Xu Jiayin probably didn’t expect that the back he left to this era was peach-colored.

Beginning in late September, along with the announcement of Xu Jiayin’s coercive measures, gossip and jokes about Evergrande’s song and dance troupe gradually flooded the Internet. Beauty, money, and the mysterious 42nd floor of Evergrande’s headquarters led to an image that entered the hearts of the public almost overnight. In the years before that, Xu’s carefully shaped shell of doctors, professors, entrepreneurs, and philanthropists had all disintegrated. Perhaps they had never really been established, because in comparison, the former was more in line with everyone’s imagination of the former richest man.

And those who don’t need to imagine, I mean those who can get close to Xu’s family, how close can they be to reality?

For example, the last image Xu Jiayin left for an employee of Evergrande Group turned out to be relaxation. During the conversation, those trillion-dollar debts are not a problem, "(Liabilities)Some can be talked about that way, some can be resolved that way ",It is said that Xu Jiayin believes that Evergrande only needs tens of billions of working capital to turn around again. In his opinion, "all solutions can be solved."

This optimism, which is in great contrast to reality, has caused confusion to the Evergrande employee. He does not know whether Xu Jiayin’s psychological quality is particularly good, or whether the people around him have created this illusion for him.

Speaking of which, this illusion comes more from the magic of time. Since founding Evergrande in 1996, Xu Jiayin has crossed the line of life and death several times. Like many real estate developers, they have collectively fallen into a kind of survivorship bias, thinking that "too big to fail". If they want to fail, it can only be because it is not big enough, so they are desperately high turnover, high leverage, and high debt, using the lowest cost, highest debt, and most complex moves to pry the largest scale.

This is the famous "three highs and one low". Until the thunderstorm, not only Evergrande, but most of their peers have always believed in this "real estate philosophy".

Obviously, not everyone is as "optimistic" as the founder, and Evergrande executives have long said privately that "the end of this journey is Xu Jiayin’s last moment."

The "silver bracelet" was slowly tightened.

In early September, a number of executives of Evergrande Wealth were taken away. It is understood that because of their deep involvement in Evergrande Wealth, Xu Jiayin’s second son, Xu Tenghe(Peter Xu)It was at that time that he was arrested. Not long after his son lost his freedom, on September 27, the media reported that "Xu Jiayin was recently placed under residential surveillance." Paradoxically, the next day, China Evergrande announced that the company had received a notice from the relevant departments that Xu Jiayin, the executive director and chairperson of the board of directors of the company, had been taken compulsory measures according to law for suspected illegal crimes.

This was obviously a more severe wording. Among all the coercive measures, residential surveillance was a relatively light one, and the "coercive measures" in the announcement were relatively heavy.

First, copy Yao Zhenhua and surpass Yao Zhenhua

Since crossing the line of life and death in 2008, Evergrande has been on the road to "going big" all the way. A large group is of course structural, so Evergrande’s "big" belongs to the structural big, including business structure, capital structure and shareholder structure. At one point, Xu Jiayin used several superimposed words to describe Evergrande’s strategy – "big big, close, buy buy buy, circle, good".

The complexity of Evergrande’s business structure is now well known and needless to say. As for the capital structure, Xu Jiayin suffered a big loss of "no money" in the early years. In 2008, he got the life-saving money by "hoeing the earth" with Hong Kong bosses. Real estate is essentially a game of cash flow, soXu Jiayin realized that to make the business bigger, we must first solve the problem of cash inflow. Only by increasing the leverage ratio of the company can we form a higher return on equity funds. To achieve this, we must realize the pre-financing stage and diversify the financing methods.For example, in the land acquisition stage, take pre-financing to access lower-cost funds.

If you rely on the Financial Institution Group public to public, then the cost of financing is difficult to come down, we must find another way.

Opportunities always fall from the sky. In 2012, in order to solve the problem of "difficult and expensive financing" for real enterprises and promote economic growth, financial innovation was encouraged to develop. In May of that year, the "Implementation Opinions on Encouraging and Guiding Private Capital to Enter the Banking Industry" was issued, which clearly stated that "private enterprises can invest in the Banking Financial Institution Group by initiating the establishment, subscribing for new shares, transferring equity, mergers and acquisitions and restructuring." In October of the same year, the Securities Supervision Commission promulgated "one law and two articles", and brokerage funds joined the army of financial innovation. At the end of the year, the channels for venture capital investment were greatly liberalized. It was also that year that the P2P industry entered a period of explosion, and the number of platforms rapidly increased from 50 in 2011 to about 200 in 2012.

Under the tide of financial innovation, the bosses with a keen sense of smell noticed the huge opportunities contained in it, and they applied for financial licenses one after another under the guidance of experts. Yao Zhenhua’s Qianhai Life Insurance was approved to be established in that year, and three years later, through investment-linked insurance, universal insurance, and the huge funds raised by allies of the Financial Institution Group, the capital markets were turned upside down and set off monstrous waves.

In early 2015, Foresea Life Insurance began to quietly buy Vanke’s class A shares. Before the market noticed Yao Zhenhua’s true intentions, Xu Jiayin may have known Yao Zhenhua’s plan. In March, Xu Jiayin found a well-known financial boss from Henan, respected as "big brother", and invited him to buy an insurance company together, but was declined.

In July of that year, Yao Zhenhua suddenly raised a placard, and a "battle of treasure and ten thousand" opened the curtain. The "brilliant record" stimulated Xu Jiayin, and also made Xu Jiayin more convinced that "it is better to ask for others than to ask for yourself". It is the last word to master the "money bag" – to become bigger and bigger, you must control the Financial Institution Group yourself.

On November 22, 2015, Evergrande Group acquired a 50% stake in Chongqing-based Sino-Singapore Great Eastern Life Insurance Company for 3.939 billion yuan, renamed Evergrande Life Insurance, and officially announced its entry into the insurance industry. Evergrande Financial Group was also established in Qianhai, Shenzhen, and Xu Jiayin began to "collect licenses".

