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Hengda liquidation, what game is China’s real estate facing？

The following article is based on Bottom Line Thinking, by Lu Ming

Bottom line thinking.

Observer network commentary column

Luming

Political letter financial practitioner, freelance writer

At the moment, any disturbance in Chinese real estate will not lack an audience.

In the beginning of 2024, the news of a "Hong Kong High Court order for China Evergrande to be liquidated" caused heated debate in the market. The debate was about how much assets could be liquidated and whether the liquidation was the best for Evergrande’s creditors. The Hong Kong Special Administrative Region government and the Chinese mainland High Court signed the "Minutes of the Talks on Mutual Recognition and Assistance in Bankruptcy Proceedings between the Mainland and the Hong Kong Special Administrative Region Courts" and the "Opinions on Launching the Pilot Work on Recognition and Assistance in Bankruptcy Proceedings in the Hong Kong Special Administrative Region" issued by the High Court, which seemed to block the impact of the liquidation order on Evergrande’s assets and business in the mainland.

In just two days, rumors of "Country Garden creditors applying for liquidation" spread like wildfire, and the creditors of real estate companies flared up. Although Country Garden refuted the rumors on February 1, the haze of "being liquidated" still hangs over Chinese real estate companies. On February 16, Longguang Group announced that the Hong Kong High Court had ordered the liquidation petition to be withdrawn; this was because Longguang Group had agreed on a workout plan with the creditor group of US dollar bonds and its advisers a month ago.

However, by the end of February, Country Garden was in the news again. Ever Credit Limited filed a winding-up petition against Country Garden in the Hong Kong High Court on February 27, involving about 1.60 billion Hong Kong dollars of outstanding loans. Country Garden’s latest response said that it firmly opposes the winding-up petition and will seek legal advice, take all necessary actions, and actively and properly defend with the advisory team.

Whether to choose to liquidate, continue to believe, or lie flat, deserves careful consideration by real estate company creditors. Although many people are eagerly looking forward to the stability and recovery of the real estate market, the market is still dead; such "calm" cannot help but wonder: Has the real estate industry become a thing of the past?

Yesterday, China Evergrande, today’s debt is "constant"

The "Evergrande myth" came to an end last September when Xu Jiayin, chairperson of Evergrande’s board, was taken into coercive measures on suspicion of illegal crimes.

Since then, the news about Hengda has continued to appear in the coverage, mainly about the progress of the property, the listed company’s valuation decline and suspension, workout and asset sale, until January 29 this year, Hengda creditors postponed the seventh liquidation petition hearing expired.

But during this period, the public seems to have "forgotten" Evergrande. Rather than "disappointment", it is better to call it "rational". Rationally view the evolution of Evergrande’s events, rationally think about the present and future of the property market, rationally respond to variables that appear at any time, and strive to solve practical problems related to themselves.

Figure 1 is a concise map of the business empire created by Xu Jiayin and his wife, which is controlled by China Evergrande Group (abbreviation: China Evergrande, stock code: 03333.HK), Evergrande Property Group Co., Ltd. (abbreviation: Evergrande Property, stock code: 06666.HK), China Evergrande New Energy Group Co., Ltd. (abbreviation: Evergrande Automobile, stock code: 00708.HK) and Evergrande Real Estate Group Co., Ltd. (abbreviation: Evergrande Real Estate).

Figure 1 (Source of information: According to the query information of Enterprise Early Warning)

China Evergrande is registered in the Cayman Islands, Evergrande Property and Evergrande Auto are registered in Hong Kong, and Evergrande Group and Evergrande Real Estate are both registered in Shenzhen. Evergrande Group is the main commercial entity of China Evergrande except real estate business, covering high-tech, finance, Internet, modern agriculture, health industry, education technology, think tanks, sports, amusement parks, restaurants, hotels and other sectors.

According to the 2023 interim report of China Evergrande and its subsidiary Evergrande Real Estate, Evergrande Group’s consolidated caliber total assets are 1.743997 trillion yuan, consolidated caliber liabilities are 2.3882 trillion yuan, and consolidated caliber owner’s equity is -644.203 billion yuan, which is seriously insolvent. Consolidated caliber interest-bearing debt [Interest-bearing debt includes senior notes, corporate bonds, convertible bonds, bank loans and trusts and other non-standard financing.] The total amount is 624.765 billion yuan, and Evergrande Real Estate accounts for about 70.87%, which is 442.754 billion yuan.

Among them, the amount of interest-bearing debt denominated in US dollars and Hong Kong dollars is equivalent to RMB 157.896 billion yuan and 6.239 billion yuan respectively, accounting for 26.37% of the total interest-bearing debt of Evergrande Group. There are 14 Chinese dollar bonds, totaling 19.5454 billion yuan: 10 Chinese Evergrande headquarters, totaling 14.3104 billion yuan; 4 Hengda real estate, totaling 5.2314 billion yuan.

It can be seen that Evergrande (hereinafter referred to as "Evergrande" to refer to the enterprise group composed of China Evergrande and its subsidiaries) has a relatively low proportion of overseas debt, and mainly uses indirect financing methods.

Evergrande has a debt of 2.40 trillion yuan, of which interest-bearing debt is only a quarter. Other liabilities mainly include: payments due to suppliers (including real estate and trading businesses, etc.), accounting for about a quarter; advance payments from home buyers, accounting for about a quarter; payables from third-party lending, partners’ upfront investment, acquisition of land use rights and project company equity, accounting for about one-eighth; and deferred income tax liabilities, accounting for about one-eighth.

The "Updated Announcement on Hengda Real Estate Involving Major Litigation and Failure to Liquidate Due Debts" released on December 29, 2023 shows that as of the end of November 2023, Hengda Real Estate had involved a total of approximately 316.391 billion yuan in unliquidated due debts, and a total of approximately 205.537 billion yuan in overdue commercial tickets.

The above data is only financing data. Payments due to suppliers, partners’ upfront investment, and other payables are scattered among thousands of pending lawsuits and cases of dishonest enforcers. The balance of prepaid house purchases by house buyers is slowly reduced along with the "guaranteed buildings" one by one.

Domestic debt "is not debt", foreign debt will "kill"

Figure 2 shows the change curve of relevant indicators drawn by the author according to the statistics of the State Administration of Foreign Exchange’s "China’s External Debt, National Economy and Foreign Exchange Earnings, 1985-2022".

From the graph, it can be seen that the growth rate curve of external debt balance and the growth rate curve of foreign exchange income have the same trend; the GDP growth rate curve has a strong correlation with the debt ratio curve, and both are relatively flat.

According to the data of the State Administration of Foreign Exchange, in 2001, China’s foreign exchange income was 299.40 billion US dollars, and the balance of foreign debt was 203.30 billion US dollars. Before 2001, the annual foreign exchange income was slightly higher than the balance of foreign debt. After 2001, thanks to China’s accession to the WTO, the annual foreign exchange income and the balance of foreign debt quickly widened. By 2022, China’s foreign exchange income 3.5552 trillion US dollars, and the balance of foreign debt 2.74656 trillion US dollars.

The rapid growth of foreign debt and foreign exports is the best example of China’s export-oriented economy in the past 20 years. The perfect match between the debt ratio and the GDP growth rate further confirms the good effect of using foreign debt to promote economic growth.

Figure 2 (Note: 1. Debt ratio refers to the ratio of the balance of foreign debt at the end of the year to the GDP of the year; 2. Foreign exchange income refers to the export income of goods and services on the basis of the balance of payments.)

Figure 3 shows the stock amount of Chinese dollar bonds issued by enterprises in various industries and the relevant statistics. Among them, financial enterprises issued the most, followed by real estate enterprises.

