Walking from the east gate of the Central Academy of Fine Arts to its main studio takes less than 30 minutes, but for Li Cheng, a former campus security guard at the academy, the journey has taken almost a decade. The 28-year-old recently received an official offer from the academy in Beijing, nearly 10 years after his first failed application at the country's top arts academy in 2008. During his time as a security guard at the east gate, starting in 2012, he sketched workmates on the night shift in a silent hallway. When it came to the day shift, he would memorize English vocabulary. Li was born in a small mountainous village in Hunan province. At age 4, he started scrawling bananas and watermelons with charcoal under the guidance of his mother, who nurtured his passion for painting. Upon entering middle school, Li was able to continue painting thanks to his art teacher, Peng Dezhi. "It is Peng who persuaded my parents to allow me to pursue my passion for painting," Li said. Peng told him about the Central Academy of Fine Arts, the most coveted art school in China. He applied for the first time in 2008, but was rejected due to his poor academic performance. Li then took on a variety of jobs to make a living, from a food delivery courier and a substitute art teacher in Changsha, capital of Hunan province, to a factory worker in Shenzhen, Guangdong province. However, he got a chance to visit the academy in 2012 and decided that he would never give up his dream of studying there. "I was so thrilled to visit the academy. I thought to myself, 'I must study in this pine place,'" he said. Li applied for a job at the academy and began working as a security guard at the east gate. He started painting again and picked up his brush whenever he took a break. His artwork was seen by some students, who encouraged him to pursue his passion. Li signed up for a training course at a small studio near the campus and went there every day after work. But successive failures in academic performance in 2013 and 2014 left Li feeling his dream was unachievable. However, in 2016, he tried out for a fourth time, starting his academic courses from scratch. Eventually, his hard work paid off. He passed the professional test at the academy, ranking eighth nationwide. "Sitting with classmates 10 years my junior makes me feel like I am recapturing my youth," he said. Wang Keju contributed to this story. A rise in IPOs, expectations of stricter policy and high PE ratio are likely to hurt stocks of small technology companies as both retail and institutional investors in the equity market are increasingly favoring shares in commodity companies. Shares in small companies in IT, biotech and new material sectors that have been in a tailspin of late, are expected to slump further, while coal, steel and nonferrous metal stocks are tipped to coast on the respective companies' brightening business performance. "Investors are chasing stocks of listed companies with low valuations and good performance, and steering clear of stocks hyped up on concepts like 'technology-is-future'," said Zhan Jianwen, senior investment manager at China Investment Securities. The last two years have seen a meltdown of the ChiNext Startup Index, which comprises many small tech stocks. On Friday, the index closed at 1734.07, down 57 percent from its record high of 4,037.96 on June 4, 2015, when the descent from the peak started. Since June 2015, shares of 230 companies on the ChiNext fell more than 50 percent; 43 of them tumbled more than 70 percent; and 10, including well-known Dadong Xintai Electric and Qtone Education, crashed more than 80 percent. Market-people attribute some of that meltdown to fears that financial regulations are likely to get stricter. A potential crackdown on accounting frauds and other illegal practices by listed small technology companies is believed to be imminent. In addition, expectations of an IPO flood, and restrictions to preempt shadowy mergers and acquisitions or M&A aimed at boosting weak shares, have hurt the ChiNext Index, said Fu Jingtao, a market strategist with Shenwan Hongyuan Securities. Regulators have been emphasizing that financial markets should serve the real economy, hinting at the possibility that IPOs will continue and may accelerate. There were 260 IPOs in Shanghai and Shenzhen from January to July 14, more than the annual average of the last five years. In all, they raised 130.63 billion yuan ($19.38 billion), almost equalling the proceeds of last year. Since 2013, the Chinese government has encouraged the development of some emerging sectors. Investors thus came to fancy stocks of companies engaged in fields like online education, online lottery and manufacture of robots. In the first half of 2015, such stocks surged. "However, there are now more stocks with both reasonable valuations and good performance for the investors to choose, making the ChiNext companies with steep valuations not a good choice," said Fu. The fall in M&A's of ChiNext companies meant that