Zhao Liying participated in “Please Come to the Refrigerator Party Season” , Is a program to participate in as a “refrigerator owner”.

In the program, He Jiong did not forget to “remind” Zhao Liying in due course–“ You are the owner of the refrigerator “.

What caused Zhao Liying to “forget” the identity of her refrigerator owner in this episode?

Don’t forget, Zhao Liying participated in “Please, I’m the Refrigerator” as the main guest in this issue, but she didn’t see Zhao Liying’s refrigerator during the whole process.

Can “Please Refrigerator” without a refrigerator be called “Please Refrigerator”?

When did the variety show start to play with the stalk of “there is no wife in the wife cake”.

In the movie “The Sun Never Sets in a Hotel”, the starring column clearly states that Shen Teng starred, but in the movie Shen Teng only appeared as a billboard.

“Please Refrigerator” invited Zhao Liying. Everyone thought they wanted to see Zhao Liying’s refrigerator, but only saw Zhao Liying appear as a foil.

Match everyone to play basketball, accompany everyone to kick the shuttlecock, and they are all in the corner of the screen. … When has Zhao Liying been a “supporting role” in a variety show? Can’t help but admire these two big boys who are playing basketball! I don’t know if Zhao Liying took a refrigerator in this episode. It would be a waste of expression if I did bring it. In this issue, she was a little bit aggrieved as the “refrigerator owner”. Some viewers complained that this episode was not good, He Jiong is indispensable . After all, in the director’s column, it is impressively written Director He Jiong A few big characters. Some viewers also complained that He Jiong hoped that he would be a good host, and let the directors do things like professional people. The variety shows that Mr. He Jiong participated in are indeed countless, maybe even five fingers can’t count them. The names that can be called are: “Happy Camp”, “Longing for Life”, “Please, Please Refrigerator”. After each broadcast, it attracted great attention. In this season’s “Please Refrigerator” Boom Season, I don’t know if Mr. He Jiong feels too tired from working in several jobs, or if he is really lacking in skills, or if he deliberately avoids suspicion, he has a sense of alienation from Zhao Liying. Or the editing issue, the two people barely looked at each other, and there was no communication in body language. It can be seen from the show that Zhao Liying is trying very hard to integrate into the group, but He Jiong is always neglecting to take care of her, and is struggling to bring the big boys to play. Wu Lei was generous in the show, very easy-going, and very good at enlivening the atmosphere of the show. His perspective is very unique. When he discovers pillows and household items, he always dared to be the first to try, and discover the use that everyone could not think of. Wu Lei doesn’t even need the host to liven up the atmosphere and drive the topic. He is an active topic maker. So compared to Zhao Liying, Wu Lei’s personality is more outgoing and open-minded, so he can find his place without any care from the host. But Zhao Liying can clearly see that there is still Kind of shy , Somewhat uncomfortable, it is difficult for her to drive the topic and enliven the atmosphere. Everyone’s activities at the scene are also sports that are of interest to boys, similar to Play basketball, kick the shuttlecock This kind of. Finally came across a cooking project that she was somewhat interested in, but the show was nearing its end. Although these projects may not be of interest to Zhao Liying, it can be seen that she is trying hard to integrate into everyone. When everyone was talking and she was just listening, He Jiong suggested that she be more active, and she didn’t hold it at all, and she immediately smiled and changed in seconds. Little sweet sister “. Even when playing basketball, which is biased towards male sports, she worked hard to participate and played basketball with everyone. Everyone kicked the shuttlecock a few times along with her. She looked very easy-going. And the show was complained” Not good looking “There is a high probability that it has something to do with the host. The program project has not been arranged, and everyone has not found their place. Although Zhao Liying is the owner of the refrigerator, but the refrigerator does not appear in the show, she is very passive and has to play games with everyone. If Zhao Liying can be invited to the show, it should also have a lot to do with He Jiong. Since Zhao Liying got married to divorced, and now she is single, she rarely participates in variety shows. “Please Refrigerator” should be Zhao Liying’s first variety show since her divorce. Many viewers want to use this “slow variety show” to come. Learn more about Zhao Liying . I want to know why she changed from “little sweet” to beautiful and sassy, ​​and her temperament suddenly became “very royal sister”. I also want to know what other useful items are hidden in her refrigerator as a star Zhao Liying. We really want to know some of Zhao Liying’s feelings, just sit down and have a good chat. Some viewers made suggestions:” Originally wanted to watch Xiao Zhao talk about family life, he was a slow-moving person, so it’s not as good as the previous “Longing for Life”. ” This is not just the name of other shows mentioned by the audience in this variety show. Even Zhao Liying also mentioned in the show that some forms of the show are very similar to “Chinese Restaurant”. She even deliberately “ avoid arousing suspicion “When someone was washing the dishes, she didn’t choose the past, not because she didn’t want to help, but because she felt Working together in the past was like “Chinese Restaurant” . Zhao Liying also worked very hard to prevent the “homogenization” of the show. Zhao Liying also felt very non-existent when he saw He Jiong playing with a few older boys. I can’t help but tease myself: “ I feel superfluous “. If this program is done well, it will follow the original routine and present Zhao Liying’s refrigerator, pulling Zhao Liying Say a few words about some short stories in the process of filming It will make the audience feel “pretty much.” Even if this refrigerator is one of Zhao Liying’s many refrigerators, even the refrigerator is temporarily prepared in a hurry. It will also make people feel a little bit warmer when watching the show. There is no need to spend too much time at home, just talk about your recent mood and feel any changes in your mentality after giving birth, just a few words. However, the program changed the direction, shifting the focus to two things like Guys who can’t speak Mandarin . A group of big boys talked, only Zhao Liying was “isolated” to one side. In order to make Zhao Liying less lonely in the show, at least one or two other female guests or hostesses should be recruited at the same time. There will be a lot of conversation between the two girls, which can also increase the visibility of the show. A good episode of the show can take advantage of Zhao Liying’s popularity to let more viewers see this variety show. But seeing the show only made people pay attention to Zhao Liying as if “ Nowhere to put “In my heart, I really felt that sometimes she was embarrassed to follow everyone behind her, and she didn’t know what to do. A good hand is played in a sloppy hand, it’s too wasteful!

In the photo, Zhao Wei’s white dress is particularly eye-catching. The long windbreaker skirt and the casual black long straight hairstyle show her intellectual and gentle temperament. In the dim light, Zhao Wei’s delicate makeup can be seen faintly, especially the contrast of red lips, which invisibly increases the aura of a strong woman. The magnificent facial features and face shape fit this style very well.

Compared with an all black dress, the white dress looks more refreshing and dazzling visually. No extra decoration is needed in the outfit. A minimalist white dress is easy to wear with texture. Especially for women over 40, clean and simple white also has an age-reducing effect, making you look more advanced while also making you look younger. It is not difficult to see that Zhao Wei, who is 45 years old, is well maintained, and there is almost no trace of time on her flawless face. The white skin and piercing eyes still seem to be the same as the little swallows. However, the lower lip is too thin, which affects the overall aesthetics. Seeing some violations, the netizens who saw it also made complaints about it. Although the ugliest makeup has some influence, Zhao Wei’s overall appearance has little effect, and she can still play even in the live broadcast. The precipitation of the years did not make her lose her previous beauty, but instead gave her a lot of mature intellectual temperament. Speaking of Zhao Wei, her classic character “Little Swallow” emerges in many people’s heads. The big watery eyes and the quirky personality. Although some babies were fat at that time, the delicate face and recognizable appearance did not affect the audience’s love of this character. You can even see this in the summer vacation for several years. The figure of a classic series. When she was young, Zhao Wei tended to wear vibrant colors. For example, in this round-neck yellow T-shirt, the bright yellow color not only brings out her fair complexion, but also shows her girlishness vividly under the background of some babies’ fat cheeks. After losing weight, Zhao Wei’s jaw line was more obvious, and the whole person gave people a neat and tidy feeling. Promoted from an actress to a female boss, Zhao Wei’s clothing has gradually matured. She doesn’t pursue fancy patterns too much, and often uses some simple color combinations to create her own high-level sense. For example, she appeared in a casual look in the live broadcast before. The blue shirt and white slacks are clean and tidy, which also demonstrates a sense of luxury. The bag of the same color on the hand is very bright. The different shades of blue add layering to the shape and make the overall color look more harmonious and unified. And the same is blue, Zhao Wei chose a darker color in another set of modeling to neutralize it. The large-area high-saturation blue system will not be too prominent under the neutral color, and play a visual effect of balanced color system. However, the height of the matching boots is a bit awkward, which makes the legs that are not too long visually shorten. If you change to high-heeled shoes with a large exposed skin area, the effect will be different. In the promotional video posted a few days ago, Zhao Wei also tried a little girl’s style. Wearing a white polka-dot long-sleeved top, although she is as minimalist as ever, Zhao Wei has spent some thought on her hair accessories. The delicate hairpins and small earrings add a touch of cuteness, and she gets closer. distance. Earlier in April, the new drama “School District Room” starring Zhao Wei and Qin Hao had been completed. During this period of time, she was in the rest stage and she rarely shared her own dynamics. Now that Meizhao’s business has made many people see Zhao Wei’s good state of 45 years old, I hope she can continue to maintain it, and look forward to seeing you all in her new drama soon! #赵薇#、#穿搭#、#State# Author: Wang Zi Editor in charge: Echo

We are familiar with the “85 flowers”-Yang Mi, Zhao Liying, Liu Shishi, Liu Yifei, Tang Yan, angelababy, when will they get the rear-view and shadow queen? So far, only Zhao Liying has won the Golden Eagle Award, and only baby has won the Hundred Flowers Award for Best Supporting Actress, and none of the others have won any decent awards.
Let’s take a look at the film and television inventory of “post-85 actresses”. The largest number is Zhang Yuqi, with as many as 4. After Zhang Yuqi became popular because of “Sister Riding the Wind and the Waves”, she was really out of control. In many fashion occasions and awards ceremonies, Zhang Yuqi can be equal to Yang Mi, Liu Shishi, Liu Yifei, Tang Yan, and baby.

Of the four TV series Zhang Yuqi, two are first and two are second, the gold content is still very high. The three stocks are Jiang Shuying, Yang Mi, Song Qian, Mao Xiaotong, Ma Sichun and Ni Ni. Among these 6 actresses, Yang Mi and Ma Sichun have the highest gold content, because they starred in the same film and television dramas. The two stocks are Tong Yao, Liu Yifei, Zhao Liying, and Baby, and the most valuable are Liu Yifei and Zhao Liying. They starred in the film and television dramas. In particular, Zhao Liying would like to say in particular that she is very likely to become the first “85 Flower Grand Slam Queen” by virtue of “Happiness to Ten Thousand Homes”-winning the Magnolia Award and Feitian Award. Tang Yan, Liu Shishi, and Jing Tian have 1 inventory. Liu Shishi is the most pitiful. Her inventory is a guest appearance-the main melody movie “1921”. Tang Yan’s inventory is very strong. It is the TV series “Flowers” starring with Hu Ge and Ma Yili, but Ma Yili is more likely to win an award than Tang Yan, unless Ma Yili has fewer roles than Tang Yan. Zhang Xiaofei is more pitiful than Liu Shishi. She has no stock. She starred in the movie “Hello, Li Huanying” with a box office of 5.4 billion, but she hasn’t received a new drama for 4 months? Is the boss Jia Ling too greedy? High asking price? Did Zhang Xiaofei not care about it? Or is Zhang Xiaofei’s drama too narrow and can only act in films directed by Jia Ling? A terrible thing: Except for Zhao Liying, there is no one in the inventory of Yang Mi, Liu Shishi, Liu Yifei, Tang Yan, and baby that can compete for the rear-view. And Tong Yao’s “Heart in the Heart” is very competitive, and it is hopeful that it will be viewed behind. The task of stopping Tong Yao was left to Zhao Liying to save face for the “85 Flowers”. Discussion: Who is your favorite actress after 1985?

Author: Zhao Jian is the Dean of the Xize Research Institute, Shandong University Economic Research Institute, Jinan University Business School, Nanjing University Yangtze River Industrial Economics Research Institute, Chinese University of Hong Kong (Shenzhen) professor, tutor, and researcher; member of China New Supply 50 Forum .

Zhao Jian, Dean of Nishizawa Research Institute

Although there is wisdom, it is better to take advantage of the momentum; although there is a foundation, it is better to wait for the time.

-“Mencius-Gongsun Chou Shang”

Contents of this article:

1. Those that are in line with future trends are truly valuable

2. The deep root of the decline of value investment: the aging and distortion of financial accounting information

3. The dilemma of value investment in the era of digitization, monetization and bubble

4. Trending Investment: Stay up to date and take advantage of the trend to live up to your youth

   (The full text is 6,700 words, and the reading time is about 9-12 minutes)

   

1. Those that are in line with future trends are truly valuable

“The era when value investment is king has passed, and now it is the world of trend investment”

“Being friends is not time, but cycle”

“The only constant in the world is change, and every major change has a trend.”

“Only those that are in line with the trend have investment value”

“It is not the past that defines the present, but the future”

“Is Moutai a value investment? Such a high valuation is definitely not”

Ms. Liu Yang, Chairman of the Board of Directors of Nishizawa Investment and a legendary investor, has criticized the “metaphysics” of value investment on many occasions, advocating that in this era of new discoveries, new changes, and new things every day, we should jump out of the cognitive prison of the past. ,use Trending Investment The concept and method of capturing the “unicorn” under the digital wave.

Of course, compared to value investment supported by static financial data, trend investment based on future development potential may require a combination of science and art. This also increases the difficulty of decision-making and judgment, and at the same time makes some fraudulent behaviors such as fake trends and “PPT” bubble narratives become popular.

