issued – Spress

700 million red envelopes were issued, but it’s hard to conceal Dong Mingzhu’s anxiety

editor — Sat, 26 Jun 2021 10:00:07 +0000

Edit | Yu Bin Produced | Chaoqi.com “Yu Jian Column Dong Mingzhu, who is very active in the Internet circle, once again stood on the top of the limelight. This time, she was on the hot search for an equity incentive announcement and a big red envelope of 700 million yuan to herself. All of these made Gree’s 300 billion yuan. White Horse’s share price hit a new low during the year. The most striking thing about Gree’s employee stock ownership plan this time is that as long as the performance reaches the target, employees can enjoy a 50% discount on their own stocks. Dong Mingzhu’s ambition is not only to provide employees with one apartment per person, but also to realize employee shareholding. Gree Electric’s share price continued to fall after its red open today, and its market value has fallen below 300 billion. Dong Mingzhu may not have imagined that the plan that was originally launched to face performance and stock price pressures has now been unhelpful and caused Gree’s market value to evaporate by more than 10 billion yuan. From mobile phones to new energy vehicles, from chips to high-end medical care, Gree’s diversification attempts are almost all thunderous. Today’s Gree not only loses its position as the air-conditioning boss, but also faces the diversification dilemma, as well as the future successor problem after Dong Mingzhu’s retirement, which makes investors doubt whether Gree is “ill”. “A little bit of a sledgehammer” Dong Mingzhu, born in 1954, is now 67 years old, an age at which he can choose to retire at any time. Gree Electric does not have a day to retire and can only keep moving forward. With low bargaining chips and visible profits, if the assessment target can be achieved, Gree’s profits may exceed the historical record of 26.2 billion three years ago. But Dong Mingzhu has forgotten that real estate, which is highly related to air-conditioning, has turned into a cold winter. Why would Dong Mingzhu go to live broadcast to bring goods, to make mobile phones, and new energy vehicles. Gree Electric’s announcement on June 20 is like a blockbuster. Among them, “50% off stock purchase”, “250,000 yuan per capita”, “Dong Mingzhu or Fuying 800 million” and other key information for this plan have also become The focus of market attention. Many people in Gree Electric’s investors believe that this plan is too inclined to Dong Mingzhu and other management, but some people think that this plan is understandable. Judging from the comments on Gree Electric Appliances Stock Bar, most people hold the former point of view. The essence of equity incentives is to motivate employees outside the core decision-making level such as the chairman, president, and general manager, because these people do not need to be repeatedly motivated. Gree’s 3 billion employee stock ownership plan may be just a “small test”. Gree used more than one billion shares for the holdings of 12,000 employees. It can be said that Dong Mingzhu is a 50% off sale of its own stock in terms of price. Gree previously spent 6 billion yuan to buy back these stocks. It is not uncommon for technology companies to give founders and founding teams “big red envelopes”. For example, before Xiaomi went public, the founder Lei Jun received nearly 10 billion equity incentives, but for Gree, an old player in the capital market who has been in his 20s, such a large-scale incentive plan is a bit abnormal. For example, Apple, the world’s most valuable technology company, and the head of Cook’s equity incentive plan are worth about 114 million U.S. dollars, which is not as high as Dong Mingzhu’s 30 million subscription rights. Moreover, if you want to get incentives, the standards to be met are also the rate of return on assets, net profit, and stock price growth. Gree’s requirements are based on the fact that Gree’s net profit fell by more than 10% during the epidemic last year. It is common for employees to hold stocks at low prices, but what is not common is that Gree’s mission threshold set this time is too low. But in fact, it is not as simple as the outside world thinks. As long as net profit this year and next year increase by 10% and 20% respectively over the previous two years, this figure seems simple to complete. However, Gree’s performance has been declining for two consecutive years, and the pressure to turn things around is not small in the case of performance decline. And despite Gree’s involvement in air conditioners, refrigerators, washing machines, water heaters, kitchen appliances and other fields, according to the annual report, air conditioners are still Gree’s lifeblood, contributing more than 70% of its revenue. As more and more players continue to enter the sinking market, the domestic air-conditioning track is already a stock market, and the current compound annual growth rate of the air-conditioning market is only 4.67%. The condition for obtaining shares is to restore Gree’s performance in the next two years to the level of Gree’s previous years. This situation is caused by the air-conditioning market, which is now in a growth woes. The retail sales of the domestic air-conditioning market in the first quarter of this year was 25.8 billion yuan, compared with 41.7 billion yuan in the same period in 2019. The profit margin has also been greatly compressed by the increase in material costs. Gree’s net profit of 3.453 billion yuan in the first quarter of 2021 has not returned to the level of the same period in 2019. It is not easy to return to the previous profitability level in the case of a sluggish air-conditioning business. Lost the throne, the old opponent overtakes But if Fang Hongbo, the head of Bimei, Dong Mingzhu’s taste is nothing. As the “soul figure” of Gree Electric, Dong Mingzhu received a total of 77,873,300 yuan in wages in Gree’s 16 years. In contrast, Fang Hongbo’s wages in the United States were higher than Dong Mingzhu in most years. Fang Hongbo’s salary in the past eight years was 65.5 million yuan, while Gree Dong Mingzhu’s was 59.79 million yuan. Of course, for Fang Hongbo and Dong Mingzhu, the annual salary is only a small part of the income, and the main income comes from the shares of listed companies. Fang Hongbo’s current holdings of Midea’s equity are worth 8.42 billion yuan, compared with 5.104 billion yuan for Dong Mingzhu’s shares. In addition, Gree has not been able to compete with its old rival Midea in the past two years, and the position of China’s air-conditioning boss that has maintained for more than 20 years has now been given to Midea. Midea’s revenue last year was 121.2 billion yuan, while Gree’s air-conditioning revenue was only 117.8 billion yuan. The most fundamental reason for all this is Gree’s channel reform that is one step behind. Using online channels, gross profit margin can reach up to 38%, while Gree’s dealer model is only 30%. Gree’s gross profit margin ceiling is only 33% by adopting the existing dealer model. Midea, which completed its channel reform two years earlier, launched a price war, and Gree, which was forced to fight, directly weakened the company’s profitability because of the sharp price cuts, and the company’s net profit margin has been cut in half. The price advantage has increased Midea’s market share, while Gree’s market position is not optimistic. Therefore, Gree Electric has carried out drastic reforms in its channels. There are also effects, such as expanding the proportion of online sales and helping dealers digest inventory. With the improvement of channel efficiency and the reduction of costs, Gree may be able to create a situation where the king returns. Because on the one hand, Gree once again opened up profit margins, the net profit rate in the fourth quarter of last year was the highest since 2018. The core business air-conditioning also pays more attention to online. Gree’s online retail sales share last year was nearly 30%, but the offline retail share of 35.1% is still unshakable online channels. Midea Group and Gree Electric have been chasing after me for the past ten years. However, in today’s sluggish real estate industry, Gree has seen its performance decline for two consecutive years, and Midea’s performance growth rate has always been positive. Midea’s diversified development has also succeeded. Although Gree is also trying to diversify, diversified products have not contributed much performance. Gree’s air-conditioning business accounts for as much as 70.08%. In contrast, Midea’s revenue structure is more diversified. Dong Mingzhu’s “side effects” In addition to this controversial issue of equity incentives, Dong Mingzhu also frequently searched for housing allocation for employees. On June 9th, Dong Mingzhu used Hunan Satellite TV’s “We Who Are New to the Workplace” column to use good enough to get the room first, but not good enough to wait slowly, and replied that the employee “has been here for five years without getting a room.” The problem. On June 15th, the more than 3,000 suites Gree gave to employees will soon be delivered, but even with equity and real estate incentives, it will not stop the departure of Gree’s executives. On February 21 this year, Huang Hui, the director and CEO of Gree, who has worked for Gree for nearly 30 years, resigned. Huang Hui is Gree’s “true” veteran and is considered to be the most likely successor of Dong Mingzhu. The biggest uncertain factor for Gree Group is nothing more than the next generation of corporate successors. During Gree’s development over the years, Dong Mingzhu has been labeled as “dominant” and “dictatorship”. There are naturally many benefits for a personalized head, but the question is how to make Gree another Dong Mingzhu-level head People. Moreover, Gree’s strong rival Midea has already found a successor when Gree is still suffering from the problem of successor. That is Fang Hongbo, who has never let the founder He Xiangjian down. Fang Hongbo has allowed Midea’s market valuation to rise to 600 billion, and it is not impossible for the market value of one trillion to rise. With the passage of time, it is undeniable that the Midea Group has caught up and even surpassed Gree Group. In a market with diversified products, Gree Group’s small home appliances are far behind Midea Group. Gree Electric’s current predicament is a “side effect” of Dong Mingzhu. An undeniable problem is that Dong Mingzhu’s personal profile is quite strong both internally and externally. The most typical ones are the Gree Dong Mingzhu store on the online channel and the opening screen of Gree mobile phone Dong Mingzhu. Even Hillhouse Capital, which has spent 40 billion to buy shares, can’t shake Dong Mingzhu’s right to speak in Gree Electric. The diversification time is too late, and the label of air-conditioning products is too obvious. These are important reasons for the failure of Gree’s diversified development. The most distressing thing about this stock price decline was Hillhouse Capital’s Zhang Lei, who spent 40 billion to buy 15% of Gree’s equity, because the stock price fell in one day and lost more than 2 billion of real money. The hills who bought shares from the primary market were bought at a low price, but this also has a price, that is, to give more rights to Dong Mingzhu. Gree’s management enjoys 41% of the income, which means that Hillhouse Capital has spent more than 40 billion yuan to invest in Gree, but 40% of the income belongs to Dong Mingzhu. The board of directors seats is also the most noteworthy point. As a major shareholder of Gree, he only has the right to distribute dividends. Neither Gree management nor Dong Mingzhu can influence its decision-making. Gree is still Dong Mingzhu’s Gree, not Zhang Lei’s Gree. But this is exactly where Gree’s problem lies

