Departments in charge of industry and information technology of all provinces, autonomous regions, municipalities directly under the Central Government, cities under separate state planning and Xinjiang Production and Construction Corps:

In order to implement the 14th Five-Year Plan for Industrial Green Development and the peak carbon dioxide emissions Implementation Plan for Industrial Fields, continuously improve the green manufacturing system, promote industrial green development, and help peak carbon dioxide emissions to be carbon neutral in industrial fields, we are now organizing to recommend the list of green manufacturing in 2022. The relevant matters are notified as follows:

First, the 2022 green manufacturing list recommended work requirements

Please follow the clear recommendation procedures in the Notice of the General Office of the Ministry of Industry and Information Technology on Developing Green Manufacturing System (No.586 [2016] of the Ministry of Industry and Information Technology, hereinafter referred to as the Notice), and organize local enterprises (including central enterprises, the same below) and parks to carry out declaration work and select and determine green factories and green design products in the region. Encourage all localities to establish and improve the local green manufacturing benchmarking mechanism, publish the provincial green manufacturing list, and give priority to the enterprises or parks included in the list.

In the past three years, it is not allowed to declare the list of green manufacturing in any of the following circumstances: it has not been operating normally; Accidents such as security (including network security and data security), quality and environmental pollution, and illegal acts such as tax evasion occur (subject to "Credit China" and "National Enterprise Credit Information Publicity System"); Being dynamically adjusted out of the green manufacturing list; Being found to have serious problems in the relevant inspection work of the State Council and relevant departments; Being included in the list of industrial energy conservation supervision and rectification and failing to complete the rectification as required; The person who is untrustworthy is executed, etc.

(1) Green factories

Please refer to the General Rules for Green Factory Evaluation (GB/T36132-2018) to carry out self-evaluation and third-party evaluation. If the industry standard for green factory evaluation has been published (which can be viewed on the website of the Department of Energy Conservation and Comprehensive Utilization of the Ministry of Industry and Information Technology), self-evaluation and third-party evaluation shall be conducted according to the requirements of the industry standard. The number of applications in each region will be determined according to factors such as the number of industrial enterprises above designated size.

In order to give play to the leading role of green factories in energy saving and carbon reduction, the energy efficiency level of key energy-consuming industries should, in principle, reach or exceed the Benchmark Level and Benchmark Level of Energy Efficiency in Key Areas of High Energy-consuming Industries (2021 Edition) (No.1609 of Development and Reform Industry [2021]) and Benchmark Level and Benchmark Level in Key Areas of Clean and Efficient Utilization of Coal (2022 Edition) (No.559 of Development and Reform Operation [2022]). Industries that do not specify the benchmark value of energy efficiency should, in principle, meet or exceed the advanced value of the corresponding national energy consumption quota standards. In addition, the recommended green factories in each region should be benchmarked against the existing green manufacturing level indicators, and the main indicators such as energy efficiency level should be better than the existing green factories in the same region.

(B) Green design products

Please visit the website of Energy Conservation and Comprehensive Utilization Department of the Ministry of Industry and Information Technology for the recommended range and standards of green design products this year, and check them in the "List of Green Design Product Standards". The products to be applied are only those with standards specified in the list. According to the specific requirements of the standard, prepare the self-evaluation report of green design products.

(3) Green industrial parks

All regions should organize industrial parks with good industrial foundation, perfect infrastructure and high level of green manufacturing to declare, and carry out self-evaluation and third-party evaluation with reference to the relevant requirements of green park evaluation in the Notice. The recommended green industrial parks are provincial-level and above industrial parks with product manufacturing and energy supply as the main functions, industrial added value accounting for more than 50%, legal boundaries and scope, and unified management institutions. The pilot units of national low-carbon industrial parks are encouraged to carry out the construction of green industrial parks. In principle, no more than three green industrial parks are recommended in each region.

(D) Green supply chain management enterprises

All regions should organize chain owners with great industry influence, strong operating strength, complete industrial chain, good foundation of green supply chain management and leading role in the industrial chain to declare, and carry out self-evaluation and third-party evaluation with reference to the relevant requirements of green supply chain evaluation in the Notice. For three industries, such as electronic appliances, machinery and automobiles, self-evaluation and third-party evaluation are conducted according to the "Evaluation Index System for Green Supply Chain Management Enterprises" (which can be viewed on the website of the Department of Energy Conservation and Comprehensive Utilization of the Ministry of Industry and Information Technology).

Please submit the electronic version of the application materials (Annexes 1-5) to the Ministry of Industry and Information Technology (Department of Energy Conservation and Comprehensive Utilization) through the Industrial Energy Conservation and Green Development Management Platform (https://green.miit.gov.cn) before October 31, 2022.

Second, the dynamic management requirements of green manufacturing list

All regions are requested to strengthen the follow-up guidance and dynamic management of green manufacturing list enterprises or parks, establish a regular reporting mechanism for key indicators of green manufacturing level, organize green manufacturing list enterprises or parks to fill in the dynamic management table of green manufacturing every year (Annex 6-9), and review the key indicators specified in the dynamic management table. If the key indicators of green manufacturing level do not meet the requirements of green manufacturing evaluation, organize on-site evaluation, put forward dynamic adjustment opinions and report them to our department, which will adjust the list after comprehensive evaluation. Accidents such as security (including network security and data security), quality and environmental pollution, and tax evasion (subject to "Credit China" and "National Enterprise Credit Information Publicity System") should be reported to our department in a timely manner, and our department will remove them from the list.

Please pass the electronic version of the first six green manufacturing list dynamic management forms through the industrial energy saving and green development management platform (https://green.miit.

Gov.cn) submitted to the Ministry of Industry and Information Technology (Department of Energy Conservation and Comprehensive Utilization).

Third, the third party evaluation agencies related requirements

Third-party evaluation institutions shall carry out their work in accordance with the Reference Procedure for Evaluation of Green Manufacturing System (No.564 [2017] of the Ministry of Industry and Information Technology), be responsible for the authenticity and accuracy of the contents and results of the evaluation report, maintain independence from the self-evaluation activities of the applicant, and do not participate in the preparation of the self-evaluation report. Evaluation institutions that have been verified to be fraudulent or deliberately conceal the problems of the evaluated party in the evaluation process will be blacklisted and their evaluation results will not be accepted within three years.

Third-party organizations that carry out evaluation work related to green manufacturing system shall meet the following basic conditions:

(1) Enterprises, institutions, trade associations, etc. registered within the territory of People’s Republic of China (PRC) and having independent legal personality, having the experience and ability to carry out relevant evaluation;

(2) Having a fixed office space and working conditions for evaluation, and having a sound financial management system;

(3) There shall be no less than 10 full-time personnel with intermediate professional titles or above engaged in green assessment, including no less than 5 senior professional titles in energy, environment, ecology, low carbon and life cycle assessment;

(4) The personnel of the evaluation institution shall abide by the national laws, regulations and evaluation procedures, and be familiar with the policies and standards related to green manufacturing;

(five) have the ability to carry out the evaluation of green factories, green industrial parks, green supply chains and other fields, and lead or participate in the evaluation, demonstration and evaluation of green manufacturing or scientific research projects at or above the provincial level in the past five years, or formulate national and industrial standards and policies related to green manufacturing.

The third-party evaluation of green manufacturing system is carried out by the reporting enterprise or the evaluation institution independently entrusted by the park. In order to improve the evaluation quality, this batch of green manufacturing system evaluation projects (including green factories, green industrial parks and green supply chain management enterprises) carried out by the evaluation institutions of the same legal person (including enterprises and institutions associated with them) shall not exceed 15 in total, and our department will disclose the passing rate of evaluation work carried out by third-party evaluation institutions.

Third-party organizations involved in the evaluation of green manufacturing should submit the electronic version of "Annual Work Report of Evaluation Organizations" (Annex 10) to the Ministry of Industry and Information Technology (Department of Energy Conservation and Comprehensive Utilization) through the industrial energy conservation and green development management platform (https://green.miit.gov.cn) before October 31, 2022.

Fourth, other requirements

All regions should do a good job in summarizing and recommending typical experiences. Our department will organize to publicize the advanced experience and typical practices of units with obvious green characteristics and outstanding results, and give full play to the benchmarking effect. Encourage green manufacturing list units to continuously carry out green and low-carbon upgrading, publish green development or sustainable development reports, publicize advanced experiences and typical practices of green manufacturing, make green development commitments, fulfill social responsibilities, and accept public supervision.

Contact person and telephone number: Wang Chengbo 0-68205340

Attachment: 1. Summary table recommended by provincial industrial and information departments. wps

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?#xa0; ?#xa0; ?#xa0; 5. Green supply chain management enterprise self-evaluation report and third-party evaluation report. wps

?#xa0; ?#xa0; ?#xa0; 6. Green factory dynamic management table. doc

?#xa0; ?#xa0; ?#xa0; 7. Green design product dynamic management table. doc

?#xa0; ?#xa0; ?#xa0; 8. Green industrial park dynamic management table. doc

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?#xa0; ?#xa0; 0. Annual work report of the evaluation institution. doc

General Office of Ministry of Industry and Information Technology

September 16, 2022

　　[PConline evaluation] "Keeping pace with the times" is like the blood flowing in the body of a technology manufacturer. Without blood, you can’t survive; Without hematopoiesis, there is no vitality. And "keeping pace with the times" has different concrete appearances in different industries and different types of manufacturers. For example, in the notebook industry we are going to talk about next, "keeping pace with the times" means using the latest hardware and adopting a design language that fits the times and approaches consumers.

　　From the hardware point of view, the latest hardware is nothing more than Intel’s eight-generation (thin notebook)/nine-generation (game notebook) processors and NVIDIA’s MX (thin notebook) /RTX (game notebook) graphics cards. As a leader in the notebook industry, what kind of new hardware is connected in series and what kind of design is used to make Lenovo’s products stand out in the fierce competition in the market? This time,

　　Intimate design and accurate positioning of users

　　Just as black and white is an eternal classic, simplicity is a design that never falls behind. However, simplicity does not mean monotony, and how to distinguish simplicity from monotony, Lenovo Xiaoxin Air 15 2019 is realized by small corner LOGO embellishment.

　　The front of Lenovo Xiaoxin Air 15 2019 is treated with frosting and spraying technology. On the whole, it looks strong in metal texture, and it is dry and delicate in practice.

　　On the front of Nuoda, except Lenovo Logo in the upper left corner, the notebook has no other gaudy logo, which is concise and clear, not only conforms to the design pursuit of simplicity and fashion of young people at present, but also shows the neatness and competence of business elites when taking it on business trips.