After that, Hengda’s financial layout flourished in an all-round way. According to First Financial, according to public information, that year, Hengda Group won a full set of financial and financial services such as insurance, Internet finance, financial leasing, financial asset exchange, and factoring in one go.

It was widely rumored in the market that Evergrande was preparing for private banks. Until a few trading days from the end of February 2016, Evergrande through its wholly-owned subsidiary Evergrande Group(Nanchang)Co., Ltd.(Hereinafter referred to as "Hengda Nanchang")Acquired 577 million H shares of Shengjing Bank, and later passed two acquisitions to acquire 1.0168 billion domestic shares of Shengjing Bank for 10.068 billion Hong Kong dollars, and finally became the largest shareholder of the bank.

To apply for a new license, you need to queue up, even if the license is down, you have to do the scale first, and at that time, Shengjing Bank with assets of more than 700 billion yuan was a ready-made big standard. It is worth noting that in 2011, the Founder Department controlled 8.12% of the shares of Shengjing Bank, collecting major financial licenses such as securities, funds, banking, insurance, and futures, which can be described as aggressive. After the collapse of the Founder Department, Xu Jiayin regained this license and became one of his most important "money bags" in the future.

Although the Founder Department has become a "ruin", Xu Jiayin does not think that he will repeat the same mistakes, but has accelerated the pace of model replication. In September 2016, Xia Haijun, the former vice chairperson of the board of directors of Evergrande Group, said at Evergrande’s interim results conference that the future may be ready to acquire some small real estate developers and Financial Institution Group, especially securities companies and trust companies will have merger and acquisition plans, and the future group will form a financial and real estate juxtaposition pattern.

At the 2017 work conference, Xu Jiayin directly proposed that the goal of Hengda Financial Group in 2017 is to achieve full financial licenses such as shareholding, holding banks, insurance, securities, trusts, public funds, and Internet finance.

To build a financial empire, it is not enough to have only a license plate, but also people and allies.

Evergrande also has ready-made allies. As early as March 2015, China CITIC Bank, CITIC Trust and Evergrande Group signed a 60 billion strategic cooperation agreement, in which China CITIC Bank 40 billion credit to Evergrande Group. In February 2016, China CITIC Bank Chongqing Branch landed Evergrande Life Insurance’s 1.969 billion yuan M & A loan project. In December 2016, China CITIC Bank Guangzhou Branch invested 31.20 billion yuan in real estate funds to Evergrande Group. In early 2017, China CITIC Bank reached a "100 billion +" cooperation agreement with Evergrande Group.

Yes, China CITIC Bank was once Evergrande’s largest "top gifter". At that time, the president of China CITIC Bank was Sun Deshun, and the vice president was Zhu Jialin. In September 2017, Zhu Jialin resigned from CITIC Bank to become the vice president of Evergrande Group and chairperson of Evergrande Life Insurance.

This is the "revolving door", and it is not just Zhu Jialin who pushes open the "revolving door" between China CITIC Bank and Evergrande. Zhang Qiang, former vice president of China CITIC Bank, was hired as the president of Shengjing Bank in February 2018; Shen Guoyong, former general manager of China CITIC Bank’s head office institutional business department, went to Shengjing Bank as the vice president in January 2019, and so on. The management of Shengjing Bank was completely replaced by executives from CITIC Bank. China CITIC Bank was not only Evergrande’s most important ally at the time, but also its "talent pool" in the financial sector.

In addition to the executives of China CITIC Bank, there are also people in the regulatory department who have pushed open this "revolving door". The head of the regulatory unit where China New Great Eastern Life Insurance was originally registered "went to sea" in 2016, shortly after Evergrande won the license, and became the vice chairperson of Evergrande Life after the renamed.

Interestingly, Yao Zhenhua also has an executive from Shenzhen’s insurance regulator. But in comparison, Xu Jiayin is "better" than Yao Zhenhua, whether it is the size of the host bank ally or the level of the executives recruited.

Of course, the final hole was even bigger.

Second, willing to spend money, "good at" spending money

At the height of the relationship, Citic also appeared in Evergrande’s list of strategic investors. In 2017, Evergrande introduced strategic investors in three installments. One of the earliest batch of strategic investors – Hexin Hengju, which is controlled by CITIC Trust.

That year, to return to A as a gimmick, Hengda completed the diversification of the shareholder structure, the Financial Institution Group, partners, and Xu Jiayin’s prominent friends, all circled into this circle. You know, at the beginning of that year, Hengda’s pre-financing interest rate to 20% + was difficult to borrow funds, but attracted a total of 130 billion war investment.

However, with the passage of time, many glossy stories took off their "coat" and still revealed their "underpants". Today, there is a considerable amount of moisture in this 130 billion’s battle investment.

"Most Words" learned that in Hengda’s war investment, more than one source of funds is a joint-stock bank with close ties to Hengda and the city commercial bank it once controlled.

What can be used as confirmation is that in August, China Evergrande(03333.HK)It is worth mentioning that the 2021 annual report disclosed by China Evergrande clearly pointed out that 16.50 billion yuan of the strategic investment introduced by Evergrande Real Estate in 2017 was a liability, which is obviously different from the announcement information issued by China Evergrande on November 22, 2020.

According to various market parties, this amount is much smaller than the funds that Evergrande has freed up from controlled institutions and allies. With many war investors doing business with Evergrande itself, it is difficult to determine whether the investment is a left-handed investment.

In August 2017, Hengda Life Insurance, a "Hengda" insurance company, quietly bought shares in Xuzhou Suning Real Estate Co., Ltd. and Zhenjiang Suning Real Estate Co., Ltd., which are owned by Ning. On September 20, Xu Jiayin and the senior management team of Hengda Group visited the headquarters of Ning Group and met with Zhang Jindong. The two sides said that they would carry out strategic cooperation in real estate, e-commerce, finance and other fields.

