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This generation of young people have long been unable to integrate into the social process of "eating and drinking mahjong KTV" of their parents, but in reality, they are limited by time and space and cannot expand their social circle. They establish contact with strangers outside the life and work circle through online games and thus have emotional connections. Games have become the social currency of a new generation of young people.

Mobile games and e-sports have long been popular in the streets. At the moment of winning the championship, the popularity in bilibili live broadcast room has reached more than 400 million, and the popularity of Tiger Tooth live broadcast has reached more than 300 million. Judging from the popularity of its various online platforms, e-sports live broadcast has long been a national entertainment activity.

The market scale of the game has derived the social demand of the game, and the upcoming TT focuses on the social voice of the game, thus harvesting 100 million users. However, under the precedent of many social platforms that died of social atmosphere, 90% of users are TT voices after 95 s and 00 s, but people have to worry, can game-based socialization go on healthily?

From game voice to social tools

At first, TT voice was just a voice tool.

In 2012, the mobile game industry in China began to enter an explosive period, and a large number of game practitioners rushed into the game content production industry in an attempt to create an explosive game. However, at that time, most games were still in the initial stage, and there was no perfect voice communication system, but the need for players to communicate in time was very urgent.

Based on this, Fun Pill Network chose to start from the game voice tool. In 2014, TT voice became an instant hit. In the first year, the number of registered users exceeded 3 million, and the number of online users exceeded 60,000. In one year, the running water exceeded 100 million yuan.

However, it is difficult for tool apps to achieve considerable revenue. Moreover, after 2016, more and more games that need to be "blacked out" have added built-in instant voice systems, and the core business of TT voice has been impacted, not only because the ceiling is too low, but also because the tools themselves have become chicken ribs.

"Blackout" in the game itself is a social way, therefore, social transformation has become the easiest path for TT voice to cut in. In 2018, TT voice gradually added live voice, expanded chat, pia drama, dynamics and other kinetic energy, which was deeply tied with explosive mobile games such as the glory of the king and Peace Elite, enabling gamers to directly perform voice hacking, teaming up, scoring and other operations within TT voice, broadening the use scenarios of TT voice, and the average online market for daily users exceeded two hours.

In the field of game socialization, TT voice can be regarded as a deep-rooted player. For example, in finding a playmate, the glory of the king’s matching mechanism does not allow too much difference between segments. Many players find it difficult to match the right teammates and opponents with the same segment because the segment is too high or too low, but TT Voice can find the right playmate with the same segment based on the game and gender, so as to recognize gamers who have the same topic cognition.

In fact, not only mobile games like the glory of the king Peace Elite have voice social needs, but other games also have voice social needs, but many minority games have no funds and strength to add voice built-in and social channels. The "quick matching" of the "black channel" on TT voice homepage not only covers high-heat mobile games such as the glory of the player, the peaceful elite, the call of duty, the fifth personality, but also covers leisure and educational games such as light encounter, gobang, you draw and guess, which makes TT voice not a vassal of a certain game, but the best playmate of the game, and can inject fresh blood into the platform while stabilizing old users.

In addition, TT voice is not only satisfied with finding suitable game playmates for players, but also based on user interest tags and other information, using system algorithms to gather people with similar interests in the virtual room voice room by distributing playmates, finding radar and other functions, and sharing audio, video, pictures and other contents in real time to achieve the purpose of making friends. In addition to "playing in black", TT voice also opened content sections such as finding playmates and entertainment.

Judging from these functions, TT voice is not only a tool, but also a social ecology based on games, which meets all the online entertainment and leisure needs of this generation of young people.

Therefore, TT voice also has a living space outside the game content. According to publicly disclosed data, the unique TT voice has accumulated more than 100 million users by 2020, an increase of more than 80% from the previous month. In addition, the platform MAU reached 20 million, of which the post-95 s, that is, Z generation users accounted for as high as 90%.

During the first half of 2021, users spend about 158 minutes in TT voice chat rooms every day, and users initiate more than 850,000 voice chat rooms every day, an increase of 45.6% compared with the same period in 2020.

Sullivan pointed out in the report that TT voice has become the largest mobile voice social platform and the largest player-centered mobile social platform in China according to monthly users and income data.

The ceiling is too low and it is too difficult to grow.

According to the data of China Game Industry Report 2020 released by China Game Industry Research Institute, the number of game users in China will reach 665 million in 2020, with a year-on-year increase of 3.7%. In other words, there is one TT voice user in every six e-sports players.

However, it is worth noting that TT voice is actually known outside the deep e-sports players. Because almost every popular game has its own social function, players can achieve basic needs such as communication and team formation in the game. With the improvement of the voice communication system of the game itself, the chances of players opening the voice-assisted APP are bound to gradually decrease.

Therefore, it is not an exaggeration to say that TT voice survives in a crack, and this crack makes it difficult for TT voice to make a breakthrough in market scale.

In addition, there are too many voice social software, and the substitutability of TT voice is very high, not to mention that WeChat QQ can open black communication games in groups, and there are also black-opening software such as YY voice, KK voice and hello voice in the market to compete with it. In contrast, the competitive advantage of TT voice is not clear.

