What about the high school student who sold his kidney to buy an iphone?

160 Institute of Health, the director of the original Apple-loving Institute.

When it comes to selling kidneys, everyone’s first reaction must be the high school student who sold kidneys to buy iPhone.

After a lapse of nine years, the young man under the age of 17 has already grown up, and there has been no news about him on social networks.

Many people have been concerned about the follow-up development: after selling a kidney, did he regret it? How is he now?

Why choose to sell kidneys?

In 2011, Xiao Wang, who had just entered the first year of high school, was influenced by the Apple craze and wanted an iPhone with all his heart.

The economic level of Xiao Wang’s family is obviously not enough to support his desire. Xiao Wang, who is almost crazy about Apple products, is always looking for ways to "get money quickly" on QQ.

Soon, he contacted the black intermediary selling kidneys. According to the intermediary, selling a kidney can earn at least 20 thousand yuan, which has no effect on the body. Xiao Wang was bewitched and readily agreed.

Xiao Wang, under the age of 17, set foot on the train to Chenzhou, Hunan alone. The kidney transplant was smoother than he expected. Xiao Wang was amputated in a local hospital a few days after he arrived in Hunan.

After the operation, he bought the latest iPhone and ipad2 as he wished.

Because the operating room selling kidneys at that time was not properly disinfected, Xiao Wang’s wound was infected. Since then, Xiao Wang’s health has gone from bad to worse, and his kidney function has been seriously damaged.

Xiao Wang didn’t confess to his family until he couldn’t bear it.

According to the disability rating standard, the lack of a kidney belongs to grade eight disability.

Xiao Wang’s injury identification result is five-level disability. In other words, after one kidney was removed, the remaining kidney of Xiao Wang was also diseased and no longer healthy.

According to Xiao Wang’s mother, "He is in poor health now. He needs someone to take care of him in bed every day. He is skinny and his body is greatly affected."

At a height of 1.9 meters, he can only be ill in bed, and he is only 90 kilograms thin. After this long nine years, he is only 26 years old.

Today, the value of the popular iPhone4 has already plummeted, and Xiao Wang who lost a kidney can no longer appreciate the taste of health.

Can’t do heavy work, can’t leave the support of drugs, and can’t even walk independently like normal people. You can live, but after all, you lose the capital to fight hard and ruin this period of time that should have been infinite.

How can someone not regret it?

It is not a cost-effective deal to pay for temporary vanity with the health of the rest of your life.

What do you need to do to sell your kidneys?

Let’s first understand the process of organ trading: looking for donors → physical examination and matching → kidney removal → kidney transplantation → postoperative recuperation. The part that kidney sellers need to participate in is mainly physical examination matching and kidney removal.

In the process of organ trading, the most likely accident is kidney removal.

Nephrectomy is just one of the routine operations in urology, which is generally used to treat renal diseases. It can be divided into traditional open surgery and laparoscopic surgery. The former is traumatic, while the latter is minimally invasive, with light pain and quick recovery.

It is obviously impossible for a black-hearted workshop without medical qualification and practice place to have the medical equipment and operating space for laparoscopic nephrectomy.

(The surgical instruments left by the black workshop. Photo by the Beijing News reporter)

Therefore, what is waiting for the kidney seller is the traditional nephrectomy-open surgery.

Open surgery, as its name implies, is to make an incision from the outside of the human body and take out the kidney.

Imagine that a sharp scalpel first goes into your lower abdomen, slides to the upper right of your abdomen, and pulls out an incision 20 cm long. Then cut the ureter and blood vessels around the kidney, and finally peel off a fresh kidney with both hands and put it in a bag for preservation.

How painful is it to be cut open by a knife and skinned alive? The answer is beyond words. But what is certain is that no one can survive this pain soberly.

During the whole operation, the donor may die because of any mistake, such as massive bleeding, incision infection, intra-abdominal infection and arrhythmia.

(The left disinfection tools iodophor and gauze. Photo by Beijing News reporter)

Even if the nephrectomy is successful, the donor is not safe.

In addition to secondary bleeding and infection, open wounds may also be difficult to heal.

Therefore, the risk of selling a kidney is far more than just losing a kidney. It also needs to bet on the health of the next half of life.

How much harm does selling kidneys do to the body?

In the victim’s own words, it is: "Until now, I can’t stay up late for a long time and can’t exercise vigorously. As soon as I run, I will feel pain in the knife. "

(The surgical scar on the boy who sold the kidney. Photo by the Beijing News reporter)

You know, even regular hospitals have risks in routine surgery, not to mention black-hearted workshops that are unqualified and just want to make money.

At first glance, the reward for selling kidneys is not a small fortune. But for the rest of your long life, this money is just a drop in the ocean. You have every chance to earn another 40 thousand in other ways.

This multiple-choice question about health and money, once wrong, means that you can no longer live as a complete person.

What happens when a person lacks a kidney?

Nine years ago, Xiao Wang, who was determined to sell his kidney, boasted: "One kidney is enough for me. Why do I need another one?" Why not sell it? "

It is this ignorance that black intermediaries use to trick groups of people trapped by money into jumping into the trap.

What happens when a person lacks a kidney?

You can’t die, just like you can survive without a hand. Any paired organ in the human body can function normally without half of it.

As Dr. Zhihu Joe said:

In order to resist external damage, human tissues and organs have many protection mechanisms:

Like the liver, after cutting off some parts, it can be completely regenerated;

Like skin, it will be repaired by scar tissue. Although it is not as smooth as before, it can also be used.

Like the heart, nerve cells, dead people are gone;

Like lungs and kidneys, they can’t regenerate, and they use their own strong reserve capacity.

The kidney is a part of the urinary system, and its main function is to filter impurities, maintain the balance of body fluids and electrolytes, and regulate endocrine.

To put it bluntly, the kidney is equivalent to a "water purification factory", which absorbs nutrients in the blood and discharges wastes and impurities produced by metabolism in the body.

A normal person’s kidney can filter 1 liter of blood every minute, and the whole body blood can be filtered every 4 minutes. The filter waste and excess salt will be excreted in that form of urine.

When you have two kidneys, the cells inside are in shifts, and everyone takes turns to work, combining work and rest.

Taking off a kidney is equivalent to mass layoffs for the human body, and the equipment and staff are directly reduced by half. The only remaining employees need to bear double the workload, and no one rotates, and they are exhausted day and night.

Although the workload has doubled, it can certainly be handled. If the remaining half of the factory can be fully compensated, your kidney function will not be affected.

However, without a kidney, the human body’s ability to resist kidney disease has also been greatly weakened. Once there is a problem with the only one left, the human body will easily develop into chronic renal failure or "undead cancer"-uremia.

For the single kidney group, the probability of gout is greater than that of ordinary people, and drinking, smoking and taking medicine should be avoided as much as possible.

Sure. As long as it is not illegally cut, there is basically no difference between a single kidney and a double kidney. After all, a single kidney is born.

No business, no harm.

China has never lacked patients who need organ transplants. What it lacks is organs.

According to the statistics of the Ministry of Health, about 1.5 million people in China urgently need to receive donations every year. In the end, only 10 thousand people can get donated organs from others to continue to live.

Why is there a black market for organs?

Some people can lose everything in order to survive; And some people, for the sake of money, can not die.

When selling a kidney, the donor can only get 40,000 to 50,000 RMB; And to buy a kidney, the recipient needs to spend tens of millions. Among them, the price difference of hundreds of thousands is all obtained by the "dirty" workshop.

