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Range Rover Sport Edition is a luxury SUV model of Land Rover brand, and its design is full of power and sports sense. The front face adopts a unique design style, and the air intake grille adopts a black grid design, which is in sharp contrast with the color of the car body, and the overall style is very atmospheric. The body lines are smooth and strong, showing the unique charm of Land Rover brand. At the same time, the rear part also adopts a unique design, and the taillight group adopts a circular LED strip, which echoes the front face, showing the luxury and technology of the car. In a word, the design of Range Rover Sport Edition is very attractive, which is a classic of Land Rover brand and one of the best luxury SUV models.

Range Rover Sport Edition is a medium and large SUV with a body size of 4946*2047*1820mm, a wheelbase of 2997mm, a front track of 1702mm and a rear track of 1704mm. Its side lines are smooth, showing the perfect combination of luxury and strength. The front and rear tyre size are both 255/60 R20, and the rim has a unique style and exquisite design, showing the dual charm of sports and luxury. In addition, the height of the car body is higher, which provides more spacious seating space, and also helps to improve vehicle passability and off-road ability. Generally speaking, Range Rover Sport Edition is a medium and large SUV with both luxury and off-road capability, which is suitable for consumers who pursue quality and performance.

The interior design of Range Rover Sport Edition is very luxurious, made of high-grade materials, and the steering wheel is made of leather, which makes it feel comfortable. The 13.1-inch central control screen has a large size and clear display effect, and supports voice recognition control of multimedia systems, navigation, telephones and air conditioners. There are two USB/Type-C interfaces and two HDMI interfaces in the front and back rows, which are convenient for connecting mobile phones and other devices. There is also a mobile phone wireless charging function in the front row. The seat is made of imitation leather or genuine leather. The front and rear seats, height, backrest and lumbar support can be adjusted in four directions. The front seats also have heating and ventilation functions, and the driver’s seat and co-pilot seat also have electric seat memory functions. The backrest of the second row of seats can be adjusted, and the rear seats support proportional reclining. These configurations make the interior of Range Rover Sport Edition very comfortable and practical, providing passengers with a better driving experience.

The Range Rover Sport Edition is equipped with a 3.0T 360 HP L6 engine with a maximum power of 265 kW and a maximum torque of 500 N m.. This engine is not only powerful, but also equipped with an 8-speed automatic manual transmission, which can provide a smooth shifting experience. Whether it is daily driving or cross-country adventure, it can be easily competent. At the same time, this engine also has the characteristics of high efficiency and energy saving, which can save fuel consumption for car owners and meet the requirements of environmental protection. In a word, the engine performance of Range Rover Sport Edition is excellent, which is the best choice for you to travel.

In the eyes of car home car owners, Range Rover Sport Edition is an excellent model. From exterior design to interior workmanship to dynamic performance, he was deeply impressed. Car owners like the appearance design of Lanyun very much, especially the three lines outline the simple and atmospheric design style, the strength+the eclectic commander shape, not as rough and crazy as the guards, and the restless design is hidden under the appearance of a relative gentleman, paying attention to a Tibetan character. At the same time, the gray of Eiger Peak reveals a unique metallic texture and the original color of metal under the sunlight. The interior of this generation is also his favorite. The simple big screen with the necessary physical buttons is convenient and practical. Sitting tall, the view is very good. The motivation is sufficient and the training is very compact. Compared with the Range Rover, it is completely different. The word "moving" is used, while the Range Rover is "stable". The comfort of the front row is qualified, and the back row has not been seated. It can be said that the Range Rover Sport Edition has performed very well in all aspects, and it is a luxury SUV worth buying.

　　Cctv newsOn October 4th, Wuzhifeng Scenic Spot in Mangshan, Hunan Province issued an apology letter, saying that at 12: 50pm on October 2nd, a rainstorm suddenly arrived. Due to the rainstorm weather and insufficient preparation of car ferry’s transport capacity, some tourists queued up for three hours before boarding the return shuttle bus, which brought tourists a very bad travel experience and seriously affected their travel mood. We express our deep remorse and apologies for this. To apologize, Wuzhifeng Scenic Spot in Mangshan decided to send an invitation to tourists who bought tickets to visit the scenic spot on October 2, 2023, inviting you to watch the first rime in Wuzhifeng Scenic Spot in Mangshan for free this year (before December 31, 2023, I will go through the free admission formalities with the ticket order and valid documents on October 2, 2023, and then go to the customer service office at the front desk of the visitor center for verification).

