The picture shows the large-scale achievement exhibition of "Five Years of Striving" held in Beijing Exhibition Hall. Economic Daily-China Economic Net reporter Wang Huimian photo

　　Economic Daily-China Economic Net, Beijing, September 30 (Reporter Wang Huimian) The autumn wind is cool and the osmanthus fragrance is fragrant. In the most beautiful autumn season, audiences from all over the country went to the Beijing Exhibition Hall to watch the large-scale achievement exhibition of "Five Years of Striving for Progress" and feel the great achievements of various national undertakings in the past five years. In the past five years, from the "Eye of the Sky" sounding to the "Dragon" sounding, from the quantum satellite integration experiment to the "Shenwei Taihu Light" supercomputer, China’s all-round breakthrough in science and technology, the wish of "going to the moon for nine days and catching turtles in the next five oceans" has become a reality. In the past five years, China Bridge, China Road, China Car, China Port and China Net have been "the first in the world" to hold up the Chinese dream of the great rejuvenation of the Chinese nation.

　　Stepping into the exhibition hall, you will be confronted with the preface hall of the large-scale achievement exhibition of "Five Years of Striving for Progress". Economic Daily-China Economic Net reporter Wang Huimian photo

　　The large-scale achievement exhibition of "Five Years of Striving for Progress" has been designed with preface, practice new development concept to lead the new normal of economic development, adhere to Socialism with Chinese characteristics’s political development path to promote the modernization of national governance system and governance capacity, strengthen cultural self-confidence to create new glory of Chinese culture, enhance people’s sense of gain, and Lucid waters and lush mountains are invaluable assets has entered a new stage of socialist ecological civilization. Ten theme content exhibition areas and one characteristic experience exhibition area, such as "realizing the goal of strengthening the army and building a world-class army", comprehensively publicize and show the historic changes in the cause of the party and the state since the 18 th National Congress of the Communist Party of China. It is worth mentioning that the special experience exhibition area requires the audience to make an appointment in advance. The theme of this exhibition area is "cutting-edge technology" and "prosperous scene", which focuses on the cutting-edge scientific and technological progress in China’s Internet field and reflects the prosperity and prosperity of the great motherland. Some viewers praised, "It turns out that we have been so much ahead unconsciously", "This is the most interesting exhibition I have ever seen, from science, education and culture to governing the country and strengthening the army.Feel the changes and development of the country in recent years in an interactive experience. "

　　China’s all-round breakthrough in science and technology: "Take the moon for nine days and catch turtles in five oceans"

　　The world’s largest radio telescope, the China Eye, the artificial sun international thermonuclear fusion experimental reactor, the world’s first quantum satellite Mozi, the world’s fastest supercomputer, the Shenwei Taihu Light, the Jiaolong manned submersible and other models, as well as the future aircraft intelligent cockpit and capsule gastroscope robot, attracted many viewers to stop and watch. Photos, groups of data and models vividly show the audience the achievements in the past five years, from the "Eye of the Sky" sounding to the "Dragon" sounding, from the quantum satellite integration experiment to the "Shenwei Taihu Light" supercomputer, China’s all-round breakthrough in science and technology, and the wish of "going to the moon for nine days and catching turtles in the next five oceans" has become a reality.

　　The picture shows the "Dongfanghong-LW 4004" 400 horsepower heavy tractor model. Economic Daily-China Economic Net reporter Wang Huimian photo

　　The first 400-horsepower continuously variable speed tractor independently developed by China ended the history that heavy tractors above 350 horsepower had to be imported in China. It has broken through the key core technologies such as continuously variable transmission system and intelligent control management system of heavy tractors, and filled a number of domestic technical gaps. Can engage in heavy-duty farmland operations such as deep ploughing, subsoiling and joint soil preparation, meet the needs of precision agriculture and precision agriculture, and promote the technological progress of the industry.

　　There is a character named "Mei Yi" in the movie "Yangcheng Anshao", whose identity is mysterious and deeply hidden. Finally, it is found out that she is a female spy chief. Nowadays, the name of "Mei Yi" has been circulated in Guangdong and other places — — She is considered to be a "human trafficker" involved in the trafficking of nine boys.

　　On March 26, 2021, nine child trafficking cases involved in "Mei Yi" were heard by the Guangdong High Court. During the trial, "Mei Yi" was mentioned many times. Zhang Weiping, one of the principal criminals in this case, said that all the nine abducted boys contacted the buyers through "Mei Yi". He said in court that the simulated portrait drawn by the police before was "unlike" Mei Yi himself.

　　After the trial on March 26th, Shen Junliang was interviewed by the media. Unless otherwise indicated, the pictures in this article are all taken by The Paper reporter Zhu Yuanxiang.

　　"Please ask the procuratorial organs to strengthen supervision and the public security departments to strengthen investigation," said Shen Junliang, plaintiff in the incidental civil action of the original trial on the 26th. "We must catch Mei Yi and get the other four children back."

　　Who is the mysterious "Mei Yi"? Four years after Zhang Weiping gave her up, the mystery remains unsolved.

　　On the afternoon of March 26th, the staff of the command center of Zengcheng Branch of Guangzhou Public Security Bureau told The Paper (www.thepaper.cn) that the case-handling department of the bureau was still investigating "Mei Yi", and there was no new breakthrough at present. "If there is a result, it will be announced to the public as soon as possible".

　　Four defendants at the trial site apologized and the case will be reported to the trial Committee.

　　On March 26th, the second trial was held, and the Guangdong High Court chose the venue in Zengcheng District Court of Guangzhou. Affected by epidemic prevention and other factors, the trial took the form of remote video, and five defendants in the original trial received remote trial at Zengcheng District Detention Center.

　　The Guangdong Higher People’s Court conducted the second trial of this case in Zengcheng District Court.

　　Two years ago, the Guangzhou Intermediate People’s Court found out in the first instance that from September 2003 to December 2005, the defendant Zhang Weiping committed 9 crimes and participated in the abduction of 9 children. The other four defendants, Zhou Rongping, Yang Chaoping, Liu Zhenghong and Chen Shoubi, participated in one of the cases and abducted a child — — Shen Cong, son of Shen Junliang.

　　In December 2018, the Guangzhou Intermediate People’s Court made a first-instance judgment, and all five defendants were found guilty of crime of trafficking in children. Zhang Weiping and Zhou Rongping were sentenced to death, Yang Chaoping and Liu Zhenghong were sentenced to life imprisonment, and Chen Shoubi was sentenced to 10 years in prison. Shen Junliang and his wife’s claim for incidental civil action was rejected by the court.

　　After the verdict was pronounced in the first instance, both the five defendants and Shen Junliang appealed.

　　Some parents show photos of abducted children.

　　After the trial, The Paper interviewed the parents of the abducted children, including Li Shuquan, Zhong Dingyou, Shen Junliang and their attorney, Liu Chang, to learn about the general process of the trial.

　　The defendant in the original trial stated the reasons for the appeal in court. The four defendants except Zhang Weiping all claimed that the trial was too heavy, and hoped that the court would consider the circumstances of pleading guilty and repenting. Only Zhang Weiping said that he had no objection to the first-instance judgment. "I didn’t appeal." Zhang Weiping said that he appealed because he listened to his lawyer. "I now withdraw my appeal." Because Zhang Weiping was sentenced to death in the first instance, the trial on that day was still conducted according to his appeal procedure.

　　In court, all four defendants except Zhang Weiping apologized to the victim’s family. "I apologize to Shen Junliang. Sorry, I made a mistake. " Defendant Zhou Rongping said. Another defendant, Liu Zhenghong, said that he realized that child trafficking hurt both the victim and his family. "In recent years, I have lived in pain every day."

　　During the trial, five defendants accepted inquiries and answered questions about related cases. The defense lawyer did not provide new evidence. The evidence presented by the court includes the bill of 200,000 yuan for compensation submitted to the court by the family of the defendant Zhou Rongping.

　　The prosecutor in court expressed the hope that the court of second instance would uphold the judgment of first instance.

　　In the trial of incidental civil action, Shen Junliang and his wife demanded that the defendants compensate them for the cost of finding a child for 15 years, as well as the lost time, schizophrenia treatment and mental comfort, totaling more than 4.81 million yuan.

　　According to Liu Chang, Shen Junliang’s attorney, before the end of the trial, the presiding judge said that the case would be submitted to the Judicial Committee of the Guangdong Higher People’s Court for discussion and finalization, and then the verdict would be pronounced on an optional basis.

　　This case was called "Mei Yi" by many media, because the defendant claimed that all the nine abducted children completed the transaction through her. However, she is not on the list of defendants in the case — — The true identity of "Mei Yi" is still an unsolved mystery.

　　Shen Junliang printed the portrait of "Mei Yi" on the reward searching for you.

　　Zhang Weiping insisted that "Mei Yi" existed, and the victim’s family called for "catching her".

　　In the trial on March 26th, when asked, Zhang Weiping said that clues such as "Mei Yi" in his confession were true. "I can’t draw." He said that the police showed him a simulated portrait of "Mei Yi", "unlike that person".

　　Zhang Weiping, born in 1971, is from Suiyang, Guizhou, and a recidivist of abducting and selling children.

　　According to the first-instance judgment of Guangzhou Intermediate People’s Court, from 2003 to 2005, Zhang Weiping abducted nine children in Zengcheng District, Huangpu District, Guangzhou, and Boluo County, Huizhou City.

　　According to Zhang Weiping, before committing the crime, he would "step on the spot" around the rented house where the migrant workers lived, looking for a suitable boy. After locking the target, he will contact "Mei Yi" first, and "Mei Yi" will find a good buyer, and then he will start work and take the child away when the adults are not paying attention.

　　Zhang Weiping said that after abducting the child, he would send the child to Mei Yi as soon as possible. According to him, the place where he met with "Mei Yi" was "the slope next to Zengcheng No.10 motorcade" for many times. Sometimes he will go to Zijin County, Heyuan City, with his children in his arms, and trade with buyers there.

　　Zijin county is located in the southeast of Heyuan city. More than a decade ago, influenced by the feudal concept of son preference, some local couples with limited fertility often "adopted" foreign boys. In fact, Zhang Weiping claimed that seven of the nine boys he and Mei Yi and others had trafficked were sold to Zijin County, and the other two were sold to Wuhua County, Meizhou City, and Huidong County, Huizhou City, near Zijin.

　　According to Zhang Weiping, for each transaction, the buyer will pay about 12,000 yuan as "maintenance fee", from which he will pay 1000 yuan as "introduction fee" to "Mei Yi". Zhang Weiping said that in those years, sometimes "Mei Yi" would take the initiative to contact him and ask him if he had any children.

　　In the trial of the Guangdong Higher People’s Court, Zhang Weiping’s defense lawyer believed that "Mei Yi", who has not been brought to justice so far, mainly played a role in trading abducted children, and "Mei Yi was one of the principal offenders in this case".

