The Paper reporter learned from Hunan Normal University that Mr. Liu Minghan, a retired professor at the School of History and Culture of Hunan Normal University and a famous historian, passed away on March 3, 2026 at the age of 94.
Recently, media reported that Xiao Li, a 20-year-old sports expert, has been frequently troubled by tinnitus recently due to long-term wearing of bone conduction headphones while working out. He was diagnosed with noise-induced deafness when seeking medical treatment. The doctor also said that sensorineural hearing loss is difficult to reverse if it declines steadily for more than 6 months.
Related topics quickly became hot searches. In many people's perception, bone conduction headphones are often labeled as "not damaging the ear canal" or "protecting hearing" due to their special open-ear design. However, Chen Jinxia, deputy chief physician of the Department of Otolaryngology and Head and Neck Surgery at Nanjing Tongren Hospital, reminded that this is not a "hearing safe" and improper use may still cause irreversible hearing damage.
Deafness as defined clinically is not “complete inability to hear” as we think. Chen Jinxia explained that as long as the hearing loss exceeds the normal range, that is, exceeds 25 decibels, it is defined as deafness. "Clinical deafness is divided into mild, moderate, severe and profound. Once it reaches moderate or above, it will significantly affect normal communication. Therefore, don't wait until you can't hear completely to realize the seriousness of the problem."
Theoretically speaking, bone conduction directly transmits sound wave vibrations through the skull to the cochlea of the inner ear. It bypasses the outer and middle ears, protects the eardrum, and avoids ear canal discomfort or middle ear fatigue that may be caused by wearing in-ear or headphones for a long time. However, the risk of damage to the inner ear still exists.
Not long ago, Chen Jinxia treated a college student who developed tinnitus and hearing loss because he often wore headphones to listen to music for several hours at a time and the volume was relatively loud. After seeking medical treatment, a hearing test revealed high-frequency sensorineural deafness and neural tinnitus, and he was diagnosed as noise-induced deafness. "Due to his timely medical treatment, his hearing gradually recovered after a month of active treatment, but some symptoms of tinnitus remained. This is because noise-induced deafness is essentially sensorineural deafness. The treatment cycle is long, recovery is slow, and the effect is not good. Even after timely and active treatment, some patients still cannot fully recover."
In Chen Jinxia’s view, the key to hearing loss does not lie in the type of headphones, but in the intensity and duration of use. "If the volume of headphones is too loud, especially more than 60% of the maximum volume, and the use time is too long, for example, for more than 60-90 minutes, the excessive vibration energy will also over-stimulate and damage the hair cells of the inner ear. Once this damage occurs, it is irreversible in some cases."
Once noise-induced deafness is diagnosed, there is a strict "golden window period" for intervention and treatment. "Seeing a doctor promptly within 72 hours after the onset of illness has the highest possibility of hearing recovery. If the best window of 72 hours is missed, it is best not to exceed a month. After active treatment, hearing will usually improve to varying degrees. Once the hearing loss exceeds half a year or even a year, further intervention will often have little effect."
Chen Jinxia said that if irreversible hearing damage has occurred, it is recommended to adopt a "long-term hearing protection and intervention" strategy: People with moderate and above hearing impairment can wear hearing aids, and patients with severe to extremely severe hearing loss can consider cochlear implants. "In daily life, once these people need to enter a noisy environment again, they must wear professional noise-reducing earplugs or earmuffs to prevent their hearing condition from further deteriorating."
Chen Jinxia reminded that the "60-60 principle" should be followed when using headphones, that is, the volume is ≤60% and the duration is ≤60 minutes. At the same time, it is recommended to do a pure tone audiometry every 6-12 months to monitor hearing changes. If symptoms such as tinnitus, ear fullness, hearing loss, or dizziness occur after using headphones, you must stop using the headphones immediately, avoid contact with noisy environments again, and go to the hospital for treatment as soon as possible.
According to Xinhua News Agency, on the 5th local time, U.S. President Trump met at the White House with the Inter Miami team of the Major League Soccer League where football superstar Messi plays. The team will win the Major League Soccer Cup in 2025.
Trump said to Messi: "My son (Barron) is a big fan of yours. He thinks you are a great person." Trump added: "I shouldn't say this because I am older, but I have watched Pele play. You may be better than Pele."
