Yes, the students of Huanggang Bocai School in Yongzhou started school at the wrong peak!








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CCTV News:On July 25 th, the "International Sharp Review" of the Central Radio and Television General Station broadcasted the title "Who is the White House in a hurry to send checks to farmers?" The article was reprinted and published by many overseas media.
On July 25th and 26th, Germany’s "German-Chinese Report" website, Spain’s Global Iberian Media Client, Italy’s RADIOWE website (facebook, twitter), Portugal’s Lisbon Rainbow Radio website (facebook), Brazil’s Sao Paulo World Radio and Television website (facebook), Brazil’s Rio Headline Radio and Television website (facebook), Brazil’s Romantic Radio website, Brazil’s Business Observer website, Many overseas media, such as Ururau newspaper website, Indian Daily Morning News website, Turkish Economic Observation Network, Chinese PT portal, Chinese headline APP, Portuguese New Newspaper APP(facebook, twitter), European Union Chinese website, West Africa online website, Africa Times website, Greek China website, Japanese Chinese business website and so on, have forwarded them one after another. On 26th, Hong Kong Ta Kung Pao and Wen Wei Po published this article. The main reports are as follows:
US President Trump said on Tuesday that he would provide an agricultural subsidy of up to $12 billion to help American farmers tide over the growing trade war between the United States and China, the European Union and other countries.
Prior to this, one of the reasons why the United States provoked trade wars with many trading partners was that their products exported to the United States had so-called government subsidies. Now, the White House has also begun to issue subsidies. Isn’t this hitting yourself in the face? ! Trump’s move once again proves that economists have always warned the White House, that is, "there is only a double loss in the trade war, and there is no winner."
The essence of trade is win-win, whether it is cooperation or competition. However, this US administration seems to be paranoid and firmly believes that trade is a zero-sum game. Obviously, I bought bread to fill my stomach, and I have to accuse the bread seller of being a winner and a loser. This logic is too twisted!
The White House’s use of taxpayers’ huge funds as agricultural subsidies is the inevitable result of its imposition of punitive tariffs on goods from global trading partners, which eventually leads to retaliation from many parties. Among them, the American agricultural economic belt is one of the key targets of retaliatory measures by various countries. Those American farmers are precisely the victims of Trump’s trade war, and they are swallowing the consequences of the irrational and outrageous tariff policy of the White House.
As the world’s largest exporter of agricultural products, the export of agricultural products in the United States reached a record high in 2017, with a trade surplus of $21.3 billion. Since the trade war, trading partners including EU, Canadian, Mexican and China have been forced to impose retaliatory tariffs on agricultural products originating from the United States. The USDA estimates that these countermeasures will cause about $11 billion in losses to American agricultural products.
The United States has always accused other countries of subsidy policies, saying that this practice violates the provisions of the WTO. Now, the White House has picked up taxpayers’ money and done what it has always been illegal in its own eyes. In a sense, this is also a set of votes for the mid-term elections in November this year. This sanctimonious double standard is overbearing: "Only I can set fire, but you can’t light a lamp".
However, can the White House check really solve its problem? As Blake Horst, director of the Missouri Department of Agriculture, said, unless the White House policy changes, the pressure on American agriculture will continue. Short-term or temporary remedial measures cannot solve the substantive problems. Brian Kuhl, executive director of Farmers for Free Trade, believes that American farmers need contracts instead of subsidies, and with contracts, they can make plans for the future with peace of mind.
Previously, Trump believed that the trade war would be beneficial to the US, and the trade war would be easy to fight and win. Today’s results show that things are not as simple as he thought. This is because the US government’s subsidies to agriculture will inevitably bring out a series of related problems. Alaska Senator Lisa Mokowski is asking: What about manufacturing? Energy field? What about oil and gas industry? What is the standard of subsidy or not?
The New York Times pointed out in the editorial that those manufacturers who need to pay high prices for steel and aluminum because of the trade war need subsidies? Do workers who are unemployed because Harley-Davidson motorcycles transfer production lines need subsidies? Do producers of bourbon affected by the trade war need subsidies?
If the United States continues to subsidize other industries affected by the trade war, then the Trump administration will face many challenges, on the one hand, the problem of money bags, on the other hand, the legitimacy of subsidies. As for the legality of the latest US$ 12 billion subsidy, it is estimated that many countries will submit it to the WTO for adjudication.
In fact, the White House is very clear about how to solve the situation. Republican Senator Ben Sass said that a trade war is like cutting farmers’ legs, and then the White House plan is to give them a pair of pure gold crutches worth $12 billion. "The government’s tariffs and relief will not make the United States great again, but will come again in 1929 (the Great Depression)."
Senator rand paul tweeted: "Tariffs are equivalent to increasing taxes on American consumers and producers. If tariffs punish farmers, then the answer is not welfare, but the abolition of tariffs. "
Analysts pointed out that the United States continued the tariff war by granting subsidies to farmers. On the one hand, it reflected its double standards and "two-faced" approach in international trade, which showed the hypocrisy and hegemony of the United States. On the other hand, it also reflected the Don Quixote-style approach of the United States, which not only created a lot of uncertainty for other countries, but also endangered the global multilateral trading system and brought serious chaos to its own country.
A number of overseas media forwarded international critical articles:

The German "German-Chinese Report" website was forwarded on July 25, 2018

Spain Universal Iberian Media Client forwarded on July 25, 2018

Italian RADIOWE website (facebook, Twitter) forwarded on July 25, 2018.

Portugal Lisbon Rainbow Radio website (Facebook) forwarded on July 25, 2018.

Brazilian "Business Observer" website forwarded on July 25, 2018

India’s "Daily Morning News" website was forwarded on July 25, 2018

Forward by Turkish Economic Observer Network on July 25, 2018

Portuguese news APP(facebook, Twitter) forwarded on July 26, 2018.

Hong Kong Ta Kung Pao was published on July 26, 2018

Hong Kong Wen Wei Po was published on July 26, 2018.


