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When the chants of the Jialing River and the waves of the Huangpu River meet here, when the character of Bayu and the charm of the Shanghai style embrace each other affectionately in the light and shadow, a toe epic about "return" is being staged in Shanghai. From April 3rd to 4th, Chongqing Ballet will bring its original ballet "The Return of Red Lingyan" to the Shanghai International Dance Center Grand Theater, marking the first stop of the show's 2026 national tour. This work with the theme of "Red Memory" will follow the historical context of the Anti-Japanese War in the Yangtze River Basin and visit Taizhou, Wuxi, Wuhan, Changsha and other cities that have left a strong mark on the history of the Anti-Japanese War.

Between the ups and downs of the toe, the soul of the mountain city is returning.

"Return of Red Lingyan" is based on Dai Ailian, a pioneer of Chinese contemporary dance art. It tells the touching story of "Lian", an artist who returned from overseas, who devoted herself to resisting Japan and saving the nation, raising children affected by the war, and protecting the national cultural heritage in war-torn Chongqing. On the stage, the brutal bombing ripped through the smoke of war, the mystery of Zhou Mansion revealed the dim light of the dark night, and the figure of the people dragging the plane engraved the unyielding backbone… Each scene restored the flesh and blood and character of Chongqing during the war with a movie-like texture. The artistic expression that combines Chinese and Western elements allows the audience to understand those turbulent years and feel the profound power from the mountain city.

Above the toes is the backbone that never bent in the flames of war; the return of Hongling is the faith that remains hot even through time and space. Since its premiere in August 2023, "Return of Red Lingyan" has attracted much attention. It has launched two rounds of national tours, covering 13 provinces and 25 cities, and has completed a total of 109 performances. The first stop of the new tour in 2026 has become popular even before the performance. The topic "Come to Shanghai to watch the ballet in April and return to Honglingyan" has become a hot search on Weibo. The cumulative reading volume has exceeded 8 million, and the city's expectations continue to heat up.

Episodes of the war past are reawakened on the tiptoe. On the evening of March 31, the dance drama’s chief director Liu Jun and the actors walked into Shanghai University of International Business and Economics and gave a lively art sharing session. The students not only listened to the stories behind the creation of the dance drama, but also experienced the unique charm of ballet under the guidance of the actors. Bayu elements such as the oil-paper umbrellas in the rain lanes of the mountain city and the outline of the stilted buildings allow everyone to truly touch the artistic heritage of Chongqing. On April 1, a pre-performance guided tour was held in the theater, where the creative team communicated closely with the audience and shared more exciting stories on and off the stage.

"Ballet is not a Western patent. We have injected Chinese aesthetics and stories into it." Liu Jun said that just like Dai Ailian originally integrated Chinese folk dances into ballet art, "The Return of Honglingyan" also creatively combines Western ballet with Xiushan lanterns, Miao dance, Tibetan dance, etc. When ballet embraces the flames of war, this "return" is not only the return of art, but also an affectionate retelling of national memory.

Stock traders are most afraid of ups and downs in the market, and countless ordinary investors long for a solid stabilizer in the capital market. What are the essential differences between the long-discussed stabilization fund and overseas bailout tools? Can this major capital policy really solve the problem of stock market fluctuations and rewrite the A-share ecology?

At the "This Is China" program broadcast on March 30, an audience member with daily financial management experience asked the guests: As a key capital policy, what central role will the stabilization fund play in the capital market in the future? Can it fundamentally change the current situation of high stock market volatility?

In this regard, Zhang Keliang, a researcher at the Central University of Finance and Economics, took the lead in clarifying public misunderstandings. He said that stabilization funds in Western countries are only temporary emergency tools. They are used to support the market when the stock market plummets, and are gradually withdrawn after the market recovers. They focus on short-term firefighting throughout the process. In the previous battle to defend the 3,000-point A-share market, many experts proposed the establishment of stabilization funds, which copied overseas short-term market rescue models.

However, in Zhang Keriang's view, China needs to create a localized stabilization fund, establish a long-term normalized "national team", and continue to play a role in regulating the market and calming irrational fluctuations. At present, Central Huijin has assumed the market stabilization function of quasi-stabilization funds and has become an important support for the capital market. In the future, exclusive standardized stabilization funds are also expected to be steadily launched.

Professor Zhang Weiwei, Dean of the China Institute at Fudan University, further sublimated his views. He highly recognized Zhang Keliang’s suggestion on the central bank’s participation in the stabilization fund layout, believing that this idea accurately fits China’s national conditions and demonstrates the advantages of the system. He emphasized that the Chinese government has extremely high credibility and credibility, which is the core confidence for the steady advancement of stabilization funds. As a socialist country, the state controls a wealth of various resources and has strong macro-control and resource integration capabilities. This advantage is also fully reflected in the people's trust in the country. Any bonds issued by the state can be widely recognized and actively subscribed by the people. This deep trust foundation is not only reflected in the people’s active subscription of state bonds, but also stems from the country’s long-term responsibility and governance capabilities. It also lays an unshakable solid foundation for the establishment, operation and long-term development of stabilization funds with Chinese characteristics.

