Edit | Zheng Qing

click to enter: 2021 Yabuli China Entrepreneurs Forum | Sohu Finance

“My daughter Liu Chang often tells new employees that the most right and difficult thing I have done in the past ten years is to step down from the throne of the “king” and become thousands of strugglers.” On June 8 At the opening ceremony of the 21st annual meeting of the 2021 Yabuli China Entrepreneurs Forum, New Hope Group Chairman Liu Yonghao said.

Liu Yonghao said that in the past, he was called the “Quail King” and the “Feed King”, but there was only one King. In people’s minds, he was the King to achieve the best. But the king has the limitation of the times, and this limitation emphasizes the authority of the individual. The problem for most companies now is to activate the organization and to drive the team. We must mobilize the enthusiasm of more managers and create an organization where everyone is vying to be an entrepreneur.

He pointed out that The great changes brought about by the Internet have made people realize that large companies have to struggle and small companies have opportunities. The key is who meets their needs and who solves the pain points. “So we turned the new hope into a’platform’ to empower, and we changed the rules of the game to’see who contributes the most and who lives for a long time’ instead of’seeing who is the king’. We hope that in the new Under the system and framework of hope, more subdivisions of chickens, cows, and unicorns will emerge.” Liu Yonghao said.

Liu Yonghao explained that for these three species, Jifeng is more like small and beautiful small and micro enterprises and family workshops. Although they are not large in scale, they are diligent and diligent and strive for perfection; Niutou represents those who silently contribute and graze and milk. Struggling entrepreneurs, through their struggle to achieve a certain scale of business, they have become an important force to promote the progress of the industry; and unicorns are familiar to everyone, referring to those technology-based potential stocks with a valuation of more than 1 billion US dollars.

“Jifeng represents the pioneer of small and micro enterprises, Niutou represents the power of transformation and upgrading, and unicorns represent the future technology trend. The tens of thousands of Chinese companies led by them constitute a wonderful landscape.”

What kind of company is this new hope now? Liu Yonghao replied that New Hope is shifting from one company to one platform, hoping to provide different types of companies and entrepreneurs with different support and empowerment, and help them play on their own tracks

Guest of this issue: Liu Qiao, Dean of Guanghua School of Management, Peking University

Produced | Sohu School of Business

Edit | Xu Xiaoqi

Chief Editor | Wang Demin

On June 21, China’s 9 first batch of publicly offered REITs were officially listed. This batch of publicly offered REITs ushered in popularity as early as the subscription stage, with subscription funds exceeding 30 billion, and all of them ended early.

REITs (real estate investment trust funds) are an important means to realize real estate securitization. It is a trust fund that pools the funds of most investors, transfers them to a special investment institution for real estate investment management, and distributes the investment income to investors in proportion.

In 1960, the world’s first REITs were born in the United States. From 2000 to 2016, the average annual yield of US REITs reached approximately 12%. At present, REITs products have been issued in more than 40 countries and regions, and the global market value exceeds 2 trillion US dollars. China’s first batch of public offering REITs is of great significance to China.

What impact does the securitization of REITs have on my country’s capital market? How is REITS different from stocks? How big is the overall market size of China’s REITS in the future? What is the relationship between REITs and real estate? Sohu Finance and Economics “Acknowledge 100 People” talked about this with Liu Qiao, Dean of Guanghua School of Management, Peking University.

Liu Qiao has studied and actively promoted the development of REITs in China for many years. In his view, REITs are a milestone in the development of China’s capital market, equivalent to the full implementation of the registration system, and a great attempt without losers.

Liu Qiao Means, REITs products are between “stocks” and “debts”, It is the fourth major financial asset except stocks, bonds, and cash. It has not only improved the types of Chinese assets, but also brought new choices for Chinese residents in the future investment allocation, which is an important step in advancing the capital market.

Talking about the characteristics of REITs, Liu Qiao said that the cash flow of REITs is relatively stable. Compared with stocks, it is relatively less speculative and more suitable for long-term holding and investment. Especially in a bear market, it is more resilient and its performance is more stable. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management and obtaining property income. In the United States, REITs have better investment returns than bonds and stocks, and they have lower risks than stocks.

“Assessing whether a financial product is a good asset, we cannot look at the increase in the bull market, but the resilience of the bear market,” Liu Qiao said frankly. He also introduced that the vast majority of REITs’ income must be distributed, and there is a mandatory distribution ratio requirement. Investing in public REITs funds with growth potential is equivalent to sharing the dividends of China’s future economic growth. Liu Qiao also clarified the common misunderstanding of the relationship between REITs and real estate in my country during the interview. He emphasized that real estate is not equal to real estate. In fact, REITs and real estate are two concepts. In the United States, the underlying assets of REITs are only 13.2% related to real estate, and a larger proportion are other assets such as retail stores, hospitals, and industrial plants. How big is the market for China’s REITs? Liu Qiao predicts that if only infrastructure is considered in the short term, R The future market size of EITs will be between 5 trillion and 10 trillion . This scale is not small. After more than 30 years of development, the A-share market has a volume of only nearly 80 trillion. According to his analysis, the market size of mature REITs such as the United States and Japan accounts for about 5% to 15% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the future. From another perspective, China’s overall infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, it can reach a volume of 6.5 trillion yuan. “In addition, China’s current REITs’ underlying assets are only infrastructure, and this scope will expand to other areas in the future, so I think the real market size of China’s REITs in the future will be much larger than this number.” Liu Qiao said. Liu Qiao, Dean of Guanghua School of Management, Peking University The following is a compilation of interviews: Sohu Finance: On June 21, 9 public offering REITs went public. How do you expect REITS prices to perform? Liu Qiao: Because the subscription is very active, the price of REITs will definitely increase on June 21st, but the increase cannot be determined because there is a 30% upper limit on the increase. Sohu Finance: What impact will the securitization of REITs have on my country’s capital market? Liu Qiao: Nine infrastructure public offering REITs went public, after 20 years of hard work. The launch of public REITs has three meanings. The first is to build a multi-level capital market. Public REITs have grown from scratch and are the fourth largest financial asset in addition to stocks, bonds, and cash. It has perfected China’s major asset categories and is an important step in advancing the capital market. At the same time, REITs products are between “shares” and “debts”, bringing new choices for Chinese residents’ future investment allocation. Second, public REITs are traded in the secondary market and have the function of price discovery. REITs price is the anchor for market-based pricing of underlying assets , Which is conducive to more effective allocation of resources. Third, public REITs can increase the proportion of direct financing, which is an important measure for the supply-side reform of China’s financial sector. It not only provides another source of funding for future infrastructure investment, but also has great value in improving the efficiency and return of China’s infrastructure investment in the future. REITs are a milestone in the development of China’s capital market. They are equivalent to the full implementation of the registration system. . REITs and the registration system are the most important and only two measures of China’s financial supply-side reform. From this perspective, I am very looking forward to June 21st, and hope that these 9 pilot public offering REITs will be listed with great success. Sohu Finance: You just said that REITs are financial products between stocks and bonds. What is the specific difference between them and stocks? Liu Qiao: The publicly offered REITs in this trial are equity products. From this perspective, they are not debts, and are equity securities like stocks. However, as financial products, REITs have their own specific attributes. For example, the underlying assets are real estate and the cash flow is relatively stable. Its growth depends more on stable cash flow growth. Compared with stocks, it is less speculative and has stronger long-term investment attributes. In addition, The vast majority of REITs’ income must be distributed, and there is a mandatory dividend ratio requirement . According to the research of the US, Singapore, Australia and other markets, the pricing law of REITs is also different from that of stocks and bonds. If various types of financial assets have strong linkages and a high degree of price linkage, the effect of risk diversification will be relatively poor. In the U.S. market, REITs prices have a low correlation with bond prices and stock prices . Therefore, from the perspective of resource allocation, it is a very good configuration field, with greater configuration value. Sohu Finance: The current REITs are only pilot projects, and the fund subscription scale is small. How big do you estimate the overall market size of China’s REITS? Liu Qiao: The mature REITs market in the United States and other countries accounts for about 4% to 12% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the next few years. This scale is not small. After more than 30 years of development, the A-share market now has a volume of only nearly 80 trillion. In addition, Chinese REITs are not the same as the US and Australian markets. The first batch of our pilots are infrastructure public offering REITs, and the underlying assets are infrastructure. China’s entire infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, and the final public offering is listed, it can also reach a volume of 6.5 trillion yuan. Moreover, as a large category of financial assets, REITs have relatively stable yields and little price fluctuations. In the United States, REITs have better investment return data than bonds and stocks, and the risk is relatively low. In the future, the scope of underlying assets of China’s REITs will also expand to other areas. Such as rental housing, low-carbon related assets and so on. Including these underlying assets, the scale of China’s REITs will be larger than 6.5 trillion yuan. If only infrastructure REITs are considered in the short term, the market size will be between 5 trillion and 10 trillion. But I think the real market size of China’s REITS will be much larger than this number in the future. Sohu Finance: How to correctly understand the relationship between REITs and real estate? Liu Qiao: People’s There has always been a misunderstanding in the perception of REITs. The English literal translation of REITs is “real estate investment trust fund”. The underlying assets are real estate, not just real estate. The wrong perception of real estate has led people to think that REITs are investment funds with real estate as the underlying assets. The launch of REITs is just another channel for real estate companies and related issuers to provide financing. Therefore, as the Chinese real estate market is facing a structural transformation and controlling housing prices, everyone has a lot of concerns about the launch of REITs. This is one of the reasons why public REITs have not been called out for so many years. It took many years for academics and policy makers to correct their perceptions of REITs. In the U.S., REITs are really only 13.2% of the underlying assets related to real estate A larger proportion is retail stores accounted for 18.28%, hospitals accounted for 10.72%, infrastructure accounted for 13.92%, industry accounted for 7.7%, and other assets such as hotels and data centers. Sohu Finance: What impact does the listing of REITs have on residents’ financial management? Liu Qiao: The value of publicly offered REITs is that they have both financial and real estate attributes, and they are the most typical example of the integration of industry and finance. The performance of REITs in the market depends on the operational capabilities of the management team. Investing in public REITs funds with relatively high quality underlying assets, strong management team operational capabilities, and growth potential is also equivalent to sharing the dividends brought about by China’s future economic growth and the continuous improvement of infrastructure investment efficiency. Sohu Finance: Under global inflation expectations, what are the effects of REITs on residents’ wealth management? Liu Qiao: To assess whether a financial product is a good asset, one cannot look at how much it rises in a bull market, but depends on its resilience in a bear market. REITs have weak volatility and strong anti-cyclical ability. When the economy performs poorly and the financial market is in a counter-cyclical period, the performance is more stable. When allocating assets, REITs are an ideal alternative investment product. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management. Sohu Finance: How has the US REITs’ yield performance over the years? Liu Qiao: From 2000 to 2016, the average annual return rate of US REITs reached about 12%, which is much higher than the average of the S&P 500. After the 2008 financial crisis, REITs continued to grow in decline, but still surpassed the stock and bond markets. Sohu Finance: The listing of REITs refers to the advancement of the Science and Technology Innovation Board. What impact will it have on the Sci-tech Innovation Board and ChiNext after it goes public? Liu Qiao: As a growing financial market, everyone has high expectations for the follow-up development of REITs. And after sorting out the pilot experience, the scope of the overall underlying assets of REITs will continue to expand. The US REITs market has the largest scale and the longest development time in the world so far, and the scope of the underlying market is very wide.but China’s current REITs’ underlying assets are only infrastructure. In the future, this scope will continue to expand during the development process. I believe that rental housing and carbon-neutral assets will be gradually included. In this case, REITs will eventually become a very important part of the entire capital market. Its size, coverage, support for the real economy, and influence on the capital market will expand year by year. However, when discussing the impact on the traditional capital market, the current REITs are only pilot projects with limited scale.For example, the total volume of the 9 REITs listed this time is only more than 30 billion, and the market value of the A-share market is close to 80 trillion, so So far, the impact of REITs on the stock market is very small . If we only look at the direct price impact or the liquidity impact, the impact of REITs on the Sci-tech Innovation Board and ChiNext will be minimal in the short term. However, the launch of publicly offered REITs is an important measure for the supply-side reform of the financial sector. Its significance is equivalent to the launch of the science and technology innovation board and the implementation of the registration system. The positive impact will gradually become apparent. Sohu Finance: REITs funds have a certain degree of “share nature.” What do you think of the risks that it may bring when trading in the secondary market? Liu Qiao: From the perspective of recruitment and subscription, REITs are highly recognized by market investors. But REITs are not growth stocks in the classic sense, but more like sound investment products. It is less speculative and more suitable for long-term holding and investment. I am worried that everyone thinks it is speculative and thus speculates on the price. If the price rises too sharply, it will bring noise to the steady and sustainable development of public REITs in the future. Investors should have a clear understanding of the pricing rules of REITs and establish a correct investment philosophy, so that the development of REITs can proceed steadily. Sohu Finance: In addition to new infrastructure, what other areas or groups will benefit from REITs? Liu Qiao: From the issuer’s perspective, asset owners included in the scope of the REITS pilot program are definitely beneficiaries, such as highways, environmental water services, industrial parks, logistics, and data centers. However, from the perspective of investors, the long-term significance of the benefits is that REITS public offerings provide public investors with the fourth category of financial assets, enabling the public to invest in real estate and benefit from it. In addition, REITs have stable cash flow, stable yield, and risk between stocks and bonds, which is good for long-term institutional investors. Finally, local governments and platform companies are also major investors in national infrastructure construction. After REITS pilots, the scale will continue to expand, and as the market becomes more and more mature, the future will bring about a radical change in investment philosophy. So local governments are also beneficiaries. In addition, finances can also collect the taxes that occur during the issuance and transaction process of REITS, so public offering of REITS is a great attempt without losers. More interviews are as follows: Liu Qiao: There is a general misunderstanding about REITS in our country, it is not equal to the securitization of real estate investment Liu Qiao: REITs funds are more resilient than stocks in a bear market, and are suitable for long-term stable holding and investment Liu Qiao, Dean of Peking University Guanghua: my country’s provident fund stock is more than 800 billion, and the implementation of rental REITs can build more public rental housing