In the face of this huge market demand and interests, many people have already stripped off the coat of human nature and revealed their ferocious nature.

To borrow a word from Toyo Deng Ning:

Once there is a proper profit, capital will be bold. If there is a 10% profit, it is guaranteed to be used everywhere; With a profit of 20%, it will be active; With a profit of 50%, it will take risks; For 100% profit, it dares to trample on all human laws; With a profit of 300%, it dares to commit any crime, even at the risk of hanging its head.

There is no essential difference between organ trafficking and human trafficking. People are regarded as goods and clearly priced.

People are not objects. Any part of our body is priceless and precious. Once you accept the price set by the outside world, you will become a commodity to be slaughtered, and no one will be responsible for your health or even your life.

In this illegal transaction, you are not even Party B, you are just a commodity from Party B with empty gloves.

Some people may say, "if there is no way out, no one will choose to sell their kidneys."

In this regard, the director wants to say: you have the health that others can’t ask for, and this is the greatest wealth that fate has given you. The shepherd would rather lose the wool than the sheep. Even if there are thousands of helplessness in life, there is always a road that will be smooth.

The purpose of the director’s writing this article is to hope that everyone can pay attention to and care for their health. Life is only once, and health is hard to come by. There is nothing worth exchanging your body for.

Of course, we can strive for the life we want by our own strength, but before that, we must learn: self-love.

Don’t ruin your health for a moment’s desire.

END

Cover picture: Dribbble 丨 Yoga Perdana

Text picture: Giphy.com; Network; If there is any infringement, please contact to delete.

Editor-in-Chief: I love apples.

Original articles are welcome to reprint.

Original title: "What happened to the high school student who sold his kidney to buy an iphone? 》

Read the original text

How does the tourism industry meet the "big exam" during the "May 1" holiday

  Guangming Daily reporter Lu Yuanzhen Guangming Daily correspondent Sun Zhipu

  During the May Day holiday, spring blossoms and everything grows, and people’s enthusiasm for traveling is rekindled. The fiery degree of the "May 1" tourism market is obvious to all. The peak of ticket booking for high-speed rail, air tickets, hotels and popular scenic spots has already arrived in advance. Tickets, scenic spots and hotel bookings for some popular destinations have increased several times or even ten times compared with the same period in 2019.

  This May Day holiday is also a test for the tourism industry. What are the new features and highlights of the May 1 tourism market? In the face of the hot market, is the tourism industry ready?

  Tourists are relaxing in Shantang Street, Suzhou, Jiangsu. Xinhua news agency

  Tourism demand blowout booking boom comes ahead of schedule

  On the eve of May Day, many popular tourist cities and scenic spots have been flooded with people. On the first night when Wang Jiaqi, a tourist from Shanghai, came to Xi ‘an, he rushed to the city that never sleeps in Datang. In the brightly lit night, young men and women dressed in ancient costumes in the crowd make people "cross" back to the prosperous Tang Dynasty in a trance. The poems hanging under the trees have extraordinary artistic conception, and the dense box of the prosperous Tang Dynasty is surrounded by tourists. "Thought ‘ May Day ’ Coming forward can be staggered with the tide of tourists. I didn’t expect the grand occasion of the holiday to appear in advance. " Wang Jiaqi said.

  "Grab it! Grab it! " Ms. Li, who made a good travel strategy early, stayed in front of her mobile phone and finally bought a pre-sale high-speed rail ticket from Beijing to Changsha on April 28. On the Qunar.com platform, as of 16: 00 on April 14th, Beijing — Changsha, Beijing — Wuhan and Shanghai — High-speed rail tickets for many popular routes such as Guangzhou have been sold out.

  Tourism is recovering strongly. People who have been dormant for three years after the epidemic have sorted out their feelings and set out again to explore "poetry and distance". This year’s "May Day", people’s enthusiasm for traveling is high, and the tourism market is recovering strongly. According to industry insiders, this year’s "May 1" holiday will be more popular than in 2019.

  Where do the May Day tourists go? Judging from the data released by some platforms, the overall tourism registration in Shanghai, Beijing, Nanjing, Chengdu, Xi ‘an, Hangzhou, Chongqing, Wuhan, Guangzhou and Changsha is relatively hot, and the number of "May 1" bookings in many places has surpassed the same period in 2019. Ctrip’s "May 1" holiday travel preview found that as of April 6, domestic travel orders have tied in 2019; Orders for "May 1" long-distance travel accounted for more than 60%, and long-distance travel orders increased by 811% year-on-year. The "May 1" travel consumption forecast data released by Tongcheng Travel shows that the order volume of long-distance travel destinations such as Yunnan, Hainan, Sichuan and Xinjiang has increased by more than 15 times from the previous month.

  Recently, the "fire out of the circle" barbecue in Zibo has made the surrounding hotels and homestays nervous. "Business has been very good since the Spring Festival, ‘ May Day ’ The rooms during the period have already been fully booked, and 17 rooms are all full. " Zhou Shuo, the landlord of the homestay in Zibo, Shandong Province, is tired and happy. The data shows that the booking volume of Zibo B&B during the "May 1st" period this year has increased by 12 times compared with the same period in 2019.

  "If you haven’t made a travel plan yet, you don’t have to go out. Tickets and hotels for many scenic spots in Suzhou, Hangzhou and Nanjing are basically difficult to book. Tourist vehicles are also extremely tight. Today’s tourist buses are all transferred from other places. " Xie Yun, head of a travel agency in Hangzhou, told reporters.

  The demand for tourism is blowout, and besides vehicles and hotels, there are also tour guides. Recently, a news that "the 69-year-old tour guide has returned to the rivers and lakes to exert his residual heat" has exploded the circle of friends of tourism practitioners. Xie Yun said that their company’s tour guide schedule is full, and many tour guides who left their posts before have returned, but the market is still scarce.

  Liu Min, a professor at the School of Tourism of Beijing Union University, told reporters that the backlog of tourism consumption demand during the epidemic is now being released. Since the beginning of this year, the tourism market has continued to release positive signals. Even during non-holiday periods, many scenic spots still welcome a large number of tourists. During the May Day holiday, consumers’ travel demand is stronger, so it will further release their consumption potential, which is of great significance to boost the confidence of the whole tourism market and the development of tourism enterprises.

  Tourists experience the "Fountain" game in Taohuayuan Scenic Spot in Changde, Hunan. Xinhua news agency

  Emerging groups join the tourism industry "let a hundred flowers blossom"

  "I just want to find a beach to lie down and relax." Li Yu, who works in Beijing, booked a homestay in Rizhao, Shandong in the past two days. He has been busy for many days, and he is going to "reward" himself with a comfortable holiday. In this season suitable for seaside holidays, some originally small coastal cities collectively "exploded". According to the data of Tujia B&B, the number of B&B bookings in 10 cities during the "May 1 ST" period increased by more than 4 times compared with the same period in 2019, including Weihai, Rizhao, Fuzhou, Taizhou, Shantou, Quanzhou and other coastal cities, among which the number of B&B bookings in Weihai surged by 14.6 times.

  Xiao He, a college student in Shanghai, recently studied the travel strategy of Beijing, and made a plan of "Special Forces Tourism": he arrived in Beijing in the early morning, went to Tiananmen Square to watch the flag-raising in the early morning, and visited the Forbidden City, Nanluoguxiang, Shichahai, Drum Tower, Yonghe Palace, Yuanmingyuan and Summer Palace &hellip all the way; … For this kind of March-style travel, he loves sports and is full of expectations.

