A team led by Nikolaos Panigirtzoglou, a global market strategist at JPMorgan Chase, pointed out in a recent report that so far this year, retail investors have invested approximately US$485 billion in U.S. equity funds, and since mid-May, retail investors’ investment momentum in individual stocks and options has regained momentum. accelerate.

At the end of 2020, JP Morgan Chase estimated that retail investors will inject 500 billion U.S. dollars into the U.S. stock market throughout 2021. However, the Panigirtzoglou report recently stated that if the current purchase rate continues, the number may soar to $1 trillion.

However, the headwinds of US stocks are coming quietly, and the US stocks adjustment may be underway.

After the Fed released the “hawk” signal last week, the Dow Jones Index recorded its biggest weekly decline since October 2020. Moody’s chief economist Mark Zandi recently warned that the Fed’s “eagle” will trigger a 10% to 20% correction in US stocks.

The Federal Reserve issued an interest rate resolution last week, still deciding to keep the policy interest rate near zero and the scale of QE bond purchases unchanged, but it raised the two major managed interest rates. In addition, the interest rate dot chart released by the Federal Reserve suggests that as the economy recovers rapidly from the impact of the new crown epidemic and inflation rises, officials are expected to raise interest rates twice before the end of 2023, much earlier than expected in March.

Zandi hinted that in this context, the US stock market adjustment may already be in progress, because investors have begun to panic.

The Dow Jones index just set its biggest weekly decline since October 2020, down 3.45%. The S&P 500 index last week was the worst since the end of February, and the Nasdaq index, which is dominated by technology stocks, also fell last week.

Unlike the sharp decline in US stocks in the past few years, Zandi does not expect the stock market to recover quickly this time because market valuations are already very high. He expects it may take a year to resume the original rally. Although Zandi issued a warning to the market, he believes that the economy will avoid a recession because this recession is mainly due to risks caused by excessive asset prices, rather than serious fundamental problems. Zandi has been warning of inflation for months. At the beginning of March, Zandi asserted that inflation would be “far ahead”, and investors did not recognize and fully grasp the risks. Zandi said that inflation is still an issue affecting stock market and bond investors. Zandi believes that it is unlikely that the benchmark 10-year U.S. Treasury yield will continue to fall:

“Considering the current situation, I would not expect the yield to remain at 1.5% in the long term.”

Stocks and bonds are not the only risky assets that attract Zendi’s attention. Zandi also believes that the sell-off of commodities and cryptocurrencies is brewing more trouble. In addition, in the case of rising mortgage interest rates, he is worried about the sustainability of the booming real estate market. Coincidentally, Micheal Burry, the prototype of “Big Short” and a well-known hedge fund manager, also issued a warning to Bitcoin a few days ago, saying that retail investors who buy “group stocks” and cryptocurrencies are about to usher in devastating losses. In addition to holding stocks, Burry also issued a warning to cryptocurrency enthusiasts to borrow money to buy their favorite currency unscrupulously. He wrote on Twitter:

“Like most things, the problem with cryptocurrency is leverage. If you don’t know how much leverage there is in cryptocurrency, then you don’t know anything about cryptocurrency.”

According to CoinDesk data, after Bitcoin broke through $63,000 and hit a record high in mid-April this year, it has fallen by more than 40% so far. Ethereum has also fallen sharply after its surge, starting from the record high set in May. It has fallen by more than 45%. The Federal Reserve’s interest rate decision has caused turmoil in US stocks, and the sell-off of commodities and cryptocurrencies is brewing more trouble. We return to the beginning of the message and cannot help asking, will the momentum of retail investment throughout 2021 continue? New York Stock Exchange (NYSE) President Stacey Cunningham recently stated that the price of meme stocks (referring to stocks that retail investors are keen to buy on social media) may be distorted because most of these stocks are traded outside the US public exchange. Place. Cunningham said that the price formation of meme stock does not truly reflect the relationship between supply and demand. Morgan Stanley CEO James Gorman also said that meme stock has brought some benefits because this trend has attracted younger investors to enter the market, but warned that the dramatic rise in stocks such as AMC and Gamestop could be the “cause of disaster.” Gorman believes that the huge returns that some meme stocks have received in a short period of time are not healthy, and these gains are “to some extent the root of the disaster.”

A team led by Nikolaos Panigirtzoglou, a global market strategist at JPMorgan Chase, pointed out in a recent report that so far this year, retail investors have invested approximately US$485 billion in U.S. equity funds, and since mid-May, retail investors’ investment momentum in individual stocks and options has regained momentum. accelerate.

At the end of 2020, JP Morgan Chase estimated that retail investors will inject 500 billion U.S. dollars into the U.S. stock market throughout 2021. However, the Panigirtzoglou report recently stated that if the current purchase rate continues, the number may soar to $1 trillion.

However, the headwinds of US stocks are coming quietly, and the US stocks adjustment may be underway.

After the Fed released the “hawk” signal last week, the Dow Jones Index recorded its biggest weekly decline since October 2020. Moody’s chief economist Mark Zandi recently warned that the Fed’s “eagle” will trigger a 10% to 20% correction in US stocks.

The Federal Reserve issued an interest rate resolution last week, still deciding to keep the policy interest rate near zero and the scale of QE bond purchases unchanged, but it raised the two major managed interest rates. In addition, the interest rate dot chart released by the Federal Reserve suggests that as the economy recovers rapidly from the impact of the new crown epidemic and inflation rises, officials are expected to raise interest rates twice before the end of 2023, much earlier than expected in March.

Zandi hinted that in this context, the US stock market adjustment may already be in progress, because investors have begun to panic.

The Dow Jones index just set its biggest weekly decline since October 2020, down 3.45%. The S&P 500 index last week was the worst since the end of February, and the Nasdaq index, which is dominated by technology stocks, also fell last week.

Unlike the sharp decline in US stocks in the past few years, Zandi does not expect the stock market to recover quickly this time because market valuations are already very high. He expects it may take a year to resume the original rally. Although Zandi issued a warning to the market, he believes that the economy will avoid a recession because this recession is mainly due to risks caused by excessive asset prices, rather than serious fundamental problems. Zandi has been warning of inflation for months. At the beginning of March, Zandi asserted that inflation would be “far ahead”, and investors did not recognize and fully grasp the risks. Zandi said that inflation is still an issue affecting stock market and bond investors. Zandi believes that it is unlikely that the benchmark 10-year U.S. Treasury yield will continue to fall:

“Considering the current situation, I would not expect the yield to remain at 1.5% in the long term.”

Stocks and bonds are not the only risky assets that attract Zendi’s attention. Zandi also believes that the sell-off of commodities and cryptocurrencies is brewing more trouble. In addition, in the case of rising mortgage interest rates, he is worried about the sustainability of the booming real estate market. Coincidentally, Micheal Burry, the prototype of “Big Short” and a well-known hedge fund manager, also issued a warning to Bitcoin a few days ago, saying that retail investors who buy “group stocks” and cryptocurrencies are about to usher in devastating losses. In addition to holding stocks, Burry also issued a warning to cryptocurrency enthusiasts to borrow money to buy their favorite currency unscrupulously. He wrote on Twitter:

“Like most things, the problem with cryptocurrency is leverage. If you don’t know how much leverage there is in cryptocurrency, then you don’t know anything about cryptocurrency.”

According to CoinDesk data, after Bitcoin broke through $63,000 and hit a record high in mid-April this year, it has fallen by more than 40% so far. Ethereum has also fallen sharply after its surge, starting from the record high set in May. It has fallen by more than 45%. The Federal Reserve’s interest rate decision has caused turmoil in US stocks, and the sell-off of commodities and cryptocurrencies is brewing more trouble. We return to the beginning of the message and cannot help asking, will the momentum of retail investment throughout 2021 continue? New York Stock Exchange (NYSE) President Stacey Cunningham recently stated that the price of meme stocks (referring to stocks that retail investors are keen to buy on social media) may be distorted because most of these stocks are traded outside the US public exchange. Place. Cunningham said that the price formation of meme stock does not truly reflect the relationship between supply and demand. Morgan Stanley CEO James Gorman also said that meme stock has brought some benefits because this trend has attracted younger investors to enter the market, but warned that the dramatic rise in stocks such as AMC and Gamestop could be the “cause of disaster.” Gorman believes that the huge returns that some meme stocks have received in a short period of time are not healthy, and these gains are “to some extent the root of the disaster.”

In the past few days, the fact that 30 wolves rushed from the stage to the aisle of the audience during the performance of the live-action performance “Legend of Camel Bell” continued to attract attention.

The video of the performance showed that with fast-paced music, dozens of wolves rushed onto the stage from all directions, chasing and biting the performers. In the process of chasing and biting, many wolves rushed from the stage to the auditorium aisle, bypassed the aisle and ran again. Back to the stage.

The intense and exciting performance caused the audience present to exclaim bursts of exclamation.