　　Author: Professor Huang Jianjun, School of Marxism, Beijing Normal University; Zhao Qianqian, Ph.D. candidate of Marxism College of Beijing Normal University

　　On September 8, 2020, General Secretary of the Supreme Leader pointed out at the national commendation meeting for fighting against the COVID-19 epidemic that the people of China and the Chinese nation, with their dauntless spirit of daring to struggle and win, have forged a great anti-epidemic spirit of putting life first, uniting the whole country, giving up one’s life and forgetting one’s death, respecting science and sharing a common destiny. This exposition fully affirmed the great strategic achievements made in the fight against the epidemic, and also vividly summarized the connotation and essence of the great anti-epidemic spirit. The great anti-epidemic spirit is the precious spiritual wealth of the party and the people, and it will certainly boost the great cause of national rejuvenation to move forward step by step.

　　1. The great anti-epidemic spirit embodies the unity of party spirit and people’s nature, and inspires the Communist Party of China (CPC) to lead the people of the whole country to a better life.

　　The Communist Party of China (CPC)’s party spirit and people’s nature have always been consistent and unified. In the arduous fight against the epidemic, the Communist Party of China (CPC) has given full play to its leading role as a mainstay, grasped the overall situation as a whole, made scientific and precise policies, blocked the transmission route of the virus comprehensively and quickly, and spared no effort to protect people’s life safety and health. Communist party people keep in mind their initial intention and mission, set up a bright red party flag in the front line of fighting the epidemic, and rushed to Wuhan at the critical moment. More than 4.6 million grass-roots party organizations have built solid battle fortresses, and tens of millions of party member have played an exemplary role in normalizing epidemic prevention and control, thus creating a great wall of steel to ensure people’s life safety and production and living order. At the same time, the great anti-epidemic spirit shows the value pursuit of communist party people. It is the people of the Communist Party of China (CPC) who insist on putting people first, are deeply concerned about the safety and warmth of the 1.4 billion people in China, and always put people’s life interests first in order to save people’s lives at all costs. That is why so many lovely and respectable people’s heroes have emerged to overcome difficulties with the people.

　　Inspired by the great anti-epidemic spirit, and by truly grasping the party spirit and people’s nature, the Communist Party of China (CPC) will surely lead the people of the whole country to overcome numerous obstacles and dangers, strive for a better life for the people, and bring tangible benefits to the people.

　　Second, the great anti-epidemic spirit embodies the unity of practicality and scientificity, and promotes the cause of Socialism with Chinese characteristics to a great victory in the new era.

　　Practicality is the true feature and theoretical character of Marxism, and the viewpoint of practice is the core viewpoint of Marxist philosophy. All social life is practice in essence, and practice is the starting point, motivation and test standard of understanding. In the great practice of the anti-epidemic struggle, the battle for medical treatment, the battle for material support, the battle for tackling key technical problems and the battle for manpower organization started at the same time, and all fronts gathered together to fight the difficulties. Regardless of their abilities and professional differences, 1.4 billion people rallied to cite China’s strength, initially controlled the spread of the epidemic in just over a month, won the staged victory in Wuhan in fighting the epidemic in more than three months, and formed a normalized epidemic prevention and control deployment. At the same time, we should establish a scientific attitude of respecting science, seeking truth from facts and being pragmatic, increase investment in talents and scientific research, make scientific decision and command, treat cases scientifically, prevent and control diseases scientifically, and manage society scientifically, actively screen effective drugs and treatments, and successfully promote the integration of traditional Chinese and western medicine and vaccine development.

　　The great victory of Socialism with Chinese characteristics’s cause in the new era needs practical science and scientific practice, and needs long-term adherence to practice and development of science. Vigorously carrying forward the great anti-epidemic spirit in the new era is a full affirmation of the great practice of the anti-epidemic struggle, and it is also an expectation for the future practice of socialism.

　　Third, the great anti-epidemic spirit embodies the unity of regularity and innovation, and promotes the application of Marxist theory in basic issues of reform and development.

　　Only by being good at summing up laws can we be good at promoting innovation. From the starting point to the end point of the development of things, it contains the regularity of the development of things. At the same time, the starting point and the end point are relative, and the end point is a new starting point for development, and the development process achieves the unity of regularity and innovation. In the process of epidemic prevention and control, scientific laws run through the links of decision-making, command, medical research, resource allocation and social governance, and strategic achievements have been made in epidemic prevention and control, which fully reflects the methodological requirements of following the laws. In the face of unknown viruses and unknown diseases, the vast number of scientific and technical workers and medical personnel are at the forefront of the world in virus traceability and detection, case analysis and treatment, vaccine development and application, etc., innovatively breaking through the whole gene sequence of viruses, developing nucleic acid detection reagents, promoting personal health code recognition, and paying attention to innovation from law summary. Practice has fully proved that respecting laws, methods and ideas is appropriate, and it can be more innovative and promising. On the contrary, it will lead to subversive mistakes.