A notice issued by the state department: starting from October, the lives of the elderly have undergone major changes!Really coming

editor — Tue, 22 Jun 2021 08:10:11 +0000

This time it really came!
According to the official website of the Chinese government website, Ministry of Industry and Information Technology Recently issued the “Notice on Further Strengthening the Implementation of Special Actions for the Ageing of Internet Applications and Accessibility Improvements”, Relevant Internet websites and APPs are required to complete the ageing transformation before September 30 this year.
In other words, starting in October this year, it will be more convenient for our middle-aged and elderly friends to surf the Internet and play on mobile phones.
Most of the mobile phones nowadays are more suitable for young people. They are high-tech, have many and complicated operations, and the characters are still small. Most middle-aged and elderly people don’t understand at all. As a result, they have no mobile phones but generally can only play WeChat. Sometimes WeChat Can’t play.
And this notice is to solve the problem of middle-aged and elderly people.
This policy is aimed at the mobile APP, mainly showing the transformation from four aspects.
1. The font should be large, with color and sound prompts, so that the elderly can see clearly.
details:
Font size adjustment: It is recommended to use a sans-serif font. The font size should be adjustable. The maximum font size is not less than 30dp/pt. The main text information in the old version interface and the separate old version APP is not less than 18dp/pt.
Line spacing: The line spacing of the text in the paragraph is at least 1.3 times, and the paragraph spacing is at least 1.3 times larger than the line spacing.
Color usage: In addition to making the text color, you can also use text or voice to directly prompt the user to make a mistake, and avoid using only color as a means of prompting.
Verification code: If there are non-text verification codes (such as puzzles, image selection verification methods) and other verification methods that are not easy for the elderly to understand in the mobile application, alternative expressions that can be accepted by different types of senses (visual, auditory, etc.) should be provided, such as Text or voice format to meet the needs of the elderly.
2. Leave more operating time for the elderly, don’t limit the time, simplify the operation.
Gesture operation: In mobile applications, avoid complex gesture operations that require 3 or more fingers to complete.

Sufficient operating time: In mobile applications, if the time limit is not a necessary part or key element of the activity, and does not cause the user to have a legal commitment or financial transaction, sufficient time should be left for the user’s operation, and the interface will not change before the user’s operation is completed. 3. Provide obvious prompt operation for the elderly. When users install mobile applications, they should provide significant guidance prompts for age-appropriate settings and common functions for the elderly. The homepage of the mobile application embedded with the old version interface must have a prominent entry, support switching to the old version, or give a noticeable switching prompt when entering it for the first time, and provide the “elder version” entry in the “Settings”. Mobile applications with search functions should use “elderly version” as the standard function name, and users can directly access it through the search function, and set aliases such as “family version”, “care version”, and “care version” as search keywords. 4. To improve the security of mobile phones, it will no longer be possible to insert advertisements and induce clicks on buttons. Prohibit ad plugins: Advertising content and plug-ins are strictly prohibited in the old version interface and the separate old version APP, and advertisements or temporary advertisement pop-up windows are not allowed to appear randomly. Prohibition of induced keys: There are no inducement buttons such as inducement downloading and inducement payment in the mobile application. To ensure the security of personal information of elderly users: No personal information processing that has nothing to do with the purpose of processing to protect the personal information security of elderly users. The above is part of the content of the policy. It can be said that it is closely related to our middle-aged and elderly people, and it is very beneficial. How do you feel about this? Welcome to vote. Wechat rules have been changed, only focusing on easy to lose contact with Beijing Auntie, you have to click watching and like, thank you. ComeSource: Economic Daily, Information and Communication Administration of the Ministry of Industry and Information Technology guess Why does Nie Haisheng, 57, insist on doing this despite the opposition of his relatives and friends?The truth was exposed and moved the Chinese you Retired people across the country must watch it! These 2 stories will let you see the truth about pensions! miss you 63-year-old Feng Gong’s private life exposed! Never thought that he was such a person! Look The Beijing pension plan is announced, the low-key is high-key, the high is low-key, and there is one point that retirees across the country envy! ↓↓↓ Click here for retired people to listen to thousands of lessons for free!