However, if all investors choose the target according to the standard of value investment, then there will be no unicorns in the digital age such as Alibaba, Facebook, Tesla, Amazon, and Apple. Because of the value of these emerging companies (such as the innovative spirit of Musk and Jobs), it is impossible to use financial data such as accounting statements to measure and discover. In this sense, value investing is too mediocre and lazy-the financial indicators of business operations reflect only the past.

In fact, in the past two decades, the rate of return on value investment has become less and less than in the past. Especially in the last ten years after the subprime mortgage crisis, the return on value investment underperformed the broader market index, or even lower than most passive management. Because now the emerging companies (FAANG, Facebook, Apple, Amazon, Netflix, and Google) that determine the US stock market index are no longer understandable and valued by value investment relying on accounting information.

2010-2019: The performance of value stocks is far below that of growth stocks (Via Ken French)

Value investment is old, or the entire system needs to be updated, iterated, or even rebuilt. There are four core reasons:

First, the decision-making information system on which value investment depends can no longer reflect the true value of emerging companies .The basic information that value investment relies on is traditional accounting information, but Accounting statements born in the era of heavy industrialization , There have been basically no major changes in the past 100 years, and it reflects the information of material assets in the era of heavy industry. There is no way to accurately measure intangible resources such as the core innovation capabilities, entrepreneurship, human capital, digital assets, organizational vitality, and culture of emerging companies in the information revolution and the digital age. . In other words, according to the financial indicators of value investment, it is impossible to capture the unicorn of the digital age.

The famous scholar Baruch Lev used empirical methods to prove a conclusion in “The Decline and Revival of Accounting”: In the capital market, Accounting statements contribute less than 5% of incremental information to investors ! Moreover, various accounting “fakes”, whether it is illegal fraud or legal statement whitewashing, not only fail to guide investors correctly, but also create a lot of noise and false signals to mislead value investors to make wrong valuations.

Second, a static valuation system based on historical data has been unable to adapt to the “era of great changes” under the digital wave. The information that value investment relies on is all historical data, or calculating the future based on historical data is equivalent to using the past to price the present. If we say that in the era of heavy industry with greater certainty and stability, this kind of valuation system can still prevail, but in the digital era full of uncertainty and various new things, the pricing of a high-quality company should be mainly based on future development Trends, not past information that is “dead” and full of false signals.

Historical data-mainly the financial statement information of the company-certainly has a strong objectivity and authority. In the industrial age where environmental changes and technological changes are slow, past and historical data can be better used to deduce the future, and the deviation may not be particularly large. However, information and digital technologies are changing with each passing day, the market environment and user preferences are elusive, and various new things emerge unknowable, causing future expectations based on historical data to fail. The truly outstanding investors in this era basically do not rely on historical accounting information but rely on forward-looking judgments on major trends.

Third, under the debt explosion and the global monetization trend, the traditional value valuation system has been strongly impacted by “dummy variables” such as debt, currency, and liquidity, and the fundamentals have become more and more important as the core variables of pricing. less . We know that value investing mainly relies on fundamental variables. However, since the subprime mortgage crisis, the world has continued to release unlimited amounts of water, and the risk-free interest rate has been pushed down to 0 or even exceeded the lower limit and became negative. With the cost of capital being so low and the availability of funds more and more accessible, the amount of high-risk speculative and high-frequency trading capital is increasing, and it is becoming more and more dominant in the valuation system of the capital market. These transactional capitals most favor growth stocks that are full of imagination and huge valuation space, but are not interested in those stocks that have lower valuations and are more favored by value investment. “Cheap is not good, good goods are not cheap” is actually the valuation paradox of value investing-if the market is efficient, then those stocks that are undervalued in the view of value investing have no investment value.

Fourth, in the digital and information age, the information sources and databases that investors rely on for decision-making are becoming more and more diversified, and more and more real-time. In comparison, value investment that mainly relies on financial accounting statement information is lagging and aging. . Half a century ago (the most glorious era of value investment), the information system was underdeveloped, especially the lack of information channels for individuals. The financial accounting statement system became the main information channel and was monopolized in the hands of a few institutions. Today’s information explosion, the wave of digitization is sweeping everything, personal data and information terminals are completely popularized, the monopoly of information and data has been broken, and investors have more and more information sources for valuation of asset targets, which can better support trend investment . And value investing still sticks to financial data and report information full of false signals. The formation cycle of financial statements is too long, the short is quarterly, and the long is annual. In today’s changing times, an information system with such a slow frequency of information changes is certainly unable to make timely and forward-looking decision support for investment.

In fact, we do not deny the basic principle of value investing, namely Insist on investing in valuable assets . But the question is, what is a truly valuable asset and how to define the term “value”.The philosophy we insist on is very simple, that is “Only what is in line with the development trend of the times is truly valuable “.

And we were surprised to see that in recent years, those investors who declared value investment and long-termism to the outside world still made trend and cycle money in the end. We can only be in awe of time, the long river of time can refresh and bury everything. It is the cycle that can be friends with us, and only the cycle can give us the opportunity to truly discover and create value.

2. The deep root of the decline of value investment: the aging and distortion of financial accounting information

In the pedigree of investment ideas in the stock market, technology investment is earlier than value investment. In 1905, after more than ten years after the emergence of the Dow Theory’s trading technology analysis method of the stock market, an important analysis method and investment method for judging the stock price and investment from another angle was born-fundamental analysis method and value investment method . This analysis method has been continuously developed in practice, and has been valued and used for nearly a hundred years, and has become a classic mainstream value investment school.

The founder of the value investment method was Graham, the teacher of Warren Buffett. He wrote a masterpiece “Securities Analysis” in the 1930s. In the book he created a theoretical system of basic analysis methods, expounding the value investment main content. In Graham’s view, The stock price is the external manifestation of the internal investment value of a listed company. To buy a stock is to buy a listed company. Therefore, the analysis of the investment value of listed companies is the main method to choose stocks. Graham also believes that The analysis of the investment value of listed companies is mainly the analysis of the financial situation of listed companies, mainly analyzing the balance sheets and income statements of listed companies.Investors should evaluate the intrinsic value of their stocks based on the asset situation and performance of the listed company, so as to judge the level of its stock price .

Warren Buffett is a faithful practitioner of Graham’s theory. According to his memoirs and biography, there is no stock exchange quotation in his office. There are only piles of financial statements and analysis reports of listed companies He also never trades short-term stocks, but finds the company with the most investment value from numerous listed companies and makes relatively long-term investments in it.

From the perspective of the history of the development and evolution of value investment, there are mainly two distinct characteristics: first, The foundation of value investment reliance is financial accounting information , Mainly the balance sheet and income statement (income statement); second, Value investment was born in the era of the second and third industrial revolutions. The high-quality enterprises produced by these two industrial revolutions are mainly based on tangible assets that can be accounted for. .

In this way, the reasons for the decline of value investing are clear:

the first, Financial accounting information has increasingly lost the accuracy of measuring corporate value The main reason is as Baruch Lev said in “The Decline and Revival of Accounting”, the basic framework and standards of accounting have not undergone major adjustments for more than 100 years. In the past hundred years, three industrial revolutions have occurred, and financial capitalism has widely emerged. However, accounting still adheres to the basic concepts and framework of a hundred years ago, and has not made corresponding adjustments with the changes of the times.

Second, modern accounting standards and frameworks are actually still products of the industrial age. They are mainly The measurement of tangible assets in heavy industry enterprises simply cannot reflect the corporate value information with innovation, creativity, talents, culture, etc. as core resources in the current wave of the fourth industrial revolution. Therefore, it is impossible to truly capture the leading companies in the digital age.

third, The quality of accounting information itself is getting worse and more distorted . Leaving aside those blatant frauds and frauds, it is difficult for ordinary investors to identify and observe “accounting whitewash” within the requirements of accounting standards. Today, with more and more diversified information sources, accounting information can no longer be used as the basic basis for valuation. This also means that the traditional value investment system is gradually being abandoned.

3. The dilemma of value investment in the era of digitization, monetization and bubble

Modern financial activities are being affected by Three waves of the era The effects of Digital wave based on the fourth information technology revolution , It changes the technological environment of financial investment activities; based on Monetization wave under the background of the fourth wave of global debt explosion , The global super monetary easing after the two major crises in the last ten years-the subprime mortgage crisis and the pandemic crisis; Financial asset bubbles under long-term low interest rates, zero interest rates and negative interest rates , The typical performance is the US stock market, Chinese real estate, Japanese and European national debt. Of course, the definition of a bubble is currently uncertain. Many people do not agree with the current tendency to bubble and believe that a bubble can only be recognized after it bursts. What we are adopting here is the standard of value investment, thinking that a bubble is a large deviation from the long-term average price (used to measure value).

however These three waves are making the value investment system that has prevailed for more than half a century be troubled. . First of all, digitization has increased the volatility of the financial market. The diversification of information sources, quantitative investment based on digital technology, and passive management prevail. Various online social platforms, digital communities, and self-media have broken the mainstream media’s monopoly on financial information dissemination channels. Make traditional value investment based on static financial accounting information at a loss . In particular, the rapid development of digital technology coupled with the popularization of digital smart terminals, Narratives based on behavioral finance and psychoeconomics are widely popular. The market’s pricing of investment targets no longer focuses on “boring” and “old” accounting information, but on the stories widely circulated in the market. “Red” stocks and the flow of entrepreneurial big V . Of course, from a traditional perspective, the “net celebrity” of these assets and the “big V” of entrepreneurs certainly have a bubble component, but under the sweep of the digital wave, people are more inclined to think that narratives form a consensus. , With stronger valuation support. Those companies that look “cheap” in terms of financial information have actually lost the trust and favor of the market.

The monetization wave is the second biggest factor that causes value investment to get into trouble. Too much currency in the process of chasing a small number of core assets has generally pushed valuations far beyond the understanding of value investors . Value investors can only be forced to raise the valuation standards and pick up some old assets that are easy to “pit” in the market, which seem to be cheap and actually expensive (for example, Buffett admits that it was a mistake to invest in aviation stocks because of PE’s low investment). In the past decade or so, the wave of monetization has risen one after another, from three QEs in the United States after the subprime mortgage crisis, to the European debt crisis in the euro area, and then to the global “unlimited” monetary easing after the pandemic. It seems that the monetary rules and fiscal discipline that had a bottom line in the past no longer exist. The consequence of this is that global liquidity is surplus, core assets are starved, and interest rates have long been suppressed at a very low level, close to zero or even negative. This obviously amplifies or distorts or even destroys the value investment system . I focused on this issue in my previous article “Zhao Jian: The financial market has been “hyperinflation”, and the money printers have destroyed the value investment system.” Long-term low interest rates and excessive liquidity have caused value investment to lose the basic pricing anchor, and the entire valuation must be greatly increased. . Because the risk-free interest rate, which is the discount rate, continues to decrease at the denominator end. Moreover, the emergence of negative interest rates requires us to revise the discounted cash flow model, which is clearly beyond the framework of traditional financial models. In this sense, it is not so much that the valuation of financial assets has risen sharply, as it is that the value of currency continues to collapse.

Bubbles are the object of hatred by value investors, but today’s world is full of bubbles. If you follow the standard of value investment, the best strategy now is to use cash as the king and wait for the bubble to burst and pick up cheap “value return” assets.However, the reality is definitely not the case . First of all, theoretically, the definition of a bubble itself is quite controversial, and many people even think that there is no bubble at all. According to the standard of value investment, a bubble is the deviation of price from actual value. But what is “real value”? This returns to the old question, or to the philosophical level of metaphysics. However, the reality is that bubbles exist everywhere and exist for a long time. From the point of view of value investors, current financial assets are very expensive, cost-effective, and do not meet the standards of value investment. But the reality is, The modern economy itself is a bubble economy measured by money , Not so much that core assets are getting more expensive, it is better to say that credit notes are getting cheaper. If you change the coordinate system and use physical assets or stocks of high-quality listed companies as the value standard to measure the current core assets, it is actually not that expensive (for example, the currency measurement system composed of the FAANG index). Bubbleization and monetization are closely linked, because the value scale of all major types of assets is traditional legal currency, mainly U.S. dollars. But now the U.S. dollar expands almost indefinitely, The so-called bubble is nothing but a bubble in the US dollar, a bubble in all legal currencies .

The three waves of digitization, monetization and bubble are superimposed, It gave birth to a new alternative asset or a new type of currency in the future-encrypted digital currency . The “super bubble” of cryptocurrencies such as Bitcoin is the ultimate manifestation of the superposition of these three waves. However, in the eyes of value investors, encrypted digital currency is the “biggest scam” of this era. This judgment happens to announce the inevitability of the decline of value investment-the fall of a system of thought and belief, precisely from the pretentious and hostile towards new things (rather than trying to understand why it exists).

4. Trending Investment: Stay up to date and take advantage of the trend to live up to your youth

There is a popular saying in the investment world called “being a friend of time”, or long-termism. It sounds reasonable and idealistic, but reality is full of irony: most of the time, it is because of being stuck and forced to be friends with time. Of course, it is also a common sentence used by investment managers to comfort their clients. Managers of course hope that customers will always be “friends of time”, which can reduce the redemption pressure and charge more management fees.

A truly outstanding investor must put himself in the general trend of the development of the times, and capture high-quality assets that represent the theme of the times in each phase of the medium and long-term changes. And in accordance with the changing trend, do a good job in the management of assets, funds and capital, and balance the relationship between profitability, liquidity and safety, so as to better meet the needs of customers with different risk preferences and liquidity preferences. In this sense, being a friend of time is worse than being a friend of cycles. In the face of mysterious time, only the cycle is meaningful for investment, otherwise no amount of time will be a repetitive cycle. Just like we ridicule A shares, it has been ten years, but it has returned from one 3000 points to another 3000 points.