　　Fourth, the great anti-epidemic spirit embodies the unity of tradition and times, condenses patriotic feelings and enhances cultural self-confidence.

　　The great anti-epidemic spirit embodies the common spiritual pursuit of Chinese excellent traditional culture, revolutionary culture and advanced socialist culture, and embodies the strong spiritual strength of China people and the Chinese nation in difficult and critical times. The great anti-epidemic spirit is deeply rooted in people’s hearts, keeps pace with the times, and forms an internal unity with other spiritual contents under the test of the national anti-epidemic practice. Life is supreme, which embodies the love requirements of traditional moral feelings. People love each other and compatriots love each other, and people help each other. Political governance is based on benevolent governance. The ruling class must improve its inner virtue and self-cultivation and care about the sufferings of the people in order to win the hearts of the people. In the fight against the epidemic, the tradition of caring for life shows a new era content. 1.4 billion people responded to the epidemic with one heart and one mind, reported the epidemic in good faith, actively cooperated with isolation and upgraded community prevention and control, and every patient was fully treated. This is the best proof that Chinese people respect the humanistic spirit of life! The new era carries forward the great anti-epidemic spirit, unifies the traditional spirit with the spirit of the times, and embodies the unity of tradition and the times.

　　5. The great anti-epidemic spirit embodies the unity of nationality and cosmopolitanism, casts the national spirit and promotes the building of a community of human destiny.

　　The great anti-epidemic spirit is born in the great practice of the whole people to fight against the epidemic. It is a wonderful portrayal of the national spirit in the new era and a microcosm of the times. It shows the world the spirit of China, China’s strength and China’s responsibility, helps to recast and boost the national spirit, and inspires all Chinese people to overcome difficulties and obstacles, dare to struggle and dare to win. At the same time, in the world epidemic crisis, China fully demonstrated the spirit of international humanitarian relief, announced the epidemic information to the whole world at the first time, strengthened contact and communication with international organizations such as the United Nations and WHO, discussed countermeasures with leaders of other countries and regions, made public patient treatment plans, contributed scientific research breakthroughs and technical application results, and at the same time sent more medical experts, increased foreign medical material assistance and donated anti-epidemic funds, making great contributions to the global fight against the epidemic. The epidemic has brought great suffering to people all over the world, and it is the enemy of people’s health and life safety all over the world. We must firmly establish the concept of global governance and the concept of a community of human destiny, and push the whole world to join hands to gather strength for fighting and defeating the epidemic and build a security barrier for the stability, development and prosperity of human society.

　　In a word, the great anti-epidemic spirit is a valuable spiritual wealth that inspires the people of China to forge ahead and realize the great rejuvenation of the Chinese nation. Under the background of the new era, we should give full play to the epochal value of the great anti-epidemic spirit, encourage people to enhance their anti-epidemic confidence, guide the correct public opinion orientation, stimulate the positive energy of society, enhance the "four self-confidences", build a solid ideological foundation in Socialism with Chinese characteristics, and turn it into a great force to push forward China, so as to help realize the great cause of socialist modernization and national rejuvenation at an early date.

　　 Legal Network Jining (Shandong) August 20th Reporter Xu Peng On the evening of August 16th, seven main suspects who fled Malaysia landed at Yaoqiang Airport in Jinan by plane and surrendered themselves to Jining police in Shandong. At this point, the "12.15" cross-border mega-network dissemination of obscene articles for profit has basically ended.

　　 In this case, 12 related yellow-related live broadcast platforms were sorted out. The suspects were spread all over the country in 16 provinces and cities and overseas in Malaysia, Myanmar, Thailand and other places. 62 suspects involved in platform management, operation, promotion, family heads and anchors were arrested. The first batch of 16 people were transferred, and 22 people were to be arrested. More than 21 million people involved in the case were frozen and one case was seized. From the root, the whole chain destroyed the criminal gang of the webcast platform and completely eradicated this yellow "cancer" that seriously endangered society.