Dongpeng Beverage’s thirteenth consecutive daily limit, the stock price broke 200, issued an announcement claiming to be a serious departure from the fundamentals

editor — Thu, 17 Jun 2021 02:00:10 +0000

Reward for newspaper materials

Nandu Shenzhen Newsphone:0755-82121212

Southern Metropolis Reporter Huang Liangdong On the evening of June 15, Dongpeng Beverage issued an announcement stating that as of June 15, the company’s closing price was 209.1 yuan.At present, the company’s stock price has seriously deviated from the company’s fundamentals.SignificantHigher than the industry average, there is a risk of higher valuation. Since its listing on May 27, Dongpeng Beverage has harvested 13 consecutive daily limit. Prior to this, the company has issued two risk warning announcements on the abnormal fluctuations of the stock price’s consecutive daily limit.

Dongpeng Beverage said that from 2018 to 2020, the income of energy drinks accounted for more than 90% of the company’s total income. The product structure is relatively single, and the operating performance is highly dependent on the sales of energy drinks. Can it continue to respond to market changes in a timely manner in the future? There are certain uncertainties and risks. In addition, the company also has the risk of a relatively concentrated sales area, the risk of intensified market competition, and the risk that the promotion of new products falls short of expectations.In view of the recent fluctuations in the company’s stock price, investors are invitednoterisk.

Dongpeng Beverage is at risk of overestimation

P/E ratio is much higher than the industry average

As of June 15, 2021, the company’s closing price was 209.10 yuan, and the P/E ratio was 103.00 times, which was significantly higher than the industry average P/E ratio. In accordance with the relevant provisions of the “Shanghai Stock Exchange Trading Rules”, the company has disclosed the “Announcement on Abnormal Fluctuations in Stock Trading and Risk Warnings of Dongpeng Beverage (Group) Co., Ltd.” on June 12, 2021, after excluding the overall factors of the market , The company’s stock price has fluctuated greatly recently, and the turnover rate on June 15 was 15.34%.

Dongpeng Beverage said that at present, the company’s stock price has seriously deviated from the company’s fundamentals and is also significantly higher than the industry average. There is a risk of higher valuation.

Dongpeng Beverage faces a relatively single product structure

And the concentration of sales area and other risks

Energy drinks are the company’s leading product. From 2018 to 2020, the revenue of energy drinks accounted for 94.99%, 95.11% and 93.88% of the company’s total revenue, which accounted for a relatively high proportion. The relatively single product structure makes the company’s business performance more important than energy drinks. With a high degree of reliance on sales, there are certain uncertainties and risks in whether the future can continue to respond to market changes in a timely manner.

From 2018 to 2020, Dongpeng Beverage’s Guangdong regional sales revenue accounted for 61.10%, 60.12% and 55.74% of the company’s main business revenue, respectively. The company’s operating results depend to a certain extent onThe districtMarket conditions in the domain, ifThe districtChanges in consumer consumption habits in the domain will have a certain impact on the company’s future profitability.

Increased market competition in the energy drink industry

The company faces the risk of new product promotion less than expected

After years of development, my country’s energy drink industry has a relatively high degree of marketization, and well-known brands such as Red Bull, Dongpeng Special Drink, Lehu, Physique Energy, and Warhorse have been formed.With the rapid development of the industry, in recent years, some well-known companies have launched new energy drink products, such as Goo Ran under Uni-President, XS under Amway, and Yili underWake upThe competition is fierce. In the future, whether the company can continue to maintain its competitive advantage in the market and whether it can continue to respond to market changes in a timely manner remains uncertain and risky.

In recent years, the company has launched new products such as citrus lemon tea and Chen Pit drink, which has further enriched the product line. Although the new products launched by the company will undergo strict internal analysis and demonstration, preliminary market research and regional pilot projects, there may still be a risk that the new products are not fully recognized by the market.

At the same time, since new products usually require a certain amount of incubation time, more resources need to be invested in advertising, marketing and consumer promotion in the early promotion process. Therefore, some products may have lower profit margins during the incubation period. If the promotion of new products is effective Less than expected, it may have a certain impact on the company’s future operating results.

President Biden issued a series of warnings to his Russian counterpart

Tú Anh (TH) — Tue, 15 Jun 2021 19:00:10 +0000

Ahead of the summit, President Biden said he would make it clear to Putin where the “red lines” were.
Sputnik reported, speaking at a press conference after attending the NATO summit on June 14, US President Joe Biden described his Russian counterpart Vladimir Putin as “wise” and “tough”, as well as “worthy opponent”.

US President Joe Biden. Photo: AP “He’s smart, he’s tough, and I see him as a worthy opponent,” Biden said. At the same time, President Biden said that the upcoming meeting with President Putin is important and he will ask Moscow to cooperate in areas of mutual interest if the Kremlin chooses to do the same, according to Reuters. “I want to make it clear to President Putin that there are areas where we can cooperate if he chooses to go this way. If he chooses not to cooperate and act the way he has in the past with regard to cybersecurity and certain other activities, we will respond in the same way,” Biden said. However, President Biden also said that he would make it clear to Putin where the “red lines” are. “I have shared with our allies what will convey to Putin, that I do not seek conflict with Russia but we will respond if Russia continues its harmful activities and we will not. failed to defend the transatlantic alliance. We stand for democratic values,” Biden said. In addition, the White House president also noted that “it would be a disaster” if Russian opposition figure Alexei Navalny died in prison. Specifically, according to the US leader, “Mr Navalny’s death will be another sign that Russia has little or no intention to adhere to basic human rights. It was a disaster. That does nothing but hurt Russia’s relationship with the rest of the world.” It is known that the meeting between President Biden and his counterpart Putin is scheduled to take place in Ho Chi Minh City. Geneva (Switzerland) on June 16. Both Washington and Moscow welcomed the upcoming summit as a positive step towards finding stability in the bilateral relationship.

