CCTV News:The "May Day" holiday is approaching, and many travel platforms have entered the peak booking period. The data shows that domestic long-distance travel orders account for more than half, and the tourism market in third-and fourth-tier cities is outstanding. From the overall booking situation, Beijing, Shanghai, Chongqing, Hangzhou, Chengdu, Nanjing, Xi ‘an, Wuhan, Guangzhou and Changsha are popular tourist destinations for the May 1 holiday.

It is estimated that the number of holiday travelers and per capita consumption will be higher than that in 2019.

According to the news from china tourism academy, many locations for concerts, music festivals and film and television dramas will become the "wind vane" of May Day tourism consumption and "potential stocks" of many destinations. At the same time, major museums and theme parks in China will usher in the peak of passenger flow, and in-depth experience games such as parent-child tour, cultural tour and food tour are new ways for tourists to start holiday travel.

The inbound and outbound tourism market is booming.

Inbound and outbound tourism shows great vitality. China tourism academy predicts that the number of outbound tourists will reach 130 million in 2024, and this year’s "May Day" will usher in an outbound craze, and visa-free destinations that can "just leave" will become the first choice for many tourists. Judging from the visa data, Japan, South Korea, Australia, Vietnam, Canada, New Zealand and other popular countries for outbound travel on May 1 ST, and Shanghai, Beijing, Shenzhen, Guangzhou, Hangzhou and other cities are the tourist destinations with a large number of visas.

The inbound tourism market is also heating up. The data shows that the booking orders for inbound tourism during the May 1 holiday increased by 130% year-on-year, and the inbound tourists mainly came from Malaysia, Thailand, Britain, Russia, France and other countries.

County tourist destinations have become hot spots for booking.

This year’s "May Day" holiday, data show that "micro-vacation" and "micro-travel" are on the rise, and more tourists are willing to travel to small cities.

According to online travel platform data, during the May Day holiday this year, hotel booking orders in county markets increased by 68% year-on-year, and ticket orders in scenic spots increased by 151% year-on-year. In Baoshan, Huaihua, Chifeng, Hotan, Heze and other cities with regional airports, the number of air ticket bookings increased significantly year-on-year, mostly exceeding 50%. Pingtan in Fujian, Yangshuo in Guangxi, Anji in Zhejiang, Wuyuan in Jiangxi, Zhengding in Hebei, Shangri-La in Yunnan and Dunhuang in Gansu are popular county tourist destinations.

Ms. Wang from Jiangxi started planning the May Day holiday in early April. After many comparisons, she still chose to go to the nearby Jingdezhen for a "ceramics" trip. She believes that compared with popular tourist cities, small cities now have different holiday experiences from food to culture, from natural landscape to humanistic customs.

In Zunyi, Guizhou, the tea-picking tour with the integration of agriculture and tourism will become a new bright spot. A series of local activities, such as tea performance, tea picking competition and tea culture collection, are splendid, attracting many tea lovers to become tourists, tasting tea rhyme, enjoying tea, discussing tea ceremony and playing tea tours.

Car rental and self-driving families accounted for a large increase in RV bookings.

According to the comprehensive data of various car rental platforms, in the upcoming May 1 holiday, family travel accounts for 45%, and SUV and commercial vehicles are the main reserved models, and the number of RV bookings has increased by nearly 7 times year-on-year.

During the "May 1" period, domestic car rental orders increased by 40% year-on-year, and car rental orders in Hangzhou, Qingdao, Nanjing, Shanghai and other cities increased rapidly. It is expected that the occupancy rate will reach over 90% during the "May 1" holiday this year.

The northwest and southwest routes are booked hot, such as Xining and Urumqi, Yinchuan, Lanzhou and Lhasa, and the seaside with comfortable climate and southern cities with convenient transportation resources, such as Qingdao, Weihai, Yichang, Huangshan, Hangzhou and Nanjing, are deeply loved by tourists. At present, economical cars with high cost performance, spacious SUV models, and 7-seat models suitable for families or traveling with a large number of people have high bookings.

　　In a "craft gift shop" in Dashilan, the staff said that all accessories could be purchased at a discount, and they also showed the appraisal certificate.

　　You can get a free lucky draw if you buy goods of several tens of yuan, and almost all the people who participate in the lucky draw will get the first prize. The winner can take away the jewels with a price of 10,000 yuan only by paying 10% appraisal fee or handling fee. This year’s CCTV "March 15th Party" exposed this illegal sales routine. So, do businesses that adopt similar tricks converge? A week after the party, Beijing Morning Post reporters visited and found that some businesses near Beijing West Railway Station and Qianmen Street still use this kind of routine, and those "prizes" with high prices are low in cost. After the reporter complained, the staff of the industrial and commercial department said that this kind of behavior of the merchants violated the Anti-Unfair Competition Law, and the relevant business information has been registered and recorded, and will continue to supervise and inspect.

　　　Reporter visits

　　Consumption of 80 yuan Lizhong First Prize

　　At noon on March 16th, the reporter from Beijing Morning Post came to a shopping mall near Beijing West Railway Station. There was a cashier on the east and west sides of the shopping mall, and there were counters with jade ornaments beside them, but no one was there.

　　First, the reporter bought a refrigerator sticker at a booth selling tourist souvenirs, and no one gave him a free lucky draw. Subsequently, the reporter stopped in front of a stall selling ornaments, and the clerk enthusiastically attracted him. A woman called "boss" made a short stop and left. After spending 80 yuan to buy a bracelet, the clerk presented a "gift voucher" to guide the reporter to collect small gifts at the cashier.

　　When she came to the cashier, the female "boss" presented a red rope, and then took out five raffle tickets from the counter, saying that she could draw for free. When the third photo was scraped, the "first prize" appeared. The female "boss" repeatedly expressed surprise and said excitedly, "You are so lucky, it is really rare!" Then, I began to introduce the jewelry products in the counter. "These are Hetian jade and gold inlaid jade. Usually, our lowest price is 6.8 fold. If you win the first prize, you can pick one for free." In order to make people believe that they have won the "grand prize", the female "boss" has always stressed that they can only choose accessories below 10 thousand yuan.

　　It was not until the reporter picked one of them that the female "boss" said, "Jewelry is given away for free, but because it is a winning prize, 10% tax is charged." She said that the selection of jewelry with a price tag of more than 4,000 yuan requires a "tax" of more than 400 yuan. Then I took out the corresponding appraisal certificate, which only indicated the material texture and other information, and there was no specific quality.

　　　Winning the first prize again, the clerk "snapped up acting skills"

　　Subsequently, the reporter went to a "craft gift shop" located in Dashilan, Qianmen Street. After spending only 10 yuan to buy a commodity, the salesgirl handed her shopping receipt and asked the reporter to pay at the cashier on the inner side.

　　After paying 10 yuan, the staff on the side immediately stepped forward and said that they could give small gifts and participate in the lucky draw. After also receiving a small red rope, the staff first took out a lottery ticket, and when they didn’t win the prize, they took out three more for the reporter to draw. Sure enough, there was a "first prize". The staff immediately held the reporter’s hand and said, "What luck! Let me touch your good luck." At the same time, it is repeatedly stated that the winning rate of lottery tickets is extremely low, and only three out of 1000 people will win the prize. "And you won the biggest prize!"

　　Then she introduced the welfare of the winners — — Buy all the accessories in the counter at a 10% discount. Seeing that the reporter hesitated, she took out two sales orders. "You see, these are two orders that were sold only this morning. The lowest price is 6.8 fold. They need more than 5,000 to buy more than 8,000. You can take them away for 800 yuan. It’s a good deal." After the reporter said that he wanted to pick one for his elders, someone immediately came to sing a double reed with the staff. "It’s really filial to buy a necklace for your elders!" "People are lucky and won the first prize. Tell me about this luck!" "That’s really a good deal. You can earn whatever you choose. It’s usually expensive to sell."

　　A few minutes later, the salesman who first opened the bill also came to help. The reporter stayed at the counter for less than 10 minutes, and three people took turns to persuade. Coupled with the realistic props such as "sales bills" and the "exquisite acting skills" of the clerk, the reporter wanted to get out. It is also a bit laborious.

　　　"Jewelry" appraisal certificate is available for three yuan.

　　Where did the gold inlaid jade and hetian jade in the counter come from? The Beijing Morning Post reporter found many shops doing jade wholesale on the Internet. In one of Putian’s online stores, the price of a "Jade A Gold-inlaid Jade Pendant" with a certificate is 268 yuan, and the customer service said that the "wholesale price" can be reduced to 115 yuan. "This is a large size, many bosses take it back for activities, and 115 yuan is matched with one-on-one certificates." The price of a green bean pendant of Jade A goods is less than one tenth of the counter price. "80 yuan without flowers and 98 yuan with flowers also have certificates."

　　The owner of another store in Hangzhou told the reporter that as long as customers put forward the requirements of goods with certificates, they can all meet them. The reporter said that he wanted to buy jewelry for "lucky draw" sales, and the other party immediately replied: "Then you don’t need to buy it too expensive, just a few tens of dollars of gold inlaid with jade." Merchants said that these goods have appraisal certificates issued by the Guangzhou Quality Inspection Center of the Ministry of Land and Resources. The reporter inquired through the testing center official website and found that the information did correspond.

　　A jewelry wholesaler in Shenzhen also said that the average price of so-called "jewelry" for "lucky draw" is about tens of yuan, and all of them can be delivered together if certificates are needed. "But the certificate has to be paid extra, three yuan each." The wholesale chart sent by the merchants is a big surprise. A "gold inlaid jade" ornament the size of a fingernail only needs 12 yuan, and the wholesale price of a "gold inlaid jade" Guanyin statue about 5 cm long is only 135 yuan.

　　insider

　　Certificates only identify the true and false, not the grade.

