分类： erihgetrg

On August 27th, Xpeng Motors’s brand-new compact car, Tucki MONA M03, was officially launched, and three models were launched in the new car, with the price range of 119,800-155,800 yuan. Among them, the Max version will be delivered after the Spring Festival in 2025.

◆ New car features

In terms of appearance, the new car is built with a younger design language as a whole, and the T-shaped headlight group gives this car a good recognition. At the same time, the lower part of the air intake is trapezoidal and equipped with active air intake grille (AGS), so that the drag coefficient is only Cd 0.194. Tucki MONA M03 has five paint colors, namely Xinghanmi, Xingyao Blue, Dark Night Black, Nebula White and Xingque Grey.

In terms of the tail, the car also uses a T-shaped taillight design, which forms a good front and rear echo. In terms of body size, the length, width and height of the new car are 4780/1896/1445mm and the wheelbase is 2815mm respectively.

Interior, Tucki MONA M03 is equipped with a 15.6-inch central control screen, and the instrument panel is optional. The car will be equipped with Qualcomm Snapdragon 8155 chip +16GB memory, with a full-stack self-developed car system, supporting 360-degree panoramic images and 3D perceptual rendering maps. Real-time rendering of 3D dynamic visual field of map, whether it is road information, surrounding buildings or even roadside plants, has a corresponding exquisite model rendering. In some specific buildings, such as the Bird’s Nest and the National Grand Theatre, ultra-fine model rendering has also been done.

In the information interaction between car and machine, the same information display method as iPhone Smart Island is introduced. The new car comes with a clairvoyance system, which can feedback the road information in real time. There are also a wealth of applets in the App Store. The air conditioner of the new car adopts a long strip through the air outlet, and the part blocked by the screen moves below. In addition, the car also has a double cup holder, a mobile phone wireless charging board and a storage slot in the headrest area. In addition, the new car has some functions that belong to young people, such as the electronic wooden fish & cyber Buddha beads, which is a decompression artifact on the commute.

Tucki MONA M03 starts from the three core functions that users use most frequently. Intelligent voice comes standard with 4-tone zones. The front row and back row can independently control voice interaction, support 20S continuous dialogue and execute multiple commands at the same time. Tucki MONA M03 uses 18 PSS advanced customized speakers to form a 7.1.4 panoramic sound field, which supports various sound effects adjustment. The music of Tucki MONA M03 is also connected with the map from the bottom, which supports music map navigation.

There are three colors in the interior, namely morning fog gray, noon blue and night gray. Tucki MONA M03 is equipped with a super-large trunk space with the largest volume of 621L in the same class, which can easily put down a 28-inch suitcase and four 20-inch suitcases without adjusting the seats, and can expand the space to 1602L when putting down the back seat. The new car comes standard with a panoramic canopy of 1.22 square meters, with Low-E laminated glass, which has 99.9% ultraviolet isolation rate and 97.6% infrared isolation rate.

Tucki MONA M03 is equipped with the only standard 20+ intelligent sensing hardware, 2 millimeter-wave radar +12 ultrasonic radar +7 camera at the same level, the strongest sensing ability at the same level, L2 intelligent driving ability, and the best automatic parking at the same level: 1. 100% coverage of high-frequency parking spaces, 95% parking success rate; Vertical, parallel, diagonal, with/without drawing lines, all kinds of parking spaces are fully covered. 2. Full-stack self-research cabin scheme, relying on XP intelligent system, silk slips into the leading industry. 3. The two high-frequency limit parking spaces can also be parked, supporting the broken road parking space and the lateral position limit bar parking space, and automatically identifying and parking in the same level. 4. Support direct parking in the parking space in front of the side, without triggering APA after driving over the parking space.

Tucki MONA M03 Max adopts a brand-new high-order intelligent driving scheme, which is the only product with high-order intelligent driving capability within 200,000 yuan. Now, all the functions of Tucki’s MAX models are possessed by M03 Max. Not limited to cities, roads and road conditions, it is easy to use all over the country.

In terms of power, the new car will provide two kinds of motors, the maximum power is 140kW and 160kW respectively, and the 0-100km/h acceleration time is 7.8/7.4 seconds. The battery provides 51.8/62.2kWh lithium iron phosphate batteries, and the cruising range will be 515km and 620km.

◆ Edit comments

The current field of electric vehicles can be described as changing with each passing day. In addition to our common brand of new power, the changes in the general environment have also prompted more and more China brands and even overseas brands to respond in the market range of 100,000-200,000 yuan, and constantly make progress in launching new products to seize market share. At the same time, for consumers, the relatively close price and the shape of the traditional sedan make this class of cars have its unique necessity. Therefore, we can see that Tucki MONA M03, which is listed this time, takes both of them into consideration, and retains its original "people-friendly attribute" and the necessary "keeping pace with the times". In addition, the Tucki brand has a good reputation in the domestic electric vehicle market, and it is expected that this car will achieve bright sales performance. (Text/car home Zhouyi)

CCTV News:In the past few days, the sunny and hot weather in Hunan has continued, and drought has occurred in some areas. The local water conservancy department accurately dispatches water sources and pays full attention to agricultural irrigation water.

The reporter saw at Xintang Electric Irrigation Station in Hengnan County, Hengyang City, Hunan Province that the staff debugged the high-voltage motor, and then pressed the start button to start the machine and drain the water. This electric irrigation station draws water from Xiangjiang River and flows to 36,800 mu of farmland affected by drought in three nearby towns and villages.

Harrison Lee, a villager who gathered in the street, planted more than 20 mu of rice this year. Due to the continuous drought, some paddy fields cracked. Knowing that the electric irrigation station was discharging water, he and other villagers prepared the water pump early, and watched the water flow continuously to the fields, so Harrison Lee’s anxiety was finally relieved.

In the summer of this year, as soon as the drought appeared, the county water conservancy bureau quickly organized personnel to conduct a comprehensive inspection and arrangement of water conservancy facilities and projects in the irrigation area, and dealt with the discovered safety hazards in time. In addition to releasing water in time, the local government also relies on the smart water conservancy system to monitor the flow, velocity, water level and water surface of the main canal in real time.

