Beijing, January 29th, 2007 (Reporter Wang Xian, Wang Dianjia) According to the report of China Voice, China Radio and Television Station, this winter, "polar fleece wearing" swept the fashion circle, not only appeared more "velvet" figures in the streets and lanes, but also the discussion on social media became more and more enthusiastic. Many "Thousand Praise Notes" shared the color matching and brand selection of polar fleece. How did polar fleece, once labeled as "cheap" and "earthy", become the new favorite of fashion? What advanced technology does it adopt on the technical level? In the future, what kind of changes and upgrades may polar fleece usher in?

China Voice "News with Views" of China Central Radio and Television General Station specially planned "Industry Insight", and talked with Chen Ye, a professor and doctoral supervisor of the School of Materials Science and Engineering of Donghua University, and Cheng Wai, the head of scientific research and development planning of a well-known clothing material manufacturer in China, to learn about the "past lives" of polar fleece and look forward to more possibilities of the polar fleece market.

Chen Wei (Photo courtesy of Yang Guangwang)

Cheng Wai (Photo courtesy of respondents from Yangguang. com)

"velvet" clothing has become a winter trend.

How did polar fleece enter the fashion circle?

At present, cashmere sweater has become a popular choice for consumers to wear in winter, and there has been a topic with a reading volume of 220 million on social media # Don’t ask why you love to wear polar fleece #, and young people who are pursuing fashion are integrating "cashmere" clothing into their daily wear. Zheng Huikepu, head of science and technology R&D planning of a well-known clothing material manufacturer in China, said that these "cashmere" worn by young people can not be simply classified as polar fleece, but they are all artificial plush fabrics in essence, which are generally distinguished according to style, technology and feel.

Chen Ye, a professor and doctoral supervisor at the School of Materials Science and Engineering, Donghua University, added that all kinds of cashmere fabrics, such as coral wool, polar wool and lamb wool, are mainly composed of chemical fibers. These fibers are light, warm and soft to the touch after multiple processes such as dyeing, napping, combing and shearing.

In fact, polar fleece and other velvet fabrics are not new things, but they have recently become the winter trend of tracer element. Chen Ye analyzed from two aspects. First of all, for the sake of public welfare, the fashion industry is reducing the materials used for animal fur and switching to materials made of chemical fiber, which provides a larger market space for fabrics such as polar fleece; Secondly, from the functional point of view, polar fleece fabric is not only soft and warm, but also easier to care for and clean than natural fur fabrics such as pure lamb wool, which is more attractive to young people who pursue a convenient life.

Zheng Hui explained from the aesthetic level that the popularity of polar fleece is inevitable. Polar fleece, which once had the label of "fashion disaster", has overcome the inherent impression of "bloated and difficult to control" through fine improvement of technology. The brand has developed new products such as fine polar fleece, and the fineness of cashmere has been significantly improved. Designers use zippers, buttons and other accessories to innovate material splicing and color matching, break the dullness and make polar fleece younger. In addition, the collocation of polar fleece clothing with jeans, old shoes or sweatpants, etc., is handsome or gentle in style, which also shows its collocation diversity and fashion potential.

Polar fleece fabric can control all kinds of colors (photo courtesy of respondents from Yangguang. com)

"Black technology" plus code, polar fleece is not what it used to be

What does the scientific research and development of "velvet" mainly depend on?

Compared with the early polar fleece, the polar fleece on the market has been significantly improved in touch, vision and technology. Chen Ye introduced that the advent of polar fleece was originally to meet the demand of outdoor activities for faster drying and lightweight textiles. At that time, it was mainly made of polyester fiber, and the fabric of the product was relatively heavy. With the technological progress, the current polar fleece fabric has a delicate grain feel and a feel close to that of fine lamb cashmere or real lamb cashmere. In addition, modern fabrics adopt superfine fiber and hollow technology, which reduces the gram weight and makes them more portable to wear; The development of bionic technology and the progress of granulation technology also make polar fleece fabrics more and more high-grade.