　　Through repeated search tests, the reporter found that the certificates that merchants sell jewelry and jade can be found on many authoritative websites, such as the Jewelry Quality Inspection Center of China Business Federation and the Guangzhou Quality Inspection Center of the Ministry of Land and Resources. The contents include appraisal results, quality, color, shape, inlaid metal marks and other items, and also have the signatures of inspectors and auditors.

　　An industry insider said that if the identification certificate has marks such as CMA (China Metrology Certification) and CAL (Quality Supervision and Inspection Organization Certification) and the steel seal of the inspection center, and can be inquired on official website, it means that the product conforms to the certificate identification. "If the composition meets the standards of the corresponding jade, the corresponding certificate can be issued. However, the certificate can only identify the types of jade and precious stones, and does not identify their quality and price. "

　　The other party explained that, for example, the classification of diamonds is relatively mature at present, so the appraisal certificate includes many items such as shape, size, carat, color, type, distribution, clarity, etc. Consumers can measure the value of diamonds according to this information, but there is no mature classification standard for jade such as Hetian jade and jadeite in China at present. "The appraisal certificate can only prove that this thing is true, but the quality is good or bad and the price is very different. What was exposed were jewels with poor quality and high price. "

　　Business tips

　　Report to the territorial management department at any time.

　　In a handicraft shop in Wangfujing, the reporter found that a consumer reminder made by Dongcheng Branch of Beijing Administration for Industry and Commerce was posted in the shop: Recently, some unscrupulous merchants induced consumers to participate in the in-store lucky draw on the grounds of "giving gifts as soon as they arrived at the store" or "buying any goods to participate in the lucky draw", and made consumers intentionally win prizes and set a low discount to buy specific goods, or they could buy specific goods only by paying manual fees. Through the above-mentioned methods, consumers are deceived to buy jewelry and jade with inflated prices by taking advantage of their psychology of "winning the big prize". At the same time, the industry and commerce department also suggested that the operators suspected of illegal and prize-winning sales have been investigated, and consumers can call the local industry and commerce department to report the situation.

　　Subsequently, the reporter reported two businesses in Qianmen and Beijing West Railway Station to the hotline 12315 of Beijing Administration for Industry and Commerce. The staff said that if the situation is true, the business behavior belongs to unfair sales with prizes, which violates the relevant provisions of the Anti-Unfair Competition Law, and the information of the two businesses was registered and recorded.

　　On March 20th, the law enforcement officers of the Dashilan Industrial and Commercial Office in Xicheng reported that they had gone to the "craft gift shop" complained by the reporter to understand the situation, but no lottery tickets were found in the counter at that time. In this regard, law enforcement officials said that "they will continue to pay attention to this store". A few days ago, the staff of Xicheng District Industrial and Commercial Bureau also went to the shopping mall complained by reporters near the West Railway Station to understand and check the situation. Reporter Kang Jiawen and photo

　　The Yangtze finless porpoise is the only surviving cetacean species in the Yangtze River, which plays an important role in reflecting the ecological status of the Yangtze River. Because of its lovely appearance, it is also known as the "smiling angel" in the Yangtze River. On April 6th, the Yangtze finless porpoise investigation team conducted a new round of field investigation in Jingjiang section of the Yangtze River to understand the population quantity and distribution of finless porpoise in Jingjiang section. When the investigation ship reached the section from Jiangyin Bridge to Mucheng Park, a finless porpoise suddenly jumped out of the water and appeared in the Jiang Tao. The investigators were very happy and quickly recorded it. This is not the first time that the Yangtze finless porpoise investigation team has found traces of finless porpoises in this water area. In 2021, Jingjiang City, Taizhou, together with Nanjing Institute of Environmental Science, organized a survey on the population of finless porpoises in Jingjiang section of the Yangtze River. The investigation team concluded that there were 2 finless porpoises in Jingjiang section of the Yangtze River, with 20-32 finless porpoises.

　　Jingjiang has a coastline of 52.3 kilometers along the Yangtze River. Under the principle of "jointly protecting and not developing", 17.35 kilometers of coastline has been designated as undeveloped, accounting for 33% of the total length of Jingjiang coastline. The main habitat of the Yangtze finless porpoise discovered by the Yangtze finless porpoise investigation team is located in the "no development zone" designated by Jingjiang City. With the deepening of the Yangtze River protection and comprehensive fishing ban, there are more and more scenes of finless porpoises playing in the Jingjiang section of the Yangtze River. According to the leader of the Yangtze finless porpoise investigation team, up to 12 finless porpoises have been observed at one time, and there are existing mother and child groups, indicating that there are newborn finless porpoises in this water area.

　　Since 2021, the Yangtze finless porpoise investigation team has carried out 33 ship surveys and crew questionnaires in Jingjiang section of the Yangtze River, and witnessed 30 groups of finless porpoises and 88 times. The return of rare and endangered species, such as finless porpoise, shows that the habitats of various organisms in Jingjiang section of the Yangtze River are increasing, and the effect of ecological protection of the Yangtze River is increasingly apparent.

　　(Headquarters reporter Wu Rui Jingjiang Taiwan)

Author:[America] Bill • Kilday is currently the vice president of marketing of Niantic Company. He used to be the marketing director of Keyhole, a digital map startup, and later served as the product marketing manager of Google Geography Department, responsible for the promotion of "Google Maps" and "Google Earth".

Publishing house:Citic publishing house

Publication time:June 2019

Titanium media note:According to the book "Google Methods", Yu Sheng, a self-media person, condensed "The Story of Google Maps" into a complete article with nearly 28,000 words. Please read it patiently.

Last year, I finished reading Bill Kilday’s "Never Lost Again" recalling Google Maps past lives, and found this book not inferior to all kinds of "lean entrepreneurship" textbooks, but also more fascinating.

Say it looks good, mainly because it is true.

On the one hand, in the long development history of Google Maps, we can see the process of germination, birth and shaping of various features that we are accustomed to now: one-click location search, multi-layer mixing, and pins representing locations. "I" is a small blue dot on the map … … I deeply know that these characteristics are not jumped out of the cracks in the stone, and innovation is usually a process of slow polishing and full of accidents.

On the other hand, this book makes no secret of the political struggle within the company. After the original small entrepreneurial team Keyhole was acquired by Google, Google Maps was launched and led the development of Google Maps for a long time.

However, how does the "self-contained" Keyhole face the complicated situation inside Google? How to get along with the team that made the map before? How to face the repeated efforts of others for control? These stories are all described directly in the book.

CITIC Publishing House published the Chinese version of Never Lost Again, Google Method. After getting the permission from CITIC Publishing House, I condensed the story of Google Maps into a complete article.

Nowadays, everyone is familiar with electronic maps, and it is even more indispensable if you travel around the world. However, if we want to trace the origin of Google Maps, it will probably surprise many people. It comes not from maps but from a technology –Clipmapping.

Clipmapping can be translated as "fragment mapping", which is a by-product of SGI (Specialized Graphic Inn Innovation). This technology can combine images with different resolutions to provide a "seamless" experience when users zoom. Nowadays, when we use electronic maps, the zoom operation looks so natural and intuitive, and the Clipmapping is behind it.

Traditionally, Clipmapping technology is mainly used in video games, and it is often used to render large maps in games. As for real-world maps, if you remember, traditionally they are set at several fixed scales, and maps and seamless zooming seem to be naturally insulated.

In 1999, Michael Jones, Chris and others of SGI spent a weekend developing the technology of applying Clipmapping to maps (they called it CTFLY, City-Fly), which allowed users to zoom maps of different scales freely. All the people who have seen this Demo are shocked. The original map can be so dazzling! Some people even thought of the popular movie Enemy of the Country at that time.

However, using Clipmapping to make maps is not just for the sake of being cool, but also for engineering consideration: with Clipmapping, users can see the part of the content they are interested in without downloading all the data, and truly realize "weak water for three thousand, only one scoop".

For a project involving massive data such as maps, this technology is no longer suitable. You know, it was 1999, and CTFLY with Clipmapping technology also needed a Dell computer worth $4,000 to run.

Maybe CTFLY is so good that everyone is attracted by the cool interface, but they forget to continue along the direction of "map". SGI also thinks that this technology is so advanced that it can make a lot of money when used to play games, so why do things like maps that don’t pay off? However, Michael and others still spend their spare time polishing CTFLY to make it better and better, and finally the board of directors issued a termination order: "It is really cool, but don’t do it again."

Unwilling Michael and others asked, can CTFLY be taken out to set up a new company, with its own investment, to support itself? The board of directors agreed. After the recommendation of headhunters, they found John Hanke. Both sides were satisfied with CTFLY and hoped to do something on the map, so Keyhole was established.

If you are a military fan, you have probably heard of the US military’s Keyhole reconnaissance satellite. By the end of 1990s, the fifth generation keyhole, model KH-11, had been able to monitor hot spots around the world, providing a resolution of 1.3 meters.

Therefore, John Hanke, the founder of Keyhole, decided to name his company Keyhole, but this is actually only a stopgap measure, because what John really wants is Earth.com. Earth.com, a domain name, was bought by an employee of IBM in 1992. He offered John $1 million, which was certainly unbearable for a startup company in 1999. Therefore, the name Keyhole was used until it was acquired by Google.

But because he couldn’t buy Earth.com, John had to name his product EarthViewer. However, naming is only the first step. More importantly, where is its market?

At that time, there were already monopoly digital map manufacturers on the market, that is, Esri (pronounced ez-ree). Esri was founded in the 1970s. By 2000, it had hundreds of thousands of clients, more than one million maps and revenue of 300 million dollars, making it a well-deserved giant.

In contrast, Keyhole’s Clipmapping technology only provides a better user experience, but it is not a magic weapon to compete with Esri. So what about Keyhole? After careful analysis, Keyhole found several shortcomings of Esri:

The first disadvantage is complexity. Esri is a typical industry software, and it must be operated by professionals who have obtained GIS degrees. Every time they meet new customers, they must be customized by experts.

The second disadvantage is that the data is not uniform. Users often have to import all kinds of data themselves and pray that these data can be read correctly and aligned with each other.