  Nowadays, people’s travel modes are more diversified, showing different needs and preferences, and tourists pay more and more attention to quality, experience and innovation.

  Theme parks and homestays are the favorites of parents and children tourists, while Shanghai Disneyland, Beijing Universal Resort and Guangzhou Chimelong Wildlife World are the most popular among parents and children tourists. Go to Moganshan outdoor adventure base to challenge yourself, go to wuzhizhou to experience water projects, go hiking, camping and mountaineering in famous mountains and rivers … … It’s a good time for hiking, and the suitable temperature makes these outdoor games return to the public’s field of vision.

  The data shows that the number of tourists received by Huangshan in the first quarter is four times that of the same period of last year. As of March 28th, the number of tourists received by Mount Tai has been equivalent to the total number of tourists received in 2022. Recently, the search heat of mountain scenic spots increased by 193% week-on-week.

  The popularity of traditional tourist cities has not diminished, and emerging destinations have risen rapidly. Young tourists combine travel with exhibitions, e-sports and museum tours to make a more personalized travel plan. Music Festival, Art Festival, Flower Show, Barbecue … … Driven by fireworks, some cities have quickly become popular tourist destinations. On May 1st, Tianjin Binhai New Area will hold a symphony performance in Jiabao Riverside Park. There will be an aerial performance of 800 drones over Haihe River, and the laser projection show of Haihe River will also feast the eyes of tourists.

  "The parallel of positive accumulation and reverse tourism is a major feature. The market is now on ‘ May Day ’ There are full expectations for the peak of tourism, which leads to two reactions. One is to punch in popular destinations and scenic spots, thus forming a trend of more people, and the other is that some tourists plan their trips in reverse to find unpopular and niche scenic spots and activities. " Jin Zhun, Secretary-General of Tourism Research Center of China Academy of Social Sciences, said that many hot spots will be formed during the May Day period, such as famous mountains and rivers, holiday resorts, rural tourism and urban micro-holidays.

  At the same time, Jin Zhun pointed out that before and after the May 1 ST, the travel needs of students, the elderly and farmers broke out, which brought new needs to the original travel structure, as well as new ways and new hotspots. Since the beginning of this year, a series of phenomenal social hotspots, such as "Special Forces Tourism" and "Zibo Barbecue", have been related to new groups joining the tourism army.

  Visitors watch the musical fountain performance in the North Square of Big Wild Goose Pagoda in Xi ‘an, Shaanxi. Xinhua news agency

  How to protect the rights and interests of tourists when the market chaos "rises"

  Recently, a wave of "the landlord’s breach of contract" rushed to the hot search, which caused a hot discussion on the whole network. "The homestay booked in advance was told by the landlord that it was impossible to stay and needed to be cancelled. The reason was actually bankruptcy, but I saw the same room openly appearing on other platforms and hanging a higher price." A netizen expressed anger at the dishonest behavior of the merchant. This is not an isolated phenomenon. Recently, more and more netizens reported that they had received the information that the landlord of the hotel requested to cancel the order during the May Day holiday for various reasons. The real reason for "breaking the contract" is that I found myself underestimating the popularity of "May Day", feeling that the previous pricing was low, and I wanted to re-set a high price to make a big profit.

  Many experts said that this kind of behavior not only violates the spirit of the contract, brings inconvenience to consumers, but also damages the reputation of the entire hotel industry, which is a short-sighted behavior of "fishing with exhaustion". "The landlord of the B&B hotel did not establish the concept of long-term operation and did not assume the responsibility of the business entity, which affected his long-term reputation and disrupted the market order." Jin Zhun said.

  Faced with the fiery market, people need to think calmly. In terms of price, it is a market law for hotels, restaurants and scenic spots to have reasonable price increases. However, it is illegal to sit on the ground, break the contract without authorization and deceive consumers. This requires the intervention of regulatory forces to protect the legitimate rights and interests of tourism consumers.

  At present, many places, including Changsha, Dali and Quanzhou, have put forward special requirements for the price order during the May 1 ST period, demanding that the price should be clearly marked, not to deceive consumers, not to deceive at a low price, to settle at a high price, not to sell goods at a higher price than the marked price, and not to charge any unspecified fees.

  In the face of the upcoming peak passenger flow, how should the scenic spot improve its service and reception capacity and calmly deal with it? How to bring a safer and more comfortable travel experience to tourists? This tests the ability of tourism practitioners and the wisdom of market managers.

  Liu Min believes that in recent years, consumers’ requirements for the quality of tourism products have been continuously improved, and scenic spots should aim at consumers’ needs, provide rich and characteristic tourism products and create high-quality services. The security system and service facilities of scenic spots should be improved accordingly, and relevant departments should strengthen the implementation of responsibilities to ensure the safety of tourists and scenic spots, pay attention to passenger flow and personnel guidance, avoid trampling, and strengthen security and fire safety. At the same time, strengthen the publicity of travel safety education related knowledge, so that consumers can strengthen their awareness of safety and rights protection.

  Jin Zhun believes that in the face of the peak passenger flow, related industries need to pay close attention to several issues. First, establish a solid and powerful comprehensive support network and a thorough and systematic inter-departmental comprehensive guarantee mechanism; Second, do everything possible to improve the carrying capacity of traffic and scenic spots, improve efficiency and expand capacity, and ensure smooth circulation; The third is to grasp the safety bottom line, predict the possible risk points in advance, set up a preventive mechanism from the bottom line thinking, and guard against major safety problems; The fourth is to straighten out the market order, implement the tourism credit system, crack down on illegal activities, and control "unreasonable low-cost tours."

  In terms of market supervision, we should make full use of new information and technical means, establish a transparent credit mechanism and improve the market by relying on market means. It is necessary to strengthen price management, fully stimulate the enterprise’s awareness of a century-old shop, promote it to be long-term, brand-name and win-win, and encourage it to participate in the governance of market order.

  In addition, guiding people to travel at the wrong peak is also an important aspect to alleviate the pressure of passenger flow. At present, many people have chosen niche destinations, and Wanning in Hainan, Xichang in Sichuan, Xiapu in Fujian and Liuzhou in Guangxi have become the "dark horses" that have attracted much attention. Many college students and elderly tourists have ended their spring outing on the eve of May Day and set foot on their return journey, giving the May Day holiday to busy "office workers".

  According to the data of the Ministry of Culture and Tourism, in the first quarter of this year, the total number of domestic tourists was 1.216 billion, an increase of 386 million over the same period of the previous year and a year-on-year increase of 46.5%.

  In the first quarter, domestic tourism revenue (total tourism expenditure) was 1.30 trillion yuan, an increase of 0.53 trillion yuan or 69.5% over the previous year.

  According to the data released by the Ministry of Commerce, in the first quarter, the online sales of tourism products and scenic spots in China increased by 115.8%.

    (Lu Yuanzhen finishing)

The third Digital China Construction Summit concluded, with a total investment of 331.6 billion for 426 contracted projects.

Digital China Construction Achievements Exhibition Site

Digital China Construction Achievements Exhibition Site

  Cctv news(Reporter Li Wenxue, wanglili, Yuan Yuqian) On the morning of October 14th, the closing ceremony of the third Digital China Construction Summit was held in Fuzhou Strait International Convention and Exhibition Center, Fujian.

