Stock (1): What do you buy when you buy stocks?

Hello, my name is Peking University Xu Yuan, and welcome to my investment class.

Today we enter the second part of the course, the investment tools part. In this part, I will explain to you the basic nature of investment tools, including stocks, bonds, funds, real estate, gold and so on. For example, these are 18 kinds of weapons in the martial arts field. After understanding the basic properties of these weapons, we can choose the weapons that we can take advantage of.

As the saying goes, "If you want to do a good job, you must sharpen your tools first." Without understanding the nature of these tools, you are like a tiger without teeth, and you will be very passive in the arena of investment.

Today is the first lecture on investment tools. We begin to talk about one of the most common and important tools, namely stocks. Regarding stocks, we focus on six issues.

First, when we buy stocks, what are we buying? In particular, some companies are not profitable at all, let alone paying dividends. Why are they still worth so much money? How exactly is this priced?

Second, how to judge the stock price? Some stocks are very cheap, can you buy them? Some stocks have high unit prices, why do they go up all the way? How to judge?

Third, there are so many stocks in the market, how to quickly grasp the market situation?

Fourth, how is the stock price determined? What are the different factors?

Fifth, do A shares earn money? If you don’t make money, why are so many people playing in it?

Sixth, what kind of stocks have high returns?

Let’s look at the first question first. What do we buy when we buy stocks? In particular, some companies on the A-share market are not profitable, and there is no dividend. Why are they still so expensive? In order to clarify this problem, I divide stocks into two categories, dividend-paying and non-dividend-paying

Dividend-paying stocks have a relatively simple principle. We buy a stock because we are optimistic about the cash flow that this stock can bring.For example, if you spend 10 yuan on a stock and pay a dividend of 1 yuan a year, after ten years, you will return to your capital (for simplicity, discount is not considered here), and all dividends in the future will be profits.

If you divide it into 50 cents a year and pay it back in 20 years, all future dividends will be profits. At this time, you spent 10 yuan to buy it, which is all future dividends.

You may say, where is the company giving such a high dividend rate now? Actually, it’s not. You can have a look at Table 1. Table 1 shows the distribution of dividend rate of A-share listed companies from 2016 to 2018. As you can see, the average dividend rate of listed companies is over 30%, which is not low.

This is not the most exaggerated. The 10% companies with the most dividends have a dividend rate of over 60%. At present, there are more than 3,000 listed companies in A-shares, of which more than 300 have a dividend rate of over 60%. Therefore, the statement that A shares do not pay dividends is not consistent with the real data.

Table 1: Dividend rate of A-share listed companies (2016-2018,%)

Note: Before calculating the dividend rate, companies with negative net profit in this year are excluded, and the dividend rate is equal to the total annual dividend of the company divided by the annual net profit attributable to shareholders of the parent company.

As of the production date of this table (November 2019), the dividend data for 2019 has not been published, so the data from 2016 to 2018 are used. Source: Wind information.

In fact, what you need to pay attention to is not the companies that don’t pay dividends, but the dividend rate of some companies is too high, which is a bit abnormal. You need to see what is going on. In order to illustrate this situation, we have specially compiled Table 2 and listed the companies with the highest dividend rate in recent years.

When sorting out Table 2, we made a screening and only considered large and medium-sized companies with positive profits and large market value of more than 10 billion. The data of small and micro enterprises fluctuates greatly, so we will not consider it for the time being.

Table 2: Top 30 Dividend Rates of Companies with Market Value of Over 10 Billion (2016-2018,%)

Note: The data comes from Wind. Before calculating the dividend rate, the companies with negative net profit for the year and companies with a total market value of less than 10 billion at the end of the year were excluded.

If you look at Table 2, many companies have a high dividend rate, and some companies even have a dividend rate of more than 100%, that is, dividends exceed profits. Why is this happening? To sum up, there are probably three possible reasons.

In the first case, the company has little temporary profit, but in order to maintain the stability of dividends, it still maintains a consistent dividend level. In this case, even if there is a temporary shortage of cash, the operation is still stable, so paying more dividends is to show the market that everything is under control and there is no need to panic.

China Petroleum, for example, has done such a thing. Due to lower oil and gas prices, its net profit in 2016 dropped by nearly 80% compared with that in 2015.

However, in order to maintain a steady dividend, China Petroleum used the retained undistributed profits of previous years to pay dividends in 2016, and the dividend rate reached 137.43%. By 2018, the company’s profits have improved, the denominator has become larger, and the dividend rate has fallen.

Purchase column to unlock the remaining 70%
Reporting/feedback

Today, I am you | grab 50 training places in one minute! "Olive" is in the first place. Why do Qingdao people fall in love with this ball?

Peninsula all-media reporter Zhong Wenting

  Rugby is known as the first sport in the United States, but on a football field in Qingdao Guoxin Stadium, young men and women often play rugby games, and the joyful scene attracts many people to stop and watch. Recently, the reporter of "I am you today" on the peninsula felt the heat that 50 football training places were robbed in one minute.

The reporter first experienced the flag football.

  At present, Qingdao American Football Adult Equipment Group has 80 full-time players, more than 1,000 fans who often participate in training, and more than 3,000 waist flag football fans who are relatively easy to get started. Why is this minority sport so popular in Qingdao, from young people to children, from college students to returnees? Come and experience it with the reporters from Peninsula and feel the charming life of this fashionable city!

Grab the quota in one minute

It took the reporter a few days to grab it.

  Recently, the reporter came to Guoxin Stadium. Although it was 8 pm on Wednesday, the stadium was in full swing. The football team organized here is the American football team of Qingdao Conquerors. Captain Tong Yi told reporters that today’s football activities are becoming more and more popular. Professional team training and the participation of fans make this stadium lively, even on weekdays, there are different levels and intensities of training going on almost every night.

  Nowadays, no matter whether it is a zero-based "Little White" or an enthusiast who has been training for many years, he can find a suitable training team and teammates in Qingdao. "Regardless of flag football or American football, everyone’s acceptance is getting higher and higher. Now all football fans’ WeChat groups divided by category and grade have filled my top list, adding up to more than 3,000 people." Tong Yi pulled the reporter into the primary group of fans a week ago, but it took a week for the reporter to sign up.

  Because the registration is too hot, because the number of people needs to be controlled in each training, the upper limit of each registration is 50. At first, the reporter set up the information-free mode, and when he remembered to grab the quota, dozens of people had lined up behind him. Wait until the next training suitable for beginners, as soon as the registration information is sent out, 50 people will be reported in one minute, and there will be people waiting in line. Looking at the registration information carefully, there is only one second difference between the 50th person and the 51st person, and the 51st person in line is equivalent to the backup team for this training-if there are formal players who temporarily quit, the backup team members waiting in line at the back can make up the position according to the queuing order. The reporter was amazed at everyone’s enthusiasm. Captain Tong told the reporter that if you want to participate, you must register in advance. Fans know the basic registration instructions, and the organizers will also buy insurance for the players. Therefore, the registration process is very strict, and you will never accept temporary registration on the spot.