According to the prospectus, in the first half of 2021, the monthly activity of TT voice reached 16.2 million. Compared with the social products such as Gathering Times and Momo, the number of monthly users of less than 20 million is not large enough.

The ceiling is too low, the loyalty is not enough, and the user payment rate is also very low. According to the data in the prospectus, the monthly living payment rates from 2018 to 2020 were 7.3%, 7.1% and 5.3% respectively, and even fell to 5.1% in the first half of 2021, the lowest level in history.

In addition, the target users of TT voice are the post-95 s and post-00 s under the age of 24, but this young group has limited spending power and it is difficult to promote more consumption.

Moreover, the acquisition cost of TT voice is not low. According to the prospectus, in 2020 and the first half of 2021, the network and marketing expenses of Fun Pill Network increased by 123.06% and 120.88% year-on-year, both higher than the revenue growth in the same period and higher than the growth rate of paying users.

In addition, as an auxiliary tool APP, TT voice also needs to solve the problem of user retention. At the beginning, TT voice can be downloaded because of the formation of playmates, but after a short period of acquaintance and pairing, playmates who form fixed friends often develop into daily communication software such as WeChat /QQ for voice, dialogue, making friends, opening black and other activities.

As far as social tools are concerned, most of WeChat and QQ are bound with offline real social information, so the probability of users uninstalling software and accounts is very low, but only a small social APP with Internet strangers’ "friends", which leads to a higher probability of uninstalling software and accounts because of the low maintenance cost, making it difficult for users to really keep them.

In this way, TT voice has become a diversion middleman of WeChat QQ, and it is difficult for users to really stay. In fact, this problem is not only the embarrassment of TT voice, but also the embarrassment that all niche social tools except WeChat QQ are difficult to solve.

Risk involved in gray areas is high.

Almost all Internet companies want to socialize, and Ma Yun’s Alipay is no exception. However, social functions are easy to build in, but it is extremely difficult to make social apps.

In particular, it is indeed the common demand of a new generation of young people to make friends through games, but social interaction based on games can be an interest, but it is also easier to deteriorate.

With the development of Qinglang Action, many accompanying software such as "Bixin", "Little Deer Accompanied Play" and "hello Voice" have been taken off the shelves indefinitely because of illegal activities such as fraud and pornography, and social software accompanying games has become a high-risk zone for juvenile supervision.

Although TT voice has not been removed, it does not mean that it does not have this problem. On the home page of TT voice, the online number of blind date rooms has exceeded that of black-out, party, listening to songs and other rooms.

The content of "edge ball" can be said to be the user’s low quality, but TT voice belongs to the "ignition" in this kind of edge ball socialization, and the official attitude may even imply encouragement. Many users reported that TT voice received an "immediate private chat" automatically matched by the system after the initial download and registration, and the dynamic recommendations were all kinds of speeches and private messages.

Some media reports have pointed out that TT voice has voice rooms named after minors, and some voice rooms have voice contents such as suspected obscenity and abuse, and the report pointed out that the platform did not block these live broadcast rooms during the investigation.

On the black cat complaint platform, the number of complaints about TT voice is as high as 2,705, which is more than two old-fashioned voice software such as Momo YY live broadcast. The complaints include problems such as fraud, inducing minors to pay, and swearing.

There are also public reports this year. A 9-year-old girl from Guangzhou once got to know the suspect Lu Mou after downloading TT voice chat dating platform. Lu Mou gave her a red envelope in the name of giving gifts. Due to lack of judgment, she was cheated for 12,781 yuan.

TT voice expanding social interest content outside the game may encourage dangerous discussions. In the "expanding column" section of TT voice, there are a large number of underage users, and most of them are involved in puppy love, and the situation is extremely serious. The section of "Minors posting to find boyfriends in public" even has a very obvious recommended position in the APP, and even pornographic content shows obvious recommended positions, as well as obscure yellow-related drainage stickers.

Although social software can’t supervise all users’ languages, the target users of TT voice are mainly minors and young students under the age of 25. Are you sure this high-risk social interaction is not playing with fire?

At present, TT voice has no underage review mechanism. After downloading, registration can be completed only by receiving a four-digit verification code from the mobile phone, which means that minors can complete registration without even unlocking their parents’ mobile phones, and can be used to contact all users without their real names or any third-party information.

Judging from its official attitude, although the youth model has also been established, most of the contents under the model are subject education courses. Obviously, there is no active and healthy planning and guidance for the healthy socialization of minors’ interests.

Although the state has issued policies to restrict the related behaviors of minors’ games, the surrounding industries of games also need strict supervision. Whether it is live broadcast or accompanying play, enterprises should actively fulfill their responsibilities to protect young people, and should not lower the lower limit in pursuit of market scale.

