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Six focuses of the draft supervision law

　　On March 13th, People’s Republic of China (PRC) Supervision Law (Draft) was submitted to the 13th National People’s Congress for deliberation. As a national anti-corruption legislation, the supervision law is of great significance, far-reaching influence and has attracted much attention.

　　Focus 1

　　Why legislation?

　　Deepen the reform of the supervision system and fight corruption by thinking and ways of the rule of law.

　　[Background] The draft proposes that this law is formulated in accordance with the Constitution in order to deepen the reform of the state supervision system, strengthen the supervision of all public officials who exercise public power, achieve comprehensive coverage of state supervision, carry out in-depth anti-corruption work, and promote the modernization of the state governance system and governance capacity.

　　Li Jianguo, Vice Chairman of the 12th the National People’s Congress Standing Committee (NPCSC), said in his explanation to the First Session of the 13th National People’s Congress that deepening the reform of the state supervision system is a major political system reform made by the CPC Central Committee with the Supreme Leader as the core. He said that the formulation of the supervision law is an inherent requirement and an important link in deepening the reform of the national supervision system. The supervision law is a national anti-corruption legislation, which plays a leading and fundamental role in the national supervision work.

　　Since the 18th National Congress of the Communist Party of China, the anti-corruption efforts of the CPC Central Committee have been unprecedented. In the past five years, 440 cadres in party member and other middle-ranking cadres at or above the provincial corps level were put on file for review, and 1.537 million cadres were punished, which made the anti-corruption struggle overwhelming and consolidated development.

　　[Interpretation] Zhang Shuofu, deputy to the National People’s Congress, secretary of the Beijing Municipal Commission for Discipline Inspection and director of the Municipal Supervision Commission, said that the formulation of the supervision law is to implement the decision-making arrangements of the CPC Central Committee on deepening the reform of the state supervision system and make the party’s ideas become the will of the state through legal procedures. This is of great significance to innovate and improve the national supervision system, realize the connection between legislation and reform, and carry out anti-corruption work with the rule of law thinking and the rule of law.

　　Focus 2

　　Why is the supervisory Committee established?

　　Constructing a centralized, unified, authoritative and efficient national supervision system

　　[Background] The draft notes that the current situation of the anti-corruption struggle is still severe and complicated. Compared with the requirements of building a clean and honest party style and the anti-corruption struggle, China’s supervision system and mechanism are obviously unsuitable. First, the scope of supervision is too narrow; Second, the anti-corruption forces are scattered; Third, it is not enough to reflect the responsibility and centralization.

　　The draft supervision law proposes that the National Supervisory Commission (NSC) of the People’s Republic of China is the highest supervisory organ; The National Supervisory Commission (NSC) is elected by the National People’s Congress and is responsible for national supervision; Director of the National Supervisory Commission’s term of office is the same as that of the National People’s Congress, and he shall not serve for more than two consecutive terms; The state practices the system of supervisors.

　　[Interpretation] Ren Zhengxiao, deputy to the National People’s Congress, secretary of the Henan Provincial Commission for Discipline Inspection and director of the Provincial Supervision Committee, said that the establishment of the supervision Committee, co-located with the Commission for Discipline Inspection, and performing the two duties of discipline inspection and supervision will help strengthen the party’s unified leadership over anti-corruption work, establish a centralized, unified, authoritative and efficient national supervision system, and promote the in-depth development of the anti-corruption struggle.

　　Focus 3

　　How to achieve full coverage of supervision

　　The object of supervision includes all public officials who exercise public power.

　　[Background] The draft defines the public officials covered by supervision: civil servants of the Communist Party of China (CPC) organs, people’s congresses and their standing committees, people’s governments, supervisory committees, people’s courts, people’s procuratorates, committees of China People’s Political Consultative Conference at all levels, organs of democratic parties and organs of industrial and commercial federations, and those who are managed with reference to the Civil Service Law of People’s Republic of China (PRC); Personnel engaged in public affairs in organizations authorized by laws and regulations or entrusted by state organs to manage public affairs according to law; Managers of state-owned enterprises; Personnel engaged in management in public education, scientific research, culture, medical and health care, sports and other units; Personnel engaged in management in grass-roots mass autonomous organizations; Other personnel who perform public duties according to law.

　　The draft notes that before the reform of the state supervision system, the inner-party supervision has achieved full coverage, and according to the provisions of the Administrative Supervision Law, the administrative supervision targets are mainly administrative organs and their staff, and all public officials who exercise public power have not been fully covered.

　　[Interpretation] Ji Guoqiang, member of Chinese People’s Political Consultative Conference and director of the United Front Work Department of Tianjin Municipal Committee, said that only when anti-corruption is fully covered can there be zero tolerance. The supervision law ensures that the supervision power can extend and cover all public officials, and promotes the institutionalization and standardization of the supervision system and mechanism.

　　Focus 4

　　How does the supervisory Committee carry out supervision?

　　Measures such as conversation and interrogation can be taken to replace the "two regulations" with lien.

　　[Background] The draft proposes that the supervisory committee shall perform its duties of supervision, investigation and disposal in accordance with the law. The explanation of the draft points out that the supervisory organ can take measures such as talking, interrogation, inquiry, inquiry, freezing, transfer, sealing up, seizure, search, inspection, appraisal and lien to carry out the investigation.

　　Among them, the lien that replaces the "two regulations" has attracted much attention. The draft proposes that the investigated person is suspected of serious duty violations or duty crimes such as corruption and bribery, dereliction of duty and dereliction of duty, and the supervisory organ has mastered some of the facts and evidence of the illegal crimes, and there are still important issues that need further investigation, and those that involve major and complicated cases, may escape, commit suicide, may confess in collusion or forge, conceal or destroy evidence, and may have other circumstances that hinder the investigation. After approval by the supervisory organ according to law, they may be detained in a specific place.

　　The draft also proposes that the detention time should not exceed three months. Under special circumstances, it can be extended once, and the extension time shall not exceed three months.

　　[Interpretation] Ma Huaide, vice president of China University of Political Science and Law, said that replacing the "two regulations" with lien conforms to the spirit and requirements of the rule of law and is a concrete measure to use the rule of law to fight corruption. Ma Yide, a deputy to the National People’s Congress and a researcher at the Institute of Law of the Beijing Academy of Social Sciences, said that the draft supervision law gives the supervision commission a series of investigation measures and stipulates strict procedures, which is conducive to solving the long-standing problem of the rule of law and bringing anti-corruption into the rule of law.

　　Focus 5

　　How does the supervisory Committee strengthen international cooperation against corruption?

　　Pursuit, memorial and escape prevention are three-pronged.

　　[Background] The draft proposes that the National Supervisory Commission (NSC) should coordinate international exchanges and cooperation against corruption with other countries, regions and international organizations, and organize the implementation of international anti-corruption treaties.

　　The draft proposes that the National Supervisory Commission (NSC) should strengthen the organization and coordination of anti-corruption international pursuit, recovery and escape prevention, and urge relevant units to do relevant work: for major cases of duty crimes such as corruption and bribery, dereliction of duty and dereliction of duty, the respondents fled to the country (territory) and mastered the evidence. If it is more conclusive, it will be pursued and brought to justice through overseas pursuit and cooperation; Asking the country where the stolen money is located to inquire, freeze, detain, confiscate, recover and return the assets involved; Inquire and monitor the entry and exit of public officials suspected of duty crimes and their related personnel and cross-border capital flows, and set up escape prevention procedures in the process of investigating cases.

　　According to the data of the Central Pursuit Office, in 2017, a total of 1,300 fugitives were recovered, with a total amount of 980 million yuan. Up to now, Yang Xiuzhu, Li Huabo, Wang Guoqiang, Huang Yurong and other "100 Hongtong personnel" have been brought to justice for more than half.

　　[Interpretation] Xu Xing, a professor at Zhou Enlai School of Government Administration of Nankai University, said that the draft supervision law makes international cooperation against corruption an independent chapter, and regulates it from three aspects: pursuit, memorial and escape prevention, which shows the determination to fight corruption if there is an escape. Through the overall planning of the supervisory Committee, the effectiveness of overseas pursuit and recovery will be improved, and overseas will be resolutely prevented from becoming a "crime-free paradise" for corrupt elements.

　　Focus 6

　　Who will supervise the supervisory Committee?

　　Accept the supervision of the National People’s Congress, strengthen self-supervision, and clarify the restriction mechanism.

　　[Background] The draft proposes that supervisory organs should accept the supervision of the people’s congresses at the corresponding levels and their standing committees; The supervisory organ shall disclose the information of supervision work according to law and accept democratic supervision, social supervision and public opinion supervision; Supervisory organs strengthen supervision over the performance of duties and compliance with laws by setting up special internal supervision institutions.

　　The draft provides for the reporting and registration of inquiring about the case, asking questions about the case, interceding with others, the avoidance of supervisors, the management of confidentiality period, and the restrictions on supervisors’ resignation and retirement. At the same time, the system of complaint and accountability for misconduct of supervisory organs and their staff is stipulated.

　　[Interpretation] Zhuang Deshui, deputy director of Peking University Research Center for Clean Government Construction, said that to build a perfect supervision mechanism, a series of specific working mechanisms and detailed rules should be issued according to the supervision law. People’s congresses at all levels should also regularly evaluate the implementation of the work of the supervisory committees at the corresponding levels and constantly improve the supervision system.

　　(Xinhua News Agency, Beijing, March 13th, by reporters Wu Mengda, Zhu Jichai, Zhai Yongguan and Li Jinfeng)

Clinical nutritionist reminds： oil should be mixed, and blended oil should be bought carefully.

Because it is impossible to distinguish the composition of oil products, consumers often have no bottom when purchasing.

The food oil sales area in the supermarket is rich in oil products.

　　As one of the "safety on the tip of the tongue" that people are most concerned about, edible oil is also a necessary new year’s product for many families. As people pay more and more attention to dietary nutrition, more and more kinds of oil products appear in the market: blended oil, peanut oil, olive oil and camellia seed oil … because of the differences in production technology, purchase channels and nutrition and health, the prices are also different. How to choose a suitable edible oil has become a headache for many consumers.

　　Phenomenon: dozens of varieties have dozens of spreads.

　　Like rice, the reporter found that there are at least a dozen brands in the edible oil sales area of each supermarket, and each brand has multiple varieties. There are dozens of different oils. From common rapeseed oil, peanut oil and soybean oil to sunflower oil, corn oil, olive oil, deep-sea fish oil and blended oil, the price ranges from ten yuan to hundreds of yuan.

　　"Now there are all kinds of oils, and each oil says that it is the most beneficial to health. What kind of oil should I buy? In fact, I won’t choose it at all, just by feeling." Aunt Feng lingered for more than 10 minutes in front of a row of edible oil shelves in Yanwu Street Branch of Beijing Hualian Supermarket, and finally finalized a peanut oil with a specification of 5 liters. However, the selling price of a bottle of "ordinary craft pressing" is 90 yuan, and a bottle of "pure physical pressing" is to be sold to 150 yuan, which makes her start to feel puzzled.

　　Similarly, olive oil, which has been sought after by ordinary people in recent years, is also very different in price because of its magical functions of "radiation protection, cancer prevention and oxidation resistance". On the market, two brands of olive oil that are also advertised as "imported", a bottle of 750ml "imported" and a bottle of 5L "imported and repackaged in China" are all around 120 yuan, with a price difference of dozens of times.

　　In addition, consumers generally report that experts often say that they should pay attention to the ingredients of oil products, but consumers can’t distinguish these ingredients at all. They spend a few yuan or even dozens of yuan to buy a pot of better oil, but what’s good about it? Is there really a good ingredient? I have no bottom in my heart.

　　Identification: There are many tricks to choose more imported oil channels.

　　"In the edible oil market, the edible oil produced by pure physical pressing process does not add any chemical additives, does not undergo high-temperature refining, and is pressed once in production to avoid chemical solvents polluting oil products, which can really guarantee the quality and safety of edible oil." Liang Debin, a brand of edible oil distributor in Guiyang, said that due to the unique roasting process, it has good taste and rich nutrition, and fully retains the natural nutrients of oil raw materials, which is beneficial to health. In fact, it is normal for the market price to be slightly higher.

　　On the issue that imported olive oil is divided into original import and domestic sub-packaging, Liang Debin explained: "Some merchants in the domestic market transport whole boxes from abroad to China and then sub-package them in mainland factories. This is the sub-package product, and the sub-package place needs to be marked on the product packaging." The main difference between the two is that the rigid rules of canning abroad are stricter and the degree of sanitation and disinfection is higher. Liang Debin is noncommittal that some businesses will use the selling point of original import to exaggerate publicity.