  After several days’ dedicated competition, the reporter finally grabbed a place to participate in zero-based training. On the left and right sides of the court, there is American football on one side and flag football on the other. The reporter signed up for flag football training.

Many girls are happy in flag football.

  For the classification of these two events, in many people’s impression, rugby requires intense physical collision and confrontation, which requires high physical quality. However, as a non-contact and non-collision rugby form, flag rugby has lower threshold, faster start-up and is more suitable for beginners to try to participate.

  The reporter first entered the football team with the waist flag on the right side of the venue. After entering the door, his teammates tied a belt for the reporter, and two pieces of cloth about half a meter long were hung on both sides of the belt. This is the waist flag. "Pulling this flag is equivalent to knocking down your opponent in American football. This is the biggest difference between the two categories. The flag football avoids direct collision and plays in a more gentle way, "Tong Yi told reporters." You see that the American football on the left needs to wear protective equipment and a helmet, but the flag football on the right doesn’t need it. Everyone can go into battle lightly, as long as they wear sports shoes. " The reporter found that the proportion of men and women in his training team is basically half and half, and most of them are young people in their twenties and thirties, while the American group with equipment accounts for the majority. Most of them are strong and their bodies reveal the traces of fitness all the year round.

Catching a ball is like hitting a sandbag.

Running is much happier.

  The reporter entered the training team of flag football. At first, fifty people were divided into five groups according to the number of times they participated in the training. The primary group where the reporter was located was the first-fourth training group. After grouping, the coach first organizes the practice of running and catching the ball without the opponent’s letting go of defense.

  The coach asked the group of ten people to form a line and take turns to train for running. After each person stood on the line, he waited for the coach’s command with his left foot in front and his right foot behind. When he heard the word "run", he ran forward quickly, stopped at the specified position quickly, and then turned around and went back. Familiar with the basic pace requirements, and then more complex running route training.

  Get familiar with the route first, and then catch the ball. In the training of catching the ball in situ, you are required to bend your knees, lean forward slightly, and keep your eyes on the ball. When the ball comes, you should stretch out your arms to meet the ball and fully relax your fingers to touch the ball. After touching the ball, both hands instantly exert force and recover it to firmly connect the ball. As it was the first time to participate in training, the reporter did not wear protective gloves, and when he reached out his hands to catch the ball, he was worried that his manicure would not be guaranteed. It’s best to wear protective gloves if there are girls participating in the training.

  When the ball comes, open your hands side by side with palms facing outwards, and there is a nearly triangular gap between the two index fingers and little fingers to catch the ball. When the coach saw that the reporter was attending for the first time, the girl would show some mercy. However, when the reporter saw a ball flying over for the first time, he was still a little instinctively afraid. At that moment, he just wanted to avoid being afraid of hitting his head. His companion described the reporter as bringing his own "ah" elongated sound effect, and then watched the ball land beside him.

Peng bo is attacking.

  This process of catching the ball is a bit like playing sandbags when I was a child, that is, "playing cat’s tail" in Qingdao dialect. Some people are scared when they see the ball, while others are excited when they see it.

  After catching the ball, you run with the ball. There are two kinds of holding the ball: two-handed holding and one-handed holding. Holding the ball with both hands is easy to combine with passing, and holding the ball with one hand is easy to accelerate. When holding the ball with both hands, the five fingers are naturally opened and the thumb is pressed on the most convex part of the ball; The palm is empty, and the finger grips the ball hard; The wrist is turned up, the elbow is set up to hold the ball in front of the body, and it swings left and right with the running action. There are two ways to hold the ball with one hand: vertical and horizontal. Hold the ball with one hand and hold it firmly with your hands, arms and chest.

  If you can catch the ball, you can either pass it to your teammates or break through the opponent’s defense and bring the ball to your camp, which means a touchdown. What the opponent’s defender has to do is to pull out the flag on the receiver’s waist. After pulling it out, the defense is successful. Therefore, when the players with the ball run, they have to avoid the other team to pull the flag.

  When the defender intercepts from the front or oblique side, he can use the arc running to get rid of his opponent. At this time, he should pay attention to the distance from his opponent, and he will be intercepted if he is too close to his opponent. Take a detour to the right as an example: lower your center of gravity and lean forward to run forward. When your opponent approaches from the front, look to the left to attract your opponent’s attention; Turn to the right with the inside of the left foot, cross the left foot to the front of the right foot, and run away in an arc. This process of running while protecting the flag is a bit like tearing a famous brand in the reporter’s view, while running to the designated position, we must not forget to protect the famous brand from being torn off.

  After understanding the basic rules, the coach organized two groups to have a friendly match. On the field, everyone encourages his teammates while learning skills. Even if there are mistakes, no one will complain. Everyone pats their shoulders and cheers on each other. At this time, losing and winning are not so important, and everyone has gained happiness in running.

From the eight-member student club

To the top four teams in the country

  Tong Yi told reporters that his Qingdao conqueror American football team was only a football club of Ocean University in 2013, with only seven or eight people at first. By 2018, there will be more than 30 American football players. They are bank employees, teachers, doctors and fitness instructors during the day ….. When they arrive at the training ground at night, they are football players when they put on their equipment. At that time, although the sport was relatively small in Qingdao, the enthusiasm of these players was very high.

  In order to improve the competitive level and get good results in the national league as soon as possible, people often go to Shanghai to participate in football training camps at their own expense. "Shanghai has always been a city with a relatively good development of domestic rugby, where there are more international coaches and a more professional training atmosphere. Therefore, in a 3-4-day training camp, everyone spends seven or eight thousand yuan to learn skills." In addition to spending money, it is not easy to bring a group of adults together for fixed training. "The fixed members are those people, and everyone has his fixed position. Without anyone, the overall training will be affected." Tong Yi recalled that in the early days when the team wanted to improve their performance, every member of the team overcame all kinds of difficulties, pooled their money and made time. "Everyone is an adult with family and career concerns. It seems that everyone has returned to his childhood and should also thank each member’s family for their support."

Jerry took a photo with Super Bowl champion Russell Wilson.

  In addition to regular training at least three times a week and going to Shanghai to participate in the improvement training camp every six months, the players at that time also contacted the old coaches in China online to ask tactical questions. "At that time, there were few people playing football in China, so no matter where people were far apart, as long as they were sincerely loved, there were some appreciate each other between them, and even strangers were willing to give you all they had to tell you about tactics by phone or online." Tong Yi missed the players’ thirst for knowledge about football at that time, "that ignorant and eager stage was as urgent and expected as a newborn trying to learn to walk."

  For Qingdao people, rugby needs a process from scratch. How to take every step on the field may be difficult for them to figure out for a long time, but it will be of great benefit to try it again after being instructed by the old coach on the Internet. Long-term hard work and exchange study, Qingdao team joined the National Rugby League in 2018, and in 2019, Qingdao team reached the third place in the northern part of the country, ranking among the top 12 in the country. In 2020, Qingdao team was shortlisted for the first time in the top four in China.

