Less CO2 through power plants EUEmissions trading paying off

Status: 06/17/2021 3:36 p.m.

The European emissions trading system had an impact last year. According to figures from the Federal Environment Agency, CO2 emissions in Germany’s power plants have fallen sharply. It looks different with industry.

From Martin Polansky, ARD capital studio

The German power plants emitted 15 percent less CO2 last year than in 2019. Coal power plants in particular were shut down. The energy sector and industry in this country have reduced their CO2 emissions by 33 percent since 2013. This is shown by current figures presented by the Federal Environment Agency (UBA).

According to the head of the German Emissions Trading Authority at UBA, Jürgen Landgrebe, European emissions trading has proven its worth. “The greenhouse gas emissions of the plants in Germany have fallen significantly.” Since 2018, the EU has decided to significantly strengthen its ambitions in European emissions trading. “And as a result, the markets reacted immediately,” said Landgrebe.

Significant price increases since 2018

Emissions trading is seen as a market-based instrument to reduce CO2 emissions. The system has existed since 2005. It ensures that around 1,800 power plants and industrial companies in Germany require emission certificates in order to be allowed to emit CO2.

The certificates are traded. The number of these decreases annually, which means that their price increases gradually. As a result, CO2 emissions are also becoming more and more expensive. While the certificate price was quite low for a long time, it has increased significantly since 2018 – to more than 50 euros per ton of CO2.

Gas-fired power plants and renewable energy systems have benefited from this, said the head of the emissions trading office. Last year, more than 45 percent of the gross electricity consumption in Germany was covered by renewable energies. “The aim is for us to price fossil fuels heavily so that renewable energies also become competitive more quickly,” said Landgrebe.

Weak effects in industry

Many market observers assume that emissions trading could lead to the shutdown of coal-fired power plants in this country much earlier than 2038. This end date was agreed a good two years ago in the so-called coal compromise between industry, environmental associations and trade unions. The federal government had largely adopted the compromise in the coal exit law. In industry, however, the effect of emissions trading has so far been less pronounced. Emissions have only fallen by around eight percent since 2013 – also due to the corona pandemic. In many cases there is a lack of marketable alternatives, for example for chemical plants or the steel industry. The latter is to switch from coke to hydrogen in the long term.

Help for retrofitting

The head of the German Emissions Trading Authority advocated increasing the pressure on industry. Fewer CO2 certificates should soon be issued. In addition, public aid is available for retrofitting. Landgrebe referred to the European innovation fund, which will provide approximately 20 billion euros for corresponding investments.

“The national decarbonisation fund is also providing around two billion euros to strongly promote such technologies and bring them to market readiness,” said Landgrebe.

Special taxes on industrial imports?

The steel industry and other sectors fear that European companies could suffer competitive disadvantages if the pressure to switch becomes too strong. The argument goes that climate protection does not benefit from steel coming more from India or China in the future.

In the European Union there are therefore considerations to impose special taxes on industrial imports from regions of the world with low climate standards in order to protect domestic industry. The EU Commission wants to present plans in July on how emissions trading can be used even more. On the one hand, consideration is being given to lowering the CO2 cap more quickly in order to meet the more ambitious European climate targets. On the other hand, certificate trading could be expanded to the areas of transport and buildings.

Surcharge at the gas station

In Germany, there has been a national CO2 pricing for fuel, heating oil and natural gas since the beginning of the year. However, this system is currently not based on a fixed CO2 cap, which is gradually being lowered, but on a price surcharge, for example at the petrol station – in the hope that people will use less fuel.

Similar to the issue of phasing out coal, European emissions trading could in the long run make the special national regulations superfluous in this country – if it proves to be the more efficient and market-compliant system for reducing CO2 emissions

Economic Observer Network reporter Zhou Yifan How high can the “energy” of Dongpeng Special Drink help the company’s stock price soar?

On June 15th, Dongpeng Beverage (605499.SH) opened a single-digit daily limit, and this is also the 13th single-digit daily limit that the stock has gone out as of today. As the new shares that landed on the main board of the Shanghai Stock Exchange on May 27, based on the current daily limit price of 209.10 yuan per share, the one-time sign that is 1,000 shareholders Peng Beverage can earn close to 160,000 yuan. If Dongpeng Beverage continues to maintain its daily limit in the next two trading days, the company’s market value will exceed 100 billion yuan, and the first-sign profit will reach 206,700 yuan.

According to data from Oriental Wealth Choice, currently, the most profitable IPO company in the A-share market is Kanghua Biotech (300841.SZ) on the GEM, which can earn up to 243,700 yuan per sign. Calculated at the closing price of the day, Dongpeng Beverage’s profit temporarily ranks No. 5. If it hits 200,000 earnings, it will become the second most profitable new stock in the history of A-shares, and it will also be the largest profitable new stock in the coming year this year.

The prospectus shows that the main business of Dongpeng Beverage is the research and development, production and sales of beverages. The main products include Dongpeng Special Drink, Yugan Lemon Tea, Chenpi Special Drink, and packaged drinking water, among which Dongpeng Special Drink is the company’s leading product. As one of the pioneers of energy drinks, Dongpeng Beverages is committed to promoting the development of energy drinks. After years of hard work, it has shaped the “Dongpeng Special Drinks” and other brands that consumers are familiar with. Currently, the company ranks second in the domestic energy drink market share.

According to Euromonitor’s calculations, the sales of energy drinks in my country will increase from 23.493 billion yuan in 2014 to 44.778 billion yuan in 2020, with a compound annual growth rate of 11.35%. It ranks second in the soft drink industry sub-track. The proportion of total beverage sales in my country has reached 7.8%. It is estimated that in 2025, the total sales and per capita sales of my country’s energy drink market will reach 65.485 billion yuan and 46.3 yuan, an increase of 46.24% and 44.69% over 2020.

However, Dongpeng Beverage stated in the prospectus that my country’s energy drink industry has a relatively high degree of marketization. After years of development, well-known brands such as Red Bull, Dongpeng Special Drink, Lehu, Fitness Energy, and War Horse have been formed. The rapid development of China has attracted many participants. In recent years, some well-known companies have launched new energy drink products, such as Goo Ran under Uni-President, XS under Amway, Huan Xing Yuan under Yili, etc. The competition is fierce.