△ “Legend of Camel Bell” performance site data map

Some people are worried about this: wolves are fierce by nature, will they attack people when they rush to the audience? Is the safety of the performance guaranteed? Some people also praised: The performance is full, I really want to see it.

In an interview with the media, the theater staff responded that the wolves participating in the performance are real wolves. These wolves are imported from Siberia and have wolf blood, but they are not as ferocious as wolves. They have been domesticated for several generations and have qualified certificates and dog training personnel. Also participate in performances.

Public information shows that “Legend of Camel Bell” is one of the projects of China Cultural Tourism Xi’an Resort.

On June 15th, a reporter from Wuhan Morning News contacted China Cultural Tourism Xi’an Resort. A staff member said that the “Legend of Camel Bell” had an anti-wolf net and a set wolf road, which separates the audience from the wolves. Since the performance, there have been no cases where the audience or the performers were injured by wolves.

He said that “Legend of Camel Bell” has been performed for 4 years, and there are almost every day. “The ticket price is divided into 298 yuan, 348 yuan, 398 yuan and 468 yuan. Each adult brings a child under 1.2 meters free.” It also said that “Legend of Camel Bell” is still operating normally, the business has not been affected, and the audience has not increased or decreased significantly.

△ “Legend of Camel Bell” performance site data map

China Cultural Tourism Xi’an Resort once issued an article introducing “Legend of Camel Bell”, saying that the whole performance is divided into the prologue “The Reappearance of the Years”, “Send the King a Thousand Miles”, “Wolf Road Distress”, “Exoticism”, “Auspicious Rain and Wash the Dust”, ” The seven-act plot of “The Return of Ying Lang” and “The Flourishing Age of China”.

Among them, in the scene of “Wolf Road in Distress”, the camel workers are not afraid of danger, and advance in the knowledge of difficulties, fighting for the road and fate of the wolves, all the way through volcanoes, avalanches, robbers, death deserts and other natural and man-made disasters. People left behind stories of perseverance.

He also introduced that the “Legend of Camel Bell” show has won the TEA Award for Outstanding Achievement, known as the Oscar in the international cultural and tourism industry, and the most influential and authoritative IAAPA highest award in the field of amusement performance equipment in global theme parks, the “Bronze Ring Award” and other international Authoritative awards.

Wuhan Morning News reporter Wen Yanli and intern Yang Bingyu

With a valuation of over 600 billion yuan, the world’s largest travel giant is about to go public!

On June 11, Didi Chuxing formally submitted a prospectus to the US SEC, officially sprinting for listing.

After 10 years of long-distance running and 22 rounds of financing, the largest travel giants in China and even the world have finally entered a new chapter.

Didi’s prospectus has a huge amount of information, including data that shocks the world, such as 493 million global annual active users and 15 million annual active drivers. Create nearly 600 billion yuan in revenue for platform drivers in 3 years…

But there are also multiple hidden worries, such as a three-year loss of 35.3 billion yuan, and continued large-scale profitability is still far away; the future of the autonomous driving business is uncertain; and it is also conducive to high-hanging antitrust supervision.

As a rare super unicorn that has not yet been listed in the past 10 years, who has benefited the most from this round of wealth creation myth Didi? Under the anti-monopoly background, where will its future go?

one

From the perspective of the shareholding structure disclosed in the Didi prospectus, among the hundreds of billions of dollars in valuation, The biggest beneficiary is SoftBank Group . That’s right, it is the Japanese richest man Sun Zhengyi who voted for Ali to become a god in the first battle.

Since its founding in 2012, Didi has seen endless battles and countless small battles over the past 10 years. Fortunately, the reckless era of mobile internet has given it tremendous gains.

As of Q1 of 2021, Didi has been operating in more than 4,000 cities and towns in 15 countries, including China. Its businesses include online ride-hailing, taxis, ride-hailing, shared bicycles, shared motorcycles, on behalf of driving, and car services. , Freight, finance and autonomous driving, etc., the king of proper travel.

Of course, without those 22 rounds of huge financing, there would be no Big Mac today.

According to data, Didi has completed 22 rounds of financing, with a total amount of more than 100 billion yuan.Didi The gold owners include SoftBank, Ali, Tencent, Apple, Hillhouse, Sequoia, and China Merchants Bank, Bank of Communications, Foxconn, Toyota, Morgan Stanley, JP Morgan Chase, Goldman Sachs…the lineup is unprecedentedly luxurious.

In this day group, the highest shareholding ratio of Softbank reached 21.5%, compared with the founder Cheng maintaining only 6%, and co-founder Liu Qing holding 1.7%.

If calculated at a valuation of US$100 billion, Softbank’s investment in Didi will return as much as US$21.5 billion (137 billion yuan), enough to make Son Zhengyi the richest man in Japan again…..

And Didi is not short of money now. The sprint to go public has a lot to do with the eagerness of shareholders like SoftBank to exit.

Why are shareholders eager to withdraw? First of all, although Didi is the world’s largest giant, it still bleeds.

Looking at the data, its annual revenue from 2018 to 2020 is 135.3 billion yuan, 154.786 billion yuan, and 141.736 billion yuan, respectively. The net losses were 15 billion yuan, 9.7 billion yuan, and 10.6 billion yuan, respectively, with a huge loss of 35.3 billion yuan in three years.

With such losses every year, no matter how strong and firm shareholders are, they will not turn a blind eye to it, and there is a need to cash out as soon as possible.

Secondly, after the anti-monopoly storm in China, Didi has entered the supervision field. In May, it was jointly interviewed by eight major departments including the Ministry of Transport. , Requiring the platform to draw a high percentage, arbitrarily adjust pricing rules, and arbitrarily increase membership fees and other issues to immediately carry out rectification.

Under the high pressure of supervision, Didi’s valuation is no longer the same as it was three years ago, and various uncertainties and risks have also followed.

Therefore, the era of Internet giants making big fortunes has completely ended. Didi shareholders can no longer calmly accompany them, and the exit from the listing has become inevitable.

Moreover, the prospectus also pointed out that the board members appointed by Softbank will resign as Didi directors after the prospectus takes effect. This means that the major shareholder SoftBank has no desire to fight, you know what to do after listing.

This can also be seen from the use of Didi’s fundraising. The prospectus shows that Didi’s fundraising will be used in three aspects:

About 30% is used for international expansion, about 30% is used to improve technical capabilities including shared travel, electric vehicles and autonomous driving, and about 20% is used to launch new products and expand existing product categories to continuously improve user experience .

It can be seen that Didi spends all its money on expanding international business, investing in future technologies, and improving user experience. It is not a lack of money that requires a blood transfusion on the market.

In addition, Didi’s uncertain future technology also makes shareholders anxious.

two

Didi summarizes the current complex business lines into four cores and three major businesses.

The four cores are shared travel platforms, car service networks, electric vehicles and autonomous driving. The three major businesses are mainly Didi’s revenue composition. They are China’s travel business (online car-hailing, taxi, agent driving, and ride-hailing, etc.), International business (international travel and food delivery) and other businesses (shared bicycles, freight, autonomous driving, financial services, etc.).

Among them, autonomous driving is regarded by Didi as a key trump card in the decisive battle for the future.

We have said that the most prosperous 10 years of mobile internet have passed. In the future, model innovation will gradually fail. Real technological innovation is the kingly way.

Didi has also seen this trend and made a huge transformation.

As of the end of 2020, Didi has 15,914 full-time employees worldwide, of which 7,110 are R&D employees, and R&D employees account for 44.7%. At that time, Didi, which focused on operations and marketing, has gradually increased investment in R&D and innovation.

Speaking of technological innovation, in the field of travel, electric vehicles and autonomous driving solutions are definitely inevitable, and Didi has long established a plan for this.

In August 2019, Didi split the autonomous driving department into an independent company to focus on autonomous driving research and development. In May 2020, Didi Autopilot announced the completion of a round A financing of over US$525 million, which was jointly invested by Didi and Softbank.

After the A round, the valuation of Didi’s autonomous driving has reached US$3.4 billion, but it has recently been revealed that it has completed a new round of financing of US$300 million, and its valuation may have exceeded US$5 billion.

In addition, 30% of the funds raised this time will be invested in technologies such as shared travel, electric vehicles and autonomous driving, and Didi’s expectations for autonomous driving technology are self-evident.

However, autonomous driving is a big challenge. Technically, it involves functions such as visual computing, AI, 5G, human-computer interaction, as well as hardware such as lidar and chips, and the technical requirements are extremely high.

At the competitor level, the autopilot circuit has been chased by the two giants Tesla and Huawei, as well as players such as Xiaopeng and Baidu.

Judging from past experience, if Huawei does not do it, it will be a blockbuster. Every time it enters a track, it will have a strong voice and let its opponents walk on thin ice.

Now that Huawei’s autonomous driving technology equipped with lidar is mature, car companies such as BAIC and Changan may become its customers. On the other hand, Didi, although the valuation of the autonomous driving company has reached 5 billion US dollars, the specific results have not yet landed.