Reflecting the bright neon lights of the city, people gathered from the early spring rain just to go for the long-awaited "Winter Journey". For two consecutive nights, Cadillac Shanghai Concert Hall opened two "Winter Journey" with completely different scenery. Although they are both classic melody written by Schubert, they depict two completely different spiritual worlds.

As the grand concert of the 41st Shanghai Spring International Music Festival, tonight, British tenor Mark Padmore and pianist Imogen Cooper will take the lead in taking the stage, going back to the origins with pure vocals and piano originals, and recreating the romantic loneliness of winter with pure German and Austrian original sounds. Tomorrow night, American bass bass Andrew Munn will present a new premiere of "Last Winter Journey: Looping Soundscape" for the 2026 Digital Muse-Music Technology Sunac Festival, relying on years of environmental protection practice in the Appalachian coal region.

The vocals and piano complement each other perfectly

From the ancient "Little Ice Age" to the current new era of AI empowerment and cross-border symbiosis, the two "Winter Journey" will create an in-depth dialogue across time and space, connecting humanity and ecology in the collision of the old and the new.

Two people and one piano sang Schubert's deep feelings

As the pinnacle of German and Austrian art songs, "Winterreise" was born in Schubert's "Little Ice Age" and is full of profound philosophical thoughts of loneliness, wandering and fate. That night, the authentic original performance evoked an irreplaceable soul resonance in the hearts of music fans.

Known as "the benchmark for Schubert interpretation", Padmore has already transcended the boundaries of traditional lyric singing. He uses a half-talking, half-singing chanting technique and exquisite sound field design to amplify the wanderer's broken and struggling inner monologue; he also incorporates Beckett's literary philosophy, allowing the traveler to express the unsolvable confusion in his fate with the stubbornness of "knowing that the road ahead is barren, but still insisting on rushing to the distance."

Pianist Imogen Cooper has a deep understanding of Schubert's works

This classic collaboration adds a layer of farewell warmth with the appearance of Imogen Cooper. This piano master, who has officially announced that he will make his final stage performance with "Winter Journey" in 2027, will perform in Shanghai this time, a unique and out-of-print performance for Chinese music fans. During the interview, Cooper admitted that Schubert held an irreplaceable weight in her heart: "He had the purest humanity and used melody to accommodate all the emotions in the world." She always believed that Schubert's illness in his later years cut off worldly warmth, but allowed him to melt all the loneliness and longing in his heart into notes, achieving a moving power that spans hundreds of years. Deeply involved in Schubert's works, Cooper is also well versed in vocal music. She said bluntly: "I learned to breathe from singers, and those long and stretched phrases came to life. They taught me how to let the piano learn to tell stories."

This performance in Shanghai is a unique and out-of-print performance that Cooper (left) left to Chinese music fans.

The whole performance is extremely simple and pure, with only the human voice and the sound of the piano to outline everything: the trembling of lime leaves, the low-flying jackdaws, and the tiny sound of the cracking glacier, all flowing slowly between the black and white piano keys. The human voice narrates the story, and the sound of the piano spreads out the vast winter scenery, describing the loneliness of the winter in Vienna and the coldness of the Alpine glaciers. The rise and fall of his fingertips reflect Cooper's lifelong artistic perception; the echo of his singing voice reflects Padmore's thorough and profound humanistic interpretation. This authentic "Winter Journey" not only reproduces the classics from two hundred years ago, but also contains the deepest awe and confession of Schubert from two generations of masters, reaching the softest resonance in the hearts of the audience.

Pure sound outlines all things

Cross-border exploration sounds the alarm for environmental protection

Very different from the scenery of the previous night, "Post-Winter Journey: Looping Sound", which debuted on April 4, is a bold cross-border innovation – based on the present and questioning the future. Creator Andrew Munn integrated his many years of ecological and environmental protection practice into music creation, sublimating the private grief of love and loss in the original work into a metaphor for the era of separation between man and nature.

Having been deeply engaged in environmental protection in Appalachian coal mining areas for many years, Munn had an epiphany while singing "Winter Journey" in the mountains and fields: the icy winter described by Schubert had already quietly mutated under the influence of global warming. The romantic image of ice and snow has now become a realistic warning of melting glaciers and ecological endangerment.

Subversive adaptation breaks traditional stage boundaries

This subversive adaptation completely breaks the traditional stage boundaries. The creative team went to many places in Belgium, Latvia, and Berlin to experiment. Based on Schubert's original vocals and piano, with the help of transducers, underwater microphones and other equipment, the music transmitted resonant sounds through ice, metal, and wood, allowing the audience to truly hear the original sound field of melting ice and snow and the change of everything.

In addition, the creative team also went to the Hallstatt Glacier near Schubert's hometown to shoot scenes, using AI to reconstruct the poetic scenery of the Alps two hundred years ago, and let it overlap with the real-life images of the melting glaciers today, arousing people's attention to the ecological environment. During the performance, Munn will also incorporate field recordings from the Yangtze River Basin, allowing the ecological changes of the Danube and Yangtze Rivers to echo across the air, and connect environmental thinking from a global perspective.

