Edit | Zheng Qing

Recently, Mob Research Institute released the 2021 Internet Medical Industry Insight Report. According to the report, as the policy of the Internet medical industry has changed from prudence to openness, the policy guarantee system has been continuously improved, which has stabilized the cornerstone of market expansion. The sudden new crown epidemic in 2020 has become an industry accelerator, and the market size is expected to exceed one trillion in 2025.

my country’s Internet medical treatment has a history of 20 years, and it is developing upward amidst twists and turns. Internet medical care leverages the epidemic to increase exposure, cultivate user habits, and press the accelerator key for industry development.

The report pointed out that my country’s high-quality medical resources are insufficient. The number of tertiary hospitals accounts for less than 10%, but they carry over 50% of the medical needs. The utilization rate of beds in tertiary hospitals exceeds 90%, while the utilization rate of beds in primary medical institutions is low. As the health literacy level of Chinese residents increases year by year, more and more people are concerned about their health needs. Faced with the problem of insufficient supply of high-quality medical resources, technologies such as the Internet and artificial intelligence connecting resources are expected to break the medical dilemma.

With the resonance of the black swan of the epidemic and favorable policies, the Internet medical industry has ushered in a golden growth period. In 2020, there will be frequent large-scale financing events in the Internet medical industry, and capital is generally optimistic. The report predicts that the scale of the Internet medical industry is expected to exceed one trillion yuan in 2025.

From the user survey, the report found that the proportion of Internet medical users in second-tier and above cities has decreased, and the proportion of third-tier cities and below has increased. The proportion of users in Guangdong far exceeds that of other provinces. Among medical e-commerce users, male participation is significantly higher than that of females; among registered consultation users, males and females account for the same proportion, but females have a higher preference. Young and middle-aged people are the main force in medical e-commerce and registered consultations. Young people aged 25-34 prefer online consultations, while middle-aged and elderly people over 45 are more willing to buy medicines online. From the perspective of industry development trends, the report believes that in the short term, the daily life of users during the 2020 Spring Festival will increase significantly, and user satisfaction will be high, which is conducive to the formation of user habits, and the traffic dividend is expected to continue. In the medium term, many pain points in the medical industry are waiting for artificial intelligence to provide new solutions, and AI may become the next prescription. In the long term, smart community medical care will help to form a hierarchical diagnosis and treatment of “first diagnosis at the grassroots level, two-way referral, linkage between upper and lower levels, and separate treatment for emergency and slowness”, and relieve medical pressure

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

When most market participants analyzed the Fed’s decision, they generally believed that the U.S. monetary policy was only a signal of a turnaround, but no real change occurred, because the federal benchmark interest rate and QE policy remained unchanged, while the excess reserve interest rate and overnight reversal The 5 basis point increase in the repurchase rate is nothing but a technical adjustment.

“However, judging from the actual effect, this technical adjustment has actually played a role in raising interest rates.” In the “Interpretation of How the Fed’s Interest Rate Meeting Understands the Tightening Signals” in the 172nd issue of the Hong Academy Micro Class on June 19, Song Hongbing said After the Fed raised the “ceiling” and “floor” interest rates, it was tantamount to raising the monetary policy interest rate by 4 basis points. This is a tangible increase in interest rates and simultaneously raised interest rates in all money markets.

The excess reserve interest rate is the ceiling interest rate, and the overnight reverse repurchase is the floor interest rate. As the core interest rate of monetary policy-the federal benchmark interest rate, it is suspended between the ceiling and the floor. For example, the current benchmark interest rate range is 0-0.25%, and the Fed’s expected target value is 0.1% between the two.

When the floor rate (overnight reverse repo rate) was increased from 0 to 0.05%, the repo market rate was immediately increased to 0.05%. why?

Because all those who have money and want to lend can lend money to the Federal Reserve and get Treasury bonds as collateral. There is no risk at all and a steady profit of 5 basis points. In the repo market, any transaction below 5 basis points cannot be done. This is the role of the overnight reverse repo rate as the “floor” rate. At the same time, the yield of short-term treasury bonds also rose immediately. For example, the yield of 3-month treasury bonds is often as low as 0.01% to 0.025%. After the local board interest rate rises by 5 basis points, the yield of 3-month treasury bonds immediately rises to 0.038%, which is 3 The highest value since the month.

At present, interest rates in several money markets have gone up across the board, and eventually the federal funds rate, the most important monetary policy rate, immediately jumped from 0.06% to 0.1%.

“For this reason, the Fed is currently turning itself into a’super pump’.” Song Hongbing said that while the Fed was forced to “release water,” it was also being forced to “pump water.” This self-contradictory approach will cause a huge financial idling and will greatly push up inflation.

According to current data calculations, the Fed will continue to inject about US$120 billion in liquidity into the financial market every month before reducing debt purchases. In addition, the U.S. Treasury Department has $765 billion in cash in the Fed’s checking account. According to the plan of Secretary of the Treasury Yellen, it should be reduced to the level of 500 billion US dollars by the end of June, which means that another 265 billion US dollars of “flood” will flood the financial markets. Although this plan may be slowed down to the second half of the year to be implemented, but in the next six months, there will be about a trillion dollars of currency floods that need to be discharged.

Considering that part of the funds may flow into the overseas US dollar market and the other part into the real economy, Song Hongbing predicts that there may be a flood of US$500 billion in the currency market before the end of the year. In addition, there are also the funding variables of “Two Housing” (Fannie Mae and Freddie Mac, two federal mortgage financing companies with government properties). Therefore, the scale of overnight reverse repurchase may continue to rise, and it may be a high probability event to exceed 1 trillion US dollars in the second half of the year, and it is estimated to be close to 1.3 trillion or even higher by the end of the year.

