What is the logic behind the strength of the bank plate this year? Is this spiral sustainable? How can the banking unit be selected? The High-end Investment Dialogue programme, The Lead Link, under the flag of news, recently visited the Chief Analyst in Business Securities Bank.

Wirtschaftsprüfer

Interviews are organized as follows:

澎湃 News: How can this year’s banking unit’s position be seen, in particular the strength of the State-owned major unit?

Sakamoto: This year, bank plates can be divided into two phases, the first in January and the second since February. The number of bank targets that increased between November last year and January last year and February last year is different and the logic behind them is different.

The performance of the Banking Unit since February has largely been reflected in the “medium-evaluation”. We believe that there are two main driving forces behind the back, the first driving force, whose valuations are historically low and have the incentive to weigh. The second driving force is that of “medium-adjusted” schemes, where market financing is linked.

The reason why the Bank was able to be the head of the business was that the actual flow was particularly small. Similarly, the real flow of State-owned businesses is relatively small and easily financed. If the actual flow is smaller, the funds used are not as much as they were thought. It is therefore not necessary to be overly surprised at the upsurge.

澎湃 News: What funds are being bought in the banking unit during this rise? What is the current institutional configuration?

Believing that the overall situation may be more relevant to downstream finance, that there is some disconnect and that institutional investors are less involved but less involved. According to our statistically sound data, as of the end of the first quarter of this year, the bank holdings of the Fund should be at the lowest level in history, at about 2.0 per cent.

澎湃 News: How long do you think sustainability? What risks investors need to pay attention?

Believing that, in the event of a deviation from the basics, it is often untenable that there is no apparent improvement in fundamentals, because it is driven mainly by funding. Investors are advised to pay attention to risks, particularly in the short term. Some of the short-term increases were relatively large, but future fundamentals and performance were not significantly improved, and equity prices could fall back when markets were hoted down. Investors do not as much as possible follow, think more and more cautious. Investing in the banking unit, investors are advised to choose one of their own known units, with long-term performance and growing banks.

澎湃 News: Is the banking unit as a whole or in a long-term “pure” state, how do you view the bank unit’s long-term “pure”, which can be broken in the future?

Wise: The banking unit is “pure” in terms of global perspectives. At present, several large banks in India may be two to three times PB, relatively high. There are also bank units in the United States, with relatively high valuations. It is worth noting that this round of closed banks in the United States, such as the Silicon Valley Bank, the sums and banks, were previously small and representative, and that the previous valuations of these two banks were more than 2-3 times PB, and that the collapse of the two banks, which were welcomed by the investment community, was indeed a reflection of us. There are also several banks in Canada whose valuation is relatively high. Bank valuations in Japan, the Republic of Korea and Europe are mostly “purified”.

Individually, market banks are also more dividing. Some assets are of particular quality, good business performance, high profitability, future development logic, in line with industry development orientation, and can reach or exceed one PB. Overall, the valuation of the banking sector is not as large as it is.

澎湃 News: after this rise in the bank unit, do you believe that there will be a follow-up bank refinancing scheme?

Wishing: At present, additional pressure on capital at the core level of small and medium-sized banks is relatively high. In the future, the valuation could go and create conditions for bank refinancing. Prior to that, some marketed banks had lower valuations and were more difficult to implement increased and convertible debt. At present, some shareholder, business and agribusiness can create conditions for refinancing if the valuation is possible.

澎湃 News: Currently, a quarterly report from 42 Unit A banks has been disclosed. In terms of performance, can the performance of large and small and medium banks be evaluated briefly?

Believing that, as a whole, the growth in the performance of equity-based banks has been relatively low over the past six to seven years. From various banks, the city is performing relatively well, such as the Jiang Su Bank and the Hangzhou Bank. Overall, there is some pressure on equity performance. The sizeable increase in United States reserves is relatively favourable for banks like China, owing to their higher foreign currency operations. Looking to the future, marketable bank performance can be optimistic but still strained, for example, where the divide is clearly narrow.