　　 Statistics show that these platforms have more than 2 million registered members, with hundreds of millions of viewers clicking, and the amount involved exceeds 100 million yuan. In 2018, the "12.15" case was listed as a supervision case of "eliminating pornography and illegal publications" by the National Anti-vice Office and the Ministry of Public Security.

　　 It is understood that due to many factors such as low crime cost, high specialization and virtual network, this case is very difficult to crack down, and it is not easy to achieve the whole chain attack from anchor, family leader to management members, shareholders and top management personnel.

　　 According to the investigators, at present, more than 260 live broadcast platforms related to pornography are online at the peak, and only 12 are related to the case, which highlights the confusion in the management of the current live webcast platform, especially the obscene video images spread, which makes people collapse instantly, greatly endangering the physical and mental health of young people.

　　 A small clue leads to a major case involving 100 million yuan.

　　 Sexual intercourse, promiscuity, incest, props performance, including obscene videos of children, mother and child, mother and daughter, human and dog, same sex, exposure of sexual organs, etc., were vividly shown in this case. In fact, this case was led by a small clue.

　　 At the beginning of December, 2017, the office of the leading group for "eliminating pornography and illegal publications" in Jining City immediately set up a "12.15" task force based on a case clue provided by the Public Security Detachment of the Municipal Public Security Bureau to open a live broadcast room for obscene performances, which was jointly operated by the Comprehensive Law Enforcement Bureau of Jining Cultural Market.

　　 According to relevant clues, the task force found out that since 2017, criminal suspects Yan and Chu have been engaged in profit-making activities of spreading obscene articles on webcast platforms such as "September Live". Subsequently, the task force tracked down a "small clue" and found out a rare large-scale cross-border network to spread obscene articles for profit.

　　 The public security department and the cultural law enforcement department of Jining City shall, in accordance with the scope of their duties, define the division of labor and work together. Cultural law enforcement departments are responsible for providing online places for handling cases and obtaining evidence, equipment for obtaining evidence and funds necessary for handling cases and obtaining evidence online. At the same time, they give full play to their professional and technical advantages to conduct online remote inspection and obtaining evidence through the network monitoring platform, and assist the public security departments in interrogating and arresting criminal suspects. The public security department integrates a variety of investigation elements, takes advantage of big data technology to investigate the identity information, fund account number, fund chain and personnel chain of criminal suspects, is responsible for the interrogation and arrest of criminal suspects, and assists cultural law enforcement departments in network remote inspection and network video forensics.

　　 Subsequently, the task force followed suit, and after more than eight months of hard work, the personnel chain, capital chain and technology chain involved in the "September live broadcast" have been identified. The pornographic webcast platform has more than 2 million registered members, hundreds of millions of viewers’ clicks and hundreds of millions of yuan involved. The personnel composition is: "Member — Anchor — Family leader — Manage members — Shareholders — The top management members are six levels, and the suspects are distributed in 16 provinces and countries such as Malaysia, Myanmar and Thailand. It is a rare case in the country to spread obscene articles through cross-border mega-networks. After the case was found out, the office of the leading group for "eliminating pornography and illegal publications" in Jining City began to close the net. As of August 16, the task force had arrested 62 suspects involved in the case and frozen more than 21 million yuan of funds involved. At the same time, 12 platforms related to this were destroyed, such as "live broadcast of honey juice", "shallow live broadcast", "cat", "allow beauty" and "ram"

　　 According to the investigators, members recharge the platform through Alipay or WeChat in exchange for platform currency, and the exchange rate is about RMB to 10 platform currency in 1 yuan. There are various virtual gifts in the studio, such as cucumbers, bananas, diamond rings, flowers, sports cars, bombers, passenger planes and rockets. Among them, sports cars, 888 diamonds/car; Bomber, 1314 diamonds/frame; Passenger plane, 8888 diamonds/frame; Rockets, 18888 diamonds/piece, etc.

　　 "There are three main forms of communication. One is the free and open live broadcast of members, preparing for the next charge to provide obscene videos, and occasionally performing obscene performances to attract audiences, which is equivalent to advertising in physical stores; Second, the obscene performances charged by time or time; The third is to pay for the virtual gift to the anchor. When the gift reaches a certain value (usually a sports car or bomber), the anchor adds members WeChat and QQ, and sends obscene videos to members after establishing WeChat groups and QQ groups. " The case handler said.

　　 It is extremely difficult to strike with clear hierarchy.