It was ridiculed by its peers, but today it has become the pillar of China’s consumer market infrastructure.

From the “no postage zone” to the same-day delivery, why did Tibet change?

More than one hundred robots shuttle back and forth between countless shelves without interfering with each other, and work in an orderly manner. This scene did not take place in a science fiction drama, but actually appeared in the western highlands of China-Tibet.

These robots are called “Land Wolf” and they are the new “employees” of JD Logistics. Relying on these “brothers”, the hard bones of Tibet’s logistics were finally gnawed down by Liu Qiangdong.

It is not surprising that this happened on JD.com, because Liu Qiangdong has not played cards according to common sense.

Back then, he was a high-achieving student who graduated from the National People’s Congress and went to Zhongguancun to work as a small trader. His mother opposed, and his girlfriend’s father persuaded him… Liu Qiangdong survived. Seeing that JD.com has a little bit of color, he plans to deploy JD.com logistics.

The ridicule came like a tide, and Li Guoqing bluntly said: “JD.com will not last long.” Even in JD.com’s own senior management team, some people clearly opposed it. Liu Qiangdong only replied one sentence, this is a notice, not a discussion. But it’s easier said than done. The 2008 financial crisis screamed, and JD.com had only 10 million left on its account. This means that the company’s income in recent years has to go all in, and it has to get a huge amount of financing within a limited time. If it fails It may be overwhelming. Liu Qiangdong gritted his teeth and desperately found investors. When he was most anxious, he saw 42 people a week. When he heard that he didn’t know when he could make money, they all retreated. It was not until the end of the year that Liang Botao, a life-saving straw, finally appeared. Why is it focused on logistics? The “10-section sugarcane theory” is his “confidence.” Liu Qiangdong divides the value chain of the retail and consumer goods industry into ten links including creativity, design, R&D, manufacturing, pricing, marketing, trading, warehousing, distribution, and after-sales. “The length of a sugarcane section can be changed in the short term, but it is fixed in the long run. When there are too many brands coming in, competition becomes fierce and profits decrease, then this section of sugarcane becomes shorter.” In his view, logistics It was a big sugarcane that no one dared to chew at that time. However, it is JD.com doing logistics that can realize products with the charm, safety and fidelity of “Same Day”. This has also become an important reason for consumers to choose JD.com online shopping. It is also because of trust that “cash on delivery” has changed from mainstream to marginal and historical. Afterwards, everyone knows that JD Logistics has not only been strong for 17 years, it has also been successfully listed, becoming the second in China. Behind this company stood Sun Zhengyi, who voted for Tesla’s female version of Buffett’s “Cathie Wood” (Cathie Wood). After gnawing on this big sugarcane and sending JD Logistics to the market, all the ridicule at the beginning was turned off. No one expected Liu Qiangdong to play the card again according to common sense. Jingdong “logistics” has become a “consulting company”. Not only provide supply chain solutions, but also analyze and match supply chain planning. Specifically, JD Logistics began to intervene in the early sales forecasting of corporate customers, and based on sales forecasts, it carried out category distribution and inventory arrangements; after sales began, it timely met the demand for return and replacement, and replenished goods quickly when selling well, and quickly when sales were slow. Dealing with inventory, in this way, helps companies achieve revenue growth. At present, this idea has begun to bear fruit. After the cooperation between sports brand Skechers and JD Logistics, the weighted average delivery time of all e-commerce orders has been reduced by about 5 hours, and JD Logistics has helped Amway Group’s inventory turnover days to be reduced by approximately 30%, which means that under the circumstance of unchanged sales, Amway needs to reserve funds in inventory drastically reduced. Liu Qiangdong, who played cards in an unreasonable manner, always showed Wang Zhan at the end. Perhaps Liu Qiangdong’s brilliance lies in the fact that he knows that the real winner will never let people guess what his cards are. Li Guoqing, who laughed at him, was swept out by his wife, Zhang Jindong also became Lao Lai, but Liu Qiangdong’s Jingdong became a retail behemoth. ——END—— Welcome to pay attention to 【Chinese Business Strategies】, learn about the heroes, and read the legends of the strategies. All rights reserved, unauthorized reprinting is prohibited! Some pictures come from the Internet If it involves infringement, please contact to delete

1. T-shirt + spliced ​​jacket + printed trousers + boots
   Keywords: sweetness, age reduction; sports fan
   White T, as a simple fashion item, shows a refreshing and playful appearance, as long as it is matched well, it can deduce a playful girly feeling; Liu Yifei chooses blue, pink and white and other colors to be stitched together, and the colors alone look dazzling The color is rich, but for most of us, this gorgeous color clothing should be worn as little as possible, otherwise it will be easy to overturn, resulting in a fancy and old-fashioned visual sense. With the printed trousers, it contrasts with the upper itself, and the feet are stepped on the long tube. The boots add sassy and domineering, this neutral style is still deduced a sweet fan.
   Sleeveless striped shirt + short style + peas shoes
   Keywords: striped elements; missing bottoms; retro

