元宇宙筑梦师

Bloomberg: According to informed sources, China International Capital Corporation (CICC) has once again participated in Vanke's rescue efforts. Shenzhen has submitted a rescue plan to Beijing through Guangdong Province. This leading investment bank is assisting the Shenzhen municipal government and major shareholder Shenzhen Metro Group in formulating a comprehensive rescue plan to address the liquidity crisis faced by Vanke. According to the latest information, CICC is mainly responsible for debt restructuring design, asset sale coordination, and financing plan formulation. Specific measures include extending bank loan terms, selling quality assets, and introducing policy-oriented funds. The Shenzhen side has submitted a report containing the above plan to the central government through Guangdong Province, but emphasized that this action is primarily market-oriented, and it is still unclear whether the state-owned capital injection will be implemented.

The inventory clearance of Feitian Moutai distributors is quite fast at this stage, brutal! The purchase price for distributors is 1169, but it is bundled with many Moutai series liquors, and the actual cost is 1700 yuan.
Breaking through this price, distributors began a stampede-style crazy loss liquidation! The stampede is brutal!
Moutai stock prices will hit bottom six months ahead of the worst-case scenario.
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The new regulations on the performance assessment and reward and punishment system for public fund managers have a very obvious and significant impact on the market.
Currently, poorly performing public funds are frantically cutting losses in low-position sectors, chasing up in main rising sectors, and pursuing strong sectors. Yes, that's right, they are chasing highs and killing dips. Because they have to do this, it concerns their reputation and livelihood, and their personal interests.
For example, the recent sell-off in the liquor sector, and in any other bottom sector, if a sudden crash occurs in a low-position sector, unless it is caused by negative news in the industry, there is no doubt that public funds are cutting losses at the bottom. Because they cannot hold on, they cannot afford to wait. They do not have time to wait for the bottom sectors to finish their adjustment periods, nor do they have time to wait for a recovery in the declining sectors.
They are seeking immediate benefits, pursuing short-term returns, and want to quickly increase the net value of the funds, or else their reputation will be tarnished, and they will lose their livelihood.
Therefore, in the future, for sectors with high prosperity, high growth, and still in a main rising trend, as long as the industry's fundamentals and prosperity have no issues, public institutions will allocate and cluster even more frantically, and will cluster and lift even more intensely, especially benefiting the capacity-weighted stocks within high prosperity sectors, because small stocks cannot push positions, they need to push positions up, and also frantically lift and increase the net value of the funds, so there will be frenzied clustering, frantically chasing highs and killing dips, and frantically allocating the capacity weights of such sectors, the better the weight rises, the more vigorously it rises.
In recent days, the liquor sector continues to sell off at the bottom, while computing power continues to advance vigorously at a high position, indicating that the public funds in the liquor sector are adjusting their positions.
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As investors' concerns about Vanke's debt crisis intensify, the global restructuring advisory firm Houlihan Lokey Inc. has begun to reach out to Vanke's dollar bondholders, seeking to provide consulting services and possibly form a creditor coordination group. This move marks a further escalation of Vanke's liquidity pressure and may signal the start of a formal restructuring process. Referring to Evergrande's past experience, the formation of this creditor group seems to indicate that Vanke is shifting from 'delayed negotiations' to 'collective coordination.' If the restructuring is initiated, it will involve asset disposals and debt-to-equity swaps, which may exacerbate market volatility in the short term, but in the long run, it will help mitigate systemic risks in the real estate industry.
The future of Vanke may have several possible outcomes:
1. Orderly restructuring. Entering a formal restructuring process like Evergrande, with creditor coordination, asset disposals, and debt-to-equity swaps. During this process, stock prices usually remain under pressure, but there may ultimately be room for survival. The time frame could be 1-3 years.
2. Disorderly default. If coordination fails, more aggressive debt treatment may be faced, and shareholder equity may be significantly diluted or even wiped out.
3. Acquisition/rescue. Shenzhen Metro is in a tough spot; will there be other big players stepping in?
Next, should we cherish Vanke at 4 yuan or Vanke at 3 yuan? Or will it rebound to 5 yuan or 6 yuan?
If you have both expectations and fears about Vanke—under such circumstances, it's usually best not to enter the market.
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The normal weight of a human liver is usually only about two pounds, but at the moment when Liu Di's abdominal cavity was opened, the lead surgeon Dong Jiahong was faced with a gigantic liver weighing four pounds.
The extra two pounds were all weight, but not flesh; they were densely packed, invisible to the naked eye yet truly existing—worms.