As of February 21, 2024, the balance of US dollar bonds issued by real estate enterprises was 57.542 billion US dollars, a decrease of 31.49% from the US $83.993 billion at the end of 2022. It is expected that the repayment tide of US dollar bonds of real estate enterprises will continue. Since 2023, the number of new US dollar bonds issued by real estate enterprises has dropped to single digits. In addition to leading real estate enterprises such as Shanghai Jinmao, Yuexiu Real Estate, Wanda Commercial, and Swire Real Estate, only a few urban investment companies with real estate as their main business are left.

Figure 3 (Data source: Enterprise Early Warning)

According to Evergrande’s interest-bearing debt structure data, its foreign debt accounts for less than 30%. But it can be said that it is precisely because of this small amount of foreign debt that Evergrande has been "guillotined".

Why are Hengda’s domestic debt creditors, including home buyers, suppliers, partners, and Financial Institution Group, willing to give Xu Jiayin and Hengda some time, while foreign creditors are impatient and even want to take advantage of the fire? Not to mention that there are very few left after the liquidation of Hengda, even if according to the order of debt repayment, foreign creditors are not preferred.

Perhaps it is because foreign creditors handle economic affairs strictly in accordance with the concept of "rule of law" and business habits; perhaps it is because domestic creditors have a more accurate grasp of the current economic environment and economic situation, and optimistic expectations dominate; perhaps some people take the opportunity to short Chinese real estate and play arbitrage games… At present, there is not enough evidence to verify the above speculation.

But there is one point that deserves the attention of domestic enterprises, that is, they must reasonably and moderately borrow foreign debt for production and operation based on the needs of the enterprise’s operation, and at the same time deal with creditors in accordance with the market economy system and rules. For the content of reasonable and moderate borrowing, readers can refer to the author’s previous article "Private enterprises lack money, what else is missing?" on the relevant discussion of "the advantages and disadvantages of equity financing and debt financing".

We must not handle and treat foreign affairs with the concept and style of handling domestic debts, that is, "politicization of economic issues". The political structure must be necessary, but it can only be used as a means of backing the bottom line, and it should not be overused, so as not to cause "discredit" and cause pessimistic expectations. Borrowing foreign debt involves a wide range of aspects. The State Administration of Foreign Exchange, the National Development and Reform Commission, and the Ministry of Commerce of China and other departments will participate in the guidance to varying degrees according to the amount and purpose of borrowing foreign debt. Rashly imposing administrative intervention is not only contrary to commercial credit, but also will damage the image of our country’s socialist market economic system and cause a series of adverse reactions.

External debt is sensitive to factors such as exchange rates, interest rates and geopolitics, and the variables are large. A little carelessness will trigger the liquidity risk of the borrower, which will cause a debt crisis and disrupt the rhythm of production and operation. If the industry risk is superimposed, the borrower will fall into the abyss, just like Evergrande.

Will Hengda’s liquidation be followed?

The liquidation of China Evergrande is the end for Xu Jiayin and his business empire. But is this wave of liquidation just beginning for China’s real estate industry?

The following table is based on the announcements of some well-known real estate enterprises and their related parties. It is not difficult to find that there are not a few real estate enterprises that have been liquidated by creditors of overseas debts. The first liquidation petition is concentrated in 2022, and the first application for liquidation of individual real estate enterprises occurs in 2023 and 2024.

Judging from the judgments of the Hong Kong High Court and the Grand Court of the Cayman Islands on the winding-up petition, there are four orders: dismissal, adjournment, revocation, and enforcement. Each order is issued prudently, and is based on the actual situation of the real estate enterprise, the feasibility of the workout, and the approval of creditors. The legal details are left to legal experts to interpret, which will not be covered in this article for the time being.

Table 1 (Note: The above information is collated according to the announcements of each company, and the relevant date is the announcement date or the content of the excerpted announcement.)

However, one thing worth noting is that whether the company chooses to lie down or save itself determines the sooner or later the liquidation petition will be executed. Among the real estate companies that have been liquidated, Sunshine City is undoubtedly the flattest. The first application for liquidation was executed without even a trace of struggle. How can we talk about self-rescue, let alone sincerity?

Sony Holdings was liquidated in December 2022, and the Stock Exchange cancelled its status as a superior company on April 13, 2023. The progress and details of its liquidation cannot be obtained through public channels for the time being. Jiayuan International was liquidated in May 2023, and the liquidation work is still in progress, during which the stock continued to be suspended.

According to the "Latest Information on the Group’s Business Operations and Proposed Restructuring" released by Jiayuan International on January 30, 2024, it is time-consuming and laborious to sort out its domestic and foreign debts. Not only does the liquidation require financial support from creditors, but the remaining rights and interests cannot be fully protected when the restructuring is completed. The following is an excerpt of the original text:

"The Liquidator believes that the proposed protective action may be an arrangement made by the onshore creditors and/or the local government to facilitate the completion and delivery of the housing project and/or the segregated protection of the value of the Qingdao Real Estate Development Project…. As of the date of this announcement, the outstanding principal amount (excluding any accrued interest) payable to the Lender by Cheung Yuen Properties (an indirect wholly-owned subsidiary in Macau) under the financing agreement is approximately HK $3.20 billion. As a result of the appointment of the Receiver, the Group no longer has any power or authority to dispose of Bright Ocean shares and all assets of Bright Ocean, including the interest in Xiangyuan Real Estate…. On January 19, 2024, Guangyuan Mining (an indirect wholly-owned subsidiary in Cambodia) received a reminder notice from CITIC Xinhui to repay its debts totaling US $129,620,620.35 by January 26, 2024, otherwise CITIC Xinhui indicated that further legal action may be taken against Guangyuan Mining…. It is expected that the impact of the above-mentioned development of the company’s domestic and overseas operations will result in a significant decrease in the net asset value of the Group compared to the net asset value disclosed in the recently published consolidated statement of financial position as at June 30, 2022…. There is no doubt that in the absence of sufficient funds, it will not be possible to Achieving a successful restructuring… The liquidator seeks the continued support of all the company’s creditors and their patience throughout the process. "

Looking back at Hengda, the company and its executives, as well as the actual controller Xu Jiayin, have been actively communicating with creditors, local governments and people from all walks of life. Sorting out Hengda’s announcements and related information reports, most of them are workout progress, property protection, and asset sale. It can be seen that Hengda has not been lying flat, and it is Hengda’s full sincerity and active self-rescue actions that have repeatedly postponed the liquidation petition.

So, is it because of a series of events such as Xu Jiayin’s technical divorce, filing for bankruptcy protection in the United States, and being forced to take coercive measures that creditors have lost patience and confidence, accelerating the arrival of liquidation? The author believes that it is not unrelated, but it should be mostly rational. After creditors have a deep understanding of Evergrande, they have combined the real estate industry, domestic economy, and international environment to make a comprehensive evaluation of "the lesser of two evils".

Petitioning for liquidation is not an end, but a means for creditors to fight for their rights and interests. It is a helpless move to negotiate fruitlessly. Whether foreign creditors of other real estate companies will petition for liquidation one after another depends on whether real estate companies really want to be liquidated.

For domestic creditors, it seems that the option of applying for liquidation is missing, but it is actually abandoning the forced negotiation measure of "breaking the jar". After all, the problems currently encountered by real estate enterprises are similar. It is not so much a debt crisis caused by excessive debt, but an inevitable outcome of the industry’s risk clearing.

Thousands of sails pass by the side of the sunken boat

According to the above-mentioned cases of several real estate companies that have been ordered to be liquidated by the Hong Kong High Court or overseas courts, Evergrande’s liquidation will take a long time. After all, Evergrande’s volume is very large, involving a lot of business and a wide range of regions. Moreover, the task of protecting the property in China is still arduous, and litigation and enforcement have yet to be realized. Recently, Sean, CEO of Evergrande Group, said that the management and operation system of domestic and foreign subsidiaries of Evergrande Group and other independent legal entities remains unchanged, and key tasks such as protecting the property are steadily promoted.

