Month: July 2020

Liu Shijin: Relying on economic growth directly relying on the strength of macro policies is easy to fall into misunderstanding

Liu Shijin: Relying on economic growth directly relying on the strength of macro policies is easy to fall into misunderstanding
On May 22, Sauna Night held the national “Two Sessions Economic Policy” series of salons to challenge China’s economy. Guests included members of the National Committee of the Chinese People’s Political Consultative Conference, Xiao Gang, former chairman of the China Securities Regulatory Commission, member of the National Committee of the Chinese People’s Political Consultative Conference, Zhou Yanli, former vice chairman of the China Insurance Regulatory CommissionLiu Shijin, deputy director of the Economic Commission, member of the National Committee of the Chinese People’s Political Consultative Conference, and president of the China Academy of Fiscal Sciences Liu Shangxi.The committee members will interpret today’s freshly released government work report, including economic growth, fiscal and monetary policy and other important standards.In the connection, Liu Shijin is currently affected by the epidemic, and the economy is experiencing difficulties, but it is necessary to focus on the overall situation and the long-term, look at the economic fundamentals and see the potential, and at the same time shorten the spirit of several documents such as the marketization of elements released in the early stageMake substantial progress in reform.He also mentioned that the market is very concerned about macroeconomic policies, including monetary and fiscal policies. He thinks about the economic growth and how much he directly depends on the macroeconomic policies. However, it is easy to fall into misunderstandings when considering such issues.According to Liu Shijin’s analysis, China’s economy is in a highly overlapping state in the short term. Macroeconomic policies mainly have three functions: restoring the industrial chain, bailing out companies without income, and hedging.”There are some structural problems in the middle of the economy, and short-term shocks. If the financial system is also interrupted, it may cause big problems, such as liquidity risk.In this process, to increase liquidity, flow alone cannot support the operation of the entire economic system. Monetary policy should be looser than before, which is normal, but mainly to deal with short-term situations.”The subsequent sustained growth requires the discovery of new growth momentum.Liu Shijin is outstanding, and his focus and focus should be on the potential for growth.He said that China has the potential to catch up with the forecasted ratio. For example, there is still a gap of 30,000 US dollars per capita GDP; while the new potential formed by technological progress and green development is basically synchronized with these, these are structural potentials.Sauna, Ye Wang Cheng Weimiao Gu Zhijuan editor Chen Li proofreading Yang Xuli

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Ding Junhui’s latest game snooker world championship derby three-shot break 100-2 Zhou Yuelong

Ding Junhui’s latest game snooker world championship derby three-shot break 100-2 Zhou Yuelong
In the 2017 Snooker World Championships, a third day of competition was held at the Cruzsburg Theatre in Sheffield, England. Ding Junhui and Zhou Yuelong staged a Chinese derby.In the first nine innings of the first stage, Ding Junhui felt hot, hitting three shots to break a hundred, with an absolute advantage, leading Zhou Yuelong with a total score of 7-2.Than the video video snapshot: Snooker World Championship Ding Junhui vs Zhou Yuelong first round of the first phase of the video recording 30-year-old Ding Junhui entered the World Championships for the 11th time, following the first round in 2008 against Fu Jiajun and the first round in 2009 after meeting Liang Wenbo,Ding Junhui played the Chinese Derby at the World Championships for the third time, against Zhou Yuelong who entered the World Championships for the first time in the first round.Ding Junhui and Zhou Yuelong dart two-way, the 2012 international championship Ding Junhui swept 6-1, the Chinese Open held at the end of last month, Ding Junhui sealed Zhou Yuelong 5-0.  Ding Junhui took the lead in the first game and scored 60 points on one stroke.Zhou Yuelong made a mistake after scoring 9 points, Ding Junhui got another chance, cleared the table after 57 shots, and won first with 121-9.In the second game, Ding Junhui scored 19 points after hitting the long table. Zhou Yuelong made a defensive error and Ding Junhui missed after scoring a red ball.Zhou Yuelong made a thin red bag mistake and the two sides entered a new round of defense.Zhou Yuelong missed the ball and delivered 4 points. Ding Junhui scored 7 points and called the black ball.Zhou Yuelong made another two mistakes and was penalized for another 8 points. Ding Junhui started a single shot with 54 points and won another game 93-0.  In the third inning, Ding Junhui started again and scored 27 points to go to the defense.Zhou Yuelong scored the red ball in the middle bag, and after only taking 16 points, the red ball replaced the middle bag and missed.After Ding Junhui scored the red ball, the cue ball position was not good, and then he started with a 34-point lead to 62-16.Zhou Yuelong hastily attacked the red ball but failed, Ding Junhui scored another 11 points to win 73-16.In the fourth inning, Ding Junhui felt a blast, winning one shot and breaking through a hundred, scoring 136 points and zero sealing, 4-0 to enter the intermission.  In the fifth game after the break, Zhou Yuelong finally got started. He scored 33 points on a stroke before making a mistake, but Ding Junhui scored a red ball instead. Zhou Yuelong scored 70-0 after a single shot with 37 points.Since then, Zhou Yuelong got another 6 points to win the game 76-0.In the sixth inning, Zhou Yuelong started on the bench and scored 8 points for an offensive red ball.Ding Junhui started the game with a stroke of 78 points and continued to lead 5-1.  In the seventh inning, Zhou Yuelong made a snooker, Ding Junhui got a penalty of 4 points on the second shot. Zhou Yuelong scored a red ball and started, scoring 81 points, chasing another game with a 127-0 zero seal.In the eighth inning, the two men defended a few shots. Zhou Yuelong got the chance to deliver. Ding Junhui won by one stroke and broke his second shot in the game. He scored a single shot with 103 points and won 6-2 to expand his advantage.The ninth inning is the last inning of the first stage. Ding Junhui still feels hot. He added another shot to break 100. In the first stage, he broke three shots with three shots. He scored 132 points and cleared the table. He ended the first stage with a total score of 7-2.  The second stage of the competition between the two sides will be held at 21:30 on the evening of April 18.