Off-season wear is generally rarely seen in daily life, but this kind of off-season collocation is good, but it will trigger the anti-season trend. Little fairies who want to get off-season wear style must not miss it. But when I saw the long sweater, I didn’t dare to encounter this kind of outfit in the summer, but the sleeveless design adds a refreshing and fashionable style, which is good to soothe the summer heat; the striped elements are classic and retro, combined The three colors of black, white and gray are classic, versatile and outdated, giving fashion ladies a fan. Missing under clothes is also the most everyday thing to wear in summer. If you want to wear bright spots on the bottom of the street, then you must not miss the small details; missing under clothes generally follow the “upper pine and lower tight” matching pattern, so that you can Cover up the flesh of the upper body, give it a random fan, and can well show the superior comic legs; plus peas shoes and stockings, this can modify the leg lines, and can show a cute and cute fan, which can be described as a celebrity style. Exclusive. 2. Turtleneck sweater + printed jacket + wide leg pants + Martin boots Keywords: fresh; sports fan; domineering For collocation, it is not a blind pursuit to wear all colors on the body, but to combine them in the simplest style. If you want to get a fresh style, then green and blue are all colors that cannot be missed; green is given It is fresh and sweet, adding a playful girl, but when matching, there is no superior swan neck, try this kind of high-necked dress as little as possible, otherwise it will appear to have no neck and give a bloated feeling. Although Liu Yifei’s figure is more than the Panasonic model, but the waist is in the waist mode, which can not only outline the waistline, but also create a sporty style, showing youth and playfulness; wearing wide-leg pants on the lower body is able to Modify the leg lines to show a superior body proportion. Three, shirt + pettiskirt The collocation of the shirt and the puffy skirt creates a retro and refreshing look. This pure white color highlights the cleanliness, and the puffy skirt highlights the retro and Disney princess aura. This kind of waist can outline her slenderness. The small waist, creating a fashion goddess fan, but this kind of lantern sleeves is not suitable for small fairies with big skeletons, otherwise it will easily cause a sense of bloat. Fourth, red tulle feather skirt + long boots Keywords: bright and beautiful atmosphere; fairy fan When seeing this group of shapes, the whole person is bright and gorgeous, red is to give a bright atmosphere, and can highlight the retro fashion style, but the combination of tulle and feather elements gives a more stylish look. Many fairy fans, stepping on their boots to show the Queen of Cool Sa, this set of styles are a bit of a collision with Tang Yan’s style at the front end, but Liu Yifei is more glamorous, and Tang Yan looks even sweeter. Disclaimer: The text is original, the picture comes from the Internet, if there is any infringement, contact to delete. Plagiarism is prohibited, offenders must be investigated! Text/Sky Bird

The theme of this blockbuster is related to midsummer, with a green background, and Liu Yifei is the only bright spot. She wore a red dress with black lace-up boots, and the picture was very impactful. The fringe design of the dress flutters with the wind, matching her stretched posture, it seems to be a flamingo resting.

The other set is simple and fresh, with black and white striped tops and shorts, white socks and leather shoes that look like good-looking women, but Liu Yifei is full of aura, with his feet on a stool and showing off his slender legs. His good figure is very eye-catching.

It is reported that this is the 9th time that Liu Yifei has appeared in the big-name magazine. The still-photo expressiveness is as outstanding as ever. It makes people feel that she is indeed the sister of Tianxian.

Prior to her participation in the light gathering ceremony, the fairy dress was well received. The blue tube top design is both fairy and feminine, which fits Liu Yifei’s own characteristics very well.

Of course, Liu Yifei’s most amazing is the costume style. Her “Legend of the Sword and Fairy”, “The Legend of the Condor Heroes” and “The Eight Dragons” are all classic works. Liu Yifei has also become the childhood goddess of countless audiences with her ancient costume styles. .

Recently, she returned to filming costume dramas again, cooperating with Chen Xiao, Liu Yan, and Lin Yun on the TV series “Meng Hua Lu”.

In the exposed Reuters photos, Liu Yifei’s costumes are still amazing, and only the Reuters pictures can be beautifully searched. Whether it is filming a movie or a magazine or attending an event, Liu Yifei can be searched every time she looks like it. People can’t help but wonder how she did it.

It is reported that in “Meng Hua Lu”, Liu Yifei and Chen Xiao will have a relationship scene, Liu Yan and Lin Yun will play good sisters who are working hard with her, and the three of them will write an inspirational story about a female counterattack.

Looking forward to the performance of “Meng Hualu” after its launch.

Sohu Finance and Economics and “Economics” magazine series of interviews-“Acknowledge 100 People” No. 125 (click to enter the topic)

Guest of this issue: Liu Qiao, Dean of Guanghua School of Management, Peking University

Produced | Sohu School of Business

Edit | Xu Xiaoqi

Chief Editor | Wang Demin

On June 21, China’s 9 first batch of publicly offered REITs were officially listed. This batch of publicly offered REITs ushered in popularity as early as the subscription stage, with subscription funds exceeding 30 billion, and all of them ended early.

REITs (real estate investment trust funds) are an important means to realize real estate securitization. It is a trust fund that pools the funds of most investors, transfers them to a special investment institution for real estate investment management, and distributes the investment income to investors in proportion.

In 1960, the world’s first REITs were born in the United States. From 2000 to 2016, the average annual yield of US REITs reached approximately 12%. At present, REITs products have been issued in more than 40 countries and regions, and the global market value exceeds 2 trillion US dollars. China’s first batch of public offering REITs is of great significance to China.

What impact does the securitization of REITs have on my country’s capital market? How is REITS different from stocks? How big is the overall market size of China’s REITS in the future? What is the relationship between REITs and real estate? Sohu Finance and Economics “Acknowledge 100 People” talked about this with Liu Qiao, Dean of Guanghua School of Management, Peking University.

Liu Qiao has studied and actively promoted the development of REITs in China for many years. In his view, REITs are a milestone in the development of China’s capital market, equivalent to the full implementation of the registration system, and a great attempt without losers.

Liu Qiao Means, REITs products are between “stocks” and “debts”, It is the fourth major financial asset except stocks, bonds, and cash. It has not only improved the types of Chinese assets, but also brought new choices for Chinese residents in the future investment allocation, which is an important step in advancing the capital market.

Talking about the characteristics of REITs, Liu Qiao said that the cash flow of REITs is relatively stable. Compared with stocks, it is relatively less speculative and more suitable for long-term holding and investment. Especially in a bear market, it is more resilient and its performance is more stable. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management and obtaining property income. In the United States, REITs have better investment returns than bonds and stocks, and they have lower risks than stocks.

“Assessing whether a financial product is a good asset, we cannot look at the increase in the bull market, but the resilience of the bear market,” Liu Qiao said frankly.

He also introduced that the vast majority of REITs’ income must be distributed, and there is a mandatory distribution ratio requirement. Investing in public REITs funds with growth potential is equivalent to sharing the dividends of China’s future economic growth.

Liu Qiao also clarified the common misunderstanding of the relationship between REITs and real estate in my country during the interview. He emphasized that real estate is not equal to real estate. In fact, REITs and real estate are two concepts. In the United States, the underlying assets of REITs are only 13.2% related to real estate, and a larger proportion are other assets such as retail stores, hospitals, and industrial plants.

How big is the market for China’s REITs? Liu Qiao predicts that if only infrastructure is considered in the short term, R The future market size of EITs will be between 5 trillion and 10 trillion . This scale is not small. After more than 30 years of development, the A-share market has a volume of only nearly 80 trillion.

According to his analysis, the market size of mature REITs such as the United States and Japan accounts for about 5% to 15% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the future. From another perspective, China’s overall infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, it can reach a volume of 6.5 trillion yuan.

“In addition, China’s current REITs only have infrastructure as the underlying assets, and this scope will expand to other areas in the future, so I think the real market size of China’s REITs in the future will be much larger than this number.” Liu Qiao said.

Liu Qiao, Dean of Guanghua School of Management, Peking University

The following is a compilation of interviews:

Sohu Finance: On June 21, 9 public offering REITs went public. How do you expect REITS prices to perform?

Liu Qiao: Because the subscription is very active, the price of REITs will definitely increase on June 21st, but the increase cannot be determined because there is a 30% upper limit on the increase.

Sohu Finance: What impact will the securitization of REITs have on my country’s capital market?

Liu Qiao: Nine infrastructure public offering REITs went public, after 20 years of hard work. The launch of public REITs has three meanings. The first is to build a multi-level capital market. Public REITs have grown from scratch and are the fourth largest financial asset in addition to stocks, bonds, and cash. It has perfected China’s major asset categories and is an important step in advancing the capital market. At the same time, REITs products are between “shares” and “debts”, bringing new choices for Chinese residents’ future investment allocation.

Second, public REITs are traded in the secondary market and have the function of price discovery. REITs price is the anchor for market-based pricing of underlying assets , Which is conducive to more effective allocation of resources.

Third, public REITs can increase the proportion of direct financing, which is an important measure for the supply-side reform of China’s financial sector. It not only provides another source of funding for future infrastructure investment, but also has great value in improving the efficiency and return of China’s infrastructure investment in the future.

REITs are a milestone in the development of China’s capital market. They are equivalent to the full implementation of the registration system. . REITs and the registration system are the most important and only two measures of China’s financial supply-side reform.

From this perspective, I am very looking forward to June 21st, and hope that these 9 pilot public offering REITs will be listed with great success.

Sohu Finance: You just said that REITs are financial products between stocks and bonds. What is the specific difference between them and stocks?

Liu Qiao: The publicly offered REITs in this trial are equity products. From this perspective, they are not debts, and are equity securities like stocks. However, as financial products, REITs have their own specific attributes. For example, the underlying assets are real estate and the cash flow is relatively stable. Its growth depends more on stable cash flow growth. Compared with stocks, it is less speculative and has stronger long-term investment attributes.

In addition, The vast majority of REITs’ income must be distributed, and there is a mandatory dividend ratio requirement . According to the research of the US, Singapore, Australia and other markets, the pricing law of REITs is also different from that of stocks and bonds.

If various types of financial assets have strong linkages and a high degree of price linkage, the effect of risk diversification will be relatively poor. In the U.S. market, REITs prices have a low correlation with bond prices and stock prices . Therefore, from the perspective of resource allocation, it is a very good configuration field, with greater configuration value.

Sohu Finance: The current REITs are only pilot projects, and the fund subscription scale is small. How big do you estimate the overall market size of China’s REITS?

Liu Qiao: The mature REITs market in the United States and other countries accounts for about 4% to 12% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the next few years. This scale is not small. After more than 30 years of development, the A-share market now has a volume of only nearly 80 trillion.

In addition, Chinese REITs are not the same as the US and Australian markets. The first batch of our pilots are infrastructure public offering REITs, and the underlying assets are infrastructure. China’s entire infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, and the final public offering is listed, it can also reach a volume of 6.5 trillion yuan.

Moreover, as a large category of financial assets, REITs have relatively stable yields and little price fluctuations. In the United States, REITs have better investment return data than bonds and stocks, and the risk is relatively low. In the future, the scope of underlying assets of China’s REITs will also expand to other areas. Such as rental housing, low-carbon related assets and so on. Including these underlying assets, the scale of China’s REITs will be larger than 6.5 trillion yuan.