More than a month later, on November 6, Hengda Group announced that China Hengda’s Kailong Real Estate, Hengda Real Estate and its controlling shareholder Xu Jiayin signed a capital increase agreement with six institutional strategic investment institutions, introducing a total of the third round of strategic investment 60 billion, 6 institutions obtained about 14.11% of the shares after the investment. Among them, Shandong Expressway Group(20 billion), Shang Group(20 billion)Zhengwei Group(5 billion)Jiayu Investment(5 billion)Yihe Investment(5 billion)Sichuan Dingxiang(5 billion)< unk > is in the column

Someone close to one of the war investors once told us that although the war investor invested money in Evergrande, Evergrande bought a lot of land from it, and the money earned from selling the land can already cover the funds of the war investor, which means that it "took the money earned from Evergrande and invested in Evergrande."

"But most of the bosses lost their pants, which were invested in real money," the person said.

But whether the real money comes from Hengda’s funds or the investors’ own funds is to some extent "close and distant". If it is a supplier of Hengda, it may really need "out-point blood". After all, Hengda is used to defaulting on accounts and paying for goods by commercial ticket.

To this day, a large number of suppliers are still weighed down by Evergrande, struggling to survive.

Some media have pulled out the Hengda supplier creditor list, the first is Nantong Sanjian, the second is Shengjing Bank, the third is Guangtian shares, the fourth is Gold Mantis, the fifth is E-House China, the sixth is Quanzhu shares, the seventh is World Bank, and the eighth is Shaanxi Construction Engineering.

Even some suppliers not only advanced funds for Evergrande, but were also fooled into betting on Evergrande.

Rumor has swirled among Zhejiang entrepreneurs that a company engaged in doors and windows spent 2 billion to buy products from Evergrande Wealth Management. The company is also a downstream supplier of Evergrande, and Xu Jiayin once lobbied the chairperson of the company, saying that Evergrande Wealth Management had a 10% return. But later, the overall redemption rate of this wealth management was only 10%.

After several years, Hengda has built a trillion-dollar financial empire, ostensibly achieving a low-cost source, but in fact, it is a huge transfer of funds, layers of nesting, real debt, and high interest rates. It is no different from other once-famous and rapidly collapsing capital systems.

To achieve such a deception trick requires the help of professionals, and only after working in the financial field for many years can this delicate "exquisite game" be designed and implemented.

Xu Jiayin is very generous in recruiting talents, not only giving high salaries to hire financial professionals, but also recruiting research talents. In December 2017, Xu Jiayin introduced well-known economists with 15 million annual salary. Less than a year later, Evergrande found the president of the investment banking department of one of the four major banks and hired him as vice president in charge of financing. The annual salary is higher than that of 15 million.

It’s just that the person left after staying at Evergrande for half a year.

III. Where did you come from and where are you going?

Because in Evergrande, the financing pressure is too great. Although the assets are trillion, the liabilities are also two trillion, which means that Evergrande is like a monster in a state of hunger forever, and it needs continuous funds to maintain. In addition to selling houses to withdraw funds, it also needs to sell wealth management products.

Even Xu Jiayin has sold his wealth management, which shows that Evergrande’s full marketing and full financing are really not just talk on paper.

Generally speaking, if a large enterprise wants to manage well, there will be two paths, one is high incentive, the other is strong control, because the national real estate business management margin is too large, most companies will choose the first path, such as Country Garden and other companies to follow the investment plan, choose the second path is not much, because it is not easy to manage, but Hengda just took this path, probably because Xu Jiayin is a workshop director and is very good at SOP process design and management.

At Evergrande, there is a unique management model that Xu Jiayin sees as a magic weapon for maintaining long-term high growth – target plan management. "In management, usually target management and plan management are two separate chapters, Evergrande combines the two, and Evergrande’s plans are all targeted," the "professor" of Wuhan University of Science and Technology once said.

The so-called plan has goals, which should be similar to today’s popular OKRs, that is, the alignment and dismantling of goals, including sales and financing tasks. One Evergrande employee felt that the most stressful part of working in the company was the layered tasks. "There are always various tasks, selling wealth management products, how much a regional company wants to sell, all employees market and sell houses, and each department of the group has to take the task."

After receiving the task, they also need to make a big ranking. Everyone wants to be in the top six, and the current six will be praised. No one wants to be in the bottom six, because the last six not only have to be criticized, written reviews, but also deducted performance pay.

Once upon a time, when the marketing pressure on all employees was the greatest, many Hengda employees considered buying a house by themselves, and many employees also invested real money in Hengda’s financial management.

There are also many relatives and friends of employees who have also invested in Evergrande Wealth Management. Of course, it cannot be said that they are also forced by plans and tasks.On the one hand, at that time, Evergrande gave a higher return on investment than the market level. On the other hand, there were still many people who believed in "too big to fail" like Xu Jiayin.

You can’t say that they are completely wrong. To this day, both Hengda’s workout and delivery are still struggling to advance. For a company, it is actually the easiest to lie down and go bankrupt, but real estate is a people’s livelihood industry. Now Hengda and other companies are on the capital side, tying up various interests at home and abroad, B and C, how can the company fall down and let the actual controller go away.

According to Evergrande people, the current special class still hopes to properly solve Evergrande’s workout, "this will be a textbook case."

But the misunderstanding is also in this idea. With the long-term operation, private enterprise owners like Xu Jiayin often fall into a myth similar to the family world, such as painting the company with the Xu family completely equal. If the company cannot easily collapse, does it mean that the Xu empire will continue to Evergrande?

In fact, the fate of Fangzheng, Anbang, HNA, and other large enterprises and controllers had already given the answer. It was just that the latecomers were just lucky. The idea that they would sleep peacefully after binding their backers was purely an illusion, or a "life-saving straw" that they desperately wanted to grab when drowning.

Sun Deshun was investigated for corruption of nearly 1 billion yuan. The CCTV feature film "Zero Tolerance" revealed that during Sun Deshun’s tenure at China CITIC Bank, his main work direction was up the ante real estate loan, and he sought personal benefits. Sun Deshun fell, and the gears of Xu Jiayin’s fate began to turn. Although he also thought of ways and asked people, on the surface, he was short of "tens of billions of working capital, which can be rotated again." In fact, he had long been credit through the warehouse, and no one dared to rescue him. The Financial Institution Group, which was hollowed out and dragged down by him, was even more difficult to protect itself.

