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Kugou Music Collaborates With TVB To Create An Immersive Hong Kong Music Time Machine Using Hong Kong Drama Hits

A cultural root search in the digital age, an emotional resonance empowered by technology

Under the background of the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, Cantonese music culture is facing new development opportunities. With the popularity of variety shows such as "Hong Kong Music Season" and the re-dissemination of classic Hong Kong drama clips on short video platforms, the "Hong Kong trend" intertwined with nostalgia and innovation is returning to the public's horizons with a new attitude. In this wave of cultural renaissance, the role played by music platforms is particularly critical – it not only needs to awaken collective memory, but also make classic content "alive" in a way that is consistent with the habits of contemporary users.

The "Happy Hong Kong for You to Listen to – TVB Hong Kong Theater" feature jointly launched by Kugou Music and TVB allows the "Hong Kong drama sentiment" to cross generations through youthful expressions and become the "New Hong Kong trend" in the Bay Area. Behind this move is Kugou Music Platform’s in-depth exploration of the cultural value of Hong Kong Philharmonic, and its social significance of promoting cultural integration in the Greater Bay Area.

Does Kugou have 5.1-channel music? Bay Area flag

OST+ drama linkage: Create an immersive Hong Kong Music time machine

The "Hong Kong Theater" feature launched by Kugou Music is not a simple content aggregation, but a combing and scene-based presentation of TVB's music cultural heritage of the past half century. TVB dramas were once the collective memory of a generation, and the classic soundtracks were engraved in the DNA. "Shanghai Beach"'s "Wandering Waves", "The Legend of the Condor Heroes" "Iron-Blooded Heart", "Golden Branches" "Children"… These songs are not only emotional amplifiers of the plot, but also independent cultural symbols.

Through the strong binding of dramas and OST, Kugou Music not only allows users to relive classic melodies, but also builds a three-dimensional experience of "listening to songs + watching dramas + memories" through multimedia content such as MVs, stills, lines, etc., which not only satisfies the nostalgic needs of old fans, but also provides an "archaeological" path for young users.

Bay Area flag__ Does Kugou have 5.1-channel music? Bay Area flag_ Does Kugou have 5.1-channel music?

AI Music Personality Test: Let users find their own "TVB character"

In the era of streaming media with serious content homogeneity, how to enhance user stickiness has become the core issue of the platform. The "TVB Music Personality Test" launched by Kugou Music this time analyzes users' listening habits and matches the corresponding classic TVB character personalities (such as "Explosive Seed-style passionate soul" and "Man-style sobriety"). This interactive method that connects user portraits with film and television characters not only increases interest, but also deepens users' emotional participation, and can also achieve fission communication through social sharing mechanisms.

Cleverly combining TVB characters with music preferences not only meets users' entertainment needs, but also deepens the platform's understanding of user portraits. Judging from industry trends, this interactive model of "music + personalized tags" is becoming an effective means for the platform to enhance user participation, and Kugou Music's implementation through TVB, a classic IP, further amplifies its differentiated advantages.

Bay Area flag__ Does Kugou have 5.1-channel music?

AI technology innovation: TVB classic IP combined with Kugou black technology

At the technical application level, Kugou Music cleverly combines its industry-leading AI listening and AI singing functions with TVB’s classic lines and characters. Users can choose to let the classic Hong Kong drama character "Sister Man" transform into a radio DJ to dig into the story behind each song for you, allowing you to truly "hear" a song! In addition, TVB’s classic character AI-Man will also become a “news anchor” on the Kugou Music Star List. In terms of user experience, by inputting classic Hong Kong drama lines and your own ideas, you can quickly generate an exclusive AI song.

Through the penetration of various gameplay methods, Kugou Music turns static music content into a dynamic music experience, greatly improving user participation. This kind of technological application is not only entertaining, but also has the significance of cultural inheritance, allowing classics to continue their lives in new forms.

Bay Area flag__ Does Kugou have 5.1-channel music? Bay Area flag_ Does Kugou have 5.1-channel music?

Bay Area Sounds Together: The Hong Kong Philharmonic’s deep cultivation of culture and ingenuity

This cooperation is not the first time that Kugou Music has entered the Hong Kong music market. In recent years, it has continued to launch "Cantonese Golden Songs" review activities, cover activities, "New Folk Songs of Lingnan Songs" and other special projects. It is also the only music platform to achieve "homophone transliteration of Cantonese songs". Kugou Music's practice has shown that the true "long-termism" does not lie in consuming feelings, but in transforming the Hong Kong Philharmonic from a "past classic" into a "current trend" through content accumulation, technological innovation and ecological operations, and reawakening the collective memory of the Bay Area.

Today, as cultural consumption becomes increasingly fragmented, this deep cultivation of vertical fields may be the key for music platforms to break through homogeneous competition – because only by truly respecting the value of culture itself can a melody or a lyric continue to move people's hearts across time.

Listen to Hong Kong music and recall classics at China Kugou.

The Status Of The First Three Industrial Projects To Be Implemented In The United States Under The U.S.-Japan Trade Agreement And Related Tariffs

According to information released by both parties, the total investment in the first three industrial projects in the United States is approximately US$36 billion and is expected to create thousands of jobs.

The largest of these is a natural gas power plant in Ohio with a total investment of US$33 billion and an installed capacity of 9.2 GW. According to reports, the project is led by Japan's SoftBank Group and is expected to power artificial intelligence data centers. The other two projects are a $2.1 billion deepwater crude oil export facility in Texas and a $600 million industrial synthetic diamond plant in Georgia.

On the 17th, Trump posted a post on his self-created social media platform "Real Social" praising relevant investments, saying that "America is rebuilding" and added that these projects "cannot be separated from a very special word – tariffs."

Japan has also shown a positive attitude towards this. Japanese Prime Minister Takaichi Sanae claimed on social media that these investments will strengthen the U.S.-Japan alliance, saying that related projects "are expected to bring sales growth and business expansion to Japanese companies through the supply of supporting equipment."

The United States and Japan reached a trade agreement framework in July last year, with Japan committing to provide financial support for U.S. projects in key areas through direct investment, loans or state guarantees by 2029; in exchange, the United States reduced the originally planned 25% tariff on Japanese exports to 15%.

Since the agreement was reached, the United States and Japan have been negotiating on investment mechanisms and candidate projects. However, in the past few months, negotiations on how to use the US$550 billion in funds have not been progressing smoothly. There have been heated discussions in Japan about how to raise such a large amount of funds, and the United States has continued to urge Japan to come up with specific investment plans.

_Which promises did Trump fulfill_Trump’s latest promises

In October 2025, Trump and Sanae Takaichi met in Tokyo. white house website

U.S. media said Trump threatened to raise tariffs on South Korea last month, accusing South Korea of ​​failing to quickly advance the approval process for a trade agreement with the United States. Against the background of intensifying geo-economic pressure, Japan also hopes to avoid becoming the next target of Trump's tariff policy.

William Chou, a senior fellow at the Hudson Institute, an American think tank, analyzed that Japan “understands that it must show visible progress.” He pointed out that without these investment announcements, "it is difficult to predict what actions Trump will take – whether he threatens to impose 25% tariffs or sends out a few tweets on social media."