"I didn’t expect the combination of Kunqu opera and rock to show such an effect." After the first issue of the drama culture creation program of Shandong Satellite TV was broadcast on July 9, the program "Xin Qiji, the son of heaven", which was co-produced by Kunqu Youth Xianke Band and national first-class actor Li Baoliang in the way of traditional opera and modern music, attracted wide attention on social platforms.
Teenagers’ yearning for "Jin Ge Tie Ma, swallowing Wan Li like a tiger" is intertwined with Xin Qiji’s generous and sad song of "putting aside the affairs of the king in the world and winning fame after his death" in his old age, blending modern music and traditional opera, showing a vigorous explosive force.
In the same period, the drama martial arts show "Riding the Savior Alone" in "Playing the Universe" shows the gorgeous posture of traditional drama martial arts with new technology and film and television shooting; Mu Guiying, the actor of three generations of Henan Opera, cooperated with Henan rappers in "Being in Command", which also left a deep impression on the audience.
Fusion:
"Opera+"Mode Helps Content Dissemination

As of July 22nd, Weibo’s main topic # Shandong Satellite TV Drama Universe # in Drama Universe has been read 140 million times and discussed 26,000 times. After subtopic #00, the juvenile Kunqu dialogue Xin Qiji # was read 130 million times, maintaining a high degree of attention and discussion. This program, produced and broadcast by Shandong Radio and Television Station, adopts the creative performance mode of "Opera+".In each stage, three groups of creative actors visit famous opera actors and craftsmen to draw creative inspiration and start literary and artistic creation. The attempt to integrate the trend elements with traditional Chinese opera has made the creative works spread rapidly.
At the beginning of creation, the main creator of the program has been thinking about how to do a good job in the "two creations" of opera culture, that is, how to realize the innovative transformation and creative development of opera culture. "After several rounds of trials and discussions, the team believes that" Drama Universe "should not only be the innovation and inheritance of opera, but should position its core function as communication." Ding Kunnian said that in fact, professionals in the drama industry have been doing the innovation and inheritance of drama. As a communication organization, the strong communication power of TV platform will empower the innovation of drama.

During the previous visit, a teacher engaged in Peking Opera performance told Ding Kunnian that the biggest headache for opera practitioners at present is how to attract young people into the theater.
"Therefore, we decided to make a program that can let everyone discover the beauty of opera and stimulate the audience’s desire to explore." Ding Kunnian and the program group finally decided to adopt "grafting of traditional Chinese opera and various art forms" as the core mode of the program through backward promotion. "China opera is a comprehensive art. Wang Guowei, a scholar, once said that China opera’ combines words, actions and singing to tell a story’. In other words, China opera is a highly integrated art that integrates poetry, novels, songs and dances, music, painting, sculpture and acrobatics. Traditional Chinese opera is a master of various art forms, and it is inextricably linked with song, dance, performance, martial arts and acrobatics-this is the artistic foundation for the landing of the’ Traditional Chinese Opera+’model, and it is also one of the meanings of the name "Drama Universe". This combination attempt has also been recognized by many participating artists. "
In terms of program content, Drama Universe takes "carrying forward the traditional Chinese opera culture and spreading the beauty of China" as its orientation, and the whole season’s programs set up many themes, such as "I would like to serve my country", "Looking forward to the splendor and beauty" and "painting the world brilliantly", so as to explore the spiritual connotations of patriotism, heroism, feelings of home and country and national feelings in traditional Chinese opera and show the colorful appearance of traditional Chinese opera art; It conveys the beauty of costumes, facial makeup, singing, unique skills, operas and accompaniment. Ding Kunnian said, "Of course, some cross-border integration attempts may not be mature, but we hope to explore more possibilities and provide young people with the drama meta-universe that they are willing to contact and can contact."
Breaking the question:
The audience is young people who have never been exposed to drama.
As a brand-new cultural program, how to solve the problem of Drama Universe is the biggest challenge that Ding Kunnian and his creative team face. Ding Kunnian said that Lu Gan, secretary of the Party Committee and director of Shandong Radio and Television Station, put forward three "one two three" expositions for future development at the 2022 Shandong Radio and Television Strategic Resources Enjoyment Conference, which mentioned that program creation should strive to promote the creative transformation and innovative development of Chinese excellent traditional culture. "Playing the Universe is an attempt to create two creations based on the platform positioning of Shandong TV’s’ China with a long history of civilization and youth’."
Ding Kunnian has collected a great deal of information and deeply understood the creation of traditional opera themes. "There are already many excellent projects in traditional cultural programs, or opera programs. How to find new creative points and gain the attention of many audiences, especially young audiences, has always been a difficult point that puzzles us."

In this process, Director Lu Peng also suggested that if only the original opera is put on the stage, then the program will fail when it starts. Finding innovation in the field of traditional culture has become the key direction of the creative team at this stage. Combining with the transformation, breakthrough and empowerment concept of Shandong Satellite TV’s content innovation put forward by Zhong Wang, deputy editor-in-chief of Shandong Radio and Television Station and director of satellite TV, Ding Kunnian began to think about improving the communication power of large-screen variety in small screen. After self-denial again and again, the creative team finally positioned the program as a drama cultural program for young people who have never been exposed to drama. "We find that young people are still very interested in many traditional cultural programs, including traditional Chinese opera". Whether it is the "opera cavity" sought after by young people in pop music and national songs, or the spread caused by the combination of traditional Chinese opera and other art forms in related literary evenings, it reflects the concern of young audiences for traditional Chinese opera. In the new media era, long video variety shows can achieve a breakthrough in communication only by leading young people’s values and grasping their right to speak.
Ding Kunnian said with a smile that when he first received this task, he had no bottom in his heart, and he was worried that the audience would not buy the drama-themed programs. However, after in-depth study by the program group, it was found that opera has strong aesthetic value, educational value and entertainment value, and is an inexhaustible cultural treasure. The program group decided to put the aesthetic value of drama in the first place, and the second place is the educational value and entertainment value of drama-the program positioning is a drama cultural program, not a professional drama program, to attract the audience to become interested in the art of drama through the program, and then to understand it and finally to love it. "Since then, the creation of the program has suddenly become clear."

Around this concept, the program group started to create with the mode of "Opera+"and invited national competitions. The program mode of "Playing the Universe" has also gained attention in the industry. In March, 2022, Drama Universe was included in the list of key radio and television programs in 2022 by the State Administration of Radio and Television.
With the landing, filming and broadcasting of the program, Ding Kunnian, who has been busy for nearly a year, is also paying attention to the audience’s discussion around the program. To his delight, with the broadcast of the program, more and more young people began to take the initiative to understand and appreciate opera. "We have at least achieved a small creative goal." Ding Kunnian said.
Dialogue Director Ding Kunnian: Innovation Makes Traditional Cultural Programs Applaudable and Popular.