The third disadvantage is that the speed is very slow. If all the data is not loaded into the local hard disk in advance, the response of a large-scale map is very slow and almost unusable.

In view of this, although Keyhole is small, it still defines the strategy of competing with the "Big Mac" Esri: EarthView must be used by ordinary people, must provide complete and unified data, and must provide a smooth operating experience.

Clipmapping technology makes the operation interface more intuitive to ordinary people. At the same time, the rapid development of the Internet makes it possible to save massive data in the central node and read and calculate on demand at the client, thus ensuring data integrity and operation speed at the same time.

John’s vision is really admirable, and his vision is quite clear, that is, to provide map products that ordinary people can use, so he is not afraid of the limitations of objective conditions at all. According to his own statement: we are not developing for the current hardware, but developing in the direction of hardware development. In the future, the computing power of devices will become stronger and stronger, and more and more devices will provide GPS information (although he didn’t expect that mobile phones would also have GPS)… …　

Of course, John will also consider the reality objectively. It has long been suggested to him to adopt BS architecture instead of CS architecture, which is convenient for users to use. However, John did not adopt this suggestion considering the hardware processing ability and front-end technology at that time — — You know, even Firefox didn’t come out at that time, and IE still occupied the largest share of the browser market. More importantly, Ajax was not born, and it was six years later that it became popular.

The tragedy of "the ship was in trouble to turn around" was staged again. After the success of the EarthViewer launched for the pain point of Esri. After that, Esri also tried to make the same product, which provided the same cool effect, and once shocked the people in Keyhole. However, they quickly found that Esri’s products didn’t even have a networking cable or Wifi connection during the demonstration. In an instant, the guys in Keyhole were relieved: Esri’s interface was cool, but it was nothing more than new bottles of old wine.

In this way, Keyhole opened its market, and the first investment from Sony lasted until around 2002. John had to find new investors, and he thought of Nvidia.

At that time, Nvidia had defeated 3dfx (an ancient name) and became the overlord of graphics accelerator cards. The booming game industry put forward a strong demand for graphics accelerator cards. The market value of Nvidia was as high as 10 billion US dollars, and it had the strength to invest. More importantly, what John really wants to do is a full 3D map, and he needs the support of manufacturers like Nvidia.

Keyhole’s conditions are: Keyhole customizes the optimized version exclusively for Nvidia in exchange for Nvidia’s investment, and includes the EarthViewer client in the CD attached to Nvidia’s graphics card. But Nvidia’s team ignored this: compared with Nvidia, which has a big family business, Keyhole is too small to understand what scale is.

John didn’t give up. He managed to get in touch with Huang Renxun, the founder of Nvidia. In the end, Huang Renxun agreed to provide Keyhole with $500,000 to customize Nvidia’s exclusive version of EarthViewer NV. John agreed, because with this $500,000, the company can last another two or three months, and it only takes a few weeks to develop a special version.

During the talks between the two sides, Huang Renxun also mentioned whether EarthViewer had considered providing "real scenes" while displaying street-level maps. John didn’t think about it. "This is equivalent to collecting hundreds of thousands of miles of real-life pictures." He paused for a long time before saying, "It will take about 20 years to do this."

EarthViewer NV was very popular after it was released. People in Keyhole received messages from various users, typically "Oh, my God … Oh, my God … God … " . EarthViewer NV costs $79.95 per copy. According to the previous contract, Robertson, the owner of Airphoto USA, can get 20 dollars … …

In the early days of EarthViewer, important clients were real estate agents. Because of EarthView, they don’t have to run around to see all kinds of houses in person, just click on the software a few times and you can see where the house is and the surrounding environment. This demand exists, but it is still too small.

Since 2002, EarthViewer has begun to tap users in more industries. Its sales Dave Lorenzini belongs to the kind of people that startups like best: they wait until what they want to do, and the less they manage, the better the result.

Dave Lorenzini has opened up users from all walks of life and worked hard to reach many long-term contracts. However, Lorenzini spent a long time talking with CNN, but it didn’t achieve good results. At the beginning of 2003, the contract amount dropped sharply from $400,000 to $75,000, and the possibility of reaching it dropped from 90% to 50%.

At that time, Keyhole’s annual income was about $2 million, but it still could not cover the expenses, and Nvidia’s $500,000 had also been used up. An investment institution contacted by Keyhole at that time was In-Q-Tel, but the speed of this institution was also very slow and it was too late to decide. What people in Keyhole don’t know is that In-Q-Tel is the investment institution of CIA … …

On the morning of March 27th, 2003, CNN finally sent a contract to Keyhole, confirming that the price was $75,000. Although the amount is very low, John achieved a remarkable achievement: CNN agreed to display EarthView.com’s URL on the TV screen when using EarthViewer.

Anyone who has experienced that period of history knows that on March 20, 2003, the United States-led Coalition forces began to attack Iraq, and major TV stations also began to report a lot.

At first, people in Keyhole thought that CNN would only use EarthViewer to record some animations in advance as a supplement to the report. However, this time, CNN reporter Miles O’Brien had a whim. He no longer wanted to use pre-recorded animation, but planned to open the EarthViewer software in the studio, starting from the whole picture of the earth, and gradually positioned himself in Baghdad to "personally" the battlefield. So what TV viewers see is this picture:

"It’s 7:30 am GMT. We look at Baghdad through satellites hundreds of miles above the earth. These photos are more telling than manual reports. We use EarthViewer’s software to enlarge the ground and look at the results of bombing … …”

At this moment, EarthView.com’s text link … …

Probably programmers don’t like watching TV very much, so Keyhole people are still working as usual. However, that afternoon, the burst of traffic poured into EarthViewer’s website, which instantly destroyed all services. Fortunately, there was a group of independent servers dedicated to CNN, so CNN was not affected. Everyone was looking at each other when someone suddenly received a short message from a friend: Hey, man, I saw your company on CNN!

What’s even more amazing is that EarthViewer can continuously obtain the latest data because of purchasing the service of Digital Globe before, so during the live broadcast, guests can easily compare the historical pictures of Iraq and find the latest progress. In the history of live TV broadcast, in the history of war reporting, such a thing has never happened.

Even the military has been affected. From top to bottom, countless commanders in the US military are asking: What exactly is this thing used by CNN? Why can’t I use this damn thing? Even many American soldiers have subscribed to EarthViewer at their own expense, so that they can be more sure when performing their tasks.

It’s not hard to understand what happened later. Newsweek, Time, The New York Times and other media followed up and reported EarthView. Keyhole became famous in an instant, and major news organizations signed contracts one after another, and the long-delayed investment in In-Q-Tel followed … …

By 2004, Keyhole was in contact with Menlo Ventures, a veteran investment institution in Silicon Valley. Just then, an interesting thing happened inside Google.

At that time, the executive layer of Google was holding a product review meeting together, and the theme of the meeting was Picasa, which had just been acquired. As usual, sergey brin opened his notebook and joined the meeting. The product manager of Picasa was giving a presentation. Suddenly, he found that Brin’s mind seemed to be completely absent from his presentation, so Eric Shmidt(CEO) suspended the meeting and asked Brin: Is there anything important that you want to let everyone know?

Brin connected the projector to his notebook, and it turned out that he was watching EarthViewer. Many people are meeting EarthViewer for the first time, but they are all attracted by this software, and hope that Brin can enter his address — — "Show me, show me" … … .

Brin stopped and said directly without even considering the business prospects, "We have to buy this company."

Google offered Keyhole $30 million. But this is not the crux of the problem. What John is most concerned about is that Google didn’t have a map business before. What can it do if it buys Keyhole? He is also worried about his dream of building a high-resolution 3D model for the whole planet. Is there any chance to realize it? So, Google organized another special meeting.

"What do you think about making 3D models for the whole planet?" John asked.

"We think this will be the core of Google," Larry Page replied. "There are too many kinds of information that can be organized around maps and geographic information." Eric Shmidt added: "I guarantee that Google will provide you with enough image data, more than all the images you have processed before."

The guarantee of the founder and CEO is not enough. In order to show enough sincerity to finalize the acquisition, Google, which had not completed the IPO at that time, even made an exception and showed John the financial data of the past three years. According to John, God, I never thought private companies could make so much money!

The next day, John made a difficult call to the people in Menlo Ventures: "We are not signing this contract, we have changed direction".

On the other hand, it is precisely because of John Hanke’s insistence that Google can’t "pick and choose" Keyhole’s team and take in all 29 people. However, everyone needs to attend the interview. The name "interview" is actually just to determine the level.

Bill Kilday, the author of Never Lost Again, also participated in the interview. He was interviewed by Bret Taylor, an old employee and product manager of Google. At the end of the interview, Bret asked him, "Do you want to be PM(Product Manager) or PMM(Product Marketing Manager) after entering Google?"　

Because he didn’t understand the difference between PM and PMM at all, Bill could only answer, "I did both before". Bret said, "Do both? I can’t decide whether I can wear two hats, but personally, I think it’s unlikely. Of course, you can try it. "

Bill didn’t think much at first, but John Hanke immediately became alert when he heard about it: "Beware of Bret. I know someone at the top who is interested in maps, and Bret is her favorite guy. I don’t want all of us to take the reporting line of Bret. "

John thinks that since there are others who want to get their hands on the map, Keyhole can’t expose all his family. Finally, John suggested that Bill should not take the technical line, but "hang a sheep’s head and sell dog meat", which is nominally PMM, not in the reporting system of the technical line, but actually still works as both PM and PMM.

In addition to the conversation that needs to be "carefully faced", Keyhole joined Google and had many fresh experiences that impressed them.

On the first day of joining Google, they can go to the company’s parts station and freely choose the IT equipment they want. If you want to access the office network at home, you can ask IT support staff to provide a special router, and Google will pay for employees’ home Internet access. In addition, the campus shuttle buses provided by Google have their own Wi-Fi— — Come to think of it, it was 2004.

