On July 7, the Ministry of Commerce and other 17 departments issued the "Notice on Several Measures for Invigorating Automobile Circulation and Expanding Automobile Consumption", which pointed out that we should support the consumption of new energy vehicles and study the extension of the vehicle purchase tax exemption policy for new energy vehicles after its expiration. Carry out in-depth activities of new energy vehicles to the countryside, encourage qualified places to introduce support policies to the countryside, guide enterprises to increase preferential activities, and promote the consumption and use of new energy vehicles in rural areas.

The following is the full text of the notice:

People’s governments of all provinces, autonomous regions and municipalities directly under the Central Government, Xinjiang Production and Construction Corps:

The automobile industry is a strategic and pillar industry of the national economy. In order to further invigorate automobile circulation, expand automobile consumption, help stabilize the basic economy and ensure the improvement of people’s livelihood, with the consent of the State Council, relevant matters are hereby notified as follows:

First, support the purchase and use of new energy vehicles

(a) to promote cross-regional free circulation, to break the local protection of the new energy vehicle market, each region shall not set the local new energy vehicle models for the record directory, and shall not set unreasonable vehicle parameter indicators for the sales and consumption subsidies of new energy vehicle products.

(2) Support the consumption of new energy vehicles, and study the extension after the expiration of the vehicle purchase tax exemption policy for new energy vehicles. Carry out in-depth activities of new energy vehicles to the countryside, encourage qualified places to introduce support policies to the countryside, guide enterprises to increase preferential activities, and promote the consumption and use of new energy vehicles in rural areas.

(3) Actively support the construction of charging facilities, accelerate the construction of charging facilities such as residential communities, parking lots, gas stations, expressway service areas, passenger and freight hubs, and guide charging pile operators to appropriately reduce charging service fees.

Second, accelerate the active second-hand car market

(four) to cancel the unreasonable restrictions on the development of second-hand car distribution, and make it clear that enterprises with registered residence and business premises outside the second-hand car trading market can carry out second-hand car sales business. For enterprises engaged in new car sales and used car sales, the business scope shall be uniformly registered as "automobile sales" and put on record according to relevant regulations. The filing enterprise shall truthfully fill in the business content and other information, and the commercial department shall promptly push the information of the filing enterprise to the public security organ and the tax department. Since October 1, 2022, if a registered automobile sales enterprise purchases a used car from a natural person, it is allowed to issue a unified invoice for the sale of used cars in reverse and handle the transfer registration procedures accordingly.

(five) to promote the commercialization of second-hand cars, and to clarify that automobile sales enterprises should conduct accounting for second-hand cars purchased and used for sales according to the unified accounting system of the state. Since October 1, 2022, when a registered automobile sales enterprise applies for the transfer registration of a small non-operating used car, the public security organ will implement the management of separate endorsement and issue a temporary license plate. For cities where automobile purchases are restricted, it is clear that used cars purchased by automobile sales enterprises and used for sales do not occupy the number plate index.

(VI) Support the large-scale development of second-hand car circulation, strictly implement the policy of completely canceling the restrictions on the movement of second-hand cars in all regions, and cancel the restrictions on the movement of small non-operating second-hand cars that meet the national emission standards from August 1, 2022, so as to promote the free circulation of second-hand cars and the cross-regional operation of enterprises. Since January 1, 2023, if a natural person sells three or more used cars that have been held for less than one year in a natural year, automobile sales enterprises, used car trading markets, auction enterprises, etc. shall not issue a unified invoice for the sale of used cars, and shall not go through the transaction registration procedures, and the relevant departments shall handle it according to the regulations. Public security organs and tax authorities share verification information, and tax authorities make full use of the shared information to provide information support for relevant enterprises to issue invoices.

Third, promote automobile renewal consumption

(seven) to encourage the comprehensive use of economic and technological means to promote the withdrawal of old vehicles, conditional areas can carry out the old car, accelerate the elimination of old vehicles.

(eight) improve the recycling system of scrapped motor vehicles, and support qualified enterprises to obtain the qualification for recycling scrapped motor vehicles. Enterprises that have obtained qualifications before the implementation of the Detailed Rules for the Management of Scrap Motor Vehicle Recycling, such as those unable to re-complete the qualification confirmation on schedule due to the impact of the COVID-19 epidemic, may be postponed until March 1, 2023. Increase the support for the construction projects of scrapped motor vehicle recycling enterprises. In principle, the nature of the land for enterprise construction projects should be industrial land. For enterprises that have obtained the qualification of scrapped motor vehicle recycling and projects under construction that have obtained the approval of land use or the planning permission of construction projects within 3 months after the issuance of this document, the land should be used according to the determined purposes.

Fourth, promote the sustained and healthy development of parallel automobile imports

(9) Support the parallel import business of automobiles in the import port area of complete automobiles, and the parallel import business of automobiles can be carried out at the import port of complete automobiles after the work plan of parallel import of automobiles is approved by the provincial people’s government and reported to the Ministry of Commerce for the record. We will improve the compulsory product certification and information disclosure system for parallel imported cars, allow enterprises to make a commitment that the imported cars will continue to meet the national six emission standards, and continue to implement the relevant policy requirements for the OBD test and data information of parallel imported cars in the environmental protection information disclosure link.

Fifth, optimize the automobile use environment

(ten) to promote the construction of urban parking facilities, effectively improve the effective supply level of urban parking facilities, accelerate the application of new technologies and new models, and promote the sharing of parking resources and the matching of supply and demand. The newly-built residential area will build parking facilities in strict accordance with the urban parking planning and the construction standards of complete residential communities. Actively expand new parking facilities in combination with urban renewal actions such as the transformation of old urban communities. Make rational use of civil air defense projects, underground spaces of parks and green spaces, and tap the potential to build more parking facilities. All localities should improve the parking fee policy, strengthen the policy support of capital land use, and increase the use of local debt to support the construction of qualified parking facilities.

(11) Develop automobile cultural tourism and other consumption, support the construction and operation of automobile sports events, automobile self-driving sports camps and other projects in terms of land use, study and formulate the conditions for the identification of traditional classic vehicles, and promote the development of traditional classic car-related industries and automobile culture such as exhibition, collection, trading and competitions.

VI. Enriching automobile financial services

(12) Encourage financial institutions to reasonably determine the down payment ratio, loan interest rate and repayment period under the premise of compliance with laws and controllable risks, and increase credit support for automobile consumption. We will develop auto financing leasing in an orderly manner, encourage auto manufacturers, sales enterprises and financing leasing enterprises to strengthen cooperation and increase the supply of financial services.

All regions and relevant departments should earnestly strengthen organization and leadership, refine work measures according to their responsibilities, promote relevant policies and measures to take effect as soon as possible, and further promote the recovery of automobile consumption and the release of potential.

　　As the greatest industrial product in the 20th century, automobiles have greatly changed people’s lives, expanded their travel radius, brought great convenience to people and improved their quality of life. Everything is a double-edged sword, and life on wheels has both advantages and disadvantages.

　　However, with the growing demand for short-distance travel, a considerable number of domestic manufacturers are aiming at the blue ocean market of "Old Man Le", creating the dream of owning a luxury car with a price close to the people, avant-garde fashion and tens of thousands of yuan. A considerable number of "three noes" products were born, but the following problems are great traffic safety and personal safety hazards, driving on the road without a license and without a license, causing countless painful accidents. Here, Sina Auto appeals to consumers to buy cars legally and reasonably, not to buy low-speed old scooters easily, and not to go on the road illegally.

　　Is there really no other choice except the low-speed old scooter within 100,000 yuan? Of course not. Today’s article will recommend several pure electric vehicles that are affordable, small and lovely, can meet national laws, regulations and related policies, and can legally drive on the road.

　　Wuling Hongguang MINIEV

　　Official guide price: 28,800-46,800 yuan.

　　It is true that Wuling will build whatever the people need! Wuling Hongguang MINIEV achieved sales of more than 420,000 vehicles from January to December in 2021, which shows how accurate Wuling is in controlling consumer demand. After all, only when the buyer’s market is strong enough can the seller’s excellent data be achieved.

　　It seems no exaggeration to regard Wuling Hongguang MINIEV as a national electric vehicle. As a mini-car, Hongguang MINIEV adopts the layout of front and rear drive and three doors and four seats. The permanent magnet synchronous motor it carries can provide the maximum torque of 85Nm and the maximum power of 20kW. The NEDC mileage of the model equipped with ternary lithium battery is 120km, and the cruising range of the model equipped with lithium iron phosphate battery is 170km. At the same price, it is wise to buy a national car that can legally go on the road.

　　BYD Dolphin

　　Official guide price: 96,800-12,480 yuan

　　BYD Dolphin occupies many firsts of BYD brand, such as: the first model adopting BYD’s brand-new Logo, the first marine car model, the first model based on E platform 3.0 and so on. The appearance design of BYD Dolphin is eye-catching, and the bionic design all over the car is easy to get the favor of soft and cute girls.

