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On October 18th, the unveiling ceremony of Xuhui District "Digital Chain Space" and Shanghai Blockchain Technology Innovation Ecological Agglomeration Space was held in Chengkai International Building. Vice Mayor Liu Duo and Deputy Secretary-General of the Municipal Government Xu Huili attended the unveiling ceremony.

As an important breakthrough of independent innovation of core technology, blockchain has already defined the direction of tackling key problems at the national level. As the first "1+1+1" open source incubator of blockchain in Shanghai and even the whole country, the series of carriers of "Digital Chain Space" built by Xuhui District aims to give full play to Xuhui’s location advantages, talent advantages and science and technology advantages, and form an industrial ecology of blockchain technology innovation, which will inject strong impetus into the development and industrial upgrading of Shanghai’s digital economy.

Create a source of blockchain technology innovation

As we all know, blockchain, as an integrated system of consensus mechanism, smart contract and other technologies, with its unique trust-building mechanism, has crossed and innovated with new technologies and applications such as cloud computing, big data and artificial intelligence, and has evolved into a new generation of network infrastructure, reconstructing the industrial ecology of digital economy. The "number chain space" series of carriers provide services and support around the three major construction directions of blockchain: base function, space environment and industrial ecology.

The base function is the foundation of blockchain technology innovation and development, which is mainly developed by two major technological innovation enterprises in Xuhui. Shanghai Puxin Future Internet Technology Research Institute (hereinafter referred to as "Puxin Institute"), as one of the earliest enterprises to settle in the "digital chain space", led the development of the underlying core foundation of blockchain through its own technological innovation breakthrough, completed the research and development of the world’s first Web3.0 underlying open source operating system, and deployed super-heterogeneous fusion computing chips in advance; The Yangtze River Delta Digital Chain Company is mainly responsible for the construction of basic computing capacity, with the goal of building the blockchain infrastructure platform with the largest scale and the strongest computing capacity in China. Up to now, more than 500 computing devices have been put on the shelves, and it is estimated that 1,200 devices will be put on the shelves by the end of the year, which can support up to 9,600 nodes. Since then, the function of blockchain technology innovation strategy in Xuhui District has initially appeared.

A good space environment is conducive to the development and upgrading of blockchain technology. Xuhui District pays attention to the top-level design. From the very beginning, it has made great efforts to strengthen the planning of blockchain industrial clusters, give play to the radiation function of the central city, and build a series of carriers of "1+1+1 digital chain space". The first "1" is the main space of "Digital Chain Space", which is located in Chengkai International Building, forming a core carrier of 5,000 square meters and gathering key core institutions of blockchain. At present, the space occupancy rate is nearly 100%; The second "1" is "Number Chain Space+",which is located in the 943 project of Yishan Road, with an area of about 15,000 square meters. It undertakes Web3.0 technology to empower scientific and technological innovative enterprises as the second phase of ecological expansion space; The third "1" is "number chain space pro", which mainly focuses on the riverside area on the west bank, radiating the whole Xuhui, releasing more innovative carriers and opening up areas, and gradually strengthening the industrial agglomeration effect.

At the ecological end of the industry, Xuhui District aims at the source of technology, adheres to the system layout and promotes it as a whole. On the one hand, with Puxin Institute, the Yangtze River Delta Digital Chain and other technical sources as the traction, we will build a collaborative innovation system with deep integration in Industry-University-Research in collaboration with the scientific research strength and human resources of universities in Shanghai, including Fudan University, Shanghai Jiaotong University, East China Normal University and East China University of Science and Technology. On the other hand, organize and prepare the top conferences and competitions in the field of blockchain technology innovation, further enhance the home advantage of blockchain technology innovation ecology, and accelerate the integration and development of blockchain industry ecological innovation.

Build a blockchain industrial ecological agglomeration area together.

At the ceremony, Wei Lan, deputy head of Xuhui District, Liao Yunfa, president of East China Branch of China Information and Communication Research Institute, and Li Xiaoshan, vice president of Shanghai Data Group Co., Ltd. signed the Strategic Cooperation Framework Agreement between Shanghai Xuhui District People’s Government and China Information and Communication Research Institute and the Strategic Cooperation Agreement between Shanghai Xuhui District People’s Government and Shanghai Data Group Co., Ltd. on behalf of the three parties respectively. Cao Liqiang, Secretary of Xuhui District Committee, Wang Hua, Deputy Secretary and District Chief of Xuhui District Committee, Dewen Li, Secretary of Discipline Inspection Commission of China Information and Communication Research Institute, He Baohong, Director of Institute of Cloud Computing and Big Data of China Information and Communication Research Institute, Wu Jianxiong, Secretary of Party Committee and Chairman of Shanghai Data Group Co., Ltd., and Li Quan, Investment Director and General Manager of Strategic Development Department of Shanghai Data Group Co., Ltd. witnessed the signing ceremony.

Wang Huawei, Shanghai Puxin Future Internet Technology Research Institute, Yangtze River Delta Digital Chain (Shanghai) Network Infrastructure Co., Ltd., Trusted Blockchain Evaluation (East China) Center, Telecom Digital Chain Space Lab, China Mobile Shanghai Blockchain Innovation and Development Center, China Unicom Blockchain Innovation Lab, Shanghai Blockchain Engineering Technology Research Center, Shanghai Tower Yangtze River Delta Digital Chain Blockchain Application Innovation Center and other eight blockchain enterprises were awarded the "Golden Key".

After building a nest to attract phoenix, how to accelerate the growth of enterprises is also a key topic for Xuhui to think about and answer. Generally speaking, there are two stumbling blocks for "specialized and innovative" enterprises such as blockchain enterprises: start-up capital and marketing. Often, blockchain enterprises have a very high demand for simple capital investment at the beginning of the project. Secondly, after the product is launched, due to the high threshold of blockchain technology application, they cannot reflect their business model and profit model at the first time, and there are also some difficulties in market docking and promotion. In addition to the above-mentioned development problems of enterprises themselves, it is also one of the tasks of "number chain space" to guide enterprises to always follow the road of legal compliance. To this end, Xuhui District has studied and formulated a series of support policies in advance.