In fact, there may not be absolute value investment, because the essence of the capital market is the valuation of the future, and the judgment of the future must be placed in the internal development trend.Therefore, the success of value investment and the huge gains obtained are, in essence, the excess gains given by the trend. . We look back at Greenham, and the era when Buffett’s investment was the most successful and with the highest rate of return was precisely the era when the second and third waves of industrialization emerged. Therefore, their excess return is actually a bonus gifted by the general trend of the times.

Value investing was very successful in that era. Another key point is that the accounting information in the heavy industry era can better reflect the value of the enterprise, because the core assets of the leading enterprises in the industrial era are all tangible material assets. Accounting is very effective in measuring tangible assets. At the same time, the method of “judging future trends based on historical data” in that era was also relatively effective, because that era was not like today’s digitalization and monetization, and the era of major changes unseen in a century. Most of the time, historical experience cannot be used as a definition of the future. The foundation may also become a kind of bondage.

In fact, value investment and trend investment, left-hand trading and right-hand trading, are not completely opposite in nature. There is an element of trend investment in the concept of value investment, that is, assets whose prices deviate from value have a strong tendency to return to value. Trend Investment also recognizes the basic concept of value investing, that is, investing in companies that are truly valuable. But from the nature of decision-making methods, value investment can be regarded as a special case of trend investment: judging future trends based on financial accounting information. Obviously, in the current era of continuous changes and new things emerging, it is obviously not enough to rely on financial statement information as one of the information sources to judge the future development trend of an enterprise.

Mencius said: Although there is wisdom, it is better to take advantage of the situation; although there is a foundation, it is better to wait for the time . In fact, most successful value investors do not rely on their own efforts to find a good target with the financial analysis method of value investment. The vast majority of the time is just a gift of the times-they just follow the trend of the cycle. Excess return . In this sense, Trend Investment knows how to respect the market, respect time, and respect value. Value investing has achieved great success because it coincides with the development trend of the macro economy and enterprises.

Each era has its own major themes and major trends. This era is an era full of glory and dreams. It is an era in which endless opportunities are bred amidst changes and turbulence. It is also an era in which old things are quickly eliminated and new things emerge quickly. Time is easy to get old, and time is easy to pass. It is of course easy to be a friend of time and “lay flat” in a complex and ever-changing market, but for a good investor with dreams, he still needs to use his own professional knowledge and comprehensive knowledge. , In the global and Chinese economic cycle, to find the general trend that can create value for customers. Only in this way can we live up to time and time.

(Source: Baidu, stocksnap.io)

[OriginalbyNishizawaResearchInstitutewelcometoforwardandreprintPleaseindicatethesourcethankyou!】

We usually say that a woman is completely different before and after marriage. Some people regard this positioning as unhappy, but in fact, only the person concerned knows the real situation best.

Zhao Liying just announced her divorce with Feng Shaofeng. Since the two announced their relationship in 18 years, it has been more than three years now. They have not seen any love between the two, and they have reached the stage of divorce. However, since the divorce, her whole person’s temperament looks good. More feminine!

Zhao Liying wear analysis:

In color:

The color of the clothes she chose this time is very low-key. The pure black shape makes the whole person look very aura. She was originally very thin and looks more slender. The black charm is really high, and the whole person is exuded. She has the self-confidence of an independent female, but the blackness of her body also makes her look pale, not so youthful and playful, but has a touch of sexy femininity, which is completely different from the “Zhao Xiaodao” we know. !

Design and match:

This set of hers is very basic. She chose a black top with a black denim jacket. Then she chose a pair of black jeans, black platform shoes, and black sunglasses. This suit made the most of black.

In our cognition, the denim jacket is full of youthful vitality, and her choice of black makes the whole person look more mature, and the whole body black can also highlight her fair complexion, that is, mature women can use black to Show the fashion temperament.

Advantages of denim clothes:

1. Bright colors highlight youthful vitality

Many of us have chosen denim clothes for matching. Generally speaking, we will choose bright light blue for matching, so that the bright colors can show the youthfulness of the whole person.

Therefore, we say that denim is an element of youthful vitality, whether it is clothes or pants, it can show a sense of fashion and temperament, and can create the kind of youthful temperament we want.

2. The loose profile highlights the casual fashion temperament

There are also denim jackets with a loose profile version. This type of design is relatively more tolerant of the figure, and at the same time it can show a better visual sense, and the upper body will not feel constrained.

The shape presented by this loose clothing is very temperamental for those who want to wear it with a sense of leisure. It can not only show the casual sense of matching, but also highlight the temperament of a person. Full of fashion sense.

3. The short style is more advanced, and it’s age-reducing and playful

The denim jacket also has a short design. This design looks more advanced, and the short jacket can change the proportions of the entire body, showing the advantage of long legs, tall and showing temperament, if you choose light blue Denim jackets can also play a good role in reducing age.

This is undoubtedly a good choice for short girls. Since they have the fashionable temperament of denim clothes, they can create a perfect body proportion, look thin and tall, and have a younger temperament.

Points to wear:

1. With skirt, elegant, gentle and sweet

When using denim jackets to highlight the styling, we can also choose half-length skirts to create a sense of elegance. Although the combination of skirts and denim jackets does not have a prominent sense of temperament, the overall feeling is very good Fashionable and very feminine.

If it is the overall bright color, if the overall bright color is matched, the whole shape will look more fresh and pleasant. Young girls can use this to highlight the sense of youth and vitality, and middle-aged women can also use this Match it to show a younger temperament.

2. With slim pants, it looks thin and tall

What we can also match is slim-fit jeans. When matching denim jackets, we must avoid denim wide-leg pants. Although the look presented is very individual, not everyone can control this style.

We can match slim pants to show the leg lines. If we choose a short denim jacket to increase the waistline and show a more tall temperament, the whole person will look thin and tall.

Fashion analysis:

Denim jacket is a very common piece of clothing. Almost every one of us wears it. This denim jacket is very easy to control for women of all ages. Young girls wear a sense of youth and vitality. Middle-aged women You can wear an elegant and mature feeling, and the effect presented by different people is different.

When we use denim jackets for matching, it is nothing more than matching pants and skirts. If we want to show a brighter temperament, then we have to choose a light-colored series of skirts or pants for matching. This is the color matching. The most important point of wearing a jacket, everyone must master the matching degree of skin color and clothing color to be able to show a better temperament!

Today’s interactive topic: Do you like Zhao Liying? Welcome to share in the comments section below!

The picture is from the Internet, if there is infringement, please contact to delete

We usually say that a woman is completely different before and after marriage. Some people regard this positioning as unhappy, but in fact, only the person concerned knows the real situation best.

Zhao Liying just announced her divorce with Feng Shaofeng. Since the two announced their relationship in 18 years, it has been more than three years now. They have not seen any love between the two, and they have reached the stage of divorce. However, since the divorce, her whole person’s temperament looks good. More feminine!

Zhao Liying wear analysis:

In color:

The color of the clothes she chose this time is very low-key. The pure black shape makes the whole person look very aura. She was originally very thin and looks more slender. The black charm is really high, and the whole person is exuded. She has the self-confidence of an independent female, but the blackness of her body also makes her look pale, not so youthful and playful, but has a touch of sexy femininity, which is completely different from the “Zhao Xiaodao” we know. !

Design and match:

This set of hers is very basic. She chose a black top with a black denim jacket. Then she chose a pair of black jeans, black platform shoes, and black sunglasses. This suit made the most of black.

In our cognition, the denim jacket is full of youthful vitality, and her choice of black makes the whole person look more mature, and the whole body black can also highlight her fair complexion, that is, mature women can use black to Show the fashion temperament.

Advantages of denim clothes:

1. Bright colors highlight youthful vitality

Many of us have chosen denim clothes for matching. Generally speaking, we will choose bright light blue for matching, so that the bright colors can show the youthfulness of the whole person.

Therefore, we say that denim is an element of youthful vitality, whether it is clothes or pants, it can show a sense of fashion and temperament, and can create the kind of youthful temperament we want.

2. The loose profile highlights the casual fashion temperament

There are also denim jackets with a loose profile version. This type of design is relatively more tolerant of the figure, and at the same time it can show a better visual sense, and the upper body will not feel constrained.

The shape presented by this loose clothing is very temperamental for those who want to wear it with a sense of leisure. It can not only show the casual sense of matching, but also highlight the temperament of a person. Full of fashion sense.

3. The short style is more advanced, and it’s age-reducing and playful

The denim jacket also has a short design. This design looks more advanced, and the short jacket can change the proportions of the entire body, showing the advantage of long legs, tall and showing temperament, if you choose light blue Denim jackets can also play a good role in reducing age.

This is undoubtedly a good choice for short girls. Since they have the fashionable temperament of denim clothes, they can create a perfect body proportion, look thin and tall, and have a younger temperament.

Points to wear:

1. With skirt, elegant, gentle and sweet

When using denim jackets to highlight the styling, we can also choose half-length skirts to create a sense of elegance. Although the combination of skirts and denim jackets does not have a prominent sense of temperament, the overall feeling presented is very good. Fashionable and very feminine.

If it is the overall bright color, if the overall bright color is matched, the whole shape will look more fresh and pleasant. Young girls can use this to highlight the sense of youth and vitality, and middle-aged women can also use this Match it to show a younger temperament.

2. With slim pants, it looks thin and tall

What we can also match is slim-fit jeans. When matching denim jackets, we must avoid denim wide-leg pants. Although the look presented is very individual, not everyone can control this style.

We can match slim pants to show the leg lines. If we choose a short denim jacket to increase the waistline and show a more tall temperament, the whole person will look thin and tall.

Fashion analysis:

Denim jacket is a very common piece of clothing. Almost every one of us wears it. This denim jacket is very easy to control for women of all ages. Young girls wear a sense of youth and vitality. Middle-aged women You can wear an elegant and mature feeling, and the effect presented by different people is different.

When we use denim jackets for matching, it is nothing more than matching pants and skirts. If we want to show a brighter temperament, then we have to choose a light-colored series of skirts or pants for matching. This is the color matching. The most important point of wearing a jacket, everyone must master the matching degree of skin color and clothing color to be able to show a better temperament!

Today’s interactive topic: Do you like Zhao Liying? Welcome to share in the comments section below!

The picture is from the Internet, if there is infringement, please contact to delete

Sohu Entertainment News on the 23rd, Zhao Liying’s studio and Feng Shaofeng’s studio issued a statement at the same time, saying that Zhao Liying and Feng Shaofeng had decided to break up peacefully to end the marriage relationship, and had gone through relevant formalities recently, and will jointly raise and accompany the children to grow up in the future. After the two parties officially announced the divorce, Feng Shaofeng issued an article saying: “The days are long, the past is very good, I hope the future is better”, and @了赵丽颖, Zhao Liying also responded to the divorce with the same paragraph. Some netizens discovered that Zhao Liying had emptied all the content related to Feng Shaofeng on the social platform.

After Zhao Liying and Feng Shaofeng officially announced their divorce, the media contacted Zhao Liyingfang, and the other party responded: “This is a joint decision after friendly consultation with Liyingfeng. We respect their decision, and the two will continue to assume the responsibilities as parents. This We will not respond to the matter afterwards, thank you for your concern.”

Regarding the reasons for the divorce, the two parties explained in the statement: “The two got together because of their work acquaintances, and they also chose to return to their friendship relationship because of the lack of work together. In the past, the two have treated each other sincerely. A happy and beautiful time. Even if they choose to separate now, the two are very grateful for their past encounters. This is a joint decision made after careful and friendly consultation. It has nothing to do with internet rumors or outside influences.”

According to an app, Zhao Liying and Feng Shaofeng no longer have a direct business relationship. Zhao Liying is currently associated with Beijing Hairun Film Co., Ltd., Jiangsu Straw Bear Film Co., Ltd., Chongqing Xinhanghai Film and Television Culture Co., Ltd., and Feng Shaofeng is currently associated with LeTV Pictures (Beijing) Co., Ltd. and Zhejiang Dongyang Haohan Film Entertainment Co., Ltd. The company, Shanghai Dongwei Film and Television Co., Ltd. and other companies are not directly related.

It is reported that Zhao Liying and Feng Shaofeng have collaborated on four works including “Knowing or Not”, “The Kingdom of Daughters”, “The Best Time Is Like a Dream” and “Suo Qingqiu”. On October 16, 2018, on Zhao Liying’s birthday, the two announced their marriage certificate and announced their marriage. On January 1, 2019, Feng Shaofeng announced that Zhao Liying was pregnant, and on March 8, Zhao Liying’s son was born. The two have not held a wedding so far.

The two have been exposed to the same frame many times in recent months. On February 19 this year, a scene of returning from tourism in Sanya was also photographed. At that time, after Zhao Liying greeted Feng Shaofeng and her friends, the man got in the car first, and the woman followed.

Some netizens broke the news that they ran into Zhao Liying and Feng Shaofeng playing in the secret room on March 10. On the 11th, the owner of the secret room posted a photo with Feng Shaofeng and explained that it was not convenient for Zhao Liying to take a photo that day.

On April 8, the media exposed the rare scene of Zhao Liying and Feng Shaofeng having a meal together. On the same day, after the meal, the two went out to chat for a few words, and then they separated, and did not leave together.

Some netizens also discovered that in January this year, Zhao Liying had reposted a video with the topic of “大江大河2” #程开颜我早就不配你了#, with the accompanying text saying: “If you can’t go on, don’t live on it.” . Suspected of divorce from Feng Shaofeng.