　　When it comes to the use of business elites, Lenovo Xiaoxin Air 15 2019 is equipped with many practical interfaces. Among them, from the outside to the inside, USB 3.1 interface x 2, SD card reader and small hole with "one-button recovery" function are arranged on the right side. The external USB 3.1 interface can charge mobile phones, tablets and other devices even if the computer is turned off. The notebook is cleverly transformed into a large charging treasure, and there is no need to carry multiple charging treasures on business trips, which is easy and enjoyable; The "one-button recovery" function converted from the ThinkPad blue key can also help users get out of trouble easily when they encounter intractable problems such as system crash/computer blue screen.

　　As for the left side, the power interface, HDMI display interface, USB Type-C interface and 3.5mm 2-in-1 audio interface are listed in turn. With the addition of USB Type-C interface, the diversified interface support of the computer is realized. No matter what type of data cable the mobile phone uses, there is always an interface suitable for you.

　　At the back of the rotating shaft and the bottom of the notebook, a large fence corresponds to the cooling fan of the notebook, and the heat generated when the notebook runs large software also has sufficient cooling space.

　　In addition, different from the traditional four-corner foot pads, Lenovo Xiaoxin Air 15 2019 uses 2+1 rubber foot pads at the bottom, with long and thick rubber foot pads. With the first two small foot pads, the notebook can be used stably in more scenes.

　　Thanks to the flexibility of the rotating shaft, the opening and closing angle of Lenovo Xiaoxin Air 15 2019 model can reach 180. It is also very convenient to play drama on the sofa/bed in leisure time and discuss ideas with others at work.

　　The narrow bezel design that keeps pace with the times generally stays at a width of 7.5mm in the market, while Lenovo Xiaoxin Air 15 2019 has achieved a width of 4.25mm, which makes the notebook screen account for as much as 85.3%. The 15.6-inch notebook looks only the size of the traditional 14-inch notebook. When users are working, their horizons are wider and their mood is naturally brighter, and they can also feel greater vision when watching movies.

　　Due to the integration of the camera and microphone required for video, the forehead of Lenovo Xiaoxin Air 15 2019 is not as narrow as the borders on both sides, but it is still much narrower than the ordinary models on the market. On this narrow forehead, Lenovo skillfully added a physical peep-proof switch to the camera, turned it off to the left and turned it on to the right. In an era when privacy is increasingly valued, sometimes an excellent design language is a small and intimate design that meets the needs of the times.

　　Now that we talk about privacy protection, fingerprint recognition is indispensable for a light notebook that keeps pace with the times. In the lower right corner of the keyboard of Lenovo Xiaoxin Air 15 2019, the fingerprint recognition function is added to Lenovo Xiaoxin Air 15 2019. This pressed fingerprint key can be used as a power-on key, and it can be unlocked to enter the system when it is dormant, thus avoiding the embarrassment of inputting passwords in front of many people and effectively protecting personal privacy.

　　Maybe you will ask, with this button, what is the function of the power button in the upper right corner? Just as the "one-button recovery" function exists, a backup scheme is also needed for the safety of business use. The existence of the power key is not only the first entrance when fingerprint identification is not set, but also the second entrance when fingerprint identification fails.

　　In order to get a better feel, many users like an external mechanical keyboard. Going on a business trip means saying goodbye to the mechanical keyboard, but using Lenovo Xiaoxin Air 15 2019 does not mean saying goodbye to a good feel.

　　Lenovo Xiaoxin Air 15 2019 keyboard adopts an isolated chocolate keyboard, and each key exists independently, with a distance of 19.05mm, which is not easy to touch by mistake; The key stroke is 1.3mm, and the quick tapping response is quick; Coupled with the matte paint on the surface of the keycap, although the feel is not as good as that of the mechanical keyboard, it is definitely not bad for business trips.

　　In addition, it is not difficult to use the backlight at night by calling up the backlight through FN+ space bar. And the digital keyboard area that makes full use of space will greatly improve the office efficiency for friends who have to deal with numbers every day.

　　In the touchpad part, Lenovo Xiaoxin Air 15 2019 adopts an integrated glass touchpad solution. The area looks small, but it is very sensitive and smooth in actual operation. It can complete accurate operation only by clicking and gesturing, and it is not a big problem without a mouse in daily office.

　　Surrounding dolby pro logic with 15.6-inch ultra-narrow bezel and high color gamut full HD IPS full screen not only provides users with excellent audio and video experience visually but also audibly.

　　In terms of thickness and weight, Lenovo Xiaoxin Air 15 2019 is made of aluminum alloy metal, which provides sufficient strength guarantee for the fuselage, and also makes the whole notebook lighter. The thinnest part is 16.9mm, and the 15.6-inch fuselage with power adapter is only 2.3kg (1.76kg for the fuselage), so it is relatively light to carry on business trips.

　　Excellent configuration to enhance user experience On the screen side, Xiaoxin Air15 2019 adopts the popular "high color gamut IPS screen", which has a high color gamut coverage of 72%NTSC, and the screen resolution is 1920×1080. The surface layer is treated with anti-glare atomization, and with the high brightness of 300 nits, it also has a good impression under strong light.

　　On the processor side, Lenovo Xiaoxin Air 15 2019 is an eight-generation Core i7-8565U equipped with Intel’s latest Whiskey Lake architecture. This processor has been enhanced, and its performance is at least 10% higher than that of the i7-8550U introduced earlier, with a main frequency of 1.8GHz, a turbo frequency of 4.6GHz, 4 cores and 8 threads, a third-level cache of 8 MB, and a TDP of 15W.

　　With a stronger eight-generation Core i7-8565U, Lenovo Xiaoxin Air 15 2019 also enables multi-mode support. Through FN+Q, users can switch between beast, mute and balanced modes at will.

　　When the external power supply is inconvenient for business trip, use the "silent" mode with longer battery life; Leisure and entertainment want to play games such as League of Legends to start the "beast"; Multi-mode selection also makes it better adapt to more usage scenarios.

Silent mode

Beast mode

　　Then, under different modes, what is the performance difference of Lenovo Xiaoxin Air 15 2019? We tested its lowest performance "silent" mode and the strongest performance "beast" mode through CINEBENCH R15. The results are shown in the figure, and the final results of the "silent" mode are: multi-core 542cb and single-core 160cb；; Final results of "Beast" mode: multi-core 694cb, single-core 171cb.

　　Judging from the score, the silent mode is quite different from the Beast mode, but don’t underestimate the performance of the silent mode, which is only a little lower than i7-8550U (single core 166cb, multi-core 561cb), which also means that in the silent mode, any browser can be opened more, office software can be used, or PS retouching, video editing and simple rendering can be done.

　　As for the "Beast" mode, the single-core performance basically exceeds that of the previous generation i7-7700HQ standard voltage. In other words, this processor has more than enough computing power to deal with some mainstream online games.

　　Since there is no problem with the computing power of the processor, the only other factor that may hinder the notebook from playing is the core temperature. We use AIDA for this part? 64 Carry out CPU copying test on Lenovo Xiaoxin Air 15 2019. Under the condition of 100% high load, we can see that the core temperature of i7-8565U fluctuates regularly between 70℃ and 90℃, and the whole process processor runs stably without sudden frequency drop. It is not easy to perform stably at high temperature. This achievement is not only due to the low power consumption of Intel processor, but also thanks to the design skill of Lenovo’s double fans, double copper pipes and die cooling of the whole machine.

　　During the copying process, we tested Lenovo Xiaoxin Air 15 2019 with infrared thermometer. Under the condition of room temperature of 26.1℃, the high temperature area of the machine is mainly concentrated in the heat dissipation port at the rotating shaft, with the highest temperature of 47.3℃. Only by touching that position with your hands can you feel the temperature.

　　As for the graphics card, NVIDIA MX250 has a core frequency of 1519MHz and a memory frequency of 1752MHz. It is full of blood without castration, and its performance is improved by 5% ~ 10% compared with the "full blood version" MX150, which can meet the needs of ordinary 3D online games and barely getting started eating chicken. In addition, the editing speed of general pictures and videos such as Photoshop, Illustrator, Lightroom and Premiere will be faster.

　　In the hard disk part, Lenovo Xiaoxin Air 15 2019 has a built-in 1T PCIe SSD. In the test of CrystalDiskMark, the sequential reading and writing speed of 1G file is as high as 3453MB/s and 2107MB/s, and the random reading and writing performance of 4K is 37.35MB/s and 77.78mb/s. To be honest, it is quite unexpected that the sequential reading and writing can reach such a high speed. This side reflects that Lenovo uses the same amount of materials in invisible places, and uses high-standard hardware at any cost, in exchange for a smooth user experience with 5 seconds of boot and rapid software response. In terms of product scalability, according to the official product introduction, Xiaoxin Air15 2019′ s memory supports a maximum of 20G dual-channel memory expansion. The SSD also supports dual SSDs, with extra M.2242 extension bits reserved, and supports PCIe bus and NVMe protocol as well as the main hard disk bits. As a thin notebook with a thickness of only 16.9mm, its storage scalability is still worthy of recognition.

　　The battery life-related part is a highlight of Air15 2019. Compared with the previous generation of 45Wh and the current situation that the products of the same level are mostly hovering at 50-60Wh, this year’s Air15 2019 battery has jumped to a super-large capacity of 70Wh, which is a ride in the same level of light and thin books. The official announcement has the longest battery life of 19 hours. Of course, this is the theoretical time. In fact, it is closer to the scene used by users. We recommend using PC Mark8′ s Work mode battery life test. Due to the compatibility problem with the language pack of PC Mark8, it is temporarily impossible to carry out the battery life simulation test on the test machine on hand. According to the results released by netizens at present, the longest working mode can reach about 7-8 hours. This has obvious advantages over the common score of about 5 hours.

　　In addition to the large battery, Air15 2019 also supports ultra-fast charging technology, claiming that it can be used for 4 hours after charging for 1 quarter of an hour, and it can use the fragmented time to quickly "return blood" to the computer. However, the description of 65W high-power adapter reminds me of Z6 Pro’s "27W fast charging adapter" some time ago, which is funny manually.

　　Summary:

　　Even if it is implemented in notebooks, the performance of "keeping pace with the times" is different because of different product segments. Lenovo Xiaoxin Air 15 2019, based on the common elements such as large screen, all-metal, thinness and uniqueness, also strengthened the two outstanding advantages of screen quality and battery capacity, and explained to you the configuration and design language that a large-size business thinness should have. Its version of i5/8G/1T SSD/MX250 is priced at only 5499 yuan, which is still very competitive in a light and thin book of 5000 yuan. .