At the unveiling ceremony, Xuhui District issued the "Support Opinions of Xuhui District on Promoting the Development of the Next Generation Information Technology Industry such as Blockchain", which specifically provided all-round policy assistance for enterprises with "Digital Chain Space", covering a package of contents such as financial support, business environment, industrial agglomeration and talent service guarantee, and strived to make enterprises "move at first sight and see you again". Under the conditions, a single enterprise can get a maximum financial support of 47.88 million yuan.

At present, Xuhui District has gathered the world’s top scientific research institutions and benchmark new R&D institutions such as Shanghai Puxin Research Institute, Shanghai Artificial Intelligence Laboratory and Shutu District Blockchain Research Institute, and continues to attract key platforms and laboratories in the blockchain field, central state-owned enterprises and technological innovative enterprises to land in Xuhui. 17 blockchain filing companies such as Tongce Chain, Oriental Chain, Tulian Bank and Xiaomi Super Alliance Chain, as well as nearly 30 technological innovation eco-enterprises such as Microsoft, Tencent, Shangtang Technology and Mihayou have chosen Xuhui.

In the next step, Xuhui District will continue to focus on serving the overall pattern of national development, persist in facing the world and the future, strengthen coordination with Hong Kong, China, Singapore and other places, continuously enhance the innovation, competitiveness and influence of blockchain industry development, and continue to contribute "Xuhui Experience" to the national blockchain technology application demonstration.

Reporter: Liu Kun, Zhang Wang and Chen Wenqing.

Original title: "Digital Wisdom and Xuhui Link to the Future", the first blockchain technology innovation ecological agglomeration space in China landed in Xuhui "

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Whether it’s the "commando team" who intubates patients or the mobile team that "puts out fires" everywhere in the emergency department, the medical staff in the epidemic storm center are always desperate at great risks.

Their every move involves the hearts of their families. Especially for families with dual medical workers, the husband is in the forefront, while the wife is fighting in the front line and has to take care of the family.

On the eve of Women’s Day on March 8th, we talked to three wives of first-line medical care and listened to their thrilling stories about the war "epidemic".

"I couldn’t sleep well during the three weeks he intubated the commando."

Narrator:Shu shaofang

Lover:Director of Anesthesiology Department, wuhan union hospital, Chen Xiangdong, Captain of Intubation Commando

Caption: Shu Shaofang said that this is one of the few photos of her and her lover. Photo courtesy of respondents

Knowing the danger, we must also support him.

90 seconds is a hope for patients, but a fatal threat to doctors. Because open airway intubation, we must race against time, so that medication can be effective quickly. However, the nearest distance between a doctor and a patient is calculated in centimeters. The risk of infection in the whole process is extremely high and particularly dangerous.

I am also an anesthesiologist, and I know what this intubation means. The gas exhaled by patients contains a lot of viruses, so it is not too much to call them "death squads".

On February 12, Mr. Wang suddenly called me and said that the Union Medical College Hospital was going to set up an intubation commando team to ask for my advice. I paused, and then said to him, is it still necessary to ask for my advice? You’re the director. You have to go. I support you. Only when you take the lead in signing up can others feel at ease. As a result, he said that he had signed up.

Actually, I’m very, very scared. I love to worry, and now I’m on tenterhooks every day. I haven’t slept well during his more than three weeks in the commando team. In fact, neither has my husband. In the past, he always slept every second as soon as he touched the pillow. After the outbreak, although he came back from time to time, he couldn’t sleep well at home and had to take sleeping pills.

Even at home from work, his cell phone keeps ringing. Every night, I have to arrange my work and worry about the safety of my colleagues, so I will stay up late. The epidemic came suddenly, and we didn’t know about the virus. The number of patients increased sharply. No matter which hospital, it was an encounter and we were caught off guard.

Being in a hurry just doesn’t work.

I used to be a nurse and went to America with my husband for more than ten years. Later, Mr. Wang was determined to return to China to play a greater role. I followed him back, and now I am a management teacher in the anesthesiology laboratory of Union Medical College Hospital. Because I haven’t been on the front line for more than ten years, I’m very anxious, but I can’t work hard.

What we can do now is to continue to manage the laboratory well. The school (note: Union Medical College Hospital belongs to Huazhong University of Science and Technology) requires students to be well placed before the holiday. Now I am staring at the study and life of doctoral students who stay in Wuhan. I will make a phone call every two days and care about them, otherwise I won’t be at ease. In fact, there are my students in the intubation commando team brought by my husband. Tell me, can I not worry!

My mother is almost 90 years old and lives alone. During the epidemic, my brother moved to take care of her life. My brother is 58 years old and is not good at online shopping. Sometimes when I buy with my neighbors, I also help them. Then I repeatedly told them to go out less and be good. At this point, don’t distract us again.

My son is now in America and communicates with me every day. Usually, I only make a phone call once a week, and there is a lot more communication with us after the outbreak. Father and son used to talk when my husband was at home. Now, my husband seldom goes home, and my son communicates with me much more. In the past, when I called my son, he didn’t answer if he was busy. Now I just need to call him and answer it every second.

Mr. Wang promised me that he would come back safely and that all the commandos would come back safely. He must keep his word!

"Lao Li, you protect Wuhan and I will protect you."

Narrator:Liu bin

Lover:Deputy Director, Emergency Department, Wuhan University People’s Hospital, Li Wenqiang

Caption: Liu Bin’s lover Li Wenqiang.

"Firemen" who put out fires everywhere in the emergency department

More than two weeks after Wuhan announced the closure of the passage from Han, it was the most stressful period for my husband.

My husband, Li Wenqiang, is the vice president of the People’s Hospital of Wuhan University in charge of business in Shayang People’s Hospital, and returned to Wuhan for vacation before the Spring Festival. On January 10th, the epidemic situation in Wuhan became more and more serious. He had a premonition that the hospital might need it, so he cancelled his plan to go back to his hometown for the New Year.

At that time, there were many patients, just like the water sprayed out after the water pipe burst suddenly.

On January 23, Lao Li was informed by the People’s Hospital to go back to the emergency department to work. He immediately reported for duty and participated in the treatment of patients. From that day on, he went out at 8 o’clock every morning and didn’t go home until 6 o’clock in the evening. He was too tired to say a word when he got home. After dinner, he will also report the patient’s admission on the same day.

In order to keep him in a good physical condition, I have to let him go to bed as early as possible, but at night, there are too many things that need to be coordinated and solved by the clinical departments and departments of the hospital, and the phone keeps calling, and sometimes there are calls after midnight. I see it in my eyes and worry about it, but those are all emergency calls, and he must answer them.