If only infrastructure REITs are considered in the short term, the market size will be between 5 trillion and 10 trillion. But I think the real market size of China’s REITS will be much larger than this number in the future.

Sohu Finance: How to correctly understand the relationship between REITs and real estate?

Liu Qiao: People’s There has always been a misunderstanding in the perception of REITs. The English literal translation of REITs is “real estate investment trust fund”. The underlying assets are real estate, not just real estate. The wrong perception of real estate has led people to think that REITs are investment funds with real estate as the underlying assets. The launch of REITs is just another channel for real estate companies and related issuers to provide financing. Therefore, as China’s real estate market is undergoing structural transformation and controlling housing prices, everyone has many concerns about the launch of REITs. This is one of the reasons why public REITs have not been called out for so many years. .

It took many years for academics and policy makers to correct their perceptions of REITs. In the U.S., REITs are really only 13.2% of the underlying assets related to real estate A larger proportion is retail stores accounted for 18.28%, hospitals accounted for 10.72%, infrastructure accounted for 13.92%, industry accounted for 7.7%, and other assets such as hotels and data centers.

Sohu Finance: What impact does the listing of REITs have on residents’ financial management?

Liu Qiao: The value of publicly offered REITs is that they have both financial and real estate attributes, and they are the most typical example of the integration of industry and finance. The performance of REITs in the market depends on the operational capabilities of the management team.

Investing in public REITs funds with relatively high quality underlying assets, strong management team operational capabilities, and growth potential is also equivalent to sharing the dividends brought by China’s future economic growth and the continuous improvement of infrastructure investment efficiency.

Sohu Finance: Under global inflation expectations, what are the effects of REITs on residents’ wealth management?

Liu Qiao: To assess whether a financial product is a good asset, one cannot look at how much it rises in a bull market, but depends on its resilience in a bear market. REITs have weak volatility and strong anti-cyclical ability. When the economy performs poorly and the financial market is in a counter-cyclical period, the performance is more stable. When allocating assets, REITs are an ideal alternative investment product.

Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management.

Sohu Finance: How has the US REITs’ yield performance over the years?

Liu Qiao: From 2000 to 2016, the average annual return rate of US REITs reached about 12%, which is much higher than the average of the S&P 500. After the 2008 financial crisis, REITs continued to grow in decline, but still surpassed the stock and bond markets.

Sohu Finance: The listing of REITs refers to the advancement of the Science and Technology Innovation Board. What impact will it have on the Sci-tech Innovation Board and ChiNext after it goes public?

Liu Qiao: As a growing financial market, everyone has high expectations for the follow-up development of REITs. And after sorting out the pilot experience, the scope of the overall underlying assets of REITs will continue to expand.

The US REITs market has the largest scale and the longest development time in the world so far, and the underlying market has a very wide range.but China’s current REITs’ underlying assets are only infrastructure. In the future, this scope will continue to expand during the development process. I believe that rental housing and carbon-neutral assets will be gradually included.

In this case, REITs will eventually become a very important part of the entire capital market. Its size, coverage, support for the real economy, and influence on the capital market will expand year by year.

However, when discussing the impact on the traditional capital market, the current REITs are only pilot projects with limited scale.For example, the total volume of the 9 REITs listed this time is only more than 30 billion, and the market value of the A-share market is close to 80 trillion, so So far, the impact of REITs on the stock market is very small .

If we only look at the direct price impact or the liquidity impact, the impact of REITs on the Sci-tech Innovation Board and ChiNext will be minimal in the short term. However, the launch of publicly offered REITs is an important measure for the supply-side reform of the financial sector. Its significance is equivalent to the launch of the science and technology innovation board and the implementation of the registration system. The positive impact will gradually become apparent.

Sohu Finance: REITs funds have a certain degree of “share nature.” What do you think of the risks that it may bring when trading in the secondary market?

Liu Qiao: From the perspective of recruitment and subscription, REITs are highly recognized by market investors. But REITs are not growth stocks in the classic sense, but more like sound investment products. It is less speculative and more suitable for long-term holding and investment.

I am worried that everyone thinks it is speculative and thus speculates on the price. If the price rises too sharply, it will bring noise to the steady and sustainable development of public REITs in the future.

Investors should have a clear understanding of the pricing rules of REITs and establish a correct investment philosophy, so that the development of REITs can proceed steadily.

Sohu Finance: In addition to new infrastructure, what other areas or groups will benefit from REITs?

Liu Qiao: From the issuer’s perspective, asset owners included in the scope of the REITS pilot program are definitely beneficiaries, such as highways, environmental water services, industrial parks, logistics, and data centers.

However, from the perspective of investors, the long-term significance of the benefits is that REITS public offerings provide public investors with the fourth category of financial assets, enabling the public to invest in real estate and benefit from it. In addition, REITs have stable cash flow, stable yield, and risk between stocks and bonds, which is good for long-term institutional investors.

Finally, local governments and platform companies are also major investors in national infrastructure construction. After REITS pilots, the scale will continue to expand, and as the market becomes more and more mature, the future will bring about a radical change in investment philosophy. So local governments are also beneficiaries.

In addition, finances can also collect the taxes that occur during the issuance and transaction process of REITS, so public offering of REITS is a great attempt without losers.

As the brand spokesperson, Liu Yifei also brought surprises. She successfully challenged Qi Liuhai and the princess to cut the shape. In the short trailer, she has an indescribable sense of luxury and a sense of rebellion, accompanied by a gentle but sonorous voice. , The temperament mixed with sassy and sweet makes people want to stop.

The black and white painting style best suits the temperament of a princess, especially when Liu Yifei shows off her delicate hands wearing gold and silver. The ring and the green jade fingers complement each other, and the bracelet on the wrist points out the partner of the Tianxian’s trip.

Compared to black and white photos, photos with natural colors are more suitable for her fairy temperament. There should be no one who doesn’t like beauties with rich colors in various senses, right?

After a big show of the styling, Liu Yifei turned around and left the camera. The appearance of striding away with a bag in his hand was quite a light walk home from get off work, and the smile on his face couldn’t stop at all.

Breakthrough is commonplace. Liu Yifei used her strength to prove that beautiful women are competent in all styles. There is no need to repeat the costumes. Whether it is the original “Sculpture” or the current “Meng Hualu”, her style is impeccable.

During this period, Liu Yifei also appeared on the covers of many magazines. Among them, there was a keel braid with a “satisfaction”, and the appearance of raising his clothes was more handsome than most male stars in the circle.

In the cooperation with ELLE, Liu Yifei challenged the girl’s pink hair color. She was obviously a pirate tomboy, but she gave a playful and cute feeling. The band-aid on the bridge of her nose was the most expressive.

In “VOGUE”, Liu Yifei returns to the simplicity and uses the most common makeup to deduce different fashions. The real beauty is natural carving, and it is pleasing to the eye as long as it is placed there.

In addition to cooperating with the brand, Liu Yifei took the opportunity of attending many events and left a lot of beautiful looks. Among them, the most dazzling is her wearing a “spring purple cherry cake dress”.

Whether it is the refined pictures produced by the studio or the photos taken with fans in offline activities, there is something remarkable. Liu Yifei, who switches naturally in the cold and cordial temperament, has a special charm.

In her free time, Liu Yifei has a passion for listening to songs, teasing cats, and tasting wine, which enriches the flesh and blood of the “Tianxian Frame”. The most prominent is the word “effort”, because this was taken by Liu Yifei when she finished working at three o’clock in the morning.

Don’t be afraid of being talented, but working hard even if you are talented Liu Yifei, who gave food to the gods, worked harder than ordinary people. His level of excellence is self-evident. It is reasonable for many people to like it and look forward to a better god.

First of all, the fairy’s forehead contour is quite beautiful, the facial features are exquisite, and the advantages are unique. But a princess cut her hair, covering her forehead and facial contours. Although the princess’s tailoring style is indifferent and elegant, it makes the fairy’s delicate facial features feel wasted, and the natural beauty completely loses its advantage.

In addition, Liu Yifei is born with a face value online, which is highly recognized and absolutely unique. However, the hair cut by the possessed princess was superfluous and made her lose her unique style. If you don’t look carefully, it is really possible to recognize her as Yang Mi at a glance. She was pretty in the first place, so her face value was sealed. Some netizens even think that Liu Yifei’s face value of 100 points is now only 80 points.

In addition to today’s princess cut style, Liu Yifei has also challenged many other styles, from the second-level pink hair, to the ancient purple jade, to the future female warrior, it is really a breakthrough from the previous fairy style. Liu Yifei’s challenging spirit is commendable, but from an aesthetic point of view, it is a pity that the fairy sister’s beauty has been lost. The beauty of this flourishing age is hidden outside the true beauty, only Xiao Xiao’s feeling.

Look at the TV series “The Legend of the Condor Heroes” by Liu Yifei. The little dragon girl in the show has beautiful hair, white hair, big eyes and aura, fresh and white cheeks, and a long skirt. Show Liu Yifei’s exquisite beauty to the extreme.

The trailer of “Menghualu” recently released has not yet been broadcast, and it has attracted numerous attentions. Inside, Liu Yifei’s bun was curled up high, her nose was raised high, and her smile was raised, showing a fairy spirit, which truly restored Liu Yifei’s true beauty.

It seems that Liu Yifei with exquisite features is more beautiful, smarter and more refined. Her fairy temperament may not really suit the cool style.

I don’t know what Liu Yifei’s next look will be.

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!