　　Beijing, Dec. 14 (Leng Yuyang) According to the news from the Examination Center of the Ministry of Education, the CET-4 and CET-6 will be held today in the second half of 2019, and candidates can check their scores in February next year. In recent years, there has been a constant debate in public opinion about the reform of CET-4 and CET-6, and even the debate about whether to keep or abolish it. In the future, how to evaluate the English proficiency level is worthy of attention.

　　College English Test Band 4 and Band 6 starts today.

　　According to the news from the Examination Center of the Ministry of Education, the CET will be held on December 14th in the second half of 2019. Among them, 9: 00 am & mdash; Take CET-4 at 11:20, and at 15:00— At 17:25, the CET-6 will be conducted.

　　On the eve of the exam, many provincial education examination institutes issued a reminder that candidates must enter the examination room with the admission ticket, student ID card and valid ID card on the day of the exam (starting at 8:45 am and starting at 2:45 pm), and the "three certificates" are indispensable. Admission is forbidden after 15 minutes.

　　During the examination, candidates are only allowed to bring necessary examination stationery into the examination room, and are not allowed to bring books, materials, bags and other items. It is strictly forbidden to bring electronic equipment with the function of sending or receiving information. Once found, it will be dealt with in violation of regulations, and the results will be invalid.

　　According to the pre-test reminders issued by various places, before the exam, there are often some lawless elements and intermediaries in the society who use the Internet and other tools to publish harmful information such as "helping the exam", "providing real questions" and "answers" and peddling cheating tools, and claim to "package" to defraud candidates of money. Please don’t believe in false propaganda, so as not to be deceived.

　　Under the current examination system, the CET written test is held twice a year in June and December of each year. In June, all subjects in English and non-English are taken, and only English subjects are taken in December. CET oral test is held twice a year, in May and November each year. Since December 2016, candidates who apply for the written test in the same year are eligible to apply for the same level of oral test.

　　Candidates can check their scores through the official website of CET-4 and CET-6 in February next year.

　　Debate on the reform of CET-4 and CET-6

　　The National College English Test Band 4 and Band 6 is a large-scale standardized test sponsored by the Ministry of Education and presided over and implemented by the Examination Center of the Ministry of Education. Since its implementation in 1987, CET-4 and CET-6 have gone through more than 30 years, accompanying the youth of generations of students.

　　In order to constantly meet the needs of students learning English, CET-4 and CET-6 have been on the road of reform. The reporter found that in recent ten years, various reform schemes, such as taking multiple questions and volumes, canceling cloze, increasing Chinese-English translation scores, and changing fast reading comprehension into long reading comprehension, have been implemented in CET-4 and CET-6.

　　On October 23 this year, the plenary session of the National College English Test Committee for Band 4 and Band 6 in the second half of 2019 held in Shanghai said that the use of artificial intelligence technology has obvious effects on improving the quality of marking papers, and it is suggested to further strengthen research and gradually promote it. Moreover, the CET test system still needs to be further improved, and it is suggested that CET oral test should be included as a compulsory subject as soon as possible, which is beneficial to college English teaching.

　　In fact, in recent years, some experts and scholars have called for "canceling the CET-4 and CET-6 examination" and "turning to the socialization level examination".

　　In January this year, Cai Jigang, a professor at Fudan University and the president of China Academic English Teaching Research Association, published an article in the media entitled "CET-4 and CET-6 can be turned to socialization level test". According to the article, CET-4 and CET-6 have even seriously affected the higher requirements of college English, and standardized tests have also affected or even seriously affected the development of college students’ critical thinking ability.

　　In Cai Jigang’s view, higher education is a systematic process, and each major or course can’t be selfish. College English can only be a service course. Different disciplines and majors have different needs for English, and the English proficiency test should not be "one size fits all". CET-4 and CET-6 should be turned to socialized proficiency test as soon as possible.

　　At the same time, however, there are voices that the CET-4 and CET-6 can’t fully reflect the level of the subjects, but its existence value should not be denied.

　　According to a commentary published by China Youth Daily at the end of 2017, CET-4 and CET-6 cover listening, reading, translation and writing. At the same time, an oral test is set, which covers listening, speaking, reading and writing, and the test items are relatively flexible. Compared with IELTS or TOEFL, which cost thousands of registration fees, CET-4 and CET-6, which can be applied for only tens of yuan, is still the "gold standard" for evaluating the English level of most China students.

　　Chu Zhaohui, a researcher at China Academy of Educational Sciences, told Zhongxin.com that although CET-4 and CET-6 have played a lot of positive roles in history, the shortcomings of their unscientific inspection standards and insufficient pertinence have hindered students’ English learning. Relevant departments may wish to listen to the suggestions of academic circles and replace them or carry out more drastic reforms.

　　When will the future English test come?

　　The reporter noted that as early as 2014, the State Council issued the "Implementation Opinions on Deepening the Reform of Examination Enrollment System", proposing to strengthen the construction of foreign language proficiency assessment system, which is the first time at the national level to put forward clear requirements for the comprehensive reform of foreign language examinations.

　　In February 2018, the Ministry of Education and state language commission officially released the China English Proficiency Scale, which is the first English proficiency assessment standard for English learners in China. At that time, when answering a reporter’s question, the person in charge of the examination center of the Ministry of Education said that on the basis of the scale, the examination center of the Ministry of Education was developing the English proficiency test.