The continuous progress of polar fleece fabric can not be separated from the continuous innovation of scientific research and development. Cheng Wai’s enterprise, as one of the earliest pioneers engaged in polar fleece production in China, has established a relatively mature research and development system of school-enterprise cooperation. The company not only has a special Post-Doctoral Research Center, but also implements a talent introduction plan for graduates, and has established long-term cooperative relations with Donghua University and other universities. Through "Industry-University-Research Application", the scientific research results are applied to product development, and the polar fleece is directionally optimized, including enhancing the warmth of products and developing the versatility of fabrics.

At the same time, changes in market demand will drive enterprises to continuously carry out technological innovation. Based on market research and brand strategy, companies usually make corresponding technical adjustments and optimizations for consumers’ preference feedback and problems in product use. Cheng Wai revealed: "After gaining an insight into the market demand, we will start to solve key technical problems and strive to overcome technical bottlenecks through school-enterprise cooperation."

Polar fleece production workshop (photo courtesy of interviewee from Yangguang. com)

Made in China, it screams loudly.

Where will polar fleece go in the future?

Chen Ye pointed out that although fleece fabrics such as polar fleece originated in the United States, the China market has occupied a leading position in this field and continues to supply fabrics to international brands. "Because the raw materials of polar fleece and other velvet products are mostly polyester fibers represented by polyester, China is the largest polyester producer in the world, and it has shown its leading edge in high-level manufacturing technology and equipment." Cheng Wai said that from the past experience of enterprises participating in overseas exhibitions, their exhibits and fabrics were very popular in international exhibitions in Europe and America, and received positive feedback from overseas frontier markets.

Facing the future, Chen Ye predicted that in terms of preparation technology, polar fleece materials will pay more attention to simulation, and the fibers will become more delicate and soft, while maintaining a better hollow structure to enhance thermal insulation. The shape retention of materials is also an important direction of development, ensuring that they can still maintain curl elasticity after repeated washing. In addition, in the aspect of antistatic performance that consumers pay close attention to, at present, by adding antistatic agents or embedding functional particles, fiber fabrics have already possessed initial antistatic ability. In the future, if more thorough antistatic effect is achieved, it will bring great innovation to polar fleece and artificial velvet materials.

Polar fleece processing has a complicated process, as shown in the picture, the product is "brushed" by the "brushing" machine (photo courtesy of respondents sent by Yangguang. com)

Cheng Wai said that with the increasing environmental awareness of consumers, the development of new materials will tend to use renewable and degradable raw materials, and achieve the same performance and quality as the original materials through technical means to ensure ecological safety. In addition, the progress of science and technology will also promote the improvement of the versatility of clothing materials. In addition to keeping warm, the future polar fleece may also have the characteristics of low static electricity, wind and cold resistance, flame resistance and so on.

According to the data of a domestic head shopping platform, the prices of the 1000 best-selling polar fleece items are mostly below 300 yuan, among which the polar fleece items from 200 yuan to 299 yuan are the most popular. With the superposition of multi-functions, will "cheap velvet" no longer be cheap? Chen Ye pointed out that the increase of R&D cost may lead to price increase. "However, compared with real wool or cashmere, the price will still be more affordable and friendly." At the same time, when the market is growing and the technology is mature, the scale effect can reduce the production cost, thus keeping the product price at a reasonable level. Therefore, the development of science and technology and the operation of the market will balance the pricing of high-quality products and will not cause excessive economic burden to consumers.

Colorful polar fleece fabric (photo courtesy of respondents from Yangguang. com)

CCTV News:With the gradual resumption of purchase restrictions in more than 10 cities across the country, on the evening of September 30, Beijing’s purchase restriction policy was further upgraded. The New Deal included increasing the down payment ratio of the first set of ordinary self-occupied housing from 30% to not less than 35%.

The Beijing Municipal Government issued "Several Measures on Promoting the Stable and Healthy Development of the Real Estate Market in this Municipality" (hereinafter referred to as "Measures"). The main contents include:

Adjust the supply of land

Further increase the supply of residential land, and the proportion of housing area with Taoxing construction area below 90 square meters is not less than 70%.