Luxury brands seem to have a big competition to push the ambassadors’ image. Brands like Dior and Louis Vuitton are constantly bringing their brand ambassadors to major magazines. The two stars who enjoy this treatment the most are Angelababy and Liu Yifei. Recently, Liu Yifei continuously appeared on the cover of the five major Chinese magazines, in March ELLE and in April, Marie Claire, she was interrupted in May, then in June again VOGUE. With VOGUE magazine, it is not possible to get on the cover of VOGUE magazine, Liu Yifei was personally chosen by Madame Anna Wintour, Editor-in-Chief of American VOGUE Magazine, the most powerful woman in fashion. June average. Compared to publications in the same five major magazines, appearing on the cover of VOGUE is assessed on a completely different level. Liu Yifei is a rare actress in the female generation after 85 to appear on the cover of the main VOGUE publication twice, last time in April 2020. Liu Yifei’s series of photos were taken this time concept Honoring the actress’s dedication to showbiz Trung for nearly 20 years as her profession. About Liu Yifei, VOGUE Trung wrote: “ Dreams are more powerful than you think – An actress who has been famous since her teen years, after more than ten years of honing, her achievements are more than just fame, praise. For Liu Yifei, the most valuable thing is the purity and hardness of her inner mind, the rich vitality inside her. Liu Yifei always shows a sweet image, showing the pose of a contemporary heroine under the lens of VOGUE, her braids flying freely in the air, but her eyes are still focused on the target. . She went all out to run her own art path for nearly 20 years. “

Liu Yifei’s second appearance in the June issue of Vogue China helped her become the 11th actress in China to complete the Five Dai female magazine with the bloody sisters: Truong Man Ngoc, Shu Qi , Chau Tan, Chuong Tu Di, Trieu Vy, Ly Bang Bang, Pham Bang Bang, Thang Duy, Ton Le, Ly Vu Xuan. Liu Yifei on the cover of the April 2020 issue of Vogue China A strong image on the cover of June 2021 made a strong impression Currently, only 14 Chinese beauties, including Liu Yifei, appear on Chinese Vogue. The remaining 13 people are listed as follows: From 2008 to 2016 alone, Chau Tan appeared 6 times on Vogue Trung Chinese Vogue has a condition that from 2014 onwards, only 2 actors will be on the cover each year, the rest are for models. Thu Ky shows off her beauty without age on Vogue magazine in January 2015 issue Veteran actress Truong Man Ngoc The beauty of “Sex” Thang Duy on Vogue Trung Actress Ton Le The most special faces on the cover of the 10th anniversary of Vogue Trung include: Trieu Vi, Luu Gia Linh, Luu Van, Pham Bang Bang, Thang Duy, Ly Bang Bang, Chuong Tu Di, Do Quyen, Chau Tan, Ly Vu Xuan. Diva Wong Fei on Vogue The second most talented female singer from Trung Ly Vu Xuan Four great flowers of Zhang Ziyi Ly Bang Bang mysterious on Vogue April issue of 2021 Outstanding young actress Chau Dong Vu – the ambassador of Burberry Four great flowers of Trieu Vy – Ambassador Fendi on Vogue Trung Red carpet queen Pham Bang Bang with countless times on the cover of Vogue China magazine Vogue China also has independent publications such as Vogue Me, Vogue Men, Vogue Collection, and Vogue Film. Angelababy and Duong Mi, which have a wide recognition in the Asian fashion industry, have never been solo on the cover of Vogue China magazine before. April 2019. Angelababy was overshadowed when appearing on Vogue America with the Hollywood star Meanwhile, Yang Mi appeared only on Vogue Me and Vogue Collection of China.

Applets: My wardrobe my beauty room

Hello, good evening everyone!

Among the domestic supermodels, one of my favorite and most admired ones isBig cousin Liu WenUp.

Like recently, I was really beautiful again by her group of rainy streets. The atmosphere is full, and the relaxed and cozy feeling is too comfortable! ▼

On a rainy day with an umbrella, the blue shirt and jeans are refreshing and comfortable, and the slightly curly shawl and long hair are a little lazy. It is particularly beautiful in this breeze and drizzle ▼

In addition to admiration, I also planted this piece of her by the way. GucciBlue shirt .

The fresh blue is very eye-catching, and the stiff version is capable, but because of the lace doll collar design, it is a little more playful and cute ▼

Thinking that at the end of spring and early summer, it’s just right to have such a blue shirt.Fresh blueIt also happens to have a cool transition between spring and summer ▼

The coolness of the blue plus the skillfulness of the shirt , More refreshing than the white shirt, it seems to be neutral but there is no loss of gentleness ▼

The upper body has its own clear and clear youth temperament, refreshing and clean, and there is no bad street with white shirts ▼

Like Shibo Leia Sfez , In addition to jeans, the blue shirt is probably my favorite, it will appear all year round, and the utilization rate is very high ▼

Ken beans Wearing a blue shirt with white denim shorts, it is full of summer breath, and the addition of canvas shoes under the armpits is refreshing and capable ▼

Zhang Ruonan Recently too often pickThe blue shirt, whether it is dark blue or light blue, is full of gentle literary feelings on her ▼

So, Are your blue shirts ready?Next, I’m going to talk to you about the blue shirt collocation. If you’re interested, I’ll go down. ~▼

Blue shirt + jeans

The best match for shirts, if jeans are classic! And the existence of the blue shirt is undoubtedly for the whole lookAdded a sense of vitality ▼

Generally speaking, it is recommended to choose and compare shirts Loose style , It looks casual and casual in this way ▼

If you want to wear a sense of randomness, the buttons cannot be buckled completely. Untie two to three , There will be a sense of lazy atmosphere immediately ▼

Friends who are in good shape, you can also tuck the tail into the back waistband as shown below, and turn on the “Hyun Abdomen” mode▼

Or choose the short style directly, and the skin will be exposed appropriately, and it will be more visually tall and thin ▼

This kind of ripped jeans also reduces the seriousness of the shirt to a certain extent. With high heels, there is a sense of sight of a capable and straightforward big woman ▼

If you want a more handsome feeling, you might as well choose one Denim shirt , With high-waist denim trousers, simple and straightforward, and there is a sense of temperament that can not be ignored ▼

Like Shibo Reese Like this all denimWearing is a perfect interpretation of the retro modern style, and the design of the doll collar is more sweet on the basis of handsome ▼

In addition, denim shorts are also a good match, almost knee-length in full sexy, you can use a pair of high heels to create a girl menBalance▼

Or it can be like beaver Similarly, choose ultra-short jeans to create a sexy outfit that is missing from the bottom, and use a pair of sports shoes to highlight the overall casual style ▼

Blue shirt + wide leg pants

If you want to make the shirt more prominent, I think wide-leg pants are undoubtedly the best answer ▼

The shirt is stiff and formal, and the wide-leg pants are draped and casual. Wearing it on is a dignified and chic ▼

Tuck the hem of the shirt into the waistband, neat and refreshing, simple style lookFull of calmness and freedom ▼

If it is not stuffed, it will be more lazy and casual, and it is also very good-looking, but small girls are more likely to step on thunder ▼

Compared with the straight-leg pants, this style will be smaller than women, and high heels will be more gentle and temperament ▼

I have always recommended white wide-leg pants to everyone before, this kind of seemingly simple but not lost chicSense of collocation, Combination of rigidity and softness , And the whole body is confident and capable ▼

Khaki suit wide-leg pants are also very popular , The blue shirt collides with it to create a more elegant and modern feeling, the whole is casual and there is no lack of formality ▼

Like this deep blue, it has a French elegant feeling. With earrings and necklaces, it injects a touch of casual retro beauty into the overall shape ▼

This kind of colorful wide-leg pants can fully show the casual style, and interpret the free and easy rate between the gestures ▼

Blue shirt + half skirt

It’s said that the blue shirt is the representative of the boyfriend style, when paired with the feminine half skirt, it is The combination of neutral and charming , Also has a unique charm ▼

The shape of the rolled up sleeves has a neat and capable temperament, and the floral half skirt is full of summer flavor, neutral and elegant complement each other ▼

Especially this kind of split skirt, coupled with this loose boyfriend blue shirt, is vaguely revealing sexy, the most sultry ▼

It looks like a white half skirt with a blue shirt, and the weather in summer is just right. The refreshing color scheme is visually pleasing to the eye ▼

The blue split check skirt is both elegant and feminine. It can be beautiful with a sexy denim shirt, and it is also worth a try. ~▼

The half skirt is matched with the boots, which collide with frankness and sexy, and the satin material has its own sense of high quality, which combines gentleness and sassiness

For women in the workplace, they change the same white shirts into blue ones and match them with black short skirts. They won’t be too obscure to everyone, but they can also have an elegant look ▼

This kind of one pieceThe shirt and skirt are very suitable for small girls, plus a shirt to wear at will, giving you a chic and lazy feeling ▼

But this kind of simple pure blue shirt dress is also very tasteful, minimalist fashion sense, it can be very colorful without too much decoration ▼

Single product recommendation

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Alright, that’s all for today’s introduction. I wonder which one of the blue shirts you planted? Why not wear it tomorrow!