It is difficult to say whether Didi, which has crossed over from the Internet, can match Huawei in technological innovation, and it is difficult for shareholders to see clearly. This is the problem.

The vigorous model innovation is coming to an end. The market has no patience for Internet giants such as Didi, which have been losing money for years. For example, Kuaishou has plummeted by 50% after its listing, and giants such as Meituan and JD are also making significant adjustments.

Under the regulatory storm, the main business has suffered huge losses year after year, coupled with the huge challenge of autonomous driving. It is still a question of whether Didi, which has many worries, can hold the 100 billion U.S. dollar valuation…

Review of large-scale summits:

Nirvana Rebirth-2020 China Equity Investment Annual Summit

New Capital Bureau—2020 China Fund Partners (GPLP) Summit

Gathering Potential-2019 China Equity Investment Annual Summit

Capital Breaks-2019 China Fund Partners (GPLP) Summit

Return to Value Investment—2018 China Equity Investment Annual Summit

Big Waves Washing the Sand—2018 China Fund Partners (GPLP) Summit

Hundreds of Waters Strive for Streams—2017 China Equity Investment Annual Summit

The Great Era of Equity Investment—2017 China Equity Investment Summit

Looking for Capital Opportunities in Transformation—2016 China Equity Investment Annual Summit

Annual list review:

Investor.com 2020 China Equity Investment Annual Series List Released

Investor.com 2020 China Fund Partners Annual Series List Announced

Investjia.com announced the 2019 China Equity Investment Annual Series List

Investjia.com announced the 2019 China Fund Partners Annual Series List

Investjia.com announced the 2018 China Equity Investment Annual Series List

Investjia.com announced the 2018 China Fund Partners Annual Series List

Investjia.com announced the 2017 China Equity Investment Annual Series List

2016-2017 China’s equity investment industry series list announced by Investjia.com

Investjia.com announced the 2016 China Equity Investment Annual Series List

Seek coverage: yangqin6060 (WeChat)

Delivery BP: bp@wefinances.com

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

Skin care in summer is difficult or not, but it doesn’t seem to be that there are no problems when it is simple.

Oil skin-“oil”

For most oily skins, summer skin care The first priority is oil control. As the saying goes, no oily skin cannot withstand the dryness of winter, but no oily skin can not produce oil in summer.

The oil in the oily skin mainly comes from the secretion of the sebaceous glands. Under normal circumstances, the oil secreted by the sebaceous glands can be to a certain extent Prevent the loss of epidermal water, resist the invasion of bacteria and viruses, and protect the skin.

But here comes the problem. As the summer temperature rises, the sebaceous glands secrete more oil.(Every time the temperature rises by 1℃, the secretion of sebaceous glands will increase by 10%), People look more “greasy”.

▍ How to solve?

Wash off excess oil on your face by cleansing. You can choose an amino acid facial cleanser for mixed oil skins, and soap-based cleansers with a slightly stronger cleaning ability for large oil skins.

Amino acid: Pond’s Brightening Cleansing Series Rice Cui Moisturizing Cleanser

Soap base: Shan Ke Moisturizing Foaming Cleanser

Use essence products that inhibit oil secretion, For example, it contains azelaic acid, spiraea extract, caprylylglycine, nicotinamide, sarcosine and so on.

La Roche-Posay Clear Acne Cleansing Water-oil Balancing Lotion

is acceptable Use essence products with astringent effect, For example, it contains salicylic acid and witch hazel.

Sheung Shui and Skin Balancing Salicylic Acid Essence

Adjust your lifestyle, Maintain a healthy diet, a regular schedule, and a peaceful mood, Basically, it can solve most of the problem of excessive oil.

While doing the above oil control, we must also pay attention Do sunscreen~

Dry skin-comfort

Dry skin summer can still be described as comfortable, even if you do not apply moisturizing products immediately after washing your face, it will not be tight and dry. Nevertheless, daily skin care must be done.

Compared with oily skin, dry skin is thinner and has less sebum secretion. After being stimulated by the external environment(Wind and sun), It is prone to skin discomfort, aging, wrinkles, and spots. Therefore, the dry skin must be done well in the summer Moisturizing & sun protection.

▍ How to solve?

Avoid over-cleaning, Dry skin is different from oily skin. There is not so much oil and keratin to be removed. Wash your face with clean water in the morning, and use a gentle cleansing without irritation at night. Try to avoid soap-based cleansing.

Zhiben Shuyan Repairing Cleanser

Most oily skins rarely use moisturizing products such as creams in summer, but most dry skins use moisturizing creams throughout the year, but the texture and moisturizer types may vary slightly in different seasons. In summer, the choice is more refreshing lotion or cream.

– Water-soluble humectant: Appropriate supplementation of natural moisturizing factors helps the skin to lock in moisture.

Kiehl’s High Moisturizing Refreshing Cream

– Oil-soluble moisturizer (Vegetable oil, silicone oil, squalane, etc.): For the supplement of sebum, it strengthens the sebum film on the surface of the skin to form a relatively closed oil film layer, which can not only reduce the loss of skin moisture, but also effectively isolate external stimuli.

– Endogenous ester supplement (Ceramide, cholesterol ester, etc.): Appropriate supplementation of intercellular lipids.

The importance of sun protection is self-evident, especially for dry skin. Dry skin without sunscreen will age faster and grow more spots (No exaggeration)!

Proya Lighten Sunshine Feather Feeling Conservation Essence Sunscreen Lotion

Drink plenty of water, drink plenty of water, drink plenty of water, tell the important things three times!

The above two situations are more Basic care for healthy and tolerant skin, If you are talking about sensitive skin or during the period of acne, it is still recommended to streamline skin care. Good skin care is the key!

If you have other intensive care needs, you can also add skin care steps such as whitening and anti-aging according to your skin condition, but don’t be greedy~

Graphic design: Bugu / Editor in charge: Rui Rui

Reviewer: Yan’antang Skin Management Research Institute

Some pictures are from the Internet

This article was originally created by the Yan’an Tang content team,

Support originality, plagiarism is shameful, please contact for reprinting.

The answer in the previous issue is: influential

Congratulations to @秋秋言言 Class for winning the prize

Note: yanyanjiang01 , After being verified by a friend, please send a screenshot of the message you are watching, a screenshot of your personal WeChat account, and a text version of the recipient’s message

Failure to provide contact information within a week is deemed to have automatically given up winning.

Swipe to see more

Gradually, she was convinced because after using this “super cheap” mask, the shop owner’s facial skin was much more beautiful – no more acne, wrinkles also faded. Oanh also crept to try it, although it was a bit horrible. That night, after the “communication”, she volunteered to bring her “raincoat” to throw it away and did not forget to go to the toilet to smear it. Contrary to whispers, after about 10 minutes her face started to burn, she hurriedly went to wash it. The next morning, Ms. Oanh’s entire face was itchy, swollen, and had a rash… So bad she had to go to the hospital. Doctors said she was allergic to semen. “Fortunately I only have a mild allergy, but if I had anaphylaxis then… I don’t know what to do now. The doctor said that there are people who accidentally apply skin lotion to their eyes and can also contract sexually transmitted diseases (gonorrhea, syphilis) if the man has the disease, “Oanh said. Are sperm masks really as effective as rumored? Share with reporters Infonet, Dr. Dr. Nguyen Hoai Bac, Head of the Department of Andrology and Sex Medicine, Hanoi Medical University Hospital, said that although there is some evidence to prove that semen can be beneficial for the skin, more evidence is still needed. Scientific evidence proves this. The idea that semen can benefit skin health, he says, stems from the small evidence that nutrients in semen can benefit the skin. Accordingly, researchers based on the properties of semen have listed a number of nutrients present in semen. Include protein: Collagen is a protein that can benefit skin health, collagen supplements can improve skin moisture and elasticity, and make skin softer. Zinc is present in semen with antioxidant properties and can help prevent skin damage caused by UV exposure. Magnesium may benefit dry skin by reducing inflammation and boosting hydration and urea: Low doses of urea can be helpful for moisturizing skin. In addition, there are also some people, according to Dr. Hoai Bac, who believe that semen can help treat and improve acne. “This stems from the idea that an organic compound, found in semen, contains antioxidant and anti-inflammatory properties. But there is no scientific evidence to support the use of semen as a treatment for acne,” Dr. Dr. Hoai Bac emphasized. In addition, semen contains a chemical called spermidine, which is responsible for the smell of semen. A 2021 study notes that spermidine, when secreted from streptococcus bacteria, may contribute to skin repair by encouraging collagen synthesis. The amount of spermidine in semen may be too low for younger-looking skin. But many foods are high in spermidine, such as citrus fruits and green peppers. That does not mean that you have to apply semen to your face to replenish the amount of spermidine. Although semen contains nutrients beneficial to the skin, Dr. There is very little scientific evidence to prove that using or consuming semen topically can improve skin health and appearance, says Dr. Nguyen Hoai Bac. Meanwhile, when using this type of mask, women will have to face potential risks. “Applying semen on the skin carries a number of risks, including: STIs (sexually transmitted diseases such as gonorrhea, chlamydia). This is because applying semen contaminated with sexually transmitted diseases such as chlamydia or gonorrhea to the face, if it accidentally gets in the eyes, can lead to an STI. In addition, gonorrhea can affect the skin and can cause a rash,” Dr. Dr. Nguyen Hoai Bac emphasized. Not only that, some people also have an allergic reaction after coming into contact with semen. The case of Ms. Oanh (Cau Giay) is a typical example. Accordingly, a person who is having an allergic reaction to semen may experience symptoms: itching, swelling, rash, even anaphylaxis, dermatitis … just because semen is applied to the face. “As with any product that a person may use on the skin, using semen on the skin carries the risk of skin irritation. Although semen contains nutritional properties and ingredients that may benefit the skin, in small amounts, there is therefore not any skin or hair benefit through topical use of semen. “, Dr. Doctor Nguyen Hoai Bac confirmed. Agreeing with this point of view, dermatologists recommend that women should not take their face out to test how to beautify skin with sperm. Because everything related to health, once it wants to be widely used in the community, it must be based on medical evidence with clinical trials to verify its effectiveness. Uninformed beautification in the style of leaking ears can have incalculable consequences.