In the past, the disorderly expansion of debt will eventually be settled after the autumn. If Xu Jiayin can do his best to protect the property and finance the payment, he may be able to exchange for a slightly decent disposal.

But Xu Jiayin was still disappointed. As his patience ran out, he finally lost his freedom.

After Evergrande, there are still a number of private real estate enterprises on the verge of collapse of the capital chain. If the actual controllers do not pay for the property and promote financial redemption, their patience and time should not be much.

A friend of Xu Jiayin once summed it up with us, "Every entrepreneur has his era, and he also has the threshold of the era. The past is the door, and the past is the threshold. You know, when the era abandons you, he will not greet you, and you can’t even keep up with him."

It is time to encourage you together.

Leonardo Phoenix is a foundational model launched by the Leonardo AI platform, which has made breakthroughs in prompt following, image generation clarity, and AI research. The model provides higher quality image generation through architectural innovation, especially in the text generation of portraits, banners, posters, and logos. In addition, it also enhances creative control, allowing users to easily access and quickly modify generated content through prompt enhancement and AI prompt editing. Although some features such as image guidance, elements, and photo realism are not yet integrated, it is expected to be added in the near future.

Hu Ge

On November 7, the film "Hello, Zhihua", which was produced by Chen Kexin and directed by Shunji Iwai and starred Zhou Xun, Qin Hao, Hu Ge, Du Jiang, Tan Zhuo and others, held its world premiere in Beijing. All the creators appeared to promote the film. Hu Ge, who had not been seen for a long time, caused the audience to scream as soon as he appeared.

When greeting everyone at the beginning, Hu Ge said mischievously: "Hello everyone, I’m the one who owes the flat." The audience laughed.

Hu Ge

After that, a fan interacted with Hu Ge and said: "I want to pull him out and beat him up after watching it," Hu Ge jokingly replied: "I don’t know if my understanding is correct, this is a kind of praise for me." When it came to why he decided to participate in this role, Hu Ge admitted that he was the first fan of the director and did not want to miss this opportunity. In addition, he also thought that this role was very challenging and had a lot of space, which made him have a lot of impulses and a lot of creative desire.

(Reporter Ren Guosheng) On October 1st, on the occasion of the 70th anniversary of the founding of New China, the off-road version of Great Wall Gun, a pickup truck owned by Great Wall Motor, was officially released, and together with the passenger version and the commercial version, it formed the product sequence of Great Wall Gun pickup truck to meet the needs of different consumers.

In terms of appearance, the Great Wall Gun off-road pickup truck adopts the same logo as the passenger pickup truck, with rough "champion belt" front face, LED blackened headlights, iron bumper, iron beam side pedal, 18-inch all-terrain tires, especially the front winch below the license plate frame, the wading throat on the right side of the front of the car and the sand collecting cup, which creates a strong off-road atmosphere for the whole vehicle.

Hard core configuration is its core weapon. The Great Wall gun off-road pickup truck comes standard with three differential locks in the front, middle and rear, tank turning around and crawling mode, which makes the whole vehicle have strong performance of getting out of trouble. In terms of power, the Great Wall Gun off-road pickup truck released this time is equipped with a 2.0T gasoline engine, matched with an 8-speed automatic manual transmission from ZF, and provides seven all-terrain driving modes. With the help of the crawling mode, three locks and other functions, the car can not only calmly cope with all kinds of steep slopes and harsh gravel roads, but also "brush the pot and wash the sand" in the desert of Alashan. The great wall gun off-road pickup truck released this time adopts the same multi-link rear suspension as the passenger pickup truck, and the driving comfort is greatly improved compared with the traditional pickup truck.

In terms of interior, the Great Wall Gun off-road pickup truck has the same comfort configuration as the passenger pickup truck, including keyless entry+one-button start, multi-function leather steering wheel equipped with shift paddles, 9-inch touch screen, leather seats, automatic air conditioning, rear air conditioning air outlet, openable sunroof and other passenger configurations.

However, the price of the Great Wall gun off-road pickup truck will not be announced until the new car is officially launched.

Original title: 10 classic online novels are recommended!

Here are 10 classic must-see online novels recommended:

Fierce Knife Walking in the Snow: one of the representative works of the princes in the bonfire drama, tells the story of a noble family who went through hardships and eventually became a generation of Beiliang King.

Breaking the Sky: Li Hu’s fantasy novel, a costume, tells the story that Xiao Yan, a talented boy, suddenly became a cripple after creating a family record of unprecedented cultivation, and various blows followed. Just when he was about to despair, a wisp of soul emerged from the ring in his hand, and a brand-new door opened in front of him. After hard training, he finally achieved a brilliant story.

Immortality: one of Chen Dong’s representative works, tells the story of an immortal world, in which the protagonist constantly explores the mystery of immortality.

Douluo Continent: one of Tang Jiasan’s representative works, tells the story of a world full of magic and quarrelling, in which the protagonist grows up and challenges the powerful enemy.

Tomb of the gods: another masterpiece of Chen Dong, it tells a story of a world full of myths and legends, and the protagonist keeps digging up the mystery of his life experience.

"Panlong": One of my masterpieces of eating tomatoes, it tells a world full of magic and quarrelling. Lin Lei, the protagonist, finally becomes a legendary story through continuous cultivation and challenging the powerful enemy.

Qin Di: one of the representative works of Tang Jiasan Shao, tells the story of a world full of music and magic. Ye Yinzhu, the protagonist, finally becomes a generation of Qin Di by constantly learning and challenging his powerful enemies.

Biography of Immortal Cultivation by Ordinary People: A novel about the cultivation of truth created by forgetting words tells the story of an ordinary person who finally becomes a generation of immortal emperors through continuous cultivation and challenging his powerful enemies.

"Full-time Master": One of the representative works of Butterfly Blue, tells the story of a professional gamer’s re-emergence after a career downturn.

Step by step gives birth to lotus: one of Yueguan’s representative works, it tells the story of a modern man who traveled to ancient times and experienced ups and downs in officialdom.

The above are only 10 classic must-see online novels recommended. Everyone has different preferences and can choose to read according to their own interests.