　　Five of the nine children abducted and trafficked by Zhang Weiping and Mei Yi fifteen years ago have been recovered, and four others are still missing.

　　As the fathers of abducted children, Li Shuquan, Zhong Dingyou and Shen Junliang all believe that catching "Mei Yi" is the key to completely solving the mystery of the case. "So I’m here to ask the judicial organs to pay attention to this matter," Shen Junliang said in court. "Please ask the procuratorial organs to strengthen supervision and the public security departments to strengthen investigation, and we must catch Mei Yi and get the other four children back."

　　Li Shuquan and Zhong Dingyou, who haven’t found their sons yet, believe that Zhang Weiping’s long-term dealings with Mei Yi will be an important witness to identify Mei Yi. If the court of second instance maintains Zhang Weiping’s death sentence, it is best to "save his life" and not execute it immediately.

　　"If he dies, Mei Yi will be even harder to find." Li Shuquan sighed.

　　Who is "Aunt Mei"? After being confessed for 4 years, the police have no breakthrough.

　　How did Zhang Weiping and "Mei Yi" get to know each other and become accomplices in child trafficking?

　　In March 2016, Zhang Weiping, who had absconded for many years, was arrested by the police in Guiyang. In January 2017, the Guangdong Provincial Public Security Department took the lead in organizing public security organs in Guangzhou, Dongguan and Huizhou to set up a task force on Zhang Weiping’s child abduction series.

　　In the face of police interrogation, Zhang Weiping initially confessed that the children he abducted were sold through a woman who was the "aunt of the mahjong hall near Xiangjiang West Road" in Zengcheng, Guangzhou. However, through investigation, the police did not find the "aunt" mentioned by Zhang Weiping.

　　Later, after several rounds of interrogation, after being arrested for one year, Zhang Weiping gave up "Mei Yi". According to him, in 2003, "Mei Yi" was nearly 50 years old, over 1.5 meters tall, with short hair and could speak vernacular.

　　Zhang Weiping said that after he was released from prison in 2003 — — Previously, crime of trafficking in children was sentenced to six years’ imprisonment, and he rented in Shitan Town, Zengcheng. Introduced by an old man of 70 or 80 years old in Gangbei Village, he met a "bachelor" in Nanqi Village in his 40 s, and then introduced "Mei Yi" through "bachelor". "Bachelor" told him that "Aunt Mei" was a matchmaker.

　　The police conducted an investigation in Shitan Town, Zengcheng and other places. However, because the identity information of the "old man and bachelor" provided by Zhang Weiping was unknown, little progress was made at the moment. In November 2017, the police handling the case in Zengcheng Branch of Guangzhou Public Security Bureau told The Paper that the police had taken Zhang Weiping to find two old people who introduced him to "Mei Yi" that year. One of them had passed away, and the other was in a state of senile dementia, so he could not recall the personnel of that year.

　　Zhang Weiping remembers that he met with "Mei Yi" several times, and "Mei Yi" came out of the slope at the intersection of No.10 motorcade in Zengcheng, so he estimated that "Mei Yi" lived in Hewu Village. In addition, from the analysis of the call between "Mei Yi" and others, her hometown should be Xinfeng County, Shaoguan City.

　　Legend has it that "Mei Yi" boyfriend lives in Huangsha Village. The Paper reporter Zhong Xiaomei photo

　　Later, Zhang Weiping provided a clue that when he and Mei Yi were selling children in Zijin County, Heyuan City, they had been to her boyfriend’s house with her — — In a village called "Huangsha".

　　Therefore, the police asked Zhang Weiping to lead the way to Huangsha Village, Shuidun Town, Zijin County. Here, the police found Peng, a suspected "Mei Yi" boyfriend — — This old man, who is nearly sixty years old, is usually engaged in farming and doing "muddy work". Many years ago, he had a relationship with a woman named "Fan Dongmei".

　　According to Peng’s memory, around 2005, when his wife had died for many years, he was introduced to "Fan Dongmei". In his impression, "Fan Dongmei" was about 50 years old at that time, with a height of less than 1.6 meters and a bit fat; The hair is short, the face is "a little square", and the face has slightly convex cheekbones. Peng still remembers that "Fan Dongmei" spoke Hakka, "but not local Hakka in Zijin".

　　"She said that her name is Fan Dongmei. I haven’t seen her ID card. I don’t know if it is her real name." Peng recalled that "Fan Dongmei" said that she was from Guangzhou and her husband died in a car accident.

　　Peng and "Fan Dongmei" have been in contact for three or four years. "I have been to my house for more than a dozen times, and I have stayed for one or two nights every time." Peng said that after three or four years of contact, "Fan Dongmei" left, never came to his house again, and could not be contacted.

　　The police investigating the case inquired about "Fan Dongmei" on the public security information network, but did not find a name that met the age of "Mei Yi".

　　In June 2017, Zengcheng Branch of Guangzhou Public Security Bureau published a simulated portrait of "Mei Yi" to collect clues from the society. According to the circular, the woman nicknamed "Mei Yi" was involved in many trafficking cases, and her real name was unknown. She is about 65 years old, 1.5 meters tall, speaks Cantonese and Hakka, and has been active in Zengcheng and Shaoguan Xinfeng for a long time.

　　Later, Lin Yuhui, an expert on simulated portraits in Shandong, also painted a portrait of "Mei Yi".

　　On March 7, 2020, Li Guangri, deputy director of Zengcheng Branch of Guangzhou Public Security Bureau, introduced that the clues of "Mei Yi" reported by many people in China in the past three years were all excluded after verification.

　　"At present, there is no evidence to directly prove that Mei Yi exists." Li Guangri said at the time.

　　"The statement of the police is also rigorous. The existing evidence about Mei Lan is indeed indirect evidence. " Liu Chang, the attorney entrusted by the victim’s father, Shen Junliang, told The Paper that after consulting the case file and participating in the trial, he felt that Zhang Weiping, Peng Mou and others’ descriptions of "Mei Yi" could confirm each other with many situations in this series of child abduction cases. "I personally believe that ‘ Mei yi ’ It is real. "

　　A simulated portrait of "Aunt Mei". Guangzhou Zengcheng police map

　　On March 25th, a policeman involved in handling a series of cases of Zhang Weiping abducting and selling children told Shen Junliang that the search for "Mei Yi" was still "following", but no clues were found for the time being.

　　On March 26th, after the second trial of nine children abducted, The Paper contacted the command center of Zengcheng Branch of Guangzhou Public Security Bureau to learn about the progress of "Mei Yi" case.

　　"We have been investigating, and there is no new breakthrough in the case handling department for the time being." The staff of Zengcheng Public Security Bureau said that if the case makes progress, it will be announced to the public in time.

The first part is a summary of preface

From August to September, the market of oils and fats showed strong shock, weak trend and huge fluctuation, and the overall trend was relatively strong, among which palm oil and vegetable oil kept hitting new highs. If the rising prices of oils and fats in the first half of the year are mainly due to the strong demand for oils and fats outside the market, the tight domestic supply and demand and the strong macro-funds, then the strong price shock in July-September is mainly due to the domestic supply speculation and the boost of macro-funds. The impact of macro-game on the oil market reflects the financial and speculative properties of oil varieties, which really enlarges the marginal impact on the recent oil market, which is quite different from other varieties of agricultural products (000061, Guba) such as protein and many food price fluctuations.

After entering August, some industrial products were in short supply due to power and production restrictions, and prices continued to rise. Most oil plants in port areas were also affected by this factor, and the basis of oil and fat generally rose sharply, and the expectation of supply shortage continued to enlarge. On the whole, the global vegetable oil balance in 2001-22 was less tense than that in 2000-21, but it was still tight. In addition, the shortage of beans in oil plants at the beginning of the fourth quarter and the potential weak consumption of soybean meal will also keep the soybean oil basis high in the fourth quarter. Domestic vegetable oil stocks began to decline slowly, and vegetable oil is expected to become the most powerful variety after the fourth quarter after adding rapeseed to confirm a sharp reduction in production.

Part II Palm Oil

(1) International market

(1) The output of horse palm in September was less than expected again, or it went to the warehouse slightly.

In August, Malay exceeded expectations by accumulating 380,000 tons to 1.87 million tons, the highest level of inventory since June 20. However, this market has not been traded, and the negative Malay data has been offset by Indonesia’s high export tax. According to the multi-caliber data such as mpoa and uob in September, the output of Malay crude palm oil in September is likely to be flat or even slightly lower than that in August. At present, it is the end of the seasonal peak season for increasing production, and the superimposed labor problems limit the output growth rate, so the output in September is still low. Before the Mid-Autumn Festival in September, the market will introduce 32,000 workers to alleviate the picking efficiency, which will cause the disk to plummet. However, the expectation of increasing the introduction of workers is a long-term impact rather than a short-term impact. The introduction of workers may gradually restore Malay production after 2022, but it may be difficult to solve the current dilemma of increasing production.

On the export side, Indonesia lowered the special export tax from July to August, which made Malaysia lose its competitive advantage. As a result, Malaysia’s exports fell sharply in August, but after the pressure of Indonesia’s sales eased, the export tax was raised again, and Indonesia was reluctant to sell. The export market of Malaysia turned around again in September. At present, it is estimated that the export volume of Malay in September will reach more than 1.5 million tons. Due to the slow growth of output and the great increase in exports, the inventory of Malay in September may decrease slightly compared with that in August, so the trend of horse brown is strong again, accompanied by a strong resonance breakthrough.

After October, Malaysia will gradually enter the production reduction season, and the output will gradually peak and decline. On the demand side, India’s recent procurement has slowed down. In September, India once again lowered import taxes to curb its high domestic prices, but then raised the tax base, which made palm oil import profits worse than soybean oil import profits. As of the end of August, the port inventory of palm oil in India is still low, and there is still some room for replenishment in the short term. It is expected that the horse palm may fluctuate strongly in the future, and even if it is pushed back, the space for the plunge will not be too deep.

Figure 1: Monthly output of Malay palm oil (unit: 1,000 tons)

Source: galaxy futures Agricultural Products Division, MPOB.

Figure 2: Monthly export volume of Malay palm oil (unit: 1,000 tons)

Source: galaxy futures Agricultural Products Division, MPOB.

Figure 3: Monthly inventory of Malay palm oil (unit: 1,000 tons)

Source: galaxy futures Agricultural Products Division, MPOB.

Figure 4: India vegetable oil import tax (unit:%)

Source: galaxy futures Agricultural Products Division, SEA.

(2) Indonesia’s price after tax increase is obvious, and the current pressure is not yet available.