Those ten days were the most stressful time for him, and also the time when I was most worried and anxious. I was afraid that he would have a bad rest, his resistance would drop and he would be easily infected.

In mid-February, with the increase of beds and emergency doctors, I felt that his pressure was gradually reduced. But when one of his colleagues was infected and gave a critical notice, he was particularly depressed.

I can understand that doctors are human beings. Although their professional ethics can enable them to stand up and face danger and try their best to treat patients, when colleagues around them face life and death, they feel the same way and will inevitably feel sad.

What I can do is to guide him from the front and try not to let him carry ideological burdens. With the constant changes in the key work of treatment, Lao Li has been assigned to work in the emergency department, emergency observation room, fever clinic observation room and hospital buffer ward. He is like a mobile squad. Wherever there is a task, he goes there. He never talks about the conditions and tries his best to make organizational arrangements.

For more than 40 days, he didn’t have a good rest for a day. I was afraid that he couldn’t carry it, so I asked him if he could adjust himself and rest for half a day. He said that the patient has an emergency at any time, and if he is there, the patient’s risk is less. In this way, he practiced the "responsibility" of a party member and the "benevolence" of a doctor.

You protect Wuhan, I will protect you.

I was still at work that day when Lao Li was informed by the provincial people’s hospital to go back to the emergency department to work. He called me early in the morning and said that the situation was urgent. The hospital was short of people and had to support the front line in advance. What do you think? I said I had no problem, and I fully cooperated with you.

He said no, no, you have to go back to your parents’ house. It turned out that he wanted to go back to our small home to rest, worried that he was too dangerous and would pass it on to me. I said yes. After work, I went to the supermarket and stocked him with a refrigerator of meat and vegetables. I thought, I can’t accompany you, and I can’t make you hungry.

After living in my parents’ home for a day, I don’t think this will work. Because after he sent me the photo of wearing protective clothing, I looked at it, ho! Armed to the teeth And eat lunch every day, this can’t be done! I discussed with him, or go back to the small home to take care of him, and we will live separately and try to be physically isolated. You protect Wuhan, I have to protect you.

Every time he goes out, I tell him to take personal protection. I pay attention to the epidemic news at home, and also find videos of disinfection and epidemic prevention, and disinfect at home while studying. When he comes home, he must wait for me to sterilize him before he can come in.

Not only do we live in separate rooms, but we will both wear masks when he comes home. I was scared at that time, because everyone didn’t know anything about the virus.

This epidemic, let me fully understand the front-line medical staff pay, danger and hard work.

Dinner in the distance

Narrator:Miao Bei

Lover:Deputy Chief Physician, Emergency Center, Zhongnan Hospital of Wuhan University, Chen Haihua

"Both epidemics have caught up, but now married with children is running at both ends."

I caught up with both epidemics. During the SARS in 2003, we just got married, and I was on the front line. This year, we caught up with the COVID-19 epidemic, and both of us are still in the first line.

At the time of SARS, there was no protective clothing, only isolation gown, and the protective materials were very tight, so we all took turns to go to the fever clinic for duty. Now I’m a head nurse, and I’m back in married with children.

My husband received the notice on January 23rd, and Zhongnan Hospital began to treat COVID-19 patients very early. He’s from the emergency center. All the people who entered his ward were seriously ill and critically ill patients.

He discussed with me, and my thought at that time was that the situation was obvious, and everyone was a medical staff and could understand. Our hospital is also a designated hospital, with five isolation wards. As the head nurse, I also signed up to go to the fever ward.

But we are both struggling. What should we do at home? My daughter is just in the first grade, and my mother is 80 years old, and her health is not very good. Usually it’s us who cook and take care of the children’s homework. I’ll go back and discuss with my mother that we are both going to the first line, so just take care of yourself. How about that? My mother cried at home and said no.

Considering the actual situation in my family, the hospital leader transferred another head nurse to the fever ward. And I’m in charge of all general wards except the fever ward. The patients are all critically ill patients who can’t leave the hospital, and these patients are the high-risk groups susceptible to COVID-19, so our protection has also been upgraded.

Now, I have to run between the hospital and home. If you can’t live at home, just go home and cook a meal, and I’ll leave after dinner. It takes more than an hour to kill yourself before you go home, and then leave your clothes outside to kill yourself. I wear masks all the time at home, old and young, afraid of infecting them.

Then, I eat on the balcony alone every day. This is also a helpless way.

I didn’t let my husband in and let him eat at the elevator.

My husband and I often contact on WeChat, and occasionally talk on the phone. They really have no time to breathe. When he was in ICU, all he met were patients who needed intubation, and even many of them were patients who needed ECMO.

From the end of January to the middle of February, he was particularly stressed and in the worst mood. During that time, the number of patients soared, and he was very sad to see that the patient could not be saved.

Husband is a delicate and sensitive person. Colleagues and colleagues around him are infected, or even unfortunately killed in the line of duty, and he will try his best to suppress it in his heart, so his pressure is even greater. He said that usually their names are signed in the doctor’s column, and suddenly they are signed in the patient’s column. He can’t stand it. For several days, he cried every day. My heart is too depressed, and it is better to cry.

I comforted him: although I can’t hug and comfort you, you can vent your sadness to me, even if it is a cry. But when you face your sick comrades tomorrow, you must hold back your tears and firmly tell them that "you will be fine". You must be their solid backing and do everything possible to make them recover as soon as possible.

He said several times in the middle that he didn’t feel well, sometimes he was short of breath, and there were two consecutive cases of cold and hot. Some time ago, he had three CT scans in four days. Fortunately, the results came out, and he was fine.

It is not easy for medical staff to have more dual employees, so they can only understand each other and then silently cheer for themselves and their families. We each have a team, and we must go before the epidemic.

He came back once on February 24th. He called me and said that he hadn’t come back for a long time, so he wanted to come back and see the girl. I said you can only look at it from a distance, and you can’t enter the door.

That night, I cooked the meal and gave him a chair as a dining table outside the house near the elevator. He stuttered in the elevator, I ate on the balcony, and my daughter and grandmother ate in the living room.

This is a distant dinner!