So, at this time in 2019, the world of lotus lovers stirred when the image appeared on social networks of a type of lotus planted in a giant flower pot. In particular, this flower not only has a few petals or 100 petals like a traditional lotus, but has up to 1,000 petals. At that time, the lotus variety caused fever and was planted by many people. A lotus seed of a thousand petals has a price ranging from 400,000 to 500,000 VND, and a lotus pot of this type costs up to a million VND. A few years ago, the lotus flower with thousand petals was introduced to Vietnam, planted by flower lovers as ornamental flowers (photo: Truong Dieu Anh) At this time, instead of selling plants or bulbs, on the “internet market”, many people sell flower cut flowers like other traditional lotus. However, the price of a thousand-petaled lotus is quite expensive, up to 150,000-200,000 VND / 5 flowers, 5-7 times more expensive than ordinary lotus depending on type. Not to mention, people who love this type of lotus still have to “lay bricks” for 4-7 days to have them. Even in bad weather, you have to order about 2 weeks in advance. Ms. Doan Thi Thanh Huong from Vuong Thua Vu (Thanh Xuan, Hanoi) admitted, in order to buy 5 thousand-petaled lotus, she had to search all over the sale of fresh flowers on the “online market”. If you can find a sale, you have to go to a 3rd seller to order because the number of customers is too much, while the flower is limited. Therefore, she had to wait exactly a week to receive the lotus flowers. Flowers are quite expensive, she has to spend 200,000 VND to buy 5 flowers. But when you receive the goods, you are very satisfied. The lotus is in beautiful color, plugged into the vase. Up to now, the flower is still fresh and blooming on the 4th day. In particular, they have a very pleasant aroma. On this occasion, a thousand petals lotus is planted to cut flowers like ordinary lotus (photo: Truong Dieu Anh) This lotus type has large outer layers, inside there are many small layers (photo: Truong Dieu Anh) On the forums of the love of fresh flowers, netizens are searching for the address to sell thousands of petals to buy and plug. Because, this type of lotus appeared in our country for a few years now, but rarely has new flowers sold like this occasion. Talk to PV. VietNamNet, Ms. Truong Dieu Anh – the focal point selling fresh flowers in Ha Dong (Hanoi) – said that this year is the second year she sells thousand petals, but the supply of this kind of lotus is still quite rare in the market. According to Anh, in the past, flower lovers often had to buy tubers for planting. However, in recent years, gardeners have started to import Thailand’s thousand-petaled lotus seeds to plant to cut cotton for sale. She is importing a thousand petals from a lagoon in Nghe An. “Actually selling fresh flowers is just a part-time job. However, I always choose to sell exotic and beautiful flowers. The same is true of the thousand petals. To find a supply source, it took me quite a long time to find out that the lagoon growing this kind of lotus cut flowers to sell, ”she said. She also said, the dresser reporter flower output this year will be more. However, it will take two more weeks to start flowering. At that time, the amount of cut cotton will be available for retail and wholesale. At this time, the volume of goods is still quite modest, there are only 2 flights a week, customers who want to buy must book 3-5 days in advance. As the first phase, the quantity is only 30-60 flowers, and when it is blooming, it can cut about 100-150 cotton / day. In fact, how much or less cotton can cut depends on the weather. Because, if there is heavy rain, the lotus leaves wings, spoils all flowers and has to wait for the next batch. On the “online market”, the lotus is sold at a fairly expensive price (photo: Truong Dieu Anh) This flower is causing fever, many people buy and buy to play (photo: Truong Dieu Anh) Last year, the output was low, there was a period of heavy rain that affected lotus, customers who ordered flowers had to wait 1-2 weeks before she could return the goods, she shared. Ms. Luong Thi Thuy, owner of a fresh flower shop in Truong Dinh (Hoang Mai, Hanoi), added that this occasion just started the blooming lotus season so customers had to wait quite a long time. Like yesterday, she sold the first thousand petals. The number of cut-houses is estimated at only a few dozen flowers, but the number of lotus guests is set up to 250. Therefore, she has to arrange in order, the customer pre-order is delivered first. The rest of the guests are paid flowers in the next installments. However, with as much order as yesterday, she estimates that it takes about 2 weeks to pay all her orders. Mr. Dang Hoang Hiep in Quang Nam – one of the first people to successfully plant the thousand-petaled lotus in Vietnam – previously said that the thousand-petaled lotus has the feature of branches about 1.6m high, the diameter of the leaves equal to one arm span people. The flower is as big as an adult hand when it blooms. The outer layers are as large as ordinary lotus, the rest are countless layers of small oval petals arranged in dense inside, if you sit and count, each flower usually has 800-1,000 petals. It took 3 weeks from the time the bud started to bloom until it died.

Up to now, it is estimated that the total weight of the fish population is up to about 8,000, equivalent to more than 20 tons. At first, there were only a few fish swimming around to eat leftovers after his wife, Mrs. Nguyen Thi Mai, washed the dishes, but then a herd of pangasius arrived, and was always around in the previous canal. his house. A close-up of about 8,000 fish come to live at Mr. Nam’s house by themselves. (Photo: Character provided) Seeing more and more fish coming back, Mr. Nam put a bamboo fence on a small part of the canal in front of his house to avoid people coming to fish. There are even small fish flock to “lean on”. The area of ​​the fence is more than 200m2 wide. Talking to Reporter Family & Society, Mr. Nam said: “The sign of” Nature fish sanctuary “and a note that prohibits fishing within 100m is that the State asks me to do it to protect river fish. Although my family is not well-off but will try to feed them if they don’t leave me, seeing a special phenomenon, many people have also donated food money for my family to raise fish. Someone advised our family to sell, but I strongly disagree “. Mr. Nam Dang is feeding the fish in the ditch in front of his house. (Photo: Character provided) To protect the fish, he made a bamboo fence without a net, the fish can freely enter and exit the fence area. However, the fish not only did not leave, but also grew rapidly. Initially the fish was small, only 2-3 bags of food per day, but with the current amount of fish, Mr. Nam had to spend from 6 to 7 bags of food. The cost for a herd of fish ranges from 1 million to 2 million / day. Every time Mr. Nam spilled food, the fish immediately gathered thick, black covering the surface of the canal, wagging his tail, causing white saliva. Fish outside the enclosure also quickly entered. Mr. Nam shared: “For the cost of buying fish food, our family will be self-sufficient. Many people also have a lot of generosity to contribute to support. Many tourists coming to visit them also give money to support, sometimes a few hundred, some people have 1-2 million.If in shortage, the family will spend money and cook rice for fish. fish are also affected a bit “. A close-up of fish poking at the food dropped by Mr. Dang’s nephew. The “special guests” are not invited but stick to Dang’s family day by day. Among the thousands of white pangasius, there are 20 black pangasius, 2 pangasius fish. More and more people knew about the “aquarium” in front of Mr. Tran Van Dang’s house. Tourists also visit, feed the fish and at the same time support him a part of the cost of food to feed the fish. Seeing that many people were interested, Mr. Nam built a small bamboo bridge in the middle of the canal so that everyone could see the fish school at a closer angle. Every few days someone comes to ask. Children living near the house also went to Mr. Nam’s house to play, playfully drop their feet in the water to fish. Sharing with Reporter Family & Society, Mr. Ly Chi Hung, head of Phu Quoi hamlet, Phu Thanh commune, Phu Tan district, An Giang province said: “This is a strange phenomenon in the locality. The villagers have come here for more than 1 year, everyone loves the fish, so they often bring food to help Mr. Nam with the fish. We have also set up the sea to preserve the natural fish to avoid the villagers who do not know how to hunt. According to local authorities, at present, there is no visitation or fee collection from this phenomenon. Mr. Nam can freely play with the fish without fear of leaving the fish. Mr. Nam plans to continue to raise fish in the near future and let them live naturally in the canal area in front of his house, without catching or selling for money. For his family, this is a predestined grace by nature. The ancients had a saying “Good land birds perch”, that’s what Mr. Nam conceived of when raising this herd of fish.