In 2019, at Tsinghua Changgung Hospital in Beijing, Liu Di was a girl from the Tibetan region who had just taken the college entrance examination. For children born in the Tibetan region, education is the toughest way to change their fate, and Liu Di devoted all her energy to her senior year.
Her body had already issued warning signals: starting from the previous year, she frequently felt short of breath and had vomiting and diarrhea, but the obsession with "the college entrance examination is paramount" became the best cover for her illness. She simplistically attributed these severe physical discomforts to excessive stress and gastrointestinal issues, stubbornly holding on until the exams were over.
When she faced the real question of "should I go to the hospital," her body no longer allowed her to choose. At that time, Liu Di's skin showed a strange yellowish-brown color, and even in her clearly defined eyeballs, the whites were completely stained yellow.
Walking, a daily action, had become a luxury for her; she had to hang on her father like a puppet to move a few steps. After going through multiple hospitals with no results, that year, her family brought her, who was left with only half a life, to Dong Jiahong.
Dong Jiahong is not only a renowned liver and gallbladder expert but also an academician of the Chinese Academy of Engineering and the director of this hospital. With countless experiences, his eyes quickly made a rough judgment upon seeing Liu Di's earthy yellow skin and eyeballs: this is severe jaundice caused by extreme bile accumulation.
This jaundice is by no means an ordinary minor ailment; a liver CT scan quickly confirmed Dr. Dong's prediction, but it also made the medical team, accustomed to big scenes, gasp in shock. On the scan, the girl's liver had doubled in size, and the originally uniformly textured organ image was now filled with large, disturbing shadows.
That was not a tumor; it was a "worm's nest." Dong Jiahong gravely threw a term at Liu Di's parents that sounded more terrifying than cancer—worm cancer.
In medical terms, this is called echinococcosis, scientifically known as hydatid disease. This highly camouflaged parasite is a master of survival in nature, extremely resilient.
They usually lurk in food or water sources, sliding into the human body through the mouth. At first, they only lie dormant in the intestines, then seize the opportunity to break through the intestinal wall and invade the blood vessels, following the blood circulation to find the most fertile "settlement point." For them, a nutrient-rich liver is the "top-notch mansion."
If detected early, a few antibiotics can end this invasion. Unfortunately, this disease can be termed a "silent killer"; during the long incubation period, there is almost no pain, and it is not until the worms have gnawed the liver into a hollow ruin and drained the body's nutrition that the grotesque symptoms emerge. By that time, Liu Di was evidently in the late stage, with her entire liver nearly ruined.
The paths left for Liu Di's family were only two. The first path is a whole liver transplant, simply put, "replace it with a new one"; cut out the old liver and implant a healthy one.
Although this could root out the problem, let alone the high surgical costs that had long exceeded the family's limits, lifelong use of anti-rejection drugs would still carry uncontrollable risks.
The second path is an ex vivo liver resection surgery. As early as 2009, Dong Jiahong began exploring this tactic: completely "disassembling" the damaged liver from the human body and conducting detailed "mine clearance" and repair outside the body, keeping the good tissue while removing the bad tissue and worms, and finally "installing" the repaired liver back into the body.
To preserve the already meager family finances and out of absolute trust in Dong Jiahong's team's decade-long honed skills, Liu Di's parents trembled as they signed the surgical consent form. It was a long, suffocating surgery that lasted a full 14 hours.
When the abdominal cavity was opened and the liver, badly corroded by parasites, was exposed under the surgical lamp, the visual impact was horrifying. Because it was occupied by parasites, the entire liver appeared a dull grayish-white, as if it had lost all vitality, weighing four pounds, meaning that besides the two pounds of liver tissue that should have been there, the other two pounds were all cysts of the crazily proliferating echinococci.
Dong Jiahong focused and composed himself; this resembled a precise sculpture under a microscope. After the liver was removed, it was first soaked in a special insecticide solution for a full 4 hours to prevent any eggs from being missed or transferred during the removal process.
Next came the doctor's "darkest moment"—manual debridement. Dong Jiahong had to use his eyes and instruments in concert, meticulously removing those eggs and pathological lesions that were not only hard to discern with the naked eye but had long been intertwined with the liver tissue.
This work lasted nearly 6 hours, with every cut needing to be precise to the millimeter because every gram of healthy liver tissue was the girl's rebirth capital. Following that was another 2 hours of necrotic tissue removal; the once plump liver became riddled with holes, but what remained was hope.
After the external repair was completed, Dong Jiahong performed vascular reconstruction and duct patency on the remaining healthy liver before steadily implanting it back into Liu Di's abdominal cavity.
