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Welcome to the Autohome Weifang promotion channel, which brings you the latest and most affordable car information. Currently, a high-profile promotion is being carried out in Weifang, with a maximum discount of an astonishing 51,000 yuan, making the original high-end Mercedes-Benz GLE coupe more affordable. The minimum starting price has been reduced to 792,800 yuan, which is undoubtedly a not-to-be-missed opportunity for consumers who love this luxury coupe model. To take advantage of this price reduction, please click "Check Car Price" in the quotation form to get more detailed information and strive for higher car purchase discounts.

The Mercedes-Benz GLE coupe exudes a unique charm with its elegant and powerful design. The front face is made of the iconic double kidney air intake grille of the Mercedes-Benz family, and with sharp LED headlights, it shows the perfect combination of luxury and technology. The body lines are smooth, and the back-style design gives it a dynamic coupe style. The overall shape reflects Mercedes-Benz’s unique interpretation of luxury sports wagons.

The Mercedes-Benz GLE Coupe has a dynamic body profile with elegant and smooth side lines. The body size is 4941mm x 2018mm x 1716mm, and the wheelbase reaches 2935mm, which provides a spacious space for passengers. Its tire specifications are 275/50 R20 for the front and 275/50 R20 for the rear, which not only guarantees driving stability, but also complements the body design. The streamlined design on the side of the car fully demonstrates the perfect combination of luxury and power.

The interior of the Mercedes-Benz GLE coupe attracts the eye with its elegant and technological design style. The steering wheel is made of genuine leather to provide a comfortable grip, and supports manual and electric up and down + front and rear adjustments to ensure the driver has the best driving experience. The central control area is equipped with a 12.3-inch high definition central control screen, which integrates functions such as multimedia systems, navigation and telephone, which is convenient to operate and clearly displays information. As for the seats, both the front and passenger seats are made of imitation leather, which provides good ride comfort and supports multi-directional adjustment, including front and rear, backrest, height and waist support, as well as heating and ventilation functions. The driver’s seat also has an electric memory function, which reflects the thoughtful consideration of the driver’s needs. In addition, the car is also equipped with a USB/Type-C interface and wireless charging capabilities for mobile phones, providing passengers with convenient multimedia connectivity and charging services.

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In the fourth quarter, Dragon TV and Zhejiang TV jointly broadcast the TV series "True Youth", which released the investment proposal. Starring Wu Jinyan and Yin Tao, with Peter Ho, Hong Yao, Zuo Xiaoqing, Liu Mintao and other special stars, it is an inspirational struggle energy drama for women in the workplace, which tells the story of Zhang Xiaoyu, a newcomer to the post-90 s workplace who has won the appreciation of Rei Lin, the sales director of SW, an internationally renowned cosmetics company, and got a job opportunity because of her extremely high sales talent. Struggle all the way in the work, and finally realize the story of career ideals and self-worth.

Wu Jinyan, as the heroine of the play, stands in the C position, with the first name, but her design and acting skills are not dominant, so she is easily hanged. You don’t need to look at other introductions further. Just look at a few simple synopses, and you can probably guess that Wu Jinyan is bound to play the rampaging heroine, while another heroine, Yin Tao, plays a career Bai Gujing.

One is a clueless girl in the workplace, and the other is a female elite in the workplace who knows the law of the jungle. Even in normal life, it is obvious which person everyone will prefer. Put it in a TV series, the annoying place will be magnified many times in an instant, which is even more annoying. It is doomed that the heroine played by Wu Jinyan will not necessarily win everyone’s love from the person’s design, and with the capable and clever foil next to Yin Tao, the role may "die" very ugly.

It’s just that the characters are not dominant, and the more deadly place lies in the actors who cooperate this time. Let’s say that Yin Tao, who is also the heroine, has not produced for a long time, and he is also very low-key. He is the first grand slam in the 1970s. The Golden Eagle Award, Flying Award, Magnolia Award and China, these top TV drama awards, Yin Tao has achieved two rounds of achievements. What is even more admirable is that Yin Tao’s award-winning TV dramas are not melodramatic dramas. On the contrary, all the ministries can create explosions with both classics, such as Chicken Feathers Flying to the Sky and Wenzhou Family.

Take the TV series "Chicken Feathers Fly to Heaven" as an example. Many netizens commented that they were supposed to watch it with their elders at home, but in the end they got deeper and deeper in this drama. Zhang Yi, the hero of the play, is now a hot topic. It is because of this play that he shines brilliantly, and Yin Tao, who can easily catch up with Zhang Yi’s immortal acting skills in the whole play, has made quite good contributions. So it is conceivable that Yin Tao is also an absolute strength, so Wu Jinyan’s acting skills are not qualified enough in front of Yin Tao, and it is really necessary to put a question mark on her here.

Of course, in addition to Yin Tao, there are two actresses with special leading roles, which also give Wu Jinyan a headache. One is Liu Mintao and the other is Zuo Xiaoqing.

Now when it comes to Liu Mintao, everyone smiles. The hottest thing in the entertainment circle this year is the wind coming from my sister, and one of the main boosters who can make this wind blow to the peak is Liu Mintao. In a party, Liu Mintao wore a red dress and sang "Red High Heels". The intoxicated and swaying state released her feeling of self, which made many netizens shout true, fun and interesting. Liu Mintao’s own personality is also very different from the role she created. In reality, she is an independent woman who dares to love and hate, divorced decisively in pursuit of freedom, and looked for herself. However, she can play a big sister in the play, or a thoughtful quiet princess with full role-shaping, which makes her acting skills highly recognized by everyone.

