Fengkou think tank | Eight experts’ firewire interpretation: What is the impact of the most fierce "interest rate cut"?

Liu Xiao, chief reporter of Fengkou Finance
At the beginning of the Year of the Loong, the real estate market will welcome heavy profits again!
Authorized by the People’s Bank of China, the National Interbank Funding Center announced that on February 20, 2024, the quoted interest rate (LPR) of the loan market was: the one-year LPR was 3.45%, which remained unchanged, and the one-year LPR was 3.95%, a decrease of 25 basis points.
The quoted interest rate of the loan market is quoted by the quotation banks according to the open market operating interest rate (mainly referring to the medium-term lending convenience interest rate) and calculated by the National Interbank Funding Center, which provides pricing reference for bank loans. At present, LPR includes one-year and five-year varieties.
According to Fengkou Finance, the last adjustment of LPR dates back to August 2023, when the one-year LPR dropped by 10 basis points, and the LPR for more than five years remained unchanged. In 2023, the one-year LPR decreased by 20 basis points, and the LPR decreased by 10 basis points over five years. The one-time reduction of LPR for more than five years is 25 basis points, which is the fiercest rate cut ever recorded in history, releasing the signal of lowering the medium and long-term loan interest rate.
Although the MLF interest rate as the medium-term policy interest rate remained unchanged in February, the market had strong expectations for the decline of LPR this month. Many experts interviewed by Fengkou Finance also said that the LPR quotation in February may drop separately.
How to treat the LPR falling by 25 basis points alone over 5 years? What impact does this have on the real estate market? What other policies are expected from the follow-up central bank? On the morning of the 20th, Fengkou Finance interviewed a number of experts in real estate and finance for the first time.
What does asymmetric decline mean?
Fengkou Finance: The decline of LPR this month is not synchronized with the adjustment of policy interest rate. What do you think of this decline? Why are the two varieties asymmetrically declining?
Dong Ximiao, Principal Investigator of Zhaolian and Part-time Researcher of Financial Research Institute of Fudan University:On February 18th, the People’s Bank of China launched reverse repurchase operation and one-year medium-term lending convenience operation, and the interest rates were the same as last month. LPR is based on the one-year MLF interest rate. The MLF interest rate has not changed, and the probability of LPR being flat is high. However, since 2023, the deposit interest rate has been lowered four times in a row, and the overall RRR reduction has been implemented on February 5, 2024. The cost of bank funds has been reduced, and there is room for LPR reduction. Previously, the central bank’s repeated statements will lead to the decline of LPR, and it is more likely that LPR will decline over five years. Therefore, the asymmetric decline of LPR is basically in line with market expectations.
Wang Qing, Chief Macro Analyst of Oriental Jincheng:The LPR quotation of the two maturity varieties is asymmetric adjustment, mainly because the decline of LPR for more than five years since 2019 is 15 basis points smaller than that of LPR for one year. LPR quotation over five years is the pricing benchmark for individual housing loans and medium-and long-term loans of enterprises and institutions. At present, the property market continues to operate at a low level, and the demand for steady growth of investment is high. It is necessary to significantly reduce LPR quotation over five years. However, the one-year LPR quotation remains unchanged, which will help stabilize the bank’s net interest margin, which has been at a historically low level, and make room for a significant decline in the LPR quotation for more than five years.
Chang Yang, Chief Analyst of Policy Group of Zhongtai Securities Research Institute:This asymmetric decline reflects at least three levels of intention:
First, the monetary policy is also in line with the smooth start of the economy. After the Spring Festival holiday, it is more obvious to start work from the fund supply side, and reduce the loan interest and financing cost to cooperate with the smooth start of the economy in 2024.
Second, the asymmetric downward adjustment of interest rates at different maturities indicates that the target that the policy wants to play a role is focused, keeping the one-year LPR unchanged, or indicating that the stimulus intention to manufacturing investment and consumption is relatively stable.
Thirdly, due to the relatively strong correlation between the five-year LPR and the real estate market, from the early stage, lowering the five-year LPR interest rate is also a part of the combination of demand-side policies in the real estate market. At this stage, the five-year LPR interest rate is greatly reduced by 25 BP, and combined with the recent intensive introduction of more policy measures around the real estate market, it fully reflects the policy intention of interest rate policy to participate in activating the real estate market and promoting a virtuous circle of the real estate market.
Fengkou Finance: How to treat the decline of 25 basis points? Did it exceed expectations?
Dong Ximiao, Principal Investigator of Zhaolian and Part-time Researcher of Financial Research Institute of Fudan University:The asymmetric decline of LPR was expected, but the range of LPR over five years exceeded expectations. Since the reform in 2019, the decline of LPR over five years is 15 basis points smaller than that of LPR over one year. After this asymmetric decline, the spread between the LPRs of the two maturities narrowed, which helped to reduce the mismatch of loan maturities. The Report on Monetary Policy Implementation in China in the Fourth Quarter of 2023 published by the People’s Bank of China shows that the cost of social financing has decreased steadily, and the weighted average interest rate of new corporate loans in December was 3.75%, which was 0.22 percentage points lower than the same period of last year. In this case, the one-year LPR will remain unchanged, which will help ease the downward pressure on bank spreads and create more room for the decline of LPR over five years. This time, the LPR for more than five years dropped by 25 basis points, far exceeding market expectations, setting the biggest decline since the reform of LPR formation mechanism in 2029.
Lian Ping, Chairman of China Chief Economist Forum and President of Guangkai Chief Industry Research Institute:The structural feature of this LPR interest rate cut is obvious, that is, it mainly reduces the five-year interest rate by 25 BP. Although the strength seems to be small, it has actually exceeded the market’s previous expectations. This is a balanced decision made by the central bank after integrating various factors inside and outside, which is in line with the tone and thinking of the current monetary policy "flexible, moderate, accurate and effective".
Considering the great uncertainty of the global economy in the future, China’s central bank needs to reserve a certain interest rate space to cope with the potential downward trend of economic growth in the future. Domestically, there should be a certain balance between the intensity of interest rate cuts and the endurance of the banking system. The downward trend of LPR interest rate has a positive impact on the financing cost of the real economy and the housing purchase cost of residents. However, if the downward trend of LPR interest rate is too large and the pace is too fast, it will also increase the operating pressure of commercial banks, which will have a certain impact on the enthusiasm and ability of banks to maintain reasonable credit growth, and may also affect the ability of banks to dispose of non-performing assets.
Pang Yao, Chief Economist of Jones Lang LaSalle Greater China:The asymmetric reduction of five-year LPR is slightly higher than the market expectation, but the change of LPR in the past four and a half years shows that the cumulative reduction of five-year LPR is less than 10 basis points in one year. Considering the changes in the current real estate policy, the financial support for the high-quality development of real estate and the care for the confidence of the demand side and the supply side, it is appropriate to reduce the five-year LPR this time.