　　The reporter consulted the relevant staff of Guiyang Food and Drug Administration and learned that there are great differences in the quality of imported olive oil. Consumers should not blindly believe in the propaganda of "import" when purchasing. "First of all, it depends on the country of origin. For example, olive oil in Greece, Spain and other places is more authentic because they have a historical tradition of eating olive oil; Second, look at whether the products have EU certification or American federal certification, because these two certifications determine the reliability of food safety; Third, it is necessary to buy imported olive oil with big brands and double certification guarantee, and the safety can be guaranteed. "

　　Reminder: oil should be mixed. Be careful to buy blended oil.

　　When it comes to the specific choice of oil to eat, Dr. Ceng Yi, who has many years of clinical practice and clinical nutrition experience, said: "All kinds of edible oils contain three fatty acids: saturated fatty acids, monounsaturated fatty acids and polyunsaturated fatty acids. Their main difference is that apart from flavor and taste, the ratio of these three fatty acids is different."

　　For example, the reason why olive oil is called "healthy oil" is that it contains much more monounsaturated fatty acids than ordinary oils, and the intake of monounsaturated fatty acids is beneficial to control postprandial blood sugar and reduce the risk of coronary heart disease. For healthy people, only when the absorption of three fatty acids reaches the ratio of 1:1:1, is it a more perfect nutrition.

　　"There is no need to stare at one kind of oil. In addition to olive oil, there are also domestic tea seed oils with high monounsaturated fatty acids." Dr. Zeng pointed out that no matter how healthy the oil is, the daily intake is 25-30 grams, and if it is excessive, it will still get fat. Although there are differences in the nutrition of different oils, none of them can contain all the nutrients needed by the human body, so it is better to mix all kinds of oils for health.

　　However, Dr. Zeng suggested that blending oil should be bought carefully. "The so-called blended oil refers to the edible oil prepared from two or more edible oils. Most of the most common blended oils in life are refined soybean oil, rapeseed oil, peanut oil, sunflower oil and cottonseed oil. After technical blending, they become healthy edible oils. " However, at present, there is only one recommended industry standard for edible blended oil, and this standard does not require the proportion of blended oil. In other words, 90% olive oil and 1% olive oil in the market can be called "olive blending oil". If consumers buy it, it is best to choose some blending oils with guaranteed quality and regular brands.

Chengdu Women’s Prison chartered 15 prisoners to go home for the New Year (photos)





　　　　


Ming Jing (right) went out of prison to visit relatives for the New Year.







　　　　Pay homage to mother


　　　　Chengdu Women’s Prison, Sichuan Province, has carried out the largest assistance and education activities over the years, and chartered 15 prisoners to leave the prison to visit relatives this Spring Festival.


　　　　On the eve of the Spring Festival in 2008, Chengdu Women’s Prison in Sichuan Province organized the largest educational assistance activity over the years-chartered 15 prisoners with good behavior to leave the prison to visit their relatives for the New Year. Among them, the oldest is 54 years old and the youngest is 31 years old. It is reported that all the 15 female prisoners who went home for the New Year reported their whereabouts to the prison every day according to the regulations. When they returned to prison on the third day of the New Year’s Eve, all of them arrived on time before 5 pm.


　　　　This Spring Festival, the reporter of this newspaper (note: Chengdu Business Daily) witnessed her special trip home with Ming Jing (a pseudonym), a female accessory in a transnational drug trafficking case …


　　　　She has three wishes to go home for the New Year.


　　　　The first time I saw Ming Jing was at 3 pm on February 3. Through the two heavily guarded iron gates of Chengdu Women’s Prison in Sichuan Province, in the office of the supervision area, 37-year-old Ming Jing is of medium height, with ear-length short hair, and she was not aware of it during the conversation. She used to be a female accessory in a transnational drug trafficking case.


　　　　Fifteen years ago, Ming Jing met her boyfriend in Guangzhou, who led her to ruin-a man with several years of drug trafficking experience. Through this man and the 16-member transnational drug trafficking gang he directly participated in, drugs were transported from abroad to China. In 1992, the case was solved by Chengdu police. Mingjing’s boyfriend was arrested together with the other nine principals, and was brought to justice around 1994. Ming Jing, who collaborated with others in drug trafficking, and the other five people were sentenced to different prison terms such as suspended death. In the past 16 years, Ming Jing has been commuted five times because of her good transformation and outstanding performance. On May 7 this year, she will soon be free.


　　　　On January 29, Ming Jing was working in the production plant. When the policewoman in the prison told her that she could go home for the New Year, she cried on the spot. Ming Jing, who was sentenced to a suspended death sentence in 1992, lost her father very early and has been living alone with her mother. In 1993, her mother couldn’t stand the blow of her imprisonment and died unfortunately, and her son, who was born out of wedlock with her boyfriend, failed to take good care of him. Ming Jing was jailed. Over the years, Ming Jing has relied on his uncle, aunt and other relatives to take care of his son outside. His son is almost 16 years old now. Over the years, his family has always told his children that his mother is in the field and she is very busy at work and can’t go home to take care of him.


　　　　When talking about the wish to go home this time, Ming Jing choked up and said that when she went home this time, she especially wanted to thank her uncle and aunt. The other two wishes were to see her son and visit her mother. "My son is now at his grandmother’s house in Guangzhou. It’s hard to buy a ticket recently, and he may not be able to come back."


　　　　Some regretful Ming Jing told reporters that he was about to get out of prison anyway, and it doesn’t matter if he didn’t see his son this time. The days ahead are long. She said, "I must go to my mother’s grave. I haven’t seen her old man’s house for so many years. I really miss her …" Ming Jing’s tears came down as she spoke.


　　　　Dreaming on the eve of going home is doing housework.


　　　　At 9: 20 a.m. on February 5th, in front of the mental health center in the prison area, the sun shone on the huge characters "You will be reborn from here", and the female prisoners who came from the prison areas lined up one after another. Fifteen lucky women selected from the 2,000 prisoners in the prison all wore new clothes ready to go home for the New Year-red coats and red down jackets instead of their usual prison clothes, and everyone dressed up carefully.


　　　　At 9: 40, 15 people were called into a conference room for a short meeting. Before the warden arrived, they began to inquire about their holiday arrangements happily and easily. In the face of this rare winter sun, a female prisoner said with mixed feelings: "We can have such good weather when we go home today, which is really called seeing the rainbow after the storm!" Everyone talked about the old Chengdu in their hearts with great interest. Chunxi Road, Kejia Lane and Qingnian Road are still the same as yesterday in their memories.


　　　　After the meeting, Ming Jing told reporters that she couldn’t sleep well these nights after learning that she could go home for the New Year. The night before, she had mixed feelings and couldn’t sleep. When she closed her eyes in a daze, she kept dreaming. In her dreams, her family was smiling at her, but she kept washing clothes, even though the water in winter was so cold.


　　　　At 10: 15, Ming Jing followed a policewoman along the long corridor, and the policewoman sent her to the entrance of the building, saying, "All right, you can go that way …" Before she finished, Ming Jing ran out, saying "Good, Good" while running, and the small ramp that might not have been walked once for so many years was finished by Ming Jing in three steps and two steps. Just after turning the green belt, an anxious aunt and uncle appeared outside the prison gate, and Mingjing quickly waved and ran up.


　　　　After a year’s absence, my family stood in front of me, and Ming Jing just shouted, "Aunt, uncle …" Her eyes turned red. In order to meet Ming Jing, the family specially found a van. After a few simple greetings, at 10: 20 in the morning, Ming Jing finally followed her uncle and aunt all the way home.


　　　　Tears stream down my mother’s grave.


　　　　February 6, light rain. At about 11: 30 in the morning, at the foot of Zhuwangshan Cemetery, Mingjing and his family were walking along the hillside to his mother’s grave. For the first time in 15 years, Mingjing was so close to his mother, her eyes were red and her face was sad. Mingjing’s mother’s cemetery is located on the west slope of the cemetery. "Thinking about coming to see my mother today, I didn’t sleep well all night yesterday …" Looking at the path ahead, Ming Jing’s eyes were empty and lost in thought.


　　　　Sixteen years ago, when Ming Jing walked into the high wall, her mother’s eyes were tearful, and the expression of disappointment was still printed in her mind. Sixteen years later, after doing well in prison, she got the opportunity to spend the New Year with her relatives, but the loving mother who missed her day and night had already turned into a handful of loess. After Ming Jing was imprisoned for one year, her mother died because she couldn’t bear the blow. "What I want most is what should I say when I see my mother?" Can she forgive me under the grave? "


　　　　On the path leading to mother’s graveyard, Mingjing took her aunt’s hand and followed her family. Occasionally, several people took a few words and walked forward step by step. The closer we get to the top of the mountain, the less quiet we talk. She bit her lip and held Huang Juhua’s right hand, shaking a little. A few petals shook off, drifted with the cold wind and scattered on the winding mountain road.


　　　　"This is your mother’s grave." My uncle pointed to a tomb. In front of the cold tombstone, the little pine planted that year was already chest high. "Elder sister, Xiao Jing came to see you. She is much more lovely now …" My aunt pushed Ming Jing to her mother’s grave. The once 21-year-old daughter, who was in her prime, has now entered middle age, and fine lines have appeared in her eyes. Ming Jing wait for a while stood quietly in front of her mother’s tombstone, without saying a word. Her mother, who was with her day and night 16 years ago, was lying quietly in the ground for 16 years. Goodbye was already separated by Yin and Yang. My uncle sighed: "Your mother missed you so much …" Ming Jing’s two lines of tears suddenly flowed down: "Mom, I was wrong, I came to see you …" His hands trembled and lit the candle. Ming Jing knelt in front of the grave and couldn’t help sobbing.


　　　　With the help of family members, fruits and incense sticks were placed in front of my mother’s grave, and Ming Jing sobbed and lit the candles. After giving her a wick of incense, she was sobbing and tears fell on the ground in front of the grave. "Mom, I know I’m wrong. After I die, I’ll be buried with you and accompany you …" Ming Jing sobbed repeatedly, tears and rain blurred her face. In the hillside, a gust of cold wind blew. "Mom, you can forgive me, just let this paper blow away." The mountain wind rolled the ashes of paper money and drifted away, and the quiet tears burst out again.


　　　　Family return to accept her who had lost her way.


　　　　After 16 years, Ming Jing needs more time to get to know the city again. On the afternoon of New Year’s Eve, Ming Jing accompanied her aunt to visit Wal-Mart. Through the bustling crowd in JaeHee, she held her aunt’s hand tightly, somewhat embarrassed and excited. Along the way, she looked around and talked nonstop. Carrying the shoes and clothes that her aunt bought for her, Mingjing walked out of the supermarket door with big bags. She couldn’t help looking back, pointing to the people waiting in line to pay, and asked inexplicably, "Why do so many people buy things?"


　　　　I heard that Chunxi Road in my impression has changed a lot. Mingjing said that although she really wants to see it, she wants to spend more time at home and spend time with her family. Cleaning, cooking and washing clothes have done a lot of work, and Mingjing’s heart is also a lot more solid. Seeing the niece, aunt and uncle who are busy outside, they also feel gratified.


　　　　Aunt told reporters that at the beginning, there was a lot of resentment against this ignorant and misguided niece, but they found many reasons to accept this niece again. After entering the prison, Ming Jing’s prison moved twice, and no matter how far it was, they insisted on visiting Ming Jing every month. On February 1st, when they learned that Mingjing was going home for the Spring Festival, they prepared new quilts several days in advance, waiting for their niece to come home.


　　　　"My younger brothers and sisters say that I have gained weight." Ming Jing told reporters with a happy face that her cousin, who came home from other places for the New Year, surrounded her as soon as she saw her and asked for help. Cousin also dragged her to the barber shop downstairs to have her hair cut. In the evening, the family sat together and talked about home. Ming Jing also expressed his thoughts after he was released from prison in May: "I got a college diploma in prison and learned the technology of garment making. When I come back, I can make a living in a garment factory." She planned to make money to honor her uncle and aunt. During the conversation, Ming Jing turned her back several times and quietly wiped her tears and reunited with her family. She looked forward to it for 16 years.


　　　　In the eyes of her family, she looks like a different person


　　　　On the third day of the New Year’s Day, at 3 pm, there are still two hours before the scheduled time for returning to prison. The reporters waiting at the gate of Chengdu Women’s Prison in Sichuan Province saw that many female prisoners who have returned home have returned one after another, greeting the reporters affectionately, and their faces are full of satisfaction and relaxation. Ming Jing called and said that they were on their way and would be at the prison gate soon. At 3: 20, Ming Jing and her aunt came back in the van that they went home four days ago. Mingjing has dyed her hair black and looks radiant.


　　　　"She’s a completely different person!" My aunt removed the things bought for Mingjing from the van: shoes, clothes, and two boxes of fragrant pears. While telling reporters that in the past few days, Ming Jing has been getting up at 6 o’clock, cooking breakfast, cleaning up, and cleaning up the house, which is completely different from the image of the former "king of cutting hands".