  With the theme of "innovation drives digital transformation and intelligence leads high-quality development", this summit held the opening ceremony, main forum, sub-forum, achievement exhibition, innovation contest, application scenario release and other activities, and achieved a series of fruitful results.

  The summit invited more than 500 guests from relevant ministries and commissions, provinces (cities, districts) and the two academies to attend the opening ceremony and the main forum, and 239 guests delivered speeches to share the latest plans for digital empowerment of high-quality development and wisdom to promote governance modernization.

  The National Development and Reform Commission announced 100 application scenarios of the digital economy, and launched the second batch of partnership actions for digital transformation. National Health Commission released 50 typical cases of Internet+medical health, and established the "Fuzhou Digital Economy Academician Expert Committee" during the "Academician Summit" activity to interpret the "2020 Digital Government Development Index Report" compiled by Tsinghua University Data Governance Research Center.

  The Digital China Construction Achievements Exhibition covers an exhibition area of 56,000 square meters, with 257 companies participating in the exhibition. A number of the latest cutting-edge achievements have been exhibited, and the first exhibition rate of new technologies and products has exceeded 50%. The "Summit on the Cloud" platform has more than one million online visitors in three days.

  The 2020 Digital China Innovation Competition has expanded from one track last year to eight tracks, and the number of contestants has increased from 8,915 to 26,000, covering enterprises, universities, scientific research institutions, technical teams, social developers, teenagers and other groups, further expanding the brand influence of summits and innovation competitions.

  According to preliminary statistics, this summit signed a total of 426 digital economy projects with a total investment of 331.6 billion yuan, covering frontier fields such as artificial intelligence, 5G, industrial Internet and blockchain, which will strongly promote digital industrialization and industrial digitalization, and the platform effect and spillover effect of the summit will be more prominent.

"HarmonyOS Hotel" is on fire! Yu Chengdong came to punch in, the dishes were rich, and the car could be tested by the way.

Recently, the service center of HarmonyOS Zhixing became a hit among car owners, and everyone jokingly called it "HarmonyOS Hotel". The reason is very simple-not only can the car be maintained here, but also the food is served, and the dishes are surprisingly rich.

Let’s say that the menu in the user center of Shenzhen Baoan Hongyou Automobile Park is not the same every day this week. On Monday, there are stir-fried beef and braised pork with edamame, accompanied by melon and soybean bone soup; On Tuesday, it was replaced by steamed chicken with cordyceps and boiled shrimp, and the soup was kelp and soybean keel soup; On Friday, Sichuan-style spicy chicken, steamed pork ribs with pumpkin appeared, and big bone soup with Chinese caterpillar fungus was used to relieve boredom. In addition to hot dishes, there are seasonal vegetables, snacks and fruits every day. Lunch is served from 12 o’clock to 1: 30, and the owner comes to do maintenance, just in time to have a meal.

Not only Shenzhen, but also Inner Mongolia’s user center is more distinctive. Yu Chengdong went there two days ago to eat supper, and sent a message that Weibo said was "very distinctive". Look at the menu he dried, from steamed dumplings in Hohhot and Mongolian yogurt to scrambled eggs with shallots, all of which are local flavors. Even dinner is arranged from 19:30 to 21:30, and the dishes are not heavy every day, such as preserved duck with black pepper with tremella soup on Wednesday and braised pork with plum vegetables with Mongolian yogurt on Sunday.

Of course, the "HarmonyOS Hotel" is not just about rice. Recently, more than 600 user centers across the country have launched free summer vehicle inspection, and more than 200 of them also support the "starry night service". When owners come home from work, they can not only check their cars, but also have a warm meal, and then go home with confidence. Not only can you repair cars and check them, but you can also charge and wash cars for free, and have a cup of coffee while waiting for the bus. The experience is much more comfortable than the traditional 4S shop.

Some car owners joked: "I paid more than 400,000′ membership fees’ in the’ HarmonyOS Hotel’ and sent a car. I can go to branches all over the country at will, and it doesn’t cost money to eat." Although this statement is exaggerated, it shows everyone’s satisfaction-turning the service center into a place that integrates car repair, maintenance and eating, which really makes car owners feel intimate. This model, which is not limited to selling cars and repairing cars, not only shortens the distance, but also makes more people willing to recommend it to people around them.

Theme: Huashan PK, Yida Yunshan Lake vs Country Garden Eco-city.

I want to buy a three-bedroom apartment. It seems that Huashan has been chosen. What I like is that the environment here is good and the price is relatively cheap. Personally, I am more interested in the comfort of living ~ ~ ~ ~ It doesn’t matter. Anyway, there are cars. Although there are not many buildings in Huashan at present, there are only four, but they are all big-name developers. Vanke has also come. It should not be unreasonable for them to choose this place. As far as I know, Huashan will be in the future.

I have also seen several properties here. Vanke’s words are mainly large-sized houses with a floor area of over 120 square meters, and it is said that the price is over 10,000, so it is basically passed. Huashan County is a high-rise building with two ladders and four households, which has no special features. At the end of September, I also went to see the next Yida, and learned that there are two small high-rise buildings with one staircase, which is quite rare! The latest issue of Country Garden also has one staircase and two households. This kind of house is transparent from north to south, and the pool will be relatively small, which I quite like. Therefore, I should choose between Yida and Country Garden for these four dishes. Today, I will come to PK to check these two dishes and compare them. If you don’t like them, don’t spray them ~ ~ ~ You are welcome to help supplement them!

Let’s talk about the two disks as a whole:

1、Yida Yunshan Lake

Yida is the developer of Wuhan Software New Town. I have studied it. This developer is from Dalian. It is not well-known in Wuhan, but it is quite famous in the industrial park. Optics Valley Software Park is also involved in the development.

Software new town overall sand table:


Yida Yunshan Lake:

Yunshan Lake is equivalent to the residential project of Software New Town, and the planning isSmall high-rise buildings are divided into 11 floors and 15 floors, with two households on the 11 th floor and three households on the 15 th floor.This is quite rare. At present, few real estates will have such houses.

The latest building to be promoted by Yida is Building No.1-Building No.6, all of which are connected from north to south with one staircase and two households. The main types of apartments are 90㎡, 105㎡, 115㎡ and 125㎡.


Basic information:

2、Country garden eco-city

Country Garden Eco-city is the first real estate in Huashan. It started construction in 2011, starting with the villas sold by the lake, and then the high-rise buildings. Recently, the fourth phase of the left bank will be launched, which is expected to open in November.

The whole community is large in scale and has a good environment, especially in the villa area:


Phase IV Left Bank:

There are small high-rise buildings and high-rise buildings on the left bank. The small high-rise buildings have 13 floors, one staircase and two households, and the north and south are transparent. The high-rise buildings have two staircases and four households. The difference is that this side is finely decorated.

Basic information:

To sum up:

Zhang Yimou’s first behind-the-scenes poster of "Shadow" was unveiled.

1905 movie network news A documentary film that reveals the whole shooting process of Zhang Yimou’s works: "Zhang Yimou and His Shadow" today exposed a group of behind-the-scenes "shadow" posters, and a group of "shadows" living behind "Shadow" dedicated their efforts in their respective posts. This documentary, which reveals the whole shooting process of Zhang Yimou’s Shadow, records their ingenious stories as behind-the-scenes filmmakers, condenses the countless efforts of ordinary heroes, and truly takes care of every silent creator of light and shadow behind the screen.