Accelerate the supply of land for self-occupied commercial housing.

Except Dongcheng District, Xicheng District and Shijingshan District, other districts should arrange a batch of self-occupied commercial housing land to enter the market as soon as possible in 2016.

"Controlling land price and limiting house price"

Pilot measures were taken to limit the sales price and use it as a condition for land bidding, auction and hanging.

Differentiated housing credit policy

The down payment ratio for purchasing the first set of ordinary self-occupied housing is not less than 35%, and the down payment ratio for purchasing the first set of non-ordinary commodity housing is not less than 40%;

For households with one set of housing, if they apply for commercial personal housing loans to buy ordinary self-occupied housing again in order to improve their living conditions, the down payment ratio shall not be less than 50% regardless of loan records, and the down payment ratio shall not be less than 70% if they buy non-ordinary self-occupied housing.

Management of real estate development enterprises

Open all the sales houses at one time within the specified time;

Clearly marked, one room and one price, the actual sales price shall not be higher than the declared price;

Not to delay the opening time or control the housing and other means of property hoarding, deliberately creating a tense atmosphere of housing.

Management of real estate brokerage institutions

It is strictly forbidden to engage in off-site fund-raising financial services such as down payment, self-financing, self-guarantee and the establishment of a fund pool.

Compared with the five detailed rules of Beijing in 2013, what are the differences in the policies introduced this time?

Before and after the adjustment of the New Deal, what impact did it have on your purchase?

New Deal of Tianjin Property Market: Implementing Regionalization, Restricting Purchase and Differentiating Credit

On September 30th, the Tianjin Municipal Government issued the Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market in our City, which took effect on October 1st.

The "Implementation Opinions" stipulates that Tianjin will implement regional housing purchase restrictions and strengthen differentiated housing credit policies. That is, non-Tianjin registered households with one or more houses in Tianjin will be suspended from buying houses again in six districts of the city and wuqing district, including newly-built commercial housing and second-hand housing. For non-local households who purchase the first home in six districts of the city and wuqing district, the down payment ratio for applying for commercial loans shall not be less than 40%.

Beijing issued a policy before October 1, what kind of signal did it send? New purchase restriction, subsequent impact geometry? Will Beijing policy become a template for other first-and second-tier cities to regulate the property market?

Interpretation of CCTV

Beijing’s new real estate market regulation policy reminds many people of the so-called "most stringent" "National Five Articles" promulgated in 2013. However, the strictest policy terms did not stop the house price from "rising to the sky", so it remains to be seen how effective the new policy is.

The inflection point of the purchase restriction policy has been opened in the fourth quarter.

From the "11th and 10th National Articles" in 2010 to the "8th National Article" in 2011 and the "5th National Article" in 2013, judging from the frequency and momentum of policy introduction, the government’s determination to regulate the property market is not great, but from the actual effect, it will inevitably give people the feeling of "more thunder and less rain".

However, different from the background when the government put forward the "combination boxing of regulation and control", the space for trial and error of regulation and control policies is much narrower now than that of that year. At that time, the purpose of macro-control of real estate in many places was not to let the house return to the fundamentals of living function at the beginning, but only to let the house price rise too fast and not rise too fast. Under this guidance, there is a strange phenomenon that the more housing prices are regulated, the faster they rise.

△ The grand occasion of grabbing houses in various places in September

Since the beginning of this year, the crazy rising trend of house prices is spreading from one city to another. In August, among 70 large and medium-sized cities in China, housing prices rose in 64 cities. With the higher and higher housing prices, the bubble in the market has expanded to the point where even large developers themselves are beginning to fear.

China’s real estate fever persists, so we should be alert to more risks.

The danger of high fever in China real estate lies not only in the heavy inventory burden and uneven market distribution, but also in the huge debts behind it and the breadth of "shadow" loans involved. More and more people are worried that once the real estate bubble bursts, it will trigger a systemic financial crisis and drag down the entire national economy. In this context, the government also realizes that there is not much time and space left for policy regulation, and it is time to get serious.