Editor in charge:

　　Spring, spring, spring, spring rain, spring scenery, full of spring. There is a children’s song "spring, spring, where are you?" "Well sung: spring, spring, you are in the flowers’ smile; You are in the rain of spring rain; You are in the breeze; You are in children’s eyes. In spring, where are you? You’re in that life.

　　Although cold air will pour down from the north to the south from time to time in spring, there is even a "cold spring" weather, which makes people feel that winter seems to be still there. However, this can’t change the dynamic characteristics that spring can thaw the earth, revive everything and renew everything.

　　Therefore, in my opinion, in a year, spring is a thriving, full of vitality, the season that can best show vitality, and spring is a season that attracts people’s attention and is worth reading.

　　First Reading of Spring: Spring First

　　As we all know, people always start with "one"; Speaking of the four seasons, it always starts with "spring". It is common sense to sort spring, summer, autumn and winter in this way. We can also deeply understand the meaning of "headed by spring" in this way. Judging from the climate change of the four seasons, it begins with the warmth of spring, and only after experiencing the heat of summer does it transition to the coolness of autumn and the severe cold of winter. From the perspective of agricultural production, as the saying goes, spring crops in summer and autumn crops in winter. Without the seeds of spring, there would be no hoeing in summer, harvesting in autumn and hiding in winter!

　　However, we should note that, just as people move in a circle at equal distances, it is impossible to tell who is the leader and who is the tail of the team. The earth revolves around the sun all the time, and it is not so easy to distinguish which is the first and which is the tail. Mr. Mao Dun said in the article Winter: "When spring is coming, there must be winter first." Shelley, an English poet, has a similar poem in ode to the west wind, which has been widely quoted for many years: "If winter comes, can spring be far behind?" The famous sentences of two famous artists tell us the fact that winter comes first and spring comes to the world after winter.

　　Of course! All the year round, spring, summer, autumn and winter, has been used to it for many years, and the convention has become a custom. This is also similar to the "first frost" in the 24 solar terms. In fact, from a scientific point of view, the word "first frost" is incorrect, because frost does not fall from the sky. However, since ancient times, it has become a conventional term, so it has been used all the time.

　　Second Reading of Spring: Spring is stupid

　　Han Liu Xi’s Interpretation of the Name says: "Spring is stupid for words (chǔn), and things are stupid." "Stupid" means "spontaneous and dynamic" here. In spring, everything moves spontaneously and is born of movement, which is a natural instinct. In Oracle Bone Inscriptions, the ancestors used the image of the sun and grass to form the word "spring". Obviously, it can be said that spring is full of vitality and warmth; Spring is growth and lush vegetation. This shows that spring is a season in which everything germinates, and then flowers bloom and birds contend. The weather conditions of six solar terms in spring listed in Nong Sang Tong Ji are briefly summarized: beginning of spring: early weather, east wind thawing; Second, the sting insect begins to vibrate; Third, the fish is cold. The yang has moved, and the fish is getting upstream and close to the ice. Rain: at the beginning, the otter sacrifices the fish (at this time, the fish is fat, so the otter sacrifices first and then eats); Second, wait for Yanbei; Third, the vegetation is sprouting. Surprise: at the beginning, the peach begins to bloom; Second, Cang Geng Ming (Cang Geng, that is, Huang Li also); Third, the eagle turned into a dove. Vernal equinox: at the beginning, the mysterious birds arrive (that is, Yan lai also); Second, Lei Nai speaks; Third wait, start the electricity. Qingming: at the beginning, Tongshihua; Second, the vole turns into an owl (the owl sounds like quail). When the yang is strong, the rat turns into an owl, and when the yin is strong, the owl turns into a mouse. Wait three times, and the rainbow will see you. Grain Rain: At the beginning, Ping was born; Second, singing doves and feathers; Third, Dai Sheng descended on Sang (Dai Sheng, a bird). This indirectly and fully shows that Chinese ancestors have long realized that spring is a season that can show vitality most.

　　The third reading of spring: the steps of spring scenery have successively.

　　In order to interpret the footsteps of spring scenery, we must first explain the division methods of the four seasons, which are as follows.

　　One is the division of astronomical seasons. From the astronomical phenomenon, the seasonal change is the seasonal change of the length of day and night and the height of the sun. In a year, the season with the longest day and the highest sun height is summer, the season with the shortest day and the lowest sun height is winter, and the transitional season between winter and summer is spring and autumn. As far as the northern hemisphere is concerned, the spring equinox (around March 21st), summer solstice (around June 21st), autumn equinox (around September 21st) and winter solstice (around December 21st) are the four seasons. Namely: the spring equinox to the summer solstice is spring, the summer solstice to autumn is summer, the autumn equinox to the winter solstice is autumn, and the winter solstice to spring is winter. For the convenience of statistics, people usually take March-May as spring, June-August as summer, September-November as autumn, and December to February of the following year as winter. Climate statistics also follow this pattern, and January, April, July and October are often regarded as representative months of winter, spring, summer and autumn.

　　The second is the division of four seasons in ancient China. In our country, it is customary to divide the four seasons by lunar month. Spring is from January to March, summer is from April to June, autumn is from July to September, and winter is from October to December. The first day of the first month is the first day of the whole year and the first day of spring, so it is also called the Spring Festival. In addition, in ancient China, beginning of spring started as spring, long summer as summer, beginning of autumn as autumn and beginning of winter as winter.

　　Although the above method of dividing the four seasons is simple and convenient, it has a common shortcoming, that is, all parts of the country enter the same season on the same day, which is very different from the actual situation in various regions of China. As far as spring is concerned, according to the division of astronomical seasons, March is already spring. At this time, the area south of the Yangtze River is really pink and green, and the spring is strong; People in Hainan Island have spent the summer wearing light clothes; Heilongjiang, on the other hand, is still cold and windy, ice and snow, and there is no spring. Therefore, in order to make the division of four seasons consistent with the natural scenes in various places, in the 1930s, Mr. Zhang Baokun proposed to divide the four seasons with the average temperature of five days as an index, which is called the division of four seasons with waiting temperature. Summer begins when the average climate temperature is stable above 22℃, winter begins when the average climate temperature is stable below 10℃, and spring and autumn when the average climate temperature is between 10 ~ 22℃. From 10℃ to 22℃ is spring, and from 22℃ to 10℃ is autumn. Therefore, such four seasons are called temperature four seasons.