In his view, the Japanese side believes that since Trump and the high market currently have a "good atmosphere", they have no reason to gamble on uncertainty.

The British "Financial Times" stated that Trump has the final say on which projects can receive Japanese investment and has set a maximum period of 45 working days from the announcement of the project to the receipt of funds. Once Japan delays or refuses investment, it may face additional tariffs or "compensatory" fines.

David Bolling, head of the Asia Group, said that for Japan and other countries, the threat of tariffs is one of the important motivations for committing to invest in the United States. "Under normal circumstances, would they do this? Probably not."

Bolling noted that while officials, including those from Japan, try to portray investment decisions as purely strategic considerations, practical factors are equally critical. For Japan, maintaining good trade relations between the United States and Japan is obviously a top priority.

Sanae Takaichi was confirmed as the 105th Prime Minister of Japan on the 18th and plans to visit the United States in March. Two people familiar with the matter told the New York Times that during Gao Shi’s visit to the United States, Japan intends to announce more investment projects to consolidate Japan-U.S. relations.

Akasawa Ryomasa, the Japanese Minister of Economic Revitalization who is responsible for trade negotiations with the United States, has repeatedly described investment in the United States as a "win-win". However, within some Japanese business circles and policy financial institutions, they are more cautious in their evaluation of these projects, bluntly saying that they are of "strategic significance, but limited profitability."

In addition, Japan's investment decisions are also affected by the uncertain judicial process in the United States. The U.S. Supreme Court is expected to rule in the coming months on whether Trump's invocation of the International Emergency Economic Powers Act (IEEPA) to impose tariffs is legal. Previously, foreign media claimed that some countries and regions that have reached agreements with the United States are delaying their investment commitments, pending the ruling of the U.S. Supreme Court.

Danish Prime Minister Warns: Trump Is Still Very Serious About Ambition To Annex Greenland

Trump Murong Fu_Trump Anti-Muslim_

In the shadow of Cold War mentality returning to the Arctic Circle, Danish Prime Minister Mette Frederiksen issued a stern warning on Saturday: Although US President Trump has tempered his recent rhetoric, he remains "very serious" about his ambition to annex Greenland.

Trump has long publicly expressed his desire to acquire the self-governing Danish territory, citing its core strategic position and to counter alleged threats from Russia and China. Although Copenhagen, Moscow and Beijing have dismissed such claims and Trump initially did not even rule out the use of military force, last month he announced that he had reached some kind of "framework" agreement with NATO Secretary-General Mark Rutte.

However, Frederiksen told the Munich Security Conference that the threat was far from over, describing such "pressure" on Greenland as "unacceptable".

"Unfortunately, the president of the United States remains very serious," Frederiksen said. "The people of Greenland have never been threatened by anyone before."

Although Copenhagen expressed its willingness to cooperate with Washington and allow the United States to expand its military presence there, Frederiksen clearly drew a bottom line. After a 45-minute closed-door meeting with U.S. Secretary of State Marco Rubio on Friday, she stressed that sovereignty and territorial integrity were non-negotiable.

"We have a working group now. We will try to see if we can find a solution and we will do everything we can, but of course there are red lines that cannot be crossed," she said.

Greenlandic Prime Minister Jens-Frederik Nielsen also joined in the condemnation, saying it was "outrageous" that Greenlanders should be threatened by NATO members.

The diplomatic earthquake triggered by Greenland is shaking the entire transatlantic alliance. Frederiksen warned last month that the threat of annexation could undermine "everything" in the system, including NATO. French President Emmanuel Macron also criticized this, saying that the so-called "Greenland moment" is conclusive evidence that the US government is "openly anti-European".

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Flickr Was Hacked And User Information Was Leaked, Including Names, Emails, Etc.

IT House reported on February 18 that a user recently disclosed on Reddit that the photo sharing platform Flickr had been hacked, resulting in user information being leaked. As a victim, he received a notification email from Flickr.

According to the content of the email, Flickr noticed a vulnerability in the platform system on February 5. Hackers exploited the vulnerability to illegally download platform user profile information, involving the user's real name, email address, Flickr username, IP address, general location (General location) and platform activity records. However, the user's password and credit card information were not affected.

Flickr stated that within hours of being informed of the situation, the company had closed access to the affected systems and removed all links to the problematic endpoints. It also required the supplier to conduct a comprehensive investigation. The company itself also simultaneously initiated an internal investigation and reviewed and strengthened existing security measures and third-party supplier management mechanisms. Users whose accounts have been affected should reset their passwords immediately and be alert to possible phishing email attacks.

IT House learned that public information shows that Flickr was founded by Stewart Butterfield in 2004 and was once a popular sharing platform in the industry. In 2005, Yahoo acquired Flickr. In 2018, Yahoo sold it to current owner SmugMug. The latter adjusted Flickr into a platform mainly for paid professional photography communities, while retaining a certain amount of free services. According to outside estimates, as of 2025 (last year), Flickr still has about 100 million registered users and 3.5 million active users.

The Family Of A 28-year-old Missing Doctoral Student In Guizhou Speaks Out And Is Looking For Clues

On January 30, the family of a 28-year-old doctoral student from Guizhou who had been missing for 10 days in Italy spoke out, saying that Huang Peng went to Italy to study on August 20 last year. If everything goes well, he will graduate with his doctorate this year. Sister Huang Peng said that her parents were nearly 60 years old and had been working odd jobs at construction sites to make ends meet. They also had grandparents in their 90s who needed to be taken care of. "My parents became anxious overnight and the whole family was completely crushed."

The doctor went home and lost contact_Harold in Italy video_

According to Huang Peng's sister's recollection, after Huang Peng lost contact, her roommate in Italy immediately called the police and contacted relatives and friends in China. The local police have officially launched a search and rescue operation. Currently, Huang Peng's cousin who works in France has asked for leave from the company and is preparing to rush to Italy to understand the situation. It is understood that the Gardena Valley, where Huang Peng disappeared, is a typical Alpine area. The local winter climate is harsh, with temperatures often ranging from minus 10°C to minus 20°C, or even lower.

On January 30, Huang Peng's sister, Ms. Huang, told reporters: "I'm usually afraid of disturbing my younger brother's studies, so I usually wait for him to contact me. About once every ten days, he will contact me. Some time ago, he mentioned to me that he was going to the Dolomites recently, and it was related to thesis materials. But I have no education, and I didn't understand some of what he said. I asked him, 'Is it safe?' and he said, 'It's safe over there.'"

Ms. Huang said that since January 20, 2026, if you have seen Huang Peng on the road in the Dolomites or know any clues, "No matter how subtle, please contact us immediately. He is thin, about 170cm tall, and speaks Mandarin with a southwest accent. If you have any clues, please contact: +39 3242668502."

On January 29, the Chinese Embassy in Italy told reporters that the embassy has grasped the basic facts of the matter, and the Chinese Consulate General in Milan has now urged the local police to conduct search and rescue operations. "According to the information currently available, Huang was traveling alone."

_Harold in Italy video_The doctor went home and lost contact

Dolomites

On February 17, The Three Major U.S. Stock Indexes Closed Slightly Higher, With Software Stocks Under Pressure Due To Concerns About AI.