“Casino” Binance issued a new token linked to Tesla’s Binance coin, the market value rushed to the world’s third

editor — Fri, 11 Jun 2021 02:42:06 +0000

On the occasion of the listing of the first digital currency exchange Coinbase, another overseas digital currency exchange Binance announced the launch ofTeslaLinked equity tokens.
The Tesla Equity Token is priced, settled and secured in BUSD, the base currency issued by Binance. BUSD is a stable digital currency pegged to the U.S. dollar launched by Binance in 2019. It is directly purchased or redeemed at a 1:1 ratio with the U.S. dollar.

Binance official documents show that users can purchase a digital token that represents one percent of Tesla’s single-day stock price, instead of buying the entire stock. This equity is held by a custodial portfolio of underlying securities representing the issued tokens. Yes, based on Tesla’s share price of $760 per share, Binance investors can buy the equity token at a minimum price of $7.6. Token holders may also receive relevant dividends. To some extent, Binance users invest in Tesla shares in a “disguised form” by buying this equity token. However, the equity token cannot be exchanged for Tesla’s actual stock, it is just a tradable stock token. Binance stated that this move is aimed at solving the problem of after-hours trading of U.S. stocks by overseas users. U.S. brokerages provide after-hours trading, but for investors outside the U.S., stock tokens can allow them to access the country’s $47 trillion stock market anytime and anywhere without having to overcome regulatory barriers or jet lag. Binance CEO Changpeng Zhao said in a statement that stock tokens demonstrate how the company can achieve a more seamless value transfer and reduce the cost of accessibility without compromising compliance or security. . It should be noted that digital tokens have clear regulations in China. The Central Bank of China clearly stipulated in the “Law of the People’s Republic of China on the People’s Bank of China (Revised Draft for Solicitation of Comments)” in October last year, Any unit or individual is prohibited from making and selling digital tokens. Binance Coin has risen by 53% in the past seven days In addition to the equity token BUSD, the blockchain currency “Binance Coin” (BNB) issued by Binance has also continued to surge this week. Stimulated by the news of the Coinbase listing this week, Binance Coin has risen by 53% in the past seven days and has a market value of 580 billion yuan. It ranks third in the global digital currency market value after Bitcoin and Ethereum. Powell: Digital currency is a tool for speculation However, the recent continuous surge in digital currencies has also attracted regulatory attention. On Wednesday, Eastern Time, Powell said in an online interview with the Forum Washington Athletic Club, “ Cryptocurrency is actually a tool of speculation. They are not really actively used for payments. “ This is Powell’s reference to the speculative use of cryptocurrency again. During a hearing in the U.S. Congress last month, Powell said, The private cryptocurrency represented by Bitcoin is more suitable for speculation and cannot be used as a substitute for the US dollar. The completely private digital dollar system is not reliable. Powell’s evaluation of cryptocurrencies is consistent with his predecessor and former Fed Chairman Yellen who is currently the U.S. Treasury Secretary. In February of this year, Yellen stated that Bitcoin is a “highly speculative asset” and that digital currency may bring a faster and cheaper payment experience, “but there are many issues that need to be studied, including consumer protection and anti-money laundering.” . She also said that using Bitcoin for transactions is an “extremely inefficient way” and that processing these transactions consumes astonishing energy. Regarding the regulatory stance, Jesse Powell, CEO of Kraken, the world’s fourth largest digital currency exchange, warned that Governments may begin to restrict the use of Bitcoin and other cryptocurrencies, “maybe there will be some crackdowns.”

Liu Qingfeng issued the 22nd Anniversary Staff Letter of iFlytek: We must be alert to “lay flat” and resolutely oppose internal scrolling

editor — Thu, 10 Jun 2021 03:55:11 +0000

On June 10th, the 22nd anniversary of iFlytek, Chairman Liu Qingfeng issued a letter to employees. He mentioned in the letter that iFLYTEK at the beginning of the year put forward the 14th Five-Year Plan of “one billion users, 100 billion revenue, and trillion ecology”, among which systemic innovation and strategic bases are the most important growth path for the next five years. , Are also the two core engines that support the rapid growth of performance.

He believes that at the current time, achieving goals requires adherence to the scientific spirit, which is to see the essence through the phenomenon, seek truth and be pragmatic, analyze and demonstrate, and be innovative and rational. First of all, we must use the spirit of science to return to the essence of value creation. “In education, whether our system can satisfy the essence of value creation depends on whether we can truly teach students in accordance with their aptitude and reduce the burden on teachers and students in the main campus. In terms of medical care, whether our system can satisfy value creation depends on whether our system can satisfy the value creation. Can it succeed in major emergencies?” Liu Qingfeng said.

Secondly, if you look at the problem dialectically with the spirit of science, there will be no short-term anxiety. Liu Qingfeng believes that continuous breakthroughs in single-point technology have become a habit of Xunfei, but the threshold of single-point technology will always be gradually overtaken by latecomers. Sticking to a single technology will inevitably flow into mediocrity and enter the red sea of technology and application. “We must not only open up a position in one new technological field, continue to explore in the unmanned area of technology, but also form a unique core competitiveness through systematic innovation, so as to achieve overall innovation on the strategic base and form our own Industry brand.”

Finally, he mentioned that to use the spirit of science to get out of the comfort zone, the stage is as big as the mind. “Getting out of the comfort zone is risk prevention, and it is also a development need and the desire to build the world with artificial intelligence.” Liu Qingfeng said that the status of the iFLYTEK artificial intelligence national team is constantly being strengthened, giving iFLYTEK the ability to systematically innovate and create the future. conditions of.

He also talked about the topic of “lying flat” that has caused heated discussion recently. He said that within iFLYTEK, it is necessary to use this as a vigilance to prevent young people with the ability and dreams from being flattened here, losing their internal development motivation and vigorous vitality. We must create an organizational environment that allows young people to continuously release their inner abilities, ensure that “heroes are useful”, and propose that the company resolutely opposes involution.

The following is the full text of Liu Qingfeng’s employee letter:

Today is the 22nd birthday of IFLYTEK. Thank you for your company!

The national college entrance examination has come to an end. The Guangdong college entrance examination, which has been affected by the epidemic, has been tested and no one is missing. This is the result of the joint efforts of all parties in the society, including our examination business center in Guangzhou, South China. They provided more than 50 million services for various examinations across the country last year alone; our intelligent medical assistant phone robots also rushed to help urgently in this epidemic, and quickly completed the screening for more than one million people in Shenzhen, Guangzhou, Qingyuan, etc. Check and win important fighters in the race against the virus.

