which is a challenge that has never been seen before.

  Ai Haipeng, agricultural digital technician: Actually, when I just took over the project of two people challenging the 3000-mu "super cotton field", I felt very excited at first, to see if we could use our technology to bring some new changes to agriculture.

  Although the villagers don’t believe it, Ai Haipeng and Ling Lei are full of energy. With the help of high-precision navigation and automatic driving technology, the unmanned seeder dragged straight traces on the earth, and soon, cotton seedlings broke ground.

  However, just as they were full of confidence and ready for a big fight, a wind disaster raided the farm.

  An 8-level gale killed half of the cotton seedlings that had grown gratifying. With the remote support of the R&D team, the intelligent mechanical equipment was fully powered and the replanting work was completed efficiently. Spring goes and summer comes, and unmanned farms are getting better and better. In the past, fertilizers that needed manual stirring, pump rooms guarded day and night, more than 100 manually turned valves, and dozens of tons of pesticides sprayed on the shoulders can now be handled by a small tablet computer. The unmanned operation rate has reached 60%, and the cost per mu has been reduced by several hundred yuan. In autumn, the songs of cotton pickers flock to the horizon, looking at the farthest place, and you can’t tell whether it is cotton or white clouds. A year’s hard work has turned into the joy of harvest at this moment.

  In the past ten years, the comprehensive mechanization level of crop cultivation and harvest in China has increased from 57% to more than 72%, and the mechanization rates of rice, corn and wheat have exceeded 85%, 90% and 97% respectively, which has strongly supported the 18-year continuous grain harvest in China. Scientific and technological innovation is pushing agriculture towards modernization at an unimaginable speed and intensity, which is a new breakthrough that China, a traditional agricultural country, has never had before.

  The wave of digitalization has also reshaped the social division of labor. In the past ten years, China has revised the national occupational classification ceremony promulgated in 1999 twice. In the newly publicized occupational classification ceremony, digital occupational signs appeared for the first time, with a number of more than 90. Robot engineer, additive manufacturing engineer, business data analyst and agricultural digital technician … … As can be seen from these new professional names, digital professional practitioners are now distributed in all aspects of social production, circulation, distribution and consumption, covering the primary, secondary and tertiary industries.

  In the past ten years, the scale of China’s digital economy has increased from 11 trillion yuan to 45.5 trillion yuan, accounting for 39.8% of GDP from 21.6%. The wave of digitalization has also brought about an accelerated improvement in the efficiency of economic and social operations.

  With the help of professionals from the National Bureau of Statistics, we have calculated the changes of the total labor productivity in China in the past ten years. From 2013 to 2021, the total labor productivity increased by 6.8% annually, faster than the average annual growth rate of GDP of 6.6%.

  Power change, efficiency change, quality change and innovation are pushing China’s economy to make a historic breakthrough.

  Higher, in ten years, the world’s highest 5G base station was opened at the 6,500-meter forward camp of Mount Everest, and the signal covered the summit of Mount Everest.

  Deeper, in the past ten years, the manned submersible went from 7062 meters to 11000 meters to explore the mysteries of the deep sea.

  Further, in ten years, the leap from the Earth-Moon system to the interplanetary system was realized, and Zhu Rong left its mark on Mars 400 million kilometers away.

  A bustling city, a thriving village, a vibrant enterprise, and countless hard-working Chinese are gathering together to make a continuous progress and breakthrough in China.

The Foreign Ministry responded to the escalation of the Palestinian-Israeli conflict: the international community should effectively play its role and jointly promote the cooling of the situation. Chi

  On October 9, Foreign Ministry Spokesperson Mao Ning held a regular press conference. On the Palestinian-Israeli situation, Mao Ning said that China is highly concerned about the recent escalation of the Palestinian-Israeli conflict, deeply saddened by the civilian casualties caused by the conflict, and opposes and condemns acts that harm civilians. China opposes actions to expand conflicts and undermine regional stability, and hopes to cease fire, stop fighting and restore peace as soon as possible.

  Mao Ning stressed that the international community should effectively play its role and jointly promote the cooling of the situation. The way out to solve the cycle of Palestinian-Israeli conflict lies in resuming peace talks, implementing the "two-state plan", and promoting the comprehensive and proper settlement of the Palestinian issue through political means at an early date, so as to guarantee the legitimate concerns of all parties. China will continue to make unremitting efforts with the international community to this end.

  (CCTV reporter Wu Wenqian Kong Luyuan)

Who hasn’t been "non-mainstream" After 90, netizens shared memories of "killing Matt"

  In this era when the post-00 s are playing the king, many post-90 s lament that they are old. However, as the post-90s generation, we once played non-mainstream and indulged in killing Matt, and were proud to be a member of the bury love family.

  Do you still remember those invincible moments of youth? What did you do to look different when you were young? To this end, Tencent’s video "Talking to Strangers" program specifically looked for such a group of post-90 s to talk about those "non-mainstream" memories of that year …

  We had a wave of "memory killing" in the Penguin Q&A. Unexpectedly, when the topic came out, it attracted the active participation of more than 500 netizens, and everyone exposed their own non-mainstream memories. Come and feel it …

  Tencent usersAddiction

  I also caught the non-mainstream in that year, or in 2007, and it really changed! But look at me now, it seems that I am still very young, I am 27 years old, and I am not old at all.

  Tut tut, I can’t believe my eyes. There are totally two people before and after.However, like this netizen, there is a big difference between the back and forth, and it seems that there are still a few …

  Tencent users:Hell yogi

  I didn’t like what I used to look at, but turning over my previous photos was full of memories, and those people and things seemed to be yesterday.