Variety Daily: Are you worried that opera performers and fans will not recognize the "Opera Plus" model?
Ding Kunnian:This is our biggest worry in the early stage. Even after the program is broadcast, we are worried that some viewers will interpret this program from the perspective of professional opera. However, in the process of implementation, we found that many famous opera artists, including many national first-class actors and "Plum Blossom Award" winners in the field of opera, recognized this creative form and participated in it with high enthusiasm. They agree that good things should be known to more people, and the spread of traditional Chinese opera should be expanded to let more people know about this art.
Variety Daily: What scientific and technological attempts have been made in the creation of Drama Universe?
Ding Kunnian:Youth and fashion have always been the style requirements of Shandong Satellite TV for content. We specially designed a virtual host "You Xiaomeng" as a "recommender", and a virtual group "Wei Yang" (Wei Lai and Wu Yang) as a "propagandist". We also adopted AR technology to enhance the program’s sense of modernity and technology.
Variety Daily: What are the selection criteria for program creators?
Ding Kunnian:Creators are basically looking for directions. The first is the professional opera actors who have been trying to combine opera with other art forms. He can be immature, but he should stick to it. Followed by practitioners of other art categories, but tried to create grafted operas. Finally, these people should understand young people and quickly integrate their preferences and concerns into their creation.
Variety Daily: How to make the program content "long" in the aesthetic point of young people?
Ding Kunnian:When young people are "critical" in their favorite fields, they often show strong professionalism, which is actually their struggle for the right to speak in this field. When the creators are professional enough to meet or even exceed their expectations, the two sides can resonate quickly through the professional and aesthetic fit, spread quickly through the circles of these audiences, and attract more young people’s attention.
Variety Daily: How can traditional cultural programs be applauded and popular?
Ding Kunnian:Applauding and winning a seat must be the goal that everyone wants to achieve. The creation of traditional cultural programs is related to several abilities of the director team: first, cultural understanding. In some courses, the director must make up, and you should have a deep understanding of what you are going to elaborate. For example, we will do a program related to the Yellow River culture next. Even if the creator has a deep knowledge of TV, he can’t complete the creation without understanding the Yellow River culture. The second is the overall aesthetic ability of the team. The team must have the ability to discover aesthetic value before they can show these contents to the audience. Third, we must have the ability to innovate and make things that everyone thinks impossible possible. Generally speaking, it is creative guidance. If a good idea can land, it can achieve the goal of applauding and making a seat.
Please send the submission to the email address:
zongyiweekly@163.com
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The high-quality development of China’s software and information technology service industry (hereinafter referred to as the software industry) has reached a new level.2019The comprehensive development index of the national software industry in (hereinafter referred to as the comprehensive development index) is138.4, up from the previous year9.5,增幅为近五年来最高。其中,技术创新指数延续了对全国综合发展指数增长贡献率最高的态势,显示软件业以技术创新为驱动的发展态势日益显著;产业规模效益全面提升,业务收入年均增速超过软件业“十三五"规划预期目标;与经济社会的融合进一步向纵深发展,为数字中国建设打造坚实基础。
一、全国软件业综合发展指数表现
2020年中国软件和信息技术服务业综合发展指数延用上年的指标体系,共设置规模效益、技术创新、结构优化、发展环境、支撑服务five个一级指标和13个二级指标。全国综合发展指数采用定基法,选取2014年为基期,设定2014年综合发展指数为100,通过纵向比较,反映全国软件业年度综合变化情况与发展趋势(见图one)。
ꀩ#xa0; ꀩ#xa0; 本年全国综合发展指数值达到138.4, up from the previous year9.5。近五年来年均上升幅度为7.7,显示我国软件和信息技术服务业综合发展呈现持续向好发展态势。

picture1ꀩ014年以来全国综合发展指数
其中,一级指标中技术创新指数和规模效益指数对全国发展指数的贡献与拉动作用突出,贡献率分别达到33.8%和22.1%;发展环境指数提升最快,达120.3,上升幅度为16.0,其他两项指标也实现稳步提升(见表one),五年来一级指标变化情况见图2所示。
表1 五项一级指标变化情况
本年指数
比上年上升幅度
贡献率%
规模效益
136.4
8.4
22.1%
技术创新
165.0
12.8
33.8%
结构优化
115.0
5.3
12.9%
发展环境
120.3
16.0
20.2%
支撑服务
147.5
7.0
11.0%

picture2ꀩ014year-2019年分项指数情况
2019年,我国软件业发展呈现出以下特点:
一是规模效益快速增长,产业发展实现量质齐升。规模效益指数136.4, up from the previous year8.4The contribution rate to the rise of the national development index is22.1%,其中规模发展指标增幅最大,比上年上升15.7。国内数字经济发展势头强劲,带动新兴产业发展不断壮大,推动传统产业数字化转型加速,软件业迎来新一轮发展机遇。2019年我国软件业实现软件业务收入7.2万亿元,2016year-2019年年均增长14.3%,超过规划预期目标1.3Percentage points (see figure3所示);效益水平稳步增长,软件主营业务利润率达11.3%(见图4所示);国际竞争力进一步增强,全球云计算市场份额前六位企业中,我国企业占据3席(阿里云、腾讯云和华为云)。

picture3ꀩ014year-2019China’s software business income in

picture4ꀩ014year-2019Benefit of software industry in
Second, technological innovation has become increasingly active, and progress has been made in core key technologies.Technological innovation index165.0, separated from the first level indicators, up from the previous year.12.8The contribution rate to the rise of the national development index is33.8%Among them, the basic innovation promotion indicators achieved rapid growth, up from the previous year.9.7. The process of independent innovation in China’s software industry has accelerated, the level of R&D investment has increased year by year, and new progress has been made in core key technologies. The annual software R&D investment intensity is8.4%, higher than last year.0.5Percentage points; Breakthrough in software copyright registration148Ten thousand pieces, the growth rate is continuous.fiveKeep inthirty percentAbove (see figurefiveAs shown), the number of international patent applications by software companies in the communication field has been among the highest in the world. In the core key technology field, HarmonyOS operating system independently developed by China (HarmonyOS), unified operating system (UOS) and so on, and industrial R&D design software (CAE) technology has made a new breakthrough, and the distributed relational database Aoxingbeisi (OceanBase) break the world record of database benchmark performance test.