Another Zuo Xiaoqing, it seems that in the eyes of today’s young audience, she doesn’t produce much, won many prizes, and is not particularly famous, but you know, she is Chen Daoming, who has been rubbing her hands in the entertainment circle for many years and has always had a particularly good reputation, and she is the only actress who has had an affair. In 2003, Chen Daoming’s mobile phone chose the heroine, and Chen Daoming saw Zuo Xiaoqing who was very similar to his wife Du Xian when she was young. Later, two people starred in two works, Divorce in Chinese Style and Eating Hard. An actress who can make Chen Daoming "go to sea" expects that her strength should not be too bad in any way.

Wu Jinyan has to face these three actresses. Although an actor who doesn’t want to be the protagonist is definitely not a good actor, whether he can chew this hard bone or not depends on the strength and opportunity of the actor himself. Trade rashness always stands in the center, self-righteous, but maybe the final result is exactly the opposite of what you expected. On-Moon Arc

　　BEIJING, Dec. 8 (Xinhua) According to the website of the Smithsonian Institution National Zoo in the United States on the 7th, according to the newly renewed agreement between the zoo and china wildlife conservation association, the American giant pandas Meixiang and Tiantian and their cubs Little Miracle will live in the United States until the end of 2023.

　　Image source: Screenshot of the Smithsonian Institution National Zoo website.

　　According to the website, Steven Monfort, John and adrianna Mars, directors of the Smithsonian Institution’s National Zoo and Biological Protection Institute, said in a statement, "We have long-term cooperation with our colleagues in China to study, care for and save giant pandas, and now we will cross the half-century mark."

　　Monfort also said, "I look forward to the next three years with millions of Americans, watching ‘ Small miracle ’ Growth has made greater progress in protecting giant pandas and our understanding of giant pandas. "

　　The picture shows Mei Xiang at the Giant Panda Pavilion. China News Service reporter Chen Mengtong photo

　　At the end of 2000, Mei Xiang and Tian Tian, a male giant panda, arrived at the National Zoo in Washington to start their career in the United States. "Meixiang" gave birth to six cubs from 2005 to 2015, of which three survived and grew up healthily, and all returned to China at the age of four.

　　The picture shows Mei Xiang at the Giant Panda Pavilion. China News Service reporter Chen Mengtong photo

　　On August 21, 2020, Mei Xiang, who just turned 22, gave birth to a "little miracle" in Washington. This is the first time that an American zoo has successfully conceived and delivered a panda through artificial insemination with frozen semen. "Meixiang" has also become the oldest panda born in the United States.

　　Korean War, Vietnam War and Afghanistan War … … Today, we will briefly review many wars launched by the United States after World War II and see what kind of war crimes this "world’s biggest source of chaos" has committed.

　　Korean War

　　Overview — — On June 25th, 1950, the Korean Civil War broke out. The Truman administration of the United States brazenly intervened with its Cold War mentality and ambition to dominate the world and contain communism, and rallied the so-called "United Nations forces" to launch an all-out war against the DPRK. On July 27, 1953, the Korean Armistice Agreement was signed, and the three-year Korean War ended.

　　Loss — — Although the Korean War was short but extremely bloody, more than 3 million civilians died and about 3 million people became refugees. According to the statistics of the DPRK, the war destroyed about 8,700 factories, 5,000 schools, 1,000 hospitals and 600,000 families, and 2 million children under the age of 18 were displaced by the war.

　　According to the data, the US military secretly carried out germ warfare in northern Korea and parts of northeastern China. U.S. Air Force captive O ‘Neill said in his confession: "The U.S. military chose to start germ warfare in winter … … Is to test the cold-resistant bacterial weapons we made in a special laboratory. The ultimate goal is to use these bacterial weapons in germ warfare against countries with cold climates such as the Soviet Union and people’s democratic countries. "

　　Voice — — "This is a wrong war with the wrong enemy in the wrong place and at the wrong time." Omar bradley, then chairman of the Joint Chiefs of Staff, said.

　　This is a Korean child who was injured in the Korean War. Xinhua news agency

　　Vietnam War

　　Overview — — In 1955, Vietnam War broke out. During the war, the United States fostered the pro-American regime in South Vietnam against North Vietnam. On May 14th, 1961, American "Special Operations Forces" invaded South Vietnam. On April 30, 1975, the last US helicopter left Saigon.

　　Loss — — The Vietnam War killed 2 million civilians and displaced more than 3 million refugees. The US military is throwing about 20 million gallons of defoliants (orange agent), resulting in 400,000 Vietnamese deaths and 2 million Vietnamese suffering from cancer or other diseases. The US military is still leaving behind about 350,000 tons of explosive bombs and mines, and it is estimated that it will still take 300 years to completely remove them.

　　In March 1968, American soldiers slaughtered more than 500 people, including men, women and children, in Mylai village, Vietnam’s generalized province. This was the Mylai village massacre that shocked the world. According to the Los Angeles Times, in addition to the massacre in Mylai Village, there were at least 320 other incidents in which American troops massacred Vietnamese civilians during the Vietnam War, killing nearly 700 civilians.