Standing at the current point, Evergrande’s liquidation has caused the market to feel the "cold spring", and foreign creditors have launched a wave of "counterattack" in response to the cold snap – on February 16, 2024, Hongyang Real Estate (1996.HK) issued an announcement, and Bank of New York Mellon London Branch submitted a liquidation petition to the Hong Kong High Court, involving financial obligations of not less than 228,500,000 US dollars, which has not yet entered the hearing.

Other foreign real estate creditors are also waiting for an opportunity. What are they waiting for? Presumably not to petition for liquidation. Maybe it is waiting for the company to cut meat and sell assets cheaply; maybe it is aiming at the opportunity of bottom fishing and preemptively occupying land; of course, it may also be purely to rip off. But these actions are beyond reproach in the end. As for the market, compliance can be done.

The market is rational, and all parties are pursuing maximum profits. Only by withstanding the test of liquidation can we proceed steadily and far in the next real estate cycle.

Infographic/Dongfang IC

Can real estate become a breakthrough for economic boost again?

Since November last year, the People’s Bank of China and other eight departments jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy", real estate enterprises have received financing support from commercial banks and other Financial Institutions Groups to varying degrees.

It is reported that as of February 20, 214 cities in 29 provinces across the country have established a real estate financing coordination mechanism, and put forward a "whitelist" of real estate projects that can be supported by financing in batches and pushed to commercial banks, involving a total of 5349 projects; 162 projects in 57 cities have received bank financing for a total of 29.43 billion yuan, an increase of 11.30 billion yuan compared with before the Spring Festival holiday.

There are many opinions that at this stage, for real estate enterprises, they should first focus on the resolution of their own debt crisis. Get cash flow through high-quality asset disposal, and the strong man will break his wrist; or through other business sectors, or even the real estate sector compensated by the actual controller’s private assets, seek balance… The above-mentioned debt schemes are correct, but they cannot solve the fundamental hematopoietic problem. Short-sighted solutions to problems will not only dampen the enthusiasm of creditors, but also dampen the enthusiasm of a large number of enterprise managers.

Housing enterprises self-rescue blood, Financial Institution Group blood transfusion, is a top priority, help boost market confidence. However, the real estate enterprise debt high this drawback, in the process of rapid development of the real estate industry, eventually led to the debt crisis. Therefore, the solution should also be found in the continued development.

Since the beginning of this year, many first-tier and super-first-tier cities have relaxed their residential purchase restrictions. At the same time, monetary policy has also been actively implemented: on January 24, the People’s Bank of China announced that the deposit reserve ratio of the Financial Institution Group will be reduced by 0.5 percentage points from February 5, 2024 (excluding the Financial Institution Group that has implemented the 5% deposit reserve ratio); on February 20, the People’s Bank of China authorized the National Interbank Offered Center to announce the loan market quotation rate (LPR): The market quotation rate (LPR) for loans with a maturity of more than five years was reduced from 4.20% to 3.95%, a decrease of 25 basis points from the previous value.

Zhang Xu, an analyst at Everbright Securities, said, "This is not only the first LPR decline since August 2023, but also the first time since May 2022 that the LPR decline formed by the active compression of the MLF (medium-term lending facility) interest rate remains unchanged. It is also the largest single decline since the LPR reform, and it is a single decline that far exceeds market expectations… It will help support the stable and healthy development of the real estate market."

All eyes are on the real estate market, and most of the good news has been given. Can the real estate industry become the engine of stable economic growth in the "post-epidemic era"?

Pessimists are right, optimists move forward. With the implementation of monetary policy, debt risk will be transferred from the real estate industry to the commercial banking sector, and to a certain extent, it will be borne by the residential sector. It is necessary to pay attention to the local risks exposed in the process of risk transfer, such as the risk of excessive bad debt ratio of small and medium-sized banks. AMC institutions may be able to cover it to a certain extent.

In addition, fiscal policy should be more active. Advancing the construction of affordable housing, "dual-use" public infrastructure, and "three major projects" for the renovation of urban villages can help the real estate market stabilize and recover, and real estate enterprises can achieve appropriate replenishment. In the future, whether the development of housing rental market and commodity housing market can shine greatly depends on whether the macro economy can continue to improve.

Source | Bottom line thinking

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Evergrande is liquidated, what kind of game is China’s real estate facing? Observer Network, light touch to read the original text

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Hip-hop in China： Let the reality show show the charm of music and the beauty of human nature.

　　 Xinhuanet Beijing, September 12 (Reporter Zhang Chun) The final of "Hip Hop in China" has ended, and GAI and PG One both won the championship with the same number of votes. This result was quickly interpreted as soon as it was released: the mystery behind it, business opportunities and fighter planes … … There are different opinions, and even they are called "textbook-style variety ending", and the behind-the-scenes team of the program also gave a clear response: this probability is one in a billion.

　　 Times will affirm our innovation.

　　 At the first time after the broadcast of the championship battle, Chen Wei, the chief producer of the program, and Che Che, the director, were interviewed by reporters. The first thing they faced was the problem of double champions. Producer Chen Wei said frankly: "This is a thing that will not happen in theory, but since it happened in such a small chance, it is also an act of god.

　　 In Chen Wei’s view, the real winner of this program is hip-hop culture and rapper in China. After all, the popularity of "Hip-hop in China" has made this niche music type onto the public stage. But from the initial point of view, Chen Wei was a little surprised to finally achieve such success. "We knew it would be an explosion, but we didn’t expect it to be a phenomenal program with the significance of the times." Therefore, Chen Wei firmly believes: "When we create and don’t follow, the times will affirm our innovative behavior, and users will also affirm it."

　　 This season’s boom made the team naturally think of the follow-up plan. "We just promoted the first step, let everyone know about hip-hop and like hip-hop, and know that there are so many good hip-hop music and so many high-level singers in China; In the second season, we will show you more hip-hop rapper and hip-hop music. " In the future that Chen Wei looks forward to, there will be more confident and open behavior in the second quarter. "We will go out and let China’s hip-hop culture go to North America, the birthplace of hip-hop, and then we will hold this North American division with hip-hop in China in North America."

　　 As a hip-hop culture promotion program, Hip-hop in China not only popularized hip-hop culture, but also brought hip-hop players to the stage, fully demonstrating their personalities and attitudes. When talking about these hip-hop singers, Chen Wei also said, "After you really get in touch with them, you will find them very cute. Their personalities are also some of the personalities shared by young people in this era, but they will carry him through the special carrier of hip-hop music."

　　 Reality show shows musical charm and beautiful human nature.

　　 Director Che Che, before Hip-hop in China, made a music program Heroes on Earth, which focused on electronic music culture, but unfortunately it was not successful in terms of viewing performance. When it comes to Hip-hop in China, the two programs are similar in that they both choose a relatively small music category as an incision, but the difference is that "Hip-hop in China" has actually improved in the core technology of the reality show with the joint efforts of our creative collective. " Che Che said, "That is to say, the so-called drama reality show, which is the biggest difference from Heroes on Earth, is actually at the reality show level."

　　 Che Che defined Hip-hop in China as a drama reality show. In the face of questioning the handling of program editing, he said: "We don’t have a script, and we haven’t taught any producer or any player to say anything or do anything. In other words, in fact, the whole process of it is real and has not been packaged. " As for the criteria for the final selection of shots in the program, "it is what he did in the early stage, and whether his performance on the stage and in the competition can bear the scenes we need in the post-production, that is to say, the so-called male actors all strive for themselves in the middle of the early expression."

　　 It is precisely because of this that the program "Hip Hop in China" itself has a stronger sense of plot, and Che Che Che bluntly said: "During the whole program, strong plot and strong reversal are of course a bright spot, or a selling point of this program. But I want to say, in fact, there is not only a variety show with strong plot and strong reversal, "China has hip-hop". I think that the charm of music and the beauty of human nature can actually be displayed in this plot and rules, which is actually the reason for the success of this program. "

520, this movie is for everyone who loves movies.