Good night everyone ~▼

Unfinished? There are more latest content about fashion here~

Click on the picture to read

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I believe that everyone is no stranger to travel programs, and even said that the “same style” on the market has become quite common, so that it has caused aesthetic fatigue many times. And this file turned out to be a boy, but it has brought a new definition to the travel variety show. The new generation treasure boy Wang Junkai after 00, Liu Haoran, the favorite of the National League, and Dong Zijian, a powerful young man, were the permanent guests of the show. The three teenagers went on a trip to the mountains and rivers together for the first time. There was no strangeness, no estrangement, and no problems such as the guests that the program group was worried about. Some are just the sparks produced by the friction of the teenagers, and the resonance with each other’s tacit chat. As the representatives of the emerging youth groups in China, their respective efforts have exuded vigorous and upward energy, which is quite popular with the public, and we are full of expectations for the trip of the three of them. What’s more novel and interesting about the program group is that there are no missions, no plot, less value, and three teenagers drive by themselves. All plans are decided by the three teenagers themselves, which is closer to the true appearance of travel. With three or two friends, stop and go, go to the endless mountains and rivers, and start their heart-warming journey. Xiao Feijun feels happy that he is back instantly! The program team planned three destinations for this trip, namely, the Baiyueguang in Liu Haoran’s heart-Sichuan-Tibet line; Wang Junkai’s ideal comfortable resort area-Hainan Island; and Dong Zijian’s heart and mind-Yunnan Meili Snow Mountain. Just from the video of stepping on, I have been full of longing and longing for this trip. The dense sea of ​​clouds in the Yajia Terrier, Kangding, an important town on the Ancient Tea Horse Road, and Yuzixi where you can enjoy the excellent Gemini meteor shower, each is a wonderful scenery. Friends who are looking forward to a self-driving trip may also wish to open Tencent Video to watch “It’s a Boy” and follow the three boys to see what they encounter along the way. Three people in a car staged a travel version of “Longing for Life” At the first leg of the trip, the plane landed in Xichang, Sichuan. After the toss of the flight, the plane finally arrived at the destination before the official departure-Hailuogou, Sichuan. From here, they officially started their warm journey. Director Hu Ming once mentioned the key word about the show at the press conference: “Extremely Real”. Indeed, they are comfortable and casual. Get in the car to sleep, get out of the car to take pictures, there are scenery passing by during the journey, and there are also unexpected gains that the three people captured together. If you’re inconvenient to wash at night, you can share a makeup remover. If you have trouble with makeup, you can discuss the makeup without makeup. Soaking in hot springs and playing word games together, Liu Haoran even dared to sing out of tune in front of the camera to expose his true self. There are also gags between friends, the fun of playing and playing, and the ridicule and self-deprecating between each other, all of which release all the personal charms in life. During this trip, the program team provided three people with a good car. This time, three people in a car, they will stage a travel version of “Longing for Life” together. The plateau snow-capped mountains and the boy meet the stars and the sea Starting from Hailuogou, passing Yajia Qinghai-Hongshi Park-Kangding-finally arrive at Yuzixixingkong camp. This is their next route arrangement, as well as the regular operation of the Sichuan-Tibet line, and this road is accompanied by the snowy peaks of the plateau. Although the self-driving trip has high mountains and long rivers, there is no regret that there are good scenery everywhere. /Hailuogou/ @图虫创意 The first stop of the show was Hailuogou, Sichuan, located in Moxi Town, Luding County, Sichuan Province, which is also a very high mountain on the eastern edge of the Qinghai-Tibet Plateau. Crystalline modern glaciers pour down from high valleys; huge ice caves and steep ice bridges make people feel like a crystal palace in myth. In addition to the amazing glacier landscape, the local forest and snow scenes are also intriguing. The whole world is like a kingdom of ice and snow. The three teenagers couldn’t help but wonder again and again, and did not forget to take out their cameras to record this beautiful moment. Continue to go west along the highway, and you will see horses walking and looking for food. These cute little guys seem to greet them and say “hello”. They drove all the way westward, galloping among the mountains and cedars, talking, laughing, singing, passing by the beautiful scenery and getting off the car to play in the snow. This is a free carnival for teenagers. The most beautiful part of youth is that you can have friends with you, and you can go to see the scenery you want to see. When we are busy filling up our lives, we all hope to take a walk-and-go trip to relax ourselves, and let our hearts be freed and redeemed while watching them. /Kangding/ After several hours of hard work, the three finally arrived at the check-in point of “318 Must Drive in This Life”-Kangding. Here, the Sichuan-Tibet Highway traverses the entire territory, with an altitude of 2560m, and has officially entered the plateau area. It is also a county where the Han-Tibetan blends. Therefore, a variety of Han and Tibetan snacks are also gathered. In Kangding City, Sichuan cuisine is the majority, and there are also many restaurants with Tibetan style. The guest Liu Haoran was also here to find a Tibetan restaurant and went away with his companions. After all the setbacks, he finally got his wish. After you sit down, come first with a bowl of authentic pastry tea, which is a sense of ritual for dining here. The three teenagers who had eaten all turned into food bloggers, beef buns, fragrant fried lamb chops, butter gnocchi, beef quilt, mushroom and vegetable heart…all kinds of Tibetan delicacies captured three people as soon as they were on the table. The stomach and heart of the guest. /Caviar West Star Camp/ @It happened to be the last stop of the first phase of the youth official blog. The three teenagers came to the Yuzixi Xingkong Camp where they could see the dazzling galaxy. It is 4200m above sea level and the view is extremely wide. The pure white tents, colorful nima piles, prayer flags, wind horse flags, various elements are gathered here, and the sense of high-level is full. @小红书 A bark pig is a niche attraction, Yuzixi has a beautiful state of being undisturbed. The snowy mountains, the Milky Way, and the hearts of the teenagers on the road are the most beautiful here. Camping on such a vast plateau is really “accent”. Without any worries or sorrow, I just stared at the sky full of stars and the Milky Way, and I couldn’t bear to fall asleep. It seemed that the beautiful scenery in front of me and the mood at this moment were all the starry gifts given to the three teenagers by Caviar Xisong. This seems to be the closest place to the stars, as if you can touch the stars and clouds with your hand. /Litang/ @小红书NewSoul Speaking of the most healthy journey in winter, there is nothing more than a trip to the Sichuan-Tibet line. The most memorable part of the Sichuan-Tibet line must belong to Ding Zhen’s hometown-Litang. The average altitude here is 4000 meters, and it has the reputation of “the city closest to the sky”, and it is also the lifelong yearning of many self-driving lovers. @图虫创意 came here, there is no work in my mind, only the flowing blood is boiling. Everything is peaceful, harmonious, natural, and unhurried. This natural and tranquil beauty is undoubtedly an unforgettable experience for the three teenagers who usually live in the complex city. /Daocheng Yading/ This is the last piece of pure land on the blue planet. Located in the Western Sichuan Plateau, snow-capped mountains, glaciers, canyons, forests, lakes and pure air. For every traveler who wants to take the Sichuan-Tibet line, the four words Daocheng Yading will be written into their memo. The crystal clear milk sea, the five-color sea, and more than a thousand other mountain lakes are scattered among the rugged rocks, blue like jade, and the scenery is extremely magnificent. If you are lucky, you will encounter the clearest and brightest starry sky on this planet, each of which is a “rare and rare sight in life”. So far, “It’s a Boy” is still being updated, and I will meet with you in Shangri-La, Yunnan, Wanning, Wenchang, Sanya…everywhere is a wonderful scenery. The young man was staying with them at that time and he was passionate about chasing dreams of mountains and seas Speaking of youthfulness, from the perspective of age, Dong Zijian is 27 years old, Liu Haoran is 24 years old, and Wang Junkai is 21 years old. They all seem to have nothing to do with teenagers, but it does not affect their youthfulness. Longing in your heart is to always keep a dream-seeking heart for the things you yearn for. ” It is a feeling that can inspire the “boy” in everyone’s hearts. It is possible to have the impulse and enthusiasm of the forehead, as well as the courage and sincerity to shake off the burden at any time. It is free, fresh and distinct, and it is also a state and attitude. It is also a state that we cannot afford to lose. No matter how old we are, we still have the enthusiasm for boldness and creativity. The program itself also hopes to stimulate everyone’s perception and love of life through the travel status of the three of them, and to activate everyone’s inner “juvenile sense” There are unknown mountains, rivers and seas ahead, and the three teenagers still maintain their love, bringing us beauty and surprises.

Menswear and womenswear are always suitable for heavy and light makeup.

They have their own dullness and sharpness in their personalities,

This gives people the feeling of looking at the ridge from the side and the peak from the side.

2021, for Liu Shishi and Cecilia Cheung,

It’s a fresh start.

Liu Shishi

“Good-looking manners and manners are all based on the richness and magnanimity of a soul”

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In the lens, she cooperated with the shooting work intently and earnestly. She did not speak much, but quietly incorporated her own understanding and opinions into it. Whether it is on social platforms or in interviews with magazines and media, Liu Shishi is like this-she is not very good at outputting her views and thoughts directly through language.

It’s not that she has any concerns, but rather than expressing her own ideas and opinions freely, she is more willing to put them into practice.

Xu is therefore, no matter what the situation, when we see Liu Shishi, she always reveals a calmness and indifference. This kind of temperament looks deeper, is the restrained youthful spirit that has always been growing in the body.

Step into the role

“This is a challenge and an opportunity”

Participating in the gift-giving movie “Nineteen Twenty One” is a brand new attempt by Liu Shishi. She seldom participated in such works under the real historical background, and the interpretation of Soong Ching Ling’s role was a breakthrough for her. As a legendary historical figure, Soong Ching Ling has been performed by many people on the screen and screen, so from the beginning of the shooting, the outside world has high expectations and attention for this character.

It is definitely impossible to say that there is no pressure. “This character has too much brilliance and charm. It is a kind of affirmation for me to be able to play such a character. Of course, there are also many excellent seniors who have performed wonderfully, so the pressure will definitely be there.” Dangde Knowing that he was fortunate enough to play this role, Liu Shishi instinctively felt: This is a challenge and an opportunity. ”

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It is normal for the role of an actor to be discussed, and Liu Shishi doesn’t mind the public comparing and commenting on it. In the face of comparison, she frankly said that she would not let the pressure affect herself too much. “The first step is to get to know this character and walk into this character.” Before the performance, she had a deep understanding of Soong Ching Ling’s life and deeds, collecting as much real historical video data as possible, and experiencing the intellectual and sensibility of the character’s gestures during repeated viewings. Wise.

Although this role does not take much weight in the whole movie, Liu Shishi insists on doing the best in every detail. There is a piano play in the film. Although you can hire a double actor, Liu Shishi decided to go to piano lessons in advance and practice on her own in order not to be out of touch with other characters and situations during the filming.

In her opinion, only by doing these homework, can you walk into the role more freely in the acting, integrate and interact with other key characters, and everyone becomes a whole, thus presenting the story. She hopes to show the character’s dignity, gentleness and tenacity.

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Faced with a new role, Liu Shishi will leave herself some time to get to know and get close to this character, and then let herself walk into the new role. She tries to integrate herself into the state of the characters as much as possible, and enjoy the creative process naturally and appropriately.

In the TV series “Golden Years”, Liu Shishi played the role of Jiang Nansun. Jiang Nansun in the novel was born in a wealthy family, but suffered a fall in her family. Therefore, work is not a dream for her, but a real life that cannot be avoided. Under Liu Shishi’s interpretation, Jiang Nansun’s lightness and wind are always simple and cool, soft but tough.