“The functional beverage industry has strong stickiness and first-mover advantages. Consumer demand for functional attributes reduces the uncertainty of consumption. The current market competition pattern is showing a “one super, many strong” situation. Through the analysis of the competitive environment, we He believes that Dongpeng is currently in a relatively good competitive environment, relying on its own capabilities to achieve rapid expansion.” Tianfeng Securities analyst Liu Chang said.

In fact, behind Dongpeng Beverage’s widespread attention by investors, one of the reasons that supports its rising stock price may have something to do with the company’s performance exceeding expectations.

Public data shows that from 2018 to 2020, Dongpeng Beverage’s operating income was 3.938 billion yuan, 4.209 billion yuan and 4.959 billion yuan, and the net profit attributable to the parent was 216 million yuan, 571 million yuan and 812 million yuan, respectively. In the first quarter of this year, the company achieved operating income of 1.711 billion yuan, a year-on-year increase of 83.37%; realized a net profit of 342 million yuan attributable to the parent, a year-on-year increase of 122.52%; realized a net profit of 337 million yuan deducted from the parent, a year-on-year increase of 108.25%.

Kaiyuan Securities also pointed out in the research report that the long-term growth space of the energy drink track is worth looking forward to. At the same time, Dongpeng Beverage, as the second largest energy drink brand in the country, has outstanding competitiveness in the mid-market. In recent years, the company has focused on developing the gap outside the province. The market has strong growth momentum and broad room for nationalization. It is estimated that the net profit attributable to the parent in 2021-2023 is 11.27, 14.90, and 1.905 billion yuan, corresponding to 2.82, 3.73, and 4.76 yuan per share for 2021-2023, a year-on-year increase of 38.8%, 32.2%, and 27.8%. The current price corresponds to 55.8, 42.2, and 33.0 Times P/E ratio.

Liu Chang pointed out that the focus of Dongpeng Beverage’s IPO raised funds is on the national production capacity layout and channel network construction, demonstrating the company’s strategy and determination to expand nationally. The company’s future growth comes from volume on the one hand, and price on the other. With the continuous improvement of its brand tonality, the company’s scene, crowd and category are expected to open up room for growth.

Talking about future performance, Dongpeng Beverage stated in the prospectus that as of the end of 2020, the company’s contract liabilities (advanced accounts) reached 950 million yuan, a significant increase from 265 million yuan in 2019. The company predicts that in the first half of 2021, revenue will be between 3.25 billion and 3.65 billion, and net profit will be between 570 million and 720 million, both with double-digit growth year-on-year.

Zoom application icon. (Photo: AFP / VNA) The wave of selling technology shares continues to hit companies with cloud services most, as investors withdraw their capital from these companies. share the strongest increase in the last year. While index Dow Jones is close to record levels, the index of companies providing cloud services is at its lowest level in six months. Stock price of WisdomTree Cloud Computing Fund, a fund that tracks the index of cloud services companies, includes 56 shares, down 2.4%, the seventh day of decrease in the past eight days (as of 10 / 5). Technology stocks began to sell out in February and sold out faster in the past few weeks. The main cause of the market’s diversion is concern about the possibility of an interest rate rise as this will normally negatively impact high-growth firms, combined with the attractiveness of stocks that are often beneficial. so when inflation is as high as finance, goods and industry. Compared to a year ago, the index of cloud services companies fell 15%, while the Dow Jones Index rose 14% and the Nasdaq Composite Index rose 4%. In the last year, a sharp increase in the cloud service provider’s index thanks to an unexpectedly fast transition to remote work, forcing businesses to use products that enable employees to coordinate. remote and access to data stored in data centers. From Zoom for video chat and Twilio to text exchanges to CrowdStrike and Zscaler’s security tools, large businesses have had to buy new technologies for widespread use. Global X analyst Pedro Palandrani, who manages venture funds, says 2020 is a phenomenal year for companies providing cloud services by working remotely. He said it would be a mistake to reopen the economy to stop everyone from using computing solutions. cloud Twilio said last week that the first quarter of 2021 revenue increased 62%, exceeding the forecast of analysts. ServiceNow also outperformed the forecast with a 30% increase in revenue. Zoom had three consecutive quarters of growth of over 300% and an estimated increase of over 175% in the first quarter.

From the time I was born until now, I have had less pigmentation in the area near my ear, jaw bone. However, at first, the birthmark is quite small, but as it grows and reaches adulthood, the birthmark has become a large patch here. Because of my inferiority, I often have to have my hair cover the side of that area. Currently, I want to be removed but don’t know if there is any cure? Please share! Pigmentation is a disorder of pigmentation on the skin that does not affect the health but has a great effect on the aesthetics. Reply: Pigmentation is a disorder of pigmentation on the skin that does not affect the health but has a great effect on the aesthetics. There are many common birthmarks such as Ota birthmarks, Ito birthmarks … However, the most common and most common birthmarks are Ota birthmarks. Butterflies are characterized by brown, black, or green spots of different sizes and areas. Less is present in all areas of the body, but mainly on the face, maybe one or two sides. In addition, less pigmentation is congenital and initially only small dark spots but it develops as the patient matures. Even so, you don’t have to worry too much. In cases of hypopigmentation, the doctor will prescribe laser treatment with a medical standard treatment regimen to get the best results. There are practically no shortage of cases of definitive treatment to reduce pigmentation, return the face with smooth, glowing skin. wish you happy and healthy!

Although the first anniversary of the unprecedented negative oil price “black swan” event has passed, its impact on the market has not disappeared.

Brokers China reporter noted that in recent times, many banks have adjusted their precious metal businesses one after another. For example, if they have raised investor risk tolerance limits, they have also gradually shut down and suspended their precious metal businesses.

Some senior executives close to major banks revealed to the brokerage China reporter that in the current international environment, banks’ initiatives are mostly voluntarily shrinking in response to regulatory requirements, aiming to take precautions. The reporter also learned from some large state-owned banks and joint-stock banks that current banks are putting “preventing business risks” to the forefront, and business adjustments are also out of consideration for risks and hedging responsibilities.

Zhou Maohua, an analyst at the Financial Markets Department of Everbright Bank, told reporters that the current adjustment of precious metals business has limited overall impact on domestic investors. First, domestic banks have not completely closed such business windows. Second, the domestic futures market has developed very rapidly and the market depth has increased significantly. .