Today is May 20th.

On this special day, I want to recommend a movie about "love" to everyone.

In other words, a love letter written to the movie and also to every audience.

This film tells "the sincere confession of a great director".

He has an engineer father, who taught him how to think rationally and how to turn modern technology into his best creative tool.

He also has a pianist’s mother, who taught him the perception of art and a natural desire for expression as an artist.

The growing environment laid the foundation for him to dream.

However, how to turn a hobby of "wasting money" into a career that can "make money" and how to face the tear between the two are still issues throughout his adolescence.

He was bullied on campus because of his Jewish identity, or was traumatized by his parents’ divorce.

But all these eventually became his creative nourishment, the motif of his life’s creation.

Every great director will have his own autobiographical story.

Now, it’s finally Spielberg’s turn to tell this story.

The Dreammaker directed by Steven Allan Spielberg was the winner of last year’s Oscar hit, the Golden Globe Award for Best Drama and the People’s Choice Award at the Toronto Film Festival.

So far, the freshness of rotten tomatoes is still as high as 92%.

I am also glad to see that this film will be released in China on May 25th. This is a rare film that we must see on the big screen.

This film is the best of the year in many people’s minds, and it is also praised by many people as "the most touching film of the year".

It’s really hard not to be moved by it.

Because it’s so sincere.

Unlike many films with the same nostalgic theme, in Dreammaker, you will not see a narcissism of successful people looking back on the past, nor will you see a bubble gum-style self-beautification.

On the contrary, director Spielberg, who was 76 years old, still had a childlike heart.

He told a story about growth and family in a very plain and restrained tone.

He also used such a plain and restrained tone to reveal some of the most "tearing" moments in his childhood.

So, is this movie about pain?

On the contrary, it tells—

Still "love."

The A side of the story is how a teenager who loves movies grows up with the encouragement of his parents.

In the winter of 1952, Sammy watched the first film in his life accompanied by his parents.

Before the film was shown, he was crying in the car and didn’t dare to go into the cinema, as if it were the maw of a wild animal, which would devour him young.

But after the film was shown, he looked at the shiny screen and lost his words in an instant.

For the first time, he understood that the movie was a dazzling dream.

Because there was a train in the movie, his parents bought him a train toy as a gift.

But what really attracted him was not the train itself, but how to record the picture of the train collision with a camera.

He became addicted to recording everything with a camera.

At first, it was a family video, with sisters playing together and family camping together.

Later, it became a movie at school, a gun battle and a drama.

He taught himself by himself and learned the most important thing:

The existence of the camera is not only to record the truth.

You can also edit, splice and reconstruct the truth in your own way to create your own truth.

But the most important thing is always "seeing".

Because movies are about seeing.

On the b side of the story, it is about the family of teenagers.

You will find that, coincidentally, every time he succeeds in film creation, it always seems to be accompanied by some kind of life tear.

When his father encouraged him to shoot a camping documentary for his mother, he stumbled across another truth about his mother in this documentary.

However, when the campus documentary he made was broadcast at the graduation party and everyone was cheering for his work, he had to bear the pain of his parents’ divorce and breaking up with his first love alone.

Under the seemingly bright and warm tone of the whole movie, there always seems to be a faint and melancholy background.

Although it is cruel, it is very real. It shows us that movies are not reality, and movies are not a good medicine for reality.

Every time Sammy tries to do it allImmersed in the movie, reality will give him a hard whip, which will make him pull away from it, and he will have to taste the tearing feeling between reality and the movie alone.

So, when did Sammy make up his mind to pursue film art?

Perhaps it was at the moment when he understood what a "movie" really was.

At the beginning of the film, the camera was really just a toy, and making movies was just an escapist hobby.

But the most crucial and turning point happened to be that Sammy discovered the secret of his mother’s infidelity through the lens of the camera.

He repeatedly confirmed his mother’s movements and eyes from the seemingly unimportant lens edge, and confirmed that she really admired another man.

At this moment, the film is no longer an escape from reality, but helps Sami "see" the reality.

In other words, he helped Sammy open another realistic perspective.

Originally, for him, family meant unconditional tolerance, understanding and support; But now he understands that there is another person’s sacrifice behind it.

It was the mother who made the sacrifice: she gave up her career as a pianist and suppressed her feelings.

In the scene that struck him like lightning, what he saw was not betrayal, but sacrifice.

It was his mother’s sacrifice that fulfilled his dream-maker.

Family is like a balance, and someone has to make sacrifices.

Mothers will make sacrifices for their husbands and children.

Children also have to make sacrifices for their father’s work.

In the second half of the film, their family moved to California, and Sammy had to face the new campus environment and the bullying from his classmates.

However, in their family history, there always seems to be a "crazy" gene that is desperate to pursue what they love.

Maybe when he comes back at midnight, Sammy often thinks of what his uncle who works in the circus said.

"Family, art, will tear you apart"

"We are addicts, and art is our antidote"

"Family is our love."

"But we will be crazy about art."

Mothers also need to make choices.

And at this moment, the "dreamer" once again played the magic:

It is precisely because everyone in the film, no matter what choice he makes, starts from his own heart. So they also got the tolerance and understanding of their families.

Through these choices, what the film tries to convey to us is a life attitude about "love": "Love what I love and dream as much as I can".

You never have to be sorry to be yourself. You can be anyone you want to be.

Only by finding your own love and creating your own life dreams can you meet all the splendor in life.

Because I am very sure that this is a movie that we must watch on the big screen.

From the first shot, it was born for the cinema.

It is also about the "love" of filmmakers.

In the film, you will see many historical eggs, The Train Comes into the Station, The King of the Opera, and john ford, the guest role of director david lynch himself …

You will also see many classic films in the film, including many prototypes of Spielberg’s own future films.

For example, all the films shown in the film that the protagonist shot in his early days are really the works of Spielberg himself when he was young. He re-filmed these materials with great interest, as if he had relived his childhood with the audience.

For many years, Spielberg himself was a Hollywood "myth".

In this film, he re-examined this myth and told us all that "myth is only human".

The director tries to explore some contradictory and contradictory motifs in the film-technology and art, family and self, film and reality. The tear between them runs through the whole movie.

And in the end, perhaps the answer we want to know most as an audience is-

What is a movie?

Maybe the movie is a dream.

We hope to use movies to dream and make up for the dissatisfaction in life.

But dreams will "betray" you: every time Sammy is happy because of the movie, reality will bring him pain.

Perhaps the film is a perspective, a kind of cognition.

The eyes of the camera can capture what the human eye can’t see and what the human heart can’t capture.

It can jump the horizon and take you to another level of reality.

It broke your dreams, your fantasies.

It is a reality in itself.

After that, the film seems to have "surpassed" the reality.

In the second half of the film, the director filmed a plot that many people thought was worth pondering.

Sammy was bullied in his new school.

But when he had the opportunity to pick up the camera, he not only didn’t make a fool of the bully in the camera, but filmed the other side as handsome, tall and shining like Apollo.

Why would he do that?

Even the school bully doesn’t understand himself.

And Sammy said, "I just want to make my movie better."

As a director, he sacrificed his feelings and his pain before restoring the "truth" of a film.

For him, the film is neither a mirror of reality, nor a dream, nor a playground, but an imagination to make up for regret.

A movie is a movie, his art and his creation.

He can give everything for creation.

Therefore, when the screen lights up, he will see his own beam of light.

The existence of movies is not used to escape from reality, nor to reconstruct reality.

Movies are another reality.

This is his love for movies.

In other words, "film" itself is also a metaphor.

Throughout life, people are torn between reality and dreams, between responsibility and love.

Each of us has our own "movie", but how much are you willing to pay for your love?