As the blood vessels were connected and blood flowed back, the originally pale liver gradually regained its rosy color. At that moment, the red light outside the operating room finally turned green after a long anxious wait.
The resilience of life was vividly displayed at that moment. 24 hours after the surgery, Liu Di opened her eyes in the intensive care unit; after 36 hours, she was transferred to a regular ward. A week later, the girl who once needed her father to carry her to walk could already get out of bed by herself. Just a month later, she was completely recovered, entering her dream university campus with her reborn body.
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Zhongshan bosses collectively complained that after the goods are shipped, it takes three months for the money to arrive, and in the meantime, they have to borrow money to pay the workers' wages.
Lamp factories, hardware factories, and small appliance factories are all the same; when customers say 'industry practice,' they extend the payment period to ninety days or more.
If you don't accept long payment periods, you won't get orders; if you do accept them, the interest eats away at the profits, making it increasingly feel like working for the bank.
Now the city has set up a platform to allow large enterprises to 'confirm immediate payment.' The first batch of twenty pilot companies has increased the speed of payment collection by forty percent, but most buyers are still observing.
Small business owners say that if they are not given a way out, they will have to shut down their machines and disperse their workers.
The pressure from the payment terms is crushing not just factories, but the entire manufacturing ecosystem.
Whoever pays first is the one who saves others.
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A foreign friend told me
The kidnappers are definitely after more than just money
This operation is ten times worse than robbery
She not only left behind fingerprints and bodily fluids, but also had a tube taken from her....
Usually at this point, they would have to kill her
Lan Zhanfei is really lucky,
If she were to be killed
There would be no clues left abroad
It could only be left unresolved
Then the kidnappers find a woman,
Do a test tube, have a child
Two years later, come back with the child
Saying they want to inherit the family fortune
There's nothing anyone can do about it
It's impossible to explain clearly.
Thinking about it carefully, it's really terrifying
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It indicates that local authorities have filed a case and are monitoring the situation; at the same time, they are in communication with the Chinese Embassy.
The online claim of '17 million being stolen' is false, and the individual claims the kidnappers actually demanded 3 million.
There are still differing opinions, and subsequent updates will be based on reports from local police.
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Why do Manchus occupy such a significant position in the entertainment industry? It makes a lot of sense after listening. After the fall of the Qing Dynasty, Manchus had to go out and earn a living, and a large number of Qing nobles entered the theater industry. At that time, the illiteracy rate in the country was very high, and these nobles had received an education; they could not only read but also sing. Actors were considered to be of low status in traditional views, and the Manchus entering these industries were not given much attention at that time. Gradually, these Manchus established themselves in the performing arts industry, and with the development of society, the shackles of thought were gradually broken, leading to an increasing status of those engaged in the performing arts. Therefore, starting from the 1990s, many Qing palace dramas emerged that praised the Qing Dynasty, directly and indirectly whitewashing the Qing rule. During this period, the involvement of Manchus in film and television was particularly noticeable, and this situation did not settle down until a ban was imposed in 2019.
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As of December 8, the trading scale of the 'Xiangyuan Series' products traded at the Zhejiang Gold Center has exceeded 10 billion yuan.
These amounts are voluntarily registered by investors and are based on incomplete information, and the numbers are still expanding. Several income rights products from the 'Xiangyuan Series' have defaulted consecutively, and these products are mainly traded at Zhejiang Financial Assets Trading Center Co., Ltd. (hereinafter referred to as 'Zhejiang Gold Center'). A self-proclaimed investor who invested 6 million yuan has invested in a total of 13 products at the Zhejiang Gold Center, with all guarantors coming from the 'Xiangyuan Series'. One of the products has overdue payments, named 'Financial Asset Income Rights (Wanjie Changxing)', which matured on December 1. According to the product prospectus, the listing trading institution is Changxing Wanjie Investment Partnership (Limited Partnership), and the credit enhancer is Xiangyuan Holdings Group Co., Ltd., Yu Faxiang. The underlying asset is 'the factoring financing debt rights with a principal amount of 50 million yuan under the commercial factoring contract numbered [BLWJCX2024002], which is held by the listing trading institution and assigned from a financing leasing company, along with the repayment/repurchase rights of the accounts receivable transferor.' According to the agreement, this product pays interest every 6 months
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Hang Seng and A50 trend fork
Who is right and who is wrong