  2020 is an important year for Qingdao rugby. In that year, a senior player who represented China in the World Championships was invited from Shanghai, and a foreign coach was also invited.

  Jerry, a veteran player from the Shanghai champion team, was originally from Qingdao. After returning to Qingdao, he spent a year leading the Qingdao rugby team to practice better, free of charge. Everyone in the team tried their best, rain or shine, and the football level in Qingdao improved rapidly.

  Today, there are 80 regular football players in Qingdao, more than 1,000 fans who often take part in training, and more than 3,000 football fans with waist flags. Their influence has spread to the surrounding cities of Qingdao, and brother cities such as Yantai and Weihai often come to Qingdao to learn from them, just as the Qingdao team once went to Shanghai to study.

Both father and son are crazy about football.

Failure experiences quench the spirit.

  "peng bo, run! Faster! Good shot! " In Qingdao in June, a youth American football game officially began. Peng bo, a photographer on the sidelines, got busy. As a well-known media reporter, he had to shoot with a dozen catties of long guns and short guns, and at the same time he had to worry about the performance of his son on the field. In every competition, peng bo, a teenager, is like this, "playing as a partner" with his photographer father.

Peng bo attacked in the game.

  Today, 9-year-old peng bo has five years’ experience in rugby, and his relationship with rugby originated from an interview with his father many years ago. "I once interviewed an adult rugby team in Qingdao and fell in love with the sport at once. When peng bo was 4 years old, I sent him to learn rugby." Peng bo, the father of a loyal NFL fan, wore a jersey of NFL star Peyton Manning in the first football class. Foreign coaches were not used to addressing Chinese names and called peng bo "Manning", which naturally became the English name of peng bo.

  Four-year-old peng bo fell in love with the game when he first came to the football field, and he fell in love with the feeling of breaking through many obstacles and chasing after the wind. While he was training and playing, Dad would take out his photographic equipment to shoot the wonderful moments of the children, and use the Tik Tok "Lightning Manning" to record the growth of the children in football. Peng bo has excellent speed and flexibility. He was assigned as an attacker by the coach just after he went to training. At the age of 6, he showed excellent sense of the ball among his peers. He was assigned by the coach to take over the team and take on the most important scoring task. Now he has been able to make touchdowns again and again in the game to help the team score.

  When peng bo was 6 years old, his narwhal team played a friendly match with Jinan Cobra team, which was the first fully armed match he played with his friends. Facing Jinan team, which was older than himself and had certain competition experience, peng bo’s father described his son as "completely stupid, even the opposing players passed by him, and he wouldn’t move". He was replaced less than 3 minutes after playing, and the game ended in defeat. Failure inspired peng bo’s fighting spirit. He said to his father, "Dad, I want to practice more during the summer vacation." The original training once a week became three times a week, and soon, hard training paid off. Five months later, in the Qilu Bowl, peng bo and his teammates once again faced the Jinan team. He played well and played the whole game. In the last crucial minute of the game, he made three important Tackle, which prevented the opponent who was four years older than himself from attacking and won an exciting victory. Finally, the team won the Qilu Bowl.

His son peng bo is Peng Yan’s most satisfactory photography.

  As NFL fans, father and son often watch NFL games together and learn skills and tactics by watching them. Pumbaa has more than a dozen NFL star jerseys and many NFL peripheral products. He loves these "treasures" fondly, which also promotes peng bo’s interest in football. In order to encourage children, my father went into battle in person, participated in the adult flag football game, and won the championship against teams such as Shanghai, Dongying and Weihai, which also added a lot of confidence to peng bo.

American players come to help.

Help Qingdao win the championship

  Jerry, who came to Qingdao from Shanghai, now focuses on youth training. Jerry told reporters that there are more than 100 children studying rugby in Qingdao today. Although there are no special points for rugby majors in China at present, children’s rugby training from an early age can be brutal and tempered, which is very beneficial to physical fitness and willpower training. "Of course, intellectual development is also a very important aspect. Groups under the age of eight must master more than 20 sets of tactics. As soon as they read the tactical code, they must know where they and their companions are going to do, and their ability to adapt to the situation and psychological quality are all-round considerations in a tense environment."

  Jason, who played football in the United States since childhood, is very touched by the various benefits of football in children’s growth. Jason, a native of Tangshan, grew up in the United States. Now, after returning to China, he works as a fitness coach in a fitness studio in Yanji Road, Qingdao, and just joined the American football team of Qingdao Conquerors in June this year.

  Jason looks like a football player from the outside. Rugby is the first sport in the United States. Jason grew up playing in the United States. At the age of 19, he was selected for the Los Angeles high school team. Later, he performed well in the American college football league and entered the University of Los Angeles team with the eighth place. "Originally, Europeans are good at collision, Asians are usually more endurance, and I have been exercising for many years. I think I have both advantages at the same time." Jason is very confident about his football level. Jason has always been the only face of china in the team since he was a child. He admits that every time he comes to a new team, he will really get some strange eyes from his teammates and wonder if I, a China native, can play their ball. "Facts have proved that I can not only play, but also play very well. I used my strength to change the initial prejudice of foreigners against me and make all doubts disappear." Jason laughed and said that he was talented and could not do without long-term hard training. "I can squat 270 kilograms with a load now, and Bobby can jump 100 times continuously."

Jason is now working as a fitness instructor in Qingdao, and he will never forget his rugby feelings.

  Jason now works as a private tutor in a fitness studio on Yanji Road in Qingdao. He learned by chance that there are also professional football teams in Qingdao, so he immediately signed up for the training. In just one night, the coach discovered his strength and immediately invited him to enter the professional group for training. Jason has played in the United States for many years. He thinks that the strength of the Qingdao team today can not be underestimated, but the attack can be more fierce. "My goal is to help the Qingdao team win more championships!"

  Jason recalled the daily training of American teams in the past, and felt that it was indeed more intense than now. "At that time, players would wear 50 pounds of sandbags for long-distance running or press 20 kilograms of barbells for push-ups. Now, the training intensity of both adults and teenagers in Qingdao is much more’ civilized’ than I have ever seen before." Jason believes that the rugby environment in Qingdao can be gradually strengthened in addition to the training intensity, and the general fitness awareness of ordinary people around him is not enough. "Many people have not regarded sports as an essential part of their daily lives, so I still hope that people will get active soon. Even if they don’t play rugby, it is always beneficial to do more fitness and exercise."

Jason usually works out when he doesn’t practice.

  Finally, there is the spirit of entertainment. Jason thinks that although American football looks a bit barbaric and has a collision, in fact, its protective equipment and rules are making every effort to protect the safety of players. "I hope that once we get on the court, we will all let go of playing and abandon all social relations. No matter who is the leader and who is the colleague, we will be friends when we get on the court, and we will have a hearty game. We will neither be humble with our hands tied nor be impatient because of the inevitable collision in the game ….. I hope more and more people can join in and enjoy the happiness of the sport itself."