　　Voice — — Former US President Barack Obama said in a speech in front of the Vietnam War Memorial Wall in 2012 that the cost of war is huge, and it will cause serious casualties among innocent civilians. War itself is not glorious and should be rejected.

　　This is the wreckage of the US B-52 bomber displayed at the Vietnam Military Museum in Hanoi, Vietnam. Xinhua News Agency (photo by Gao Mengjin)

　　Kosovo War

　　Overview — — On March 24, 1999, NATO, led by the United States, brazenly bombed Yugoslavia under the banner of "preventing the humanitarian crisis in Kosovo" without the authorization of the United Nations, and the Kosovo war broke out. In June, NATO signed an armistice agreement with Yugoslavia, and Kosovo was temporarily entrusted by the United Nations.

　　Loss — — The war killed more than 2,000 innocent civilians, injured more than 6,000 people, displaced nearly 1 million people, and lost more than 2 million people’s livelihood, resulting in economic losses of more than 200 billion US dollars to Yugoslavia. According to statistics, NATO troops used at least 31,000 depleted uranium bombs, which led to a sharp increase in the incidence of cancer and leukemia in this region and had a long-term disastrous impact on the local and European ecological environment.

　　Voice — — German writer Michael Luders once wrote in his book that after the Kosovo War in 1999, NATO went beyond the principle of collective self-defense and launched a military operation against Yugoslavia, which caused civilian casualties in the name of humanitarianism. This shows that in the eyes of the United States and the European Union, human rights are only a secondary concern, especially when human rights standards are only applied to non-allies.

　　On February 19, 2008, in the center of Belgrade, the capital of Serbia, pedestrians walked past a building destroyed by air strikes during the Kosovo war. Xinhua News Agency reporter Wu Xiaoling photo

　　Afghanistan War

　　Overview — — After the September 11th terrorist attacks in 2001, the United States and its allies launched a military strike against Afghanistan in early October of that year on the grounds that the Taliban in Afghanistan refused to hand over Osama bin Laden, the leader of Al Qaeda, and quickly overthrew the Taliban regime and stationed troops for a long time. On August 30, 2021, local time, the last US military transport plane took off from Kabul International Airport. This "longest war in American history" ended in the sudden withdrawal of the US military.

　　Loss — — According to statistics, 47,245 Afghan civilians and 66,000 to 69,000 Afghan soldiers and policemen unrelated to the September 11th incident were killed in the US military operations, and more than 10 million people were displaced. The United Nations World Food Program issued a warning in 2021 that about 98% of Afghans do not have enough food, and Afghanistan is facing "avalanche hunger and poverty".

　　During the war, U.S. warplanes bloodbath Laccagni village in Panjiwai district of Kandahar province and launched air strikes against it, killing 63 villagers, including a family of 17 people, and injuring dozens. The day before the complete withdrawal from Afghanistan, the U.S. military fired missiles at a white car parked in the courtyard of a family in Kabul, killing a family of ten people, including seven children.

　　Voice — — "The killing of civilians, including children, by the US military in air strikes has exposed the hypocrisy of the so-called human rights defenders in the United States. The international community should condemn the US for trampling on human rights and bring the criminals to justice." A villager in Laccagni village expressed such anger.

　　On December 16, 2003, the US military patrolled Wardak province in central Afghanistan. The war in Afghanistan, which lasted for nearly 20 years, became the longest war in American history. Xinhua News Agency reporter Wang Lei photo

　　Iraq war

　　Overview — — In March 2003, the United States and its western allies bypassed the United Nations Security Council and invaded Iraq on the grounds that Iraq had weapons of mass destruction, despite the strong opposition of the international community. On August 18, 2010, the last US combat brigade left Iraq, marking the end of US military operations. On December 15, 2011, the United States officially announced the end of the US military mission in Iraq.

　　Loss — — The war made the land that gave birth to the civilization of the two rivers riddled with holes, resulting in the death of about 200,000 to 250,000 civilians, of which more than 16,000 were directly killed by the US military. According to statistics, the total number of depleted uranium bombs exploded in Iraq exceeded 3,400 tons. Today, there are still about 25 million mines and other explosive remnants to be removed in Iraq. The Iraq war also broke the balance between the political forces in the Middle East after the Cold War, making the people’s livelihood in the region miserable and chaotic.

　　In November 2003, the Iraqi citizen Ala Karim Ahmed was arrested and imprisoned by the US military. In prison, American soldiers used police dogs, whips and shackles to force him to confess. According to Alla Karim Ahmed, at that time, the prison was often attacked by mortars from anti-American armed men. The US military could hide in bunkers, and the detainees had to resign themselves to fate. A shell landed in the prison, killing 37 people and injuring 104 others. In 2004, the photos of American soldiers abusing prisoners in Abu Ghraib prison in Iraq were exposed, which shocked the world.

　　Voice — — The website of Atlantic Monthly published an article: "Americans never really understand the cost of war, but they continue to fight. Only Iraqi civilians know the geometry of the cost of war."

　　A citizen of Baghdad, the capital of Iraq, once said sadly: "The United States has set Iraq back for 100 years."