  Tencent usersA kai

  It’s really funny to look at the past and present. Time is a pig-killing knife. How time flies! Who hasn’t seen it before?

  Tencent usersThe vicissitudes of life

  How time flies! I feel this way when I think of it. Parents scold every day, but they don’t listen.

  Tencent usersXiaopang

  People always say I killed Matt. Don’t you think I’m handsome?

  I don’t know why you don’t like me. I don’t know what we did wrong, I only know that this is our hobby. We think this is handsome. I’m happy that you said we killed Matt, but I hope you don’t maliciously slander us.

  although"Killing Matt", which is popular in Weibo, almost always exists as a derogatory term under the carnival of appreciating ugliness.But for most people, those non-mainstream in those daysonly whenIt is the most precious youth.

  Tencent usersSpirits burn the heart

  When I first came into contact with the Internet eleven years ago, I always saw non-mainstream in different places. At that time, I thought they were so cool. I liked to add a lot of people to qq, stepping on each other’s space and stealing food. You can play happily all night when you play in a space. At that time, the dance troupe was very popular and always played in the Internet cafe for several days before going to bed. At that time, as long as I saw the explosive heads, I felt that they were cool. In 2006, the popular explosive head burned a cigarette. Later, Sassoon became popular, and long hair was cut to make it short. Later, it became popular to receive hair (at that time, receiving and sending were all buckled). In the past, there was no beauty camera, and photos were taken with the camera behind the mobile phone. Slowly, killing Matt is no longer popular, space is no longer popular, and dance groups are no longer popular … I don’t know when mobile phones have become indispensable.

  When we were in junior high school in 2007, it can be said that killing Matt is a trend culture. Whether you admit it now or not, killing Matt was the fashion that many young people in that period followed. All kinds of explosive head shapes, all kinds of wheeled head costumes, all kinds of QQ screen names, dynamic flash pictures, all kinds of families, what bury love family, Hong Renguan, killing Matt family …

  You don’t feel like that, but you are different. Don’t say that you don’t have it. Even if you have a personalized signature and a screen name, you must have made it strange. Internet cafes are also crowded. You have to go immediately after school, and there is no machine later. Dance troupe, CS, Fantasy Journey to the West … all kinds of QQ games, which were simply crazy at that time. It’s fun to think about it now.

  Although we have all grown up and many people have set up new families, all the young and ignorant people who used to do whatever they want are the innocence that they can only hope for now.

  Hey, I have to clean up after school today, so you can help me get a seat in the Internet cafe later! I’ll take you to practice your hand speed with the dance troupe then!"Of course, at that time, many predestinations began in this way.

  Tencent netizen anonymous

  Every time I see my painted eye makeup, I want to laugh. When I just turned over the photos, I actually met an acquaintance of the dance troupe. The dance troupe swept my whole girlhood. It is worth mentioning that my husband and I started from meeting the netizens of the dance troupe.

  At that time, you didn’t need to have much savings and a luxurious car. As long as you had a model of killing thousands of knives, you would be familiar with walking in the open square and lighting a song, which would attract many people’s attention … Remember the song "You can listen to love songs when you are sad"?

  The photos of killing Matt in those years have evoked too many memories of that era. More and more netizens are reminiscing about their youth on the Penguin Q&A platform. Although there is no photo print, we can feel the breath of that era between the lines.

  Tencent usersdim light of night

  I used to be a hairdresser in Shanghai, so I can say that I witnessed the evolution of non-mainstream! From my point of view, there is no harm in being non-mainstream. It is a beautiful and youthful memory of the post-90s generation at the age of 16 and 17.

  The post-90 s are the first people to contact the internet. The following are all memories of our time:

  QQ Hyun Dance QQ Flying Car: The Tragedy of Space Bar in Internet Cafe.

  QQ space message board: the only interactive place.

  Tencent Friends Network (off the shelf): You can find many friends and classmates, and there is always someone who makes you want to find her/him very much.

  QQ Video Call: Have a video chat with your friends in your hometown.

  QQ Vegetable Garden (taken off the shelf): Stealing your food.

  Super QQ (off the shelf)

  Kingsoft Internet Security: You can tease the little tiger.

  Baidu MP3 (off the shelf): the only channel to download songs at that time-right-click to save local …

  Mobile phone: Tianyu, Bird, Tianshida, OPPO music mobile phone and other manufacturers in their heyday. At that time, the mobile phone was compared with the horn and the marquee, and the shape was the black cottage of China mobile phone in the later stage …

  I don’t know if you thought the other person you were chatting with was particularly cool when you saw blingbling’s QQ show. And those blinding dresses in the space … are more careful than decorating your bedroom!And those crazy and cool Martian articles, do you still remember?

  Tencent usersBug in spring

  It’s true that we have recognized it, and we are simple.

  I’m sorry, I’m sorry, I’m sorry.

  It’s bad. ① It’s bad. It’s bad.

  We are talking, watching, but watching.

  I’m an imitation of the benzyl alcohol. I’m an imitation of the benzyl alcohol. I’m a fisherman.

  Can you give me a bang, let me bang.

  It’s not a good idea to make a mistake.

  Let’s start from the past, let’s start from the present, let’s start from the present, let’s start from the present, and let’s start from the present.

  Put yourself in the wrong place, and watch with a smile.

  I’ve learned a lot, and I’m not going to waste my money.