　　At present, the temperature in winter is changeable, cold and hot, and respiratory infectious diseases such as influenza enter the high-incidence season.

　　According to the press conference of the National Health and Wellness Committee, at present, with the continuous winter in various places, respiratory diseases have entered a period of high incidence. Monitoring shows that influenza is the main infectious disease of respiratory tract recently. In addition, there are rhinovirus, mycoplasma pneumoniae, respiratory syncytial virus, adenovirus and so on.

　　Recent monitoring in Guangzhou shows that acute respiratory infectious diseases mainly caused by influenza and mycoplasma pneumoniae are active, and respiratory infections caused by rhinovirus, adenovirus, respiratory syncytial virus and other common respiratory pathogens are intertwined. In particular, the level of influenza activity has increased significantly. At present, influenza A (H3N2 subtype) and influenza B (Victoria strain) are prevalent at the same time, and influenza is gradually entering the winter epidemic period.

　　How to judge which pathogen is infected? Influenza, mycoplasma pneumoniae and respiratory syncytial virus infection will all have symptoms such as cough and fever. How to distinguish them?

　　flu

　　Influenza is an acute respiratory infectious disease caused by influenza virus. Influenza patients and recessive infected people are the main sources of influenza infection, and the transmission route is mainly droplet transmission, but also through direct or indirect contact with mucous membranes such as mouth, nose and eyes.

　　The incubation period is 1-4 days, and the acute onset is mainly manifested as fever (high fever can occur in some cases, reaching 39-40℃), cough, sore throat, headache, myalgia and general malaise, and there may be symptoms such as chills, chills, aches and pains in muscles and joints all over the body, fatigue and loss of appetite. Some patients may be accompanied by vomiting, abdominal pain and diarrhea, which are more common in children.

　　Influenza patients generally have a good prognosis. After 3-4 days of onset, their body temperature gradually subsides and their systemic symptoms improve. However, children, the elderly, people with basic diseases, obese people and pregnant women are prone to develop into severe diseases after infection, so they should be treated promptly.

　　Vaccination with influenza vaccine can effectively reduce infection, even if it is infected, it can also reduce the incidence, and even if it is infected, it can also reduce the severity of the disease.

　　Mycoplasma pneumoniae

　　Mycoplasma pneumoniae is the smallest known microorganism that can live independently between bacteria and viruses. It is mainly transmitted by droplets and direct contact, and the population is generally susceptible, especially in children and adolescents over 5 years old. Usually, when the seasons change, for example, when summer turns to autumn or autumn turns to winter, there may be local and short-lived clustering epidemics.

　　The incubation period is 2-3 weeks, and the main symptoms are similar to those of most respiratory diseases, with fever and cough as the main symptoms. Generally, the cough is severe, and it may last for 1-2 weeks after the fever has gone down. After children are infected with mycoplasma, most of them show upper respiratory tract infection, a small number of them are lower respiratory tract infection (possibly bronchitis or pneumonia), and a small number of them may develop into severe mycoplasma pneumonia.

　　Generally speaking, after mycoplasma infection, there will be no repeated infection in a short period of time (1-2 months). It should be noted that if the symptoms of infection recur, it is often that the last mycoplasma pneumoniae infection did not heal, and the local lesions were not completely removed and secondary infection occurred.

　　At present, there is no vaccine to prevent mycoplasma pneumoniae infection. If you have fever accompanied by severe cough, you should see a doctor in time, find out the cause as soon as possible, standardize the treatment, and avoid using drugs blindly.

　　Respiratory syncytial virus

　　Respiratory syncytial virus is a common and highly contagious RNA virus. Spread through droplets and close contact, or spread through contaminated hands and surfaces.

　　The incubation period is usually 2-8 days, and detoxification can last for 1-3 weeks. Patients often have upper respiratory symptoms after infection, and the typical symptoms of children infected with syncytial virus are fever, cough, stuffy nose and runny nose. The typical symptoms of adult infection are very similar to the common cold, such as low-grade fever, cough, stuffy nose and runny nose.

　　Most patients’ symptoms will disappear spontaneously within 1-2 weeks, and a small number can develop into lower respiratory tract infection (i.e. bronchiolitis or pneumonia), which is more common in young infants. Clinical symptoms include cough and wheezing.

　　At present, there are no syncytial virus vaccines and special therapeutic drugs on the market in China. Syncytial virus can be repeatedly infected and easily spread at home, and infection can be prevented by strengthening personal protection and other measures.

　　Rhinovirus

　　Rhinovirus is one of the main pathogens causing the common cold. Mainly through direct contact and droplet transmission; Infants, the elderly and immunocompromised people are susceptible to rhinovirus.

　　The incubation period is 2-5 days, and the clinical manifestations are mainly runny nose, sneezing, throat discomfort, nasal congestion, cough, mild sore throat, low or slightly elevated body temperature, often accompanied by sinusitis and otitis media. Although rhinovirus infection can gain immunity, it lasts for a short time, so people can be infected with rhinovirus repeatedly.

　　At present, there is no specific prevention and treatment method. The patient’s condition is generally self-limited, with mild symptoms and can be cured in a week or so.

　　adenovirus

　　Adenovirus is not a new virus, it is a common virus that causes respiratory infection in children, and it is the main cause of community-acquired pneumonia in children. It can spread through droplets, close contact and fecal-oral route, and can also spread through water. Babies over 6 months old, school-age children and immunocompromised people are the high-risk groups of adenovirus infection.

　　The course of disease is usually 5-7 days, but the symptoms may last for up to 2 weeks, which may be complicated with bacterial infection. Symptoms vary according to the affected parts, and may include: fever, sore throat, runny nose, cough, earache, conjunctivitis (also known as "red eye"), diarrhea and hoarseness.

　　Adenovirus infection is mostly self-limited and supportive treatment is adopted. Antiviral therapy is usually only used for severe adenovirus disease, and most of these patients have impaired immune function.

　　At present, there is no adenovirus vaccine in China, and the prevention of adenovirus infection mainly focuses on hygiene, especially hand hygiene.

　　How to scientifically prevent respiratory diseases in daily life?

　　1. Wash your hands frequently. Wash your hands with soap or hand sanitizer and flowing water. Cover your mouth and nose with a handkerchief or paper towel when sneezing or coughing to avoid polluting your hands and the surrounding environment.

　　2. More ventilation. Keep the indoor air circulating, and generally ventilate 2-3 times a day at home in winter for about 30 minutes each time.

　　3. gather less. During the epidemic of infectious diseases in winter and spring, try not to go to crowded places and avoid contact with patients with respiratory diseases. It is recommended to wear masks when you need to go.

　　4. Drink plenty of boiled water. Keep the nasal mucosa moist, effectively resist the invasion of viruses, and also facilitate the excretion of toxins in the body and purify the environment in the body.

　　5. Eat a balanced diet and exercise properly to enhance your physical fitness (outdoor activities should be reduced in foggy days).

　　6. Vaccinate. Vaccine is an effective means to prevent related infectious diseases. For infectious diseases such as influenza, chickenpox and mumps, susceptible people can be prevented by vaccination in advance.

　　7. Once infected with infectious diseases in winter and spring, patients should take hospitalization or rest at home according to their illness and doctor’s advice, and avoid participating in group activities and entering public places during this period. Resume daily activities such as going to school and going to work after it is not contagious.

　　Source: "Guangzhou CDC I Health" WeChat WeChat official account

Original title: China strikes back! Accompany the Sino-US trade war provoked by Trump to the end

In the early hours of last night, US President Trump formally signed a presidential memorandum to impose punitive tariffs on China’s imports and exports worth $60 billion to punish "China’s theft of American intellectual property". When Trump signed this memo, he still recited in his mouth:

This is just the beginning.
This is the first of many.

Trump signed a presidential memorandum at the White House. Photo from: Xinhua News Agency Trump’s move officially started a trade war with China, and he also suffered a loss of 800 yuan. As soon as the news came out of the earthquake in the US stock market, the Dow Jones Industrial Average plummeted by more than 700 points, and the three major stock indexes all fell by more than 2.4%, the biggest drop in a single day in more than a month.

This news has also implicated the global stock market, and the global stock market is full of sorrow. After the opening of the China stock market, the Shanghai and Shenzhen Stock Index 300 also recorded a decline of more than 3%. By the close, the Shenzhen Component Index fell by 4.02%, and the Shanghai Composite Index also fell by 3.39%. More than 400 stocks in the Shanghai and Shenzhen stock markets fell.

Cui Tiankai, China’s ambassador to the United States, faced Trump’s restrictive measures against China, and Cui Tiankai, China’s ambassador to the United States, quickly responded through the official Facebook. Cui Tiankai said that the accusation of China’s intellectual property infringement was "unfounded" and China did not want to fight a trade war, but it was not afraid of a trade war:

We will definitely fight back, and we will retaliate. If someone wants to play hard, we will play hard with them to see who will last longer. Trump has been planning for a long time. According to this presidential memorandum just signed by Trump, the Office of the US Trade Representative will formulate a specific plan to impose tariffs on China goods within 15 days, and will also sue China to the World Trade Organization for related issues. At the same time, the U.S. Treasury Department will issue relevant plans within 60 days to restrict China enterprises’ investment and mergers and acquisitions in American enterprises.

At present, the Trump administration hasn’t revealed which China goods it will impose tariffs on. However, according to foreign media reports such as The New York Times, the United States will introduce 100 tariff measures against China, and the US Trade Representative Office has drawn up a list of 1,300 goods worth $48 billion. New York Post commented on this tariff measure:

Trump’s order to impose tariffs on China’s goods and restrict China’s investment in the United States is a slap in the face to the world’s second largest economy. Trump said that these measures are aimed at solving the US$ 375 billion trade deficit with China, and bluntly said that these tariffs "make us a stronger and richer country". This may be the American dream in Trump’s eyes. In fact, Trump has been planning to take a stronger trade strike against China since he took office.

The main basis for this tariff increase on China is the "301 investigation" launched by the United States against China last year. On August 14th last year, Trump signed an executive order authorizing US Trade Representative Wright Heze to formally launch a trade investigation on China in the fields of technology transfer, intellectual property rights and innovation in accordance with Section 301 of the Trade Act of 1974. On August 18th, Wright Heze announced the official launch of the "301 investigation" in China.