Experiments in many places, glacier shooting

What's special is that this extraordinary performance is not in a traditional concert hall, but in the private space of the B2 "Music Cube" of the Shanghai Concert Hall, replicating the immersive atmosphere of Schubert's private salon, allowing technology and nature to seamlessly blend.

From a pure and simple humanistic review to an avant-garde ecological cry, the two "Winter Journey" allow the audience to hear two extreme expressions of the same classic – the former preserves the essence of art and retains the last winter affection of romanticism with human voice and piano sound; the latter breaks dimensional barriers and uses technology as a bridge to allow ancient melodies to carry the contemporary mission. An audience member who bought tickets for two consecutive performances said: "I look forward to hearing the echoes of history and seeing the answers of the times in the blend of old and new notes."

The gold worth millions has been packaged, and it will be taken away by the "driver" who comes to pick it up just after the "customer service" orders it, and falls into the trap that has been set by the fraud gang. At this critical moment, the police arrived in time and pressed the "pause button" on the scam.

Recently, the Shanghai Baoshan police successfully intercepted a new telecommunications network fraud case that was carried out by mailing gold in the name of investment and financial management, and restored the full loss of 1 million yuan to the parties involved.

It happened on March 20. On the same day, the Ronan Police Station received an anti-fraud warning: Mr. Chen, a resident of the jurisdiction, was suspected of being defrauded on a fake investment platform and was preparing to deliver 260 grams of gold to the fraudster offline. The police immediately rushed to the gold store in the jurisdiction to verify. According to the purchase record in the store, Mr. Chen has paid a one-time payment of 1 million yuan to purchase 910 grams of gold – 260 grams of which have been taken away, and the remaining 650 grams are tentatively scheduled to be collected the next day.

The police immediately rushed to Mr. Chen’s home to dissuade him. Although Mr. Chen has not yet handed over the gold to the "driver", his expression was obviously evasive, his answers to questions were vague, and he was always unwilling to reveal the true purpose of buying gold. The experienced police officers judged that Mr. Chen had probably been "brainwashed" by the scammer, and that continuing to question him would be counterproductive.

As a result, the police quickly adjusted their strategy. Instead of rushing to persuade, they chatted with Mr. Chen about the gold market. In the seemingly relaxed chat, the police gradually figured out the true situation of Mr. Chen's "investment and financial management", and gradually clarified the time and amount of his transfers and other key information. After repeated and patient communication, Mr. Chen finally let go of his guard and told the whole story.

It turned out that some time ago, Mr. Chen met an "investment and financial management customer service" on a chat software. The other party repeatedly showed him screenshots of "high return" profits from overseas trading platforms, and induced him step by step to top up his investment by buying gold. Believing it to be true, Mr. Chen gathered together 1 million yuan, quietly bought the gold, and followed the instructions of the "customer service" to make an appointment for a "driver" who would come to collect the gold and prepare for offline delivery and recharge. Unexpectedly, it was not the "driver" who was waiting, but the police.

At present, the 260 grams of gold that has been taken out has been retrieved by Mr. Chen’s family, and accompanied by the police, they went to the gold store to handle the return payment.

Police tips:

As the "card-breaking" operation continues to deepen, fraudsters have begun to take advantage of gold's high value and easy cashability to transfer fraudulent funds. Anyone who guides you to buy large amounts of gold and mail it to an unknown address is a scam. Citizens are advised not to download unfamiliar software from unknown sources when investing and managing money, and beware of being deceived.

On April 3, the second Shanghai Spring International Violin Culture Week kicked off.

The Shanghai Symphony Concert Hall has a huge audience, and the melodious strings flow in every space of the concert hall.

The Art Collection Exhibition of Chinese and Foreign Famous Violins in the cultural week activities brought together more than 50 Chinese and Western violin treasures, attracting many audiences to come and appreciate them.

Opening at the same time as the famous piano exhibition, there is also an exhibition of Chinese and foreign orchestral music in the B1 Music Gallery. More than 40 internationally renowned musical instrument brands and piano-making studios gathered at the venue, with a dazzling array of violins, wind instruments and other musical instruments on display. The audience could not only appreciate the craftsmanship details up close, but also participate in instrument trial experiences, consult professional maintenance knowledge, and understand the cutting-edge trends of orchestral instruments in one stop.

B2 Music House's audition of famous piano masters started first. Hua Hua, a lecturer in the Orchestral Department of Shanghai Conservatory of Music and the first doctor of violin, took the stage to perform classic melodies with handed down antique pianos.

Famous lectures and craftsmanship workshops were also held simultaneously in the concert hall. Wang Zhijiong, a famous violinist and professor of violin at the Shanghai Conservatory of Music, and Xue Peng, a violin restoration expert, launched "The Growth History of a Violin – A Dialogue between Violin Players and Makers". From the dual perspectives of performance and production, they shared the stories that accompany the violin, dismantling the complete link of the violin from production to performance, allowing the audience to understand the ingenuity and warmth behind a violin.