Feng Shaofeng was recently photographed with a thin body. In March, Feng Shaofeng’s new movie “Shenzhen Love Story” was exposed by Reuters. He was wearing a floral shirt, wide-leg pants, and his long hair was slightly decadent. What is striking is that his slender arms and obvious thinness have caused heated discussions.

Recently, Feng Shaofeng responded to his thin body on social platforms, saying: “Thin wrists and thin ankles have been hidden for so many years and finally been discovered. I am really not qualified to wear short-sleeved shorts, cropped trousers, eight-quarter trousers, and nine-quarter trousers. “.

The full text of the statement:

To all friends who care about Ms. Zhao Liying and Mr. Feng Shaofeng:

After serious discussions, Ms. Liying Zhao and Mr. Shaofeng Feng decided to inform every friend who cared about them: Ms. Liying Zhao and Mr. Shaofeng Feng have decided to break up peacefully and end their marriage, and have gone through relevant procedures recently.

The two came together because of their work acquaintances, and they also chose to return to their friendship due to the lack of work together. In the past, the two treated each other sincerely and had a happy and beautiful time. Even if they choose to separate now, the two are very grateful for their past encounters. This is a joint decision made by both parties after careful consideration and friendly negotiation. It has nothing to do with internet rumors or outside influences. In the future, the two will continue to assume their responsibilities as parents, raising and accompany their children to grow up together.

Regarding this matter, we briefly inform you of the above reasons, and sincerely hope that unnecessary misunderstandings and speculations due to ignorance can be avoided, which will cause secondary harm to both parties and their families. Both parties and their studios will not make other responses to this matter. In the future, if anyone maliciously fabricates and spreads rumors, we will always reserve the right to pursue their legal responsibility!

Finally, I would like to thank all the friends who have been caring, supporting, loving and trusting Ms. Zhao Liying and Mr. Feng Shaofeng, and wish them a smooth, safe and happy life in the future!

Zhao Liying and Feng Shaofeng’s love history review:

In 2016, Zhao Liying and Feng Shaofeng collaborated on “The Journey to the West: The Kingdom of Women”;

In September 2017, netizens broke the news that Zhao Liying spent the night at Feng Shaofeng’s home, because the two were previously photographed wearing the same style and entering the hotel together, suspected of being in a real relationship;

In October 2017, Zhao Liying and Feng Shaofeng collaborated on “Knowing or Not Knowing Should Be Green, Fat, Red and Thin”;

In December 2017, some media exposed the shooting scene of the night scene of “Knowledge”. Feng Shaofeng and Zhao Liying wore a costume and walked side by side chatting. Zhao Liying suddenly reached out and took Feng Shaofeng’s arm and walked all the way;

In August 2018, Zhuo Wei’s circle of friends broke the news that Zhao Liying was indeed pregnant, and then netizens suspected that Zhao Liying and Feng Shaofeng would go on a trip with him;

In September 2018, a netizen ran into Feng Shaofeng and Zhao Liying. The woman was dressed loosely and had a raised lower abdomen; then the staff again denied the rumors of pregnancy;

On October 16, 2018, Feng Shaofeng and Zhao Liying revealed the marriage certificate official to announce the marriage;

On November 1, 2018, netizens ran into Zhao Liying and Feng Shaofeng on a romantic trip after marriage;

On November 23, 2018, Zhao Liying posted a beautiful photo of her husband’s perspective;

On December 25, 2018, a Japanese netizen met Zhao Liying and Feng Shaofeng by chance;

On January 1, 2019, Feng Shaofeng issued a document officially announcing the good news of Zhao Liying’s pregnancy, “If you know whether you know it or not, it should be a family of three”;

On March 8, 2019, Feng Shaofeng issued a document announcing that his wife Zhao Liying had given birth to a son;

On March 9, 2019, Feng Shaofeng appeared in the hospital with a baby basket;

On March 11, 2019, Zhao Liying appeared for the first time after giving birth and was discharged from the hospital accompanied by Feng Shaofeng;

On June 4, 2019, Zhao Liying and Feng Shaofeng fit in;

In July 2019, Zhao Liying started to promote Feng Shaofeng’s new work;

In August 2019, Feng Shaofeng picked up Zhao Liying;

In September 2019, I met Zhao Liying and Feng Shaofeng on a trip;

In October 2019, Zhao Liying celebrated Feng Shaofeng’s birthday, and Feng Shaofeng celebrated Zhao Liying’s birthday;

In December 2019, Zhao Liying and Feng Shaofeng made the first commercial after marriage;

In May 2020, Zhao Liying’s exploration class Feng Shaofeng;

In October 2020, Zhao Liying celebrates Feng Shaofeng’s birthday, and Feng Shaofeng celebrates Zhao Liying’s birthday;

In February 2021, Zhao Liying and Feng Shaofeng and his wife traveled to Sanya;

In April 2021, I met Feng Shaofeng and Zhao Liying restaurant for dinner.

On April 23, Zhao Liying’s studio issued a statement stating that Zhao Liying had divorced Feng Shaofeng. #赵丽颖官宣发布#

Zhao Liying and Feng Shaofeng announced their marriage in October 2018. They did not hold the wedding until their divorce. However, the two have reaped the crystallization of love in 2019.

Although the official divorce of the two people was indeed a bit sudden, Zhao Liying’s whole person did have a significant change after giving birth, which is also reflected in her style and fashion taste.

After Zhao Liying returned after giving birth, many netizens found that her temperament had changed. The earthy smell that had been ridiculed has disappeared.

Let’s take a look at Zhao Liying’s look before giving birth. Because Zhao Liying has thick eyebrows and big eyes, and her face is very sensual, she always gives people a sweet and lovely feeling. In the past, she also liked the cute ball head, which will make people feel that this is a sweet sister.

But the most commentary accompanying Zhao Liying’s style is still rustic. Although she has endorsed a lot of luxury brands and has appeared in many fashion magazines, she always seems to give people a sense of understatedness. She does not have the high-level sense of Ni Ni, Yang Mi or baby taking pictures, so she often It makes people think that she can’t afford the big names.

Zhao Liying always gives people a sense of soil, and this is actually for a reason. The first is the problem of her congenital face shape. Since her lower face is relatively wide, it is not a standard melon face, so it does not look so delicate.

The second is because of her previous style of dressing. Before getting married, Zhao Liying basically took the sweet route. Indeed, her face is really suitable for this style, but if you emphasize this feeling too much in the choice of clothing and accessories, it will make people feel a little too hard, or even It feels a bit earthy.

In addition, the failure of Zhao Liying’s modeling is actually affected by her own state. Zhao Liying’s professional ambition has always been very heavy. She spent almost all of her energy on work before giving birth. This also made her attach great importance to the events and magazines she shot every time she appeared in public. Always in a tight state, which is very different from the female star’s temperament state in the same frame.

But after giving birth, Zhao Liying’s style of dressing has changed significantly. The lovely sweet girl from before has now become an aggressive cold beauty.

As a mother, Zhao Liying no longer highlights her girlishness, but makes herself look more mature She will no longer use makeup to overemphasize her big eyes and thick eyebrows. Instead, she always wears high-level light makeup. With big red lipstick, she looks full of aura and she has the style of a strong woman.

Zhao Liying’s state when participating in the event has also changed. From the current picture, she can’t feel her tightness at all, but feels that she is in a relaxed and comfortable state. This may be released after she became a mother. Nature, and this really helped her to improve her temperament.

Nowadays, most of Zhao Liying’s looks will give people a gentle but sharp feeling, which may be a reflection of her true mood After all, the breakdown of the relationship with Feng Shaofeng will cause her a certain amount of harm. She will need to walk on her own in the future, and strength and independence are essential.

Zhao Liying has improved herself in many ways after giving birth. She has taken a fitness photo of herself. Looking at this excellent muscle line, it can be seen that she has really put a lot of effort into it.

In terms of career, she has also worked very hard, and won a number of fashion brand endorsements soon after 2021.

She also appeared at the party some time ago in dresses of Chinese brands, and her style and temperament were well received by netizens.

After giving birth to a child, Zhao Liying has changed a lot. Now she has become more and more of the temperament of a strong woman. She is working hard to improve both in terms of self-improvement and career. I believe that Zhao Liying will still be independent and strong after the divorce. I can live very well myself.

#赵丽颖#、#穿搭#、#生日#

Author: Alu

Editor in charge: Echo

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At one time, Zhao Liying was like a female warrior, going forward bravely, trying to overcome all the difficulties with her own strength, but now she tried to slow down some steps, look at the surrounding scenery, and no longer walk alone like penance. She has a deeper understanding of the meaning of independence, and she is happy to accept every moment, not forgetting her original intention, and also accepting flaws. “Gentle but firm, I think I can do it.”

There are a few branches of begonia and cherry blossoms in the yard, and clusters of pink are blooming on the branches far and near. As the twilight approaches, the cold and cold spring of Jiangnan spring is densely entangled. We rubbed our hands and walked into the house. The room warmly breathed a sigh of relief.

Zhao Liying moved her chair forward and moved closer to the heater. As an actor, the winter and summer are always upside-down. Of course, she has to carry everything at work, but she doesn’t want to ignore any signal from the body on weekdays-chilling and avoiding heat are human nature, and there is no need to get used to it. “Everyone should cherish the body a lot. Especially female friends, should respect the laws of the body and learn to do what you can.” Speaking of these, her familiar and caring tone is like a close friend around her.

Between filming, she and the girls on the team exchanged a few thoughts on travel from time to time, and their voices were as brisk as a bird among the clouds. She intends to take the whole team out for a trip at the right time. “Before everyone just talked about work, now they think a little bit more, have a sense of responsibility, and hope to take care of everyone.”

She is gentler than before, and her mind is more open. “Before, I just liked work, I just wanted to play a role I liked, and I didn’t seem to be interested in other things. When I also had a little need for life, I realized that this kind of thing is very important and for the future life. It’s also important.”

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At one time she was like a female warrior, going forward bravely, trying to overcome all difficulties with her own strength, but now she tried to slow down some steps, look at the surrounding scenery, and no longer walk alone like penance. “In fact, everyone can be happy and have a clear goal. I have gone through the unhappy and very hard phases of work. I thought that if you want to do something, you have to come by yourself… In fact, everyone can work together. Face the problem and solve it together.”

So she asked her if she wanted to become softer? She thought for a while and shook her head: “It’s not soft, but gentle.” In her definition, “soft” lacks a bit of independent thinking and independent thinking. “Of course this is my own point of view. Gentle but firm, I think I can do it.”

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“Independence” does not mean confrontation

Not long ago, Zhao Liying tried dubbing a cartoon for the first time, matching the Chinese version of the lines for the “Princess Raya” in “The Legend of the Dragon”. Zhao Liying appreciates Raya’s sassy and neatness, and has been reborn in a passionate adventure. This is similar to many of the roles she has played before: tenacious and persevering in herself, fearless, and always keeping love and love in her heart. The yearning of hope.

The “independent women” in her definition are those who are confident, courageous, and can freely pursue the love and ideals in their hearts. She has read a story about a woman who is 50 years old and older after raising a child. She prepares to go on a self-driving trip with her own gear to go where she has always wanted to go. She thinks this is cool. “‘Independence’ doesn’t mean you have to do extreme things. You don’t necessarily need to give up what you already have. It’s never too late to realize it, just like this woman.”

She retrieved a paragraph from her phone that had been stored for a long time, and read to me one sentence: “He has the ability to live in this world alone, and he can establish a relationship with the world alone. Through his own labor, through his own Professional, such life itself is full of vitality, only such people have the ability to radiate warmth, and have the ability to give others a kind of confidence and happiness. It is not that I am a person in need, I am an anxious person, and then The other party becomes a resource and a tool.”

“Love also has this kind of misunderstanding. Many people feel that they are very lonely and anxious, and there are many difficulties in life. If they can find someone to make up for and help me, it seems that they can get a sense of relief together. But from this perspective It is particularly one-sided, because love is originally the emotion of two people. Therefore, in love, we need to adjust our mentality and then go to live, not to be overly attached to the emotions of either party, but to be able to do our own things and be ourselves We must be able to think about our lives independently.”

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She thinks one thing is very important: “Independence” does not mean confrontation, and it is not necessary to highlight one’s differences through differences. Every girl has to face various evaluations and be judged by some secular standards. “I think when you hear these words, if you still have your own independent thinking and judgment, you are the strong. Many people will be PUA when they hear what others say, and they will doubt their own decisions, but if these do not hurt you at all , You have succeeded. Of course, it is easy and difficult to do this.”

She traveled through different times and spaces indiscriminately through the characters, so she is more convinced that women should not be stuck in “little love and little love”. “They can do more than imagined. They can be guardians and shoulder heavier expectations; they can also face life bravely without being bound by rules and regulations.” She feels that women’s self-confidence also includes With “willing to”, “don’t worry about losing anything, it will leave psychological trauma.”

The roles played will leave deep and shallow traces in Zhao Liying’s life. They will stand in front and become lighthouses, guiding her and accompany her to move forward. “Sometimes after being separated for a long time, I have a better understanding of the way they behave in the world.” Zhao Liying feels that this is an unforgettable opportunity to put in a period of time to experience the life of a character. “They will continue to teach me new things in the dark, allowing me to learn more of the true meaning of life.”

Her love for each role has a different emphasis: she regards Sheng Minglan as “wisdom responsibility” and Chu Qiao as “force responsibility”, and she sees the “initial heart” in Zhou Fei that has always been cherished. “I like this character. Firstly, this’xia’ is not that traditional. Secondly, I see that kind of energy in this character. She is obsessed with what she likes, so she can have no distractions.”