In the documentary "Zhang Yimou and His Shadow", we can see that the whole film of "Shadow" is almost a rainy scene, so the on-site special effects artists have become the top priority. As long as there is location shooting, they need their cooperation, and the rain scene is the most difficult part of shooting. Because of the backlight, the rain will be uneven in the lens, and Zhang Tao sometimes has to debug for a long time for a lens. Photographer Chen Zhoufei bluntly said: "I have never experienced a play that is rainy." However, in addition to the rain, we have to face the challenges of extreme shooting conditions such as air, underwater and bamboo forests. These tests of details are also the standards for measuring works.

As Zhao Xiaoding, the director of photography in the documentary, said, "If you want to do this thing, you must do it well." Ku Huen Chiu, the martial arts designer of Shadow, said frankly that in order to present the best effect, the action shots for a few seconds would not hesitate to be scrutinized over and over again. There are dozens of dead actors in the film. At the filming site, the director temporarily decided to shoot close-ups of several dead people. For a few seconds of close-ups, they shot again and again in the rain for several hours. Fan Yupeng and Li Zhuoyang, who played the dead in the film, talked about their roles and said, "It’s not enough to shoot. You can still shoot after kneeling there for another three hours. When you know that you are doing something, everyone is watching you and everyone is expecting you, you just want to do a little more. A little more, I can be better."

In the documentary, Huang Hai, the poster designer of Shadow, once said: "I like the stills of Shadow best, and I feel that this movie is in front of me at the moment I see it." Such amazing stills are actually the most real and moving moments recorded by stillist Bai Xiaoyan when shooting on the set. From "Shake, Shake and Go to Waipo Bridge", Bai Xiaoyan has been working with director Zhang Yimou for 20 years, and her normal working hours will be three or four in the morning every day; Behind the scenes, Master Zhang Jihu, the crew chef on standby outside the crew, recalled that he had been working in the crew for 17 years and devoted himself to the crew for half his life. Ren Maocheng, the deputy director of Shadow, bluntly said, "But I still feel that if I can, I hope I can keep doing it."

There are too many behind-the-scenes craftsmen in the crew, such as Zhou Wei, the group leader of props, said, "We must do what we promised others", which is also the insistence of every filmmaker. It is they who uphold the high standards of film Excellence that led to the film Shadow. Director Zhang Yimou also said: "People like to watch the brilliant bloom, but there must be a long and unknown preparation behind it. Even during the preparation process, you may not know which direction will have light. "

The documentary "Zhang Yimou and His Shadow" will land on the big screen on October 5, 2018 to meet the audience, explore the persistence and glory of the people behind the film, and illuminate the ingenious filmmakers who regard this career as their lifelong ideal.


How does China’s cultural soft power affect the world in 2016?

  [Introduction] American scholar Joseph Nye put forward the concept of "soft power", and the attraction of culture is an important part of it. Let’s take stock of 2016 and see how the "soft power" of China’s culture is constantly affecting the world.

  The Supreme Leader’s Talk on Governing the Country is popular all over the world.

  During the G20 Hangzhou Summit in 2016, what foreign journalists are most concerned about in the news center is whether they can get the book "The Supreme Leader’s Talks on Governing the Country". Shortly after the official opening of the news center on September 1, the "Supreme Leader’s Talk on Governing the Country" prepared by the organizer was taken into the airspace. China’s wisdom conveyed in the book deeply attracted Chinese and foreign journalists who came to interview.

  Since its publication, The Supreme Leader’s Talk on Governing the Country has received sustained attention from the international community and aroused enthusiastic response. By the end of October, 2016, the book had been distributed over 6.2 million copies, including over 600,000 overseas copies, which achieved the highest overseas circulation record of Chinese political books in recent years, and also created the sales record of China’s book list varieties on Amazon.com in the United States.

  Cao Wenxuan won the International Andersen Award, and China literature made the world sit up and take notice.

  In April 2016, Cao Wenxuan won the "International Andersen Award", the highest honor in the field of international children’s literature, and achieved a zero breakthrough for China writers in this award. After winning the prize, Cao Wenxuan has always stressed on different occasions: "I am not a genius, but the overall level of China literature is constantly rising, providing a good platform for the world to see me."

  Since the Nobel Prize in Literature was awarded to Mo Yan, a China writer for the first time in 2012, international literary awards have paid more and more attention to the development and breakthrough of China literature. Liu Cixin’s "Three-body" won the Hugo Award and was well received by overseas readers. Even US President Barack Obama brought a copy when he was on vacation in Hawaii.

  Third, the translation project of China’s contemporary works has caused a whirlwind in the western publishing industry

  In 2016, the translation project of China’s contemporary works organized and implemented by Publicity Department of the Communist Party of China achieved remarkable results. A large number of literary translations with profound thoughts, exquisite art and excellent production are striding out with the sincerity of the Chinese nation.

  The writer Mai Jia has caused a "wheat whirlwind" in the western publishing industry. After his novel Decryption was published in western countries, it caused a great sensation and set a record for English translation and sales of contemporary literary works in China. "Decryption" not only won the market, but also won the praise of mainstream western media. More than 30 overseas mainstream media, such as The Wall Street Journal in The New York Times and BBC, reported on Mai Jia and his novel creation and gave high praise. Mai Jia said, "How we are infatuated with them today, they will be infatuated with us tomorrow. China’s works ‘ Go out ’ We must fight a protracted war with optimism. "

  Four innovationsclassicThe overseas tour of traditional Chinese opera fascinates foreign audiences.

  What kind of Peking Opera movie can make Japanese audiences crazy? Following the overseas premiere of the 3D panoramic Beijing Opera film Farewell My Concubine at Dolby Theatre in Hollywood, USA, Farewell My Concubine, which won the "Lumiere Award", was shown for several days in the China Art Film Week of Tokyo Film Festival. Japanese audiences are full of praise for China’s bold attempt to display the classic Peking Opera art with 3D film technology. Over the past year, the overseas tour of Peking Opera film Farewell My Concubine in the United States, France, Britain and other countries has made Peking Opera go further into the world.

  In December 2016, I, Hamlet, which was arranged by Zhang Jun Kunqu Art Center, was invited by many overseas performance organizations to come to Shakespeare’s hometown to perform Hamlet, which is the most familiar to British people, with China’s iconic traditional opera form Kunqu. Zhang Jun not only adapted Shakespeare’s famous works with ancient Chinese words and the rigorous qupai meter of Kunqu opera, but also challenged the four professions of "life, beauty and ugliness" by himself, giving the ancient Kunqu opera fresh vitality and conquering the London audience.

  Fifth, China’s online novels lead European and American "otaku" crazy "chasing more"

  This matter, many people did not expect. That is, China’s online literature has successfully gone abroad and landed in the secondary position in Europe and America, and its influence is beyond many people’s imagination. On the websites such as Wuxiaworld and Gravity Tales, which mainly translate China’s contemporary online literature, many foreign readers can see the grand occasion of "chasing after" Xian Xia, fantasy, romance and other novels.

  Many foreign translation groups upload countless English texts every day, while European and American "otaku" seriously write long comments on books they like/hate.

  The online novel "Panlong" is over, and western readers are waiting in line below to thank for the translation.

  China has a long history of culture, and there are countless ancient books left behind, among which many precious ancient books have been exiled overseas for various reasons. The publication project of the Catalogue of Overseas Chinese Ancient Books initiated by Zhonghua Book Company has been listed as one of the five major points in the work of sorting out and publishing ancient books in the 13th Five-Year Plan, which will awaken more and more Chinese ancient books sleeping in foreign libraries, and more and more precious Chinese ancient books scattered around the world will be re-published in various forms, and the family background of Chinese ancient books will become clearer and clearer.