　　 Through the analysis of "live broadcast in September", the task force found that the division of labor was very clear. Management members, shareholders and top management members are responsible for the management of the platform, the head of the family manages the anchor, and members pay to watch. The income distribution among management members, shareholders, top management members, family heads and anchors is 37-30, that is, about 70% of the total revenue of the platform is paid to the family heads, and the family heads are then distributed to the anchors (the share of family heads and anchors accounts for 20%: 50% of the total revenue of the platform); 30% is platform gross profit, and after deducting some operating costs (cloud service fees, venue rental fees, personnel employment fees, etc.), it is platform net profit.

　　 According to the investigators, the same anchor can be online on multiple platforms at the same time, and hundreds of live broadcast rooms on the same platform can be broadcast live at the same time. The number of real-time online viewers on the same platform is very large.

　　 "The income of the anchor is very considerable. Ordinary" anchors "earn as little as 1,000 yuan a day, and well-known" anchors "earn more than 20,000 yuan a day. If they broadcast live on multiple platforms at the same time, the income will be higher." According to the investigators, each anchor watched hundreds of members and thousands of people watched online, and found that more than 240,000 people watched the same anchor performance. "What’s more, there are a large number of teenagers in the audience, and there is a trend of younger development."

　　 Although Moulido is harmful, the investment of the whole platform is not high, the threshold is low, and it is very difficult to crack down.

　　 "The cost of building an entire live broadcast platform does not exceed 1000 yuan at most." Fan Cunchang, deputy director of the Comprehensive Law Enforcement Bureau of Jining Cultural Market, often said that the first step is to buy the platform source code only by 10 yuan, the second step is to rent the server, then set up the platform, and use the purchased source code to build the mobile phone application of the live broadcast platform, and the third step is to apply for third-party login interfaces such as WeChat, QQ and Sina Weibo, and third-party payment interfaces such as Alipay. "‘ Live in September ’ For example, the initial investment is only more than 600,000 yuan, and the illegal profit is as high as tens of millions of yuan. "

　　 Moreover, the live broadcast platform has many ways to avoid supervision, and it is spread by scanning QR codes and downloading, and it also avoids supervision by changing its name and platform version from time to time. Viewers can register as members to watch only through the verification code of mobile phone number or through the binding of third-party software such as WeChat, without real-name authentication.

　　 "The people involved have strong anti-reconnaissance ability and their true identity is hidden." The case-handling personnel said that the illegal live broadcast platform did not fulfill the principle of "real name in the background and voluntary in the front desk" of the regular live broadcast platform, and the anchor room could be directly certified for the female anchor to perform without real-name certification. Most of the people involved in the case contact each other through the Internet, and even they don’t know each other. They can contact each other only through virtual identities such as WeChat, and even the accounts for collection and payment steal other people’s identity information, which brings great difficulties to the identification of the true identity of the people involved.

　　 Webcast chaos is in urgent need of supervision.

　　 "The aggregation platform steals the traffic of the live broadcast platform through hacking technology, which can maximize the collection of common online platforms related to pornography." The police investigating the case said that the analysis found that about 260 live broadcast platforms were online at the same time during the peak of live broadcast. "The chaos in the field of webcasting can be seen."

　　 "Webcasts are mainly supported by the number of viewers. With a huge audience, there will be no income. Moreover, the technical requirements of the live broadcast platform are low, and it is very simple for live broadcast women to want to broadcast live, as long as they have a computer or smart phone. " The police handling the case said.

　　 At the same time, the whole criminal process is highly specialized. "For example, in the past, the transfer of stolen money was converted between different bank cards, and now it is directly handed over to a professional money laundering company, and it is very difficult to check the capital flow." According to the police investigating the case, information such as WeChat, QQ number and telephone number are basically false, and identity authentication is not simple.

　　 "Like this case, the main suspects are abroad, and the servers are also abroad. When arresting, international police law enforcement cooperation is needed, and sometimes it is not smooth." The police handling the case said.

　　 Fan Cunchang suggested that according to the new situation that the network market has become the main battlefield of the cultural market, we should select high-quality talents such as computer majors, set up a professional network culture law enforcement team, strengthen the supervision and management of network violations, and be fully responsible for investigating cases in the network field, so as to create a clear cyberspace environment and escort the healthy growth of teenagers.

　　 "The National Anti-vice Office has established a major case filing system. It is suggested that the Provincial Anti-vice Office should also establish a major case supervision system and set up special funds to reward key cases. After research, the cases declared by various cities will be included in the supervision cases for publication. At the end of the year, the cities that have completed the supervision cases will be given special funds for handling cases. At the same time, special regulations for handling special funds for cases were introduced to ensure that grassroots case handlers can effectively and permanently investigate the project. " Fan Cun often said.