　　BYD Dolphin has certain advantages in size. It is a typical small car, and its actual interior space is more advantageous than other fuel vehicles of the same level. If you travel daily, the model equipped with 70kW motor can meet the requirements. If you have higher requirements for the performance of the vehicle, you can choose the Dolphin Knight Edition equipped with 130kW motor. Entry-level models can achieve a NEDC mileage of 301km, and models equipped with larger battery packs have a NEDC mileage of over 400km. The rotating screen on the center console is enough to prove the inner strength of BYD Dolphin. Is such a car attractive enough?

　　Ou la hei Mao

　　Official guide price: 69,800-84,800 yuan.

　　In the past two years, the word "slap cat" has appeared more and more frequently. Almost everyone has a few friends who are keen on slapping cats in their circle of friends. If you drive a car with the word "cat" in its name, will it be as happy as slapping cats? The brand of Euler has prepared such a black cat for consumers that can make you sigh.

　　Euler Black Cat has a retro appearance. As an entry-level model of Euler brand, Black Cat is equipped with two kinds of motors with 35kW and 40kW power, and adopts the layout of front drive and four doors and five seats. The cruising range of the entry-level model NEDC is 301km, the cruising range of the main model NEDC is 351km, and the cruising range of the top model NEDC is 401km. In the fast charging mode, it can be charged to 80% in half an hour, which is very cost-effective.

　　Chery new energy xiaomayi

　　Official guide price: 66,900-82,900 yuan.

　　Little Ant is an entry-level model of Chery New Energy, and it has captured a large number of young consumers from the listing place, including many young ladies with extremely high values. With its lovely appearance and cruising range of more than 300km, it has gained a considerable number of orders.

　　It is easy to get confused about the names of the micro-sugar version, the semi-sugar version and the full-sugar version when I look at the configuration table for the first time. In fact, different sugars represent different configurations. The sweeter the configuration, the higher the configuration. All the models are equipped with ternary lithium batteries or lithium iron phosphate batteries in different configurations. Which one to choose depends entirely on personal preferences. In addition, the small ants adopt the layout of rear drive, which can provide driving pleasure. Only after they have tried it can they know whether it is as sweet as a cup of milk tea.

　　Nezha v

　　Official guide price: 62,900-12,080 yuan.

　　Nezha V is a rare small SUV pure electric vehicle in this class. After seeing enough mini or small hatchback, is this cute small pure electric SUV more appetizing?

　　Nezha V is equipped with a 40kW or 55kW permanent magnet synchronous motor. The NEDC cruising range can be 301km for the standard cruising model and 401km for the long cruising model. The layout of the front driver has made great contribution to the trunk volume of Nezha V. In the fast charging mode, it only takes half an hour to charge to 80%.

　　Zero run T03

　　Official guide price: 68,900-84,900 yuan.

　　Compared with other models, the zero-run T03 may have a lower brand awareness, but it is the fastest charging model in the slow charging mode among all the models recommended today. It takes only 2.75 hours for the entry-level model and 3.5 hours for other models to charge to 100%.

　　The design of the zero-run T03 is very classy, and it is easy to be recognized as an imported or joint-venture brand. It is worth noting that only the entry-level model of zero-run T03 is equipped with 55kW motor, and the cruising range of NEDC is 301km, while other models are equipped with 80kW motor, and the cruising range of NEDC reaches 401Km, which is not common in this level.

　　Baojun KiWi EV

　　Official guide price: 69,800-89,800 yuan.

　　Baojun KiWi EV is the most futuristic model among all the recommended models today. The two grooves on the bumper are very suitable for sitting in the front of the car to get a group of photos that are highly praised in the circle of friends. The rich body color matching is in line with the pursuit of personalized body color by young consumers.

　　Baojun KiWi EV is equipped with a 40kW permanent magnet synchronous motor, with a cruising range of NEDC of 305km, which can be charged to 80% in one hour in fast charging mode and 100% in slow charging mode. The battery life and charging efficiency are not excellent, but in the face of Baojun KiWi EV’s sci-fi modeling, it is quite necessary to forget the cost performance for a short time.

　　Redding mango

　　Official guide price: 29,800-56,900 yuan.

　　Everyone may have some models of the Reading brand, but Bidewen behind the Reading brand is famous, especially in the sales of electric bicycles. After finding the new target, the mango model launched by Reading Electric Vehicle, with a starting price of 29,800 yuan, has become the most direct competitor of the elderly scooter that cannot legally go on the road together with Wuling Hongguang MINIEV.

　　As Reading, who has little experience in building cars, Mango models are equipped with 25kW and 35kW motors, and only the top models equipped with 35kW motors support fast charging mode. Other models can only be charged through slow charging mode, and the charging rate is 100% in 8 hours. The cruising range of NEDC is 130km, 200km and 335km for top models with different battery capacity. Although the data is not excellent, the biggest advantage of reading mango is that the starting price is close to the people.

　　Image source: Xinhua News Agency

　　According to CCTV news, eight departments, including the Ministry of Industry and Information Technology, officially issued the "Notice on Launching the First Pilot Area of Fully Electrified Vehicles in the Public Sector" on the 13th.

　　After research, 15 cities including Beijing, Shenzhen, Chongqing, Chengdu, Zhengzhou, Ningbo, Xiamen, Jinan, Shijiazhuang, Tangshan, Liuzhou, Haikou, Changchun, Yinchuan and Erdos were identified as the pilot cities, and a number of experiences and models that can be replicated and popularized were encouraged to be explored, which will play an exemplary role in the comprehensive market-oriented expansion of new energy vehicles and the construction of green and low-carbon transportation systems.

　　The notice specifies three main objectives: the level of vehicle electrification is greatly improved, the service system for charging and replacing electricity is strongly guaranteed, and new technologies and new models are innovatively applied, as well as four key tasks: improving the level of vehicle electrification, promoting the innovative application of new technologies, improving the infrastructure for charging and replacing electricity, and improving policies and management systems.

　　In terms of expected targets, new energy vehicles will be promoted in the fields of official vehicles, city buses, sanitation vehicles, taxis, postal express vehicles, urban logistics distribution vehicles, airport vehicles, heavy trucks in specific scenes, etc., with a promotion number of 600,000 vehicles; 700,000 charging piles and 7800 power stations will be built. The pilot content includes charging and replacing electricity, vehicle-network interaction, integration of optical storage, charging and discharging, virtual power plant, green electricity trading and so on.

　　Interpretation:Judging from the first batch of shortlisted cities, the types are very diverse, ranging from "spire" cities such as Beijing, Shenzhen, Chongqing and Chengdu to ordinary prefecture-level cities such as Tangshan, Liuzhou and Ordos.

　　In fact, giving different cities the opportunity to participate extensively is one of the main considerations in the pilot work. At the beginning of this year, eight departments, including the Ministry of Industry and Information Technology, issued the "Notice on Organizing the Pilot Work of Fully Electrified Vehicles in the Public Sector", which comprehensively considered the economic development level of various provinces and cities, the industrial base of new energy vehicles, the promotion and application situation and other factors, and divided the pilot areas into three categories, and the vehicle promotion objectives of pilot cities in different regions were also different.

　　In contrast, Beijing, Shenzhen, Chongqing, Chengdu and Zhengzhou belong to the first category, and the goal is to promote the number (standard car conversion, the same below) to reach 100,000; Ningbo, Xiamen, Jinan, Shijiazhuang and Tangshan belong to the second category, and the promotion number will strive to reach 60,000 vehicles; Liuzhou, Haikou, Changchun, Yinchuan and Ordos belong to the third category, and the promotion number will strive to reach 20,000 vehicles.

　　It is worth mentioning that among the first shortlisted cities, there are 7 southern cities and 8 northern cities. Behind this, there are actually considerations to solve the problem of promoting new energy vehicles in the northern region. At the the State Council policy briefing held in June, Xin Guobin, Vice Minister of the Ministry of Industry and Information Technology, said that while the new energy vehicle market in China is growing rapidly, there are still problems of imbalance and inadequacy.

　　Geographically, due to factors such as low-temperature adaptability of power batteries and insufficient charging and replacing facilities, the promotion and application of new energy vehicles in Northeast China and Northwest China are relatively backward, and the number of new energy vehicles in the three northeastern provinces and five northwestern provinces is less than 5% of the national total.

　　From the model, the sales growth of new energy commercial vehicles is obviously slower than that of passenger cars. In 2022, new energy commercial vehicles only accounted for 10.2% of the total sales of commercial vehicles, of which medium and heavy trucks accounted for only 2.7%.

　　With the opening of this pilot, it will bring new development opportunities to China’s new energy vehicle market, and it is also expected to open a huge blue ocean of growth. According to some calculations, the promotion of new energy vehicles alone is expected to bring hundreds of billions of market space, which does not include the investment increment of charging piles and power stations. For cities, when the demand side is activated, it is also expected to bring new opportunities to the supply side.

　　# Trend

　　Shanghai promotes cross-border RMB settlement of "Silk Road E-commerce"

　　The Information Office of the Shanghai Municipal Government held a press conference on the 14th to introduce the "Proposal on Establishing a Pilot Area for Silk Road E-commerce Cooperation in Shanghai". According to reports, Shanghai will take the lead in carrying out innovative exploration pilots in the pioneering area, put forward more practical opening measures, and accelerate the construction of the digital trading system framework and infrastructure system. Among them, to expand the opening of e-commerce, Shanghai will expand international data services, implement high-standard trade facilitation measures, promote the application of international standards for electronic documents, explore cross-border interoperability of digital identity and electronic authentication, expand cross-border e-commerce imports, promote the innovative development of cross-border e-commerce exports, and promote cross-border RMB settlement of "Silk Road e-commerce".