Financial News Agency, February 18 (Editor Zhao Hao) On Tuesday (February 17), U.S. stocks opened lower and moved higher, with the three major indexes collectively closing slightly higher.

As of the close, the Dow Jones Index rose 0.07% to 49533.19 points; the S&P 500 Index rose 0.1% to 6843.22 points; the Nasdaq Composite Index rose 0.14% to 22578.38 points.

Four of the 11 major S&P sectors rose and seven fell, with real estate and financials leading the gains and energy and consumer staples leading the declines. Earlier in the day, Iranian Foreign Minister Araghchi said that Iran and the United States had reached agreement on the guiding principles for negotiations, and Brent oil fell by about 1.8%.

Software stocks continued to be under pressure, with AppLovin falling 3.66%, Salesforce falling 2.86%, Datadog falling 2.11%, and Google and Microsoft falling more than 1%. The iShares Expanded Technology Software Industry ETF (IGV) fell 2.19% and has fallen 23.23% so far this year.

Analysts believe that investors are worried that artificial intelligence (AI) tools may replace certain software vendors. During the session, Anthropic released a new model, Claude Sonnet 4.6, which can perform computer operations that require multiple steps and coordinate information across multiple browser tabs.

Leah Bennett, chief investment strategist at Concurrent Investment Advisors, commented, "We need time to observe the profitability of these software companies. Companies that cannot compete and lack advantages will face difficulties."

Bennett added that this turbulence will also prompt the market to finally identify winners and losers in the space.

"AI innovation and the disruptive impact it brings are shaking valuation multiples in all areas of the market, prompting investors to focus on specific risks rather than changes in broader risk exposures," said Scott Chronert, Citi's U.S. equity strategist.

"Currently, the U.S. equity narrative is disconnected from favorable medium-term fundamental trends. Companies will be forced to prove to the market that they have longer-term business moats, which is likely to be the theme of earnings season unless the prospect of a macroeconomic soft landing is refocused."

Popular stock performance

Large technology stocks were mixed. (Arranged by market value) Nvidia rose 1.2%, Apple rose 3.17%, Google C fell 1.05%, Microsoft fell 1.11%, Meta fell 0.08%, and Tesla fell 1.63%. Amazon rose 1.19%, ending its nine-game losing streak.

_How much did the U.S. stock market close?_The closing price of the U.S. stock market

In terms of Chinese concept stocks, Livermore's leading index of Chinese concept stocks rose 0.12%, and the Nasdaq China Golden Dragon Index fell 0.1%.

Popular Chinese concept stocks had mixed gains and losses, with Hesai up 3.96%, Pinduoduo up 1.55%, and JD.com up 0.7%; Tencent Music fell 3.28%, TAL fell 3.2%, and NIO fell 0.61%.

company news

[NVIDIA and Meta announce a multi-year strategic partnership. Meta will deploy millions of NVIDIA chips]

NVIDIA and Meta Platforms announce multi-year strategic partnership. Meta is already the second-largest buyer of Nvidia chips. Under the agreement, Meta will deploy millions of Nvidia chips. The cooperation between the two parties covers local deployment, cloud and artificial intelligence infrastructure. NVIDIA said this cooperation represents the first large-scale deployment of a pure NVIDIA Grace platform, supported by co-design and software optimization investment in CPU ecosystem libraries.

[Apple is accelerating the development of three new wearable devices]

Apple is accelerating the development of three new wearable devices. It's part of its strategy to transition to artificial intelligence-powered hardware, a space that OpenAI and Meta Platforms Inc. are also vying for. According to people familiar with the matter, Apple is increasing its research and development investment in smart glasses, a pendant that can be pinned to a shirt or worn as a necklace, and AirPods with expanded AI functions. All three devices will be built around the Siri digital assistant, which will rely on visual context to execute relevant commands. Each product will be linked to Apple's iPhone and rely on a camera system with different functions.

[Berkshire Hathaway cuts its stake in Apple by 4.3%]

Berkshire Hathaway reduced its holdings in Apple by 4.3% to 227.9 million shares; it increased its holdings of Chevron shares by 8,091,570 shares, raising the total number of shares held to 130,156,362 shares.

[Strategy increased its holdings of 2,486 Bitcoins to a total of 717,131 Bitcoins]

Strategy announced that it purchased 2,486 Bitcoins for approximately US$168.4 million, with an average price of approximately US$67,710. As of February 16, 2026, Strategy held a total of 717,131 Bitcoins, with a cumulative investment of approximately US$54.52 billion, and the overall average holding price was approximately US$76,027.

[Pato Networks’ second-quarter revenue of US$2.6 billion was slightly higher than market expectations]

Palo Alto Networks Inc.'s second fiscal quarter revenue was US$2.6 billion, analysts expected US$2.58 billion; the company expected full-year revenue of 11.28 billion to US$11.31 billion, the company originally expected US$10.5 billion to US$10.54 billion; the company expected third quarter revenue of US$2.94 billion to US$2.95 billion, analysts expected US$2.61 billion.

[Canteng Electronics’ fourth-quarter revenue of US$1.44 billion was slightly higher than market expectations]

Electronic design automation/EDA supplier Cadence Electronics (CNDS) reported fourth-quarter revenue of US$1.44 billion, analysts expected US$1.42 billion; fourth-quarter adjusted earnings per share (EPS) was US$1.99, compared with analysts' expectations of US$1.91 billion. The company expects revenue in 2026 to be US$5.9-6 billion, analysts expect US$5.94 billion; adjusted EPS in 2026 is expected to be US$8.05-8.15, analysts expect US$8.03; adjusted EPS in the first quarter is expected to be US$1.89-1.95, analysts expect US$1.81.

(Zhao Hao, Financial Associated Press)

Han Han, Director Shen Teng, Starring In Life 3, A Box Office Hit, Han Han's Identity Transformation Journey

"Flying Life 3" directed by Han Han and starring Shen Teng is undoubtedly one of the most watched movies during this year's Spring Festival. With this movie, Shen Teng is expected to become China's first "Mr. 40 billion box office", and Han Han will also be more and more successful on the road to business.

Two days after its release, the box office of "Flying Life 3" exceeded 1 billion, accounting for more than half of the box office during the Spring Festival. It is ranked first among all the films during the Spring Festival. The total box office is expected to exceed 5 billion.

The entire movie is basically all male, and about half of the time is quite hard-core professional racing content. In the field of racing movies, it can be said that Tingdong Pictures has a monopoly trend.

The biggest boss of the film is undoubtedly Han Han, the founder of Tingdong Pictures.

As an iconic figure born in the 1980s, Han Han was once an alternative literati image; but now, in his middle age, he has smoothed his edges, achieved success through commercial movies, and completed a major change in his identity.

Everything he has gained today comes from the choice he made 16 years ago, and his destiny changed as a result.

Han Han’s path of “abandoning literature and pursuing business” is also an alternative focus for the in-depth reform of Chinese society.

"Solo" edited by Han Han, originally called "Renaissance", solicited manuscripts at a high salary of 10 to 40 times the industry standard manuscript fee.