　　China has a vast territory, spanning more than 50 latitudes from north to south, and its geographical conditions are complex. Due to the differences in the north-south position and terrain, the specific date of spring arrival and the length of stay are different.

　　According to the division of four seasons, generally speaking, there is no winter in the south of Fuzhou-Liucheng line and no summer in the north of Harbin. That is to say, there is no winter in South China south of Nanling, and it can be considered as the beginning of spring in the middle and late January. It should be pointed out that there is no winter, spring and autumn in the South China Sea Islands, but summer in all seasons. Most of the Jiangnan areas north of Nanling, namely Zhejiang, Jiangxi and Hunan, entered the spring in early March; The North China Plain will be in early April. As for the northeast, it will be delayed for almost another month. In late May, spring will come to Heilongjiang Province, the northernmost part of China.

　　The specific time when spring comes has much to do with the terrain. For example, the Qinling Mountains, known as China’s climate demarcation line, has a great influence on this. Hanzhong, south of Qinling Mountains, has a bright spring in late March, but the horizontal distance from Hanzhong to Taibai Mountain is only over 100 kilometers, and Taibai and other places with an altitude of over 1,500 meters will be delayed for one month to feel the spring. For another example, due to the barrier of Tianshan Mountain, the Junggar Basin in northern Xinjiang only entered the spring in April, while the Tarim Basin in southern Xinjiang blew a spring breeze in March. As for the Qinghai-Tibet Plateau, which is known as the "roof of the world", although most areas enter spring from April to May, it is one month later than that in Jiangnan, which is almost at the same latitude. As for the northern Tibet Plateau, even in the hottest month, it still cannot rise to the temperature in spring.

　　Fourth Reading of Spring: Cherish the beauty of spring.

　　Although the steps of spring scenery are successively, after spring arrival, spring scenery is everywhere. Turning to literary books and periodicals, there are not a few poems and prose works praising spring written by literati in past dynasties, which can be described as abundant spring poems. What I appreciate more is the comprehensive summary of the spring scenery in the world in the Jilin folk song "Song of Spring Day": "Spring water flows in the mountains in spring, and spring grass releases spring cattle in spring. Spring flowers bloom in the spring garden, and spring birds fall on the heads of spring trees. Spring students write spring characters, and the scenery in spring can really stay. " I think it should be added: "Spring shines in the world, and spring flowers bloom in my heart."

　　As mentioned above, spring is very beautiful, but the days of staying are limited. Although spring almost comes to the world on time every year, spring is really precious.

　　As we all know, "Chunhua Qiushi" is used to describe people’s literary talent and virtue, which means that they are knowledgeable and virtuous; It is also used to refer to the passage of time and the change of years. It is more used to describe the causal relationship of things. "Hua" is the same as "flower", which blooms in spring and bears fruit in autumn. It is extended to sweat and cultivate first, sow in time, and then have the joy of harvest. Others refer to "Chunhua" as youth and youth. It can be seen how beautiful and precious spring is!

　　There are even famous sayings that people often quote, "A year’s plan lies in spring" and "A moment in spring is worth a thousand dollars". In the Song of the Year in the Ming Dynasty, Tang Bohu pointed out that "spring night is worth a thousand dollars a minute", but said that "I can’t buy it back with a thousand dollars" and "advised people to travel by candlelight at night". The above-mentioned "things are born stupid", that is, "moving spontaneously", actually means that animals and plants are busy nervously: they will never live up to this beautiful spring. As the highest creature, it is even more important for us not to waste this beautiful spring scenery, not to "I awake light-hearted this morning of spring", but to take active actions to "spring" ourselves in this season of "all loves can’t be caged", so as to make ourselves an "almond" that "comes out of the wall". (Wang Qinmo)

　　(Source: Meteorological Knowledge Image Source Network Editor: Wang Meili)

　　

　　[Doing Five Great Articles to Promote High-quality Financial Development]

　　Author: Dong Zhi (Vice President of Peking University, Dean of School of Economics)

　　The Central Financial Work Conference held a few days ago put forward that "finance should provide high-quality services for economic and social development" and "do five major articles on technology and finance, green finance, inclusive finance, pension finance and digital finance", which pointed out the direction for China’s financial services to the real economy. As the first of the "Five Great Articles", doing a good job in technology and finance’s great article not only shows that the Party and the country attach great importance to scientific and technological innovation, but also shows that science and technology, as the primary productive force, plays an important role in economic and social development, and it also shows that technology and finance plays an important role in promoting high-level scientific and technological self-reliance.

　　1 fully understand the significance of doing a good job in technology and finance’s great articles.

　　Technology and finance refers to a series of financial activities of scientific and technological innovation in financial services and the development of scientific and technological enterprises. It is the product of deep integration of scientific and technological innovation and financial innovation, involving financial system, financial policy, financial model, financial products and other aspects. Doing a good job in technology and finance’s great article is an inherent requirement for China to enter a new stage of development, implement new development concepts, and build a new development pattern. It is also the need for finance to achieve high-quality development and achieve the goal of becoming a financial power.

　　Lay a solid foundation for realizing a strong country through science and technology. Innovation is the first driving force to lead development, and finance is the blood of the development of the real economy. On the one hand, technology and finance has expanded the financing channels of scientific and technological innovative enterprises, reduced the risk of financial exclusion of scientific and technological innovative enterprises, and effectively improved their scientific and technological innovation capabilities. Flexible and diversified financing methods are particularly obvious in supporting long-term and difficult scientific and technological innovation; On the other hand, technology and finance can provide innovative financing incentives for enterprises, cultivate their innovative consciousness in the field of actual production and service, promote the transformation of old and new kinetic energy, optimize the structure of the real economy and improve the overall economic benefits.