“What I regret most now is that I haven’t been vaccinated in Hong Kong for a year.” When I heard a reporter from “Daily Business News” interviewing HPV vaccine-related topics, Liu Shuang (a pseudonym) on the other side of the phone spoke clearly. some.

Liu Shuang is born in the 90s. When he was studying in Hong Kong in 2016, the 9-valent HPV vaccine (cervical cancer vaccine) was within reach. The HPV vaccine was advertised on the streets, bus stops, and subway cars. Twins and Joey Yung were all vaccine spokespersons. . The school also organized voluntary registration for HPV vaccination, but Liu Shuang didn’t take it seriously. He returned after graduation and found that a vaccine was hard to find. In the past two years, there has been a spread of “the garage has been purchased, the flowers have been returned, and the price of 9 has been paid”. HPV vaccination has also become one of the conditions.

Recently, Ordos announced the launch of free HPV vaccination for women aged 13-18 in the city. Officials of the Guangdong Provincial Health Commission also publicly stated that they are studying HPV vaccines to be included in the free plan. It is foreseeable that the demand will increase further.

The “Daily Business News” reporter noted that China’s new cases of cervical cancer account for one-third of the world, but the vaccination rate for key populations is less than 1%. How long will the HPV vaccine be crazy under the demand for universal vaccination? If it is included in the government’s immunization plan, what changes will the HPV vaccine market usher in?

9-valent HPV vaccination is as difficult as Moutai, which is 1499 yuan

“In addition to raising cats, HPV vaccination is also one of the labels of contemporary young women.” Liu Shuang said. At that time, it was easy to get HPV vaccination in Hong Kong. Public hospitals or private clinics could be vaccinated, shortly after enrollment. , The school also organized a voluntary HPV vaccination, about 1,000 Hong Kong dollars per injection, a total of three injections, in the school hospital can be vaccinated. All the non-girl classmates around were vaccinated.

At that time, the concept and awareness of HPV vaccination had not yet been popularized in the Mainland, but there were more cases of outbound vaccination of HPV vaccination in some social platforms or developed areas. After consulting with a medical worker, Liu Shuang chose not to vaccinate the HPV vaccine in Hong Kong for the time being after being advised that “it is not necessary and there may be side effects”. But what she didn’t expect was that after the HPV vaccine became popular in the mainland, there would be a situation of “wanting to fight and not being able to fight”.

In 2017, Liu Shuang returned to work in Chengdu. She clearly feels that the HPV vaccine, which has been circulating in Hong Kong for a long time, is not very popular in the Mainland. Until around 2019, whether to receive the HPV vaccine, where to get the vaccine, and how much to pay has become a popular topic among girls. With the deepening of the awareness of cervical cancer and the popularity of HPV vaccines to reduce the risk of cervical cancer, the popularity of HPV vaccines has risen again and again.

According to the data issued by the China Inspection Institute, between 2019 and 2020, HPV vaccines will usher in a big year of growth in the Chinese market. From the time the HPV vaccine was approved to enter the domestic market to the end of 2020, the total number of domestic HPV vaccines issued was approximately 34.89 million.

24-year-old Wang Mian (pseudonym) feels that it is as difficult to grab the HPV vaccine as it is to grab Moutai at 1,499 yuan. “As soon as the community health centers and public hospitals announce the arrival of the goods, I immediately call, and every time I call, I tell me that the appointment is over. I thought of robbing it for a year and not grabbing it.”

The upper age limit of the HPV9-valent vaccine that Wang Mian wants to inject is 26 years old, and she must complete three shots of vaccination before the age of 26. The competition in the city was fierce, and Wang Mian turned his attention back to the county where his hometown was. Her mother worked in a local women’s and children’s hospital, but the frequency of delivery only once every six months and the number of dozens of vaccines each time made it difficult for her to get the vaccine.

Finally, after a “squatting” wait, in the hospital where his mother’s friend worked, Wang Mian reserved a place for vaccination. Finally, at the price of 1388 yuan per injection, three injections of HPV vaccine were completed half a month before the arrival of 26 years old.

It is difficult to find a single shot of HPV vaccine so that vaccinators have to “the eight immortals cross the sea and show their magical powers.” Some of Liu Shuang’s friends passed the entry and exit records within six months and were vaccinated at the little-known International Travel Health Care Center. Among her friends who are engaged in the insurance industry in Hong Kong, some have included HPV vaccines in their business scope, sending messages in the circle of friends that “you can make appointments for HPV vaccines in Hong Kong clinics” from time to time.

If outbound vaccination is considered a shortcut, then the new crown pneumonia epidemic since 2020 has pressed the pause button for outbound vaccination. In other words, the huge demand for HPV vaccination is blocked in China and “cannot get out”.

The huge market demand has ignited the passion of the supply side, and even e-commerce platforms such as Alibaba Health, JD.com, and Pinduoduo have to intervene to play an intermediary role in linking vaccinators and medical institutions.

In the summer of 2020, Pinduoduo added the HPV vaccine to its “Ten Billion Subsidy” program. In the past, most of the sales in this program were high-profile products such as iPhone and SK-II Fairy Water. The addition of the HPV vaccine undoubtedly symbolizes its ranks among the “top-tier” consumer products. Alibaba and JD.com, which have already entered the market before, have also stepped up the promotion of HPV vaccines, adding fire to the HPV vaccine market.

The HPV fire continues to burn. The reporter saw on the aforementioned multiple e-commerce platforms that HPV vaccine appointment services are still on sale in many places across the country. Take the HPV 9-valent vaccine and the place of inoculation in Chengdu as an example. The lowest price of each e-commerce platform is about 6000 yuan / 3 doses, and the high is more than 8000 yuan / 3 doses. After the appointment is successful, you still need to wait for 2 months to half a year. time.

In terms of vaccine selection, the 9-valent HPV vaccine has a more comprehensive coverage and a higher price. It has become the first choice for many young women, but the disadvantage is that the supply is in short supply. The reporter learned that many people have switched to a bivalent vaccine with sufficient supply and significantly lower prices while waiting for the 9-valent vaccine to be fruitless.

HPV vaccine has become a “top-stream” consumer product

Image source: screenshot of an e-commerce platform

Penetration rate of 9-valent HPV vaccine is less than 1%

The WHO has made it clear that if cervical cancer is eliminated by 2030, at least 70% of adult women aged 35 to 45 will be screened for cervical cancer, and at least 90% of 15-year-old girls will be vaccinated against HPV ; However, the coverage rate of the former in China is less than 30%, and the vaccination rate of the latter may be less than 4%.

In the past three years, under the influence of multiple forces such as policy guidance, market education, and platform promotion, HPV vaccines have shown a enthusiasm that is different from medical products, but like consumer products.

According to data from the China Inspection Institute, the number of HPV vaccines issued in my country in 2017 was 1.46 million; in 2018, it was 7.13 million; in 2019, it reached 10.8754 million. In the whole year of 2020, a total of 15.43 million HPV vaccines were issued, of which about 7.22 million and 500,000 were issued in batches of 4 and 9 prices respectively, representing year-on-year increases of 36% and 52% respectively. According to Yuanchuan Business Review, in October 2020, in a round of applications for HPV 9-valent vaccines in Shenzhen, more than 200,000 people competed for more than 8,000 vaccines, and the winning rate was only 4%.

Young people mainly born in the 90s are rushing for “injection”, which has a lot to do with the effectiveness of 9-price HPV, age limit for vaccination and market supply.

As a common malignant tumor in women second only to breast cancer, the attention of cervical cancer remains high all year round. Statistics show that there are approximately 106,000 new cases and approximately 48,000 deaths in my country each year. About half of women of childbearing age in my country have been infected with at least one type of HPV virus. Fortunately, cervical cancer is a preventable cancer. HPV, or human papilloma virus, is the main cause of cervical cancer. The World Health Organization divides the prevention and control measures of women’s cervical cancer into three levels. Primary prevention is HPV vaccination for children aged 9-14, secondary prevention is regular screening after the age of 30, and tertiary prevention is for cancer lesions. Effective treatment.

During the blank period between the birth and introduction of HPV vaccines, a large amount of domestic market demand to be detonated has been accumulated. In 2016, my country officially approved the sale of the bivalent HPV vaccine produced by GlaxoSmithKline.

The “Daily Business News” reporter learned that currently available vaccines include GlaxoSmithKline and Wantai Biological’s bivalent HPV vaccine, Merck’s quadrivalent HPV vaccine and 9-valent HPV vaccine. Among them, Zhifei is the exclusive agent of Merck & Co., Ltd. for the sales of two vaccines in the Chinese market. In April 2020, Cinkening, the first domestically produced bivalent HPV vaccine developed and produced by Wantai Biotech, was officially launched.