However, after the team presented Trump with customized jerseys and signed footballs, Trump suddenly changed the topic during his speech and talked about the international situation. He said that after using force against Iran, it was only "a matter of time" for the United States to resolve the Cuban issue. U.S. Secretary of State Rubio was making preparations, but at the moment the United States had to "solve the Iranian issue first."
He said Cuba was "very desperate to reach a deal" and said the situation in Venezuela had been "stable" and praised Venezuela's current acting president, Delcy Rodriguez.
Messi was obviously confused after hearing this. Some netizens noticed the change in Messi's expression - from the innocent smile at the beginning to vigilance and seriousness.
In addition, Trump declared on social media on the 6th that "there will be no agreement with Iran unless it surrenders unconditionally." He also said the United States "and its many allies" want to "make Iran great again!"
It is worth noting that on March 5, local time, the U.S. House of Representatives rejected a bill by a vote of 219 to 212. The bill was originally intended to require the president to obtain authorization from Congress before launching further military strikes against Iran.
The voting results were basically along party lines, with two Republican congressmen joining the Democratic camp to vote in favor, and four Democratic congressmen joining the Republican camp to vote against.
A similar bill was rejected in the Senate the day before, with 47 votes in favor and 53 votes against.
According to the U.S. Constitution, only Congress can authorize war. A bill passed by the U.S. Congress in 1973 stipulates that the U.S. president can only take limited military action without congressional authorization during a national emergency caused by an attack or imminent threat against the United States. In response to the U.S. military action against Iran, many Democratic congressmen spoke out, criticizing the action as being "illegal" without authorization from Congress.
On March 6, Bangjie Shares (SZ002634, stock price 7.13 yuan, market value 3.275 billion yuan) announced that it had received a "Civil Mediation Letter" from the People's Court of Yangzhou Economic and Technological Development Zone.
The "Daily Economic News" reporter noted that this marks the settlement of the 140 million yuan subsidy refund dispute between Bangjie Co., Ltd. and the Yangzhou Economic and Technological Development Zone Management Committee (hereinafter referred to as the "Development Zone Management Committee").
Previously, the Yangzhou 10GW high-efficiency photovoltaic cell project in which Bangjie invested heavily continued to suffer losses and ceased production in March 2025. Due to the delay in resuming work and production as planned, the Development Zone Management Committee took Bangjie Co., Ltd. and its subsidiaries to court to recover the huge equipment subsidies paid in advance.
Photovoltaic project shutdown causes disputes
The starting point of Bangjie Co., Ltd. was full of ambitions.
In order to promote the strategic development of listed companies and form a business structure with dual main businesses of "seamless clothing + photovoltaics", Bangjie Co., Ltd. decided to enter the photovoltaic industry in a big way at the end of 2022. In December 2022, the board of directors of Bangjie Co., Ltd. reviewed and approved the proposal and agreed to sign the "High-efficiency Photovoltaic Cell Project Investment Agreement" with the Yangzhou Economic and Technological Development Zone Management Committee.
According to the above-mentioned agreement, Bangjie Co., Ltd. plans to invest a total investment of approximately 2.6 billion yuan (of which equipment investment is approximately 1.6 billion yuan) to build a high-efficiency photovoltaic cell project with an annual output of 10GW in Yangzhou. To this end, the company invested 500 million yuan in Yangzhou to establish a secondary subsidiary Yangzhou Bangjie New Energy Technology Co., Ltd. (hereinafter referred to as "Yangzhou Bangjie") as the specific implementation entity of the project.
In order to attract the implementation of this major project, the Development Zone Management Committee promised to set up a project service team to provide full-process services and provide relevant support policies to the project company as agreed in the agreement. Bangjie Co., Ltd. promises that the project company will last for no less than 10 years and reduce energy consumption as much as possible.
In September 2023, Bangjie Co., Ltd. announced that its Yangzhou high-efficiency photovoltaic cell project with an annual output of 10GW successfully rolled off the first piece and gradually put it into production. It seems that everything is developing in the expected direction.
However, as competition in the photovoltaic industry intensified and product prices dropped sharply, Yangzhou Bangjie faced major adverse changes in the external operating environment. It has continued to suffer losses since it was put into production, and its operations are far from reaching its predetermined goals. Financial data shows that Yangzhou Bangjie’s net profit in 2023 was -160 million yuan; in the first three quarters of 2024, its losses further expanded, and its net profit plummeted to -275 million yuan.