  Inadvertently moved by such a passage from a netizen: "Waste time,Pass away,The most is that time can’t stay! A different time,A different kind of excitement,Just follow your heart. "Maybe you have put away your hair style, Martian signature and space pendant, and left the proud "bury love family" group at that time, but those indelible memories are still the proudest youth in our hearts. Do you want a wave of memory killings? Welcome to pay attention to Tencent’s video "Talking to Strangers" on August 9, and welcome you to join our Penguin Q&A to talk with us about your non-mainstream life in those years.

Tt Challenger H6 Chassis Evaluation: Front panel with long bangs

Content creators and e-sports industry have ushered in a blowout this year, and computer hardware has also ushered in breakthroughs in performance, and the hardware in computers is getting bigger and bigger. In order to meet the needs of high-end computer users for hardware compatibility and expansion, the traditional chassis has gradually outgrown. Today, the author will bring a newly released challenger H6 chassis from Tt. Let’s wait and see ~
Tt challenger H6 chassis
The overall design of the challenger H6 chassis from Tt is simple and luxurious, and it has quite good compatibility and expansibility. Let me show you the characteristics of this chassis first.
1, equipped with colorful ARGB light bar, with good fashion performance.2, open architecture, supporting E-ATX motherboard, with good compatibility.3. The wall-mounted hard disk installation design meets the needs of content creators for big data storage.
Tt Challenger H6 Chassis Front View
Tt Challenger H6 chassis adopts simple and elegant design as a whole, the main color is white, and the front panel adopts frosted design, which has a good feel. At the same time, it is equipped with a colorful RGB light bar, which supports streamlined ARGB lighting effect and motherboard lighting effect linkage, and can change the lighting effect through the buttons in I/O area. The lighting effect types include static, flashing, breathing, rainbow, colorful cycle, wave and so on, which can be set according to the preferences of players.
Magnetic side panel
Tt Challenger H6 chassis adopts the side panel of magnetic side-pull tempered glass, and the black frame design forms a black-and-white contrast color with the main body, which is more layered. The magnetic side-pull tempered glass panel design supports 180-degree extension and disassembly, and only needs to be pushed up. In addition, the portable hand-broken window design makes it more practical and ornamental.
I/O area machine of chassis
I/O Area of the Chassis The I/O area of the Chassis is arranged at the top and front, including power-on key, restart key, audio interface, USB 2.0, USB3.0 and LED control key. The simple interface layout makes the Chassis more concise. Moreover, it is convenient to use the user interface.
Bottom of the chassis
The bottom of Tt Challenger H6 chassis is equipped with four legs and anti-skid cushion, which can reduce the impact force caused by the vibration of the chassis, thus ensuring the safety of the internal hardware of the chassis, and the anti-skid design further ensures the stability of the host. In addition, the bottom of the chassis is also blessed with a portable dust-proof screen, which can not only reduce the intrusion of dust but also facilitate cleaning.
Tt Challenger H6 inside the chassis
Let’s take a look at the internal situation of the chassis. The chassis adopts the design scheme of power down, which supports the power supply of ATX specifications. In addition, the chassis can also be equipped with a 40 cm graphics card and an 18 cm high air-cooled radiator. The key point is that the chassis comes with an adjustable graphics card bracket to prevent the graphics card from bending and provide a better viewing effect.
Chassis hard disk bin
The chassis can be equipped with one HDD and three SSDs, or two HDDs and two SSDs. If users have a large number of data storage requirements, they can install hard disk racks and add six additional storage bits for HDD or SSD to further ensure the expansion requirements of the host’s hard disk.
Open architecture
Tt Challenger H6 chassis adopts open architecture and has good compatibility. The chassis can be compatible with motherboards of E-ATX and below. The chassis has a variety of heat dissipation schemes. The front panel supports 240 water cooling or three 14cm cooling fans, and the top supports 360 water cooling at most, or three 12cm fans or two 14cm fans, and the back panel supports one 14cm fan at most. The key point is that the chassis has a graphics card bracket, which can avoid the bending of the graphics card without buying it separately.
Tt Challenger H6 Chassis Installation Effect
Tt Challenger H6 Chassis Backline Effect
In the process of installation, the internal space of the chassis is abundant, the hardware installation is very smooth, and the wiring holes on the backplane can make it easier for users to go back to the wiring. In addition, the opening position of CPU wiring is reasonable and the design is reasonable. At the same time, it also adopts a separate design of the wiring hole of the graphics card, which can shorten the path of the power supply line of the graphics card and avoid the situation that the power supply line is too short to supply power to the graphics card.
Application effect of Tt Challenger H6 chassis
Application effect of Tt Challenger H6 chassis
Application effect of Tt Challenger H6 chassis
Application effect of Tt Challenger H6 chassis
Application effect of Tt Challenger H6 chassis
Application effect of Tt Challenger H6 chassis
Application effect of Tt Challenger H6 chassis
Evaluation summary: Tt Challenger H6 is a simple and elegant fashion case, the main color is white, which can control all kinds of furniture styles and has a good overall texture. The front panel is equipped with colorful ARGB light bars, which can also be adjusted, gorgeous and temperamental. At the same time, the chassis is excellent in compatibility and can be compatible with motherboards of E-ATX and below. In terms of heat dissipation, it has a variety of heat dissipation matching schemes, which can guarantee the heat dissipation requirements of the chassis of server-level hosts. In addition, the chassis also comes with a graphics card bracket, which is also the finishing touch. This case is suitable for enthusiasts and users in special fields.
(7507073)
Reporting/feedback

A woman who betrayed Japan

Kiyoshi Kurosawa and Ryūsuke Hamaguchi are probably the most eye-catching pair of apprentices and apprentices in Japanese cinema in recent years.

