标签： 西安夜生活

　　Since the beginning of this year, all localities and departments have resolutely implemented the decision-making arrangements of the CPC Central Committee and the State Council, made efforts to expand domestic demand and optimize the economic structure, and the service industry economy has achieved steady and rapid growth, and its contribution to economic growth has continued to increase, service demand has been accelerated, emerging service industries have grown rapidly, and market expectations have generally improved.

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　　First, the service industry continues to improve, and the pulling effect is constantly increasing.

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　　The service industry economy has accelerated its recovery. Preliminary accounting, in the first three quarters, the added value of service industry530651100 million yuan, a year-on-year increase4.7%. The proportion of added value of service industry in GDP is55.9%, up from the same period of last year.0.3Percentage points, the contribution rate to national economic growth is53.9%, stimulate GDP growth.2.6Percentage points. Among them, in the third quarter, the added value of service industry181005100 million yuan, a year-on-year increase4.8%, faster than the second quarter.0.6Percentage points.9In September, the service industry production index increased year-on-year.5.1%, than8Speed up the month0.5Percentage points.

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　　The production and operation of enterprises continued to improve.one—8In September, the operating income of service enterprises above designated size increased year on year.7.7%, thanone—sevenMonthly increase0.3Percentage points, of which leasing and business services industries maintained rapid growth;35There are three industry categories.33Each industry is profitable, and the industry is profitable.94.3%, thanone—sevenMonthly increase2.9Percentage points.

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　　Trade in services has grown rapidly.one—8Total import and export of services in June48865.6100 million yuan, a year-on-year increase14.3%The import and export of travel services increased year-on-year.45.0%, the largest field of service trade.one—8In September, the execution amount of service outsourcing undertaken by Chinese enterprises increased year on year.14.4%Among them, information technology research and development services, design services and maintenance services grew rapidly, and the implementation amount increased respectively year-on-year22.2%、22.1%和15.8%.

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　　Second, the modern service industry is growing well, and the pace of transformation and upgrading is accelerating.

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　　The modern service industry is booming. In the first three quarters, the added value of information transmission software and information technology services, leasing and business services, and financial services increased respectively year-on-year.11.3%、10.1%和5.2%, to promote the growth of added value of service industry.2.4Percentage points, to provide strong support for accelerating the formation of new quality productivity. In the third quarter, the added value of information transmission software and information technology services, leasing and business services, and financial services increased respectively year-on-year.10.0%、10.8%和6.2%, to promote the growth of added value of service industry.2.4Percentage points.9In September, the production indexes of information transmission software and information technology services, leasing and business services, and financial industry increased respectively year-on-year.11.4%、9.7%和6.5%.

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　　Endogenous kinetic energy has developed and grown. In terms of investment, in the first three quarters, the investment in fixed assets of high-tech service industry increased year-on-year.11.4%, accounting for the proportion of fixed assets investment in all service industries4.8%. Among them, fixed assets investment in e-commerce services, scientific and technological achievements transformation services, research and development and design services increased respectively year-on-year.14.8%、14.8%和13.7%. In terms of consumption, retail sales of services increased year-on-year in the first three quarters.6.7%, higher than the growth rate of retail sales in the same period.3.7Percentage points; The per capita service consumption expenditure of national residents increased year-on-year7.6%, accounting for the proportion of per capita consumption expenditure of residents is47.0%, higher than the first half of the year.1.4Percentage points. From the perspective of industry,one—8In January, the operating income of high-tech service enterprises and strategic emerging service enterprises above designated size increased respectively year-on-year.9.5%和7.8%The growth rate is higher than that of all listed service enterprises.1.8和0.1Percentage points; The operating income of enterprises above designated size in science and technology service industry, science popularization and application service industry increased respectively year-on-year.8.3%和11.6%.