Under tremendous operating pressure, Yangzhou Bangjie had to step on the "sudden brake" in order to reduce losses and protect the company's interests.
Starting from March 1, 2025, Yangzhou Bangjie will implement a temporary shutdown of its high-efficiency photovoltaic solar cell production line and conduct a comprehensive and large-scale overhaul of core production equipment. It was originally expected that the production suspension would last no more than three months, but after a comprehensive assessment of preparations for resumption of production, the company finally decided to continue to suspend production in order not to expand its loss exposure and not bear additional risks.
It was Yangzhou Bangjie's "suspension of work and production" that triggered the contract dispute with the Development Zone Management Committee.
According to the announcement of Bangjie Shares, the Development Zone Management Committee successively paid relevant subsidies totaling 140 million yuan to Yangzhou Bangjie through the Xinyang Investment Promotion Service Center of the Yangzhou Economic and Technological Development Zone from November 2023 to April 2024.
Seeing that the project company not only failed to resume work and production as planned, but also failed to return subsidies, the Development Zone Management Committee filed a lawsuit with the Yangzhou Economic and Technological Development Zone People's Court in early 2026.
Agree to return 140 million yuan in subsidies
The Development Zone Management Committee not only requested that Bangjie Shares and Yangzhou Bangjie jointly and severally return the principal of 140 million yuan, but also requested compensation for corresponding interest losses (provisionally estimated to be approximately 6.6832 million yuan as of January 11, 2026), with the total principal and interest reaching more than 146 million yuan.
At the same time, as of January 19, 2026, a large number of bank accounts of Bangjie shares and subsidiaries have been frozen due to various lawsuits; in addition, the equity of many core subsidiaries, including Yangzhou Bangjie, has been frozen or waiting to be frozen by creditors.
In the end, Bangjie Shares chose to reconcile with the Development Zone Management Committee to stop the loss.
At the first extraordinary shareholders meeting in 2026 in March this year, Bangjie Shares reviewed and approved the "Proposal on Signing with the Yangzhou Economic and Technological Development Zone Management Committee." Bangjie Shares and Yangzhou Bangjie agreed to reach a mediation agreement with the Development Zone Management Committee under the auspices of the Yangzhou Economic Development Zone Court and conclude the case with a mediation letter issued by the court.
Recently, Bangjie Co., Ltd. and Yangzhou Bangjie officially received the "Civil Mediation Letter" from the Yangzhou Economic Development Zone Court, which also means that the subsidy return case of up to 140 million yuan has been completely settled at the legal level.
According to the contents of the Civil Mediation Letter confirmed by the court, the parties reached several core consensuses through consultation.
First of all, Yangzhou Bangjie has fully confirmed the 140 million yuan in due subsidy debt that has been paid by the Development Zone Management Committee. The mediation letter clearly stipulates that the 140 million yuan debt will be distributed by the Development Zone Management Committee "in accordance with the bankruptcy procedures and legal declaration of claims."
Secondly, for this huge debt, the mediation letter clarified that Bangjie Co., Ltd., as a jointly and severally responsible party, must assume substantial repayment obligations and should return 140 million yuan in full to the Development Zone Management Committee before September 30, 2026.
Third, regarding the litigation costs of the case, the acceptance fee for this case will be halved and will be borne by Yangzhou Bangjie and Bangjie Co., Ltd. jointly.
Finally, the "Civil Mediation Letter" confirms that after the mediation agreement takes effect, the rights, obligations and contract disputes arising from the relevant investment agreement between the Development Zone Management Committee and Bangjie Holdings (excluding Yangzhou Bangjie) based on the relevant investment agreement on December 9, 2022 will be concluded.
Regarding the financial shock caused by the settlement of this major lawsuit, Bangjie Co., Ltd. frankly stated in the announcement that the specific impact of this lawsuit on the company's current or subsequent profits needs to be determined based on the final performance of the mediation letter. The relevant accounting treatment and financial data will be subject to the results of the annual audit confirmation by the audit agency.
daily economic news
When can the results of Ezhou’s written examination for teaching qualifications in the first half of 2026 be checked? This is something that many candidates are thinking about. The Teaching Qualification Examination is an important test for becoming a teacher, so the time for checking scores naturally attracts much attention. Understanding the relevant time nodes and examination information can help candidates feel more confident, and also help the smooth development of subsequent examination preparation and certification work. Next, let’s talk about the teaching qualification examination in detail from many aspects.