　　　　Mingjing is carrying clothes, and her aunt is carrying fruit. The front is the iron gate of the prison area, and it’s time to leave. The two were reluctant, but they were not sad. Mingjing was still smiling and chattering: "Aunt, I still have to study hard in the past few months before I can adapt to the society. Chengdu has changed too much." My aunt nodded her approval. After completing the formalities, she handed the fruit to Mingjing and watched her step by step into the iron gate. (Reporter Gong Rui Lan Lan Zhang Jian Wang Qiang Photography)


Editor: Yin Wei

An all-round analysis of the position table of the 2014 national civil service examination

People’s Daily Online, Beijing, October 15th, today, the "General Rules for the Employment of Civil Servants in the 2014 Examination of the Central Authorities and Their Directly Affiliated Institutions" was released. In order to help candidates accurately locate and apply for positions that suit them, the staff of the National Civil Servant Examination General Textbook Writing Team of the Civil Servant Textbook Center analyzed the position table for the first time.

According to statistics, there are 11,729 recruitment positions and 19,538 candidates this year. Compared with 2013 (12,901 positions and 20,839 candidates), there are 1,172 recruitment positions and 1,301 candidates. Among them, the the State Council system recruited 2,251 people according to the civil service law management institutions, 426 people from the central party and mass organs, 659 people from the central state administrative organs, and 16,202 people from the institutions directly under the central state administrative organs and dispatched institutions.　

1. There are 7,980 recruitment positions with only one person, which is about 12.8% lower than last year.

In 2014, the staff of the National Civil Service Examination General Textbook Compilation Team made statistics on the positions that only one person was recruited in the 2014 National Civil Service Examination, and found that there were 7,980 positions that only one person was recruited in 2014, 9,150 positions that only one person was recruited in the civil service examination of central state organs in 2013, and the number of positions that only one person was recruited in 2014 decreased by 1,170 compared with last year.

　

Second, the number of recruits with unlimited minimum years of grassroots work accounted for 82.6% of the total number, which was higher than last year.

The staff of the General Textbook Writing Team of the Civil Servant Textbook Center made statistics on the number of positions that the candidates are most concerned about. According to the statistics, there were 9,146 positions in the national civil servant examination in 2014, accounting for 78%. There are 16,129 applicants who have no working years, accounting for 82.6% of the total number of applicants, and the proportion has increased compared with last year. For fresh graduates, there are many positions to apply for, and there is a large choice space. In addition, the fresh graduates of colleges and universities in 2014 have sufficient study time for preparing for the exam, which has an absolute advantage in applying for the exam.

　

Three, the number of college student village officials recruited is 1649.　

　

According to the regulations, college students "village officials" and other service grassroots project personnel can apply for civil servants, not only for the positions registered in the orientation examination, but also for other positions, and no longer implement preferential policies such as extra points. The number of recruits for "Three Supports and One Support", "Special Post Plan for School Teachers in Rural Compulsory Education Stage", "Volunteer Service Plan for College Students in the West" and "Selecting College Graduates to Work in Villages" is around 1,500. Among them, the number of college student village officials is the largest, with 1649.

Those who participate in the projects such as "Selecting College Graduates to Work in Villages", "Special Post Plan for School Teachers in Rural Compulsory Education Stage", "Three Supports and One Support" and "Volunteer Service for College Students in the West" can apply as college graduates in the year when their service expires and they pass the examination.

Jiang Mengjie sent a message to find the lost January assistant： I hope everyone can help.

Jiang Mengjie and his assistant took a photo.

Jiang Mengjie and his assistant took a photo.

Jiang Mengjie and his assistant took a photo.

Jiang Mengjie and his assistant took a photo.

1905 movie network news On April 28th, Jiang Mengjie sent a long message in Weibo, saying that his assistant had lost contact. She wrote: "My assistant Jun Jun, who has been with me for seven or eight years, lost contact inexplicably. I am really anxious. I want to ask everyone to help me see if I can contact her. On March 23, she and I recorded a reality show in Yunnan and returned to our hometown of Chengdu. After that, we contacted each other by WeChat every day until the last WeChat was sent at 9: 00 am on April 7. " "Originally, everyone thought that she didn’t care if she was in a bad state and didn’t want to work, but it was almost a month, and there was no news. The more I thought about it, the more terrible it was, and I was really worried about her. If she is hiding because she is in a bad mood, I can understand, as long as she can be safe and healthy! " "I have regarded her as my own family, and I hope to find her anyway. I hope she will be all right! But because they are not immediate family members, they can’t call the police! I hope everyone can help! Thank you very much! ! ! ！” The tone is very anxious, and at the end of the article, Aite visited Weibo, the official of Chengdu Public Security Bureau.


Netizens have said: "Oh, my God! Junjie really hasn’t sent a circle of friends for a long time! ! I hope to contact you soon! ! ! It’s been almost a month. Oh, my God. That’s terrible. What the hell is going on? "Her family also can’t contact? Hurry and find a way to call the police first! "


August is here, and the best time for you to see Miyazaki Hayao is here.

　 　 Special feature of 1905 film network It has officially entered August, and the hot weather has gradually turned into autumn. Have the hearts of fat friends drifted with the autumn wind? Is it like Xiao Dianjun, people have not moved, but their hearts have already drifted far away ~

Your heart is not as moving as your legs!

　 　 I’m sorry if I don’t travel (put) or swim (vertically) in such weather, but the anchor sister who broadcasts the weather forecast every day! What? Are you still traveling in the third dimension? ! It’s better to break the wall of the second dimension with the traveler Xiao Dianjun, and enter the world of the second dimension, spinning and jumping with your eyes open!

Then we will choose to follow in the footsteps of Miyazaki Hayao at the first stop!

　 　 The reason why the Miyazaki Hayao series was chosen as the first stop was because the old man’s films can be said to be the benchmark of Japanese animated films. The reason for becoming a benchmark is not only the imaginative plot, but also the accurate conception and grasp of the beautiful scene by the old man.

　 　 But those seemingly beautiful scenes that don’t exist actually exist in this three-dimensional world! Hurry up and walk with Xiaobian, who is known as the "live map of the scene"!

— — Kagoshima yakushima

["The places that I can’t reach are called distant places, and the world that I can’t go back is called hometown. What I have been longing for is a place farther than the distance." 】

　 　 Fat friends who are familiar with Miyazaki Hayao must know that the old man’s films have been devoted to the discussion of the theme of man and nature, so many scenes are full of natural flavor, such as the Ghost Princess, which is full of green screen — —

　 　 Although the heroine Shan is human, she grows in the forest, blends in with the forest, and protects the forest from human destruction. In the role of man and nature, she is in a gray area, representing both human and forest — —

　 　 The forest that the hostess grew up and loved is located in the world heritage area of Yakushima, Kagoshima. As the earliest world heritage in Japan, there are Chinese fir trees that have survived for thousands of years, and there is no trace of industry in the forest area, which also makes it a sacred place in the minds of many Japanese.

　 　 Because of the fire of Princess Ghost, it also promoted the tourism industry of Yakushima, which attracted the attention of the government. It not only specifically divided the shooting area, but also designed the pilgrimage route of Princess Ghost — —

　 　 Follow the route, you can go straight to the moss forest of the ghost princess, and wait for your white wolf god in the hole — —

— — Saitama Laishan Park

["Some troubles, if you lose them, you will have a chance." 】

　 　 I just ask if everyone wants to have their own totoro just like Xiao Dianjun! There is a cute expression and a fleshy stomach. If you can choose to lie on his stomach all day, don’t move your nest ~

　 　 It may not be easy to get a totoro that big, but if you want to go to the forest of totoro, you can just leave ~

　 　 　The location of the shooting is in the narrow mountain park in Saitama. Just like Princess Ghost, after the fire of My Neighbor Totoro, the government also strongly supported the tourism industry, and simply renamed this forest as the Totoro Forest, which was promoted to the absolute Totoro Holy Land in the hearts of fans!

　 　 　Walk hand in hand with your beloved in the fresh and pleasant forest, stay away from the hustle and bustle of the city, sink down and enjoy the beautiful nature ~ Maybe you will see a lovely totoro at the next intersection ~

The Witch’s Home Help — — Stockholm

["Only one person can hear his own voice when traveling, and it will tell you that the world is wider than expected." 】

　 　 As the first feature film co-produced by Miyazaki Hayao and Disney Company, The Witch’s Home Help has made great innovations in style. Not only does the location add a touch of Nordic style, but the topic selection has also shifted from the discussion of man and nature to the growth process of adolescent girls ~

　 　 　Qiqi, the witch, rides a broom around the town in the film, and meets many interesting people and things in the process of being a courier. Through these experiences, she has grown into a more independent girl paper ~

I have to say, this main line is really too stupid. Shi. Ni. Yes.



　 　 The town near the sea where Kiki is located in the film is in Stockholm, Sweden. Because the city is built along the coast, it is also known as the "water capital". The urban buildings are low and square, with a strong Nordic style ~

　 　 　The scene in the film basically reproduces the miniature of the town, of course, the highest and most obvious appearance rate is the sharp bell tower — — Stockholm cathedral ~

Spirited Away — — Ehime Ladao Hou Hot Spring

I don’t know where I’m going, but I’m on my way. 】

　 　 Spirited Away can become a classic, which is inseparable from the beautiful scene depicted by the old man Miyazaki Hayao for this film. The imaginary world where people and ghosts live together in the film is believed to have left a deep impression on many fat friends — —

　 　 Especially the main scene in the film — — Tang Popo’s Oil House

　 　 Although Bailong and Tang Popo don’t exist, this hot spring does exist ~ it is the Daohou hot spring in Ehime, Shikoku — —

　 　 Daohou Hot Spring is known as one of the four major hot springs in Japan, and it has a long history! As a small electric gentleman who has soaked in this hot spring, with his own face value, the taste of this hot spring is quite unusual! !

　 　Wearing a Japanese bathrobe after soaking in a hot spring and taking a stroll in the nearby shopping street can’t be too pleasant ~

— — Alsace Corma, France

【 "I’ll build you a mobile house in the future, ok? It is covered with balloons and can fly to the ends of the earth. The house can be small, but it is enough for you and me. " 】

　 　 Apart from the harmony between man and nature, "Anti-war and Peace" is also the eternal theme of Miyazaki Hayao’s films. In Hal’s Moving Castle, Miyazaki Hayao tells a story about two young people who knew each other and fell in love with each other on the eve of the war.

　 　 Sophie, a girl from a small town, became a 90-year-old woman after being enchanted. She ran away from home in panic and accidentally met Hal in a small town and entered Hal’s mobile castle ~

　 　 The town where Sophie lives is actually set in a small town in Alsace province in northeast France — — Kolma.

　 　 Kolma has a river and a flower boat, and is known as "Little Venice". The quiet canal neutralizes the noise on both sides of the city. All the houses are designed in spires and attics, and the walls are colorful. Walking in the street seems to be in the 16th century ~

The summer vacation has been fully launched.

Fat friends, stop eating chicken legs at home! !


Where do you want to explore Miyazaki Hayao?

A ＂boundary＂ in the end： Huawei applied for a ＂boundary＂ trademark.

On February 4th, Huawei Technologies Co., Ltd. recently submitted a new trademark application to China National Intellectual Property Administration, named "Hejie", which is classified as a means of transport internationally, and the current trademark status is pending substantive examination.

IT House noticed that Huawei had previously applied for a series of trademarks related to the word "boundary", including "ask boundary", "intellectual boundary", "enjoy boundary", "proud boundary", "respect boundary" and "fantasy boundary", and some trademarks have been successfully registered.

Among them, "Wenjie" is the brand that Huawei cooperates with Cyrus, and "Zhijie" is the brand that Huawei cooperates with Chery. In addition, the media also exposed Huawei’s smart car selection model brands in cooperation with BAIC and JAC, which may be named "Enjoy the World" and "Aojie" respectively.

According to the recent report of Interface News, in order to open up business orders of automobile companies, Huawei has basically communicated and discussed cooperation with major automobile manufacturers in China, including three central enterprises, three local state-owned enterprises and new forces. Recently, Huawei announced a strategic cooperation with Lantu.

Rapeseed oil is ＂leached＂ and ＂pressed＂, and this person is prohibited from engaging in food production and sales

Due to greed, the purchase of bulk "leached" rapeseed oil was sold at a high price as "pressed" rapeseed oil, and continued to produce and sell after being unqualified by the sampling solvent. The amount involved reached more than 170,000 yuan.

　

Recently, the Haining Municipal Procuratorate filed a public prosecution, and the court sentenced the defendant to 10 months in prison for the crime of producing and selling counterfeit and inferior products, and prohibited the defendant from engaging in food production, sales and related activities within three years from the date of execution of the penalty or the date of parole.

　

At the same time, the civil public interest litigation judgment that the defendant Haining Food Co., Ltd. withdrew from the compensation 50,000 yuan shall be disposed of by the Haining Municipal People’s Procuratorate according to law, and ordered to publicly apologize on the national media or platform within 5 days from the date of the judgment taking effect.