picture5ꀩ014year-2019Software copyright registration in China in
Third, the transformation and upgrading of cloudization has accelerated, and the cultivation of large enterprises has achieved remarkable results.Structural optimization index115.0, up from the previous year5.3The contribution rate to the rise of the national development index is12.9%. Among them, the cloud transformation index increased the most, up from the previous year.14. The business income realized by software enterprises through cloud services, big data services, platform operations and other business forms accounts for more than20%, cloud services to accelerate the scale range as the breadth, industry verticality as the depth, value continuation as the length of the direction of coordinated development, and promote the application of cloud services from the Internet industry to traditional industries.2019Top ranking of software business income in 2008100A total of two enterprises realized income.8212Billion yuan, accounting for the proportion of software business income11.4%, among which, the software business income exceeds 10 billion yuan.14Home, an increase over the previous yearoneHome. The leading role of leading enterprises has been continuously enhanced, including14Three software companies were selected.2019Forbes global digital economy100Strong list.
Fourth, the policy dividend continued to be released, and the talent siphon effect appeared.Development environment index120.3, up from the previous year16.0The contribution rate to the rise of the national development index is20.2%. Among them, the policy and environmental indicators increased the most, up from the previous year.26.9. With the great attention and strong support of the state, the policies for promoting the development of the software industry have been continuously refined, and the Measures for Security Assessment of Cloud Computing Services have been issued one after another (2019Niandi2No.), "“5G+industrial internet”512Project promotion plan "(Information Management Department [2019〕seventy-eightNo.) and other special documents in software-related fields, and continue the preferential income tax policies for integrated circuits and software enterprises.2019In 2000, software enterprises enjoyed preferential policies, and the proportion of tax refunded to tax payable was22.6%, higher than last year.4.6Percentage points. The supply capacity of industrial talents has been continuously improved, and the proportion of undergraduate graduates in electronic information and computer science in the whole year is10.5%, up from the previous year0.5Percentage points; The average annual wage of information transmission, software and information technology services ranks first in the average wage of non-private employees in cities and towns by industry.. A good talent development environment accelerates the siphon effect of industrial talents.
ꀩ#xa0; The fifth is to support the improvement of service quality and efficiency and help the transformation and upgrading of traditional industries.Support service index147.5, up from the previous year7.0The contribution rate to the rise of the national development index is11.0%. Among them, the application index of e-commerce increased the most, up from the previous year.27. The penetration level of e-commerce platform technical services in the traditional retail field has been continuously improved, and the proportion of e-commerce online retail sales in the retail sales of social consumer goods in the whole year is25.8%, higher than last year.2.2Percentage points (see figuresixAs shown). The software industry has accelerated the transformation and upgrading of traditional industries, the penetration rate of digital workshops and smart factories has gradually increased, and the ecological construction of industrial Internet platforms has accelerated, forming industries involving steel, energy, chemicals, machinery, home appliances and other fields.10A cross-industry and cross-domain platform. As the core element of the industrial Internet, the domestic demand potential of industrial software has been continuously released, and the annual industrial software revenue has achieved rapid growth.

picture6ꀩ014year-2019Development of China’s e-commerce application in
Second, opportunities and challenges
The Fifth Plenary Session of the 19th CPC Central Committee proposed that innovation should be the core position in the overall situation of China’s modernization, and self-reliance through science and technology should be the strategic support for national development.“China’s 14th five-year plan"Period, the development of digital economy, preferential tax policies.“renewal"The acceleration of innovative application of emerging technologies will provide important supporting conditions for the upgrading and expansion of the software industry, and the development of China’s software industry has entered a critical period of integrated innovation and rapid iteration.
At the same time, we should also see that there are still outstanding problems in the operation and development of the software industry:One isInput-output imbalance in the early stage of industrial integration application project. With the acceleration of the integration of software industry and various fields, software enterprises are faced with challenges such as large investment in the early stage of the project and insignificant benefits in the short term, and the pressure on operating costs is rising.The second isThe existing software technology can’t meet the needs of in-depth application development. With the continuous deepening of the application of Internet of Things and digital transformation, new development requirements are put forward for the existing software technology in China, and the computing power of our software technology and the supply capacity of core key technologies should be further improved.The third isThe supply of talents in emerging fields is insufficient. With the rapid development of the software industry, under the dual pressure of high technology threshold and wider emerging demand, cloud computing, artificial intelligence, big data and other emerging fields.Core technical talents ofThe gap has further widened.
In view of the problems existing in the industry, we will continue to promote the high-quality development of the software industry from the following aspects:
First, actively implement relevant policies and increase support for pilot demonstration projects.Actively implement the software enterprise income tax“sahdakshd"And other preferential policies, tracking and solving practical problems encountered in the implementation of the policy. Increase support for pilot demonstration projects in key areas, and make overall use of relevant resources to strengthen support for small and medium-sized software enterprises.
The second is to increase investment in innovative research and development and build an efficient supply system for software technology.Strengthen key core technology research, adhere to both short board and long board, and guide and drive social forces to increase investment in technological innovation research and development; Take application as the traction, accelerate the construction of software technology innovation platform carrier, promote the integrated innovation development of software technology, and improve the supply level of key core technologies.
The third is to improve the training mechanism of software talents and accelerate the training of talents in emerging fields.Focus on the development of China’s software industry, improve the talent training mechanism of school-enterprise integration of production and education, and build a high-quality talent team with software industry characteristics; Encourage and support colleges and universities to strengthen the construction of curriculum system in new technologies, new models and new formats, and accelerate the cultivation of high-level compound talents in emerging fields.
Note:The data in the report are all from the Ministry of Industry and Information Technology and the local competent departments of industry and information technology, except the "average wages of employees in non-private units in cities and towns by industry" (from the National Bureau of Statistics), based on the data of the statistical annual report of software and information technology services in 2019.
Nowadays, analysts are so critical of the market that it is difficult for active fund managers to find mispriced stocks to beat index funds. Biotechnology is one of them, and now is a good time to invest in this field.
Considering that the potential of most biotechnology companies does not lie in their current income or valuation. The key is whether they will test positive for a potentially heavy drug, and then whether the US Food and Drug Administration will approve the sale of this drug. It is difficult to see this by looking for quantitative screening of companies with low valuations, or by ordinary Wall Street analysts who have been trained to read profit and loss statements and balance sheets.
Andy Acker, the manager of the Janus Henderson Global Life Science Fund with the best performance, explained the importance of professional knowledge in this field: "There are 10 senior investment experts in our medical team, and their experience adds up to more than 140 years, including 3 doctors and 1 medical doctor. They are here to help us really distinguish between drugs that may be effective and drugs that may not be effective."
Today, this kind of expertise is crucial. After two brutal years in this industry, the widely diversified Standard & Poor’s Biotechnology Exchange traded fund has dropped by more than 50% from the peak of $174 per share in February 2021 to $83 per share. Biotechnology declined in 2021, because after the coronavirus crisis in 2019 caused all health care stocks to soar in 2020, a large number of unstable biotechnology initial public offerings (IPOs) appeared and then collapsed. But the increase in interest rates in 2022 will only make things worse. Many biotechnology companies need to borrow money to maintain their research business during the drug development stage.
But now, the valuation is very attractive, the interest rate may be close to the peak, and there are many opportunities-if you can find the right stock.
Ake said: "Last year was a year of positive data, and this year may be a year of new product release." "The FDA has 75 new drugs waiting for approval. Therefore, this year may be the year with the largest number of new products approved in history, because the previous record was 59 drugs in 2018. "
Aker mentioned Sarepta Therapeutics(SRPT), which has a gene therapy for muscular dystrophy, which is the first of its kind and is expected to be approved by the FDA in May this year. He said: "(muscular dystrophy) is a huge unmet medical need affecting children." "Patients usually get into wheelchairs in their teens and usually die in their 20s." The company’s share price has risen by 59% in the past 12 months, while SPDR Standard & Poor’s Biotechnology ETF has fallen by 8%.
However, Aker is not willing to sound the alarm for the whole biotechnology field: in the biotechnology field, "90% of drugs that started clinical trials in humans eventually failed," he said.
Prosperity and depression of biotechnology
After two brutal years, small biotech stocks are about to recover.