So on September 29th, a person from the Prudential Regulation Bureau of the China Banking Regulatory Commission issued a warning that in first-tier cities such as Beijing and Shanghai, as well as some hot second-tier cities with high housing prices, commercial banks are required to fulfill their accusations and collect more evidence to prevent more risks. Then the next day, Beijing introduced a policy to increase the down payment and recognize the house and loan.

Property market cooling focuses on implementation.

In fact, every policy seems to be very serious at the beginning. The problem is that after the introduction of the property market regulation policy, it is not important to evaluate its severity on paper, but to put it into practice to see how its implementation effect is. Because under the routine of "there are policies on the top and countermeasures on the bottom", there have been too many "policy punches" that seem to be thunderous and thunderous to be evaded by the market. Only careful execution can avoid another "wolf" joke in the real estate market.

Of course, it is believed that both the government and the market have seen the fierce "wolf" approaching, but there is still a lot of work to be done from early warning to effective control of risk exposure. A series of measures, such as increasing the down payment ratio of ordinary housing, should be implemented in a solid manner while looking strict.

Wang Yahong, a financial expert.

Inventory: Cities that have tightened their real estate policies in 2016

Purchase restriction in Shanghai

Purchase restriction in Shenzhen

Purchase restriction in Guangzhou

Purchase restriction in Suzhou

Purchase restriction in Xiamen

Purchase restriction in Hangzhou

Purchase restriction in Nanjing

Purchase restriction in Kunshan City

Peninsula all-media reporter liujing correspondent Zangbo

Recently, Peninsula reporter learned from jiaozhou city Sports School that with the leadership and support of jiaozhou city Education and Sports Bureau, JIAOZHOU Sports School achieved excellent results in 2023, and JIAOZHOU athletes transported by the sports school achieved fruitful results in various competitions.

In 2023, with the correct leadership and strong support of jiaozhou city Education and Sports Bureau, jiaozhou city Sports School achieved excellent results. Athletes from Jiaozhou won 3 world champions, 2 Asian champions and 13 national champions in all competitions. Among them, Yin Mengdie won the women’s 500m four-person boat race in Hungary, the first stop of ICF Canoeing Still Water World Cup, and won the women’s 500m double and 500m four-person Asian Games in Hangzhou Asian Games in 2023, which achieved a breakthrough in the gold medal of the Asian Games in Jiaozhou history. Zhang Kai won the Taekwondo-80kg class in the 2023 Chengdu Universiade, which achieved a breakthrough in the gold medal of the Universiade in Jiaozhou history. Zhuang Wenna won the women’s -48kg class at the 2023 Judo European Open in Poland; At the first National Student (Youth) Games in 2023, JIAOZHOU athletes won 2 gold medals and 5 bronze medals, among which Wang Jiayang won the men’s basketball U16 championship and was selected for the national junior training team, and Shan Erfei won the men’s football championship.

It is reported that jiaozhou city Sports School was awarded the "National High-level Sports Reserve Talent Base" by the State Sports General Administration in 2008, 2012 and 2016 for three consecutive Olympic cycles, and was awarded the "National Sports Reserve Talent Base" by the State Sports General Administration in 2023. In the evaluation of the reserve talent bases of the 26th Provincial Games in Qingdao, JIAOZHOU has won three first-class bases, seven second-class bases and two third-class bases. In 2023, jiaozhou city Sports School will select and test more than 500 athletes, and send 72 athletes to superior sports schools and excellent sports teams.

At the beginning of the new year, Liang Qifan, a skier and mountaineer, will take part in the finals of skiing and mountaineering short distance and mixed relay at the upcoming 14th National Winter Games. Yin Mengdie has qualified for the women’s kayak event of the 2024 Paris Olympic Games and is currently actively preparing for the competition. I wish JIAOZHOU-born athletes excellent results and greater glories!