Caption: Chen Haihua didn’t get in the door, so he stuttered at dinner in the elevator. Photo by Miao Wei

Entering the golden autumn of 2024, Geely Automobile’s first 4.0 image store in Guangzhou – Guangzhou Mingchen was officially upgraded. On this occasion, the cherry clock in the real shot of the recently listed super version, and the "quality steel cannon" became a popular player in the store.

When it comes to Geely Colorful, it has always been a star model in the A0 SUV circle, with a very strong sense of presence. The family’s global total sales volume has exceeded 900,000 vehicles. Now the new model Colorful Super Edition comes with sincerity, safety and quality, worthy of being a "quality steel cannon" for young people. New car, launched 1.5D + 5MT and 1.5D + 8CVT two power combination models, the official guide price is 66,800 yuan, 73,800 yuan, and enjoy 6000 yuan after the listing of cash red envelopes The price is more sincere – 60,800 yuan, 67,800 yuan, further lowering the threshold for young people to start the first unit.

 

In terms of appearance, the Colorful Super Edition adopts a new generation of "Super Storm" design language, the front face of the super storm and the front grille of the nebula streamer, the lines are simple and hard, especially the combination of the wind-breaking rapid tail and 17-inch aluminum alloy wheels, highlighting the movement and power of the new car. The length, width and height of the new car are 4330mm*1800mm*1609mm, the wheelbase is 2600mm, and the "small body has a large space", which is based on the BMA global new generation modular architecture to create ultra-high space utilization.

The interior of the Colorful Super Edition is also a new design, using a classic black, silver and gray color scheme. The center console adopts a leather wrapping process, black quality seats, and white embellishment to improve the texture. The addition of white embellishments brings a comfortable experience to drivers and passengers. The 8-inch touch screen and G-Link smart car system installed on the center console have everything functions such as listening to songs and navigation, and voice interaction can be realized after the mobile phone is mapped.

 

What’s more worth mentioning is that the Colorful Super Edition has done its homework in terms of quality and safety: it adopts a cage-type safety body, which is stronger and more durable. High-strength steel accounts for 66%, thermoformed steel accounts for 15.2%, and has 1500MPa tensile strength. At the same time, the new car also comes standard with many active safety technology configurations: ESC body stabilization system, EPB + AutoHold, and other practical configurations.

 In terms of power, the Colorful Super Edition is equipped with a new 1.5L engine, with a maximum power of 93kW and a peak torque of 152N · m. It has the highest thermal efficiency of 41% in its class and is matched with a new 5MT or 8CVT gearbox. Its performance is outstanding in its class, while the WLTC fuel consumption is as low as 6.89L per 100 kilometers, ensuring fuel economy.

Nowadays, the car market is rolling like this, but the Colorful Super Edition brings high-quality choices to the homogeneous market with fashion, safety and a conscience-friendly price of 60,000 yuan. It undoubtedly sits firmly on the first choice of young people’s first car; I also believe that with Geely Automobile entering the new era of 4.0 flagship services, the Colorful Super Edition is also sold together with the existing "Flagship Steel Cannon" Colorful COOL and "Strength Steel Cannon" New Colorful, which comprehensively enhances the Colorful family’s leadership position in the "Champion Steel Cannon" in the market segment.

Author: Zhang Anyuan, chief economist of China Securities.

On November 29th, the CSRC replied to the proposal of the CPPCC, proposing to "make it stronger, better and bigger to build an aircraft carrier-level head broker"; Securities companies will be encouraged and guided to enrich capital, enrich service functions, optimize incentive and restraint mechanisms, increase investment in technology and innovation, improve international layout, and strengthen compliance risk management and control; Actively support all kinds of state-owned capital to inject capital into securities companies by subscribing for preferred shares, common shares, convertible bonds and subordinated debts, and promote the securities industry to become bigger and stronger.

The background of the above statement is obviously related to the huge gap in the development of brokerage industry between China and the United States. Although as far as a single financial institution is concerned, the expansion of scale has objective boundaries, and large and complete, small and beautiful all have their existence values. But influence is bound to be closely related to scale. "Too big to fail" in the financial field is not necessarily a derogatory term, and even every economy must have its "too big to fail" financial institutions. At present, vigorously developing direct financing is an important part of financial supply-side reform, and financial opening-up is accelerating, so it is necessary to put it on the agenda to build China’s world-class giant securities firms.

First, behind the development gap is the difference in the financial system.

In the past 30 years, the development of China’s brokerage industry is obvious to all, and the gap between China and the United States is obvious, and there is no sign of narrowing. At the end of 2018, there were 131 brokerage licenses in China’s whole industry; By the end of 2017, there were 3,801 dealer & broker in the United States. The total assets, operating income and total profit of China’s brokerage industry are similar to those of Goldman Sachs Group (about 63,000 yuan, 2.6 trillion yuan and 84 billion yuan at the end of last year). In 2018, Goldman Sachs Group employed 36,600 people, while the number of domestic registered securities practitioners reached 340,000 at the end of 2018, and the per capita output level was about one tenth of that of Goldman Sachs Group. The primary reason for the huge development gap is the difference between the financial systems of the two countries.

In view of the differences in economic, political, cultural and historical backgrounds, the financial systems of different countries are different. According to the differences in the roles played by financial intermediaries (usually called banks) and financial markets in the financial system, theoretical circles can be divided into two modes: Bank-Based represented by Germany and Japan and Marked-based represented by the United States and Britain.

Market-oriented financial model relies on mandatory information disclosure system, and must be based on perfect external restraint mechanisms such as laws and accounting systems. It is sensitive to price signals. The cost of capital is mainly determined by the market, and risks are mainly shared by different market entities. The political control of government forces over the financial system is relatively weak. The most typical financial institution in this model is the large international investment bank in the United States.

However, the bank-led model is not based on good public information disclosure. The information is mainly occupied by insiders, and the requirements for external legal constraints are relatively low. There are fewer market factors in the decision of capital cost, and the risks are mainly smoothed by sharing at different stages of the economic cycle. The government forces have relatively strong political control over the financial system. The most typical financial institution in this mode is the large state-owned commercial bank in China.