　　In December this year, Yu Han, deputy director of the Examination Center of the Ministry of Education, revealed at the 2019 TOEFL annual meeting that the overall design of the China English Proficiency Test has been completed at this stage. "The focus of the previous research is to develop exams corresponding to the corresponding levels of higher education. At present, the design and demonstration of the examination syllabus have been completed, and the test work has been carried out in some colleges and universities. "

　　In view of the speculation that China English Proficiency Test will replace CET-4 and CET-6, on December 11th, the relevant person in charge of the Examination Center of the Ministry of Education responded to the media reporter and said: How to integrate the new system with the existing examination items and do a good job in inheritance and development, we are studying and widely listening to opinions.

　　In addition, it is worth noting that another national-level general English test — — The National English Test has been suspended in Sichuan, Liaoning, Jiangxi and Henan provinces.

　　The comprehensive reform of foreign language examination is progressing continuously, but the final direction of CET-4 and CET-6 is still inconclusive.

　　　　　

　　　　Wen Jiabao cordially visited the waiting passengers: Is the ticket good to buy? Did you get paid?

　　　　On the afternoon of January 25th, Wen Jiabao inspected the road transportation and emergency preparedness, visited the frontline traffic cadres and workers and shook hands with them.

　　　 The Spring Festival is coming, and Spring Festival travel rush is at its peak. Not long ago, a large-scale rain and snow weather brought certain difficulties to Spring Festival travel rush. Can the people’s new year’s goods be guaranteed? Is it good to buy a ticket home? Is the journey safe and smooth? Premier Wen Jiabao is very concerned about this. On the afternoon of January 25th, Premier Wen visited Zhuozhou Service Area of Beijing-Shijiazhuang Expressway and Beijing West Railway Station, and made arrangements for doing a good job in Spring Festival travel rush and ensuring safety and smoothness. < < < < detailed　　　　

　　　　　

　　　　Nandu appeals to postpone the Spring Festival holiday and stop Spring Festival travel rush’s response to the snowstorm. Is it feasible?

　On January 27th, armed police soldiers maintained order at the entrance of Hefei Railway Station. Xinhua News Agency reporter Li Jian photo

　　　 This is the biggest disaster since the founding of New China in 1949, and it is also a great test. The government must act decisively. We suggest that the government start the following scheme as soon as possible:

　　　　First, we suggest that the government stop Spring Festival travel rush and postpone this year’s Spring Festival holiday to the Lantern Festival to stagger the snowstorm. At the same time, the stranded population will be evacuated to other places by using accessible short-distance transportation. Avoid further "man-made disasters" caused by a large number of people stranded in one place. < < < < detailed

Why is it okay to snow in the north but not in the south?

On January 27th, a passenger braved the heavy snow and waited at Hefei Railway Station.

　　　　I really don’t understand: there is heavy snow in the north of China every year, and I have never seen a large number of trains late, a large shortage of power supply and extremely tight resources; However, it snowed in the south for a few days this year, and as a result, power was cut off everywhere, grain and oil were tight, and traffic was stagnant. Why does it snow heavily every year in the north, and nothing happens, while it snows in the south? < < < < detailed　　　　　

　　　　　
Spring Festival travel rush’s paralysis exposed China’s fragile ability to cope with the crisis. How to deal with it?　

　　　　On January 27th, a passenger with a baby in his arms stood in the Hefei Railway Station in the heavy snow. Xinhua News Agency reporter Li Jian photo

　　　　Most parts of China suffered from the once-in-50-year severe rain and snow weather. Many trunk lines such as Beijing-Guangzhou were cut off, and trains could not run, resulting in a large number of delays on the Beijing-Guangzhou line, and the north-south artery was once paralyzed. At Guangzhou Railway Station, the transportation hub at the southern end of the Beijing-Guangzhou line, more than 150,000 passengers were stranded on the 27th, and hundreds of thousands of people were frozen along the rain and snow returning home. The paralysis crisis in Spring Festival travel rush, of course, was caused by bad weather, but it also exposed the problems of the rapid development of China’s economy and society, such as the lag of transportation and other infrastructure, and the fragile ability to cope with the crisis.

　　　　What do you think should be done to solve the problems caused by the annual Spring Festival travel rush spring tide? < < < < detailed　　　　　　

Editor: Chen Xixia

Topic: Spring Festival 2009

Fireworks make Pazhou Convention and Exhibition Center more splendid.

Fireworks reflected the whole White Swan Pond River.

　　Flowers put thousands of trees, and stars fall like rain. On the first night of New Year’s Day, by the Pearl River, a grand fireworks show lit up the night sky in Yangcheng and people’s faces. This year’s New Year Fireworks Gala in Guangzhou set off a total of 200,000 fireworks, sending warm wishes to the citizens. Members of the Political Bureau of the Communist Party of China Central Committee and Wang Yang, secretary of Guangdong Provincial Party Committee, and Zhu Xiaodan, member of the Standing Committee of the Provincial Party Committee and secretary of Guangzhou Municipal Party Committee, were at the edge of White Swan Pond, enjoying with the citizens.