Trump signed an executive order to launch a "301 investigation" against China. This trade bill, which was born during the Cold War, has always been the hegemonic weapon of American unilateralism, and now it is being used again against China. Since 2001, the United States has only launched a "301 investigation" against Ukraine in 2013. Over the past 30 years, the United States has launched "301 investigation" on China many times, among which the most frequent investigation was in the 1980s and 1990s. The last time was in 2010, the United States announced the launch of the "301 investigation" on China’s clean energy policies and measures, but in the end, China and the United States reached an agreement through negotiations, and the United States did not take any measures.

It may also be that in the past, the United States only used the "301 investigation" as a deterrent. When Trump announced the launch of the "301 investigation" on China last year, many media and scholars thought that the symbolic significance was greater than the actual significance. The New York Times and the Financial Times both pointed out at that time that there was little chance of a Sino-US trade war because of the length of the investigation and geopolitical factors. Like the time he was elected president, Trump gave the United States and the world a big "surprise" this time. In fact, in January this year, the United States announced that it would impose temporary tariffs on imported solar cells and panels and large household washing machines. Earlier this month, Trump announced that he would impose high tariffs on imported steel and aluminum. Trump’s determination to go further and further on the road of "trade protectionism" is already obvious.

The former site of a steel mill in Guangzhou, China. The steel produced in China actually accounts for only about 2% of the steel used in the United States. Photo: The New York Times At the G20 meeting that ended not long ago, U.S. Treasury Secretary Mnuchin once again stressed that a series of tariff measures in the United States are to protect their industries from the impact of dumping and unfair competition. However, American companies don’t seem to buy it. A few days ago, 45 trade associations, including Apple, Google, Nike and Wal-Mart, jointly called on the Trump administration to suspend its plan to impose tariffs on China products.

Photo from: After Trump announced the imposition of tariffs on China on a large scale, the new york Times warned that the decision of American business organizations to use tariffs to solve the problem may be counterproductive. Imposing tariffs not only harms American consumers, but may also lead to retaliation.

Photo from: YouTube, the National Retail Federation, believes that increasing tariffs will "make ordinary Americans punished for China’s violations". Accompany to the end! China strikes back. As stated in an earlier statement of China’s embassy in the United States, China is not only not afraid of a trade war, but will also make a strong counterattack to the end. On the morning of March 23rd, China’s Ministry of Commerce also officially issued a statement on this Trump tariff measure, and responded to the US trade measure with actions.
China decided to impose tariffs on some imported goods from the United States, so as to balance the losses caused to China’s interests by the United States imposing tariffs on imported steel and aluminum products.

The Ministry of Commerce issued a list of products that were suspended from the 232 measures to import steel and aluminum products from the United States and solicited public opinions. The list included 128 items in 7 categories, involving about 3 billion US dollars of American exports to China. The list was divided into two parts. The first part included 120 items, involving 977 million US dollars of American exports to China, including fresh fruits, dried fruits and nut products, wine, modified ethanol, American ginseng, seamless steel pipes and other products. The second part includes 8 taxes, involving US$ 1.992 billion in exports to China, including pork and its products, recycled aluminum and other products. It is proposed to impose a 25% tariff.

The Ministry of Commerce pointed out that the United States restricted the import of products on the grounds of "national security", which seriously undermined the multilateral trading system represented by the WTO and seriously interfered with the normal international trade order. In fact, in the face of Trump’s Si Mazhao heart, China’s counterattack has already begun. Yesterday, China’s Ministry of Commerce issued two announcements in succession. One was to decide to continue to levy anti-dumping duties on photographic paper imported from the European Union, the United States and Japan, and the other was to file an anti-dumping review on hydroquinone imported from the United States and Japan.

Trump’s "shooting yourself in the foot": When commenting on Trump’s trade measures, both China officials and American media used a sentence: shooting yourself in the foot. China’s ambassador to the United States clearly pointed out in the statement:

This move by the United States will also lift a rock and drop it on its own feet, which will directly harm the interests of American consumers, companies and financial markets, and will also have a negative impact on the international trade order and world economic stability.

The New York Times also published an article entitled "Trump tariff war will lift a rock and drop it on your own feet? "article, the article quoted the views of trade experts:

These policies will alienate allies and undermine the potential for collective action by countries that are equally dissatisfied with China, thus weakening the position of the United States in the world. In an article, the Financial Times said that Trump was not fully prepared for this explosive trade war:

Trump’s trade war with China may turn into a quagmire for a long time, just like the invasion of Afghanistan. According to a research report recently released by the American Information Technology Innovation Foundation, if the Trump administration imposes a 25% tariff on information and communication technology products imported from China, it will cause the US economy to lose about $332 billion in the next 10 years.

Trump’s stroke of a pen has a great impact on China, the United States and the world, but it is also in line with Trump’s style. It’s just that Trump may have made a decision that harms others, and the global stock market crash has just begun. However, this boot has not yet fully landed. Before the bill to increase tariffs is officially implemented, there will be a consultation period, and members and other relevant people can also propose amendments to this tariff policy, which is also the last room for manoeuvre.

However, who can persuade Trump?

Special feature of 1905 film network Six days after its release, The Four Kings of Di Renjie in the same period earned 1.447 billion yuan and 409 million yuan respectively, with a gap of more than three times.

Box Office Comparison between The Richest Man in Xihong City and Di Renjie (Source: Taobao Film Professional Edition)

But before the release, the data of the two films were not the same.

As of July 18th, The Four Kings had 37,000 first-day screenings, while the first-day screenings of The Richest Man in Xihong City were only 18,000.

At that time, Tsui Hark’s third Di Renjie series was far ahead of Mahua FunAge’s fourth, whether it was momentum or pre-sale. The latter’s online pre-sale is even just a fraction of the former.

But the data changed on the day of the release. On the day of the release, "Four Kings" opened 115,000 screenings, with a box office of over 100 million. However, "The Richest Man in Xihong City" won twice the box office income of Tsui Hark’s costume fantasy blockbuster with an extra gap of 30,000 games.

Comparison of box office and film arrangement of two films on the first day of release (July 27)

On the morning of 28th, the douban score of "Xihong City" also surpassed "Di Renjie" by 0.1.

We asked a publicist of "The Richest Man in Xihong City", and she revealed that the online pre-sale of the film was really late. However, based on the huge audience, it is not surprising to achieve the current box office results.

　

"Our distribution team went to a city like Qiqihar and found that the cinema was full in the afternoon." She said.

Xiao Dianjun learned that in the pre-heating stage of publicity, Alibaba Pictures, one of the producers of "The Richest Man in Xihong City", built a ticketing platform fan community, "Xihong City Community".

Users can join the Xihong community and become Xihong citizens by clicking "Want to See". In the community, through game interaction, film association and ticket purchase guidance are carried out.

Relevant people told Xiao Dianjun,At present, the number of "citizens" in this community has reached 1.91 million: "At different stages, it has brought many benefits to let users interact and spread."

　

Compared with "Xihong City", the marketing efforts of "Di Renjie" are slightly lacking. At the beginning of Huayi’s "Former 3" tasted the sweetness through the marketing of short video platforms such as Tik Tok, as its film, "Four Kings" inevitably used these platforms to gather young people.

Comparison of official account data of two films in Tik Tok

"As a channel platform, Tik Tok is actually similar to Weibo and WeChat a few years ago. As a social platform, it can directly deliver some marketing actions to customers, and it is an unavoidable channel platform in this year’s project implementation." A propaganda of "Four Kings" tells us that he also mentioned that the advantage of such a platform is that there is no middleman to earn the difference.

　

Because it has been five years since the last Di Renjie was released, the promotion of Four Kings pays special attention to the marketing of young people.

In addition to the behind-the-scenes tidbits, the short videos of Four Kings on Tik Tok include "CP" of Mark Chao and Kenny Lin, "Shui Yue Makeup" created by many masters and Carina Lau’s "This is Jison" and other funny clips.

Various short videos of "Four Kings" launched on Tik Tok.

Tsui Hark even accepted an interview with the barrage website. At present, the video has been played 261,000 times and there are 3,000 barrage.

The propagandist said that it is necessary for the film’s marketing to sink: "Because of the theme,’ sinking’ lacks natural advantages. However, there are also some relaxed elements in Di Renjie, including some behind-the-scenes content, which can actually be handed over to users through short-sightedness and stimulate the desire to watch movies. "

Although it uses the same marketing platform as Previous 3, it is obvious that the influence of Four Kings on these short video platforms is not as strong as that of Previous 3.

During the film "Ex-3" was released, its three theme songs kept a very high volume in Tik Tok, and many people even used these three pieces of music as their short video background sounds to shoot their crying scenes after coming out of the cinema.

　

The related vibrato videos of "Previous 3" often get millions of praises.

This emotional attachment to the past is very easy to infect more people who watch short videos, which indirectly leads to more people entering the cinema.

　

In 1960s, david ogilvy, an American advertising master, put forward the advertising 3B principle — — Beauty (beauty), Baby (baby) and animal (Beast), that is, advertising can attract consumers’ attention if it meets one of the 3B principles, thus stimulating purchases.

　

Now, half a century later, the current audience’s preference for video content has not got rid of this principle. According to the propagandists of "Four Kings", in film marketing, Tik Tok users prefer to create videos specially made for Tik Tok, rather than Tik Tok packaging of materials.

On the other hand, "The Richest Man in Xihong City" carried out a series of related publicity with the football elements in the film as the selling point, and what helped Mahua FunAge was that after the film just caught up with the Russian World Cup, the topic of football remained unresolved.

Shen Teng, the founder, not only explained the World Cup, but also appeared in fashion magazines as a football player.

　

However, the release of an "AV Milan" material attracted many fans’ antipathy to the film and made the film almost hot.

Later, the concepts promoted by The Richest Man in Xihong City became "funny" and "how to spend 1 billion RMB".

　

A person familiar with the matter told Xiao Dianjun that Calories, which was sung by Rocket Girl, was the cooperation of Shen Teng in the early stage of Creation 101. In the eyes of the marketing staff interviewed, this cooperation is indeed one of the biggest marketing of the film.

However, this staff member told us that the promotion song "Under the Rainbow" sung by Zhao Lei has a better effect and has attracted more attention in various communities.

　

On the attention of WeChat, "Xihong City" is indeed ahead of "Di Renjie".

According to the data of the ticketing platform, after 6 days of release, the WeChat index of "The Richest Man in Xihong City" rose instead of falling, reaching 30.7%; The "Four Kings" has now dropped to 4.9%.

In WeChat official account, there are 13,000 articles about "The Richest Man in Xihong City", with a total reading of more than 8 million; There are 11,000 "Four Heavenly Kings", and the total reading is half of the former.