In 1997, Kiyoshi Kurosawa became famous in the First World War with "The Holy Rule of X", and in 2003, he took part in the Palme d ‘Or competition at Cannes Film Festival for the first time with "A Bright Future", and has since become a frequent visitor to international art film festivals.

Kiyoshi Kurosawa

At this year’s Berlin Film Festival, Ryūsuke Hamaguchi’s new short film collection "Accidental and Imagination" won the grand prize of the jury, making him truly rank among the first-line art directors.

Ryūsuke Hamaguchi

At last year’s Venice Film Festival, the suspense film "The Spy’s Wife", which won the Silver Lion Award for Best Director for Kiyoshi Kurosawa, was a masterpiece written by the master and apprentice.

The film is set in Japan on the eve of the Pacific War.

 

Yuu Aoi’s wife, Reiko Fukuhara, and Issei Takahashi’s husband, Yukihara, are very affectionate.

 

As a silk foreign trade businessman, I love movies and shoot short films with my wife and nephew in my spare time. The young and beautiful Lizi is very supportive of her husband, and she tries her best to be the heroine. Her acting skills have been well received by friends and colleagues.

The peaceful marriage life was broken by her husband’s business trip.

 

The husband who went to Manzhouli, a business trip in the Japanese-occupied area, repeatedly delayed his return, and finally hoped that he would come back safely, but Lizi found that her husband had brought back a mysterious woman, Yuko.

 

When Lizi had doubts about marriage, Yuko died suddenly, and the male feelings of his nephew Takeshita changed greatly. His childhood friend and senior military police official Taizhi suddenly questioned him. Lizi realized that her husband’s secret was something else.

 

In order to save the marriage and find out the truth, Lizi began a long struggle with countless secrets.

 

Is the husband a traitor or a spy? Should I believe in love or stand on the side of Japan’s national interests?

 

Do you want to be the wife of a spy who has traveled across the ocean, an international pacifist who marries her husband, or a patriotic "traitor" who handed in the experimental evidence of the 731 bacteria unit that her husband protected with his life?

Although The Spy’s Wife is classified as a suspense film, it has a strange texture in the hands of the eccentric Kiyoshi Kurosawa.

Kiyoshi Kurosawa, who made a living by shooting genre films in his early years, did not follow any "mode" or "framework" and completely jumped out of the audience’s imagination.

When you think about it carefully, the information and materials that constitute the "suspense" of the film have actually been released within 15 minutes of the opening of the film.

 

For example, Lizi’s belief in love, her affair with Gendarmerie Taizhi, her husband’s international vision of the future of his home country, the panic in Japanese society before World War II, and Lizi’s self-made short film with her husband.

 

As for the bacteria test of Unit 731, which was secretly conducted by the Japanese army in Manzhouli, its historical details, its secrecy and evil are even more unforgettable as an audience in China.

 

All the "suspense" in this film may focus on the heroine, Yuu Aoi’s Fukuhara Lizi.

 

The overall situation of the whole film seems to be decided by the husband who has the evidence and the Taizhi who has the power and force; However, it is not difficult to see from the title of the film "The Spy’s Wife" that the real protagonist of this film is Ryoko Fukuhara.

 

Her search for the truth, her struggle between right and wrong and small love, her transformation from an ordinary housewife to a female spy with intelligence, her decline from a middle-class woman with a happy family to a homeless and imprisoned in a mental hospital.

In the bright and soft lens of Kiyoshi Kurosawa, Lizi and Yuu Aoi, who entered the bottleneck period of performing arts, bloomed amazing light: laughing, looking back, running, walking in Tokyo, avoiding tracking, hiding in the cabin …

In Kiyoshi Kurosawa’s stage frame, the audience and Lizi walk gracefully among the flowing scenes, and they are at a loss for the future, looking forward to adventure and optimistic about the future.

The male characters who indulge in politics, righteousness and violence are dwarfed and become poor and despicable little schemers.

Like most women in Kiyoshi Kurosawa’s films, Lizi presents a flowing texture. Her personality is elusive and cannot be summarized, and she is so happy that she looks angry. It seems that love is drifting with the tide and changing in a flash, but it reflects the evolution of the whole era.

It seems that the background color of women is innocence. Innocence cannot make miracles happen, but innocence itself is a miracle.

 

It’s not the first time that Kiyoshi Kurosawa expressed his left-wing political stance as an international pacifist through the mouth of characters in movies.

 

Of course, "The Spy’s Wife" is not a political film. Kiyoshi Kurosawa said during the Venice Film Festival that this film is an entertainment film-in dealing with serious themes such as war, "The Spy’s Wife" is soft and violent, and is committed to relaxation.

 

This is also a rare historical masterpiece of Kiyoshi Kurosawa. Ironically, Kiyoshi Kurosawa was asked to shoot The Spy’s Wife with an 8K digital camera.

 

It is true that the most acclaimed art film director has to use the most advanced digital camera to shoot a film of the times that clearly misses celluloid.

 

There are several scenes where Fukuhara and his wife watch an 8 mm home movie on the projector screen in the dark-and the audience also watch the play in the dark, and watch a belated truth about World War II disguised as an entertainment product.

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007 US team’s "Sword Out of the Sheath" released 9 highlights to reveal the word-of-mouth masterpiece.


1905 movie network news On November 29th, the suspense film starring "007" daniel craig and "Captain America" Chris Evans was officially released. Posters are also exposed.Reveal a lot of frightening details in the case: behind a broken coffee cup is a group of sharp swords, and a mysterious portrait of a rich man on the wall is poked by a dagger. The amazing truth is hidden in these patterns.