Zhejiang Gold Center has exploded, and the ones trapped are all middle-class, with the least investing several million!
Many people are puzzled, do they really care about this 5% interest?
Now the lobby of the Zhejiang Gold Center is crowded with investors from all over the country demanding an explanation, and it is impossible to withdraw funds from the Zhejiang Gold APP.

Passenger Car Association: The trend of hollowing out profits in the automotive industry is very severe, with significant upstream profit interception. The Passenger Car Association stated that the trend of hollowing out profits in the automotive industry is very severe, and upstream profit interception is serious. Various regions are vigorously promoting the implementation of the "Two New" policies, effectively releasing the vitality of domestic demand, and the effects of the policy to replace old consumer goods with new ones are evident. However, the improvement in the automotive industry's profitability is significantly lagging behind other consumer goods. As the national efforts to combat involution continue to advance, the profit margin in the non-ferrous metal mining and selection industry exceeds 30%, the profits in the upstream steel industry have greatly improved, the battery industry is highly profitable, and the high costs associated with intelligent driving have led to a contraction in the profits of the automotive industry while upstream enterprises in the industrial chain are performing well.

State Taxation Administration: It is strictly prohibited for platform enterprises to transfer tax obligations to various 'delivery personnel' and increase their burden.

Honestly, air conditioning companies can't afford copper now
Photovoltaics can't afford silver
They should have replaced a lot with aluminum
Quality is hard to say
Maybe second-hand is better than new quality.

Hangzhou Normal University details have come out
Watercolor pens 288 a set Books 8000 a set Building blocks 700 a set
Is it gold-plated?