After the Keyhole team joined, Google organized a meeting to let everyone speak freely, and Brin and Page also attended. However, this meeting is more like asking Brin and Page to ask questions like a barrage:

"A large proportion of your data has reached the meter resolution?"

"Where does the data source come from?"

"What’s with the satellite?"

"Are these satellites geostationary satellites?"

"How big is the photosensitive element?"

"How fast does the satellite fly?"

… …

Another question that Brin is concerned about is: "How much space would it take to save a photo of the whole earth’s surface with a resolution of meters?"　

Although people in Keyhole have been doing this work before, they have never thought about it. So, Michael Jones, the engineer in charge of storage, replied: It takes about 1PB. — — "I think you are wrong, it should be 5TB", Brin gave his answer. Then the two men began to entangle the number. Michael invited Brin to work out on the whiteboard outside, so they started to walk outside. At this time, Bill caught up and threw out his own questions.

"Revenue of $10 million or development of 10 million users, which goal do you prefer?"

"I don’t understand what you are saying."

"For the Keyhole team, after one year, do you want us to achieve 10 million US dollars in revenue or develop 10 million users?"

"I think you guys should consider much bigger problems than this."

With that, Brin and Page left.

A few months later, during the development of Google Maps, Keyhole people gave Brin and Page a product demonstration. Two people’s reaction is still the same, what they want is a much bigger goal:

"How can I get such data?"

"Too few? We have spent $3 million on maps. You know, Keyhole has only bought a total of $1 million in the past four years. "

"Is this all the data of Digital Globe?"

"How big is the entire map database?"

"You mean, the map data of the whole earth? You know, the Sahara Desert, uninhabited islands, the Arctic Ocean and Antarctica are all included, and those data are useless to us. "

"Why don’t you buy the whole database?"

As a result, the budget for purchasing maps increased from the previous $3 million to $80 million. "It seems that we really should consider much bigger problems," John said.

At that time, Keyhole team work was divided into two parts. Part of it is reserved land, that is, the previous EarthViewer, and the original sales and services should be preserved; Part of it is a new job, that is, developing Google Maps, a web-based and free map product.

According to Google’s requirements, after being acquired, Keyhole should add the logo of Powered by Google to EarthViewer. The common Google logo includes five letters O with different colors, but Bill wants to change the blue one to Earth to highlight the characteristics of Keyhole.

Usually, this is very easy, Keyhole’s own webmaster can do it, but in Google, even such a small modification must be nodded by one person, and this person is Marissa Mayer.

Today, everyone is familiar with Marissa Mayer, who is the famous "Sister Mei" who appeared repeatedly in later reports. However, the Keyhole team who just joined Google doesn’t know who Sister Mei is. It took a long time to find out that she is the 20th employee of Google and the first female engineer, who is in charge of all searches. "It can be said that she is the most powerful woman in this industry, and more than half of Google people report to her."

In order to make a small change to the Google logo, Bill sent several emails and made several phone calls in the past few weeks, but never got a response from Sister Mei. All the other links have been settled, but everyone said, "Without Mei Jie’s nod, we dare not confirm". Seeing that the online date was approaching day by day, Bill had to rush directly to Sister Mei’s office and ask for an answer in person. He did get the answer: any changes must be released at the weekly UI meeting hosted by Sister Mei, waiting for her confirmation.

Finally, it was the meeting’s turn. After waiting patiently for 45 minutes, Bill finally got a chance to introduce the changes he wanted to make for 1 minute. Mei Jie’s evaluation is only one sentence: "Well, this is quite interesting. You can do it with confidence."　

Sister Mei’s idea has always been simple: all searches are under my control, and maps are inseparable from searches, so they should also report to me. However, John has long been aware of this, so he is very alert.

Keyhole’s team also found that the previous thought that "Google has no map business" is actually wrong. Google has tried it on the map, but outsiders don’t know it.

Google has previously acquired a company called Where2 Tech, and the main developers are two Danish brothers: Jens Rasmussen and Lars Rasmussen. The two brothers have been working hard to start a business, but the financing is always not smooth.

After 2001, the. com bubble burst, and Where2 Tech was basically finished. Originally, they were in contact with Sequoia Capital, but after Yahoo updated the Yahoo map and connected the Yahoo Yellow Pages with the map, Sequoia retreated. However, Sequoia arranged for them to meet Larry Page of Google.

Page is very interested in this team, but he also puts forward requirements for them. Where2 products, like all map products at that time, are desktop clients. However, Page believes that the Web is the future direction, and maps should run in browsers and get background data through the Internet.

At that time, there was another team inside Google that was also studying this technology of "getting data without refreshing the page", that is Gmail. However, the Gmail team and the Where2 team don’t know each other, but in the end, their technical solutions are the same, that is, Ajax can be seen everywhere today.

At that time, Lars and Jens were already struggling on the verge of bankruptcy. Because of the visa problem, they had moved their office from the United States to Australia, and there were only four people left in the team. After talking to Page, they found that it was an irresistible choice to change the technical scheme and join Google. They worked day and night for three weeks, took out a Web map and got tickets to join Google.

Compared with Keyhole, the team of Where2 has accumulated in front-end technology, but they have never had their own map data. So after the merger, Keyhole’s team also needs to be divided into two ways, all the way to maintain Keyhole’s original business, all the way to merge with Google’s existing map team, import the data before Keyhole into Google, and make Google’s "own" map.

It seems that Google Maps is a brand-new product for both Keyhole and Where2 Tech, and it is related to their previous work. So, who got on whose boat? Who will lead the whole team?

Where2 Tech reported to Bret Taylor before, and Bret is Sister Mei’s favorite. Both Bret and Sister Mei have many ideas about the map business and are full of expectations for the future. However, no matter who leads the team, the main force of this team is Keyhole. Keyhole’s people are different from Google. Not all of them graduated from prestigious schools majoring in computer science, and not everyone is extremely smart, but Keyhole’s team fighting capacity cannot be ignored.

Finally, Google gave a plan: John’s title is "General Manager of Keyhole", the original Keyhole team still reports to John, and John reports to Jonathan Rosenberg, vice president of product strategy of Google. At the same time, Bret and Google’s original map team still report to Sister Mei. This may not be the best plan, but at least it is a clear plan, avoiding unnecessary entanglement.

The reporting relationship is clear, but the working relationship is not that simple. Google assigned a large office to Keyhole’s team in Building 41. The original 29 people in Keyhole, plus 4 people in Where2 Tech who were making maps before Google, worked together.

The previous four guys have adapted to their jobs, but now they have to get up and make room for 29 new guys. This feeling can be imagined. What’s more, no one knows or explains how everyone should work together and how to cooperate. The final game

　　Inscription: Quantitative investment has been developed and practiced in China for almost ten years. Even a simple review of this industry is not an easy task. This paper briefly expounds the quantitative evolution of private placement in China from five aspects: influencing factors, strategic evolution, investment-client change, business environment and future prospect.

　　One: Influencing factors

　　Quantitative investment or hedge funds are imported in concept, so it is difficult to give a complete definition. The development of domestic quantitative industry is related to many factors, including market environment, regulatory policies, technical factors and external influences. These elements, like vitamins to maintain human growth, are intertwined and jointly affect the development and changes of the industry.

　　1. Market environment

　　The development of quantification is mainly closely related to the development of the market environment. Before the introduction of stock index futures, quantification mainly focused on long-term stock selection on the stock side, while futures mainly focused on commodity futures. On April 16th, 2010, CICC launched the Shanghai and Shenzhen 300 index futures, which opened a new era for quantitative investment. On the one hand, stock index futures provide hedging tools for stock strategies, on the other hand, they provide active trading varieties for CTA strategies, and on the third hand, they derive strategies such as spot arbitrage combined with ETF.

　　Subsequently, a number of new targets and tools appeared, such as treasury bonds futures, 50ETF options, IC/IH two major stock index futures, margin financing and securities lending, graded funds, convertible bonds and so on, which enriched the quantitative investment tools and strategies. Without the stock market crash in mid-2015, the launch of innovative tools should be accelerated, and the above-mentioned varieties and tools will play a greater role. Due to the impact of the stock market crash, many new varieties were "untimely" and were affected by stricter regulatory policies after their launch.

　　The rise and popularity of quantitative investment also has a lot to do with the stock market downturn in 2013-2014. There is no harm without comparison. Quantitative absolute return products are sought after, and the first batch of relatively large-scale quantitative private placements all rose at this stage, whether focusing on stock neutrality or CTA investment in stock index futures. In 2018-2019, quantitative products have once again become the sought-after objects of various employers, which is also related to the fact that there are not many alternative assets in the stock market downturn to some extent.

　　2. Regulatory policies

　　For quantitative investment, supervision can be divided into micro level and macro level. The micro level is mainly aimed at trading varieties and trading rules, while the macro level is more about industry policies (association policies, new asset management regulations and product structure, etc.).

　　In 2014-2015, the "leveraged bull" spawned by structured capital allocation ended in a stock market crash in a series of policy games, and stock index futures became a "back-pot man". The liquidity of IF stock index futures also shrinks instantly, just as a person’s heart rate suddenly freezes from 100 beats/minute to single digits, and directly becomes a vegetable. The latter tinkering policy is like giving cardiopulmonary resuscitation to a vegetative state, which brings greater disappointment after each hope. The subsequent regular discount of stock index futures is like the complications of vegetarians, sometimes good and sometimes bad.

　　After the supervision of stock index futures, some funds entered the commodity futures field, and then some policies were issued from time to time to guide the commodity futures field. Fortunately, the market was relatively small and everyone didn’t care too much. On May 1, 2017, the "Guidelines for the Management of Graded Fund Business" was officially implemented, excluding most retail investors, and the liquidity of graded funds, a leveraged tool, also shrank. In addition to the higher trading threshold of options, the programmatic interface of the latter trading is also stopped, and basically the wolf is fighting inside.