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After being in the society for a long time, the ideals of the year will often turn into ordinary daily life. The goal that once desperately wanted to fight for has become a dispensable thing. She is left and confused. She is always alert to the emergence of this situation. “When I have time, I will think and reflect. When I encounter unhappy things or encounter difficulties at work, I will ask myself, what did I want to do before? The effect is because of what I have done, or what state have I had?”

She will clear up the situation one by one. “If I am experiencing physical exhaustion, how can I allocate time more reasonably? If I really want to achieve a result, can I return to the most idealized state? People have to move forward. We must keep thinking about the current situation and adjust the direction.”

For each role, Zhao Liying has done her best. She believes that they all have their own missions and come to this world through their own interpretation. The play was over, and she had to accept their departure again. The feeling that the bones and blood were once fused together and then peeled off has never been uncomfortable. “Why do many actors have to take a holiday after finishing a role? It is to cushion this separation. If the good quality of the character can stay with me, that would be the best, but maybe they will also have some negative things. I need to wash it away slowly.” At this time, she had no other choice but to wait.

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“I have always accepted the moment”

Recently, Zhao Liying’s work arrangement is not as intensive as before, and she is more concerned about the “combination of work and rest”. “Relaxation doesn’t mean that I don’t do anything, but to give myself a room for digestion. If I keep pushing myself too tight, the effect will be counterproductive.”

Since joining the industry, she has been spinning around, but last year’s epidemic gave her an unexpected holiday. When she accidentally clicked on the Internet, she found some online novels. After opening it, she just wanted to see the bottom of it all at once. She couldn’t help showing an angry and funny expression, with a bit of helplessness: “Watching all night, not only watching, I also spent a lot of money on reading coins…”

Several voices suddenly appeared around, and the staff who had been sitting quietly also joined the discussion. Everyone exchanged their thoughts on popular novels for a while. When Zhao Liying mentioned the name of a novel, she expressed her grief for the collapse of the second half of it: “The heroine’s character collapsed, and all kinds of collaterals are pouring water. I chased it more than 400 chapters, and didn’t chase it anymore. ”

She immediately reflected on this: “Really, you have to consider the audience’s feelings. As a reader, I can’t stand this situation. The story is so fragmented, it seems to be joking with the reader. Substitute the audience’s perspective, if you see a beloved I will feel disappointed and distressed when the characters appear in this kind of situation in the film and television works. Therefore, I will have a particularly repulsive mentality and feel that I should work harder to protect my characters.”

Black and pink gradient gauze top, flower bud-like skirt, and hairy loop headdress are Harris Reed

Black straight trousers Jacques Wei

Pink metal bracelet Bottega Veneta

She likes watching anime, likes the two-dimensional space with a big brain, and likes acting, also because she can use all kinds of imagination in her characters. “This is our nature. When we were children, we didn’t always have all kinds of imagination? The actor carried on that ability to work.” She felt that this was a great fortune, “And this kind of imagination is not It needs to be restricted, it can be expanded indefinitely, and there is no need to compromise for reality.”

Compared to stories about overhead history, the characters in realistic themes are actually more difficult for her. Recently, she played He Xingfu in “Happiness to Ten Thousand Homes”, a resilient and “down-to-earth” girl. “You have to believe and accept her worldview from your heart, and sincerely appreciate her way of expression. You cannot rely on’acting’. Realistic themes test our experience and experience. See how much life themes we can mobilize. The expressed values ​​are communicated.”

“From the very beginning, I acted like’Listen, Really, Really Feel’, and I have never given up on this requirement of myself.” He Xingfu’s sense of simplicity also made her feel happy in the process of acting. “This character is very simple and sincere. After watching many plays, we may not accept the simplicity and sincerity of this character for a while, because we have been polished by reality, edified by humanity and sophistication, and some of the edges and corners have been affected by it. It’s worn out. When I was acting, I also recalled some of the previous state and found myself back.”

Raffia jacquard silk dress skirt,

RoseDior high-end jewelry series diamond necklaces, earrings, bracelets and rings are all Dior

She feels that He Xingfu is similar to her before: “She is very direct, and sometimes she has to say everything regardless of other people’s feelings.” Of course, she has undergone many changes. “I’m not as sharp as before, but I still hope to have a sense of her edges and corners.” He Xingfu’s character has “burrs”, and these flaws constitute her vividness. “Everyone likes that kind of perfect character. When I was a kid, I also thought, why does the character have this kind of problem? But now I understand that this is a real person, without flaws and boring.”

Even if she had doubts about the character’s words, deeds and thoughts before, Zhao Liying would not jump out and “confront” with them. “When performing, I have to be mindless. I have to believe in everything about the character and use her eyes to make judgments.” But from another perspective, the previously thought of “character perspective” is actually limited by age and experience. “If you can only see the simple things, the role is also simple. Now the understanding of people is more complicated, and the handling of the role will be deeper or the pursuit of more novel ways.”

Green silk chiffon hand-pleated long dress skirt, silver calfskin mesh nude boots,

Pearl earrings and vintage metal rings are Dior

But each stage has its irreplaceable meaning. Sometimes when she saw the previous works, she would think that she would definitely not be able to perform the purity and agility of the time. “People always get tired of seeing themselves. I also hope to create a new self and interpret different roles in new ways. This is also a process that I need to slowly accept, and it is my new direction for the next ten years. ”

Even if she encounters some unsatisfactory things, she will find reasons to convince herself that this is the best at the moment. “If you have an unchangeable mentality every day, it’s actually a bit uneconomical. If you keep telling yourself that this is what I want and what I can accept, it will be easier to solve the problem.” She also allows herself occasionally late at night Twist it alone. “I forget it when I get up, and I can’t live it up.”

She didn’t want to be immersed in the past, nor did she want to focus on the future. “I have always accepted my present state. Even if I miss my 20s, I won’t be that age. I just need to cherish the present and believe in myself.” A lot of progress is unconsciously When it happened, she moved forward gently and firmly.

Tie-dye jacquard constellation pattern dress, pearl headband, and pearl earrings are all Dior

Photography/Mei Yuangui

Producer/Wang Xiaobai

Edit/Neo

Interview, writing/Li Bingqing

Makeup/Mu Jianming

Coordinator/Xuedan

Producer/Zhang Jiahui

Styling execution/Qin Lei

Video production/MonsterStudio

Propaganda/Xiaoyu

Fashion Assistant/Ginger, Wang Xinyue

Assistant/Li Zhixuan

Floral/Tangchuan

Venue Acknowledgement/YONGFOOELITE

Yongfoo Elite, which used to serve as a number of consulates in the old days, has now become a rare retreat. In this shooting, we and Zhao Liying experienced its exquisite beauty in the spring scenery-the Spanish western-style building meets the Chinese courtyard, the collections are all over the collection, and the centuries-old style and humanistic care can be seen everywhere in the details. Classical music, electronic music, modern dance, and installation performances were continuously staged on the “Six Arts Hall” old stage with a carved ceiling in the middle of the Qing Dynasty, representing the pioneering spirit of enlivening the old house. The restaurant with old terroir and memories now presents a new look. Whether indoors or outdoors, people can enjoy the harmony in harmony. It is indeed a good place to enjoy Shanghai cuisine and afternoon tea. In this season of blooming spring flowers, you might as well come to this quiet little courtyard to sit and watch the sky and clouds, and enjoy the pavilion and the green hills together.

On April 23, Zhao Liying’s studio issued a statement stating that Zhao Liying had divorced Feng Shaofeng. #赵丽颖官宣发布#

Zhao Liying and Feng Shaofeng announced their marriage in October 2018. They did not hold the wedding until their divorce. However, the two have reaped the crystallization of love in 2019.

Although the official divorce of the two people was indeed a bit sudden, Zhao Liying’s whole person did have a significant change after giving birth, which is also reflected in her style and fashion taste.

After Zhao Liying returned after giving birth, many netizens found that her temperament had changed. The earthy smell that had been ridiculed has disappeared.

Let’s take a look at Zhao Liying’s look before giving birth. Because Zhao Liying has thick eyebrows and big eyes, and her face is very sensual, she always gives people a sweet and lovely feeling. In the past, she also liked the cute ball head, which will make people feel that this is a sweet sister.

But the most commentary accompanying Zhao Liying’s style is still rustic. Although she has endorsed a lot of luxury brands and has appeared in many fashion magazines, she always seems to give people a sense of understatedness. She does not have the high-level sense of Ni Ni, Yang Mi or baby taking pictures, so she often It makes people think she can’t hold up a big name.

Zhao Liying always gives people a sense of soil, and this is actually for a reason. The first is the problem of her congenital face shape. Since her lower face is relatively wide, it is not a standard melon face, so it does not look so delicate.

The second is because of her previous style of dressing. Before getting married, Zhao Liying basically took the sweet route. Indeed, her face is really suitable for this style, but if you emphasize this feeling too much in the choice of clothing and accessories, it will make people feel a little too hard, or even It feels a bit earthy.

In addition, the failure of Zhao Liying’s modeling is actually affected by her own state. Zhao Liying’s professional ambition has always been very heavy. She spent almost all of her energy on work before giving birth. This also made her attach great importance to the events and magazines she shot every time she appeared in public. Always in a tight state, which is very different from the female celebrities in the same frame.

But after giving birth, Zhao Liying’s style of dressing changed significantly. The lovely sweet girl from before has now become an aggressive cold beauty.

As a mother, Zhao Liying no longer highlights her girlishness, but makes herself look more mature She will no longer use makeup to overemphasize her big eyes and thick eyebrows. Instead, she always wears high-level light makeup. With big red lipstick, she looks full of aura and she has the style of a strong woman.

Zhao Liying’s state when participating in the event has also changed. From the current picture, she can’t feel her tightness at all, but feels that she is in a relaxed and comfortable state. This may be released after she became a mother. Nature, and this really helped her to improve her temperament.

Nowadays, most of Zhao Liying’s looks will give people a gentle but sharp feeling, which may be a reflection of her true mood After all, the breakdown of the relationship with Feng Shaofeng will cause her a certain amount of harm. She will need to walk on her own in the future, and strength and independence are essential.

Zhao Liying has improved herself in many ways after giving birth. She has taken a fitness photo of herself. Looking at this excellent muscle line, it can be seen that she has really put a lot of effort into it.

In terms of career, she has also worked very hard, and won a number of fashion brand endorsements soon after 2021.

She also appeared at the party some time ago in dresses of Chinese brands, and her style and temperament have been well received by netizens.

After giving birth to a child, Zhao Liying has changed a lot. Now she has become more and more of the temperament of a strong woman. She is working hard to improve both in self-improvement and career. I believe that Zhao Liying will still be independent and strong after the divorce. After all, even if she only depends on I can live very well myself.

#赵丽颖#、#穿搭#、#生日#

Author: Alu

Editor in charge: Echo

[The author of this article: Tuan Tuan]

On April 23, there was a blockbuster news in the entertainment industry that Zhao Liying and Feng Shaofeng were divorced. Their studios successively issued announcements stating that the two broke up peacefully and ended their marriage.

Feng Shaofeng personally released a message saying, “The days are long, the past is very good, I hope the future is better”, and finally, he also sent Zhao Liying. About an hour and a half later, Zhao Liying responded with exactly the same words.

I can’t tell what’s wrong, but I just feel that the response is exactly the same, it’s more like a decent way to control the fermentation of public opinion, like a public relations text, not a real feeling.

From love to marriage to divorce, Feng Shaofeng and Zhao Liying went on almost silently, not even a decent wedding.

In 2009, “Locking Qingqiu” was the first drama between Zhao Liying and Feng Shaofeng, but at that time, the young master Shen Chaozong, played by Feng Shaofeng, was a pair with Lan Yan, played by An Yixuan. Zhao Liying is just Lan Yan’s maid.

After many years of fighting, Zhao Liying, an actress who was born in a non-acting subject and only has a technical secondary school degree, has finally become an entertainment circle with popular dramas such as “Legend of Lu Zhen”, “A Thousand Bone of Flowers”, and “Chu Qiao Biography”. Top traffic in Xiaohua. Of course, Zhao Liying has also experienced online violence, but in the end, she still relied on her pleasing appearance and steady acting skills to rank among the first-line actresses.

Finally, in 2016, Zhao Liying and Feng Shaofeng collaborated in the movie “Journey to the West: The Kingdom of the Daughters”, and the two “come together” in a fair manner. In the tidbits, how sweet the interaction between them is, maybe, at that time Zhao Liying and Feng Shaofeng had already talked about love.

In September 2017, a netizen broke the news that Zhao Liying spent the night at Feng Shaofeng’s house. Combined with the news that the two were photographed wearing the same clothes and entered the hotel together, it was suspected that the relationship was real.

In October of the same year, Zhao Liying and Feng Shaofeng collaborated on the TV series “Knowing Whether It Should Be Green Fat, Red Thin”.

During the filming process, the media exposed the night scene of “Knowledge”, Zhao Liying suddenly reached out and took Feng Shaofeng’s arm and walked all the way, like a lover.

In August 2018, Zhuo Wei broke the news that Zhao Liying was pregnant. As news on the Internet intensified, Zhao Liying responded, “I don’t know what to say, let me give you a split.” The meaning is obvious, that is, she denied her pregnancy. (This wave of operations is also one of the sources of Zhao Liying’s decline in popularity.)

One month later, the netizen came across Zhao Liying, who was wearing loose clothes with a raised lower abdomen, and then the staff again denied the pregnancy rumors.