  In 2016, this project has received positive responses from libraries in North America. At present, 13 overseas book collection institutions have joined the project of Overseas Chinese Ancient Books Catalogue. Why should we make every effort to compile a complete Catalogue of Overseas Chinese Ancient Books? Because if you want to know the influence of China’s ancient books and Chinese traditional culture on overseas, just look at it.

  When Tang Xianzu met Shakespeare, the binary stars of Chinese and Western cultures shone.

  Four hundred years ago, two bright superstars fell in the human starry sky. They belong to the East and the West, but they are immortal giants in the history of literature. Through centuries, people still enjoy their spiritual creation in theaters and books. On December 6, 2016, Chinese and British experts and scholars gathered in Shanghai for the "Dialogue across Time and Space — — Sino-British seminar to commemorate the 400th anniversary of the death of Tang Xianzu Shakespeare. Tang Xianzu’s meeting with Shakespeare indicates the broad prospect of China’s traditional culture going to the world.

  In 2016, in order to commemorate the 400th anniversary of Tang Xianzu’s death, Shanghai Kunqu Opera Troupe rehearsed Tang Xianzu’s masterpiece Peony Pavilion, Purple Hairpin Story, Handan Dream and Nanke Story, which constituted a complete version of Linchuan Four Dreams. The series has held 42 performances at home and abroad, and it is hard to get a ticket everywhere.

  Eight Jackie Chan hit a sky, and the Oscar lifetime achievement award went to Chinese.

  On November 12, 2016, Jackie Chan won the Oscar Lifetime Achievement Award, and he was also the first Chinese to win this honor.

  Jackie Chan spread China’s action movies around the world, and was the first actor to combine kung fu and comedy perfectly. More importantly, Jackie Chan opened a new perspective for foreigners to see a different China and a different Chinese. As Jackie Chan himself said, "The time when no one listened to Chinese is over!"

  For the China audience, the childhood without Jackie Chan’s movies is certainly incomplete.

  Nine China movies take advantage of the wind to go out to sea.

  For many years, going abroad has been the goal of China film industry. However, the piecemeal state makes China’s films have little influence overseas. Now China filmmakers finally realize that unity is power. Going out to sea in groups has become a common choice for everyone.

  On November 30, 2016, the Film Bureau of the State Administration of Press, Publication, Radio, Film and Television held a symposium on overseas work of "China Movies Showing All over the World" to discuss how to further promote the overseas influence of China films under the new situation.

  More than 30 first-line film production companies, including Chinese Culture Holding Group, Chinese Film, Wanda Film, Enlight Film, Huayi Film and LeTV Film, actively organized groups. At the end of the year, the film "The Great Wall" was released, which was the first step out of the international packaging of China films.

  Ten documentaries "Challenges Facing China" won the 68th Emmy Award in Los Angeles.

  On December 16th, 2016, the launching ceremony of the third season of the documentary "Challenges Facing China" was held in Beijing.

  The Challenge Facing China is a series of feature films produced by the Foreign Language Channel of Shanghai Radio and Television Station, which is hosted by robert lawrance kuhn, an internationally renowned expert on China. It is the first documentary on social reality in China to observe, study and analyze the current situation in China from the perspective of westerners. The first season of the film was broadcast in 2012, and since then, it has landed in many overseas mainstream media such as the United States, Germany and Australia. In the United States alone, its first and second seasons were broadcast on 210 public television stations. As of July 2016, there were more than 4,000 episodes, and the coverage rate in the top ten cities in the United States climbed from 70% in the first quarter to 96% in the second quarter.

  "China has become the second largest economy in the world. The documentary we filmed is to tell the world a real China. " Kuhn said. The interview and filming of the program lasted more than one year, with a total journey of more than 40,000 kilometers. The program is simple, vivid and eloquent, explaining to the international community what is the "Chinese dream", how to realize it, what is the biggest challenge to realize it, and what it means to the world.

  At present, this documentary has been recognized by a large number of audiences at home and abroad, and is known as "opening up the public opinion field between China and the West". It not only won many domestic awards, but also won the 68th Emmy Award in Los Angeles this year.

  * This article is the exclusive manuscript of Wenhui. Unauthorized reproduction is strictly prohibited. | The picture comes from the network.

COP27 Gains and Losses: The "loss and damage" fund was established for the first time, and the commitment to eliminate fossil fuels fell through.

Intern reporter Wang Shihan

In the early morning of November 20th, local time, the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (hereinafter referred to as COP27) was officially closed in Sharm el-Sheikh, Egypt.

After two weeks of climate negotiations, diplomats from nearly 200 countries and regions reached a final draft agreement. Agreeing to set up a "Loss and Damage" fund is a breakthrough resolution of the draft and the most significant progress of the COP27 conference. The relevant provisions were approved at the subsequent plenary meeting.

This oneThe fund will provide funds for fragile countries to make up for their losses caused by climate disasters. Specifically, it includes irreversible economic costs (such as life, food, land, etc.) and non-economic costs (such as culture, sovereignty, human rights, biodiversity, etc.) caused by extreme weather events such as hurricanes, heat waves, droughts, and long-term climate disasters such as sea level rise and glacier melting.

This COP27 conference is "loss and damage"Be included in the official agenda for the first time.. This topic focuses on whether the rich countries responsible for historical emissions should make climate compensation to the fragile countries and how to implement the compensation.

At last year’s COP26 conference, the Group of 77 and China proposed to establish a "loss and damage financing mechanism", but it was rejected by developed countries. One year later, the establishment of the "Loss and Damage" Fund marked a key breakthrough in the pressure exerted by developing countries and small island countries on developed countries over the years.

However, because many important details have not been finalized, it will take some time for the "loss and damage" fund to come out. According to CNN’s report, there are still some issues to be clarified, including determining when the terms will be finalized and put into operation, and how to determine and expand the sources of funds. The latter is particularly tricky, that is, it is necessary to determine which countries should contribute to the "loss and damage" fund.

Decisions on these issues will be postponed until next year.

Official website, the United Nations Framework Convention on Climate Change (hereinafter referred to as UNFCCC), shows that governments have agreed to set up a "transition committee", which will make corresponding suggestions at the COP28 conference to be held next year. The first meeting of the "Transition Committee" is expected to be held before the end of March 2023.

In addition, the COP27 Conference also launched a plan led by the Group of Seven (G7) called "Global Shield Financing Facility", which will provide funds for countries suffering from climate disasters. Led by Germany, the G7 will provide 105.6 million US dollars (about 750 million yuan). Pakistan, Ghana and Bangladesh will be the first recipients of funds.

At the same time, the final draft resolution of COP27 is also criticized. Little progress has been made on many issues of great concern, especially the failure to make a commitment to "gradually reduce the use of all fossil fuels" in the final resolution, which has disappointed the proponents’ expectations.

During the congress, India took the lead in making suggestions, hoping to expand the scope of reducing the use of fossil fuels from coal to all fossil fuels, including oil and natural gas. This proposal was supported by the European Union, the United States, Britain and other economies, but it was not adopted by the final resolution of the General Assembly.

The provisions on fossil fuels in the resolution still continue the contents of COP26, that is, gradually reduce coal use and gradually cancel inefficient fossil fuel subsidies.