Reporter’s note:

The more open, the more confident.

The city of fashion is full of vitality

Nowadays, the football team in Qingdao is growing day by day.

  As a sports enthusiast, the reporter is glad to see that there are more and more interesting things in his hometown Qingdao in recent years, especially in sports and fitness. Squash, baseball, rugby and other once small sports have quietly emerged among men, women and children in the streets. With the mass base, the achievements of professional teams are among the best in the country.

  Qingdao has always been an energetic and enterprising city. People in this land are brave in challenges, high morale and full of self-confidence. American football equipment seems to be a foreign thing full of violent aesthetics. In fact, Qingdao people have played the game of "playing cat’s tail" since childhood. The happy pursuit of playing sandbags seems to have the same effect as flying on the football field today. Who can refuse this kind of happiness that makes adults go back to childhood? For children, rugby is also a good sport to develop intelligence and exercise, so there are many rugby families like peng bo.

  Nowadays, Qingdao’s economy is developing rapidly, and spiritual entertainment and mass fitness are also keeping pace with the times. Everyone is willing to spend 180 yuan to play a flag football in the stadium in their leisure time, and they can also accept spending thousands of dollars to buy American football equipment and join a professional American football team. What fun to play, enjoying life and inspiring life is the lovely romantic feelings in Qingdao people’s bones, and it is also open and inclusive to accommodate the winds from all directions.

Reporting/feedback

Xinjiang ice and snow tourism festival is getting better and better. Snow circle competition stirs up ski resorts.


The Third China Xinjiang Ice and Snow Tourism Festival


  Zhongguangwang Urumqi News (Reporter Gao Jingya) "One, two, one, two" With the rhythmic sound of trumpets, a rope tens of meters long stretched straight in dozens of pairs of powerful hands. This is what the reporter saw today at the 3rd China Xinjiang Ice and Snow Tourism Festival and the 6th 2008 Silk Road Ice and Snow Scenery Snow Mountain Golf Lighting Ski Resort Sub-venue.



Go all out to the end


  On December 22nd, various events of the 3rd China Xinjiang Ice and Snow Tourism Festival were in full swing at Xuelianshan Golf and Lighting Ski Resort. Snow cross-country race, snowboarding competition, snowboarding competition, skiing circle competition … Nearly a thousand contestants gathered here, shouting, cheering and laughing together, and the scene immediately became a colorful and joyful ocean.


  Among many competitions, the team composed of hundreds of students is particularly prominent. I saw that the students quickly arranged the snow circles in a row, and the contestants quickly sat in the snow circles. With the whistle of the coach, the game officially began. Li Xue, from No.56 Middle School in Urumqi, is a frequent visitor to the ski resort. After the competition, she said excitedly: It’s so exciting to play skiing with so many people for the first time!



Uyghur traditional music performance


  Xu Xia, manager of the planning department of Xuelianshan Lighting Ski Resort, told the reporter: This year’s activities mainly highlight the masses and interaction, hoping to let more people participate in and experience the ice and snow projects with the help of the Ice and Snow Tourism Festival.


  In recent years, major ski resorts in Xinjiang have been constantly upgrading their equipment. In addition to strong hardware facilities such as snow presses and snow makers, they have also built a variety of special projects to attract tourists. During this year’s snow and ice storm, the general public and tourists can not only experience traditional projects such as snowboarding, skiing circle and snowmobile in the ski resort, but also feel the fun brought by new projects such as powered parachute, magic carpet ropeway, four-person hanging chair and delta wing.

Editor: Liu Li

Financial data released in July! Why is it lower than market expectations? Expert interpretation

  According to the financial statistics released by the People’s Bank of China on August 11th, at the end of July, the balance of broad money (M_2) was 285.4 trillion yuan, up 10.7% year-on-year, and the growth rate was 0.6 and 1.3 percentage points lower than that at the end of last month and the same period of last year respectively. In the first seven months, RMB loans increased by 16.08 trillion yuan, an increase of 1.67 trillion yuan over the same period of last year. In July, RMB loans increased by 345.9 billion yuan, a year-on-year decrease of 349.8 billion yuan.

  According to preliminary statistics, the scale of social financing in the first seven months totaled 22.08 trillion yuan, 206.9 billion yuan more than the same period of last year. In July, the scale of social financing increased by 528.2 billion yuan, 270.3 billion yuan less than the same period of last year.

  Experts believe that on the whole, the financial data in July was lower than market expectations, mainly due to short-term fluctuations caused by overdraft effect and delayed release of financing demand, which does not mean that the process of wide credit has changed. At present, the macro-policy control is increasing, and the credit downturn will not last.

  "The financial data in July was less than expected, mainly due to three reasons: First, the economy is in a weak repair period, the recovery situation is not stable, and the financing demand of the real economy is still weak; Second, the scale of social financing and RMB loans unexpectedly rebounded and grew rapidly in June, and the credit supply of financial institutions was rushed ahead of schedule, which overdrawn the credit demand in July to some extent; The third is seasonal factors, and July is usually a small month for credit. " Dong Ximiao, chief researcher of Zhaolian, said.

  Wang Qing, chief macro analyst of Oriental Jincheng, said that the high credit impulse in June had an overdraft effect on the credit demand in July, which would significantly increase the monthly fluctuation of new loans. This phenomenon appeared many times in April, July and October, 2022. At the same time, although the expectation of steady growth continued to improve in July, the incremental policy was limited, and the economic recovery was still weak, especially in the real estate market, and the credit demand of enterprises and residents was not strong. In addition, the interest rate cut in June and the lowering of the quoted interest rate (LPR) in the loan market may have formed a strong downward expectation of interest rates in the market, causing some enterprises or residents to postpone financing needs in order to wait for lower financing costs.

  By sector, in July, household loans decreased by 200.7 billion yuan, of which short-term loans decreased by 133.5 billion yuan and medium-and long-term loans decreased by 67.2 billion yuan; Loans from enterprises and institutions increased by 237.8 billion yuan, of which short-term loans decreased by 378.5 billion yuan, medium-and long-term loans increased by 271.2 billion yuan, and bill financing increased by 359.7 billion yuan; Loans from non-banking financial institutions increased by 217 billion yuan.

  "We should attach great importance to the problems of weak confidence in the household sector and sluggish market demand, make efforts from the demand side as soon as possible, speed up the adjustment and optimization of housing purchase restriction and loan restriction policies, continue to strengthen the implementation of differentiated housing credit policies, and comprehensively reduce the down payment ratio and cancel ‘ Recognizing the house and the loan ’ Measures such as reducing the interest rate of stock loans. " Dong Ximiao said that the current adjustment of housing credit policy mainly focuses on supporting rigid housing demand, and more powerful measures should be taken to support improved housing demand. At the same time, accelerate the adoption of more comprehensive measures to stabilize and expand the large-scale consumption of automobiles and homes.