In sharp contrast with the gap between China and the United States, the total assets of China’s commercial banking industry have absolute advantages compared with the United States, and the ratio of total assets of the banking industry to GDP is also significantly higher than that of the United States. In 2018, the total assets of the four major banks in China were all over 20 trillion yuan, of which the total assets of ICBC were 27.7 trillion yuan and the contracts were 4 trillion US dollars (converted at spot exchange rate). However, the total assets of JPMorgan Chase, a local head bank in the United States, are 2.6 trillion US dollars, and Wells Fargo’s total assets are 1.9 trillion US dollars. The volume of mixed operation is still far less than that of China’s large state-owned commercial banks.

China’s securities firms can’t match American securities firms, and American commercial banks can’t match China’s commercial banks. In a sense, this phenomenon is a "feature" and not necessarily a "defect". Theoretically, it is hard to say that one financial system is absolutely superior to another. In the early stage of industrialization and urbanization, banks obviously have advantages in organizing and mobilizing savings funds. At present, China’s medium-level industrialization and urbanization process is coming to an end, and the financial model of mobilizing social funds to invest in specific fields on a large scale needs to be transformed into an equity financing model that is more conducive to encouraging innovation and sharing risks. This special era background requires us to be stronger, better and bigger, and to build an aircraft carrier-level head broker, which does not mean that there are some insurmountable inherent defects in the previous financial development model.

Second, a variety of specific reasons lead to the development gap

In addition to the essential differences in the financial system, the market size, regulatory environment and internationalization gap are the specific reasons for the development gap between China and the United States.

one

There is a big gap in market size.

China’s current GDP is about two-thirds of that of the United States. Since the financial crisis, China’s economy and financing market have developed rapidly, but the financial system’s emphasis on indirect financing has made the scale of the direct financing market of domestic securities firms 3-5 times smaller than that of the United States. According to the current market exchange rate, at the end of 2018, China’s net domestic credit was 29 trillion US dollars, exceeding the US’s 21 trillion US dollars. However, the total market value of stocks is about 6.3 trillion US dollars, which is equivalent to one-fifth of the total market value of American stocks of about 30 trillion US dollars. The stock of the bond market is 13 trillion US dollars, and the stock of corporate bonds is 2.9 trillion US dollars; It is equivalent to about $43 trillion in US bonds and one third of $9.2 trillion in corporate bonds. The difference in market size is bound to be reflected in the scale of institutions.

Comparison of Chinese and American Stock, Bond and Public Offering Markets (trillion US dollars)

Source: IMF, Wind

2

The regulatory environment is obviously different.

Since 2008, the mixed operation of American securities industry has developed rapidly, and head brokers have gradually absorbed deposits. In 2018, the total assets of Goldman Sachs were $931.8 billion, of which $158.3 billion came from customer deposits, accounting for about 17%.

China’s financial industry has obvious characteristics of separate operation and supervision, and brokers must continuously meet strict risk control index standards, including risk coverage ratio of not less than 100%, capital leverage ratio of not less than 8%, liquidity coverage ratio of not less than 100%, and net stable capital ratio of not less than 100%. These risk control indicators require higher net capital of securities firms, and the allocation and scale of capital occupation business such as self-operation and credit are limited. As a result, the net assets of China’s securities firms in the whole industry are three times that of Goldman Sachs Group, and the ROE (in terms of total profits) is only one third of the latter. At the same time, the capital replenishment ability of domestic securities firms is seriously insufficient, which limits the development of the industry.

The risk control index system of American-funded securities firms represented by Goldman Sachs Group is complex, including consolidated capital adequacy index requirements of systemically important financial institutions and industry indicators of subsidiaries. Comparatively speaking, the regulatory environment faced by American-funded securities firms is generally looser than that of China, and there is a lot of room for regulatory flexibility and statement adjustment.

three

The level of international operation is far from each other.

Headquartered in new york, Goldman Sachs Group has offices in more than 30 countries and regions by the end of 2018; 46% of its business headquarters are located abroad, with London, Tokyo and Hong Kong as regional operation centers; The income outside the Americas is around 40%, effectively hedging the domestic business risks in the United States. In contrast, the vast majority of domestic brokers only set up branches or subsidiaries in Hong Kong, and the head brokers have the highest proportion of overseas income, only about 15%. As for business ability and international influence, it is far from it.

Third, the conventional path is difficult to bridge the gap.

It is not a day’s work to improve the international operation ability of securities firms. The vast majority of international operations of domestic securities firms are based in Hong Kong, and the development environment is facing new uncertainties. As for the breakthrough of mixed supervision restrictions and adjustment of risk control indicators, it may not be the focus of regulatory policy adjustment for a long time. Relying on the expansion of the direct financing market, it is not a problem that the overall scale of China’s brokerage industry will surpass Goldman Sachs in the next few years, but it is a long way to go for the industry leaders to reach a similar level and position in terms of scale and competitiveness.

Generally speaking, the scale and development level of China’s head brokers are about the same as those of international advanced investment banks more than 20 years ago. If we talk about some important one-way indicators, the gap is even more significant. For example, in terms of total assets, CITIC Securities was about $95.16 billion at the end of 2018 (roughly converted at the current exchange rate), while Goldman Sachs’ total assets in 1996 were about $152 billion.

Goldman Sachs’ clients are mainly institutional customers in the United States and overseas. In 2018, 37% of its revenue came from institutional customer service. In 2016, the revenue from institutional customer service even reached 47%. Goldman Sachs organized its business framework with customer service as the center, which formed a dual competitive advantage of profitability and risk control. On the other hand, in China, due to the relatively high proportion of retail investors in the domestic stock market, the brokerage business income of domestic head brokers accounts for a relatively high proportion, and all business lines, especially brokerage and investment, are greatly affected by the market.

From its listing in 1999 to the financial crisis, Goldman Sachs developed at a high speed with the help of the wave of economic globalization and the improvement of its capital financing ability brought about by its restructuring and listing, and achieved a six-fold increase in total assets in ten years (1997-2007), which consolidated its leading position in the domestic industry. In the past ten years after the financial crisis, the volume of Goldman Sachs has increased by about 5%.

From the listing of CITIC Securities in 2003 to the financial crisis, the total assets expanded by about 16 times (2003-2007), and the cumulative growth in the decade after the financial crisis (2008-2018) was about 4.8 times. However, in the past three years, the growth rate of total assets has greatly slowed down, only increasing by about 6%. Other head brokers have even seen their total assets shrink in the past three years. Based on the above facts, I’m afraid we can’t expect to solve the problem of insufficient size of head brokers through limited industry increment.