　　On April 14th, 2003, dozens of American Black Hawk and Apache helicopter gunships arrived in Kuwait to take off from the port of Kuwait City to reinforce the Iraqi front. Xinhua News Agency reporter Li Xiaoguo photo

　　[Syrian War]

　　Overview — — When the Syrian civil war broke out in 2011, the United States and its western allies strongly supported the opposition armed forces and tried to overthrow the Syrian government. In September 2014, the United States initiated the formation of an international alliance to combat the extremist organization "Islamic State", expanded the scope of air strikes against the target of "Islamic State" from Iraq to Syria, and established several military bases in eastern Syria. Since 2017, the United States has launched an air strike against Syria on the grounds of "preventing the Syrian government from using chemical weapons."

　　Loss — — From 2016 to 2019, Syria recorded 33,584 civilians who died in the war. Among them, 3833 people were directly killed by the bombing of the United States-led Coalition forces, half of whom were women and children. According to the American public television network, the so-called "most accurate air strike in history" launched by the US military alone killed 1,600 Syrian civilians. The war has caused the people’s livelihood in Syria to wither. According to a survey conducted by the World Food Program in April 2020, about one-third of Syrians do not have enough food, and 87% of them have no savings.

　　Voice — — Wada Issa, a Syrian political activist, once said: "They (the United States) steal our resources here, create chaos and wreak havoc, and even have the nerve to call themselves suffering the Syrian people ‘ Savior ’ 。”

　　On September 1, 2016, several Syrian children sat in front of the Harjele refugee camp in the southern suburbs of Damascus, the Syrian capital. Xinhua News Agency reporter Yang Yushe

　　According to the data of the "War Cost" project of Watson Institute of Brown University in the United States, the total number of military and civilian deaths caused by the war launched by the United States in the "post-9.11 era" is as high as 929,000, and at least 38 million people have been displaced, and this is only a "very conservative estimate", and the actual number may be between 49 million and 60 million.

　　In addition to directly launching or participating in wars, the United States frequently interferes in other countries’ internal affairs by directly or indirectly supporting proxy war, inciting other countries’ civil wars, providing weapons and ammunition, and training anti-government armed forces, which seriously damages the social stability, public safety and healthy economic development of the countries concerned.

　　"The biggest source of chaos in the world", the United States deserves its name!

　　Reporter: Sun Nan.

　　Editor: Liu Yuanyuan

CCTV News:On August 1st, 53 new confirmed cases in COVID-19 were reported, including 30 cases in Jiangsu, 12 cases in Henan, 4 cases in Hunan, 3 cases in Yunnan, and 1 case in Fujian, Shandong, Hubei and Ningxia. Recently, the epidemic originating from Nanjing Lukou Airport has spread to many places in China. In addition, there are epidemics in Henan, Fujian and other places, and all localities are constantly upgrading their control measures while conducting emergency screening.

Strict access to Beijing management scenic spots is open according to 60% flow restriction.

According to the Beijing Center for Disease Control and Prevention, from 0: 00 to 16: 00 on August 1st, two confirmed cases of local COVID-19 and one asymptomatic infected person were newly added in Beijing, all of whom came from the same family in Zhangjiajie, Hunan Province. Beijing held a press conference on August 1st, advising the public to minimize their activities out of Beijing, including traveling to Beijing, and explicitly demanding that parks, scenic spots and historical sites be opened according to 60% current restriction.

Zhangjiajie, Hunan: Strengthening the management of the community, in principle, no going out.

Tourism professionals, a new confirmed case in Xiangxi Autonomous Prefecture of Hunan Province on July 31st, was a close contact of five confirmed cases in Huai ‘an Tourism Group of Jiangsu Province on July 26th. At present, many secret connections of the tour group have been diagnosed.

According to official reports, Zhang Moumou, a newly confirmed case in Yinchuan yesterday, is a close contact of a confirmed case in Chengdu. According to Hunan’s announcement today, Zhang Moumou is the director of the program "Xiang Yu Tao Hua Yuan" and has worked in nine performances. The 777 spectators who watched these 9 performances are currently at high risk.

Zhangjiajie issued a notice on August 1 to strengthen the management of the community. In principle, it is not allowed to go out. At present, all nucleic acid detection points in the city have set up special channels for emergency free nucleic acid detection tourists. Visitors need to complete three nucleic acid tests before leaving Zhangjiajie. COVID-19 vaccination for people aged 15 to 17 was launched in Hunan today.

Sichuan: Of the 10 cases, 9 were homologous to the Nanjing epidemic strain.

Recently, there were 8 confirmed cases in COVID-19 and 2 asymptomatic infections in Mianyang, Luzhou, Chengdu and Yibin in Sichuan. As of July 31st, the province has designated six medium-risk zones.

Yangzhou, Jiangsu: Adjust the risk level and suspend domestic flights in and out of Yangzhou.

On July 31st, Yangzhou, Jiangsu Province, 12 local confirmed cases were added. In this round of epidemic, 28 local confirmed cases were reported. Since August 1st, Yangzhou City has added eight medium-risk areas, and many other areas have been adjusted from medium-risk areas to high-risk areas.

In addition, since August 1, Yangzhou has completely suspended domestic flights to and from Yangzhou. Passengers leaving Yangzhou through the railway station under the jurisdiction of Yangzhou (excluding transit) must provide negative proof of nucleic acid test and green code of health code within 48 hours. The entrances and exits of 20 expressway toll stations around Yangzhou are closed. The bus, taxi, network car and ride services in the main city of Yangzhou were suspended.