However, we know that all positive feedback systems are difficult to sustain, because it will require more and more external energy injection, and the scale will become larger and the speed will become more and more fierce. When the outside world cannot meet this energy demand, it will eventually become Self implosion is the end.

When short-term interest rates continue to approach and impact the red line of negative interest rates, the phenomenon that the extremes of things must be reversed will naturally occur. This is the sudden increase in the scale of the overnight reverse repurchase. The time is at the end of March this year. After April, the volume began to rise, and in May it entered a state of soaring. After June, it began to soar.

If QE money printing is to release water, then overnight reverse repurchase is a super pump. While the Fed is working hard to release water, the other side is desperately pumping water. The U.S. dollar flows out of the Fed and stays on the accounts of primary dealers and major banks for a while. The balance sheet has reached its limit, and these currency floods immediately overflowed onto the balance sheet of money market funds. However, due to the asset famine, these currency floods have nowhere to go. In the end, they can only flow back to the Federal Reserve through reverse repurchase overnight. This kind of idling of economically worthless funds has no meaning other than leaving Wall Street empty. . The point is, can this water-pumping currency game last forever? Can this positive feedback system work indefinitely? If it can operate indefinitely, this will be a state where Wall Street’s incomparably wonderful dreams come true. Stocks will always rise, financial assets will appreciate infinitely, and money will be made soft. This hearing violates the law of conservation of energy. The “blind spot” of this game mechanism is inflation. Logically speaking, if “water-pumping” continues to operate, and becomes faster and larger in scale, all money will be made by Wall Street, and the world’s wealth cake will eventually go to Wall Street. Theoretically speaking, it is impossible for currency to seal idling in the financial market. Whether it is stocks or national debt, the person who gets the money will spend it. If there is too much money and things cannot be bought, prices will naturally rise. Severe inflation will force the central bank to raise interest rates, thereby disrupting the operation of the positive feedback system. While being forced to constantly “release water”, while being forced to “pump water” continuously. This self-contradictory approach is brewing a bigger crisis

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.

16 Psyche is believed to be the core of a dead planet. NASA plans to explore asteroid 16 Psyche – long thought to be the core of a dead planet – in 2022 to determine if it actually contains the precious metal. worth 10 trillion USD, which means making everyone on Earth a billionaire or not. Before that time, however, a new study suggests that 16 Psyche is more than likely just a pile of debris. Research published in the journal Planetary Science shows that 16 Psyche is composed of 82.5% metal, 7% iron content pyroxene and 10.5% carbon chondrite. It can also have a bulk density – i.e. the degree of free space inside – of 35%. These numbers are much lower than previous estimates that said it could contain up to 95% metals, mainly iron, nickel and gold. NASA has planned to probe the asteroid 16 Psyche, which is said to be filled with iron, gold, nickel and platinum, in 2022. The study’s lead author, David Cantillo, a senior at UA Arizona University, said in a statement: “The drop in metal content and bulk density is interesting because it shows that 16 Psyche is very strong. different than previously thought”. “It would come as a surprise to see Psyche as a pile of debris, but our data continue to show low bulk density estimates despite its high metal content,” Cantillo said. If the “gold-filled” asteroid was more like a wreck and had less metal inside, as Cantillo and other researchers believe, it wouldn’t be that different from other asteroids in the Solar System, for example. like the asteroid Bennu. Now, NASA’s OSIRIS-REx mission recently embarked on a 2.2 billion-kilometer journey back to Earth after collecting nearly 1kg of rock and dust from Bennu, which could help shed light on how the Solar System formed. . To arrive at their new discovery, the researchers reconstructed the surface of 16 Psyche in the lab, mixing the different ingredients until the patterns of visible light matched those of the asteroid. “Having a lower metal content than previously thought means the asteroid may have collided with asteroids containing more common carbon chondrites, depositing a surface layer,” Cantillo said. that we are observing”. However, NASA notes 16 Psyche remains a major concern for scientists. It is the 16th asteroid discovered on March 17, 1852 by the Italian astronomer, Annibale de Gasparis. 16 Psyche takes about 5 years to orbit the Sun once, but only 4 hours to rotate on its axis, making the day on this asteroid only 1/6th of the day on Earth. According to EarthSky.org, 16 Psyche has a diameter of 182 km, containing 1% of all metals in the asteroid belt. Watch a simulation video of asteroid 16 Psyche (Source Daily Mail) Even if 16 Psyche is worth less than the $10 trillion figure, it’s still valuable to researchers hoping to learn more about what they believe to be the remains of a long-dead planet. . Study author Cantillo said: “The opportunity to study the exposed core of a planet is extremely rare, which is why they sent spacecraft missions there, but our work shows that 16 Psyche is much more interesting than anticipated.” The researchers also believe that there is water on 16 Psyche’s surface, so they will look to merge their data with other missions to asteroids to determine how much water is present. The $117 million spacecraft — which NASA began building in July 2020 — will go into space aboard a SpaceX Falcon Heavy rocket. It is expected to reach asteroid 16 Psyche in the asteroid belt in early 2026. The spacecraft will travel for 21 months in asteroid orbit, mapping and studying the properties of the giant meteorite, with the goal of determining if it is indeed the core of a planet. Asteroid 16 Psyche has long been thought to contain large amounts of iron, nickel, gold and platinum. The Metal World of 16 Psyche 16 Psyche is located in the large asteroid belt between Mars and Jupiter, and may have started as a planet, before it was partially destroyed during the formation of the Solar System. It is now a 200km-wide block of metal, made up of iron, nickel and several other rare metals, including gold, platinum and copper. Thus, it could provide a unique view of the violent collisions that created the Earth and the planets. NASA’s mission will seek to determine whether Psyche was the core of an early planet, how old it is, whether it formed in ways similar to Earth’s core and its surface. how. NASA will send an unmanned spacecraft mission to 16 Psyche, scheduled to launch in August 2022. 16 Psyche, which could be 370 million kilometers away from Earth, is one of the most mysterious objects in our Solar System, and scientists may soon get a close-up look thanks to a newly identified NASA mission take. If the asteroid could be transported back to Earth, the iron alone would be worth $10 trillion. Its value would be large enough to destroy commodity prices and cause the world economy – worth $73.7 trillion – to collapse. Assuming the market for material from asteroid 16 Psyche is returned to Earth, this could cause the value of precious metals to plummet, completely devaluing all holdings including those of governments and all companies engaged in the exploitation, distribution and sale of such commodities.