Fourth, it is necessary to take multiple measures to build an aircraft carrier-level head brokerage firm.

Capital injection into securities companies is a necessary condition for becoming stronger, better and bigger brokers. Besides, more measures are still needed.

one

Merger and reorganization

Before the financial crisis, CITIC Securities acquired CITIC Jiantou Securities, CITIC Jintong Securities and Huaxia Fund to achieve rapid scale expansion. The rapid expansion of overseas business of Haitong and CITIC Securities is also closely related to M&A operations. American head brokers have also experienced frequent mergers and acquisitions in history. For example, Goldman Sachs acquired Spear, Leeds, & Kellogg, the largest market makers in NYSE, in 2000.

ROE, a domestic head brokerage, has obvious advantages in the whole industry. In 2018, there were about 7 A-share listed brokers with total assets of more than 300 billion yuan, and the ROE was concentrated between 6% and 8%, which was in the leading position in the industry, significantly higher than the average level of listed brokers and had the strength to initiate mergers and acquisitions. Since the beginning of this year, there have been many cases of different types of mergers and acquisitions.

China’s securities industry implements strict license management, and the occupation of license plates with strong administrative divisions is very scarce. On the one hand, it certainly increases the difficulty of market-oriented mergers and acquisitions, but on the other hand, it also provides special convenience for administrative means to promote industry integration. A number of provinces and cities holding more than two brokerage licenses seem to have the necessity and possibility to consider promoting the merger and reorganization of local state-owned holding brokers.

There are basically brokers in all provinces and cities across the country (number)

Source: Securities Association

2

Group expansion

In 2008, Lehman Brothers went bankrupt, Bear Stearns and Merrill Lynch were acquired by Bank of JPMorgan Chase and Bank of America respectively, and Goldman Sachs and Morgan Stanley began to accelerate their mixed operations. At present, the balance of Goldman Sachs’ debtors’ deposits accounts for about 17% of the total assets, and other head investment banks have a higher degree of mixed operation. The group background of commercial banks makes investment banks gain a higher volume advantage.

The reply to the proposal puts forward to support state-owned capital injection into securities firms, but which kind of state-owned capital injection is more conducive to the development of securities firms needs further screening. Perhaps it is most desirable for domestic commercial banks to inject funds into brokers. First, because China’s commercial banks have the advantages of scale, channels and customers, it is convenient for brokers to develop institutional business; Second, the combination of investment and loan and the development of financial subsidiaries of commercial banks increasingly need the cooperation of brokers; Third, the settlement funds of brokerage transactions still need to be kept by the third party of commercial banks, and liquidity endorsement cannot be separated from commercial banks. The above aspects obviously require the regulatory authorities to re-examine the current development policies of financial holding groups, and to some extent, there are new institutional breakthroughs. Article 43 of the Law on Commercial Banks (commercial banks are not allowed to engage in trust and securities investment business in China) may also need to be revised, otherwise commercial banks will still have to bypass overseas and invest in the equity of domestic brokers through wholly-owned subsidiaries abroad.

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Original title: "The gap between Chinese and American brokers is a bit big, and the entire brokerage industry is only one enemy of Goldman Sachs! How to build an aircraft carrier-level head broker? Two paths to be stronger, better and bigger "

Original chestnut pie chestnut pie ChestnutMates

Seeing that the Spring Festival is approaching, how is everyone preparing for the New Year’s goods?

I heard that cherries are the standard for Chinese New Year! Not only does it look festive, but it tastes great.

However, many people still don’t know what nutrients it has and what to pay attention to when eating. Let’s talk about it today.

Two "nutrition rumors" of cherries

Cherry is really a good fruit: it has high value, good taste, no effort to eat and no dirty hands, and it is also very nutritious.

According to legend, cherries have two "benefits":

1. iron supplement and blood supplement?

The red color of cherries is the result of the continuous accumulation of anthocyanins, a polyphenol compound, and is not an "iron" element combined with hemoglobin in the blood.

The iron content of cherries is not high, which is almost the same as that of apples and pears.

2. vitamin c explodes, whitening full marks?

According to the data of American food ingredient bank, the vitamin C content of cherries is 7 mg/100 g..

This amount is low in fruits, similar to apples and pears. Not as good as oranges (28mg/100g) and other citrus fruits, nor as cheap vegetables as Chinese cabbage (31mg/100g) and radish (16mg/100g).

▲By Benson Kua-wikimedia.org

Four nutritional highlights of cherries

Cherry has no advantage in supplementing iron and vitamin C, but in fact, it still has many remarkable points-

1. Rich in fiber

As a kind of fruit with skin to eat, cherries have advantages in supplementing fiber.

According to the data in the American Food Composition Table, the fiber content of cherries is 2.1g/100g, which is more than that of peeled fruits such as oranges (0.4g/100g), pears (0.9g/100g) and bananas (1.4g/100g).

2. low 2.GI

Every 100g of cherries contains about 13g of sugar, of which about 5g is fructose. Fructose has a high sweetness, but its GI (glycemic index) is far lower than that of glucose.

In addition, cherries are rich in fiber, and dietary fiber has a certain effect of delaying the rise of blood sugar, so the blood sugar response of cherries is actually relatively low. Studies have shown that the GI value of cherries is only 22[1].

3. High potassium and low sodium

Many fruits are characterized by "high potassium and low sodium", and cherries are no exception, containing about 222mg of potassium per 100g g. High potassium and low sodium are helpful for the prevention and treatment of hypertension.

Compared with the high-potassium fruit that is often cited as an example, cherries are inferior, but their calories are much lower than bananas. Therefore, looking at the potassium content per unit calorie, cherries are even better.

4. Rich in antioxidant substances

The color of cherries comes from anthocyanins, a natural pigment with good antioxidant effect. Besides improving eyesight, anthocyanins may play a preventive role in type 2 diabetes, cardiovascular diseases and inflammatory diseases.

However, this ingredient is not unique to expensive cherries. Plums, purple cabbage, red beans, purple potatoes and many other cheap dark foods are found.

▲ Usually, the darker the color, the higher the anthocyanin content, by Marc-Lautenbacher.wikimedia.org.

In addition to these phenolic antioxidant components, cherries also contain an antioxidant component. Many foods contain this substance, and cherries are one of the higher contents in fruits.