Zhengzhou, Henan Province: Closed-loop management of hospitals involved in the epidemic caused by Delta strain.

On July 31st, there were 12 new confirmed cases in Henan, all in Zhengzhou. Zhengzhou CDC introduced on the 31st that the epidemic was caused by Covid-19 Delta strain, which mainly occurred in the hospital and showed a state of local spread. At present, Zhengzhou Sixth People’s Hospital has implemented closed-loop management and stopped diagnosis and treatment. Zhengzhou city is carrying out all-staff nucleic acid testing to ensure that all inspections should be completed.

According to the development characteristics of the current epidemic, Feng Zijian, a researcher at China CDC, said that the epidemic was first imported through Nanjing Lukou Airport and further spread. It is preliminarily judged that the first case in Zhangjiajie is related to the epidemic situation in Nanjing Lukou Airport, and the cases or infected people spread to Zhangjiajie, Hunan Province, and then infected others through tourist attractions and large-scale performances, which led to further virus spread and spread.

The average daily search volume of Xiaohongshu reaches 600 million times! According to media reports, the average daily search volume of Xiaohongshu in the fourth quarter of 2024 has approached 600 million times, while in mid-2023, this figure was only 300 million times. In more than a year, the search volume of Xiaohongshu has doubled. At present, Baidu’s daily average search volume is slightly higher than 1 billion times, and the search volume of Little Red Book is almost half that of Baidu.

According to the China Search Engine Market Share Report released in May 2024, Baidu ranked first in the mobile phone market share, close to 70%, while Bing ranked second with only 14%. However, on the computer side, Baidu’s market share has fallen behind that of Bing, which is close to 46% and Baidu is about 25%. This shows that the market share of mobile search engines is very important to Baidu.

Judging from the current growth rate of Xiaohongshu, if the market structure changes, Xiaohongshu may surpass Baidu in the next year and become the leader in the domestic search industry.

On January 24th, the People’s Bank of China decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points from February 5th, 2024 (excluding financial institutions that have implemented the deposit reserve ratio of 5%). After this reduction, the weighted average deposit reserve ratio of financial institutions is about 7.0%. Since January 25, 2024, the interest rates of agricultural refinancing, small-scale refinancing and rediscount will be lowered by 0.25 percentage points respectively.

At the same time, the central bank announced the RRR cut and interest rate cut. What is the impact on the market? The Paper reporters collected the opinions of Bosera Fund, CITIC Prudential Fund, Xinyuan Fund, Chuangjin Hexin Fund, China Merchants Fund, Morgan Asset Management, and HSBC Jintrust Fund immediately after the market closed. Most public offerings believed that the RRR cut was conducive to the stabilization of the capital market, boosting the fragile capital market sentiment and coordinating with future fiscal policies, and also conducive to smoothing the pressure of the Spring Festival withdrawal and the pressure of post-holiday capital return in advance.

Shen Chao, macro and strategic analyst of HSBC Jintrust Fund, said that the RRR cut has a neutral impact on the stock market as a whole, but the stock market is in a historically low range, and the policy of steady growth such as RRR cut will help reverse the pessimistic expectations of the market, so this RRR cut has a positive impact on the stock market.

Gan Jingyun, a macro analyst of Chuangjin Hexin Fund, also believes that the increase in the valuation of the overall favorable equity assets will have a relatively greater impact on small-cap stocks; Bond yields will decline rapidly, but the follow-up may usher in a favorable take profit.

Jiang Xianwei, a senior global market strategist at Morgan Asset Management, believes that the central bank’s forecast of RRR cuts and accurate interest rate cuts will, on the one hand, implement the central economic work conference’s policy of "being flexible, moderate, accurate and effective, and promoting the steady decline of comprehensive social financing costs"; on the other hand, it will alleviate the slightly tight liquidity before the traditional Chinese New Year, which is more expected to promote the convergence of capital interest rates to policy interest rates, and then combine fiscal policy coordination to support credit growth, consolidate and strengthen the economic recovery to a good trend.

Bosera Fund: This RRR cut is conducive to the stabilization of the capital market.

This RRR cut is one of the monetary policy measures to deal with the lack of economic demand. Considering the current economic and corporate profitability, the market has strong expectations for monetary policy easing in the near future. This RRR cut is conducive to stabilizing the market’s expectations for monetary policy, reducing the financing costs of financial institutions and the real economy, and stabilizing the capital market.

The subsequent development of the stock market depends more on the auction market and its delivery, and also on the progress of capacity control and digestion in some industries. In the medium term, these two problems will be solved. Considering the current valuation position of the market, we are optimistic about the performance of the market in the medium term.

CITIC Prudential Fund: The short-term end of the interest rate curve may be expected to usher in a repair market.

At this time, the "RRR cut and interest rate cut" has the following purposes: First, guide LPR to continue its downward trend and strengthen the effectiveness of credit support entities. Restricted by the bank’s interest margin, LPR’s quotation did not go down in January, but the beginning of the year was the peak of credit supply. At this time, further reducing the bank’s debt-side cost through these measures will help the credit to grow faster.