Unexpectedly, only 2 months later, Zhao Liying and Feng Shaofeng published their marriage certificates, and the officials announced that they were married. Among the blessings of a large number of fans, there are also many voices of opposition.

The objection is because everyone thinks Feng Shaofeng is too carefree and not worthy of Zhao Liying.

On March 8, 2019, Feng Shaofeng posted on his personal social platform that his wife Zhao Liying gave birth to a child. At that time, a large number of condemning voices appeared again.

Because of the estimated time, when Zhao Liying and the studio denied that she was pregnant, Zhao Liying was indeed pregnant. Many netizens ridiculed Zhao Liying and slapped her in the face, and at the same time condemned Zhao Liying for not daring to admit it.

Of course, the fans who support Zhao Liying all sided with Zhao Liying on the grounds of “less than 3 months inconvenience to say”.

2019 was the year when Zhao Liying and Feng Shaofeng combined and interacted most frequently. The interaction between the two on social platforms was also very sweet. Netizens often come across them traveling together, eating and shopping together.

After about two years of this kind of life, Zhao Liying and Feng Shaofeng “birthdays” for each other twice, and the sweetness of the two seems to be vivid.

Even in February 2021, some netizens took photos of Zhao Liying and Feng Shaofeng traveling together in Sanya.

Unexpectedly, on April 23 this year, Zhao Liying and Feng Shaofeng unexpectedly announced their divorce. Netizens have speculated that the two may be contract couples. After all, from meeting and loving each other, getting married and having children, to divorce, they were not vigorous.

In any case, with Zhao Liying’s status, there should be a grand wedding, but it turned out to be none.

Having completed the most important life’s marriage and childbirth, and the task completed, Zhao Liying and Feng Shaofeng ended in a peaceful divorce.

Regardless of whether the speculation of the “contract couple” is true or false, Zhao Liying has returned to single and restarted her career.

Since then, Zhao Liying has added the title of “single mother”. I don’t know if Zhao Liying, who is divorced, can take resources to the next level?

On April 23, Zhao Liying’s studio issued a statement stating that Zhao Liying had divorced Feng Shaofeng. #赵丽颖官宣生日#

Zhao Liying and Feng Shaofeng announced their marriage in October 2018. They did not hold the wedding until their divorce. However, the two have reaped the crystallization of love in 2019.

Although the official divorce of the two people was indeed a bit sudden, Zhao Liying’s whole person did have a significant change after giving birth, which is also reflected in her style and fashion taste.

After Zhao Liying returned after giving birth, many netizens found that her temperament had changed. The earthy smell that had been ridiculed has disappeared.

Let’s take a look at Zhao Liying’s look before giving birth. Because Zhao Liying has thick eyebrows and big eyes, and her face is very sensual, she always gives people a sweet and lovely feeling. In the past, she also liked the cute ball head, which will make people feel that this is a sweet sister.

But the most commentary accompanying Zhao Liying’s style is still rustic. Although she has endorsed a lot of luxury brands and has appeared in many fashion magazines, she always seems to give people a sense of understatedness. She does not have the high-level sense of Ni Ni, Yang Mi or baby taking pictures, so she often It makes people think she can’t hold up a big name.

Zhao Liying always gives people a sense of soil, and this is actually for a reason. The first is the problem of her congenital face shape. Since her lower face is relatively wide, it is not a standard melon face, so it does not look so delicate.

The second is because of her previous style of dressing. Before getting married, Zhao Liying basically took the sweet route. Indeed, her face is really suitable for this style, but if you emphasize this feeling too much in the choice of clothing and accessories, it will make people feel a little too hard, or even It feels a bit earthy.

In addition, the failure of Zhao Liying’s modeling is actually affected by her own state. Zhao Liying’s professional ambition has always been very heavy. She spent almost all of her energy on work before giving birth. This also made her attach great importance to the events and magazines she shot every time she appeared in public. Always in a tight state, which is very different from the female celebrities in the same frame.

But after giving birth, Zhao Liying’s style of dressing changed significantly. The lovely sweet girl from before has now become an aggressive cold beauty.

As a mother, Zhao Liying no longer highlights her girlishness, but makes herself look more mature She will no longer use makeup to overemphasize her big eyes and thick eyebrows. Instead, she always wears high-level light makeup. With big red lipstick, she looks full of aura and she has the style of a strong woman.

Zhao Liying’s state when participating in the event has also changed. From the current picture, she can’t feel her tightness at all, but feels that she is in a relaxed and comfortable state. This may be released after she became a mother. Nature, and this really helped her to improve her temperament.

Nowadays, most of Zhao Liying’s looks will give people a gentle but sharp feeling, which may be a reflection of her true mood After all, the breakdown of the relationship with Feng Shaofeng will cause her a certain amount of harm. She will need to walk on her own in the future, and strength and independence are essential.

Zhao Liying has improved herself in many ways after giving birth. She has taken a fitness photo of herself. Looking at this excellent muscle line, it can be seen that she has really put a lot of effort into it.

In terms of career, she has also worked very hard, and won a number of fashion brand endorsements soon after 2021.

She also appeared at the party some time ago in dresses of Chinese brands, and her style and temperament have been well received by netizens.

After giving birth to a child, Zhao Liying has changed a lot. Now she has become more and more of the temperament of a strong woman. She is working hard to improve both in self-improvement and career. I believe that Zhao Liying will still be independent and strong after the divorce. After all, even if she only depends on I can live very well myself.

#赵丽颖#、#穿搭#、#生日#

Author: Alu

Editor in charge: Echo

I have to feel sorry, such a good pair is really unexpected!

I still remember her splitting diagram at that time. There were rumors about divorce very early. I didn’t expect it to be announced this morning. I can only sigh that life is a long time. It must be divided for a long time.

I liked to watch Zhao Liying’s TV dramas from a very early age, and then she became a fan of her. Zhao Liying not only has good acting skills and looks beautiful, but also special wears, just like the look below. A big wavy curly hair styling, matched with a white tube top dress, looks fairy-like, glamorous, and beautiful.

Although she is already a mother, Zhao Liying still looks very girly. She doesn’t look like 33 years old, she still likes an 18-year-old beautiful girl, wearing a tall ponytail with a black one. Sleeveless dress with a small belt around the waist, showing off an ant waist, which is really amazing. It doesn’t look like the figure of a child, but is still so tall and thin.

Her dressing skills are still worthy of us to learn from the options. When choosing clothes, we pay more attention to colors. In fact, we see that many female stars wear clothes in solid colors, and they don’t choose colorful ones. Clothes and fancy clothes will be wrong if you accidentally match them. Basic color clothes are very fashionable and high-end no matter how you match them. Zhao Liying’s little black dress is just like this. She has a pair of black pointed high heels on her feet, which is simply beautiful.

Black dress style selection.

The sleeveless dress above is more classic and looks simple. In fact, there are many styles of black dresses. The dress below is very elegant, with a printed design and asymmetrical cut design on the skirt corners. Long legs, eye-catching and steal the spotlight, but also added lace design, it looks more feminine.

Zhao Liying’s figure is also superb. Wearing this printed dress is full of bumps and convexities. It’s really charming. I have to say that the female star has a good body care. Even if she is already three and four years old, she can’t see it at all. A sign of good fortune.

Zhao Liying’s daily wear is also very good, with a white round neck T-shirt paired with high-waisted blue denim wide-leg pants, and a simple ponytail hairstyle. It is really charming to laugh, and the girly feeling is bursting. Now This kind of weather and temperature are too suitable for this combination. The sun is too big, and white ones don’t absorb heat.

Don’t tell me, Zhao Liying looks very girlish in her outfit, a princess curly hair style, matched with a white shirt, plus a strap dress, this kind of wear is so amazing, 33-year-old becomes 18-year-old. Beautiful girl, Zhao Liying has a good taste in clothes, dresses and casual wear are easy to control, full of girly feeling.

Okay, let’s stop here today. Zhao Liying is really a very beautiful and lovely girl. Zhao Liying and Feng Shaofeng are divorced, so there is no need to split the relationship in the future, although Zhao Liying and Feng Shaofeng have been officially announced. Divorced, no matter they believe that they will get better in the future, their life will be prosperous, just as beautiful as her outfit, and life will be beautiful, what do you think? ?

Disclaimer: The article is original and the picture comes from the Internet.

For 5000 years of Chinese history, there are “very few” emperors who can be called “benevolent emperors” and “ming emperors”. Qin Shihuang unified the six countries, but was called: “tyrant”. Liu Bang, the emperor of the Han Dynasty, established the foundation of the Han Dynasty, but he still couldn’t get rid of the taint of killing the heroes of the Han Dynasty by “flying birds with good bows. Emperor Taizong of Tang, who realized the “rule of Zhenguan” in the prosperous period of the Tang Dynasty, couldn’t help but regret the consequences of the Xuanwu Sect’s change. Song Taizu Zhao Kuangyin “Chen Qiao Mutiny”, “Yellow Robe added to the body”, “Glass of wine to release military power.” It is inevitable that people will “cold heart all sorts of”, “Yangwen suppressed martial arts”, it has created the tragedy of the Song Dynasty showing weakness. And is it true that Mingjun Renjun is the fourth emperor of the Song Dynasty, “Song Renzong Zhao Zhen”.

Born to be miserable

There is a play in Chinese opera called: “The civet cat changes the prince”, and the protagonist in it is Song Renzong Zhao Zhen. The story of “racing cat for prince” is now known as “a household name.” The legendary experience of the protagonist Song Renzong Zhao Zhen makes people feel distressed, and everyone knows them. During the reign of Song Zhenzong, Concubine Liu and Concubine Li became pregnant at the same time in the late years of Zhenzong. In order to fight to be the empress of the palace and the queen of the palace, Concubine Liu made a scheming plan and replaced the son of the Li family with a skinned civet cat, slandering Consort Li Gave birth to evildoers.

Song Zhenzong was “furious” and beat Concubine Li into the cold palace and made Concubine Liu his queen. Later, when the sky was angry and the people complained, the son of Concubine Liu died, and the baby boy born to Concubine Li was established as the prince and ascended to the throne after going through ups and downs. This is Song Renzong Zhao Zhen. Finally, with the help of Bao Zheng, Renzong learned the truth and confessed to his biological mother who had been blind, while Liu, who had been promoted to the Queen Mother, hanged himself in fear of sin. This is the result of the drama, but the truth is not the case. .

In the end, Song Renzong Zhao Zhen was convicted of unfilial piety by Bao Zheng. He took off his dragon robe and beat the emperor. Finally, the Queen Mother Li was relieved of anger before he took his biological mother back to the palace. It was also another opera “Dragon Robe”. The provenance. I have never seen my own biological mother and never enjoyed maternal love. This shows how sad Song Renzong Zhao Zhen was born!

The record of Song Renzong Zhao Zhen’s life experience in Song history is not as mysterious as in the opera, but the circumstances of birth and circumstances are similar. Song history records: Renzong’s biological mother, Li, was originally the maid of Empress Liu when she was a concubine. She was solemn and reticent. Later, she was favored by Zhenzong and became one of the concubines in the harem. Before Concubine Li, Empress Zhenzong had given birth to 5 boys, all of whom died one after another. At this time, Zhenzong was distraught, embarrassed that no one would succeed to the throne.

When Li was pregnant, he traveled with Zhenzong and accidentally touched the jade hairpin. Zhenzong secretly said: If the jade hairpin is intact, he will be a boy. The jade hairpin was fetched from left and right, and it was as good as ever. This legend reflects the eagerness of Zhenzong to be thirsty for children from the side, and it is also a true portrayal of Zhenzong’s helplessness to ask for help from the gods. Although it is not entirely credible, it is certain that Li did give birth to a baby boy. Zhenzong’s middle-aged son was naturally overjoyed.

Song Renzong Zhao Zhen still had time to open his eyes to remember the face of his biological mother. With the acquiescence of his father, Zhenzong, he was “taken as his own son” by Concubine Liu, who had never been able to give birth, and was raised by Concubine Liu and Concubine Yang Shu. The birth mother, Li, was frightened by the power of Empress Liu, and could only watch her child being taken away by others, but she did not dare to show any dissatisfaction. Otherwise, she would not only endanger herself, but also bring disaster to her own son. In the end, Song Renzong’s biological mother, Li, died inexplicably. Everyone knew the stakes involved, and only then would there be suspicions and suspicions that the civet cat changed the emperor.

It was not until the death of Empress Liu, that Renzong Zhao Zhen became an adult and became an adult. He only knew the deeds of his biological mother and knew that he was not Empress Liu’s son. So when he knew about this, he felt so much pain in his heart.

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Retry

Enthroned without power, lenient Liu E

In the first year of Qianxing, Song Zhenzong Zhao Heng died of illness. Zhao Zhen, who was only 13 years old, inherited the throne and was known as Song Renzong in history. Because Renzong was too young, the Queen Mother Liu E first listened to politics, and Song Renzong became a powerless puppet emperor. All things big and small must be approved by the Queen Mother before they can be implemented.

As Emperor Renzong gradually grew up, Empress Dowager Liu E did not intend to “return politics to power”, but continued to listen to politics and handle national affairs on behalf of Song Renzong. This made Song Renzong who had a big revenge very distressed. The empress dowager Liu E died of illness in the second year of Ming Dao, and Song Renzong became pro-government in 1033. So he started the “Renzong ruling the world” under his rule.

It was only after the death of the Queen Mother Liu E that a group of officials played the matter of Song Renzong’s biological mother. So Song Renzong, who had just taken office, “sorrows and joys”, the joy is that he finally takes office and can perform his own big revenge. The sad thing is that he has never seen his biological mother, and the empress dowager Liu E is just an adoptive mother.

