1905 movie network news　 On January 29th, Beijing time, the 60th Grammy Awards Ceremony came to an end. Bruno Mars won seven awards including best album, best production and best song, leading the Grammy; Kung fu Kenny — — Kendrick Lamar beat veteran JAY-Z to win five awards.

Boss Huang — — Ed Sheeran stood out from the rivals such as Kelly Clarkson, Kesha, Lady Gaga and Pink, and won the best pop singer and the best pop album. The highly anticipated la la land won the best adapted film and television music album and the best original film and television music album; The best newcomer went to Alessia Cara, a female singer in 1996.

【Awards: Boss Huang swept the general prize JAY-Z led the Tianhou group to accompany him.】

　

Before the award ceremony, foreign media believed that the most intense award PK this year was the confrontation between lorde and Kendrick Lamar in the Best Album Award, and the final award went to Mars Brother "24K Magic". Brother Mars not only won the best album, but also won the best production and the best song general prize, which also conveyed Grammy’s recognition of the value and contribution of black music.

Secondly, the confrontation between Kung Fu Kenny (kendrick lamar) and JAY-Z has also attracted much attention. Of these two rappers, one (JAY-Z) won the Grammy for the first time with eight nominations, and the other (kendrick lamar) pursued it with seven nominations.

　

In the end, kendrick lamar won five awards for best rapper, best rap performance, best rap song, best rap album and best music video with the hit album HUMBLE. JAY-Z got nothing.

There are also Lady Gaga, Taylor Swift, Sister Lana Del Rey, lorde, Fat K(Kelly Clarkson) and sia.

【Performance:GAGA is a fairy, Rihann is sexy and hot.】

In addition to the awards, the wonderful performances on the spot are also very exciting, and the people watching them are very enjoyable.

I have to say that the most amazing performance of this year is Lady Gaga’s incarnation as "Feathering Fairy", which is her fourth year on the Grammy scene, and she teamed up with Mark Ronson to perform Joanne and Million Reasons for the audience.

　

Rihanna, who didn’t nominate herself this time, seemed very relaxed. She became a Hawaiian girl and sang the hot list "Wild Thoughts" with DJ Khaled and Bryson Tiller.

　

Miley cyrus, who has always been famous for her boldness, brought a classic song with her partner, veteran singer elton john, in a red and noble evening gift this year.

Once the winner of the 57th Grammy, "Som" returned to her mother’s house in white and sang "Pray" again, with a warm and touching voice.

Pink, who made a simple appearance in white T+ jeans, sang a song "Wild Hearts Can’t Be Broken" even though she lost to Boss Huang in the Best Pop Singer Award, and expressed her current voice.

[Voice: Grammy’s statement on sexual assault kesha took the stage to speak for women’s rights]

Hollywood, which was haunted by news of sexual assault in 2017, made many women decide to stand up and speak for themselves. After Hollywood actresses collectively dressed in black to attend the Golden Globe Awards, Grammy also naturally added a paragraph for women to speak.

After Janelle Monae published a "Declaration of Independence", kesha, who had been sexually assaulted by the producer for ten years, took the stage to sing gender freedom and equality with a song "praying", and the applause was thunderous.

　

　

【List of all winners】

Comprehensive award

　

Album of the year

Bruno Mars《24K Magic》

　

Record of the Year

Bruno Mars《24K Magic》

　

Single of the year

Bruno Mars《That’s What I Like》

　

Best New Artist

Alessia Cara

　

Pop music category

　

Best pop singer

Ed Sheeran《Shape Of You》

　

Best pop group/group performance

Portugal. The Man《Feel It Still》

　

Best pop album

Ed Sheeran《÷》

Best traditional pop album

《Tony Bennett Celebrates 90》

　

Dance music/electronic music

　

Best dance music production

LCD Soundsystem《Tonite》

　

Best Dance Music/Electronic Album

Kraftwerk 《3-D The Catalogue》

　

Contemporary instrumental music

　

Best contemporary instrumental performance album

Jeff Lorber Fusion《Prototype》

　

Rock music class

　

Best rock singer

Leonard Cohen《You Want It Darker》

　

Best metal music performance

Mastodon《Sultan’s Curse》

　

Best rock song

Foo Fighters《Run》

　

Best rock album

The War On Drugs《A Deeper Understanding》

　

Alternative music category

　

Best alternative music album

The National《Sleep Well Beast》

　

Rhythm and blues

　

Best R&B singer

Bruno Mars《That’s What I Like》

　

Best traditional R&B singer

Childish Gambino《Redbone》

　

Best R&B song

Bruno Mars《That’s What I Like》

　

Best contemporary city album

The Weeknd《Starboy》

　

Best R&B album

Bruno Mars《24K Magic》

　

Rap music

　

Best rapper

Kendrick Lamar《HUMBLE.》

　

Best rap cooperation

Kendrick Lamar Featuring Rihanna《LOYALTY.》

　

Best rap single

Kendrick Lamar《HUMBLE.》

　

Best rap album

Kendrick Lamar《Damn.》

　

Country music category

　

Best country singer

Chris Stapleton《Either Way》

　

Best rural combination

Little Big Town《Better Man》

　

Best country single

Mike Henderson & Chris Stapleton《Broken Halos》

　

Best country album

Chris Stapleton《From A Room: Volume 1》

　

Film and television music

　

Best adapted film and television song collection

Stars La La Land

　

Best original film and television music album

Justin Hurwitz composed La La Land.