In fact, this decline is understandable. Looking at the data of the past four and a half years, the one-year period has dropped by about 75 basis points, and the five-year period has dropped by 65 basis points, so there is a certain necessity and possibility to even it out. On the other hand, from the sales end to the investment end, from the supply side to the demand side, real estate still needs financial support. Coupled with the optimization and adjustment of the real estate policy, it is unexpected and reasonable to asymmetrically reduce 25 basis points.
How much can the mortgage be repaid less?
Fengkou Finance: What positive impact will this have on the real estate market?
Yan Yuejin, Research Director of Yiju Research Institute:The real estate market is currently in the stage of stabilization and recovery, but the recovery process needs to be consolidated. The interest rate cut is beneficial to the reduction of capital cost and directly leads to the reduction of mortgage, which has a positive impact on the mortgage market. According to our simple calculation, if the loan principal is 1 million and the principal and interest are repaid in 30 years, the monthly mortgage payment of buyers can be reduced by about 150 yuan after this interest rate cut. It is a relatively large burden reduction, which will help to further promote mortgage application and consumption. It also plays a positive role in the active follow-up housing market.
Ma Hong, Senior Research Fellow of Guangkai Chief Industry Research Institute:For the real estate market, lowering the medium and long-term LPR benchmark interest rate will help reduce the repayment pressure of residents buying real estate and existing mortgages. As the current recovery of commercial housing sales is less than expected, the recovery of market confidence needs more policy support and patience.
Based on the downward adjustment of the 5-year LPR benchmark interest rate, the mortgage interest rate of subsequent commercial banks will also respond to the downward adjustment. Assuming that the first home loan balance of 1 million, the matching principal and interest mortgage, and the 30-year loan term are taken as examples, the monthly payment will be reduced by about 145 yuan, and the total principal and interest will be reduced by about 52,000 yuan in 30 years. The preferential strength of this loan is quite remarkable, and the follow-up is expected to promote the incremental purchase of houses and other consumption areas, and promote the decline in commercial housing sales during the year to be narrower than that in 2023.
Dong Ximiao, Principal Investigator of Zhaolian and Part-time Researcher of Financial Research Institute of Fudan University:LPR with a term of more than 5 years is the pricing benchmark for individual housing loans and medium and long-term loans of enterprises and institutions. The sharp and unexpected decline of LPR over five years first sends a strong signal to boost residents’ housing consumption and promote the stable development of the real estate market. After the LPR decreases for more than five years, the interest expense of residents’ mortgage will be reduced, which will help boost residents’ willingness and ability to consume housing. For the existing mortgage, the mortgage interest rate will be adjusted after the repricing date; For new mortgages, it is expected that most banks will keep the increase unchanged on the basis of this LPR, thus reducing the real interest rate of new mortgages. At the same time, the LPR over five years will drop sharply, which will also reduce the medium and long-term loan interest rates of enterprises and institutions, and further stimulate the medium and long-term financing needs of enterprises and institutions. This will be conducive to major national projects and infrastructure construction with a relatively high proportion of long-term loans, and also help to reduce the pressure on local debt interest payments.
What are the follow-up policies?
Fengkou Finance: Further strengthen countercyclical and cross-cyclical adjustment. What other policy measures are expected in the follow-up?
Lian Ping, Chairman of China Chief Economist Forum and President of Guangkai Chief Industry Research Institute:Generally speaking, in the face of the complicated and severe domestic and international economic environment in 2024, it is difficult to solve all the problems through one or two specific policy tools. The macro-policy decision-making departments and the central bank will comprehensively implement policies to further strengthen counter-cyclical and cross-cyclical adjustment. On the one hand, fiscal policy and monetary policy should strengthen policy coordination, which is mainly reflected in the support of monetary policy to fiscal policy. On the other hand, for the monetary policy itself, the central bank has also made it clear that in 2024, it is necessary to give full play to the dual functions of aggregate and structure, strengthen the comprehensive application of various policy tools, and maintain a reasonable and abundant liquidity. In addition to moderately lowering the RRR and cutting interest rates, it is also necessary to make good use of structural tools such as refinancing small loans to support agriculture, rediscounting, universal micro-loan support tools, and mortgage supplementary loans (PSL).
Zhou Maohua, Macro Researcher of Financial Market Department of China Everbright Bank:This time, with the MLF interest rate stable, the central bank mainly guided the financing cost of the real economy to be further lowered through quantitative tools and reform measures. The main reason is that the central bank flexibly uses a variety of tools according to the actual macroeconomic situation and changes in the internal and external environment to improve the quality and efficiency of policies and better take into account the internal and external balance.
Although the one-year LPR interest rate remains stable, the central bank can still promote financial institutions to tap the potential of interest rate marketization reform through structural tools, reduce the weak links in the real economy such as small and micro, agriculture, rural areas and farmers, and focus on financing costs in emerging areas.
From the trend, domestic inflation is moderate and controllable, the international balance of payments remains basically balanced, and the central bank has sufficient policy space. At the same time, the overall asset quality and profitability of banks remain good, and LPR still has room for downward adjustment. As the economy is at a critical stage of recovery, tools such as subsequent interest rate cuts are still in the toolbox, but the specific implementation depends on the progress of domestic demand recovery, the pace of price recovery, and the recovery of real estate. If the recovery progress of consumption, prices and real estate is not satisfactory, it is not excluded that the central bank will further guide the market interest rate center to move down through interest rate cuts, RRR cuts and structural tools to provide additional impetus for the recovery of consumption and investment.
Wang Qing, Chief Macro Analyst of Oriental Jincheng:Mainly affected by factors such as the decline of the real estate industry and sluggish consumer demand, the official manufacturing PMI index has continued to run in the contraction range since the fourth quarter of 2023. This means that the macroeconomic operation has been stable and weak in the near future, and it is necessary to implement countercyclical adjustment of macroeconomic policies. Looking back at history, we can see that once the official manufacturing PMI index runs in the contraction range for more than three consecutive months, the possibility of monetary policy response will increase significantly. In addition to lowering the RRR, lowering the policy interest rate is also a common response.
Therefore, based on the current economic and price trends, we judge that the possibility of MLF interest rate falling in the short term is still relatively large. This will drive the LPR quotation of two maturity varieties to continue to decline, which in turn will drive the loan interest rates of enterprises and residents to continue to decline and boost the total macroeconomic demand. At the same time, the continuous downward adjustment of LPR quotation will drive down the loan interest rate, which will also provide more favorable conditions for the resolution of local debt risks this year.
Editor: Liu Xiao
Audit: Sun Tong
Reporting/feedback