Due to the large accumulation of palm oil stocks in Indonesia in June, in July, the Indonesian government announced that it would reduce the export levy, and the total export tax was 291 US dollars/ton. After August, Indonesia continued to reduce the export tax, so that the total export tax continued to drop from the highest of $348/ton in June to $268/ton. Due to the sharp reduction of export tax, Indonesia’s export volume increased greatly from July to August, and Indonesia’s willingness to sell goods was strong. We subjectively estimate that the accumulation of palm oil stocks in Indonesia from July to August is limited.

After entering September, with the easing of inventory pressure, the government once again announced that it would raise the total export tax to US$ 341/ton, returning to the high level in January-June 2021. Therefore, Indonesia showed a strong price-holding sentiment, and the price difference with Malaysia also widened significantly. Looking at the general direction, Indonesia’s inventory pressure may not be gradually reflected until the fourth quarter, and it is necessary to pay attention to the purchasing rhythm of India and China.

Figure 5: Monthly inventory of palm oil in Indonesia (unit: 1,000 tons)

Source: galaxy futures Agricultural Products Division, GAPKI.

Figure 6: Changes in export tax and levy of Indonesian crude palm oil (unit: USD/ton)

Source: galaxy futures Agricultural Products Division, GAPKI.

(2) Domestic market: the import profit continues to deteriorate, and the long-term procurement gap is significant.

Since July, the trend of domestic disk has been stronger than that of external disk, which is closely related to tight domestic supply, continuous loss-making import profits and persistent port inventory. In the third quarter, the domestic average monthly import of 24-degree palm oil was 400,000 tons, which was basically the same as that of the same period last year. In the third quarter, the monthly average demand was 380,000 tons, which was lower than the same period of last year and slightly lower than the situation in the second quarter, but the overall situation was relatively stable, affected by the need for food factories to purchase and the demand for raw wood in South China. By the end of September, the inventory of low brown ports continued to be less than 400,000 tons. This month, the profit of import arbitrage continued to deteriorate due to the impact of Indonesia’s considerable price. In November, the upside-down range of the shipping schedule was the highest profit in the same period in history, and it fell to -800 yuan/ton, which was so deep that it could only be compensated by the basis difference. By the end of September, the 24-degree spot basis in South China rose from 01+850 at the end of August to 01+1150, reflecting the tight supply expectation under the deep import loss.

According to the balance sheet, according to the current procurement progress, the gap is still obvious after October. Even if the demand weakens seasonally after October, it is difficult to accumulate domestic port inventory and continue to maintain a low level of 300,000-400,000 tons. Unilaterally, in addition to the tight domestic supply accompanied by a strong cash structure, the game funds also have a strong driving force. The labor problem in the producing area and the problem that the import profit is difficult to repair are all powerful short-term pushers of bulls. The overall trend of superimposed macro commodities is strong, and the recent palm oil holdings have increased significantly and speculation has increased.

Figure 7: Profit of palm oil import at 24 degrees (unit: RMB/ton)

Figure 8: Monthly import volume of domestic low brown rice (unit: ton)

Figure 9: Monthly domestic low-brown cargo volume (unit: ton)

Figure 10: Domestic 24-degree palm oil inventory (unit: ton)

Figure 11: P01 Positions (unit: hands)

Figure 12: South China spot basis of 24 degrees (unit: yuan/ton)

Source: galaxy futures Agricultural Products Division, Customs Data, wind.

The third part of soybean oil

(1) International market

(1) The short-term bearish trading of US soybean oil is coming to an end.

Since the beginning of the year, the trend of US soybean oil disk has been different from that of horse palm oil and domestic oil disk, and the consumption growth of US soybean oil and firewood is expected to be strong, mainly trading its own independent fundamentals. Throughout the third quarter, the trend of soybean oil in the United States was under pressure, and high prices suppressed demand. Among them, the total output of biodiesel increased less than expected due to the loss of production profit, the proportion of superimposed soybean oil decreased, and the consumption of raw wood from soybean oil decreased to less than 300 thousand tons per month. Food consumption in July-August is not as good as last year’s level, so the total domestic consumption of the two countries has dropped for three consecutive months since June. As a result, the US soybean oil inventory showed anti-seasonal growth in July and August, the ratio of stock to sales rebounded from the low level, and the inland basis of US soybean oil also dropped significantly.

In 2021, US soybean oil may be under pressure in the general direction due to less than expected demand. In the short term, the price/performance ratio of soybean oil may be highlighted again after a large price correction, and the decline is limited. By mid-September, after the adjustment of soybean oil price, the processing profit of soybean oil-based firewood increased from the highest loss of $1.2/gallon at the beginning of August to a loss of $0.7/gallon. Counting various subsidies and the price of RIN, the overall firewood production and blending profit improved rapidly, so the price of soybean oil in the United States may be supported at around 52 cents. In the medium and long term, after 22 years, with the gradual expansion of RD production capacity, the consumption of soybean oil and firewood in the United States is expected to increase by 1 million tons in the next year, and the long-term increase in soybean oil consumption will also stimulate the crushing of American beans in reverse. The potential increase of RD yield is also the basis of long cattle.

Figure 13: Profits from biodiesel processing in the United States (unit: USD/gallon)

Figure 14: D4-rins (unit: USD/gallon)

Figure 15: Monthly domestic consumption of US soybean oil (unit: ton)

Figure 16: Monthly Stock-to-Sale Ratio of US Soybean Oil (unit:%)

Source: galaxy futures Agricultural Products Division, USDA, Bloomberg.

(2) The discount in South America strengthened, and domestic consumption in Argentina recovered.

Last year, Argentina’s domestic consumption dropped significantly due to the double suppression of its own consumption of raw wood and the export of raw wood. At present, Argentina’s domestic consumption is still depressed after the firewood plan is lowered to B5, but the EU’s return to Argentina to purchase SME has restored the consumption of soybean oil firewood. In addition, the quantity of soybean oil purchased by India has increased recently, and the superposition of the two factors has strengthened the discount of soybean oil in South America. Due to the historical low water level of Parana River, the export transportation of Argentine oil meal was blocked, and the soybean crushing capacity in Argentina began to decline since June. It is expected that the average monthly crushing capacity will continue to drop to 3.5 million tons from August to September. With tight supply and good demand, Argentine soybean oil stocks continued to decline.

Compared with Argentina’s crushing, Brazil’s soybean crushing continued to maintain a high level year-on-year, Brazil’s oil meal exports were smooth, and Brazil’s raw wood production and consumption were relatively stable, which stimulated the steady growth of Brazil’s crushing volume. In the third quarter, Brazil consumed about 380,000 tons of soybean oil firewood every month. In the third quarter, Brazil implemented the B12 firewood plan, but the compulsory blending ratio will be lowered to B10 again in October-December. At that time, the consumption of soybean oil firewood may fall below 350,000 tons per month, and the soybean oil inventory in Brazil may increase slightly in the future.

Fig. 17: Monthly soybean crush in Argentina (unit: 1,000 tons)

Source: Agricultural Products Division of galaxy futures and Argentine Ministry of Agriculture.

Figure 18: Monthly consumption of soybean oil in Argentina (unit: 1,000 tons)

Source: Agricultural Products Division of galaxy futures and Argentine Ministry of Agriculture.

Fig. 19: Monthly Crushed Amount of Soybean in Brazil (unit: thousand tons)

Source: Agricultural Products Division of galaxy futures and Argentine Ministry of Agriculture.

Figure 20: Argentine soybean oil inventory (unit: ton)

Source: Agricultural Products Division of galaxy futures and Argentine Ministry of Agriculture.

(2) Domestic market: there is a large-scale shortage of beans in the country-power cuts and shutdowns, and soybean oil basis will remain strong for a long time in the future.

Looking back at the supply and demand of soybean oil in August, the crushing capacity of oil plants recovered to more than 1.9 million tons per week, and the supply of soybean oil was sufficient, but the apparent consumption of soybean oil increased significantly beyond market expectations, reaching more than 1.8 million tons, only lower than the level at the time of purchasing and storage in the same period last year. At present, it is considered that the high demand for watches is caused by the low terminal inventory from June to July and the continuous replenishment of stocks in the near future. In addition, feed oil has also contributed to the growth. After entering September, the focus of market transactions shifted to the expectation of soybean shortage in oil plants from September to October. Downstream enterprises were generally worried about the tight supply of soybeans and soybean oil, so they were more willing to replenish stocks. After mid-September, the phenomenon of power restriction and production restriction spread from industrial enterprises to oil plants, and the supply tension continued to increase. From late September to mid-October, power restriction in parts of East China, South China and North China led to a decline in operating rate, which can be said to add fuel to the fire against the background of soybean shortage. By the end of the month, the basis of one bean in East China and South China both rose above 01+900, and the basis of one bean in Tianjin and Rizhao also rose above 01+800, reflecting the expected tightening of supply. By the end of the month, the national stock of soybean oil was stable at a low level of 800,000 tons, the lowest level in the same period in history.

Assuming that the film impact weakens in late October, it will be difficult for the oil plant to return to a higher level under the expectation of bean shortage and weak demand for soybean meal. The fourth quarter is the traditional peak season for oil consumption, so soybean oil inventories may continue to decline slightly in the fourth quarter. In the medium and long term, even without the influence of limited electricity, the long-term fundamentals of soybean oil are optimistic, and the basis difference and monthly difference of soybean oil will also run strongly.

Figure 21: Domestic Soybean Crushing Quantity (unit: ton)

Source: galaxy futures Agricultural Products Division, My Agricultural Products.

Figure 22: Domestic soybean oil Zhou Du surface demand (unit: ton)

Source: galaxy futures Agricultural Products Division, My Agricultural Products.

Figure 23: Basis difference of one bean in Guangdong (unit: yuan/ton)

Source: galaxy futures Agricultural Products Division, My Agricultural Products.

Figure 24: Domestic soybean oil inventory (unit: 10,000 tons)

Source: galaxy futures Agricultural Products Division, My Agricultural Products.

Part IV Rapeseed Oil & Small Variety Oil

(1) International market: The output of rapeseed is lowered to 13 million tons, and the global oil balance sheet is still tight in 2012.

Statistics Canada once again lowered the forecast of rapeseed production in 21-22 to 13.2 million tons from more than 16 million tons predicted last month in its September report. Affected by extreme high temperature and drought, it is estimated that the yield of rapeseed will drop by more than 30% to 1.5 tons/hectare this year, and the output of rapeseed will drop by 5.8 million tons compared with last year. Combined with the decline of global rapeseed carry-over inventory, the total global rapeseed supply will drop by 6.5 million tons this year, which is equivalent to a drop of more than 2.5 million tons of global rapeseed oil supply. Most of the reduction of rapeseed will be reflected by the decline of international rapeseed trade, and some will be reflected by the decline of international vegetable oil trade. Subjectively, it is predicted that the rapeseed import in the EU will drop by 1.5 million tons to 4.8 million tons this year, the rapeseed import in China will drop by 800-1 million tons to 2 million tons, and the rapeseed import in the United Arab Emirates will also drop significantly.