16 Psyche is believed to be the core of a dead planet. NASA plans to explore asteroid 16 Psyche – long thought to be the core of a dead planet – in 2022 to determine if it actually contains the precious metal. worth 10 trillion USD, which means making everyone on Earth a billionaire or not. Before that time, however, a new study suggests that 16 Psyche is more than likely just a pile of debris. Research published in the journal Planetary Science shows that 16 Psyche is composed of 82.5% metal, 7% iron content pyroxene and 10.5% carbon chondrite. It can also have a bulk density – i.e. the degree of free space inside – of 35%. These numbers are much lower than previous estimates that said it could contain up to 95% metals, mainly iron, nickel and gold. NASA has planned to probe the asteroid 16 Psyche, which is said to be filled with iron, gold, nickel and platinum, in 2022. The study’s lead author, David Cantillo, a senior at UA Arizona University, said in a statement: “The drop in metal content and bulk density is interesting because it shows that 16 Psyche is very strong. different than previously thought”. “It would come as a surprise to see Psyche as a pile of debris, but our data continue to show low bulk density estimates despite its high metal content,” Cantillo said. If the “gold-filled” asteroid was more like a wreck and had less metal inside, as Cantillo and other researchers believe, it wouldn’t be that different from other asteroids in the Solar System, for example. like the asteroid Bennu. Now, NASA’s OSIRIS-REx mission recently embarked on a 2.2 billion-kilometer journey back to Earth after collecting nearly 1kg of rock and dust from Bennu, which could help shed light on how the Solar System formed. . To arrive at their new discovery, the researchers reconstructed the surface of 16 Psyche in the lab, mixing the different ingredients until the patterns of visible light matched those of the asteroid. “Having a lower metal content than previously thought means the asteroid may have collided with asteroids containing more common carbon chondrites, depositing a surface layer,” Cantillo said. that we are observing”. However, NASA notes 16 Psyche remains a major concern for scientists. It is the 16th asteroid discovered on March 17, 1852 by the Italian astronomer, Annibale de Gasparis. 16 Psyche takes about 5 years to orbit the Sun once, but only 4 hours to rotate on its axis, making the day on this asteroid only 1/6th of the day on Earth. According to EarthSky.org, 16 Psyche has a diameter of 182 km, containing 1% of all metals in the asteroid belt. Watch a simulation video of asteroid 16 Psyche (Source Daily Mail) Even if 16 Psyche is worth less than the $10 trillion figure, it’s still valuable to researchers hoping to learn more about what they believe to be the remains of a long-dead planet. . Study author Cantillo said: “The opportunity to study the exposed core of a planet is extremely rare, which is why they sent spacecraft missions there, but our work shows that 16 Psyche is much more interesting than anticipated.” The researchers also believe that there is water on 16 Psyche’s surface, so they will look to merge their data with other missions to asteroids to determine how much water is present. The $117 million spacecraft — which NASA began building in July 2020 — will go into space aboard a SpaceX Falcon Heavy rocket. It is expected to reach asteroid 16 Psyche in the asteroid belt in early 2026. The spacecraft will travel for 21 months in asteroid orbit, mapping and studying the properties of the giant meteorite, with the goal of determining if it is indeed the core of a planet. Asteroid 16 Psyche has long been thought to contain large amounts of iron, nickel, gold and platinum. The Metal World of 16 Psyche 16 Psyche is located in the large asteroid belt between Mars and Jupiter, and may have started as a planet, before it was partially destroyed during the formation of the Solar System. It is now a 200km-wide block of metal, made up of iron, nickel and several other rare metals, including gold, platinum and copper. Thus, it could provide a unique view of the violent collisions that created the Earth and the planets. NASA’s mission will seek to determine whether Psyche was the core of an early planet, how old it is, whether it formed in ways similar to Earth’s core and its surface. how. NASA will send an unmanned spacecraft mission to 16 Psyche, scheduled to launch in August 2022. 16 Psyche, which could be 370 million kilometers away from Earth, is one of the most mysterious objects in our Solar System, and scientists may soon get a close-up look thanks to a newly identified NASA mission take. If the asteroid could be transported back to Earth, the iron alone would be worth $10 trillion. Its value would be large enough to destroy commodity prices and cause the world economy – worth $73.7 trillion – to collapse. Assuming the market for material from asteroid 16 Psyche is returned to Earth, this could cause the value of precious metals to plummet, completely devaluing all holdings including those of governments and all companies engaged in the exploitation, distribution and sale of such commodities.

Produced | Sohu School of Business

Editor | Wang Zhen

According to the “Research Report on China’s Third-Party Payment Industry in 2021”, according to the statistical data of iResearch, The third-party payment market has experienced rapid development, and the total scale of mobile payment and Internet payment will reach 271 trillion yuan in 2020. Third-party payment has made China’s payment market one of the world’s leading payment markets with its convenient, efficient and safe payment experience.