　　Inject strong impetus into building a financial power. The development of technology and finance can promote the formation of the innovation ecosystem of the real economy and the financial industry at the same time, which not only provides a more favorable environment for scientific and technological innovation, but also provides a platform for orderly competition in the financial industry. Through diversified financing methods, technology and finance provides full-chain, full-life financial services for science and technology enterprises, which not only promotes scientific and technological enterprises to carry out R&D innovation activities and transform scientific and technological achievements, but also reduces the tendency of funds to be divorced from reality. In addition, the development of technology and finance has also built a platform for financial institutions to achieve innovative competitive development. Excellent technology and finance institutions should be able to quickly and effectively identify science and technology-based enterprises with technology transformation capability and market potential, and also provide multi-level services in finance, operation, R&D and even industrial chain integration.

　　Provide a strong guarantee for independent development. At present, the world’s great changes in the past century have accelerated its evolution, a new round of scientific and technological revolution and industrial transformation has developed in depth, and the international power has been profoundly adjusted. Major countries have regarded scientific and technological innovation as the main battlefield of the international strategic game, and the competition around the commanding heights of scientific and technological innovation has been unprecedentedly fierce. China’s development has also entered a period in which strategic opportunities and risk challenges coexist and uncertain and unpredictable factors increase. The sound development of technology and finance can effectively help independent research and development, ensure the stability and security of China’s industrial chain and supply chain, accelerate the deployment of innovation chain around the industrial chain, and escort the self-reliance and self-improvement of science and technology.

　　2 The current development trend of technology and finance in China

　　In recent years, China’s high-tech industry has developed vigorously. By the end of the third quarter of 2023, China had cultivated 103,000 specialized and innovative small and medium-sized enterprises, and 178 national high-tech industrial development zones achieved a total industrial output value of 23.5 trillion yuan. The proportion of high-tech industries has been expanding, and high-tech manufacturing has accounted for 15.3% of the added value of industrial enterprises above designated size. How to use financial services to boost the development of high-tech industries and optimize the national economic structure has become a key issue that macro-economy must answer to achieve high-quality development. In this context, China attaches great importance to the construction of technology and finance system, actively promotes the deep integration of finance and science and technology, and gives full play to the synergistic role of market and government in the development of technology and finance. It has not only initially established a diversified service system in technology and finance, including venture capital, stock market, bond market and bank credit, but also formed a market-oriented support system represented by government-guided funds to promote the development of technology and finance. technology and finance’s development has achieved remarkable results.

　　By the end of June 2023, the management scale of venture capital and private equity investment funds in China was nearly 14 trillion yuan, and hard technology enterprises became the hot target of equity investment. Science and technology innovation board injected a strong impetus into the development of science and technology enterprises, successfully promoted more than 500 enterprises to realize IPO, and raised nearly one trillion yuan; Beijing Stock Exchange strives to promote the formation of a full-chain service system to support the innovation and development of small and medium-sized enterprises, and has become the main position to build innovative small and medium-sized enterprises with services. Among them, more than 80 enterprises have been selected into the national list of "Little Giant" enterprises with specialization and innovation, and over 80% of the companies have been selected into the list of provincial and municipal enterprises with specialization and innovation. In addition to equity financing, technology and finance’s related debt financing has also increased significantly, with the balance of Kechuang bills and Kechuang corporate bonds of about 450 billion yuan, and the balance of medium and long-term loans for high-tech manufacturing, loans for small and medium-sized science and technology enterprises and loans for "specialized and innovative" enterprises of 2.5 trillion yuan, 2.36 trillion yuan and 2.72 trillion yuan respectively, maintaining a growth rate of over 20% for many years. In addition, in order to effectively solve the information asymmetry between science and technology enterprises and financial institutions and the financing difficulties of science and technology enterprises, since 2020, the Torch Center of the Ministry of Science and Technology has launched an enterprise innovation point system to "portrait" the innovation ability of enterprises through the form of innovation points, identify and discover science and technology enterprises with strong innovation ability and great growth potential, and encourage financial institutions to provide credit support in combination with scientific and technological innovation evaluation.Guide local governments to open up direct channels for fiscal, taxation, science and education, industry, finance and other policy resources to support enterprise innovation.

　　With the rapid ecological progress in technology and finance, China, the government-guided fund has played an important role in promoting scientific and technological innovation and promoting the structural reform of the financial supply side. By the third quarter of 2023, governments at all levels had set up 1,557 government guidance funds, with a management scale of nearly 3 trillion yuan. The investment field focused on cutting-edge technology, of which funds led by strategic emerging industries accounted for 50%, which played an increasingly prominent role in promoting scientific and technological progress and promoting regional development.

　　3 to cope with the challenges facing the development of technology and finance.

　　To do a good job of technology and finance’s great article needs to be rooted in the national conditions. We should not only understand the inherent characteristics of finance, but also grasp the development law of scientific and technological innovation, and rationally treat the difficulties and challenges faced by technology and finance in its development process.

　　First of all, based on the current situation of China’s financial development, we must explore the road of high-quality development in technology and finance by promoting the mutual complement of direct financing and indirect financing, and uniting multi-channels to support scientific and technological innovation. China’s financing structure has been dominated by indirect financing for a long time, and credit assets account for more than half of the total financial assets. However, scientific and technological innovation, especially some frontier scientific and technological innovation projects, often involve a lot of investment, a long period of time and high risks, and there is great uncertainty in research and development results, so it is difficult for indirect financing to meet the demands of scientific and technological innovation enterprises for capital and financial risk management at the same time. Indirect financing takes creditors’ fixed interest income as economic incentive, and lacks innovative benefit sharing mechanism, and financial institutions providing indirect financial services also lack the motivation to share innovative risks. The intrinsic value of science and technology enterprises is more reflected in the intangible assets formed by innovation, such as technological advantages, patents, intellectual property rights, etc. It is more difficult to evaluate their assets, and they often do not have the conditions to obtain financing through mortgage loans of tangible assets. However, the financing demand for technology transformation is expanding rapidly, which will lead enterprises to face the problems of financing difficulties, expensive financing and slow financing.