　　Hubei accelerates the cultivation and development of artificial intelligence industry

　　Hubei Daily News, on November 13th, the Information Office of Hubei Provincial Government held a press conference to introduce the "artificial intelligence industry chain". It was revealed at the meeting that Hubei will accelerate the whole chain connection, the whole process integration and the participation of all factors in the artificial intelligence industry chain, and strive that by 2025, the scale of the artificial intelligence industry in the province will exceed 150 billion yuan, and the overall technology and industrial development level of artificial intelligence will enter the first phalanx in the country.

　　Yunnan set up a round table mechanism to promote the development of private enterprises and the communication between government and enterprises

　　The General Office of the Yunnan Provincial Government recently issued a notice and decided to establish a round table mechanism for promoting the development of private enterprises in Yunnan Province. Job responsibilities include: strengthening the normal communication with private enterprises and business associations, listening carefully to the opinions and suggestions of attracting private enterprises, and timely solving the difficulties and problems reflected by private enterprises involving the powers of relevant departments and units directly under the province. Regularly carry out policy propaganda and interpretation, improve the pertinence and effectiveness of policies, ensure that all kinds of policies benefit business entities, strengthen positive guidance, and boost the confidence of private enterprises in development. Strengthen the information sharing and coordination of relevant departments and units directly under the province, solidify effective measures, sum up and popularize advanced experience, and promote the high-quality development of the private economy.

　　The hydropower station with the largest installed capacity under construction in the Yellow River Basin is impounded.

　　According to CCTV news, on November 14th, Qinghai Maerdang Hydropower Station, a national key energy project, officially shut down the floodgates to store water, marking that the power station officially entered the sprint stage before the first unit was put into production. Ma ‘erdang Hydropower Station is located on the main stream of the Yellow River upstream of Laga Town, Maqin County, Golog Tibetan Autonomous Prefecture, Qinghai Province, with an average elevation of 3,300 meters and a total installed capacity of 2.32 million kilowatts. It is the hydropower station with the highest elevation and the largest installed capacity under construction in the Yellow River Basin. After the Mardang Hydropower Station is fully put into operation, the average annual power generation will reach 7.3 billion kWh, which is equivalent to saving about 2.2 million tons of standard coal every year, and will provide clean energy for Qinghai Province and the eastern region.

　　List of national-level 5G factories, Suzhou ranks first.

　　According to the Suzhou Municipal Bureau of Industry and Information Technology, on November 12, the Ministry of Industry and Information Technology announced the 2023 5G Factory Directory, and it is planned to approve 300 5G factory projects to enter the 2023 5G Factory Directory. 44 5G factory projects in Suzhou were selected, involving 14 industries (national economy categories) such as computer, communication and other electronic equipment manufacturing, general equipment manufacturing, automobile manufacturing and textile industry, ranking first in the country, accounting for nearly half of Jiangsu Province.

　　# Sound

　　Minister of Finance Lan Foan: It is expected that China’s economy will maintain a good recovery trend in the fourth quarter.

　　According to the website of the Ministry of Finance, from November 12th to 13th, the 30th APEC Finance Ministers’ Meeting was held in San Francisco, USA. The meeting mainly discussed the global and regional economic and financial situation, modern supply-side economics, sustainable finance, digital assets and other issues.

　　Minister of Finance Lan Foan attended the meeting and delivered a speech. He said that since the beginning of this year, China’s economy has continued to pick up, especially since the third quarter, with more positive changes and increasing endogenous power. It is expected that China’s economy will keep picking up in the fourth quarter. China is still an important engine for the steady growth of the world economy.

　　Lan Foan said that promoting supply-side structural reform is the only way to achieve high-quality development. China will actively promote the eight actions of building the "Belt and Road" with high quality, support the Asia-Pacific economies to deepen supply-side reforms, accelerate the modernization process, and provide new impetus for global common development.

　　# Number reading

　　China’s household photovoltaic installed capacity exceeded 100 million kilowatts.

　　According to the data released by the National Energy Administration on the 14th, as of the end of September this year, the cumulative installed capacity of household distributed photovoltaics in China exceeded 100 million kilowatts, reaching 105 million kilowatts, boosting the total installed capacity of photovoltaic power generation in China to over 500 million kilowatts, reaching 520 million kilowatts. According to statistics, at present, the cumulative number of household distributed photovoltaic installations in rural areas in China has exceeded 5 million, driving effective investment to exceed 500 billion yuan.

　　From January to September this year, the installed capacity of household distributed photovoltaic in China was 32.977 million kilowatts, accounting for about half of the installed capacity of distributed photovoltaic, more than a quarter of the total installed capacity of photovoltaic in China, and 1.3 times of the installed capacity of household photovoltaic last year (25.25 million kilowatts). In terms of regional distribution, as of the end of September this year, the cumulative installed capacity of household distributed photovoltaics in Shandong, Henan and Hebei ranked the top three in China, with installed capacity of 24.48 million kilowatts, 20.84 million kilowatts and 16.66 million kilowatts respectively, totaling 61.98 million kilowatts, accounting for about 60% of the country.

　　# Post the list

　　China’s richest woman changed.

　　On November 14th, Hurun Research Institute released the 2023 Hurun Women Entrepreneurs List, listing the top 50 women entrepreneurs in this year’s Hurun Report. According to the list, Kuang Xiaoqing, wife of Sun Hung Kai founder Guo Desheng, became the richest woman in China for the first time with a wealth of 72 billion yuan. Wu Yajun, Longhu, was the richest woman from scratch in China for 66.5 billion yuan.

　　According to the list, Kuang Xiaoqing became the richest woman in China for the first time, mainly benefiting from the rise of the dollar exchange rate this year and the company’s dividends. Kuang Xiaoqing became the sixth richest woman in China in the past 18 years in Hurun’s list of women entrepreneurs. The top five were Zhang Yin (three times), Yang Huiyan (ten times), Wu Yajun (twice), Zhou Qunfei (once) and Chen Lihua (once).

　　In addition, Yang Huiyan, the richest woman in Country Garden last year, lost the most money (27 billion yuan), ranking fifth with 48 billion yuan. Wang Laichun, 56, from Luxshare (with a wealth of 53 billion yuan) and Zhou Qunfei, 53, from Lansi Technology (with a wealth of 42 billion yuan) are among the top ten, and their biggest customers are both Apple.

　　In terms of cities, Beijing is still the city where the most female entrepreneurs live, with seven, one less than last year; Shenzhen and Hong Kong tied for second place, with four each, also one less than last year; Foshan and Hangzhou tied for fourth place with three each. A total of 16 people live in Guangdong-Hong Kong-Macao Greater Bay Area.

　　# Personnel

　　Two provincial and ministerial officials took up their posts.

　　Official website of the Ministry of Culture and Tourism recently updated that Sun Yeli, Vice Minister of Publicity Department of the Communist Party of China and Director of the State Council Press Office, has also served as Party Secretary of the Ministry of Culture and Tourism. Prior to this, Hu Heping, member of the 20th Central Committee and vice minister in charge of daily work in Publicity Department of the Communist Party of China, also served as the Minister of Culture and Tourism and Party Secretary.

　　According to the website of Hunan Provincial Government, Zhang Yingchun has been appointed as the executive vice governor of Hunan Province. Li Dianxun, the former executive vice governor of Hunan Province, became the deputy secretary of Hunan Provincial Committee in September this year.

[Text/Observer Network Guo Han]

During the riots and conflicts in the past month or so, the Hong Kong police devoted themselves to their duties and exercised professional restraint, which became the last barrier to maintaining public order and defending the rule of law.

However, activists’ acts of stigmatizing the police and cyberbullying have intensified: some teachers have viciously cursed police children, and nearly 1,200 police officers’ personal data have been leaked by criminals, which has caused great troubles to the lives of the parties and their families.

In addition, the account also claimed that it "has a mole informant in the police force and major Hong Kong media", and its administrator claimed to be overseas and provoked the police to "have the ability to fly abroad to arrest me".

Superintendent Mo Junjie of Cybersecurity and Technology Crime Bureau of Hong Kong Police informed the media about the disclosure of police personal data.

Among them, the most notorious is a channel called "Old Bean" on an instant messaging software Telegram. Because of the encryption of its server, Telegram has become an online contact point for Hong Kong extremists to hook up with each other and conduct "human flesh search" on Hong Kong police and other related people.

Verified by Observer Network, this channel was established on July 7th. Since July 15th, the number of subscriptions and views has soared. At present, 74,000 subscribers have posted 911 photos, 21 videos and 26 documents, most of which are personal information of police officers and their families.

The channel manager and main information publisher is an account with the user name "Laodou Yizai", which means "father seeking son" in Cantonese, which is insulting to the police and other relevant searched people. The account claims that the team "has more than 50 people, all of whom have settled in the United States, Canada, Britain and other places".

Its operation mode is: firstly, upload photos of police officers’ faces taken by the media or protesters at the scene, then confirm the identity of police officers through face recognition and "human flesh search" and disclose their personal information: from job number and contact information to family background and family photos, the level of detail is chilling.