　

Looking through these articles by WeChat official account, we find that the key words of The Richest Man in Xihong City include "Spend money hard", "Don’t be profound" and "Poverty limits imagination", and the main theme is the simplest and rudest "Rich", which is funny.

From pre-sale to marketing, Di Renjie has not fallen behind, but the angle and means of exerting its strength remain to be discussed. In contrast, on the other hand, "The Richest Man in Xihong City" seems to be "no move to win."

The critics and the general audience have been arguing about which is the higher quality of the two films. Judging from the box office figures and ratings of various platforms, Di Renjie is an unavoidable "complete failure" for Xihong City.

I have to say that the victory of "The Richest Man in Xihong City" lies in fully catering to the expectations and preferences of the current audience.

In this regard, we don’t know whether it is "happiness" or "worry".

Li Qinfeng, Director of Domain Name Business Department of Domain Name Registration Management Center of Government Affairs and Public Welfare Organizations

With the extensive and in-depth application of information technology, especially the continuous development of e-government, the website of party and government organs has become increasingly prominent. It has become an important window to publicize the party’s line, principles and policies and open government information, and an important platform for party and government organs at all levels to perform social management and public service functions, do things for the people, understand social conditions and public opinion, and accept supervision by the masses. The Fourth Plenary Session of the 18th CPC Central Committee put forward that "network behavior should be regulated according to law", which requires us to institutionalize and standardize the management of online names of party and government organs according to law, so as to ensure that the websites of party and government organs are "be worthy of the name, standardized names, safe operation and healthy development", thus ensuring the safety of websites of party and government organs and institutions.

First, the connotation of website security of party and government organs and institutions

General Secretary of the Supreme Leader pointed out that there is no national security without network security, and it is necessary to strengthen the management of new technologies and applications in the network to ensure that the Internet can be managed and controlled. Internet is a double-edged sword, well used, it is the treasure house of Alibaba; It doesn’t work well. It’s Pandora’s box. The website security of party and government organs and institutions includes three aspects: identity security, integrity security and information security.

One is identity security. In the real world, party and government organs and institutions have their own office space, which can only be listed, publicized and provided with services for the public after being examined and approved by the establishment departments at all levels in China, so its identity is well known to the public and is safe and reliable. However, in the virtual space of the Internet, in recent years, criminals posing as party and government organs and institutions have frequently set up fake websites, which has had a bad influence on the authoritative image of party and government organs and institutions and also caused losses to the public. Therefore, the identity security of party and government organs and institutions on the Internet needs to be guaranteed, so that the public can clearly identify them and will not be deceived by fake websites.

The second is integrity and safety. With the development of the Internet, the public can obtain government information and communicate with the government online in real time. The government can also contact the public synchronously, instantly, trans-regionally and trans-temporally through the Internet, and feedback the public’s demands for the government at the first time, thus effectively conserving, maintaining and cultivating the people’s trust in the government. However, due to various reasons, a large number of news in the name of the government have been published and reprinted on the Internet, and the public can’t tell whether these news are true or false. Some rumors confuse the public and even cause group incidents, which is not only detrimental to the long-term stability of society, but also directly damages the integrity and authority of the government.

The third is information security. At present, the websites of party and government organs and institutions have become an important platform for policy release and interaction between the government and the people, and at the same time, they have also become the carrier of public personal information because of the public’s online business. The Internet is logically divided into three layers. The first layer is the basic layer, including bandwidth, IDC computer room and mobile interconnected base stations. The second layer is the basic resource layer, including domain name, IP and so on; The third layer is the application layer, including mail, website, application system and so on. Among them, the second layer represented by domain name is the key to information security risks. If the Internet is likened to a highway, the second floor is equivalent to signs and cameras on the highway. If the highway of China’s Internet is guided by English signs and monitored by foreign cameras, then security can certainly not be guaranteed. Therefore, if Chinese government websites use commercial domain names, each parsing data will be reflected in the root server of this domain name, which will be mastered by foreign countries. Once the website has security risks, the public’s personal information will not be guaranteed, which directly threatens China’s network information security.

In a word, it is very important for party and government organs and institutions to ensure the safety of their websites. This requires that the identity of the websites of party and government organs and institutions can be confirmed, the voice can be distinguished, and the information can be guaranteed.

Second, how to ensure the website security of party and government organs and institutions

Online name management refers to the four-in-one comprehensive management with the use of online names and online identity identification of party and government organs and institutions as the core and domain name registration, website audit, website labeling and annual report as the main contents. Through the monitoring, retrieval, identification and protection of the online identity of institutions, it is widely used in various platforms such as Weibo, WeChat and browser, and finally makes the online identity clearer, the network environment clearer and the online business more secure.

(1) Domain name registration

According to the Interim Measures for the Administration of Online Names of Party and Government Organs, Institutions and Social Organizations (hereinafter referred to as Document No.6) jointly issued by the Central Committee and the Ministry of Industry and Information Technology, party and government organs and institutions must register and use standardized Chinese domain names for ".government affairs" or ".public welfare". These two Chinese domain names are technically unique, highly recognizable in form and strictly managed by the organization’s establishment department, which makes them qualified as "online identity cards" for organizations, and also makes Chinese domain names the premise and core of online name management.

(2) Website audit and website labeling

In May 2014, the Central Network Information Office issued the Notice on Strengthening the Website Safety Management of Party and Government Organs (hereinafter referred to as Circular No.1), which clearly required the organization department to be responsible for the website start-up audit and qualification review of party and government organs, and to design and formulate the usage norms of website logos of party and government organs.

Website labeling refers to placing a unified website logo in a prominent position at the bottom of the website after the websites of party and government organs and institutions are approved by the organization department. Clicking this logo will display the basic information of the company and the online name, etc., so as to facilitate the public to distinguish the authenticity of the website.

(3) Annual report

According to Circular No.6 and the Notice on Doing a Good Job in Auditing, Qualification Review and Website Logo Management of Party and Government Organs’ Websites (hereinafter referred to as Circular No.69) jointly issued by the Central Editorial Office and the Central Network Information Office, online names and website logos are subject to a regular reporting system, and website owners should regularly report online changes in their qualifications, the use of online names and website logos to the organization establishment department.

Third, the significance and necessity of online name management.

(1) Why is the organization department responsible for the management of online names?

The organization establishment department holds the most accurate information of organization identity and name, and is managed by the organization establishment department, which can effectively ensure the "be worthy of the name and standardized name" of party and government organs and institutions on the Internet. Therefore, as early as 2008, the Ministry of Industry and Information Technology clearly stipulated that Chinese domain names for government affairs and public welfare should be managed by the organization department. In 2014, in the No.1 document issued by the Central Network Information Office, it was further stipulated that the organization preparation department was responsible for the audit and qualification review of the website of the party and government organs, and designed and formulated the usage norms of the website logo of the party and government organs.

(2) Why should we register and use standardized Chinese domain names?

Chinese domain names for government affairs and public welfare conform to the language and cultural habits of Chinese people, and can clearly reflect the name and functions of institutions, similar to the "online ID card" of institutions. For example, the Chinese domain name compiled by the central government is "Central Compilation. Government Affairs". Compared with its English domain name "scopsr.gov.cn", the Chinese domain name is clear at a glance, which not only embodies the authoritative identity of the organization, but also facilitates public recognition and memory, and is the basic guarantee for netizens to surf the Internet safely and do things with confidence.

Fourth, the significance of establishing an online ID card authentication and protection application system with Chinese domain names as the core.

The first is to maintain authority. It is an important means to maintain their authoritative status in cyberspace to put on "anti-counterfeiting clothes" for institutions by standardizing online names and hanging website logos. The second is to make it safer to do things online. Marking the identity information of the organization on the Internet makes it easy for netizens to distinguish the true and false websites of the organization, which can improve the efficiency and facilitate the work on the Internet. The third is to ensure national information security. Party and government organs and institutions are the core political resources in China, and their information security on the Internet is particularly important. Strengthening the authentication and protection of its online identity can effectively guarantee the security of the country’s core information. The fourth is to make the organization management more scientific. Through website logo management, we can fully understand the online performance of institutions and provide scientific reference for the performance evaluation and management of institutions.

We maintain the seriousness and authority of the websites of party and government organs and institutions, protect the safety of the websites of party and government organs and institutions, and establish a green channel for the public to visit the websites of government departments and public welfare institutions quickly and accurately, so as to promote the popularization of Internet application and the development of government affairs openness and e-government in China. (Author: Li Qinfeng, director of domain name business department of domain name registration management center of government and public welfare organizations)

　　On the evening of December 4, taxis on the streets of Zhaoyuan County were waiting for passengers. Zhongqingbao Zhongqingwang reporter Yan Xueqing/photo

　　Daqing Public Security Bureau chased the criminal police and escorted Yang Tong (third from left) from Henan to Heilongjiang. Photo courtesy of respondents

　　On December 4th, Sun Yanhui, head of the Criminal Investigation Brigade of Zhaoyuan County Public Security Bureau, came to the scene where the first driver was killed. Zhongqingbao Zhongqingwang reporter Yan Xueqing/photo

　　Interpol Liu Zhigang has been looking for a rose.

　　As the most critical "blood color" in 12 murders, this "flower" has disappeared for 14 years.

　　In less than three months from 2005 to 2006, a six-member gang successively robbed and killed 12 taxi drivers in two provinces and three cities, including 11 men and 1 woman, and seized more than 4,000 yuan. This is "the largest serial homicide case against taxi drivers" since 1949.

　　The day after the last case happened, the series of cases were solved, three people in the gang were brought to justice, and two minors were sentenced to life imprisonment, but one person has not yet been brought to justice. The confession of the accomplice points to this man named Yang Tong, saying that he was the first mastermind who decided to rob and kill. Since then, looking for Yang Tong, the principal criminal who disappeared, has become a "must-test big question" for Heilongjiang police every year.

　　In the wanted order issued by the police, the 22-year-old young man has a handsome appearance, and his features include "a red rose tattooed on his right upper arm".

　　victim

　　He Qiaolian (a pseudonym) remembers that on February 26, 2006, her husband Liu Zhongchun (a pseudonym) was in a hurry to go out and pull a job just after lunch.

　　The red Xiali taxi he drives will be scrapped in seven days. The couple bought it with a loan from the bank. Although it is always bad, it is still the only source of income for the family.

　　Liu Zhongchun and his wife calculated that they would quit after running these days and do some business in the future. Seeing that his niece is getting married, he wants to run for money. If he has a lot of work, he can also run for a ticket and go back to his hometown in Jilin to see his parents.