　　Last night, from 8: 30 to 9: 00, fireworks were lit at the same time at two discharge points on the river surface of White Swan Pond River and Pazhou Exhibition Hall. This year’s Guangzhou Fireworks Gala is divided into four movements: "Five Blessingg Golden Bull He Xinchun", "Splendid Flower City Full of Spring", "Vibrant Guangzhou Welcomes the Asian Games" and "Harmonious Prosperity and Prosperity". The creative design closely follows the theme of the Spring Festival, reflecting the fervent feelings of Guangzhou citizens in celebrating the 2009 Spring Festival, celebrating the 60th birthday of the motherland and looking forward to the 2010 Asian Games.

　　The fireworks set off this year are novel and unique. Many fireworks displays that surprised the world at the opening and closing ceremonies of the Beijing Olympic Games gathered in Guangzhou yesterday, running through the whole party.

　　In order to allow more citizens to watch the fireworks display at close range, Guangzhou set up two discharge points for the first time this year. White Swan Pond Riverside Exhibition Hall and Pazhou Exhibition Hall have the same content for the two discharges on the river surface, and the discharge time is 30 minutes. According to statistics, nearly 400,000 citizens went to the two discharge points to watch it last night.

　　The public marveled that this year’s fireworks were "innovative"

　　Flowers put thousands of trees, and stars fall like rain. On the first night of the first lunar month, by the Pearl River, a grand fireworks lit up the night sky in Yangcheng and people’s faces. Last night, a total of 200,000 fireworks were set off at the fireworks show in Guangzhou, sending warm wishes to the citizens.

　　In the beautiful White Swan Pond fireworks display area, six 600-ton cargo ships are used as the display platform, and six high-altitude fireworks display points, 12 hollow art fireworks display points and low-altitude stunt fireworks display points are set up, with the fireworks screen reaching 1,500 square meters. Tens of thousands of fireworks are fired in unison, like huge waves, with a surge of spring tides and a magnificent momentum of passion.

　　This year’s fireworks are novel and unique. Special effects fireworks "Orange Flash", mid-low altitude artistic modeling fireworks "Dove of Peace", "Flash Golden Bridge", "Rainbow Bridge", "Open the door to see happiness", high altitude fireworks "Kapok Blossom", "Thunderbolt Golden Crown", "Colorful Five Rings" and "Xiangyun" made new appearances. The unique effect of "three-dimensional fireworks" makes people sigh at the wonder of fireworks, and the "big flash" that suddenly disappears runs through the whole fireworks level. At the opening and closing ceremonies of the Beijing Olympic Games, new ideas ran through the fireworks show yesterday, and the audience at the scene said that this year’s fireworks were "innovative".

　　It began to drizzle in Guangzhou yesterday afternoon, but the cold rain did not seem to affect the public’s enthusiasm for watching the New Year fireworks show. At 6 o’clock last night, many citizens braved the drizzle and gathered on the banks of the Pearl River in Pazhou. Many citizens said that Pazhou area is very suitable for watching fireworks because of its open space and convenient transportation. It is "very enjoyable" to watch the fireworks show here. On the Shamian River facing the White Swan Pond River, many citizens came to "occupy the position" early in the morning, and the seats on the riverside of the White Swan Hotel had been booked a month ago. Mr. Zhang, a citizen, said: "Watching fireworks in the rain, don’t have a taste."

　　Link: 11 coast guard boat "Pearl River Fireworks"

　　Last night, the Guangzhou Spring Festival fireworks show was lit at the same time in White Swan Pond and Pazhou River. The maritime department dispatched 11 coast guard boat ships and more than 40 maritime law enforcement officers to maintain the safety of water traffic order.

　　Fifteen minutes after the fireworks display, the maritime patrol boat of the Inner Harbor Marine Department will arrange for the Pearl River boat to leave first, and other ships will be allowed to pass later.

On January 26, 2024, the market fluctuated and differentiated all day. At the close, the Shanghai Composite Index rose 0.14%, the Shenzhen Component Index fell 1.06% and the Growth Enterprise Market Index fell 2.23%. Northbound funds bought 1.51 billion net all day.

In terms of sectors, PEEK materials, Hainan, real estate and Shanghai state-owned assets were among the top gainers, while CRO, semiconductors, MR and BC batteries were among the top losers.

In ETF, S&P ETF(159655.SZ), real estate ETF Huaxia (515060.SH) and real estate ETF(512200.SH) led the gains. In addition, banks, games, and delivery ETFs were also boosted by relevant news, with the highest gains.

[Financial support for real estate, favorable policies resonate]

In the news, the relevant person in charge of the State Financial Supervision Bureau said that it will continue to provide personal housing loan financial services. We will support local city governments and housing construction departments to further optimize individual housing loan policies such as down payment ratio and loan interest rate, and guide and urge banks to better serve the financing needs of the broad masses of people for rigid and improved housing.