Skilled management and the wide dispersion of biotech stock returns are one of the reasons why AlphaCentric LifeSci Healthcare lost only 0.8% when the whole market collapsed in 2022. In 2023, the fund rose by 13%. Manager Mark Charest holds a doctorate in chemical biology from Harvard University and is the co-inventor of eight drug patents. His consulting firm LifeSci Fund Management is also a business subsidiary of LifeSci Partners, a biotechnology/pharmaceutical consulting group.
A key driver of chararest’s outstanding performance is to know what kind of biotechnology companies big pharmaceutical companies want to acquire. He said that although he did not only consider mergers and acquisitions when investing, "in the past 30 mergers and acquisitions in the field of biotechnology, we have 16 cases with a turnover of more than 250 million US dollars."
One company that chararest thinks has acquisition potential is BioCryst Pharmaceuticals(BCRX), which has already obtained approval for a drug to treat hereditary angioedema, a disease characterized by severe swelling. "(Biocryst) will earn more than $250 million this year," Charest said. He believes that the company already has a commercial product, and its share price is still very low after last year’s sell-off, which may lead to acquisition.
Other health care managers believe that the acquisition will continue to boost the performance of the best small biotechnology companies, because the patents of many blockbuster drugs are about to expire, such as Humira, an anti-inflammatory drug from AbbVie, and keytruda, Merck’s best-selling anticancer drug. Kyle Rasbach, senior analyst of Eventide Healthcare and Life Sciences Fund (ETAHX), said: "The entire pharmaceutical industry is facing a large number of patent cliffs." "Therefore, the demand for innovation is very high."
Eventide mainly focuses on small biotechnology companies. But most active fund managers like Aker also include other types of health care companies in their portfolios, such as insurance companies, medical equipment manufacturers and hospitals.
Both strategies have advantages and disadvantages. In the past two years, diversified health care funds such as T. Rowe Price Health Sciences (PRHSX) of Janus and Health Science Opportunity of BlackRock (SHSAX) performed better than pure funds such as Eventide, Fidelity Select Biotechnology (FBI OX) and Franklin Biotechnology Discovery (FBDIX).
Ziad Bari, the manager of the $15.4 billion T. Rowe Price Health Science Fund, invests about 30% in biotechnology in his portfolio, but more traditional pharmaceutical companies also have the same investment, accounting for 16%. He believes that the current valuation of biotechnology companies is "reasonable" and expects more M&A activities, but he said that it takes some "striking clinical trials and great commercial success to lead to a real bull market."
When this happens, the small biotechnology fund will win again.
This article comes from: financial circles

In early trading today, A-shares remained volatile. The Shanghai Composite Index rose step by step after gaining support at 3,200 points. The Shenzhen Component Index also gained support at around 10,000 points and strengthened. The Kechuang 50 Index changed from falling more than 2% to slightly floating red in intraday trading. As of midday, nearly 4,400 shares in the two cities rose, and the turnover approached one trillion yuan.