In personal social media, Ani Desgupta, president of the World Resources Institute, commented that the result was "disappointing". "The provisions of the COP27 agreement on curbing emissions have basically copied and pasted the contents of the Glasgow Summit (COP26) last year, without any new major measures." He said.

Although a few countries expressed their opposition, COP27 still adhered to the temperature control target of 1.5 C. The Group of Twenty (G20) also reiterated its support for the temperature control target of 1.5°C at the G20 Summit held in Indonesia recently.

It should be pointed out that this goal faces severe challenges. An analysis released by UNFCCC in October showed that only 24 of the 193 countries that agreed to strengthen climate action at COP26 submitted new climate plans; If greenhouse gas emissions are not greatly reduced, the earth will warm up by an average of 2.1 to 2.9°C by the end of this century.

United Nations Environment Programme (UNEP)It is also warned in a report that the continuation of existing emission reduction commitments will lead to a global warming of 2.8 C; To achieve the temperature control target of 1.5℃, greenhouse gas emissions need to be reduced by 45% compared with those under the current policy before 2030. Therefore, COP27′ s emission reduction commitment that has not been updated has caused widespread concern.

Ursula von der Ursula von der Leyen, president of the European Commission, told the Guardian that "Cop27 has maintained the temperature control target of 1.5 C.. Unfortunately, it has not fulfilled the commitments of the world’s major emitters to gradually reduce fossil fuels, nor has it fulfilled its new commitments to slow down climate change. "

During the COP27 conference, China also made new progress in climate cooperation and emission reduction. On November 19th, local time, China’s special envoy for climate change, Xie Zhenhua, said in a special press conference of the China delegation that after the leaders of China and the United States met at the G20 Summit, according to the requirements of the leaders of the two countries, the special envoys for climate issues of China and the United States had formally negotiated in Sharm el-Sheikh how to cooperate to promote the success of COP27.

"The climate consultation between China and the United States is very constructive." Xie Zhenhua said, "We agreed to continue formal consultations and even face-to-face consultations after this conference."

On the afternoon of November 14th, China countries.Chairman XiJin Ping and US President Joe Biden met at the G20 Summit and mentioned that the global response to climate change cannot be separated from the coordination and cooperation between China and the United States. Earlier, China and the United States suspended climate change talks for several months.

As early as November 9, local time, Xie Zhenhua said that he had started informal talks and exchanged letters with John Kerry, the US President’s special envoy for climate.

On the same day, Xie Zhenhua also revealed the latest progress in methane emission reduction in China. Methane is the second largest greenhouse gas after carbon dioxide. He said that China has compiled a national strategic plan to strictly control and reduce methane emissions, mainly including three important areas: energy and natural gas, agriculture and garbage disposal; And initially determined the emission reduction targets.

Reporting/feedback

At the sacrifice of the anti-drug hero, the daughter made a wish that "the world is drug-free"

  May 10th.

  It’s Cai Xiaodong’s 39th birthday,

  It was also his first birthday after his death.

  Recently,

  Cai Xiaodong’s wife and daughter.

  Came to the border where he died to celebrate his birthday.

  This is a 9-year-old girl and her mother

  A journey that I miss day and night.

  Mother and daughter specially made a birthday cake.

  It is painted with

  Pictures taken from Cai Xiaodong’s photos before his death:

  A dashing policeman in a blue uniform

  And a stone tablet that says "Initial Mission".

  May the world be drug-free,

  The words on the cake are very eye-catching.

  This is my daughter’s greatest wish.

  In the memory of my 9-year-old daughter,

  Dad’s birthday has never been at home,

  Every year,

  The family is looking forward to his coming home.

  But even if cakes and meals are ready,

  Cai Xiaodong is always.

  I stood up because of various temporary tasks.

  Cai Xiaodong’s work photos when he seized drugs before his death.

  One day,

  Daughter is puzzled and asked:

  "Dad, do you particularly hate birthdays?"

  "how can I,

  Dad dreams of spending his birthday with you,

  But I really can’t go back. "

  The day I answered my daughter’s question,

  Cai Xiaodong once sighed.

  "dad,

  I’ll cut the cake for you,

  This is also the first time I cut a cake for you. "

  Where dad died,

  The daughter picked up the cake knife,

  Carefully cut it on the cake,

  That year came to mind.

  The scene of dad celebrating her birthday,

  He just cut the cake with her little hand.

  Cai Xiaodong celebrated his daughter’s birthday.

  Cai Xiaodong

  (May 1983-December 4, 2021)

  Before his death, he was in Yunnan Entry-Exit Frontier Inspection Station.

  Vice captain of law enforcement investigation team of Xishuangbanna border management detachment.

  On December 4, 2021,

  In the process of arresting drug dealers in Cai Xiaodong,

  Fight to the death with a gun dealer and get seriously injured,

  After being rescued, he died heroically.

  The 38-year-old anti-drug hero in Yunnan announced that he had participated in anti-drug 358 times before his death.

  After Cai Xiaodong’s sacrifice,

  The People’s Government of Yunnan Province rated Comrade Cai Xiaodong as a martyr,

  Posthumously awarded "Excellent Communist party member of Yunnan Province"

  "Yunling model" and other titles,

  Yunnan Provincial Committee of the Communist Youth League and Yunnan Youth Federation

  Posthumously awarded the "Yunnan Youth May 4th Medal".

  "Happy birthday, Dad,

  Don’t worry,

  I will take good care of my mother, brother, grandfather and grandmother.

  Dad, I miss you … "

  Daughter fell on the ground,

  Write a letter to dad seriously.

  Martyrs are eternal, and their spirit will last forever.

  "Yes, there is no poison in the world!"

  Comprehensive from: Zhongxin Video, Xinhua News Agency

Source: China News Agency

Talk about the differences, advantages and disadvantages of ETF, ETF linked fund and LOF.

ETF, ETF Linked Fund and LOF are all innovative fund products and good investment tools, which are worthy of our attention.

Here, I will first introduce the concepts of these three fund products in detail, and then talk about their differences, advantages and disadvantages. I’d better give some investment advice.

Author: Return Index Investment

Source: Snowball

ETF, the full name of which is Exchange Traded Fund, is a revolutionary and innovative investment product. Since it was born in North America in 1990s, it has developed rapidly around the world and has become the most popular fund product in the global capital market.

The following figure shows some common ETFs:

Simply put, ETF is an indexed investment tool, and it is convenient to buy and sell a basket of securities in the index tracked by ETF by buying and selling ETF, so ETF is essentially an index fund.

Moreover, investors can buy and sell ETFs at the latest market price in the stock exchange (secondary market) like buying and selling stocks, and they can also purchase or redeem ETF shares from fund companies (primary market). However, the redemption of ETFs must be in kind, not in cash.

The so-called physical redemption means that a basket of shares must be exchanged for ETF shares from the fund company when purchasing ETF, and a basket of shares must be exchanged for ETF shares from the fund company when redeeming.

There are three core features of ETF: index fund, trading fund and physical redemption. Specifically, we will talk about the following:

(1) Index funds

The index fund is different from other funds in that it tracks the underlying index, that is to say, the index fund tracks an index, which contains those constituent stocks, and the index fund invests in these stocks.

The emergence of index funds originated from the idea of indexed investment. In 1952, Markowitz put forward a diversified investment concept and advocated portfolio investment, which greatly promoted the prosperity of mutual funds in the United States at that time.