Aspect 1: 007 Captain America laughs and fits.


"007" and "America Team" are combined in the film, and become subversive characters in the manor murder. Daniel craig becomes a detective, and Chris Evans plays a dude. There is also a humorous bickering of "Seven Beauty CP".

Aspect 2: Excellent reputation is recommended by authoritative media.


"A Sword Drawn from its Sheath" has been shown by Toronto Film Festival and London Film Festival, with 96% freshness of rotten tomatoes, 96% popcorn index, and metascore score of 84.Douban scored a rare high score of 8.6.It was rated as the top ten movies of 2019 by Time Magazine.

Aspect 3: Hollywood dream lineup is on the same stage.


The film has a luxurious Hollywood star lineup. The heroine ana de armas (), the powerful actor michael shannon (), the "queen of horror movies" Jamie Lee Curtis ("Moonlight Panic"), Toni Collette (), christopher plummer () and many others are competing on the same stage.

Aspect 4: The director grinds a sword for ten years and has excellent quality.


Director rian johnson has directed Star Wars: The Last Jedi Knight and high-scoring crime plays, and has won 21 international awards and 36 awards nominations. He is a director, a screenwriter and a producer in The Sword Out of the Sheath, and the script has been conceived for more than ten years.

Aspect 5: New suspense with unique perspective


After many revisions, the film story finally broke through the classic reasoning form represented by agatha christie, and integrated the elements of "murder in the villa" with the current social background, creating a new suspense type with a unique perspective. meanwhileWhile the director is horrified, he also incorporates comedy elements and subverts traditional routines.


Aspect 6: Exquisite style like retro oil painting


The story of "A Sword Drawn from its Sheath" takes place in a rich manor in the United States, with a strong classical meaning, and the whole film is full of retro oil painting texture. The music of violin and piano is classic and sweet, which brings the audience beautiful enjoyment in addition to the intense detection of the plot. 

Aspect 7: Reverse and then reverse suspense.


"A Sword Out of the Sheath" promotes the plot from different perspectives, and the case is constantly reversed with the change of the narrator’s position. The biggest feature of the film is the real immersion, as if personally participating in a "script killing" from the perspective of God.

Aspect 8: Arousing the true feelings of modern audiences.


The film has a strong sense of reality. Through the detective’s shell, it discusses the current social problems such as immigration, class, wealth and distribution mechanism. This is also the difference between "A Sword Out of the Sheath" and other ordinary suspense movies.Can cause the audience to discuss and praise. 

Aspect 9: massive details n brush value back to the fare


Every detail, prop and dialogue in the film hides the details that reveal the truth. The coffee cups that keep appearing, the baseball that is picked up, and the strange portrait hanging on the wall … … What these images indicate is difficult to be clear at a glance after a brush.

It is reported that the current "Sword Out of the Sheath" has been released in North America. rootaccording toVanity Fair(Variety magazine predicts that the box office in the first week will exceed 40 million US dollars.

The "money hiding place" of a corrupt official of 100 million yuan revealed that these are all a piece of cake.

  On January 13th, the TV feature film "National Supervision" aired the second episode of "Comprehensive Supervision" on CCTV. Lai Xiaomin, who was called "the realistic version of Gao Yuliang" by the media, appeared.

  Lai Xiaomin, born in 1962, is from Ruijin, Jiangxi. In July 1983, he joined the work of the People’s Bank of China. He used to be the deputy director and director of the Central Finance Department of the Planning and Finance Department of the People’s Bank of China, the director of the Second Banking Department, the deputy director of the Credit Management Department and the deputy director of the Second Banking Supervision Department. Deputy bureau-level cadre of Banking Supervision Department II of China Banking Regulatory Commission, head of the preparatory group of Beijing Banking Regulatory Commission, director of Beijing Banking Regulatory Commission, secretary of the Party Committee, director of the general office of China Banking Regulatory Commission, director of the Party Committee Office and chief spokesperson; In 2009, Lai Xiaomin became the Deputy Secretary and President of the Party Committee of China Huarong Asset Management Co., Ltd., and in 2012, he became the Party Secretary and Chairman of the Company.

  On October 15th, 2018, Lai Xiaomin was expelled from the Party and public office for serious violation of discipline and law. His downfall caused quite a stir in the financial circle and was called "the first case of financial corruption in New China" by the media. Some of his corruption details made the case handlers of the State Commission for Discipline Inspection of the Central Commission for Discipline Inspection even shocking.

  Engage in political speculation and gain political capital; Speaking of ostentation and extravagance, extravagance and waste of state property; Cronyism, cronyism and cronyism seriously pollute the political ecology of enterprises; Ideals and beliefs are completely lost, and the principle of party spirit is gone. They are arrogant, corrupt, morally corrupt and extravagant, and they are willing to be "hunted" … … The circular said that "the masses reacted strongly, the corruption problem was particularly serious and the nature was particularly bad".

  It can be said that Lai Xiaomin stepped on the "red line" all over.

  During his tenure, he made great efforts to curtail his wealth. According to the feature film "National Supervision", Lai Xiaomin hid the stolen money in a house in a residential area in Beijing, which was called a "supermarket". There are many safes hidden in the "supermarket", and the cash stored is more than 200 million. The weight of this cash is equivalent to about 3 tons, and when put together, it exceeds 3 cubic meters.  

  In order to avoid the investigation, Lai Xiaomin asked the briber to pay in cash. After receiving the money, he drove to the "supermarket" and put it in the safe with his own hands. On the way, he would go around a few times to prevent someone from following him. In addition to cash, he also received a large number of real estate, luxury cars worth millions, watches, gold and so on.