The initial news was posted on Han Han's blog in 2009, the second year after the Beijing Olympics. The "Renaissance" seemed to follow some kind of grand narrative, but coming from Han Han's mouth, it also had a certain cynical undertone.

The title "Renaissance" was eventually dropped for unknown reasons.

On October 27, 2009, the title of the publication was officially set as "Solo Group". At first glance, the name sounded a bit like Han Han's "smart" style.

"Solo" is opposite to "choir". It is called "solo" and also called "group". It is not literal, but it can only mean that each one sings his own thing and is a piece of loose sand.

Despite this, readers disdain to delve deeper. Just like the not-so-profound "rebellious spirit" represented by Han Han, just by standing on the opposite side of the "collectivist narrative" in a clever way, it can have the effect of echoing a hundred responses or sensationalizing.

After changing its name to "Solo Group", the issue was still "difficult to produce".

Finally, "Solo" adopted the method of "book instead of publication" for printing and distribution. The so-called "book instead of publication" refers to the popular so-called "magazine book", also called Mook, which uses the ISBN to substitute the issue number. In the name of the magazine, it is actually a book publication.

After some operations, "Solo" was released in the summer of 2010. The first printing of 500,000 copies was sold out within two days. The publisher was so happy that an additional 1 million copies were printed overnight.

After the first issue of "Solo" became a hit, Han Han's team hastened to prepare the content for the second issue.

There are rumors that the second issue of "Solo" will be published and released in January 2011, and Han Han has prepared a celebratory drink.

Unexpectedly, within a few days, the situation took a turn for the worse. On the evening of December 26, 2010, Han Han announced to his team at a hot pot restaurant on the elevated road in Yan'an, Shanghai, that "Solo" would cease publication.

The team members sang "Farewell" together, bidding farewell to the "solo group" in a "chorus" manner.

"Solo" failed after publishing only its first issue, as well as the various difficulties in applying for an issue before, all because of two words – content.

In order to polish the content of "Solo", Han Han put a lot of thought into it.

In the first half of 2009, Han Han called folk singer Zhou Yunpeng: Write any article, poetry, essay, anything.

When Luo Yonghao was asked to write, Han Han said, write about your most sincere things. Luo Yonghao wrote an article "The Story of Qiu Junan", listing his deeds such as smashing Siemens, which solidified his image as an "idealist".

Han Han called Cai Kangyong late at night. I am Han Han and I would like to ask you to write an article about language. The fee is one thousand words and one thousand yuan. You can write whatever you want, even if you use curse words. To this end, Cai Kangyong wrote an article "Where are the Dirty Words?"

During the manuscript selection stage, Han Han saw an article called "Jin Shengtan It Hurts so much". He was so shocked after reading it that he immediately called the author of the article, Ma Ling, who was the editor of "Women's Newspaper" at the time, and said, "This article must be published. Come to Shanghai and I will treat you to dinner." Ma Ling's pen name is Mi Meng.

At that time, the first printing of 500,000 copies of "Solo" had been sent to the factory for printing. After seeing the sample book, Han Han was dissatisfied with the cover and decided to spend 600,000 yuan of his own money to replace the cover with kraft paper.

The publishing director said this was the willfulness of an idealist.

The second episode of "The Choir" was "stillborn". Han Han's team finished their dinner and bid farewell to the "Solo Group" with a chorus of "Farewell".

The next day, Ma Yimu, the editor-in-chief of "Solo Group", posted on Weibo, announcing the disbandment of "Solo Group" with the text – "The years are long, the clothes are thin, classmates, let's say goodbye."

"The years are long and the clothes are thin" comes from Miriam Yang's "Goodbye 2-chome". The lyricist is named Lin Xi. This pen name is a split of the word "dream".

The dream of "Solo Group" has not yet come to an end. Celebrities such as Luo Yonghao and Mi Meng relied on this magazine to help them achieve their own excitement and shock.

In 2010, Han Han was selected as the second among the top 100 most influential people in the world by Time Magazine because he was the editor-in-chief of "Solo". This reputation is similar to a kind of "praising" to some extent. If Han Han follows such a "rebellious road" and goes to the dark side, he will probably not get any good results.

Fortunately, Han Han chose another path.

The dream of "Solo" ended. On December 28, 2010, Han Han published a blog post "See you soon". Many people think that the title "See you later" may indicate that "Solo" will be reborn.

It was not until four years later that Han Han's directorial debut was released, titled "We Will Never See You Again", which was like a distant answer to a long farewell.

The fee for the headline article in "The Solo" is set at 2,000 yuan per thousand words. Han Han sets the fee for his own article at 1,000 yuan per thousand words, the same as other authors of "The Solo".

In 2010, when Han Han was working on "Solo", a businessman spotted him. His name was Chen Nian.

At that time, Vancl executives held a meeting to discuss the selection of spokespersons. There were three candidates: Takeshi Kaneshiro, Rain, and Han Han.

At first, the Vancl team was wavering because of Han Han's "risky and controversial nature". Chen Nian believed that Han Han was a pioneer born in the 1980s, a race car driver and a writer. He was highly consistent with Vancl's brand spirit of "civilian fashion, no pretense", and his fan base far exceeded that of ordinary celebrities.

Chen Nian first made an appointment with Han Han through a friend, but Han Han declined on the grounds of training for racing cars. Chen Nian simply called directly late at night: I am Chen Nian, CEO of Vanke. I would like to ask you to speak for me. We will not talk about business, but only about your understanding of young people.

George Han asked casually, how much?

Chen Nian said that based on your standard manuscript fee, it would be a thousand yuan per thousand words.

Han Han smiled, endorsement fees are calculated based on manuscript fees? You really know how to play.

The two agreed to meet and discuss in detail.

After the meeting, Chen Nian said, I don't invite celebrities, I invite spiritual leaders. You will have the same aura wearing a 29 yuan T-shirt as you would wearing a racing suit.

Han Han was moved by the "no pretense" positioning and accepted his first commercial endorsement.

Chen Nian wrote the copy himself and wrote the famous "Mortal Object":

I love the Internet, I love freedom, I love getting up late, I love night food stalls, I love racing, and I also love the 29 yuan T-SHIRT. I am not a standard bearer, and I am not someone’s endorsement. I am Han Han, and I only represent myself. I'm just like you, I'm a regular customer.

After reading the copy, Han Han made two changes, changing "I love getting up late" to "I love getting up early to practice driving" and deleting "T-SHIRT for 29 yuan."

Chen Nian said, add the price. This is to be honest with consumers.

Han Han thought for a while and agreed. Just add it. 29 yuan is quite reasonable.

Many years later, Zhang Yuqi was carrying goods in the live broadcast room. When she heard the price of 699 yuan, she said, 699? 699 (yuan) I can't even buy a sock.

Han Han loves T-SHIRT which costs 29 yuan, but 699 yuan cannot buy a pair of Zhang Yuqi’s socks.

I have to say that the difference between those who are literate and those who are not literate is quite big.

After Han Han's "Fanke Object" was launched, it quickly became a craze. Netizens adapted it into the "Fanke Object" template. From celebrities to ordinary people, it spread virally. The number of visits to Fanke's official website increased by 300%. Chen Nian said with a smile that it was worth more than investing 1 billion in advertising.