Movies are Spielberg’s "choice".

And each of us has our own choices.

I believe that almost everyone has been accompanied by at least one Spielberg movie in their childhood.

Schindler’s List, E.T., Jurassic World, Artificial Intelligence Ready Player One …

These movies not only carry Spielberg’s dreams, but also our memories and our reality.

Movies are dreams, Spielberg is a dreamer, and we have all seen ourselves in his world and the reality of another dimension.

This time, what he said is his "dream maker".

Anyway, on May 25th, I will go to see The Dreamer again. Because this is not only a movie, but also the true meaning of his childhood, family, life and dreams. It’s a meeting between each of us and Spielberg.

＂Marriage＂ with AI, 5G can ＂manage＂ itself.

　　Photo courtesy of vision china

　　A very important feature of 5G is that at the protocol layer, the Internet and communication networks have truly integrated. Therefore, many of our algorithms in the computer field and technologies in the Internet field can be more easily implemented in the 5G network.

　　Dean of Tsinghua University Intelligent Industry Research Institute, Zhang Yaqin

　　"Ah, Wuhuan, you have one more ring than Sihuan." Many people have a similar understanding of 5G: 5G is 1G more than 4G, movies download in seconds, and video on demand is smooth … …

　　In the latest issue of Telecommunications Science, an article titled "The Next Decade of Communication Artificial Intelligence" shows people a completely different prospect of 5G communication applications: the future communication network can be highly autonomous. Through deep integration with artificial intelligence, 5G communication can realize "three selves", that is, parameters are self-configured, performance is self-optimized, and faults are self-cured.

　　On May 4th, Zhang Yaqin, one of the co-authors of the paper, an academician of the American Academy of Arts and Sciences and president of Tsinghua University Intelligent Industry Research Institute, said in an interview with the Science and Technology Daily reporter that the communication industry is moving towards 5G, and it will soon move towards 6G. Just watch the video faster and the signal is better. That’s not 5G.

　　What is the real 5G? Why do 5G networks "marry" with artificial intelligence?

　　Only with artificial intelligence can we break through these bottlenecks.

　　"The combination of 5G and artificial intelligence is an urgent matter." Wei Leping, one of the co-authors of the paper, deputy director of the Science and Technology Committee of the Ministry of Industry and Information Technology and director of the Science and Technology Committee of China Telecom Group Company, is most concerned about the energy consumption of 5G.

　　Compared with a 4G base station, a 5G base station consumes 3.5— of energy under half load. Four times. "If the value generated by 5G is not enough to pay the electricity bill, it will become a bottleneck for the widespread landing of 5 G." Wei Leping said that the optimization ability of artificial intelligence may solve this problem, so relevant departments, enterprises and other institutions need to dig, standardize and promote with a sense of urgency.

　　In addition to data limit and energy consumption bottleneck, artificial intelligence is also urgently needed for the management of huge networks.

　　"The 4G communication network system is enormous, and the types of networks are also very complicated. Up to now, I haven’t counted how many networks there are. Therefore, it is very difficult to manage these networks, not to mention organic integration and collaborative improvement. " Wei Leping said that the situation of 5G is more complicated, and it is even more impossible to manage such complicated resources manually. Therefore, it is very necessary for artificial intelligence to intervene, put forward early warning and give pre-judgment, and greatly improve the management efficiency of 5G networks.

　　In the past 10 years, they have "danced in chains"

　　As early as a decade ago, the communication industry has already seen the potential value of machine learning and artificial intelligence.

　　"In the beginning, some foreign operators were full of confidence in realizing the self-organization, self-optimization and self-healing of communication networks in the 3G stage, hoping to partially realize the automation and intelligence of the networks in the 3G stage." Dr. Ouyang Ye, one of the co-authors of the paper, Chief Technology Officer and Senior Vice President of AsiaInfo Technology recalled that in 2008, the industry began to define the self-organizing network at the international standard level for the first time.

　　It stands to reason that in the next 10 years, self-organizing networks should usher in a period of rising development, but this is not the case.

　　"In the past 10 years, American and some European telecom operators have deployed some self-optimizing network (SON) systems independently or in a mixed way, trying to integrate artificial intelligence into the planning, construction, maintenance and optimization of communication networks, but the overall effect has not reached expectations." Ouyang Ye said that this happened because the 2G and 3G networks themselves, including their ecology, software and hardware, equipment interfaces, etc., were not built according to the concept of intelligence, and the network elements themselves did not support artificial intelligence in the stage of standardization construction, and it was difficult to connect with artificial intelligence, network interfaces and signaling systems. It’s like inviting a famous doctor to treat a disease, but the patient himself doesn’t accept injections and medicines.

　　3G network is like an "iron plate", and the integration with artificial intelligence has become "dancing in chains".

　　It was not until the emergence of 5G that this situation ushered in a turning point.

　　Zhang Yaqin explained: "A very important feature of 5G is that at the protocol level, the Internet and communication networks have truly integrated. Therefore, many of our algorithms in the computer field and technologies in the Internet field can be more easily implemented in 5G networks. "

　　Therefore, in the construction of 5G infrastructure in China, we should consider the integration of artificial intelligence and leave an interface for the integration of artificial intelligence.

　　To this end, the author of this paper calls on the builders of the communication industry to further open up the network standardization interface, give artificial intelligence the opportunity to fully empower and inject wisdom into the network infrastructure, network management operation and maintenance system, business support system, etc., and take 5G and artificial intelligence as technology "combination" to further release the potential.

　　Wisdom "neurons" germinate in desk work

　　Back in February, 2017, the Second Working Group on Services and Systems of the International Organization for Standardization 3GPP began to study the intelligent network elements of the 5G core network. They defined a network element with network data analysis function: the nodes of a communication network can collect personalized information of users, form a unique personal portrait, analyze it through the portrait, and then provide the analysis results to the decision-making level.

　　This is the first time that mobile communication has defined standardization in the core network architecture since 1G to 5G, and requires the deployment of network artificial intelligence network elements.

　　"The intelligentization of 5G starts from standardization, which is a characteristic of the communication field, because the so-called communication must be connected to transmit information. And standardization is to avoid ‘ Chickens talk to ducks ’ The premise. " Ouyang Wei said.

　　On the other hand, the network element with "soul" is the foothold of artificial intelligence algorithm and model in 5G network. Through the network element, the ability of artificial intelligence is "injected" into the 5G network, and the nodes in the 5G network will gradually have different intelligent functions, and the network element will be able to participate in the decision control of the control plane of the core network in a comprehensive and real-time manner.

　　Since then, the new components of network intelligence have been enriched.

　　In June 2017, china communications standards association launched the research on the application of artificial intelligence in telecommunication networks.

　　In February 2018, the Open Wireless Access Network Alliance was established to open the "Android version" of the mobile information artificial intelligence framework.

　　In June, 2020, China Mobile and AsiaInfo Technology formally introduced the concept of federated learning into the 3GPR17 standard for the first time, forming the first global international standard of federated learning in the 5G field.

　　"In terms of 5G network intelligence, China operators and manufacturers are in the first camp." Ouyang Ye said that at present, in the key standards organizations for the intelligentization of 5G communication networks (including 3GPP, Global System for Mobile Communications, etc.), China manufacturers have a very high degree of participation, and together with more international manufacturers, they are working together to promote the intelligentization of 5G.

　　In 2023, the mobile communication network will realize initial intelligence.

　　"We expect that by 2023, the mobile communication network will realize initial network intelligence and initially build a network element of network artificial intelligence." Ouyang Ye told reporters that by this step, communication artificial intelligence will reach L2 level (primary intelligent autonomous network).

　　From 2023 to 2027, the communication network will evolve to L3 or even L4 level. At that time, the intelligent network can do more advanced things, such as "catching thieves".