In addition, the Ministry of Housing and Urban-Rural Development issued a voice on January 26, 2024, fully giving urban real estate control autonomy, and cities can adjust their real estate policies according to local conditions. In view of the current financing problems of some real estate projects, all localities should focus on projects, study and put forward a list of real estate projects that can be given financing support, coordinate the issuance of loans by financial institutions within their respective administrative regions, and accurately and effectively support reasonable financing needs. It is understood that before the end of this month, the first batch of projects can win loans after landing.

Huatai Securities believes that the press conference makes it clear that the financial industry is duty-bound to support real estate vigorously, and optimize policies such as down payment ratio and loan interest rate due to the city’s policy. At present, the mortgage interest rate has gone through several rounds of LPR adjustment, and the lower limit of the point has been gradually relaxed until a dynamic breakthrough. Many places have lowered or cancelled the lower limit of the interest rate due to the city’s policy. RealData shows that the national first home interest rate has dropped to 3.84% in January 2004, down 1.59pct from the high point in October 2001. In September 2003, the stock mortgage interest rate was lowered to further reduce the burden on residents. Many cities have implemented the policy of "recognizing houses but not loans" and optimized the criteria for recognizing the first suite, and the policy adjustment has gradually spread from low-energy cities to high-energy cities. There is still room for the relaxation of the future purchase restriction policy in first-tier cities.

Related ETFs: real estate ETF Huaxia (515060.SH), real estate ETF(512200.SH), real estate ETF(159768.SZ), real estate ETF(159707.SZ), financial real estate ETF(510650.SH) and financial real estate ETF(159940.SZ).

[Cancel the restrictions on the proportion of foreign investment, and banks will welcome benefits again]

In the news, on January 25, 2024, the relevant person in charge of the General Administration of Financial Supervision said that more than 50 opening-up measures have been introduced recently. First, the restriction on the proportion of foreign shares will be abolished. Now, foreign capital can hold 100% of the shares of bank insurance institutions and achieve complete control. Second, the negative list of foreign investment access, and the relevant restrictive measures on the financial industry have been completely cleaned up. For example, the business scope of foreign banks and insurance institutions is completely consistent with that of Chinese capital, realizing national treatment.

Huatai Securities believes that the press conference of the State Council Office made a heavy noise, and the policies at both ends of real estate supply and demand were once again overweight, emphasizing the resolution of risks of small and medium-sized banks and relaxing the proportion of foreign ownership. The combination of the central bank’s policy of lowering the RRR at the beginning of the year will help improve the liquidity environment and accumulate momentum for economic recovery. The policy is expected to be good+the valuation position is double low, and we should seize the opportunity of bank allocation. At present, the valuation of PB(lf) in the banking sector is 0.54 times, which is 3.66% quantile since 2010, which is at a low level. Bank positions of 23Q4 decreased by 0.6pct from the previous month to 1.91%, a record low.

Related ETFs: Bank ETF Huaxia (515020.SH), Bank Leading ETF(515280.SH), China Securities Bank ETF(512730.SH), Bank ETF(512800.SH), Banking ETF(512820.SH) and Bank ETF(159887.SZ).

[Spring Festival travel rush opens on the first day, and the travel industry chain is expected to benefit]

In the news, today (January 26th) is the first day of Spring Festival travel rush in 2024. Railway 12306 began to sell train tickets for February 9, that is, the 30 th day of the twelfth lunar month. It is estimated that during the period of Spring Festival travel rush this year, the cross-regional personnel flow will reach 9 billion. According to the booking data of 12306, on the first day of Spring Festival travel rush, the national railway is expected to send 10.6 million passengers.

Yongxing Securities believes that the traditional holidays are coming and the travel industry chain is expected to benefit as a whole. Near the 8-day holiday of the Spring Festival, the travel heat of the Ma Honeycomb Platform during the Spring Festival rose by 350%, showing an upward trend. The reunion festival has become the choice of most tourists to promote family travel, and the family parent-child group accounts for 42% of the Spring Festival travellers. Ctrip shows that orders for domestic travel, outbound travel and inbound travel have all increased substantially. Considering that during the traditional holidays, the flow of visiting relatives and tourists will overlap, the demand for domestic and outbound travel will increase, and the travel industry chain is expected to benefit as a whole.

Related ETFs: Travel ETF(159766.SZ), Travel ETF(562510.SH), Delivery ETF(561320.SH), Transportation ETF(159683.SZ), Transportation ETF(159666.SZ) and Delivery ETF(159662.SZ).

[115 games approved! The game plate oscillated and rebounded]

On January 26th, 2024, relevant departments released the approval information of domestic online games in January, and a total of 115 games were approved. Since the edition number was resumed in 2022, the number of edition numbers in a single month has exceeded 100 for two consecutive months, and the overall edition number has remained stable.

Citic Securities believes that in the medium and long term, there are still opportunities for the development of China’s game industry, especially related companies that focus on quality content and development in the sea. At the same time, the game industry is an industry that pays attention to innovation. Through technological innovations such as AI and VR, as well as business model innovations in gameplay and categories, game companies are still expected to continue to create increments.