The epidemic is a touchstone of human nature, a manifestation of system advantages and management capabilities, and a martial arts field for testing whether artificial intelligence is truly practical.

At the beginning of this year, we put forward the fourteenth five-year goal of “one billion users, one hundred billion revenue, and one trillion ecology”. Among them, systematic innovation and strategic bases are the most important growth paths for us in the next five years, and are also the most important support for our high-speed growth. The two core engines. Looking back at the past six months:

Good news of the education business “Teaching Students in Accordance with One’s Aptitude” project has been reported frequently. It has landed in Zhengzhou and Wuhan, and the business has grown by more than 70%. The learning machine has been well received by parents and students, and the business has grown by about 200%. In July, we will release new products; Steady growth, the completion rate of B-end software exceeded 90% year-on-year, C-end software exceeded 52% year-on-year, and C-end hardware 618 start-up sales increased by 108% year-on-year; the “Smart Medical Assistant” project of medical business moved from Anhui to the whole country, with service coverage There are more than 38,000 grassroots doctors with more than 100 million residents; the construction of “Digital JAC” in smart cities will open up our provincial base model; the digital transformation of enterprises will also open a new situation, and our “Xunfei Tuling Platform” has been given priority by the Ministry of Industry and Information Technology and Anhui Province Support and take the lead in building a digital transformation platform for SMEs.

At such a time node, how do we continue to use “systematic innovation” and “base business” to achieve our 14th Five-Year Plan?

That is to use the spirit of science to drive towards our sea of stars.

What is the “scientific spirit”?

It is the rational spirit of looking at the essence through the phenomenon, seeking truth and being pragmatic, analyzing and demonstrating, and pioneering and innovative.

In today’s rapidly changing era, we particularly emphasize the need to use the spirit of science to penetrate the surface and see the essence, reduce unnecessary anxiety, and maintain long-term strategic determination.

Specifically, it includes:

Use scientific spirit to return to the essence of value creation;

With the spirit of science, you will not be short-term anxious if you look at the problem dialectically;

With the spirit of science, step out of the comfort zone, the stage will be as big as you have in mind.

1. Return to the essence of value creation with scientific spirit

At the beginning of our business 22 years ago, we put forward the core concept of “achieve employees’ ideals and create social value”. The social value we create is the core value of high added value that is sunny and healthy, representing the country’s future participation in global competition.

In education, whether our system can satisfy the essence of value creation depends on whether we can truly teach students in accordance with their aptitude in the main campus to reduce the burden on teachers and students.

On May 21, 2021, the 19th meeting of the Central Committee for Comprehensively Deepening Reform pointed out that “one of the most prominent problems of compulsory education is that primary and secondary school students’ burden is too heavy, and the short-sighted and utilitarian problems have not been fundamentally resolved. Especially for off-campus training institutions. Disorderly development.” After that, those education and training institutions that relied on capital power to expand disorderly, over-marketed the anxiety of parents, and relied on duck-filling training to invade their children’s childhood, were repeatedly punished and laid off frequently; and iFLYTEK was in the process. On the contrary, China’s share price hit a new high.

Because our “Teaching students in accordance with their aptitude” is to strengthen the value of the main position of school education, assist teachers and students to return to school, do a good job in teaching within a limited time, free up children’s time, and let children change from duck-filling training to autonomous learning with the help of intelligent learning machines . It can be found that more and more children have improved their academic performance and reduced their learning time through our “teaching in accordance with their aptitude”: Taking a single knowledge point as an example, the amount of exercises for children has been reduced by 32%, and the learning time has been reduced by 48%. Let children have time to play, explore and cultivate their curiosity and thirst for knowledge.

Education is the foundation of a country. If education is not good, children are not good, and the future of the country cannot be good. The country’s long-term investment strategy of fiscal education expenditures accounting for 4% of GDP remains unchanged. As long as we meet the essence of value creation, the stars and seas of artificial intelligence empowering education will come naturally. .

In medical care, whether our system can satisfy value creation depends on whether it can survive major emergencies.

During the rebound of the epidemic in Hefei, the Hefei Municipal Party Committee and Government held a special meeting to clarify the need to speed up the deployment of our epidemic prevention and control system; in this Guangzhou epidemic rebound, our intelligent epidemic prevention and control multi-point trigger system was activated as soon as possible. Nansha District As soon as we announced the strengthening of management and control, we immediately surveyed the 5464 “key populations for investigation” in Nansha. It took only one hour to call, and immediately screened 853 people who had been to the medium- and high-risk areas of the epidemic in the past 15 days, and 110 people did not. He has done nucleic acid and generated statistical reports through these dimensions to help the government make accurate decisions.

2. Using the scientific spirit to dialectically look at the problem will not be short-term anxiety

Some external voices say that the threshold of voice technology is constantly lowering, and some of our friends are a little anxious. In fact, from speech synthesis to speech recognition, from machine translation to natural language understanding, single-point technology continues to break through. This has become our habit at iFLYTEK; however, the single-point technology threshold will always be gradually overtaken by latecomers. Sticking to a single technology will inevitably flow into mediocrity and enter the red sea of technology and application .

We will not only open up positions in one new technological field after another, and continue to explore in the technological no man’s land, It is also necessary to form a unique core competitiveness through systematic innovation , In order to achieve overall innovation on the strategic base, and form our own industry brand.

Many parents are now anxious about their children’s performance even in elementary school or even pre-school education. In addition to grades, education must be able to cultivate children’s learning interest and curiosity, develop good learning habits and physical fitness. Through our “teach students in accordance with their aptitude”, we can make children have a firmer grasp of knowledge points, and free up time to exercise creative thinking to achieve the five education simultaneously; we can also help parents understand which subjects are most in line with their children’s talents. These are all It is a core contribution beyond the acceptance rate, helping the country’s selection system and achievement orientation to diversify. As long as we persist in using rational thinking to help parents reduce their burdens, we can become a stream of value creation in the era of general anxiety education.

3. Get out of the comfort zone with the spirit of science, and the stage will be as big as you have in mind

Most people are used to staying in the comfort zone. However, the development of Xunfei is the process of stepping out of the “comfort zone” and exploring unknown boundaries:

Technically, it is from synthesis to recognition, to semantic understanding; from Chinese to English, to multilingual; from speech to image; from perception to cognition; from being able to listen and speak to being able to understand and think. With the breakthrough, we can undertake the construction of the only State Key Laboratory of Cognitive Intelligence, become one of the first four open artificial intelligence platforms in the country, and become the “national team” in the field of artificial intelligence.