As early as 1998-2005, third-party payment institutions such as Capitel, Alipay, Lianlian Pay, Kuaiqian and Tenpay were established one after another to provide payment channels for online commercial activities. In 2010, the People’s Bank of China issued the “Measures for the Administration of Payment Services for Non-financial Institutions” and issued payment business licenses to eligible institutions. These measures confirmed the legal status of payment services for non-financial institutions and adopted them as regulatory standards. To ensure the long-term and orderly development of the business and ensure the long-term development of the industry.

Looking back on the growth path of third-party mobile payment in my country, it originated from e-commerce, which has experienced explosive growth due to social red envelope transfers, and offline QR code payment has entered a new offline-driven track. With the rapid growth of scale, the penetration rate of third-party mobile payment has gradually increased, and the growth rate of the industry scale has stabilized. Even in the special year of 2020, only the first two quarters of offline QR code payment has been affected to a certain extent, and the industry as a whole can still maintain a stable growth trend.

From the perspective of changes in the structure of mobile payment itself, the emergence of offline QR code payment has changed the form of offline mobile payment, which has steadily increased the proportion of consumer transactions. In the financial and personal application trading sectors, with the exception of the early social red envelopes and baby currency fund products, there has not been a leap-forward product form since 2016. The growth of the business scale of these two sectors mainly comes from the mobile payment itself. Increasing penetration rate, increasing user stickiness, and the development of Internet wealth management and consumer finance businesses.

Comparing the structure of bank card transactions, we have also experienced an increase in the proportion of consumer transactions, but in 2020, bank card transfer transactions accounted for 85.5%, and third-party mobile payment personal applications and mobile finance accounted for the total proportion. It’s still not enough, so in large-amount financial services, personal application transfer services, and B-end transfer services, third-party mobile payment companies still have room for power and have growth potential.

In 2020, the first echelon Alipay and Tenpay will occupy the leading position in the market with a relatively large lead. . Payment companies in the second tier are working hard in their respective subdivisions.

The blue ocean oasis subsidy for the catering industry has temporarily come to an end, and the monetization rate of the payment business rebounds

In 2017, WeChat and Alipay successively launched the “Oasis Plan” and the “Blue Ocean Plan” for merchants in the catering industry. At the beginning of the event, merchants in the catering industry enjoy low or even zero rates for receiving payments, and service providers who promote merchants can also receive a 0.2% rebate based on the transaction amount. As the penetration of catering merchants continues to increase, the rebate ratio of Alipay WeChat to service providers will be reduced to 0.1% in the later stage. Until 2020, the Blue Ocean Oasis plan will gradually adjust merchants’ payment rates to the normal rate of 0.38%. The service provider rebate ratio was further reduced to 0.05%. At the same time, Alipay has launched the “New Blue Ocean Plan” for some merchants that are equipped with designated IoT operating equipment. But overall, the subsidy for the traditional blue ocean oasis will officially end in 2021, which means that this part of the transaction scale can not only get the normal payment fee, but also reduce the 0.05%-0.2% subsidy for service providers. The analysis believes that the phased end of the Blue Ocean Oasis Plan means that the benefits of this part of the transaction can be increased from -0.2% to 0.15% of the transaction scale to 0.38% of the transaction scale, and the overall transaction scale is increased by 0.23% -0.58%.

The party in the new scenario enters, forming a closed loop of the payment business, and increasing the compliance requirements for the realization path

For Internet giants such as Meituan, Toutiao, and Pinduoduo that have entered third-party payment in recent years, the consideration of starting payment services is usually for three reasons: One is to form their own business closed loop to prevent user transaction information and payment information from being out of the system. Other third-party payment companies can obtain the advantages of their own business; the second is that with the expansion of the business scale in the system, the total amount of payment transaction fees continues to increase, and the establishment of free payment channels can save this part of the cost; the third is to pass After the transaction flow in the system is converted into payment flow, services such as credit and wealth management are further superimposed to earn financial service fees.

Return to the nature of payment business, with core capabilities in user operations and merchant operations

Looking back at the development history of third-party payment, whether it is the “guaranteed payment model” in the e-commerce field, the red envelope in the social field or the offline QR code payment, every increase in growth rate comes from the innovative products provided to users and merchants. Unique value. Therefore, although the current anti-monopoly regulatory compliance measures facing the industry have caused some business development expectations to be different from before, However, it is precisely these anti-monopoly compliance measures that enable industry participants who have gradually shown to rely solely on the advantages of scenarios to expand their business scale to re-think about the new payment business value they can provide. With the implementation of anti-monopoly compliance measures, it is foreseeable that the concentration of the third-party mobile payment market will decline to a certain extent. In this process, a complete user and merchant operating system will maintain the stickiness of users and merchants. Providing unique value is the key capability of payment institutions.

Barcode payment provides a window for the digital upgrade of offline merchants, and diversified value-added services further facilitate digital transformation

For many online, small, medium and micro businesses, offline barcode payment is one of the first digital methods they contacted. In the process of continuous penetration of barcode payment, offline small, medium and micro merchants have also established a certain connection with their service providers. In terms of the classification of barcode payment, it can be divided into three methods: the payment code and personal code directly connected to the head payment agency, and the aggregate payment that requires other acquirers or acquirer service providers. While providing merchants with the integration of multiple payment channels, the provider of aggregate payment further superimposes services such as cashier terminal sales and maintenance, marketing diversion, etc., while increasing their own business income, further improving the stickiness of merchants and deepening the degree of digital transformation of merchants.