At the celebration banquet, Han Han told Chen Nian that this advertisement will be popular, but don’t rely too much on me. Vancl must make good products to last long.

A few years later, Chen Nian contacted Mu Dan's second son and prepared to release a "Mu Dan series of T-shirts", claiming that his "hands were shaking."

At the recording site of "Vicious Liang Huanxiu", Liang Huan compared Chen Nian's excitement to "seeing Jay Chou." Chen Nian blurted out that Mu Dan should ditch Jay Chou by hundreds of thousands. A hundred years from now, everyone will definitely remember Mu Dan, and Jay Chou must be trash.

After this "wild talk", Vanke's sales plummeted, the "Mudan T-shirt plan" was forced to be shelved, and the partners avoided suspicion.

Chen Nian, who invited Han Han to endorse, seemed to have become "possessed by Han Han". His unabashed and sharp words were contrary to business logic, and ultimately ruined Fanke's good situation.

In fact, after Chen Nian invited Han Han to be an endorsement, he unknowingly headed towards a commercial cliff.

Due to the popularity of Han Han's "Fanke Object", Fanke's sales reached 1.8 billion yuan in 2010. Chen Nian started an aggressive strategy and proposed a "10 billion sales target" in 2011, believing that "everything can be done by Fanke". He expanded his main products from a 29 yuan T-shirt to all categories, and expanded his employee base from 1,000 to 13,000.

That year was also the time when JD.com, Tmall and other giants were making rapid progress. With such a small size, Fanke quickly fell into a state of financial rupture. In addition, the fourth and fifth rounds of financing were not in place, and the dream of going public was shattered. Fanke's debt snowball grew bigger and bigger, and Chen Nian had to embark on a long road to repay debts.

For Han Han, the business window for brand endorsements has been opened. Following Vanke, Han Han has successively endorsed Camel, Nestle Coffee, Volkswagen, OnePlus and other brands, with endorsement fees in the tens of millions.

"Solo 2" was urgently stopped at the printing factory. Executive editor Ma Yimu looked at the scrapped pulp with mixed feelings. It was this premature "paper book" that gave him the idea of ​​​​making an electronic book.

Ma Yimu called Han Han and said that he would make an "atomic bomb-style condensed reading" and only recommend one article, one picture, and one question every day, cutting off all redundancy.

For the original name of the electronic book, Han Han thought of "Kindergarten". Undoubtedly, this name was similar to "Solo Group", with a certain hidden sharpness and stance. Due to the lessons learned from past experiences, it was rejected by all members.

It was finally named "ONE·One", and the slogan is: In a complex world, one is enough.

This smooth name has smoothed away all the edges and corners that are the hallmark of Han Han's rebellion, but it carries the enthusiasm that Han Han has accumulated over the years, just like the transformation of a young and frivolous teenager into adulthood, becoming more commercial and entertainment-oriented.

On October 8, 2012, “ONE·ONE” was launched.

Two hours later, Han Han posted on Weibo – One is all (One is enough), and the number of downloads exceeded one million that day.

Han Han’s insight on management is – don’t manage. Employees wear slippers to work, bring cats to the company, and make the office look like a literary Internet cafe. On the other hand, every editor is a generalist, proficient in drafting, advertising, and publishing.

In terms of recruiting manuscripts, Han Han relied on "facial recognition" to recruit authors such as Li Haipeng and Zhang Xiaohan. In terms of manuscript fees, he no longer wanted to be the "first-rate", but only benchmarked against first-tier magazines.

In terms of writing, Han Han's essays are sharp, but his novels are weak. In Feng Tang's words, they are not up to the "golden thread" standard.

Regarding this, Han Han seems to have some self-awareness. In the "Anonymous Writers Project" launched in 2018, all contributors are anonymous, and the judges, including Ge Fei, Bi Feiyu, Su Tong, and Han Han, do not participate in scoring.

This is a bit like a replica of the New Concept Essay Contest that allowed Han Han, Guo Jingming and others to stand out. The biggest achievement of ONE's "New Concept Essay Contest" was the discovery of Shuang Xuetao, who became a dark horse in the literary world. Shuang Xuetao later married Zhang Yueran, another beneficiary of the New Concept Essay Contest, and worked hard in film and television, becoming a popular writer favored by capital for film and television adaptations.

In the early days, ONE relied on advertising to monetize. Later, it opened up book publishing monetization channels. It signed more than 30 authors and published 74 books, with a total revenue of over 450 million yuan. Some books, such as "Skins", sold more than one million copies and sold dozens of film and television rights.

In 2016, Han Han received 60 million yuan in Series A financing from Huachuang Capital, with a valuation of 600 million yuan.

When he started ONE, Han Han had already entered the film and television industry by selling book and film rights. With the intervention of capital, he was further prepared to enter the "bigger plate" of movies with great fanfare.

But in the process of entering film and television, Han Han also suffered a serious fall in the catering industry.

At the end of 2014, the first Nanjing store of Han Han's restaurant "Nice to Meet You" opened. Thousands of fans lined up, and the number for dinner in the evening was set at noon.

One of the characteristics of the restaurant is that it is full of Han-style literature and art. For example, the dish names include "You haven't eaten my tofu", "If you have money, you will be willful crayfish", "Father-in-law Burger" (after Han Han gave birth to his daughter Han Xiaoye, he was once called the "National Father-in-law"), House of Cards Ribs, etc.

The private room of the hotel is called "The Humble House". A Chaplin silent film is shown at the door. A racing car model and Han Han's trophy are also displayed. The waiter's greeting is "Nice to meet you."

This restaurant, which was built from the ground up to be artistic, had something go wrong on the first day of business. When Han Han arrived, it caused chaos and the "father-in-law serving food" session was canceled.

Then, takeout shops with "the same name but different flavors" appeared in Nanjing. The average number of takeaway shops is 30 yuan per person, while the average number of restaurants is 100 yuan per person. The ingredients and tastes are completely different. Consumers questioned that they were selling dog meat at the expense of sheep. The official explanation for this is that they are two strategies for the same brand.

Within two years, the number of "Nice to Meet You" stores expanded to more than 60. Although franchising was open, there was no unified training. Stores in different locations had different tastes, management was chaotic, and accidents occurred one after another.

In 2015, the Ningbo store operated without a license and was fined 284,800 yuan.

In 2016, a rat infestation occurred in the Wuhan store and it was operated without a license, so it was forced to close down.

The rat plague is a bit too much. I wonder if Han Han did the experiment in a real hotel in order to find "literary inspiration" and write a masterpiece similar to Camus' "The Plague".

In 2018, the Tianjin store owed 122,800 yuan in wages and was sued, causing its reputation to collapse.

Since then, "Nice to Meet You" stores have been closed in batches and the project has been withdrawn.

Judging from Han Han's business trial of opening a restaurant this time, it seems that he made a similar mistake to Chen Nian, blindly expanding and causing a break in the capital chain.

However, Han Han did not directly hold shares in the main company, and his losses were limited. Although the project claimed to have lost 100 million yuan, it was not Han Han's direct personal loss.