澎湃 News: How long can the market interest in bank interest be eased?

Believing that this is difficult. Over the past few years, interest rates on loans have fallen significantly. Financial concessions were also emphasized, particularly during the epidemic. Both interest rates for business loans and mortgage rates have declined. These have a significant impact on the profitability of banks, as the bank’s liability is more just. Although banks had taken the initiative to lower deposit rates during the two years, the general population had tended to change.

We have observed that the regularization of old-age deposits is very prominent. Currently, personal deposits are largely fixed for three or five years, with very few years. While the interest rate for deposits has been down, the overall cost of deposits has increased. As a result, the divide in bank interest has been significantly narrowed over the past few years. However, the difference of interest is less well judged and depends on the future economy. I personally believe that, for the next three to five years, the divide in the banking sector could be further reduced, possibly at around 1.5 per cent, but it is not good for the medium to long term.

澎湃 News: integrating the latest performance of banks

Red net pays attention at 10:12 on March 3

On March 2, the reporter learned from the provincial forestry bureau that there were 404000 overwintering waterfowls in Dongting Lake from 2021 to 2022, and the number of winter migratory birds set a new record.

On January 12, a group of egrets perched on a beach in Miluo. They may not feel the “peeping” from 300 meters away. Niu Yandong, an associate researcher of the Provincial Academy of forestry, carefully pushed the single barrel telescope in his hand to the farthest, and the picture gradually became clear. The characteristics of egrets appeared, “the mouth is very long, more than 20 cm, and there are more than 40 white spoonbills.” At the same time, Yueyang integrated the Dagang section of the old road of the Yangtze River in the milu provincial nature reserve. The 140 black storks found on the beach not far away surprised Dr. Song Yucheng of the East Dongting Lake National Nature Reserve Administration.

On the ninth winter, Dongting Lake is the world of waterfowl. Birds chirp and can be seen everywhere. Do you know how many waterfowl flock and fly and stop? More or less than in previous years? On March 2, the reporter learned from the provincial forestry bureau that there were 404000 overwintering waterfowls in Dongting Lake from 2021 to 2022, and the number of winter migratory birds set a new record. So, how are the numbers of these waterfowls counted?

[scene]

China’s largest “giant panda in bird” population appears in Yueyang

“1, 2, 3…” on January 12, Yueyang integrated the Dagang section of the old road of the Yangtze River in the milu provincial nature reserve. While staring at the single barrel telescope, song Yucheng pointed to a black stork on the beach and said in surprise: “there are 140!”

Black stork belongs to the world’s endangered rare birds, national first-class key protected animals and important environmental indicators. It is listed as an endangered species. At present, there are only about 2000 in the world and less than 1000 in China, which is known as “giant panda in bird”.

Yueyang integrated Milu Provincial Nature Reserve is a river island in the Jingjiang section of the lower reaches of the Yangtze River. The vast water surface, vast wetlands and beaches, as well as rich water plants and aquatic animals, provide a natural paradise for all kinds of birds.

The black stork is alert and timid, has developed hearing and vision, and has high requirements for the habitat environment. It is a hermit between mountains and rivers. Chen Chunhua, director of the wildlife protection department of the Provincial Forestry Bureau, said that only 3 to 5 black storks are usually seen, and they often migrate into small groups of more than 10 or more than 20. 140 black storks appeared in large groups in Yueyang integrated milu deer Provincial Nature Reserve, indicating that the ecological environment in Yueyang section of the Yangtze River continued to improve.

[data]

404000, 74 kinds! Record breaking

The above scene is the scene of the synchronous investigation of overwintering waterfowl in Dongting Lake organized by the Provincial Forestry Bureau in January this year. Experts confirmed that the investigators monitored 140 black storks at one time, which is also the largest black stork population found in China.

During this period, the investigators recorded a total of 404000 waterfowls of 74 species, including 25000 birds of 12 species and 378000 birds of 57 species of “three haves” in addition to 447 birds of 5 species of national class I key protected birds such as the black stork. The recorded species and quantity of waterfowl have set a new historical record.