Our reporter Roman

During the Spring Festival, the happiest thing is for the whole family to sit around and have a reunion dinner. However, for homeless vagrants, it is an extravagant hope to have a reunion dinner with their families. In order to let the rescuers have a warm and happy New Year, this (5th) morning, Luzhou Rescue Management Station specially held a Spring Festival Youth League activity for them.

Sticking Spring Festival couplets and decorating … The staff of the rescue station began to decorate the station for the upcoming Spring Festival a few days ago to create a festive New Year atmosphere. Early this morning, everyone began to be busy, preparing melons, fruits, snacks and delicious food for the recipients.

At noon, the recipients put on beaming new cotton-padded jackets, sat around, watched TV and had a reunion dinner to celebrate the New Year.

According to Jiang Weifen, the stationmaster of the municipal rescue management station, there are currently 14 recipients in the municipal rescue management station, four of whom have recently entered the station and are still in isolation. Due to the need of epidemic prevention and control, there are 10 recipients attending the annual meeting of the group today, and they also eat separately, and the other four are delivered by special personnel.

The staff served meals for everyone.

At the annual meeting of the Communist Youth League, although everyone wore masks, it was hard to hide their joy. The recipients and the staff were talking and laughing together, and they were very happy. Several recipients even danced with the music. The scene was full of laughter, joy and peace.

Jiang Weifen told reporters that all the 14 recipients at present have mental and intellectual disabilities, and they have not found out their identity and family information. The longest time to come to the station has been more than one year, of which the youngest is 15 years old and the oldest is about 70 years old.

Maybe they have a home in their heart, but they don’t know where they come from, where their home is, and whether they have any family. In the city rescue management station, the staff treat them as relatives and children, and take care of them patiently and carefully, so that they have a place to live and a "home". Having a reunion dinner together on the occasion of the New Year makes them feel the festive atmosphere and the warmth of home. This is undoubtedly the embodiment of the motherland’s growing strength, social civilization’s progress and love everywhere in the new era.

Original title: "This is a special reunion dinner …"

　　Beijing, March 10 (Reporter Cheng Chunyu) The US WTI crude oil futures recorded the largest intraday decline in history, the US stock market rarely triggered the fuse mechanism, the US treasury bond futures "daily limit", and more than half of the world’s important stock market indexes fell by more than 6%. March 9, 2020 is destined to be a day worth recording in the history of global financial markets.

　　Data Map: new york Stock Exchange.

　　set records

　　— — Crude oil futures hit the biggest intraday decline in history.

　　After the Organization of Petroleum Exporting Countries (OPEC) failed to reach a production reduction agreement with oil-producing countries, Saudi Arabia drastically cut oil prices, which led to a sharp drop in international oil prices. Brent crude oil futures plunged 30% to $31.02/barrel in early trading, the lowest level since February 2016; US WTI crude oil also plunged 27% in early trading, and once fell more than 33% in intraday trading to $27.34, setting a new record for the largest intraday decline in history.

　　— — US stocks rarely trigger fuse mechanism.

　　The U.S. stock market plunged at the opening, and the S&P 500 index fell by 7% at the beginning of the session, triggering the first-level fuse mechanism, causing the U.S. stock market to suspend trading for 15 minutes. This is the first time since the financial crisis in 2008 that US stocks have been blown down due to a sharp fall. There are even media reports that this is the second real fuse in the history of US stocks. The last real fuse of US stocks was on October 27, 1997.

　　— — More than half of the important stock indexes fell by more than 6%

　　According to Wind’s statistics, among the 16 important indexes of global stock market, on the 9th, in addition to the three major indexes in the United States, the FTSE 100 in Britain, DAX in Germany, CAC40 in France, Nikkei 225, Standard & Poor’s 200 in Australia, etc., a total of nine indexes fell in intraday trading, and even closed down more than 6% on the same day. The three major European stock indexes fell more than 8% in intraday trading, followed by the China Shanghai Composite Index, which fell by about 3%.