Increased demand for equipment upgrades in downstream systems, with less impact on mid- and upstream companies

The central bank’s digital currency replaces M0 and belongs to cash currency. According to the idea of ​​digital currency positioning as cash currency, we review the provisions of the “Provisions for Deposit Management of Non-bank Payment Institution Customers” issued this year: “Non-bank payment institutions passed the regulations in accordance with the regulations. If the customer is to redeem the provision in cash, it should be processed through the filing own fund account first, and then the corresponding amount of the client provision fund should be transferred to the filing through the main supervision agency of the provision fund from the central storage account of the provision fund. Own funds account”.

It can be seen that the digital wallet service of third-party payment institutions and the merchant-side acquiring service are still one of the important carriers of their circulation. The promotion of digital currency and the application of third-party payment are complementary and not a substitute for each other. At the same time, the clearing institution, which is an important infrastructure of the payment chain, will still play a clearing role in the digital currency era. In the downstream of the payment chain, acquiring service providers and machine tool manufacturers need to upgrade their original equipment and systems in order to allow digital currencies to have a wider range of payment scenarios. This certainty will be for downstream companies. Business income brings special growth drivers.

Service providers are facing transformation challenges and orderly integrate diversified corporate services

The emergence of offline QR code payment is the first contact between many offline merchants and digitization. With the sweeping wave of digitization and the upgrade of payment-related services, QR code ordering and merchant mini programs have become the entry point for further digitization of merchant business.

With the promotion of QR code ordering, small program takeaway, and ordering applications, it not only means savings in operating costs for merchants, but will also be accompanied by digital upgrades in the pre-payment link, which will make merchants’ operating information more complete, which is conducive to further progress. Analyze and improve their own operating efficiency and obtain external financial support.

For payment companies, the distinction between online and offline scenarios will be broken. Merchant services will still focus on offline attributes, but the services provided for them will not be limited to offline payments, which raises the overall technical capabilities of service providers. Requirements.

Like how he surprised, this press conference was no exception. Accordingly, from June 14, many people “fall back” when they received the notice of the CEO of this tens of billions of dollars in the status line on their personal Facebook: “Press conference will be held tomorrow Tuesday, June 15, 2021 on YouTube broadcast at 9:00 AM – 11:30 AM “. Mr. Nguyen Vu Quoc Anh, General Director of Auto Investment Group in an online “press conference”. The CEO’s online “press conference” attracted hundreds of views at the same time with the same number of comments. Most of them are people out of curiosity, want to see how. The content of the comments were all encapsulated in the advice of Nguyen Vu Quoc Anh “to be confused, less explosive, less delusional”. Some people also think that the CEO of Auto Investment Group is “crazy” when holding a press conference but only monologues with the computer. At the beginning of the story, Nguyen Vu Quoc Anh shared the company’s “great” ambition with the desire to digitally transform businesses and state agencies as well as individual business households; oriented to become a technology corporation representing Vietnam to the world to compete with other illustrious corporations to bring foreign currency to Vietnam. “This year’s revenue is expected to be about 10,000 billion from July to December. Since we have not been able to promote the markets of India, the US and China, I have not been able to open it yet, at the end of this June I will open the markets. this to bring in revenue for our market.Of course people think the number is huge but to me it is nothing. In 2022, I have to bring in 1 billion USD, don’t say our corporation is a startup, I am not a statup, if you think I am a startup, you are wrong. We go 500 times faster than the startup, next year’s revenue of 1 billion USD is not big for me, only approximately 25,000 billion VND. By 2023 – 2025 trying to bring in 30 billion USD, this number is formidable. We will cover 250 countries… In 2025-2027, the revenue is 50 billion USD, this number is really not small but also not big with our vision. In 2025, we will build a financial business center and automatic replication in Vietnam, if it is favorable, we will build 17 buildings representing 17 of our companies. Investment capital is about 30 billion USD, I said I will make it. CEO Auto Investment Group promises. The online “press conference” of the “big CEO” attracted hundreds of views at the same time with the same number of comments. With these huge numbers, it seems that everyone will pay special attention, but most followers just want to know how much money Anh’s huge corporation has “stored” in the account. However, his answer was once again shocking: “I have a lot of gray matter, I don’t have money right now, but if I have gray matter, I will have it all” . To make the argument convincing, Mr. Nguyen Vu Quoc Anh mentioned potential investment sources that can be easily mobilized: “Please Mr. Hai, Mr. Ba, Mr. Tu, Mr. Nam (big businesses in Vietnam) to support his brother, each person contributing a few billion dollars to the youngest brother is also an ok number… I want you alone. youngest brother, I wish my parents were the State. My brother and I are the big men of Vietnam who have the support of the youngest, of course we go out and play with them. It’s as simple as that.” For more than 1 hour “hosting the online press conference”, the information “remains” in the followers that this is an 8X CEO with “superior talent”. Because, through the information shared, it can be confirmed that at the moment, Nguyen Vu Quoc Anh does not have much. According to the research of PV VTC News, the Global Auto Technology Investment Group Joint Stock Company has its head office located on the 46th floor, Bitexco Financial Tower building (2 Hai Trieu Street, Ben Nghe, District 1, Ho Chi Minh City). .HCM). This company has 3 founding shareholders, in which Mr. Nguyen Vu Quoc Anh contributed VND 499,998 billion and 2 other individuals contributed VND 1 billion each, Nguyen Thi Diem Hang and Luu Huu Thien. The comments are all encapsulated in the advice of Nguyen Vu Quoc Anh to “be less confused, less explosive, less delusional”. Immediately after the announcement, this information immediately attracted the attention of many people. Because with the above charter capital, this enterprise is far ahead of the leading economic groups in Vietnam at the moment. However, according to the actual research of PV VTC News, the office address on the 46th floor, Bitexco Financial Tower building that Mr. Nguyen Vu Quoc Anh registered the company’s headquarters in is a virtual office. This office is currently operated by Compass Office (an enterprise specializing in providing virtual and serviced office rental services). Currently, the group’s only location is the private house of the CEO of 8X himself, an old grade 4 house on 3rd Street (Neighborhood 2, Phuoc Binh Ward, Thu Duc City, Ho Chi Minh City).