Guomou runs a food limited company in Haining, which mainly produces edible vegetable oils such as edible soybean oil and rapeseed oil. Guomou purchases bulk "leaching" rapeseed oil and labels the processing process as "pressing" and bottling for sale.

askWhat is it?What is the difference between "pressing" and "leaching"?

answer: "Pressing" rapeseed oil does not require adding chemicals, and the oil yield is low. "Leaching" rapeseed oil requires adding solvents, but the oil yield is higher. The amount of solvent residues in edible oil is too high, and long-term large intake will affect the nervous system and hematopoietic system of the human body. Therefore, the price of edible oil using the "pressing" process on the market is generally higher than that of edible oil using the "leaching" process.

　

2020On August 6, 2008, the Market Supervision Administration detected that the solvent residues of edible rapeseed oil in a company in China were unsatisfactory. The company claimed that the printing factory had misprinted the label without its knowledge.

After being suspended for rectification for a period of time, Guomou relapsed, locked the door and secretly produced, and continued to sell in Jiaxing, Yiwu, Zhejiang, and Huangshan, Anhui. As the actual operator of the company, Guomou,Using unqualified products as qualified products, the amount involved is more than 170,000 yuan.

　

The case was transferred to the procuratorate, and after a preliminary review, the prosecutor went to a certain enterprise in China for on-the-spot investigation, asking in detail about the production process, production standards, and product sales.

After the prosecutor’s review, the state knew that the purchased rapeseed oil was unqualified, but still filled and sold it, and pretended to be qualified products with unqualified products. The amount involved was more than 170,000 yuan. The facts were clear, the evidence was reliable and sufficient, and it should be investigated for criminal responsibility for the crime of producing and selling counterfeit and shoddy products. Because the state’s behavior infringed the legitimate rights and interests of unspecified consumers, the Haining Municipal Procuratorate also filed a civil public interest lawsuit.

This is the first case of criminal incidental civil public interest litigation involving food safety in Haining City, which fully reflects the strengthening of functional integration of the Haining City Procuratorate to improve the quality and efficiency of criminal incidental civil public interest litigation, so that public interest litigation prosecutors can see and touch the real things for the people.

Changjiang Securities Semi-Annual Board Management Review in 2023

() The content of the management review of the board of directors in 2023 is as follows:

　　I. Main business activities of the company during the reporting period

　　(1) Macro environment and industry situation

　　In the first half of 2023, in the face of a complex and severe international environment, our country’s economic operation gradually moved towards a normalized operation channel, and the overall recovery trend was positive, with GDP growing by 5.5% year-on-year. In terms of macro policy, the total amount of monetary policy remained moderately adequate, and the structure was still dominated by precise investment. Fiscal policy maintained a positive attitude, and the balance sheets of micro-enterprises and residents were slowly repaired. The effects of policies to stabilize growth, employment, and prices gradually became apparent. Industrial production was steadily restored, and the investment structure was steadily optimized. In terms of capital markets, the overall operation was stable, liquidity was reasonable and abundant, the credit structure was continuously optimized, the financing cost of the real economy was stable and declining, and financial support for the economy continued to strengthen. The deepening reform of capital markets has entered the deep-water area, and top-level systems such as the comprehensive registration system have been gradually implemented. The relevant business supervision rules have been continuously improved and optimized to guide securities companies to help transform the structure of the real economy. The current securities industry is moving towards a high-quality development path centered on the protection of investors’ interests. Improve risk pricing capabilities and compact the "gatekeeper role" of capital markets. The securities industry is a typical cyclical industry, and the operation of the industry is highly correlated with factors such as the domestic and foreign macro environment, regulatory policies and capital markets trends. In the first half of 2023, the scale of debt financing in the primary market and the popularity of secondary market transactions both rebounded compared with the same period last year. In the primary market, the total scale of equity financing was 506.001 billion yuan, a decrease of 7.14% year-on-year; of which the amount of IPO financing was 218.72 billion yuan (issue date caliber), a year-on-year decrease of 15.90%; the scale of equity refinancing was 287.282 billion yuan, an increase of 0.85% year-on-year; the total scale of bonds underwritten by securities firms was 6.18 trillion yuan, an increase of 9.33% year-on-year. In the secondary market, the transaction volume of equity funds was 249.40 trillion yuan (bilateral) in the first half of 2023, an increase of 0.11% year-on-year; the main market indexes closed up, the Shanghai Composite Index rose 3.65%, and the Shenzhen Composite Index rose 0.10%.

　　(B) the company’s operations

　　Relying on a complete range of business qualifications, the company is committed to providing a full range of comprehensive financial services to its customers. Brokerage and securities finance business refers to the company’s provision of securities and futures brokerage, wealth management services, research business, and capital intermediary services such as margin financing, stock pledge repurchase, refinancing, agreed repurchase securities transactions, and listed company equity incentive call-over financing to customers. Securities self-operated business refers to the company’s securities investment, including but not limited to equity, fixed income, and financial derivatives and other proprietary trading and market-making businesses. Investment banking business refers to the company’s provision of financial services with investment banking characteristics to customers, including underwriting and sponsorship, financial advisors for listed company mergers and acquisitions and restructuring, corporate bond fiduciary management, recommendation of non-listed public companies, and asset securitization. Asset management business refers to the company’s provision of collective asset management, targeted asset management, special project asset management, and public fund management to customers. Alternative investment and Private Equity management business refers to equity investment, project investment and management or entrusted management of equity investments and related consulting services. The company actively expands overseas business through Long Securities International, providing customers with overseas financial services such as brokerage, investment banking, asset management and futures.

　　In the first half of 2023, the company’s profitability rebounded and its important business was strongly supported. Under the guidance of the new development strategy, the company’s various businesses have accelerated their development and strived to the top, with a more solid foundation and continuous optimization of the structure. High-quality development has achieved remarkable results and there are many bright spots. From a business perspective, the brokerage business continues to grow on a large scale, and the rankings of product sales and investment consulting are stable and rising; the market share of public offering commissions continues to remain high, and the proportion of private equity clients’ income increases; investment banking business and Private Equity business strengthen synergies

　　Linkage, the enterprise Client Server is gradually integrated and platform-based, and the deep cultivation of key regions, key industries, and key customers has achieved remarkable results; the investment management system has gradually improved, the income of large investment business has increased significantly year-on-year, and the results of self-operated investment capacity building and team building have gradually become apparent; The asset management business has made significant progress, the management scale and management fee income of Changxin Fund and Changjiang Capital have increased significantly, and the products and channels of Changjiang Asset Management have made breakthroughs. The company continues to optimize the system and mechanism, comprehensively upgrade various management, and through improving the selection and employment, assessment and incentive and business coordination mechanism, optimize the department setting, and improve the officer enthusiasm, cooperation awareness and collaborative efficiency of cadres and employees. During the reporting period, the company’s total operating income was 3.832 billion yuan, an increase of 34.64% year-on-year; net profit attributable to shareholders of listed companies was 1.106 billion yuan, an increase of 38.34% year-on-year. As of the end of the reporting period, the company’s total assets were 171.797 billion yuan, an increase of 8.06% over the beginning of the year; net assets attributable to shareholders of listed companies were 34.168 billion yuan, an increase of 11.18% over the beginning of the year.

　　1. Brokerage and securities finance business

　　(1) Retail brokerage and wealth management business

　　① Market environment

　　In the first half of 2023, from the perspective of market trends, class A shares showed a volatile pattern of rising first and then suppressing. The impact of external risk factors such as the Federal Reserve’s interest rate hike was superimposed on the impact of internal factors such as the need to consolidate the foundation of China’s economic recovery, and the lack of market confidence limited the upward space of the index. Since the second quarter, under the influence of various factors such as the weakening of the RMB exchange rate, the lower-than-expected internal economic recovery, and the superimposed low performance of the game of stock funds, the market has gradually closed. From a regulatory perspective, in the first half of the year, regulatory policies such as the "Measures for the Management of Securities Brokerage Business" and the "Guidelines for the Operation of Private Securities Investment Funds" were introduced one after another, which promoted institutions At the end of June 2023, the Shanghai Composite Index rose by 3.65% compared with the end of the previous year, and the CSI 300 fell by 0.75% compared with the end of the previous year. In the first half of 2023, new development funds were cold. As of the end of June 2023, 340 new stocks + mixed public funds were issued in the market, with a total fundraising scale of 170.802 billion yuan, a decrease of 18.07% from the same period last year.

　　② Business initiatives and performance

　　The company adheres to customer needs as the center, based on customer refinement and stratification, and establishes an asset allocation system from the perspective of buyers and advisors, providing one-stop in-depth services around customer needs to improve customer investment experience. During the reporting period, in terms of channels, the company integrated () channels, broadened the customer reach radius, achieved breakthroughs in new media development, and laid a good foundation for the transformation and development of wealth management business. In terms of products, the company continued to enrich the supply of financial products, selected high-quality products, and created a comprehensive sales service system covering "pre-sale-sale-sale-after-sale". On the basis of the normalization of public offering sales, it focused on building a "buyer’s perspective" preferred quantitative private placement product line to improve the selection ability of private placement products, and focused on improving the growth rate and conversion rate of high net worth customers. In terms of services, the company continues to promote the transformation of seller-based investment advisors to buyer-based investment advisors. By establishing a hierarchical classification system for investment advisors, it realizes the fit between the individual endowments of investment advisors and the diverse needs of customers, and implements "advisory services" to enhance customer acquisition. In terms of serving high net worth customers, it strengthens the company’s large investment and large investment banking business coordination, drives brokerage business with public business, and taps high net worth customer resources through close contact with enterprises, shareholders, entrepreneurs and executives behind enterprises. It uses algorithm bus, financial support, transaction services, and research services as means to establish the company’s efficiency advantages. At the same time, the company responds to the requirements of the digital age, strengthens technological empowerment, and continues to promote the construction of wealth management platforms. It integrates platform system functions, service scenarios, and research capabilities to accompany customers throughout the life cycle.

　　In the first half of 2023, the company’s agent sales revenue market share (excluding seats) was 1.93%, a new high in recent years; the number of company customers reached 8.73 million households, which continued to grow for five consecutive years, and the total value of securities reached 1.04 trillion; the number of registered advisors of the company was 2239, ranking 10th in the industry, and the sales of investment products were 131 million yuan, an increase of 156.23% year-on-year; the dropshipping income of financial products was 132 million yuan, an increase of 19.89% year-on-year, and the average daily retention of equity products was 22.729 billion yuan.

　　③ Work arrangement for the second half of 2023

　　In the second half of 2023, the company will continue to promote the transformation of wealth management and quickly respond to customer and business needs. Promote the transformation from providing a single product to a comprehensive financial solution, continuously improve the general capabilities of serving high net worth customers, and accelerate the improvement of revenue generation capabilities. Strengthen the service capabilities of enterprise customers, deepen the "total score linkage", provide them with professional and comprehensive one-stop services to meet their diverse needs, and deepen the enterprise Client Server value chain: optimize the "long bull institutional pass" institutional wealth management platform, build a private equity cooperation ecosystem, and use algorithm bus, financial support, transaction services, and research services as means to break through the development of institutional brokerage business, and strengthen compliance internal control and standardized management.

　　(2) agency brokerage and research business

　　① Market environment

　　At the end of the first half of 2023, the net value of public funds increased slightly, increasing by 6.29% to 27.37 trillion yuan compared with the beginning of the year, of which the stock type and mixed type net value were 2.45 and 4.44 trillion yuan respectively, + 8.77% and -7.17% respectively compared with the beginning of the year, and the bond type net value was 8.37 trillion yuan, an increase of 9.30% compared with the beginning of the year. In the first half of 2023, the net value of Private Offering Fund increased by 0.70% to 20.17 trillion yuan compared with the beginning of the year, of which the net value of securities was 5.95 trillion yuan, an increase of 6.97% compared with the beginning of the year. Under the new regulatory environments, the seller’s institutional brokerage business will accelerate towards a high-quality development path. On the one hand, the importance of research commissions in traditional sub-warehouse commissions is highlighted. On the other hand, the demand for research pricing power in other business lines will continue

　　② Operating measures and performance during the reporting period

　　The company’s research institute is equipped with industry-wide research strength, covering 5 major research fields and 34 research directions in the total amount, cycle industry, financial manufacturing industry, consumer industry, and technology industry. Adhering to the concept of value investment, the company strengthens the upstream and downstream interaction and in-depth research of the industrial chain. The company grasps the tide of customer institutionalization, continues to consolidate its position as the head of research business, and ranks firmly in the forefront of the industry in terms of research revenue. In the first half of 2023, under the overall policy of high-quality development, the company will continue to enhance its research capabilities and market influence in key areas of national strategy, and increase the service intensity of line-to-line integration and industrial chain coordination. The company conforms to the market development trend of institutional customers, actively responds to the changing needs of institutional customers, and is committed to providing institutional customers with a full range of full stack financial solutions. During the reporting period, the company integrated resources through research on the theme of creating value and generating revenue through sales, actively followed up on market changes, coordinated progress, and promoted in-depth discussions on the monthly situation. The total volume, industry, and sales team worked closely together to improve research comprehensive service capabilities, strengthen the application of innovative service tools such as institutional customer collaboration platform and WeChat Mini Program, strengthen the combination of offline roadshow meetings and online conference activities, and vigorously promote the frequency of comprehensive services for institutional customers. Good customer feedback was achieved, which effectively enhanced the company’s brand and influence. As of the end of the reporting period, the company’s full-scale public offering commission market share maintained a high level, non-public offering business revenue continued to increase year-on-year, and customer account opening assets remained high.