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　　Integration, development and acceleration. Digital technology innovates consumption scenarios, and its integration with the real economy continues to deepen, promoting market sales growth. In the first three quarters, the online retail sales of physical goods increased year on year.7.9%, accounting for the proportion of total retail sales of consumer goods25.7%. Industrial Internet promotes the level of industrial intelligence and digitalization.one—8In January, the operating income of enterprises with integrated circuit design and Internet production service platforms above designated size increased respectively year-on-year.30.0%和18.3%. Cultural tourism is deeply integrated, and large-scale performances are deeply linked with scenic resources around the country to stimulate new potential of tourism consumption. In the first three quarters, the e-commerce transaction volume of tourism and entertainment services increased year-on-year.15.3%.one—8In January, the operating income of travel agencies above designated size and related services and leisure and sightseeing enterprises increased respectively year-on-year.28.5%和9.6%.

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　　Third, positive factors are increasing, and market expectations continue to improve.

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　　Recently, with a series of policy "combination boxing" efforts, confidence in the capital market and real estate market has been enhanced.9月份，沪深股市股票成交量和股票成交额分别由8月份同比下降15.3%和31.0%转为同比增长32.7%和4.9%；9月份，房地产业生产指数同比下降2.2%，降幅连续5个月收窄。

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　　9月份，服务业业务活动预期指数为54.6%，其中零售、铁路运输、航空运输、邮政、电信广播电视及卫星传输服务、货币金融服务等行业业务活动预期指数位于55%以上较高景气区间，企业对近期行业发展较为乐观。

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　　总体来看，前三季度服务业经济运行稳中向好，随着各项已有政策和一揽子增量政策效应不断显现，经济发展的活力和动力将进一步释放，市场信心有望继续增强，服务业经济平稳运行的基础将不断夯实。下阶段，要狠抓政策落地见效，积极培育服务业新动能，加快构建优质高效的服务业新体系，推动服务业发展的质量和效率继续提升。

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　　（作者系国家统计局服务业调查中心主任）

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　　（原文链接：http://www.ce.cn/xwzx/gnsz/gdxw/202410/18/t20241018_39173114.shtml）

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In terms of appearance, the new Mazda 3 Angkeira has not changed much compared with the old one. In the front part, the new car adopts a large-size blackened air intake grille with shield shape, and the periphery is outlined with chrome trim strips, and the center is decorated with chrome trim strips. The interior of the grille adopts a honeycomb design, which looks very dynamic. The headlights on both sides of the front of the car are very full in shape, and the belt is used inside, so the visual effect after lighting is very good. The raised lines on the hood are full of muscle. The fog light area on both sides of the front enclosure is large in size, and the interior is decorated with black mesh. The whole front face looks very fashionable and dynamic! .

The interior of the new car still has a certain family style. The colors of black and brown are quite natural. The size of the center console is relatively wide, the floating central control panel is quite wide, and the three-piece style is also relatively full and slightly inclined at a certain angle. Some details in the car are also decorated with brushed silver trim strips to enhance the texture, one-button start, automatic parking, one-button start, bose audio, body stability system, parallel auxiliary, blind spot monitoring, and so on.

The length, width and height are 4662×1797×1445mm respectively, and the wheelbase has reached 2726mm, ranking 14th in the same class. The interior space of the car is relatively spacious at the same level, the height and width of the car are ideal, and the legroom in the back row will not feel cramped, which belongs to the upper-middle level at the same level. The design of skylight also increases the subjective space feeling of front and rear passengers. Among the models of the same price and class, the trunk volume of Mazda 3 Angkeira ranks 29th. The space is relatively regular, without obvious protrusions, and the overall loading capacity is good.

Mazda 3 Angkor Sela 2.0L automatic premium edition uses a 2.0 engine, with a maximum horsepower of 158 and a peak torque of 202, matching the automatic manual transmission (AT). It will definitely bring unforgettable control charm. Ranked fifth among the 80,000-120,000 compact car models.

Mazda 3 Angkeira has complete active/passive safety configuration, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

If the above data, participation, etc. can’t fully understand Mazda 3 Angkeira, then we can give you a more comprehensive reference based on the word-of-mouth information of users who have purchased Mazda 3 Angkeira in history. It can be seen that what everyone is most satisfied with Mazda 3 Angkeira is its good sound. In addition, its high value and broad vision are also the points that everyone likes it.