The decline of international vegetable oil supply will be compensated by increasing the production of sunflower oil. Although Russia’s sunflower seed yield is slightly less than expected, due to the expansion of the total planting area of sunflower seeds in the Black Sea region, the international sunflower seed output has increased by more than 6.5 million tons compared with last year’s production reduction level, and the corresponding international sunflower oil output and export volume will also increase significantly. The market traded sunflower oil in advance to increase production. Since June, the international sunflower oil price has weakened significantly, but it has gradually increased compared with the recent bottom of the international vegetable oil price.

Based on the global demand for oil and the supply of soybean palm oil, it is estimated that the global supply and demand of vegetable oil will be less tense in 21-22 than in 20-21, but the ratio of stock to warehouse sales is still at a low level, which may mean that the international oil price is still difficult to weaken significantly this year.

Figure 25: International rapeseed production (unit: thousand tons)

Figure 26: International sunflower seed production (unit: thousand tons)

Figure 27: Global Vegetable Oil Supply and Demand Variables (unit: 10,000 tons)

Figure 28: International sunflower price difference (unit: USD/ton)

Source: galaxy futures Agricultural Products Division, Statistics Canada, USDA.

(2) Domestic market: the basis of vegetable oil has strengthened, and the supply shortage in the fourth quarter will gradually be reflected.

From July to August, the domestic demand for vegetable oil continued to be weak, and the price difference between vegetable oil and vegetable oil of other small varieties, such as corn oil, continued to shrink, and vegetable oil lost its cost performance. In addition, in the early stage, the inventory of inland vegetable oil in Sichuan and Chongqing was high, and the terminal enterprises mainly consumed and held the inventory, which reduced the apparent consumption of vegetable oil to a low of 200,000 tons in July and August. In the third quarter, the overall supply of rapeseed and vegetable oil was abundant, especially vegetable oil. In July and August, the average monthly import of domestic vegetable oil reached nearly 150,000 tons, which was significantly lower than that of 200,000 tons in the second quarter, but still higher than the same period of last year. The weak supply and demand in July and August also greatly weakened the basis of vegetable oil to the spot discount state. In 2021, the cumulative domestic import of vegetable oil is expected to reach 2.3 million tons, a big increase of 400,000 tons compared with last year. The weak supply and demand in the third quarter kept the vegetable oil inventory above 400,000 tons by the end of September, and the process of going to the warehouse was still slow in the short term.

After entering September, the market began to trade the expectation of "out of stock" in the fourth quarter in advance, and the mood of low-cost replenishment of terminal enterprises improved, which made the vegetable oil table need to rise to about 250,000 tons in September. In September, the forecast of rapeseed production was lowered again. The global rapeseed supply was tight in winning numbers, and the profit of domestic imported rapeseed maintained a deep loss, and there was still a big procurement gap in the long term. According to the forecast of the balance sheet, it is expected that the domestic vegetable oil inventory will drop significantly after November, and vegetable oil will enter a state of shortage after January next year. At present, the fund heat of vegetable oil is high, and the consistency of many views is strong, and the position has also risen to a higher level in the same period of last year. Generally speaking, vegetable oil may be the most resistant variety in the future, and the shortage of long-term spot will also support the monthly difference to maintain a positive set of ideas.

Figure 29: Domestic vegetable oil imports (unit: tons)

Source: galaxy futures Agricultural Products Division, My Agricultural Products.

Figure 30: Monthly consumption of domestic vegetable oil (unit: 10,000 tons)

Source: galaxy futures Agricultural Products Division, My Agricultural Products.

Figure 31: Domestic vegetable oil inventory (unit: 10,000 tons)

Source: galaxy futures Agricultural Products Division, My Agricultural Products.

Figure 32: Spot basis of Grade IV vegetable oil in East China (unit: RMB/ton)

Source: galaxy futures Agricultural Products Division, My Agricultural Products.

The fifth part of the market outlook

① spot end of the industry: the soybean oil supply end is tight due to the shortage of beans and the film restriction. Even after the fourth quarter, even if the power restriction factor is lifted, the supply growth will slow down due to the shortage of beans, and the domestic soybean oil basis will continue to be optimistic, and the monthly difference will be stronger. Domestic palm oil imports are seriously upside down, the origin is quite expensive, and there is also a procurement gap in the domestic long-term. It is urgent to give better import profits from the origin, and domestic stocks will remain low in the medium and long term. At present, the inventory of vegetable oil is high, and the demand is weak. However, after October, with the decline of arrival in Hong Kong and the overlapping procurement gap, the inventory will gradually decline, and the vegetable oil will easily rise after January.

② Data end of external disk: Malay output was less than expected in September, and the superimposed export was better, so it went to the warehouse in September against the season. In the fourth quarter, Malay will be slow and slow, or it will be difficult to form a significant negative. Indonesia’s market is tight, there is no inventory pressure, and we are concerned about the future procurement rhythm in India. Chicago’s short-lived bear has a long cow, and its recent consumption is less than expected, but it may be basically realized in the short term, and the space for a big drop is limited.

③ Game & Capital & Macro: At present, the three major oils and fats all have the problem of tight supply, which is difficult to alleviate in the short term, while the demand is stable at a high level, and there is no collapse of demand at a high price for the time being. In terms of funds, at present, the main forces of the three major oils are concentrated, and the bullish positions are obvious, paying attention to the disk callback caused by the main profit-making departure before the National Day. Macroscopically, under the goal of double carbon, the supply of some varieties is tight, and the goods are still in a bullish atmosphere.

Risk factors: Malay output; Buying goods in India; Start-up of domestic oil plants; Brazil planting weather, etc.

Part VI Trading Strategy

Unilateral strategy: the domestic supply of oil is tight and the inventory is low, which is difficult to alleviate in the short term. The macro-level of superposition is strong, and the general direction is strong. Pay attention to the support of p01 at 8000, y01 at 8800 and vegetable oil at 10500. However, near the holiday, the main force is too concentrated, so we should be alert to the potential callback caused by centralized liquidation before the holiday.

Arbitrage strategy: continue to hold the monthly difference between vegetable oil and soybean oil.

Option strategy: continue to pay attention to put options and seagull spread options. (The above views are for reference only, not as a basis for entering the market)

Galaxy futures Liu bowen

　　Quote

　　On May 28th, 2020, the research results of "Top 100 Listed Property Enterprises in China in 2020" sponsored by Yihan Think Tank, Jiahe Jiaye Property Service Research Institute and Tianwu Yunsuan were officially released.

　　2020 China listed property enterprise TOP50

　　Top Ten Property Enterprises in China in Investment Value in 2020

　　Top 10 Capital Attention of China Property Enterprises in 2020

　　Long press the above picture to identify the QR code.

　　Get the full version of the 2020 China Top 100 Listed Property Enterprises Research Report.

　　List interpretation

　　I. Business operation

　　The camp of listed companies on the main board continued to expand.

　　The revenue of the plate is nearly 70 billion yuan.

　　Since 2018, the property industry has been in the boom of listing, and the number of property companies listed in Hong Kong stocks and A shares has surged, and many other property companies are actively benchmarking capital; In the booming stage of capitalization for more than two years, the growth ability, profitability and operational ability of the property industry have been greatly improved.

　　Small and medium-sized enterprises have withdrawn from the market, and listed enterprises in Hong Kong have surged.

　　In 2017-2019, the number of listed property companies on the three financing platforms of Hong Kong Stock Exchange, Shanghai and Shenzhen Stock Exchanges and small and medium-sized board fluctuated in the range of 63-65, but the overall situation did not show great fluctuation; However, in terms of sub-sectors, the camp of H-share listed property companies has shown a rapid expansion trend. The scale of listed companies has expanded from 6 in 2017 to 21 at the end of April 2020, and Jianye New Life was listed in Hong Kong on May 15th.

　　The A-share market has not shown a rapid growth momentum due to the strict control of related party transactions of enterprises and the long time period of listing, but the overall number of listed enterprises has shown a steady upward trend.

　　In sharp contrast to the rapid expansion of HA listed property companies, the number of small and medium-sized listed property companies is rapidly declining. In 2019 alone, 12 new third board property companies delisted from the new third board market. For example, Kaiyuan Property terminated its listing on March 24, 2020, and many other property companies proposed plans to withdraw from the new third board market.

　　Source: Jiahe Family Business

　　The revenue and profit of material enterprises have doubled, and the overall operating data is bright.

　　In 2019, China’s listed property companies showed high growth. At present, the overall operating income of 64 listed property companies on the board was 69.62 billion yuan, up 36.6% year-on-year, up 0.7 percentage points from 2018. The net profit of the sector was 8.37 billion yuan, a year-on-year increase of 35%; The overall gross profit of the sector was 17.89 billion yuan, and the growth rate was the same as that of 2018, which was 39.3%.

　　Source of data: wind, Jiahe Jiaye

　　The rapid improvement of the operating income and profitability of the property sector is highly correlated with the rapid improvement of the service scale of various enterprises. In the current stage of "large-scale" development of the property industry, the blessing of capital will expand the scale of property enterprises and reserve growth potential, and will also play a positive role in promoting enterprises’ income generation.

　　The growth of the plate is outstanding, and the growth rate of income and scale exceeds 30%

　　The total operating income of 64 listed property companies in 2019 was nearly 70 billion yuan, of which the total operating income of 25 listed property companies on the Shanghai and Shenzhen Stock Exchanges and the Hong Kong Stock Exchange exceeded 62 billion yuan, up 39% year-on-year, and the growth rate was 1.6 percentage points higher than that in 2018; The total assets of 25 HA listed property companies in 2019 were 90.38 billion yuan, a year-on-year increase of 40.7%, an increase of 13.2 percentage points over 2018; The net assets were 45.58 billion yuan, a year-on-year increase of 75.2%, and the growth rate increased by 13.2 percentage points.

　　Source of data: prospectus and annual report.

　　At present, the overall competition pattern of the property industry is relatively loose, and the market-oriented development of property enterprises is still in the early stage; In addition, in recent three years, the property industry is in the stage of rapid capital influx, and enterprises will carry out relatively big business changes and implement relatively large-scale market expansion strategies in the early stage of docking capital, so that enterprises can present high investment value and good corporate image when facing the capital market.

　　The income structure was adjusted, and the high-income business was focused on development.

　　At present, the main income-generating business of property enterprises includes three aspects: property management services, owner value-added services and non-owner value-added services. From the perspective of business structure, the diversity of the overall business structure of property enterprises is strengthening, and the dependence on traditional property management services is decreasing, while property extension services create greater service value.

　　Source of data: prospectus and annual report.