In the Dongting Lake waterfowl survey area in previous years - East Dongting Lake National Nature Reserve, West Dongting Lake National Nature Reserve, South Dongting Lake Provincial Nature Reserve and Hengling Lake Provincial Nature Reserve, 52 survey sample points were set up, recording 298000 waterfowls of 54 species, an increase of 10000 over 288000 last year, a year-on-year increase of 3.4%, accounting for 73.9% of the total number of waterfowls in the Dongting Lake area.

In addition to the four nature reserves of Dongting Lake investigated in previous years, the waterfowl in 24 nature reserves in 26 counties, 4 cities in Dongting Lake area were also investigated. 98 investigation sample sites were set up, and 106000 waterfowl were recorded.

[explanation]

There are two ways to count birds, which are more difficult than census

See here, do you have many question marks: synchronous investigation? Survey sample? Are hundreds of thousands of migratory birds counted one by one?

Niu Yandong, who has been involved in the Dongting Lake wintering waterfowl survey since 2010, said, “this simultaneous survey of waterfowls is a bit like the census, but it is more difficult than the census.”

In 2020, China launched the seventh national census in. I believe everyone will cooperate very much. But the wary and flying waterfowls don’t cooperate so much. It’s even more extravagant to hope that they will stay where they are and fly away after the investigators count them.

Wild geese, ducks, Snipes and other water birds with large numbers and similar shapes play and roam in the wintering area. In the morning at Caisang lake, it may fly to other places in the afternoon. In order to avoid double counting or missing counting, investigators will conduct investigations at the same time and in different places, that is, synchronous investigations.

How do birds count? Niu Yandong introduced that two methods are generally used to calculate the number of birds. The first is the direct counting method. Rare species are counted one by one, such as the 140 black storks; The second is the group counting method, such as wild geese and ducks, which has a large number and high density, so this statistical method is adopted.

Taking wild geese and ducks as an example, because their relative density is similar, the investigator will divide an area into small grids, then count the number of wild geese and ducks in a grid, estimate it for many times, take the average value, and finally calculate the number of wild geese and ducks in this area.

[value]

Expert: the accuracy of this data is 90%

In order to more accurately and more accurately count birds, before the official count of wintering water birds in Dongting Lake from 2021 to 2022, investigators conducted a comprehensive pre survey to find out the concentrated habitat of waterbirds. Finally, 150 survey sites were identified in the Dongting Lake area, and the most concentrated time of migratory birds was counted.

The East Dongting Lake National Nature Reserve has also installed 40 monitoring stations where waterfowl are concentrated, including 20 in the middle of the lake and 20 along the East Dongting Lake levee. Zhang Hong, deputy director of the Reserve Administration Bureau, told reporters that through monitoring, the areas where waterfowl activities are predicted, and investigators can be guided to make some key investigations in key assessment areas. “The monitoring data can also be used as an aid to the synchronous investigation of waterfowl and play a certain role

Description of technical achievements of authorized invention:

It is a very basic principle with high application value and great layout value, and can be industrialized. At present, the industry in the field of AR measurement technology has little development and tends to be blank. Ar Augmented Reality optical waveguide detection technology quantifies the detection results of AR optical waveguide. The technical scheme is excellent. The collimated laser beam is used as the measurement means of ar Augmented Reality optical waveguide. Based on the principle of optical lever amplification, the laser beam matched with each array surface is formed to characterize the processing quality. The image data collection and data analysis of the characterized beam are carried out through CCD camera, The curve crest accurately represents the position of the measuring spot, and scientific and rigorous data analysis means are used to quantitatively measure the quality and performance of the optical waveguide, the core component of AR optical machine. It provides quantitative measurement significance for the development of ar Augmented Reality optical waveguide industry, and has a huge market prospect.

If you are interested in patents, please contact Mr. Chen 13141305408

Sina statement: Sina’s posting of this article for the purpose of transmitting more information does not mean that it agrees with its views or confirms its description.