On the disk, AMC concept, national defense, banking, real estate and other sectors were among the top gainers, while public transportation, securities, daily chemicals and sub-new shares were among the top losers.
AMC concept welcomes favorable policies.
The AMC concept opened sharply higher in the morning, and the plate index once rose by nearly 5% in volume. It was sold all day before the half-day handover. Everbright Jiabao, Cinda Real Estate, Hyde shares and many other stocks have a daily limit, while Yilida, Shaanxi Guotou A and Huawen Group also have strong daily limit or rose by more than 10%.
From the news, Lan Foan, Minister of Finance, said at the press conference of the State Council Office last weekend that the Ministry of Finance will issue special treasury bonds to support large state-owned commercial banks to replenish their core Tier 1 capital, enhance their ability to resist risks and provide credit, and better serve the development of the real economy. This means that after a lapse of 26 years, large state-owned banks will receive capital injection from the special national debt of the Ministry of Finance.
Lan Foan also pointed out that a package of targeted incremental policy initiatives will be launched in the near future; The Ministry of Finance plans to increase the large-scale debt limit at one time, replace the hidden debts of local governments, and increase efforts to support local governments to resolve debt risks; There are other policy tools for countercyclical adjustment, such as the central government still has a large room for borrowing and deficit improvement.
Debt-to-equity swap, as a system to resolve bad debts, has become an important bad disposal method for financial asset management companies (AMC). At the same time, in recent years, with the improvement of AMC’s asset disposal methods and the continuous development of China’s capital market, the debt-to-equity swap assets held by AMC have also brought a lot of benefits to AMC.
According to the statistics of the State Financial Supervision and Administration Bureau, by the end of 2023, the overall balance of non-performing loans of banking financial institutions was 3.95 trillion yuan (the caliber of banking financial institutions includes commercial banks, rural credit cooperatives and other financial institutions that absorb public deposits and policy banks), the non-performing loan ratio was 1.62%, and the non-performing assets were disposed of 3 trillion yuan in the whole year.
CITIC Jiantou said that the positive impact of debt conversion on the economy is greater than the incremental stimulus. This marks the start of the central leverage, and it is also the long-awaited "central end" of the market. The loose linkage between central finance and currency is a liquidity "feast" for the market.
The international situation is grim, and military stocks are strong.
Military stocks collectively strengthened in the morning, and the sector index opened higher and higher. At one time, the intraday volume rose linearly by nearly 3%. Many shares such as AVIC Electric Testing, Northern Changlong and Yinbang have a daily limit of 20%, and more than 10 shares such as Hongxiang, Chenxi Airlines, Great Wall Military Industry and Stone Refining Airlines have a daily limit or have risen by more than 10%.
Large aircraft, integration of defense and civilian technologies, commercial aerospace, military information, satellite navigation and other related sectors also rose strongly, and Dahua Intelligent, Furi Electronics, Sundiro A, Baota Industry and other bulk daily limit.
Recently, the international situation has become increasingly severe, and the confrontation on the Korean Peninsula has escalated, while the Palestinian-Israeli conflict has intensified.
A few days ago, North Korea’s Defense Ministry said that the General Staff of the Korean People’s Army had issued operational preparation instructions on October 12, requiring the joint artillery units of the Korean People’s Army at the front line and the units undertaking important firepower tasks to make comprehensive shooting preparations. If it is confirmed that the ROK is provocative again, it must be cracked down immediately.
The DPRK Foreign Ministry stated that, following the 3rd and 9th of this month, South Korean drones flew over Pyongyang on the evening of 10th, dropping anti-DPRK leaflets. The penetration of Korean drones violated North Korea’s national sovereignty and security and violated international law. North Korea’s Ministry of National Defense, the General Staff Department and the military departments at all levels have begun preparations for various developments.
At the same time, South Korea’s Ministry of National Defense sent a short message to the media entitled "Related Position on North Korea’s Jin Yuzheng Talks" on the 13th, saying that South Korea issued a solemn warning to the DPRK that if North Korea infringes on the national security of South Korea, that day will be the day when the North Korean regime will be destroyed.
On the Palestinian-Israeli side, since the outbreak of a new round of conflict between Palestine and Israel in October last year, there is still no signal to stop the war, and multiple spillover effects have emerged. From the Palestinian-Israeli conflict, to lebanon war, to the Iranian missile attack on Israel, the situation in the Middle East continues to be tense.
Galaxy Securities pointed out that with the subsequent performance in the third quarter, the annual report has a long empty window, while the industry orders in the fourth quarter are gradually approaching, superimposed on the high prosperity expectation in 2025, the performance of the national defense military sector is expected to be significantly stronger than the broader market, and the beta opportunity is highlighted. Some companies have a low performance base in the third quarter of 2023, and the performance end in the third quarter of 2024 may have a year-on-year growth inflection point, realizing the reversal of the dilemma and the emergence of Alpha opportunities.