　　 In view of the new situation and new characteristics of frequent illegal cases such as webcasting, Fan Cunchang suggested that the national and provincial anti-vice offices should hold more training courses on how to investigate and deal with online cases in order to adapt to the challenges brought by the increasingly diverse and hidden criminal means to law enforcement.

　　　　　　 CCTV News:According to Yonhap News Agency, the Minister of Industry, Trade and Resources of the Republic of Korea, Chang Yunmo No.1, said in Seoul that the South Korean government would file a lawsuit against Japan for restricting the export of semiconductor raw materials to the Republic of Korea, and would take necessary measures to counter it in accordance with the principles of international law and domestic law.

　　　　　　 Chang Yunmo, Minister of Industry, Trade and Resources of Korea, characterized Japan’s export control to Korea as economic retaliation. Cheng Yunmo also said that in order to guard against Japan’s unilateral measures, the South Korean government has been working with relevant industries to diversify the import market and key technologies, and expand domestic production facilities. In the future, we will maintain close communication with the industry, strive to minimize the losses of Korean enterprises, and take this opportunity to enhance the competitiveness of Korean parts, materials and equipment industries.

　　　　　　 It is understood that the high-tech materials that Japan intends to restrict Japanese enterprises from exporting to South Korea include fluorine-containing polyimides, resists and high-purity hydrogen fluoride. These materials are important raw materials in smart phones, chips and other industries. From July 4th, Japan will require enterprises to apply for permission from the government before exporting the above materials to the ROK, and the approval process will take about 90 days.

　　　　　　 It is reported that the fluorine-containing polyimides and resists manufactured by Japanese companies account for about 90% of the global output and hydrogen fluoride accounts for about 70%, respectively. Once export restrictions are imposed on South Korea, it will impact major Korean electronic products companies such as Samsung Electronics and LG Electronics.

　　　　　　 According to the Kyodo News Agency quoted the Korea Trade Association, in 2012, South Korea’s semiconductor exports were US$ 50.4 billion, accounting for only about 9% of the total exports, while in 2018 it increased to US$ 126.7 billion, accounting for about 21%. In this regard, some experts said that South Korea’s economic growth is "over-dependent" on the export of Korean semiconductor industry, and Japan’s export restrictions will hit the Korean semiconductor industry and have a huge impact.

　　　　　　 On the 1st, Japan’s Ministry of Economy, Trade and Industry announced that the Japanese government would restrict the export of important high-tech materials to South Korea from July 4th, because it was dissatisfied with South Korea’s demand for Japanese enterprises to compensate South Korean workers forced by Japan during the Second World War. Since last year, Korean courts have successively ruled that three Japanese companies should make compensation for the forced recruitment of Korean workers during World War II. The Japanese government insists that such claims have been "settled" according to the Japan-Korea Claims Agreement signed by the two countries in 1965. The above-mentioned compensation dispute has become one of the main factors for the recent deterioration of relations between the two countries.

In 2023, the overall performance of emerging market stock markets was good. The MSCI Emerging Markets Index rose by 7% in 2023 and fell by 18% in 2022. In terms of major stock indexes in various countries, Brazil’s IBOV index rose by 22%, Argentina’s MERVAL index rose by 360%, Mexico’s composite index rose by 18%, India’s Nifty index rose by 20%, and South Korea’s KOSPI index rose by 19%.

Some emerging market stocks fell. Among them, KLSE in Kuala Lumpur, Malaysia fell by 2.97%, SETI in Thailand by 14.1%, FTSE Abu Dhabi by 6.2% and Manila by 1.8%. In China stock market, as of the close of December 29th, 2023, the Shanghai Composite Index reported 2,974.93 points, down 3.70% for the whole year, and the Shenzhen Component Index fell 13.54% for the whole year. The Beizheng 50 Index achieved an annual contrarian increase of 14.92%.

Wang Youxin, a senior researcher at China Banking Research Institute, said in an interview with 21st century business herald that in 2023, the stock markets in emerging markets mainly benefited from the following factors: on the one hand, the interest rate hike cycle of European and American central banks gradually came to an end, especially in the fourth quarter of 2023, European and American central banks gradually suspended interest rate hikes, the international liquidity environment gradually eased, and cross-border capital flowed into emerging markets again. On the other hand, in 2023, the trend of developed and emerging market economies gradually diverged, and the GDP growth rate of developed economies dropped significantly, while the overall growth rate of emerging economies remained relatively stable, attracting cross-border capital inflows.