Han Han's failure in running a restaurant confirmed the value of the saying "Don't make money beyond your own knowledge."

In 2015, Han Han appeared on the variety show stage for the first time for his self-written and directed debut movie "The Future", and shouted the "father-in-law marketing" slogan "The movie will sell well, and Ono's dowry is indispensable."

This film by Han Han is full of Han Han's famous sayings. Although the plot is thin, but with the blessing of many factors, such as Han Han's appeal, the theme song "Ordinary Road" sung by Pu Shu, Han Han's "father-in-law marketing", etc., the final box office was fixed at 629 million yuan. Considering that the investment of the film was 51 million yuan, it was very profitable.

Han Han realized that movies are a small game, as exciting as racing, more profitable than magazines, publishing, and restaurants, and more suitable for him.

On July 21, 2015, Han Han registered Tingdong Pictures. The name Tingdong is taken from Tingdong Village, Tinglin Town, Jinshan District, Shanghai, where Han Han was born. It means Han Han reminds himself not to forget his roots. The name of the previous "Solo" studio was Tinglin Town Studio.

The company's English name is PMF, and it claims to the outside world that it is Professional Making Films. Privately, Han Han laughs at himself as "afraid of trouble," which is in line with his "hands-off shopkeeper" style.

Before filming "We Will Never Die", Han Han spent 7 years looking for film investment, but no one paid attention at all. Until the box office of "We Will Never Die" reached 629 million, the attitude of capital reversed 180 degrees. In 2016, Puhua Capital took the initiative to invest 10 million in Series A.

With the support of capital, in the movie game of small and big gains, Han Han presented "Riding the Wind and Waves" three years after "The End of Time". The film invested 160 million yuan, had a box office of 1.046 billion yuan, and a net profit of 216 million yuan. Tingdong Investment accounted for 50%. Han Han held 85% of the shares at the time and made a personal profit of 91.8 million yuan.

After this nearly doubled growth, Han Han began to explore the hit model of racing and comedy. When preparing for his third movie "Flying Life", Han Han wanted to find a middle-aged actor who "had passed away and wanted to make a comeback."

At this time, Shen Teng took the initiative to call and recommend himself, claiming to be the "military arts school boy", and also sent photos of his youth to prove it, which perfectly fit the character's relaxed experience.

Han Han agreed to the invitation, and at the same time put forward a condition: he must bring a few happy twist actors over. Shen Teng agreed immediately and eventually attracted Allen, Chang Yuan and others to join.

Before joining the group, Shen Teng once wanted to lose weight in order to fit the image of a "racing driver". Han Han hurriedly stopped him. There is no need to lose weight. A down-and-out driver should have a belly. We will tailor a racing suit for you.

Shen Teng then let go of eating and drinking. As a result, not only the racing suit but also the helmet had to be tailor-made. Shen Teng couldn't fit into the helmet because of his big head, so Han Han stopped work urgently and ordered a large-size helmet overnight.

At the filming site, Han Han personally demonstrated every scene. Shen Teng joked that he acted like Han Han and we would never refer to it.

In 2019, "Flying Life" was released, earning a box office of 1.728 billion. The film invested about 500 million, of which Guomai Culture invested 28 million and made a profit of more than 8 million.

By 2024's "Flying Life 2", the box office has almost doubled again, reaching 3.361 billion yuan, with a net profit of 600 million yuan, of which Tingdong Investment accounts for about 30%, Han Han holds 56%, and his personal net profit is 120 million yuan.

The upcoming "Flying Life 3" is expected to be released by all walks of life, with an estimated box office of 4 billion yuan, and is expected to become the box office champion during the Spring Festival. This has also become Shen Teng's key to becoming "Mr. 40 billion box office".

Han Han's Tingdong Pictures, with the exception of "Four Seas", has failed to produce any major films directed by Han Han. This has opened up a new track for the entire Chinese film market in the vertical field of comedy. Han Han is not only a writer who can write jokes, but also a professional racing driver with outstanding achievements. He combines racing and comedy, which naturally forms a strong alliance and builds a high protective wall. Other directors who only specialize in comedy or vertical genres can't catch up.

It can be said that in the field of racing and comedy, Han Han is currently invincible and has formed a kind of monopoly.

Han Han is the idol of a generation and a symbolic existence. His path of "abandoning literature and pursuing business" profoundly reflects the social pain points of the times.

At first, Han Han won the competition with a new concept called "Looking at the Man in the Cup" and became famous all over the world. Although "Three Gates" has strong traces of imitating Qian Zhongshu's "Fortress Besieged" in terms of wording and sentence construction, considering that Han Han was only seventeen or eighteen years old at the time, his genius in language is obvious to all.

After publishing several best-selling or not-so-best-selling books, Han Han's enthusiasm for writing seemed to be less intense, and he turned to driving a racing car, and his literary achievements were fixed in "Three Gates".

But in terms of essays, Han Han's sharp style is indeed of his own. Regarding Han Han's literary achievements, his friend Luo Yonghao put it more euphemistically and to the point, that is, the essays are solid, but the novels are almost meaningless.

The most valuable thing about essays since Lu Xun's time is that they criticize the current ills. Not long ago, Han Han took up the banner of criticizing the current ills, and for a time he became the most popular so-called "public intellectual" in China, and was praised from all sides.

This appreciation reached its peak around the time Han Han founded "Solo". The landmark event was the magazine's abortion, and Han Han's subsequent ranking as the second among the "Times" Top 100 People.

This was a watershed in Han Han's life and a turning point in his "abandoning literature and pursuing business." Han Han was a smart man and it was impossible not to feel that he was already in that position, and he knew what the title of "public intellectual" meant. Judging from the several childish and heroic articles he published in those years, such as "Talk about Democracy," discerning bystanders also knew it well.

Although Han Han "doesn't live up to his name", he is still "raised" to that height to bear risks that he himself is unwilling to bear, which is similar to a kind of "praising".

Han Han finally chose to quit. As the "Solo" disappeared, the scholar Han Han, who was famous for his "rebellious spirit", also left the stage. At the same time, the businessman Han Han made his appearance.

Han Han has almost achieved his ultimate in business. As mentioned before, his core ability lies not in literary novels, but in essays. Essays criticizing current ills are undoubtedly dangerous, but after being filtered or castrated by the business crowd, the essays with guns and sticks are filtered into "golden sentences" that seem sharp but are pale. This kind of "golden sentence" looks like personality, but is actually coquettish. More importantly, it is harmless and can be widely accepted, thereby achieving commercial realization.

So, when "The Movie", which was "full of golden lines", earned more than 600 million at the box office despite controversy, Han Han finally found a real gold mine from writing, publishing, electronic magazines, and restaurants.

Naturally, it is impossible to continue to satisfy the audience with "good quotes" all over the screen. Han Han's cleverness is once again shown. He integrated racing into the movie. He is an expert in this aspect, at least much more "expert" than ordinary viewers. This is equivalent to finding a place for those "good quotes" flying in the sky, and it is also equivalent to the "dry goods" in the movie, enough to satisfy the largest base of moviegoers. This naturally became the way for businessman Han Han to make a fortune.