Liao Feibo, Secretary of the Party Committee of Hengnan County Water Conservancy Bureau:We will further strengthen the organization and coordination of irrigation water supply, ensure the water demand to the maximum extent and improve the efficiency of irrigation water use.

Up to now, three medium-sized reservoirs, Longxi Bridge, Doushan Bridge and Shuangbanqiao in Hengnan County, have opened floodgates to release 7.12 million cubic meters of water, and it is expected that the drought will last for more than 40 days.

The reporter learned from Hunan Water Resources Department that according to the requirements of drought relief plan, 662 large and medium-sized irrigation areas in the province have organized more than a thousand water conservancy cadres to go deep into the front line and guide irrigation areas to take emergency measures such as lifting water and diverting water in time to alleviate the drought.

He Zhenhua, Director of Hunan Water Conservancy Engineering Administration Bureau:According to our calculation, the water storage in large irrigation areas is relatively good at present, and there is no problem in maintaining irrigation for more than one month, and there is no problem in maintaining irrigation for more than half a month in small and medium irrigation areas.

　　Our reporter Ma Jing

　　Classified trash cans are sold out of stock, and the platform for collecting garbage on the Internet appears quietly … … Recently, the "new fashion" of garbage sorting pioneered by Shanghai has swept the network and become a hot topic among the whole people. At present, 46 cities such as Beijing have become the first batch of pilot cities for garbage sorting, and garbage sorting will soon become the daily life of more people. The reporter’s investigation found that as the most valuable "garbage", the recycling of renewable resources is still difficult. On the one hand, the number of scavengers is decreasing, and on the other hand, the standardized Internet recycling platform is unsustainable. If compulsory classification is implemented, can the recycling of renewable resources usher in a turning point?

　　Low-efficiency intelligent recycling machine

　　Ms. Xie, who lives in Changying, recently cleaned up a lot of old clothes and old books and periodicals. According to her past habits, she would throw them directly into the trash can in the community. However, seeing that the whole people are discussing garbage classification, she decided to adopt a standardized recycling method. Remembering that there was a row of intelligent recycling machines near her home, Ms. Xie went to experience it, but she didn’t expect the machines to work normally.

　　The reporter found this intelligent recycling machine ranked as "Little Yellow Dog" in Huiwanhong Community. There are 7 boxes side by side at the scene, which are put into different categories such as metal, plastic, textiles and beverage bottles. However, plastics, textiles and paper all show "full", and the category of beverage bottles shows "failure". Only glass and metal boxes can be used. Select the glass category, and then scan the QR code with WeChat, and the delivery port will automatically open. However, in addition to a small number of glass bottles, there are also plastic bottles and cans, which did not achieve the purpose of classified delivery.

　　The reporter randomly inquired about the status of machines in different locations on the Little Yellow Dog APP, and most machines could not be used normally. For example, the machines located in the second district of Fangxingyuan can only be put in glass category, and the machines located in Guanshuyuan Community can only be put in metal and glass category. APP shows that in addition to offline scanning code delivery, you can also make an appointment for home recycling, but you can’t place an order. The customer service said that the door-to-door recycling is currently being upgraded.

　　In fact, after the Spring Festival this year, the "little yellow dogs" in many cities have stopped. In May, Xiaohuanggou Company said at the Weibo that after a short outage, some cities resumed operations one after another. However, from the current situation, the actual effect after the resumption of operation is greatly reduced.

　　Last year, Little Yellow Dog entered many provinces and cities including Beijing, and became a star enterprise in the field of recycling renewable resources. By the beginning of this year, more than 10,000 sets of equipment had been laid. However, the rapid expansion has also put forward a test for operating costs. It is understood that affected by funds, "Little Yellow Dog" has now entered the process of bankruptcy and reorganization.

　　High cost, Internet recycling is difficult to sustain.

　　The decline of the little yellow dog is not a case. In recent years, many companies have been aiming at the recycling business of renewable resources, and have tried to provide recycling services through "internet plus", but most platforms are losing money and earning money, and few can continue to operate.

　　Ms. Liu, a resident of Huishi Xinyuan Community, recently received a notice of business adjustment from "Helping Home". The information showed that her community suspended the door-to-door recycling business. Helping Home, which started in 2014, is a door-to-door recycling O2O platform under Yingchuang Recycling. After individual recyclers enter the platform, they provide door-to-door recycling services by taking orders. The reporter learned from the help home that as early as two years ago, the platform was no longer promoted after the help home, but the server did not stop running, and the waste recyclers could still take orders on the platform, but if the waste recyclers quit the platform, the residents of the corresponding community could no longer enjoy the service.

　　"The O2O model was very popular in 2014. We also wanted to try to provide door-to-door recycling services through this model, but after two years of operation, we found that we could not find a profit point." Chang Tao, the person in charge of helping home, said that at present, helping home has achieved transformation, mainly providing a resource recycling technology platform for local governments.

　　Some startups have also tried to build their own recycling teams. Re-life, which started in Beijing in 2014, is the first enterprise with Internet recycling qualification in China, and has recruited a group of young "recycling brothers" who drive unified electric tricycles to collect waste products in communities, covering more than 1,000 communities in Beijing at most. However, in 2017, Re-life closed down due to the break of the capital chain. The founder of Re-life once said that the average door-to-door cost of the community errand service is from 6 yuan to 7 yuan, but it is difficult for users to accept it if the waste is recycled and the door-to-door fee is charged.

　　Forced classification of large markets to be activated

　　Since the Internet platform cannot achieve a perfect "marriage" with renewable resources, can it return to the original and rely on flexible individual recyclers for recycling? The reporter visited and found that it is very rare for waste recyclers who used to walk the streets.