Related ETFs: game animation ETF(516770.SH), game ETF(516010.SH), game ETF(159869.SZ) and game media ETF(517770.SH).

　　Xinhua News Agency, Beijing, February 7th (Reporter Shen Nan, Lu Xingji, Zheng Zhi) At noon on the 7th, 17-year-old China skater Su Yiming made history and won the first Winter Olympics medal for men’s snowboarding in China. Wearing the national flag, standing side by side with two Canadian masters, "Xiaoming" declared that China men’s single board was officially among the top fashion in the world.

　　On February 7th, Max parrot of Canada (middle) who won the championship, Su Yiming of China (left) who won the second place and Mark Lee Mcmorris of Canada who won the third place presented souvenirs. Xinhua News Agency reporter Yang Shizhen photo

　　This is the fruit of China folk veneer for 20 years. At the beginning of the 21st century, this trendy sport, which started in North America, began to have the first group of folk fans in China. Most of them used to be double-board professional athletes or snow friends. They began to grope for learning, playing, building venues, holding competitions and training by relying on foreign video materials that helped each other and were not rich in resources. At the beginning of this circle, it was not big. Almost everyone knew Xiaoming and watched Xiaoming grow up.

　　Su Yiming’s hometown, Jilin City, Jilin Province, is blessed with ice and snow resources. Xiaoming, born in 2004, has been brought to the snow by his parents since he was two or three years old, and has cultivated an excellent sense of snow. Although it didn’t take long for "Brother Ming" to become the "ceiling" in China, he went abroad for training, communication and finding famous teachers, it is undeniable that the rise of folk veneer in China was the soil for Su Yiming’s birth.

　　This is the fruit of the intersection of personal dreams and national dreams. When Beijing won the bid for the Winter Olympics in the summer of 2015, Xiaoming, who was only 11 years old, set his own goal &mdash; &mdash; After six and a half years of hard training, I stood on the stage of the Winter Olympics on behalf of China. He clearly knows that this is the best time for him, and it may be a once-in-a-lifetime opportunity to represent the country at home to win the highest honor.

　　On February 7th, China’s Su Yiming was in the competition. Xinhua News Agency reporter Xu Changshe

　　This is a valuable youth ambition and courage &mdash; &mdash; Give up acting career, but also face the risk and pain of challenging the limit. When the national cross-border cross-country training team called, he joined without hesitation. The team also gave the boy a relaxed environment and strong guarantee after fully understanding him, which opened up a training mode different from the traditional training system for him. This allows him to devote himself to the preparations and the points competition of the Winter Olympics according to his own rhythm and ideas.

　　This way is also more conducive to him to maintain his unique sports style and temperament, a kind of freedom and freedom as the "soul" of veneer. This also makes it easier for him to be accepted and recognized by the international veneer circle. In fact, after years of training abroad, the growth track similar to that of international players and fluent English, Su Yiming can be well integrated into the international circle.

　　This will be the beginning of a new era of snowboarding in China. In recent years, snowboarding has been "blowout" among the people, and the proportion of snowboarders in major ski resorts has soared. Among the emerging skiers in the south, snowboarding accounts for an overwhelming proportion. Especially among children, veneer is because of one word &mdash; &mdash; "Cool" is popular. I believe among these children, there will be future champions.

　　Su Yiming’s blockbuster today is an exclamation point and a comma. His soaring will plant dreams and ignite hope in the hearts of more single-board "dolls" and teenagers.

　　In recent days, the network operation center of Qinhuangdao Branch of China Post Group Company, located in Lingang Logistics Park, Haigang District, Qinhuangdao City, Hebei Province, has been doing a good job in epidemic prevention and control, and at the same time, it has seized the time to sort express parcels to ensure smooth logistics and transportation.

　　Photo by Cao Jianxiong (People’s Vision)

　　Since the outbreak of the COVID-19 epidemic, the production and operation of logistics enterprises have been greatly affected, and the social logistics cost has risen in stages. In view of these problems, Gao Gao, Deputy Secretary-General of the National Development and Reform Commission, pointed out at the press conference held by the the State Council Joint Prevention and Control Mechanism on March 6 that at present, the key point is to solve the obstacles and operating cost pressure faced by logistics enterprises and support the logistics industry to resume normal operation as soon as possible; In the future, efforts should be made to promote the construction of a safe and efficient logistics operation system and further enhance the ability of the logistics industry to cope with external shocks and serve the national economy.

　　The return to work rate of logistics enterprises exceeds 60%

　　The logistics industry plays an important supporting role in coordinating the prevention and control of epidemic situation and economic and social development. What is the situation of returning to work?

　　Gao Gao introduced that at present, there are about 400,000 logistics-related legal entities in China, with more than 50 million employees. By the end of February, the proportion of logistics enterprises in China has exceeded 60%, the road freight market has continued to pick up, the vehicle operating rate has been restored to 70%, and the rate of returning to work in logistics parks is close to 90%, especially for a number of national logistics hubs and demonstration logistics parks.