  In July, Politburo meeting of the Chinese Communist Party focused on the three goals of "expanding domestic demand, boosting confidence and preventing risks", and proposed to strengthen macro-policy regulation, countercyclical adjustment and policy reserve, which clearly released the signal of supporting the real economy. Wen Bin, chief economist of China Minsheng Bank, believes that policy bottoming and economic accumulation will drive the subsequent stable credit expansion and credit structure optimization, and further enhance the momentum of steady economic recovery.

  "A series of policy combinations introduced in July are highly targeted, which will effectively alleviate the operating pressure of private enterprises, accelerate the recovery of the real estate market, promote the development of small and medium-sized enterprises, stimulate residents’ consumption, expand consumption and investment, improve growth expectations, and accelerate the promotion of credit repair." Wang Yunjin, a senior researcher at Zhixin Investment Research Institute, also believes that the policy level is expected to continue to increase in the third quarter. The People’s Bank of China may comprehensively consider various tools of monetary policy and continue to support credit expansion by lowering the RRR, structurally lowering interest rates, and guiding banks to lower the interest rate of existing mortgages.

  Dong Ximiao said that in the past three years, China has not implemented a strong stimulus policy, and there is a large room for monetary policy adjustment, and policy tools and policy reserves are relatively rich, so it is possible to increase implementation. At present, the weighted average deposit reserve ratio of financial institutions in China is about 7.6%, and there is still room for RRR reduction. At the same time, we should further deepen the reform of interest rate marketization, give play to the role of LPR formation mechanism reform, and guide the market interest rate to continue to decline. (Economic Daily reporter Yao Jin)

Dead ringer, the most comprehensive art test this year! Replica Wallace Huo Liu Shishi Qi appeared.

The preliminary test of Nortel 2017 has ended. How many dead ringer have you seen?


Special feature of 1905 film network  The preliminary performance test of Beijing Film Academy in 2017 is drawing to a close, and the spectacular scene of Karry’s appearance shows people the influence of the stars. Compared with star candidates, many white candidates are often not so easily noticed by the media.

For example, Xiao Bian found a familiar face in the "dead ringer" atlas plan made by 1905 Film Network in 2013. At that time, we called her "Su Yan Bidai Syulan". Three years later, she changed from a young art candidate to the first post-90 s "film queen" in the history of Hong Kong Academy Awards, and everyone remembered her name — — Spring and summer.


I took the Nortel Art Test in spring and summer for 13 years.

This year, in addition to star candidates such as Karry, Milk Lin, Zhang Yijie, X-light and Haofei Li, 1905 Film Network also "captured" many familiar "dead ringer": Wallace Huo, Liu Shishi, Sun Honglei, Wu Xin, Zhu Fangyu, Liu Junlie … … Similarity varies from 50% to 90%. For these amateur candidates with artistic dreams, having similar faces and close temperament with popular stars may make their acting career start more smoothly. Whether they can become the next "film emperor" or "film queen", let us wait and see.

Karry Nortel Art Test attracted people to watch.

KarryTFBOYS is the lead singer and once starred in Zhang Yimou. It is reported that the topic of Karry’s first recitation was lermontov’s Sail, and his performance was described by his classmates as "very explosive". Because the onlookers were too enthusiastic, Karry jumped out of the window on the day of the exam.


Milk Lin fights Nortel again.

Coco; Milk LinIn 2008, the opening ceremony of the Beijing Olympic Games became famous at one fell swoop. Later, he appeared in the new version of A Dream of Red Mansions and Beauty’s Calculation. According to the requirements, Milk Lin has prepared the talent of poetry reading like other candidates, but she said that the specific articles need to be kept secret.


Zhang Yijie, who debuted as a child star, stole from Guan Xiaotong before the exam.

Yijie ZhangZhang Yijie, who made her debut as a child star, has participated in more than 20 film and television dramas, such as Xuanyuanjian, Yuanjian, Yuanjian, Yuanjian, Yuanjian, etc. Now she has signed a contract with Zhengyang Studio and has become a small fresh meat favored by Zhengyang. He revealed that the topic of his first recitation was Che Guevara, and before taking the exam, he also asked Guan Xiaotong, a fellow cast member, for advice on the exam experience.


X-light has a guest appearance this year.

X-light:X-light, born in 2000, participated in the talent show "Burn Boys". In 2016, he joined the "X Nine Boys Group" as a dancer and made a guest performance in the movie "Catch the Demon 2". In X-light’s view, popularity did not bring pressure. He felt that he was an ordinary examinee.


Nortel’s surprise starringHaofei Li

Haofei LiShe has starred in the TV series 49 Days Sacrifice and the movie Nezha, and won the Best Newcomer Actress Award at the 18th Shanghai International Film Festival. Haofei Li revealed in an interview that he had declined the invitation of some TV series, just to concentrate on preparing for the art test and the college entrance examination.

Next page: Art candidates bump into Wallace Huo, Chen Xiao, Liu Renna, Andrew and Ma Yuke.

Xiliang Mountain fired the "first shot of the battle of crossing the river" and 1,500 warriors died in the battlefield.



  Sixty years ago, Xu Shishan was the second battalion commander of the 270th Regiment, 90th Division, 30th Army, 9th Corps of the Third Field Army. He followed his head Zhu Muping to send troops to Xiliang Mountain. The battle of Xiliang Mountain started the "first shot of the battle of crossing the river". In the battle, more than 1,500 soldiers died in the battlefield, including the 37-year-old head Zhu Muping …


  "hide!" "Bang!" "Colonel! Colonel! You wake up … "


  "Go-go-"On the morning of March 13th, in the home of 87-year-old general Xu Shishan, time and space seemed to go back to the Battle of Xiliang Mountain in Hexian County 60 years ago. At some point, the old general suddenly stood up from the sofa, with his hands in the shape of guns, shouting and running forward …


  From guerrillas to field armies


  In the five months before the battle of crossing the river, my identity has changed four times in a row, which has never happened before; However, in the process of this rapid transformation, we have realized the transformation from guerrillas to local armed forces until we become the regular army of 270 regiments in 90 divisions of 30 armies, and at the same time, we have achieved the tragic and brilliant resume of our regiment crossing the river.


  In November 1948, just two months after I was transferred from the secretary of Qianji District Committee to the chief of staff of Shuyang Independent Regiment, I suddenly received an order from my superior, and my independent regiment was reorganized with Guanyun Independent Regiment to form the 4th Regiment of the 6th Army Division of Subei Military Region. After the adaptation, the original Shuyang Independent Regiment became the 4th Regiment and the 2nd Battalion, and I became the battalion commander of the 2nd Battalion.


  At this time, I met my head Zhu Muping, a handsome man with a tall and loud voice. From Shuyang to Guanyun, I heard many magical stories about him. Some said he was an intellectual, some said he was a lonely hero, and some said he was both civil and military.