Efficient and green development of coal-fired power makes "talking about coal" no longer "change color"

  CCTV News:Coal-fired power generation will remain the main part of China’s power supply structure for a long time. Data show that in 2018, China’s installed power capacity reached 1.9 billion kilowatts, of which coal-fired power capacity reached 1.01 billion kilowatts, accounting for 53%; The power generation is 4.45 trillion kWh, accounting for 64%.

  With the challenges of carbon emission, environment and power generation cost becoming more and more severe, it is urgent for coal-fired power enterprises to find a feasible way to transform.

  A few days ago, "Growing with the Republic — — The interview group of "New Media Entering New State-owned Enterprises" went to Taizhou Power Generation Co., Ltd., the national energy group, to see how this "garden power plant" did a good job in efficient and clean utilization of coal.

  Built the world’s first million kilowatt ultra-supercritical secondary reheating project.

  In the workshop of Taizhou Power Generation Co., Ltd., reporters saw two million kilowatt ultra-supercritical secondary reheat coal-fired units. One of them is the world’s first million kilowatt ultra-supercritical secondary reheat coal-fired generator set. The performance test shows that its power supply coal consumption is 265g/kWh, and its power generation efficiency reaches 47.82%, which is the best in the world.

  "This equipment was jointly developed by Shanghai Electric and China Electric Power Consulting Group under the leadership of National Energy Group, which is 2 percentage points higher than the conventional primary reheating efficiency. "Chen Xuwei, general manager and deputy secretary of the Party Committee of Taizhou Power Generation Co., Ltd., National Energy Group, said. He further explained that an increase of 2 percentage points means that the coal used for generating primary electricity is 2 percentage points less. For example, the average coal consumption in our country is 300 grams per kilowatt-hour, and 2 percentage points means that 6 grams of standard coal is saved per kilowatt-hour. The higher the coal price, the better the economy of secondary reheating.

  It is understood that the secondary reheating technology is promoted and implemented under the background of comprehensively improving the efficiency of energy conversion and utilization, implementing the strategy of energy conservation and emission reduction, reducing the total coal consumption and optimizing the coal consumption structure in order to cope with greenhouse gas emissions and alleviate environmental pressure in China, aiming at building a more efficient new generation of thermal power generating units.

  At that time, there was no precedent for a million kilowatt secondary reheat unit in the world. "Face ‘ There is no overall scheme design, boiler, steam turbine and other major equipment, and no control system ’ ‘ Three noes ’ Problems and major challenges, we organize relevant units to address ‘ The key technology of million kilowatt secondary reheating ’ Joint research was carried out, and 15 major and technical schemes, such as overall technical scheme, boiler scheme, steam turbine scheme, spring base scheme, secondary reheat DCS control strategy, temperature regulation mode and bypass control technology, steam turbine shafting stability and start-up mode, were repeatedly demonstrated and reviewed to ensure that key technologies are advanced and reliable. " Chen Xuwei said.

  After the two units were put into production, the third-party test showed that the coal consumption of power generation was nearly 6 g/kWh lower than the best level in the world today, and 14 g/kWh lower than the average level of domestic conventional one-time reheat units, and the power generation efficiency was 47.82% and 47.95% respectively. " In three research reports released in 2015-2016, the International Energy Agency commented that the secondary reheat unit of Taizhou Power Plant is currently the most efficient coal-fired unit in the world.

  "According to our statistics, in recent years, 65% of the units in the whole East China and South China have adopted the secondary reheat technology in the projects under construction or design." Zhang Shishan, Party Secretary and Deputy General Manager of Jiangsu Electric Power Co., Ltd., National Energy Group, said.

  Up to now, there are 21 secondary reheat units under construction or put into use in China. "We are more optimistic about ‘ Belt and Road ’ If you can go out, the prospect of this technology will be broader. " Chen Xuwei said.

  Take the lead in exploring ultra-low emission path

  The secondary reheat unit has not only made remarkable achievements in improving efficiency, but also reduced the emission of atmospheric pollutants by 5 percentage points compared with the conventional one million units every year, and achieved ultra-low emission of soot, sulfur dioxide and nitrogen oxides.