It is understandable that Lenovo is moving its manufacturing department to India, after all, the costs are lower there, but moving the core R&D department from Shanghai to India is something many people may find difficult to understand.
I have a classmate at Lenovo's Shanghai R&D, who received a notification after the Spring Festival that the team would be split, with some members going to Bangalore for long-term assignments; he is on the list. His child just started kindergarten, and he didn't sleep a wink that night, repeatedly checking the project schedule. Unable to harden his heart, he made a request: to go for a three-month trial. Upon arrival, his first impression was that there were many smart people who wrote code quickly, but the equipment was slow to arrive, and they couldn't get in touch with supporting manufacturers, often getting stuck in meetings over a small component. The most pressing time was during client acceptance, when the chips needed for debugging were delayed; he broke down the domestic plan into a checklist, connected via video overnight, and temporarily modified the test platform into two processes, managing to keep the project on track. After returning home, he told me that the difficulty was not in technology, but in processes and collaboration, and that creating standards for these would enable operations anywhere.
He also saw opportunities. The communication costs with Indian clients are low, the market is willing to try new things, and while they are price-sensitive, the volume is large. The subsidies and rotation policies offered by the company are decent; the key is whether you are willing to broaden your horizons. Many people worry about "core leakage"; he said it is actually more akin to modular division of labor, with the underlying direction remaining in China, while adaptation and localization are done externally, where risks are controllable, but it requires people to oversee it.
I asked him a question: Are you afraid that all positions will be overseas in the future? He said not to be afraid; what is scary is if we only want to stay in our comfort zone. Corporate globalization is not a retreat; it is an extension. Whoever can replicate the efficiency and engineering capabilities of the Chinese team abroad will capture new markets. We used to talk about Chinese manufacturing; now we should talk about Chinese people going global for manufacturing and R&D.
This changed my mindset. Rather than arguing online, it is better to focus on three points: Can talent collaborate across cultures? Can the supply chain be quickly rebuilt? Is intellectual property and core capability managed in layers? If we do these three things well, it will enhance the company's global presence. If we fail to do well, even the cheapest costs can turn into invisible losses.
You may still be unaccustomed to this change, but the market does not wait for anyone. When orders and resources begin to flow globally, we must learn to win in different coordinate systems. Perhaps the next time you see a new product launch, the team will be seamlessly switching between Shanghai and Bangalore. The suspense lies here: whoever can manage a hybrid team smoothly will take the lead in the future.

The night before the decisive battle is bound to be thrilling! Various stockpiled armored vehicles and artillery from the West have been sent to Ukraine. The Ukrainian Ministry of Education has directly expelled 50,000 male university students, who will all be mobilized to serve in the military.
The Ukrainian State Quality Supervision Bureau stated that universities and colleges have become shelters for those evading conscription by the Ukrainian Armed Forces. The Ukrainian side has already expelled the first batch of 50,000 male university students over the age of 25.
In Ukraine, the conscription age is 25. These students have used deferred graduation to obtain student status. Once they reach over 25, they still cannot graduate. This is to evade military service. Now, on the night before the decisive battle, the Ukrainian side is carrying out the final mobilization.
On the other side, countries like Italy, Sweden, Finland, and Germany have also begun to urgently transport the last stock of decommissioned armored vehicles to Ukraine to bolster the strength of the Ukrainian army.
The United States demands that Europe must begin to take on most of NATO's defense tasks by 2027. Intelligence, operational transport, missile defense, drones, cyber warfare, and ammunition supply, all must be fully the responsibility of Europe. The U.S. military is pulling out; if you want to fight, you Europeans go and fight yourselves!
From the European perspective, the Russian army is expected to take action in 2030. NATO plans to be combat-ready by 2030. Therefore, during this period, Ukraine needs to hold the frontline to buy time for Europe to rearm.