In business, if you are satisfied from language learning to intelligent evaluation, there will be no current “teach students in accordance with their aptitude” so that every child can enjoy a high-quality and balanced education; if they are satisfied from electronic medical records to intelligent medical assistants, there will be no current intelligent epidemic The prevention and control system provides artificial intelligence power for orderly epidemic prevention and control; if you are only satisfied with occupying more than 60% of the market share in the car voice kit market, you will not have the courage to force yourself to reach in-depth cooperation with many car companies. And self-breakthrough to enter the field of autonomous driving.

We want to move on to a bigger stage, just to do things that can only be gained by jumping up and forcing ourselves to continue to make breakthroughs. Getting out of the comfort zone is not only risk prevention, but also development needs and the desire to build the world with artificial intelligence.

The status of our artificial intelligence national team is constantly being strengthened, giving us the ability to systematically innovate and create conditions for the future.

In 2017, the “New Generation of Artificial Intelligence Development Plan” mentioned that speech recognition is the world leader, and the country’s first batch of intelligent speech artificial intelligence open innovation platforms settled in Xunfei. Four years later, on May 28th, General Secretary Xi Jinping once again proposed at the academician conference of the two academies, “China’s speech recognition is at the forefront of the world.” This makes us very proud. We have done it in the country’s mission; The secretary pointed out that we have entered the era of intelligent interconnection of all things with the ternary integration of “human, machine and things”. In 2019, we proposed that “intelligent voice interaction will become the most important entrance for human-computer interaction in the era of interconnection of all things”. HKUST Xunfei took the lead in establishing a new standard system in the field of intelligent voice and accelerated the construction of the national technology standard innovation base; on May 27, under the witness of eight leaders from Shanghai, Jiangsu Province, Zhejiang Province and Anhui Province, HKUST Xunfei took the lead The chairman of the Yangtze River Delta Artificial Intelligence Industry Chain Alliance was formally established; at a special meeting organized by the Anhui Provincial Government on June 3, Governor Wang Qingxian made it clear: We must give full play to the leading advantages of intelligent voice technology represented by iFLYTEK, and accelerate the development A complete artificial intelligence industry system featuring intelligent voice.

The best way to foresee the future is to create the future.

If we want to achieve the development goals of the 14th Five-Year Plan and our cause is to benefit more mankind, we must let talents from all over the world join our ranks and give them a bigger stage. Recently, the topic of “lying flat” has aroused heated discussion. Many people laugh at themselves and say that I don’t want to work hard, but on the other hand, the number and popularity of online knowledge videos continue to increase, indicating that young people now have a strong self-drive and spirit of striving and enterprising, and they are a generation with dreams and personality.

In fact, many young people are very good, but some may not have a platform for growth and display, so that the ceiling of the workplace will soon come. Inside iFLYTEK, we must also take this as a vigilance to prevent young people with the ability and dreams from being flattened, losing their internal development momentum and vigorous vitality here. We need to create an organizational environment that allows young people to continuously release their inner abilities and ensure that “heroes are useful.”

Within the enterprise, we firmly oppose involution, Anything that can’t really create value for customers is an involution that is not worth the effort: Those that require a uniform format on insignificant matters are internal scrolling; those that spend time and energy on handling internal interpersonal relationships are internal scrolling; those that consume the lives of employees for multiple rounds of reporting. Our eyes should look outward, and the external tension that forms the organization is the fundamental way to solve the involution.

We hope that cadres at all levels of iFLYTEK can truly understand young people and look at problems from the perspective of young people. We need to first solve the young people’s survival pressure and growth pressure. From the perspective of “why not eat meat”, it is unobjective and unfair to put higher demands on young people who first need to solve the problem of food and clothing.

Struggle is the background color of youth, but it requires “civilian and martial arts, one relaxation.” We will continue to release the vitality of the organization, so that young people have greater motivation for growth, and every step of the happy struggle will have tangible rewards.

Today, population aging and declining birth rate are the general trend. Building a happy China must rely on artificial intelligence; the demographic dividend is gradually disappearing, more and more jobs will not be undertaken by young people, and building an industrial power must rely on artificial intelligence.

Artificial intelligence is taking on the important task of reshaping the competitive landscape of the global industrial chain. Standing at the new starting point of the 14th Five-Year Plan, facing the big future of artificial intelligence, we are in a golden window period and stand on an unprecedented stage.

No one can stay old, but the struggler is always young.

May we have hills in our breasts and mountains in our eyes.

Together, create the future!

Apple just issued an important warning iPhone users need to know

Duy Huỳnh — Wed, 02 Jun 2021 11:23:09 +0000

Users should update their iPhone software immediately, even if their device is running smoothly.
On the morning of May 25 (Vietnam time), Apple released iOS 14.6, a “small but powerful” update with fixing many bugs that affect the user experience, and patching a series of vulnerabilities. Security is rated as serious.

This means that users should update their iPhone immediately, even if their device is running smoothly. (Photo courtesy: Guardsquare) Accordingly, iOS 14.6 contains patches for 43 security holes, with some of which are considered to need serious attention. Apple’s support document says the update addresses a number of security vulnerabilities that could allow attackers to remotely execute code on a device. In a sharing with Forbes, security expert Sean Wright said the security flaws – which have been resolved in the latest iOS update – are “pretty bad to get.” (Artwork: NewsBeezer) While there is no indication that any of the security vulnerabilities Apple lists have been actively exploited, iPhone/iPad users should update their devices as soon as possible. Apple notes that some of the vulnerabilities were discovered by security researchers working for Trend Micro, a multinational cybersecurity company. (Artwork: Getty Images/iStockphoto) Some of the security and performance issues that have been fixed by the listed update include: – A memory corruption issue in the ASN decoder affecting the handling of manually generated certificates can lead to arbitrary code execution. – Audio problems related to the processing of audio files loaded with malware that can lead to arbitrary code execution. – ImageIO interferes with the processing of an image loaded with malware that can lead to arbitrary code execution. (Artwork: PhoneArena) The kernel allows a malicious application to execute arbitrary code with system kernel privileges. – The I/O pattern affects handling of a manually generated USD file that can lead to unexpected application termination or arbitrary code execution. – WebKit affects the processing of web content with malware installed that can lead to scripting on multiple sites. (Artwork: Rahul Chakraborty / Unsplash) Currently, iOS 14-compatible iPhone/iPad users can download the iOS 14.6 and iPadOS 14.6 updates for free via the OTA protocol. To update to iOS 14.6, users need to access the app Setting => General settings => Software updates .

President Joe Biden issued a decree to strengthen cybersecurity

Trang Hoàng — Fri, 14 May 2021 21:40:06 +0000

On May 12, President Joe Biden signed an executive order to strengthen the United States’ cybersecurity defenses, a move that follows a series of cyberattacks on private companies and the government’s own networks. federal government.