　

Best film and television song

Auli’i Cravalho《How Far I’ll Go》

　

Music videos/music movies

　

Best music video

Kendrick Lamar《Humble.》

　

Best musical film

Stars The Defiant Ones

Other classes

Best Folk Album: Aimee Mann《Mental Illness

Best reggae album: Damian "Jr. Gong" Marley "Stoney Hill"

Best World Music Album: Lady Smith Black Mambazo Shakazulu Revised: 30th Anniversary Celebration

　 　 Best non-classical engineering album: Bruno Mars《24K Magic "

　　Guangming Daily reporter Zhang Wen Guangming Daily correspondent Zhan Kang

　　March 23rd is the 159th day for the astronauts Zhai Zhigang, Wang Yaping and Ye Guangfu of Shenzhou XIII to stay in orbit. Just before the return trip, three astronauts taught the second lesson of "Tiangong Classroom" to teenagers at the China Space Station. The main classroom on the ground is located in China Science and Technology Museum, and the sub-classrooms are located in Lhasa, Xizang and Urumqi, Xinjiang. In the afternoon, the reporter walked into the China Science and Technology Museum and listened to this wonderful space science class with teenagers in the main classroom on the ground.

　　At 15: 44, the "Tiangong Classroom" officially started.

　　On March 23rd, in the main classroom of China Science and Technology Museum, students listened to the "Tiangong Classroom". Guangming Daily reporter Zhang Wenshe/Guangming picture

　　On March 23rd, in the No.70 Middle School in Urumqi, Xinjiang, students watched the second lesson of "Tiangong Classroom" and conducted an experiment of water-oil separation. Xinhua news agency

　　"Space exploration is endless, hello everyone, I am ‘ Space teacher ’ Wang Yaping, I’m glad we meet again. Today is our ‘ Tiangong classroom ’ Lesson 2 … …” "I am the commander Zhai Zhigang and continue to work as a photographer." "I am astronaut Ye Guangfu, and I am very happy to share the scientific knowledge in space with you again."

　　The familiar voice sounded, and the figure of "space teacher team" once again appeared in the "Tiangong classroom", which immediately "brought" the students into the wonderful space.

　　Camera one is doing an experiment of "ice and snow" in China Space Station.

　　Not long ago, Beijing 2022 Winter Olympics and Paralympic Winter Games made people appreciate the charm of ice and snow sports. Wang Yaping, the "space teacher", first demonstrated the experiment of "ice and snow" in space. I saw that she took out a transparent bag with supersaturated sodium acetate solution, and the mouth of the bag was connected with a straw. Then, she carefully squeezed the solution out of the bag, and after several attempts, a transparent liquid ball gradually formed at the mouth of the straw. "It’s time to witness the miracle." Wang Yaping gently touched the sphere with his hairy roots stained with a little crystal nucleus in advance, as if by magic, and the transparent ball quickly turned into a crystal ball, which looked like a "ice hockey".

　　"Sodium acetate solution is very soluble in water with high temperature, and it is easy to form supersaturated solution. In this solution, as long as there are a little crystal nucleus particles, it can break its stable state and precipitate a large number of crystals." Wang Yaping revealed the mystery, and when the crystals are precipitated, heat will be released, so this "ice hockey" feels hot.

　　In the space station, the surface tension of liquid in microgravity environment makes the extruded liquid form a full and uniform liquid ball. In order to show the students the surface tension more intuitively, Wang Yaping did the second experiment. I saw two plastic plates in her hand, and Ye Guangfu squeezed a water polo on the surfaces of the two plastic plates with a bag filled with drinking water. At the same time, the students in the main classroom on the ground are doing the same experiment. Wang Yaping put two water polo balls together until they merged, then slowly pulled them apart, and a strange liquid bridge was built.

　　In the main classroom on the ground, the reporter observed that the same phenomenon did not appear in the hands of the students. Chen Zheng, a member of the expert group of "Tiangong Classroom" and an associate professor of Beijing Jiaotong University, told the reporter that the liquid bridge was formed by water connecting two plastic plates under the action of surface tension. In the microgravity environment of the space station, water can form a liquid bridge with a little surface tension. On the ground, there are gravity factors, which need to be realized by using high pressure and other conditions. The experimental principles of the two are also different.