　　③ Work arrangement for the second half of 2023

　　The company will conform to the business development direction of securities institutions in the new era, further consolidate the internal risk control system, and do a good job in high-quality development culture construction and investor education. With the aim of improving the internal transformation efficiency of research value, it attaches great importance to the investment and application of science and technology, integrates the company’s various business resources, steadily improves the company’s public offering business market ranking and business income, maintains the first echelon in the industry, and enhances the company’s research brand influence. At the same time, it focuses on the leading Private Offering Fund customers with research as the core, vigorously promotes the construction of Private Offering Fund and other institutions Client Server system, strengthens platform-based business services, and broadens income sources. Continue to promote the deep integration of industrial research and company research in research products, strengthen the coordination with brokerage, credit, investment banking and investment business, increase the linkage between domestic business and international business, and improve research pricing capabilities to better serve the high-quality development of the real economy and capital markets.

　　(3) Asset custody business

　　① Market environment

　　In the first half of 2023, under the background of supervision guiding the standardized development of the Private Offering Fund industry, promoting the stable and healthy development of the real economy, and preventing systemic financial risks, the filing requirements of private investment funds have become stricter, the number of new filing products has declined, and the number of newly registered Private Offering Fund managers has plummeted. The private equity industry has entered a period of consolidation, the operating environment of asset custody business is facing challenges, and the market competition of asset custody business has intensified, prompting various custodians to accelerate the integration of company resources, increase internal coordination and marketing efforts, and build comprehensive financial service capabilities for institutional customers throughout the life cycle. Although the development of the private equity industry is facing short-term pains, policy guidance has also accelerated the development of the private equity industry towards a healthy and efficient ecosystem. It is expected that the industry will usher in a more

　　② Business initiatives and performance

　　During the reporting period, the company has always practiced the customer-centric service concept, focusing on the comprehensive financial service needs of customers throughout the life cycle, achieving the full life cycle support of private equity, and meeting the comprehensive and personalized needs of private equity managers. The company released the industry’s first private equity comprehensive financial service brand – "Golden Yangtze River – Private Equity Comprehensive Financial Service Solution", vigorously promoted the private equity strategy, and integrated the company’s resources with one brand, two major events, and six major systems to enhance the company’s private equity service brand influence. In the custody business, the company has continuously expanded its service customer base, established a linkage mechanism for private securities, public funds and special accounts, brokerages and futures asset management, trust plans, bank wealth management, private equity and other customer groups, tapped cooperation opportunities, and focused on scale improvement; at the same time, the company has focused on improving operational efficiency and customer experience, developed and launched the "Golden Butler" service platform, and used cutting-edge technologies such as OCR to integrate the original multi-platform to provide managers with a unified platform entrance, realizing online business processing while improving business processing efficiency; in internal control management, the company successfully passed the ISAE3402 international authentication of asset custody and fund service business, and officially obtained the second type of ISAE3402 international authentication report, marking the company’s asset custody and outsourcing service business internal control, security, operational efficiency, Business quality has been effectively affirmed and professionally recognized. During the reporting period, the number of managed products, business scale and market ranking of the company maintained a strong growth trend, and the number of new private placement product filings rose to 12th in the industry.

　　③ Work arrangement for the second half of 2023

　　In terms of private equity strategy, the company will continue to increase its "Golden Yangtze River" private equity brand services, give full play to its brand influence, and further improve its one-stop comprehensive financial service system for large private equity managers to meet customers’ personalized needs and enhance customer experience. In terms of custody business, the company will continue to improve its customer service solutions for private securities, public funds and special accounts, securities firms and futures asset management, trust plans, bank wealth management, private equity, etc., to solve core problems and increase business scale; in terms of system platform, the company will continue to independently develop system platform functions, use digital, artificial intelligence and other technological innovations to optimize operational efficiency, and improve per capita efficiency; in terms of internal control management, the company will carry out operational risk combing and self-examination in all business links, and combine business practices and industry experience to continuously strengthen the standardized management of business operations in terms of processes, systems, etc., to ensure stable operation while maintaining rapid business development.

　　(4) Credit business

　　① Market environment

　　In the first half of 2023, with the comprehensive promotion of the reform of the stock issuance registration system and the launch of margin financing and short selling on the Beijing Stock Exchange, the scale of market margin financing and short selling business has risen steadily. As of the end of the reporting period, the balance of margin financing and short selling in the whole market was 1.59 trillion yuan, an increase of 3.12% over the end of the previous year. In the long run, the space for the development of securities firms’ two financing businesses will be released again. The launch of the margin financing and short selling business of the Beijing Stock Exchange and the direct expansion of the two financing targets of the full registration system have provided effective support for investors to adopt multiple trading strategies and risk management, which can better meet the diverse needs of investors. The business mechanism of the conversion and financing has been further optimized, which has improved the level of business marketization and transaction efficiency, and can effectively promote the development of

　　② Operating measures and performance during the reporting period

　　The company has always practiced the business philosophy of focusing on customer needs, responded quickly to market changes and regulatory requirements, deeply excavated customer needs, actively innovated business operation models, and continuously improved risk management and control construction. In terms of margin financing and securities lending business, on the basis of adhering to counter-cyclical adjustment, the company actively expanded customers and business resources through special project business activities, continuously optimized business and customer structure; effectively integrated internal and external resources, consolidated the foundation of bond sources, expanded the scale of bond pools, and focused on improving comprehensive services to high net worth customers and institutional customers; strengthened technology empowerment, continued to promote the construction of trading systems and margin lending platforms, and improved Client Server experience; improved the construction of the whole process risk management system, and optimized the business management and control effects of credit collection, collateral, and concentration. In terms of stock pledge business, the company adheres to a prudent and stable development strategy, continuously optimizes and improves customer and asset structure, strengthens business due diligence and post-loan management capabilities, and creates a benign business model that matches income and risk.

　　As of the end of the reporting period, the scale of the company’s margin financing and securities lending business was 28.47 billion yuan, an increase of 2.74% over the end of the previous year; the scale of stock pledge business through equity funds was 1.487 billion yuan, a decrease of 31.67% over the end of the previous year.

　　③ Work arrangement for the second half of 2023

　　In the second half of 2023, on the basis of consolidating the original business advantages, the company will continuously strengthen its internal coordination capabilities, strengthen cooperation with external institutions, enhance the ability to obtain margin financing sources, and meet the diverse and differentiated business needs of customers; actively optimize the Client Server system, enhance professional service capabilities, strengthen product strategy innovation, and enhance the depth of service to high net worth customers; through internal refined management, optimize the pricing mechanism and risk control mechanism, and promote the high-quality development of margin financing and short selling business. At the same time, it will prudently and steadily carry out the stock pledge business under the premise of ensuring that risks are measurable, controllable, and bearable.

　　(5) futures brokerage

　　① Market environment

　　In the first half of 2023, domestic economic development was stable, policy determination was strong, superimposed on the macro reality of turbulence in overseas markets, and domestic commodity differentiation was obvious. All futures exchanges actively listed new varieties of futures options, enriched the price risk management toolbox of physical enterprises, and further enhanced the participation of physical enterprises in the future market. The "Exposure Draft Measures for the Supervision and Administration of Futures Companies" was released, laying a solid foundation for the high-quality development of innovative business in the futures industry. In the first half of the year, the futures market transactions performed well. The cumulative volume 3.951 billion lots, and the cumulative turnover was 262.13 trillion yuan, an increase of 29.71% and 1.80% year-on-year respectively. However, many futures operating institutions were in the stage of "increment without increase in income".

　　② Operating measures and performance during the reporting period

　　The company mainly conducts futures business through its holding subsidiary Changjiang Futures. In the first half of the year, Changjiang Futures adhered to the mutual promotion of party building and business integration, steadily advanced the "one body, two wings" strategy, and achieved a net profit of 52.42 million yuan. As of the end of the reporting period, ROE was 5.28%, and customer equity was 6.962 billion yuan at the end of the period, and the average daily customer equity was 7.29 billion yuan, an increase of 16% year-on-year. The IB business was coordinated, and the average daily customer equity was 2.17 billion yuan; the direct sales branches were gradually diversified, and the average daily equity was 5.12 billion yuan. Helping the company’s wealth management transformation, actively and collaboratively expanding its institutional brokerage business, achieving a 29% increase in special French equity, and enhancing the influence of the "Golden Changjiang" private equity competition. The first private FOF product successfully raised more than 70 million yuan, the performance of fixed income products was stable, and the scale of Deeply cultivating the industrial customer group, the quantity and quality of the core Client Server have increased simultaneously, the industrial chain has broken the circle well, and the key "insurance + futures" projects have been carried out in an orderly manner. Create characteristic marketing activities, strengthen innovative business incentives, and guide the diversified development of branches.

　　③ Work arrangement for the second half of 2023

　　In the second half of the year, Changjiang Futures will continue to implement three-dimensional coordination to serve the group’s comprehensive finance; relying on institutional expansion, asset management product sales, industrial services, and branch operation characteristics, it will continue to expand the scale of its customer base and business volume; through actual team training, it will enhance its professional capabilities and comprehensive operational capabilities through project work.

　　2. Securities self-operated business

　　(1) Market environment

　　In the securities market, in the first half of 2023, under the background of continued inflation and contraction overseas and weak recovery of the domestic economy, class A shares showed a market situation of structural rotation and stock game. The major indices showed obvious differentiation, among which the Shanghai Composite Index rose 3.65% in half a year, the growth enterprises market index fell 5.61%, and the Shenzhen Composite Index rose slightly by 0.1%; technological innovation has become the main driving force of the market, and AI + and "China Special Estimation" have become the two main lines of the market. From the perspective of industry performance, only 11 of the 31 first-tier industries outperformed the Shanghai Composite Index. Among them, the media, computer, communications, and electronics sectors in the direction of TMT performed well, while household appliances and automobiles in the direction of "stable growth" and construction decoration and petroleum and petrochemical in the direction of "medium special assessment" also performed well. In the bond market, in the first half of 2023, the domestic economy and society will fully resume normal operation, the policy of stable growth will continue to be introduced, the central bank will cut interest rates in a timely manner, and market demand will gradually recover. However, the endogenous driving force of the economy is not strong, the demand is still insufficient, and the market risk appetite is low. In this context, low-risk appetite funds continue to allocate bond assets, and the bond market will begin to strengthen after the year.

　　(2) Business initiatives and performance

　　The company’s stock self-operated business adheres to the concept of value investment, increases resource investment, strengthens investment and research exchanges, and improves system construction. Under the background of the transformation of new and old kinetic energy in the domestic economy, it focuses on high-end manufacturing, TMT, consumption and other industries, strengthens the company’s research depth, and adopts a more flexible investment operation strategy in the face of market changes.

　　Corporate bond investment business adheres to the coupon strategy. On the basis of maintaining the bottom line thinking of position size, band trading and neutral trading are combined to achieve stable returns. At the same time, risk prevention and control are further strengthened, position structure is adjusted according to market rhythm, and portfolio credit qualification and liquidity are improved. In addition, investment research capabilities continue to be improved, the strategy library is expanded and improved, and the construction of investment research system is steadily advanced.

　　The company’s derivatives business has developed steadily, following the principles of compliance, matching, prudence and transparency, improving risk management capabilities and infrastructure building, and establishing a more efficient standardized business model and business process, laying a solid foundation for achieving scale effect in the future. At the same time, the company has continuously improved its transaction pricing capabilities, and continued to innovate in product structure, product form, application scenarios, etc., to meet the derivatives service needs of different customers with various risk and return characteristics. As of the end of the reporting period, the company’s OTC options business continued to scale 4.927 billion yuan, the income swap business continued to scale 2.415 billion yuan, and the OTC derivatives business totaled 7.342 billion yuan.

　　The company conducts derivatives risk management business through Changjiang Futures subsidiary – Changjiang Industrial Finance. In the first half of 2023, Changjiang Industrial Finance participated in futures market-making business, involving a nominal transaction principal of 2.428 billion yuan for over-the-counter derivatives, a year-on-year decrease of 8.6%. Participated in 13 "insurance + futures" projects, involving a nominal principal of 200 million yuan for over-the-counter options.