Screenshot of related channel release information

Because "the face recognition department needs a lot of data", the account suggested that members take photos at the entrance of the police dormitory, and emphasized that "each person has two more angles". In addition, the channel also uses vicious language to attack and threaten police officers and their families, claiming that its purpose is "the disaster will reach his wife and children".

With the outbreak of street violence, the addresses and contact information of a number of senior police officers have been exposed one after another, including Commissioner of Police Stephen Lo, Deputy Director Deng Bingqiang and British Chief Superintendent Tao Hui.

It is worth mentioning that the account once claimed that it "has a mole informant in the police force and major Hong Kong media". In addition, its contents include "teaching" in making incendiary bombs, using slingshots and hiding portable knives.

On August 1, the Hong Kong police released a video to introduce the situation that the police information was "bottomed out". Superintendent Liu Zhaobang revealed that since June 9, the personal data of more than 1,200 police officers and their families have been leaked on the Internet.

Insult words were posted on the door of a police officer’s house, and personal data were taken to borrow money from a financial company, which made family members very worried and worried every day. What’s more, even the photos of young children of police officers were made public, and some netizens threatened to "pick up their children from school".

Superintendent Liu reiterated that these acts may violate the crimes of "using computers with criminal or dishonest intentions", "criminal intimidation" or violation of privacy regulations, and the police will never tolerate them.

Screenshot: Social Media Facebook @ Hong Kong Police Force

On Friday (2nd), Hong Kong police arrested three men on suspicion of inciting others to commit public nuisance and fraud. One of the suspects was involved in using the illegally leaked information of police officers to apply for a loan online, but fortunately it was not successful.

Mo Junjie, Superintendent of Cyber Security and Technology Crime Bureau, said that in view of the recent radical remarks on the Internet, which instigated others to make offensive weapons, contain buildings, and even attack others, and caused nuisance and intimidation to police officers and their families, the police reminded young people not to break the law.

The administrator account did not forget to provoke the police while forwarding the above news, emphasizing that he was overseas and "had the ability to fly abroad to arrest me".

The channel released photos, trying to prove that the administrator took screenshots abroad.

According to a report in Ming Pao last Sunday (28th), the Hong Kong police arrested a 29-year-old man surnamed Zhang in a shopping mall on 25th on suspicion of "conspiracy or abetting murder", and accused him of being the administrator of the "Laodou Daizi" group, abetting members to assassinate the police.

However, Zhang denied this and quibbled with The New York Times that he had tried to develop a face recognition software and was suspected of being arrested. He has been released on bail pending investigation and is required to report to the police in late August.

Wu Zongluan, a lawyer group with close ties to the opposition and the convener of the Hong Kong Forensic Science Conference, said that if the case is brought to court, the prosecution must prove that the defendant has taken concrete or further actions to kill people because of the relevant remarks. He also said that this matter "is not just as simple as lip service", even if the murder did not happen in the end, there is a chance to be guilty.

According to the Crimes against the Person Ordinance of the Hong Kong Special Administrative Region, the conviction of "conspiracy or abetting murder" can be sentenced to life imprisonment.

This article is an exclusive manuscript of Observer. It cannot be reproduced without authorization.

　　Supreme Leader: Biodiversity is not only the foundation of sustainable development, but also the goal and means. We must use the way of nature to nourish all things, seek development opportunities from the protection of nature, and achieve a win-win situation for ecological and environmental protection and high-quality economic development.

　　This sentence is from the important speech delivered by the Supreme Leader President at the United Nations Biodiversity Summit on September 30, 2020.

　　Biodiversity is the result of billions of years of development and evolution of life on earth, and has important ecological, economic and cultural values for human survival and development. Protecting and restoring biodiversity and improving the diversity, stability and sustainability of ecosystems are conducive to improving our living environment, increasing food and resource supply, and promoting sustainable economic and social development. Conversely, if biodiversity is lost, ecosystems will be out of balance and human survival and development will lose an important foundation.

　　China has a vast territory, land and sea, and has given birth to rich and unique ecosystems, species and genetic diversity. As one of the countries with the richest biodiversity in the world, China has always attached great importance to biodiversity conservation. Especially since the 18th National Congress of the Communist Party of China, under the guidance of the Supreme Leader’s ecological civilization thought, all localities have adhered to ecological priority and green development, and continuously strengthened and innovated biodiversity protection measures.

　　为了保护重要自然生态系统和生物资源，目前，我国把超过30%的陆域国土面积划为生态保护红线，可有效保护90%的陆地生态系统类型和74%的国家重点保护野生动植物种群。经过多年移民搬迁和生态修复，我国设立的第一批5个国家公园有效保护了东北虎、大熊猫等珍稀野生动物及其栖息地，成为万物和谐共生的美好家园。同时，为保护一些濒危物种，我国相继设立国家植物园、野生动物救护繁育基地、种质资源库、基因库等，加大对濒危野生动植物的迁地保护，加强对生物遗传资源的收集保存。为保护候鸟迁徙通道，许多地方加强当地湿地保护，让水草丰茂的栖息地成为候鸟迁徙途中的重要“驿站”。随着生物多样性保护宣传教育和科普活动持续开展，公众参与生物多样性保护的方式更加多元化，参与度全面提高……经过不断探索，我们走出了一条中国特色生物多样性保护之路，各地也在保护自然中逐渐找到适合自身的发展机遇。比如，一些地方在国家公园以外的周边地区发展生态旅游业、林下经济等，让从保护区搬迁出来的当地百姓端上“绿饭碗”，吃上“生态饭”。

　　中国式现代化是人与自然和谐共生的现代化。尊重自然、顺应自然、保护自然，是全面建设社会主义现代化国家的内在要求。新征程上，我们要把生物多样性保护作为生态文明建设重要内容，既总结好已有经验、巩固好已有基础，又不断探索创新保护方式，持续推进生物多样性治理体系和治理能力现代化，进而持续改善自然生态系统状况，提高生态产品供给能力，实现自然生态系统良性循环，不断满足人民日益增长的对优美生态环境需求。

　　本期特约专家：田瑜 中国环境科学研究院生态研究所

Brand Finance, a British brand evaluation agency, released the "Banking 500 2021" in 2021. In this year’s ranking, China and the United States still share the top ten banking brands, and Industrial and Commercial Bank of China continues to be the top one.

The total value of the top 500 global banking brands is $1,270.5 billion. Among them, 76 China brands were worth US$ 430.4 billion, accounting for 33.9%. 74 American brands are worth $2,748, accounting for 21.6%. Nine Canadian brands are worth $62.6 billion, 17 British brands are worth $51.2 billion, 27 Japanese brands are worth $41.3 billion, 9 French brands are worth $35.7 billion, 9 Spanish brands are worth $29.5 billion, 18 Indian brands are worth $27.3 billion, 9 Australian brands are worth $23.2 billion, 4 Dutch brands are worth $21.1 billion and 13 Swiss brands are worth $20.7 billion.

The "Top 500 Global Bank Brand Value Rankings" adopts the cash flow discount method, and calculates the brand value of each bank by evaluating the market influence of banks by analyzing financial data and setting brand discount rates of different banks. The shortlisted banks include commercial banks and investment banks (securities companies).

Brand value/annual growth rate of ranking brand headquarters.

1. Industrial and Commercial Bank of China (ICBC) China is 72.788 billion USD /-9.9%.

2. China of China Construction Bank is 59.649 billion USD /-4.7%.

3. Agricultural Bank Of China (China) 53.134 billion USD /-2.8%.

4. Bank of China’s China is USD 48.689 billion /-3.8%.

5. Bank of America US$ 32.787 billion /-7.3%.

6. US$ 32.2 billion /-2.8% from CITI.

7. Wells Fargo US$ 31.805 billion /-22.2%

8. Chase US$ 28.849 billion /-7.7%

9. J.P. Morgan US$ 23.565 billion /+3.2%.

10. China of China Merchants Bank is USD 21.044 billion /-8.0%.

11. HSBC UK USD 17.028 billion /-12.5%.

12. TD Bank of Toronto (Canada) USD 15.968 billion /-1.1%.

13. Royal Bank of Canada (RBC) Canada USD 15.818 billion /+1.6%.

14. China of Bank of Communications is USD 15.683 billion /+3.4%.

15. Shanghai Pudong Development Bank China USD 15.053 billion /+7.9%.

16. China CITIC Bank China USD 14.500 billion /+10.2%.

17. Santander Spain’s USD 14.271 billion /-18.7%.

18. Goldman Sachs US$ 13.75 billion /+21.3%

19. China Postal Savings Bank’s China is USD 13.593 billion /-0.1%.

20. Capital One US$ 13.034 billion /-11.4%.

21. China Minsheng Bank China USD 12.490 billion /+29.3%.

22. BNP Paribas France USD 12.37 billion /-7.0%.

23. Mitsubishi UFJ Financial Group (MUFG) Japan USD 12.149 billion /+29.0%.

24. China of Industrial Bank is USD 12.131 billion /+15.9%.

25. China Everbright Bank’s China is USD 10.325 billion /+6.6%.

26. ING Netherlands USD 9.972 billion /-11.9%.

27. China of Ping An Bank is USD 9.781 billion /+15.6%.

28. Morgan Stanley US$ 9.473 billion /+6.6%.

29. Federal Savings Bank (Sber) Russia’s USD 9.395 billion /-29.0%.

30. Sumitomo Mitsui Financial Group (SMBC) Japan USD 9.319 billion /-23.9%.

31. BMO Canada’s USD 9.077 billion /-4.2%.

32. Scotiabank Canada USD 9.041 billion /-10.6%.

33. Barclays UK $9.037 billion /-15.2%

34, UBS Group AG (UBS) Swiss $8.671 billion /-5.4%.