　　Master Song, a recycler who has been stationed in Chaoyang District for many years, said that at present, most of them are cleaning staff in the community or elderly people who are used to picking up garbage to deliver goods. They pick out valuable waste from the garbage bins and then pack them and send them to the recycling station. Mr. Chen, who has worked in the recycling field of renewable resources in Beijing for ten years, said that compared with many years ago, at least half of the waste recyclers in Beijing have withdrawn from this industry, and some renewable resources will be shared by other recyclers, but overall, the recycling volume is still reduced by 30% to 40%. These scavengers prefer high-value waste products, and it is difficult for low-value recyclables such as take-away lunch boxes and Tetra Pak boxes of milk to enter the recycling channels.

　　Compulsory garbage sorting is expected to change this embarrassing situation. According to the plan of the Ministry of Housing and Urban-Rural Development, by the end of 2020, 46 key cities that have been piloted first will basically build garbage sorting and treatment systems. This also requires all pilot cities to increase investment in recycling renewable resources, so that more valuable "garbage" can be disposed of in an environmentally friendly way instead of simply burning it.

　　With the mandatory classification of garbage, the Internet recycling platform that once struggled to survive may usher in the second spring. It is understood that considering the changes in the environment of garbage sorting, Yingchuang is planning a plan to help home restore services, and continues to explore ways to promote the reduction of garbage sources.

　　China news agency, Beijing, October 16 Comprehensive news: Recently, Britain, France, Germany and other countries have provided equipment to Ukraine to enhance its air defense capability. Grossi, Director General of the International Atomic Energy Agency, recently posted on social media that progress has been made in the establishment of the Zaporoze nuclear power plant protection zone. Polish oil pipeline operation company said on the 15th that it had repaired the "Friendship" oil pipeline.

　　Many countries provide equipment to Ukraine to enhance its air defense capability.

　　According to Ukrainian media reports, from the night of 15th to the early morning of 16th local time, air defense alarms sounded in eight states in central, southern and eastern Ukraine. The Associated Press quoted a senior US defense official as saying on the 15th that Ukraine urgently needs to strengthen its air defense capability. Russia has launched more than 80 missiles into Ukraine in the last 24 hours, and the Ukrainian air defense system can intercept about half of them.

　　According to the Associated Press, the British government recently said that it will provide missiles for the NASAMS air defense system that the United States plans to transport to Ukraine. Germany has delivered the first IRIS-T missile air defense system to Ukraine, and previously promised to deliver four sets. France says it will provide more artillery, air defense systems and missiles, and Canada is planning to transport winter equipment, drone camera equipment and satellite communication equipment.

　　Grossi welcomes the restoration of standby power supply at Zaporoge nuclear power plant.

　　Grossi, Director-General of the International Atomic Energy Agency, said recently that the restoration of standby power supply at Zaporoge nuclear power plant is a positive step to strengthen power supply, according to the news of Tass news agency on 15th. Grossi said that although the working conditions are extremely challenging, the staff of Zaporoge Nuclear Power Plant are doing their best to strengthen its fragile off-site power supply, and restoring the standby power connection is a positive step.

　　Grossi said on social media on the 13th that the Zaporoge nuclear power plant was once again blacked out due to the shelling of a substation in the distance, and then the backup power supply was quickly restored.

　　Recently, Grossi frequently voiced on social media about Zaporoze nuclear power plant, and Grossi claimed that its intensive talks with Russia and Ukraine made progress in the establishment of Zaporoze nuclear power plant protection zone.

　　Poland has repaired the Friendship oil pipeline and resumed oil supply.

　　Polish Oil Pipeline Operation Company (PERN) issued a statement on 15th local time, saying that the technical department of the company had repaired the damaged "Friendship" oil pipeline and resumed oil supply to Germany.

　　PERN said that the company’s next key service work is to clean up the site and restore it to its previous state. The cause of the accident is still under investigation. Earlier, the company said that the preliminary investigation results showed "no signs of third-party intervention".

　　PERN12 issued a statement on the 12th, saying that on the evening of 11th, one of the two oil pipelines of the Friendship pipeline was detected to be leaking, and the repair work was urgently carried out.

On November 16th, 2023 Xiaomi IoT Eco-Partner Conference was held in Beijing. At this conference, Xiaomi officially announced the comprehensive opening plan for IoT eco-partners. Through Vela’s open source and the release of Xiaomi’s technology brands, we will help smart eco-partners, whole-house industry practitioners and individual developers to quickly join Xiaomi’s IoT ecosystem. This is a concrete landing of Xiaomi’s brand-new strategy of "people, cars and homes are all ecological".

The world’s largest, Xiaomi IoT platform leads the trend of smart life.

Up to now, Xiaomi has become the world’s largest consumer-grade IoT platform, with 655 million connected devices. At the same time, Xiaomi IoT is still the most comprehensive ecosystem, with 200+ smart home appliances, covering more than 95% of life scenes, and more than 13 million users with 5 or more Xiaomi IoT devices. Xiaomi is providing users around the world with the ultimate intelligent life experience and continuously promoting the popularization of intelligence.

All-round opening, Xiaomi joins hands with partners to build "the whole ecology of people, cars and homes"

Faced with the trillion-dollar market like IoT, which has a compound annual growth rate of 13%, China enterprises still have many challenges: one is the high cost of single product intelligence from 0 to 1, and the other is that the gap from 1 to N is difficult to cross. The Xiaomi IoT Eco-Partner Open Plan is dedicated to helping manufacturers solve these challenges. By connecting multiple devices with the Xiaomi IoT platform, collaboration and linkage can be easily realized.

At present, the platform has closely connected more than 9,000 partners, covering more than 200 categories, with nearly 83 million monthly active users. Xiaomi will also open ten categories of smart devices, and the open cooperation field will cover more than 95% of smart devices, and at the same time promote the standardization of intelligent interconnection of PLC in the whole house, providing users with more complete intelligent life experiences such as front-loading and rear-loading.

Minimum threshold, technology+case all-round assistance to ecological partners

At this conference, Xiaomi also provided the latest low-threshold intelligent solution, that is, the end-to-end intelligent solution with the lowest threshold, the most complete model, the highest efficiency and the most competitive, to help ecological partners quickly start the intelligent ecology. At the same time, the conference also set up five offline closed-door sub-forums to introduce the new capabilities and technologies of the IoT platform in detail, and IoT security construction is also one of the key topics.