Time node
There are a series of important time points for Ezhou's written examination for teaching qualifications in the first half of 2026. The registration period is from January 9 to 12, 2026. During this period, candidates must log in to the "Primary and Secondary School Teacher Qualification Examination Network" to complete personal information registration, application and payment. The review time will be around January 9th to 13th, 2026, but there may be slight differences in different regions. The payment must be completed before 24:00 on January 14, 2026, otherwise the registration will be unsuccessful. The "Admission Ticket" can be downloaded and printed from March 2 to 7, 2026, and the examination time is set on March 7, 2026. The result announcement time that everyone is concerned about is April 17, 2026. These time nodes are like small alarm clocks, reminding candidates to move forward step by step, so don’t miss it.
Application conditions
There are many requirements for applying for teaching qualifications. The first is the basic registration conditions. They must have the nationality of the People's Republic of China, or be residents of Hong Kong, Macao and Taiwan who study, work and live in the mainland (mainland). They must also abide by the "Constitution of the People's Republic of China" and laws, support the leadership of the Communist Party of China, adhere to the direction of socialist school running, and implement the party's education policy. Ideology and moral character must also pass. You must love education and have good ideological and moral character and professional ethics. The physical examination must also meet the physical examination standards for applying for recognition of teacher qualifications. For specific requirements, please refer to the standards issued by the local education department. In terms of age, as long as you are over 18 years old and have not reached the retirement age stipulated by the country (usually 60 years old), you can apply. However, teacher recruitment examinations usually have age restrictions, so it is recommended that you obtain the teacher qualification certificate as soon as possible.
Academic requirements are also critical. Different levels of teacher qualification certificates correspond to different academic thresholds. Kindergarten teacher qualifications must have a bachelor's degree or above from a kindergarten normal school; primary school teacher qualifications now require a college degree or above in many places; junior high school teacher qualifications must have a junior college degree or above from a higher normal college or other university; senior high school and secondary vocational school teacher qualifications must have a bachelor's degree from a higher normal college or a university degree or above; and secondary vocational school internship instructor qualifications must have a secondary vocational school diploma or above, and have a professional technical position equivalent to an assistant engineer or above or a worker technical level above intermediate level. Part-time academic qualifications can apply as long as they are nationally recognized and have obtained a diploma when registering. The application requirements for current students are also different. Full-time undergraduates who are in their third year or above, and full-time junior college students who are sophomores or above can apply. Part-time undergraduates and junior college students can only apply after they have obtained their diploma.
Score management
The teaching qualifications written examination results are valid for 2 years. During this 2-year validity period, candidates can only choose the subjects they failed to register for next time. However, there is no written certificate of passing the written examination. If you pass both the written test and the interview, the Ministry of Education Examination Center will issue a certificate of passing the teacher qualification examination. This certificate is valid for 3 years. It is a necessary condition for applying for recognition of teacher qualifications. It's like if you successfully pass a level and get a pass certificate, you can use it within the specified time.
Examination process
The teaching qualification examination process is like a relay race. First register for the written test online, then print the admission ticket one week before the written test, and then take the written test. If you pass the written test, you can register online for the interview. You can also print your admission ticket one week before the interview and then attend the interview. After passing the interview, you have to obtain a Mandarin certificate, apply for a recognition certificate, and then you can receive the certificate. Every step is interconnected, and candidates must move forward step by step and steadily.
Matter time
Registration time
January 9-12, 2026
review time
Around January 9th to 13th, 2026 (there are slight differences in different regions)
Payment time
Before 24:00 on January 14, 2026
"Admittance Ticket" download and print time
March 2-7, 2026
Exam time
March 7, 2026
Result announcement time
From April 17, 2026
By understanding the time nodes, application conditions, performance management and examination procedures of Ezhou's teaching qualifications written examination in the first half of 2026, candidates have a more comprehensive understanding of the teaching qualifications examination. Knowing that the results will be released on April 17, 2026, everyone can look forward to it at this time. At the same time, those who meet the application requirements should prepare in advance and follow the examination process step by step. I believe that they can successfully pass the teaching qualification examination and realize their dream of being a teacher.