Second, the Spring Festival is a tense stage in liquidity in the banking system, and residents have a great demand for cash. At this time, putting in long-term funds by lowering the RRR will help to stabilize the fluctuation of funds around the Spring Festival and stabilize the liquidity of financial markets at the end of the year and the beginning of the year.

Third, the capital market has fluctuated greatly recently, and the society has a high voice for the introduction of strong measures at the policy level. The central bank announced the policy on the spot at the press conference in response to market concerns.

After the release of the relevant policies of the central bank, the bond market’s concerns about cross-Spring Festival liquidity may be significantly alleviated. Recently, the price of inter-bank funds is still high, the operating balance of the central bank’s open market is large, the market’s expectation of long-term funds is unstable, and the interest rate curve shows a flattening trend. With the RRR cut, the pressure on the long-term liabilities of the banking system may be improved, the capital surface may be more stable, the allocation value of the bond market will be further consolidated, and the short-term and medium-term ends of the interest rate curve may be expected to usher in a repair market.

Xinyuan Fund: There is a high probability that the equity market will improve in March and April.

After the central bank’s excess parity continued to be MLF in January, the market’s expectations for RRR cuts and interest rate cuts all declined, and this RRR cut exceeded market expectations at the time. At the same time, due to the limited space for RRR reduction, the previous four RRR reductions were only 25BP, and this round of one-time RRR reduction was 50BP, which also exceeded market expectations. In addition, in the past, most of the RRR cuts were officially released by the central bank after Friday’s close. This time, the RRR cut was released by the central bank governor at a press conference in the middle of the week, and the way of release exceeded expectations.

In the bond market, it is expected that there will be downside in the short end in the future, and the long end may continue to fluctuate and the curve will be steep. The two most important functions of RRR reduction are to boost the confidence of the equity market and prepare for the large-scale issuance of government bonds. President Pan said that there is sufficient room for monetary policy to maintain reasonable and sufficient liquidity, support the large-scale centralized issuance of government bonds and support the centralized construction of projects, which means that the funds will be guaranteed during the large-scale issuance of government bonds.

The stability of funds opens up space for the loosening of short-term, but the issuance of government bonds and the centralized construction of projects are not very friendly to long-term. It is expected that the short-term yield of the bond market will open the downside but the long-term yield will remain volatile.

In the equity market, the RRR cut boosted market confidence in the short term, but the long-term trend of the market was less affected by the RRR cut. In the short term, the market may continue to fluctuate at a low level, but after the Spring Festival, especially in March and April, the equity market may change to some extent.

China Merchants Fund: Structural interest rate cuts and RRR cuts have played a two-pronged role.

Li Zhan, chief economist of China Merchants Fund Research Department, said that the RRR cut now indicates that the countercyclical adjustment policy has begun to exert its strength, and the wide currency and the release of 1 trillion yuan have kept the market liquidity abundant, and with the wide finance, the special bonds and government bonds in the first quarter can be issued as soon as possible; Structural interest rate cuts and RRR cuts have played a two-pronged role, which is not only conducive to expanding the demand for loans in the real economy, but also conducive to boosting stock market confidence and helping to repair risk appetite.

The decline at the beginning of the year is mostly due to the influence of micro-liquidity and market confidence. The obvious improvement of macro-liquidity and the increase of domestic institutional investors’ holdings are important measures to reverse expectations. After this RRR cut, the lack of liquidity is basically eliminated, and the market may stabilize and gradually repair.

In 2024, A-shares are still expected to stabilize mainly by shocks, and the overall security margin of the market is high, so there will be structural opportunities. In 2024, the macro-monetary and fiscal policies were launched in time, and the endogenous growth resumed. The overall valuation of the current A-shares was already very low, the percentile of the valuation of important indexes was already lower than the bottom of the past several markets, and the valuation of the Growth Enterprise Market was even at the bottom of history. The indexes such as the equity risk premium rate were also in the extremely low range, and the margin of safety was high. We can focus on grasping structural opportunities such as high dividend strategy, technological innovation, reversal of consumption dilemma and supply-side reform.

Chuangjin Hexin Fund: Downgrading the overall valuation of favorable equity assets.

Gan Jingyun, a macro analyst of Chuangjin Hexin Fund, also believes that the increase in the valuation of the overall favorable equity assets will have a relatively greater impact on small-cap stocks; Bond yields will decline rapidly, but the follow-up may usher in a favorable take profit.

The RRR cut is conducive to improving liquidity expectations, benefiting the sectors that are greatly affected by liquidity, and it is also the target of recent oversold. It has the conditions for oversold rebound, mainly including technology growth TMT, small and medium-sized stocks, Hang Seng Technology, etc. It can pay attention to consumer electronics and chips that are logically pointed by the supply side of the inventory cycle, and the policy is biased towards high-tech and traditional Chinese medicine with high structural prosperity.

In addition, if the RRR cut and the subsequent comprehensive financing cost reduction and other wide monetary policies promote wide credit, it will help improve growth expectations, so the pro-cyclical sector will also benefit. From the historical experience, the pro-cyclical sectors such as real estate, finance and building materials have been boosted after the RRR cut, and we can pay attention to coal, electricity and infrastructure that are both performance scarce and policy-friendly in the pro-cyclical period.