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Interview-only 7 points for the first title of the career, Liu Yan hit the LPGA light battle

Interview | Only 7 points for the first title of the career, Liu Yan hit the LPGA lightly
The 11th National Day holiday is not over yet. Chinese professional female golfer Liu Yan is about to board American Airlines and prepare to take the LPGA (American Women’s Professional Golf Tournament) qualification test for the second time, which will impact the PGA Tour.Unlike the first time, Liu Yan, who has been in her career for 3 years, hopes to go into battle easily with her ordinary heart. In her words, when you do what you should do, everything will come naturally.Liu Yan took the first career title.Figure / Social media preparations focus on physical fitness and wind resistance Beijing News: How to arrange the itinerary to the United States and the participation plan?Liu Yan: Depart for the United States on October 7.Because the world ranking is relatively high, I can start playing from the second level. The competition time is from October 14th to 17th. If it can pass successfully, the third level will be followed immediately.Beijing News: For this LPGA exam, do you prepare in advance?Liu Yan: Because the test intensity is still relatively large, and the weather in the United States is now relatively hot, I have practiced more physically.During the offseason, practice twice a day, morning and evening one and a half hours each; the interval in the previous period is one day a day, two hours each time; from last week, one practice a day, no more than two hours at a time, is also a test of your endurance.In addition, the American stadium is far away, fast, and the wind is still strong. Technically, more efforts are made on wind resistance and high pitching.It is also very important to know how far each pole can be played in the case of wind resistance.In fact, I took the exam once soon after I changed my career in 2017. At that time, I felt very fresh, the first level was very smooth, but the idea of the second level began a lot. I went to the venue to try for a long time in advance, and the psychological burden is relatively large.Fight well.So this time, I will treat my mind with the usual mindset, one round at a time, one level at a time, and don’t put too much psychological burden on myself. I am more relaxed.Beijing News: How did the first career career title achieved in May this year personally help you, including this LPGA exam?Liu Yan: This crown sent me to the second pass of the LPGA exam. The world ranking was stabilized within the top 400 before August 31, and you can pass the second pass.Before that, I was within the top 400, and this crown consolidated my position.Personally, I have always believed in myself. I will win the championship one day, and I will enter a higher platform one day. Of course, this crown has increased my self-confidence.Liu Yan did not want to put too much pressure on herself.Figure / Women ‘s mid-season season rarely wins the first championship or even regrets the Beijing News: Is it your plan to win the professional championship this year?How did you feel at the time?Liu Yan: This crown is quite unexpected. I never thought that the first professional career came like this.In my imagination, the final round was in the leading group. Three people competed fiercely and then won the championship on the last hole.In reality, I won the championship on the green after I played first.In fact, my condition was not very good that week, especially the No. 1 wood always couldn’t be straight.But the course in Hong Kong is relatively short. Except for a few five-hole parquets, most of them are tee shots.That week, my cuts were very good, and the save rate was very high. Putters within 2 yards basically moved forward.Beijing News: You have already won 1 championship and 1 Asia this season. From the point of view, it is an explosion. What adjustments have been made during winter training?Liu Yan: My coach and I practiced in Xiamen this winter. We made plans ourselves and did not follow other sports teams.It is possible to arrange personalized training that suits you, and it is also more focused, quiet, and gains more.Winter training mainly focuses on irons, and it takes a lot of time to practice every day. Because short shots are so important, the overall short shots have been greatly improved this year.Beijing News: Has the goal set in the initial period been achieved?A brief summary of the upcoming performance this season.Liu Yan: The initial goal was to hope to be promoted in the regular season, but this year there is still one eliminated in the country, and there is hope that the US Women ‘s Open will be promoted, but the result has not been able to play normal levels.If you score, you may only have 7 points.The 1 point deduction is in psychological performance, often on the key shot, when the pressure is very large, without absolute focus, there are a lot of ideas.There is still 1 point deducted from the score, which has not reached your goal, and 1 point is your room for improvement.Later, I also reflected that maybe this should not be a small but difficult target. In fact, there should not be so many ideas. As long as the best level is achieved, the result will not be worsego with.Billiards is Liu Yan’s hobby.Figure / Women’s mid-range patrol trick to play billiards helps putter the Beijing News: I heard that you like to play billiards, is this helpful for you to play golf?Liu Yan: There are many similarities between billiards and golf, some of them look at angles.When you play billiards, you have to think about how to do the next shot after this shot; the golf putter is also like this. A long long put, you have to think about putting the ball in its position firstPushing doesn’t give you that much pressure.The moment of playing billiards is similar to putting.Just like you have to put the sweet spot on the putter, the ball will follow your established route, and the same goes for playing billiards.In fact, playing billiards is very helpful for thinking. When the season is not so busy, I often go to play.Beijing News: In China, you have a relatively long hitting distance, can you share some experience of increasing the distance?Liu Yan: To increase the distance in the short term is to increase the strength of the upper limbs. After about a week, you will obviously feel that the batting becomes stronger and the distance is farther, but it may not be so stable.In order to keep the hitting distance at a relatively long distance, a little more bouncing physical training is needed to increase the leg strength, borrow the strength of the floor rebound and then re-penetrate into the body, and then put it on the club. DistanceIt will be far away.Your bouncing strength is stronger, the distance will definitely become farther, but the effective time depends on your own physical condition.Beijing News: Many golfers have no concept of distance when putting, how to increase the distance sense of putting?Liu Yan: Find a large green, put the ball far away from you, first notice it for 5 seconds, then close your eyes and walk towards the ball, see where your error is, try to train more,Minimize the error as much as possible. The error is within 1 to 2 yards. There is a concept for your brain to feel this distance.Beijing News: Will you listen to music during training, will this distract you or make you more relaxed?Liu Yan: I usually listen to music when I warm up or play 30 to 40 balls before the driving range. The concert will make your body excited and change into a state.When your body is warming up and you are really focused on training, it is not recommended to listen, because when you hear music with a strong sense of rhythm, the swing rhythm will become faster and the soft music will slow down.Your rhythm will be taken away by the melody of the music.Liu Yan profile birthday: February 27, 1998 Height: 1.72-meter turn career time: 2016 hobbies: billiards, swimming, game women’s Chinese tour rankings: 3 results: 2019 Hong Kong Women’s Golf Open champion, 2019 Hangzhou International Golf Championship runner-up sauna, Ye Wang Deng Hanyu editor Wang Chunqiu proofreadingLi Xiangling

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Hou Baolin’s disciple, cross talk master Jia Zhenliang passed away at the age of 87

Hou Baolin’s disciple, cross talk master Jia Zhenliang passed away at the age of 87
On January 29, the grandson of Hou Baolin, crosstalk actor Hou Jun reappeared on his Weibo. The second-level national actor, crosstalk master Jia Zhenliang passed away at the age of 87.Number of him: “Grandpa’s apprentice, my uncle Zhenliang left, came to Hou’s family from an early age, grandpa sees him as a big disciple, an excellent crosstalk inheritor, and an educator is gone.farewell! “The picture comes from Hou Jun’s Weibo Jia Zhenliang born in 1933. He is a master disciple of Mr. Hou Baolin, a master of crosstalk.Lao Jia has been learning art with Master Hou Baolin since he was 15 years old, and is regarded as the “big brother” by Hou’s children.After becoming a disciple of Hou Men, Jia Zhenliang joined the Beijing Crosstalk Improvement Group and received training from Zhao Chuntian, Yu Shide, and Yu Lianzhong.After the training, he joined Beijing Quyi Three Troupe and partnered with Wang Xueyi.He once appeared in the explosive cross talk “Greedy Dream” and the comic “Laughter in the Morgue”.In his later years, he collaborated with Zhao Shizhong to perform “Diversion”, “Marriage and Superstition” and so on.Sauna, Night Net Editor Liu Zhen Tian Ai Ni Proofreading Guo Li