investors are no longer expecting M&A-related high growth, more so because in several cases, the acquired companies were subsequently found to be riddled with bad performance, Fu said. In the January-May period, there were an average 10 M&A's per month, a far cry from the record 50 per month. Fu forecast that M&A's will decrease continuously until 2020. "The ChiNext of today, however, should not be seen as a sign of weakness across the emerging sectors. Some of China's best tech companies are listed overseas," Fu said. The price-earnings ratio of ChiNext stocks had peaked around 150 in 2015, exerting a great deal of pressure on the index, said Chen Jiahe, chief analyst of Cinda Securities. That pressure has pushed the average price multiple to around 40 now. It will continue to find its bottom in the coming months, Chen said. In contrast, coal, steel and nonferrous metal stocks have surged for the past several months, gaining momentum since June. The 300 Material Index rose almost 20 percent to 2454.73 on July 21 from 2047.95 on June 2. The index began its ascent early last year, and reached 1642.56 on Feb 5, 2016. The commodity stocks are hot picks for their low PE ratio and companies' good performance, said Chen. "The higher-than-expected 6.9 percent GDP growth in the first half of this year and the central government's firm supply-side reforms like overcapacity reduction have boosted investor confidence." With prices of coal and metals rising, profits of listed companies in those sectors have also kept pace, giving an impetus to their share price rise. For instance, net profit of Ling Yuan Iron & Steel Group increased 608 percent year-on-year in the first half of the year, according to its interim report published on July 22. Its stock, which bottomed out in 2016 at 2.4 yuan, closed at 3.6 yuan in Shanghai on Friday. However, Shenwan's Fu and Cinda's Chen both think that commodity stocks have limited upside potential as the contributory factors are already priced in. "There has been no hot spot recently for the market to chase except the commodity stocks," Chen said, adding that China is already past the period of relying on the development of heavy industry. So, unless there are some positives like higher exports, further economic growth would be difficult, Fu said. Representatives from Truck Alliance and the China National Heavy Duty Truck Group issue business licenses to 24 distributors from across China on July 25. [Photo provided to chinadaily.com.cn] In future, the Guizhou-based company runs a mobile app that will provide services for auto loan applications, truck purchases, commodities transport locations and vehicle sales. Users of the app will be able to order and pay online, and finish purchases at 24 distributors in different cities. With big data technology, users can give feedback to the China National Heavy Duty Truck Group, helping them to adjust and improve the service. The app will also help to match trucks nationwide with commodity owners in need of transport. Follow-up services, such as the sale of electronic toll charge cards for highway transportation and auto finance services, will also be provided through the app. Previous Page 1 2 Next Page "There are many ways of seeing landscape quite as good and none more vivid, in spite of canting dilettanti, than from a railway train." 19th century Scottish author Robert Louis Stevenson's book Thoughts on Walking. Rail travel has always been, and still is, my preferred way to travel. Exactly 30 years ago this week I arrived in China by train on a journey from Glasgow, Scotland to Hong Kong's Hung Hom Station. China was a country I knew little about apart from a few confused preconceptions. It would have been easy to fly to Hong Kong but to appreciate a country, or in this case two continents, overland travel encompasses the geography, of watching Europe slowly give way to Asia, of meeting people and observing how they also physically changed, and learning from people about their countries. That journey was also a life changer. If I had not taken the train, my China story would never have happened - 30 years later this country remains my adopted home! The experiences - incredible! A warm July evening, retreating from the gravelly wastes of Mongolia's Gobi Desert the green eighteen coach train pulled into Erlain, China's border town. A fellow passenger, Mr Li, a journalist with the People's Daily East Berlin office, shook my hand while welcoming me to China. Minutes later we were both under the train watching the wheel bogies being manually swapped for Chinese track gauges, narrower than Mongolian and Russian. Idon’t think that when people grow up, they will become morebroad-minded and can accept everything. Conversely, I think it’s aselecting process, knowing what’s the most important and what’s theleast. And then be a simple man. 722. In the suitcase, the guitar tutor found the tuition by intuition. 723. The watchful snatcher dispatched a batch of combatants to the hatch. 