  What kind of strange man is Zhu Muping?


  Before I could perceive and understand it slowly, the Yuntai Mountain War in Lianyungang started, and the 4th Regiment was transferred from Guanyun, which was the first battle after the formation of the 4th Regiment. According to the deployment of the military division, the 2nd Battalion of 4th Regiment is responsible for the main attack of Yuntai Mountain War. Perhaps considering that I had never led troops to fight in a big battle before, Zhu Muping volunteered to take the 2nd Battalion personally and let me stay in the regimental headquarters.


  But what I didn’t expect was that some soldiers in the second battalion suddenly became emotional when the war was about to start. I rushed to the front line, only after asking did I know that these Shuyang children would prefer me to lead the attack. They’ve been following me since the guerrilla period. The sudden situation made Zhu Muping a little embarrassed. After urgent consultations, Zhu Muping and I were finally allowed to command together, and the mood of the soldiers suddenly rose.


  The attack began in Nancheng, and the peasant children of the second battalion, who were guerrillas, rushed forward with soil shovel and fried bobbin, screaming and screaming. The attack soon rushed to an open field in front of Yuntai Mountain, where there was no barrier to cover. The enemy troops stood in the fortifications on Yuntai Mountain and shot from above. The roaring bullets made the soldiers lift their heads, and the shells exploded in dense attack formations, and several people were overturned with one shell.


  "This won’t do!" I was in a hurry and called the company commander and platoon leader to make a new deployment.


  The adjusted formation is no longer as dense as it was at first, but changed into a three-thirds formation. The soldiers are divided into three groups, and the groups are separated, avoiding the shells falling from the air and making a quick detour down the mountain. The troops finally rushed to the foot of the mountain, which was the dead corner of enemy fire. According to the original plan, the soldiers will take a short rest here, gather the team and carry out the next wave of attacks.


  But at this time, the explosion of "dong, dong" suddenly came from the top of the head, and the blown-up gravel and debris mixed with weeds slipped down the mountain, smashing the soldiers’ faces. This is the mountain gun of the military division that fired at the enemy on the mountain. The strength of the soldiers rushed up. "Go-"I don’t know which soldier took the lead and rushed to the mountain with a gun. "Tick-tock, tick-tock-"The bugle also sounded. "Kill-"The 2nd battalion shouted and rushed up the hill. Hundreds of screaming soldiers were crushed to the mountainside, and the enemy couldn’t carry it anymore and began to turn and run away. The 2nd Battalion rushed to the top of the mountain in one breath, and pursued the victory, crushing the defeated enemy into a ravine. Ten minutes later, an enemy soldier raised a white flag and they finally surrendered.


  The officers and men of the 2nd Battalion have been hitting the seaside of Lianyungang. These soldiers in Shuyang have never seen the sea! They jumped and shouted on the beach, picked up stones and threw them into the sea. The people in Lianyungang sent gifts to the troops, and the soldiers saw fish as big as a small wooden boat for the first time in their lives. This fish has not been eaten by a company.


  In this battle, the Sixth Army Division wiped out more than 3,000 enemies, and groups of prisoners were taken to Xuzhou. When the officers and men of the 2nd Battalion saw the captured hills of Type 38 rifles, they all threw away their ground-breaking guns and went up to grab them. Those prisoners are still unconvinced, and they look down on the way we rob guns, saying that they lost to these hillbillies.


  After the victory of Yuntai Mountain, the 2nd Battalion returned to the station of Guanyun 4th Regiment. A month later, the 4th Regiment was renamed the Secret Service Corps. On February 3, 1949, the Independent Regiment of Suqian County was upgraded to a battalion to supplement the Special Service Regiment, making its organizational system complete. After the Spring Festival in 1949, the Secret Service Corps was reorganized and became the last organizational group of the 30th Army of the 3rd Field Army of the China People’s Liberation Army, namely the 90th Division, with three battalions under its jurisdiction. The original Guanyun Independent Regiment, Shuyang Independent Regiment and Suqian Independent Regiment became the first, second and third battalions respectively. Zhu Muping continued to be the head of the team, and my identity changed again, from the battalion commander of the second battalion to the instructor of the second battalion.


  Move to Chaimi River in Shuyang to rest.


  After being reorganized into a field army, my 270th regiment left Guanyun and moved to Pingdun on the bank of Chaimi River in Shuyang for rest. This rare short break gave me a better understanding of my head Zhu Muping.


  On the second day after being reorganized into the 270 th Regiment, the troops left Guanyun County and moved to the flat pier on the bank of Chaimi River in Shuyang for rest, and were formally organized into the main regiment of the 30 th Army. Due to the insufficient strength of the 270 th regiment, the superior has transferred some personnel from the East China Sea, Xinyi and other local armed forces to supplement. At the same time, formally determine the task of crossing the river south to liberate all China. The slogan "Go across the Yangtze River and capture Chiang Kai-shek alive" often resounds through the troops and floats to the fields with the wind.


  Only then did I understand the meaning behind the four changes in five months. It turned out that the superior leaders had planned to prevent our guerrillas from becoming field troops one step at a time, so they were divided into multiple steps.


  After becoming a field army, Zhu Muping, the head of the team, became more and more busy, often going out for meetings and organizing soldiers’ training. Although we are in the same group, Zhu Muping and I don’t meet much and know each other very little. In the Yuntai Mountain War, he left me the impression that he was courageous, brave and not afraid of sacrifice. At that time, some soldiers secretly gave him a nickname "rash fellow" behind his back. During the rest of the army, with the increase of contact opportunities with each other, I learned a lot about my colonel’s experience and filled me with high respect for him.


  Zhu Muping took part in the revolution as early as 1932, when he was only 20 years old and was still a young student in Xiangshuikou Middle School. Because an underground party member was arrested and gave up the list, Zhu Muping had to avoid Shanghai. In Shanghai, he served as the secretary of the street league branch, promoting revolution among unemployed workers in the name of doing small business. In mid-January 1934, Zhu Muping was arrested. But the enemy didn’t know his true identity, and after several tortures, he got nothing, so he had to be sentenced to one year and three months as a suspect. After he was released from prison, Zhu Muping’s brother-in-law took him back to his hometown in Lianshui.


  Zhu Muping’s military struggle career began in Lianshui. "We don’t have the feudal power of landlords. They have guns. We can’t do without guns. If there are bad guys, we must use guns." Zhu Muping began to unite the youth of the village, and concentrated the local steel guns to prevent bandits, forming the first local armed forces. In 1936, he also took advantage of the opportunity of the Kuomintang to recruit instructors to train able-bodied men, and went to Bailugou as an instructor for several months to study military affairs. In 1939, Lianshui was occupied by the Japanese army, and Zhu Muping formally set up a team and set up a guerrilla group, which later became one of the three old foundations of the 270 th Regiment.