　　From the macro level, the new asset management regulations were released in 2018, which broke the rigid redemption and triple nesting, removed the priority and inferior structure, and the products should gradually move towards net worth management. Net management puts forward higher requirements for active management ability. In 2019, bank wealth management subsidiaries were established one after another, reshaping the financial management pattern, which had a far-reaching impact on the source of funds for private equity investment.

　　3. Technical factors

　　The quantitative investment industry is more like a technology-like industry, which often strives for technical strength and also considers the technical iteration cycle. Technology includes not only hardware, but also software, which is why many practitioners in the quantitative industry have computer backgrounds. The technology (or IT) factor here mainly includes two aspects: one is the improvement of the effective computing power of the quantitative company (the pain point), and the other is the access to the trading system (the itch point).

　　Everyone knows that technology costs money. Whether IT is buying hardware equipment or recruiting IT talents, quantitative companies are not willing to give up or have a lot of money to invest at the beginning, but have gone through a gradual process. At the beginning, there are many market opportunities, and you may be able to make money without such a great IT investment. For example, in 2013-2014, the low-frequency alpha strategy has a low transaction frequency, so you can place an order with a simple algorithm. Now that there are too many porridge, it is more and more difficult to earn money, and everyone has to fight for technology. At this stage, many investors try their best to tune high-frequency alpha companies, and they also like to ask questions such as effective computing power and servers. Efficient operation allows you to obtain (useful) information more efficiently than your opponent, thus turning it into a trading signal to obtain income. Some people may ask, if technology is so important, is IT possible for people in IT companies such as BAT to switch to quantification? Not exactly. It should be said that technical strength is one of the necessary but not sufficient conditions for quantifying private equity competition.

　　The above is more about quantifying the internal technical factors of the company, and most of the quantitative transactions are automated transactions, which involve docking with external trading systems. It is easier for external systems to access futures than stocks, and the supervision of futures is relatively small. After docking the exchange API, all futures companies can basically use it. The stock interface is much more complicated. Before the stock market crash in 2015, the programmatic interface of stocks was open. Private placement basically packaged several mainstream APIs and then docked different brokerage counter systems, which was more convenient. After the stock market crash and illegal allocation of funds by HOMES and other systems, the regulatory authorities stopped all programmatic interfaces. There are also alternative ways. Some quantitative private placements are traded through the securities firm’s purchasing private placement trading system (PB system), but not all quantitative private placements can be conducted in this way. Many of them are conducted through the PB system or text scanning mode within the securities firm.

　　The influence of the execution efficiency of the trading system on the quantitative trading results is direct and quantifiable. The competition of futures is fierce, and both market acceleration, trading system and physical distance have reached a certain ceiling. In the stock market, in addition to looking forward to the easing of policies, many brokers have also begun to exert their strength at the market acceleration end.

　　4. Outsiders

　　The outsiders here mainly refer to foreign participants. After the introduction of Shanghai and Shenzhen 300 stock index futures, many foreign companies entered China through trading companies as vests because of their active trading and good liquidity. When foreign companies first entered China, they were relatively low-key and mysterious. The domestic staff were mainly middle-and back-office personnel, and the strategy research and development were all abroad. The transaction execution could be realized through remote login deployment. The first batch of foreign-funded companies engaged in high-frequency transactions, which also let domestic practitioners know the strong technical strength and earning ability of foreign-funded teams from one side. I heard that at that time, a securities firm used a foreign trading system to save the market in order to avoid blocking orders.

　　The "Easton Incident", which was investigated during the stock market crash, also affected the direction of supervision to a certain extent. After the stock market crash in 2015, many regulatory and rescue measures were introduced in China, but I didn’t expect the stock market crash 2.0/3.0 to follow.

　　On June 30, 2016, Answers to Questions Related to the Registration and Filing of Private Equity Funds (X) was officially released, allowing qualified wholly foreign-owned and joint ventures to apply for registration as private equity fund management institutions, and to carry out private equity fund management business including securities trading in the secondary market. The Association is responsible for the registration of foreign private equity institutions. Up to now, more than 20 wholly foreign-owned private equity managers (WFOE) have registered with the Association. Among these companies, some are engaged in asset allocation, and some are engaged in absolute returns or relative returns.

　　Two: strategic evolution

　　The generation of strategy is not isolated, but closely related to the market environment. Asset categories and strategy types are different in different environments, and the risk factors implied by different strategy types are also different. This part simply tells the development path of different strategies from the perspective of asset categories.

　　1. Stock strategy

　　Stock quantification strategy is one of the mainstream strategies, which is directly related to market capacity. At the beginning, the domestic stock strategy was mainly based on absolute return strategy, and stock index futures were mainly used for hedging (short selling is rare). It just happened to meet the market of small-cap stocks, and you can make money by exposing your style a little. In 2013-2014, many stock quantitative private placements liked to operate with leverage. In December 2014, when the styles of large and small stocks were switched, many stock quantitative products were collectively retraced, and those with higher leverage also exploded, which was the first "black swan" encountered by stock quantitative products. After the mid-term stock market crash in 2015, the market liquidity declined, the stock index futures were seriously discounted, and the neutral strategy suffered a cold winter. Many stock quantitative investments were forced to transform, and some investors turned to index enhancement in order to avoid the deep discount of stock index, but the latter index "kept falling" too much, and the products made investors less money. After exploration, another group of investors began to turn to a high-frequency strategy based on volume and price in 2017, leading a wave of trends until now.

　　At this stage, stock strategies are mostly concentrated on high-frequency strategies such as volume and price alpha and T0, and the previous low-and medium-frequency fundamentals alpha have been difficult to do in the past two years. Stock products are mainly market neutral (absolute return) products and index enhanced (relative return) products. Market-neutral products based on stock high-frequency strategy often gain income by exposing style or factor exposure, which is not strictly neutral. Because of the high turnover of hands every day, relatively speaking, the (time) risk brought by exposure is more controllable than that of medium and low frequency. Index-enhanced products only select some indexes as benchmarks, and the selection range of trading targets may be far more than index constituent stocks. I have also seen that the basic trend of 300 and 500 enhanced products of a private equity company is the same.

　　Market learning has evolved rapidly. After 2019, a large number of stock high-frequency strategy products entered the market. Coupled with the liquidity and volatility of the market, the stock index continued to discount, and the stock high-frequency strategy also entered a "sideways period". The high-frequency strategic trading of stocks is crowded, which also makes some investors pay attention to the lower-frequency fundamental quantification again.

　　In order to cooperate with the smooth launch of science and technology innovation board and standardize Public Offering of Fund’s participation in refinancing securities lending business, on June 21st, the CSRC issued "Guidelines for Public Offering of Securities Investment Funds to Participate in Refinancing Securities Lending Business (Trial)", which provided a new way for stock strategy hedging (the scale before the securities lending business was very small). Whether the long/short double alpha era can really be started or not, and the specific effect will need time to be tested (the marketization of borrowing costs and the asymmetry of positive and negative alpha distribution are all worthy of attention).

　　2. Futures strategy

　　Before the introduction of the stock index, there was no CTA fund product in the strict sense in China, which was also related to the product distribution system. After the launch of the Shanghai and Shenzhen 300 index futures on April 16th, 2010, CTA funds gradually attracted the attention of investors, which belonged to the market cultivation stage, and individuals and institutions were involved in programmatic trading. In 2012-2013, the stock market was in a downturn, and absolute return products were sought after. During this period, CTA funds mainly traded stock index futures, and the intraday strategy was the main one, which lasted until mid-2015 and belonged to the golden development stage. After the stock market crash in June 2015, stock index futures were restricted, and many CTA funds were transferred to commodity futures, but they were faced with problems such as "acclimatization", because the volatility, liquidity, minimum change unit and delivery system of commodity futures market were different from those of stock index futures market, and stock index futures strategy, especially intraday strategy, could not be simply "transplanted". Subject to factors such as the supervision of stock index futures and the weakening of commodity market volatility, from mid-2015 to 2017, the development of CTA funds entered a period of downturn, which was a difficult transition stage. In 2018, with the deepening understanding of the commodity market, the optimization and adjustment of the strategy, and the further loosening of stock index futures driven by Apple, "peerless double focus" and crude oil, the CTA strategy performed well in 2018. From 2015 to 2018, the investment that can survive is all magical, and there are many places that are remarkable.

　　CTA strategy can be divided into trend tracking, statistical arbitrage and market-making strategy, etc. Now, the learning ability of investment and investment is relatively fast. From the perspective of net worth management and investor expectation management, many of them are mainly compound strategies.

　　In the field of futures, a force that cannot be ignored is the high-frequency team, which includes both domestic and foreign teams. This force earned the first pot of gold before the stock index futures were restricted, and more funds were transferred to the commodity futures field after the stock index futures were restricted. Because the commodity futures market is a stock game market, the capacity and income can not be compared with the past. After a period of exploration, some teams began to move to the T0 stock market.

　　3. Option strategy

　　On February 9th, 2015, Shanghai Stock Exchange launched 50ETF options, and several commodity exchanges also launched some commodity options, but the trading volume and influence were not as big as 50ETF options. The introduction of 50ETF options can be regarded as a tool to manage nonlinear risks for the market. However, due to strict account opening conditions and limited programmatic interface, the overall quantitative scale is not large.

　　With the improvement of liquidity, many investment strategies have been derived around 50ETF options. After communicating with market peers, it is found that the options trading strategies at this stage mainly focus on risk-free arbitrage (parity formula), volatility surface arbitrage, directional trading of actual volatility and implied volatility, event-driven strategy, etc. (The strategy classification varies from person to person, and some people analyze it from the perspectives of trading γ, gamma scaling, trading Vega, trading θ, (statistical) arbitrage, etc.).

　　4. Other strategies

　　In addition to the above-mentioned strategies classified according to asset categories, in the past quantitative development process, many staged quantitative strategies have been derived, such as spot arbitrage, ETF discount premium arbitrage since 2010, tiered fund arbitrage that was popular in 2015, and convertible bond arbitrage that was popular in 2018.