Wu Rong, deputy dean of the School of Arts of Nantong University, shared the theme "From Music Classroom to Symphonic Stage: Educational Practices of Comprehensive University Orchestras". Wu Rong took the Nantong University student band as a sample and told how a student band became a notable presence in the industry in just a few years through international teachers and teaching management methods.

Italian luthier Andrea Zanrè gave a live demonstration of "Methods and Analysis of Piano Board Tuning", breaking down the core craftsmanship of piano plate tuning; Chief Luthier Liang Zhenyu shared "About the Impact of Strings on Violins", starting with details such as string selection and debugging, explaining the role of strings on the tone of the violin. Two Chinese and foreign luthiers gave practical and detailed explanations on the spot, allowing the audience to intuitively experience the ingenuity and details behind luthier making.

As the core venue of this Violin Culture Week, Jaguar Shanghai Symphony Hall will continue to host lectures by famous artists, violin making workshops, auditions, special concerts and other activities.

On April 2, in the Jaguar Shanghai Symphony Hall, silk and bamboo orchestras encountered thousand-year-old poetry. On the stage of the 41st Shanghai Spring International Music Festival, the large-scale ethnic orchestra "Tang Poems and Song Ci Two Cities" was played by the Zhejiang Song and Dance Theater Chinese Orchestra. "Tang poetry and Song lyrics are the cultural genes of the Chinese people, and ethnic orchestral music is China's 'musical mother tongue'. I hope to use this most appropriate way to bring ancient poetry into everyone's lives and let the world hear the voice of China." After the performance, the creator Liu Hao, a professor at the Shanghai Conservatory of Music, said in an interview with this reporter.

This work takes the two ancient cities of Chang'an and Hangzhou as its theme, and uses ethnic orchestral music as its writing style. It unfolds the real scenes, real feelings, and real feelings in the poems into flowing music and paintings, allowing the audience to follow the music to complete a cultural journey that spans thousands of years. At the beginning of the performance, percussionist Zhang Jiajing knocked on the door of time and space with sonorous rhythm. In "First Encounter, Dreaming of Chang'an", the drum beats are scattered like horses' hooves trampling on the ancient Chang'an Road. The grand scene of "Chang'an Avenue is narrow and sloping, with green oxen and white horses and seven-scented carriages" written by Lu Zhaolin, followed by the majestic music, instantly erects the magnificent atmosphere of the imperial capital of the prosperous Tang Dynasty. Immediately afterwards, the pipa player Tang Xiaofeng's fingertips were flowing, and the melody of "Acquaintance Splendid Chang'an" was clear and lively. The wonderful sound of "big beads and small beads falling on the jade plate" in Bai Juyi's "Pipa Journey" blended with the high-spirited spirit of Meng Jiao's "horseshoes in the spring breeze", vividly depicting the prosperity of Chang'an City where thousands of nations come to visit and the horses and horses are noisy. Later, singer Wang Shan affectionately sang and performed "Flowers and Glazed Years", narrating the fireworks in Chang'an. Xiao player Wang Junkan and flute player Zheng Di had a musical dialogue, and "Farewell·Looking at Chang'an" conveyed the ancient people's sorrow for parting and their feelings about home and country.

Guzheng player Luo Jing performs "Walking in the City·Songcheng City Well" with smart zither music. The notes fully reflect the excitement of spring outings in Songcheng and the hazy mist of the West Lake. In "Watching the Tide·Watching the Qiantang River", the band's sound progresses layer by layer, interweaving the majestic momentum of "a white rainbow across the flat sand" in the music. In "Appreciating the Lake: Dreaming of the West Lake", the female chorus is as gentle as water, and Su Shi's famous line "I want to make the West Lake better than the West Lake" is turned into music, which blends with the orchestra into a light-ink Jiangnan painting. The final chapter "Millennium Road" has an exciting melody, blending the long distance of the camel bells of the Silk Road in Zhang Ji's "Liangzhou Ci" with the majestic wind and thousands of miles in Li Bai's "Guanshan Moon", paying tribute to the blending of civilizations and pushing the whole song to a climax.

On April 3, the competition for the 1/8 finals of the 2026 Macau Table Tennis Singles World Cup ended. Wang Chuqin and Chen Xingtong advanced to the quarterfinals after a fierce battle, while young player Wen Ruibo unfortunately stopped.

In the men's singles field, Wang Chuqin defeated 19-year-old French player Felix Le Brun 4-2. This duel was extremely stalemate. After the game, Wang Chuqin admitted that it was very difficult for him to win. "Before the game, I thought it would be a fierce battle. Felix is ​​now one of the strongest players in the world. We met in the first round (of the knockout round). I believe neither of us will be too comfortable."

Wang Chuqin

Wang Chuqin said that Felix showed a strong desire to win in the game and made a different response to his own skills and tactics, which made the game far more difficult than expected. His previous games were too smooth. When facing such a powerful opponent, he failed to quickly find a suitable game rhythm in the early stage, resulting in being passive. However, as the game progressed and after the big score was tied at 2-2, Wang Chuqin gradually entered the state. "You can feel that he fought hard from the beginning. I made a lot of unnecessary mistakes in the early stage, which led to the score falling behind. But in fact, I worked hard to chase points in every game. As I chased, I gradually found the feeling of the game."