724. The wretched butcher clutched the needle and stitched it clumsily. 725. The peer's queer peering is a sheer sneer. 726. The currency curriculum made the excursionist incur loss of time and money. 727. The stray betrayer arrayed the sprayers on the road. 728. Dust accumulated on the insulated simulator in the desolate lab. 729. The inflated balloon indicates a latent inflation on the plateau. 730. Trivial tributes constitute the attribute of constituent's report. 731. I acutely and resolutely refuted the brutal persecution of mute commuter. 732. This measure may preclude the exclusive agency from selling crucial crude oil. 733. He depicted the condition the man contradicting the verdict. 734. Magnify the magnitude of the magnetism. 735. The deputy chairman of the charity clarified the importance of clarity and purity. 736. The tramp from the tram swamped the ham hamburger with shampoo. 737. According to the pamphlet, the current in the amplifier can be amplified to 3 amperes. 738. Prolong the sponge along the longitude and latitude at an altitude. 739. The conservative man made a reservation in the observatory. 740. The mender recommends me to amend the legend agenda. 741. His comprehensive apprehension about the appendix of the pendulum is obvious. 742. Elevate the eleventh level to relevant height. 743. Thereafter, I adhered to the coherence inherent to the theory. 744. The prophet appropriately appropriated the fund for repairing propeller. 745. I'm baffled why the affiliated man initiated the negotiator into ego. 746. The radiation radius of the radioactive radium radiator in the stadium is variable. 747. Snobbish Knob is doing his hobby in the lobby. 748. The ass bypassed the guard and assassinated the surpassing ambassador in the embassy. 749. The corporate bodies collaborate elaborately on producing vibrating evaporator. 750. The dazzling light from the digital device dizzied me. 751. The extinct exotic bird's feather contains zinc. 752. The smuggler shrugged to the bugler hugging the bug in the tugboat. 753. The vocation advocate found the word "vocal" and "reciprocal" not in the vocabulary. 754. Without my aid I'm afraid the maiden would have been raided. 755. The slim Muslim reached his climax when he found the axis of the galaxy. 756. Bonus is a stimulus for me to study the silicon in the bacon. 757. The categories of the lubricated duplicators are intricate. 758. The wagging wasp grasps the crisp clasp for a gasp. 759. The reconciled reptiles rest on a fragile tile. 宣威钢筋冷挤压机怒江钢筋冷挤压机宣威钢筋冷挤压机宁德钢筋冷挤压机Walking from the east gate of the Central Academy of Fine Arts to its main studio takes less than 30 minutes, but for Li Cheng, a former campus security guard at the academy, the journey has taken almost a decade. The 28-year-old recently received an official offer from the academy in Beijing, nearly 10 years after his first failed application at the country's top arts academy in 2008. During his time as a security guard at the east gate, starting in 2012, he sketched workmates on the night shift in a silent hallway. When it came to the day shift, he would memorize English vocabulary. Li was born in a small mountainous village in Hunan province. At age 4, he started scrawling bananas and watermelons with charcoal under the guidance of his mother, who nurtured his passion for painting. Upon entering middle school, Li was able to continue painting thanks to his art teacher, Peng Dezhi. "It is Peng who persuaded my parents to allow me to pursue my passion for painting," Li said. Peng told him about the Central Academy of Fine Arts, the most coveted art school in China. He applied for the first time in 2008, but was rejected due to his poor academic performance. Li then took on a variety of jobs to make a living, from a food delivery courier and a substitute art teacher in Changsha, capital of Hunan province, to a factory worker in Shenzhen, Guangdong province. However, he got a chance to visit the academy in 2012 and decided that he would never give up his dream of studying there. "I was so thrilled to visit the academy. I thought to myself, 'I must study in this pine place,'" he said. Li applied for a job at the academy and began working as a security guard at the east gate. He started painting again and picked up his brush whenever he took a break. His artwork was seen by some students, who encouraged him to pursue his passion. Li signed up for a training course at a small studio near the campus and went there every day after work. But successive failures in academic performance in 2013 and 2014 left Li feeling his dream was unachievable. However, in 2016, he tried out for a fourth time, starting his academic courses from scratch. Eventually, his hard work paid off. He passed the professional test at the academy, ranking eighth nationwide. "Sitting with classmates 10 years my junior makes me feel like I am recapturing my youth," he said. Wang Keju contributed to this story. A rise in IPOs, expectations of stricter policy and high PE ratio are likely to hurt stocks