　　Compared with the traditional operation mode of maintaining the expenses of property enterprises only by collecting property fees, property enterprises are actively exploring community-related value-added services in the new era, especially around owners’ community life services, community asset services, housekeeping services, community property agents, home improvement services and so on.

　　From the data point of view, owner’s value-added service is the fastest growing business among the three business lines, with a compound annual growth rate of 85.3% from 2017 to 2019; Followed by non-owner value-added services, with a compound growth rate of 57.7% in three years; The income from property management service business is the slowest among the three businesses, with an increase of only 33.3%.

　　Source: Jiahe Family Business

　　On the whole, the diversified business of property enterprises has become more and more abundant, the business and income structure has been gradually optimized and improved, and the overall anti-risk ability of the industry has been enhanced. Although the compound growth rate of property management service income is not as good as that of owner value-added services and non-owner value-added services, it is undeniable that property management service business will still be the main source of income for property enterprises in the future.

　　Capital helps scale growth, and the speed of industry differentiation intensifies.

　　As an important indicator to measure the status of property enterprises, scale has always attracted the attention of industries and enterprises. At present, the property industry is in the initial stage of accelerated capital intervention. Combined with the industry background of staking, capital blessing has boosted the speed of enterprise scale integration.

　　In terms of the use of funds, the funds raised by listed property companies are mostly used for market acquisition and merger and other related businesses, such as Xingye IOT, Yexing Group (Hongkun Property) and Jianye New Life, which just went public in 2020. All three companies will use more than 65% of the financing amount for geographical expansion, acquisition and merger to expand the service scale.

　　Source: Prospectus

　　Among the 22 H-share listed property companies, the total area under management at the end of 2019 was 2.04 billion square meters, an increase of 32.6% compared with that in 2018. Although the growth rate in 2018 dropped, the overall growth rate still exceeded 30%. The rapidly expanding scale can bring continuous growth source power for enterprises to generate income.

　　Source of data: prospectus and annual report.

　　The operating income of property enterprises is highly correlated with the area under management. According to the data of management scale and operating income of 22 H-share listed property enterprises in 2017-2019, the correlation coefficient between the two indicators is as high as 99.5%, that is, the larger the management scale, the higher the income that enterprises can create, which can also explain why listed property enterprises spend a lot of money on market expansion.

　　Table: Correlation between operating income and area under management of 22 H-share property enterprises

　　Source of data: annual report of enterprises, Jiahe family business.

　　At present, the pursuit of scale by property enterprises is similar to that of the early real estate market, pursuing scale benefits and hoping to occupy the absolute right to speak before the market is fully developed; Because scale is the cornerstone for property enterprises to create service value, the high growth of scale can ensure the high growth of enterprise income and the benign development of other business indicators to a certain extent, so that there can be more development opportunities in the capital market, and then bring greater investment income to investors. The growth of scale can also provide a huge business demand flow pool for the development of many innovative value-added services of property enterprises.

　　Second, profitability

　　The industry’s short-term asset yield has declined.

　　Higher service cost affects profit realization.

　　In 2019, the operating income and net profit of TOP50, a listed property company in China, were 68.423 billion yuan and 8.272 billion yuan, respectively, up by 37.2% and 37.1% year-on-year. The improvement of operating income and net profit was mainly due to the improvement of the overall management scale of property companies in 2019 and the successive development of diversified value-added businesses.

　　From the echelon point of view, some head listed property companies have many first-Mover advantages in scale expansion and diversified business development because of their relatively early listing time and relatively large financing scale, and their overall profitability is growing faster than that of small and medium-sized property companies. It is expected that the head listed property companies will have a squeezing effect on the market in 2020, and their growth rate is bound to be rapid.

　　The assets of property enterprises have accumulated rapidly, and the ROE level has dropped in the short term.

　　In terms of relative profitability, the overall average return on equity of the industry in 2019 showed a downward trend compared with that in 2018. Among the 25 H/A-share listed property companies, nearly 80% of the companies’ ROE level declined.

　　Source: wind

　　The factors affecting ROE mainly include two aspects: after-tax profit and net assets. In the business model, property companies are service-oriented industries, and the overall labor expenditure accounts for a relatively large proportion. Moreover, the overall income structure and profit model have not changed much between 2018 and 2019, but the net interest rate has decreased by 1.2 percentage points compared with 2018.

　　After the listing of property enterprises, a large amount of funds are used for scale expansion, which makes the total assets of enterprises accumulate rapidly and affects the net assets of ROE. Taking the data of 25 enterprises as an example, the total net assets of enterprises in 2019 was 45.579 billion yuan, a year-on-year increase of 75.2%, an increase of 13 percentage points over the growth rate in 2018.

　　Take the data of 10 property companies listed in 2019 as an example: the net profit of 10 property companies ranges from-78.1% to 108.4%, while the net assets range from 63.8% to 736.9%, and ROE= net profit/net assets. With the rapid accumulation of net assets, the net profit is limited by the industry profit model, which will not be greatly improved, which will lead to ROE.

　　Source of data: wind, Jiahe Jiaye

　　At present, the property industry is in the stage of accelerated scale integration and rapid accumulation of assets, but the profit model of the property industry will not change dramatically in the short term, and the ROE level of the property industry will still show a downward trend in the future.

　　The net interest rate of the industry has declined, and the high service cost has affected the profit realization.

　　In 2019, the operating net profit of 25 H/A-share listed property companies was 7.714 billion yuan, up about 36.0% year-on-year, and the overall net interest rate was about 12.3%, down 0.3 percentage points from 2018. The whole camp of the listed property sector is expanding, but because the newly listed enterprises are mainly small and medium-sized enterprises, in the short term, the net profit of the newly listed property enterprises will be swallowed up by the listing expenses, which will lead to a decline in the overall net profit level.

　　Source: wind

　　Looking back from the income statement of the property enterprise, there are many factors that affect the net profit level of the property enterprise, among which the service/sales cost, operating expenses and taxes and fees of the enterprise have the greatest influence on the net profit level of the enterprise.

　　As mentioned in the previous section, as a service-oriented enterprise, property enterprises have the pain point of all labor-intensive industries: high labor costs. In 2019, the labor cost of the industry accounted for more than 60% of the total service cost. Taking Country Garden Service, Ya Life and Poly Property as examples, the employee welfare expenses of enterprises accounted for 61.3%, 66.6% and 62.5% of the total cost respectively. With the service fundamentals of property service enterprises expanding after listing, the service management radius of enterprises has been lengthened, and the overall service quality supervision has become more difficult. In order to ensure the service quality, enterprises need to increase the input of employees. Although the whole property industry is transforming and upgrading from traditional property service to modern property service industry, the overall modernization level of the industry is still low, and the overall service cost of enterprises will not drop significantly in a short time.

　　The three-fee rate continues to decline, and the profitability is expected to continue to expand.

　　In 2019, the three-fee rate of representative listed property companies was about 11.57%, which was 1 percentage point lower than that in 2018. From 2017 to 2019, the three-fee expense ratio of property enterprises continued to decline, indicating that the overall cost control ability of the industry has gradually improved, and the profitability of the industry is expected to continue to expand. Here, the three expenses refer to: sales expenses, management expenses and financial expenses, among which management expenses account for the highest proportion among the three expenses.

　　Source: wind

　　From 2017 to 2019, management fee rate, a property company, showed a year-on-year convergence trend in the range of 8%-11%, indicating that enterprises have improved their cost control. For example, Yongsheng Life Service, Kaisa Beauty and Country Garden Service have achieved remarkable results in management fee rate control. In 2019, the overall management fee rate decreased by about 4%, while small and medium-sized property companies such as Xinyuan Service, Xingye IOT and Hehong Service, which were newly listed in 2019, performed poorly.

　　In the past three years, the overall sales/service expense ratio and financial expense ratio of the property industry also showed a gradual convergence trend, with the overall floating range of 1.1%-1.4%; In 2019, the overall sales/service expense ratio of the industry was 0.9%, which was 0.02 percentage points lower than that of 2018. 75% of the enterprises’ sales/service expense ratio was below the industry average. Some third-party property companies, such as Clifford Life and Pujiang China, launched other businesses due to the decline in their income-generating ability in property management services, which led to an increase in their sales/service expense ratio.

　　In terms of the use of financial expenses, the financial expense ratio of the property sector dropped to 1.06% in 2019. As the property enterprises belong to the asset-light strategy industry, the biggest aspect of the use of funds is the expansion of scale. According to the financing use of listed property enterprises, the tendency of enterprises to borrow money is low, which makes the overall financial expense ratio low, such as Blu-ray Garbo Service, Poly Property, Country Garden Service and other enterprises; However, some enterprises have high financial expenses in the past two years. For example, the asset-liability ratio of Times Neighborhood is high, which leads to higher interest expenses of enterprises, which makes enterprises far higher than their peers in financial expenses.

　　Third, the capital market

　　Property stocks strengthened against the trend.

　　The concept of value investment appears

　　Jiahe Family Property Research Institute selected 14 H/A-share property enterprises as the constituent stocks of Jiahe Family Property Core Property Index according to the distribution plate, business layout, fundamentals and operating performance. The fundamental performance of the constituent stocks is as follows:

　　Note: Deadline: April 30, 2020;

　　Market value unit: 100 million yuan; H share price: HK$/share, A share price: RMB/share;

　　Currency conversion rate: HK$ 1 =0.9 yuan RMB.

　　Source of data: WIND, Jiahe Jiaye

　　From 2019 to the first quarter of 2020, the capital markets of A shares and Hong Kong stocks were shrouded in a shadow; The continuation of A shares is still in the bottom consolidation state after the stock market crash in 2018, and the Hong Kong stock market is also not optimistic under the impact of the international situation and various social events. In 2019, there were only 161 new shares issued by the Hong Kong Stock Exchange, which was 23% lower than the 208 shares issued in 2018. However, in the bleak macro environment, the property sector added 12 new members to the listing camp in 2019, and the overall increase showed a breakthrough trend in adversity. From January 2019 to April 2020, Jiahe Jiaye’s core property stock index rose by 262%, outperforming the Hang Seng Index by 264.0pc and the Shanghai and Shenzhen Index by 231.8pc.

　　Source of data: WIND, Jiahe family business arrangement

　　The market value camp of enterprises is divided, and Matthew effect appears.