  In War of Resistance against Japan, he served as the district head and battalion chief of Lianshui Ma Duo, in charge of military affairs. Zhu Muping often moves at night, and comes and goes at night with only one or two guards. He is often used to wearing a dark gray robe, tying his waist with a belt, putting a gun in his clothes and leaving. When encountering enemies, spies and secret agents, Zhu Muping showed no mercy and was shot on the spot.


  At that time, what the people in Lianshui hated most was Shao Xiaoxi, the captain of the pseudo-self-defense. Zhu Muping and others decided to make an example of this traitor. In the late spring of 1939, Shao Xiaoxi appeared on the streets of Lianshui, watching while walking, and grabbing at the things on the street stalls. When he left the sentry at the gate of the city for more than 70 meters, Zhu Muping quietly appeared behind him, and two shots were fired, and Shao Xiaoxi was killed on the spot.


  Although he has done underground work, led guerrillas to fight some battles and went deep into the den to exterminate traitors, Zhu Muping still feels that he has never fought a big battle. Whenever there was a big or small battle, he volunteered to his superiors and led the team to battle. On the battlefield, he never took the command in the town, but took the lead and charged in the bullets.


  Before the end of the rest of the troops, Zhu Muping took time to go to Huaiyin to visit some old comrades-in-arms in the military division. When saying goodbye to every comrade-in-arms, he left a word of "Goodbye in Jiangnan" to his comrades-in-arms with a cheerful expression. No one expected that this turned out to be a farewell speech with his comrades-in-arms.

Serie A

At 1 am on October 30th, Beijing time, in the 10th round of Serie A in 2023-24, Inter Milan played against Rome at home. In the first half, Charles Hanoglu shot and hit the doorframe; In the second half, Thuram scored the winning goal in the 81st minute, and Augusto hit the crossbar again. In the end, Inter Milan beat Rome 1-0, overtaking Ewan and rising to the top of the standings.

In this game, Roma coach Jose Mourinho was unable to play against his old club because of suspension, but Lu Kaku appeared in the starting lineup of Rome, and he was booed by tens of thousands of Inter fans at Meazza Stadium.

In the 6th minute, Char Hanoglu blasted a long-range shot in front of the restricted area, and the ball bounced back after hitting the doorframe. Then Thuram’s barb hit the door and the goalkeeper got it. In the 7th minute, Inter’s left corner kicked into the restricted area, and lautaro’s header was not strong enough, so the goalkeeper confiscated the ball.

In the 15th minute, dumfries made a cross from the right, Thuram’s header hit the defender, and then his stab was blocked by the goalkeeper. In the 16th minute, Di Marco’s shot on the left side of the restricted area missed the far post.

In the 24th minute, mkhitaryan received the clearance ball before the top of the arc and volleyed it high. In the 38th minute, dumfries made another cross on the right, and pawar, who was inserted into the restricted area, volleyed his right foot and missed. In the 45th+3rd minute, varela got the chance to volley in the restricted area, and the ball was higher than the crossbar. At the end of the first half, neither team scored.

In the second half, it was easy to fight again. In the 48 th minute, Inter Milan’s free kick was hoisted into the penalty area, and Thuram’s header was high.

In the 59th minute, varela crosses the restricted area, Thuram returns the ball in the chest, lautaro volleys with his right foot, and the ball bounces to the ground and is hugged by the goalkeeper. In the 65th minute, Rome won a free kick in front of the penalty area, and chaaraoui took the penalty and hit the wall. Two minutes later, Charles Hanoglu blasted a long-range shot in front of the restricted area, and the ball hit the defender and crossed the bottom line in disguise.

In the 76th minute, Aslani took the ball in front of the restricted area. When he saw that no one had come forward to block it, he hit a long-range shot, and the ball slightly missed the post.In the 81st minute, Di Marco crossed the ball on the left side of the frontcourt, and Thuram, who was inserted into the middle of the restricted area, grabbed the ball and scored a goal. Inter Milan led Rome 1-0.

In the 89th minute, Augusto made a cross on the left side of the frontcourt. Thuram’s outflanking shot in the middle missed. In the 90th minute, Augusto made a long-range shot in front of the restricted area, and the ball hit the crossbar and popped up.

In the end, the whole game ended and Inter Milan beat Rome 1-0.

There are 65 rare and beautiful pictures, and the nature is amazing.

There are countless beautiful scenery and wonders in nature, waiting for us to discover and explore.

Let’s enjoy a group of amazing natural landscapes together.

Beautiful wisteria flowers string by string, like a purple waterfall, romantic and beautiful, full of magic.

The lake falls and birds fly.

Xiaguang dyed the mountains red, which matched the reflection in the clear lake.

Silent mountains, clear and calm lake water, gentle glow, snow-white earth.

Green water and green mountains, pleasant scenery.

Blue sky and white clouds, green water and green mountains, flowers in full bloom, just like a fairyland.

All over the mountains, azaleas are in full bloom.

Green mountains and green waters, misty.

The mountains and peaks are overlapping, green and beautiful.

The endless flower fields are romantic and charming.

The Great Wall of Wan Li is magnificent.

The trees are green and the lake is clear.

Clouds and mist, such as in a fairyland.

Great rivers and mountains, magnificent.

Dear friends, if you also like nature, animals, plants and beautiful things; Like reading and writing, like beautiful scenery; Then pay attention to me, and have wonderful sharing every day!

Thank you for your attention. Welcome to like, comment, collect and forward. Your encouragement is my greatest motivation!

Rapid recovery of tourism "new play" to incite new tourism market

"Standing at the intersection of the new free travel in golden decade, whoever can accurately understand the needs of users and provide personalized gameplay products will take the lead in the next era of tourism industry development." Chen Gang, founder and CEO of Ma Honeycomb, said at the "2023 Earth Discoverer Conference".

On December 8th, at the "Earth Discoverer Conference" hosted by Ma Honeycomb, the joint laboratory of free travel big data jointly established by china tourism academy and Ma Honeycomb released "Research Report 2023" (A Collection of Global Travel Plays), which provided a new reference example for the industry. It is reported that "Gameplay 2023" has strictly selected tens of thousands of gameplays from 130 countries around the world, and finally compiled two lists of "Top 100 New Gameplays for Domestic Tourism" and "Top 100 New Gameplays for Foreign Tourism" to recommend more unique travel experiences for travelers and guide industry partners to create more attractive tourism products.