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Global temporary interest rate cuts China temporarily not following

Global temporary interest rate cuts China temporarily “not following”
Sauna Night Net Mapping / Chen Dong March 1-year LPR is still 4.05%, still more than 5 years.75%; experts expect the next wave of interest rate cuts and quasi-accuracy to be “on the road” Under the global environment of expanding interest rate cuts, China’s LPR (loan market quoted interest rate) has the latest quotation.According to the interbank lending center announced on March 20, the 1-year LPR is 4.05%, LPR is over 5 years.75%, which remained unchanged from the last quotation.  The current outbreak of new coronary pneumonia is raging overseas. Since the epidemic has hit the economy, since early March, more than 20 countries such as the United States, Canada, New Zealand, Australia, the United Kingdom, Egypt, and Egypt have announced interest rate cuts.Domestic LPR quotations remain unchanged, making others feel slightly more than expected.Experts believe that the situation of long-term resumption of production and production has obviously improved, the economy itself has recovered faster, and the current urgency of lowering LPR again seems to be less urgent.In addition, 150 trillion stock loans will be linked to LPR from March. If the interest rate of loans is continuously lowered, it will also make the banks unable to eat up.Many members of the public believe that there is a possibility of subsequent interest rate cuts, a full reduction in the standard and even the adjustment of deposit interest rates. It is expected that the release of monetary policy will be more precise and the implementation will be more moderate.  Why did LPR “walk in place” in March?  The Air Force, with a one-year term and an LPR of more than five years, had a “double drop” in February.Among them, the 1-year LPR fell by 10 basis points to 4.05%, LPR over 5 years fell by 5 basis points to 4.75%.  ”Slightly beyond expectations” is a large number of opponents’ evaluation of the March LPR market unchanged, because the 550 billion US dollar targeted downgrade has just landed this week.  Wen Bin, the chief official of China Minsheng Bank, stated that through the early-year and March 16 directional reduction and superposition, coupled with the 500 billion yuan re-loan rediscount amount, the interest rate for small re-lending to support agriculture and agriculture was reduced.The 25 digits are all effective in reducing bank costs, but they are not reflected in LPR quotes.LPR-linked MLF (medium-term lending facility) operation accounts for a relatively low proportion of the funding source of the banking system. Therefore, from the perspective of the entire debt structure of the bank, MLF and RRR cuts are relatively limited to the reduction of bank costs.  However, after the RRR cut in January this year, the LPR interest rate has not been adjusted, and since the quotation mechanism reform in August last year, LPR has not recorded a record of two consecutive months of decline.  Meng Xiangjuan, chief fixed income analyst at Shenwan Hongyuan Securities, believes that LPR has not been lowered slightly below market expectations, but considers that it has lowered 10 basis points since the beginning of the year, and at the same time has alternately lowered the target RRR, liquidity is loose, short-term monetary policy is expected to temporarily increaseEntities are mainly cohesive.Judging from the performance of the bond and equity markets yesterday, they have suffered too much.  The reduction of LPR in February was against the background of reverse repurchase and interest rates of policy instruments such as MLF, and the domestic epidemic situation was at its most severe moment.Tao Jin, a senior expert at Suning Financial Research Institute, told reporters that the incidence of disease is well under control at this stage, the situation of resuming work and resuming production has improved significantly, and the speed of economic recovery has accelerated at the same time, and the urgency of LPR reduction seems not great.However, under the long-term downward pressure of the economy, LPR will remain unchanged temporarily and will increase the probability of future interest rate cuts.  Pan Helin, Executive Dean of the Digital Economics Research Institute of Zhongnan University of Economics and Law, also mentioned that the further downturn of LPR at this stage has limited impact on the market, but it will intensify the pressure on capital costs of commercial banks, because the formal conversion will begin on March 1 this year.The stock floating rate loan pricing benchmark is to convert the interest rate pricing method stipulated in the original contract to LPR as the pricing benchmark plus points. The current market stock interest rate scale is about 15 billion yuan. LPR conversion takes time, and the marginal utility of the policy will be weakened when the LPR is readjusted.The policy effect on the real economy will be more obvious when the commercial bank ‘s interest rate anchoring work has more progress and then guide the LPR downlink.  It is also possible that budget funds for lowering the deposit interest rate will be expanded until recently, a clear requirement has been put forward for a significant reduction in loan interest rates in the future, which will guide the banking system to make appropriate profits to the real economy and reduce corporate financing costs.In this context, at least the discussion on whether to lower the benchmark interest rate is also very lively.  Meng Xiangjuan said that in view of the reduction in the debt end of financial institutions, it is still possible to reduce the deposit interest rate in order to guide the financing cost of the real economy downward.Tao Jin believes that in the long run, the basis for the continued reduction in LPR is the reduction of the benchmark deposit rate that represents a larger cost reduction. At the same time, the market-oriented reform of deposits will continue to advance, and the reduction of deposit interest rates should also be market-basedIt is carried out through market means under the reform framework.  Wen Bin analyzed that corporate and residential deposits accounted for more than 60% of bank debt. If you want to reduce the cost of physical financing, then bank resistance costs should be reduced. Lowering the benchmark interest rate of deposits is the first choice. To reduce costs through banks, you can use LPRThe new mechanism continues to guide LPR down.  Pan Helin also believes that the possibility of reducing the burden on banks by lowering the deposit interest rate is very large. At present, the spreads of commercial banks have continued to shrink. The introduction of LPR quotations has not been increased and reduced, which also shows that commercial banks are under pressure to narrow the net interest margin.Reluctant to lower the quoted interest rate anymore. In the future, relevant policies will gradually be introduced to reduce the pressure on commercial banks’ capital costs.Appropriately lowering the benchmark interest rate of deposits to ease the pressure of narrowing the net interest margin of commercial banks, provide space for banks to reduce loan interest rates, and promote a marked decline in LPR quotations.  ■ The impact on the psychology of home buyers. The 150 trillion stock loans that have been anchored since 3 months also include many people ‘s “big head” monthly loans.Based on 1 million mortgages and equal principal and interest repayment for 30 years, the LPR over 5 years will fall by 5 basis points, and the monthly payment will be reduced by 31 yuan.  Pan Helin believes that the current interest rate anchoring work of commercial banks is parallel anchoring, otherwise the previous loan interest rate is 6%, and the LPR over 4 years is 4.75%, then it becomes (4.75 + 1.25%), which means that the interest rate has not changed.The conversion work began on March 1, and after more progress was made in the anchoring work, the effect of lowering LPR on the real economy was better, so the current impact of LPR reduction on the market is limited, especially for stocks.  The new loans have been linked to LPR since October 2019.Zhang Dawei, chief analyst of Centaline Real Estate, told reporters that other interest rate cuts have an impact on the actual cost of home purchases and have a psychological impact on them.Interest rate cuts and quasi-rate cuts will be considered by home buyers as a slogan for buying a house. Without a rate cut, this effect will be eliminated.Especially in the recent rate cuts in overseas competitions, the country chose to “do nothing”. In the case of a gradual recovery in the market, the interest rate cuts will fail to affect the confidence of real estate buyers.  Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, believes that although the LPR interest rate itself has not been adjusted, it is expected that the recent real mortgage interest rates of commercial banks across the country will be reduced.Some military commercial banks have received external attention to reduce the down payment ratio, and the adjustment of the down payment policy is facing some resistance.Therefore, as far as the current focus of commercial banks is concerned, the direction of reducing loan interest rates or recent adjustments.Such adjustments benefit both home buyers ‘mortgage loans and developers’ development loans, and generally help to reduce the corresponding costs of home buyers and housing companies.  ■ Analysis of interest rate cuts and comprehensive RRR cuts are expected to be “on the road” In the global tide of interest rate cuts, some people generally said that the internal follow-up monetary policy space ratio, interest rate cuts and comprehensive RRR cuts are expected to be “on the road”.  Tao Jin said that in recent years, China’s monetary policy has been reduced by the impact of the global interest rate cuts, and has maintained constant policy determination and timely determination for a long time.As the wave of interest rate cuts further strikes, China is likely to be the only major country in the world that insists on resisting negative interest rates. It is also more obvious that China ‘s monetary policy has been decoupled from other countries to a certain extent, but it also means whether it is from the interest rate level or the reserve rate.In terms of aspects, developing countries have a lot of room for monetary policy.  Judging from domestic factors that affect whether interest rates are cut or not, it has always been a major constraint. The CPI for 2 months is still above 5%.Wen Bin said that if the trend overcomes the tail-lifting factor and the structural factors of food price increase, the gradual level will remain relatively high.Therefore, during the transition period, the increase in food prices fell back, and the level gradually increased further. The room for monetary policy in various countries still exists. You can further reduce the standard and interest rate, which can lead to a steady decline in market interest rates, and more importantly, reduce the financing cost of the real economy.  In terms of the pace and intensity of policy implementation, Pan and Lin believe that compared with the one-time flooding of the United States, the release of multiple monetary policies is more precise and the implementation of the monetary policy is more moderate, and the subsequent monetary policy space penetrates.Initially, it will continue to further reduce the financing cost of the real economy while maintaining a reasonable and sufficient liquidity. The future monetary policies that can be adopted include targeted or comprehensive RRR cuts, OMO interest rate cuts, MLF and TMLF operations, etc.Optimizing the “three-grade, two-excellent” deposit reserve ratio framework, it is expected that there will be a targeted or comprehensive RRR cut in the second quarter to enhance the credit availability of commercial banks.In addition, after the progress of the commercial bank loan interest rate replacement anchor work progress, the extension in the second half of the year may expand and guide the downward speed of LPR and effectively reduce the financing cost of the real economy.  Sauna, night net Cheng Weimiao