  Standing at the height of the factory, you can see the white gas rising from two giant chimneys and gradually melting into the sky. "Out of the chimney, water vapor accounts for the majority. If we raise its temperature, we can’t actually see anything. The control of pollutant discharge is mainly in three aspects: sulfur dioxide, nitrogen oxides and soot. Our sulfur dioxide emission level is about 10 mg/m, and the national standard is 35 mg/m, and we are fully capable of reducing this level to a lower level; Nitrogen oxides, the national standard is 50 mg/m, and our average annual emission level is about 38-39 mg/m; Smoke and dust, the national standard is 10 mg/m, and our current average operating level is 2 mg/m, far superior to the national ultra-low emission level. " Chen Xuwei introduced.

  It is reported that as early as 2012, at the beginning of the design of the secondary reheat unit, Taizhou Power Generation Co., Ltd. took the lead in proposing the ultra-low emission technical route of "six power plants+single tower double cycle+wet electrostatic precipitation", which was the first project in China to meet the gas emission standard.

  Construct a full coverage governance system for unorganized discharge, air control, wastewater control and noise control; The coal yard is closed and reformed in the form of dry coal shed and windbreak and dust suppression net; Take the lead in building wharf shore power system to realize "zero emission" of generator air pollutants during the ship berthing … …

  Taizhou company has always taken green environmental protection as the premise of its work and actively explored the road of green development.

  100% comprehensive utilization of solid wastes

  In addition, Taizhou Power Generation Co., Ltd. insists on turning waste into treasure, actively expands the sales channels of fly ash, slag and gypsum, and actively implements the deep processing of fly ash. The products such as fly ash, slag and gypsum sold are widely used in roads, high-speed rail, bridges and municipal construction, etc., to achieve 100% comprehensive utilization of solid waste.

  According to Chen Xuwei, in recent years, the sales profit of heating and solid waste of Taizhou Power Generation Co., Ltd. accounted for more than 20% of the total profit of the enterprise. In 2018, the sales of ash is 87 million, gypsum is franchised by another company, and the price of first-class ash has reached 230 yuan/ton.

This year’s Guangzhou Auto Show will be more interesting because there is also a big show of modified cars.

Essen Auto Show, one of the three major auto modification exhibitions in the world, will meet you and me at Guangzhou Auto Show from November 16th to 19th!

cooperation between giants

I believe we all know that since the reform and opening up in New China, Guangdong has not only had a mature vehicle market very early, but also dared to be the first in the world in terms of vehicle modification. Automobile modification enterprises from Hong Kong, Taiwan Province, Japan and other places have long settled in Guangdong provinces, and the earliest and largest auto parts city in China has also appeared in Guangzhou, saying that it is the enlightenment place for Chinese mainland’s automobile modification and has the most mature automobile modification market.

With the continuous growth of car ownership, China’s auto market is becoming more and more mature, consumers’ awareness and demand for cars are constantly improving, and the consumption of auto products has shifted from standardized supply to personalized market. Guangzhou International Auto Show understands this development trend, and opened a brand-new theme exhibition area of modified cars at the 13th Guangzhou International Auto Show in 2016, and independently developed into a brand-new "Guangzhou International Modified Cars Exhibition" in 2017.

At the exhibition, the organizing committee also held the press conference of "Guangzhou International Refit Auto Show and China Essen Refit Auto Show", reached a strategic cooperation agreement with German Essen Company, introduced mature experience and exhibitor resources from one of the three major refit auto shows in the world, and built a refit car exhibition that belongs to the China market and has real international influence. At the same time, the exhibition was recognized and supported by the China Council for the Promotion of International Trade Automobile Industry Branch.

Mutual benefit and win-win situation

On June 25th, Guangzhou International Auto Show made another breakthrough in international cooperation-the exhibition was recognized by the most influential European Automobile Modification Association and the German Automobile Modification Association (VDAT) in the world. The two sides signed a strategic cooperation agreement and worked together to build a bridge between China and Europe for automobile product trade and automobile culture exchange, introducing new enterprises, new products and new technologies to the China market, and introducing highly mature and operational safety modification standards for popularization.

PS. About VDAT

Founded in 1987, VDAT, a German automobile modification association, has 135 member enterprises. The well-known automobile modification service enterprises and modified parts manufacturers in Germany (Europe) are members of VDAT, including ABT, AC Schnitzer, BBS, BRABUS, DTE SYSTEMS, EIBACH, G-POWER, HAMANN, KW, MANSORY, MTM, OZ, RACECHIP, etc. VDAT is an industry association that is independent of automobile manufacturers, represents the interests of automobile modification industry and provides services for automobile aftermarket. It is also one of the eight important member units of ETO, the European Automobile Modification Association.

800 pieces of DIY AI hardware, the whole process is open source, netizen: the new Linux era is coming.

Goose sister! AI hardware, you can do it yourself!It only takes one hour and the cost is less than 800 yuan.. It can record people’s conversations and environmental sounds to a private database at any time, and customize the exclusive AI assistant. andThe whole process is completely open source.All the data collected are controlled by the users themselves.

In the promotional video, the author shows his private GPT formed after wearing this device for several days. The author said that he has been discussing this hardware with others in the past few days.

When he asked about his big model, he could see that the model had learned what the author said these days and introduced his wearing equipment in great detail.

Moreover, the whole system can DIY by itself.The hardware cost is only $100, about 720 RMB. However, the brand AI in the market is expensive at six or seven hundred dollars, and some of them only pack software services for one year. The key is that they are not in stock yet.

Two commercially available AI wearable devices

This system has caused a burst of cheers from the open source community. Some people say that the Linux time for AI to wear has arrived.

So, how does such an AI hardware DIY?