Original title:To the left, "Metauniverse" to the right.
The annual sci-fi blockbuster "Dune" directed by a new Hollywood director was recently released. However, in sharp contrast to the eager expectation of sci-fi fans, the domestic box office of Dune has always been tepid, with only 245 million box office in the past month, which is far from people’s expectations before its release.
However, while the film Dune was cold in China, another topic with a sense of science fiction — — The "meta-universe", however, became popular because Facebook changed its name to "M e t a v e r s e" (meaning "meta-universe"). The so-called "meta-universe" is a virtual space that provides immersive experience and realistic feeling. The discussion on "Metauniverse" once went beyond the fields of science and technology and finance, and even rose to the humanistic height of the future destiny of mankind.
However, in the author’s opinion, the film Dune is cold and the topic of "Metauniverse" is exploding. These two seemingly completely unrelated topics actually have an implicit internal connection. To understand the essence of this connection, it is necessary to go deep into the field of science fiction literature history shared by these two topics.
Frank Herbert, the original author of Dune, was only a little-known independent journalist before he created this classic sci-fi work. Herbert, Washington, once lived in La Push, Washington for many years, and witnessed the process of local desertification due to ecological destruction. In the early 1960s, when the trend of ecologism was just emerging, the professional sensitivity of journalists inspired creative inspiration. Dune was officially published in 1965. Since then, Herbert has been developing this huge story universe for the rest of his life. Finally, one year before his death, The End of Dune was published, forming the true story of Dune. Dune, with its huge and rigorous world outlook and ups and downs of story, is closer to the writing techniques of mainstream literature in Europe and America. It won Hugo Award and Xingyun Award in one fell swoop, and was also selected into many lists such as Amazon’s "100 books that must be read in life", BBC’s "100 most popular books in Britain" and National Public Radio’s "TOP100 of science fiction and fantasy novels".
The success of Dune is closely related to the background of its creation. In the 1960s, the cold war between the United States and the Soviet Union gradually fell into a stalemate, and the space competition between the two countries became more and more intense, which objectively accelerated the development of human space technology. The gate of the stars and the sea seems to have slowly spread to mankind. At the same time, with the development of computer technology, the automatic production technology represented by industrial robots began to spread, and the theoretical research and engineering practice of artificial intelligence were also progressing steadily. Herbert obviously noticed these developments. About 10,000 years before the true story of Dune, he designed a man-machine war called "Butler Jihad". The cause of the war is that human beings realize that the development of artificial intelligence has threatened human survival and may turn human beings into "slaves". As a result, a two-generation war broke out between the camp that supported artificial intelligence and the camp that opposed artificial intelligence. In the end, the anti-artificial intelligence side won a complete victory, issued a decree to destroy all intelligent machines, and permanently banned the existence of any intelligent machines that simulated human beings. Without the help of intelligent machines, human beings can only strengthen their own abilities, and then differentiate into "new humans" with special abilities such as navigator, Mentat and Dr. Suk. The "spice" on the planet Erakos has become a necessity for space navigation in the dune world because of its special functions. And the only thing that can produce "spices"The planet Erakos has become the eye of the storm in all struggles.
As a big IP with "debut is the peak", Dune has naturally attracted the attention of Hollywood. However, as a film and television project, Dune is regarded as a "curse" by the industry because its content is too complicated and requires a lot of film and television special effects. However, Dune has provided creative inspiration for countless Hollywood directors, such as space empire in China, space mining in China, man-machine war in China, and so on.
However, back to reality, the world after the publication of Dune is getting farther and farther away from the "space future" described by the author. In fact, the space race between the United States and the Soviet Union is more like a "national strength show" between superpowers, which will eventually end because it is unsustainable. Today, the development of human space technology has also shifted from space exploration to space application. Compared with the 1960s and 1970s, there is no breakthrough.
In contrast, it was originally only used as a subsystem of the missile defense system — — However, computer network technology shows amazing development potential, and in the 1980s, it attracted wide attention of sci-fi creators. In 1982, a film containing artificial intelligence, consciousness uploading, Cyberspace and other elements was released; Two years later, William Gibson’s novel Nerve Wanderer won three science fiction awards, such as Hugo Award, Xingyun Award and Philip K. Dick Award. In 1992, neal stephenson described his imaginary cyberspace with "verse" in the novel Avalanche. The concept of "virtual world parallel to the real world and always online" now has a more resounding name — — "Metauniverse".
Are the "Space Empire" and "Metauniverse" in Dune really incompatible? I’m afraid not! In fact, since mankind entered the industrial age, science and technology have been continuously integrated. The underlying logic of scientific and technological development is to transform "non-resources" into resources and commercialize them to generate economic value. Today’s "stagnation" of space technology, on the one hand, is due to the lack of significant economic benefits of cutting-edge space technology, and it is difficult to attract capital attention. Another fundamental reason is that the human body structure evolved for the terrestrial environment of the earth. Let alone leave the earth and enter space, even if it leaves the surface, or comes to the underground and marine environment, it is difficult to survive. It can be seen that even if humans master interstellar space technology, large-scale space migration is unlikely to be realized.
Similarly, "metauniverse" is just a concept that needs technical support. It is not necessarily less difficult for human beings to create a virtual world in which they can live than to immigrate to Mars. But the reason why "Metauniverse" is favored by the capital market is that its ultimate goal looks more economically feasible — — If we can create another "world" outside the real world, it will inevitably bring considerable economic growth. This expectation itself is enough to make the real capital market crazy.
So, how can we keep mankind from being trapped in the earth forever because of indulging in the "meta-universe"? In fact, as shown in the movie: As a star, the sun will "die" one day. If human beings want to continue their own civilization, aerospace technology will inevitably become a necessity. If we believe that "space empire" and "meta-universe" can coexist in the future, then the subject of space immigrants may not be real people, but the consciousness of immigrants will be digitized and stored in the server of "cloud universe". It is obviously much easier to launch a server into space through a spaceship than to immigrate a real person into outer space. In this way, the goal of "immigration" will no longer be limited to the so-called livable planet, and human civilization will also spread to a broader universe.
Of course, the above is purely the author’s "scientific fantasy". This is also one of the most important values of science fiction for modern people, that is, to provide a field of thought experiments that can be infinitely extended. Whether it’s the space empire or the meta-universe, maybe the direction is different. But as long as the direction of human pursuit of happiness and rationality remains unchanged, we have reason to look forward to a bright future. (Author: Liu Jian, associate professor of Tianjin Art Vocational College, special expert of China Science Fiction Research Center)
Xinhua News Agency, Chengdu, July 7th Question: Wild boar is no longer a national protected wild animal. How to find the balance between protection and hunting?
Xinhua News Agency "Xinhua Viewpoint" reporters Zhang Chaoqun, Gao Jianjun and Sun Qingqing
A few days ago, National Forestry and Grassland Administration released the newly adjusted List of Terrestrial Wild Animals with Important Ecological, Scientific and Social Values, and the wild boar that caused serious damage in many places in the country was transferred out of the list, which means that it no longer belongs to the wild animals protected by the state. What is the realistic background of this change? Does it mean that you can kill at will after calling out the list? How to find the balance between protection and hunting? "Xinhua Viewpoint" reporter conducted an investigation and interview on this.