　　Wei Leping gave an intelligent scene of transmission network. "The optical fiber is cut off, which happens many times every year. At present, an optical fiber bears the capacity of 8T, and once it is cut off, it is very harmful. But with artificial intelligence, you can make an early warning. " Wei Leping said that the optical fiber must be stressed before being cut off. Once stressed, sensitive artificial intelligence can know in advance that the signal is abnormal and even locate it accurately.

　　The attitude of relevant experts is relatively conservative as to whether the complete autonomy of the 5G intelligent network can be achieved by 2028.

　　"In 2027 and 2028, it is very likely that the first version of 6G international industry standard will be released. This key node determines whether artificial intelligence can continue to play a core role in the process of evolution to 6G. If the attempt at 5G fails, its importance and status will also become lower." Ouyang Wei said.

　　In Zhang Yaqin’s view, in the era of data 3.0 where everything is data, a network that can’t learn autonomy is embarrassing and useful.

　　Whether 5G or 6G communication networks can achieve a perfect high degree of autonomy in the next 10 years is unknown, but the dream of "unmanned" runs through the hearts of every scientific researcher and industrial worker who is obsessed with artificial intelligence.

A quick tutorial on football, which teaches you to become an elegant girl who knows the ball.

Recently, football fans have celebrated the Spring Festival again.

The Spanish national derby has begun again!

It is always difficult for girls to understand such things as football.

Why is it so attractive to boys!

So today, Brother Hunzi will tell you something about football (especially my sister paper who doesn’t know the ball).

# Football # # World Cup # # Football rules # # Football play # # Spanish national derby #

Do not set off physical fireworks! Here is the correct way to open the ＂fireworks＂ at the opening ceremony of Hangzhou Asian Games.

The highly anticipated opening ceremony of the 19th Asian Games in Hangzhou will be held at the Hangzhou Olympic Sports Center Stadium ("Big Lotus") on the evening of September 23rd. With regard to the highlights of the opening ceremony, the reception desk has "spoiled" a thing or two through an interview with Sha Xiaolan, the general director and producer of the opening ceremony, and the 16-second trailer released on September 16th. So what kind of surprise will the opening ceremony of Hangzhou Asian Games present? The answer will be revealed on September 23rd. One thing is certain, and the difference between the opening ceremony of this Asian Games and previous large-scale events is that no fireworks are set off throughout.

In the impression of many viewers, for the opening ceremony of large-scale sports events, the grand fireworks show is always the finale of the repertoire. Without fireworks, how will the lively "atmosphere" of the opening ceremony of Hangzhou Asian Games be reflected? In this regard, Sha Xiaolan said frankly in an exclusive interview with the media on September 17, "We have made great determination to cancel the fireworks display."

"As we all know, as long as fireworks are set off, there will be smoke and dust in the air and there will be pollution. No fireworks is to express our environmental protection concept to the whole world. " Sha Xiaolan said that canceling the physical fireworks display is adhering to the green, intelligent, thrifty and civilized concept of hosting the Asian Games, and passing on the concept of environmental protection at the most concerned moment like the opening ceremony.

Sha Xiaolan emphasized that not setting off physical fireworks does not mean that the opening ceremony of the Hangzhou Asian Games will be less exciting, and the team will innovate and present better audio-visual effects with the power of science and technology. "We use digital technology, 3D animation, AR technology, etc. to show fireworks in front of TV viewers and live audiences."

Fireworks made by virtual technology are even brighter and more beautiful than the real fireworks. "Let me give you an example. Watching fireworks at ordinary times must be looking up, but watching fireworks on TV can see fireworks overlooking the angle of view, that is, fireworks blooming in the bustling scenes on both sides of Qianjiang River. Looking down, what kind of effect will the fireworks look from top to bottom? "

At the same time, Sha Xiaolan also gave a viewing guide: everyone watched the opening ceremony electronic fireworks display through TV, mobile phones and other ports, and the overall viewing effect was better than the scene. The creative team will display the grand occasion of the electronic fireworks display on the banks of Qianjiang River, the Hangzhou Olympic Sports Center and the "Big Lotus" in a 360-degree panoramic view from the angles of leaning, leaning and side view through digital technology, which will be a highlight moment of the opening ceremony.

Previously, the opening ceremony of the Hangzhou Asian Games had successfully completed the fourth rehearsal. Next, the creative team will re-adjust the video, costumes, props and some equipment, and will choose the opportunity to rehearse again before the official performance.

(Headquarters reporter Sun Rui Chen Menghao)

High-end smart watches are played by Huawei, understand？ Professional micro-physical examination, but also can change golf plug-ins in seconds (video)

Whether it is daily exercise or professional sports, more and more people wear watches and bracelets.

In the gym, if you want to measure heart rate, watch calorie consumption and record exercise data, you really can’t do without a smart watch.

However, although there are many smart watches on the market, few can really jump out of the "big pot" functional planning and design. The "high-end smart watch" with advanced appearance, comprehensive and professional health monitoring and comprehensive sports assistance is still vacant.

Recently, Huawei’s new Huawei WATCH GT 3 Pro has targeted this position. In order to show you this watch, we even moved the studio directly to a professional golf course. How cool is its "sports plug-in"? Let’s take a look at the video first.

06:23

Let’s taste this appearance first:

Does it smell like a traditional watch, especially this strap and crown!

The white one on the left is a ceramic model, which looks smaller and the traditional watch tastes stronger. This face value can be called "smart watch face value ceiling". The workmanship and material selection of the case, the outer ring, the strap, the crown and the mirror are all comparable to those of high-end watches. It can be said that this small porcelain watch is completely made according to high-end watches except for the lack of hands.

Looking at the materials used in the case and strap, you can feel that nano-microcrystalline ceramics take 7 days to fire, and there are 13 subsequent grinding and polishing processes, and it takes 10 days to debut.

The benefits brought by this kind of seiko are not only the warm texture on the face, but also the durability and comfort on the lining.

The sparkling gold, silver and shell bezel makes the white body less monotonous, and the color scheme is elegant and versatile, which can withstand being worn in formal occasions and will not be exaggerated in daily wear.

The one on the right is made of titanium, which loOKs tougher. The leather strap in elephant gray has a strong business atmosphere, but it is completely ok to change the dial into the sports ground.

The back shell, like the ceramic model, is made of ceramic material, which realizes the wearing comfort of fitting with the wrist. The fitting experience of friends with different wrist thicknesses in the office is fit but not too tight.

There is nothing to say about the watch mirror. As always, it is not afraid of scratches and wear, and it uses sapphire glass mirrors that are used by top watches.

This gray and white, both business and leisure temperament are grasped, and the texture is completely different from silicone and plastic, and the shell design closer to the traditional mechanical watch makes its appearance comparable to that of high-end watches.

After talking about the appearance, it is the turn of the core functions of smart watches-sports, health and wisdom.

Among these three pieces, Ji Guojun is most concerned about sports. Think about it, where is the high-end place that can reflect a smart watch? In addition to appearance, isn’t it necessary to support high-end sports first?

However, the smart watches currently on the market are somewhat biased. Although most of them can support hundreds of sports, they are basically around the routine sports such as running, swimming and mountain climbing.

It’s not that there are no watches that support professional and high-end sports at all, but their shapes and other functions are too general.

In contrast, Huawei’s watch is very "other people’s children", and the regular sports subjects are excellent, and people also have sports specialties.

This specialty is golf and free diving. These two sports have a key thing in common-it is difficult for you to learn it by yourself, and you basically have to take a coach. Huawei’s watch can be said to have an excellent "use" effect with the coach.

We played with professional golfers all afternoon. To tell you the truth, the feeling is that it really wants to teach you to play golf.

For a newcomer like Guo Xiaojiu who can only swing in the driving range, it will record the data of the time of getting on the pole, the time of getting off the pole and the speed of swinging, not only telling you where there is something wrong with your movements, but also giving you a solution.