Structurally, the whole system worn by this AI mainly consists of the following four parts:

Let’s look at the hardware first. The current hardware consists of a Coral AI development board ($80) and a Wifi module ($20).

The plastic box outside is optional and costs $10.

Because the two boards come from the same manufacturer, the hardware assembly process is very simple, just plug them together.

Next, we need to register a database account and get the API.

Then install the database client and docker on your own computer or server, and configure the database and App server according to the tutorial. The detailed process of this part can be read on the author’s GitHub project page.

Prepare the software and hardware, and then write the program for the board.

After connecting to the computer with the type-C data cable, it is also a step-by-step operation to complete the compilation and upload. In this process, you need to write the WiFi name and password to the device.

Then, such an AI wearable device is done. Then, as long as you wear it with you, you can build your own large model database according to your own conversation.

If you are interested, you can try it yourself! (See the project portal at the end of the article)

$100, which is far from the lower limit of hardware cost-

The author plans to try to replace Coral development board with cheaper raspberry pie soon.

The raspberry pie Zero W with integrated WiFi module costs only $15. If it succeeds, the cost will be directly reduced by 85%.

In addition, the SD card can be inserted, so in addition to reducing the cost, the use of raspberry pie can also localize the cloud database.

At the same time, the author also plans to add Bluetooth and other communication methods in addition to WiFi, so that it can truly become a portable device and upload data anytime and anywhere.

Since Coral’s WiFi module also supports Bluetooth, this operation only needs to update the software without replacing the hardware equipment.

In view of the problem that there is no battery and external power supply is needed, the author has initially chosen a battery device, and it is expected that there will be a solution soon.

Waiting for the party, you may wish to continue to expect a full version ~

"Moscow Action" exposed the special feature of Andy Lau and Zhang Hanyu.


1905 movie network news Recently, the film "93 International Train Robbery: Moscow Action" (hereinafter referred to as "Moscow Action"), which was jointly produced and directed by, released a special edition of "All the members are two-faced", and the stars gathered to stage a wonderful story of fighting wits and courage. Andy Lau,,, and performed a "double-faced life", in which all the members were full of life.


In the special edition, Andy Lau plays Vasily, who is a snake-head with a sky-high hand and eye in Moscow, but he misses his daughter, and the identity of his father becomes his only weakness. Cui Zhenhai, the police captain played by Zhang Hanyu, can only pretend to be a debtor when going abroad to handle cases. Miao Qingshan, the robber leader played by Huang Xuan, is arrogant and arrogant, but he actually has a pure place to love music in his heart.

Li Suzhen, played by Janice Man, as a member of a criminal group, undertakes the task of stepping on a plate, but she is kind-hearted and family-oriented. Miao Ziwen, played by Jason Koo, is moody and violent, but emotionally vacillates between her brother and girlfriend.


Some viewers commented: "The 1990s is an era of earth-shaking. We have seen many stories on the ground, and the real stories are more thrilling and exciting, courageous and thoughtful, affectionate and righteous." As co-producer Andy Lau said, "I think we can discuss some deeper things, such as what human nature should be, under a story of police and bandits."


As the only criminal action blockbuster on the National Day, the action scene of the movie "Moscow Action" burst in visual effect, and the climax was wonderful. The audience called it "the highest level masterpiece in the past three years" directed by Qiu Litao: "Too angry, too fierce! Based on historical cases, cross-border arrest is the main line, and a number of escalating action scenes have been connected in series, one by one! "


The superb acting skills of the actors also convinced the audience: "Andy Lau’s role is a sad symbol under the changes of the times. Although he is also a’ villain’, the character itself is not bad. This line with his daughter really pokes tears." "Zhang Hanyu has always been a decent and capable policeman, with agile skills and a tough guy." "The casting is impeccable. Huang Xuan plays the bad guy really, and he plays hard and crazy." "Janice Man’s appearance is varied, he is actually brave and resourceful, and he can make the right choice unambiguously at the critical moment and create a classic role."


Sword refers to the acceleration of financial supervision in key areas, and a package of new regulations is on the way.

  The reporter of the Economic Information Daily was informed that many departments are intensively planning a package of measures to prevent financial risks in key areas and improve the financial supervision system. The New Deal involves systemically important banks, shadow banks, financial holding companies and other fields. In addition, in view of the new challenges brought by financial technology innovation, we will constantly improve the supervision methods, innovate the supervision methods for financial technology giants, and prevent risks and monopoly in promoting development.

  Experts said that the current targeted financial risk remediation actions have been normalized, and further filling the shortcomings from the policy and system level will effectively strengthen the authority, effectiveness and stability of financial supervision and provide stronger institutional guarantee for financial risk prevention.

  Local risks still exist.

  This year is the end of the tough battle to prevent and resolve major financial risks. For some time, with the advancement of various work, financial risks have changed from divergent to convergent.

  Liu Fushou, chief lawyer of China Banking and Insurance Regulatory Commission, said recently that China has made substantial progress in the tough battle to prevent and resolve major risks. The blind expansion of financial assets has been fundamentally reversed, the risk of shadow banking has continued to converge, and the scale has dropped by about 20 trillion yuan compared with the historical peak. The disposal of non-performing assets has made great strides. From the beginning of 2017 to the end of September this year, the non-performing assets disposed by the banking industry exceeded the sum of the previous eight years.

  Internet financial risks have also dropped sharply. The actual number of P2P online lending institutions in China has gradually dropped from about 5,000 in the peak period to zero in mid-November this year. The debt risks of large and medium-sized enterprises have been resolved in an orderly manner, and the momentum of real estate financialization and bubble has been curbed. The hidden debt risk of local governments has been initially controlled.