of small technology companies as both retail and institutional investors in the equity market are increasingly favoring shares in commodity companies. Shares in small companies in IT, biotech and new material sectors that have been in a tailspin of late, are expected to slump further, while coal, steel and nonferrous metal stocks are tipped to coast on the respective companies' brightening business performance. "Investors are chasing stocks of listed companies with low valuations and good performance, and steering clear of stocks hyped up on concepts like 'technology-is-future'," said Zhan Jianwen, senior investment manager at China Investment Securities. The last two years have seen a meltdown of the ChiNext Startup Index, which comprises many small tech stocks. On Friday, the index closed at 1734.07, down 57 percent from its record high of 4,037.96 on June 4, 2015, when the descent from the peak started. Since June 2015, shares of 230 companies on the ChiNext fell more than 50 percent; 43 of them tumbled more than 70 percent; and 10, including well-known Dadong Xintai Electric and Qtone Education, crashed more than 80 percent. Market-people attribute some of that meltdown to fears that financial regulations are likely to get stricter. A potential crackdown on accounting frauds and other illegal practices by listed small technology companies is believed to be imminent. In addition, expectations of an IPO flood, and restrictions to preempt shadowy mergers and acquisitions or M&A aimed at boosting weak shares, have hurt the ChiNext Index, said Fu Jingtao, a market strategist with Shenwan Hongyuan Securities. Regulators have been emphasizing that financial markets should serve the real economy, hinting at the possibility that IPOs will continue and may accelerate. There were 260 IPOs in Shanghai and Shenzhen from January to July 14, more than the annual average of the last five years. In all, they raised 130.63 billion yuan ($19.38 billion), almost equalling the proceeds of last year. Since 2013, the Chinese government has encouraged the development of some emerging sectors. Investors thus came to fancy stocks of companies engaged in fields like online education, online lottery and manufacture of robots. In the first half of 2015, such stocks surged. "However, there are now more stocks with both reasonable valuations and good performance for the investors to choose, making the ChiNext companies with steep valuations not a good choice," said Fu. The fall in M&A's of ChiNext companies meant that investors are no longer expecting M&A-related high growth, more so because in several cases, the acquired companies were subsequently found to be riddled with bad performance, Fu said. In the January-May period, there were an average 10 M&A's per month, a far cry from the record 50 per month. Fu forecast that M&A's will decrease continuously until 2020. "The ChiNext of today, however, should not be seen as a sign of weakness across the emerging sectors. Some of China's best tech companies are listed overseas," Fu said. The price-earnings ratio of ChiNext stocks had peaked around 150 in 2015, exerting a great deal of pressure on the index, said Chen Jiahe, chief analyst of Cinda Securities. That pressure has pushed the average price multiple to around 40 now. It will continue to find its bottom in the coming months, Chen said. In contrast, coal, steel and nonferrous metal stocks have surged for the past several months, gaining momentum since June. The 300 Material Index rose almost 20 percent to 2454.73 on July 21 from 2047.95 on June 2. The index began its ascent early last year, and reached 1642.56 on Feb 5, 2016. The commodity stocks are hot picks for their low PE ratio and companies' good performance, said Chen. "The higher-than-expected 6.9 percent GDP growth in the first half of this year and the central government's firm supply-side reforms like overcapacity reduction have boosted investor confidence." With prices of coal and metals rising, profits of listed companies in those sectors have also kept pace, giving an impetus to their share price rise. For instance, net profit of Ling Yuan Iron & Steel Group increased 608 percent year-on-year in the first half of the year, according to its interim report published on July 22. Its stock, which bottomed out in 2016 at 2.4 yuan, closed at 3.6 yuan in Shanghai on Friday. However, Shenwan's Fu and Cinda's Chen both think that commodity stocks have limited upside potential as the contributory factors are already priced in. "There has been no hot spot recently for the market to chase except the commodity stocks," Chen said, adding that China is already past the period of relying on the development of heavy industry. So, unless there are some positives like higher exports, further economic growth would be difficult, Fu said. Representatives from Truck Alliance and the China National Heavy Duty Truck Group issue business licenses to 24 distributors from across China on July 25. [Photo provided to chinadaily.com.cn] In