Tightening of precious metals business

In fact, since March, a number of banks have announced their tightening plans for precious metals business. If there are restrictions on raising the risk tolerance of investors, there are also measures such as gradual shutdown and suspension of precious metals business.

“Considering the high risk in the precious metals market, ICBC will further restrict its account-based precious metals business in the future. For customers who have account-based precious metal holding balances, it is recommended that you choose the opportunity to reduce your holdings to prevent and control your own risks.” ICBC pointed out in a recent announcement.

ICBC The official website announced on April 20 that in order to comply with the changes in the market situation, the bank will adjust the account precious metal business rules and trading system on May 23 this year, including but not limited to: raising the account precious metal product risk level to level 5 (R5), and the requirements of customer risk tolerance assessment results are adjusted to an aggressive type (C5); the account precious metal business functions are gradually closed for customers who meet certain conditions without positions.

April 9th, China Merchants Bank According to the announcement, the risk level of the two-way paper gold and silver and real paper gold and silver business has been adjusted from the original “R3 medium risk” to “R5 high risk”. Existing customers whose risk assessment results are lower than “A5 (aggressive)” cannot conduct two-way New opening transactions for paper gold and silver and new purchase transactions for real paper gold and silver. At the same time, adjustments were made to the starting point of a single transaction for related businesses.

March 30, Shanghai Pudong Development Bank The announcement stated that the account-based precious metal business will be suspended from opening trading on April 6, and the implementation of the stock precious metal fixed investment plan will be suspended. In addition, at the end of this month, the bank will collectively terminate contracts for customers who have no positions in account precious metals business and precious metals fixed investment business. Not long ago, Shanghai Pudong Development Bank also announced that it had adjusted its personal precious metal business as an agent of the Shanghai Gold Exchange, and it had tightened its position limit and contract margin ratio.

March 11, Industrial Bank The announcement also shows that the account precious metals system will stop newly opened positions starting on the 6th of this month; positions that have not been closed after September 30 will be closed by the bank.

In the announcements of the above-mentioned banks, the “prevention of business risks” has been moved to the forefront.

However, some banks stood still. A grassroots person from a major bank in East China told a brokerage China reporter that his grassroots institution has not yet received the notice of adjustment of precious metals-related businesses, but from a risk perspective, it is mainly related to the fluctuation of international gold. The employee bluntly said: “Our grassroots The bank’s business adjustment signs are not obvious, and no specific notice has been received.”

Market risk is in dynamic change, aiming to take precautions

Some senior executives close to major banks revealed to the brokerage China reporter that under the current international market environment, the bank’s initiatives are also actively shrinking in response to regulatory requirements, aiming to take precautions.

“In fact, we just think this thing is too risky and we don’t want customers to do it, but we can’t stop it directly, so we raised the risk level and suggested that they don’t move it.” The person spoke bluntly to reporters.

Why did you choose to tighten adjustments at this time? Many people in the industry said that this is actually the performance of financial institutions to guard against market volatility risks.

Zhou Maohua, an analyst at the Financial Markets Department of Everbright Bank, pointed out to reporters that since April, the overall trend of overseas markets has been “abnormal”, and the recent global epidemic has experienced repeated trends, national policies have diverged, differences in U.S. inflation expectations have been difficult to bridge, and geopolitics have emerged one after another. It indicates that the volatility of precious metals in the external market may increase, and financial institutions will tighten their account precious metal investment business and reduce their exposure to precious metal investment risks.

Some market analysts also told reporters that banks are now following up and making adjustments to avoid risks, mainly out of consideration of risks and responsibilities for hedging. In addition, the epidemic has improved, the U.S. economy has begun to recover, U.S. bond yields have risen, the Fed’s interest rate hike expectations have increased, and the U.S. dollar index has increased, which has caused a certain impact on the price of gold. To prevent it from causing losses in a fluctuating economic environment”.

Specifically, the bank’s move is to implement the appropriate management obligations of financial institutions. “Market risk is undergoing dynamic changes, and the volatility of foreign-market futures businesses is often greater. Financial institutions adjust risk ratings based on actual conditions to ensure that investors’ risk appetite and tolerance are more matched.” Zhou Maohua mentioned that the bank’s move would also help. In order to reduce some potential investment disputes in the future, and maintain its own market reputation.

Zhou Maohua further analyzed that, from some cases, banks may face risks in external disk business in several aspects: first, market risk, market risk of external disk volatility, especially commodity futures business, which is relatively more volatile; second, regulatory and reputation risk , “To attract customers” may also cause some banks to effectively perform investor suitability management obligations, and this may cause investor disputes, resulting in damage to the institutional market reputation; the third is the stability of the information system and the operational risks of traders.

The first anniversary of the negative oil price “black swan” event

Last year, the May contract price of US crude oil futures fell into a “negative value” event, which is also one year old. Judging from the intuition of industry insiders, there have been obvious changes in both the regulatory authorities’ strengthening of the protection of investors’ legal rights and the vigilance of institutions.

“The’Black Swan’ incident is very scary. As a bank, I have never encountered such a situation before.” A senior practitioner from a major industry told reporters frankly that once such a situation is encountered, whether it is personal economic or social impact At the level, banks have to bear a lot of responsibilities, “so be more careful now, and the related risks are tightly guarded.” Zhou Maohua also said that in recent months, banks have successively tightened related external disk businesses, which itself shows that institutions have significantly increased their vigilance against potential risks of similar businesses.

Some analysts said that in the short term, it will be relatively difficult to reopen new accounts for precious metals customers, and some banks will also shrink their personal account transactions.

Both investors and banks have suffered certain losses. “There is still much room for improvement in the experience and ability of Chinese banks to participate in international futures transactions. The professional quality training of relevant personnel and the design of related products by banks are in urgent need of improvement.” A senior bank practitioner told the brokerage China reporter. At the same time, the “oil treasure” incident should also be alert to domestic investor education.

From a literal perspective, “investor education” refers to the dissemination of investment knowledge and experience to individual investors by institutions, departments, etc., but investor education is also a process of investors’ self-learning, exploration, and improvement, as well as the mentality of individual investors. The process of maturing experience and ideas, but the basic requirement of institutions with relevant advantages is to perform investor suitability management obligations. Zhou Maohua predicts that before the precious metals market becomes clear, institutions will continue to be cautious about the business in the short term, and the major banks have a demonstration effect. It is not ruled out that some banks will follow up in the future, but it does not mean that institutions will completely shut down such businesses. business.