In addition to coaching bronze players, it also has a court model comparable to "plug-in" for advanced players who can leave the stage.

When you play ball on the court, the first question you face is where and how to play.

There are 18 holes in a game, where the green is, where the obstacles are, and how far it is from you, all of which affect the direction and strength of the player’s swing, and are very important. It’s easy to say that the stadium is familiar. If you haven’t played a few times, it’s easy to not play well because you don’t know the situation of the stadium.

In response to this problem, Huawei WATCH GT 3 Pro is equipped with a series of skills:

There are not only maps of more than 300 golf courses in China, but also tips such as the slope of the green, the wind speed and direction of the day. It can be said that wearing the watch will directly open the perspective of God;

You can also estimate the impact point of each shot according to your previous serving distance, and calculate the distance between yourself and the bunker and the green to achieve accurate planning.

After the ball was hit, the second question came. How did you play and how should you improve?

The answer of Huawei WATCH GT 3 Pro is exactly the same as the mother who took away your lucky money in the New Year when she was a child: Don’t worry, I will remember it for you!

It can automatically perceive and record whether it is the score of strokes per hole, the hit rate of tee-off, the rate of putting on the green, or your hitting position and distance of each stroke.

Big data plays ball, experience winning hemp!

In terms of free diving, its function is as good as golf, and it can accompany you within 30 meters.

When you dive into the water and start to explore the limit, Huawei WATCH GT 3 Pro will silently start to record your real-time dive speed, real-time depth, maximum depth and other professional data.

When I go back to the shore, I can see how many points the "exam" is clear, and I will know where to work hard next time. It is also useful on land. Huawei WATCH GT 3 Pro clearly knows that if you want to perform well in the water, you can’t lack the function of land breath-holding training. It can record the duration of breath-holding, real-time heart rate data, and make a breath-holding training table.

To this point, it can be said that Huawei WATCH GT 3 Pro has already got a glimpse of the high-end sports assistance, and the function development related to golf and free diving is quite in-depth and easy to use.

Before the mid-19th century, few people wore watches, and everyone’s portable watches were basically pocket watches. The reason why watches can catch up and kill pocket watches is mainly based on two words: convenience, which can be seen when worn on your wrist and lifted.

This convenience is not only reflected in timing, but also in health examination. After all, there is no wearable smart device that can stay in the human body for such a long time.

Compared with most smart watches, Huawei WATCH GT 3 Pro has enough health services: both professional health detection system and professional health management functions.

In terms of detection, in order to detect comprehensively, accurately and in time, hardware and algorithms have to be piled up. Huawei WATCH GT 3 Pro upgraded sensors, electrodes and data processing technologies, which reduced the loss rate of detection signals and made the accuracy higher.

But! If you have this, you can only measure your heart rate, blood oxygen and sleep, then it’s a good experience at best, and it’s still far from the high end.

To make the health function high-end, it is necessary to make the whole point deeper and more different! Huawei clearly understands this.

Take ECG ECG analysis as an example. In recent years, many smart watches will do this function, but Huawei has gone deeper this time. Not only is the collection speed fast, but the analysis results are also diverse. It can prompt anything that cannot be prompted by the table of ventricular premature beats and atrial premature beats.

Moreover, it also provides paid professional doctors’ interpretation services, and selects doctors from the top three hospitals in China to provide professional ECG interpretation reports, giving more comprehensive ECG interpretation results and health care suggestions.

In addition, it also joined the vascular health research initiated by the China Medical Association, which kept the words "concern about the risk of cardiovascular diseases" in mind.

Don’t ignore this function. According to China Cardiovascular Disease Report 2018, the number of people who died of cardiovascular and cerebrovascular diseases in China accounts for more than 40% of the deaths of residents.

To assess the risk, a key index is vascular elasticity, and the decrease of elasticity is a major feature of early vascular damage. Frequently testing pulse wave velocity and evaluating vascular elasticity is equivalent to doing a "micro-physical examination" at home.

High-end health functions must not only have data, but also have professional services. Huawei WATCH GT 3 Pro not only provides comprehensive monitoring data, but also provides you with professional health advice to help you assess the risk of arteriosclerosis.

Huawei WATCH GT 3 Pro’s health has been deepened because it also joined the heart health research and sleep apnea research projects of 301 Hospital, and established a comprehensive and active health management system, which made wearing smart watches truly become wearing health.

Smart watches are not accessories for mobile phones! As a wearable smart device that can accompany you for 24 hours, it has its own unique value and health attributes. At the same time, it is a window to show your taste.

In these respects, Huawei WATCH GT 3 Pro’s high-end advanced work is quite good, with texture, professional high-end sports and rigorous and scientific health services.

But is that enough? Certainly not, if only these, the utilization rate of resources on this wrist will be slightly insufficient.

Think about it, this thing is directly on your wrist, and it is often faster to call it than to take out your mobile phone. The functions of opening the entrance guard and swiping the payment code are inseparable when used, because it is too convenient.

At this point, Huawei WATCH GT 3 Pro also got it.

In addition to these surprises, wisdom has experienced this traditional art ability, and it has done a good job. HarmonyOS is increasingly rich in ecology, and the apps such as navigation, vertical and horizontal, map software and daily Alipay that are often used for business trips can be downloaded.

In terms of battery life related to all functions, the performance of Huawei WATCH GT 3 Pro is still at the level of martial arts, and there is no anxiety about charging: the titanium model can last for eight days after heavy use; The use of general strength can last for two weeks, and the typical scene of ceramic models can last for seven days; Heavy scenes also have a battery life of 4 days.

From all aspects, Huawei WATCH GT 3 Pro has really made great efforts for this niche vacancy of smart watches in high-end, not only retaining the genes of Huawei’s "all-round" players, but also seeing the attention of many business users at home, and the key functional attributes have also achieved high-end destruction. For people who want to play these sports and want more accurate and professional health management, it is definitely one of the most worthwhile wearable smart items you can invest in this year.

Reporting/feedback

Ministry of Culture and Tourism： In the first three quarters, the number of domestic tourists reached 3.67 billion, and the tourism income reached 3.7 trillion yuan.

On December 14th, the Press Office of the State Council held a series of press conferences on the theme of "Opening by Authorities", introducing the situation of accelerating the construction of a strong cultural country and promoting the high-quality development of culture and tourism, and answering reporters’ questions.

Du Jiang, Vice Minister of Culture and Tourism, said that in the first three quarters of this year, the number of domestic tourists reached 3.67 billion, and the tourism revenue reached 3.7 trillion yuan, up 75% and 114% respectively. Residents’ tourism demand has been released in a centralized way, and residents’ travel has increased substantially. While driving the expansion of related consumption, it also promoted economic recovery.

"This year’s tourism market can indeed be described as hot." Du Jiang said that in the next step, the Ministry of Culture and Tourism will also promote a series of brand building such as a new batch of national cultural and tourism consumption demonstration cities, national tourist resorts, 5A-level scenic spots, and national night culture and tourism consumption gathering areas, so as to stimulate residents’ cultural and tourism consumption willingness and help market players to resume development.

Text/Beijing Youth Daily reporter Dong Xin

A basketball training institution in Wuhan suddenly stopped, and the company headquarters said it would send someone to handle the matter in Han. The lawyer reminded me to sign a formal contract when

Motive Sports Door Closed Photography: Wu Han, a journalist of Chutian Metropolis Daily.

□ Chutian Metropolis Daily’s most eye-catching journalist Wu Han

Recently, a number of parents who signed up for classes in Wuhan Motive Sports Technology Co., Ltd. (hereinafter referred to as "Motive Sports") called the Jimu News Hotline of Chutian Metropolis Daily, saying that they had been informed by the coach and were told to suspend classes. The head of Wuhan Motive Sports Technology Co., Ltd. could not be found, and the door of the company was closed. After many contacts with journalists, Beijing Motive Sports Technology Co., Ltd. ("Motive Sports" headquarters) said that it would send people to Wuhan to handle related matters.