  Although the overall situation of financial risks is stable, financial supervision is also facing many new and severe challenges. "Risks within the financial system are still accumulating, and some long-term hidden dangers have not been completely eliminated. Under the impact of the epidemic, new and old problems are intertwined and superimposed. High-risk shadow banks with complex structures are prone to resurgence. The rebound pressure of non-performing assets in the banking industry has suddenly increased. The capital gap of some small and medium-sized financial institutions has been accelerated. The debt level of enterprises, residents and local governments has further risen. Illegal financial institutions still exist, and illegal financial activities have been repeatedly banned. " Guo Shuqing, chairman of China Banking and Insurance Regulatory Commission, recently wrote.

  Guo Shuqing pointed out that there are many shortcomings in the current financial related system, and the financial rule of law is still far from perfect. Some basic laws need to be formulated and revised in advance, and some rules and regulations need to be implemented and deformed. The existing laws and regulations are not powerful enough, and the cost of violating laws and regulations is too low. Some laws and regulations are not professional enough. The normalized risk disposal mechanism of financial institutions needs to be improved. The trading activities in the informal financial system lack effective constraints.

  A package of short-board policies is on the way.

  The reporter was informed that in order to continue to effectively prevent and resolve major financial risks, a package of regulatory short-board policies is brewing.

  Among them, the evaluation method of systemically important banks will be officially implemented on January 1 next year. In the next step, the central bank will work with China Banking and Insurance Regulatory Commission to formulate additional regulatory requirements for systemically important banks, including additional capital, leverage ratio, large risk exposure, corporate governance, recovery and disposal plan, information disclosure and data submission, etc. It will also establish an early correction mechanism to promote systemically important banks to reduce complexity and systemic risks, establish and improve the inherent capital restraint mechanism, improve the ability of banks to resist risks and absorb losses, improve their self-help ability, and prevent risks that are too big to fail.

  For financial holding companies, following the Trial Measures for the Supervision and Management of Financial Holding Companies, the regulatory authorities will improve the institutional framework and formulate more specific operational rules for the supervision of financial holding companies, such as consolidated management, capital management and related party transaction management.

  "This method is mainly aimed at financial holding companies formed by non-financial enterprises holding financial business, and formulating relevant management regulations on systemically important banks for large groups formed by the development of financial enterprises will better complement the regulatory framework of the entire financial group." Yin Zhentao, deputy director of the Law and Finance Research Office of the Institute of Finance of the Chinese Academy of Social Sciences, said.

  For high-risk shadow banks, the regulatory authorities will improve the regulatory system to ensure full coverage of supervision, leaving no regulatory gaps and blind spots; Unify the regulatory standards of similar institutions and products, and reduce the arbitrage of idle funds; Improve the risk classification, risk weight, capital provision and other standards of shadow banking.

  Yin Zhentao said that the risk of shadow banking is mainly the complexity of business, and the risk of financial control companies is mainly large-scale and highly related. Strengthening supervision in these areas is an important measure to fill the shortcomings of financial supervision and prevent systemic financial risks.

  Innovating supervision means to adapt to new challenges

  It is worth noting that while financial supervision is speeding up to fill the shortcomings of the system, the means of supervision will continue to innovate and keep pace with the times to adapt to the new problems and challenges brought about by financial innovation.

  Wen Bin, chief researcher of Minsheng Bank, said that as China’s economy enters the stage of high-quality development, the financing structure will also change, especially the rapid development of technology and finance, which will bring more challenges to supervision. According to market changes, the regulatory authorities need to improve the regulatory means in time to prevent unstable factors brought about by excessive innovation.

  Lu Shuchun, secretary-general of China Internet Finance Association, said that in order to conform to the development trend of financial and technological integration, the application of financial technological innovation supervision tools should be further deepened, and more financial technological innovations in inclusive finance, green finance and science and technology finance should be included in the test scope. At the same time, we should vigorously develop regulatory technology, speed up the improvement of financial technology innovation risk monitoring procedures, and comprehensively use big data, artificial intelligence and other technologies to continuously enhance digital regulatory technology means, so that financial management departments can always understand, penetrate, control and manage financial technology innovation well.

  In view of the supervision of financial technology innovation, new supervision means are accelerating exploration. At present, the "supervision sandbox" pilot project of financial technology has covered nine pilot areas, including Beijing, Shanghai, Chongqing, Shenzhen, xiong’an new area, Hangzhou, Suzhou, Guangzhou and Chengdu, aiming at creating a supervision tool for financial technology innovation that conforms to China’s national conditions and is in line with international standards, and standardizing and guiding the healthy and orderly development of financial technology.

  Guo Shuqing also said that for financial technology giants, on the basis of grasping the principle of inclusiveness and prudence, special innovative regulatory measures will be adopted to prevent risks and monopoly in promoting development. He also pointed out that the use of regulatory technology will be strengthened and legislation on comprehensive statistics and information standardization in the financial industry will be accelerated. Pay close attention to the construction of a big data platform for supervision and make every effort to promote the informationization and intelligent transformation of supervision work.

Signing a fake agreement and stamping a fake seal, the employment rate of colleges and universities is faked into an open "secret"

  During this year’s college graduation season, reporters interviewed in many colleges and universities in Gansu, Heilongjiang, Fujian and other provinces learned that, driven by interests, the employment rate "water injection" has become a hidden rule in some colleges and universities, which may lead to the education department’s misjudgment of major setting and enrollment plan. It is imperative to reform the traditional employment statistics method, introduce new evaluation indicators such as salary level and the matching between post and major, and establish a scientific employment evaluation system for college students.

  According to some college teachers and students who are in charge of employment, there is a phenomenon that employment is rigidly linked with graduation certificates and registration certificates in some colleges and universities, and there is a problem of "water injection" in employment rates such as signing fake agreements and stamping fake seals. "In order to improve the employment rate, some schools guide unemployed students to sign quickly, and students can find a unit to write a letter in order to complete the task and get a diploma." A college employment guidance teacher in Gansu, who did not want to be named, revealed that some colleges and universities also count employment internships as employment, as long as students can "find a place to stamp" as employment.