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Du Qifeng: My next movie is still Xiang Zuoyan

Du Qifeng: My next movie is still Xiang Zuoyan
Du Qifeng also acted as an action director, directing Xiang Zuo’s comprehensive fighting scenes, and personally demonstrated “there is a scene in every action.”  ”My Boxing Boyfriend” starring Xiang Zuo and Wang Keru is a love movie created by directors Du Qifeng and Wei Jiahui again after many years.After the film was released on Friday, according to the Cat’s Eye Professional Edition, before the release of the film, the film was released on the 5th and the box office conversion was just over 20 million.In terms of word-of-mouth, it is even more polarized, with a Douban score of 4.8.Because Du Qifeng’s “Galaxy Image” has long-term cooperation with China Star Film Company, and the film starring Xiang Zuo is the son of Chinese star boss Xiang Huaqiang, there are too many questions and controversies about whether the film is Du Qifeng’s favor.In this way, Sauna and Yewang exclusively interviewed director Du Qifeng, screenwriter Wei Jiahui, starring Xiang Zuo, and talked to them about the true story behind and behind the film stage.  The type “Du Wei” love film seeks new and change. In Du Qifeng and Wei Jiahui’s view, this is a movie aimed at the young people, they want to present a new “Du Wei love film”, the entire script polished for two yearsOver a period of time, I have changed more than a dozen editions and also overturned many of the previous assumptions. It is a brand-new attempt to the emotional drama of men and women.Many people say that “My Boxing Boyfriend” is tailor-made for Xiang Zuo, but this statement Xiang Zuo does not mean that although the protagonist Lu Hu does in the movie: fighting, baseball Xiang Xiang Zuo has been tryingAlso insisting on the direction of interpretation, Xiang Zuo said: “The two directors are so famous and part, they don’t need to write a script for one person.In this project, they naturally arranged a lot of games. In addition to my role, many characters in the movie have their own characteristics. They just want to show my strengths.But the main purpose is to challenge and try a new series of men and women with both fighting and singing.The action of Xiang Zuo was beaten and continued to be played. Since 2010, Xiang Zuo has started to compile this film and conducted six years of professional training. Xiang Zuo recalled, “Every hour of kung fu physical exercise, three to four hours of performanceThe training lasted for six years. Du Dao never told me when I was the head. During this period, I was very anxious and anxious. Later, I found that I could only find a solution after I calm down and think about why I could n’t meet the requirements.The way, until 2017, Du guide told me, come on, we can shoot.”Zuo Zuo sighed. It took ten years to wait for Du Duo’s drama.”This time, Du Qifeng was also named an action director. How to shoot Du Qifeng’s action scenes, he bluntly said to Zuo: “His request is to have a play in the action. Every emotion I have on the ring, with what kind of expression to play, youIt’s not just the opponents or the various characters in the audience who have to deal with it. During the process of being stunned, you can’t forget to perform.”In the last scene, Xiang Zuo was dislocated three times on the same day. He also had an unexpected situation of being knocked down and comatose for tens of seconds. However, after only a five-minute break, he returned to the boxing ring. Du Qifeng said:” In terms of personal movements,Xiang Zuo occupied a lot of time.We refer to many MMA games.Everyone is inevitable to be injured during the fight. Xiang Zuo, the martial artist, and other staff members have all been injured, but there is no way, and they will always pay the price of the injury.”Characters look at the effect under a new attempt. In Wei Jiahui’s script, the actor Lu Hu is a person with many shortcomings. He loves to speak foul language, he doesn’t understand gentleness, and he always moves, but he has an advantage, everythingIn consideration for others, “His life is to help others, including Du Xiaojuan, his master Ma Qing, his brothers, and even his debt collectors.I wrote this just to make this character more three-dimensional, and bring out positive messages at any time.”As a gold screenwriter for Hong Kong films, Wei Jiahui said that his challenge this time was to shape the characters so that he became unique and textured. Whatever the themes and routines, the most important thing was to bring freshness to the audience.Xiang Zuo also said: “The two directors are too experienced. If I used too much force when I acted, he would turn into me. If it wasn’t enough, I would increase it. They are very rigorous about the movie.”Du Qifeng said that although Xiang Zuozuo and Wang Keru did not have a hundred points, they have done their best,” Wei Jiahui and I hope this film is different from our previous works, and try to avoid actors who have collaborated in the past.Let’s see what effect our cooperation will produce under the new try. Because it is suitable, we need to find new people. This performance is the initial performance of the new actor. I hope everyone can give space.”Zuo Zuobian did not know Guo Biting Sauna Nightnet when filming: Will the ending of Lu Hu and Du Xiaojuan win the game be ideal?  Xiang Zuo: Actually, everyone wants to live a dream. If we all lose in the end, the dream will break, which is too cruel for the audience.In fact, Director Wei Jiahui still wants to convey his passion for chasing dreams. Everyone carries their dreams, and a happy reunion will convey this message rather than intentionally idealizing.  Sauna Nightnet: Are you afraid of others stabbing at your acting skills?  Xiang Zuo: I did my best at the time, and I didn’t regret it.Like “Legend of the Gods”, although it was tailor-made for me, I think it failed.So this time I am very cautious, this goal is completely new, and there is no big coffee.I think that if the audience does not dance when I watch it, I am satisfied, indicating that we are doing the right thing.  Sauna Night Net: Many people think that you often search for variety shows because of feelings.  Xiang Zuo: No, I didn’t know Guo Biting until I finished the movie.She didn’t know her when she was filming, and she didn’t come to the class. This movie was not released because I had a few variety shows and it was hot.  ■ Du sir’s doubt-making production is large, but my thinking is slow. Sauna Night Net: What is the opportunity to shoot “My Boxing Boyfriend”?  Du Qifeng: My relationship with China Star started in 2000 as the company’s chief operating officer. In addition, I have been cooperating with China Star to shoot many movies.I think our origins, whether they are made or not, have maintained a close relationship over the years.Some people say that this is to give the Chinese Star a human relationship. In fact, my relationship with the Chinese Star has never been a relationship that requires human relationship, because basically everyone already has a relationship with each other.I have to be able to do it too, because we are very good friends and he is also a good boss to me.  Sauna Nightnet: What’s new about returning to the production of romance movies this time?The soundtrack is also very exciting, how about working with Jin Peida?  Du Qifeng: Both Wei Jiahui and I decided not to participate in the popular celebrity show, because this is a movie about young people, we hope to replace some new people to act, so as to have a sense of reality, the object in the film is nowadaysyoung people.In script creation, Wei Jiahui has always been an expert in writing love stories, so we will continue to use the traditional way of creation, that is, his creation, my director.I have collaborated with Jin Peida many times. Everyone already has a lot of communication foundations. There is no need for special communication. As long as you cooperate, everyone will know what you want, and he will often go to the shooting site to communicate with me.  Sauna Night Net: Some of the plots in the movie saw the shadow of Du Qifeng’s movie, and some people remembered the “Judo Dragon Tiger List”. How does this movie exist in Du Qifeng’s movie?  Du Qifeng: Actually, this movie has something to do with Judo Dragon Tiger List. The two movies are also stories about two young people pursuing their dreams. At the same time, they also have elements of inspiration and love.  Sauna Night Net: What new works are you still creating?Now the rhythm of filming is getting slower and slower, what are the reasons for this?  Du Qifeng: Recently, I was shooting a more personalized film with a little more Du Qifeng style elements. This movie also invited Xiang Zuo to play an anti-traditional undercover.Because the reason why filming is getting slower and slower now is the change in the production environment, the production scale is large, and more programs are needed, and my own thinking is slow again.  Writing / Sauna, Yehui Zhou Huixiaowan

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2015 French Open-Germany’s first victory over Nadal will play Murray and advance to the top 4 for 5 consecutive years

2015 French Open-Germany’s first victory over Nadal will play Murray and advance to the top 4 for 5 consecutive years
News on June 4th, Beijing time (3rd local time).The 2015 French Open entered its tenth match day.In the first half of the men’s singles eight strong battle started, and in a highly anticipated focus battle, the world’s first Djokovic won the defending champion Nadal with a 7-5/6-6-3/6-1 Lectra 9th,Seven times in his career, he challenged the ultimate winner of the clay king in Roland Garros, breaking into the semifinals for five consecutive years.This is the second game Nadal lost in the French Open.Druid will compete with Murray for the final power.Djokovic celebrates victory. Nadal’s expression is lost. This is the 44th career match between Djokovic and Nadal, ranking first in history.Although the Spaniard has a slight advantage in the record of 23 wins and 20 losses, but since the rise of Djokovic in 2011, the Serbian took away 13 wins in 20 matches.Nadal shattered Djokovic’s Grand Slam dream six times at the French Open, including last year’s final.However, the overall competitiveness of Nardal declined this season, and perhaps the Serbian king finally waited for a chance to counterattack.  At the beginning of the game, Djokovic, who quickly entered the state, scored a break early and quickly led 3-0.Then he was broken again, and when 0-4 fell behind, Nadal woke up like a dream.Seized Djokovic’s lax mentality to complete a break, and then played an excellent long forehand attack to chase the score to 2-4.In the seventh inning to save the top seed of the three break points, it was helpless to give up the ball again in the face of the fourth crisis.With a strong Love Game, the defending champion chased the score 4-4.Djokovic, who scored four straight goals to defend the ninth, took the lead again with 5-4.The King of Red Clay under pressure resolved the three inventory guarantees, and tied the score again.Druid, who has maintained a steady state of mind, then secured his hair again. In the twelfth inning, he finally seized the sixth inventory opportunity of this game and took the lead 7-5.  Djokovic, who had an untouched feel, took the lead in the second set and took a 1-0 lead.Nadal was not affected by the first set defeat, and after a multiple-bottom line-up contest, he equalized the game.Then there was a stalemate in the game, and both sides had any chance of breaking in the first six innings, and the score was 3-3.Djokovic, who scored four straight goals and defended the seventh inning, suddenly speeded up on the bottom line. Using the strategy of suppressing Nadal’s backhand, the world’s first gradually found opportunities from the defending champion’s dense defense.Take the lead in making a break.Although the stubborn Nadal then resolved the inventory three times, the determined Djokovic still held the serve and won the game to the next set 6-3.  Djokovic, who was full of firepower, took the lead in the third set to make a break with a large-angle transfer, resisting Nadal’s counterattack, and he could lead 2-0.Nadal, who was obviously struggling to defend on the bottom line, was forced to take a 0-3 backward disadvantage into the intermission after watching his opponent bombing the winning ball.Drawing on the experience of the first set, Djokovic, who has always been tense, has successfully defended his hair after returning to the field and expanded his advantage to 4-0.The two sides initially defended each other. Although Nadal stopped the losing streak of seven consecutive games, he still trailed by 1-5.At this point, the game has lost its suspense, and Djokovic finally won 6-1, giving Nadal a successful defeat to Roland Garros’s second defeat and advancing to the semifinals.