“The overall impact on domestic investors is limited. On the one hand, domestic banks have not completely closed such business windows; on the other hand, the domestic futures market has developed very rapidly. The depth is significantly enhanced.” Zhou Maohua said bluntly.

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Illustration. Recently, human resources for e-commerce and especially high-quality human resources are always a big problem hindering the development of e-commerce in the country. The Vietnam E-commerce Index 2021 report published by the Electronic Commerce Association (VECOM) on the morning of April 20 said that by 2020, the proportion of enterprises with full-time employees in e-commerce decreased significantly with previous years. According to VECOM, partly due to the great impact of the pandemic (Covid-19) and financial pressures, staff cuts and multiple roles were deployed by companies to maintain operations during difficult times. towel. Proportion of enterprises with full-time employees in e-commerce over the years. Specifically, in terms of enterprise size, the group of small and medium enterprises (SMEs) has only half the proportion of employees dedicated to e-commerce as compared to large enterprises. Arts – entertainment – entertainment and information – communication are the two fields with the highest percentage of employees specializing in e-commerce, accounting for 45% and 42% of the total number of participating enterprises, respectively. close in the same business field. Followed by the fields of finance – banking – insurance (38%) and professional activities – science – technology (31%). According to VECOM, in the past 3 years, the trend of enterprises having difficulty in recruiting skilled workers in e-commerce and information technology has increased. Therefore, promoting the training of human resources for this sector both in the formal and informal form are major issues that need to be addressed in the coming period. Employees in charge of e-commerce are classified by business fields The skills of website administration and e-commerce trading floors are still the skills that businesses are most interested in in recent years, 46% of businesses say they have difficulty in recruiting skilled workers. . START “SUPER APP RACING” Also according to the Vietnam E-commerce Index 2021, the proportion of enterprises with a mobile version website has not changed much compared to the previous years, it can be seen that most businesses no longer choose to build. build a separate website for the mobile version, instead it is a solution to build a new website with technology that automatically adjusts the interface to be compatible with different platforms such as computers, tablets, mobile phones … . Unlike the mobile version website, building applications on mobile platforms of the business requires a higher level than a normal website, instead want consumers to download and install and use regularly. The application requires to provide a variety of solutions, products and services suitable to many different needs of customers. Percentage of businesses developing sales applications on mobile platforms over the years. Notably, the year 2020 also appears the concept of super app, also means “super app”, referring to the role and advantages of apps providing an ecosystem for mobile consumers. According to a survey by VECOM, the proportion of enterprises with a sales application on mobile devices in 2020 will increase slightly compared to the previous year. The report also said that Android has always been the top platform for businesses to prioritize when building sales applications on mobile devices. In 2020, 75% of enterprises said that they would prioritize building applications on Android platforms (an increase of 5% compared to 2019), followed by iOS (48%) and Windows (37%). Most enterprises said that the average time spent by customers when accessing e-commerce website mobile version / sales application is very low. “It is time for businesses to change to further enhance consumer value from their mobile apps and websites,” the VECOM report emphasized.

Google Earth desktop and mobile time lapse is now available worldwide. PHOTO: GOOGLE. Google Earth users can see the dreadful impact climate change has had over the past four decades. Google’s latest feature, Timelapse, is an eye-opening engineering marvel that provides visual evidence of how Earth has changed due to climate change and human behavior. This tool takes a static image of the platform and transforms it into a dynamic 4D experience, allowing users to click through the timeline highlighting melted ice caps, receding glaciers, massive urban growth, and the impact of forest fires on agriculture. Google says it took two million processing hours on thousands of machines in Google Cloud to compile 24 million satellite photos, 800 videos captured and recorded between 1984 and 2020 on Timelapse. The company has worked with NASA, the US Geological Survey’s Landsat program, the European Union’s Copernicus program and Sentinel satellites, and the Carnegie Mellon University CREATE Laboratory, to help develop the technology. Satellite images taken of Dubai in 2002 and 2020. Source: GOOGLE. To explore Timelapse in Google Earth, a user can type any location into the search bar to see the location in motion, whether it’s a landmark or a neighborhood where they grew up. Google says it has removed elements such as clouds and shadows from images, and has calculated a single pixel for every location on Earth annually since 1984; put them together into one Timelapse video. Google Earth’s Timelapse tool shows the changing coastlines, the dramatic expansion of the cityscape and agricultural land, as well as the simultaneous degradation of glaciers, forests, and rivers. Through Timelapse one can see the coast of Cape Cod gradually shifting south, the development of agriculture in the middle of the desert in Al Jowf, Saudi Arabia and the development of Songdo beach, a beach. man-made in Busan, Korea. “Visual evidence can get to the core of a debate in a way that words cannot convey complex issues to people,” said Rebecca Moore, director of Google Earth. Google has also made guided tours through its Voyager storytelling platform, around some of the broader changes seen in the image. Satellite images show the Aral Sea in Kazakhstan in 1988 and 2006. Source: GOOGLE. Google said it hopes governments, researchers, journalists, teachers, and advocates will analyze their images, identity trends, and share their findings. “We invite everyone to use Timelapse and share it with others,” Ms. Moore said: “We invite everyone to use Timelapse and share it with others. Timelapse in Google Earth is a miniature to gauge the health and well-being of our single home and a tool that can educate and inspire action “. Climate change is causing frequent and more severe floods, droughts, storms and heat waves as global average temperatures rise to new record levels. Scientists have warned that an increase in global greenhouse gas emissions could lead to extreme weather conditions and higher risks from natural disasters. While the new tool can help raise awareness about our current climate crisis, a bigger challenge is translating that perception into action. Dr Jennifer Marlon, an environmental science researcher at the Yale Program on Climate Change Communications, said: “There is a large number of people who still believe that human activity cannot change the entire planet. . Those people probably won’t surf on Google Earth. But maybe their kids will watch at school and take them home telling their parents, “Mom and dad, look at this.” Google Earth’s time lapse is now available worldwide.