　　Lens 2 "Ice Dun Dun" appeared in "Tiangong Classroom"

　　In the subsequent buoyancy experiment in space, Wang Yaping encountered a "difficult problem". As you can see on the screen, she is holding a small bottle containing two kinds of liquids, namely transparent water and yellow cooking oil. After Wang Yaping and his classmates shook the bottles in their hands and let them stand, there was a completely different phenomenon in the classroom between heaven and earth: the liquid in the bottles in the hands of the students gradually formed layers, while the water and oil in the bottles in Wang Yaping were still mixed together.

　　What should we do? Wang Yaping turned to the students in the ground class for help. A classmate suggested that water and oil should be separated by means of rotation and centrifugation. Ye Guangfu, the "artificial centrifuge", immediately demonstrated that he tied the rope to the bottle mouth and quickly rotated the bottle. In a short time, the water-oil mixture in the bottle was layered.

　　After showing the wonderful liquid phenomenon in space, Wang Yaping began the last experiment — — Space parabolic. At this time, a small and lovely mascot of the Beijing 2022 Winter Olympics "Bingdundun" appeared in the "Tiangong Classroom". It is understood that this top-stream "teaching assistant" entered the China Space Station with the Shenzhou 13 crew last year.

　　I saw Wang Yaping gently push with his finger, and the "ice pier" drifted slowly to Ye Guangfu not far away. After Ye Guangfu caught it, he pushed it to Wang Yaping, and the "ice pier" made an approximate uniform linear motion back and forth between them.

　　"Flat throwing motion refers to the motion of throwing an object at a horizontal initial velocity and being acted by gravity without considering air resistance." Zhang Jian, the teacher of the main classroom on the ground of "Tiangong Classroom" and the physics teacher of the Second Affiliated Middle School of Beijing Normal University, told the reporter, "‘ Ice pier ’ It is possible to do approximately uniform linear motion in the space station because in the microgravity environment of the space station, objects are almost unaffected by gravity. "

　　Lens 3 "Space Teaching Aids" Science Experiment Cabinet debuted for the first time.

　　After the interesting experiment demonstration, two cool scientific experiment cabinets on the China Space Station — — The high microgravity experimental cabinet and the containerless material experimental cabinet made their debut for the first time. Through on-the-spot introduction and experimental video playback, the "space teachers" used the "space teaching aid" experimental cabinet to vividly show the progress of the space science experiment in this mission.

　　"Scientific experiment is an important means to help scientific research. The scientific experiment cabinet is the main facility for us to carry out scientific experiments on the space station. After the launch of the experimental chamber of the sky and the experimental chamber of the dream, more experimental cabinets will be added to carry out more scientific experiment projects in the field." Zhang Wei, director of the Application Development Center of the Space Application Engineering and Technology Center of the Chinese Academy of Sciences, said that there are more than a dozen scientific experimental cabinets in the China Space Station, such as life science experimental cabinets and microgravity fluid physics experimental cabinets, which will support large-scale scientific experiments in the future.

　　"At that time, Chinese and foreign scientists can rely on the experimental cabinet to carry out research, and our space station in China will become a space science platform for the benefit of all mankind." Ye Guangfu said, "Students, we also eagerly expect you to put forward your own scientific experiment ideas. Maybe next time we will show your experimental project in space."

　　The lens interacts with the world, and the wonderful continues.

　　Space experiments are still unfinished, and the wonderful interaction between heaven and earth continues.

　　"When you shed tears on the space station, do you pull them long in the corner of your eyes like jelly or will they pop out and float up one by one?"

　　"Is the moon seen in the space station the same as that seen on the earth?"

　　"Can water in space be boiled?"

　　"How to be a scientist who does experiments in the space station?"

　　… … … …

　　In the interactive session between heaven and earth, netizens and students in the ground class threw out many interesting questions, and three astronauts patiently answered them in detail.

　　Wang Yaping shared the feeling of tears in the space station with his classmates: "After flying in the space station for so long, we have also experienced many moments of excitement and even tears. But tears can’t flow naturally like when they are on the ground, but they are swirling in their eyes, or in the corners of their eyes. So it may be difficult to hold back tears and pretend to be strong on the ground, but it is easy for us to do it in space. "

　　Ye Guangfu encourages students to do experiments on the space station in the future, or submit their own experimental projects to the space station and then operate them remotely on the ground. He said: "Students, what you have to do now is to study hard, exercise well, be brave in pursuing your dreams, and believe that everything is possible in the future."

　　Soon, it was time to say goodbye, and three astronauts sent their blessings and expectations to the students — —

　　Zhai Zhigang said: "Students, the future belongs to you!"