“She is a woman who has experienced many things and grew up little by little. After the changes at home, she has been holding back and carrying it silently until her aunt appears.” In Liu Shishi’s view, the family background Give her the inherent tenderness, but the changes made her have to be tough. Liu Shishi said that in this play, what she admired most was her “little aunt”. “My aunt is like Jiang Nansun’s life mentor. Whenever there is any problem or trouble, she will hope to get her advice.” Maybe there is a little aunt. There will be Nansun who is beautiful, wise, gentle and tenacious.

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Liu Shishi said that he had learned something from Nan Sun: “Nan Sun is actually a very principled person who sticks to principles. In my opinion, this personality is very rare, and it is also something I hope to stick to. Yes. For me, I also have the tough and gentle parts of her body, but in many cases I may not be as rational as her.” When playing this role, Liu Shishi felt that she had learned a lot from Nan Sun, which is what she loves. One of the reasons for the profession of actor. She thinks this is a kind of coexistence between herself and the character, a kind of mutual nourishment and mutual achievement.

The character is fake, life is real

“If you have made a choice, don’t worry about other things.”

“A lady with a real temperament never shows off everything she has. She doesn’t tell people what books she has read, where she has been, how many clothes she has, and what jewelry she has bought, because she has no sense of inferiority.” Yi Shuzai It was described in “The Round Dance”A lady in my own writing, and Liu Shishi’s impression of the public seems to be such an existence.

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She seems to keep her distance from the outside world deliberately, “What everyone sees is the role, and what you like is also the role. To me, the role is deceptive, but life is real. I think I can still be myself. Very good.” Acting is her profession. She is committed and loves her job, but Liu Shishi still separates her life from her work. She hopes that the audience will remember the character image she portrayed in her work. Rather than the so-called persona created deliberately in reality. Of course, she herself did not have the need to actively export every bit of her life. Xu is out of the protection of the “true sense of life”, or it may be due to her personality. She does not shy away from sharing and talking about her family and life interesting things, but she will not actively do this kind of output.

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Although the nature of work cannot be changed, Liu Shishi will still find a balance between work, life, and family. “For me, when I work, I will concentrate on my work and be fully engaged; but children need more family members at this time. I spend more time with my family, so I will leave a certain amount of time for my family and life, and will not fill my schedule.” Liu Shishi always gives people a sense of relief to be themselves, feel at ease, not be influenced by the outside world, and will not deliberately go there. Cater to and meet the expectations of others.

When asked if he would worry about losing some good roles and job opportunities because of such “distance”, Liu Shishi frankly admitted that he would not regret making a choice. “It is normal to have gains and losses. One thing. But if you have made a choice, I don’t think you should worry about other things, because this is your own choice.” At every stage of life, Liu Shishi’s choice has always been in accordance with the current heart and determination. Things are brave enough without hesitation. “As for how to choose, I actually think that there are different things. I think the most important thing is to believe in yourself. According to your own true thoughts, follow your own heart. Whatever you think, just do it, do it bravely . ”

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What supports Liu Shishi’s thoroughness and freedom is love, loving herself, so that when facing things, she will first ask her most true thoughts in her heart, and then make judgments and choices. She believes that love can give people energy, and you must love yourself first before you have the ability to love others and feel the love of others.

In the past ten years, this love has not changed with the transformation of Liu Shishi’s identity. The difference is that the connotation and extension of love have more responsibilities, responsibilities, and more detailed directions.

When there is no work arranged, she will go to have a pedicure to relax herself. Allocate free time to family members, “Enjoying life with family members is a happy and stable thing to think about.” Liu Shishi likes this kind of real and loving details of life, and she is also willing to accompany her to participate in it and let her family members. Feel her love and let yourself feel the love of your family.

She gradually learned to leave a lot of things to the flow, time may be the best answer. She also began to understand that “being treated and regretted” is the norm in life, so she became more calm about many things, and enjoyed every minute and every second of the current experience and growth. She believes that time can make a person grow slowly, become mature, and become richer and richer.

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Green knitted V-neck vest Tom Ford

Be transparent, drink tea and ceremonially, and hold fan. Liu Shishi already knows how to link up with the beautiful things in life. That is to follow the heart and enjoy the gift and precipitation of time. This is the poetry of life, and it is also the philosophy of the East.

Chunhe Jingming, now is a good time to drink tea. Liu Shishi’s new national style blockbuster, enjoy the splendid new tea-drinking experience, making tea drinking a new national trend.

CHALI Chali Mountains and Rivers Splendid Series▍

Cecilia Cheung

“More magnanimous”

The starting point of Cecilia Cheung’s acting path looks smooth and well-loved:

Debut at the age of 17, won the Academy Award for Best Actress at the age of 23.

No matter how you look at it, they are all the growth models of the “big heroine” who became famous when they were young. But at a certain moment, she gradually faded out of the screen, reduced the output of the work, and focused her time and energy on family life. Looking back at the past, there are traces of the storms and unfinished ambitions; these real and unchangeable things made her more aware of what she really needed, and therefore became more open.

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When the waves come, be brave

“Gradually, the “face value” doesn’t work.”

When Cecilia Cheung appeared in the second season of “Sister Riding the Wind and Waves” (hereinafter referred to as “Sister 2”), it undoubtedly became the topic and focus of public opinion. Her slightly bulging belly will also be caught up in a fuss. Faced with these controversies and topics surrounding her, Cecilia Cheung did not completely care about it, but these would not affect her state and emotions.

“Sister 2” is a new type of variety show. She was a loyal fan of the show in the first season. While she was sitting in front of the TV and chasing variety shows, she was also infected by the spirit of the female artists in the show who worked hard to form a group. She was also eager to move – what would it be like if she was standing on the stage? But I’m not good at dancing, singing is not a strong school, and the stage performance is not strong enough, but maybe you can be a “face value”?

But when I really went there, I realized that “responsibility for appearance” is not easy. Standing in the team, everyone is strong, and she is particularly conspicuous if she is weaker. At the beginning, the audience praised her for her “face value”. Gradually, the “face value” didn’t work. Many netizens commented on her as “singing and jumping black holes”, and even more bluntly said: “You worked hard. It didn’t turn out very well either.”

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At that time, Cecilia Cheung was also in a bottleneck period and didn’t know how to do it right and good. “I’m totally blinded, and I don’t really understand the spirit of the show. What I think in my heart is that I didn’t sing well. I remembered the previous dance move and forgot the next one. I am the most elder sister among 30 The weak one, singing and dancing is really hard”, she is anxious but can’t do anything.

On the contrary, Naying discovered the problem, knowing that Cecilia Cheung was in this state, the main reason was that she missed her son too much and was always distracted, so she felt powerless. Naying, who saw these details in her eyes, suggested that she open herself: “You have to show your true self, so the audience knows that Cecilia Cheung is not the kind of person we imagined. You come to this show, you want to be yourself It’s very important to make a breakthrough. It’s not the end of the show. There is a saying that it’s a worthwhile trip. After you come, you will leave traces.” With the help of Na Ying, Yang Yuying and other teammates, Cecilia Cheung changed To be more calm.

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White word belt high heels Giuseppe Zanotti

After letting go of the psychological burden, facing up to his own problems, sorting out and adjusting his mentality, Cecilia Cheung was happier during the recording of the program. You don’t have to get what kind of results and results, but what is more important is that you have taken it with your heart and taken it seriously, paid, and gained some valuable experience. she says: “I think this is the way in life. It won’t always be at a high place. Staying at a high place will make people get lost. Only frustrations and lows will make oneself face oneself and improve continuously. In fact, I am already a very brave girl, but I think “Sister 2″ makes me more brave. ”

Cecilia Cheung said that she has always been a very brave person. She has liked water skiing since she was a child. She understands how it feels to ride the wind and waves when facing the oncoming huge waves by stepping on a surfboard. “When the waves come, be brave.” . In “Sister 2”, although there is no water skiing and no strong sports part, the mental core is the same, which also gave her a deeper understanding of “riding the wind and the waves”.

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The wonderful ability to smile

“Mom, you are the most beautiful woman in the world.”

The smile is like Cecilia Cheung’s signature, natural and kind. She seems to have constructed a shortcut to her heart with her smile. Therefore, Cecilia Cheung’s smile brings a kind of energy and makes people feel the positive and firmness she conveyed.

Whether it is the willful and innocent Liu Piaopiao, the lonely moon like a mirror flower, or the sturdy and chivalrous fierce woman Yue’e, and Xiaohui who has to bear the pain and will continue to live, many of the roles portrayed by Cecilia Cheung are There are common characteristics-even if they are oppressed by life, squeezed by the environment, and when they raise their heads, they always have a firm and warm smile on their faces.

Cecilia Cheung intended to convey a smile. She thought that as an actor, it is difficult to communicate with everyone she meets, and the best way to express yourself is to smile. “A sincere smile can fully express the state of mind at this moment,” Cecilia Cheung said, especially after she became a mother, her feelings deepened. When facing children, their eyes and smiles can’t deceive people, “Regardless of whether they understand my job or not, but they see the smile on the mother’s photo from their hearts, and they will feel that her mother is very happy.”

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Blue knitted vest

Blue sports shorts

High top sneakers

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Because of this, the smile has become a way for Cecilia Cheung to convey her inner feelings and kindness to others. “I am not the kind of person who can speak especially, especially speaking Mandarin. Many times it is difficult for me to accurately express my true inner feelings, but my smile is straightforward and simple. I want to use my smile to convey my kindness first. Tell those who love me too-I am very happy.”

The children brought many changes to Cecilia Cheung. In the process of taking care of the children, she has time to think carefully and introspect, so she becomes transparent. She often mentioned her child while talking. She said that Lucas from her family was 14 years old, taller than her, and she started to express herself. They often said, Mom, you are the most beautiful woman in the world. “They are not actually talking about my appearance, nor are they saying that because I am a mother, but they are feeling my state.”

Black decorative necklace ▍

Silver shape ring,Black rhinestone embellished jacket

White pleated trousers,White high heels

all by Emporio Armani

Condition is very important. There will always be a day of aging on appearance, not to mention the hard work of being a mother of three boys. Instead of trying to maintain your appearance, it is better to adjust your mentality. “My mentality directly affects my appearance. I have really tried it,” Cecilia Cheung said. When he is unhappy, his appearance immediately becomes haggard. “The most important thing is to adjust my mentality first, and the mentality is good. That’s it. Become more attractive, and naturally your face will be radiant.”