In the winter of 1937, Peng Dehuai, the deputy commander of the Eighth Route Army, was worried as he looked at the accounts — the supplies captured from the victory at Pingxingguan were only enough to last three months, while the Japanese army was implementing the "Three Alls Policy" in the base areas, and the Kuomintang was strictly blockading the economy. How to feed an increasing number of troops? This problem was more headache-inducing than fighting.
The battle at Pingxingguan was fought decisively, with the 115th Division annihilating over a thousand Japanese troops, capturing over a thousand rifles, dozens of machine guns, hundreds of trucks, and mountains of canned food, flour, and overcoats. But as soon as the battle was over, it was time to tally the accounts: the three divisions of the Eighth Route Army added up to only thirty thousand men, but in less than two months, it swelled to over a hundred thousand, with wounded soldiers, local officials, and guerrilla fighters all needing to be fed. The little captured supplies, when divided among everyone, couldn't even last three months.
What's worse is that starting from early 1938, the Japanese military carried out the "Three Alls" policy in North China, burning villages, looting grain, and killing all humans and livestock, sweeping through the Jin-Cha-Ji, Jin-Sui, and Shandong base areas. The Kuomintang was also busy, with Yan Xishan and Wei Lihuang's troops building one blockade and bunker after another, preventing salt, cloth, and medicine from coming in; even matches became a luxury.
At this time, could we still expect funding from above? It was absolutely hopeless. The Shaanxi-Gansu-Ningxia border region government had a fiscal revenue of only more than 7 million yuan in 1940, and after the Kuomintang stopped paying the Eighth Route Army's military salaries, even this little money was about to run out. Later, Peng Dehuai recalled that in those years, the most worrying thing was not fighting, but eating.
The only solution was to think for ourselves.
First, save from the people's bowls. From the end of 1937 to 1938, various base areas successively implemented rent reduction and interest reduction, with rent generally dropping to below 37.5% of the harvest, and usury interest cut to below 1.5%. An ordinary tenant farmer in Junan, Shandong could save three to four shi of grain in a year, and some villages in Jin-Cha-Ji directly refunded the excess rent to farmers. The enlightened gentleman Liu Shaobai donated 300 shi of millet at once, and many small and medium landlords followed suit, donating grain and cloth, which was better than having the Japanese come and ruin the whole family.
The savings were still not enough, so the troops had to farm for themselves. In March 1941, 7,000 men from the 359th Brigade moved into Nanniwan, and over three years turned barren mountains into granaries, delivering up to 1 million jin of grain in a year. By 1944, the Shaanxi-Gansu-Ningxia border region had cultivated 2.6 million mu of land, achieving a grain self-sufficiency rate of 100%. The same was true in the Taihang Mountains, Jin-Sui, and Shandong, where troops farmed while fighting, making the Eighth Route Army truly a "combat team and production team" without neglecting either.
Weapons and ammunition had to be made by themselves. The Taihang Mountain arsenal dragged back the iron rails blown apart by the Japanese army for re-smelting, producing 11,000 rifles and 300,000 grenades in 1944 alone. Without a lathe, they used hemp ropes to manually scrape gun chambers, grinding until their hands bled. Clothing factories, shoe factories, and pharmaceutical factories all got involved, and the "Guanghua" brand quinine produced in Yan'an saved countless soldiers fighting in the front lines.
The blockade line was not impenetrable. The border region trade bureau secretly transported tungsten sand, tung oil, and pig bristles out to exchange for silver dollars, medicines, and machine tools. From 1938 to 1941, just tungsten sand alone exchanged for over 6 million silver dollars. Overseas Chinese were even more hardcore, donating the equivalent of 1.3 billion yuan in national currency during the eight years of the war, with Chen Jiageng alone donating several hundred million.
By the time of the victory in 1945, the Eighth Route Army and the New Fourth Army had already reached 1.27 million people, with nearly 100 million people in the liberated areas, self-sufficient in grain, weapons, and clothing. During the Huaihai Campaign, the 600,000 troops were fed and equipped, supported by 5.43 million laborers pushing them out with handcarts, with Northeast farmers averaging 150 jin of grain tax, and no one could hide from it; landlords were all eager to pay more.
To sum it up in one sentence: whoever allows the common people to live a good life, the common people will entrust their lives to them. The Eighth Route Army's few broken guns and cannons, able to grow from thirty thousand to a million strong, relied not on falling pies from the sky, but on the scale in the hearts of hundreds of millions of people.

Today it was learned from the market that Moutai has pressed over 20 billion Feitian to national agents this month, with a price of 1500 yuan. Some agents have indicated that the price will definitely not hold, and they will sell at market price as soon as the goods arrive; the sooner they sell, the less they will lose. In Zhengzhou's Bai Rong market, a major player with annual sales of several billion, there are no more than 10 pieces of Moutai in the store, indicating that the channel has a very poor expectation for the future. It is predicted that around 1400 before and after the Spring Festival, and by the first half of next year, at the latest by National Day, 1200.