future, the Guizhou-based company runs a mobile app that will provide services for auto loan applications, truck purchases, commodities transport locations and vehicle sales. Users of the app will be able to order and pay online, and finish purchases at 24 distributors in different cities. With big data technology, users can give feedback to the China National Heavy Duty Truck Group, helping them to adjust and improve the service. The app will also help to match trucks nationwide with commodity owners in need of transport. Follow-up services, such as the sale of electronic toll charge cards for highway transportation and auto finance services, will also be provided through the app. Previous Page 1 2 Next Page "There are many ways of seeing landscape quite as good and none more vivid, in spite of canting dilettanti, than from a railway train." 19th century Scottish author Robert Louis Stevenson's book Thoughts on Walking. Rail travel has always been, and still is, my preferred way to travel. Exactly 30 years ago this week I arrived in China by train on a journey from Glasgow, Scotland to Hong Kong's Hung Hom Station. China was a country I knew little about apart from a few confused preconceptions. It would have been easy to fly to Hong Kong but to appreciate a country, or in this case two continents, overland travel encompasses the geography, of watching Europe slowly give way to Asia, of meeting people and observing how they also physically changed, and learning from people about their countries. That journey was also a life changer. If I had not taken the train, my China story would never have happened - 30 years later this country remains my adopted home! The experiences - incredible! A warm July evening, retreating from the gravelly wastes of Mongolia's Gobi Desert the green eighteen coach train pulled into Erlain, China's border town. A fellow passenger, Mr Li, a journalist with the People's Daily East Berlin office, shook my hand while welcoming me to China. Minutes later we were both under the train watching the wheel bogies being manually swapped for Chinese track gauges, narrower than Mongolian and Russian. Idon’t think that when people grow up, they will become morebroad-minded and can accept everything. Conversely, I think it’s aselecting process, knowing what’s the most important and what’s theleast. And then be a simple man. 722. In the suitcase, the guitar tutor found the tuition by intuition. 723. The watchful snatcher dispatched a batch of combatants to the hatch. 724. The wretched butcher clutched the needle and stitched it clumsily. 725. The peer's queer peering is a sheer sneer. 726. The currency curriculum made the excursionist incur loss of time and money. 727. The stray betrayer arrayed the sprayers on the road. 728. Dust accumulated on the insulated simulator in the desolate lab. 729. The inflated balloon indicates a latent inflation on the plateau. 730. Trivial tributes constitute the attribute of constituent's report. 731. I acutely and resolutely refuted the brutal persecution of mute commuter. 732. This measure may preclude the exclusive agency from selling crucial crude oil. 733. He depicted the condition the man contradicting the verdict. 734. Magnify the magnitude of the magnetism. 735. The deputy chairman of the charity clarified the importance of clarity and purity. 736. The tramp from the tram swamped the ham hamburger with shampoo. 737. According to the pamphlet, the current in the amplifier can be amplified to 3 amperes. 738. Prolong the sponge along the longitude and latitude at an altitude. 739. The conservative man made a reservation in the observatory. 740. The mender recommends me to amend the legend agenda. 741. His comprehensive apprehension about the appendix of the pendulum is obvious. 742. Elevate the eleventh level to relevant height. 743. Thereafter, I adhered to the coherence inherent to the theory. 744. The prophet appropriately appropriated the fund for repairing propeller. 745. I'm baffled why the affiliated man initiated the negotiator into ego. 746. The radiation radius of the radioactive radium radiator in the stadium is variable. 747. Snobbish Knob is doing his hobby in the lobby. 748. The ass bypassed the guard and assassinated the surpassing ambassador in the embassy. 749. The corporate bodies collaborate elaborately on producing vibrating evaporator. 750. The dazzling light from the digital device dizzied me. 751. The extinct exotic bird's feather contains zinc. 752. The smuggler shrugged to the bugler hugging the bug in the tugboat. 753. The vocation advocate found the word "vocal" and "reciprocal" not in the vocabulary. 754. Without my aid I'm afraid the maiden would have been raided. 755. The slim Muslim reached his climax when he found the axis of the galaxy. 756. Bonus is a stimulus for me to study the silicon in the bacon. 757. The categories of the lubricated duplicators are intricate. 758. The wagging wasp grasps the crisp clasp for a gasp. 759. The reconciled reptiles rest on a fragile tile.