Private wealth at a record high Especially the super-rich get richer

Status: 10.06.2021 8:34 a.m.

Never before have people worldwide amassed so much private wealth as in the Corona year 2020. The wealth of Germans alone climbed – thanks to savings and real estate – to almost 20 trillion dollars. 20,000,000,000,000 dollars – this is the impressive sum of private wealth that private households in Germany had at their disposal in 2020. This emerges from the new “Global Wealth Report” by the Boston Consulting Group (BCG).

Better real estate than stocks

The Germans were helped by their much-cited propensity to save: financial assets, including cash, account balances, stocks, pensions and life insurance, grew by around six percent to around nine trillion dollars, according to the information. Investors in Germany saved above average, emphasized Anna Zakrzewski, BCG partner and author of the study. “Traditionally, Germans prefer to invest in real estate rather than in securities, as the real value quota of almost 60 percent clearly shows,” says the BCG expert. In the crisis year 2020, the real assets of Germans, i.e. real estate, jewelry, art and gold, increased by five percent to 13 trillion dollars. After deducting debts, private households in Germany had a total of just under $ 20 trillion.

Rising stock market prices, growing savings

The developments in Germany are a reflection of a global trend: people around the globe accumulated more wealth than ever in the year of the Corona crisis. Private financial assets rose year-on-year by a good eight percent to a record $ 250 trillion. Rising stock exchange prices and growing savings contributed to this. The BCG experts were surprised, as they expected a year ago that private assets would melt as a result of the corona pandemic. For the first time in 2020, the BCG experts will also consider property such as real estate or gold. Total assets minus debt was $ 431 trillion.

2900 super-rich in Germany

However, wealth is unevenly distributed. Above all, the club of the rich and super-rich grew strongly. The super rich – these are people with a net worth of more than $ 100 million. In the crisis year 2020, 6000 more people were accepted into the club of the super-rich, the number of members grew to 60,000. According to the BCG, these 60,000 people own 15 percent of the world’s investable wealth. In Germany alone there are 2,900 super-rich. This puts the Federal Republic of Germany in third place in the global ranking. The USA is at the top, followed by China.

Getting richer?

Against the background of the expected economic recovery after the Corona crisis, BCG expects steady growth in global private wealth for the coming years. By 2025, it should grow by an average of just under five percent annually to $ 544 trillion. Global inequalities are likely to increase further: According to the BCG forecast, people in North America, Asia excluding Japan and Western Europe in particular will get richer.

Asia-Pacific countries are expected to reach $2 trillion in e-commerce revenue by 2025. (Source: 4S) The region is projected to witness the highest retail sales growth during 2020-2025, after Latin America. In the official report “Top 100 Retailers in Asia 2021”, Euromonitor International examines how Asia-Pacific’s world-class mobile connectivity enables digital transformation and is supported supported by the region’s extremely tech-savvy consumer segments. According to a statement, last year, businesses that received online orders recorded a growth of 37.6% and will reach 44% by 2025. As retail becomes more competitive to stay relevant in the digital space, localize shopping to individual markets, and personalize the retail experience for retailers. Different customer segments in Asia-Pacific will be essential. Euromonitor International senior research analyst Deepika Chandrasekar said: “As consumers connect and shop online more than ever before, more and more brands are expected to use social media to interact with them. and build trust with consumers beyond acting as a retailer.” (according to Euro Monitor)

Activities of management, administration, production, business and procurement of enterprises and people will be gradually changed, implemented through the digital environment. This also increases the risk of cyber attacks, especially attacks on digital data and the digital environment. To help users limit attacks and minimize damage in the future, Bkav has introduced anti-virus software version 2021, applying artificial intelligence to create a 5-layer protection system, helping businesses. and more secure users. Mr. Vu Ngoc Son, Bkav’s Vice President in charge of Anti Malware, said: “Bkav 2021’s 5-layer protection system provides comprehensive protection and does not leave any risk out. At the same time, the system is also equipped with centralized management features, periodic reports to help agencies, businesses and users always grasp general information, so they can be assured and actively participate. number converter ”. According to the manufacturer, Bkav 2021 is capable of detecting malware up to 99.9% as well as reducing the possibility of catching a clean file by approximately 0%, optimizing performance by 144% compared to the previous version. . Users who are installing Bkav antivirus software will be automatically upgraded to the new version.