　　Source: WIND

　　According to the classification of the total market value of listed enterprises, the enterprise camp can be divided into four categories:

　　1. Market value of over 60 billion yuan: Country Garden service;

　　2. Market value of 10 billion-60 billion: Ya Life, Poly Property, Greentown Service, China Merchants scrape up, Zhonghai Property, Yongsheng Life Service and Xincheng Yue Service (7 companies);

　　3. Market value of 5-10 billion: Blu-ray Garbo Service, Xindazheng, Times Neighborhood, Aoyuan Health, Color Life (5);

　　4. Less than 5 billion yuan: Kaisa Meihao, Binjiang Service, Nandu Property (603506, Share Bar), Xinyuan Service, Yincheng Life Service, Xingye IOT, Yexing Group, Pujiang China, Hehong Service, Blessing Life Service, and China-Austria Home (11);

　　According to the ranking of market value of property enterprises, an intuitive conclusion can be drawn: the status of property enterprises in rivers and lakes is closely related to the size of housing enterprises backed by them.

　　Country Garden Service, as the property enterprise with the highest market value in the industry at present, is split from Country Garden Group, the leading real estate industry, and enjoys the cool with its back against big trees. No matter the source of funds or projects, it is more developed than other property enterprises.

　　In the second kind of enterprise camp, all are property enterprises with the background of housing enterprises, and most of the housing enterprises backed by them belong to the head enterprises in the industry.

　　In the third kind of property camp, Blu-ray Garbo Service, Times Neighborhood and Aoyuan Health are fast-growing enterprises.

　　Independent three-way property enterprises such as Nandu Property, Pujiang China and China-Austria Home are all in the fourth camp. Although Pujiang China and China-Austria Home are pioneers of the listed property enterprise camp, it is still difficult for the total market value to exceed 1 billion after many years. Independent three-way property enterprises and small-scale property enterprises lack their own project resources, and they lack sufficient funds and brand support for large-scale mergers and acquisitions.

　　In the future, with the continuous expansion of the listing camp and the acceleration of the pace of major material enterprises, the development space left for such small and medium-sized enterprises will gradually decrease, and the competitive environment among enterprises will become more intense in the case of intensified polarization.

　　Property stocks went out of the independent market, and the share price of over 70% enterprises rose.

　　Note: Start time (the first day of listing for enterprises listed in 2020, and the first trading day in 2020 for enterprises listed before 2020) and end time (the last trading day in April 2020).

　　Source of data: WIND, Jiahe Jiaye

　　From January to April in 2020, there were 15 property enterprises. The top three property enterprises leading the whole industry were Yongsheng Life Service, Poly Property and China Shipping Property. From January to April, 2020, the overall property stocks ushered in a rising market. During the COVID-19 epidemic, the sense of responsibility displayed by property enterprises was fully affirmed by the society, the government and other aspects, and the government’s policy formulation, preferential reduction and exemption would be more inclined. Poly Property and China Shipping Property, as established central enterprises, took a relatively high proportion of public property and government property in the projects undertaken, with high income security.

　　Although the property management industry is gaining popularity, the profit-seeking nature of capital can still classify property enterprises. First of all, there are 13 property enterprises with an increase of more than 30%, all of which are backed by large and medium-sized housing enterprises, and there is no independent tripartite property enterprise; There are three property enterprises with a price increase of more than 20%. These property enterprises are mainly separated from independent tripartite property enterprises and small housing enterprises. In the future, as the tide of listing continues, the number of target enterprises for investors to choose will increase, and such enterprises with insufficient investment value will face a more embarrassing situation. Although they are the top listed enterprises, they will not enjoy the financial benefits of the open market and have to fulfill the obligations of listed enterprises.

　　Property stocks have a high P/E ratio and the investment value tends to be rational.

　　The P/E ratio is an important indicator to evaluate the investment value of enterprises. At present, the property management industry is on the rise, and the continuous optimism of capital promotes the P/E ratio of the property sector. At present, the average P/E ratio of the property sector is 36 times, much higher than that of the real estate sector. Among them, the highest P/E ratio is 96 times for China Merchants scrape up.

　　Source: wind

　　According to the average P/E ratio and development prospect of the property sector, property enterprises with P/E ratio above 20 times belong to the normal range, while those with P/E ratio below 20 times are dangerous. There are three property enterprises with P/E ratio below 10 times, namely Color Life, Blessing Life Service and China-Austria Home. These three property enterprises are small or independent tripartite property enterprises. As the first listed property enterprise, Color Life has the largest charge management area in the current listed property enterprise camp, but due to the special business strategy of Color Life, there are not many real benefits. At the moment when scale is king, the growth rate of color life’s management area ranks last in the listing camp.

　　On the whole, in the future, with the retreat of the listing boom, the logic of investment value will return to rationality, and the overall P/E ratio of the property management plate will inevitably fall; However, from the individual point of view, Matthew effect will be highlighted, and property enterprises with large housing enterprises will occupy more development space and market discourse power, while small property enterprises and some independent tripartite property enterprises will be eliminated or swallowed up by the market.

　　Jiahe family business seems that the help of capital will accelerate the development of head enterprises, and it has more advantages in undertaking large-scale projects and improving value-added services. In the future, listed enterprises with large-scale housing enterprises will develop better, and the Matthew effect of the industry will intensify, which will lead to the situation that the stronger the stronger, the weaker the out. Therefore, when faced with various difficulties, small housing enterprises or independent three-party property enterprises need to plan ahead, identify the service areas suitable for their own development, dig deep into the moat of enterprises, and avoid being eliminated by the industry.

　　In Jiahe’s view:

　　The help of capital will accelerate the development of head enterprises, and it will have more advantages in undertaking large-scale projects and upgrading value-added services. In the future, listed enterprises with large-scale housing enterprises will develop better, and the Matthew effect of the industry will intensify, which will lead to the situation that the stronger the stronger, the weaker the out. Therefore, when faced with various difficulties, small housing enterprises or independent three-party property enterprises need to plan ahead, identify the service areas suitable for their own development, dig deep into the moat of enterprises, and avoid being eliminated by the industry.

　　Fourth, quality construction

　　Increase investment in science and technology and standardization construction.

　　Promote efficient community management.

　　In the era of mobile internet, all walks of life are exploring new operating modes, and the property service industry is also facing the adjustment of operating modes. Judging from Jiahe Jiaye’s monitoring of the industry, the property industry is constantly trying intelligent technology empowerment service experience and enterprise operation management such as 5G, Internet of Things and artificial intelligence to help enterprises develop efficiently for a long time. In 2019, listed companies took advantage of capital and increased investment in high and new technologies, with remarkable results.

　　For example, Country Garden Service realizes the landing of multiple "AI+ communities"; Blu-ray Garbo service intelligently transforms old communities; Listed enterprises such as China Shipping Property, Color Life and Greentown Service cooperate with JD.COM, 360 and Shangtang Technology to further improve their operation level in the smart community.

　　Science and technology investment accounts for more than 25% in the financing of listed enterprises.

　　In 2019, the property industry ushered in a small climax of listing, and more property enterprises went to the capital market, and strengthened the intelligent construction of services by means of capital power. Judging from the distribution of the financing plan of listed enterprises in recent years, the investment in intelligent IOT accounts for over 25.2%, making it the second largest business of listed enterprises’ financing expenditure, second only to enterprises’ investment in scale expansion.

　　Source: Prospectus

　　Enterprises such as Xincheng Yue, Yongsheng Life Service, Aoyuan Health and Hehong Service have clearly put forward the concepts of "intelligent service system" and "smart/capable community" in their prospectus and annual report. In the future, with the increasingly clear concept of intelligent IOT, property companies will pay more attention to it, and their service quality will go to a higher stage.

　　The service efficiency of material enterprises has been significantly improved.

　　Thanks to sufficient financial support, the resource integration ability of listed property enterprises has been improved, and enterprises have applied science and technology to community management scenarios to improve management efficiency and maximize corporate interests.

　　At present, listed property enterprises mainly focus on application scenarios such as intelligent security, intelligent access control, intelligent parking and intelligent monitoring by using technology for community management services, and the application of these scenarios plays an important role in improving employee service efficiency.

　　Table: Listed enterprises use technology to provide community management services.

　　Source: Jiahe Family Business

　　Judging from the performance of listed enterprises in 2019, Xingye IOT achieved a substantial increase in per capita output value, reaching 76.72 yuan/square meter among the 25 listed enterprises, which is closely related to the enterprise’s focus on the operation of intelligent equipment and the related business and personnel split in the early stage of listing; In addition, Xinyuan Service, Country Garden Service and Blu-ray Garbo Service continue to exert their efforts in the intelligent IOT, and the per capita efficiency of enterprises also shows an upward trend in 2019.

　　Source of data: annual report of enterprises, Jiahe family business.

　　As a brand-new service model under the new technology, smart community can optimize the enterprise product and service system and improve the quality of community service. On the other hand, it has important advantages in implementing innovative services and expanding diversified services, such as community health testing, smart home and other diversified and customized service needs, helping community service enterprises to seize the opportunities in advance in the fierce market competition.

　　Standardization construction: enterprise management is more standardized and developing in the direction of systematization.

　　At present, the property management industry is undergoing a transition from extensive development to standardized management. There are many problems in property companies, such as imperfect internal rules and regulations, imperfect organizational structure and inadequate staff training mechanism, which directly affect the service quality of property companies. Listed property companies are relatively more systematic and standardized in management system because they need to disclose the relevant data of business operations to the public on a regular basis.

　　In terms of rules and regulations, enterprises such as Poly Property, China Shipping Property and Blu-ray Garbo Service timely updated the epidemic prevention and control rules and manuals during the epidemic period, effectively ensuring the implementation of joint prevention and control measures and improving service quality;

　　In terms of organizational structure, Nandu Property, Xindazheng, Aoyuan Health and other enterprises have designed an efficient organizational structure according to the enterprise development strategy and on the premise of ensuring the maximum satisfaction of the service needs of the owners.

　　In terms of staff training, Country Garden Service, Blu-ray Garbo Service and other listed companies have set up management colleges to train their employees professionally and contribute to the development of enterprises.

　　Figure: Administrative characteristics of listed property enterprises

　　With the continuous expansion of the camp of listed property enterprises, more property enterprises will improve and standardize their own administrative management systems, and property management will continue to develop in the direction of sound system and mature operation; With the continuous improvement of the administrative management system, it will also help the material enterprises to improve their service quality and better meet the owners’ better life and service needs.

　　V. Social responsibility

　　Actively fulfill social responsibilities

　　Help the country get rid of poverty in an all-round way

　　As a new industry, China’s property management industry has become an important industry to promote national economic development and increase employment opportunities after nearly 40 years of development. At present, there are more than 230,000 property management enterprises in China with more than 3 million employees. Judging from the coverage, permeability and relevance of the industry, China’s property management industry not only has the conditions or ability to fulfill social responsibilities, but also actively shoulders the mission of fulfilling social responsibilities.

　　The social responsibility of a property enterprise is to create a good working environment for employees, protect their legitimate rights and interests, and form a harmonious working atmosphere. From the outside of the enterprise, pay taxes according to law, safeguard the rights and interests of owners, create jobs and follow the national policies to implement appropriate policies and strategies. Mainly from the legal level, employee level, environmental level three levels to show the social responsibility of property enterprises.