From the perspective of countries, the stock markets of India, Brazil and Mexico performed relatively well. Wang Youxin said that this is mainly related to the relatively good economic recovery situation in various countries. Specifically, India’s economy has maintained a relatively high growth, and it is gradually becoming a hot spot for the transfer of industrial chains in Europe and the United States. Cross-border capital inflows have increased, pushing the stock market up. The Brazilian government actively promotes economic reform and strengthens international trade and cooperation in emerging markets. Under the background of global economic downturn, its economic growth is higher than expected. Driven by the US-Mexico Free Trade Agreement, Mexico has gradually become an important springboard for the return of the US industrial chain and the entry of enterprises in the Asia-Pacific region into the American market, attracting increasing international investment, while maintaining a high economic growth rate and improving the stock market return rate.

Looking ahead, Ricardo Adrogue, head of global sovereign debt and currency group of Bahrain LLC, said that anti-inflation, economic growth and US monetary policy will remain the key themes affecting emerging markets in 2024.

According to Wu Zhaoyin, director of macro strategy of AVIC Trust Co., Ltd., the current inflation level in the United States and the world is still very high, and there is little room for the Federal Reserve to cut interest rates in 2024. The United States has a high probability of maintaining high interest rates for a long time, which has a greater lethality to the global economy. He told 21st century business herald that the global economy will go down in 2024, which is not friendly to the global stock market. Especially in emerging market countries (such as India, Mexico and other countries), the economic fluctuations are relatively large, and the economic growth rate in 2024 will be under greater pressure of correction, and their stock markets will also face certain risks.

Jason Xavier, head of capital markets of Franklin Templeton)EMEA ETF, predicted that the Indian stock market would perform well in 2023, citing its "demographic advantage". Xavier is also optimistic about Taiwan, China, South Korea and other emerging markets with technological industry advantages, believing that these markets have the ability to benefit from the global artificial intelligence boom.

Wang Xinjie, chief investment strategist of Standard Chartered China Wealth Management Department, told 21st century business herald: "Judging from the historical performance of major European and American central banks after suspending interest rate hikes in the past, the average performance of emerging markets is good. We are optimistic about global stocks and expect the performance of emerging markets, but the risk points are also very clear. If the interest rate cuts in European and American markets are expected to cool down, it will greatly affect the performance of emerging markets."

Performance differentiation of emerging market stock markets in 2023

In 2023, only 19 of the 100 common stock market indexes in the world fell, with a median return of 13%.

According to Liu Xinyu, a macro analyst of Guosheng Securities, the basic feature of global stock market in 2023 is a general increase, and emerging markets are not "outstanding". By horizontal comparison, the overall stock market performance of emerging markets has not outperformed developed markets such as US stocks and European stocks. He told 21st century business herald that there are three main reasons for supporting the global stock market: First, developed economies such as the United States and Europe have not experienced economic recession as expected by the market at the end of 2022, and economic resilience supports the stock market’s profitability; Second, the world’s major central banks have slowed down the pace of raising interest rates and gradually stopped raising interest rates, and global liquidity began to turn marginal to easing; Third, the AI investment boom has driven the market in developed markets to rise, and formed a risk preference resonance on a global scale.

Wang Xinjie told 21st century business herald that emerging markets performed brilliantly in 2023, mainly because inflation peaked in major countries such as Europe and America and the change of monetary policy caliber. Especially in November 2023, after the European and American central banks suspended interest rate hikes and the caliber was biased, it caused a surge in emerging markets.

It should be noted that the stock market performance in different emerging markets is obviously differentiated. Among them, Brazil, Argentina, South Korea, Taiwan, China, India and other emerging markets have increased greatly, while the emerging markets with small or even falling stock markets are mainly concentrated in Southeast Asian countries.

In this regard, Liu Xinyu analyzed that the industrial structures of India, South Korea and Taiwan, China are more in line with the current AI technology revolution. India’s strong economic performance has also attracted a large number of foreign capital inflows, while Brazil and Argentina are more due to a series of reforms and economic stimulus policies implemented by their governments. The economies of Vietnam, Thailand, Indonesia, the Philippines and other countries are highly dependent on exports. In 2023, the global economic slowdown led to a significant decline in exports of these countries, which put pressure on stock market earnings.

Prospect of emerging market stock market in 2024

In 2024, whether the Federal Reserve will cut interest rates sharply as investors currently expect is one of the main factors affecting global stock markets. The Fed has signaled that its monetary policy rate hike cycle may end. In essence, lower interest rates attract less capital, which means less demand for dollars, which leads to potential weakness.