According to a study, the melatonin content of Hongdeng and Rainier cherries is between 10 and 20 ng/g [2].

This amount is far from that of a melatonin (generally 3mg, 1 mg = 1,000,000 ng) swallowed by people when they are jet lagged. However, some small-scale placebo-controlled trials show that eating cherries can improve sleep and relieve anxiety and stress [3].

Other studies have shown that the intake of cherries is related to a lower risk of gout attack [4,5].

So it seems that cherries are still a kind of fruit suitable for chronic patients. Although it is sweet, it has a low blood sugar response and is rich in antioxidant components and dietary fiber.

What should I pay attention to when eating cherries?

Q: What happens when you eat two Jin of cherries in one breath?

A: It may be rare.

Cherry is rich in fiber, and there are more fructose and sorbitol (Rosaceae fruits are rich in sorbitol, which we introduced earlier). These two kinds of sugar have laxative effect when eaten too much.

Therefore, for people with bad stomachs, such as patients with irritable bowel syndrome (IBS), cherries are not the fruits that you can eat freely.

The FDOMAP app developed by Monash University in Australia suggests that it is safer for IBS patients to eat 3 capsules (25g) at a time, and 150g(20 capsules) is too much, so it is necessary to avoid eating so many capsules at a time.

2 kg of cherries, there must be more than 100, and people with good stomachs may not be able to stand it.

Anthocyanins that are not absorbed will be excreted through feces, and the color of feces may change a little.

In addition, eating without restraint will also make you fat. The cola we usually drink contains about 10% sugar, and the sugar content of cherries is much higher than that of cola. Generally, we regard the fruit with sugar content above 12% as "high-sugar fruit", and cherries are properly high-sugar fruits.

Many people on the Internet say that they "dazzle 2 pounds of cherries a day", and the removal of the core from 2 pounds of cherries is about 900g, which translates into more calories than a McDonald’s Big Mac.

Dietary guidelines for China residents recommend eating 200~350g of fruit every day, which is about 25~40 cherries.

Which is better, "cherries" or "cherries"?

There are many arguments about the difference between the two:

These are actually inaccurate.

Cherry is a transliteration of English "cherries", so "cherries" means cherries.

But the cherries represented by cherries and the traditional cherries in China are not the same kind of cherries.

Cherry, now the basic default is "European sweet cherry". Cherry abroad mainly includes European sweet cherry and European sour cherry. Sour cherry is generally used to make jam and is not eaten raw. They belong to different species and are different species from the traditional cherries in China. .

However, the species "European sweet cherry" was introduced to Shandong for planting by foreign missionaries long ago. Today, Shandong big cherry is also famous.

Cherry ripens in greenhouse in China from March to April, and in open air from May to July. After the end of domestic production, American cherries mature in August-September, followed by Canadian cherries in early autumn; In late November, Chilean cherries ripened, and from December to February, Chilean cherries went on the market.

All the year round, perfect connection.

In fact, there is only "cherry" in the classified information table of customs import and export commodities, and there is no "cherry" at all. Just choose the one you like (m ǐ i), enjoy (de) and eat (qǐ). After all, there is not much difference in nutrition between these cherries.

▲ The data of European sweet cherry and European sour cherry come from American food ingredient database, and the data of two China cherries come from Taiwan, China food ingredient database.

Whether cherries or cherries, they are very fragile and can’t be preserved. After a long time, the face value and taste will decrease, and the taste will become weaker and lighter, and browning will occur.

If you can’t eat a big box, you can clean it, dry it and freeze it.

You can eat it in three to five days, and you should also pay attention to proper preservation: first pick out the bad fruit, and the rest don’t need to be washed. Washing it is not conducive to preservation, just wash it before eating; Don’t leave the refrigerator open, water will easily run off.

Today interaction

Do you have cherries in your new year’s goods list?

reference data

[1]McCune, Letitia M et al. “Cherries and health: a review.” Critical reviews in food science and nutrition vol. 51,1 (2011): 1-12. doi:10.1080/10408390903001719

[2]Meng, Xiao et al. “Dietary Sources and Bioactivities of Melatonin.” Nutrients vol. 9,4 367. 7 Apr. 2017, doi:10.3390/nu9040367

[3]Garrido, María et al. “The consumption of a Jerte Valley cherry product in humans enhances mood, and increases 5-hydroxyindoleacetic acid but reduces cortisol levels in urine.” Experimental gerontology vol. 47,8 (2012): 573-80. doi:10.1016/j.exger.2012.05.003

[4]Jacob, Robert A et al. “Consumption of cherries lowers plasma urate in healthy women.” The Journal of nutrition vol. 133,6 (2003): 1826-9. doi:10.1093/jn/133.6.1826

[5]Zhang, Yuqing et al. “Cherry consumption and decreased risk of recurrent gout attacks.” Arthritis and rheumatism vol. 64,12 (2012): 4004-11. doi:10.1002/art.34677

[6]https://fdc.nal.usda.gov/fdc-app.html#/food-details/171719/nutrients

[7]https://fdc.nal.usda.gov/fdc-app.html#/food-details/173954/nutrients

Edit | Hawthorn

Design | grapefruit

❝

The above information is only popular science and should not be regarded as medical advice.

Can not replace the doctor’s individualized judgment on a specific patient.

❞

Original title: "Cherry sugar is higher than coke! Do you dare to show off 2 pounds after reading it? 》

Read the original text

Seeing the new generation, the design is completely new. In terms of appearance, the guard adopts Land Rover family-style lines, the front grille is very ordinary, the square headlights on both sides are quite angular, and the headlights on both sides look very energetic after being lit. Judging from the waistline of the car body, the new car is still a simple body shape, and the tradition of wide C-pillar can be continued. In addition, with the large-size wheel hub design of inch, its sports atmosphere is more intense. The design of the rear of the car is more dynamic, generous and solid, and the design of the taillights is more interesting, which shows personality after lighting.

In terms of technology configuration, the guardian is still a traditional family style, and the whole design looks powerful. The steering wheel is full of movement, and the heating function of the steering wheel can be selected. The whole center console is decorated with leather and wood ornaments, with exquisite materials and workmanship. It is equipped with a 10.0-inch LCD screen with central control, which shows clearly and has a super large design. The front row is also equipped with a dual-temperature automatic air conditioning control system to freely debug the most comfortable space atmosphere. The leather seat looks very textured.