　　(3) Work arrangements for the second half of 2023

　　Stock self-operated business, by building a professional investment team + institutional investment research system, relying on the in-depth fundamental value of buyer research and market band trading capabilities, to continuously improve the core capabilities of investment research. Through the research of markets, industries and enterprises, focus on core advantage sectors, and seize the investment opportunities brought by the market in the second half of the year. Bond investment business will continue to strengthen the tracking and research of economic fundamentals, adhere to the coupon strategy while paying more attention to risk prevention and control; continue to improve investment research capabilities, promote the diversification, systematization and intelligence of investment strategies, increase the intensity of neutral strategies and band trading, seize the opportunity of price difference, and promote the development of innovative business. With the goal of serving the real economy and guided by customer risk management needs, the company will continue to actively explore business models and expand customer groups. In terms of derivatives business, the company will improve the derivatives product service system, enhance product creation capabilities, enrich investment strategy reserves, strengthen the mid-platform operation management system, provide customers with more professional and effective comprehensive solutions, and play a synergistic role with the company’s multi-business lines. The futures risk management business will continue to stabilize the development of existing business, try to carry out options market-making business, and enhance core trading capabilities. Expand the scale of OTC derivatives business, enhance the ability to serve large-scale industrial customers, and actively undertake projects such as "insurance + futures" and OTC options.

　　3. Investment banking

　　(1) Market environment

　　In terms of equity financing, in the first half of 2023, a total of 184 new shares were listed in the IPO market, and the number of listed companies increased by 8 compared with the same period in 2022. The number of new shares issued and listed continued to be active. Among them, the top industries in the number of listed companies were computer, communication and other electronic equipment manufacturing, special equipment manufacturing, and electrical machinery and equipment manufacturing. The total amount of IPO fundraising was 218.72 billion yuan (the caliber of the issuance day), a decrease of more than 30% year-on-year. At the same time, due to factors such as the banking crisis in Europe and the United States and the continuous interest rate hikes by the Federal Reserve, the market environment is relatively volatile. In the first half of 2023, all sectors of The refinancing market is still dominated by two varieties of fixed increase and convertible bonds. Benefiting from the recovery of economic growth, the optimization of the refinancing review end under the background of the registration system, and the adjustment and optimization of real estate policies, the overall active level of the fixed increase market in the first half of 2023 has improved, driving the recovery of the refinancing market. Specifically, 148 fixed increase projects and 53 convertible bond projects have been completed. The number of fixed increase projects has increased by more than 20% year-on-year, and the amount of fundraising has doubled compared with the same period in 2022. The number of convertible bond projects has decreased by more than 10% year-on-year, and the amount of fundraising has decreased by nearly 40% year-on-year.

　　In terms of debt financing, in the first half of 2023, due to the weak domestic demand, economic growth was relatively weak, showing a weak recovery trend. Based on the need to stabilize growth, the central bank has successively taken measures to "cut the reserve requirement" and "cut interest rates", superimposed on the institutional "asset shortage" caused by loose funds, which led to a continuous decline in bond market yields, and the scale of credit bond issuance increased slightly compared with the same period last year. Affected by institutional preferences, the main body of credit bond issuance is still urban investment companies and industrial state-owned enterprises, and private enterprises are still facing the dilemma of financing difficulties. Under the policy guidance, the issuance scale of innovative varieties such as green bonds, rural revitalization bonds, scientific and technological innovation bonds, and sustainable linked bonds continues to grow rapidly.

　　(2) Business initiatives and performance

　　The company mainly carried out equity financing projects through its wholly-owned subsidiary Changjiang Sponsor. During the reporting period, Changjiang Sponsor adhered to differentiated competition. On the basis of continuing to deepen the original advantageous industries such as military industry, Taiwan capital, property, and chemical industry, according to the National Strategy and Development Plan, it deeply excavated high-quality, wide-track, and high-prosperity strategic emerging industries, such as "Three New and One High", energy conservation and environmental protection, and biomedical industries. Continuously expand industry advantages and build characteristic industry brands. At present, 25 are in auxiliary projects, and strategic emerging industries account for 80%. At the same time, Changjiang Sponsor adheres to the strategy of deepening the cultivation of key regions, concentrating resources in Hubei, Southwest China and economically developed Guangdong, Jiangsu, Zhejiang and other regions. Hubei base areas have taken various measures such as strengthening channel construction, actively holding relevant publicity activities, and sorting out and visiting enterprises with listing needs in the province to increase business development efforts; Southwest China and economically developed regions have continuously tapped the company’s business development increment through the core Client Server to improve the depth of the exhibition industry and business coverage. Changjiang Sponsor strictly controls project risks, improves the quality of project practice, and strictly grasps the quality of the project in the quality control and core links. At the same time, through system construction and strengthening assessment efforts, it has further increased the deduction for IPO project withdrawal. During the reporting period, Changjiang sponsored 3 IPO projects, an increase of 1, all of which belong to strategic emerging industries; 2 refinancing projects, a decrease of 2; 5 main underwriters of stocks, and the amount of main underwriting of stocks 4.417 billion yuan. At the same time, Changjiang sponsored reserve projects are abundant. As of the end of the reporting period, there were 24 equity projects under review, and the market ranking was tied for 14th place, including IPO21 and 3 convertible bonds.

　　In the first half of 2023, the company actively explored and developed innovative bond varieties, and reserved innovative varieties such as scientific and technological innovation corporate bonds, rural revitalization corporate bonds, and parking lot construction special project bonds. During the reporting period, the company had a total of 40 main underwriting bonds, with a scale of 13.187 billion yuan: 4 corporate bonds, with a scale of 1.812 billion yuan; 30 corporate bonds, with a scale of 9.428 billion yuan, and 6 non-financial corporate debt financing instruments, with a scale of 1.946 billion yuan. Among them, the scale of corporate bonds increased by 38.89% year-on-year, and the comprehensive ranking of corporate bonds and corporate bonds rose by 1 place. During the reporting period, the company distributed only 49 local bonds, and the scale of winning the bidding was 3.05 billion yuan. Among the bonds underwritten by the company, Three Gorges Capital Holdings Co., Ltd. will publicly issue carbon neutrality green technology innovation company bonds (Phase I) (GC Three Capital K1) to professional investors in 2023. The company will lead the underwriting, and the issuance scale 500 million. It is the second phase of green bonds publicly issued by central enterprise capital investment companies, which further promotes the industrial innovation and upgrading of central enterprises and subsidiaries; Suqian City () Group Co., Ltd. will not publicly issue rural revitalization company bonds (Phase I) to professional investors in 2023 (23 Residential Control V1). The company is independently underwritten, and the issuance scale is 395 million. It is the first rural revitalization company bond successfully issued on the exchange in Suqian, Jiangsu. In the first half of the year, 72.5% of the company’s bonds were rated AA + and above (52.6% in the same period last year), and the proportion of high-quality customers continued to increase.

　　In the first half of 2023, the company’s new third board business ranking was basically stable; during the reporting period, 3 listed companies were recommended, and the market ranking was tied for 16th place; 10 targeted issuance of stocks were completed, and the market ranked 9th; the amount raised by the targeted issuance of stocks was 303 million yuan, and the market ranked 9th. As of the end of the reporting period, the company continued to supervise 220 companies and ranked 6th in the market.

　　(3) Work arrangements for the second half of 2023

　　In terms of equity financing, Changjiang Sponsor focuses on the business of the Beijing Stock Exchange, taking this opportunity to gradually improve the ranking of IPO business. First, strengthen research efforts, fully understand and grasp the market dynamics and development trends of the Beijing Stock Exchange, and second, guide business departments to intervene in SMEs with good industries and good prospects earlier, and cultivate the "reserve army" of the Beijing Stock Exchange listing. At the same time, Changjiang Sponsor always focuses on the main business, maintains the strategic determination of regional deep cultivation, is based in Hubei, deepens the layout of key regions such as Southwest, Yangtze River Delta and Pearl River Delta, and strives to improve the business coverage of key regions. Changjiang sponsor will focus on the company’s industrial investment bank development strategy to further improve the company’s key industry client server capabilities: encourage employees to focus on strategic emerging industries and other key industry-related policy information, accumulate industry experience for business development; based on their own resource endowments, further cultivate key industries; deepen collaboration with other business lines such as the strategic customer department, promote the integration and interaction of industry exchanges within the group, and promote the company to make breakthroughs in key industries.

　　In terms of debt financing, the company will continue to adhere to the policy of serving the national strategy, serving the local government, and serving the real economy, continue to strengthen the collaborative services for central enterprises, local state-owned enterprises, industrial enterprises, and other high-quality enterprise customers, and deepen the cultivation of key regions such as Hubei. It will continue to do a good job in the transformation of resources and services of branches, make good use of the interbank market license, and enhance the scale of the association’s products. Promote team building, based in Hubei, radiate to the whole country, and gradually promote team building in East China, Guangdong-Hong Kong-Macao Greater Bay Area and Southwest China; continue to strengthen strong communication and cooperation with regulators, investors, industry channels, ratings, guarantees and other collaborative partners, and establish the company’s business reputation; closely grasp new policies and market window conditions, such as focusing on the issuance of bonds such as science and technology innovation, rural revitalization and industry, adhere to diversified customer coverage, differentiated sales processes, standardized Client Server, and systematic process control, enhance the company’s comprehensive service capabilities, improve customer experience, and enhance customer stickiness.

　　4. Asset management business

　　(1) Market environment

　　In recent years, the product structure of public funds has undergone certain changes. The proportion of actively managed equity funds has declined year by year, the proportion of fixed income + funds has remained relatively stable, and the proportion of money funds has gradually increased. From the performance of the first half of the year, index funds in equity funds have performed the most prominently. Artificial intelligence and "medium special evaluation" theme funds broke out, and the performance of fund products in the whole market was relatively stable. In terms of the structure of newly issued funds, the issuance of equity and hybrid funds has cooled down, the issuance of bond products such as medium and long-term pure bonds and short-term bonds has increased, and the scale of new bond funds has continued to expand, becoming the main force in the issuance market of public funds.

　　(2) Business initiatives and performance

　　The company mainly carries out asset management business through its wholly-owned subsidiary Changjiang Asset Management. During the reporting period, Changjiang Asset Management actively expanded its channels and optimized its product layout. In terms of channels, it built a four-line business team with banks, non-bank institutions, Internet platforms, and Changjiang Securities to rapidly improve the response efficiency and service quality of the same type of customers. It promoted preferential treatment through various channels, and continued marketing of key products. At the same time, it focused on Internet thinking to support product volume. As of the end of the reporting period, the scale of the surviving products of Changjiang Asset Management increased by 11.2% compared with the end of last year, and the scale of public fund business increased by 2.58% compared with the same period last year. In terms of products, it improved product layout, accelerated product issuance, and continuously enriched product shelves to meet the diverse 3 new special project products were issued, an increase of 4.7% over last year. 8 new fixed income private equity products were issued, and the scale of new issuance increased significantly compared with the same period last year. The public offering REITs business made good progress. In the first half of the year, it continued to work in Hubei Province, in-depth research on high-quality enterprise assets, and through high-frequency visits and business discussions, it further consolidated its local service advantages and professional advantages for enterprises in the province.

　　Changxin Fund, a subsidiary of the company, mainly engaged in fund management business. During the reporting period, the overall scale and non-cargo scale of Changxin Fund significantly exceeded the industry, with the total scale exceeding 150 billion yuan for the first time and the non-cargo scale exceeding 90 billion yuan for the first time. The total scale and non-cargo scale rankings have been greatly improved compared with the end of 2022. During the reporting period, Changxin Fund issued and established 1 fund, raising 344 million yuan. As of the end of the reporting period, there were 115 managed products, with a total net asset scale of 164.421 billion yuan, 86 public funds, and a net asset scale of 159.358 billion yuan. There were 29 special account wealth management products, with a net asset scale of 5.063 billion yuan. Through assessment and guidance and mechanism optimization, Changxin Fund has strengthened the conversion rate of investment and research, and enhanced its investment and research capabilities by building a team; deepened the cooperation of core bank channels to achieve breakthroughs in the low-level layout of equity products; carried out special research on "asset shortage" to clarify the specific arrangements and path planning of the three business lines of fixed income, equity and quantification in the short, medium and long term.

　　In the first half of 2023, the net value of Yangtze River Futures asset management products exceeded 1.10 billion yuan, the performance of fixed income products remained stable, and the first private FOF product successfully raised more than 70 million yuan.

　　(3) Work arrangements for the second half of 2023

　　Changjiang Asset Management will further promote the integration of Product R & D sales, adhere to the three-in-one strategic plan of "product planning, channel layout, investment and research improvement", and create a new look of asset management business. Products are designed and planned around equity and fixed income business respectively, and at the same time actively expand new products that meet market demand. Four types of channels (banks, non-banks, Internet platforms, Changjiang Securities) go hand in hand, key channel cooperation breakthroughs, continue to improve the quality of channel services, and gradually transform into scale. Continue to deepen the construction of investment and research, improve various mechanisms, continue to cultivate investment and research teams, and strengthen business innovation. Looking to the future, Changjiang Asset Management will adhere to the concept of putting the interests of the holders as the center, optimize the business structure, and place equal emphasis on equity and fixed income. It will effectively enhance its active management capabilities, ensure the company’s stable development, and truly achieve a win-win situation with investors.