　　Legal level:

　　In 2019, the total income tax paid by 25 listed property enterprises exceeded 2.4 billion yuan, and seven property enterprises paid more than 100 million yuan, namely Elegant Life Service, Country Garden Service, China Shipping Property, Poly Property, Colorful Life, Greentown Service and China Merchants scrape up. Among them, three listed property enterprises with state background paid more than 100 million yuan. The total tax payment of seven "100 million taxpayers" is about 1.65 billion yuan, accounting for 68.6% of the tax payment of all listed property enterprises.

　　Table: Tax amount of listed properties in 2019

　　Source: wind

　　Employee level:

　　The social responsibility of property management enterprises at the employee level is mainly reflected in creating a large number of jobs. With the advancement of urbanization, a large number of labor force flows into cities, which intensifies the employment competition situation, and the increasingly serious employment problem increases the burden on the government. The property management industry itself is a labor-intensive industry, so it can make great contributions to providing employment and serving the society.

　　Property enterprises can absorb a large number of relatively vulnerable groups with older age and lower education in basic positions such as cleaning, greening, security and simple maintenance services, which on the one hand reduces the labor cost of enterprises and reduces the social burden; On the other hand, it also plays a very important role in resettling floating population and reducing social instability; At the same time, property companies will actively provide these employees with opportunities for learning and training, improve the comprehensive competitive strength of relatively disadvantaged groups, and earnestly fulfill their corporate social responsibilities.

　　The sudden epidemic situation has aggravated the social employment problem. In order to solve the employment problem, the state launched the employment policy of "Spring Blossoms and National Employment Action". Poly Property actively responded to the call of the state, contributed to the steady employment, and opened thousands of comprehensive management and project management positions to job seekers and fresh graduates from all walks of life through online recruitment. Greentown Service launched the "Ten Million Recruitment Plan" in February, recruiting for 1,000 key universities, training 1,000 project managers, and sowing hope in a special period.

　　Environmental level:

　　Environmental responsibility includes social environmental responsibility and natural environmental responsibility, which is the highest level of corporate social responsibility. Environmental responsibility mainly refers to the contribution of enterprises to environmental protection and social development; Contribution to solving natural and social problems; And its contribution to social and natural public welfare undertakings.

　　The environmental responsibility of the property management industry is mainly the word "harmony", which is the harmony between people, between man and nature, between communities and the whole society. Property management enterprises should play an active role in the construction of a harmonious community and society to fulfill their environmental responsibilities. For sudden natural and social events, property management companies should respond quickly, set an example, take the initiative to organize, coordinate, rescue and deal with the aftermath, and actively fulfill their social responsibilities.

　　During the outbreak of the epidemic in early 2020, property enterprises, as the forefront of residents’ daily life, quickly put themselves into epidemic prevention and control, set up headquarters and regional epidemic prevention teams in succession, actively assumed social responsibilities and implemented relevant national epidemic prevention policies, and made great contributions to preventing the continuous spread of pneumonia in novel coronavirus, ensuring the health of community owners and meeting the normal living needs of owners at home.

　　At the end of the epidemic, the National Development and Reform Commission and 28 departments jointly issued the "Action Plan of 2020" and various related policies to help small and medium-sized enterprises return to work and resume production. Many property companies have responded to the call and deployed practical actions. Aoyuan Health launched the action of "Vegetables give love to what you think" in the community of Aoyuan throughout the country, and joined forces with Brother Group to purchase the unsalable products of poor farmers and deliver them to Aoyuan family members at home for free, so as to establish a "green love bridge" between farmers and communities, solve the urgent needs of poor farmers and help them get rid of poverty with practical actions. Country Garden Service launched the "Public-Enterprise Sharing Plan" to help the development of small and medium-sized enterprises, and launched nine public-enterprise sharing services from the three dimensions of promoting, marketing and providing venues by using scene community resources to jointly create a new ecology for community development.

　　As a new force in the tertiary industry, property enterprises directly participate in the improvement of the social environment, create a modern and civilized lifestyle for the majority of owners, assume more responsibilities for the society, strive to win the battle against poverty in an all-round way in 2020, and contribute more to the construction of a harmonious society.

　

　

This article was first published on WeChat WeChat official account: Yihan Think Tank. 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.

　　"I can’t do it, teacher. I retracted it several times when I jumped off the building." On October 30th, a 10-year-old boy named Jun Jun (pseudonym) from a class in Grade Five of Chengdu Normal Primary School in Sichuan Province left this last word in a Chinese textbook and jumped from a 30-story building. Before the incident, the Chinese teacher criticized him for not obeying the discipline of the venue. This tragedy brought pain to everyone. Yesterday morning, the Chinese teacher fainted after seeing the child’s body. "

　　Delayed waiting for the child not to come home

　　On October 30th, a 10-year-old boy from a class of Grade 5 in Chengdu Normal Primary School in Sichuan jumped from a 30-storey building. The crying of the military father and the introduction of the incident by the school roughly outline the process of the incident.

　　At noon on October 30th, the school held a recitation contest in the amphitheatre. When the class of Junjun was watching the competition of other classes, Junjun and several other students didn’t abide by the discipline of the venue. After the competition, the students returned to their classes for normal classes. After school at 4: 40 p.m., Mr. Chen, the class teacher, sent several unruly children to the office to educate them and asked them to go home and reflect in writing. At about 5: 20 pm, the teacher sent these children to the stairs, and the army left school with these students. Then the class teacher got in touch with the parents of the army.

　　The teacher called Ms. Wen, the stepmother of the army. According to Mr. Li, the father of the army, the teacher said that the army did not abide by discipline, hoping to talk to parents about the children and also mentioned that the children should write the examination. But parents didn’t wait for the army. After parents couldn’t wait for their children, they went downstairs and found a man lying in a pool of blood, which was the army.

　　The teacher once asked the writing to be checked.

　　"If only I had gone home, this wouldn’t have happened." Mr. Li, the father of Junjun, couldn’t help crying on the phone. He told the reporter of Beiqing Daily that his home was on the fifth floor, but the army took the elevator directly to the 30th floor. "I can’t do it, teacher. I retracted it several times when I jumped off the building." This last word written in the Chinese textbook may reflect the child’s inner struggle and fear.

　　"The teacher has admitted that he said that he would write a 1,000-word examination," Mr. Li said. The Chinese teacher asked the children to write a 1,000-word examination or made them stand for an hour. There is another unconfirmed statement that the teacher once said that he would "jump off the building if he could not write 1,000 words".

　　In addition to introducing the incident, the school also said, "We are very sad to get the news that the army fell to the building and died. All the teachers and students are in grief. We feel the fragility of life and call on all sectors of society to give more care and love to the healthy growth of minors. "

　　According to reports, at 6 o’clock in the evening, the class teacher received a call from the military mother, saying that the child had an accident and immediately rushed to the incident site and immediately reported it to the school. The school called the police at the first time, and set up a corresponding working group to deal with the aftermath, and reported to the relevant departments at the higher level.

　　The father of Junjun told the reporter of Beiqing Daily that at 9 o’clock in the morning yesterday, Mr. Chen, the Chinese teacher of Junjun, came to the funeral home to see Junjun, along with her family, the Education Bureau and the school staff. Teacher Chen cried a few times after seeing the body, and then fainted. "I stayed here for a few minutes, and I didn’t say anything to our families during this period." Jun Jun’s father said. The headmaster of the school told them that if the school has the responsibility, it will definitely bear it, and let them communicate with the school at any time. What did Mr. Chen say before the incident? The police are investigating. "A conclusion may be drawn next week."

　　conversation

　　Boy’s father: Children were seldom criticized in the class before.

　　Beiqing Daily: Before the military accident, did parents find his abnormal performance?

　　Junjun Dad: No. This child is still excellent, and he was rarely criticized in the class before. If I had been criticized often before, it would be great and I might have been able to bear it.

　　Beiqing Daily: Is it rarely criticized at home?

　　Military dad: We made some agreements with him. If he made a mistake, he would punish himself after admitting his mistake, for example, doing 20 or 30 squats. Generally, he would laugh when he finished squatting. He will criticize and educate him at ordinary times and reason with him. He is a very sensible child. Let him bear it, not suppress it.

　　Beiqing Daily: What did the students of the army say?

　　Junjun Dad: The children are in class together, and now something has happened. The whole class is very sad, fearing that the children will not have a positive understanding. What I learned from other parents is that I criticized it more than once that day, but many times.

　　The teacher asked me to write a 1000-word check.

　　Beiqing Daily: The teacher said to write a 1000-word check?

　　Military dad: The teacher admitted that let the children write 1000 words for inspection or stand for one hour. Today (November 1) afternoon at the school gate, a child in their class said that the teacher said he would jump off the building if he couldn’t write 1000 words. But we are not the parties, and there is no way to prove it.

　　The army didn’t go home after leaving school.

　　Beiqing Daily: Did the army go home alone after leaving school?

　　Junjun Dad: He never came home. If only he had, this would not have happened. We lived on the fifth floor, and he took the elevator directly to the 30th floor. There is a window more than 1 meter high on the 30th floor, and it is very difficult to climb it, and it is also very difficult to climb it and then jump. The children wrote it themselves, and they all shrank back several times, and finally chose this way.

　　Beiqing Daily: Did you see the words written by the children?

　　Junjun Dad: Those words were written by children, and the police evidence collection is completely consistent with the child’s handwriting.

　　The teacher of the child went to the funeral parlour yesterday.

　　Beiqing Daily: Did the Chinese teacher go to see the children?

　　Junjun Dad: I went at 9: 00 this morning (November 1st). The Education Bureau, the school and her family went to the funeral home with her. She fainted when she saw the child cry a few times and didn’t tell us anything.

　　Beiqing Daily: Parents give special hope to their children when they are in Weibo?

　　Junjun Dad: No, you can verify this. My request to him is to let nature take its course and be happy. There is no pressure on the child himself, and his grades are good. He is not stressed because of poor grades.

　　Beiqing Daily: Is the child’s personality lively or quiet?

　　Junjun Dad: More lively. It is because it is more lively that it is always unstable in the collective. That’s what the teacher called us at 5 o’clock in the afternoon, saying that the child could not stand in the team. Do you think if he is a quiet child, he will be unstable?

　　Beiqing Daily: What does it mean to communicate with parents?

　　Junjun Dad: It is said that children are a little untenable in the queue. I hope everyone can talk to the children about this together.

　　The Guide to Quality Evaluation of Compulsory Education not only provides a powerful starting point for improving the quality of compulsory education, but also restricts the irregular teaching behavior, which is of great significance for promoting the all-round and healthy growth of students.