The Mars expedition can last at least 3 years. Brain structure effect The missions that bring humans to Mars are considered to be a major leap in space exploration. NASA has a goal of sending people to Mars by 2030. However, a trip to Mars is not the same as taking a flight to New York. Because space is an extremely harsh environment for human life, including the lack of gravity and harmful radiation, as well as isolation and lack of day or night. Missions to Mars will require more astronauts physically and mentally than man-made journeys in 60 years of space exploration. A flight to Mars and back will take about 14 months. Meanwhile, the actual exploration mission will last at least 3 years. Maintaining good cognition and effective teamwork are the prerequisites for the safe and successful outcomes of these tasks. However, a new study published in the journal Frontiers of Physiology found that the lack of gravity during such missions can have negative effects on cognitive skills, as well as emotions. of the astronauts. Since the first space missions, it is clear that exposure to a “microgravity” (weightless) environment leads to drastic changes in the human body. This includes changes in the cardiovascular, skeletal and nervous systems. On Earth, we discover gravity with the aid of our eyesight and various organs, including those in the inner ear. When our heads are upright, the hearing stones in the vestibular system are perfectly balanced by a viscous liquid. However, as we move the head, gravity causes the liquid to move with it. This activates signals to the brain that our heads have changed positions. In space, this process is no longer active. Space flight can even bring about adverse changes to the brain structure of astronauts. Changes in brain structure were observed in astronauts after they returned from the International Space Station (ISS). The scientists found that in these astronauts, the brain physically moves inside the skull and reduces the ability to connect between regions of the brain layer, the cortex and the inner regions. Emotional perception is extremely important to astronauts. Difficulty recognizing other people’s feelings The acumen and quick thinking of astronauts are essential elements in a space mission. So is the ability to accurately “read” each other’s emotional expressions. Because, they have to spend a lot of time sitting together in a small space. Therefore, it is recommended that space agencies consider training, as well as psychological support for astronauts before the flight, to minimize this risk. To date, how these changes affect behavior is not concretely understood. However, scientists are getting closer to the answer. Because, they realize, astronauts can be disoriented, disturbed perception, balance disorders and motion sickness. However, such findings are often made based on a small group of people. New NASA-backed research has explored the effect of microgravity on cognitive performance. However, 24 study participants were not sent to space. Instead, the scientists asked these people to lie in bed. This is because the effect of a certain type of bed rest is similar to that of microgravity. Therefore, scientists have repeatedly applied this method in research. When we are upright, the body and hearing stones in the vestibular system are in the same direction as gravity. Meanwhile, the moment of lying down, the body and hearing stones are perpendicular to each other. Therefore, study participants had to lie on their back at an angle of 6 degrees, their head lower than their body. They were asked not to change their position for almost two months. At the same time, the participants also routinely perform a series of cognitive missions designed for astronauts and related to space flight. As a result, it helps to evaluate their spatial orientation, memory, risk-taking behavior and understanding of their feelings about others. The results showed that the cognitive speed of these people slowed a bit but remained reliable in tasks related to sensory and motor skills. This seems to be consistent with reported changes in brain tissue density across “motor sensory regions”. These are the main motor and sensory regions of the brain, helping to process sensory input and movement, observed after a person has flown into space. Participants also had difficulty recognizing emotions when looking at people’s faces. Adjusting to changes in gravity takes time and effort. While performance on most cognitive tasks initially decreased, after about 60 days, the participants remained unchanged throughout the test. However, their ability to perceive emotions continued to deteriorate. In fact, the participants became inclined toward negative emotions. They are more likely to recognize another person’s expression as angry and have a hard time explaining how happy or normal the other person is.

Du Lihong, the special author of this journal / article

As the world’s largest alternative investment management company, Blackstone has three main sources of income: management fees, performance compensation, and return on principal investment. Among them, the proportion of management fee income in the total income (management fee income + performance return + net investment income) is relatively stable between 40%-50%. Affected by the epidemic from January to September 2020, performance returns will be reduced to negative Correspondingly, the proportion of management fee income in total revenue has increased significantly to more than 100%; in the past 5 years (2015-2019), Blackstone management fee income accounted for an average of 49% of total revenue.

Compared with management fee income, performance compensation is more sensitive to the fund’s own investment income. Since performance compensation is usually withdrawn when the fund’s return rate exceeds the threshold, even if the fund’s assets are still appreciating during the period, as long as its appreciation is reduced, the performance compensation of its management company may drop sharply, or even When the fund assets depreciate, the manager may face the risk of returning the performance rewards that have been withdrawn before. At this time, the performance rewards will be negative. In 2020, affected by the epidemic, Blackstone’s performance compensation in the first quarter fell to -3.274 billion U.S. dollars; with the rebound of the capital market valuation in the second and third quarters, the company’s performance compensation and principal investment income also rebounded, but the first three quarters The cumulative performance reward is still US$300 million; and during the financial crisis, Blackstone also experienced negative performance rewards (in 2008, Blackstone’s performance reward was -12.5 billion US dollars).

Conversely, when the appreciation of fund assets exceeds the threshold, Blackstone’s performance returns will increase exponentially. It can be seen that the performance returns of alternative investment management companies have high volatility characteristics. On average, in the past 5 years (2015-2019), Blackstone’s performance compensation accounted for an average of 45% of total revenue.

As for the principal investment income, for the alternative investment management company, the principal investment at the business level is mainly composed of two parts: one is the amount of capital contributed by the alternative investment management company as a GP (general partner) in the funds initiated and managed by the alternative investment management company. , This part of the capital contribution will be the same as the capital contribution of other LPs (limited partners), which can share the investment income of the fund in proportion and bear the investment loss of the fund; the second is that alternative investment management companies will incubate new business lines/product lines with their own Funds are used as seed capital investment in some new projects and external acquisitions of new teams. We collectively refer to them as “seed capital” business. In addition to the income contribution of the asset itself, this part of the investment will also increase as the business line/product line matures. It will leverage higher asset management leverage to lay the foundation for future expansion of asset management scale, higher management fees and performance rewards. In fact, for many alternative investment management companies, the management leverage of principal investment is of great significance. Far greater than the significance of its investment income.