　　— — Us debt futures "daily limit", yield hit a record low

　　Under the safe-haven demand, the influx of funds caused the US 10-year treasury bond futures to hit the upper limit and the trading was temporarily suspended. The yield of the US 10-year treasury bond once fell to a record low of 0.318%, with an intraday decline of nearly 40%. The 30-year US Treasury bonds once dropped to 0.702%, continuing to hit a record low, with a daily decline of nearly 30%. Moreover, as the leading indicator of economic recession, the yield curves of 3-month and 10-year US government bonds were once upside down, which sounded a panic alarm.

　　— — The price of gold returned to $1,700 per ounce after eight years.

　　After the sell-off of crude oil and stock market, investors flocked to the safe-haven assets including precious metal gold. On the 9th, the international gold futures price broke through the $1,700/oz mark, the highest since December 2012.

　　source map

　　(blasting) fuse

　　— — The price war of crude oil suddenly opened after six years.

　　Affected by the COVID-19 epidemic and other factors, the U.S. stock market plunged continuously. In view of the evolving risks brought by the epidemic to economic activities, the Federal Reserve cut interest rates by 50 basis points on the 3rd, and then the U.S. stock market fluctuated widely, and a roller coaster market was staged last week.

　　"The crude oil price war started in Saudi Arabia over the weekend became the fuse of the global financial market’s plunge on the 9th." According to foreign media reports, Russia refused to cut production at the OPEC+policy meeting on March 6, and OPEC and its allies in oil-producing countries failed to reach any production reduction agreement, which means that from April, OPEC-related oil-producing countries will completely liberalize production restrictions.

　　On March 7th (Saturday), Saudi Arabia, the main OPEC country, drastically reduced the price of crude oil sold to foreign markets such as Europe, the Far East and the United States, with the largest discount in more than 20 years, in order to attract foreign refineries to buy Saudi crude oil. Saudi Arabia also said that if the market needs it, Saudi Arabia can reach the level of 12 million barrels per day.

　　The market generally believes that after a lapse of six years, Saudi Arabia took the initiative to start a crude oil price war, which exceeded the market’s previous expectations. Previously, many financial analysts predicted that OPEC would further cut production to boost oil prices.

　　On the 9th, US President Trump sent a tweet to appease the panic market. It said that the debate between Saudi Arabia and Russia on oil prices and production, as well as the false news spread by political opponents, were the reasons for the stock market decline that day, and the decline in gasoline prices was also a good thing for ordinary consumers.

　　ChrisRupkey, an economist at Mitsubishi UFJ Finance, said: "The plan to reduce oil prices will make more cash flow into people’s hands, which can drive consumer spending and boost the economy, but this does not seem to alleviate the impact of the stock market on investors. The plight of Wall Street may have a negative impact on the economy. "

　　"The plunge in oil prices has once again aggravated the fragility of the market," JasonDaw, head of Asian foreign exchange strategy at Societe Generale, told the media. "The longer the global epidemic lasts, the greater the risk of a full-scale crisis."

　　afternoon trading

　　— — Will crude oil prices continue to fall?

　　On the 9th, the international oil price plummeted, once falling more than 30%, setting a new record for the biggest intraday decline in history. NYMEX crude oil futures closed down 26.74% to $30.24/barrel, the lowest since February 2016; Brent crude oil futures fell 26.24% to $33.39/barrel, both the biggest one-day declines since the Gulf War in 1991.

　　As of press time, the price fluctuation of energy and chemical futures such as crude oil.

　　In the latest report, Goldman Sachs analysts said that Brent crude oil price may drop as low as $20 per barrel, which will test some oil producers. "The price war has completely changed the prospects of the oil and gas market. Goldman Sachs lowered its oil price forecast for the second and third quarters to $30 per barrel."

　　Hong Hao, managing director and head of research department of Bank of Communications International, believes that the impact of the oil crisis is reflected in the following aspects: the price of junk bonds in the United States will plummet, the stability risk of the financial system will rise, and the expectation of deflation will increase the difficulty of monetary policy.