Chuangmi Digital Alliance has always been an important participant in Xiaomi’s IoT security construction, and together with Xiaomi, it has established an information security protection system for home network cameras. As an outstanding practice representative in the field of safety and compliance, Chuangmi Digital Alliance also shared the experience and achievements of guarding product safety from standards and processes to the implementation of specific projects in the forum, providing reference examples for more eco-partners accessing Xiaomi IoT in the future.

As a weather vane in the field of IoT, a series of platforms, products and the concept of open innovation released by the Xiaomi IoT Ecology Conference have provided strong support for partners to quickly access the smart ecology. Lu Weibing, president of Xiaomi Group, said: Xiaomi 澎湃 OS has made an interconnected public base for the future 10 billion connections, and will work together with partners to build the world’s largest ecosystem of people and cars. Chuangmi Digital Alliance will continue to participate in it and build a new era of intelligence together with software and hardware developers around the world.

　　Notes on Exchange Rate of Panda Notes

　　There are eleven articles in this series, and the pen and ink focus on RMB exchange rate. Panda traders reveal the most real economic phenomenon in China financial market by analyzing the relationship between onshore and offshore RMB flows.

　　In order to satisfy readers who love learning, the administrator has compiled the exchange rate articles of panda trading notes into a comprehensive collection, including "How big is CNH’s short position?" Taiwan Province Teammates of CNH Bears, The Secret of CNH Short-term Interest Rate Surging, The Great Instrument to Deal with CNH Bears, and Looking at CNH’s forward price increase and discount as expected, you are laid off! Eleven trading notes: CNH Arbitrators Made a Lot of Money from Mother Yang; August Central Bank Report Tells the Most Wonderful Story of China in Recent Years; Mother Yang and His Xiong Haizi; Other People’s Mothers; Players and Chips; Mother Yang’s Wild Hope. Pay attention to WeChat official account’s "RMB Trading and Research" and reply to the keyword "Panda Trading Notes" to get a collection of articles.

　　"This article is a speech prepared for a seminar in May 2015. Four months later, the development of the situation is still completely evolving along with the analysis at that time, so let’s take a look back at the recent fluctuations in interest rates and exchange rates at home and abroad. In order to maintain the integrity of the analysis at that time, I deliberately didn’t even update the data. Interested readers should update the latest data on the website of the Hong Kong Monetary Authority and Bloomberg to see what changes have taken place in the trend. -Panda

　　Recently, many readers have left messages in the background with one key word: panda trader! Twelve years after the financial crisis, a new generation of traders began to review the classics in order to have a deeper understanding of the international market.

　　What a relief! This piece of gold was first discovered by me, so I was authorized to edit more than 20 earliest core articles of panda traders! Of course, gold itself will shine. Panda trader is now a big blind trader, and readers will occasionally listen to him on some high-end forums where elites gather.

　　There are more than 20 articles in this series, and I will find an opportunity to resend them one by one, so please keep them. There is also a collection version of PDF, leave an email in the background, and I will send it to you if I have one.

　　Thank you, panda trader! Five years later, there were a bunch of messages backstage looking for your articles. This is a legend!

　　The topic of this speech is the prospect of foreign-funded institutions entering the interbank market. The scope of foreign-funded institutions is very wide, and I intend to limit it to those institutions that have the greatest impact on China’s bond market, that is, large and medium-sized European and American global institutional investors who are going to allocate part of their assets in the RMB bond market. My view is that in the medium term, about one to three years, they may become a considerable force, but in the short term, or within one year, it may be difficult to see a decent asset allocation.

　　Before discussing this problem, it will be helpful to analyze several topics first.

　　I bond asset allocation and foreign exchange allocation mode of large international institutional investors

　　Investment varieties

　　The bond market is rich in varieties. It is generally believed that national debt, or generalized sovereign bond, generally refers to institutions guaranteed by the state or implicitly, such as Fannie and Freddie in the United States, KFW in Germany and EIB in Europe, and we have well-known policy banks in China), which are mainly influenced by macro-economic and monetary policies. However, credit bonds, because they involve the study of corporate issuers and credit environment, are traditionally considered as varieties that need strong local research strength to carry out investment. A special kind of product is ABS. Although it is still very new and mysterious to domestic investors, the bond PM of international institutions generally has rich ABS experience, which recognizes the characteristics of ABS risk dispersion, low leverage ratio and high recovery rate, and its acceptance of ABS is actually higher than that of credit bonds.

　　Foreign exchange model

　　Investing in non-local currency markets will naturally involve foreign exchange risks. Bond volatility is low and foreign exchange volatility is high. Without hedging, it is easy to lose all the hard-earned bond Carry on foreign exchange. Therefore, mainstream asset management institutions are used to managing foreign exchange positions separately, which is called FX Overlay. Rich derivatives in the foreign exchange market, such as FX Swap/FX Forward, provide convenience for adjusting foreign exchange positions without using cash. A bond portfolio may have 40% investment in US Treasury bonds and 60% investment in German Treasury bonds, but 70% position is USD and 30% position is EUR. It is even possible to invest in bonds yourself and outsource FX Overlay to other institutions specializing in foreign exchange.

　　If FX Overlay is stripped off, we only look at the bond position. Considering that the non-local currency position FX Overlay liabilities are at the short end, while the bond Asset assets are at the long end, this will return to the familiar Carry mode of our bond PM, so Carry is more important than Nominal Yield for non-local currency bonds.

　　Second, the wonderful Yield of CNH market

　　The interest rate of offshore RMB in Hong Kong has always deviated greatly from that of onshore RMB, and has greatly converged since 2014. However, due to some systematic factors, these strange deviations still persist. For example, offshore RMB deposits have been pitifully low from 2011 to the first half of 2014, but they began to soar in the second half of 2014, and there was a one-year interest rate of 4% in the fourth quarter. This year, after the People’s Bank of China cut interest rates and lowered the RRR several times, the downward trend of CNH deposit interest rate was quite limited, and the CNH interest rate of some banks was even higher than the CNY interest rate of the same domestic banks. This phenomenon, contrary to our familiar knowledge that raising interest rates creates a strong exchange rate and lowering interest rates suppresses the exchange rate, cannot be explained simply by speculating on the RMB exchange rate.