Wang Chuqin

When asked about how to complete the comeback 11-9 after falling behind 2-7 in the second game, Wang Chuqin bluntly said that he was on the edge of a cliff at that time, "Competing with an opponent of Felix's level, once you fall behind too much, it will be difficult to have a comeback in the future. So in that game I He tried his best to fight and hold on to the score. He also mentioned that his opponent's mentality fluctuated to a certain extent when he was leading, which also created opportunities for his reversal. "In fact, I also led in the first game but ultimately lost. This situation is normal in high-level duels. "

Regarding the crucial sixth game, Wang Chuqin reviewed the twists and turns, "At that time, we were 5 to 1 ahead, but we could not kill the game as soon as possible. It was mainly due to luck and laziness. I wanted to wait for my opponent to make mistakes. After taking the lead, I did not take the decisive action and calculate carefully as before, nor did I take the initiative to create more stalemate rounds, so the game continued until the end of the game."

After the game, Wang Chuqin communicated with Felix, and there was a sympathetic friendship between the two. Wang Chuqin expressed that he highly recognized Felix's strength and dedication. "He is already an Olympic bronze medalist at his age, and his playing style belongs to the traditional Chinese (straight-ball) style. To be able to practice to such a level in France, it can be seen that he has great persistence and investment in table tennis."

Felix Le Brun

In the next round, Wang Chuqin will compete with Darko Jochik for a spot in the semi-finals. Darko defeated German player Ocharov 4-1 in the 1/8 finals and successfully advanced to the quarterfinals. He has been in good form recently. Regarding this upcoming competition, Wang Chuqin said that he will go all out, "After entering the top 16, the opponents in each round are very strong. The competition in the men's line is extremely fierce now. Every game is actually walking on thin ice. I hope I can have a good performance."

Another national table tennis player Wen Ruibo met Chinese Taipei player Lin Yunru in the men's singles 1/8 finals, and finally lost with a total score of 1-4, stopping in the top 16.

In the women's singles, Chen Xingtong defeated Adriana Diaz 4-2. After Chen Xingtong took a 2-0 lead in the first two games, he was defeated by his opponent in two consecutive games due to insufficient grasp of key points. After that, Chen Xingtong quickly adjusted his state and won the crucial fifth game. In the 6th game, Chen Xingtong got the match point at 10-6, but was chased to a 10-level tie by Diaz. Fortunately, Chen Xingtong did not repeat the same mistake in the end and secured the victory 13-11.

Chen Xingtong (right)

Chen Xingtong reviewed the game after the game, "The opponent also had many chances to win, but at this time, I was still able to score point by point and persevered in the disadvantageous situation." In the quarter-finals, Chen Xingtong will face South Korean player Shin Yubin, who defeated Germany's chipping veteran Han Ying 4-0.

In the remaining games, Egyptian player Hannah defeated French player Yuan Jianan in 7 games and became a "dark horse". She will face Sun Yingsha in the quarter-finals. Hannah's unconventional playing style and the spin brought by the hexagonal racket will pose a unique test to the world's number one Sun Yingsha.

Japanese player Honoka Hashimoto defeated Brazilian player Bruna Takahashi 4-1. Her opponent in the quarter-finals was Wang Manyu.

More than 690,000 race photos record the passion of running and almost become an "open air square" of personal information.

Faces, number plates, names, finishing results, movement tracks… With just one click, strangers can browse, search, and download at will. This is not a data security drill, but a real hidden danger that occurred after a half marathon in Jiading, Shanghai. Fortunately, with the promotion of the procuratorate, on March 1, 2026, these more than 690,000 event photos containing contestant facial information were removed from the photo live broadcast platform on time as planned. More importantly, the rules have been rewritten – from now on, the use of facial information in this event must obtain the user's explicit consent in advance. From case rectification to rule improvement, the Jiading District Procuratorate added a "security lock" to personal information in the name of public interest litigation.

Back in 2025, the Public Interest Litigation Prosecution Department of the Jiading District Procuratorate launched an investigation into a half-marathon held in the area based on clues provided by volunteers. It was discovered that two picture live broadcast applets officially cooperated with the event contained a large number of photos of the contestants, and their faces, number plates, names and other information were clearly visible. These photos can be accessed without logging in, exposing personal information to high-risk vulnerabilities. The prosecutor in charge further scanned the official QR code of the event and found two ranking lists: the "Official Personal List" and the "Personal List of a Sports Service Software", which respectively displayed player names, participation numbers, completion time, personal rankings and other data. "If the contestants use the same nickname in the two lists, the two can be connected to each other and their personal identity can be accurately locked." Yuan Hang, assistant prosecutor of the Public Interest Litigation Prosecution Department of the Jiading District Procuratorate, said. This means that the identity, performance and even the trajectory of specific contestants can be easily locked just through public information.