According to media reports, passive components, as the "industrial rice" of the electronic information industry, are the core foundation for ensuring signal transmission, energy storage and circuit protection of electronic equipment. Starting from the second half of 2025, a variety of passive components, including MLCC, resistors, inductors, tantalum capacitors, magnetic beads and other products, have experienced multiple rounds of price increases driven by different reasons, with price increases generally ranging from 5% to 30%.
Aijian Securities research report pointed out that the component price increase cycle driven by AI has extended from storage to core passive components. According to media reports on February 24, Samsung Electro-Mechanics, a major global MLCC (multilayer ceramic capacitor) manufacturer, is evaluating plans to increase the pricing of its products. MLCC is the core basic component responsible for filtering, voltage stabilization, and energy storage in electronic circuits. Korean media analysis pointed out that the structural high demand brought by the iteration of AI servers is the core support for this round of MLCC price increase expectations. The power consumption of AI servers is much higher than that of traditional servers. The demand for high-capacity and high-temperature-resistant MLCCs has surged, and the consumption of single-machine MLCCs has increased by more than three times compared with ordinary servers. Aijian Securities believes that the global MLCC price increase cycle is expected to continue until 2026.
According to the Finance Association’s theme database, among the relevant listed companies:
China Ceramics Materials is the world's leading manufacturer of MLCC dielectric powders, with a full range of products covering all types of basic powders and formula powders.
Hongda Electronics has carried out a total of 11 independent research and development projects in 2025, including completing the standard implementation expansion of CTK41B multilayer chip ceramic capacitors and chip thin (thick) film fixed resistors, and launching highly reliable multilayer ceramic and chip resistors.
(Financial Associated Press)
Consultation hotline
Yongan Futures Programmed Trading Headquarters Phone Number
0571-88370913
Organizer
special support
Guest speech
Fang Jin, chairman of Yongan Futures Brokerage Co., Ltd., pointed out at the meeting that with the listing of stock index futures, quantitative trading will become increasingly popular among domestic investors due to its characteristics of effective risk control. In the future, quantitative investment program trading will be a blue ocean market.
Yu Yinglei: High-frequency trading in financial markets is very important
Yu Yinglei, vice president of Wellington Asset Management in the United States, pointed out at the meeting that the competition in tactics and speed of high-frequency trading is becoming increasingly fierce. In modern financial markets, high-frequency trading plays an increasingly important role in providing liquidity and reducing transaction costs.
Yang Yongbin: The Chinese market will push options in the future
Yang Yongbin, deputy general manager of Beijing Shiyingtong Asset Management Company, said at the meeting that options will be launched in the Chinese market in the future, and the primary market must prepare for the launch of options in advance and seize the opportunity to obtain considerable profits.
Luo Rongge: The success of the options market depends on liquidity
Luo Rongge, business architect of the System Planning Office of DCE, pointed out at the meeting that the liquidity of the options market is very important. Whether the options contract has sufficient liquidity and market depth is a key factor in the success of the absolute options market.
roundtable discussion
Discussion on the mainstream issues of domestic quantitative and programmatic trading
Speakers:
Liu Ning: Manager of Yongan Futures Programmed Trading Headquarters
Ding Peng: Senior quantitative strategist at Founder Fubon Fund
Li Guodong: R&D Director of Bohongshujun Company
Louis liu: Chinese American, founder of Cycpartner
Hang Guoqiang: Chairman of Shanghai Fanjin Investment Management Co., Ltd.
Wu Zhuanpu: Founder of Putian Investment Institution
Feng Zhengping: professional investor
Wang Li: Co-founder and Chief Investment Officer of Hangzhou Longqi Technology Co., Ltd.
According to Hexun.com, on August 25, the “Yongan Futures Quantitative Investment International Summit” was held in Hangzhou. Liu Ning, manager of the programmatic trading headquarters of Yongan Futures, Ding Peng, senior quantitative strategist of Founder Fubon Fund, Li Guodong, R&D director of Bohong Shujun Company, Louis liu, founder of Cycpartner Company, Hang Guoqiang, chairman of Haifanjin Investment Management Co., Ltd., Wu Zhuanpu, founder of Putian Investment Institution, professional investor Feng Zhengping, co-founder and chief investment officer of Hangzhou Longqi Technology Co., Ltd. Wang Li, etc. conducted a round-table discussion on the mainstream issues of "domestic quantitative and programmed trading".