　　The reason for this phenomenon is the role of Hong Kong banks in RMB carry trade. Since 2012, cross-border arbitrage and RMB exchange rate speculation have become increasingly active, and overseas residents and enterprises have great demand for CNH. With these demands, Hong Kong banks not only provide trading channels as middlemen and counterparties, but also directly participate in carry trade, so CNH long positions are formed in exchange rate and huge CNH Spot long /Forward short positions are formed in derivatives (this is equivalent to CNH interest rate long positions). Note that when deriving CNH positions, the derivation of deposits and loans in monetary banking is also applicable to offshore markets. The following figure shows that the ratio of current and fixed deposits of CNH in Hong Kong fluctuates between 1: 7 and 1: 10, while that of the United States is reversed. Even in the domestic monetary banking system dominated by the banking industry, the ratio of current and fixed deposits is generally around 1: 2. It is conceivable that banks have played a cruel role in CNH market.

　　As for the specific CNH Spot long /Forward short exposure of banks, Goldman Sachs once estimated that the total CNH long-term short position of Hong Kong banking industry in October 2013 was US$ 45 billion according to the Bank Other FX in Banking Statistics published by Hong Kong Monetary Authority. According to Goldman Sachs’ method, I calculated that even after the People’s Bank of China took the initiative to guide the exchange rate in early 2014, Hong Kong banks still provided CNH carry positions on a large scale, reaching a peak of $85 billion in August 2014, and then rapidly reduced them, but as of February 2015, there were still about $50 billion CNH long-term short positions. The above-mentioned positions are Long Spot/Short Forward. In terms of net exchange rate exposure, I calculated by the same method that the Hong Kong banking industry has been a CNH exchange rate bull since 2013, with a position of about US$ 15 billion at the peak in August 2014 and about US$ 10 billion as of February 2015. In contrast, mainstream currencies such as the euro and the Japanese yen have flat net foreign exchange exposure most of the time. Because of the close integration with banking, the foreign exchange forward has a higher exposure, but it rarely exceeds 15 billion US dollars, far less than the amount of CNH.

　　It should be pointed out that this model is not the only one that affects CNH. Other factors, such as the promotion of capital account opening and the demand for RMB assets formed by Shanghai-Hong Kong Stock Connect, may also have a significant impact on CNH. However, considering that the cross-border RMB flow has not changed substantially, I think it is more likely that this model will still dominate the changes in CNH market.

　　CNH derived from the banking system and a huge amount of CNH formed through other channels, such as arbitrage, cannot be circulated through normal deposit and loan methods, and can only be accumulated in the banking system. On the one hand, according to this model, the bank itself is a long interest rate. On the other hand, the interest rate for customers is set by the bank itself, so it is natural to suppress the deposit interest rate for the purpose of controlling its own costs. For investors, on the one hand, in addition to limited investment channels such as dim sum bonds, RQFII or illegal return channels (false trade), only banks that love to save and not roll over deposit, on the other hand, because the main investment purpose is to appreciate the Bo exchange rate, they are not particularly sensitive to interest rates. Therefore, before 4Q2014, the benchmark interest rate of CNH market was quite low, the demand interest rate was close to 0, and the one-year deposit interest rate was rarely 2%. The slightly long-term CNH CCS is even as low as the level of no discipline. For example, the 3-year CNH CCS was only about 1.3% in mid-2013. If an issuer has both US dollar debt and a little debt, the bond PM will find that he Swap US dollars into CCS and then buys some debt, which can be 200Bps more Carry and 200Bps annual risk free yield than directly buying US dollar debt!

　　However, this model will not work since 4Q2014. The downward trend of China’s economy is no longer a "wolf", but a real threat. For the first time, USD/CNY 12M NDF has a Premium of more than 2400Bps, which means that Long CNY/Short USD will be a loss, not a gain (so if you say USD/CNY NDF Premium is expected to depreciate, please consciously think about it. Apart from the CNH exchange rate, there is a greater fear for the Hong Kong banking industry, that is, the accumulated huge amount of US dollar and Hong Kong dollar loans in China. Therefore, the banking industry in Hong Kong is uncharacteristically trying to reduce the position of Long CNH in the Spot market and the position of Long Spot/Short Forward in the Forward market. In this case, not only the exchange rate of CNH is under pressure, but also the interest rate is suddenly facing tremendous upward pressure. At the end of 2014, banks with a one-year fixed deposit of more than 4% were everywhere.

　　The agitation of the exchange rate market finally angered Yang Ma. In March, 15, Yang Ma made a small punishment and beat the speculators. Since then, CNY and CNH exchange rates have been operating with rare stability in history, which has somewhat appeased the Hong Kong banking industry. Everyone expressed that the interest rate was too high, so they all went back to 3% from 4%, but the pace of cutting CNH positions did not dare to slow down at all, and naturally short-term interest rates could not return to the past. An interesting phenomenon is that although there are news reports that high interest rates in Hong Kong’s banking industry attract CNH deposits, in fact, CNH deposits in Hong Kong’s banking industry are declining, not rising.

　　For PM with US dollar as its local currency, it is unprofitable whether it is an Unhedged position with exchange rate and interest rate, or a short-end Carry with Swap financing, or a Duration Matched Arbitrage with CCS, so the dim sum bond market has been weak since 2015. Issuers are very happy, because they can complete the financing at a very low price. If duration matched is used as CCS for the four-year Baodao bond issued by Goldman Sachs in March 2015, the financing cost can be as low as USD 3mL+55Bps, which is less than 1% at the time of issuance.

　　After discussing the above two lemmas, let’s get to the point: the prospect of foreign capital entering the inter-bank bond market.