Don’t lose the courage to “love”

“Love don’t calculate, don’t care”

When he was young, Cecilia Cheung felt that he was quite strong in his heart, but I don’t know why, after 40 years old, he seemed to lose a lot of his youthful spirit and energy, and his heart became softer. But she did not reject this change, and readily accepted the growth given to her by the years.

Of course people are emotional, angry, frustrated, and collapsed.

In the past, Cecilia Cheung would choose to respond in a more rebellious way, such as tantrums and venting. Her stress was direct and intense, and she bounced back to everything from the outside. At that time, she was like a hedgehog, hiding her pain with sharp thorns all over her body to protect herself from further harm. However, this method will not heal the wound or solve the problem, but will make people who love and care about themselves hurt and worry. She knows the reason, but in many cases it is too late to think, and she returns to the original way of coping.

Stand-up collar long trench coat ▍

Blue knitted vest,bluesports Shorts

High top sneakers

all by Emporio Armani R-EA collection

But now, she has become softer and softer, even if she is emotionally up for a while, she just doesn’t speak, calms herself down, and relaxes. Even if there was a very moment of breakdown, she might just hide in the bathroom, cry for a minute, go to bed after crying, and forget all the unhappy things when she wakes up.

Cecilia Cheung does not have a specific event or time point for this change in his emotional adjustment and processing methods. It may be a growth experience after each experience, or it may be a subtle change in the process of getting along with the child. Although the way of dealing with negative emotions has become soft and restrained, Cecilia Cheung still feels that emotions are coming. Don’t escape, face, and resolve. “Emotions are like balloons. The more you press on it, the bigger the balloon. It will be troublesome when it explodes.”

Beaded necklace ▍

Spherical shape ring

Black sling diamond top

White embroidered skirt

all by Emporio Armani

From rebellion to softness, the children also gave Cecilia Cheung a broader understanding and feeling of love. “Love don’t count, don’t care”, she said that her understanding of love has never changed. She has always persistently released her love and energy. “If you want to love, love, don’t keep it. Even if you are sad, it’s all the same. Experience, love without calculation is true love. The older I get, the more surging my love, I feel that the love I give can make my whole person better . ”

More and more people seem to have one or another concern about “to love”. Maybe it is because of the mispayment of love, or the anxiety caused by the suffering of gains and losses. So when love comes, we seem to all Lack of a little bit of courage. For Cecilia Cheung, being brave to love and be loved is chic and reckless.

Beaded necklace ▍

Black sling diamond top

White embroidered skirt

EmporioArmani MY EA bag black shoulder bag

all by Emporio Armani

(For the full interview, please refer to the May issue of “Fashion COSMO”)

Photography: Xu Chuang

Planning & Coordination: Liu Asan

Visual Producer: Teng Xuefei

Visual coordination & image:Chen Si

Editor: Yao Jinna

Interview & Writing: An Run

Makeup: Chun Nan

Hair style: Zhang Fan

Fine Arts: Li Linghui

Photography assistant:

trunkstudio

Editorial assistant:

Junyi, Chara

Clothing assistant:

Qiqi, Danae, CC

Set scene & studio equipment:

YYRENTAL

Flowers provided by: Anan Paper Art

Cover clothing support: Tod’s

Photography: Zhang Jiacheng

Planning & Coordination: Liu Asan

Visual Producer: Teng Xuefei

Visual coordination & image:Chen Si

Editor: Yao Jinna

Interview & Writer: Jin Miaomiao

Makeup: Xiao Jun

Hairstyle: King Kong

Producer:Cai Lu (FUWAFUWA STUDIO)

Fine Arts: Kitahara, Chai Shujie (FUWAFUWA STUDIO)

Photography Assistant: Shen Jiabin, Wu You (FUWAFUWA STUDIO)

Editorial assistants: Junyi, Chara

Clothing Assistant: Qiqi, Danae, CC

Lighting assistant: Luo Xinyi, Xie Dongpo (STUDIO GEEK)

Set Scenery: Shanghai Mansen Exhibition

Home Credit: PAINTIQUE Home

Studio equipment: STUDIO GEEK

Cover clothing support: Emporio Armani

Image Source

Fashion COSMO

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From the escape in the first quarter to the second quarter, Escape became a horror. Among them, Deng Lun’s timidity has also become a highlight of the show, and his surprise has become the biggest burden of the show in the eyes of the audience. Therefore, for escape, bold athletes such as Huang Minghao and Zhang Guowei are very important to the advancement of the game, but bold athletes such as Deng Lun are also indispensable and more popular than bold athletes.

The Internet revealed that Liu Yaowen, the youngest member of the Boys’ Youth League in the recording on the 16th, participated in the program recording as a flying guest, and now Liu Yaowen’s flight information has also been exposed. Liu Yaowen’s courage has always been a big highlight in the Times Youth League. His height has exceeded 1.8 meters, but his height and courage are definitely inversely proportional. Otherwise, you can’t sleep alone at night, you must pull Song Yaxuan.

Deng Lun is already the biggest obstacle for the Peach Group to move forward. The younger brother who needs to take care of is here. This time Peach Group is really difficult.However, the editor wants to see Deng Lun and Liu Yaowen work alone. Perhaps under the suppression of a sense of responsibility, our Lungo has risen.

A few days ago, “Xiaohe De”, known as the sister chapter of “Xiao Huanxi”, was launched. It has already seen a burst of light in just a few episodes, and is expected to be comparable to “Xiao Huanxi”.

The TV series “Little Willingness” is starring Song Jia, Tong Dawei and others, focusing on the story of children’s “small rise” stage.

The issue of entering school and going to school has always been a hot topic in society, and it is easy to resonate with the audience. From this point of view, the show has an advantage in the entry point.

At the same time, the drama also has a dark line of family entanglement that goes hand in hand, becoming the main contradiction of the drama. The small third stepmother, who is the central figure in the contradiction, has also successfully attracted attention.

In the play “Little Will”, the role setting is due to the upper position of the junior third, which caused the tragedy of the family separation of the heroine played by Song Jia, but at the insistence of his father, he had to maintain with the minor third and the third daughter Tian Yulan played by Jiang Xin. The surface is peaceful, and we often have dinner together.

Mention of the word “xiaosan” is almost a must-have option in the themes of family dramas or urban dramas.

Unlike most of the works in which the third person is a young girl, in the new play “Little Will”, the identity of the junior is added to the elders, making it the source of the conflict between the two families.

In the play, Xiaosan Cai Juying is played by a powerful actor Wu Yufang. She appears as a junior, but she is incompatible with fashion when she wears it. Interacting with her husband and her biological daughter Nan Li is always cautious and flattering. A typical image of a successful middle-aged junior.

She is very hardworking, and she can’t even see her own daughter in her forbearance, but nevertheless, because of her identity as a junior, Cai Juying’s role is to make the audience not like it.

Moreover, because of her mother’s ugly past, her daughter was looked down upon by her in-laws.

In the follow-up plot, Cai Juying staged a scene of “swearing on the street” with “one cry, two troubles and three arms” when facing Teacher Zhong. Coincidentally, she was also hit by Nan Li, played by Song Jia, and greatly harmed her biological daughter Tian Yulan. His self-esteem led to the outbreak of mother-daughter conflict.

Cai Juying, played by Wu Yufang, can be said to be the most unpleasant role in the whole play so far.

Being guarded by her husband, despised by her biological daughter Tian Yulan, and shameless by her husband’s biological daughter Nan Li, the sentence “I am an uneducated old lady, what kind of face do I want” even more irritated the audience.

However, I have to admit that the acting actor Wu Yufang is really superb.

The performance in “Little Willingness” is not the first time Wu Yufang has been a “mother” to a female celebrity, she is a real star mother professional.

Previously, in the hit drama “The Golden Years”, Wu Yufang worked with Liu Shishi to perform the role of his mother, Mrs. Jiang, in the play.

Contrary to Cai Juying’s personality, Mrs. Jiang in “The Golden Years” is a well-knowledgeable wife, elegant and virtuous and calm in her daily dress.

In contrast, it’s hard to believe that two such successful roles are performed by one person.

Wu Yufang not only played the graceful, noble, virtuous and courteous wife, but she could also cast aside the baggage of appearance and act as an uncultured middle-aged woman who was disregarding her face. This is the strength of the old drama and deserves young actors. Learn.

In fact, as early as when Wu Yufang was young, she was a smash hit and won the Hundred Flowers Award as a queen. Later, she won the Golden Rooster Award for Best Supporting Actress in the film “Send Me to the Blue Clouds” with Yao Chen.

Multiple reputations have also confirmed that Wu Yufang’s acting skills are indeed excellent.

However, looking at her previous glory and looking at her current situation again, people can’t help but feel embarrassed.

However, Wu Yufang has his own set of rules of the performing arts circle.

When it comes to middle-aged actresses, “age crisis” is almost always an inevitable issue.

But playing the same type and different ways of acting like Wu Yufang is a good strategy to break the crisis.

Middle-aged actresses generally exist in the form of supporting roles in their works, but as long as the characters have bright spots, they are easy to be noticed by the audience.

Now 58-year-old Wu Yufang can be said to be like a duck in the middle-aged mother circle role. The confidence she relies on is her superb acting skills.

With this strength, even if it is difficult to become as popular as a young man, Wu Yufang will still be the “sweet rice cake” in the “middle-aged mom circle actor”.

Whether it’s Mrs. Jiang in “The Golden Years” or the middle-aged junior Cai Juying in the new drama “Little Will”, Wu Yufang has had unfortunate marriages in these two dramas, but Wu Yufang’s life outside the drama is exactly the opposite.

Wu Yufang’s husband is the world champion Jiang Jialiang, and the two are not low-profile in their respective fields, but because both sides are relatively low-key types, there are few news about the two on the Internet.

Perhaps this is why it is difficult for Wu Yufang to return to his former peak popularity in the performing arts circle.

But for Wu Yufang, who is already a winner in life, I am afraid that popularity is no longer her goal.

Do you like Wu Yufang’s performance?