Wing On Trading Competition Award Ceremony
Speaker introduction
Yu Yinglei
CFA, Vice President of Wellington Asset Management. He received an MBA with the highest honors from the University of Chicago, majoring in analytical finance, a master's degree in electrical engineering from the University of Michigan, and a bachelor's degree in physics from Peking University. He is now a certified financial analyst in the United States. Mr. Yu Yinglei has been responsible for derivatives quantitative asset investment for a long time. The investment asset categories cover futures, options, stock indexes, volatility indexes, stocks, commodities and other fields. He has rich experience in model design, quantitative investment, risk arbitrage, derivatives hedging, risk management, etc. Wellington Asset Management was founded in 1928 and ranks among the top ten in the world. It currently manages approximately US$700 billion in assets and serves as investment advisor to 1,900 institutional investors in more than 50 countries.
Yang Yongbin
Korean programmed trading expert, deputy general manager and investment director of Beijing Shiyingtong Asset Management Co., Ltd. Bachelor's degree in astronomy and master's degree in economics from Seoul National University, South Korea. He successively served as the director of the financial derivatives department of PAXNET, a Korean securities portal, and the director of the financial engineering department of South Korea's DeltaExchange. He founded the investment management company Maximin System. He has served as a special lecturer on many occasions to train programmed trading for many Korean institutions such as Korea Securities and Futures Exchange, Daewoo Securities, and Asiana Securities. He is the author of the best-selling book "Practical Strategies for Futures and Options" (South Korea) and translated Jack Schwager's "The New Market Wizards" (South Korea).
Xu Haitao
General manager of Dalian Feichuang Information Technology Co., Ltd. Dalian Feichuang Information Technology Co., Ltd., as a wholly-owned subsidiary of Dalian Commodity Exchange, is responsible for the development and maintenance of the information system of Dalian Commodity Exchange, operation and management of market data of Dalian Commodity Exchange and computer room hosting, and is fully responsible for the construction and testing of large-scale projects of Dalian Commodity Exchange.
Liu Hong
Founder and CEO of Bohongshujun Investment. He began to engage in securities trading in 1990; in 1994, he founded Shenzhen Xindeli Company, the first digital financial information service provider in China; in 1996, he established Shanghai Xindeli Information Technology Co., Ltd. and led the development of the earliest programmatic trading system in China. With nearly 20 years of investment experience in securities, foreign exchange, and futures, he has forward-looking understanding and insight into the development of China's financial market. In years of practice, he has accumulated rich experience in trading strategy research and development, risk management, fund management and team management, and is known as the number one hedge fund in China.
Ding Peng
Ph.D. author of "Quantitative Investment-Strategy and Technology" and senior quantitative strategist of Founder Fubon Fund. Member of IEEE (International Institute of Electrical and Electronic Engineering), member of AFA (American Finance Association), special guest of CCTV Securities Information Channel, special writer of "First Financial News", special guest of NetEase Finance, deputy editor of "Quantitative Investment and Hedge Fund". He wrote the book "Quantitative Investment - Strategies and Techniques", which was the first textbook in the industry to comprehensively explain quantitative investment strategies. The book has become a classic textbook on quantitative investment in the industry. He once served as a senior analyst at the Financial Derivatives Headquarters of Orient Securities and developed the D-Alpha quantitative hedging system and several practical and effective quantitative investment strategies, achieving sustained and steady returns in practice.
Louisliu (Chinese name: Liu Feng)
Chinese American, founder of Cycpartner. Graduated from Columbia University in 1997 with a master's degree in operations research. He has worked in many well-known investment institutions on Wall Street such as BK (Bank of New York). Founded Cycpartner in 2006, focusing on quantitative investment and high-frequency trading in the US financial market. Adhering to the concept of applying the most cutting-edge technology to the field of financial transactions, he is committed to the research of trading models and the development of high-frequency programmed trading strategies, focusing on quantitative investment and high-frequency trading in the US financial market. The Cyc team has achieved an average annual income of over 50% since 2007.
Wu Zhuanpu
The founder of Putian Investment Institution and an expert judge in the previous R&D team evaluations of the Dalian Stock Exchange.