　　Before going out that afternoon, the family-oriented man soaked two clothes in a basin and asked his wife to wait for him to come back and wash them.

　　The next day, 43-year-old Liu Zhongchun was found in a drainage ditch 28 kilometers away from anniversary, with 56 knives. He Qiaolian’s sister said that in order to let the knife penetrate the abdomen smoothly, the murderer opened Liu Zhongchun’s upper body cotton-padded clothes.

　　This is the seventh taxi driver murder case in Zhaoyuan County, Daqing City, Harbin City and Zhaozhou County of Heilongjiang Province since December 2005. The public security organs found that these cases were committed by the same group by analyzing the means of committing crimes, comparing the knife edges and inspecting the traces on the scene.

　　The murdered drivers were all in dozens of knives. After a driver was killed, the only 24 yuan money on his body was taken away; Two drivers were killed and thrown into the same grave; A driver tried to escape, but the murderer threw him down and killed him … … Liu Zhongchun was the victim who was stabbed the most.

　　Before killing Liu Zhongchun, a group of murderers clashed. After participating in two robberies, 17-year-old member Jiang Ming (pseudonym) stole two stolen mobile phones and more than 200 yuan while other members were in the bath center, and then fled.

　　Subsequently, other people had no money to pay for the bath, so they "mortgaged" one person, and the other three people went out to rob and kill a red Xiali taxi driver, that is, Liu Zhongchun.

　　Two days later, Jiang Ming enabled the stolen mobile phone, and Daqing Public Security locked the signal to capture it.

　　Liu Zhigang, Yu Tao, Sun Yanhui and other police officers in different positions at that time all remember that in those days, the weather in Daqing was very cold, and almost all the public security organs in the city took to the streets to participate in the arrest, and police cars flashed warning lights throughout the city.

　　Three days later, the remaining four people in the killing gang were arrested. Three of the five people were sentenced to death and two were sentenced to life imprisonment.

　　Fourteen years later, He Qiaolian told reporters that she forgave two underage adults, but the nightmare did not completely let her go.

　　She often dreams that her husband comes back to wash those two clothes. She cries and asks "Where are you" and "Why don’t you go home", but the husband in her dream always doesn’t look at her.

　　In the home where Liu Zhongchun will never go back, there is no trace of his life. He Qiaolian moved away from the former site and raised her daughter alone. This 50-year-old woman has many empty bottles of eye drops at her bedside. Her eyes are not good, and the font in her mobile phone can only be seen when it is adjusted to extra large. She once heard a doctor say, "Tears are hot, and crying all the time burns the fundus."

　　The case materials and old newspapers of that year were sandwiched in the family photo album by her. She and her daughter seldom talk about Liu Zhongchun, let alone the sixth man who disappeared. She had seen Yang Tong’s name in the litigation materials. She hated this young man who had never met before, and even wanted to go to his hometown to find out, "Why would he want to kill someone?".

　　Chaser

　　Liu Zhigang kept Yang Tong’s photos and wanted orders in his computer and mobile phone, and also printed out a copy at hand, then took it out and stared at it regularly.

　　When Yang Tong absconded in 2006, Liu Zhigang was 33 years old. He was a criminal policeman of the Eighth Brigade of the Criminal Investigation Detachment of anniversary Public Security Bureau, mainly responsible for chasing fugitives.

　　The closest one was in March 2006, when Liu Zhigang learned that Yang Tong was in Harbin, but when he got there, he had already fled. The 14-year hunt has begun. In the words of Han Yanchun, a colleague from Liu Zhigang, in this world, apart from Yang Tong’s parents, "we are the people who miss him the most".

　　Over the years, the police have received many tips about Yang Tong. Some say that he smashed the stall selling eggs, some say that he bought explosives and guns to do something important, some say that he wants to sneak out of Yunnan, and some people post that Yang Tong inquired about the policy of "surrender leniency". All these clues are finally "checked out".

　　After 2010, Yang Tong’s ID card information was registered in many places, such as Didi, Alipay, Baidu Takeaway, ofo bike-sharing, YY voice account, Perfect World, Street Basketball, Jiuyin Zhenjing and other game accounts, and dozens of mobile phone numbers were also registered. The police speculated that the A-level wanted order of the Ministry of Public Security sometimes appeared on the boot screen of the computer in the Internet cafe, and the identity information was easily "borrowed" by others.

　　In 2012, Liu Zhigang took over as the captain of the pursuit brigade. His superior, Tianhua Wang, then the criminal investigation detachment leader of Daqing Public Security Bureau, told him, "If you don’t do anything for a year, you can just get Yang Tong back.".

　　In the past 14 years, the task force that pursued Yang Tong has changed five batches and the criminal police have changed three times. Liu Zhigang and his colleagues spend almost a third of their time chasing after each other all over the country every year. Knowing that Yang Tong may go home for the New Year, they will go to his hometown to lurk next door, or hide in the van to spy on him.

　　Liu Zhigang is 47 years old, with wrinkles and white hair. Criminal investigation detachment has been joined by criminal police after 80 s and 90 s. When newcomers report for duty, they will listen to the "old policeman" telling the story of the sixth man who disappeared and the serial murders of that year.

　　After 80s, Wang Shuai was transferred from other provinces and saw the world, but when he heard the tragic murder, he still said it was "unheard of". Later, he took the initiative to join the task force.

　　"Every quarterly, annual assessment or special action, the superior must mention Yang Tong." Luo Hongwei, deputy detachment leader of the Criminal Investigation Detachment of Daqing Public Security Bureau, said that sometimes "the face is red when asked", and "12 people died violently, the principal offender could not be found, and the family members were restless. For the criminal investigation police, this is a great shame."

　　The new office building of Zhaoyuan County Public Security Bureau is on the bank of Songhua River, and the glaciers in the sun are particularly bright. But for criminal police, what is more conspicuous is the left front of the gate and the place where the tenth victim was dumped. At the time of the crime, it was still a wasteland.

　　Yang Tong’s name and his white and delicate face have been flowing in the huge data system of public security organs, looking for relevant data.

　　Iterative technology is like a finer mesh screen, with smaller mesh and higher precision.

　　In 2016, after a nationwide systematic screening, the police determined that Yang Tong had not activated his identity information, inferring that he was using someone else’s identity or living under a false identity.

　　In August, 2020, Sanmenxia Public Security Bureau of Henan Province used the database to match a person who was imprisoned for theft, which was very similar to Yang Tong.

　　perpetrator

　　No one can tell why Yang Tong, who just turned 22 in the winter of 2005, suddenly took two young boys to rob him.

　　He was born in Erjingzi Town, Zhaozhou County. His parents are still alive. He has a younger sister at home. When he was 6 years old, his family moved to neighboring Zhaoyuan County to sell candy bars. He graduated from primary school, went out to work at the age of 18, sold seafood in Harbin and Shuangyashan, cut vegetables for restaurants and talked about love.

　　According to the confessions of accomplices Wang Dongcheng and Fan Mingkun, 20-year-old Wang Dongcheng is a neighbor of Yang Tong, who works in anniversary. One day at the end of November 2005, Yang Tong found Wang Dongcheng and said that he would take him to do a job of "making more money". Later, the two returned to Zhaoyuan County, and Yang Tongdao introduced Fan Mingkun, a 21-year-old elementary school classmate, to Wang Dongcheng.

　　The three initially planned to rob the grocery store. When they walked to the door and saw many people in the store, they gave up.

　　The reason for robbing a taxi is that there is no need to look for the target of the crime, and it is all over the street; There are ready-made vehicles to escape; More importantly, the taxi must have cash.

　　"Even if a person just went out and didn’t pull it, the driver must have change with him. The change can at least break a 100 yuan." Fan Mingkun confessed. The first selected driver "looks like an old man" and "speaks softly and has no energy".

　　For the first time, Yang Tong didn’t do it. A policeman who handled the case said that Yang Tong was a "ghost" (flexible in mind) and mainly assumed the role of strategist and finance. He is responsible for chatting with the driver, observing the surrounding environment and waiting for an opportunity to signal to stop. After committing the crime, he insisted on selling or destroying the victim’s mobile phone, and the money he grabbed was also distributed by him.

　　On December 14th, 2005, three people returned to Saertu District of Daqing City, which means "the place where the moon rises" in Mongolian. Here, they robbed a yellow Alto taxi. This time, "Yang Tong stabbed the driver in the back with a knife".

　　When killing the fourth driver, Yang Tong suddenly became "frightened".

　　On December 18th, 2005, near midnight, Yang Tong robbed a red Jetta taxi in Daqing, and Yang Tong and Wang Dongcheng dragged the tied driver to a grave. After a while, Yang Tong came back by himself and said, "I can’t do it" without saying why. Fan Mingkun didn’t ask, took the knife and walked to the grave. At this point, Wang Dongcheng has pushed the driver against the tree, and Fan Mingkun stabbed the driver in the chest. After the driver broke free, he ran two steps and cursed them for "not paying attention" and "killing people after taking the money". Fan Mingkun threw himself on the ground and stabbed him with a knife.

　　Yang Tong believes that "those two people are crazy". He told the police that he couldn’t control Wang and Fan Er people, and they also had differences on how to deal with their mobile phones.

　　Yang Tong left. More than two months later, Wang Dongcheng and Fan Mingkun found Fan Mingkun’s brother Fan Minghui and two 17-year-old teenagers Jiang Ming and Sun Xiao (a pseudonym) to join in.

　　The new gang is even crazier. From February 25th to 28th, 2006, they committed eight crimes in four days.

　　Local taxi drivers began to be alert, and there were not many men on the night shift. Fan Minghui’s left leg was amputated at a high position due to electric shock, and he relied on a crutch. From February 25, he stood alone on the street and took a taxi, and then picked up the other four people in the name of "picking up friends". When the car shop goes to a remote place, Fan Minghui will say, "My leg is numb and I need to change my position" and let the driver stop.

　　"My image, standing on the side of the road, there is no taxi." Fan Minghui said during the trial.

　　The driver of Hafei Lubao taxi was the only woman among the 12 victims. On the afternoon of February 25, she met these five men in Zhaozhou County by car and took the initiative to whistle and ask them if they wanted to take a taxi.

　　"I didn’t want to rob her, but this model has never been seen before. She took the initiative to recruit us and got on the bus." Afterwards, Wang Dongcheng confessed.