Liu Xinyu told 21st century business herald that considering the global economy, the monetary policy prospects of major global central banks and the downward trend of the US dollar index, it is expected that most emerging market stock markets will continue to rise in 2024.

Wang Youxin also pointed out that emerging market stock markets are expected to maintain good performance in 2024. On the one hand, from the perspective of the international liquidity environment, European and American central banks may enter the interest rate cut cycle again, and the global liquidity tightening situation will be significantly eased, which will promote the global and emerging market stock markets to rebound further. On the other hand, with the trade of export-oriented economies in the Asia-Pacific region stabilizing, the BRICS mechanism formally expanding, South-South cooperation continuing to deepen, economic diversification and investment in new energy in the Middle East increasing, the GDP growth rate of emerging economies will increase in 2024, which will attract accelerated inflows of cross-border capital. In particular, Brazil, Mexico, Asia-Pacific emerging economies, the Middle East, Central and Eastern Europe and other regions will become key areas for cross-border capital inflows.

Wang Xinjie holds a neutral view on Asian (excluding Japan) stocks. He pointed out that on the positive side, Asia (excluding Japan) has the highest 12-month forward earnings per share growth among major markets. The differences in monetary policy between emerging markets and developed markets, coupled with the possible weakness of the US dollar next year, may be conducive to capital inflows. However, there are also some unfavorable factors, including global economic slowdown and depressed investor sentiment, which may put pressure on the market in 2024.

In Asia (excluding Japan), Wang Xinjie suggested over-matching Korean stocks. "This reflects our expectation that the improvement of the semiconductor industry will lead to a rebound in profit growth next year. Since the second quarter of 2023, the valuation of the Korean stock market has fallen sharply, providing investors with a more attractive entry point. " He said.

Liu Xinyu believes that the global economy is expected to stabilize in 2024, which means that the exports of Southeast Asian countries such as Vietnam are also expected to stabilize. Considering the poor performance of their stock markets in 2023, there will be more room for subsequent rebound.

Wu Zhaoyin pointed out that in 2024, China’s stock market has a strong ability to resist risks. "Relatively speaking, the valuation of China’s stock market is relatively low, and the securitization rate of China is only 60%. It is in a low valuation depression in the global capital market, and there is much room for improvement. Moreover, the RMB exchange rate and the inflation level in China are relatively stable and are less affected by the international market. "

Indian stock market is highly valued.

Indian stock market is a bright spot in emerging markets. The MSCI India Index has increased by 46.01% (in US dollars) in the past three years. In the same period, in terms of weight, India is the best performing country among the seven emerging markets of MSCI.

Looking forward to the market outlook, Liu Xinyu believes that under the background of global liquidity turning loose, the growth style is likely to continue to dominate, the AI concept will still maintain a high investment enthusiasm, and India’s industrial structure determines that its stock market will benefit.

Wang Xinjie holds a neutral view on Indian stocks, preferring large-cap stocks to small and medium-sized stocks. However, in both absolute and relative terms, its valuation (12-month forward price-earnings ratio is 21.3 times) is still high.

Wu Zhaoyin told the 21st century business herald that the Indian stock index has increased greatly in the past few years, and the market value of the stock market has also increased a lot in dollar terms, which implies that there is a certain bubble in the Indian stock market. At present, the securitization rate of India’s stock market (stock market value /GDP) has exceeded 100%, which indicates that the country’s stock market has certain risks.

On May 19th, some netizens took photos of Lei Jiayin and his wife walking in a park in Yangzhou.

Lei Jiayin and his wife, Zhai Xufei, were traveling without makeup in sportswear and taking a leisurely walk in the park with coffee in their hands.

Although Zhai Xufei didn’t dress up specially, she has outstanding temperament and good posture.

The two were very low-key, and there was no communication during the walk.

Zhai Xufei and Lei Jiayin used to be classmates in the drama. She looks sweet and gentle, and Lei Jiayin, who grew up in the northeast, didn’t get along very well at first. But fate is always wonderful, and the two of them became partners in practice together under the arrangement of the teacher. Because they always play lovers on the stage, even the instructors in the play wear CP filters when they look at them, and Lei Jiayin and Zhai Xufei naturally come together.

Zhai Xufei is a low-key person. Since Lei Jiayin became popular, she gradually faded out of the entertainment circle and took care of her family wholeheartedly, becoming the "woman behind" Lei Jiayin.