He served as the general manager of Heilongjiang Tianqi Futures Brokerage Co., Ltd. from 1997 to 2004. He has been engaged in the international trade of agricultural products for nearly 10 years. He is familiar with the properties of commodities, is proficient in all aspects of the circulation field, and has a broad international perspective. Mr. Wu Zhuanpu is good at using computer technology to improve the company's management and service levels. He has in-depth practical experience in fundamental quantitative investment. He adheres to the investment philosophy of "achieving long-term stable appreciation of assets under the premise of fully controlling risks". He has achieved good returns on investment over the years. The Putian database system website he built by himself has laid a good foundation for transaction research and development and quantitative transactions.
Hang Guoqiang
Chairman of Shanghai Fanjin Investment Management Co., Ltd. He once served as deputy general manager of Beijing Huaqin Investment Management Company (private equity fund), vice chairman of Shenzhen Guolong Investment Management Company, and general manager of Shenzhen Changrun Investment Management Company (private equity fund). With 20 years of investment experience, he has advocated the idea of programmed system trading for many years, adhering to the investment philosophy of "tracking trends and swing trading", constantly improving the trading system, conducting investment management objectively, systematically and scientifically, and striving for prediction and judgment with a high probability of winning. Over the past five years, the futures trading account has achieved good results.
Feng Zhengping
His online name is "Hummer" and he is a professional investor. He got involved in the investment market in 1997 and has been engaged in quantitative market research for a long time. In 2008, he began to specialize in stocks, futures, foreign exchange and other transactions, and developed a variety of trading strategies. In 2010, he began to study portfolio investment. Combining his statistical analysis of the market, he developed his own portfolio analysis method and developed it into an application. The average annual return rate of the developed programmatic model is much higher than the market average.
Wang Li
Ph.D., co-founder and chief investment officer of Hangzhou Longqi Technology Co., Ltd. Graduated from the Department of Computer Science of Tsinghua University, and then went to the United States for further study. He received a doctorate and four master's degrees in total. His research covered many fields such as finance, statistics, operations research, and computer science. His academic level has reached the world's leading level in fields such as data mining and artificial intelligence. Dr. Wang once worked for BlackRock, the world's top asset management company in the United States, as the chief fund manager and quantitative analyst in the Greater China region. He has extensive experience in quantitative investment. The quantitative investment model he developed controls the transactions of tens of billions of dollars in assets in Asia, emerging markets and North American stock markets.
meeting agenda
Yongan Futures Quantitative Investment Forum
Time: August 25, 2012 13:00-17:30 Address: Crystal Palace, first floor, Huanglong Hotel, Hangzhou
time
Speech Topic
Speaker
13:00—13:10
Leader's speech
13:10—14:10
American quantitative investment experience sharing
Yu Yinglei (USA)
14:10—15:10
Sharing of Korean stock index investment experience
Yang Yongbin (South Korea)
15:10—15:40
Options Trading Outlook
Luo Wing Court
15:40—15:55
tea break
15:55—17:30
Discussion on the mainstream issues of domestic quantitative and programmatic trading
Liu Ning, Ding Peng, Li Guodong, Louis liu, Hang Guoqiang, Wu Zhuanpu, Feng Zhengping, Wang Li
17:30—17:45
Yongan Futures Customer Growth Firm Trading Competition Award Ceremony
Wing On Programmed Trading
Yongan Futures Programmed Trading Services
Yongan Futures is one of the domestic futures companies with the largest scale, the widest business scope and the strongest research strength. Since its establishment, Yongan Futures has firmly ranked first in Zhejiang Province in terms of business scale. It is the only futures company in China that has been among the top ten futures companies in the country for 14 consecutive years.
Yongan Futures Programmed Services: Committed to providing world-class and domestically leading programmatic trading services.
In 2012, the company made every effort to build an elite programmatic trading and research support team. More than 60 research teams in Hangzhou, Beijing, and Shanghai worked together to bring together many experts in the field of programmatic trading.
Introduction to Yongan stock index hedging and arbitrage products
Yongan's research on hedging and arbitrage products has gone through three stages. The passive stock index futures and spot arbitrage trading system achieved excellent results in 2010. However, as the market matures, the opportunities and space for this passive basis arbitrage gradually disappear. Yongan people turned to proactive alpha arbitrage research and successively proposed stock valuation models and alpha momentum valuation models based on market data statistics.