Blackstone’s business-level principal investment in 2019 is approximately US$6.8 billion, and the resulting net investment income (realized and unrealized asset appreciation income + net interest income + dividend income) is only 530 million US dollars, which is only equivalent to the current year. 7.6% of the total income; but this part of the principal investment supported the scale of assets under management of US$570 billion, which contributed US$3.484 billion in management fee income and US$3.0 billion in performance returns that year; affected by the epidemic in 2020, investment assets will be slightly Depreciation, the cumulative investment income from January to September fell to -71 million U.S. dollars, but because investment income accounted for a relatively low proportion of the total income, short-term fluctuations had little effect on the company’s overall performance. More importantly, It lies in whether these seed capitals can leverage a higher proportion of the scale of assets under management in the long run. In the past 5 years (2015-2019), Blackstone’s principal investment income accounted for an average of 6% of total income.

In summary, for mature alternative investment management companies, the first two together account for more than 80% of the total income, while the principal investment income usually accounts for less than 20%. Among them, the contribution rate of the performance reward in the boom period can reach more than 50%, but the performance reward in the low period will be greatly reduced or even negative. Therefore, the management fee income maintains the basic operation of the company in the long run, and the performance reward determines the company The short-term performance volatility of the investment; as for the principal investment, the contribution of its investment income is less. The more important significance is to maintain the innovation power of the enterprise in the form of seed capital and promote the continuous growth of the scale of managed assets.

The principal investment of alternative investment management companies will amplify the management leverage, and the management leverage will amplify the risk of volatility while amplifying the return on income. That is, when the appreciation of fund assets slows down, the manager’s performance returns will also be greatly reduced. Even negative; however, because the incentive compensation part of the management team in operating costs will also change with performance fluctuations, the incentive compensation will also be greatly compressed in years when investment performance has fallen sharply, and may even be reduced to a negative value (ie , The part of the salary payable that has been confirmed and yet to be paid to the management team is reversed), so in the long run, the profit margin of alternative investment management companies is relatively stable.

Taking Blackstone as an example, Blackstone’s operating profit margins have always been high, ranging from 30% to 60%. Except for 2008, when performance returns were negative, Blackstone’s operating profit margins in all other years were within 30% to 60%. In the years with good performance, the operating profit margin can rise to more than 50%. In the years with poor performance, the operating profit margin can generally be maintained at more than 30%. In recent years, there has been an upward trend. This is largely due to Due to its ever-expanding scale of managed assets and huge single fund scale, the scale effect has effectively reduced the personnel costs and other operating expenses allocated on the unit’s managed assets.

In contrast, Carlyle’s refined product line has reduced the company’s overall operating profit margin to a certain extent. Unlike the giant funds deployed by Blackstone globally, Carlyle pursues a multi-fund strategy that subdivides product lines by region and industry. Correspondingly, the scale of its single fund is small, but its product lines are numerous and the total number of funds is large. This undoubtedly increases the company’s fund-raising costs and the cost of call payment, distribution, and reporting during the fund operation process, and also weakens the management team. The synergy between the two, its operating profit margin is usually between 20%-40%, which is lower than that of Blackstone. However, as Carlyle gradually withdrew from some under-performing business lines and product lines, and introduced an insurance sustainability platform through mergers and acquisitions, its operating profit margins have increased.

Compared with operating profit margins, for alternative investment management companies, a more meaningful indicator is the ratio of rigid expenditure to management fee income, which shows whether alternative investment management companies can continue to maintain profitability and maintain dividends in the trough. According to historical data, Carlyle’s rigid expenditure ratio has always been the highest among the five companies, with an average of about 80%. Among them, in addition to the cost of product line refinement, the follow-up incentive cost of M&A expansion also accounts for a considerable proportion. .

Compared with Carlyle, Apollo Asset Management’s rigid expenditure ratio has always been lower. The reason is mainly due to the construction of the perpetual capital platform. With the contributions of its insurance platforms Athene and Athora, perpetual capital has already accounted for To 60% of Apollo’s total assets under management, and contributed a relatively stable management fee income to it, saving fund-raising costs, and its large entrusted scale also reduced personnel costs, so that the company’s overall rigid expenditure accounted for a relatively high proportion. Low level.

As for Oaktree Capital, on the one hand, the non-performing asset disposal strategy in the post-financial crisis period has reduced investment opportunities and the pace of fundraising has slowed, resulting in a slowdown in the growth rate of management fee income; on the other hand, in order to maintain its stickiness to investors, the company has since 2011 Since the beginning of the year, the pace of launching new products has been accelerated, which has led to an increase in the proportion of rigid expenditures; as a result, from the listing in 2012 to the end of 2018, the company’s management fee income has basically maintained at the level of 700 million US dollars per year, but the cash remuneration of the business department The increase from US$330 million to US$400 million, and the general management fee from US$110 million to US$160 million, caused the company’s rigid expenditures to rise from 59% in 2012 to 71% in 2018.

In contrast, with the expansion of the scale of its assets under management, the ratio of rigid expenditure to management fee income has dropped from 70% during the financial crisis to about 50%, so that it can maintain positive cash flow and provide investors with relatively stable dividends. income.

In summary, the ratio of rigid expenditure to management fee income of large alternative investment management companies is usually between 50% and 80%. The refinement of product lines and subsequent incentive costs of mergers and acquisitions will increase the proportion of rigid expenditures to a certain extent. , And the growth of the scale of the perpetual capital platform can reduce the proportion of rigid expenditure to a certain extent; in addition, the difference in salary structure will also affect the proportion of rigid expenditure. Some companies have a slight proportion of basic salary in total compensation. High, in order to maintain the stability of employees, and some are based on incentive compensation to enhance the incentive effect; but in general, even in the downturn of the industry, the management fee income of large alternative investment management companies can basically cover their rigid expenditures. As a result, the company maintains a continuous positive cash flow. Correspondingly, even under the impact of the epidemic, several listed alternative investment management companies have maintained relatively stable dividend income.