　　　　Since the beginning of this year, only three of the 121 stock funds have outperformed the Shanghai and Shenzhen 300 Index. In the past year (from September 18, 2006 to September 17, 2007), only two stock funds have outperformed the Shanghai and Shenzhen 300 Index.

　　　　"Is the Shanghai and Shenzhen 300 really hard to beat?" According to insiders of fund companies, recently, a group of fund managers discussed this "strange phenomenon" with great anxiety at the party.

　　　　Funds can’t outrun the Shanghai and Shenzhen 300.

　　　　In the past year, only two equity funds, Huaxia Market Selection and China Post Entrepreneurship Core Optimization, outperformed the Shanghai and Shenzhen 300 Index, rising by 309.87% and 309.48% respectively. In the same period, the Shanghai and Shenzhen 300 Index rose by 303.64%, while the Shanghai Composite Index rose by 215%.

　　　　From the beginning of this year to September 17th, only three equity funds outperformed the Shanghai and Shenzhen 300 Index, namely, China Market Select (up 205.31%), China Post Core Preferred (up 193.90%) and Everbright Prudential Bonus (up 166.67%). In the same period, the Shanghai and Shenzhen 300 Index rose from 2,041.05 points to 5,498.91 points, with an increase of 169.42%, while the Shanghai Composite Index rose by 102.63%.

　　　　Observing the awkward positions of these three funds, we can find that as of June 30, the second largest awkward position in China’s market selection was *ST Guangsha. At the end of 2006, *ST Guangsha had not yet entered the fund portfolio, but by the mid-2007, the position of Huaxia Market had rapidly increased to 10,699,400 shares, which was just the middle of the big band in which *ST Guangsha rose from 6 yuan to 15 yuan.

　　　　From *ST Guangsha, baoshan iron & steel, China Southern Airlines and China Storage Co., Ltd. to Taiyuan Heavy Industry Co., Ltd., China’s market selection is neither greedy nor urgent, and only eats the middle paragraph of the market. The most typical one is Taiyuan Heavy Industry, which opened a position near 6 yuan around June 2006, and got away with it when it rose to 9 yuan.

　　　　The optimization of China Post’s entrepreneurial core and the dividend of China Everbright Prudential are typical inverted pyramid operations. In the first half of this year, China Post’s entrepreneurial core gradually increased its position in CONCH and completely ate the stock’s market from 28 yuan to 60 yuan.

　　　　Is underperforming the broader market due to the high performance benchmark?

　　　　Faced with the embarrassment that the whole fund industry has underperformed the broader market, are fund managers really exhausted in Jiang Lang?

　　　　"In fact, on the whole, the performance of the fund sector is still above average. The reason why it underperformed the broader market is mainly because the performance appraisal benchmark is too high." Zhou Liang, research manager of Lipper China, told the Financial Weekly reporter that if the performance of the Shanghai Composite Index is compared, the performance of most equity funds is beyond the broader market.

　　　　From the beginning of this year to September 17th, the Shanghai Composite Index rose from 2,675.47 points to 5,421.39 points, an increase of 102.63%. In the same period, data from Galaxy Securities showed that 78 of the 121 equity funds had a net growth rate that exceeded that of the Shanghai Composite Index. All 16 index funds outperformed the Shanghai Composite Index, ranking first among all types of funds with an average net growth rate of 139.32%. Of the 57 partial stock funds, 31 were up to standard, with an average growth rate of 114.14%.

　　　　But if calculated by Shenzhen Component Index, the confidence of fund managers will be gone. Statistics show that since the beginning of this year, the Shenzhen Component Index has risen from 6,647.14 points to 18,499.38 points, an increase of 178%. During this period, among the equity funds, only two funds, selected by Huaxia Market and optimized by China Post, reached the standard, and only E Fund SZSE 100TEF exceeded this level. The hybrid fund is completely annihilated, and its performance is lower than this level, whether it is partial stock, balanced or partial debt.