Wild boar flooding in many places frequently hurts people and destroys things, and it has been called for a long time to delete them from the list.
The newly adjusted "Three Owns" list includes 1924 species of wild animals. Compared with the catalogue first published in 2000, more than 700 species of wild animals have been added while basically retaining the original species. The species listed in the original list are not naturally distributed in China, or widely distributed, with a very high population, no extinction risk, and may even cause harm.
"There is no threat to the survival of wild boar, and the population in many areas is too high, which is in line with the basic principle of adjustment." Jin Kun, a researcher at the Institute of Forest Ecological Environment and Nature Protection of China Academy of Forestry, said.
In 2021, Tudeng Xiangba, the 45-year-old village party secretary and village committee director of Zengde Village, Shangmula Township, Litang County, Ganzi Tibetan Autonomous Prefecture, Sichuan Province, was killed by a wild boar attack on his way to the mountain.
In Yuanshanzi Village, Tongjiang County, Bazhong City, Sichuan Province, wild boars "patronize" every three to five nights. Among the 334 households in the village, more than 100 villagers planted crops and fruits, which were damaged by wild boars. According to the comprehensive villagers’ evaluation of Tongjiang County Wildlife Conservation Center, there are more than 20,000 wild boars in the county. From March 2022 to March 2023, Tongjiang County accepted more than 700 reports of wild animals such as wild boar.
Since 2022, there have been more than 1,300 incidents of wild boar accidents recorded in Mianyang City, Sichuan Province, and eight people have been injured and more than 3,500 mu of crops have been damaged.
To this end, many county governments have to buy commercial insurance to make up for the losses caused by wild boar to farmers. Tongjiang County has spent more than 400,000 yuan in recent years to buy government rescue insurance for wildlife damage. In Mianyang City, five counties with serious wild boar hazards spend 100,000-300,000 yuan each year to buy commercial insurance with insurance coverage ranging from 1.2 million to 2 million yuan.
Not only in the countryside, but also in Nanjing, Hangzhou and other places. The data show that wild boar is distributed in 28 of the 31 provinces in China, among which 857 counties (cities, districts) in 26 provinces are harmed by wild boar, which has adversely affected the production and life of local people.
During the interview, the relevant departments of forestry and grassland in many places revealed that from the perspective of being conducive to social development and people’s lives, it has been called for a long time to delete wild boar from the "three haves" list. To this end, many places have made detailed wild boar population surveys and hazard assessments.
Can I kill wild boar at will in the future?
"I really can’t help it. The wild boar will eat 70 acres of my more than 100 acres." In a case heard by the People’s Court of Xichuan County, Henan Province in 2021, Wu Mou, who captured more than 8 wild boars with prohibited hunting equipment in the game reserve and during the game ban, stated this to the court.
Now, does bringing wild boar out of the list mean that you can kill wild boar at will?
Jin Kun and other experts said that after the wild boar was brought out of the list, it was easier to carry out hunting activities, but the principle of giving priority to protection should still be adhered to, and the provisions of laws and regulations such as no hunting area, no hunting period, no hunting tools and hunting methods, and national gun management should be strictly observed. When hunting wild boar, no harm should be caused to other wild animals protected by the state.
According to the relevant person in charge of the Wildlife and Wetland Protection Department of Sichuan Forestry and Grassland Bureau, one of the advantages of transferring wild boar out of the list is that the procedures are simpler at the grassroots level when dealing with the harm caused by wild boar and adopting population control.
"One pig, two bears, three tigers and leopards." During the interview, villagers in many places used this folk saying to describe the strong aggression of wild boar.
"The villagers can’t clean up the wild boar without tools", "the biting force is too strong", "the teeth are like knives" and "they dare not do it". The villagers in Xinyi Village, Muzuo Township, Pingwu County, Sichuan Province commented on the "lethality" of wild boar. Du Lin, the village party secretary, said, "A few years ago, an old lady in the village met a wild boar on the mountain, and her ankle was bitten off by a wild boar. She was barely able to walk on crutches after living in the hospital for more than two months."
Li Zhongyi, the criminal investigation team leader of the Forest Police Detachment of Mianyang City Public Security Bureau, said that most wild boars are social animals, and generally two or three sows hang out with a group of young pigs. In order to protect their young, adult sows are usually irritable and aggressive. Wild boar has territorial consciousness and may attack other creatures in the territory.
The reporter learned that there are only three hunting teams in Mianyang, a city with a good ecological environment and frequent wild boars, all of which are non-governmental organizations. Among them, only one team was allowed to use guns by the public security organs for the record.
How to find the balance between protection and hunting?
Experts interviewed said that the frequent appearance of wild animals such as wild boar not only caused crop losses, but also reflected the trend that the ecological environment in many places in China continued to improve and the habitat of wild animals expanded. "The ecology is getting better and better these years." Yang Tingxiu, a 50-year-old villager in Luoyigou Village, Qingxi Town, Qingchuan County, Sichuan Province, said that wild boar, deer and monkeys went to the fields to eat crops, which was the trouble after the ecological improvement.
Experts suggest that wild boar is harmful, but it is not a "pest". Studies have shown that the habit of wild boar turning over the soil and arching the ground can effectively promote the healthy succession of forests. At the same time, the seeds of many plants in nature are also spread through the eating and activities of wild boar.
The insiders believe that it is necessary to adhere to the principle of protection priority, find the balance between hunting and protection, and make scientific policies to achieve harmonious coexistence between man and nature. Otherwise, it is inevitable to fall into "indiscriminate killing — The number has dropped sharply — Protection — Overflow — The pattern of indiscriminate killing.
Some grassroots cadres and the masses have called for the local government to formulate special control methods in areas where wild boar causes frequent harm. For example, the public security organs can properly participate in wild boar hunting activities, or approve private professional hunting teams to be equipped with a certain number of special firearms. At the same time, strictly regulate and implement the harmless treatment process and comprehensive utilization regulations such as sterilization, deep burial or incineration of prey carcasses, and strictly prohibit wild animals from flowing to the table.
Experts warned that if Lu Yu wild boar, should keep calm, quickly find the surrounding terrain and shelter conducive to hiding. If the wild boar takes the initiative to attack, it should dodge to both sides to avoid the frontal collision of the wild boar; When you are deadlocked, try to find a tall and easy-to-climb tree to climb two or three meters, and call the police for help on the premise of your own safety.
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Roewe RX5 MAX adopts a smooth side line design, and the overall proportion is symmetrical. The body size is 4676*1875*1725mm, the wheelbase is 2760mm, the front wheel track is 1574mm, and the rear wheel track is 1593mm. The vehicle is equipped with 235/45 R19 tires and dynamic rims, which enhances the sense of movement and visual effect of the whole vehicle.

The interior design of Roewe RX5 MAX is simple and stylish, showing a sense of modern technology as a whole. In the central control part, the 12.3-inch central control screen occupies the visual center of gravity, and the voice recognition control system can realize the operation of multimedia system, navigation, telephone, air conditioning and skylight, which greatly improves the convenience of driving. The steering wheel is made of leather, which feels comfortable and supports manual adjustment up and down and back and forth to meet the needs of different drivers. In terms of seats, the car is made of imitation leather. The main driver’s seat has the functions of fore-and-aft adjustment, backrest adjustment and two-way height adjustment, while the co-pilot seat supports fore-and-aft adjustment and backrest adjustment, and the rear seat can also adjust the backrest and support proportional reclining, providing passengers with more flexible space utilization methods.

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