　　In addition to steadily advancing the approval of reserve products, Changxin Fund focuses on the market environment outlook for the second half of the year and the first half of next year, continuously solidifies the foundation, bases itself on the concept of absolute return, optimizes product layout, strengthens the construction of core talent team, and promotes the improvement of company performance. It always puts the interests of investors first, continuously pays attention to the stability and continuity of the performance of each line’s core and key products, and continuously improves the holder’s sense of experience and gain.

　　Changjiang Futures will focus on enhancing the scale of asset management, promoting product roadshows and sales, maintaining its investment and research advantages, and gradually establishing a private FOF brand.

　　5, alternative investment and private equity management business

　　(1) Market environment

　　In the first half of 2023, China’s equity investment market continued to operate at a low level as a whole. The amount of newly raised funds in the market was 734.145 billion yuan, a year-on-year decrease of 4.96%. Investment in the field of hard technology remained the main line. With the rise of a new round of technological revolution and industrial transformation, in the fields of green and low carbon, integrated circuits, and biomedicine, technology enterprises have continued to innovate, providing more opportunities for investment in the primary market. However, during the reporting period, the market value of the secondary market of popular tracks such as new energy has a large correction, resulting in an overall decline in investment enthusiasm in the VC/PE market. From the perspective of industry distribution, under the background of science and technology power, market resources continue to tilt towards the hard technology industry, and the competition for high-quality targets is fierce. Equity investment institutions need At the same time, with the continuation of the market polarization trend, the overall structure of LP has also changed. The LP structure with state-owned assets as the main body promotes the equity investment market to a stage where it is closely matched with local industries.

　　(2) Business initiatives and performance

　　Changjiang Innovation, as an alternative investment subsidiary of the company, takes equity investment as its core business, takes "industry focus, research-driven" as an overall competitive strategy, and explores investment opportunities through in-depth industrial research. During the reporting period, Changjiang Innovation added 3 equity investment projects, and conducted close and continuous tracking and post-investment management of the invested projects, and the projects were in good condition. As of the end of the reporting period, Changjiang Innovation has completed a total of 38 equity investment projects.

　　Changjiang Capital, as a platform for the company to raise and manage Private Equity Funds, gives full play to the role of Financial Institution Group in serving the real economy. Guided by national policies, it focuses on equity investment in the fields of new energy, new materials, artificial intelligence and digital economy, military industry and high-end equipment. During the reporting period, Changjiang Capital raised a record amount of investment. 6 new funds were established, with a total subscription scale of 19 billion yuan, including the Anhui new energy and energy conservation and environmental protection industry theme fund of funds with a scale of 12 billion yuan, and the Yichang green industry fund with a scale of 5 billion yuan. The management scale of private equity funds has been greatly improved, and the scale of funds under management has reached 33.911 billion yuan. 11 new investment projects have been added, and the pace of listing of investment projects has accelerated. At present, 3 projects are in the IPO review stage and 10 projects are in the counseling stage. The level of income and net profit has maintained steady growth, and the income structure has been further optimized.

　　(3) Work arrangements for the second half of 2023

　　Changjiang Innovation will continue to focus on the new energy, information technology, and biomedical industries, explore project investment opportunities in depth, and continue to provide support to enterprises in post-investment management to promote high-quality business growth.

　　Changjiang Capital will firmly establish a market-oriented fundraising path, expand fund cooperation entities, enrich fund management types, focus on hard technology fields in line with national strategies, strengthen forward-looking layout, deeply explore industrial opportunities, comprehensively judge value and risk, and continuously improve investment quality.

　　6. Overseas business

　　(1) Market environment

　　In the first half of 2023, although the global economic trend was better than expected, factors such as the negative lag effect of the Federal Reserve’s sharp interest rate hike in 2022 and the continued conflict between Russia and Ukraine still restricted the recovery of the world economy, and the global economic development still faced great uncertainties.

　　(2) Business initiatives and performance

　　In the first half of 2023, Changzheng International continued to adhere to the implementation of the company’s overseas development strategy, implement the business strategy of "focusing on the main business and laying a solid foundation", clarify the focus of business development, actively seek market opportunities, accelerate the development of research business, promote the transformation and upgrading of wealth management business, steadily carry out bond business and other key businesses, continuously optimize the business structure, and fully promote business development. At the same time, Changzheng International continued to improve internal management, strictly implement vertical management requirements, and improve compliance risk control capabilities. Strengthen the company’s cost management, improve the efficiency of capital utilization, and strive to achieve cost reduction and efficiency. Strengthen the company’s talent echelon construction, establish and improve the talent incentive mechanism, strengthen the company’s culture construction, and continuously improve the company’s operating ability and overall management level.

　　(3) Work arrangements for the second half of 2023

　　Changzheng International will continue to focus on promoting the development of research business, wealth management business, bond business and other businesses, actively respond to market changes, grasp market opportunities, meet the diverse needs of customers, promote the high-quality and sustainable development of various businesses, and improve the company’s overall operating capabilities. At the same time, continue to strengthen Changzheng International’s compliance risk control internal control management, continuously improve the risk management system and internal control mechanism, use information technology and digital means to optimize business processes, improve the support ability of middle and back-end departments for business development, improve management efficiency and quality, improve the overall operation management level, and ensure the company’s stable operation.

Analysis of core competitiveness

　　1. The company’s governance is stable and efficient, and the strategic implementation is making steady progress

　　The corporate governance structure of the company is sound and perfect, the pre-research procedures of the party committee are implemented, and the role of the party committee in corporate governance is highlighted. The shareholders’ meeting, the board of directors, the board of supervisors, and the management are clear in their powers and responsibilities, and the goals are consistent. A governance structure in which the party committee grasps the direction, the board of directors makes strategic decisions, the board of supervisors independently supervises, and the management is responsible for implementation is formed, which guarantees the company’s scientific decision-making and stable operation, and creates a good internal environment for the company’s strategic implementation, operation, management, and business development. The company has a diverse shareholder type and a scientific and reasonable shareholding structure, which brings abundant external resources and market vitality to the company’s development. During the reporting period, the company continued to promote the implementation of the strategy on the basis of further clarifying the development strategy. Guided by the implementation of the national strategy, with the starting point of "serving the development of the real economy and serving the growth of customer wealth", it grasped the new trends and opportunities of the development of "capitalization, institutionalization and platformization" in the industry. On the basis of consolidating and upgrading traditional business, it promoted the management of high net worth wealth with asset allocation as the core. It vigorously developed the industrial investment bank of the "industry + finance" model, systematically promoted the institutional Client Server, and ensured the implementation of the platform strategy. The company continuously strengthened its professional capabilities and management level, making internal management more scientific and standardized, internal and external coordination more smooth and efficient, and officers more motivated to start businesses. It effectively enhanced the company’s ability and vitality to participate in market competition.

　　2. Study the leading industry in business level, and continuously deepen the transformation of wealth management

　　The company attaches great importance to research business, and persistently improves its investment and research capabilities. Relying on complete business qualifications, leading service capabilities and comprehensive empowerment of financial technology, the research business is stable and ranks among the top in the industry, maintaining outstanding research advantages and strong market influence. The market share of public offering commission income has remained the top three in the industry for the past five years. In the first half of 2023, the market share of public offering continued to remain at a high level. Private Offering Fund business deepened its transformation and development. At the same time, it actively deployed the internationalization of research business, and the brand influence of comprehensive research services continued to increase. The wealth management line continues to play the role of ballast stone, customer assets continue to grow, income structure continues to optimize, the number of new customers in the market has reached a new high in the past two years, and the proportion of wealth management income contribution has risen steadily; the hierarchical investment advisory system has achieved remarkable results, investment advisory business income has reached a record high, wealth management transformation effect is obvious, and the strategic layout effect will be further revealed in the future.

　　3. Financial technology deeply empowers the company’s digital transformation

　　The company attaches great importance to empowering technology, continuously increases investment in financial technology research, gives full play to the supporting role of financial technology in business and management fields, and continues to make efforts in operation and maintenance management, independent research and development, data mining, etc., to help the company’s digital transformation and achieve comprehensive high-quality development. During the reporting period, the company adhered to the management policy of "keeping the bottom line, strengthening the middle line, and expanding the upper limit", deepened the integrated management system of "operation and maintenance + security + R & D", strengthened the infrastructure to ensure the safe and stable operation of the company’s various information systems; continued to promote the research and development of technical support platforms, management support platforms, and Xinchuang pilot platforms to provide impetus for the company to achieve digital transformation; forcefully build a platform-based, agile, and productized IT core capability, strengthen the application of financial technology scenarios, and continuously upgrade the core systems of various business departments; connect to the AIGC intelligent platform to build the company’s financial technology brand.

　　4. Implement substantive compliance risk control and strengthen business support

　　The company always adheres to the "stability of the word", adheres to the compliance management concept of "substance over form", strives to build a "three lines of defense" for compliance risk control, establishes a comprehensive risk management system, effectively covers all departments, subsidiaries, branches and business lines of the company, and runs through all aspects of decision-making, implementation, supervision, feedback, etc., to ensure that the company’s main risk control indicators continue to meet regulatory indicators, with strong risk resilience. During the reporting period, the company strengthened the dynamic management of risk control indicators, improved the intensity of risk control in key areas, improved the key business control system, and ensured the orderly development of the company’s various businesses; continued to promote the digital construction of the platform, optimized the threat and risk assessment measurement system, established the authority of risk control indicators, strictly implemented external indicators, and comprehensively sorted out the formation of internal indicators binding force; deepened the long-term construction of compliance, continuously improved the compliance system, strictly supervised self-inspection and self-correction, and properly resolved risk hazards; strengthened compliance culture publicity, compacted the main responsibility of compliance, increased compliance inspection and supervision, and promoted the concept of "everyone is the first responsible person for compliance development" into the mind.

　　5. Based on serving the real economy, strive to assume social responsibility

　　The company is firmly a practitioner, advocate and disseminator of social responsibility. While abiding by the law and creating wealth in compliance, it is grateful to give back to the society and demonstrates the mission and responsibility of "responsible securities firms". The company adheres to the orientation of serving the national strategy, serving the real economy and serving the development of the local economy, and actively plays the pivotal role of capital markets in promoting the high-level circulation of the real economy. On the one hand, the company fully attaches importance to the creation of science and technology innovation finance and green financial service system, comprehensively uses equity financing, bond financing and other financial means, is committed to providing all-round and comprehensive financial services for entity enterprises, and actively participates in the establishment of industrial guidance funds, science and technology innovation funds, government guidance funds, etc., to guide high-quality capital to flow to strategic emerging industries supported by the state, and promote industrial adjustment, regional development and new economic growth. On the other hand, the company has established a "hematopoietic" long-term mechanism for poverty alleviation. In recent years, the amount of financial assistance financing has exceeded 12 billion yuan, and the scale has been at the forefront of the industry. The company’s social responsibility practice cases have been widely recognized by the society, and it has been awarded full marks for the social responsibility special project work of the China Securities Association for many consecutive years. It has been awarded the title of "Outstanding Contribution Unit to Financial Support Hubei Economic Development in 2021" by the Hubei Provincial Government, and has been selected as "2022 Brokerage Value List’Annual Securities ESG Excellent Case ‘Award" and "2022 ESG Best Social responsibility (S) Practice Enterprise".

III. Risks facing the company and countermeasures

　　The company has always believed that effective risk management and internal control are the core elements of the company’s smooth operation. The company implements comprehensive risk management, so as to achieve full coverage of various risks, organizational levels, various types of business and all employees, to ensure that the overall risk is measurable, controllable and bearable. In daily business activities, the main risks the company may face are: market risk, credit risk, liquidity risk, operational risk, compliance risk, reputation risk, etc. At the same time, in response to the above-mentioned risks faced in the process of new business development, the company has established a new business risk management mechanism to strengthen the pre-identification, evaluation and post-inspection of new business risks, which can effectively control various risks.

　　1. Market risk

　　The market risk faced by the company refers to the risk of loss of the company’s assets and proprietary investment portfolio due to fluctuations in market prices (interest rates, exchange rates, stock prices, derivatives prices, commodity prices, etc.), mainly concentrated in the fields of equity price risk and interest rate risk.

　　(1) Equity price risk

　　Equity price risk refers to the risk of losses due to changes in the equity securities market, mainly from self-operated stock investment, New Third Board market making, stock index futures and other derivatives investment, asset management plan investment in equity securities, etc. Stock prices have greater uncertainty, which is the main type of market risk faced by companies. In the first half of 2023, class A shares rose first and then fell, and the overall market was in a narrow range of fluctuations. The indices of various sectors were differentiated. The Shanghai Composite Index rose 3.65%, the CSI 300, and the growth enterprises market index fell 0.75% and 5.61% respectively.