According to the minister’s account, the queen mother Liu E was the murderer who killed her own mother. She originally thought that Song Renzong and Zhao Zhen would “Settle after Autumn”, Abolish Liu E’s position as queen mother, and make her own biological mother the queen mother. However, the confirmation of this eternal benevolent gentleman made us unexpected and admired. Its method is to retain the Queen Mother Liu E’s position as queen, and enter the Song Zongmiao with his mother. Song Renzong’s “benevolence” was “extremely incisive” at this point, and he used his “benevolence” to forgive Liu E.

Eternal Renjun

Song Renzong’s benevolence lies in the Great Song Dynasty and in the later dynasties. Zhongdu is very famous and is known as “the first man in the ages.” , I think this good name should be “deserved of its name.” As the fourth emperor of the Song Dynasty, he had the supreme position and had the right to live, kill and seize. However, Song Renzong did not abuse his power. Historical records: Song Renzong tried and tried again every year during the execution of the Autumn Judgment. After checking and checking again, he was afraid that one of his own negligence would cause the end of an innocent life under the red pen.

Song Renzong had the supreme power as the emperor, but he was full of awe of heaven, earth and nature. According to historical records: Song Renzong was hungry and wanted to eat roast mutton. However, taking into account the needs of the people in the palace, he followed suit. He was worried that after he ate roast mutton at night, the people would kill sheep every day and kill people. Endure it.

On the second day, the waiter beside him said why not let it be delivered? Song Renzong said at this time: “If I can’t bear a momentary hunger, I will cause endless killings, and I will be violently sending heavenly things.” Now it seems that there is such a natural awe of heaven and earth, the emperor is really rare. Song Renzong’s benevolence is benevolence into the bones, between benevolence and thousands of living beings, and it is the blessing of the people of the Song Dynasty.

According to historical records, Song Renzong was walking in the imperial garden once, because he was thirsty and wanted to drink water, but the attendant did not bring the water because of his negligence. According to the emperor in the past, he would definitely be furious, and under the wrath of thunder, corpses were everywhere. However, Song Renzong’s approach made us unexpected. Song Renzong not only did not blame the waiter, nor did he ask the waiter to come and fetch the water. Because the imperial garden was far away from the palace, Song Renzong worried that the waiter had to go back and forth for a long time and hard work. Instead, he held back his thirst and kept returning. When I arrived at the palace, I started to drink water by myself. An emperor, an emperor who has the power to live and kill, does not rely on his own convenience in everything, but first considers the feelings and consequences of others, and thinks for others, which is really difficult and difficult.

Song Renzong’s “benevolence” is not only for thousands of living beings, not only for the waiters around him, but also for the ministers and scholars of the Song Dynasty to the extreme. Regarding the state affairs and personnel appointment and dismissal of the Song Dynasty, Song Renzong would adopt the method of court deliberations to make decisions, rather than acting alone. There are historical records, Song Renzong wanted to promote his favored Zhang Meiren’s uncle “Zhang Yaozuo” to Xuanwei’s ambassador. After discussing with the prime ministers, he took justice to the court, but he just proposed this plan. Yu Shi Bao Zheng Bao Qingtian The first one to stand up against it.

To know this Bao Zheng is “iron-faced and selfless”, and the master of “righteousness” can be said to see who he is. . In the face of Song Renzong, Bao Zheng never gave up his principles and must exercise his right to imperial history. Bao Zheng angered Song Renzong: This is the reputation and credit of the “super-excellent” Zhang Yaozuo, it is impossible to get this position, only relying on the merits of his niece as a beauty, and has no contribution to the country! When Bao Zheng was angry with Song Renzong, his attitude was “extremely violent.” When he spoke, the “spit stars” danced and splashed on Song Renzong’s face, making him embarrassed and annoyed. In the end, he could only cover his face with long sleeves. Bao Zheng’s “Spitting Star”, did not speak, swallowed his breath, and gave up this proposal.

We must know that in the feudal dynasty where the monarchy is supreme, this is a great disrespect to the emperor, and this is to prevent the emperor from getting off the table. To put it among other emperors, Bao Zheng was worried about his life, Xiang Shang was no longer there, and he would surely end up robbing his family and annihilating the clan. However, it was Song Renzong, who was such a “benevolence” who became a famous official of the Song Dynasty. Not domineering, not domineering, do not use power to suppress others, let alone bully others, it is even rarer to be the emperor of the “Ninth Five-Year”.

The stars hold the moon

Song Renzong is a good emperor who “exercises benevolent governance” and a good leader who loves “talents”. For the love of talent, he” eagerly “First of all, he knew to govern the country well, To “rule the monarch and his subjects at the same time”, we must have talents , The vision is unusually unique. Song Renzong attached great importance to the imperial examination and reached the top of the glory of the Song Dynasty. And the strategy and history of the Song Dynasty’s “reporting literature and suppressing martial arts” created a world of literati and also created the Song Renzong dynasty. All the stars hold the moon “The literati world. It also achieved Song Renzong’s “Renzong Shengzhi”, achieved the world’s great governance, and achieved a flourishing age.

Among the eight great masters of the Tang and Song Dynasties, 6 were from the Renzong dynasty of the Great Song Dynasty. The great writers Su Shi, Su Xun, Su Che, and the three fathers and sons were all promoted by Song Renzong and became “famous” and “famous throughout the ages.”And Wang Anshi, Sima Guang, Ouyang Xiu, Zeng Gong, Song Qi, these literary superstars also became a world literary hegemony through Song Renzong’s care and love. . Fu Bi, Han Qi, Wen Yanbo, Fan Chunren, these famous ministers from the Song Dynasty also came from the love of talent. Zhang Zai, who “sets the heart for the heaven and the earth, sets the destiny for the life and the people, continues to learn from the saints, and opens peace for all generations”, is a famous minister personally selected and reused by Song Renzong.

People like Shen Kuo, Su Song, Cai Xiang, Wen Tong, etc. are all talents discovered and promoted by Song Renzong through imperial examinations. , The famous minister Bao Zheng Bao Qingtian was also a talent selected by Song Renzong. It was Song Renzong who made Bao Zheng’s first generation of integrity, and made him a famous minister in the flourishing age, and made him fearless of power, upright, and selfless.

Famous officials like Yan Shu and Fan Zhongyan were created by Song Renzong I. They straddled the Great Song Dynasty. Zhong Jiajun, who planted Shiheng and Di Qing, who made the Daliao “fearful”, were promoted and reused by Song Renzong, and also defended the Song Dynasty. Of the country.

Therefore, the real “universal rule of the emperor and his subjects” was regarded as the real “simultaneous rule of the emperor and his subjects” in Song Renzong’s dynasty. Other dynasties are shouting slogans, to truly achieve “the ruler of the monarch and his subjects”, how big the mind and courage the emperor has. Few emperors can do it.

Childless successor

Song Renzong was lucky. In any dynasty, talents came out in large numbers, and the emperor and ministers together created the “” Renzong Shengzhi year of great governance, but Song Renzong was also unfortunate. Unfortunately, he had no children.No one inherited his last wish, no one inherited his first aspiration . The middle-aged Zhao Zhen, who had no children at his knees, brought Pu Wang Zhao Yun to the thirteenth son Zhao Zongshi (later renamed Zhao Shu, Song Yingzong) to join the palace and handed over to Queen Cao to raise him and was determined to be the crown prince. However, in the second year of Baoyuan, Zhao Xin was born because of Concubine Miao, Zhao Zhen of Song Renzong sent Zhao Zongshi out of the palace again.

However, Zhao Xin, the prince born to Concubine Miao, died, and Song Renzong cried bitterly for three days. Then all the princes born to other concubines also died. Song Renzong Zhao Zhen was in poor health and experienced the loss of three consecutive sons (Zhao Xin and Yang Wang Zhao Fang). (Jing Wang, Zhao Xi)’s trauma, and his heart is heavy, and the court is deeply concerned about the issue of the emperor’s heir. After repeated persuasion by Prime Minister Han Qi and ministers Bao Zheng, Fan Zhen, Sima Guang, etc., Song Renzong Zhao Zhen formally established Zhao Zongshi as the crown prince in August of Jiayou, and gave him the name Shu. Think about how painful Song Renzong felt when he made this decision.

Sorry to collapse

In February of the eighth year of Jiayou, Song Renzong Zhao Zhen could not afford to be seriously ill. On March 29, Song Renzong Zhao Zhen died at the Funing Hall in Bianjing, at the age of 54. The posthumous name was Emperor Wu Mingxiao, the title of God Wen Sheng, and the temple name was Renzong. In October, he was buried in Yongzhao Mausoleum. According to historical records, after the obituary of the death of Zhao Zhen of Song Renzong was sent to the Liao Dynasty, “people in the Yan realm cried no matter how far or near.” Yelu Hongji of the Liao Dao Zong also grabbed Song Shi’s hand and mourned: “Forty-two I didn’t know the military revolution in years.” Then he said: “I want to build a burial mound for him, and put his grief on him.” Since then, the monarchs of the Liao Dynasty have “honored him as their ancestors”.

After his death, the monarchs of other countries can cry so bitterly. It is estimated that only Song Renzong can “have this honor” in history. It can be seen that Song Renzong’s benevolence has crossed thousands of mountains and rivers to integrate into other countries. Called the second in history, no one dared to be the first.

Conclusion

Reigned for forty-two years, Song Renzong, who was the longest emperor in the Song Dynasty, created a prosperous age, “cultivating with the people” and “cultivating with the country”, he made history, and he made the first emperor of the Song Dynasty. , It was he who made a world famous minister. But God did not accomplish him, even if he was on the throne for another ten years, even if he was given a chance to choose his son to inherit the throne, perhaps the tragedy of “Jingkang Shame” in the late Northern Song Dynasty would not occur.

Therefore, Song Renzong’s life was “high driving and low going”, and the tragic ending also had to make people of later generations regret.

For example, Deng Lun’s “One Thousand and One Nights”, Zhang Binbin’s “Qin Shi Liren”, Huang Jingyu’s “Happiness, within reach”, Zhou Yimin’s “Fire as a Song”, Gao Weiguang’s “Three Lives Three Worlds Pillow Book”, etc. And so on, these are not considered hot styles. Now it seems that the “Long Song Xing” starring Wu Lei and Zhao Lusi is also very difficult to burst.

Maybe many people will use “Three Lives III, Ten Miles of Peach Blossom” and “Kara Lover” to refute. The problem is that these two are really selling well, but they are Yang Mi and Tang Yan respectively, so it’s not her.

Maybe there are netizens who will say that “Beautiful Li Huizhen” is very popular and won a grand prize. But the drama was popular not because of how well it played, but because it caused huge controversy after she won the Golden Eagle Double Vision.

Looking at the work is the confidence that fans like idols. This sentence is indeed good, but for Reba, this sentence is really a bit hypocritical. The top is Zhao Wei and Zhang Ziyi and other big flowers, the bottom is Yang Mi and other 85 flowers, and the bottom is Yang Zi and 90 flowers. There is at least one well-known big hit work, and Di Lieba is the only actress who has no big hits. …

That year, Reba was still a student at the Shanghai Academy of Traditional Chinese Opera. He blushed after a few words and secretly ran to participate in the audition of Lu Chuan’s “Feast of the King” and “Yuji” Shanghai Station. Although he lost the election in the end, it caused the director and Yang Mi noticed that Lu Chuan took a photo of Reba on the spot and posted it on social media, calling the girl “a warm response from the masses.”

At this time, Yang Mi has already become popular in the entertainment industry. After all, he was born as a child star. He has a long acting career, looks beautiful, and has good acting skills. A firm foothold is the kingly way, so Yang Mi does not want to continue to be popular at this time. , But want to establish a company, the right time and place, people and people, Reba came.

Two years later, Reba went to Beijing to be interviewed by “Micro Times”, but she was still not confident that she did not know that she had been delineated by Yang Mi. In addition to Reba, this youth idol drama also includes Zhang Yunlong and Li Xirui. , Gao Weiguang, Zhang Binbin, etc…These actors will all become Yang Mi’s “Humanity” and the mainstay of “Yangjiaban” in the future.

Which work does everyone think is more worthy of “explosion”?

“Technological innovation” has become a hot topic in the Internet industry. What kind of innovation is the innovation that a technology company should have? Through “China Innovation Company 100”, we try to answer these questions.

Recently, Sohu Technology held the first phase of the “China Innovation Company 100” chip series salon event. Liu Leibo, long-term professor of Tsinghua University and distinguished professor of Changjiang Scholars, Wu Youwen, vice president of Wingtech Technology, and Zhao Zhanxiang, partner and chief technology officer of Yunxiu Capital, discussed the new opportunities for domestic substitution under the global core shortage. This article is a wonderful view shared by Zhao Zhanxiang at the salon.

Zhao Zhanxiang, partner and chief technology officer of Yunxiu Capital, participated in the online salon discussion

Produced | Sohu Technology

Author | Liang Changjun

Edit | Yang Jin

Under the global core shortage, the domestic semiconductor primary market is still hot. Recently, at the first phase of the “China Innovative Company 100” chip series salon held by Sohu Technology, Zhao Zhanxiang, partner and chief technology officer of Yunxiu Capital, mentioned that in the past two years, investment institutions have begun to look at semiconductors, and many are rushing to pre- -IPO projects, but some institutions are not pure investment, but are highly speculative.

This wave of intensified core shortages does not seem to affect the market’s pursuit of semiconductors, but the impact on enterprises is real. Zhao Zhanxiang said that compared with the shortage of memory chips in 2016 and 2017, this time there is a shortage of cores in the entire industry, which is relatively rare, and has a different impact on each link in the industry chain.