Since the “price” of the HPV vaccine refers to the number of virus types that it can target, the 9-valent vaccine is the largest number of HPV viruses that can be targeted among the vaccines on the market. Therefore, although the price of the 9-valent vaccine is the highest, because of the most comprehensive protection, the vaccination fever is the highest, showing a situation of “a single shot is hard to find.”

In 2020, Zhifei Bio’s revenue from agency products reached 13.955 billion yuan, accounting for 91.86% of the revenue structure, an increase of 51.88% year-on-year. Zhifei Bio is the exclusive agent of Merck’s 4- and 9-valent HPV vaccines.

However, the lack of supply has restricted the further growth of sales of these two HPV vaccines. On the one hand, production capacity cannot keep up with the explosive growth of demand, and the production capacity is severely insufficient to supply Merck in more than 70 countries around the world. Public information shows that due to capacity constraints, Merck has repeatedly stopped supplying HPV vaccines in some areas. In the early days when the 9-valent vaccine was launched on the mainland, vaccinators often saw HPV vaccines deployed in Hong Kong and other regions and packaged in traditional Chinese characters. On the other hand, the vaccine market cycle is relatively long, and it takes at least one year from production to the final domestic market.

Therefore, the penetration rate of the 9-valent vaccine is still far from meeting the huge market demand. According to the latest data from the National Bureau of Statistics, there are about 120 million people (16-26 years old) of the appropriate age group for the 9-valent HPV vaccine.and Based on the 3.324 million batches of 9-valent HPV vaccine issued by Zhifei in 2019, the number of people who can receive the vaccine is less than 1% of the total. If the penetration rate of 10% of the core population is calculated at 1,298 yuan per injection and 3 injections per person, the domestic market for 9-valent HPV vaccines will exceed 46.7 billion yuan.

Vaccine concept map image source: phototu.com

How big is the imagination of the bivalent HPV vaccine?

It is difficult to obtain a 9-valent vaccine, which brings opportunities for bivalent vaccines, especially domestic bivalent vaccines.It can be seen from the data that the issuance of GlaxoSmithKline 2 seedlings plummeted by 66% year-on-year in 2020, a negative growth for two consecutive years. This was mainly due to the production contraction caused by the company’s strategic adjustment of its own business. Wantai Bio-Xinkening Bivalent HPV VaccineSince 2020Quickly increase the volume after listing. In the internal competition of the two-price seedling market, Wantai Biological has achieved obvious advantages over the long term.

The rapid increase in the volume of 2 valent vaccines became the profit support of Wantai Biotech last year. The 2020 annual report of Wantai Biotech shows that Xinkening is priced at 329 yuan each, which is much lower than similar imported vaccines. After the listing, nearly 2 million vaccines have been vaccinated. At present, the sales of Xinkening products are mainly in cities below the third tier, accounting for 75% of the shipment volume in 2020, and the coverage of first-tier and second-tier cities is 7% and 18% respectively.

Xiamen Wantai Canghai Biotechnology Co., Ltd., which mainly deals in Wantai Bio’s HPV vaccine business, is currently the most profitable subsidiary of Wantai Bio. In 2020, Xiamen Wantai’s operating income is 980 million yuan, and its net profit is 340 million yuan.

However, the “Daily Economic News” reporter also noticed that Xinkening mainly enjoys the market dividends brought about by the limited production capacity of high-priced vaccines. Although the mismatch of supply and demand has won some time and space for the bivalent vaccine, the HPV vaccine market has The logic of technological substitution has been deeply rooted in the hearts of the people. From a global perspective, the replacement of low-priced vaccines with 9-valent vaccines is a major trend.

However, He Rui (pseudonym), the head of a fund focusing on investment in the pharmaceutical industry, also mentioned that According to global data, about 70% of cervical cancer, nearly 90% of anal cancer, and a large proportion of oropharyngeal cancer, vulvar cancer, vagina cancer and penile cancer are caused by HPV 16 and 18 genotypes. Currently on the market vaccines Both contain these two genotypes , 20% of cervical cancers are caused by HPV 31, 33, 45, 52, 58 genotypes, and only the 9-valent vaccine contains these genotypes. “If the cost is not considered, the 9-valent vaccine is recommended, with more subtypes, which can prevent more cervical cancer. However, the 9-valent vaccine is limited by capacity and age. These factors should also be considered.”

Wantai Biotech stated in its annual report that the company’s 9-valent cervical cancer vaccine is undergoing phase III clinical trials, and it is one of the first domestic 9-valent cervical cancer vaccine companies to enter phase III clinical trials. The annual report shows that the company’s research and development costs for the 9-valent HPV vaccine reached 78.67 million yuan in 2020, a year-on-year increase of 263.92%. According to industry experience, if Wantai Bio’s 9-valent vaccine can be successfully approved for marketing, it will not be until 2024 at the earliest.

According to data from the drug clinical trial registration and information disclosure platform, as of March this year, more than 40 HPV vaccines under development have entered the clinical stage, and 16 have advanced to clinical phase 3.

From an investment point of view, the market favors Wantai Biotech and Zhifei Biotech. Securities companies have issued research reports on many occasions and are optimistic about the market prospects and growth space of HPV. In April 2020, Wantai Biologics will be listed on the main board of the Shanghai Stock Exchange. After rising 44% on the first day of listing, 26 consecutive daily limits were recorded.

In the early days of listing, Wantai Biotech’s share price rose from 8.75 yuan to around 150 yuan in one breath

Zhongtai Securities released a research report that the cumulative penetration rate of HPV vaccines in the country is only 2%. It is expected that the Chinese market is promising, with a market space of more than 43.9 billion yuan, high infection rate (75%), high carcinogenic related rate, and high public attention. (Full market education), these “three highs” determine the high rigid demand for HPV vaccines, and HPV vaccines were approved in China much later than overseas, with a difference of nearly 10 years. China has a vast stock market.

“According to the calculation of the highest vaccination price of each age group (9-14 years old 2 price domestic Wantai 2 injections, 16-26 years old imported 9 price Merck 3 injections, 26-45 years old imported 4 price Merck and 3 injections), we expect domestic The HPV vaccine market space can reach 43.9 billion yuan or more.” Zhongtai Securities pointed out in the research report.

If included in the immunization program, is HPV vaccine still a good business?

Under the WHO’s plan to “conquer cervical cancer”, in recent years, the voice of including the HPV vaccine in the national immunization program has been heard from time to time.

The “Daily Economic News” reporter learned that according to whether it is included in the national immunization program, China’s vaccines are divided into the first type of vaccines provided to citizens free of charge and the second type of vaccines that are voluntarily vaccinated by citizens at their own expense. Currently, HPV vaccines belong to the second category, which are procured by disease control agencies and are usually priced according to market rules. After being included in the national immunization plan, the HPV vaccine will become a first-class vaccine, and the government will cover its funds, bid for procurement, and uniformly distribute it to all vaccination sites.

In February this year, the National Health Commission mentioned in the “Response to Recommendation No. 8996 of the Third Session of the Thirteenth National People’s Congress”, Conduct overall research on the inclusion of HPV vaccination into the national immunization plan. The Health Commission stated that the next step will be to strengthen monitoring of the suspected abnormal response to HPV vaccine vaccination, and at the same time promote pilot projects, encourage regions with conditions to explore more flexible vaccine financing methods and vaccination policies, and gradually promote HPV vaccine free of charge for people of the right age. Vaccination provides experience for the country to formulate relevant policies.

On the 8th of this month, the Guangdong Provincial Health Commission issued a notice stating that it is actively studying the free vaccination of HPV vaccines for women of appropriate age.

Once included in the immunization plan, what changes will the HPV vaccine market usher in? According to market analysis, from the perspective of vaccine prices and age-appropriate populations, the bivalent HPV vaccine is most likely to be included in the immunization program.

The first is the price advantage. Yin Zundong, deputy director of the Immunization Planning Center of the Chinese Center for Disease Control and Prevention, introduced at a recent meeting that, although cost-effectiveness is not the only factor to consider when considering the priority of the second type of vaccine into the immunization plan, it is indeed very important.

Calculated on the basis of the total domestic vaccination costs, the total cost of vaccinating people aged 9 to 14 years of Wantai Bio-Xinkening 2V vaccine is 658 yuan, and the total cost of vaccinating people aged 15 to 45 years is 987 yuan. The total cost of GSK 2 valence vaccination is 1,740 yuan, and the total cost of Merck’s 4 valence and 9 valence vaccination are 2394 yuan and 3894 yuan, respectively. The price advantage of Cinkening is very obvious.

Comparison of 4 HPV vaccines on the market

Image source: Zhongtai Securities

The “Daily Economic News” reporter learned that the Xiamen Municipal Health Commission had previously notified that from 2020 to 2022, domestic school-age girls in the city will be provided with domestically produced bivalent HPV vaccines and voluntary free vaccination will be implemented.