　　Regarding the express delivery that people are concerned about, Liu Jun, deputy director of the State Post Bureau, said that after the outbreak, the State Post Bureau organized and mobilized the postal express delivery industry to fully guarantee the transportation and delivery of epidemic prevention materials and the distribution of daily necessities, and to distinguish enterprises from orderly resumption of work and production, speed up the smooth economic cycle, and strive to meet the needs of people’s livelihood. At present, there are nearly 3 million people who have returned to work in the postal express delivery industry, with a return rate of 90.2%, handling more than 160 million pieces of express mail every day, and a recovery rate of over 80%.

　　"Judging from what we have learned in the past few days, the situation of resuming work and production continues to improve. Logistics related to daily necessities, such as express delivery, has a relatively fast recovery speed, and the rate of returning to work and the yield are relatively high. Relatively speaking, productive logistics is extensive and involves the coordination and linkage of different industries and different upstream and downstream, and the recovery situation is weaker than that of life logistics. " Gao Wei said.

　　Get through the blocking point of agricultural products entering the city

　　The overall situation is improving, but problems such as the failure to return to work and the ineffective guarantee of the timeliness of mail express still exist. Liu Jun pointed out that postal express delivery enterprises belong to network enterprises. Due to the epidemic control policy, the production capacity recovery area is not balanced enough. Distribution centers, municipal processing sites and terminal business outlets in some areas such as Hubei have not resumed normal operations, which has a direct impact on the smooth operation of the whole network.

　　"During the epidemic, some communities and rural areas were under strict control, and the courier brother could not deliver normally. Especially now, the utilization rate of smart express boxes is less than 50%, which directly affects the delivery efficiency." Liu Jun said that at the same time, the production capacity of upstream SMEs of some e-commerce companies has recovered unevenly. Some consumers have placed orders, but they cannot generate packages in time, which also has some impact on the whole time limit.

　　Liu Jun said that in order to ensure the quality of service, the State Post Bureau requires delivery enterprises to effectively guarantee the production capacity of personnel, transportation capacity and equipment, strengthen the management and scheduling of reasonable time limit for express mail, and give priority to dealing with the backlog and problems caused by the epidemic. In the next step, it is necessary to keep the "green channel" for the transportation and delivery of epidemic prevention materials unimpeded, and timely and efficiently distribute the needed materials for the front line of epidemic prevention and control. At the same time, it is necessary to give priority to the distribution of basic living materials for residents in closed management areas, concentrate on the delivery service of agricultural and sideline products into cities, and help solve the problem of unsalable agricultural products. "Now the epidemic situation has a greater impact on agricultural products entering the city. Recently, our focus has been on getting through the blocking points in this area and smoothing the circulation channels."

　　"We will continue to promote the resumption of work in the express delivery industry in stages and continuously improve the production capacity according to market demand." Liu Jun said that it is preliminarily predicted that by mid-March, except Hubei, the whole network will basically return to normal.

　　Increase fiscal, taxation and financial support

　　"This epidemic has had a great impact on the logistics industry. Recently, the National Development and Reform Commission, together with relevant parties, aimed at the outstanding problems that restrict the resumption of production and long-term development of the logistics industry, in accordance with &lsquo; Combination of distance and overall consideration &rsquo; The principle of putting forward a series of policy measures. " Gao Wei said.

　　The intensity of tax reduction and fee reduction has increased in stages. Within a certain period of time, we will continue to implement the policy of halving the urban land use tax for bulk commodity storage land that expired at the end of last year. From March 1 to June 30, the port construction fee for import and export goods will be exempted, and the government-set charges such as port charges and port facility security fees will be reduced by 20%, and the compulsory emergency response services and charges for non-tanker cargo ships will be cancelled. Before the end of June, the railway insured price, the delayed use of containers, the detention of trucks and other fees will be halved. Transportation and logistics enterprises that perform emergency transportation tasks during the epidemic prevention and control period belong to the government’s purchase of public services, and governments at all levels should give compensation.

　　In terms of financial support, Gao Gao introduced that the national list of key enterprises for epidemic prevention and control is being published in a rolling way, and several groups of key logistics enterprises have been recommended to be included in this list, and financial institutions can provide them with preferential interest rate loans by using special refinancing. At the same time, ease the financial pressure of small and micro logistics enterprises with a wide range and a large quantity, and encourage financial institutions to temporarily postpone the repayment of principal and interest on their loans, especially not to borrow, keep lending and keep lending.

　　"Policy measures also involve accelerating the improvement of the emergency logistics system, deepening the adjustment of cargo transportation structure, and improving the level of modern supply chain." Gao Gao said that the National Development and Reform Commission will work with relevant departments and localities to implement relevant policies, support and guide logistics enterprises to resume work and production in an orderly manner, increase dynamic monitoring of the operation of the logistics industry, promote the transformation and upgrading of the logistics industry, improve quality and efficiency, and provide a strong guarantee for the sustained and healthy development of the national economy.