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NBA semi-final schedule released: Heat 7th Nets Thunder 6th PK Clippers

NBA semi-final schedule released: Heat 7th Nets Thunder 6th PK Clippers
With the Nets, the Spurs all won in the first round of the tiebreaker, and the schedule for the Eastern and Western Semifinals was confirmed.The western semi-finals will be played between the Spurs and Trail Blazers, Thunder and Clippers; the eastern semi-finals will be played between the Pacers and Wizards, the Heat and the Nets.Judging from the schedule, the Heat will play their first home game against the Nets on May 7, and the Thunder will play their home game against the Clippers on May 6.  Considering that in the first round of the playoffs there were 5 sets of tiebreaks, 8 overtimes, and 3 sets of “below” (the Blazers win the Rockets, the Nets win the Raptors, and the Wizards win the Bulls), it is the most in the history of the NBA.First round of intense playoffs.At the same time, the Spurs, Thunder, Pacers, Clippers and other high-ranking teams almost ditched overturning, which proves that the gap between the teams is very small, so this can also be expected of the semi-final PK.The following is the specific schedule (previously Beijing time): Pacers (1) vs. Wizards (5): The first round of the playoffs, the Pacers 4-3 Hawks difficult to advance.In the first five games, the Pacers trailed the Eagles 2-3.Ranked No. 1 in the East, they were almost “black eight” by the Eagles.The Wizards eliminated the Bulls 4-1 “below”.For the Wizards VS Pacers semifinals, Barkley and Grant Hill both thought the Wizards won.Meanwhile, this season’s regular season, the Pacers lead the Wizards 2-1.Heat (2) vs Nets (6): In the first round of the playoffs, the Heat swept the Bobcats 4-0, becoming the only team to advance 4-0 this season.Nets 4-3 Raptors.In the tie-break, the Nets resisted Pierce’s last minute cap and beat the Raptors by one point.At the same time, the Nets swept the Heat 4-0 in the regular season this season.Spurs (1) vs. Trail Blazers (5): In the first round of the playoffs, the Spurs defeated the Mavericks 4-3 to advance, and the Blazers eliminated the Rockets 4-2 “below”.This season’s regular season, the Spurs 2-2 Trail Blazers.Thunder (2) vs Clippers (3): In the first round of the playoffs, the Thunder advanced to 4-3 Grizzlies, and the two teams have 4 games in 7 games to play overtime PK.The Clippers defeated the Warriors 4-3 in a difficult way under the influence of team boss Sterling’s racist comments.This season’s regular season, the Thunder 2-2 Clippers.

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Male No. 2 in Little Beauty almost talked about crosstalk

Male No. 2 in “Little Beautiful” almost talked about crosstalk | New Forces of Actors
In order to play fastboard and learn to dance, and mistakenly hit the entrance examination for the Chinese drama, taste the popularity before the graduation, everything is full of misalignment but natural, he is Gao Zhiting, is “To our simple little beautyWu Baisong, who is very popular in the movie, is also a small martial artist in the action suspected drama “Ham City”.Not long ago, Gao Zhiting was eliminated when he took part in the acting variety show “Actors are in place”. At that time, many netizens complained about him on the Internet, but Gao Zhiting himself had a good mentality.When you’re done, everyone can like it, and everyone can act comfortably.The ultimate goal is to give the audience a good look and feel.”Poke the video to watch a clip of the impromptu performance” Let Bullets Fly “by Thunder.Sauna Night Net News produced Gao Zhiting’s birthday: June 1995 School: Central Drama Academy Representative works: “Hard City”, “Bird Collection” and “To Our Simple Little Beauty” Participating in a variety show to give yourself an alarm: the effortWhen Gao Zhiting participated in the variety show, the group director Li Shaohong inscribed the names of everyone else in the same group, but he did not choose Gao Zhiting.At that time, many netizens complained about him online, but when the sauna and Yewang asked Gao Zhiting about this, he found his mentality was good. “It may be that the director likes it. I don’t think there is anything.”Gao Zhiting said that he didn’t need to get a place to participate in the show,” I can play this role well and finish the work. It seems that these three people are like a family, and the show is more beautiful.”In the beginning, Gao Ting was hesitant to participate in the show. Later, he asked his teacher Liu Tianchi,” the teacher said that you can go to participate. You are still young and need more practice.The actor basically plays three roles a year, and there are four more. Participating in such a show is hard work for you.”So Gao Zhiting feels that the biggest gain from participating in such programs is that he can sound a small alarm for his career path.” Since it has not succeeded, it means that I still have many shortcomings and I need to continue to improve myself and tell myself thatWork harder.”Gao Zhiting is in the variety show.At the age of 12, he came to Beijing to study dance. Almost as a cross talk actor Gao Zhiting was born in a literary family. His mother was a singer. Later, she gave up her singing career because of the summary of the vocal cords.Gao Zhiting ran the band with his mother from an early age. My mother felt that Gao Zhiting should also have some skills, so she found a drama teacher to teach him, “If you learn to play Allegro and the like, if you don’t go to dance later, maybe I willIt’s a cross talk actor.”Thinking of this, Gao Ting laughed.During the study of Quyi, Gao Zhiting’s main station was not straight, “Teacher is very strict and always hopes to correct my problem. I always say this.My mom was also embarrassed, so I said let the kid learn dance and exercise his body.”So initially Gao Zhiting learned to dance in order to better play the Allegro behind, but also to allow him to stand better. As a result, he was unstoppable in the dance profession.At the age of 12, Gao Zhiting was encouraged by his mother to enter the Beijing Dance Academy Attached High School dance and dance class. Separated from his classmates, Gao Zhiting’s biggest feature is: he doesn’t want to be home.”When I was about seven or eight years old, my family was too busy and sent me back to my hometown for a summer vacation. At that time, I already felt homesick and cried every day, so after I came to Beijing to go to school, I was our dormitoryThe calmest one.”Sauna, Ye Wang, Guo Yanbing and Gao Zhiting remember very clearly. He felt very fresh when he first entered the school. He was very happy except for the painful practice of daily practice.” My classmates in the dormitory are not good.The upper bunk sat on the bed without saying a word, I asked what happened?Then he started sobbing, one started crying, the other started, and finally cried there, saying homesick.”I entered the Chinese opera by mistake, and I wanted to drop out of school and spent my high school time happily. When I was in college, Gao Zhiting had already been admitted to the Beijing Dance Academy.Try, “I didn’t even want to go that day. Later, my mother said that if you took the ranking, you would have a face in the North Dance. I think it makes sense to go.”” Gao Zhiting’s examination in the Chinese opera was very smooth. At that time, Liu Tianchi was his chief examiner, and later became his class teacher.”When I passed the third test at that time, I told the teacher that I had passed the Northern Dance. The teacher said: Are you playing us?”In the end, Gao Zhiting chose the Central Academy of Drama with the encouragement of everyone, but he didn’t expect that he had just wanted to drop out after he had just finished freshman year.”I don’t understand, because acting is not like dancing, there are right and wrong standards.”The teacher gave a scenario where everyone would do it according to their own understanding, and the teacher would not say right or wrong, because everyone was right.I felt like I couldn’t come and was confused. I didn’t know how to learn.”The freshman year was very painful. Gao Zhiting even called my mother to show her determination to drop out of school. With her mother’s persuasion, she felt like trying again.”Later, the teacher discovered my problem and slowly guided me.In addition to the sophomore year, we started to have a script, at least there is a standard, I only touched the doorway.”Because” Little Beauty “became popular, Gao Zhiting was always the class leader when he filmed” Hancheng “for questioning the university.” This is the first year of freshman. I raised my hand to raise myself.Say I don’t want to come, now I have to show my determination!”When I was the class leader, I was going to lead by example. Although it was painful to study in my freshman year, Gao Zhiting always worked hard. It was this effort that allowed teacher Liu Tianchi to replace him in the youth campus movie” Mint “directed by him.Play as Male No. 2 in “To Our Simple Little Beauty”.Before graduation, Gao Zhiting starred in the youth love drama “To Our Simple Little Beauty”, who played the seemingly cynical appearance, but the actual but very dedicated male No. 2 Wu Baisong, it is also the popular hit of this drama that made Gao ZhitingIt was loved by the audience: “I was filming” Ham City “in Malaysia when” Little Beautiful “was aired. There were a lot of children who knew me. At that time, one of our brothers said that his sister especially liked me.Want to sign and take a photo, and then everyone is wondering, our executive producer also asked: Who is this?Isn’t he just a newly graduated child in China?”Playing Xiaowu in” Hard City “.Gao Zhiting played Xiaowu in the action suspect drama “Ham City”. Although there are not many scenes and it is very popular, although there is no clear lens in the plot to prove Xiaowu’s ending, there are still many fans who want to be in the second part.Seeing that Xiao Wu could “resurrect”: “I have little experience in filming, and everyone takes care of me very much.At first, the director felt that I had a problem with my lines, but I couldn’t feel it myself, and then he asked me to listen to it, and I immediately knew what went wrong.Later, the director told me that if there are any problems in the future, don’t question others first, and learn to check yourself. If someone points you out, then you must have this problem.I thank everyone.”Sauna, Ye Wang Zhang Kunyu Photography / Sauna, Ye Wang Guo Yanbing Editing Tian Yani proofread Zhao Lin