  "In some colleges and universities, the employment rate fraud is an open secret, and everyone does not mention it in public, but students and colleges know that there are problems." The person in charge of the Admissions and Employment Office of a university in Heilongjiang told the reporter that sometimes a tripartite agreement is signed, and the school or parents help to contact the enterprise and directly tell the other party to help sign dozens of people. The students’ hukou and personnel files are not used in the past, and they are all signed by the school. Students don’t have to work in the enterprise. "Even some colleges and universities fill in flexible employment forms themselves. In order to cope with the inspection by the competent authorities, the verification phone number filled in is also the school teacher’s own phone number."

  Experts believe that on the one hand, the adulteration of employment rate encourages the wind of exaggeration and false reporting, which directly affects the social reputation of colleges and universities, affects graduates’ feelings and trust in their alma mater, and on the other hand, affects candidates’ understanding of the real situation of the schools they apply for. What’s more, it will lead to misjudgment when the education authorities adjust the specialty setting and enrollment plan, which is not conducive to the improvement of the quality of talent training in colleges and universities.

  The reporter’s investigation found that the reason why colleges and universities try their best to pursue high employment rate is mainly because the competent departments will report the employment rate statistically, which is directly related to the social evaluation of colleges and universities and the quality of students. "The employment rate is an important measure of the adjustment of the enrollment plan and the quality of running a school. Students attach great importance to the employment rate index when applying for the exam." A college teacher said that the employment rate has a direct impact on the indicators of college enrollment plan, and it is very stressful for some colleges and universities to reduce the enrollment plan.

  A semi-monthly interview with reporters found that with the increasing popularity of higher education in China, the employment of college graduates has diversified, and a single employment evaluation index with the employment rate as the core is no longer enough to reflect the actual employment situation of college students.

  First, there are "slow employment groups" in colleges and universities. It is common in colleges and universities all over the country that some fresh graduates have a weak desire for employment. Industry experts admit that the mentality of "post-90 s" graduates has changed significantly. Some of them are active in thinking and have less pressure on life, and often postpone employment, which will directly affect the initial employment rate of the school.

  Second, the employment methods of college students are diversified. For example, art students can’t get their employment agreement back if they open their own studios; Students who start their own businesses but are not shareholders can’t get the supporting documents containing the shareholders’ confirmation … … "Now the employment methods are more diversified, such as Wechat business, e-commerce and other occupations. It is impossible to define employment or no employment in the traditional way." Teacher Sun said.

  Third, there is no employment agreement but there are employment facts. According to the teachers in charge of employment in colleges and universities, some small and medium-sized enterprises are unwilling to sign employment agreements and labor contracts with college students in order to reduce the risks and costs of employing people, and often have to wait until the students have passed the trial after graduation. This situation is becoming more and more common, which directly affects the statistics of the initial employment rate in colleges and universities, resulting in the untrue employment rate.

  According to industry experts, the original intention of the education department to announce the employment rate of college graduates is to promote the reform and employment of colleges and universities and improve the quality of teaching. At present, the employment evaluation index of most colleges and universities is the one-time employment rate of graduates, which can only roughly reflect the employment situation of college students and cannot reflect the employment quality of college students.

  Establish a scientific employment evaluation system

  Relevant people believe that it is imperative to change the employment evaluation method with employment rate as the single criterion and establish a scientific employment evaluation system for college graduates under the new situation.

  The first is to introduce the salary level of college students, the matching between posts and majors, welfare and social security into the employment evaluation system. Besides counting the employment rate, the education department should also pay attention to the employment quality of college students. At the same time, the education department should also establish a graduate employment tracking system, improve the quantitative data such as job-hopping frequency, professional coincidence and employment level, and enhance the reference and guidance of employment evaluation.

  The second is to evaluate the diversification of college students’ employment, change the statistical object of the current employment rate, and make statistics and evaluation on different groups such as fresh graduates, self-employed graduates and "slow employment" graduates with employment will.

  Third, squeeze out the "moisture" of the false high employment rate, introduce a third-party evaluation agency to count the employment rate, and make detailed analysis and feedback on the employment quality, so as to provide a scientific basis for schools to improve employment and teaching. At the same time, we can establish verification systems and standards by means of telephone verification and student sample sampling to ensure the authenticity of the employment rate. (Half-monthly talk with reporter Zhang Wenjing, Pan Wei, Shen Yufa)

Reporting crimes involving wildlife can get a maximum reward of 100,000 yuan.

  Nanfang Daily News (Reporter/Wang Wei) The Guangdong Provincial Public Security Department recently issued the "Measures for Rewarding Reports on Wildlife Crimes in Guangdong Province (Trial)", and rewards will range from 3,000 yuan to 100,000 yuan depending on the situation.

  The reward object is a unit or individual who reports clues about wildlife-related criminal activities within the province to the provincial public security department and meets the reward conditions. The reward object is limited to real-name reporting in principle. For anonymous reporting, if the information card can be provided after solving the case, it will also be rewarded.

  The scope of the reward includes nine types of situations, such as illegal hunting, killing, selling, transporting and purchasing the clues of endangered and wild animals and their products under special state protection. The reward standard is determined according to the contribution of the masses, and the maximum reward is 100,000 yuan. The reporting unit is the Forest Public Security Bureau of Guangdong Provincial Public Security Bureau.

  The content of the reward report should meet three conditions at the same time, including a clear reported object and specific criminal facts or clues; The contents of the report have not been mastered by the public security organs, or although the public security organs have mastered it, the contents reflected by the informants are more specific and detailed, and have played an important role in case investigation or digging deep into the criminal suspects behind the scenes; The contents of the report must be verified by the public security organ and belong to the jurisdiction of the public security organ, so as to detect cases involving wildlife crimes.