　　"Exploring the vast universe, developing the space industry and building a space power are our unremitting pursuit of space dreams. I hope that the students will seize the day, live up to the glory, and move forward firmly on the road of chasing dreams! " Ye Guangfu said.

　　Wang Yaping said: "Flying dreams never lose weight, and scientific dreams have unlimited tension. I hope that students will continue to work hard to learn scientific knowledge, improve their scientific literacy and explore the mysteries of science. The future space station will be built by you! "

　　After class, Xu Yihang, a student from Beijing Middle School, told the reporter that he was very happy that he could use his knowledge of physics to help "space teachers" solve the problem of water-oil separation. "This exchange with the astronauts made me unforgettable and ignited my scientific dream. I am extremely proud and proud of the development of China Aerospace! " Xu Yihang said emotionally.

　　The starry sky is vast and endless. As the astronauts wish, flying dreams and scientific dreams will lead the dreams of more teenagers, inspire them to explore the unknown, plant the seeds of scientific thinking and take root … …

　　Guangming Daily (March 24, 2022, 08 edition)

On September 26th, the Zhiji LS6 coupe SUV was officially launched tonight. The car can be regarded as a facelift of the current Zhiji LS6, but some configurations have been significantly upgraded.

IT Home comes with price information:

The new car is equipped with a Lizard digital chassis, a smart four-wheel steering system, a Qualcomm Snapdragon 8295 chip, a LiDAR + NVIDIA Orin X smart driving chip, a Falcon smart lighting system, and an ISC smart lighting system, with a 24 + 256GB memory and storage combination.

The new Zhiji LS6 is equipped with a half-width steering wheel with two wheel operation buttons on the front; it is equipped with a digital chassis of the Lizard, which supports four-wheel steering. The chassis has a smart four-wheel steering system and an intelligent electronically controlled vibration damping system, which can actively sense road information and adjust the response time by 10ms.

In addition, the Lizard’s digital chassis supports OTA, including air suspension, electronically controlled shock absorption, and a high-performance braking system, which can implement functions such as crab row mode, active anti-rollover, and body stability control.

The car is equipped with a 121 ° zero-gravity seat for the co-pilot and has a "concubine chair mode", which can enter the zero-gravity attitude with one click. In addition, the car is equipped with an IMAD 3.0 smart driving system, which supports end-to-end smart driving. It is known as IM AD City No Map NOA National City Coverage 100%, and it can be driven with navigation.

The new Smart Self LS6 body is nearly 5 meters long, with a built-in "Crab Row Mode", which can "walk sideways", equipped with ultra-long-range high-precision lidar + NVIDIA Orin X chip, supplemented by Qualcomm Snapdragon 8295 chip + "Future Smart Cabin", and also adopts a quasi-900V (400V for the entry version) platform and three power configurations such as "Hurricane Motor".

New cars are provided separately 216kW, 248kW, 250kW and 300kW rear-drive versions and 579kW four-wheel drive versions, 0-100km/h acceleration fastest 3.48 seconds. Battery capacity is 75kWh, 83kWh and 100kWh, CLTC cruising range is 625, 701, and 802km respectively. The new car still supports quasi-900V fast charging, which can supplement 579 km in 15 minutes, and the four-wheel drive version accelerates 0-100km/h in only 3.48 seconds.

　　Pushing open the door of spring, the two national conferences will arrive as scheduled in 2023. How can China’s economy make progress steadily? Where are the opportunities for economic development? In the first year of fully implementing the spirit of the 20th National Congress of the Communist Party of China, how to write the answer sheet on China’s economic development has attracted much attention.

　　In this grand gathering in spring, the deputies talked about the economic development of China: "There is still a solid foundation for China’s economic recovery", "As long as we have firm confidence, we will definitely surpass ourselves in meeting challenges" and "We are confident, capable and qualified to achieve the expected goals and tasks this year" … … "Development" and "confidence" have become high-frequency words. Talk about the experience, talk about the future, build the truth, seek good strategies, perform their duties conscientiously on behalf of the Committee members, reflect their responsibilities, and work together to achieve high-quality development and gather strength.

　　Overcome difficulties, and walk hard. In the past year, China has effectively responded to a series of risk challenges, the economic aggregate has reached a new level, the quality and efficiency of development have been steadily improved, and the foundation for safe development has been continuously consolidated, showing the world a tenacious and prosperous China.

　　Grass and trees are growing, and spring mountains are expected. The vitality of scientific and technological innovation is surging, the upgrading and transformation are accelerating, the vast fields are pregnant with hope, and the consumer market continues to pick up … … China is full of vitality in spring. We have reason to firmly believe that if we persist in the castle peak, strengthen our confidence and face difficulties, we will certainly be able to promote the overall improvement of economic operation, achieve effective improvement in quality and reasonable growth in quantity, and make a good start for building a socialist modern country in an all-round way.

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 "