The length, width and height are 5018×2008×1967mm respectively, and the wheelbase has reached 3022 mm. In the same class, the wheelbase of Guardian ranks 33rd. As an SUV, its body size does not occupy much advantage in its class, and its internal seating space is only basically enough. After all, it is limited by the length and shape of the body. The skylight of Guardian 110 5.0S 525PS V8 provides a wider field of vision, which can create a better visual environment and good sensitivity for the rear passengers and increase the light entrance for the whole vehicle. Among the models of the same price and class, the trunk volume of the guard ranks 8 th. The space is relatively regular, without obvious protrusions, and the overall loading capacity is good.

Land Rover Defender is equipped with a combination of 5.0 supercharged engine (direct injection) and automatic manual (AT). It will definitely bring unforgettable control charm. The official measured zero-acceleration score of Guardian is 5.4S, ranking 107th among more than 800,000 SUV models.

Guard’s active/passive security configuration is complete, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

In addition to the above description, we can also go to the Easy Car Forum to browse more real car feedback from actual buyers, or use our experience.

　　People’s Daily Online, Tokyo, June 18 (Xu Yongxin) According to the Japan Meteorological Agency, an earthquake measuring 5.9 on the Richter scale occurred in the northern part of Osaka Prefecture, Japan at around 7: 58 local time on the morning of the 18th, with a focal depth of about 10 kilometers. According to NHK TV, three people were confirmed dead and 51 injured.

　　According to the current affairs news agency, on the morning of the 18th, the Japanese government set up a bureaucratic countermeasure room in the crisis management center of the Prime Minister’s official residence to collect information. Japanese Prime Minister Shinzo Abe demanded immediate knowledge of the victims and accurate information for the public. Shinzo Abe stressed to reporters: "In line with the basic policy of putting human life first, the government will respond in unison and will join hands with local governments to ensure foolproof."

　　According to NHK TV, so far, it has been confirmed that a 9-year-old girl, an 80-year-old man and an 80-year-old man have died and 51 people have been injured.

　　According to the introduction of the fire headquarters in Gaochun City, Osaka Prefecture, many people were injured in the city, and a fire broke out in a residential building, but it was quickly put out, and there was no injury caused by the fire.

　　According to Kansai Electric Power and other news, about 170,000 households with Osaka Prefecture as the center have power outages, which are currently being urgently repaired. There are no abnormalities in the four atomic power stations located in Fukui Prefecture.

　　According to the news from JR Tokai Company, the interval between Mihara Station and Shinosaka Station of Tokaido Shinkansen was suspended. According to JR West Japan Company, the section from Shinosaka Station to Okayama Station of Shanyang Shinkansen is out of service. In addition, the Osaka subway line was shut down.

　　In terms of aviation, the navigation of Yidan Airport resumed at 9: 00 a.m., but due to the confusion of transportation to the airport, it may be grounded or delayed. On the other hand, the departure and arrival of Kansai Airport are running as usual.

　　According to NHK TV, the tap water pipeline in Gaochun City broke, and the road collapsed. The collapsed area was about the size of two cars, and the sprayed water column was several meters high, and all the nearby areas were immersed in water. It is also reported that Osaka Natural Gas Company stopped supplying natural gas to about 110,000 users. There have been many cases of being trapped in elevators and calling the police in Osaka and surrounding areas.

　　There are many female stars who are famous for their beauty in the entertainment circle, and there are also many male movie stars who are famous for their martial arts. However, it is not uncommon for female stars who have both talent and beauty and have a good kung fu in movies. Their cool and heroic posture and sexy and beautiful figure on the screen both capture the hearts of the audience.

Halle Berry

　　Halle berry is an American mixed-race actress. Winner of the 74th Academy Award for Best Actress.

Star file　

　　Birthday: August 14, 1966

　　Height: 168 cm

　　Weight: 51 kg

　　Place of birth: Cleveland, Ohio, USA (Caucasian and black mixed-race)

　　Marital status: Married twice, but unfortunately divorced. She had a daughter, Nahla Ariela Aubry, with model boyfriend Gabriel Aubry.

　　Education: Cuyahoga Community College

　　Occupation: actor, model

　　Achievements: runner-up of Miss America in 1986, sixth place of Miss World in the same year, and the first Miss America Achievement Honor Award in 1998.
　
　　　　　In 1999, she won the 57th Golden Globe Award and the 52nd Emmy Award for Best Actress in TV and Film. 　

　　　　　In 2002, she won the 74th Oscar for Best Actress. Best Actress in the 52nd Berlin Film Festival

　　Harry Berry is also an out-and-out basketball fan. He is a big fan of Los Angeles Lakers and Sparks. Because she was busy with the publicity work of postpartum comeback, she missed all the games in the Lakers finals. Now, she focuses more on the WNBA games. When the schedule runs out, she will wave the flag for the Los Angeles Sparks at the Staples Center.

road to fame

　　The 20th Bond film chose the black actress, who is halle berry, the best-selling bond girl so far, and the double winner of Berlin and Oscar.
　　
　　As an actress, halle berry vowed to break the tradition of bikini girls in bond girl and transform herself into a capable black pearl and a strong woman who can play with 007. However, how can a beautiful dark-skinned beauty like halle berry escape the emotional entanglement with 007? This is also halle berry’s first performance after winning the Best Actress Award.
　　
　　In the latest 007 film "Die in a few days", halle berry, who won the Oscar for Best Actress in 2001, plays bond girl. This is her first role since winning the prize. 　
　
　　As the 40th anniversary gift and 20th film of 007 series, the 2002 Die in a Few Days has a total investment of 142 million dollars, setting a new high for Bond films. In order to commemorate this special moment in the history of 007 movies, the historical footprints of the film crew can be said to be all over the world. In this film "Die in a few days", the traces of the first 19 episodes of classic shots or dialogues were secretly hidden. Halle Berry’s picture of hibiscus emerging from the water is for the first bond girl ursula andress. 　　
Main works: Election Pursuit Order, introducing dorothy dandridge, Swordfish.
　
Page 5: Angelina Jolie

Page 9: Jennifer Garner

Page 11: Milla Jovovich

Page 15: uma thurman

Page 18: Yang Ziqiong

Page 20: Jessica Alba

The next page is more exciting.