　　(2) Interest rate risk

　　Interest rate risk refers to the risk of losses due to changes in market interest rates, mainly from self-operated fixed income securities investment, financing business, debt financing, etc. In the first half of 2023, the China Bond New Comprehensive Wealth Index rose by 2.63%.

　　During the reporting period, the company generally took a proactive attitude towards market risks and took a number of measures to prevent them: ① based on market changes and business trends, grading authorized investment varieties, investment scale and loss limits, and strictly implemented the risk limit control mechanism; ② implemented diversified investment strategies, flexibly selected investment varieties and proportions, actively carried out strategic research, and appropriately used stock index futures, treasury bond futures and other financial derivatives to hedge market risks; ③ standardized and scientific use of financial valuation tools, internal risk measurement models, dynamic monitoring of relevant risk control indicators and business conditions, comprehensive use of risk net exposure, VaR value (value at risk), Greek letters, duration, basis point value, risk-adjusted income, sensitivity analysis and stress testing and other measurement means, regularly Quantitatively analyze and evaluate market risks to effectively reflect the inherent risk situation.

　　During the reporting period, the company’s self-operated investment and other business quantitative indicators remained stable, and there were no major market risk events.

　　2. Credit risk

　　The credit risk faced by the company mainly refers to the risk of losses caused by the failure of the issuer or counterparty to fulfill the obligations stipulated in the contract, or the change in the market value of the debt due to changes in credit rating or performance ability. Credit risk mainly comes from the following business categories: first, margin financing, stock pledge repurchase, agreed repurchase securities trading, restricted stock financing and other financing business; second, bond investment trading, other credit products and other investment business; third, interest rate swaps, over-the-counter options, forwards and other over-the-counter derivatives business; fourth, other businesses that undertake credit risk management responsibilities. In the first half of 2023, macro monetary policy continued to be loose, liquidity was relatively abundant, credit risk release slowed down, and the number of newly defaulted bonds and defaulted entities in the bond market decreased significantly year-on-year.

　　During the reporting period, the company generally adopted a steady and enterprising attitude towards credit risk, and took a number of measures to manage it: (1) improve the credit risk management system, improve the due diligence, credit rating, access management, asset classification, risk monitoring, risk disposal, risk reporting and other full-process control mechanisms; (2) continue to improve the customer credit rating system, establish a unified rating model to identify and evaluate customer credit risk, and continuously improve the management process and management standards; (3) continue to improve the risk limit authorization system, carry out risk limit grading authorization for each business, and strictly control risk exposure, concentration, credit rating and other risk control indicators; (4) continue to optimize the credit risk measurement system, customer default rate, breach of contract loss rate, Measure risk control indicators such as collateral coverage and expected credit losses, set reasonable credit risk stress scenarios, carry out regular and special project stress testing and respond to test results; (5) Establish an asset quality management system, regularly carry out asset risk investigation and asset classification, and through various risk mitigation measures and various risk disposal means, gradually resolve stock risks and reduce the level of risk asset exposure borne by the company; (6) Continue to strengthen the construction of credit risk information systems, and continuously improve threat and risk assessment, measurement, monitoring, early warning, reporting and other management processes Automation level and management efficiency.

　　During the reporting period, the quality of the company’s financing business assets was stable and improved, and there were no default events in the bonds held by self-operated investment, and the overall credit risk was manageable.

　　3. Liquidity risk

　　Liquidity risk refers to the risk that the company cannot obtain sufficient funds in a timely manner at a reasonable cost to repay maturing liabilities, fulfill other payment obligations, and meet the company’s capital needs for normal business development. In the first half of 2023, the market capital is relatively loose, the company’s financing channels are stable, and various businesses are developing steadily.

　　During the reporting period, the company implemented a robust liquidity risk management strategy and actively prevented it through a number of measures: (1) Adhere to the unified management of funds, strengthen the management of capital positions and cash flows, calculate the capital gap within a certain period in the future on a daily basis, and evaluate the company’s capital payment ability; (2) Establish an appropriate scale of high-quality liquid asset reserves according to risk appetite and monitor them on a daily basis; (3) Based on regulatory requirements and internal liquidity risk management needs, implement limit management on liquidity risk indicators, decompose limit indicators to main business departments, and calculate and monitor relevant limit indicators on a daily basis; (4) carry out liquidity risk stress testing on a regular and irregular basis to evaluate the company’s risk tolerance, and improve the company’s liquidity risk bearing capacity; (5) carry out liquidity risk pressure capacity on a regular basis Emergency drills to continuously improve the liquidity risk management emergency mechanism and improve the liquidity risk emergency response capabilities; (6) Continuously improve the liquidity risk reporting system to timely and accurately report the company’s liquidity risk level and management status.

　　During the reporting period, the company’s liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) continued to meet regulatory requirements, and the overall liquidity risk was manageable.

　　4. Operational risk

　　Operational risk refers to the risk of losses caused by imperfect internal processes, human operation errors, information system failures or external events to the company. Operational risk runs through all departments, subsidiaries and branches of the company in all positions and work processes, and has the characteristics of wide coverage, variety and throughout. With the continuous increase of the company’s business scale, the increasingly complex types of business, and the advancement of group management, if the company fails to identify key operational risk points in various lines and daily operations in a timely manner and take effective mitigation measures, it may lead to the company’s poor management of operational risk and cause significant losses.

　　During the reporting period, the company took an averse attitude towards operational risks and managed them through a number of measures: (1) sorting out business processes in advance, sorting out business risk points, collecting external risk information, continuously improving and optimizing existing business processes, system functions, business management and control measures, etc., to eliminate hidden risks; (2) monitoring business data and early warning information through various information systems, etc., to analyze and troubleshoot latent risks; (3) conducting in-depth analysis of risk events afterwards, formulating rectification plans in a timely manner, supervising and implementing rectification measures, and holding responsible units and individuals accountable for risk events to further strengthen the risk awareness of all employees; (4) conducting comprehensive self-examination of key businesses, new businesses, and businesses involved in risk events to investigate potential risks and improve business Overall control measures to prevent the occurrence of risk events.

　　During the reporting period, the company did not experience any major operational risk events.

　　5. Risk of compliance

　　Compliance risk refers to the risk of securities fund operating institutions being investigated for legal responsibility, regulatory measures, disciplinary action, property damage or business reputation loss due to the violation of laws, regulations and guidelines by securities fund operating institutions or their staff.

　　During the reporting period, with the goal of "stabilizing the compliance bottom line and strictly preventing major risks", the company focused on "improving the system guarantee, strengthening cultural cultivation, and improving the long-term mechanism", and continuously promoted the management and control of compliance risks. (1) Timely improve the system and strengthen the normative guarantee. Take the initiative to adapt to changes in laws and regulations, regulatory rules and self-discipline rules, strengthen the learning and interpretation of new laws, new regulations and new cases, and popularize them. Timely formulate and revise rules and operating procedures and strengthen the implementation of the system. (2) Promote cultural moisturization and deepen the planting of the soul. Organize the training and implementation of the concept of honor and disgrace in the securities industry "follow the rules"; compile typical cases of brokerage, sponsorship, bonds, asset management, etc., and give accurate reminders to related businesses; use OA, Changjiang Culture Online, compliance culture wall and other carriers and channels to promote the concept of "everyone is the first responsible person for compliance" into the brain; actively make a voice appearance to create the image of the company and the industry. (3) Weave a dense prevention and control system to optimize the long-term mechanism. Focusing on investment and development, private placement product promotion, dropshipping product access, co-location entrusted monitoring and verification, etc., we will continue to improve the internal control mechanism; establish and improve the regular meeting and rectification mechanism for sponsor project risks; strengthen the bond redemption risk tracking, mapping, monitoring and prevention and control mechanism.

　　During the reporting period, the company was not subject to any major administrative penalties.

　　6. Reputation risk

　　Reputational risk refers to the risk that investors, issuers, regulators, self-regulatory organizations, the public, the media, etc. form negative evaluations of securities companies due to the company’s business practices or external events, as well as violations of integrity regulations, professional ethics, business norms, and regulations by its staff, thereby damaging its brand value, hindering its normal operation, and even affecting market stability and social stability.

　　The company continues to strengthen reputation risk management, and takes a number of measures to improve reputation risk incident prevention and disposal capabilities: (1) improve the reputation risk management system, clarify the responsibilities of the board of directors, board of supervisors, managers, departments, branches and subsidiaries, and strengthen vertical management and process management; (2) strengthen risk identification across all lines, comprehensively, systematically and continuously collect and identify reputation risk drivers within the scope of responsibilities and report them in a timely manner to improve the ability to prevent reputation risk events; (3) real-time monitoring of the company’s public opinion, timely detection and disposal of risk hazards, and reduce negative impacts; (4) establish a staff reputation constraint assessment mechanism, incorporate employee reputation risk management into the personnel management system and use it as an important basis for work assessment and promotion; (5) continue to Carry out reputation risk management training, improve the reputation risk prevention awareness of all employees, and strengthen the ability of all units to prevent and resolve reputation risk incidents; (6) Continue to standardize the brand promotion behavior of all units of the company, clarify the company’s brand promotion process specifications and publicity requirements, strictly check the authenticity, compliance and rigor of the released content, strengthen the information management of employees’ personal self-media platform, and improve the reputation risk management awareness of all employees.

　　During the reporting period, the company did not experience any significant reputational risk events.

　　7. New business risks

　　The types of new business risks are novel and complex, and the risk points are diverse and uncertain. The company continues to establish and improve the new business risk management system and process, and continuously optimize the corresponding risk measurement models and risk mitigation methods.

　　The company takes a number of measures to manage new business risks: (1) clarify the risk management system and process of the new business, fully identify and evaluate the risks before the new business is launched, and formulate corresponding risk control measures and process mechanisms; (2) After the new business is launched, strengthen monitoring and improve the frequency of special project evaluation; (3) Regularly check the problems in the operation of the business, summarize the risk characteristics of the business, and continuously improve the new business system, process and risk control mechanism.

　　During the reporting period, the company’s new business performed well, and the risks of new business were within the company’s tolerance, without having a significant impact on the company’s operating results and financial position.

Is the badminton player a heptathlon？

Do you know that?/You know what? Why do more and more people choose badminton as their daily exercise?

Because badminton players are all-around fighters!

The advantages of as many as seven sports are gathered in badminton!

Want to know which seven kinds of sports?

Come and have a look with xiaodong ~

1. The explosive power and speed of sprinters.

Badminton has almost no chance to wait for the opponent to return the ball and catch his breath. Almost the whole game is in a sprint state. It requires quick start and quick return. This series of "quickness" requires muscles to contract or relax quickly, which is the explosive power of quick strength.

2. Endurance of long-distance runners

Speed endurance quality plays an extremely important role in badminton, with the characteristics of high intensity and short interval.

3. Flexibility of gymnasts

Badminton requires players’ high flexibility, and we can often see players splitting to save a ball on TV, which is beyond the reach of ordinary athletes. Not only that, such as changing hands, hitting the ball on the back, and heading the ball in the backcourt, all these actions need to fully stretch the ligament.

4. Coordination of Javelin Athletes

A complete hitting action is like a spring, which is put away and bounced off, starting from the foot and going to the legs, hips, crotch, waist, back, chest, shoulders, arms and hands. Although a person’s coordination is largely determined by innate factors, it can be improved and promoted through badminton training.

5. Sensitive reaction of table tennis players

Badminton, known as the "king of speed", needs players’ quick reaction ability, which also requires players to have a good sense of space and coordination, judge the direction of the ball and decide the way to play the ball in a very short time, which requires comprehensive training in five aspects: psychology, technology, physical fitness, tactics and intelligence to help everyone establish conditioned reflex.

6. Global insight of Go players

Just as in Weiqi, "predict the opponent’s intention in advance and grasp the opponent’s weakness", because badminton is too fast and the venue is small, it is impossible to follow up visually, so almost all incoming balls must be predicted. Only by understanding each other’s weaknesses and finding each other’s mistakes in time, will you have full confidence to defeat each other.

7, the strength of fitness athletes

In badminton, jumping to kill the ball is to use all the limited strength of the whole body in the moment of killing the ball, so that the speed of the ball reaches the extreme. As a transit station, the pectoral muscle plays a vital role, so as a male player, it is the most important prerequisite to practice the pectoral muscle well.

Badminton’s speed of killing the ball is obvious to all. In the doubles match, it needs to hit the ball 15 times in 20 seconds. In a 45-minute game, the total number of hits by two players is about 2025 times.

Jumping to kill the ball is to use the whole body’s strength in the moment of killing the ball, so that the speed of the ball reaches the extreme. As a transit station, the chest muscle plays a vital role.