  As for his own bribery, Lai Xiaomin said that the bosses who come into contact with him are always worth hundreds of millions, tens of billions, and the money is a piece of cake for them, and they have many houses and cars, so it doesn’t matter to give them some.

  In addition, Lai Xiaomin also used his power to crowd out dissidents and cronyism, and regarded state-owned enterprises as his private territory. From the management to the canteen chef, he has arranged many positions for people in his hometown circle.

  In this regard, Lai Xiaomin said, "I choose the secretary of the Party Committee, the chairman of the board and the legal person alone, and the secretary of the Commission for Discipline Inspection is still in charge of his own party Committee. How much authority does he have?" The secretary of the Disciplinary Committee is a member of my Party Committee and my subordinates. It is difficult for him to supervise me. "

  On October 15, 2018, the website of the State Supervision Commission of the Central Commission for Discipline Inspection published a live video of Lai Xiaomin being "double-opened". In the video, Lai Xiaomin, who once had unlimited scenery, was full of white hair. He said, "I know that my problems are serious and my guilt is deep. I can’t punish them too much. The blisters on my feet are all my own. I am deeply saddened by the crimes I have committed. My own is indeed from the top leaders of financial enterprises who have been educated by the party for many years and finally committed crimes, and I regret it. "

  On November 7, 2018, the Supreme People’s Procuratorate announced that the Second Branch of Tianjin People’s Procuratorate had made a decision to arrest Lai Xiaomin according to law.

  If you don’t stretch your hand, you will be caught. The vast number of cadres in party member must remember Do not forget your initiative mind and his mission, resolutely stay away from the high-voltage line of party discipline and state law, and be good cadres who are honest and devoted to their duties. 

What is the new popularity of cigarette cards on campus, and what are the hidden dangers?

What is a cigarette card?

In the early morning, the scene on the way to work was striking: it was not the usual old people who rummaged through the garbage bins on the roadside, but a group of primary school students who were only eight or nine years old. The purpose of doing this is not to look for food or discarded items, but to search for cigarette cases and fold them into something called "cigarette cards" to participate in the game. It is worth noting that these primary school students have a special preference for cigarette cases, and cheap varieties are not popular with them.

Recently, among the primary and secondary school students, a game called "taking a cigarette card" has quietly emerged. The rules of the game are simple. Children use the folded or cut cards of cigarette boxes to play against each other, and the winner can get the card of the loser by tapping the ground to turn the other side’s "cigarette card" over. Such a scene is reminiscent of the memory of collecting cartoon cards in the childhood of "post-80s" and "post-90s". Therefore, some people think that this is just a harmless entertainment for children, and it may also reduce their time of indulging in electronic products. However, when the "cigarette card" is associated with minors, especially considering the sensitivity of cigarettes themselves, people can’t help worrying. Some parents reported that children knew nothing about cigarettes before they came into contact with "cigarette cards", but now they can easily distinguish various brands.

What is even more worrying is that "cigarette cards" have not only become children’s popular playthings, but also spawned a trading market. The value of some rare "cigarette cards" is even as high as tens of yuan, and the supply is in short supply. This phenomenon urges children to rummage through cigarette cases in trash cans in the streets and lanes, which not only makes the hygiene situation worrying, but also may make children feel curious and close to tobacco invisibly.

The Beijing Tobacco Control Association pointed out that the "cigarette card" is actually a way to spread tobacco information in disguise. Children’s premature and frequent contact with tobacco trademarks may plant psychological seeds for trying to smoke. In addition, the lawyers also warned that the act of selling "cigarette cards" to minors may constitute an illegal act according to the law on the protection of minors, because it violates the laws and regulations protecting the physical and mental health of minors.

In this regard, education, market supervision and tobacco departments in many places have acted quickly to jointly investigate the surrounding campus and the children’s products market, and strive to completely rectify the circulation problem of "cigarette cards".

Faced with the challenge brought by "cigarette card", all sectors of society need to take actions, not only to effectively curb its negative effects, but also to provide healthy entertainment choices for children to meet their social and psychological needs. This undoubtedly requires the joint efforts of parents, schools and all sectors of society to guide children to grow up healthily.

AI big model price war started, a year to win or lose?

"When industry competition appears in front of most people in the form of price war, it often means that enterprises in the industry have reached the same level."

Text/Ba Jiuling (WeChat WeChat official account: Wu Xiaobo Channel)

You may often see such a scene in film and television dramas: when several factions compete for territory, their guns are raised and they confront each other. Everyone dares not pull the trigger, and everyone wants to pull the trigger. A firefight is on the verge.

This is called "Mexico deadlock", which refers to the delicate balance formed by many opposing parties because of mutual containment.

Now this deadlock has been broken in the field of AI. The person who pulled the trigger was OpenAI.

On May 14th, OpenAI released an upgraded version of GPT-4, GPT-4O, and announced that it was open to everyone for free.

A day later, gunfire finally came from the other side of the ocean, and sparks crossed the fertile soil here.

On May 15th, ByteDance announced its main model of bean curd, and the input price was 0.0008 yuan/thousand Tokens(Token is the smallest unit of input data used by the big model, such as words or characters).

Bullets began to whiz by.

Six days later, on May 21st, Alibaba announced that the price of the main model of Tongyi Thousand Questions had been greatly reduced, and the input price of the main model Qwen-Long and API had dropped from 0.02 yuan/thousand tokens to 0.0005 yuan/thousand tokens, a direct drop of 97%, with immediate effect.