Illustration. https://kinhtexaydung.petrotimes.vn The action comes as Colonial Pipeline continues to face a ransomware attack that crippled the pipeline system, leading to widespread fuel shortages along the East Coast, prompting the Biden administration to take notice. get “the response of the whole government”. The Colonial Pipeline hack is just the latest example of criminal groups or state actors exploiting US cyber vulnerabilities. Last year, IT company SolarWinds’ software was breached, giving hackers access to communications and data within several government agencies. “We simply cannot let waiting for trouble next thing that happens is the status quo we are operating in,” an official told reporters during a conference call on the evening of May 12. Biden’s executive order takes several steps to modernize the nation’s cybersecurity: Require information technology service providers to notify the government of cybersecurity breaches that may affect U.S. networks and remove certain contractual barriers that may prevent providers from doing so. provide violations. Create a standardized guidebook and set of definitions for federal responses to cyber incidents. Push the federal government to upgrade to secure cloud services and other network infrastructure, and mandate multi-factor authentication and encryption for a specific period of time. Improve the security of software sold to the government, by requiring developers to publicly share certain confidential data. Establish a “Cybersecurity Review Board” composed of public and private sector officials, which may convene after cyber attacks to analyze the situation and make recommendations. Improve information sharing within the federal government by enacting a government-wide endpoint detection and response system. News of the President’s action came about an hour after Colonial announced it had restarted pipeline operations, although it would take several days for fuel deliveries to return to normal. “Colonial will move as much gasoline, diesel and jet fuel as possible and will continue to do so until the market returns to normal,” the statement also thanked the Biden administration “for its leadership and their cooperation”. https://kinhtexaydung.petrotimes.vn

The Chinese Embassy in Australia issued an important reminder that there are 6 special circumstances that can leave Australia without applying for an exemption

editor — Wed, 28 Apr 2021 09:55:08 +0000

Every edit: Bi Luming

A few days ago, the Chinese Embassy in Australia issued a notice stating that Chinese citizens holding Australian permanent residence visas should pay attention to relevant exit restrictions.

The full text is as follows:

Since March 25, 2020, the Australian government has begun to implement exit restrictions for Australian citizens and permanent residents. If you meet the following 6 special circumstances, you can leave Australia without applying for an exemption. 1) Persons who usually live in countries other than Australia 2) Airline crew, seafarers or related security workers 3) New Zealand citizens holding special category (subclass 444) visa 4) Persons engaged in daily export cargo operations 5) With Australia Persons related to necessary work in overseas facilities 6) Persons who travel for official government affairs, including members of the Australian Defence Force.

In addition to the above circumstances, Australian citizens and permanent residents who leave Australia must apply for exemption in advance. According to relevant Australian regulations, applicants must meet at least one of the following conditions: 1) Travel is to respond to the COVID-19 epidemic, including providing assistance. 2) Travel is necessary for your business/employer 3) Travel is to receive emergency medical treatment not available in Australia 4) You are leaving Australia for three months or more 5) Travel is for compassionate reasons or humane Reason 6) Travel is out of national interest.

This measure has a certain impact on Chinese citizens holding permanent residence visas leaving Australia. If relevant personnel believe that they are eligible for the exemption from leaving the country, they can apply to the Australian Ministry of the Interior.

The Chinese Embassy in Australia would like to remind relevant Chinese citizens in Australia to pay attention to the above-mentioned exit restrictions and make corresponding preparations and arrangements.

Daily economic news

The original China Banking and Insurance Regulatory Commission issued a statement: celebrity endorsement products must be responsible for their own purchase

editor — Sun, 25 Apr 2021 13:20:09 +0000

Remember the financial products endorsed by celebrities these years?

eZubao, Zhongjin Assets, Group Loan, Wanglibao, Youyi.com, Love Investment, Love Money Jin······

They have invited celebrities to endorse, involving Huang Xiaoming, Lang Lang, Zhao Yazhi, Tang Yan, Wang Baoqiang, Tang Guoqiang, Zhang Tielin, Wang Han, Du Haitao, Yang Di and many other celebrities. Under the aura of celebrity endorsements, ordinary people believe in these platforms, blindly “go into the pit”, put their savings and even pension money into it, and finally have accidents one by one, and they have lost their money.

Earlier, the Financial Dispute Resolution Center of Chaoyang District, Beijing issued an announcement in which the celebrities who had endorsed P2P should do their responsibilities for their endorsements.

On April 22, in response to the problems of some financial products endorsed by celebrities, the China Banking and Insurance Regulatory Commission issued a reminder on being alert to the risks of celebrities endorsing financial products. The endorsements of celebrities and other public figures shall abide by laws and regulations such as the Advertising Law of the People’s Republic of China. For recommendation and certification of unused commodities or unreceived services, before accepting endorsements, it should be checked whether the endorsement agency has legal qualifications, and whether the endorsed products and services are true in content and meet regulatory requirements.

In other words, celebrities can only endorse the goods they have used or services they have received. Once celebrities do not reflect the truth to the public, they are suspected of false advertising, and they must bear joint and several liability with advertisers.

At the same time, on May 1 this year, the “Regulations on the Prevention and Treatment of Illegal Fund Raising” will be officially implemented, with special reference to the relevant responsible entities such as illegal fund-raising persons, illegal fund-raising facilitators, Internet information service providers, advertising operators and publishers. Administrative and criminal penalties. This is tantamount to intensifying the punishment of celebrity endorsement responsibilities.

Of course, no matter how you will be held accountable afterwards, for the common people, precautions are the most important, especially investment-related, we need to be cautious and then cautious.

Russia issued a tough decree with “unfriendly action” from abroad

Hà Huyền — Sun, 25 Apr 2021 10:29:07 +0000

Russian President Vladimir Putin on April 23 signed a decree on measures to deal with the ‘unfriendly actions’ of a number of countries, amid diplomatic tensions between Russia and the US and European countries. increasingly.
According to the decree released by the Kremlin, diplomatic missions, consulates and offices of foreign government organizations that act hostile against Russia, Russian citizens or legal entities will have to faces restrictions, or even outright bans, on the employment of Russian nationals.