35. U.S. Bancorp’s US$ 8.351 billion /-2.2%.

36. Truist US$ 8.013 billion

37. DBS Singapore USD 7.811 billion /-7.8%.

38. BBVA Spain’s USD 7.678 billion /-18.7%.

39. Rabobank, the Dutch cooperative bank, US$ 7.573 billion /-1.8%.

40. Intesa Sanpaolo, Italy, US$ 7.401 billion /+14.3%.

41. Merrill’s US$ 7.273 billion /+3.3%

42. CIBC Canada’s USD 6.924 billion /-12.1%.

43. Puruixing Financial Services (PNC) US$ 6.798 billion /-11.2%.

44. HDFC Bank India USD 6.588 billion /+11.2%

45. Commonwealth Bank Australia US$ 6.552 billion /-7.0%.

46. Mizuho Financial Group Japan’s USD 6.419 billion /-4.7%.

47. Credit Suisse Switzerland USD 6.286 billion /-9.0%.

48. Qatar National Bank (QNB) Qatar USD 6.107 billion /+1.3%.

49. Standard Chartered UK USD 6.057 billion /+6.2%

50. State Bank of India (US$ 5.843 billion /-9.2%).

51. Discover US$ 5.576 billion /-14.7%

52. Societe Generale France’s $5.082 billion /-31.0%.

53. Itau Bank (ITAU) Brazil USD 5.065 billion /-25.9%.

54. Hua Xia Bank (China) USD 5.054 billion /+24.7%.

55. Credit Mutuel France $5.05 billion /+4.2%

56. Shinhan Financial Group Korea’s USD 5.027 billion /+7.6%.

57. Lloyds Bank UK $4.949 billion /-29.2%.

58. Credit Agricole (France) USD 4.834 billion /-14.5%

59, National Westminster Bank (NatWest) UK $4.822 billion /-18.8%

60. KB Financial Group Korea USD 4.69 billion /+13.0%.

61. ANZ Australia USD 4.604 billion /-1.3%.

62. OCBC Bank Singapore USD 4.561 billion /-5.8%.

63. BNY Mellon US$ 4.367 billion /+10.7%.

64. Nordic United Bank (Nordea) Sweden USD 4.105 billion /-12.8%.

65. Bank of Beijing China USD 4.042 billion /+3.4%.

66. Banco do Brasil Brazil USD 4.04 billion /-11.3%.

67. UOB (UOB) Singapore USD 3.998 billion /-15.3%.

68. Brazilian Federal Savings Bank (Caixa) Brazil’s $3.954 billion /-18.3%.

69. nab Australia’s US$ 3.936 billion /-17.2%.

70. Bradesco (Brazil) US$ 3.908 billion /-41.6%.

71. Bank of Ningbo China USD 3.855 billion /+63.3%.

72. Charles Schwab US$ 3.854 billion /+4.2%.

73. Union Bank of Belgium (KBC) Belgium USD 3.829 billion /-11.2%.

74, Dubai National Bank (Emirates NBD) UAE $3.73 billion /-9.7%.

75. Bank of Shanghai China USD 3.681 billion /+7.0%.

76. Maybank Malaysia USD 3.661 billion /-8.0%.

77. First Abu Dhabi Bank (UAE) USD 3.621 billion /-10.1%.

78. ICICI Bank, India, US$ 3.539 billion /+23.2%.

79. Deutsche Bank Germany US$ 3.51 billion /-1.3%.

80. Westpac Australia USD 3.491 billion /-11.4%.

81. Al-Rajhi Bank, Saudi Arabia, USD 3.449 billion /-1.7%.

82, Japan Post Bank (JP Bank) Japan $3.389 billion /-12.2%.

83. Bank of Jiangsu China USD 3.363 billion /+7.7%.

84. China of China Guangfa Bank is US$ 3.344 billion.

85. CaixaBank Spain’s US$ 3.304 billion /-6.8%.

86. ABN AMRO Netherlands $3.289 billion /-19.8%.

87, CITIC Securities (CITIC Securities) USD 3.132 billion /+33.8%.

88. Desjardins Canada USD 3.099 billion /+12.0%.

89. People’s Bank of Indonesia (BRI) Indonesia USD 3.098 billion /-12.3%.

90. State Street US$ 3.008 billion /+17.7%

91. Fifth Third Bank US$ 2.921 billion /-19.0%

92. Citizens US$ 2.83 billion /+12.0%

93. Hana Financial Group (South Korea) US$ 2.799 billion /+7.1%.

94. China of China Zheshang Bank is USD 2.731 billion /+32.0%.

95. KeyBank US$ 2.700 billion /+5.9%

96. DNB Norway USD 2.686 billion /+0.3%

97. Hang Seng Bank (China and Hongkong) US$ 2.68 billion /-21.2%.

98. Natixis France’s $2.673 billion /-1.6%.

99. Woori Bank Korea’s USD 2.654 billion /+12.4%.

100. Swedbank Sweden’s USD 2.614 billion /-9.0%.

Other brands in mainland China, Hongkong and Taiwan Province that have entered the top 500 global banking brands.

101, Haitong Securities (Haitong Securities)

111. Bank of Nanjing.

119, Guotai Junan Securities (Guotai Junan Securities)

128. Bohai Bank

135, Chongqing Rural Commercial Bank (Chongqing Rural)

141. Huishang Bank.

153. China Trust Commercial Bank (CTBC Bank) Taiwan Province

154. Bank of Hangzhou.

159, Guangzhou Rural Commercial Bank (Guangzhou Rural Commercial Bank)

179. E.SUN Bank Taiwan Province

187. Shanghai Rural Commercial Bank.

188. Bank of Chengdu.

189. Bank Of Changsha.

192. Orient Securities.

204, Shengjing Bank (Shengjing Bank)

206. Bank Of Chongqing.

213, Beijing Rural Commercial Bank (Beijing Rural Commercial Bank)

215, Bank of Tianjin (Bank of Tianjin)

218, Jinzhou Bank (Bank of Jinzhou)

221, Fubon Bank (Fubon Bank) Taiwan Province

224, Guiyang Bank (Bank Of Guiyang)

226. Bank of East Asia Hong Kong

238, Zhaofeng International Commercial Bank (Mega) Taiwan Province

240, Bank of Zhengzhou (Bank of)

247, the First Commercial Bank (Taiwan Province)

253, Taiwan New Bank (Taishin) Taiwan Province.

256, cooperative vault bank (Taiwan Province)

261, Harbin Bank (Harbin Bank)

276, Jiangxi Bank (Jiangxi Bank)

287. Wing Lung Bank (Hong Kong)

289, Qingdao Rural Commercial Bank (Qingdao Rural Commercial Bank)

301. Bank of Dongguan.

315, Yuanta Bank (Taiwan Province)

323, Guizhou Bank (Bank Of Guizhou)

327, South China Financial Holdings Taiwan Province

336, South China Commercial Bank (Hua Nan Commercial Bank) Taiwan Province

338. Bank Sinopac Taiwan Province

365. Bank of Qingdao.

367, Huarong Xiangjiang Bank (Huarong Xiangjiang Bank)

368. Bank of Taiwan Taiwan Province

373. Shanghai Commercial Bank, Hong Kong

380. Taiwan Province Business Bank Taiwan Province

381. Changhua Bank Taiwan Province

384, Bank of Suzhou (Bank of Suzhou)

387. The Shanghai Commercial & Savings Bank in Taiwan Province.

391. Dah Sing Bank Hong Kong

403, Gansu Bank (Bank Of Gansu)

414. Bank of Xi`An.

417. Land Bank of Taiwan Province.

422, Sun Hung Kai Co Hong Kong

423, Changshu Rural Commercial Bank (Changshu Rural Commercial Bank)

428, Hankou Bank (Hankou Bank)

431. Cathay United Bank Taiwan Province

467, the Union Bank of Taiwan Province.

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Original title: "2021 Global Top 500 Bank Brand Value List, 76 Banks in China on the List"

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　　There are not many days between "stepping on the brakes" in late April and regaining the upward trend since early May.

　　On May 20th, the international gold price once again set a record high. London gold price and COMEX gold futures price both broke through the $2,440/oz mark and continued to attack. Domestic gold prices opened sharply higher, and SHFE gold in Shanghai Futures Exchange hit 582.44 yuan/gram. (Source: Wind)

　　After a break in late April, the price of gold once again opened the rising channel in May.

　　In the past two weeks, the inflation, employment, economic growth and consumption data released by the United States have weakened in an all-round way, the US dollar index and US bond interest rates have fallen back at a high level, and the market’s expected first interest rate cut has been advanced again, and macro bets have boosted the recovery of gold prices; On the weekend, the risk worries caused by the geopolitical conflict in the Middle East fermented and brought more safe-haven funds into gold.