　　Quantitative strategy is sometimes combined with some institutional arbitrage or event-driven, such as quantitative and private placement in 2014-15 and quantitative and innovative in 2016.

　　Three: change of investment and care

　　A single quantitative investment can come smoothly from beginning to end, and it has gone through many stages. The different development stages of quantitative investment are not only influenced by the market environment and strategic cycle, but also by the factors of company management.

　　1, the development process

　　Before the implementation of the private placement registration and filing system on February 7, 2014, private placement products had to rely on channels, including trusts, publicly funded subsidiaries or securities firms. After the implementation of the private placement registration and filing system, private placement managers can independently discover products, which is a major innovation for the development of the private placement industry.

　　Borrowing channels to send products, the risk control and compliance systems are relatively strict, and the docking of trading systems is not very powerful. The implementation of registration and the simplification of product establishment process have spawned a large number of new quantitative private placements, some of whom came back from overseas and others came from institutions within the system.

　　Quantitative private equity firms have a large flow of talents, especially a batch of private equity firms established in the early days, from which many new companies have been split.

　　2. Business model

　　Companies need cash flow and make money, especially in the quantitative industry at the top of the talent tower. Without continuous cash flow, talents are easily lost. Through that mode to obtain cash flow or profit, different quantitative companies have different business and path arrangements.

　　From a strategic point of view, some companies focus on a certain segment at the beginning, and some companies do all kinds of strategies. Understood, more paths are to expand from a certain subdivision to other fields, such as CTA to stocks, from stocks to bonds, etc., and move towards a comprehensive strategy. On the one hand, this model can improve the original strategy with limited space or capacity reaching the ceiling, and on the other hand, it follows the principle of moving forward in the direction of least resistance.

　　From the management point of view, some domestic companies refer to the Worldquant model, unify the database, back-testing platform and evaluation criteria, and then recruit a large number of employees who have just graduated or have less work experience to mine factors or develop strategies, while more experienced PM will decide whether to adopt and weight them. There are also some companies that refer to the Millennium model. The company is divided into different strategy groups, and then a team leader takes several soldiers. This is a platform company, and different strategy groups may do the same type of strategy or different types of strategies.

　　Whether it is internal factor MOM or strategic MOM, there are not many companies that can achieve a relatively standardized model. Any model requires a large amount of resources, and it can only be done if the company develops to a certain scale or the shareholders are strong.

　　3. Company genes

　　Every company has its own path dependence and its own capability boundary. Quantifying the company’s genes is related to the academic qualifications, majors and working experience of the company’s core figures. According to statistics, the graduation schools of the core figures are very concentrated, basically from the top few prestigious schools. Professionally speaking, computer, physics and mathematics are among the top. The quantification industry has gathered a group of the smartest people, and the school logo is very obvious.

　　Quantifying industry experience is also very important. Many domestic quantitative tycoons have worked in Goldman Sachs, Millennium, BGI/ BlackRock, Citadel and Worldquant before, bringing back many foreign ideas and methods. There are also many quantitative bosses in China, who have grown up in the domestic market and are very familiar with domestic systems and trading rules.

　　4. Geographical distribution

　　Due to the restriction of industrial and commercial registration, the registered address of private placement may be scattered, but the office space is mainly concentrated in Beijing, Shanghai, Hangzhou, Shenzhen and Guangzhou. Statistically, the relatively large private placements are mainly in Beijing, Shanghai and Hangzhou, which are related to the rich educational resources in several places besides the relatively smooth information in the deep financial centers. Quantification industry needs a large number of interns for data processing or strategy research and development, and the background of science and engineering is preferred. There are many quantitative private placements near Zhongguancun (000931) in Beijing. It is convenient to recruit interns or employees, and many interns have become the main force of the company.

　　There is still a shortage of educational resources in Shenzhen, and it is difficult to find interns in quantitative companies, which is also a shortcoming that restricts the development of quantitative private placement in Shenzhen. There are also quantitative private placements in Guangzhou, and the scale is relatively small, basically near the international financial center.

　　5. Industry concentration

　　The quantitative private placement industry is an industry with economies of scale, and it is easy to form a winner-take-all situation.

　　Before the stock market crash in 2015, except for a few futures high-frequency companies with relatively large hardware investment, many private equity hardware investments were not high. In addition, at that time, it was possible to make a structured fund-raising scale, so the industry concentration was not so obvious.

　　With the rise of stock high-frequency alpha, hardware investment and labor cost investment are a very large fixed expenditure, and the entry threshold is getting higher and higher. On the other hand, with the de-channelization and net worth management, good assets become "hot cakes", and funds are more concentrated at the head, which is easy to form the "Matthew effect". Judging from the current trend of quantitative private placement of stocks, the gap between the first echelon and the second echelon and other companies is widening.

　　Compared with stocks, the quantitative investment concentration of low-frequency futures is not so high, on the one hand, it is related to the market size, on the other hand, it is also related to the lack of standardized process of futures strategy, and most of the time it depends on the weather. However, due to the high threshold (IT, strategy), the high concentration of futures is very high, and there are only a handful of good teams.

　　Iv. Business environment

　　Around the development of quantitative private placement industry, a unique ecosystem has been formed. This ecosystem is a complete industrial chain, including different market participants, the docking of funds and assets, and the interaction of information flow.

　　1. Market participants

　　Around the quantitative private placement, in addition to the exchanges and system providers we know, the main participants are brokers, futures companies, customers (banks, third parties, FOF, direct sales, etc.) and information providers.

　　As a stock broker, the support for quantitative private placement is mainly trading and financial support. For stock strategy, a friendly trading system can not only reduce the transaction cost, but also save a lot of communication time. Some domestic brokers made great efforts in the docking and service of trading systems, taking this as a breakthrough, and gathered a group of excellent quantitative investment in the early days. In addition to systematic or purchasing quantitative private placement PB system, it is more important for brokers to understand this business and respond to the service. More than once, I heard friends from the brokerage business department and the compliance risk control department complain about the conflict of ideas about system access. In addition, brokers also need a technical service team that can quickly respond to the demand of private placement, and can answer and solve the problems in the docking and subsequent transactions of quantitative private placement in time. This experience is very critical for quantitative private placement.

　　Another piece of support for brokers is to help private placements to connect funds. Whether it is recommended to banks or other employers, or consignment in the system, it can improve the stickiness with private placements and land the business to brokers. Some brokers have also made more efforts in this area, setting up private equity centers or wealth centers, and introducing a number of high-quality quantitative private equity consignment sales, so that high-net-worth customers can also make money, which improves the probability of multiple marketing of private equity and the stickiness of customers.

　　At present, many brokers also hold many competitions or launch seed funds, which may not be effective in the short term due to the long cycle, limited proportion of foreign investment and multi-objective assessment constraints.

　　Futures companies are brokers, similar to brokers. Compared with brokers, there is not much advantage in the docking of funds. The docking system of futures companies is not as complicated as that of brokers in terms of procedures and processes, but more in terms of speed, computer room, servers and other aspects of support for private placement. This piece of competition is also fierce, especially in the high-frequency field.

　　The above is mainly about brokers, and the other side is the source of funds. The sources of funds are not only brokers and futures companies, but also bank asset management (subsidiary) outsourcing, private bank consignment, third-party consignment, direct sales customers, and FOF funds.

　　There are also some data service providers around private placement, including the service providers of private placement data itself, which will not be discussed in detail here. We expect that there will be a relatively complete and better quality quantitative private placement database in the market in the future.

　　2. Fund side VS asset side

　　Throughout the past years, the capital side has been at the upstream of this industrial chain. After all, quantifying private placement generally requires management scale. For a quantitative private placement, it is very important to establish corresponding channels according to product characteristics. With the spread of the Internet age, the situation of "the wine smells like the deep alley" has greatly improved, and the information asymmetry is declining. However, effective channel maintenance and investor expectation management are crucial for the long-term development of private placement.

　　Being in the whole asset management industry, it is difficult to match the term between the capital side and the asset side. Different sources of funds have different characteristics in terms of attributes, duration, risk and return, and the domestic capital assessment cycle is generally short, so it is as difficult to find a balance between them as walking a balance beam.

　　The preference of the capital side for quantitative private placement is often when the secondary market is relatively depressed. When the cost of capital in the market is relatively cheap and there are not many alternative assets, quantitative products are more popular. Generally, when quantification sells well, there will be asset shortage, and good quantitative products become very scarce. The capital side will chase the quantitative products with good performance, and the head effect is very obvious, which can also be clearly felt from the recent trend.

　　In the balance between scale and capacity, head private placement has strong pricing power. By designing relatively harsh investment thresholds or business terms, investors who meet the requirements are screened. When the head private placement forms a brand premium, you can basically use your own channels to be direct customers.

　　3. Industry promotion

　　For investors, quantitative investment or hedge funds are relatively new concepts. Domestic propaganda about quantitative investment or hedge funds, often for marketing purposes, inevitably exists excessive publicity stunt. Either you have to quantify Simmons, or you have to make a steady profit or have a quick shortcut.

　　Quantitative investment, as an investment method, is not all-encompassing. It can make absolute returns, relative returns and asset allocation. Pursuing absolute income does not necessarily make money. Different types of strategies adapt to different market environments, and all strategies have adaptive periodicity. In many publicity materials, we can’t talk about benefits without considering scale and risk.

　　With the increase of quantitative investment and products, there are more and more awards about the quantification of private placement. The rating organizers mainly come from third parties, brokers, futures, media and so on. Some awards are consistent and have great influence on the market, while others may be closed after a year or two according to the leadership’s intention. Because there are too many award-winning units and various award criteria, investors need to check the gold content of the award-winning items.

　　The fund industry association has introduced many measures in private placement publicity, and investors can’t publicize their achievements at will, which has promoted the long-term development of the industry.

　　Wu: Future prospect.