　　Positive factors:

　　1, the regulatory authorities to encourage

　　Before 2014, out of disgust for interest rate and exchange rate speculators, the People’s Bank of China severely restricted foreign asset management institutions from entering the China bond market. Only overseas RMB clearing banks, sovereign wealth funds of foreign central banks and RQFII were allowed to enter. As for RQFII, only Hong Kong subsidiaries of domestic institutions can enter at first, and then it has gradually expanded to local asset management institutions in Hong Kong. In 2014, with the acceleration of RMB internationalization and the gradual withdrawal of arbitrage positions, the People’s Bank of China has been much more friendly to overseas institutions. RQFII has expanded from Hong Kong to Britain, Singapore, South Korea, etc. In addition to the subsidiaries of domestic institutions and local institutions in Hong Kong, there are also well-known international institutional investors such as Ashmore, UBS, Schroder, Nikko. QFII has also changed from encouraging stock investment to encouraging stock bonds.

　　After 2h, 2014, high-level officials repeatedly mentioned using overseas funds to reduce the financing interest rate, and the RMB exchange rate turned sharply, so the People’s Bank of China has been very friendly to foreign investment in the inter-bank bond market. At present, although there are still problems such as QFII/RQFII quota approval and limited operation (PIMCO’s QFII quota is only $100 million, will I talk nonsense? ), but considering the attitude of regulators, foreign capital will continue to enter the interbank market at the policy level.

　　The varieties that foreign investors are interested in are expected to be mainly treasury bonds/policy bank bonds/central bank bills for a long time, and some of the more active funds may be interested in credit bond issuers with international ratings, such as PetroChina, which have contacted the international market. If it runs well, some foreign investors will be interested in ABS/MBS. Credit bonds may take a long time until the credit culture in China can be understood by international investors.

　　2. Decentralized value provided by RMB bonds

　　On a global scale, considering the low interest rates in the United States, Europe and Japan and the fragility of emerging markets, China can provide a good rate of return, but the bond market with relatively acceptable risks is really rare. What’s more, the correlation between China market and other international markets is extremely low. The following figure is a comparison of the monthly returns and correlation (100% USD Hedged) of major government bond indexes of Merrill Lynch in the first 10 years from 2005 to 2014, so you can see where China’s national debt is. China bonds are ideal investment targets for international institutional investors who want to diversify their risks from the US dollar market.

　　Disadvantages:

　　1. The domestic RMB bond investment and trading mode is far from a mode that makes foreign-funded institutions feel comfortable in global allocation.

　　As mentioned above, foreign-funded institutions have the following options for making non-local currency bonds:

　　(1) manage foreign exchange exposure in the traditional FX Overlay way, and mainly earn bond Carry. This model is difficult to operate in China. Why? Just look at the monthly trading data of foreign exchange derivatives published by the foreign exchange trading center.

　　(2) Allocate RMB directly without foreign exchange hedging. If it is 2013, this method is certainly very good, but now it is necessary to have true love for the RMB exchange rate to do this mode of foreign exchange bond exposure together.

　　Other possible disturbing factors, including trading mode and operational risk, will not be described one by one. In short, from my experience in contact with international institutional investors, to convince these institutional investors, we need to convince them to accept possible risks first, which is more important than income in many cases.

　　2. The CNH market is ahead of CNY, and it is difficult to see the pursuit of CNY before the burden of CNH is digested.

　　The CNH/ dim sum debt market, which is "inadvertently inserted into the willows", has developed to the present, and its scale is not small, nearly 400 billion yuan. The issuers are not only the Ministry of Finance, CDB, Chinese-funded and Hong Kong-funded institutions, but also many big-name European and American companies. The trading mode is a familiar market maker mode for foreign investors. Market makers are old business partners such as Goldman Sachs and Merrill Lynch and other foreign investment banks. The legal system is Anglo-American legal system. What is even more rare is that FX Swap/Forward and other foreign exchange instruments are complete and abundant. PM accustomed to European and American markets can be very comfortable in CNH market, as long as it can tolerate relatively poor liquidity. Therefore, although foreign capital entered the inter-bank market very late, it has a long history to invest in RMB bonds. Since 2010, European institutional investors have appeared in the dim sum debt market in Hong Kong, and they have made some money in recent years. However, the problem is that it is difficult for the dim sum debt market to turn over before the CNH burden of the Hong Kong banking industry has been digested. The following figure shows that the yield of 5-year dim sum bonds has actually been higher than that of 5-year domestic bonds since 2015. Then, for a PM who can do dim sum debt, even if he loves RMB again, it is difficult to persuade him to give up the opportunity to pick up bargains comfortably in the dim sum debt market and join the domestic interbank market.

　　Therefore, it is unlikely that the foreign Salvation Army will reinforce the interbank market in a big way in the short term, and the Advent faction can wash and sleep first. In the initial stage, considering the potential of the RMB bond market, many foreign-funded institutions may actively deploy and even begin to actively trade in the inter-bank bond market. However, it will take another 1-3 years for the inter-bank market to really attract asset allocation funds from global institutional investors, and it will also take another 1-3 years under the premise that the economic fundamental risks can be effectively resolved, the exchange rate is basically stable, and the Carry and Correlation of the bond market against the US dollar have not changed much. However, funds from East Asia, such as Hongkong, Taiwan Province, Singapore and South Korea, may be more active. They are often not so detailed and can accept the direct allocation of RMB.

　　References:

　　1. EM Macro Daily – A look at CNH flows via Hong Kong bank’s positions data, Goldman Sachs Research, Feb 5th, 2014.

　　2. Reading the Signs on RRR: Topline Pressure for Offshore Banks; What will BOCHK/HSB Do With Capital? Jp Morgan equity research, feb 05th 2015 (end)

This article first appeared on WeChat WeChat official account: RMB Trading and Research. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.

We have all heard that in the cold winter, the old migratory birds in the north go to Sanya, Hainan to avoid the cold for the winter. Nowadays, the "barbecue mode" in the midsummer in the south has spawned new migratory birds and moved to cool areas to escape the heat in summer. In August this year, I went to Liupanshui, the "cool capital of China", and tried a summer vacation. This makes me deeply realize that in the era of great health, the development of migratory bird-type health tourism in summer and winter is just the right time and promising.