Dai Bin, president of china tourism academy, said, "After three years of deep depression, tourism has entered a period of rapid recovery. It is expected that the recovery of the domestic tourism market will reach more than 90% in 2019 this year, which is very remarkable. Seeing the smile on the tourists’ faces is also my happiest thing. But what makes me happier is to see that the tourists like Ma Honeycomb still keep a young heart to explore and innovate after going through hardships. They deeply observe the needs of tourists and sum up a number of keywords such as personalization, theme, experience and quality. These detailed needs are the cornerstones of today’s tourism’ new gameplay’. "

(Left: Dai Bin, Dean of china tourism academy; Right: Chen Gang, founder and CEO of Ma Honeycomb)

2023 is a year of rapid recovery of tourism industry, and new tourism behavior preferences are gradually becoming clear. According to Chen Gang, in 2023, the proportion of users who searched for intentional destination gameplay exceeded 76%, and the popularity of customized tour search increased by 245% year-on-year. The popularity of high-quality demand continued to rise, and the booking of cost-effective products also increased significantly. This means that the Local travel experience has become the main factor affecting people’s consumption decisions.

"We can’t simply understand’ travel experience’ as eating better and having more fun. For young people today, any idea that can strengthen their self-expression is a plus item of travel experience, and we collectively call it’ new gameplay’". Chen Gang said, "We have specially refined the content of’ new gameplay’ based on the core contents such as Polaris Raiders and Raiders Group. Every destination has a raiders expert from Mawei to sort out a detailed new gameplay map and update it in real time according to the changes of the trend. At present, Ma Honeycomb has matched the corresponding services and products for the gameplay map through a brand-new supply chain, forming a one-stop travel service closed loop of "planting and pulling together" to help consumers realize the ultimate experience of what you see is what you get. "

The Ma Honeycomb community is also fully upgraded around the "new gameplay". In Ni Jia’s view, in the face of the brand-new personalized tourism demand, the best response formula is to provide different new gameplay exchange positions for different segments of the population. "For example, for the Z-generation’ new youth’ who is looking forward to socializing and advocating freedom, Ma Honeycomb not only launched a large number of new city weekends, but also provided opportunities to find travel partners; Facing the’ new middle-class families’ who prefer light and luxurious gameplay and pay attention to emotional value, they provide a series of new and subdivided gameplay including long-distance travel and parent-child travel; For’ senior travelers’ who pay attention to in-depth experience and humanistic value, Ma Honeycomb continues to deepen the content of outbound travel, design various novel experience routes abroad, and launch activities to send them back to a new world. " Ni Jia said that the new gameplay community ecology based on different people and different circles will better meet the personalized travel needs.

At the same time, "new gameplay" has also become a favorable starting point for marketing. Liu Tingting, head of commercial marketing of Mawei, said that the core of Mawei’s marketing is to help destinations and brands find the right people, do the right content and then spread it to more right people. "The community and the strategy group upgraded this year are the first steps for Mawei to find accurate marketing people. The so-called’ right content’ is to explore and even create the destination experience under the drive of new gameplay, and thus create new theme products, trigger IP linkage, let users see, buy, feel, and then spread to more people. " According to reports, Ma Honeycomb has created a brand-new gameplay experience for many destinations at home and abroad in 2023, and promoted it through various channels and forms. "The new gameplay is like a key to open the door to new tourism marketing, which will rejuvenate traditional destinations, take mature destinations to a new level, and let brands find new scenes of tourism marketing. We are also looking forward to working with more destinations and brands to open up the infinite possibilities of’ new gameplay’." (Reporter Zhan Zhao)

Source: Guangming Net

Understanding the Four Realms of History

History is an evil teacher who only tells the truth to free people.

-Lord acton

For some countries or nations, history may be a fetter and a burden, but if you want to liberate from history, the safest and most reliable means is to recognize history.How a country’s citizens know about history determines what kind of future this country will have to a certain extent.Therefore, a correct understanding of history is extremely important for us at present.

Hegel said, "The only lesson that human beings have learned from history is that they have not learned any lessons from history". The reason for this is precisely because human beings have all kinds of wrong understandings of history. However, a historian, with his vigilance and insight, corrected the wrong cognitive model of history and helped us learn wisdom from history and enhance our realm. He is Lord acton.

From Lord acton’s works such as Freedom and Power and Lectures on Modern History, The Prophet Bookstore summarized the following four ideological paths of understanding history, each of which is a historical thinking that goes straight to the bottom:

1. History lies not in abundance, but in truth.

In human history, there are many false histories, the most typical of which is the "history" from the hands of autocratic monarchs. In order to maintain their own orthodoxy, they always delete historical materials and monopolize history. If we want to break away from the domination of power in the vast "history" where fakes are everywhere, we must have the knowledge and courage to find the truth.

Acton believes that the value of history lies not in its richness, but in its credibility. No matter how much false history is piled up, it is equivalent to garbage. It is better not to have it. Only in reliable historical facts can human beings learn real lessons.

2. Meaning is not in the present, but in eternity.

People usually think that the main significance of history is to provide lessons for the present. This is not wrong, but if it is only so, it will be a bit narrow. Because "the present" is always full of disputes and agitation, and the sacred and just beliefs should be detached from it and need to be formed in a quiet space.

Acton said, "Beyond credibility, it is a question of detachment". The key point of historical significance lies in "grasping the eternal problems, so that we are free from limiting the transient and changeable things". Reading history lies in thinking about the origin and root of things, thus gaining a transcendental wisdom.

3. Truth is important, but morality is more important.

In the face of history, if we only pay attention to the truth, it is often easy to draw wrong conclusions. For example, ancient aristocratic rule had many disadvantages, which is a fact, but it does not lead to the conclusion that civilian rule is better. As acton said, "The question is not which specific class is not suitable for ruling, but all classes are not suitable for ruling". Without the universal morality of mankind as a whole, any rule is dangerous.

Acton believes that "ideas are often repeated, rules of conduct are often changed, and creeds also rise and fall, but moral laws are engraved on the eternal monument". Therefore, history must have morality and faith running through it, and we must return to caring for people themselves. Without the restraint of moral principles, history can easily lead to blind hatred and become a call for slaughter.

4. Great history bears witness to the wisdom of God.

Acton believes that if we don’t take into account the history of 3,000 years, we can’t find philosophy in the historical observation of nearly a hundred years in modern times. But compared with ancient history, the cognition of modern history is more important. Because the transformation of mankind from barbarism to civilization in modern history helps us to see that "the wisdom of God’s rule is not reflected in the perfection of the world, but in the improvement of the world".

Modern history "tells our own story and is a record of our own life". Modern history "still hinders the pace of human beings and puzzles the human mind", and every part of modern history "contains extremely precious lessons". If we don’t know how to use the precedents and teachings, we will only repeat the same mistakes in the future and pay a huge price.

The above four points are only a small part of Lord acton’s historical insights. What he warned by moral laws is the weakness of the whole human race and the universal humanity. Acton’s unique transcendence and historical concern made him a prophet, but he was destined to be a minority in history.

Generally speaking, historical research values scientific methods, objective facts and impartial attitude; However, acton’s historical research is the last echo of western classical liberalism, and what he emphasized is precisely the points farthest from history in our eyes-freedom, morality and faith. This unique historical perspective is unfamiliar to Chinese people, but also lacking-perhaps this is the fundamental reason why China has not been able to get out of the cycle of chaos control for thousands of years.