　　After Jiang Ming confessed that Yang Tong was the mastermind, Daqing police went to Erjingzi Town to arrest people. According to the police investigation afterwards, the head of the village where Yang Tong’s family is located said, "What happened to your Yang Tong? Why did the city bureau come?" When Yang Tong’s father heard that he immediately found his son and learned that he had "killed", he gave him 1000 yuan money to help him escape. Father Yang and the village head were both sentenced for harboring crimes.

　　Yang Tong boarded the train from Harbin to the south and got off at Zhoukou Station at random. After being arrested, he told the police that he had found an ID card and used it to work in a hotel in Taikang County, Zhoukou City. In 2008, Yang Tong was jailed for two years for theft in this capacity.

　　When he was released from prison, he was almost a different person. Since then, he has stopped taking trains, planes and buses, and he is afraid to register an Internet account. In a sense, he disappeared.

　　Search with Chinese search engine, you can see the discussion of the case by netizens. Some people listed Yang Tong as the "Top Ten Most Wanted", ranking third, and speculated why he wanted to tattoo a red rose on his body.

　　Impersonator

　　On October 29th, 2020, Liu Zhigang saw the flower again. It appeared on the arm of a man in Henan province, and its appearance was exactly the same as that obtained by the police 14 years ago.

　　At this point, Yang Tong, a Class A wanted criminal of the Ministry of Public Security, was finally arrested.

　　In September this year, the fifth task force to hunt down Yang Tong was set up. They have prepared winter clothes and will go to Henan to fight a protracted war.

　　In 2010, Yang Tong, who used another person’s identity, was released from prison. Sun Yanhui, now the head of the Criminal Investigation Brigade of Zhaoyuan County Public Security Bureau, investigated his cellmates that year, and narrowed the last place where Yang Tong appeared to Jicui Community in Luohe City, and the time was also locked in 2013.

　　Not long ago, standing on the street of Jicui community, 10 policemen felt like "10 ants": there were two wholesale markets with a large floating population. In 2010-2013, when Yang Tong appeared, there was also a woven bag factory with 30,000 employees, which had closed down and the workers were scattered everywhere. "Want to find a 7 years ago or even 10 years ago ‘ Dummy ’ " Luo Hongwei said that it was extremely difficult to check one by one, so he decided to start with the flower market first. After years of pursuit, they met "a little luck" — — An old couple saw Yang Tong’s photo and said, "Isn’t this the small northeast?"

　　It is said that "Little Northeast" has long stopped sending flowers, changed to rockery business, and opened its own store. Luo Hongwei and his party quickly found the store address provided by the old couple.

　　In order to avoid the exposure of the northeast accent, Han Yanchun entered the store to inquire about the situation with the cooperation of a local police station in Henan. Henan police talked with the woman at the front desk, while Han Yanchun walked to the back yard and found a man with long hair lying in a tent in the courtyard covered with a quilt.

　　After only one look, Han Yanchun decided that eyebrows and eyes could not be wrong, and this person was Yang Tong.

　　When he was held down, Yang Tong still denied his identity. He didn’t admit it until the policemen who came to support tore off his clothes and saw the red rose.

　　In the live video recorded by the law enforcement recorder, in order to ensure correctness, the police asked Yang Tong the names of his parents and sister, and he answered verbatim.

　　The missing sixth person has finally been found.

　　After the news of Yang Tong’s arrest was announced, Liu Zhigang, Luo Hongwei, Han Yanchun and others "went crazy in the circle of WeChat friends", and some people got hundreds of praises, "the most in history". Some retired policemen specially called to ask how they caught Yang Tong.

　　At the beginning of November this year, the police of the task force escorted Yang Tong back to their hometown.

　　When passing through Erjingzi Town, Yang Tong suddenly said, "Leader, why don’t you turn a corner and let me go home and see my parents? I haven’t seen them for so many years."

　　Returning to the scene of the first murder, Yang Tong, who shocked Heilongjiang and Jilin provinces in those years, is no longer the 22-year-old young man. He has long hair, fat body and blurred eyes — — When he saw a policeman with his hands in his pockets, he immediately squatted on the ground.

　　"What happened to Yang Tong?" Yu Tao, deputy director of Zhaoyuan County Public Security Bureau who led the team to identify the scene, asked.

　　"I thought you were going to shoot me." He straightened up when he saw that the police took out a mobile phone, not a police gun.

　　In 2006, Wang Dongcheng and others’ criminal incidental civil judgment, the victims were no longer "taxi drivers" in the news. Behind their names, the column of relatives’ names showed that two 61-year-old Harbin elderly people lost their sons; Two elderly people in Qinggang County who were over 70 years old also lost their sons; A 44-year-old man in Zhaozhou County lost his wife and his newly grown son lost his mother. Two elderly people in Helen who were over eighty lost their sons, and their 12-year-old grandson lost his father. Two 36-year-old and 37-year-old anniversary women, two 29-year-old Jilin women and a 35-year-old Helen woman all lost their husbands. An 11-year-old girl in anniversary lost her father.

　　After the first trial, Jiang Ming was sentenced to 20 years in prison. The victim’s family insisted on appealing, and did not hesitate to give up civil compensation, only seeking severe punishment. Finally, Jiang Ming was sentenced to life imprisonment. At the beginning of the lawsuit, the families of the victims called each other to express their condolences. Later, they stopped contacting each other because many families could not afford the telephone bill.

　　When he finally arrived at the case, Yang Tong had been married for 10 years and had a son and a daughter. The wife is 36 years old and knows nothing about her husband’s past. More than 2,000 kilometers away, He Qiaolian saw the news that Yang Tong was arrested, and tears came out. She was also 36 years old when her husband died with 56 knives.

　　She and Liu Zhongchun’s daughter are 18 years old, and have long forgotten her father’s appearance, and even can’t remember calling her father. When Yang Tong left Luohe, the policemen opened the window and let him see his family. His 2-year-old and 4-year-old children don’t understand what happened. They stand on the street and wave to their father in the window: "Bye, Dad."

　　Zhongqingbao Zhongqingwang reporter Yan Xueqing Source: China Youth Daily

The company’s 2023 annual report recently disclosed by Kexing Pharmaceutical shows that the company achieved an operating income of 1.259 billion yuan, down 4.32% year-on-year, a net profit loss attributable to listed shareholders of 190 million yuan, and a non-net profit loss attributable to shareholders of listed companies of 201 million yuan.

The loss in 2023 is also the second year since 2022 that Kexing Pharmaceutical has fallen into a loss, and the amount of loss has intensified. The annual report disclosed by Kexing Pharmaceutical also shows that the company invested 345 million yuan in research and development in 2023, setting a new high since its listing. However, although R&D investment continued to increase, Kexing Pharmaceutical not only failed to turn losses, but further increased its losses. The turnover rate of scientific research personnel in Kexing Pharmaceutical is around 21.63%, and in 2023, the company lost half of its doctors.

Addition and subtraction of doctor introduction and loss

The data shows that in 2023, the company introduced 17 new doctors, and the number of doctors in 2022 was 25. However, the number of doctors disclosed in the company’s 2023 annual report was only 20. In other words, although 17 doctors were introduced, 22 doctors left the company in 2023, which means that 17 postdoctoral doctors were introduced and half of them left Kexing Pharmaceutical in 2023.

How does Kexing Pharmaceutical, which relies on high-end talents for drug research and development, maintain innovation in research and development? What are the hidden dangers behind the abnormally high turnover rate of high-end talents?

Except for doctors, the overall number of R&D personnel of Kexing Pharmaceutical is in a state of substantial loss. The data shows that in 2022, the number of graduate students in the company was 87, and in 2023, the number of graduate students has been reduced to 79; In 2022, the number of R&D personnel with bachelor’s degree was 72, and in 2023, the number of R&D personnel with bachelor’s degree was only 53; In 2022, the number of R&D personnel with junior college or below was 24, and in 2023, it has dropped sharply to 11.

In 2022, there were 208 R&D personnel in the company, and in 2023, the number of R&D personnel in the company has been reduced to 163, a year-on-year decrease of 21.63%. In 2020 and 2021, the number of R&D personnel in the company was 170 and 194 respectively. In 2023, the number of R&D personnel of the company also hit a new low since listing.

R&D investment has reached a new high, but R&D personnel have been greatly lost and net profit has been greatly lost. For example, Kexing Pharmaceutical has fallen into a strange circle of more R&D investment and more losses this year.

The R&D investment of listed companies in the same industry disclosed in the company’s research report shows that the R&D investment of Tebao Bio, Sihuan Bio, Sanyuan Gene, Wan Ze Co., Ltd. and Cain Technology accounted for 13.33%, 14.42%, 20.65%, 16.68% and 12.22% of the operating income respectively, while the R&D investment of Kexing Pharmaceutical accounted for 27.4% of the operating income in 2023.

Overseas commercialization is not effective only by shouting.

The annual report disclosed this time also exposed the embarrassing reality of the company’s overseas commercialization strategy.

The annual report shows that the company’s export revenue in 2023 was 138 million yuan. Compared with 2022, the company’s export revenue did not rise but fell. In 2022, the company achieved overseas sales revenue of 161 million yuan, an increase of 61% over the same period of last year, setting a record high.

Kexing Pharmaceutical once regarded overseas commercialization as an important strategy, and the company indicated that it would devote itself to building the most valuable overseas commercialization platform in China. However, in three years, the company’s export income still accounts for only about 10% of the company’s operating income.

As early as 2021, Kexing Pharmaceutical introduced albumin paclitaxel, and obtained the technology of albumin paclitaxel and its commercial rights except the American market. However, albumin paclitaxel has only recently passed the GMP certification of the European Union, and if the drug goes on the market, it needs to be approved by the European Union Marketing Permit Application (MAA).

Although the company has introduced a total of 12 products, signed contracts with customers in more than 40 countries and submitted applications for registration of imported products, it still seems that it has not been sold in overseas markets. "infliximab, bevacizumab, albumin paclitaxel and other products have successively completed on-site audits in Egypt, Brazil, Indonesia, the European Union and other countries, and it is expected that overseas sales of the above products will be realized in 2024.

On the evening of May 24th, Kexing Pharmaceutical released the 2024 restricted stock incentive plan (draft). The number of restricted shares to be granted is 3.786 million shares, with a total of 147 people to be encouraged.

The assessment year of this incentive plan is two fiscal years from 2024 to 2025, and it is assessed once in each fiscal year. Taking the company’s overseas sales revenue in 2023 as the performance base, the growth rate of overseas sales revenue in each assessment year or the cumulative number of overseas registration documents was assessed. Based on the overseas sales revenue in 2023, it is planned that the growth rate of overseas sales revenue will be 50%-100% in 2024 and 200%-400% in 2025.