1. Liupanshui City has achieved "cool industry" with "cool climate" and built the brand of "China Liangdu".

Liupanshui City, located in wumeng mountain, is a young and energetic city born due to the "third line" construction. It is rich in mineral resources, the largest main coking coal base south of the Yangtze River, and is known as the "Southern Coal Capital". The average temperature of Liupanshui City is 18-24℃ (the average temperature this summer is 19.7℃), which is the first city named after the characteristics of climate resources in China and enjoys the reputation of "the cool capital of China". Among the commercial houses sold in Liupanshui every year, the purchase of houses outside the city accounts for more than 30%, and it is the first "living city" in China for the aged with migratory birds in summer. Liupanshui City can run marathons in dog days, and the "Six Horses" event is one of the well-known marathon events at home and abroad, which starts in the midsummer every year. Liupanshui’s "cool climate" has become one of the important factors to attract marathon runners and tourists. On August 4th this year, the Liupanshui Marathon started with guns fired, and 32,000 runners gathered in Liangdu, including 15,000 runners from outside the province.

People in the tourism industry in Liupanshui have an attractive slogan: "Avoid the cold to Sanya, and come to the cool capital in summer." I think this slogan captures the essence of the problem, because the main factor that attracts everyone to Liupanshui Kangyang tourism is climate resources. Liupanshui City insists on sports traction, cultural empowerment and tourism-driven, and implements "traveling with the competition" to promote the integration of high-quality sports travel, recreation and business, and promote the development of "cool industry" led by pension and tourism, such as "migrant bird pension+agricultural travel", "nursing pension+medical care" and "holiday pension+cultural travel", which has attracted a large number of tourists. Since May this year, the passenger flow of Shuicheng Ancient Town in Liupanshui has reached 4.11 million, including 330,000 on August 1-4 (during the Six Horses). Whether enjoying beautiful scenery, tasting delicious food, experiencing folk customs and learning history and culture, Liupanshui can make people feel the butterfly change from "the coal capital of the south of the Yangtze River" to "the cool capital of China".

Second, climate resources have become an important resource for the development of holiday tourism, and relying on climate to heal the body and mind has become a new fashion of migratory birds’ health tourism.

China has rich and unique climate resources. Relying on the climate to heal the body and mind, there was chengde mountain resort in ancient times, and now there are a large number of tourist destinations to escape the cold and recuperate. Mainly middle-aged and elderly people who are laid-back or have the right to take a vacation, they choose to spend the summer or avoid the cold in different places, just like migratory birds coming from south to north, so it is called migratory bird-style health tourism. Migratory bird-type recreational tourism is a kind of travel and sightseeing activity that people go to a place more suitable for their own survival in order to avoid the bad climate environment of their permanent residence for the sake of natural health.

Twenty years ago, Chinese people began to realize that they should avoid the cold. In winter, everyone wants to run to Hainan and enjoy the warm sunshine in winter. In particular, friends in the Northeast are more active. When you go to Sanya, almost all Northeast aunts are dancing square dance. Sanya people joked that Sanya will become the capital of the Northeast in winter. Since 2010, in order to solve the problem of overcrowding and overcrowding of tourists who avoid the cold in Sanya, Hainan Province has proposed to build an international tourist island and scientifically plan the problem of migratory birds who avoid the cold to live in Qionglai, which has promoted the rapid development of Hainan’s real estate. Although Hainan later set up a free trade port to suspend the purchase of houses by foreigners, these cold-sheltered guests immediately moved to Xishuangbanna, Yunnan Province, which not only brought the living property of Xishuangbanna alive, but also became new cold-sheltered destinations along the coast of Guangdong and Guangxi, near the south.

Twenty years later, global warming gave birth to summer migratory birds to open a new way of summer life. In July this year, the Blue Book of Climate Change in China (2024) issued by China Meteorological Bureau showed that the global warming trend is obvious, which is affecting and changing our lives. Climate change leads to the increase of temperature and extreme weather events, which not only affects the comfort of people’s travel, but also challenges people’s daily life and health. For a long time, there were three "stoves" in the Yangtze River basin, namely Chongqing, Wuhan and Nanjing. Later, with the warming of the climate, important cities along the Yangtze River also joined the ranks of "stoves". There are many "stoves", and the problem of being too hot in summer is coming. Recently, the southern region, especially the inland areas along the Yangtze River, has entered the "barbecue mode", and high temperature warning has become a common occurrence. All the outdoor air is blown, and the air conditioner is turned on all the time at home. For people who live in a "stove" city and continue to suffer from high temperature, it is not just "enjoying life" but "healthy choice" to go to a cool place to escape the heat.

Bao Jigang, Dean of the School of Tourism, Sun Yat-sen University, published "Research on China’s Summer Resort and Cold Resort", which shows that climate resources are a major feature of tourism development, among which summer resort and cold shelter resources are particularly important. The summer climate refers to June, July and August every year, and the cold climate refers to December every year and January and February of the following year. There are three areas of summer climate in China: the first area is the northwest frontier and northeast area north of 40 degrees north latitude, mainly including northern Xinjiang, Inner Mongolia, Heilongjiang and Jilin; The second area is the central part of northwest China, mainly including parts of Qinghai, northwestern Shaanxi, Gansu and Ningxia. The third area mainly includes southern Xizang, southwestern Sichuan, central and western Guizhou and northern Yunnan. In addition, summer vacation products can also be developed in the southeast, especially in the mountainous areas over 1,000 meters around economically developed cities. The cold-avoiding climate in China is concentrated in the area south of the Tropic of Cancer, including Yunnan, Guangxi, Guangdong, Fujian and Hainan. Cold-shelter climate is a scarce resource in China and has monopolistic characteristics. Therefore, winter tourism in Sanya and Xishuangbanna is hot. Yunnan has both summer and cold climate, and the dry-hot valley is more suitable for the elderly to spend the winter.

Third, actively rely on the superior natural ecological climate to promote the high-quality development of migratory bird-type health tourism.