　　Since March this year, the global gold price has ushered in a remarkable surge, and the gold price has been "soaring" all the way, and the banner of a record high has been refreshed again and again. At present, in the face of the complex intersection of short, medium and long-term influencing factors, how do you view the future trend of gold prices? Standing above the $2,400/oz mark of COMEX gold, can you still allocate gold?

　　The gold of the times

　　"Sometimes Betrayal" and "Never misjudge. "

　　How to treat the future trend of gold price? In the long history, gold has experienced many "bull and bear markets" step by step.

　　Before 1970s, the global monetary system actually took gold as the "anchor", with the US dollar pegged to gold and the major western currencies pegged to the US dollar. After the collapse of the Bretton Woods system in August 1971, it declared the end of the gold-linked era.

　　Since then, gold has experienced nine complete big markets, lasting for 32 months on average and increasing by 172% on average.

Source: Wind, open sourceresearch institute

　　The boosting factors of each gold bull market are closely related to the context of its times and are different from each other. However, no matter how the times change, most of the time it revolves around several real pricing logics closely related to the characteristics of gold itself:

　　① Financial attribute: gold does not bear interest, but it bears interest when holding US Treasury bonds. As the opportunity cost of holding gold, the real interest rate of 10Y US Treasury bonds is negatively correlated with the price of gold.

　　(2) Safe haven property: When financial, economic and geopolitical fluctuations or crises occur, the demand for safe haven of gold is often increased, which leads to a risk premium.

　　③ Currency attribute: Gold has certain substitution for the US dollar system, and the weakening of US dollar credit will benefit gold.

　　4 Commodity attributes: Gold can resist inflation, and the dollar will depreciate with inflation, so the higher the global inflation, the higher the price of gold.

　　This round of gold rising cycle began in November 2022 and has lasted for 16 months, with an increase of more than 40%. Then, from the above pricing logic, what factors have started this round of gold bull market?

　　From the traditional pricing framework, gold is a non-interest-bearing asset, and the real interest rate is the opportunity cost of holding gold. In other words, the interest rates of gold and US debt are in the same boat, and the downward interest rate will push the price of gold higher.

　　The rush of funds to the Fed’s interest rate cut expectations and the expectation of the easing cycle often become the catalyst for the rise of the gold market.

　　In the second half of last year, the Federal Reserve officially completed the current round of interest rate hikes for 11 times. After that, the US economic data slowed down in October, and the Fed’s interest rate meeting in November was biased. So far, it is the most historical interest rate hike cycle in the United States since 1980. It has basically become a consensus that when interest rate cuts become the general trend, gold will enter the rising market.

　　The trend of gold in the past 20 years can be found that the market of gold often begins with the end of interest rate hike, and finally monetary tightening or economic recovery. For example, at the end of interest rate hike in late 2006 and late 2018, the price of gold started a big rising cycle and the market went all the way to the end of the interest rate cut cycle.

　　However, in this gold bull market, we will find that the trend of gold has undergone subtle changes, and it seems that it is no longer satisfied with its limited play under the dollar order.

　　Especially since the beginning of this year, gold has become the focus not only because of its remarkable increase, but also because of its "challenge" to the traditional pricing framework: the law that the real interest rates of gold and the dollar and the United States usually change in the opposite direction has "failed".

　　Since April, the nominal interest rate of 10-year US debt has surged to nearly 4.7%, the real interest rate has risen from 1.87% to 2.41%, the US dollar index has risen from 104 to 106, but gold has soared by over 7% for a time, and it has only recently been slightly adjusted back. (Source: Wind)

　　Is there a new and more important pricing factor at work in this seemingly contradictory trend, or is it just an illusion caused by short-term emotional excitement?

　　Tracing back to the source, the bottom of the logic is the ultimate deduction of the safe-haven property of gold in the process of reshaping the global political and economic system. The occurrence of deviation and the failure of the anchor actually increase the "fragility" against the dollar.

　　Gold is a mirror image of the dollar, and the market in recent years has cast a vote of no confidence in the dollar. Although after the collapse of the Bretton Woods system, the world entered the credit currency system represented by the US dollar, and gold no longer has the functions of circulation and pricing, but it still maintains the role of value storage. Therefore, once the credit currency system represented by the US dollar is in crisis, gold will rise sharply.

　　Internally, in recent years, the US finance has continued to expand substantially, the debt scale has accumulated rapidly, and the problem of fiscal sustainability has caused social concern. Fitch downgraded the credit rating of US debt, which became the internal cause of the credit decline of the US dollar system. The rise of geopolitical risks and the rise of anti-globalization thoughts are the external causes of the decline of the credibility of the US dollar system. The freezing of foreign exchange reserves in some countries in the geopolitical conflict between Russia and Ukraine accelerated this process.

　　Internal and external factors are superimposed, the credibility of the dollar system is declining, and the world has entered the process of "dollarization". Central banks around the world have turned to gold as an anchor to stabilize foreign exchange reserves.

　　Gold sometimes seems to "betray" the traditional analytical framework, but what is never misjudged is the trend and background color. The gold of the times is generally the same.

　　The golden age

　　"Megatrend" and "Masterpiece"

　　After experiencing record highs again and again, the value of short-term transactions will decrease when standing above the threshold of COMEX gold of $2,400/ounce. A smoother rise may need to wait for catalytic factors. This is a change, but there are some unchanged ones, which ensures that the value of gold in large-scale asset allocation is still outstanding.

　　On the one hand, the "megatrend" under the current narrative background of the world remains unchanged, the US debt problem is hard to return, geopolitical events are frequent, the pattern of anti-globalization and dollarization may be further deepened, or the global central bank will continue to increase its holdings of gold, and the logic of long-term rise in gold prices is still there.

　　First, in the second half of the year, with the gradual realization of the expected interest rate cut in the United States, the downward trend of the real interest rate of the 10-year US debt is expected to support the gold price to a certain extent. However, considering that the interest rate cut is expected to rush since 2023, the persistence and elasticity of the subsequent gold market depends on the change of the expected difference.

　　Second, this year may become the biggest election year in history. In recent years, overseas risk events have continued, and the global economic policy uncertainty index center has risen, which also provides room for high gold prices.

　　Third, the game between big countries in the fields of politics, economy, industry and finance has been fully rolled out. Anti-globalization has brought about an increase in friction costs, superimposed energy transformation and inflation stickiness in the service industry, and it may be difficult for overseas long-term inflation centers to fall back quickly.

　　Fourth, on the chess game of the global economy, changes are quietly staged, the US debt problem is hard to return, geopolitical events are frequent, and the supranational sovereign credit value of gold under the new paradigm will constitute the medium and long-term investment logic.

　　Historically, the emergence of every round of gold bull market is inseparable from the strength of the gold currency attribute, which reflects the changing forces of all parties in the international monetary system.

　　According to the data released by the central bank on May 7, despite the recent rapid rise in international gold prices, the pace of the Bank of China’s increase in holdings has remained basically stable. At the end of April, China’s gold reserves were 72.8 million ounces, compared with 72.74 million ounces at the end of March. This is the people since October 2022.For the 18th consecutive month, it increased its holdings of gold reserves, setting the longest holding period.

　　Statistics show that at present, the proportion of gold in China’s international reserves is only 4.32%, which is still far below the global average of about 14%. The proportion of gold reserves in the United States, Germany, Italy and other countries in the same period is over 65%, so there is still room for improvement in the future. (Source: World Gold Council; Publicly reported)

　　From this point of view, the participants in the short-term gold game seem to face a strong opponent, which makes investors who try to play short-term gold games seem unwise and difficult to win.

　　On the other hand, after the rise, the return risk characteristics of gold itself have not changed, and the low correlation with other assets still exists, which ensures that the value of gold in the allocation of large assets is still outstanding.

　　In recent 20 years, the correlation coefficient between gold and other common large-scale assets is less than 80%, and the correlation coefficient between gold and the main indexes of A-share market is less than 50%:

　　The trend of dollar gold and Shanghai gold is highly consistent: the correlation coefficient between SHFE gold and COMEX gold is as high as 0.98 in recent 20 years. Although Shanghai gold is affected by the exchange rate of RMB against the US dollar, from the perspective of long-term allocation, the trend of the two is highly consistent;

　　The correlation between gold and A shares is low: gold and CSI 300,Most of the correlation coefficients are within 0.5, and those with equity funds and hybrid funds are within 0.7. (Source:Institute)

　　Taking the most common equal weight strategy as an example, we observe the effect of moderately increasing the gold allocation in the allocation of 28-share debt and 64-share debt respectively.

　　The calculation shows that moderately increasing gold allocation in the allocation of 28-share debt and 64-share debt can achieve a better strategy of increasing income and reducing risk at the same time.

　　In the benchmark strategy of 2:8 ratio of stocks and bonds, if 10% of funds are removed from bond assets and 5% from stock assets, the average annualized rate of return will increase by 0.69 percentage points, the maximum withdrawal will decrease by 1.97 percentage points, the annualized volatility will decrease by 0.38 percentage points, and the annualized Sharp rate will increase by 0.199.