Author: boat, Chen Ping The world’s largest chip has the second generation! WSE 2 will be listed in the third quarter of this year. WSE 2 uses a 7-nanometer process technology with 2.6 trillion transistors. A large number of chips have entered the market in recent years, aimed at accelerating artificial intelligence and machine learning workloads. Based on different machine learning algorithms, these chips usually focus on several key areas, but most of them have a common limitation-chip size. Two years ago, Cerebras unveiled a revolution in the field of chip design: They developed a chip called Wafer Scale Engine (WSE) with 1.2 trillion transistors, 57 times the size of Nvidia’s GPU Titan V. The size of WSE is bigger than an iPad. Cerebras’ “violent aesthetics” once caused people to exclaim: “WSE has more transistors than neurons in the human brain!” Cerebras is also well-known in the industry. Today, the company announced that its next-generation chip, Wafer Scale Engine 2 (WSE 2), will be available in the third quarter of this year. Using a 7nm process technology, the number of transistors has doubled to 2.6 trillion and contains 850,000 AI cores. WSE-2: 46225 square millimeters, 2.6 trillion transistors. Image source: https://cerebras.net/ Cerebras has been committed to maximizing the role of logical solutions to machine learning problems. When Andrew Feldman founded the company in 2015, training neural networks took a lot of time, while large networks took several weeks. The biggest bottleneck is that data must be transferred multiple times between the processor and the external DRAM memory, which wastes time and consumes energy. The WSE R&D team pointed out: We can expand the chip so that it can accommodate all the data needed together with the AI ​​processor core. With the development of natural language processing, image recognition and other fields, neural networks have also become very large, and the AI ​​field needs a very large chip. How old is it? As large as possible, this means a whole wafer, 46225 square millimeters. CEO Feldman said: “When you want to make changes, you always encounter physical design challenges. Everything is related to geometry. It’s really difficult, but TSMC is our extraordinary partner.” 7 The development of nanotechnology means huge progress, but according to Feldman, the company has also improved the micro-architecture of its AI core. He declined to give details, but said that after working with customers for more than a year, Cerebras has learned some lessons and integrated them into the new core. WSE 2: 7nm process technology, 2.6 trillion transistors WSE 2 uses TSMC’s 7nm process technology. This allows it to be scaled down, and to a certain extent, the SRAM can be reduced. WSE 2 has 850,000 AI cores. The chip size of WSE 2 is the same as that of WSE, but almost all functions have been doubled, as shown in the following table: Like the first generation of WSE, WSE 2 has hundreds of thousands of AI cores on a silicon chip measuring 46,225 square millimeters. WSE 2 has 850,000 cores and 2.6 trillion transistors-by comparison, the second largest AI CPU on the market is about 826 square millimeters and has 0.054 trillion transistors. Compared to the 40MB memory of Ampere A100, Cerebras introduced 40GB of SRAM onboard memory, which is 1000 times the former. The picture shows WSE 1. WSE 2 has the same appearance but doubled the number of cores. Its core is connected by a 2D Mesh with FMAC data path. The goal of Cerebras and WSE is to provide a single platform designed through an innovative patent that allows larger processors for AI computing and has now been extended to a wider range of HPC workloads. WSE 2 is based on the first generation The first-generation WSE chip has 1.2 trillion transistors, which is 57 times the number of NVIDIA’s flagship GPU Titan V. It is built using TSMC’s 16-nanometer process technology. It covers an area of ​​46,225 square millimeters and contains 400,000 cores. On-chip storage is up to 18G and power consumption is 1.5. Ten thousand watts (approximately equal to the power of 6 induction cookers), memory bandwidth 9PB/sec, communication structure bandwidth 100PB/sec. In addition, the first generation of WSE also achieved a speed increase of 3000 times and a storage bandwidth expansion of 10000 times. The key to the WSE-2 design is a custom graphics compiler, which uses PyTorch or TensorFlow, and maps each layer to the physical part of the chip, and allows data flow to be calculated asynchronously. Having such a large processor means no waste energy. Compilers and processors are also designed with sparsity in mind, allowing high utilization regardless of the batch size, or allowing parameter search algorithms to run at the same time. How does WSE 2 compare to the first generation? Compared with the two, the size of the chip itself has not changed. 300 mm is still the largest wafer size in mass production. Therefore, the overall size of the WSE 2 chip has not changed, but the AI ​​core has doubled. WSE 2 is still divided into a 7×12 rectangular array. Comparison of WSE 2 (left) and WSE 1 (right). In addition, the computer system CS-2 that hosts WSE 2 has not changed much. CS-2 is designed to achieve fast, flexible training and low-latency data center inference. Currently, CS-2 is powered by WSE-2. Compared with other data center AI solutions, CS-2 has higher computing density, faster memory and higher bandwidth interconnection, and uses a leading ML framework Perform programming. Cerebras, a fast-growing startup Cerebras Systems was established in California in 2015. Co-founder and CEO Andrew Feldman previously founded server chip company SeaMicro. Andrew Feldman, co-founder and CEO of Cerebras After several years of rapid development, the company’s size has basically doubled, with about 300 engineers in Silicon Valley, San Diego, Toronto and Tokyo. Reference link: https://www.anandtech.com/show/16626/cerebras-unveils-wafer-scale-engine-two-wse2-26-trillion-transistors-100-yield https://www.chinaventure.com.cn/news/114-20190820-347306.html https://cerebras.net/product/ https://spectrum.ieee.org/tech-talk/semiconductors/processors/cerebras-giant-ai-chip-now-has-a-trillions-more-transistors Amazon Cloud Technology Online Hackathon 2021 This is a like-minded training, this is a team competition where masters gather. Show your mind and play with creativity. From March 26th to May 31st, the stage of actual combat will open for you. The “Amazon Cloud Technology Online Hackathon 2021” is waiting for you! In order to encourage the participation and innovation of developers, this competition has prepared generous prizes for participants. In addition to the first, second, and third prizes, there are also special prActIcal awards, creAtIve awards, Koi Geek Awards, and Sunshine Awards. , The team that successfully submits works can receive prizes.