On the other hand, from the perspective of people who are suitable for vaccination, the applicable age of the 9-valent vaccine in my country is 16 to 26 years old, while the 2-valent vaccine is suitable for the 9 to 45 years old age group. From the perspective of expanding the coverage of young people, the bivalent vaccine is also more in line with the purpose of including the HPV vaccine in the immunization program.

For Wantai Biotech, if HPV vaccine is included in the immunization plan, heavy purchases can provide a guarantee for performance growth. But at the same time, how the government’s centralized procurement of HPV vaccines will be priced is still unknown. According to the record of investor research activities announced by Wantai, the relatively low-priced Xinkening gross profit margin is still as high as about 90%.

“Inclusion in the national immunization plan definitely means that Wantai Bio’s HPV vaccine has lost the advantage of free pricing. Judging from the 2020 annual report disclosed by Wantai Bio, the actual purchase of Xinkening last year was 2.07 million, and the winning price range was 329 yuan-344 yuan per bottle. However, because Wantai uses E. coli production technology and the cost is relatively low, Xinkening’s profit level based on the current pricing is also considerable than that of Zhifei Bio without pricing power”, He Rui Said.

He Rui pointed out that in the field of HPV vaccines, under the age of 15 is still a dormant market. Based on the current domestic HPV vaccine application population and census data, it can be estimated that the current domestic HPV vaccine demand population is about 330 million people. Excluding about 10 million people who have been vaccinated, the country’s memory demand gap will still reach 320 million. people. Combining with the price level of domestically produced bivalent HPV vaccines, even if the stock vaccination rate is 50% and the per capita vaccination cost is roughly estimated at 500 yuan, once it is included in the immunization plan, the stock space of my country’s HPV vaccine market is still huge.

He RuiIt is also emphasized that it needs to be clarified that being included in the immunization plan is not equal to purchasing in quantity, and purchasing in quantity is mainly based on the pressure of medical insurance funds, so it is necessary to control the price of the varieties included in medical insurance. However, the funding of the immunization program mainly comes from national and local financial funds, and my country attaches great importance to vaccine safety, and it is unlikely that a substantial price reduction will occur. At present, only Fujian Province has included Wantai’s bivalent HPV vaccine Xinkening into the provincial medical insurance, but the winning bid is still between 329 yuan and 344 yuan per tube, and there is no obvious price reduction.

If the HPV vaccine is included in the immunization program, will Zhifei Bio, which acts as the agent of the 9-valent vaccine, be affected? In 2020, Zhifei’s net profit increased by 39.51% year-on-year to 3.301 billion yuan, and more than 90% of the company’s revenue comes from Merck’s vaccine agency revenue.

Many people in the pharmaceutical industry said that the inclusion of HPV vaccines in the immunization plan in the short term is still in the design and imagination stage. Vaccine expert Tao Lina pointed out to reporters that whether the second-class vaccine will be included in the national immunization program is not a temporary matter. Consideration should be given to multiple factors such as whether the health damage caused by the disease and the burden of medical expenses are serious, the safety and effectiveness of the vaccine itself, and whether the market can provide sufficient production capacity guarantee.

“In the next 10 or even 20 years, the HPV vaccine is unlikely to be included in medical insurance or the national immunization plan.” Taolina said that in terms of importance, the HPV vaccine is not yet ranked. At least two more urgent vaccines (Haemophilus influenzae type b vaccine and 13-valent pneumonia vaccine) are still waiting in line.

It can be foreseen that in the near future, with the gradual approval of a large number of HPV vaccines under development, the current competition pattern of only four products will be broken, and a new round of competition will inevitably come. He Rui believes that whether Wantai Biotech’s 9-valent vaccine can challenge the dominance of Merck’s 9-valent vaccine industry depends on production capacity. In the future, Wantai Biotech’s capital expenditure for HPV vaccines will be very important.

Reporter’s notes丨The incidence of cervical cancer is getting younger, and vaccination needs to be increased

In China, about 106,000 women are diagnosed with cervical cancer each year, and 48,000 women die from the disease. A survey published by the Chinese Journal of Cancer in 2017 showed that after 2001, the incidence and mortality of cervical cancer among Chinese urban and rural residents increased significantly, and the incidence tended to be younger. Therefore, the prevention and treatment of cervical cancer for women of middle and low age in China must be paid enough attention.

Increasing vaccination is one of the effective ways to prevent and treat cervical cancer.However, the penetration rate of HPV vaccine in my country has been low for a long time, so it is includedNational Immunization Program, Allowing more women of the right age to vaccinate for free will help solve the inequality caused by high-priced vaccines.

Reporter: Chen Xing Jinzhe

Editor: Tang Hui

Video Editor: Zhu Xingyun

Vision: Zou Li

typesetting:Tang Hui Ma Yuan

Daily economic news

This time, she did not show her beautiful photos, but showed a photo of a long needle inserted in the cervical spine, and her neck was obviously red and swollen, which looked very distressing.

After seeing the hot search, Deputy Chief Physician Shi Yan of the Department of Acupuncture and Tuina, Hangzhou First People’s Hospital, immediately judged that Liu Yifei should use acupuncture and moxibustion to treat cervical spine problems “two-pronged”.

Liu Yifei is just 34 years old this year. Old fans know that as early as 2005 when filming “The Legend of Condor Heroes”, Liu Yifei suffered from serious cervical spine problems due to injuries from filming.

When she was only 17 years old, the cervical spine was misaligned due to excessive suspension of Wia when filming.

There are also careful netizens who mentioned that Liu Yifei always wore a shawl when he appeared in front of the public, and I don’t know if the old disease has relapsed. Everyone comforted Liu Yifei in the comment area and hoped that she would take good care of herself.

If the human body is compared to a company, and all the organs of the body are compared to the company’s employees, then the cervical spine must be one of the employees with the longest working hours, the most stress, and the worst pay.

Long-term bowed heads, wrong sitting postures, sleeping with pillows or no pillows, reading books or TV in lying position…The accumulation of bad habits has caused more and more young people to be “entangled” by cervical spondylosis.

“Head down family” has become the “main force” of cervical spondylosis

Like most urbanites in modern times, the 23-year-old Xiao Li (a pseudonym) is a veritable “head bower”.

During the day, Xiao Li works at the desk, with a computer on his head up, a keyboard and a mobile phone on his head down, and he is caught in an endless loop of head up and down every day.

Even in just one hour of lunch, he wouldn’t let his cervical spine rest for a while: standing in line to buy food and looking down at the phone, waiting for the meal and looking down at the phone, walking on the road and looking down at the phone. Even on the crowded subway, I always kept looking down at my phone, and occasionally looked up at the location of the following car, and then “worked hard” again.

When he returned home, Xiao Li’s eyes were “sticked” to the small screen. He did not forget to catch up with the hit dramas after eating. After dinner, he continued to lie down on the sofa while watching TV and playing on his mobile phone. He even lay down on the bed to accompany him. He was still asleep with his cell phone.

In the past month, Xiao Li always felt dizzy and dizzy when he moved his neck. At first, he didn’t pay much attention to it. Later, after feeling nausea and nausea, he asked for leave to go to the hospital.

After he went to the Department of Neurology, Department of Otorhinolaryngology and Department of Orthopedics successively, he was finally diagnosed with cervical vertigo caused by cervical spondylosis, and the X-ray film showed that Xiao Li’s cervical spine arch was obvious.

After being introduced, Xiao Li came to the Deputy Chief Physician Shi Yan of the No. 1 Hospital of the city to consult about acupuncture and moxibustion treatment.

Cervical spondylosis is the dominant disease in acupuncture treatment

Shi Yan introduced that cervical vertigo mostly occurs in middle-aged people, but there is a trend of younger people. Now the number of patients under 30 is significantly increasing. Office people like Xiao Li who work at the desk for a long time often play with mobile phones, which leads to a long time in the cervical spine. In an anti-physiological state, the final result is chronic strain and degeneration of the cervical spine, which causes cervical vertigo.

Because the cause is clear, the treatment of the primary disease is extremely important.

“Cervical spondylosis is a common disease in our acupuncture and massage department, and it is also one of the dominant diseases in acupuncture treatment.” Shi Yan said, “Through acupuncture, it can help dredge the meridians to achieve both internal and external healing effects, thereby alleviating cervical pain, numbness and other symptoms. ”

Shi Yan further explained that because cervical spondylosis has different clinical types, the methods and effects of acupuncture treatment are also different. Acupuncture is particularly good at radiculopathy. Generally speaking, 5-10 times is a course of treatment. Most patients will improve their symptoms after one course of treatment, and those with more severe illness may need 2-3 courses of treatment. However, if it is accompanied by spinal stenosis or spinal cord compression, other treatments are required.

Do these points to avoid recurrence of cervical spondylosis

Shi Yan reminded that after acupuncture treatment has relieved the clinical symptoms of cervical spondylosis, it is also necessary to correct daily bad postures and strengthen neck functional exercises to avoid recurrence of the disease.