　　On the benchmark strategy of 6:4 ratio of stocks and bonds, if 15% of funds are removed from bond assets and 5% from stock assets, the average annualized rate of return will increase by 1.11 percentage points, the maximum withdrawal will decrease by 1.57 percentage points, the annualized volatility will decrease by 0.71 percentage points, and the annualized Sharp rate will increase by 0.091. (Source: Institute)

　　On the other hand, this forever shiningNo one can predict how long its history will develop. However, the history of gold over thousands of years makes people reasonably believe that future generations will also be fascinated by gold.

　　How to allocate gold? Physical gold has always been regarded as a "safe haven", which is more suitable for investors who pursue a sense of security and long-term value storage, but it needs to be carefully stored to prevent its value from being affected by wear and tear.

　　In contrast, gold-related theme funds, such as gold stock ETF or gold ETF, provide a more convenient choice for market transactions, but when the market is hot, it is also necessary to maintain the principle of rational investment and avoid paying for high premiums.

　　However, no matter which variety you choose, you must pay attention to the position control when allocating gold. Gold is more suitable as a part of asset allocation rather than a heavy position or a single layout, and the usual position ratio is 5-10%.

　　As far as the current gold investment is concerned, perhaps the answer before investors is this:Moderately downplay the short-term trading value of gold, look for the opportunity to point gold in the shock, and explore the gold value in asset allocation from the perspective of long-term allocation.

　　(Article source: Huaxia Fund)

Since March, the price of gold has continued to rise, setting a new record! The domestic gold price once appeared "overnight soaring". After accumulating a large increase, recently, the international gold price fluctuated at a high level, and the gold price that had previously maintained an upward trend sat on a "roller coaster".

How to rationally allocate limited assets in the gold market and make sustained profits has become an urgent problem for investors.

The price of gold suffered a major decline after the peak.

On April 12, local time, Loco London gold rose all the way in the morning, rising nearly 2.5% in intraday trading, but then plunged sharply, which not only retreated all the gains of the day, but also finally closed with a decline of 1.25%, with a retreat of nearly 4% in the day; Futures prices also followed the spot price out of a similar market. COMEX gold futures once rose more than 3% in intraday trading and finally closed down 0.53% at $2,360.2 per ounce.

Affected by the high diving of the international gold price, the increase of Shanghai Gold also narrowed on the night of April 12, and it once rose more than 4% in intraday trading, and then it was adjusted back, and the increase fell back to 0.15% at the close.

On the evening of April 10th, the latest data of ——CPI (Consumer Price Index), the most critical inflation data before the Federal Reserve’s May resolution, was released. The US CPI rose by 3.5% year-on-year in March, which was higher than the market expectation of 3.4%. This figure intensifies the fear that inflation will accelerate again, which means that the possibility of the Fed cutting interest rates in June will decrease. The market’s expectation of the timing and frequency of the Fed’s interest rate cut this year has also changed to two times since September.

After the data was released, the international gold and silver prices fell briefly. However, the year-on-year growth rate of the US PPI (ex-factory price index of industrial producers) in March announced on the evening of 11th was slightly lower than expected, and the chain growth rate slowed down to 0.2%, which made gold and silver "rebel" again.

On April 12, COMEX gold reached a maximum of $2,448.8 per ounce; Spot gold in London once reached $2,431.78 per ounce, both hitting record highs.

The gold price of jewelry is almost equal to 730 yuan/gram.

High prices "persuade" consumers

For the recent rise in gold prices, many netizens have commented on "regret not getting on the bus" and "the price of gold jewelry is too high". Some netizens also said, "Now this price is just needed and I dare not buy it."

"This period of time is a price per day. Generally speaking, it is a small increase or a small increase." The sales of a gold shop in Chengdu told reporters, "The price of gold has really risen too high recently, and many consumers are waiting to see. I have served a couple who are about to get married before, bought a ring before the New Year, and recently wanted to buy earrings, bracelets and other accessories, just because the price of gold has risen too high recently, I have been hesitating."

The salesperson told reporters that if you are in a hurry to get married, you can consider platinum rings, and there has been no big price fluctuation recently.

The reporter visited several brand gold stores in Chengdu and found that the listing price of gold jewelry today is slightly lower than that of 730 yuan per gram a few days ago. At present, the prices of jewelry in gold jewelry stores of brands such as Lao Fengxiang, Chow Tai Fook and Zhou Shengsheng are mostly between 720 yuan and 728 yuan per gram. In the actual purchase process, different brand stores will give different degrees of concessions through in-store concessions, discounts and full reduction, and the final price will be between 680 yuan and 710 yuan per gram.

"The peak period of gold consumption is generally around the New Year. Now, after entering March and April, consumers’ purchasing enthusiasm has declined, and passenger flow and transactions will be less." A clerk in a gold jewelry store told reporters that the price of gold has been rising recently, and some "non-just-needed" consumers will also choose to wait and see.

Explore the reasons for the sudden drop in the price of gold

After analysis, the researchers studying financial issues in the Climate Change and Energy Transformation Project of Peking University Energy Research Institute believe that the main reasons for the current downward trend of gold prices are as follows:

First, the value of the dollar has risen. As a substitute for the reserve currency, gold has an inverse relationship with the value curve of the dollar. Recently, the value of the dollar has suddenly increased, and investors have chosen to buy a large amount of dollars and sell gold at the same time, and the price of gold has decreased accordingly.

Second, the interest rate is raised. Recently, former US Treasury Secretary LawrenceSummers said in an interview with relevant media that the public should accept the possibility of raising interest rates by the Federal Reserve, rather than lowering interest rates. Therefore, the increase of interest rate will make investors consider whether it is reasonable to continue to buy gold without interest, which will lead to a decline in their willingness to buy, and then affect the price of gold.

Third, the expected production capacity of gold ore has increased. According to the relevant data released recently by Canadian mining giant osino, its Gemini mine project in Namibia will provide its parent company Yintai Gold with a gold production capacity of not less than 5 tons/year after it is put into production. Yintai Gold expects that the total gold production will rise to 12 tons in 2025. At the same time, Zijin Mining also expects the gold production capacity to rise to 73.5 tons in 2024. It can be seen that the increase in gold production will lead to oversupply, which will lead to a decline in gold prices.

Experts believe that the particularity of gold itself determines that it has an extremely complex market environment. For investors, it is necessary to always remember not to blindly follow the trend, "chase up and stop falling", carefully analyze the reasons for the rise and fall of the value of the invested products, and make a reasonable investment plan according to their own wealth level. Only by doing what they can can be stable and lasting and be invincible in the market. (Wu Shihao)

Comprehensive from shanghai securities news, china economic herald, China Business Daily, cover news, etc.

　　High-precision images obtained by Fengyun-4 B star

　　The first one

　　It is equipped with the world’s first day and night high frequency imaging instrument.

　　First batch

　　Successfully acquired the first batch of high-precision images and data.

　　first time

　　Clearly see the minute-level wind and cloud change process with the naked eye.

　　First time

　　Realize the wish of "seeing where there is a disaster quickly"

　　The Weather Forecast broadcast on July 1st published a satellite cloud picture, which attracted the attention of many netizens. This is the first operational star of a new generation of geostationary meteorological satellites in China — — The first batch of high-precision and high-efficiency visible light observation images successfully obtained by Fengyun-4 B star.

　　On the full-disk satellite cloud image, the snow in Tianshan Mountain, the surface texture of lakes and Hetao areas in Qinghai-Tibet Plateau, convective clouds in Northeast China and North China, and vortex clouds in high latitudes in the northern and southern hemispheres are clearly visible.

　　These images can visually show the fine structure of convective clouds, and the temporal and spatial resolution is increased from 5 minutes and 500 meters to 1 minute and 250 meters respectively, which improves the continuous and rapid monitoring ability of small and medium-sized clouds, and is of great significance for the monitoring and early warning of severe convective weather, especially for the monitoring of sudden small and medium-sized weather systems.

　　Fengyun-4 b star successfully acquired

　　The first batch of high-precision images and data

　　Fengyun-4 B satellite was successfully launched on June 3, and it is the first operational satellite of the second generation geostationary meteorological satellite in China. It is mainly used in weather analysis and forecasting, environment and disaster monitoring and other fields. The satellite, which is in the on-orbit test, successfully obtained the first batch of high-precision data and image products. On the full-disk satellite cloud image, the snow in Tianshan Mountain, the surface texture of lakes and Hetao areas in Qinghai-Tibet Plateau, convective clouds in Northeast China and North China, and vortex clouds in high latitudes in the northern and southern hemispheres are clearly visible. On the panchromatic image products with a resolution of 1 minute and 250 meters and the image and animation products with a resolution of 500 meters, the fine structure and development process of convective clouds can be seen at a glance. It is worth mentioning that this product generation uses machine learning technology to realize true color atmospheric correction.

　　Carrying the world’s first

　　Day and night high frequency secondary imaging instrument

　　The fast imager carried by the satellite is the world’s first day-and-night high-frequency imaging instrument, which can provide one-minute interval multi-spectral continuous observation in an area of 2,000 km× 2,000 km, making the monitoring of typhoons, rainstorms and mesoscale disastrous weather more flexible and precise. The advanced geostationary orbit radiation imager adds the function of low-level water vapor imaging, which enhances the quantitative observation ability of the surface and clouds. The geostationary orbit radiation imager and the fast imager cooperate with each other, which not only ensures the multi-spectral effect required by geostationary orbit atmospheric remote sensing, but also has the observation ability of high temporal and spatial resolution.