　　However, in the view of Xi Jiarui, a senior analyst of Jinlianchuang Crude Oil, this oil price drop will not become a long-term trend like the oil price crash in 2014. Saudi Arabia’s behavior is to force Russia to continue to cooperate with OPEC. It is expected that once the oil price falls to a level that Russia itself feels unable to bear, it is likely to restart the production reduction agreement.

　　According to the latest report of Everbright Securities, the special alliance between Saudi Arabia and the United States means that it will be difficult for the United States to accept the prospect that oil prices will continue to slump because of the price war in Saudi Arabia. Therefore, the current plunge in oil prices is unsustainable, and there may be variables in the future.

　　Xi Jiarui said, "The next production reduction meeting is on June 9, and it is very likely that Saudi Arabia and Russia will jointly cut production again. At that time, oil prices may rebound in retaliation."

　　On the 9th, the decline of major stock indexes in European and American stock markets.

　　— — European and American stock markets enter a technical bear market?

　　As of the close of the 9th, the Dow Jones index plunged more than 2,000 points, closing down 7.79%, the biggest one-day drop since 2008. The S&P 500 index fell by 7.60%, and the Nasdaq index fell by 7.29%. Oil stocks suffered heavy losses, and Chevron fell more than 15%, leading the Dow. So far, the Dow has dropped by 19.34% compared with the historical high set by this bull market.

　　On the same day, major European stock indexes closed down across the board, and many stock indexes entered a technical bear market. Britain’s FTSE 100 index fell 7.69%, France’s CAC40 index closed down 8.39%, and Germany’s DAX index fell 7.94%. Among them, Germany DAX index, France CAC40 index, Italy FTSE MIB index, Europe Stoxx 50 index and Britain FTSE 100 index entered the technical bear market.

　　Yang Delong, chief economist of Qianhai Open Source Fund, pointed out that US stocks will fall sharply after peaking. According to the experience of US stocks, a decline of 20% is generally called the dividing line between bulls and bears. If it falls below 20% and does not come back, it shows that the bear trend is confirmed and will fall further by 20%.

　　Xie Feng, a researcher at China Banking Research Institute, believes that the debt level of American enterprises is high, and the debt quality of residents has deteriorated. Once the economic slowdown exceeds expectations, corporate profits will further decline, and residents’ wealth will also be damaged, which may lead to more risk release in the financial market.

　　A-share major stock indexes closed on the 9th.

　　— — Can China A-shares be immune?

　　On the 9th, among the world’s important stock indexes, the overall decline of A shares was lower. The Shanghai Composite Index fell 3.01%, the Shenzhen Composite Index fell 4.09%, and the Growth Enterprise Market Index fell 4.55%. In the whole day, the transaction between the two cities broke through one trillion yuan. The net outflow of northbound funds from Shanghai Stock Connect was 9.671 billion, and that from Shenzhen Stock Connect was 4.648 billion.

　　Chen Li, chief economist of soochow securities, said in an interview with the media that the main reason for the A-share slump on the 9th was the violent fluctuation of the global capital market, and the violent fluctuation of the external market aroused the concern of domestic investors. The turnover of the two cities has continuously exceeded one trillion, indicating that there are great differences in funds. Some funds are leaving the market, and some funds are considered to be opportunities to buy on dips.

　　It is noteworthy that on the 9th, the FTSE China A50 index futures, as the leading indicator of the secondary market of the stock market, rebounded and turned red at night, and now rose by more than 1%. At one time, it was close to 2% in intraday trading, and once fell by more than 1%.

　　"The fundamental reason for the sharp decline of US stocks is that the valuation is too expensive." Everbright Securities believes that A shares are more immune to overseas fluctuations. Under the analytical framework of the policy economic cycle, it is not only economic data but also policy tightness that determines the market trend. Oil prices fell sharply beyond expectations, reducing the risk of stagflation in the near future and broadening the space for domestic policy easing.

　　Great Wall Securities believes that in the context of global risk assets being sold by funds, the short-term growth of the A-share market is facing emotional selling pressure. In the medium term, China’s securities market shows very obvious value toughness under the background of global general decline, and RMB assets are expected to become a safe haven favored by global funds. (End)