As of the end of 2020, Blackstone’s dividend rate was 3.0%, the average dividend rate for the past 5 years was 6.1%, and the dividend yield rate for the past year was 3.3%; the lowest dividend rate was KKR, which had a dividend rate of only 1.3% as of the end of 2020 , The average dividend rate in the past 5 years is 3.7%, and the dividend yield in the past year is 1.8%; the highest dividend rate is Apollo, which has a dividend rate of 4.8% as of the end of 2020, and the average dividend rate in the past 5 years is 6.4 %, the dividend yield in the past year is 4.8%; while Carlyle’s dividend yield is similar to that of Blackstone. As of the end of 2020, the dividend rate is 3.4%. The average dividend rate in the past five years is 7.7%. The dividend yield in the past year The yield is 3.1%. In short, in the past five years, dividend income has contributed 20%-40% of the total shareholder return of large-scale alternative investment management companies listed in Europe and the United States.

(The author is a partner of Beta Strategy Studio, and the WeChat public account is Du Lihong Alternative Finance.)

The unemployment rate of working age in the first quarter of this year was 2.42%, the rate of young people who were unemployed and not participating in study or training in quarter 1 was 16.3%, equivalent to nearly 2. million young people.

Also according to the General Statistics Office, 9.1 million workers aged 15 years and over are affected by the epidemic, 540,000 people lose their jobs, 2.8 million people have to take a break, temporarily stop doing business, and 3.1 million people are affected by the epidemic. cut working hours or forced to quit, take turns, 6.5 million people have their income reduced.

Urban workers were more affected than rural areas with 15.6%, compared with 10.4% in rural areas.

Millions of workers are affected by COVID-19. (Illustration)

In terms of three regions, the region least affected is agriculture, forestry and fishery with 7.5% of workers being negatively affected by the pandemic. Industry and construction sector ranked second. Labor in the service sector was hit the hardest, with a rate of 20.4%.

Meanwhile, the average monthly income of employees in the first quarter reached about 6.3 million dong / month, a slight increase compared to the previous quarter as well as the same period last year.

Although the average income increased, this growth was uneven across sectors. Many industries are still heavily affected by the COVID-19 epidemic, causing the income of workers in that industry to decline. These are industries: art, entertainment, transportation, warehousing …

According to Mr. Pham Hoai Nam, Director of the Department of Population and Labor Statistics (General Statistics Office), the numbers on the employment situation in the first quarter of 2021 reflect many difficulties and fluctuations in the economy. in general and the Vietnamese labor market in particular.

To remove difficulties for the job market, the General Statistics Office proposed the Government, ministries and branches to immediately study the issue of “vaccine passports”, to develop the necessary criteria to open the market. The international tourism school aims to help the service and tourism industry not miss opportunities for recovery and development.

Task Manager interface.

Turn off booting of some unnecessary programs

All you need is a built-in utility – Task Manager. This app isn’t just the place to stop nasty bots from refusing to shut down. The task manager can also help with boot time management. Open Task Manager by pressing Ctrl + Shift + Esc. Alternatively, press the Windows key, type “Task Manager” and select Task Manager from the search results that appear.

If Task Manager is in minimal view, click More details in the lower left of the window to see the full program.

In Expanded view, select the Startup tab. This section lists all the different third-party programs that are trying to launch at boot time. Virtually all of them can be turned off, but there are some possibilities you’ll want to leave them alone.

To figure out what to turn off and what to retain, see the Startup impact column. Any program classified as “High” or “Medium” must be a “candidate” for disabling. Some programs like sound card, password manager or something related to graphics card … must be kept. On the other hand, items like web browser helper or virtual private network (VPN) can wait to launch until you really need them.

To disable a program, select it, then at the bottom right of the window click the Disable button. Under the Status column you will now see that the program has moved from Enabled to Disabled. Continue as needed through the list of third-party programs.

Turn on Fast Startup

Windows 10 also has an option to start your computer faster, which is Fast Startup. When you turn on Fast Startup, Windows 10 automatically creates a Hibernate file for faster startup. How to enable “Fast Startup” as follows:

Step 1: Open “Control Panel”, then select “View by: Large icons”.

Step 2: Select the “Power Options” feature.

Step 3: Click “Choose what the power buttons do” in the left pane of the window.

Step 4: At the top, please click on the green text “Change settings that are currently unavailable”.

Step 5: Under “Shutdown settings”, check the box “Fast Startup”. Click “Save Changes” to save the settings on your machine.

Run Disk Cleanup and upgrade the drive

Alternatively, to add a bit more speed during boot time, you can also run Disk Cleanup. This will remove any junk files and make your SSD or hard drive work more efficiently.

If your computer is still using a mechanical drive, upgrade to an SSD card for faster boot. Installing an SSD is one of the simplest hardware upgrades you can make, and the difference it makes in terms of overall performance is impressive.

With these tips, you should see a significant improvement in your computer’s boot time, and the best part is that it doesn’t require any special third-party software downloads.

(Photography by Jin Xiaoyan)

While the wine industry is still in the original development stage of the traditional wine chain, problems such as many intermediate links and lengthy supply chains have caused market chaos with constant fraud and a mixed bag. It was in that primitive age that the liquor e-commerce companies that have since emerged. At the beginning of the rise of these liquor e-commerce companies, Jiuxian.com, established in 2009, undoubtedly picked the first peach.

In addition to online e-commerce, Jiuxian.com officially deployed offline retail channels in 2017 and realized the integration of omni-channel liquor retail online and offline. This also allowed Jiuxian.com to try the confidence brought by the dividend period. In 2015, Jiuxian.com was in the new The company was listed on the third board, but within two years, the company was issued a warning letter by the equity transfer company in the first half of 2017 due to the delay in disclosing the annual report on time, and the listing was terminated at the end of June 2017.

In the upsurge of wine companies going public, after a four-year period of silence, Jiuxian.com recently chose to IPO again. Jiuxian.com has been financing multiple rounds over the years. Prior to this, Sequoia Capital, Oriental Fuhai, Woyan Capital, Huaxing Capital and other institutions also invested more than 1 billion yuan in Jiuxian.com. In recent years, Jiuxian.com has continuously tried new sales models, such as live broadcasts spawned by the epidemic last year, but the problem of profitability has been plagued.

The earliest liquor e-commerce

On April 8, Jiuxian.com mentioned in the GEM prospectus disclosed by Jiuxian.com that relying on its own sales channels and operational capabilities, the number of SKUs for sale on Jiuxian.com’s platform exceeded 20,000, covering more than 1,500 brands in 26 countries around the world. Covers all types of liquors such as white wine, wine, foreign wine, rice wine, and health wine.