1. Avoid long-term bowing, reading and watching TV without lying in bed, and master the correct writing posture; workers who face the computer for a long time, it is recommended to raise the computer monitor, lower the seat, try to look up or slightly look up at the screen, there should be 5 per hour. 10 minutes rest time;

2. The pillow should not be too high, generally 10-15 cm is appropriate. Specific reference should also be made to personal circumstances, such as the physiological curvature of the neck, sleeping habits, etc.;

3. Actively participate in sports exercises, such as badminton, basketball, swimming, kite flying, etc. These exercises have a good auxiliary treatment effect on the natural curvature of the cervical spine, and at the same time can improve the blood supply of the cervical spine and prevent and delay the degeneration of the cervical spine. Age of onset.

   Finally, for everyone, Amway’s “Cleansing Osteopathy” to strengthen the cervical spine:

   

4. Stand with feet shoulder-width apart and hold hollow fists with both hands;

5. Put one hand from the side of the body to the back, and try to go from the bottom up to the neck as much as possible;

6. Come over with the other hand from the side of the head and put it behind the ear, turn the head to the opposite side, and then force it to the back to fight against the hand for 5 seconds, then switch to the opposite side;

7. Repeat and alternately perform about 10-20 times as a group, and you can do it twice a day, 1-2 groups each time, the operator must do what he can and must not force it;

8. This action can be used to stretch the muscles and bones of the shoulders, neck and back.

   Correspondent Wang Wenting and reporter Chai Yueying

When the Covid-19 epidemic broke out around the world, the need for a private, private, but equally luxurious and comfortable place to live became hotter. Therefore, the magnificent castles in Europe have become a sought-after object of the rich, with equally expensive prices. “Consumers seek privacy with open spaces, and private mansions are the best choice,” said Lodovico Pignatti Morano, manager at auction unit Sotheby’s International Realty Italy. 19, demand is definitely increasing “. Mr. Morano said that different types of castle real estate are quite new to Asian buyers because it is difficult to find similar castles in the region. Besides, owning a private castle demonstrates its own class for the tycoon. The immense castle is a suitable place to entertain friends, party indoors and satisfy the rich’s special passions, such as the cellar and private vineyard in the castle. European ancient castles have become the favorite real estate object of Asian tycoons, especially mainland China. Photo: Handout. European castle prices also vary widely, depending on the location, area and condition of the castle. A castle in Italy has a price ranging from 7-20 million euros (8.3 – 23 million USD). Castle in Scotland is priced at 225,000 – 8 million pounds (314,115 – 11 million USD). If you buy a castle in France, the amount must spend between 700,000 – 50 million euros (831,000 – 59 million USD). Mr. Pignatti Morano said that a lot of people buy castles in Italy come from Taiwan (China). “The buyer’s need to own a private castle is very high, especially for Taiwanese buyers. They like the classic look of a traditional castle like a turret, bell tower and surrounding moat,” he said. to speak. In addition, customers also request that the castle is equipped with modern amenities such as a gym, swimming pool and movie room. “Buyers want to own the beautiful, unique look of a castle, but the interior does not affect their modern lifestyle,” said Mr. Morano. For real estate investors, he added, they often choose castles with vineyards and fruit trees on campus in the Tuscan region north of the capital Rome. There, they will make their own wine or olive oil for a small profit. Owning a castle can cost anywhere from a few million to several tens of millions of dollars, not including the cost of restoration and annual maintenance. Photo: Handout. “The castle real estate market is attracting renewed interest in recent years from both domestic and foreign buyers,” said Alexis Caquet, chief executive officer of Engel & Volkers Paris. Caquet said the company’s main customer base includes Chinese, American and South American buyers. There are also Europeans, in which the French account for more than 60% of transactions. “Chinese buyers are very active. They especially love the castles with their own wineries. Chinese tycoons often find castles with vineyards and have reputations available. In Scotland, the demand to buy castles also increased sharply. According to Savills, demand for real estate in the country, including castle real estate, has quadrupled last year. Mr. Jamie Macnab, head of the Scottish suburban housing division at Savills, said demand for properties in the Scottish suburbs increased significantly over the past year. “Scottish castles have attracted buyers worldwide,” he added. “The castles are the most prestigious asset, but the market has always been doing well over the past few years, this could be a good investment,” said Macnab. Refurbishing castles in Scotland could cost tycoons an additional £ 1 million ($ 1.3 million), while annual maintenance costs at least from £ 50,000 ($ 69,000).

The 3rd day of the 3rd lunar month is Han Thuc Tet. According to Vietnamese tradition, every year on this day, family members come together to make floating cakes, vegetarian cakes to present to their ancestors and ancestors.

Drift cake, vegetarian cake is an easy dish to make with simple ingredients such as flour, brown sugar and sesame (sesame). But not everyone can be successful with this dish and there have been many times that netizens have to laugh at the faulty versions of floating cakes due to the clumsy girls returning to their talents.

The round cake, seemingly very simple, makes many women “half-hearted, half-laughed” because the finished product is “not like a dream”.

Because of letting the fire go too far, the sister association’s floating cake can no longer retain its round shape, but now it is crumpled and squishy.

Too much hand making the cake crust and inside the inside are sticky is something that many of you have encountered when making cakes to float the Korean Lunar New Year.

Sometimes, the broken plate is not made by the person, but by the clumsiness of the person eating it.

Many products of “brave girls” make people laugh and cry, unable to understand what this is really.

Following the correct formula online, what kind of abstraction is this …

The large, distorted vegetarian cakes in the bowl are the clearest proof that you should not go to the kitchen again.

After being posted, the post received thousands of likes and comments.

Nowhere is the image of “my body is both white and round” of floating cakes that once appeared in poet Ho Xuan Huong’s poetry. Photo: General

Invite readers to watch the video: Floating cakes, vegetarian cakes – the cultural beauty of the Korean New Year – Source: VTV24

“No exaggeration, the need for cutlery intervention to improve appearance has doubled,” said Dr. Melissa Doft, a cosmetic doctor in the Upper West Side, answered.

The trend of plastic surgery exploded in New York state (USA) when many women were eager to improve their appearance before their life returned to normal. Photo: Getty.

She said that the number of customers looking to the hospital is increasing, most of them are breast augmentation and nose jobs, which cost between 12,000 and 25,000 USD.

Dermatologist Evan Rieder says some women come from other places such as Hamptons, Florida, and Berkshires for treatments that were not previously possible due to Covid-19.

“People lose their jobs, their homes and their self-confidence. Anxiety and emotional stress manifest in their skin,” he said.

Slap looks

Alexis Williams, a resident of East Harlem, revealed her intention to retouch the look before being allowed to travel and exchange friends as before.

Last March, she had breast augmentation surgery for $ 15,000 as a gift for her 30th birthday.

“Now, I am like a completely different person. I am very excited to return to my old life after a long time at home avoiding translation,” shared female marketing director.

Rejuvenating the skin with platelet-rich plasma is the perfect choice for a 30-year-old woman in West Village.

She said she spent the majority of the $ 1,400 bailout provided by the government to pay for this $ 2,000 procedure.

With a cost of 12,000 USD or more, procedures such as breast augmentation, nose augmentation and skin rejuvenation are especially popular among women. Photo: Getty.

“After 18 months of social separation, I was finally able to meet my friends. I want people to see me with a youthful appearance, unlike someone who has struggled with a pandemic, ”she shared.

Sharon G. (52 years old), from Huntington town, came to New York City last month to have liposuction and breast augmentation surgery at a total cost of 29,000 USD.

“Since the outbreak of the pandemic, I have always kept my face hidden behind the mask. I want to have surgery to regain my confidence,” Sharon said after doing procedures at the Hospital of Dermatology and Surgery. Greenberg aesthetics.

Another patient is a resident of Murray Hill, who suffered a miscarriage two weeks ago due to childbirth. This 36-year-old woman resolutely interferes with cutlery to improve her physique, regain balance after a difficult time.

“After a year of social separation, I suffer from depression, gain weight. I want to look better to feel confident and satisfied with myself,” she said.

Ready for a new life

According to the New York PosT, cosmetologists believe that the requirement to wear a mask in public and daily communication could be eased this summer, at least for those already vaccinated.

Most of her patients believe that in a few weeks, they will be returned to a normal lifestyle, said Dr. Lara Devgan of Manhattan.

Therefore, the next 2 months is an ideal time to restore health and appearance to return to the office, meet friends and colleagues.

The pandemic caused the appearance of many people to deteriorate seriously. Photo: Getty.

“Due to the extreme anxiety between Covid-19, many people have to be grayed, their skin is severely downhill. They want to appear in their best shape when everything is over,” she emphasized.

Cosmetologist Haideh Hirmand feels this trend is beneficial for those working in the beauty industry.

“Thanks to the arrival of vaccines, we have received more requests for surgical intervention to improve their appearance. Most patients say they feel anxious about taking off their masks after a long time and want to look. I am so beautiful, “she shared.