This is an indicator that Vietcombank will reach and exceed its profit target for the whole year 2021. Previously, Vietcombank pre-tax profit in 2020 reached more than 23 trillion dong, equivalent to 2019 and reached 116.3% of the plan assigned by shareholders. Market capitalization by the end of 2020 reaches 15.7 billion USD and by April 22nd is over 16.4 billion USD – leading the industry. Expectedly, in 2021, the bank sets a target of 11% consolidated pre-tax profit (estimated at 25,585 billion dong), and separate pre-tax profit of 25,000 billion dong. Total assets are targeted to increase by 5%, capital mobilization from the economy increases by 7%, credit increases by 10.5%, and bad debt ratio is below 1%. In addition, the bank also plans to pay 2021 dividends at a rate of 8%. Mr. Nghiem Xuan Thanh, chairman of Vietcombank, said that the bank has set a strategic goal of 2 billion USD profit by 2025, of which the retail segment will contribute 50%, regardless of the Covid-19 epidemic affecting economy in general. Vietcombank also plans to increase its capital by more than 13 trillion dong to over 50 trillion dong by issuing shares to pay dividends from the remaining profit in 2019 and issuing separate shares with a scale of 6.5. % charter capital for up to 99 investors. Strategic partner Mizuho Bank will buy about 46.1 million additional shares to keep a minimum ownership rate of 15%. The bank continues to make great profits. Currently, Vietcombank is the bank with the highest new credit in the system. Therefore, if the capital is not raised, Vietcombank will not ensure the capital adequacy ratio as prescribed and this will affect the bank’s ability to provide credit to the economy, affecting its operational efficiency. In 2021, VCB expects that its total assets growth for the whole year will reach 5%, capital mobilization will increase 7% and credit growth will reach 10.5%. In the first quarter of 2021, many banks recorded high profit results and also set high targets for the year. VIB Q1 profit before tax increased 68% to more than 1.8 trillion dong thanks to the growth in scale and quality of the asset summary sheet, along with diversifying income sources. non-credit. ROE is 31%, highest in the industry. Also in the first quarter, Ho Chi Minh City Development Joint Stock Commercial Bank – HDBank (HDB) of billionaire female billionaire Nguyen Thi Phuong Thao recorded pre-tax profit of over 2.1 trillion dong, up 88% year-on-year. . During this year’s congress season, many banks have set out very impressive profit growth plans. Tien Phong Commercial Joint Stock Bank (TPBank) of Mr. Do Minh Phu is expected to grow 32% of its profit before tax this year compared to 2020, equivalent to about VND 5,800 billion. Saigon Hanoi Commercial Joint Stock Bank (SHB) of Mr. Do Quang Hien approved the highest 2021 profit plan to increase 88% to 6,100 billion if the bank completes raising capital in the third quarter. Viet Capital Commercial Joint Stock Bank – Viet Capital Bank (BVB) aims to grow 44% of its profit in 2021 thanks to its strategy of promoting retail sales, increasing bad debt collection, expanding network of operations … On the stock market, bank shares have risen sharply. From the beginning of this year to the end of the third week of April 2021, many Vietnamese banking stocks have had a very high growth rate of over 50%. The average increase in the banking sector’s share price was 15%, higher than the 10% increase in the number of VN-Index. The dominance of bank share prices is driving the entire stock market. It is forecasted that the profit of listed banks will grow 25-30% this year will be the main driving force to make bank shares more exciting. On the stock market (stock market), the VN-Index recovered to close to the threshold of 1,250 points. Closing the session on April 23, the VN-Index increased by 20.71 points to 1,248.53 points; The HNX-Index fell 3.4 points to 283,634 points. Upcom-Index increased 0.65 points to 80.4 points. Liquidity reached 23.3 trillion VND.

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Edit | Yuan Changyou

Wu Xiaoqiu, vice chairman of the Academic Committee of Renmin University of China and dean of the China Capital Market Research Institute, said in a guest program of “National Wealth Lecture Hall” recently that an important sign of the success of capital market reform should be among the top 10 listed companies in China by market value. , There are at least 5 high-tech companies.

Wu Xiaoqiu said that the capital market focuses on growth. In the past, the capital market paid too much attention to traditional industries and confuses importance and growth. Therefore, one of the important signs of the success of the capital market reform is that among the top 10 listed companies in China by market value, there are at least five high-tech companies.

“At present, Moutai and financial companies rank relatively high. Although financial institutions are very important, they are the country’s important tools and towns, but in terms of industrial competitiveness, investor returns and asset growth, high-tech companies are more important. It is important.” He said that if the current policy guidance allows commercial banks to flow 400-500 billion yuan into high-tech companies from the profit of more than 1 trillion yuan, then the market value rankings of listed companies will undergo major changes in the future.

Wu Xiaoqiu said that without the intervention of new finance, the process from new technology to new industry will be very slow. To this end, we should fully realize the role of finance in promoting the transformation of new technologies into new industries. The role of finance is not only to provide loans for enterprises, but also to incubate the emergence of new enterprises and promote the transformation of new technologies to new industries. This is the deeper meaning of financial services to the real economy.

“Although traditional markets are easy to manage, they have weak functions, a single unit, and low efficiency. China’s financial development to the current prosperity is the result of persisting in reform and opening up, marketization, and the integration of technology and finance. We cannot Let it return to the era of traditional finance.”

Wu Xiaoqiu emphasized that China’s financial market competition is not yet sufficient. It is necessary to promote financial market competition through financial disintermediation reforms and technological reforms. At the same time, appropriate financial policies must be provided so that the high-tech real economy can obtain more profits.

He pointed out that the valuation of technology companies can reach 50-70 times, while the average value of the banking industry is about 5 times. The highest valuation of China Merchants Bank is only 10-12 times. “If profits can flow to high-tech companies, the value of China’s capital market will not only be 80 trillion, but may reach 120 trillion or more. This will help us reach the goal of a securitization rate of over 100%.”

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