In addition to the fact that information can be easily obtained by strangers, the Judicial Authentication Center of the Shanghai People's Procuratorate also discovered a deeper problem when assisting in remote investigation and evidence collection: there is a face recognition function in the photo live broadcast applet. When users search for photos, the system will detect and compare the faces in the photos, extract facial features and return matching results. "Facial information is unique and unchangeable for life. Once leaked, it will not only directly expose personal privacy, but also be easily used by criminals for precise fraud or identity theft." Yuan Hang said, "Inspection technicians discovered during the performance of their duties that the cumulative number of event photos stored in the mini program increased from more than 5,000 at the beginning to more than 600,000 in 2025." The scale of data is so huge, but relevant personal information protection measures have not been followed up at the same time.

In fact, although contestants authorize the event to use their portraits when registering, there has been controversy as to whether the authorization of the portrait is equivalent to the authorization to use facial information. At that time, a new round of marathon events was about to start. How to clarify the legal boundaries and eliminate safety hazards before the event became an urgent issue before the prosecutor. To this end, the Jiading District Procuratorate quickly organized a special seminar and invited the Municipal Procuratorate, District Court, Jiading Public Security Bureau, District Internet Information Office, event organizers, experts and scholars to conduct in-depth discussions around focus issues. Participants agreed that: on the one hand, facial information in event photos is personal sensitive information, and its storage and disclosure period exceeds the necessary limit, and no specific person can view and download it at will; on the other hand, portrait authorization does not equal authorization to use facial information. The picture live broadcast applet uses facial recognition technology in the process of retrieving photos to convert images into biometric codes, which is the processing of sensitive personal information and requires separate consent from the user. "It is recommended to upgrade from single-factor authentication to two-factor authentication, for example by adding a mobile phone verification code or generating an exclusive serial number, and then adding a lock to personal information." Experts at the meeting also proposed, "Event organizers should clearly inform players of the information collection scope and retention period, as short as possible, and delete it in time."

After the seminar, the procuratorial organ immediately issued procuratorial recommendations to relevant functional departments, recommending that the supervision and management responsibilities of personal information processing activities and data security in sports events be performed in accordance with the law: all photos of previous events should be removed from the shelves before the game, and access thresholds should be set for photos on subsequent event photo live broadcast platforms; at the same time, contestants should be clearly informed of their right to know and the right to withdraw consent, and the collection, storage, and disclosure of personal information during events should be promoted in an orderly manner.

After receiving the suggestions, the organizer acted quickly and a series of corrective measures were fully implemented before the gun was fired. On the day of the event, police officers from the Public Interest Litigation Procuratorial Department and Shanghai TV reporters carried out a "look back" operation to verify the effectiveness of rectifications on the spot. The results showed that the photo live broadcast applet has removed the photos of previous events and added the "last four digits of the ID number plus the number plate" double verification in the new round of event photo live broadcast. Strangers cannot retrieve and download the photos at will. At the same time, the platform clearly informs users of the scope of photo collection, usage methods, and storage period before the game, allowing players to make authorizations based on full knowledge.

At the "Looking Back" scene, reporters followed the prosecutor and visited many contestants. When it comes to the protection of personal information, a player who just crossed the finish line said bluntly: "I still don't want to make all my whereabouts, face and even identity information public." Now, with the implementation of measures such as double verification and expiration removal, players have a significantly stronger sense of security about their personal information. "Everyone should pay attention to the event organizer's notice on the handling of personal information. If the organizer does not make it clear, you can take the initiative to ask. We have the right to refuse to be photographed, and we also have the right to request that our information not be disclosed. This is the right given to everyone by the law." Wang Bin, business director of the public interest litigation and prosecution department of the Jiading District Procuratorate, reminded.

In response to the risk of historical data, the event organizer has removed more than 800,000 photos of previous contestants from the shelves, and will remove more than 690,000 event photos in 2026 from the shelves on March 1. At this point, the "safety lock" was finally added to the personal information involving marathon runners, driven by the prosecutor's office.

On April 3, the Shanghai Stock Exchange's general pledged reverse repurchase GC004 closed at 0.965%, with an intraday low of 0.01%. This price is even lower than the overnight term rate. On that day, GC001 on the Shanghai Stock Exchange reached an intraday low of 0.630% and closed at 0.995%, a decrease of 11.56% from the previous day. Shenzhen Stock Exchange R-001 fell as low as 0.630% during the session and closed at 0.975% that day, a decrease of 11.36% from the previous day.

In fact, if you trade at a price of 0.01% annualized return, after deducting transaction fees, you will actually lose money. But there are still people doing this kind of loss-making business.

"I have discovered this situation before. It may be that the customers doing this business do not know how to charge fees." A senior bond private equity investor told the "Daily Economic News" reporter.

The closing price of universal pledged reverse repo with an overnight term fell below 1%

GC004 is a 4-day universal pledged reverse repurchase of the Shanghai Stock Exchange. Based on the annualized rate of return of 0.01%, taking the funds lent on April 3 as an example, since it coincides with a three-day legal holiday, the actual number of interest-bearing days after the loan is 6 days, so the actual investment rate of return for this transaction is 0.01% × 6/365 = 0.00016%. The GC004 transaction fee of a certain brokerage is 0.004%. Accordingly, the investment result at a price of 0.01% is no profit but loss.