For terminal manufacturers, relying too much on a certain supplier may be affected to a certain extent; design companies and Foundry (chip foundries) with production capacity or stocks on hand can adjust their product structure and prioritize production of high profitable ones. Products, earn more money; some start-up companies are expected to get the opportunity to enter the supply chain of major customers; the most influential companies are those that have no capacity before and want to take capacity temporarily.

For investment institutions, in addition to listing, mergers and acquisitions are also an important exit path, but the current domestic semiconductor mergers and acquisitions are not active. Zhao Zhanxiang believes that in a few years, the number of mergers and acquisitions by Chinese semiconductor companies will be very large, and the scale will gradually increase. Now there are three or four thousand domestic chip companies, and it is expected that in 10 years, there will be more than 50 companies with a market value of more than tens of billions. US dollars, in which many mergers and acquisitions will occur.

Different types of companies have different merger strategies. He said that mergers and acquisitions of digital chip companies are often for the deployment of new products or next-generation technologies-taking time to do it yourself, it is easy to miss the time window, and it is better to acquire start-up companies that have done better. M&As of analog chip companies are more to expand product lines. The more products and the more complete they are, the easier it is to be favored by customers, but a company often cannot do it all by itself.

In the salon exchange, Zhao Zhanxiang also shared his views on the core manufacturing of major Internet companies from the perspective of investment. He believes that domestic Internet companies must first solve the business model problem of making cores. Either turn the chip into a product that helps the company make money, or invest in an independent chip company outside and have a certain control over it. These companies can also use their own The platform is growing rapidly, and the latter is a better way.

Regarding the investment opportunities under the domestic substitution, Zhao Zhanxiang said that now semiconductor investment has entered the deep water zone, all the good fruits have been picked, and the rest are difficult to pick. He mentioned that since the beginning of this year, investment institutions are also focusing on areas with deep moats, low localization rates, and large capital needs, such as large chips such as CPUs and GPUs, and EDA.

In addition, IDM-based domestic memory chip manufacturers and third-generation compound semiconductor manufacturers have also raised large amounts of financing this year; automotive sensors, radars, and high-end chips in the industrial field are also very hot, with high thresholds. , Has the ability to expand horizontally in the future.

He also called on the state to have more policy support for chip companies that are willing to sit on the “cold bench”, difficult and long-cycle chip companies, and investment institutions should be more patient and pay attention to more early stage and greater value for China’s innovation. the company.

The following is Zhao Zhanxiang’s sharing record (deleted and sorted out)

Sohu Technology: You have been in contact with many startups. What impact does the current lack of cores have on them?

Zhao Zhanxiang:The impact of the lack of cores on each link of the industry chain, such as terminal manufacturers, intermediary agents, chip design companies, and Foundry (chip foundry), is different. For terminal manufacturers, relying too much on a certain supplier will be affected. For example, a certain chip of a mobile phone manufacturer has always come from one supplier. Suddenly the capacity of this supplier is tight. At this time, it is difficult to transfer to another supplier. Without a long-term cooperative relationship, the other party will not temporarily give you the capacity. .

When I made memory chips myself, it was normal to be out of stock, especially memory chips have a very strong periodicity. For example, in 2016, NAND FLASH (flash memory) was in short supply globally; in 2017, DRAM (memory) chips were in short supply globally, and the price increased seven times. If the agent has gone through this cycle, it can predict the situation of tight production capacity and stock up in advance.

For design companies and Foundry, if it is a company that has production capacity or stocks on hand, it actually hopes that it lacks cores and raises prices, so that its profits will be higher. If there is a relatively stable supply of production capacity, the response to the shortage of cores will be adequate. Although the production capacity cannot be further increased, the proportion of some high-margin products can be expanded. In this way, although the overall sales revenue volume does not grow so fast, the gross profit increases, and the final profit margin will increase.

In addition, under the current situation, large customers are also willing to introduce new suppliers, which is just an opportunity for some start-up companies. But it does have an impact on small, low-capacity companies, and these companies still have to reserve cash for the winter at this point in time. The biggest impact of the lack of core is that companies that did not have production capacity before, and want to temporarily take production capacity, now it is difficult to squeeze production capacity.

Sohu Technology: There were also global core shortages in 2016 and 2017. What is the difference between this time and the previous ones?

Zhao Zhanxiang:The semiconductor industry has been cyclical since its inception, and it is difficult to fundamentally solve the lack of core tide. The core reason is that it takes more than a year for semiconductor production capacity expansion, but demand is increasing rapidly. In 2016, NAND FLASH shifted from 2D technology to 3D technology. 2D production capacity was partially withdrawn and turned to 3D. However, the yield rate of 3D did not increase, resulting in a decrease in market supply, and increased demand for mobile phones and data centers. PC SSD (solid state) Hard drives) have increased in capacity and demand soared. This is the same as the memory shortage in 2017, which is an imbalance between supply and demand.

This time there is a shortage of cores in the entire industry, which has a lot to do with the epidemic and the rapid spread of 5G mobile phones. Market demand has increased and supply cannot keep up. This kind of large-scale core shortage is relatively rare, and companies need to prepare in advance to stock up in advance when there is a sign of core shortage. In addition, the financial strength must be large, and a long-term cooperative relationship with the fab is also required.

Sohu Technology: How do you view the opportunities for domestic substitution from the current shortage of cores? How to treat the current level of localization?

Zhao Zhanxiang:What domestically produced substitutes have to solve is the stuck neck problem. Now the good fruits of the semiconductor industry have been picked, and the rest are more difficult to pick, such as CPU, GPU, DSP, FPGA, and memory chips NAND FLASH, DRAM and other fields with a low localization rate. These localization rates in the next ten years need to exceed 50% or even higher, which is a very difficult task.

Semiconductor manufacturing equipment and materials currently have the greatest impact on the neck. China can now build lithography machines, but it is relatively low-end and can only do 90nm. Once the key materials, key EDA tools used for designing chips, and IP are blocked, it will have an impact on the industry. It is also very large, and it is urgent to realize domestic substitution.

On the other hand, my country’s innovation fields need to be synchronized with the world, such as quantum chips, photonic computing, and new sensors in mobile phones. Now we are faster in the iterative speed of new technologies than abroad, the pace of work is faster, capital investment, human investment are stronger, there are reasons to be more confident in our level of innovation.

Sohu Technology: Semiconductor investment has been very hot since last year. Under the tide of domestic substitution, what are the relatively large investment opportunities?

Zhao Zhanxiang:Yunxiu Capital has been paying attention to the semiconductor industry very early. According to our observations, there were not many investment institutions that looked at semiconductors before 2017. After the ZTE Huawei incident, many institutions began to look at this field. Semiconductors are not only a policy-oriented market, but there is really strong market demand. Large domestic customers used to have only the top three suppliers in the world, but now they also want to supply the domestic supply chain. This is a big market opportunity.

After the establishment of the Sci-tech Innovation Board, semiconductor companies performed very well on the Sci-tech Innovation Board. Although the number of the SCI-Tech Innovation Board accounted for only 15%, the total market value exceeded 30%. Last year, the market value increased by an average of 40%. Due to the popularity of the science and technology innovation board, the amount of investment in the primary market of semiconductors last year exceeded 140 billion yuan, a nearly five-fold increase compared to 2019. Last year’s primary market equity investment enthusiasm was mainly concentrated in Pre-IPO projects, but their valuations are very high, and the return on exit may not be that large. Everyone is going to grab the Pre IPO quota. It is no longer pure investment, but very speculative.

This year, many investment institutions are focusing on areas with deep moats, low localization rates and relatively large capital needs, such as large chips such as GPUs and CPUs, and companies in areas such as EDA software. IDM’s financing this year is also very large. Many domestic memory chip manufacturers and third-generation compound semiconductor manufacturers are all in the IDM model. Subdivision areas have also attracted much attention, such as automotive sensors, radars, and high-end chips in the industrial field. The threshold is very high, and the future has the ability to expand horizontally.

Sohu Technology: For investment institutions, mergers and acquisitions are also an important exit path. What do you think of the M&A trends in China’s semiconductor industry?

Zhao Zhanxiang:Last year, global semiconductor mergers and acquisitions were very hot, and the overall capital estimate exceeded 100 billion U.S. dollars. M&As of overseas giants often lie in their strategic layout. There are not so many domestic mergers and acquisitions, but now there are three or four thousand domestic chip companies. In 10 years, there will be more than 50 companies that will become tens of billions of dollars. There will be many mergers and acquisitions. Integration occurs mainly due to three factors:

First, the market value of leading companies in the industry is relatively high, and they need to install new assets to support their stock prices; second, digital chip companies need to lay out the upstream and downstream industrial chain, and analog chip companies need to increase product lines in order to continue to expand; third , The future liquidity of small market capitalization companies on the Science and Technology Innovation Board may not be so good, and capital withdrawal after listing may not be ideal. It is better to sell to large companies for cash in advance. Therefore, the number of mergers and acquisitions of Chinese semiconductor companies in the future will be very large, and the scale will gradually increase.

Sohu Technology: If domestic chip companies become bigger and stronger, are mergers and acquisitions necessary? What are the differences in M&A strategies for different types of companies?

Zhao Zhanxiang:The threshold of the semiconductor industry is very high. If you do not acquire, you need to do it yourself from scratch, and the time and cost to spend is very high. So now many companies are willing to go overseas mergers and acquisitions, because overseas companies have already accumulated a lot. However, the ultimate goal of the acquisition is either for technology or for the team, but if it cannot be digested, the value of the acquisition will not be that great.

From the perspective of the development of technology companies, it is common for large companies to acquire small companies, but the acquisition strategies of digital chip companies and analog chip companies are different. Digital chip company acquisitions are often for the layout of the next product or next-generation technology. There are many new directions, and it is impossible to invest heavily in research and development for each. Instead of spending four or five years trial and error, it is better to acquire a ready-made company so as not to miss the time window.

Many times analog chip companies merge to expand their product lines. China’s largest analog chip company now has thousands of product lines, and giant companies such as TI and ADI have tens of thousands of product specifications, which is convenient for customer supply chain management and has a great advantage in winning customers. Therefore, for domestic analog chip companies, the future will definitely increase product lines through mergers and acquisitions.

Sohu Technology: From an investment point of view, how do you think about the Internet to make cores? What problems will you face?

Zhao Zhanxiang:Internet companies must first solve the business model problem for core manufacturing. Internet companies may only need hundreds of thousands or millions of chips a year, while the chip industry has technological iterations every year, and the annual investment in new products is high or even doubled. How can Internet manufacturers bear the cost? Strength to feed the chip team? This is difficult commercially.

Foreign Google and Amazon are very successful in making chips. They are not made to digest the chips by themselves and reduce costs, but are strategic layouts. Through self-developed chips, the number of virtual machines supported by a single machine increases, and then the services are sold to cloud computing customers. , To recover the cost of the chip through service.

How do domestic Internet companies recover the cost of making chips through services? Either through business model innovation to turn the chip into a product that helps the company make money, or invest in an external independent chip company to have a certain degree of control over it, and let them grow quickly with their own platform. This is a better way.

Sohu Technology: Do you have any suggestions for promoting the development of China’s chip industry and domestic substitution?

Zhao Zhanxiang:The Sci-tech Innovation Board needs to continue to encourage high-quality loss-making companies to be listed. The development cycle of chips is very long, and it is difficult to generate tens of millions or hundreds of millions of profits in the short term. If these companies are required to make profits before they can go public, everyone is not willing to make difficult chips, but will be short and fast, attracting speculative people. , This is bad for the industry.

The country needs to have some policy inclination for companies that are willing to sit on the “cold bench”, with long cycles and high difficulties. Many institutions now tend to invest in Pre IPO projects for short-term IPOs and exits. This is not very helpful for many innovative companies or companies that really need money. Therefore, I also hope that the exit cycle of investment institutions can be longer and be patient to invest in earlier and earlier, Companies with greater innovation value to China.

In the video, Zhao Wei’s black mid-length hair shawl is generous and elegant, her face is exquisitely made-up, her red lips are full of spirit, and her skin care is also in place. Wearing a blue casual jacket, a pair of presbyopic shorts, and a pair of black hollow high boots, the whole person is standing on the stage eccentric and cute, his state and temperament are still young and energetic.

Some netizens commented that “Years are never defeated beauty, still elegant and majestic!”, and some netizens praised the “temperament beauty Zhao Wei”.

Zhao Wei can be said to be an actor who accompanies the 80s, 90s, and even 00s who have grown up. The representative works “Returning the Pearl” and “Deep Love in the Rain” have been deeply rooted in the hearts of the people. Whether it is “Little Swallow” or “Yiping”, the images in the play are very beautiful, especially the two big watery, talking eyes, which are especially pitiful.

Zhao Wei’s charm has been released since she was in school. According to people familiar with the matter, Zhao Wei was liked by many boys because she was so good-looking when she was a student, and she even cried because of it.

Huang Xiaoming, who has always had the image of an overbearing president, also became soft when facing Zhao Wei. The friendship between the two of them has been more than 20 years. Huang Xiaoming has never concealed his love and appreciation for Zhao Wei.

Today, 45-year-old Zhao Wei is back on the screen and starred in a 28-year-old woman in the new drama. In the still picture below, Zhao Wei is still full of collagen and full of vitality, and her image is praised by netizens.

Zhao Wei’s superb appearance was also very fortunately passed on to her daughter Xiao Siyue, especially her big watery eyes. Xiao Siyue’s appearance is simply a copy of “Little Swallow”, cute and weird.

Finally, I look forward to Zhao Wei bringing us more wonderful works in the performing arts circle, and I also wish Xiao Siyue a healthy and happy growth.