　　Tang Shihao, chief designer of Fengyun Meteorological Satellite Engineering Application System, said that Fengyun-4 B-star made it possible for people to clearly see the minute-level change process with the naked eye for the first time, and also realized the wish of "seeing where there is a disaster quickly". In addition, the variety of B-star products has increased significantly, which can provide observation support for meteorological forecasting, disaster prevention and mitigation, response to climate change, and ecological civilization construction, especially for monitoring and early warning of major disasters such as typhoons, floods and droughts.

　　Data daily service capacity

　　Increase by 50%

　　Lu Feng, chief designer of the optical satellite ground system of Fengyun-4 geostationary meteorological satellite, said that in order to ensure the long-term stability of satellite observation and data, the service life of Fengyun-4 B star is 7 years. The ground application system will build a brand-new core business system to give full play to satellite benefits. The daily data processing capacity of Fengyun-4 B star is about 1.2 times that of Fengyun-4 A star, and the daily data service capacity is improved by 50%.

　　In the next step, Fengyun-4 B star will conduct a one-year on-orbit test, test and apply, and release products in batches. Fengyun-4 star B will also form a networking advantage with star A, and will be strong in key areas and important weather process monitoring to provide more abundant observation products. According to CCTV News and China Weather Network,

　　Quick and accurate reality

　　Fengyun no.4 b star

　　Three characteristics to upgrade meteorological service

　　After the launch, Fengyun-4 B star was fixed at 123.5 degrees east longitude, and joined hands with Fengyun-4 A star. The observation range reached the Indian Ocean in the west and crossed the international date line of the Pacific Ocean in the east, which not only completely covered China’s territory, but also covered a wider area such as the Northwest Pacific Ocean and Oceania, enabling China’s second-generation geostationary meteorological satellite to realize the business model of two-star operation and east-west layout.

　　Fengyun-4 B-star service will be upgraded on the basis of A-star, and a high-speed, reliable, all-weather and all-weather data processing, transmission and distribution system will be built to ensure the meteorological service of meteorological data end users and serve the national economy and people’s livelihood.

　　Fast: every second will ensure efficiency.

　　As a geostationary meteorological satellite, obtaining high time resolution observation data is the primary task of Fengyun-4 B satellite, and data processing, transmission and distribution are irreplaceable links. Therefore, as the overall unit of the satellite, 509 Institute of the Eighth Academy of Aerospace Science and Technology Group, together with users and contractors, has built a high-speed data processing, transmission and distribution system between the satellite and the ground. Using the satellite-ground high-speed data system, the B-satellite remote sensing load is sent to the earth data transmission subsystem for data processing while acquiring remote sensing data, and then transmitted to the ground station for data processing through the satellite-ground high-speed data transmission channel.

　　After being processed by the ground station, the generated meteorological products will be quickly distributed to the fixed meteorological stations at all levels in provinces, cities and counties and the vehicle-borne and ship-borne mobile receiving terminals in the satellite coverage area through the high-speed information forwarding channel and the low-speed information forwarding channel of the satellite-to-ground forwarding system. Using the satellite-ground high-speed data system, it takes only a few minutes to obtain remote sensing data from remote sensing load to reach the end users, and it can provide high-frequency meteorological data for ships in China and its surrounding areas and sea areas.

　　Accurate: data "express" to ensure quality

　　Meteorological satellites are called "the first line of defense for disaster prevention and mitigation" by the industry because the remote sensing data detected by satellites are the first-hand data for monitoring and predicting the development and trend of severe weather. Therefore, satellite remote sensing data when bad weather occurs is particularly important.

　　By adopting a number of technologies, Fengyun-4 B-star ensures that data transmission is not afraid of typhoons and rainstorms, and can be stably and reliably transmitted to ground stations, assisting meteorological units to make accurate weather forecasts and reducing the losses that bad weather may bring to national lives and property.

　　Reality: self-upgrading to protect people’s livelihood

　　In order to further improve the application efficiency of B-star as the first operational satellite of Fengyun-4 series, this time, the research team carried out a "self-upgrade" of the satellite-ground data transmission and distribution system, which really made users experience convenience and speed.

　　In order to further bring special vehicles, small and medium-sized ships and other mobile platforms into the service group of low-speed information forwarding channel, the output power of the downlink power amplifier of Fengyun-4 B-star low-speed information forwarding channel is doubled, and the antenna diameter of the ground receiving terminal is reduced by 0.3 times, which solves the problem that it is difficult to install receiving equipment on mobile platforms such as vehicles and small and medium-sized ships.

　　At the same time, in order to adapt to the application scenarios where the moving direction of mobile terminals such as vehicles and ships changes in real time, and improve the experience of data forwarding service, the research team changed the polarization direction of downlink microwave signals in the high-speed information forwarding channel and the low-speed information forwarding channel of the satellite-to-ground forwarding system from horizontal vertical double-line polarization to left-right rotation double-circle polarization, thus solving the problems of polarization isolation reduction and data reception error or interruption caused by the direction change of the receiving platform.

　　Fengyun-4 B-Star has also added a high-speed Ka-band high-speed original remote sensing data transmission channel, which supports the real-time transmission of high-speed remote sensing data to the ground when a typhoon or local disastrous weather area occurs, thus improving China’s emergency capabilities such as forecasting and monitoring disastrous weather and reducing the loss of life and property of the people of the country.

　　Xinhua News Agency reporter Hu Zhe Huang Wei

On May 13th, migrant workers managed soilless strawberries in Baiyin District Modern Agricultural Science and Technology Demonstration Park.

Recently, in the modern agricultural science and technology demonstration park in Baiyin District, Baiyin City, Gansu Province, strawberries, ginseng fruits and other vegetables and fruits cultivated by soilless culture technology are growing gratifying. The modern agricultural science and technology demonstration park in Baiyin District mainly grows vegetables and characteristic forest fruits, which greatly saves land use area and labor cost, promotes agricultural transformation and realizes efficiency and income increase.

Xinhua News Agency reporter Ma Xiping photo

This is the pineapple tower liquid cultivation facility filmed in Baiyin District Modern Agricultural Science and Technology Demonstration Park on May 13th.

Recently, in the modern agricultural science and technology demonstration park in Baiyin District, Baiyin City, Gansu Province, strawberries, ginseng fruits and other vegetables and fruits cultivated by soilless culture technology are growing gratifying. The modern agricultural science and technology demonstration park in Baiyin District mainly grows vegetables and characteristic forest fruits, which greatly saves land use area and labor cost, promotes agricultural transformation and realizes efficiency and income increase.

Xinhua News Agency reporter Ma Xiping photo

On May 13th, migrant workers took care of fruits and vegetables in Baiyin Modern Agricultural Science and Technology Demonstration Park.

Recently, in the modern agricultural science and technology demonstration park in Baiyin District, Baiyin City, Gansu Province, strawberries, ginseng fruits and other vegetables and fruits cultivated by soilless culture technology are growing gratifying. The modern agricultural science and technology demonstration park in Baiyin District mainly grows vegetables and characteristic forest fruits, which greatly saves land use area and labor cost, promotes agricultural transformation and realizes efficiency and income increase.

Xinhua News Agency reporter Ma Xiping photo

On May 13th, migrant workers took care of fruits and vegetables in Baiyin Modern Agricultural Science and Technology Demonstration Park.

Recently, in the modern agricultural science and technology demonstration park in Baiyin District, Baiyin City, Gansu Province, strawberries, ginseng fruits and other vegetables and fruits cultivated by soilless culture technology are growing gratifying. The modern agricultural science and technology demonstration park in Baiyin District mainly grows vegetables and characteristic forest fruits, which greatly saves land use area and labor cost, promotes agricultural transformation and realizes efficiency and income increase.

Xinhua News Agency reporter Ma Xiping photo

This is a soilless celery photographed in Baiyin District Modern Agricultural Science and Technology Demonstration Park on May 13th.

Recently, in the modern agricultural science and technology demonstration park in Baiyin District, Baiyin City, Gansu Province, strawberries, ginseng fruits and other vegetables and fruits cultivated by soilless culture technology are growing gratifying. The modern agricultural science and technology demonstration park in Baiyin District mainly grows vegetables and characteristic forest fruits, which greatly saves land use area and labor cost, promotes agricultural transformation and realizes efficiency and income increase.

Xinhua News Agency reporter Ma Xiping photo

This is a spiral pipe cultivation facility filmed in Baiyin District Modern Agricultural Science and Technology Demonstration Park on May 13th.

Recently, in the modern agricultural science and technology demonstration park in Baiyin District, Baiyin City, Gansu Province, strawberries, ginseng fruits and other vegetables and fruits cultivated by soilless culture technology are growing gratifying. The modern agricultural science and technology demonstration park in Baiyin District mainly grows vegetables and characteristic forest fruits, which greatly saves land use area and labor cost, promotes agricultural transformation and realizes efficiency and income increase.

Xinhua News Agency reporter Ma Xiping photo