At that time, the fund was still managed by fund managers, and the strategy of active investment was adopted. However, the performance of mutual funds was not good, and time told investors that it was almost impossible to try to beat the market through active investment. With the effective market hypothesis deeply rooted in people’s hearts, people began to accept passive investment strategy and tried to find an investment product close to the index to get market income as much as possible. As a result, index futures, index participation shares, Toronto index participating units and other index products have emerged, and index funds also belong to the product of this concept.

ETF is essentially a special index fund, which has a series of characteristics of index funds.

Investing in ETF is equivalent to investing in the stock index tracked by ETF, expecting to obtain the same risk-return performance as the tracked stock index.

Of course, ETF also has a series of advantages of index funds, such as diversification of investment risks, passive investment, convenient investment and low fund management fee rate.

(2) Trading funds

ETF is listed and traded on the stock exchange. During the trading hours, it can be bought and sold freely at the market price like stocks, which ensures the high liquidity of ETF.

Unlike ordinary index funds, which publish their net value once every trading day, ETFs publish their fund share reference net value (IOPV) every 15 seconds during trading hours. IOPV can be regarded as the real-time approximate net value of ETFs, which is convenient for investors to effectively judge whether the latest market transaction price of ETFs deviates from its intrinsic value.

When the market transaction price of ETF deviates from its IOPV to a certain extent, arbitrage opportunities will arise. The greater the deviation, the greater the arbitrage space, which will attract more funds to arbitrage and bring the market transaction price of ETF back to IOPV.

From the actual situation of A stock market, the difference between the market price of general ETF and IOPV is very small, basically within 0.2%.

(3) physical redemption

For ordinary index funds, when investors purchase from the fund company, they purchase from the fund company in cash. After receiving the cash from investors, the fund company will buy a basket of index stocks in the secondary market and register new fund shares for investors. The situation is similar at the time of redemption. The fund company needs to sell a basket of index stocks in the secondary market and then pay the cash to investors.

The way of cash redemption will lead to a larger error between the performance of index funds and the tracked index, and the greater the market fluctuation, the greater the error. In addition, the process of buying and selling stocks will also increase additional handling fees.

For ETF, when investors purchase ETF shares from fund companies, they must use a basket of stocks corresponding to ETF to exchange ETF shares with fund companies instead of cash. Correspondingly, when investors redeem ETF shares from fund companies, they get a basket of stocks instead of cash.

In other words, the redemption of ETF is a barter transaction, while the redemption of ordinary index funds is a currency-based transaction.

The physical redemption mechanism is a major feature of ETF, which makes the fund company save the link of buying stocks in cash and selling stocks in response to redemption, which greatly reduces the error of ETF in tracking the return performance of the target index, and also reduces the transaction cost loss of fund assets in the process of buying and selling.

General index funds can generally track the return performance of the target index to 95%, while ETF pursues 100% consistency with the return performance of the target index.

ETF Linked Fund, in layman’s terms, is a fund of funds, because it invests in ETFs. For example, Bosera SSE 50ETF Linked Fund is a fund that invests most of its assets in Bosera SSE 50ETF (at least 90% of the total assets).

ETF linked funds belong to OTC funds, that is, they indirectly invest in ETFs on the market through OTC channels.

LOF, whose Chinese name is listed open-end fund, is a kind of open-end fund, but it is a little different from open-end fund. The difference is that LOF can be traded on the exchange and can be purchased and redeemed off-site. It is an open-end fund that organically links the OTC market and the OTC market through the transfer custody mechanism.

LOF has both active management and passive tracking of stock indexes. The main difference between index LOF and ETF is that LOF is not a physical redemption, but a cash redemption.

ETF-linked funds can only be purchased and redeemed in the primary market, and support fixed investment (ETF does not support fixed investment, but fixed investment is only an investment strategy that can be implemented manually). The purchase channel of ETF-linked funds is securities companies, while the purchase channels of ETF-linked funds are third-party sales channels, banks and fund companies.

Similarities: both are dual trading mechanisms, which can be traded in the secondary market and redeemed outside the market.

Difference:

(1) The redemption mechanism is different.

ETF uses a basket of stocks to purchase and redeem, which belongs to barter, while LOF uses cash to complete the redemption operation.

(2) the transaction efficiency is different

ETFs can realize T+0 trading, that is, ETFs purchased on the same day can be sold on the secondary market on the same day, and ETFs bought on the secondary market can be redeemed on the primary market on the same day. The LOF bought on the same day can usually be redeemed on T+1 day and sold on T+2 day, and the transaction speed and the efficiency of capital use will be greatly reduced.

(3) The participation threshold is different

The minimum requirement for ETF to have a share in the application for redemption is generally 300,000 shares, while the LOF threshold is low, and investors are mostly retail investors.

If you want to invest in ETF, ETF-linked fund and LOF index funds, I can also give you some suggestions on investment:

Commonly used valuation indicators are: PE (P/E ratio), PB (P/B ratio), PS (P/E ratio), PEG (P/E ratio relative to profit growth ratio) and NAV (net asset value).

In addition, there are two considerations about the use of valuation data:

First, the historical valuation of an index has reference value only after it has experienced at least two bull and bear markets;

Second, investing in different industries requires different valuation indicators, and it is necessary to analyze specific issues.

PE quantile = current valuation ranking/total historical valuation, which represents the historical ranking of the valuation of securities such as indexes or stocks at the current time.

The following figure shows the ranking of the indexes after ranking according to the PE quantile from large to small today, in which the low-carbon PE quantile in the mainland is 97.9%, indicating that the valuation level at that time is higher than the historical level of 97.9%.

Generally speaking, it can be said that the PE quantile is more than 70%, which is called high valuation, and the PE quantile is less than 30%, which is called low valuation, and the PE quantile is between 30% and 70%, which is called moderate valuation. When we buy a fund, we have to buy undervalued and sell overvalued, so that we can make a profit.

General indicators include turnover rate, on-site turnover, etc. In addition, ETF with market makers has higher liquidity, because the large amount of buying and selling orders hanged by market makers can meet the trading needs of investors in time.

One is the deviation of the price of the fund in the secondary market from the net value of the fund. If the transaction price in the secondary market is lower than the net value of the fund, it is called a discount, and if it is higher, it is called a premium.

Generally speaking, buy at a discount and sell at a premium.

In addition, the discount rate is an important indicator to judge the performance of the fund market. The higher the absolute value of the discount rate, the weaker the liquidity of the ETF is implied.

Tracking error refers to the difference between the return rate of index fund and the return rate of the underlying index. The investment goal of ETF is to closely track the underlying index, so the tracking error is also an important factor to measure the quality of an ETF.

Generally speaking, the management rate of ETF is 0.5%, and the custody rate is 0.1%. The management rate of active funds is 1.5%, and the management rate of graded index funds is 1%.

Although there seems to be little difference in rates, even a slight difference in fees will cause a huge long-term income difference after considering the compound interest effect.

Therefore, in the case of the rate, it can be saved. Under other conditions, the ETF with lower rate is preferred.

Although ETF is a passively managed fund, the research management ability of fund managers and their companies is not as close as that of active funds, the management ability and scale of fund companies are still closely related to the tracking error, operating cost and liquidity of ETF.

Generally speaking, large-scale and diverse fund companies have more credibility and experience in the market.

However, the bigger the fund, the better. Generally, when its scale reaches more than 200 million, the impact of this part of the fund performance will be minimal.

Sharp’s ratio is equal to the ratio of ETF’s excess return to its standard deviation of return, which means that the excess return that ETF can generate for each additional unit of total risk is a measure of ETF’s risk premium ability.

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