Faced with such low annualized returns, it is often natural to give up on the deal. But in fact, this kind of obviously losing transaction happened.

According to the trading situation of GC004 on April 3, when the market closed that day, starting from 15:27, multiple transactions were completed at a price of 0.01%. It was not until close to 15:29 that the price began to rise, and finally closed at 0.965%.

In fact, since April, money market prices have trended downward for several consecutive days, and the price of overnight funds has now fallen below 1%.

GC001 closed at 0.995% on April 3 and closed at 1.125% on the previous day. On April 3, R-001 closed at 0.975% and closed at 1.1% the previous day.

Lower capital prices indicate that market capital is relatively abundant. The Mingming team, chief economist of CITIC Securities, told reporters that in April, the funding situation is quite loose. On the one hand, funds have ended across the month, and banks’ quarterly liquidity assessment has come to an end, and liabilities are relatively abundant; on the other hand, April is often a small month for credit, and the annual special government bond issuance plan has not yet been announced. The current asset shortage pattern in the bond market continues.

Open market operations are at their smallest ever recorded

The reporter noticed that since April, as the banking industry's capital demand dropped at the beginning of the month, the liquidity of the capital market has become more abundant, and the volume of reverse repurchase operations in the open market business has been below 1 billion yuan for several days.

Wang Qing, chief macro analyst of Oriental Jincheng, analyzed that on April 1, a 7-day reverse repurchase of 500 million yuan was carried out in the open market, which was the smallest scale recorded since the reverse repurchase became a routine operation in 2015. On that day, a corresponding reverse repurchase of 78.5 billion yuan expired. Based on this calculation, the net withdrawal in a single day was 78 billion yuan.

Wang Qing judged that on April 1, the central bank launched the smallest 7-day reverse repurchase in more than 10 years. The direct reason was that the recent funding situation has continued to be stable and loose, coupled with the widening liquidity at the beginning of the month; at the same time, this also released a signal to guide the stability of market liquidity and avoid excessive downward deviation of major market interest rates from policy rates, which helped stabilize market expectations.

Overall, Wang Qing pointed out that, mainly due to the central bank's comprehensive use of MLF and buyout reverse repurchase to provide a large-scale net injection of 1.9 trillion yuan in mid-term liquidity from January to February, as well as the low net financing scale of government bonds in March, the recent funding situation has continued to be stable and loose; near the end of the month and quarter, the central bank increased short-term capital injection through pledged reverse repurchase, which also effectively suppressed funding fluctuations. Wang Qing judged that in the process of sudden increase in external uncertainty caused by the evolution of the situation in the Middle East, domestic monetary policy at this stage will take maintaining sufficient liquidity and stabilizing market expectations as important goals. This may be a background for funds to become loose at the end of the month and quarter.

Wang Qing reminded that it is worth noting that amid the recent stabilization and loosening of funds, the central bank's mid-term liquidity net withdrawal was 250 billion yuan in March, aiming to guide major market interest rates to fluctuate within a reasonable range around the policy interest rate. As a result, we cannot rule out the possibility that outright reverse repurchases will continue to implement net withdrawals in April, and the average interest rates in major markets such as DR007 and 1-year commercial bank (AAA-rated) interbank certificates of deposits will stabilize or rise slightly.

Wang Qing said that the evolution of the situation in the Middle East since the end of February has driven up international oil prices sharply, and the overall domestic price level has shown a strong upward trend in March. At the same time, this will also cause certain disturbances to the economic growth momentum. In the short term, amid the sudden increase in external uncertainty, domestic monetary policy will gradually tilt towards stabilizing prices while maintaining ample market liquidity, and the timing of interest rate cuts may be delayed. If external shocks intensify the disturbance to domestic economic growth in the later period, monetary policy will correspondingly increase appropriate easing efforts.

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On April 4, the fourth round of the Chinese Super League begins. The Shanghai Haigang team coached by Muscat will face the Yunnan Yukun team, which has greatly improved its strength, at home. The record of only 3 losses, 2 draws, and 1 win in 6 games in the new season revealed the decline in the overall strength of the defending champion; the rumors about the team from the outside world also confused the attention of some die-hard fans; before the game, two newly introduced foreign players, Claude and Anpeim, missed the last training session due to injuries—— In the face of difficulties, criticism and even doubts, winning is undoubtedly the most powerful way to fight back. Can the Shanghai Haigang team use the most hard-core strong performance to get out of the trough of competitive status?

Injuries: Weakened strength on both offense and defense

In the last training session before the game, some reporters from Harbor and the team were helpless to discover that the two new foreign players Jean-Claude and Anpeem, whom the Muscat coaching staff had introduced in the new season, were both absent from the last training session before the game due to injuries. In addition, center Leonardo has not fully recovered from his injury and has been playing with injuries, and defender Jiang Guangtai is still in the recovery period from his injury. The decline in the Harbor team's performance in the 2026 season is strongly related to the widespread injuries in the team.