At present, people’s demand for health preservation and great health is not only treatment, but also the "four combinations" of prevention, treatment, repair and rehabilitation. In the era of great health, migratory bird-style recreational tourism is gradually becoming one of the normal modes of mass tourism. On January 13th, 2023, the group standard "Construction and Evaluation of International Mountain Hot Springs Recreational Tourism Destination" (T/IMT 0001-2023), which was organized by the International Mountain Tourism Alliance and drafted by the Asia-Pacific Institute of Hot Springs and Climate Health Tourism, was officially released. The standard focuses on the integrated development of hot spring health care, climate health care and forest health care, and puts forward standardized measures for product development, facilities and services related to mountain climate health care.

China’s health industry has been identified as an "infinitely vast trillion-dollar industry" by economists at home and abroad. With the development of the aging society, the increase of the middle class, the in-depth implementation of the healthy China strategy and other factors, migratory bird-style health tourism, as an important part of the big health industry and people’s pursuit of a better life, is now a huge blue ocean with broad development prospects. According to the National Summer Tourism Development Report issued by china tourism academy, the scale of summer tourism and related markets in China alone has reached 1.2-1.5 trillion yuan. Where there are conditions in China, we should seize the development opportunity, actively rely on the superior natural ecological climate, vigorously develop and launch migratory bird-type health tourism products, and let tourists feel the warm and cool climate value through summer vacation or shelter from the cold, so as to realize health care, heart care, old-age care, beauty care and treatment, and make important contributions to promoting the construction of a healthy China. (Chen Xianchun, the writer is deputy secretary-general of Hunan Provincial Government, member of the Standing Committee of the Provincial Political Consultative Conference, and deputy director of the Culture, Education, Health, Sports, Literature and History Committee)

Palm oil, as an important vegetable oil, occupies a decisive position in the global edible oil market. It mainly comes from the fruit of oil palm trees. After refining and processing, it has become a multifunctional oil widely used in many fields such as food, cosmetics and biofuels.

First of all, the position of palm oil in the edible oil market should not be underestimated. Its high stability and low cost make it the first choice for food processing industry. Palm oil is not only widely used in Asia, especially in major producing countries such as Indonesia and Malaysia, but also gradually favored in European and American markets. Its unique fatty acid composition makes it perform well in high-temperature cooking and is not easy to oxidize, thus prolonging the shelf life of food.

In the futures market, palm oil is also a variety that attracts much attention. Due to the globalization of production and consumption, the futures price of China Palm Oil is affected by many factors, including climate change, policy adjustment and market demand. Investors and traders can hedge the risk of price fluctuation through the China Palm Oil Futures Market, and at the same time, they can also make use of market fluctuation to speculate.

The following are some key characteristics of palm oil compared with other major edible oils:

The production and consumption of palm oil show obvious regional characteristics on a global scale. Southeast Asia, especially Malaysia and Indonesia, is the world’s largest producer of palm oil, and the output of these two countries accounts for more than 80% of the global total output. In terms of consumption, India, China and the European Union are the main importing countries and regions.

Under the background of environmental protection and sustainable development, the production of palm oil is also facing some challenges. Because of the occupation of forest resources by oil palm tree planting, the oil palm industry is often criticized by environmental protection organizations. Therefore, how to achieve sustainable development while ensuring output is an important problem to be solved in the future of China Palm Oil Industry.

Generally speaking, palm oil, as a multifunctional and high-stability vegetable oil, plays an important role in the global market. From the perspective of food processing and futures market, palm oil has shown its irreplaceable value. With the constant change of global market demand, the future development of palm oil will be more diversified and complicated.

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CCTV News:At about 6 o’clock on December 24, 2019, Wen Yang, deputy chief physician of the emergency department of Civil Aviation General Hospital, was viciously injured by a patient’s family during normal diagnosis and treatment, and died unfortunately after being rescued. On the evening of 30th, the General Hospital of Civil Aviation held a press conference to inform about the murder of Dr. Wen Yang.

Before the press conference, the audience observed a minute’s silence for Dr. Wen Yang.　

At the press conference, Peng Dingqiong, Dean of the Civil Aviation General Hospital, introduced: "Patient Sun Moumou, female, 95 years old, was sent to the Civil Aviation General Hospital by the patient’s family through an ambulance at 7: 30 on December 4, 2019 because of his unconsciousness. The family members refused to check and asked for infusion treatment. The doctor Wen Yang who accepted the consultation made diagnosis and treatment according to the patient’s condition. After the family members signed it at 12: 50, they took the patient out of the hospital, but at 13: 50 on the same day, they returned to the hospital because they felt that the patient’s condition was not good. During the whole treatment period, the family members did not cooperate with the treatment, and they refused to check and treat for 10 times. Despite this, with the efforts of medical staff, the infection of patients has been controlled, renal insufficiency has improved, and electrolytes have become normal. "

On December 24th, after Dr. Wen Yang was killed by a family member of the patient, the Civil Aviation General Hospital continued to treat the patient.

Peng Dingqiong, Dean of the Civil Aviation General Hospital: "The patient’s family asked to be transferred to the hospital on December 27. After completing the relevant procedures, the patient left the hospital. In the whole process of diagnosis and treatment, our hospital followed the normal diagnosis and treatment procedures, and patients enjoyed the basic medical insurance policy for urban employees’ retirees. The relevant expenses were settled according to the medical insurance regulations, and there was no case of fee reduction for patients. "

In order to objectively and truthfully evaluate the early diagnosis and treatment process of patient Sun Moumou in Civil Aviation General Hospital, the hospital invited experts from outside the hospital for consultation on December 26th.

Peng Dingqiong, Dean of the General Hospital of Civil Aviation, said: "After examining the patients and reading the relevant medical records, the experts said that the early diagnosis and treatment process was standardized and the treatment plan was reasonable, and the patient’s condition improved to some extent compared with that when he was admitted to the hospital. According to the medical records, the family members refused to check and treat many times, resulting in difficulties in diagnosis and treatment. On December 27, the patient’s family contacted the ambulance and left our hospital after fulfilling the relevant discharge procedures. "