Jiuxian.com believes that in the traditional liquor circulation chain, due to the many intermediate links, the long supply chain, and the lack of a branded chain retail platform, the products purchased by the end consumers are often products that have been increased in price. At the same time, due to the market A mixture of fish and dragons, and counterfeiting have long plagued consumers. In this context, consumers pay more and more attention to channel brands, and at the same time, a number of leading alcohol retail companies with brand effects have been born. “As one of the first companies to enter the liquor e-commerce industry, Jiuxian.com uses Internet technology to empower the industry chain, innovate traditional liquor circulation business, deeply integrate online and offline omni-channel + full-category operation models, and effectively solve current consumption The pain point of the purchaser of alcoholic products.”

If you calculate that Jiuxian.com has been in existence for more than 10 years, in 2009, Jiuxian.com entered the liquor Internet retail industry. In 2017, the company formally created a brand chain retail with a strong management model, realizing the integration of omni-channel liquor retail online and offline. , And gradually established two types of offline chain stores, “Jiuxian.com International Famous Wine City” and “Liquor Coming” by way of franchising, and develop brand chains with large stores in small cities, small stores in big cities and different investment strategies.

It is understood that at present, Jiuxian.com’s online channels mainly include self-operated platforms, mobile terminal APPs, as well as third-party e-commerce platforms such as Tmall and JD.com, and various beverage retail flagship stores that cooperate with live sales platforms such as Douyin and Kuaishou; Offline channels include “Liquor Coming” and “International Famous Wine City” stores; other supplementary channels include offline brand distribution channels of upstream wineries or brand owners.

As of the end of December 2020, Jiuxian.com’s offline chain stores have reached 897, covering 31 provinces and municipalities across the country.

It is worth noting that with the development of the wine retail industry, there are more and more wine sales channels for consumers to choose from, whether online or offline, and consumers are most concerned about the purchase of wine products. Quality and genuine guarantee issues. IiMedia data shows that in 2020, about 60.8% and 58.0% of consumers expressed their main concerns about product quality assurance and authenticity assurance.

Take liquor sales as an example. Out of trust in brand qualifications, consumers tend to buy in tobacco and liquor franchised stores, but franchised stores are often operated independently by individual merchants and lack endorsement of their credit qualifications. In recent years, with the gradual improvement of consumers’ quality awareness, the establishment of branded chain wine retail enterprises has become an urgent need for the market.

In the past two years, the overall recovery of the liquor industry has been obvious. Even if the epidemic hit hard, the impact on the liquor industry has been minimal. The A-share liquor sector is booming. Companies such as Langjiu and Guotai Liquor continue to knock on the capital market. Small and medium-sized wineries are incorporated into the listing system through mergers and acquisitions, creating a wave of liquor listing craze.

After similar peers, Huazhi Liquor Company and 1919, if they succeeded in listing this time, Jiuxian.com would not be considered an early-listed liquor company, but Jiuxian.com has ambitious expectations after listing, and it also mentioned in the prospectus. “The goal of building the No. 1 wine retail brand.”

The profitability problem of liquor retail

Although the performance of the liquor business has continued to pick up in recent years, the overall liquor retail enterprises are still moving forward.

The comparison of performance data between upstream wineries and downstream wine e-commerce is clear at a glance.

In 2020, the national liquor enterprises above designated size achieved sales revenue of 583.639 billion yuan, a year-on-year increase of 4.61%; realized total profits of 158.541 billion yuan, a year-on-year increase of 13.35%. The industry average net profit margin is as high as 27.16%. However, the liquor circulation link has been in a state of full competition for a long time, with many market participants and low industry concentration. Even in the new year of the industry, it is still not easy to make money.

Huazhi Liquor, the only listed alcoholic beverage company in A-shares, had operating income and net profit of 4.941 billion yuan and 373 million yuan last year, an increase of 32.20% and 16.82% year-on-year, respectively, with a net profit margin of 7.55%. The profitability of Liquor Convenience and Famous Brands listed on the NEEQ is even weaker. 1919 lost 530 million yuan and 143 million yuan in 2019 and the first half of 2020, respectively.

In contrast, Jiuxian.com has not been able to make money as easily as upstream wineries in the past three years, but at least it has achieved profitability. Jiuxian.com disclosed in the prospectus that from 2018 to 2020, the company’s operating income was 2.207 billion yuan, 2.997 billion yuan, and 3.717 billion yuan, and net profits attributable to the parent were 28.565 million yuan, 81.661 million yuan and 182 million yuan, respectively.

“Jiuxian.com has established offices and shipping warehouses in all provinces across the country, both offline and downstream. Jiuxian.com has sales and service teams in all prefecture-level cities. The upstream and downstream chain service system of Jiuxian.com has been very complete.” Industry expert Xiao Zhuqing said in an interview with a reporter from China Times, “Jixian.com, as one of the first batch of retail companies specializing in liquor business, has a leading market position in terms of brand recognition and channel deployment. In addition, the company’s management team , Omni-channel, product development, supply chain, information technology, consumer services, business innovation and other aspects also have strong competitive advantages. Under the background of the continuous rise of the alcohol circulation industry, if the company is successfully listed, it is believed that it will With the help of the aforementioned competitive advantages, the capital market once again achieved rapid development.”

However, there may be more room for the development of wine e-commerce in the future.

The development of the wine retail industry is similar to the overall development path of the retail industry. Both have gone through retail formats dominated by small offline retail locations, to large supermarkets, to online e-commerce, and finally to online and offline integration The process of branding new retail development. With the development of consumers’ online consumption habits and the development of wine vertical platforms, the proportion of e-commerce in wine terminal channels will continue to increase.

According to industry data, the scale of liquor e-commerce transactions reached 7 billion yuan in 2013 and 76.7 billion yuan in 2018. It is predicted that the scale of e-commerce transactions in 2020 will exceed 100 billion yuan. Due to the efficiency advantages and selection advantages of e-commerce, after the formation of high-quality brands, the proportion of e-commerce in liquor circulation is expected to further increase.

The industry believes that the online and offline integration of the wine retail industry will be closer in the future. Some traditional tobacco hotels will face higher online costs. In the future, they may gradually withdraw from the market. In the future, more and more wine merchants will join. Into the regular chain camp.

Chief Editor: Huang Xingli Chief Editor: Han Feng