　　Some time ago, many articles discussed the quantification of 2.5, 3.0 and 4.0. Aside from these figures, quantitative investment should now be in a good position. The development of the industry, most of the time depends on the weather (market opportunities, tuyere), geographical location (schools, information exchange), people and (talents, team, management).

　　1. Stones from Other Mountains

　　Looking at the ranking of some foreign hedge fund companies, it is more from the scale, and many foreign hedge funds do allocation or relative income, and some do business similar to domestic Public Offering of Fund. On the whole, foreign markets are more efficient than domestic markets, and it is more difficult to obtain excess alpha than domestic markets, especially if the scale factor is taken into account. Large-scale hedge fund companies now adopt multiple strategies.

　　There are also some companies that take the profit route. They mostly manage their own funds or the funds are not open for subscription. Many high-frequency companies mostly manage their own funds.

　　No matter the scale or the income route, the head effect of foreign companies is very obvious. In addition, foreign hedge fund companies generally have flagship products, with long historical traceability.

　　2. Self-operated VS asset management

　　From the experience of foreign countries, many hedge funds that aim at absolute returns finally manage a lot of self-operated funds, which is related to the capacity of specific quantitative strategies. After reading a lot of publicity materials, it is found that people are used to comparing Buffett’s rate of return with Simmons’ rate of return, which may not be of great reference significance, because the scale of the two is not in the same comparison dimension. China will also face this problem, and investors prefer to leave good strategies to self-operated funds, especially those with limited capacity. If there is a relatively stable strategy, investors are eager to leverage themselves and gain greater operating leverage effect.

　　Asset management products are more about the pursuit of scale. To meet the needs of scale, if the withdrawal control is strict, it can only reduce the income; If the income should be flexible, more products will be made with relative income.

　　Looking at the stock market in the long run, investors are more willing to manage their own funds or leverage themselves, and more are index-enhanced products. For the futures market, high-frequency or arbitrage strategies are more reserved for themselves, and increasing the scale depends more on medium and long-term CTA strategies.

　　3. Competition pattern

　　It will become more and more obvious that the quantitative competition pattern will move towards the ninth, and the long tail distribution will make the head brand premium ability stronger and stronger. The head effect in the field of stock quantification is obviously higher than that in the field of futures, which is related to market capacity and technical path. At present, the domestic pattern has not reached an oligopoly stage, and there are still many variables in the process of moving towards this stage.

　　Will the entry of foreign private placement managers (WFOE) into China have an impact on the domestic quantitative pattern? Take the stock high-frequency strategy as an example. If we rely solely on effective computing power and data mining, the reserves of many foreign private placements in this area should not be bad. It is worth observing whether there is the possibility of the latter catching up. In the field of high-frequency futures, because the stock index futures have not been loosened for a long time, the competition is now in a very fierce stage (Jump, Tower, Optiver, etc. have already started business in China). Will the new entrants reshape the pattern?

　　It turns out that many teams doing high-frequency futures have turned to the field of stock T0, but pure stock T0 relies heavily on liquidity and volatility, and it is worth looking forward to whether it can continue its glory. As the scale of high-frequency private placement of stocks has exceeded 10 billion, the crowded trading will make them reduce the trading frequency or join the fundamental alpha. Does it have an impact on the original fundamental alpha investment? Technically speaking, it is relatively easy for futures to turn into stocks at high frequency, and stocks to cut into fundamental alpha at high frequency. The technology is a blow to dimensionality reduction, and it remains to be seen whether there can be a breakthrough in strategic thinking and logic.

　　4. Risk management

　　Hedge Fund, in English, should be a hedge fund. One of the characteristics of quantitative investment is that it is more advantageous to manage investment risks. If risk management is not done well, there may be an oolong finger or a black swan event.

　　The source of quantitative strategy income is nothing more than the short-term market failure and then arbitrage opportunities or the corresponding risk premium. Risk arbitrage opportunities are always rare, and more often they are exposed to corresponding risks. No strategy can adapt to all market environments, and the strategy itself will have cyclical characteristics, and the potential risk of relying too much on exposure to gain income is also great. After all, the strategy of "trampling" or collective retreat is nothing new at home and abroad.

　　In addition to strategic risks, there are operational risks or compliance risks, and it is not difficult to achieve the integration of knowledge and practice in quantitative investment. In addition, the consistency of product performance is difficult to evaluate quantitatively because of the asymmetry of information. Therefore, not only private managers should pay attention to risk management, but also investors need risk management to avoid the best cause becoming the worst result.

　　From the perspective of the whole industry, any party’s risk management can reduce regulatory intervention, which is also good for the development of the industry. We can’t forget that in the past financial development of China, "barefoot people are not afraid of wearing shoes" often appeared, and finally the whole industry was held responsible.

　　Source: FICC and asset allocation

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

　　On March 10th, Chinese People’s Political Consultative Conference members Ge Junbo, Zhang Shu and Huo Yong (from left to right) from the medical and health sector jointly discussed how to improve the multi-level medical security system and promote the open sharing of health care big data, and made suggestions for "accelerating the construction of a healthy China". Our reporter is happy and expensive.

　　"Graded diagnosis and treatment" is the first basic medical system with characteristics in China, and it is also one of the hot words in this year’s National People’s Congress. This year’s government work report proposes to expand the grading diagnosis and treatment pilot and family contract service to more than 85% cities. The deputies put forward their own views on how to scientifically and reasonably "divide" the graded diagnosis and treatment and how to "diagnose" it in time and accurately.

　　Strengthen the medical association

　　"The cost of going to a big hospital for a minor illness is high, and a serious illness cannot be cured in a small hospital." Hu Wanning, member of Chinese People’s Political Consultative Conference and president of Tangshan People’s Hospital, said that graded diagnosis and treatment is a model of classifying and resolving diseases and treating different diseases in different hospitals in order to solve the difficulty of seeing a doctor, and the medical association is a platform and an important starting point for graded diagnosis and treatment.

　　The medical association with Tangshan People’s Hospital as its core has signed contracts with more than 30 secondary hospitals, and will expand its coverage to all community and township hospitals in the region in the next step. "Whether large hospitals can be divided and whether primary hospitals can accept them are two major problems to be solved in graded diagnosis and treatment." Member Hu Wanning suggested: First of all, graded diagnosis and treatment should carefully classify diseases, such as acute diseases treated nearby, and chronic diseases given different medical guidance according to their priorities; Secondly, it is necessary to break the information island between hospitals through the interconnected network platform, so that the superior hospital of the medical association can see the medical records and patient data of the lower hospitals, and vice versa, providing guarantee for consultation and two-way referral.

　　Commissioner Hu Wanning, for example, said that an elderly man in his 90 s suddenly suffered from intestinal perforation and coma. After online consultation, experts suggested that he be transferred to Tangshan People’s Hospital, and then transferred back to the county hospital for further treatment after the old man finished the operation.

　　After the establishment of the medical association, the number of critically ill patients and difficult patients transferred from lower-level hospitals began to increase. The patients in the Department of Critical Care Medicine of Tangshan People’s Hospital developed from dissatisfaction to inability to live, and the role of tertiary hospitals became more prominent.

　　A third-class hospital, a number of primary hospitals, and Internet means are the common models of medical associations. Wang Yonghong, deputy to the National People’s Congress and director of the Jiangsu Provincial Health Planning Commission, told reporters that there are 187 medical associations in Jiangsu Province, and all grass-roots hospitals have established a green channel for two-way referral with higher-level hospitals. At present, the number of grass-roots medical visits has accounted for 60%. This year, the proportion of grass-roots medical visits will be further increased by 3 percentage points by promoting graded diagnosis and treatment.

　　In the view of Commissioner Hu Wanning, the greatest function of "Internet+medical care" is to directly improve the technical level of primary medical care. "This is far more effective than sending a few specialists to sit in the clinic." Commissioner Hu Wanning said, "What the grassroots really need is a large number of general practitioners." This statement was recognized by Cai Xiujun, member of Chinese People’s Political Consultative Conference and president of sir run run shaw hospital.

　　Committee member Cai Xiujun showed the Shao Medical Cloud platform on the mobile phone to the reporter. "I can call up the patient’s medical records and imaging data and decide whether the patient needs to be referred." At present, there are more than 5,500 contracted doctors on the Shao Medical Cloud platform based on the medical association, which can immediately send consultation requests or respond to demands.

　　"Doctors are a valuable resource. We should give full play to their enthusiasm through the reform of the personnel system and push them to the society effectively." Commissioner Cai Xiujun suggested.

　　Find a breakthrough

　　"From a practical point of view, there are cases in which patients go to large hospitals blindly, and there are also cases in which county hospitals have insufficient motivation and intention to transfer patients abroad." Commissioner Hu Wanning said that only by rationally diverting patients can more and more patients go to primary hospitals to see common diseases and the medical efficiency of tertiary hospitals become higher and higher.

　　Member Hu Wanning also pointed out that there are still some problems in promoting graded diagnosis and treatment, such as low enthusiasm of primary hospitals and medical associations only paying attention to form.

　　"To promote graded diagnosis and treatment, the first thing is to mobilize the enthusiasm of primary medical institutions." Wu Ming, member of Chinese People’s Political Consultative Conference, professor of the Department of Health Policy and Management of Peking University College of Public Health and member of the expert committee of the State Council Medical Reform Leading Group, said.

　　"The lack of enthusiasm of primary doctors is the key to the problem." Member Wu Ming analyzed that primary medical institutions implement the policy of "separating revenue from expenditure" and tend to be egalitarian, so it is difficult to widen the income gap among primary doctors. Grass-roots doctors seldom see doctors, neglect diseases, and their medical service ability tends to weaken gradually, making it more difficult for grass-roots doctors to attract and retain talents, further reducing their appeal to patients and forming a vicious circle.

　　"We should strengthen the legal entity status of grass-roots institutions and establish a distribution mechanism of more work and more rewards." Member Wu Ming said that with enthusiasm, grassroots doctors will strive to retain patients by providing quality services.