Morgan Asset Management: China assets may usher in an upward opportunity

Jiang Xianwei, senior global market strategist of Morgan Asset Management, believes that in December last year, the Central Economic Work Conference put forward economic construction as the center, emphasizing "striving for progress in stability, promoting stability with progress, and breaking first", indicating that the policy tone in 2024 may be biased; Domestic inflation has been negative for three consecutive months, and the Federal Reserve has not started the interest rate cut cycle, and the domestic real interest rate level is higher than that of the United States. It is expected that there will still be room for RRR cuts and interest rate cuts during the year; In mid-January, the economic data of the fourth quarter and December of 2023 released by the National Bureau of Statistics showed that the domestic economy continued to pick up, the recovery trend remained unchanged, and the market expected more favorable policies to be introduced; On January 22nd, the central bank kept the 1-year and 5-year LPR interest rates unchanged, slightly lower than market expectations.

Judging from the external environment and the profitability fundamentals of listed companies, there has been some improvement compared with last year, and the market was relatively volatile in the early stage. First, the first quarter was in the blank window of financial reports, and corporate profits have not yet been realized. Second, the market expected new favorable policies in the new year. The central bank’s forecast of RRR cut and accurate interest rate cut, on the one hand, has implemented the policy of the Central Economic Work Conference that monetary policy should be "flexible, moderate, accurate and effective, and promote the comprehensive financing cost of society to decrease steadily", and on the other hand, it can alleviate the slightly tight liquidity before the traditional Lunar New Year, which is more expected to promote the convergence of capital interest rate to policy interest rate, and then combine with fiscal policy coordination to support credit growth, consolidate and enhance the economic recovery, which is more conducive to boosting market sentiment. It is expected that more sectors will make profits.

HSBC Jintrust Fund: The policy of steady growth such as RRR cut will help to reverse the pessimistic expectations of the market.

Shen Chao, a macro and strategic analyst of HSBC Jintrust Fund, believes that this RRR cut is an important signal to strengthen the policy of steady growth, and the single release of trillion liquidity also shows that this steady growth is stronger than the previous period. At present, there are still twists and turns on the road to macroeconomic recovery. This RRR cut will help to increase the stable source of funds for financial institutions and reduce the debt cost of banks, which will help banks to increase capital investment in the real economy and reduce the financing cost of the real economy, thus consolidating the economic recovery. For the market, historically, the RRR cut has a neutral impact on the stock market as a whole, but at present, the stock market is in a historically low range, and the policy of steady growth such as RRR cut is helpful to reverse the pessimistic expectations of the market, so this RRR cut has a positive impact on the stock market.

　　Teaching make-up, experience generation, and pit prevention, some reliable beauty bloggers are the hearts of many beauty lovers, and are also favored by many beauty brands. However, this beauty trend has blown to children prematurely. On the social media platform, a group of children’s "online celebrity" appeared with gimmicks such as "the smallest beauty blogger in the whole network" and "learning makeup with cute baby".

　　It is worth noting that the adults behind them earn a lot of money, but the minors who perform and watch may get lost because of their premature contact with the materialistic world. In addition, experts pointed out that it is illegal to guide children to endorse beauty products and shoot and upload videos.

　　A tender face

　　Adult appearance

　　Everyone loves beauty, but Ms. Qin, a resident of Taiyuan City, Shanxi Province, was very surprised when her 6-year-old daughter proposed that she wanted a beauty suit and elegant mature makeup. After some inquiries, Ms. Qin found that children’s beauty bloggers are very popular in kindergartens. Children compete to buy beauty products recommended by online celebrity, and play with lipstick and eye shadow, while others are keen to imitate and shoot "beautiful" beauty videos.

　　The reporter found that on social media platforms such as Xiaohongshu, bilibili, Haokan Video and Aauto Quicker, there are not a few graphic videos of children’s makeup, some of which are posted on the home pages of children’s beauty bloggers, while others are interspersed in the home pages of adult bloggers.

　　"Just after my fifth birthday, I put on a pure peach makeup." "Fine girls should use it, I have used 8 bottles" … … In the short video, under the background of sweet music, online celebrity, a child wearing an off-the-shoulder dress, curls up a mature hairstyle, skillfully puts on layers of foundation and eye shadow, winks at the camera, skillfully introduces cosmetics with crisp baby sounds, and guides netizens to buy, just like an adult who goes out in social occasions.

　　"Merchants and platforms ignore value orientation for economic benefits." Liu Ting, a kindergarten teacher in Yuncheng City, Shanxi Province, said that it is common for children to want to be beautiful and be liked by many people. Merchants and platforms have taken advantage of this to promote the fashion of beauty dressing among children.

　　"Behind the popularity of children’s beauty bloggers is the children’s beauty industry that has developed rapidly in recent years." Liu Zhong, executive deputy secretary-general of Guangdong Cosmetics Society and professor of Jinan University School of Life Science and Technology, said. According to data released by an e-commerce platform, domestic children’s makeup sales increased by 300% year-on-year in 2020. "Post-80s" mothers became the main force to buy cosmetics for their children.

　　The reporter searched for "children’s cosmetics" on the e-commerce platform and found that there are many kinds of products, such as lipstick, blush and eye shadow, and the shops are very active. Huang Xiaoshu (pseudonym), a live e-commerce practitioner, pointed out that the fast-growing children’s beauty companies have strong advertising demand. A blogger with 100,000 fans on Xiaohongshu can get thousands of dollars in income every time he receives a single advertisement, which can be described as considerable profit.