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How does Berkshire transform, is it overweight A shares?Shareholders talk about Buffett’s general meeting

How does Berkshire transform, is it overweight A shares?Shareholders talk about Buffett’s general meeting
On the morning of May 3rd, the feast of the investment circle ended with the annual Buffett General Meeting of Shareholders.Buffett is hailed as a stock god, and his shareholder meeting is regarded by many as the vane of investment, and has attracted much attention.Sauna Night Network invited Berkshire shareholder Chen Kaifeng, chief economist of Horizon Financial of the United States, to make a video connection, bringing first-hand shareholder meeting sharing and analysis.The following is a live broadcast of dry goods: Sauna Night Net: The most impressive thing about this meeting?Kaifeng Chen: It must be selling aviation stocks. In fact, when he first invested in the aviation industry, he also suffered a huge loss in the aviation industry, and the third time (that is, this time) he began to invest in 2016 and 2017. At that time, he thought that the aviation industry had experienced dozens ofYears of companies continue to integrate and merge, monopolies will appear after mergers and acquisitions, competition will decrease, and ticket prices will also increase, so he entered the investment market.Of course things are as he expected. At present, there are a lot fewer airports in the United States, and the profits of the companies he invested in are also very impressive. At the beginning, he also made a lot of money.The impact of karma is devastating.Judging from his personal judgment, in recent years, everyone may not be able to fly around as freely as before.Therefore, he cleared the entire aviation industry.There is also my personal judgment. Buffett really loves and hates the aviation industry. One of the largest private business jet locations in the world is Netjets, a wholly-owned subsidiary of Berkshire. I believe heStill very affectionate, he also knows that the aviation industry is really not easy.However, there was a demonstration of Netjets’ pilots demanding a salary increase at the door of Buffett’s shareholders meeting four or five years ago, which also caused Buffett to lose face.So this time the new crown epidemic has added a sum to the history of his aviation investment.Sauna Night: Berkshire sold $ 6.5 billion in stocks in April. How do you evaluate this behavior as a shareholder?Do you think he will turn the stock into cash in his hand?Chen Kaifeng: All the stocks he sold were airline stocks.So what he is doing now is swapping positions.After a short-term exchange with a very senior fund manager on Wall Street after today ‘s meeting, he also felt that Buffett was clearing some non-core positions, and then planned to use the money to make a super large-scale merger. This is also his favorite.An operation mode.Sauna Night Net: Munger was absent from this conference. Instead, he was replaced by Berkshire ‘s vice chairman of non-insurance business, Greg Abel. He was regarded as the successor of Buffett by the outside world. What is your impression of his appearance?What is his relationship with another “relative” Ajit Jean?Kaifeng Chen: As a shareholder, we have seen Abel many times before, including the long-distance race after the end of the shareholders meeting last year. Generally, Buffett issued a starting gun, but last year Buffett had Abel wearing a No. 1 jersey to shoot.Come out, he is at least one of the successors.This time he answered a lot of questions at the shareholders’ meeting. It was officially unveiled. This time I think it is very good. I talked about many capital allocation topics, mainly energy.It should be noted that last year, 46% of Berkshire ‘s capital investment was related to energy. For the company, energy is the most important area for new investment.Abel and Buffett’s style, experience, and experience are still very different.Buffett’s early secondary market (stock trading) background, slowly entered the industry.Abel seldom does stock trading in the secondary market. He has been doing industry and investing in Berkshire ‘s entire energy sector, including building wind power plants and acquiring natural gas pipelines.So the question he answered at today’s general meeting was an industrial one.But his investment philosophy is still very close to Buffett, not to pursue profiteering, but steady cash flow.With Buffett and Munger’s successors, I think it is impossible for someone like this to replace them.At present, we can see that it should be a team succession.As a vice chairman, Ajit is in charge of insurance business and the core business of Berkshire, nor is it a business that can generate cash flow that requires new capital expenditures. From the perspective of succession, he may not do any investment and asset allocationBusiness, do not do any asset allocation, manage insurance.Buffett also has two fund managers, playing the role of chief investment officer, engaged in secondary market investment, Abel is still the head of industrial investment.I think these four people are the core team.Of course, Buffett and Munger ‘s investment career is unusually long, and it is not ruled out that the last group of investors is not suitable for succession due to age issues, but Buffett ‘s core team has more than 30 people, all of whom are his company and business CEOs., Generally 30-40 years old, it is also possible for them to take over.Sauna Night Net: Under the impact of the epidemic, Berkshire Hathaway’s net reached as high as 497 in the first quarter of this year.US $ 4.6 billion, of which 545 are potential stocks.