　　　　Zhou Liang believes that since the beginning of this year, the sudden emergence of Shenzhen market has boosted the growth rate of the whole A-share market. However, for the sake of controlling risks, fund companies have not increased their positions in Shenzhen, making their performance weaker than that of the Shanghai and Shenzhen 300 Index, which combines the performance of Shenzhen and Shanghai markets.

　　　　Institutional game competition upgrade

　　　　"If we must find the reason from the performance of the fund, the intensified competition in the A-share market may be an important reason." Zhou Liang told reporters that during the bear market from 2002 to 2004, the net value shrinkage rate of most funds was less than the decline of the stock index, and some funds even made small profits during this period by tapping the "five golden flowers" and "blue chip concept".

　　　　"In the bear market, the net shrinkage rate is less than the performance benchmark, which is also considered to outperform the market. However, it is increasingly difficult to ask the fund to surpass the market now, because the investor structure of A shares has undergone fundamental changes. " Zhou Liang said.

　　　　According to the data of Galaxy Securities, as of June 30, 2007, the net assets of 347 funds in the A-share market totaled 1,799.073 billion yuan, of which the net assets of stock-oriented funds reached 1,671.120 billion yuan, accounting for 31.25% of the circulating market value of Shanghai and Shenzhen A-shares.

　　　　Zhou Liang believes that before 2005, fund assets accounted for a relatively small proportion of the circulating market value of A-shares, and the main competitors of funds were retail investors. However, with the extraordinary growth of fund scale in recent two years, it has evolved into a game between funds. As a result, it is becoming more and more difficult to beat the market.

　　　　Reduce the shareholding ratio under the fear of high valuation

　　　　"You know it’s a dangerous game, but you have to play it." Not long ago, the investment director of a joint venture fund company privately commented on the current A-share market.

　　　　"Take China Aluminum as an example, its stock market value has exceeded 700 billion yuan, which is equivalent to 90 billion US dollars, which is 3.3 times that of Alcoa, the largest aluminum company in the world. "Alcoa’s average P/E ratio is about 11 times, and Chinalco’s P/E ratio is already 50 times. I don’t know which valuation method can support such a price." The person said.

　　　　It will be a long-term trend for savings to "move" to the stock market through funds. This forced fund managers with huge sums of money to "wander around" in all sectors of the stock market, and at the same time promoted this sector to become a "valuation highland", it also made that sector a "value depression", and so on, gradually raising the value center of the whole market.

　　　　"It’s like wearing three shirts in turn. There is always one that is relatively clean, but the shirt will be washed sooner or later." A fund manager of a company headquartered in Beijing Financial Street told reporters that although the reason told him that the overall valuation of the A-share market was high, he had to look for the so-called "value depression" due to performance pressure.

　　　　The fund manager believes that fearing the high P/E ratio of A shares and reducing the shareholding ratio is also a reason why some funds failed to outperform the Shanghai and Shenzhen 300.

　　　　Retail investors or trigger chain redemption

　　　　Zhang Hongji, general manager of Linfen Jiuxin Investment, believes that the same investment philosophy and the investment model derived from it have led to the increasingly serious phenomenon of similar fund positions. Once the stock market turns and fund investors redeem it on a large scale, the fund industry is in danger of breaking the capital chain.

　　　　"Now that the market has risen to 5,400 points, and the increase has exceeded 400% in two years, it is necessary for investors to properly consider the risks caused by adjustment." Zhang Hongji believes that the retail of fund investors may trigger an unexpected chain reaction in the stock market.

　　　　At present, fund positions have accounted for more than 30% of the total market value of A-shares. The redemption of a fund is very likely to lead to the decline of a stock, which in turn will cause the loss of the net value of other funds and trigger a larger redemption.

　　　　The European fable that a nail destroys a country is likely to be a portrayal of the future of the A-share market, Zhang Hongji believes.

　　　　Zhou Liang suggested that "investors with very high risk requirements can consider playing new funds and bond funds." (Reporter Xiao Yang)

Editor: Zhao Xuanxuan