  The reporter found out that as early as February 2020, the Guangdong Provincial Public Security Bureau had issued a notice, clearly taking seven kinds of illegal and criminal acts involving wild animals as the focus of the public security organs, involving illegal acquisition, transportation, sale of wild animals and their products, providing trading services for this purpose, and eating wild animals.

  In March of the same year, the 19th meeting of the Standing Committee of the 13th Provincial People’s Congress voted to pass the Regulations on the Protection and Management of Wild Animals in Guangdong Province, which prohibited indiscriminate eating and trading of wild animals, and further increased the punishment for illegal hunting, trading and consumption of wild animals under special state protection, among which consumers can be fined up to 20 times the value of wild animals and their products, which was the first local regulation passed in Guangdong Province that year.

Police in Hengyang, Hunan Province cracked a case of illegal production of explosives and smashed the dens of illegal production of "Chongtianpao"

  Xinhua News Agency, Changsha, September 8 (Reporter Star) The reporter learned from the Public Security Bureau of Hengyang City, Hunan Province on the 8 th that the local police recently cracked a case of illegal production of explosives, and 12 suspects have been arrested, 10 people have been detained in criminal detention, and 2 people have been detained in administrative detention. More than 2.13 million illegally produced "Chong Tian Bao" discs, 2 tons of explosive materials, 3 explosive machines and 321 bundles of fuses have been seized.

  The police handling the case of Hengyang City Public Security Bureau introduced that at 9 o’clock in the morning of August 13, the Hengdong County Public Security Bureau received an alarm from the masses, saying that someone in the west village of Gaohu Town of the county was illegally producing fireworks and firecrackers. After receiving the police, the police immediately rushed to the scene and found illegal production of fireworks and firecrackers in the home of a village in Xicun, Gaohu Town. On the spot, 3,114 unsealed "artillery pieces" filled with gunpowder (127 pieces per piece), 140 packaged "artillery pieces" (98 pieces per piece, 127 pieces per piece), 3 blasting machines and 321 bundles of lead wires were seized, and at the same time, 2 tons of explosive materials used for illegal production of "artillery pieces" were seized.

  After the incident, the public security organs at Hengyang City and Hengdong County attached great importance to it, set up a task force, demanded a full chain attack, and arrested the suspects as soon as possible. The case was filed on August 14, and the suspect Xiao Moping was criminally detained on the same day for allegedly illegally manufacturing and storing explosives; From August 16 to 25, after careful deployment and several days of investigation, the task force arrested 11 suspects including He Mosong, Yang Molin and He Moyun.

  After investigation, from March to August this year, the suspects Xiao Mouping, He Mouyun and others bought raw materials from Song Mouhua in Shangli County, Jiangxi Province, and Li Mou in Liuyang City, Hunan Province, and bought lead wires from Li Mouyuan in Shangli County, Jiangxi Province. They opened processing points for illegally producing semi-finished products of "Chongtianpao" in Yanglin Town, Ronghuan Town and Gaohu Town, Hengdong County, respectively. At present, the case is under further investigation and deep excavation.

How can the hydropower that "depends on the weather" be "guaranteed by drought and flood"? Clean energy helps to meet the peak summer.

CCTV News:Now it is the preparation stage for the peak summer. The National Energy Administration predicts that the national maximum power load will increase greatly this year compared with last year. In Sichuan, hydropower accounts for 80% of the local total power generation. Last summer, there was a "double shortage" of electricity and electricity because of the minimum rainfall in the same period in history. How is the preparation here during the peak electricity consumption this summer?

Yalong River Basin, which is rich in hydropower, is the third largest hydropower base in China. There are seven hydropower stations in operation along the Yangtze River, including Ertan, Jinping and Lianghekou. The reporter found in the Yalong River basin that the hydropower stations here are actively lowering the water level. According to the person in charge of the power plant, hydroelectric power generation has the characteristics of depending on the weather. For the purpose of flood control and storage regulation, large-scale reservoir power stations will reduce the water level before the rainy season, free up the storage capacity, and store the excess water in the rainy season for power generation in the dry season.

The effect of self-regulation of a single hydropower station is actually limited. At Lianghekou Hydropower Station, the most upstream of the seven hydropower stations in Yalong River, the reporter saw a large reservoir. Its total storage capacity is 10.8 billion cubic meters, which is equivalent to about 770 West Lakes. This kind of reservoir, which can regulate hydropower stations in the whole basin, is called "leading reservoir".

Besides water energy, the Yalong River basin is also rich in light energy. Cora Photovoltaic Power Station, located at an altitude of 4,600 meters, will be completed and put into operation in June, with an installed capacity of 1 million kilowatts in the first phase and an average annual power generation of 2 billion kWh. It is the largest water-light complementary power station with the highest altitude in the world.

Yang Zhiwei, Project Manager of Cora Photovoltaic Power Station:Photovoltaic light resources (on the plateau) are abundant in winter and weak in summer, so photovoltaic power generation is relatively large in winter, while hydropower is just the opposite.

In dry season, photovoltaic power generation is more, and hydropower power generation is less; In the wet season, photovoltaic power generation is less and hydropower power generation is more. The electricity generated by Cora photovoltaic power station will not be directly connected to the power grid, but connected to the hydropower station first, tied together with the electricity generated by the hydropower station, and then connected to the power grid.

Chen Feixiang, Deputy Director of Lianghekou Power Plant:The output of photovoltaic is a zigzag unstable curve. After water and light complement each other, the sawtooth random fluctuation of photovoltaic becomes a stable or even a straight line stable output, which makes our power more stable.

Wu Bing, Deputy Director of Electric Power Department of National Energy Administration:The integrated development and construction of water, scenery and scenery in major river basins will help to achieve the goal of double carbon and improve the level of energy security.

The reporter learned that during the critical period of peak summer, the supply capacity of cascade hydropower stations in Yalong River in Sichuan is expected to be 49.4 billion kWh, an increase of 2.3 billion kWh compared with last year.