In 2023, the company’s export revenue will decline instead of rising, but in 2025, the overseas sales revenue will increase by two to four times. Although the vision of Kexing Pharmaceutical is beautiful, it still has a long way to go.

Original title: "It is related to Kexing vaccine! Look quickly! 》

Read the original text

Text | market value observation Xiao Li flying knife

Editor | Xiao Shimei

Recently, the international gold price is witnessing history every day, and the current price once exceeded $2,380 per ounce.

Under the skyrocketing price of gold, ETFs tracking the spot price of gold also ushered in brilliant performance. Among them, the gold ETF Huaxia (518850) rose nearly 16% in more than one month, which was more than 50% higher than the low point in March 2021, which caused great concern in the market. In the eyes of many professional organizations, this round of gold bull market is far from over.

【 cycle cycle 】

Historically, the price of gold has experienced many rounds of bull-bear cycles.

After the Great Depression in 1929-1933, most developed economies abandoned the gold standard and implemented the paper money system. As a functions of money, gold has been greatly weakened, and the price of gold is facing revaluation, which has soared by more than 70% in just a few years. This is the first time that people have witnessed the power of gold.

Since then, the international gold price was tepid, and it was not until 1970-1980 that the second super bull market was ushered in, with a cumulative increase of 430%.

In 1971, Nixon brazenly announced the suspension of the exchange of dollars into gold, the Bretton Woods system collapsed and the value of gold was revalued again. In addition, after the decoupling of the US dollar from gold, the US fiscal and monetary policies were like wild horses, which eventually led to a round of hyperinflation, which also drove the current round of gold prices to rise sharply to some extent.

Subsequently, gold ushered in a 20-year super bear market. During this period, gold continued to depreciate, in sharp contrast to the rising prices of major economies around the world. Among them, American prices soared by 500%.

In 2000, before the bursting of the Internet bubble in the United States, the global stock market was extremely enthusiastic, and gold was at the end of the bear market cycle, gradually bottoming out and opening the road to rebound.

From 2006 to 2008, there was a super bubble in the American real estate market, and the price of gold continued to rise to a high of $1,000. Since then, with the collapse of Lehman Brothers, the subprime mortgage crisis has swept the world. As a major asset, gold has also fallen more than 20% following the stock market and bond market in just a few months.

In November 2008, the United States officially launched the QE policy, and large-scale over-issuance of money saved finance and economy from fire and water. The European Central Bank also implemented quantitative easing policy and expanded its balance sheet rapidly. The huge amount of liquidity continuously depressed the market interest rate and entered the zero interest rate range in December 2011. In the same period, the Bank of Japan’s QE and QQE policies came out.

The global mainstream currencies flooded, the real interest rate of the US dollar fell, and gold rose all the way to 2011, with the highest exceeding $1,900 per ounce.

▲COMEX gold main futures price chart, source: Chocie

After this bull market, gold ushered in a bear market for nearly seven years. The price of gold once dropped from a high level to $1,045 per ounce in 2015, with a cumulative decline of 46%. After that, it oscillated at the bottom for several years and started a new bull market cycle in October 2018.

From the perspective of historical deduction, once the gold price enters the bull market or bear market cycle, the trend will not end soon, and the duration can often last for more than 10 years. If this gold bull market follows the historical laws, it is a good choice to invest in gold-themed index funds such as gold ETF Huaxia (518850).

"Different bull market"

As we all know, gold has three attributes, including finance, hedging and commodities.

Financial attributes are mainly priced by two major indicators, one is inflation expectation and the other is nominal interest rate. To put it simply, gold has been used as a "hard currency" against inflation over the years-inflation has gone up, and gold tends to rise; Deflation, gold tends to fall. Nominal interest rate generally regards the yield of 10-year US bonds as opportunity cost. When the nominal interest rate goes down, gold tends to go up, and vice versa.

The combination of two factors, that is, the real interest rate (nominal interest rate-inflation expectation), is one of the important logics that determine the long-term trend of gold prices.

Hedging is the most important attribute of short-term fluctuation of gold, but it can’t support the performance of gold price in the medium and long term. Commodity attributes are weaker than the first two, because the demand for gold consumption (such as gold ornaments) is relatively stable and the supply is relatively stable, which often has little impact on the price of gold.

Then, since October 2018, why has a sharp bull market broken out in gold? How is this different from previous cycles?

From October 2018 to the end of 2022, there was a relatively obvious negative correlation between gold and the real interest rate as a whole, which was not very different from the past big cycle.

▲ US real interest rate VS gold futures price trend, source: m square

At the end of 2018, the Federal Reserve entered the end of the interest rate hike cycle since 2015, and then cut interest rates three times in 2019. In 2020, when the COVID-19 epidemic crisis hit, the Federal Reserve quickly lowered the federal benchmark interest rate to zero, and its balance sheet expanded by $5 trillion. Massive currency liquidity flooded into the market, the real interest rate fell sharply, and gold as a whole showed a continuous upward trend.

Since the end of 2022, the real interest rate in the United States has fluctuated and risen, but gold has continued to strengthen. Recently, the macro data of non-agricultural employment and inflation in the United States have performed strongly, indicating that the economic fundamentals are strong, and the yield of 10-year US bonds has also rebounded to above 4.4%, driving the real interest rate to rise, but gold is still unmoved and crazy.

From the real interest rate in the past big cycle, the main pricing factors can no longer effectively explain the surge in the second stage of this gold bull market. The main reason is that the crazy purchase of gold by global central banks has become another important factor leading the trend of gold prices.

In 2022, global central banks bought 1,082 tons of gold, a significant increase compared with the previous 450 tons, setting a record high. In 2023, the net purchase again was 1,037.4 tons, which continued to maintain a high level, close to 20% of the annual gold supply. Among them, the biggest buyer originated from the Bank of China.

▲ The central bank’s demand for gold purchases has increased rapidly. Source: Zeping Macro

As of March, 2024, the gold reserve of the Bank of China was 72.74 million ounces, up 160,000 ounces from the previous month. It is worth noting that this is the 17th consecutive month that the Bank of China has increased its holdings by 10.1 million ounces, or about 286 tons. According to the current gold price, the increase in holdings exceeds 170 billion yuan.

Since March, gold has continued to skyrocket, which has stimulated the rapid increase of global non-commercial long positions in gold for speculative profits and the relative decline of short positions. This undoubtedly exacerbated the soaring price of gold with a very steep slope.

From the short-term and medium-term perspective, the Fed will enter the interest rate reduction cycle for several years in the future, and the high interest rate of US bonds will have a large downside in the future. From a long-term perspective, due to distrust of the sovereign currency of the US dollar, central banks around the world systematically increase their holdings of gold, which will drive the upward trend of gold prices.

Long and short period resonance, the future gold market is still expected.

[investment at the right time]

Since the gold price in the afternoon is expected, it will be a good choice to vote for gold. You know, gold is the only legal and compliant global allocation asset that most people in China have access to.

In addition to buying physical gold, a more convenient way to invest in gold is to use ETF for layout. For example, the latest scale of gold ETF Huaxia (518850) is over 400 million yuan, with good liquidity, and it has recorded nearly 50% return performance in the past three years, which deserves special attention.

Of course, participating in the gold market can also focus on outstanding A-share gold listed companies.

Specifically, the middle and upper reaches of the gold industry chain are mainly engaged in gold mining and smelting, with Zijin Mining and Shandong Gold as the leading companies, while the downstream is mainly engaged in the production and sales of gold jewelry, with Lao Fengxiang and Zhou Dasheng as the leading companies.

The leading enterprises in the upstream resources are relatively more profitable, especially Zijin Mining, which has a market value of over 440 billion. Its gross profit margin increased from 8.5% in 2015 to 15.8% in 2023, and its net interest rate increased from 1.8% in the same period to 9%.

Zijin Mining’s gold business scale is undoubtedly the largest in China. In terms of reserves, it will reach 1,191 tons in 2022 (gold resources will reach 3,117 tons), far exceeding the 507 tons and 417 tons of Zhongjin Gold and Shandong Gold. In addition to the gold business, Zijin Mining also mines non-ferrous metals such as copper and zinc, and its output ranks among the top in the world.

These businesses have experienced explosive growth in the past few years. From 2005 to 2023, the revenue expanded from 3.07 billion yuan to 293.4 billion yuan, with a compound annual growth rate of 29%. The net profit of returning to the mother increased from 700 million yuan to 21.1 billion yuan, with a compound annual growth rate of 21%.

One of the core competitiveness driving the continuous growth of performance stems from low cost. On the one hand, Zijin Mining has mining technology that its peers don’t have, or can’t reach, to realize the benefit of mining low-grade mines. On the other hand, Zijin Mining is good at using the cycle and purchasing mineral resources at low prices against the trend.

In addition, Zhongjin Gold and Shandong Gold are not bad in operation, but their cyclical properties are stronger than Zijin Mining, and their share prices generally fluctuate with the gold price.

Lao Fengxiang, the core leader in the downstream of the gold industry chain, is also a super bull stock. Although the level of gross profit and net profit is very low, which is not much different from that of most manufacturing companies, fortunately, the business scale continues to expand, which also drives its profits to continue to grow.

Lao Fengxiang’s good growth stems from the bonus of China’s gold jewelry industry. According to Euromonitor, the market size of the industry was 815.9 billion yuan at the end of 2022, and it will reach 942.9 billion yuan in 2025, with a compound annual growth rate of 7.8%. In addition, from the perspective of per capita jewelry consumption, China’s jewelry consumption is US$ 82, which is lower than US$ 693 in Hongkong, China, US$ 309 in Singapore and US$ 250, and there is still much room for growth in the future.

In China’s jewelry market, the consumption of gold products is significantly higher, accounting for 58.3% in 2021 and above 60% in many years. In the global market, the largest market segment is diamond jewelry, accounting for 47%, followed by gold, accounting for 42%. It can be seen that the leading enterprises specializing in gold jewelry in China will benefit more.

In short, from the historical dimension and driving logic, this round of gold bull market may be far from complete. In this uncertain era, the allocation of gold-related assets should be a relatively certain choice.

Solemnly declare: Tiantian Fund Network publishes this information for the purpose of spreading more information, which has nothing to do with the position of this website. Tiantian Fund Network does not guarantee the accuracy, authenticity, completeness, effectiveness, timeliness and originality of all or part of this information (including but not limited to words, data and charts). The relevant information has not been confirmed by this website, and it does not constitute any investment decision-making suggestions for you. Please act accordingly at your own risk. Source: Eastern Fortune Choice data.