　　Let children make up too early.

　　Being a blogger is really a "pit" baby.

　　For some parents, shooting short videos for their children and uploading them in a small range can record their lives and exercise their oral expression. However, many people in the industry said that most children’s beauty bloggers actually plan and produce content for children’s "online celebrity" to perform, with the purpose of "eye-catching", gain traffic to advertise for businesses, and then earn profits, and few bloggers simply record their lives.

　　Creating a personal design and creating a children’s beauty blogger not only "pits" their own baby, but also "pits" other babies.

　　Children are easily addicted to it, which breeds the psychology of comparison. Some parents have observed that in order to promote products, children’s beauty bloggers often say "all the children in kindergarten are using it" and "Let mom buy it for you", which has obvious incentive effect on children. "Once I hear it, turn around and let me buy the products", or compare it with my classmates.

　　Make-up and video shooting will leave traces in children’s hearts. A netizen commented: "I love imitation too much. I often see my daughter secretly putting on makeup on her mobile phone and saying what beauty bloggers often say."

　　Zhao Zhanling, deputy director of Beijing Zhilin Law Firm, believes that there are many sub-sectors of the beauty industry, and if we devote our attention to them, we will spend a lot of energy and occupy children’s study and outdoor activities. Moreover, social media has a certain addictive design. Children who come into contact with beauty cosmetics and "online celebrity" too early are easily addicted to it, which will also lead to peer imitation and comparison.

　　The use of cosmetics tends to be younger and more generalized, and unqualified children’s make-up products are prevalent. A number of interviewed experts pointed out that there is a general tendency in the use of children’s makeup at present. Ding Hui, chief physician of the Department of Skin and Beauty of the First Affiliated Hospital of Guangzhou University of Traditional Chinese Medicine, said that children’s make-up products are not popular products, but are designed for children in the direction of art, actors and models for their short-term use on special occasions, but at present, the publicity of children’s beauty bloggers and others has not explained this, but just recommended to buy them.

　　In addition, there are many chaos in the children’s cosmetics market, and it is easy for parents to buy unqualified products without the ability to distinguish. Wang Fang, a makeup developer and beauty blogger, observed that many so-called children’s makeup on the market claimed to be specially developed and designed for children, which was non-toxic and harmless, but actually packaged the products into children’s toys for sale. Other manufacturers only show "cosmetics" and delete the words "children" when submitting for inspection and filing, so as to avoid the strict inspection of cosmetics by relevant departments.

　　"Make-up contains a lot of synthetic pigments and powder ingredients, and there are many antiseptic ingredients in oil paints. Qualified children’s make-up products will burden children’s skin, and unqualified make-up products may also cause damage to children’s respiratory system." Ding Hui said.

　　Some video content conveys soft pornographic information and appearance anxiety. The reporter observed that some children’s beauty bloggers said that the contents such as "heart" and "green tea" presented an adult trend, and even included soft pornographic words such as "pure desire" and "beheading men". "These contents are spoken by children and seen by children. The influence is too bad." Ms. Qin said.

　　"Premature exposure to make-up won’t let children establish a relationship with ‘ Beauty ’ The correct understanding of some children’s aesthetics will become very single, and it will also make them ignore the pursuit of soul, wisdom, natural beauty and diverse beauty. " Zhu Wei, deputy director of the Communication Law Research Center of China University of Political Science and Law and an expert of the China Consumers Association Expert Committee, believes that the younger age of the beauty trend also means that the tendency of objectifying women and appearance anxiety is passed on to children prematurely.

　　Children’s endorsement of beauty products is suspected of breaking the law.

　　Experts call for strengthening platform supervision

　　Interviewed experts and industry insiders believe that children’s endorsement of beauty products is suspected of being illegal, and illegal content should be rectified and platform supervision should be strengthened. Zhu Wei pointed out that the advertising law clearly stipulates that minors under the age of 10 should not be used as advertising spokespersons. In the mass media aimed at minors, advertisements for medical treatment, medicines, cosmetics, beauty and online games that are not conducive to the physical and mental health of minors shall not be published. The relevant platforms should remove illegal videos as soon as possible, rectify relevant sections, and pursue and educate parents who violate the law and platforms that are not strictly censored according to law.

　　Experts suggest strengthening the publicity and education of guardians and improving the aesthetic education in schools. Liu Deliang, a professor at the Law School of Beijing Normal University, said that guardians should be more cautious and not let children get in touch with the adult world prematurely for short-term benefits. Kindergartens and schools should also attach importance to aesthetic education and cultivate young people’s ability to appreciate and create beauty.

　　In addition, the development of children’s make-up market should be standardized. On June 18th, 2021, National Medical Products Administration publicly solicited opinions on the Provisions on the Supervision and Administration of Children’s Cosmetics (Draft for Comment). Liu Zhong said that the exposure draft has strict requirements for the safety evaluation of children’s cosmetics, but the punishment is still slightly insufficient, and the regulatory measures still need to be further strengthened. At the same time, standardize the advertising language of children’s makeup, so that children who really need it can use non-toxic and harmless beauty products.

　　According to Xinhua News Agency/vision china