Wang Shuo once said that Feng Xiaogang filtered out the "poisonous" parts of his novels and concocted them into bottles of "sugar water", thus achieving commercial success. Han Han's movies are also similar.

Businessman Han Han will undoubtedly go further, but those smooth comedy movies have long lost their original edges and sharpness, and "polishing away all the edges" and making a cup of "sugar water" that everyone loves to drink is the essence of commercialization.

From "peeping into a cup" to "a cup of sugar water", each of us, including Han Han himself, cannot escape the influence of society.

In The New Year, Young People On The Front Lines In The Western Part Of The Country Stick To Their Posts, Ensuring Power Supply And Protecting The Lights Of Thousands Of Homes.

During the Spring Festival, who doesn’t look forward to family reunion? ! But on the western frontline, the reporter saw a group of young people who actively chose to stay at work, making "busy" and "enriched" the main theme of the festival. They say that only when the machines are functioning properly can thousands of families be happy and every household be safe; only when contemporary young people shoulder more heavy responsibilities can the country be rich and the people strong, and the rivers and seas clean and prosperous.

Come, come with us and listen to their voices.

Ningxia’s “smart inspection” protects the lights of thousands of homes

Guangming Daily reporter Yan Lei and Zhang Wenpan

"UAV No. 1 requests to take off!"

"Permission to take off, start inspection."

In the main control room of Ningxia's ±800 kV Lingzhou converter station, the monitoring screens of three nests turned green at the same time, and the drones buzzed.

"Celebrate the New Year with joy, and the power supply cannot be 'broken'! Our inspections must be careful, careful, and more careful." Liu Shuji told reporters while staring at the data transmitted back in real time on the big screen. This master's student who graduated from Henan University of Science and Technology in 2013 is now the technical backbone of this ultra-high voltage converter station.

He told reporters that this is the starting point of the Lingshao DC Power Transmission Project, an important channel for Ningxia's "West-to-East Power Transmission". "The annual electricity transmission exceeded 56 billion kilowatt hours, which is equivalent to one-tenth of the electricity consumption of Zhejiang's entire society!"

While he was talking, a shiny silver robot dog attracted reporters. According to the technician's instructions, it is steadily moving on its four "legs" and walking into the equipment area to perform the corona detection task!

"This is our 'new colleague' – an ultraviolet inspection robot dog, nicknamed 'Lingji'." Liu Shuji said with pride, "Look at our 'black technology', is it 'fashionable' enough? There are drones for high-altitude and outdoor equipment inspections; there are robot dogs for internal inspections in complex spaces. During the Spring Festival, this system inspects the entire station three times a day."

During the 13 years since he took root in the west, Liu Shuji has seen converter stations becoming more and more “technical”.

"When I graduated from college, I was deeply moved by my mentor's words: UHV is the 'Mount Everest of Electricity' and the west is the main battlefield. Once you have learned a skill, you should use it in the 'main battlefield'. So, here I am!" Liu Shuji recalled. Over the years, this young man from Henan has devoted himself to the digital upgrade of converter stations and led the development of a variety of intelligent inspection equipment, including the "Lingji" that has been used in many UHV stations in Ningxia.

Empowered by technology, the effect is unexpectedly good. "When I first arrived at Lingzhou Station, inspections were all done manually, with '20,000 steps of grounding' a day. What now? All it takes is one order! The work idea has also changed. It used to be 'passive repair', now it's 'active defense'; it used to be 'human sea tactics', now it's 'man-machine collaboration'…" Liu Shuji said with excitement.

Xinjiang “Data Station” serves satellite transmission

Guangming Daily reporter Zhao Minghao, Yao Kun, Huang Xiaoyi

In the spacious control hall, all kinds of equipment are running at high speed; on the huge electronic screen, the data stream is flashing continuously. Only the bright red couplets on the lintel, the eye-catching word "福", and the colorful candies in the rest area convey the festive atmosphere of the New Year… Here is the satellite "data station" located in the western border of the motherland – the China Remote Sensing Satellite Ground Station Kashgar Station of the Institute of Aerospace Information Innovation, Chinese Academy of Sciences.

A stocky man wearing glasses and sky-blue overalls was skillfully operating in front of the computer. From time to time he would turn sideways and give a few words of advice to the young researchers next to him. He is the webmaster Wang Jianping. During this Spring Festival, he took the initiative to lead the team on duty as always.

"The Kashgar station operates 24 hours a day, 365 days a year. The satellite does not take holidays, and we have to keep pace with it." Wang Jianping said with a smile.

This year is Wang Jianping’s 19th Spring Festival spent at Kashgar Station.

In 2007, after graduating from Shihezi University, Wang Jianping did not return to his hometown of Gansu. Instead, with the "satellite dream" he had had since childhood, he devoted himself to the Kashgar Station which was still under construction. This is the first civilian satellite data receiving station in western my country.

"At that time, there were no walls in the station area. Except for the computer room and antennas under construction, there were only desert beaches and yellow sand that could not be seen to the edge." Wang Jianping recalled, "Visibility was less than 100 meters on a sandy day. Before entering the computer room, you had to pour out the heavy sand from your shoes…"

The wind and sand did not shake his determination. He was quickly attracted by the hot career: "Here, I can constantly be exposed to new knowledge, new technologies, and new systems, and I can help the site grow day by day. We started everything from scratch. Now, we receive an average of nearly 300 satellite data per day, with a success rate of 99.6%, and many technical indicators have reached the international advanced level."

His eyes were shining with pride: "These satellite data are extremely valuable! From scientific research, disaster monitoring, to agricultural water conservancy, urban planning… everything is inseparable from this real 'hard-core support'."

"What makes me most gratified is that young people have come and stayed." He looked at the energetic young figures at the work station, his eyes full of joy.

Gansu’s “nerve center” ensures petrochemical production

Guangming Daily reporter Shang Jie Wang Bingya Guangming Daily correspondent Xu Xueping

On New Year's Eve, as soon as it gets dark, the golden city of Lanzhou is decorated with lanterns and colorful flowers, making this ancient city extraordinarily bright and gorgeous.

Standing on the crowded landscape along the Yellow River, Yang Qingzheng, a young man from Sichuan, made a video call to his parents in his hometown in Chengdu.

"Dad, Mom, look, how lively my place is! Don't worry, you won't be alone during the Spring Festival in Lanzhou. The unit has also prepared a New Year's Eve dinner." On the screen, the two old people nodded frequently, and the worries on their faces gradually dissipated…

This is the first time Yang Qingzheng spends the Spring Festival away from his parents in a foreign country. In June 2024, after graduating from Southwest Petroleum University with a master's degree, he came to Lanzhou Petrochemical Company. This year, he took the initiative to sign up to stay in the company on duty during the Spring Festival.

"In Lanzhou Petrochemical, I have found a place to use my talents. I want to take root here and contribute all my strength." He said.

Outside the window, fireworks lit up the night sky. Yang Qingzheng stood up from the computer in the control room, stretched his waist, and sat down in front of the computer again to get busy. "The control room is the 'nerve center' for the smooth operation of the device, and there is no room for sloppiness. Behind every beating number that passes before our eyes is the smooth operation of the device, a steady improvement in efficiency, and an efficient saving of energy." Yang Qingzheng introduced to reporters while operating.