Parental complaints

After paying the money, the class was suddenly suspended.

"I received a sales call in May this year and took an experience class." Mr. Chi said that he received a sales call from Wuhan Motive Sports Technology Co., Ltd., and originally planned to give classes to his children. Later, he attended several free basketball experience classes at the training ground in Boyang Badminton Hall in Hongshan Sports Center. He felt that the effect was good and signed up.

Mr. Chi said that as required, he paid the fee in the "Motivation Sports" applet. Mr. Chi told Jimu journalist that when he signed up, the other party told him that there was a discount for signing up for more classes, so he bought 92 basketball classes and sent 12 classes, totaling 8542 yuan. Classes have been held every weekend since August. Sometimes the place of class will change, and it can be adjusted to the teaching place of motivational sports in other areas of Wuhan according to his needs. On September 9, Mr. Chi said that he was going to take his children to a basketball class on September 10, but he didn’t expect to receive a notice from the coach telling him that the company in Wuhan had a situation and could not attend the class.

From the screenshot provided by Mr. Chi, the reporter saw that the coach replied that after being informed by the Beijing headquarters, the Wuhan company was in a state of stagnation and was actively transferring courses, and everyone would be informed when classes resumed. At present, the coach has no way, is on the verge of leaving his job, and his salary has not been paid yet.

There are also a number of parents who took part in the training course in Motivational Sports and received the notice of suspension to call the Chutian Metropolis Daily’s extreme news hotline. Parents often report that they can’t contact Wuhan Motive Sports Technology Co., Ltd. and can’t find an explanation. According to the contact information provided by parents, Jimu journalist contacted a coach Huang who was in charge of teaching basketball class. Coach Huang told the reporter that he had been preparing for class normally, and suddenly he received a notice from a supervisor of Motivation Sports, telling him that he needed to suspend classes temporarily because of the operation of Wuhan Branch. He immediately contacted his parents and told them about it.

Coach Huang said that he signed a contract with Motive Sports in April last year, and it has been normal all the time, and no abnormal situation has been found. At present, there are more than 30 students in his basketball class. On September 8, he was also going to contact his parents to send the class time. As a result, some parents told him that he had received the notice of suspension. He then went to ask the motivation sports company, and the supervisor at that time replied that "the company may not do it, so he should not take classes again." Coach Huang said that he was also in arrears with his salary in August.

The reporter checked the "Motivational Sports" applet, which showed that classes were held at seven points in Wu Hanyou. The small program was developed by Beijing Motive Sports Technology Co., Ltd., and the introduction says that Motive Sports is a brand of sports training for young children, focusing on providing sports training services for young children aged 4-17, and serving 1 million+students and parents nationwide.

Site visit

Motivation The door of sports office is closed.

On September 12th, Jimu journalists came to Hongshan Sports Center and found Boyang Badminton Hall. A staff member at the front desk said that many parents had come to consult about motivational sports. Motivation Sports rented the venue for training, and classes were still normal during the summer vacation. There are still some shelves for motivation sports in the venue. At present, Motive Sports has been closed for a period of time, and the rent of the museum is in arrears. The museum can’t contact the relevant person in charge of Motive Sports. On September 11th, the police also came to investigate the matter. The staff advised parents to report to the police.

According to the registered office of Wuhan Motive Sports Technology Co., Ltd., the reporter went to Room 3305, 33rd floor, Wuhan Plaza, Jianghan District, Wuhan, and found the office of Wuhan Motive Sports. The reporter saw that the door was closed and locked. Through the glass door, he could see some tables and chairs inside, but he didn’t see the staff. There is a parent waiting at the entrance of the company’s office. The parent told the reporter that he has been to the office of Motivation Sports for three times, and the door is closed every time. The staff of two surrounding enterprises told reporters that Motivation Sports was closed for about a week, and some people had worked here before.

Subsequently, the reporter came to the property service office of Wuhan Plaza Building. A staff member of the department said that many parents had come to inquire about motivational sports. The staff member said that they could not get in touch with motivational sports either, and no one answered the phone. No staff member of motivational sports has been seen recently. Parents are advised to contact the Market Supervision Administration to reflect this matter.

Company response

The headquarters will send someone to Wuhan to deal with this matter.

According to the contact information provided by parents, Jimu journalist contacted a coach surnamed Yang, who told Jimu journalist that he was mainly responsible for docking the coaching team. According to the coach, according to his contact with the Beijing headquarters of Motivation, Wuhan has operational difficulties due to financial problems, and Beijing Motivation Sports Technology Co., Ltd. is coordinating this matter. The teaching point in Hongshan Sports Center was also suspended because of the financial problems of Wuhan Motive Sports, and the venue fee was not paid to the other party.

Coach Yang said that at the beginning of September this year, he received a notice that there was a problem in the operation of Wuhan Company. At present, the headquarters is also trying to solve it, find a third-party institution to accept the course and resume classes as soon as possible. At present, Beijing Motivation Sports Headquarters is responsible for negotiating this matter with other institutions. The reporter asked the parents about the refund, and coach Yang said that he needed to contact the customer service at the Beijing headquarters.

The reporter called official website of Beijing Motivation Sports Technology Co., Ltd. several times in a row, but no one answered. On September 12, Jimu journalist contacted Babaoshan, the market supervision administration of Shijingshan District, Beijing, and the staff of the institute replied that the institute had contacted Beijing Motive Sports Technology Co., Ltd., which said that there were staff members who went to Wuhan to deal with this matter.

On September 17, many parents said that they still could not contact the person in charge of Wuhan Motive Sports, and they would recover their losses through legal channels.

Gao Lei, a lawyer of Hubei Ronghecheng Law Firm, suggested that consumers can ask merchants to provide the courses they promised according to the factual contract concluded by both parties. If the merchant refuses to perform or fails to perform after being urged, the consumer may ask the merchant to refund the corresponding amount. Both parties can negotiate on this. If negotiation fails, they can bring a lawsuit to the court. In addition, consumers are also reminded that when purchasing courses, it is best to sign a formal contract with the merchants and ask for invoices in time after payment.

The latest ranking of the Basketball World Cup was released： the French men’s basketball team topped the list, and the China men’s basketball team rose to 16th place.

On August 5th, Beijing time, after each team played in the warm-up match, the strength ranking of the World Cup teams changed. The French men’s basketball team rose to the first place, the American men’s basketball team ranked second, the Australian men’s basketball team ranked third, and the China men’s basketball team rose to the sixteenth place, which was recognized.

As we all know, Li Kaier officially joined the China Men’s Basketball Team and has been training with the team. Although the performance of the China men’s basketball team in the first three warm-up matches was very poor, after the adjustment, the China men’s basketball team won two consecutive victories, beating the Egyptian men’s basketball team and the Cape Verdean men’s basketball team successively, with excellent performance. Although Li Kaier didn’t play, his performance in training was excellent, and he was praised by China men’s basketball coach Jorjevich, which is expected to help China men’s basketball team get Olympic tickets.

In addition, this year’s American men’s basketball team has no big-name stars to join, which also gives other teams a chance to win the championship. At present, the French men’s basketball team, the Australian men’s basketball team, the Spanish men’s basketball team, the Slovenian men’s basketball team, the Canadian men’s basketball team, the German men’s basketball team and the Lithuanian men’s basketball team are all the main players, and they are expected to challenge the American men’s basketball team. In addition, Jokic, the core player of China’s opponent Serbia’s men’s basketball team in the group match, decided not to play in the World Cup, so the strength of Serbia’s men’s basketball team declined obviously and missed the championship.

In addition, from the current situation, the gap between the teams in this World Cup is not big, so the game is bound to be very exciting and worth looking forward to by all fans! ! !

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