The official poster released by Harbor Club before the game.

Midfielder Jean Claude is a typical defensive midfielder, active in running and tough in defense, but he has obvious shortcomings in offensive connection and passing organization. The Harbor coaching staff introduced Jean Claude to replace Jusa, perhaps out of consideration for strengthening defense, but judging from the actual performance, the team's midfield control and connection ability have experienced a cliff-like decline. In the last round of Haigang's away game, they lost 0-1 to Dalian Yingbo. Jean-Claude was injured and fell to the ground during a scramble. The team doctor then entered the field for treatment.

However, Jean-Claude, who has a strong sense of responsibility, chose to persist through the injury, which will undoubtedly aggravate the injury. Therefore, he missed the warm-up match of the Togo national team during the FIFA match day window. Facing the Yunnan Yukun team with strong offensive strength, Jean Claude's absence due to injury is undoubtedly a major loss on the defensive end. After the two midfielders Xu Xin and Abraham left the team, the Haigang team currently only has Zhang Yuan, Lu Yongtao and Yang Shiyuan at No. 6. How to reorganize the front barrier of the penalty area requires the coaching staff to spend some thought.

On March 20, Dalian Yingbo team player Yang Mingrui (left) competed with Shanghai Haigang team player Li Shuai during the game. On March 20, in the third round of the 2026 Chinese Football Association Super League held in Dalian, Liaoning, Dalian Yingbo defeated Shanghai Haigang 1-0 at home. Photo by Xinhua News Agency reporter Pan Yulong

Center Leonardo's injury was even more passive. He was not confirmed for surgery until halfway through winter training, which affected the team's normal progress in signings. Muscat even did not hesitate to lay off attacking midfielder Melendo, but also introduced sixth foreign aid winger Anpeim, to some extent, with the consideration of sharing the offensive firepower with Leonardo. Nowadays, Leonardo has returned early without a foreign center in the team, but he wears knee pads for support and protection. He also avoids kicking during physical confrontations and basically gives up when he encounters opportunities that require high-speed sprinting.

Obviously, Leonardo was not in his best form in the first three rounds of the Super League. Fortunately, the intermission period that just passed gave him a valuable opportunity to rest and recover, and fans are also looking forward to the return of this super shooter king.

On March 20, Shanghai Harbor Team head coach Muscat watched the game from the sidelines. Photo by Xinhua News Agency reporter Pan Yulong

On the back line, although Jiang Guangtai is currently back in Shanghai, he can only carry out jogging and rehabilitation training. He still has to wait at least about a month before he can compete in high-intensity competition. "With Jiang Guangtai and without Jiang Guangtai, Haigang is basically two defensive teams. So without Jiang Guangtai, the Haigang team has lost goals one after another this season, which is related to the decline in defensive quality and also shows that the coaching staff's tactics lack targeted changes." An insider said.

In addition, Harbor coach Muscat revealed that young forward Li Xinxiang has become the latest member of the team's injury list: "Only Li Xinxiang is injured, which is very unlucky. This is the second time he has been injured during the Guozihao training camp."

Of course, the injury situation of the Harbor team is not all bad news: Wang Zhenao, who has been sidelined for a year, and Liu Ruofan, who has been sidelined for three months, have now joined the team for training. As for Wu Lei's comeback, since his knee injury is irreversible, he will still feel obvious pain after each game, so his playing time in each game should be limited to about 20 minutes. Some people in the industry also suggested that in view of Wu Lei's injuries and technical characteristics, the team needs to develop a personalized training plan for him to give full play to his "substitute surprise" characteristics of scoring goals in the final stage.

Rumors: Groundless speculation lacking evidence

In the new season, Harbor has been plagued by bad luck since the beginning of winter training. The wave of injuries was so ferocious that it was rarely seen in team history, directly tearing the team's skeleton to pieces. What is more fatal than injuries is the overwhelming rumors and public opinion. From the locker room to the transfer market, some operations of the Harbor team have aroused doubts from some people.

The "Sports Weekly" report showed a certain acumen of observation.

Winning means everything is fine, losing means everything is wrong. This is actually a symptom of the cruelty of competitive sports. However, for the current lack of stability in performance, the harbor does need to show more technical and tactical improvements to respond to doubts.

According to a report by Wang Xiaorui, an all-media reporter from Sports Weekly, coach Muscat also fell into confusion and disappointment after the Haigang team lost 0-1 to Dalian Yingbo in the last round away game. After the game, he talked about the turf: "Objectively speaking, the field conditions in this game are difficult for both sides. Everyone can see that it is difficult to cooperate in passing and receiving. There is still an intermission period before the next game. We still have a long time to prepare for the game, and we will also summarize and prepare accordingly."

The "Sports Weekly" report also said that the Harbor team has a bigger hidden worry – a bad start has become a fact: "What is even more troublesome is that the problems that the Harbor team is showing now are not just technical and tactical. This is actually what worries the outside world the most."

On March 7, 2026, the Shanghai Haigang team lost 1-2 at home to Henan.