President Putin on April 23 signed a decree on measures to respond to “unfriendly actions” against Russia. Photo: Tass It is the task of the Russian government to determine the number of Russian individuals that can be recruited by foreign missions. Accordingly, labor contracts with individuals in excess of the number set by the Russian government, signed before the start of the decree, will be terminated, Tass reported. In addition, President Putin ordered the Government to make a list of countries taking action against Russia that are subject to a restriction order, requiring these countries to ensure control over the observance of the labor rights of Russian citizens in the school. their contract is terminated by ordinance. The Ordinance was introduced to protect the interests and security of Russia under federal law No. 281-FZ on “Special Economic and Enforcement Measures” dated December 30, 2006 and No127-FZ on ” Dealing with unfriendly actions of the US and some countries ”June 4, 2018 The Ordinance takes effect from the date it was officially announced.

Bo Yang, Director of Dacheng International Business Department, first public offering Dacheng Hong Kong stock selection is issued on April 15

editor — Sun, 18 Apr 2021 21:22:06 +0000

After the valuation of A shares has risen sharply, in 2021, Hong Kong stocks in the moderate valuation area will be favored by funds from the south. It is reported that Dacheng Hong Kong Stock Selected Mixed Fund (QDII) (code: Class A 011583, Class C 011584) under Dacheng Fund has been put on sale on April 15. This fund is personally helmed by Bo Yang, the director of Dacheng International Business Department and the research director of Dacheng Fund’s cross-border team. Bo Yang has lived in Hong Kong for 22 years, managed cross-border assets of more than 10 billion Hong Kong dollars, and has invested in Hong Kong stocks for more than 10 years. He is very close to the Hong Kong stock market and is familiar with global liquidity. Bo Yang had academic experience. After graduating from the Junior Class of the University of Science and Technology of China, he was the youngest assistant professor at the Business School of the University of Hong Kong. Later, he moved to the financial market and became the youngest Asia-Pacific and emerging market strategist at Morgan Stanley. Bo Yang’s investment framework is a combination of top-down and bottom-up. It has a global perspective, is good at asset allocation and selected individual stocks. It has previously won the Overseas Golden Bull Award twice (awarding institution: China Securities Journal; time: 2018 August 3, 2019, December 27).

22 years of residence in Hong Kong in the first round of public offerings

Bo Yang, Director of International Business Department of Dacheng Fund and Research Director of Dacheng Fund’s Cross-border Team. Born in the Junior Class of the University of Science and Technology of China, PhD in Finance from the University of Hong Kong, with more than 10 years of experience in Hong Kong stock investment management, he has won the China Securities Journal’s second and third overseas fund golden bull awards for two consecutive years.

According to the data, Bo Yang joined Dacheng Fund in 2015, and since March 2018, he has served as the investment manager of the first batch of Southbound Stock Connect commissioned portfolios of the National Social Security Fund. Prior to this, he has been in contact with institutional investors that dominate the Hong Kong market for a long time during more than 20 years of cross-industry experience in academia, research, and investment, including large global sovereign funds, large foreign long position funds, hedge funds, and Chinese and domestic investors. He has a strong grasp of his style preference; at the same time, he has a deep understanding of global liquidity and plays an important role in investing in Hong Kong, a capital market where the currency is directly linked to the US dollar.

As Bai Yang said, in the Hong Kong stock market, “the one who does not seek the overall situation is not enough to seek a domain.” Only from the forest of global assets can we see the specific tree of Hong Kong stocks clearly.

At present, Bo Yang manages a number of cross-border special account products, with a total asset scale of more than 10 billion yuan, of which the equity product management scale is about 5 billion yuan, which is mainly invested in Hong Kong stocks.

Deeply research individual stocks and focus on risks

Markets often underreact to the beginning of long-term structural changes and overreact to short-term events. Relying on the long-term market strategy research experience of top investment banks, Bo Yang is good at accurately grasping the direction in the early stage of major macro-trends, and capturing the drift of market winds and the formation of large-scale investment themes. Different from the mainstream of the market, Bo Yang’s stock selection is based on top-down, and the investment style remains open. It does not exclude any asset in growth, value, or cycle, nor is it limited to one or certain industries. The existing management investment targets range from the “old economy” to the “new economy”, from consumption, finance, real estate to health care, and information technology, covering all industries in the entire market.

Bo Yang believes that investment should maintain an open mind, not set limits on oneself, and not antagonize growth and value. For long-term management institutions (including social security funds) special accounts, Bo Yang’s investment style is a bit of an absolute return style, so he attaches great importance to risk control and dislikes large drawdowns, because drawdowns are directly related to the speed of returning to net worth. Bo Yang emphasized: Going air is not a risk, but losing money is!

Bo Yang Investment is mainly held in the medium and long term. Only in a few extreme cases will significant position adjustments and style switching be carried out. Bai Yang believes,

Accurately grasp the market trend, dare to grasp the turning point and concentrate on trading

Bo Yang’s investment framework is a combination of top-down and bottom-up, and tends to be top-down: judge the status quo of macroeconomic and monetary and fiscal policies, and then observe the expectations of the capital market, valuations, and valuations of various sectors , Earnings growth rate, selection of countries, regions and industries with the best price/performance ratio, and finally stock selection based on in-depth bottom-up individual stock research. There are more choices of industries and styles, and fewer choices. There are exceptions only when the market is in extreme valuation and sentiment situations. This is consistent with the results of the academic analysis of fund performance, that is, the vast majority of investment returns come from asset allocation, followed by stock selection, and very few come from timing. The difference between a top-down investment framework and a purely bottom-up framework is that the former can simultaneously obtain the benefits of style selection and sector rotation in asset allocation.

Bai Yang said that if he judges that the market valuation level or style rotation is close to an important turning point, he will do long and concentrated transactions. In addition, his investment is mainly based on steady and slow substitution, and the overall annual turnover rate of the investment portfolio is not high.

He believes that benefiting from the dual changes in the size and structure of Hong Kong stocks and the valuation of Hong Kong stocks dragged down by the global epidemic last year, Hong Kong stocks will most likely outperform A shares in 2021. In terms of volume, Hong Kong stocks have been active in IPOs, and their volume has continued to increase. At present, it is almost half the value of the A stock market, and has ranked among the top three in total global IPO value for two consecutive years. Structurally, due to the differences in the listing rules between Hong Kong and the Mainland, the Hong Kong stock market has gathered a large number of extremely dynamic TMT and biomedical companies. He believes that Hong Kong stocks are very likely to become the Chinese version of Nasdaq in the future. According to the GICS industry classification, the proportion of the “new economy” component of the Hong Kong stock Hang Seng Index in the total market value has increased from 16% five years ago to 39% at present. In addition, Hong Kong stocks have recently benefited from the return of China’s concept stocks, looking high.

In terms of general allocation, he pays attention to “three U assets” (Under-loved, Under-owned and Undervalued), that is, stocks that people don’t like, are seldom held by institutional investors, and are deeply undervalued. He believes that this type of There are good medium and long-term investment opportunities hidden in stocks.