$ 1.7 billion.How does Buffett explain this not-so-good-looking transcript to shareholders?What do you think of as a shareholder?Kaifeng Chen: First of all, the business unit of Buckhill Industries was profitable in the first quarter. It was all from the secondary market stocks. The total position of the secondary market is about 250 billion US dollars. Roughly calculated, the overall secondary market may be about 20%., And the US stock market is still very close.It is also normal for the stock market to be highly volatile.The volatility of US stocks in the first quarter of this year is statistically the highest volatility since 1895. The changes in the market value of stocks held are completely understandable. At the same time, these may be required by accounting standards.Because apart from clearing cash stocks, there is nothing to buy and sell.I saw that in the second quarter, in the past April, Buffett’s stock has rebounded a lot.Moreover, Buffett often advises investors to do more business performance and try not to pay attention to changes in the secondary market of stocks. He repeatedly buys a stock, which should be regarded as a farm, instead of thinking about how much the farm can sell tomorrow, but not this farm.After buying, how many potatoes and corn can be grown, that is, how much dividends can be distributed on the stock, repurchase, cash flow, etc. This is also his explanation.I think the first quarter’s major setback was mainly due to the epidemic. Of course, the industries that interfered a lot in the epidemic, such as finance and aviation, are Buffett’s heavy industries.Therefore, his influence is particularly great, including the aviation industry and so on.I think he still feels a lot of pressure and can see that his overall investment style is very cautious.Sauna Night Net: What do you realize about Berkshire’s biggest transformation?Kaifeng Chen: To some extent, I believe that in 10 years and 20 years later, Berkshire will become more and more like an industrial company, and the investment weight in the secondary market will continue to increase. This secondary market also has a smaller and smaller weight in Buffett’s entire portfolio.At present, the secondary market has bottomed out, and the opportunities for arbitrage are less and less. He started to do some high barrier projects, vertical wind power stations, solar power stations, natural gas pipelines, railways, etc., which is what he has been doing in the past decade,He found that one of the stocks was good, he merged and acquired 100% of the shares, and delisted it directly from the secondary market. Berkshire also builds its barriers in this way. The returns of these companies are relatively stable and the risks are much lower.Sauna Night: Berkshire holds 63.8 billion Apple stocks, what is Buffett’s investment strategy for technology stocks next?Kaifeng Chen: In terms of his style, Buffett bought Apple stock and regarded it as a consumer product. He believes that Apple has a deep moat as a consumer product.In terms of the style of the two fund managers under Buffett, I think it is much more radical than Buffett. They started to buy some biopharmaceutical companies, e-commerce companies in Brazil.Therefore, Buffett has delegated more and more power to his two investment managers, and the investment weight of technology stocks will increase.Sauna Night Net: Buffett’s treatment of bank stocks, aviation stocks’ reduction and emptying, how should investors understand?Is it worth doing the same for A shares?Chen Kaifeng: Try not to touch the aviation industry as much as possible. It is not to go short, and the risk of short selling is also very high. At present, most Dublin is looking for the government to bail out. It is difficult for shareholders to obtain investment income in the aviation industry. When bailing out, the government has to take preference shares. Dividends have priority, and there is a substitute for ordinary shareholders ‘equity.Some directives, aimed at establishing routes to improve poor areas, will also affect corporate profits.The global aviation industry faces a similar situation, including A shares.The leverage of flights is high, and the operating costs are also very high. It is also greatly affected by oil prices, so it is a very high-risk industry.I think that bank stocks will continue to be held by Buffett.But bank stocks are not a very ideal investment. Now that the interest rate has dropped to zero, the bank’s profit margins have been compressed.But only in the 2008 financial crisis, the leverage ratio of bank stocks was very low, the risk was reduced by 60% -70% than before, and the banking industry as a whole was still very healthy.Sauna Night Net: Why does Buffett say this crisis is completely different from 2008?What is his comment on the Fed ‘s disposal?Why did Buffett make no big moves this time compared to the frequent shots in 2008?Kaifeng Chen: His feelings about the Fed are very complicated.For him, he praised the Fed’s rapid actions, including unlimited QE, etc., for the help of corporate liquidity.But he also mentioned that due to the rapid attack of the Federal Reserve, no one on the phone with Manger’s house made a good investment opportunity.He also repeatedly said that the future arbitrage or bargain-hunting opportunities in the secondary market will be less and less.This time is a public health crisis. The last time was a financial crisis. The trigger point was the bursting of the real estate market bubble, so the last time it could be solved with funds. As long as the capital injection is made, the bottom is paid off.This time it was a matter of public health. In Buffett’s words, he and others have no advantage. Mainly still need the government’s influence on this industry, not on individual stocks.Although he continued to be optimistic about the United States, he felt very cautious overall. He even said that he was a bit pessimistic for a while, because he mentioned that the number of repurchases in his holding company in April was 0, which is very abnormal.In the past, every time the stock plummeted, his repurchase volume would be relatively large.I feel he wants to buy, but he thinks it is not cheap enough.Or because of the Fed ‘s capital injection, some companies that plunged quickly rose back. He did n’t have the opportunity to buy. I think he was also waiting for the opportunity.Sauna Night: Is it possible that Buffett will overweight the A-share market?Chen Kaifeng: I think it actually depends on several other people. One is Munger. Munger is much more familiar with the situation in China than Buffett. BYD is also recommended by Munger to Buffett. If Berkshire wants to lay out in A shares, Munger will pay more attention to it.The other two are his fund managers, who are the “successors” of individual stock investments. They have already invested in emerging market stocks. They have some individual stock investments in Brazil and India. Maybe some exploration will be done on the A shares in the future.Sauna, Ye Wang Zhang Shuxin editor Zhang Bing proofreading Wu Xingfa

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