Four hours later, Baidu skipped the price cut and directly announced that ERNIE Speed and ERNIE Lite, two entry-level products of its big model ERNIE Bot, were free.

A day later, in hindsight, Iflytek and Tencent also announced: iFLYTEK Spark API capability is free to open, iFLYTEK Spark Lite API is permanently free to open, and the price of iFLYTEK Spark pro/Max API is reduced to 0.21/ 10,000 Tokens;;

Tencent’s mixed model has been reduced in price, and the price of mixed -lite model, one of its main models, has been adjusted from 0.008 yuan/thousand tokens to full free.

……

Shots fired and people were killed, which didn’t seem to happen in this scene. But no one will doubt that this kind of thing will not happen in the next time.

After all, when the competition in an industry appears in front of most people in the form of price war, it often means that the enterprises in the industry have reached the same level.

However, enterprises also have their own interpretations of the price war. For example, Tan Dai, president of Volcano Engine, said: "Losing money for income is not sustainable, and we will not do this."

For example, Liu Weiguang, vice president of Alibaba Cloud Intelligent Group, said: "Only when the cost of AI reasoning is reduced by ten times or even a hundred times every year can we really promote the outbreak of AI applications in all walks of life in the industry."

If we want to go back further, the price of DeepSeek, a large model of magic square quantification of private equity funds, and the entry-level model of Zhipu AI will be reduced earlier:

On May 7th, DeepSeek announced that it would reduce the price of its large model DeepSeek-V2 to 1 yuan and 2 yuan per million token (32K context).

On May 11th, Zhipu AI Tune reduced the price of its entry-level large model GLM-3-Turbo (with a context length of 128k) from 0.005 yuan/thousand tokens to 0.001 yuan/thousand tokens, while the batch API of GLM-3 Turbo Batch was 50% cheaper, reaching 2 million tokens in 1 yuan.

However, does this mean that ordinary people have a better chance to use large models at low cost or even zero cost?

I am afraid the answer is no.

Today, there are two main commercial charging modes in the big model:

The first is to let C-end users pay., that is, ChatGPT Plus’s membership subscription mode of $20/month.

The second is to let B-end users pay.That is, the developer API calls the service to let the developer connect the "faucet" of the large model and use the "water" inside.

It is the second kind of price reduction this time.

Comparatively speaking, the B-end market is much smaller than the C-end market, so the seemingly massive price war is not too much cost pressure for enterprises.

For ordinary people, the good time for everyone to use AI at low cost has not yet arrived.

At the same time, further controversy followed:While foreign companies are trying to run hard to keep ahead of technology and rush to the sea of stars, domestic companies are commercializing and gaining market share?

For example, Huang Renxun said that our company never talks about market share, which means that everyone is doing the same thing; Musk said, I don’t pay attention to technical barriers, I only pay attention to the speed of innovation; Altman said that the development of AI is like a tornado, and OpenAI should break through the limit.

The above words are more encouraging, but in the real environment, when the industry leaders are in a leading position in technology, they can only keep ahead and continue to obtain the most resources in the industry.

At this time, followers have many ways to catch up, and full commercialization can provide financial endurance for continuous follow-up.

It is not uncommon for followers to surpass the front runners before the marathon finishes.

Of course, there are still various problems, and we have invited professional experts to answer them.

These days, the price reduction of big models is free. If this development continues, will there be any post-posting in a couple of days? What will you choose then?

My choice is, I will choose whoever delivers eggs. Before the eggs were delivered, I started from rational logic and made three points:

◎ First of all, the price war has brought about the popularity of AI. Some people say that AI is like air, and we cannot leave it in the future. And the big model price war, properly played the role of "air purifier".

Giants such as Baidu and Ali have cut prices, even for free, so that ordinary people can easily get in touch with better fresh air and better AI tools.

In fact, the fundamental reason for the price reduction is that the cost of large model reasoning is gradually decreasing. OpenAI has reduced the price by an astonishing 90% in the past year or so.

However, OpenAI has dropped so much in a year, and we have dropped so much overnight, so we feel the shock wave is even bigger.

The inner OS of the domestic big model: I can’t surpass you technically for the time being, and I can’t surpass you in price reduction?

◎ Secondly, the price war has also brought about internal friction and homogenization in the industry.

The big factories are fighting fiercely, while the small factories may face "the disaster of extinction".

Imagine the situation of a small AI company in the price war, just like a mouse tap dancing at the foot of an elephant. It is necessary to maintain elegance and avoid being trampled on the city.

The price war may also lead to the mismatch and waste of resources in the market. Excessive price competition will force manufacturers to cut costs and thus invest less in R&D and innovation.

This is not only not conducive to the long-term development of the whole industry, but also may lead to excessive market concentration, forming an oligopoly, further inhibiting the vitality and innovation power of the market.

Finally, to win the price war, we must persist in innovation and provide differentiated services.

The price war is only the first round of the Hundred Models War, and the real "ultimate confrontation" lies in the innovation of technology and service.

Just like the competition in the food industry, discounted noodles may temporarily capture consumers’ stomachs, but what really makes people forget is the bowl of "secret beef noodles" with unique flavor.

The same is true in the field of large models. After the price war, whoever can make that bowl of "secret beef noodles" will stand out in the future competition.

The price war of the big model is not terrible. There are two main reasons for the price war.

The first reason is that the computing power of big technology companies is surplus.

When the friction between China and the United States escalated, China’s technology giants were afraid of cutting off supply, so they frantically hoarded NVIDIA’s chips and piled up computing power resources quickly.