　　Focusing on the construction of a high-quality education system, with the reform of educational evaluation as the traction, we will promote the reform of educational methods, school-running models, management systems and security mechanisms as a whole, and promote the formation of a healthy educational ecology.

　　Don’t give the school entrance examination indicators, don’t simply evaluate the school, principals and teachers by the enrollment rate, and don’t publish the examination results and rankings … … Not long ago, six departments, including the Ministry of Education, issued the Guidelines for the Quality Evaluation of Compulsory Education, which systematically stipulated the quality evaluation of compulsory education, providing a strong support for promoting a good and balanced education.

　　Educational evaluation is related to the development direction of education, and it is related to the fundamental problem of who to train, how to train people and for whom. To promote the modernization of educational governance system and governance capacity, we must hold the "bull nose" of educational evaluation. The "Overall Plan for Deepening the Reform of Education Evaluation in the New Era" issued last year clearly regards the effectiveness of Lide Shuren as the fundamental standard of education evaluation. In the same vein, the Guide to Quality Evaluation of Compulsory Education is based on the growth and educational laws of children and aims at promoting the all-round development of students’ morality, intelligence, physique, beauty and labor, and makes comprehensive and specific provisions on what, how and who to evaluate from the aspects of evaluation content, evaluation method, evaluation implementation, evaluation result application and organizational guarantee. This guide sets rigid rules for the evaluation of compulsory education in various places, which not only provides a powerful starting point for improving the quality of compulsory education, but also restricts the irregular teaching behavior, which is of great significance for fundamentally reversing the unscientific and unreasonable orientation of educational evaluation and promoting the all-round and healthy growth of students.

　　How to improve the quality of compulsory education is related to the healthy growth of hundreds of millions of children. When General Secretary of the Supreme Leader visited the members of the medical and health education sector attending the Chinese People’s Political Consultative Conference meeting this year, he stressed: "Education, whether school education or family education, should not pay too much attention to scores." Over the years, from formulating measures to reduce the burden on primary and secondary school students to standardizing the development of off-campus training institutions and holding competitions; From deepening the integration of physical education and education, promoting schools to strengthen aesthetic education and labor education, to strengthening the construction of teachers’ morality and style, China has made great efforts to reduce students’ burden and promote the transformation from exam-oriented education to quality education. In the new era, China’s compulsory education has entered a new stage of improving the quality in an all-round way, and it is urgent to improve the evaluation system of the quality of compulsory education. The introduction of "Guide to Quality Evaluation of Compulsory Education" is helpful to guide the formation of a scientific concept of educational development and talent training, promote the comprehensive implementation of the Party’s educational policy and the fundamental task of cultivating people by virtue, and point out the direction for the development of compulsory education in the new era.

　　What kind of evaluation baton there is, what kind of school-running orientation and educational ecology there is. For a long time, the phenomenon of "only scores" and "only enrollment rate" has been more prominent in society. Schools have the impulse to recruit students and pursue the enrollment rate, parents are anxious for fear that their children will lose at the starting line of score competition, and there are many phenomena in society, such as "reducing the burden on campus, increasing the burden off campus" and "not transferring offline to online". Behind these problems, we can see the importance of educational evaluation baton. In this regard, the Guide to Quality Evaluation of Compulsory Education adheres to the problem orientation, and integrates the educational goal of cultivating people and promoting people’s all-round development into the assessment and evaluation of counties, schools and students. For example, in view of students’ heavy academic burden, the guide includes "the feeling of academic burden inside and outside the school" into the assessment, and stipulates that teachers "do not publish test scores and rankings"; In view of the heavy burden on schools and teachers, it is required to "strictly control all kinds of activities such as examination and approval, inspection and acceptance, and establishment of appraisal for schools". These targeted measures provide a good way to eradicate stubborn diseases such as attaching importance to intellectual education over moral education and attaching importance to scores over quality.

　　During the two sessions of the National People’s Congress this year, how to promote the transformation from exam-oriented education to quality education has become a topic of heated discussion among deputies. All localities need to do a good job in the implementation of the "Guidelines for the Evaluation of Compulsory Education Quality" to ensure that the policy requirements and direction guidelines of the party and the state for running compulsory education are effective in education and teaching. Focusing on the construction of a high-quality education system, guided by the reform of education evaluation, promoting the reform of educational methods, school-running models, management systems and security mechanisms as a whole, and promoting the formation of a healthy educational ecology, we will certainly be able to run a satisfactory education for the people and cultivate talents needed by the country.

1905 movie network news On June 1st, the well-known animated film Bear Haunted joined hands with Yi An musical, a new generation group, and released a single "Side by Side" (side by side), which accompanied me with warm heart. As the children’s favorite cartoon star, Bear Haunted is six years old, which not only left countless children with infinite joy and emotion, but also became a childhood memory of a generation, and grew up with everyone.

In this year’s Children’s Day, Bears Come and Go has given a unique holiday gift to children all over the world through youthful and inspirational songs and fashionable and dynamic dances. Let the audience feel that "Bears have been with me for 6 years" and "Happy and moved, accompanying me to grow up".

　

Six years of warm heart companionship has become the favorite animation IP after 00.

　

Warm heart is accompanied by joy. In the past six years, "Bears Come and Go" has accompanied a generation to grow up happily and brought infinite joy and emotion to thousands of families. Six years’ creative polishing and deep cultivation of technology have made "Bear Haunted" the most influential domestic animation IP in China. At present, the series of cartoons "Bears Appear" have been broadcast on more than 200 TV stations in China and won the ratings champion, with more than 180 billion times of online demand. Big movies topped the list of domestic animation family movies with a total box office of nearly 2 billion, and gained a good reputation.

At the same time, "Bears Come and Go" adheres to the international communication strategy. The series of cartoons and movies have been distributed to more than 60 countries and regions, and have been translated into English, French, Spanish, Portuguese, Italian, Russian, Hindi and other languages. The series of cartoons have been broadcasted on Disney Children’s Channel, mainstream TV stations and new media platforms in Russia, Indonesia MNCTV, Turkey SHOW TV, Italian national TV RAI and other countries and regions, and

During June 1st, a large number of bear-infested fans said, "I have been watching it since it came out. Now I am 12 years old. Bear-infested is my childhood memory. Awesome, awesome." There are also many parents and adult audiences who have praised "Bears are not only children’s favorite animation works, but also bring joy to adults and are suitable for the whole family to watch together. “

　

"Bear infestation" grew up with everyone and became a role model for the whole people.

"Accompanying and growing up" is the unchangeable initial intention and belief of Bear Haunted. Adhering to this initial intention, "Bear Haunted" has been committed to understanding the love and expectation of the new generation of audiences and integrating it into the works.

This year, "Bears Come and Go" followed the craze of "All People Set an Example", joined hands with the popular idol "Yi An musical" and launched the inspirational, warm and youthful theme song "Side by Side". The theme song takes "Accompanying and Growing" as the core, and the inspirational lyrics highlight the positive energy element of courage, happiness and companionship of Bear Haunted. The dynamic dance explains the brand connotation and new fashion posture of Bear Haunted, which further narrows the distance with young fans, and accompanies children to continue to grow with a young and fashionable attitude, thus realizing the transformation from a family-friendly brand to a national brand with fashion trends.

In the future, "Bears Come and Go" will adhere to the belief of "accompanying and growing up", fit the love of the new generation of audiences, insist on intensive content, constantly improve the quality and connotation of its works, and turn "Xiong Da", "Xiong Er" and "Logger Vick" into national cartoon idols with faith and attitude.

　

National Dance Challenge Attacks "Bears Appear" June 1st Leading "New Voice Generation"

　

With the launch of Side by Side on various platforms, related activities will also be launched simultaneously. Under the energetic melody of "Side by Side", imitating Meng Xiong Meng Qiang’s movements and showing off dynamic dance steps, "Bears Come and Go" is about to set off a national dance frenzy and lead the "new generation"! This Children’s Day, "Bears Come and Go" will dance with you "Side by Side"!

　　The finance of Kunming regards supporting the development of basic education as the key work of people’s livelihood security, conscientiously implements the responsibility of financial security, supports the implementation of the nutrition improvement plan for rural compulsory education students, and effectively enhances the sense of happiness and acquisition of rural students.　

　　Strengthen the financial guarantee and implement the sharing mechanism.According to the "Measures for the Implementation of Nutrition Improvement Plan for Rural Compulsory Education Students", we should make good use of the funds awarded by the central government, resolutely shoulder the responsibility of local finance, and rationally arrange the funds that should be borne by local finance in the implementation of the nutrition improvement plan for rural compulsory education students to ensure the implementation of this policy of benefiting the people.

　　Strengthen fund management, and it is strictly forbidden to embezzle, misappropriate or misappropriate funds.Strengthen the management of the use of funds, urge all project schools to strictly implement the financial system, set up a special ledger for nutrition and dietary subsidy funds, conduct detailed accounting, and strengthen the accounting management of food procurement costs. It is clearly required that nutrition and dietary subsidy funds should not be directly distributed to students and parents, and canteen income and expenditure should not occupy nutrition and dietary subsidy funds. It is strictly forbidden to deduct, intercept, occupy or misappropriate them to ensure that funds are accurately used to improve the nutritional status and physical quality of rural students.　

　　Strengthen procurement management and enforce financial discipline.Supervise and urge all nutrition improvement project schools to strictly implement the procurement law and other laws and regulations and the relevant provisions of the Ministry of Finance, and carry out the whole process supervision and management of nutrition improvement projects from the aspects of procurement demand management, timely disclosure of procurement intentions, reasonable determination of procurement subjects and procurement methods, strict planning of procurement procedures, standardized contract management, and strengthening performance acceptance.　

　　Strengthen performance management and use funds to the "cutting edge".Supervise all nutrition improvement project schools to combine the actual characteristics of nutrition improvement, focus on the management and use of nutritional dietary subsidy funds, students’ nutritional improvement, and the implementation of relevant management systems, set reasonable performance targets, do a good job in performance operation monitoring, establish a scientific performance evaluation system, strengthen the application of performance evaluation results, and improve the allocation efficiency and use efficiency of nutritional dietary subsidy funds.　

　　Strengthen supervision and inspection and carry out supervision in various aspects.The financial department shall coordinate education, sports, auditing departments and schools implementing nutrition improvement projects to strengthen supervision over the use and management of nutrition and dietary subsidy funds, conduct regular audits, and consciously accept supervision and inspection such as auditing. All implementing schools are required to establish and improve the internal control system, strengthen internal supervision, disclose the income and expenditure of canteens at least once every semester, and consciously accept the supervision of teachers, students, parents and society. Use the management information system of the national nutrition improvement plan for rural compulsory education students, strengthen the real-name system management of beneficiary students, and strictly prevent taking or taking the food subsidy funds. The education department shall strengthen the audit of data information and be responsible for the authenticity, integrity and accuracy of data.