"The west is a natural treasure house of petrochemical resources. In recent years, thanks to the support of national policies and the empowerment of cutting-edge technology, the transformation and upgrading of Lanzhou Petrochemical has taken greater and greater steps, providing a stage for young talents to display their skills. As long as you have the ability and are willing to pay, there is room for development. In September last year, just one year after joining the company, I participated in the team’s scientific research innovation project. With the help of the team’s masters, I quickly achieved scientific research breakthroughs, and the results were very helpful in improving the stability and efficiency of the system.” Yang Qing was so proud!

"Guangming Daily" (Page 01, February 17, 2026)

Fed Governor Barr: Interest Rates May Remain Unchanged For A Period Of Time Before Inflation Returns To 2%

Financial Associated Press, February 18 (Editor Zhao Hao) Federal Reserve Governor Michael Barr recently stated that interest rates should remain unchanged "for some time" until more evidence is seen that inflation is falling back toward the 2% target.

On Tuesday (February 17), Barr said in a speech published on the Federal Reserve's official website, "Based on the current situation and available data, it may be appropriate to maintain interest rate stability for some time to come as we evaluate upcoming data, changes in the economic outlook, and the balance of risks."

After cutting interest rates by a total of 75 basis points in 2025, the Federal Reserve chose to "stand still" last month and kept the federal funds rate target range unchanged between 3.5% and 3.75%.

Recent data shows that the U.S. labor market has stabilized to a certain extent, and inflation is lower than expected, but still above 2%.

Barr believes that last year's rebound in commodity inflation has slowed the central bank's progress on price stability goals and increased the risk that high inflation will persist, so policymakers need to "remain vigilant."

"Before considering further cuts in policy rates, I would like to see a sustained and steady decline in commodity price inflation, provided that labor market conditions remain stable."

Barr also said the employment situation was stabilizing, but warned the labor market was in a "delicate balance" with hiring close to zero and therefore more vulnerable to shocks.

Data released last week showed that the United States added 130,000 non-farm jobs in January, and the unemployment rate dropped slightly to 4.3%. However, downward revisions to last year's data show that the pace of hiring has actually slowed significantly.

In his speech, Barr also focused on an issue of growing concern among policymakers: whether artificial intelligence (AI) has driven recent productivity gains and whether that should affect monetary policy.

Some Trump administration officials, including Treasury Secretary Bessant, believe that AI-driven productivity gains could allow the Fed to lower interest rates in a faster-growing economy, because higher productivity helps prevent growth from turning into inflation.

Barr disputed that view, saying accelerating productivity growth was not enough to justify a rate cut. He mentioned Greenspan's approach in the last century: At that time, the Fed also bet on productivity growth, but was not in a hurry to cut interest rates.

Barr said: "For a period of time he (Greenspan) kept interest rates unchanged, and then as the economy grew faster and inflation began to pick up, he raised interest rates instead. Based on the experience of the 1990s, there is no clear indication that interest rates should be lowered now."

Barr added that artificial intelligence could have a "transformative impact" on the economy and reshape labor demand. If productivity rises significantly, it could also push up the so-called neutral interest rate.

He also warned that in the short term, AI may also "deeply disrupt" the labor market, impacting some workers and forcing many to retrain or transform.

(Zhao Hao, Financial Associated Press)

The Spring Festival Of The Year Of The Horse Is Here, Investment Fund Sends Blessings To Investors

May the new year bring blessings and everything will be renewed. On the occasion of the Spring Festival of the Year of the Horse, on behalf of all the staff of China Merchants Fund, I would like to extend my most sincere holiday blessings to all investors! May the bells of the New Year bring peace and joy, and may the galloping horses bring good fortune.

President Yue Ying of China Merchants Bank_What is it like to be married to a fund manager_

Looking back on the past year, our country has faced difficulties and forged ahead amidst major changes unseen in a century, successfully realized the successful conclusion of the "14th Five-Year Plan" and comprehensively opened a new chapter in Chinese-style modernization. The cultivation of new productive forces has been accelerated, the capital market has developed steadily, and the national economy has embarked on a path of high-quality development that is more resilient and mature. In this historical process, the public fund industry has actively promoted fee rate reform, optimized assessment mechanisms, strengthened benchmark constraints, standardized sales behavior, and ushered in an all-round ecological reshaping. As the "stabilizer" of the capital market and the "pathfinder" of value discovery, public funds are steadily moving towards a new stage of higher-quality and more sustainable development.

Looking forward to the new year, a new round of technological revolution and industrial transformation will be fostered in depth, the construction of a modern industrial system will be accelerated, and high-quality development will gather great momentum. 2026 is the first year of my country’s “15th Five-Year Plan” and a critical year for the investment fund’s three-year development plan. We will anchor our goals with a positive and high-spirited attitude and ride on the momentum:

The first is to consolidate investment research foundation, strengthen platform construction, and create more value for investors. Adhere to the investment research values ​​of "duty, focus, and openness" and the investment philosophy of "long-term, value, and responsibility"; build a sustainable and shareable research support system, and promote the construction of an investment research platform that makes investment research strategies understandable, replicable, and iterable; always focus on the interests of investors and the guidance of customer profit experience, continue to improve investment performance, effectively control drawdowns, and strive to practice the political and people-oriented nature of financial work.

The second is to focus on key businesses, optimize product layout, and provide investors with high-quality product choices. We insist on building core capabilities in active management, focus on multi-asset and fixed income + fields, continuously strengthen the development of index products, continue to improve and strengthen the pension business, strengthen the forward-looking layout of products, promote the implementation of innovative products, and strive to meet the diversified allocation needs of different investors with a more comprehensive, better and clearer product and business matrix.

The third is to deepen technological empowerment and bring more warm companionship and services to investors. With the original intention of creating customer value, we systematically build a "professional, refined, distinctive and intelligent" marketing system; we accelerate the all-round empowerment of AI, build an "AI asset management integrated platform", and deepen and solidify the construction of digital finance; we continue to deepen investor education and companionship, consolidate the customer service system, and continue to move towards the goal of the best customer experience asset management company.

Spring returns to the earth, and horses gallop. In the new year, China Merchants Fund will continue to uphold the mission of "creating more value for customers", take the best customer experience as the guide, adhere to the two-wheel drive of "active management business" and "passive index business", continue to optimize the business structure, comprehensively improve the six major capabilities of investment research, asset organization, risk management, technology support, business innovation, and talent team building. Through long-term stable performance, rich and high-quality products and professional and warm services, we will fully protect every trust and trust and move forward steadily on the new journey of high-quality development.

The Year of the Horse means galloping, enterprising, strength and responsibility. We will use the spirit of the dragon and horse to spur ourselves on, adapt quickly to the market wave, and move forward with determination. We are willing to continue to work hand in hand with all investors to embark on a new journey together, use time to refine value, and write professional answers. Finally, I sincerely wish all investors and their families success in their careers, smooth lives, unstoppable financial resources, and leading investments in the new year! Looking forward to walking with you all the way and creating a glorious chapter together!

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