Later, Huawei’s rising series of chips were made, and the big manufacturers made a lot of purchases. As can be seen from the financial reports of Baidu and Ali, the expenditure in this area is very huge, reaching several billion yuan.

However, the promotion speed of AI application is not as fast as they thought, which leads to the idling of computing power and the waste of resources in the early stage.

Now big manufacturers are trying to dilute the cost and let the computing power roll up.

It is worth noting that,NVIDIA chips in the second-hand market are hard to sell now.

If you want to sell it to the government, the government won’t want it. They will only use domestic chips. I want to sell it to the cloud platform, but the cloud platform has plenty of computing power, so there is no need to buy new chips.

I received several calls from the United States asking if I could contact them. They have NVIDIA A100 or H100.

The second reason is the progress of technology and services.

In fact, ChatGPT is totally different from Alibaba Cloud and Baidu Cloud.

ChatGPT doesn’t do public cloud, doesn’t consider the dynamic distribution of public cloud, and doesn’t consider enterprise application scenarios, but piles up resources on the big model crazily.

On the other hand, cloud service providers in China should consider for enterprise users, and let them use artificial intelligence and big models on their own platforms, so the service of China Dachang will be better.

Both Alibaba Cloud and Baidu Cloud have been able to dynamically allocate the original computing resources with greater value and more efficiency.

For example, the original 100 cards can serve 150 users. Now, after technical upgrading, 100 cards can serve 250-300 users, which invisibly improves the utilization efficiency of counting cards.

The surplus of computing power resources and the improvement of applied technology have the basis for price war.

Throughout history, the current big model war, like the Thousand Regiments War and the Taxi APP War in the Internet era, all gave subsidies and gave low prices. In the end, only two or three giants were left.

It is expected that the domestic big model will decide the outcome in the first half of next year, and the public cloud market will also change.

Whoever has an advantage in this will probably take down the public cloud business. This is also an important reason why Alibaba Cloud took the lead in price reduction, and it wants to maintain its dominant position.

There are three main reasons why the domestic big model suddenly launched a price war.

First, domestic manufacturers use price wars to circle users;

Second, the middle and low-level competing products with stronger foreign strength have been free.The previous tariff standards of domestic manufacturers are invalid;

Third, long text applications and multimodal applications need more Token.If the tariff remains unchanged, the user’s use cost will be ridiculously high, and the manufacturer will become an island of the platform.

Price war is definitely not a good thing, although it is inevitable that prices will go down. Free is not the key, but the principle iteration, level improvement and multi-modal evolution of the model are the key.

The massive users accumulated for free may be lost overnight because the model intelligence level is left behind.

Now, the price war has become the communication highlight of domestic manufacturers. This is not right. What everyone should be concerned about is the innovative breakthroughs in model principle iteration, level improvement and multi-modal.

Companies with different volumes have different breakthrough directions. Startups with shallow funds should focus on applications, fine-tuning models or RAG or scene-based professional models.

But powerful manufacturers must dare to make breakthroughs at the bottom. If you don’t do your homework well, you won’t understand if you want to copy your homework in the future, and copying mistakes is even more likely.

You can’t copy your homework, nor can you copy your experience. If you want to bring Internet thinking to the wave of super intelligence, I am afraid that you have misunderstood the value source and development paradigm of AI, and the result is tantamount to self-satisfaction.

China’s Internet failed to move into the next era in time, which is behind the application, traffic and quick money thinking at work.

In the era of artificial intelligence, science and technology have become the force of value, facing the competitions of AGI, EI and II, and the traffic is only attached to science and technology.

Traffic in the sense of online celebrity will not bring user loyalty to AI products, especially for the general generative model, users with slightly poor standards will be lost instantly.

Without the continuous evolution of the core competence driven by the underlying technology, it is tantamount to building a so-called strong intelligence with application scenarios.

Finally, I want to say that AI must benefit everyone and AI must be people-oriented.

Science and technology should have values. Today and in the future, science and technology and its operators should always think about helping people, serving people and benefiting mankind, not dominating people, not controlling people, expelling people or squeezing people.

With the price reduction and the increasing number of open source of foreign big models, China big model manufacturers announced price reduction or free of charge, mainly because they wanted to expand the number of users.

Due to the limited scale of paying users of large models, it is difficult to train useful AI. Price reduction can attract more users to participate, increase the data scale, promote the improvement of models, and also help to expand market share.

Price war can be regarded as a strategy of market competition.

On the one hand, it helps consumers to obtain lower-cost products or services and promotes technology popularization and innovation.

On the other hand, excessive price war may lead to profit compression, affect the healthy development of the industry, and even lead to vicious competition.

There are not many paying users of the big model, and the price reduction will not bring adverse effects to themselves.

Facing the price war of big factories, startups should also be prepared to burn money and form their own competitive advantages as soon as possible.

Start-ups should focus on market segmentation, provide differentiated services, strengthen technological innovation or improve operational efficiency, and also seek the support of partners or investors to enhance their competitiveness.

In addition to the free strategy, upgrading the technical level is the core strategy.

In addition, the following measures can be taken to expand the user base: providing high-quality customer service and technical support; Cooperate with industry leaders to develop industry solutions; Improve public acceptance of AI technology through education and training.

"Let more people use AI" is a one-dimensional vision goal at the application level. Theoretically, the popularization of AI technology will bring huge social and economic benefits.

But in fact, the input-output ratio of the big model does not meet this expectation. We are suitable to advocate the long-term goal of defeating the big model from the perspective of bottom-level research and development.

Author | Mei Haoyu | Rao Zufen | responsibilityEdit | He mengfei

Editor | He mengfei | Source | VCG

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