Yongan Programmed Trading Wenzhou Station Ends Futures Investment Exchange Salon 3rd Issue Yongan Futures: Focus on Programmed Trading
Wing On Lecture Hall
Introduction to programmatic trading
Programmed trading (Program Trading) is a trading method that, with the support of computer and network technology, instantly completes your preset combination trading instructions. Each investor (or institution) can write his own trading model and conduct automatic computer trading based on his own investment experience and wisdom. The trading model is the condensation and practicalization of trading ideas. Correct trading ideas will obtain good and stable investment returns under the implementation of strict operating disciplines. The trading model is a good combination of correct trading ideas and strict operating disciplines to help people obtain good and stable investment returns. Programmed trading can not only increase the speed of order placement in actual investment operations.
Investment model of programmatic trading system
Key advantages of programmatic trading investment
1． Systematize the trading model, and the buying and selling decisions of programmed trading are completely determined by systematic and institutionalized logical judgment rules;
2. Overcome the four major psychological obstacles of human nature: fear, greed, hesitation and gambling;
3. To ensure the consistency of trading methods, use computers to write operating specifications, profit and risk management and other conditions into program language, and send out buying and selling signals according to the program.
1. Systematize the trading model.
2. Transaction risks are controllable.
3. Standardize trading disciplines.
4. Steady return on investment.
5. Rationalize fund management.
Advantages of programmatic trading Disadvantages of programmatic trading
Using programmed trading can overcome the weaknesses of human nature during the transaction process. This is the biggest advantage of programmed trading and the main reason why I love programmed trading. People have human weaknesses. Human emotional factors, greed, fear, indecisiveness, gambling and other factors will make a person suddenly change his original plan at the moment of trading. And this kind of behavior happens repeatedly, just as the German philosopher and psychologist Schopenhauer said, "It is inevitable that a person will make the same mistake under the same time and environmental conditions. This is the bad nature of human beings."
Only systematic traders can achieve programmed trading, while other types of trading methods cannot be completed using programmed trading, which blocks some people out. The instability of programmed trading: I think that programmed trading systems cannot conquer the world forever, and certain problems will always occur at specific times. Some people overestimate the effect of programmed trading and boast that it is magical, but there are also people who reject programmed trading, question its role, and think that using programmed trading to make money is a bit ridiculous like inventing a perpetual motion machine.
Basic process of programmatic trading strategy
Models and applications of programmatic trading
Programmed trading gradually evolved from the development of systematic trading in the U.S. securities market in the 1970s. According to the definition of the New York Stock Exchange (NYSE), any transaction that contains more than 15 stocks in the S&P 500 index, or is worth more than one million US dollars, is a programmatic transaction.
The definition of NYSE mainly emphasizes transaction size and concentration. However, with the development of program trading today, its meaning has far exceeded the original definition of the New York Stock Exchange. Now give programmed trading a more market-oriented definition: buying and selling signals generated by certain trading models and rules, and a trading process in which a computer automatically executes buying and selling instructions. That is, a computer program is used to control the timing of buying and selling and is automatically executed by the computer. In this definition, what stands out is the importance of trading models and computer programs to trading. Programmed trading based on a certain trading model is applied to real investment. In addition to speeding up the time efficiency of investment, it can also create additional income for us. This is the key to our study of programmed trading.
The impact of programmatic trading on the market The development trend of programmatic trading in the country
Years of exploration and practice have shown that programmed trading can help improve the operational efficiency of stocks, futures and other markets and increase market liquidity, so that the price discovery function of futures can be more fully utilized.
Therefore, we sorted out and analyzed the research results of CME Group, the largest futures exchange in the United States, the largest financial derivatives exchange in the world, and the second largest exchange for futures and options contracts, on the dynamic impact of program trading on the market.
The domestic securities market only has a history of 20 years, and there is still a big gap in market maturity compared with Europe, the United States and other developed regions in the Asia-Pacific. Not only that, some characteristics of the domestic market also restrict the development of programmatic trading in the country.
First of all, domestic trading venues are relatively single, and stocks are only traded on exchanges. Secondly, the T+1 delivery system in the domestic market makes it impossible to implement a large number of intraday trading strategies, and high-frequency trading strategies are even more out of the question. In addition, the stock market does not allow short selling and lacks a market maker system.
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