　　Secondly, the development of technology and finance not only needs financial institutions to closely contact professional scientific research institutions, but also needs the government to fill the weak links in the system from the aspects of rule of law, finance and taxation, scientific research, credit and talents, and improve the support and guarantee for the development of technology and finance. Financial services must weigh the benefits and risks, but technological innovation itself has great risks. Scientific and technological innovation not only faces a long innovation chain and transformation chain, but also faces the increasing change of science and technology, and the innovation results may be born behind. Moreover, the complexity of scientific and technological innovation leads to the prominent problem of information asymmetry between science and technology-based enterprises and financial institutions. It is often difficult for financial institutions and even government departments to effectively assess the technological risks of science and technology-based enterprises, and it is easy to cause institutional arbitrage due to information asymmetry, which ultimately affects the accuracy of technology and finance’s services.

　　Finally, the development of technology and finance urgently needs to strengthen the overall planning and policy coordination, and the relevant regulatory authorities need to rationally and objectively look at and steadily promote the development of technology and finance. First, in recent years, the state has issued a series of policies to support scientific and technological innovation and the development of technology and finance, but the policy support system is not accurate enough, which leads to difficulties in policy implementation, which not only increases the burden of government expenditure, but also distorts reasonable innovation incentives. Second, when large-scale scientific and technological innovation enterprises become the service targets of the financial industry, the inherent R&D risks of scientific and technological innovation will also be transformed into financial risks. At the moment when the development trend of interdisciplinary and cross-border infiltration is more obvious, the scientific research organization model of division and governance cannot be rapidly transformed, which will also increase the backward risks of related scientific and technological innovations.

　　4 Identify the path of action to promote the development of technology and finance.

　　To effectively guide the financial industry to serve China’s scientific and technological innovation, we should not only co-ordinate the overall situation at home and abroad, make full use of the domestic and international markets and resources, but also co-ordinate the two major events of development and security, prevent the risks brought by technology and finance while promoting the high-quality development of technology and finance, and effectively identify the right path of action.

　　First, improve relevant institutional mechanisms and establish a diversified technology and finance system. A perfect multi-level capital market is the market foundation for technology and finance’s high-quality development. We should further improve the listing and trading systems of GEM, science and technology innovation board and Beijiao Stock Exchange, as well as the listing and trading systems of the New Third Board and regional equity markets, so as to provide more financing channels for scientific and technological innovation enterprises. Guide and support all kinds of financial institutions to carry out technology and finance services, encourage financial institutions to innovate financial products and services, guide and support equity investment institutions to carry out scientific and technological investment business, meet the financing needs of different types of scientific and technological innovation at different stages, and provide more financial support for scientific and technological innovation enterprises. The government should increase the research and investment in scientific and technological innovation, keep up with the cutting-edge scientific and technological direction, and work with the market to screen out scientific and technological innovation tracks with technical and market potential. Increase the input of government guidance fund in a timely manner to improve its guidance effect and leverage. The healthy development of government-guided funds can not be separated from a perfect exit mechanism. We should design a reasonable income distribution scheme on the basis of improving investment decision-making ability to ensure that government-guided funds can achieve their own sustainable development while supporting scientific and technological innovation and industrial upgrading.

　　Second, promote the deep integration of technological innovation and financial innovation, and realize the coordinated development of technology and finance. On the one hand, adapt to the financial needs of technological innovation and promote technological innovation with financial innovation. The financial system should provide all-round financial services for technological innovation, encourage traditional financial institutions to innovate financial products and services, and support financial institutions to cooperate with technological innovation enterprises to jointly develop innovative financial products and services. On the other hand, accelerate the financial sector to embrace cutting-edge technology and empower financial services with technological innovation. Financial institutions accelerate digital transformation and adopt advanced scientific and technological means, which can improve the efficiency of financial services and provide broader development space for scientific and technological innovation, and use financial and technological means such as data credit enhancement, corporate portrait and technical patent evaluation to broaden financing channels for scientific and technological enterprises.

　　Third, enhance the support and guarantee capacity of technology and finance’s policies and improve the supporting system of technology and finance’s development. In terms of basic guarantee, the foundation of technology and finance’s high-quality development lies in the continuous improvement of relevant supporting infrastructure systems, including technology and finance information platform, science and technology patent database and technology and finance service platform, so as to provide necessary technical support and infrastructure guarantee for the development of technology and finance. Among them, the construction of technology and finance-related credit information system is the key. We should focus on establishing a perfect credit system in technology and finance, including the credit information publicity system of scientific and technological enterprises and the basic database of personal credit information, actively promote the sharing of credit information among financial institutions, credit reporting agencies and public institutions, break down the information barriers, and jointly provide more comprehensive and accurate credit information support for technology and finance. The government pays attention to providing a series of support policies, such as financial support, tax incentives and credit support, to increase the training and introduction of talents in technology and finance.

　　Fourth, improve the level of risk management and supervision in technology and finance to ensure the healthy and sustainable development of technology and finance. First, strengthen the risk management capabilities of financial institutions. Financial institutions should not only adapt to the development trend of technology and finance, clarify the risk management objectives and strategies, strengthen risk identification, evaluation and control, and ensure that the business risks in technology and finance can be controlled, but also strengthen the monitoring and early warning of the business in technology and finance, so as to find and deal with potential risks in time and prevent the risk from spreading and spreading while accelerating the construction of the risk firewall system. Actively promote the application of scientific and technological innovation in risk management, empower the development of technology and finance with financial scientific and technological innovation, and improve the efficiency and accuracy of risk management. Secondly, increase support for science and technology insurance and guarantee, encourage and support insurance companies and guarantee institutions to carry out science and technology insurance and guarantee business, and provide risk protection for science and technology innovation enterprises. Finally, constantly improve the supervision system in technology and finance, establish supervision rules and standards suitable for the development of technology and finance, ensure the effectiveness and fairness of supervision, coordinate development and safety, and form a joint force of government guidance, market operation and social participation to jointly promote the healthy and sustainable development of technology and finance.

　　Guangming Daily (11th edition, December 19th, 2023)