　　On the other hand, big hospitals have to be willing to let it go. "In the past, public hospitals were the operation mode of expanding scale and increasing income. Without the motivation to control costs, there would be cases of competing with primary medical institutions for patients. If this operation mode is not changed, it will be difficult to effectively establish the upper and lower cooperation mechanism. " Member Wu Ming said.

　　She further analyzed that it is very limited to guide patients to the grassroots level only by the difference in the proportion of medical insurance reimbursement in different levels of medical institutions. For many patients, even if the reimbursement rate of primary medical institutions is higher than that of large hospitals, patients will still choose to go to large hospitals, but the reform of medical insurance payment methods directly affects the behavior of hospitals and doctors.

　　Take the common diseases that can be diagnosed and treated by hospitals at all levels as an example. The same payment standard can be adopted for the top three hospitals and the first-class hospitals, or even lower for the top three hospitals. Then the top three hospitals with higher treatment costs will feel uneconomical, thus prompting large hospitals to diagnose and treat more difficult and serious patients.

　　Member Wu Ming said that promoting the reform of medical insurance payment methods based on diseases can fundamentally change the operating mode of public hospitals relying on "making big cakes" to make profits; Turn to profit through cost control on the premise of ensuring medical quality. In this way, large hospitals will have the incentive to lower the purchase price of pharmaceutical consumables and reduce excessive medical treatment, and they will also have the incentive to transfer patients. "At the same time, through the signing service, a certain proportion of experts in large hospitals can be placed at the grassroots level, and the first visit at the grassroots level can enjoy green channels such as hospital registration, inspection and hospitalization, and expand the list of medicines at the grassroots level to attract more patients."

With the temperature rising gradually, many friends are considering adding or replacing an air conditioner to their home recently. Although the technical development of air conditioning has been very mature, it is still not an easy task for consumers to choose an air conditioner with good quality, good performance and power saving in a limited budget.

After entering 2024, major air-conditioning brands have successively released their latest models, which have been upgraded in configuration, performance and function. In addition to the common cooling and heating, the current air conditioner also has many practical functions, such as high-temperature cooling, fresh air formaldehyde removal, independent dehumidification and so on, to meet the needs of different users.

For the mainstream 1.5-horse air conditioner hanging machine, if only three models are recommended, thenWhat are the three air conditioners with the best reputation at present?? From the comprehensive evaluation of all aspects, it is most recommended to buy these three in 2024:Cost-effective, recognized by the public.!

1. GREE)1.5 air conditioners hang up Yun Xuan health model.

As a leading enterprise in the domestic air-conditioning industry, Gree has always been recognized by consumers for its product quality and reputation, especially in the core technology of air-conditioning. Gree has the unique advantage of independent research and development. Its self-developed Lingda compressor is already the second largest rotary compressor manufacturer in the world with an annual output of 60 million units. In response to the "prison seat", Gree air conditioner can operate at 60℃ high temperature and start at-35 C low temperature, which can improve indoor comfort quickly.

Due to the rising cost, Gree has reduced the allocation of many entry-level models, such as Yunjia and Yunjin series. Considering the performance, double-row condenser and price comprehensively, and if the internal machine function has higher requirements, in 2024, it is most recommended to buy Gree 1.5 air conditioners to hang up Yun Xuan Health Model and adopt it.9.8CC Lingda compressor+electronic expansion valve+double-row condenser, with an energy efficiency ratio of 5.28., cost-effective!

In addition, this Gree inverter air conditioner hanging machine also adopts Gree’s second-generation cold external machine technology, with the unique "constant temperature three-dimensional air supply" technology, to ensure that the outdoor can work stably in the "prison seat", reaching the excellent effect of 60 C high temperature refrigeration and-35 C low temperature heating. At the same time, it also innovatively introduced a 360-degree large-motion wind deflector with a circulating air volume of 660 m/h, combined with the UV safe sterilization system and the uninterrupted air circulation of the air conditioner to ensure that users can enjoy clean and comfortable air under any weather conditions.

It is worth mentioning that Gree Yun Xuan Health Air Conditioner is also equipped with 56℃ high-temperature self-cleaning function, plus global anti-direct blowing and intelligent photosensitive function design, providing users with a more healthy and comfortable use experience. For families who have children at home and pay attention to healthy life, this air conditioner is undoubtedly an ideal choice, so that family members can enjoy a comfortable life while ensuring health.

Second, the United States (Midea)1.5 air conditioning wind respect the second generation.

Midea’s air conditioner has been among the best in the market, with its rich product line, excellent design, stable performance and close price, which has been loved by consumers. The second generation of Fengzun is a new air-conditioning hang-up product launched by Midea in 2024, which adds a highly acclaimed cool power-saving function module and realizes the double improvement of comfort and energy saving.

Midea’s second-generation air conditioner adopts innovative 180 rotating air duct design and anti-direct blowing function, which breaks through the limitation of traditional air guide angle and has a super large air volume of 780 m/h, bringing users a more comfortable experience. In terms of energy efficiency, with the addition of cool power-saving mode, the energy-saving effect has increased by 25%, and the APF value is as high as 5.30, far exceeding the industry average.

In addition to excellent comfort and energy saving, Midea’s second-generation air conditioner also adopts the fourth-generation intelligent clean technology, gmcc 10.3CC compressor +1.6 rows of copper pipes+electronic expansion valve. Generally speaking, in terms of price and cost performance, Fengzun second-generation air conditioner performed well. Although the price is only more than 3,000 yuan, its materials are solid and functional, providing users with a value-for-money experience.

3. Haier Jinshuang 1.5 new first-class variable frequency air conditioning.

Haier is a world-renowned home appliance brand, especially ice-washed home appliances. Its air conditioners have also developed very rapidly in recent years, and the growth rate is faster than Gree and Midea. Haier’s interconnected air conditioners achieved the first good result in the world in 2023. Compared with other air-conditioning brands, Haier not only has strong brand and service advantages, but also its products are more affordable and well received by users.

Haier has a wide range of air-conditioning models, among which Haier Jinshuang series 1.5 air-conditioning hanging machine has become the focus of attention because of its excellent performance and innovative technology. This air conditioner adopts a new generation of refrigerant conversion black technology, and the energy efficiency ratio APF value is as high as 2.9. This leading technology not only greatly improves the cooling and heating performance, but also achieves 32% energy saving effect.

Haier Jinshuang air conditioner is equipped with frequency hopping technology and refrigerant conversion black technology on the compressor, which can realize the rapid cooling and heating effect of 15s quick cooling and 30s quick heating. The circulating air volume of 760 m/h, combined with a larger cross-flow fan, further accelerates the circulation speed of indoor air, and at the same time, the anti-direct blowing function and triple air softening technology bring more comfortable use experience to users.

In addition to the original wind speed gear, Haier Jinshuang Air Conditioning also provides two additional wind speed options, namely "medium-low wind" and "medium-high wind", reaching 8 gears in total. Considering its excellent performance, humanized design and people-friendly price, Haier Jinshuang 1.5 air conditioner is undoubtedly a recommended choice in the market in 2024.

summary

What are the three most popular air conditioners? Although there are many brands and models of air conditioners, from all aspects, it is most recommended to buy these three in 2024: high cost performance and recognized reputation. Of course, consumers need to make choices according to their actual needs and budgets when purchasing. I hope that the recommendation and analysis of this article can provide valuable reference for your purchase decision, so that you can buy an air conditioner with excellent performance and reasonable price, and bring comfort and convenience to your home life.

IT House reported on August 30th that at the 2024 Chengdu Auto Show, the Mercedes -AMG EQE53 4MATIC+ pure electric SUV was officially launched with a price of 863,400 yuan. The maximum power of the new car can reach 626 HP (460kW), and the acceleration time of 0-100km/h is only 3.5 seconds after the AMG DYNAMIC PLUS kit is selected.

IT House noticed that the appearance of AMG EQE 53 SUV is consistent with the whole, but it incorporates the unique elements of AMG family in details. The front part is equipped with AMG-exclusive vertical trim and AMG logo, and the black sports kit at the front enclosure further enhances the sense of movement of the vehicle. The headlights on both sides are integrated with the grille, and the "meteor shower" intelligent digital headlights are standard.

In the rear part, the large-size roof spoiler and the large-angle rear windshield enhance the sporty atmosphere of the whole vehicle. The design of the penetrating taillights is simple and powerful, and the penetrating chrome strip of the rear bumper echoes the above design, and the overall style is unified.

In terms of body size data, the length, width and height of AMG EQE53 4MATIC+SUV are 4879/1931/1672 mm, the wheelbase is 3030 mm, and the curb weight is 2600 kg.

In terms of interiors, the new car comes standard with Hyperscreen triple screen design, which is full of technology. With AMG Line multi-function steering wheel and multi-color atmosphere lights, the lower part of the steering wheel is equipped with convenient adjustment buttons exclusive to AMG high-performance models, which can adjust the driving mode, power output and suspension mode of the vehicle. HUD head-up display, red stitching technology, fur turning flat sports steering wheel at three or nine o’clock and other elements further stimulate the driver’s sports passion.

In terms of active and passive safety configuration, AMG EQE53 4MATIC+SUV provides attention assistance system, active braking assistance system, active lane keeping assistance system, and optional driver assistance enhanced version with intersection start-stop function.

In addition, the new car comes standard with AMG Ride Control+air suspension, rear wheel steering and meteor shower digital headlights.

In terms of power, AMG EQE 53 4MATIC+pure electric SUV is equipped with front and rear dual-motor four-wheel drive system, with a maximum power of 460KW, a peak torque of 950 Nm, a top speed of 220km/h and an acceleration of 3.7s per 100 km. The acceleration time from 0 to 100 km/h can be shortened to 3.5 seconds after the AMG Dynamic Plus kit is optional. The battery capacity of the new car is 96.1 kWh and the cruising range is 490 km.