钢筋冷挤压机

全套包括：超高压油泵一台、液压钳一台、压模一副、5M高压油管两根、工具一套。

使用原理：钢筋冷挤压机是将待连接钢筋插入挤压套筒中，用挤压钳挤压套筒，使之产生塑性变形与带动的钢筋表面紧密压合形成的接头，该技术与传统的搭配，焊接技术相比具有接头质量稳定可靠，不受环境影响，可全天候施工，耐低温性能等。 

-压接尺寸：Φ16-Φ40 工作行程：45mm

压力：63MP 电机功率：4KW/380V
整机重量：150kg
外形尺寸：（1）800×600×800(mm) （2）500*170*200

钢筋的冷挤压接头是十几年来我公司的一个成熟产品，适用于直径d=16—40mm的变形钢筋的接头。工程实践证明，遣种连接方法十分简便有效，舆传统的绑扎和焊接相比

有下列优点：
1、接头强度高，质量稳定可靠；对钢筋无可焊性要求；
2、每个接头所需的现场挤压时间仅1—3m眈工效比一般焊接方法快数倍至十倍；3、油泵动力仅1—4kw，不受电源容量限制，压结器轻巧灵活，适宜多台设备同 时操作。 
4、无易燃易爆气体，无火灾隐患，也不受风雨，寒冷气侯的影响：
5、缓解了钢筋搭接处的拥挤现象，有利于浇注混凝土；
6、不需要专业熟练的技工，且可以连接不同直径不同品种的变形钢筋；
7、接头耗钢量比搭接节省80％左右。

注意事项： 

(1) 钢筋挤压连接，要求钢筋最小中心间距为90mm。 

(2) 连接钢筋轴线应与钢筋套筒的轴线保持在一直线上，防止偏心和弯折。 

(3) 连接质量必须按规范有关规定要求执行。 

Walking from the east gate of the Central Academy of Fine Arts to its main studio takes less than 30 minutes, but for Li Cheng, a former campus security guard at the academy, the journey has taken almost a decade. The 28-year-old recently received an official offer from the academy in Beijing, nearly 10 years after his first failed application at the country's top arts academy in 2008. During his time as a security guard at the east gate, starting in 2012, he sketched workmates on the night shift in a silent hallway. When it came to the day shift, he would memorize English vocabulary. Li was born in a small mountainous village in Hunan province. At age 4, he started scrawling bananas and watermelons with charcoal under the guidance of his mother, who nurtured his passion for painting. Upon entering middle school, Li was able to continue painting thanks to his art teacher, Peng Dezhi. "It is Peng who persuaded my parents to allow me to pursue my passion for painting," Li said. Peng told him about the Central Academy of Fine Arts, the most coveted art school in China. He applied for the first time in 2008, but was rejected due to his poor academic performance. Li then took on a variety of jobs to make a living, from a food delivery courier and a substitute art teacher in Changsha, capital of Hunan province, to a factory worker in Shenzhen, Guangdong province. However, he got a chance to visit the academy in 2012 and decided that he would never give up his dream of studying there. "I was so thrilled to visit the academy. I thought to myself, 'I must study in this pine place,'" he said. Li applied for a job at the academy and began working as a security guard at the east gate. He started painting again and picked up his brush whenever he took a break. His artwork was seen by some students, who encouraged him to pursue his passion. Li signed up for a training course at a small studio near the campus and went there every day after work. But successive failures in academic performance in 2013 and 2014 left Li feeling his dream was unachievable. However, in 2016, he tried out for a fourth time, starting his academic courses from scratch. Eventually, his hard work paid off. He passed the professional test at the academy, ranking eighth nationwide. "Sitting with classmates 10 years my junior makes me feel like I am recapturing my youth," he said. Wang Keju contributed to this story. A rise in IPOs, expectations of stricter policy and high PE ratio are likely to hurt stocks of small technology companies as both retail and institutional investors in the equity market are increasingly favoring shares in commodity companies. Shares in small companies in IT, biotech and new material sectors that have been in a tailspin of late, are expected to slump further, while coal, steel and nonferrous metal stocks are tipped to coast on the respective companies' brightening business performance. "Investors are chasing stocks of listed companies with low valuations and good performance, and steering clear of stocks hyped up on concepts like 'technology-is-future'," said Zhan Jianwen, senior investment manager at China Investment Securities. The last two years have seen a meltdown of the ChiNext Startup Index, which comprises many small tech stocks. On Friday, the index closed at 1734.07, down 57 percent from its record high of 4,037.96 on June 4, 2015, when the descent from the peak started. Since June 2015, shares of 230 companies on the ChiNext fell more than 50 percent; 43 of them tumbled more than 70 percent; and 10, including well-known Dadong Xintai Electric and Qtone Education, crashed more than 80 percent. Market-people attribute some of that meltdown to fears that financial regulations are likely to get stricter. A potential crackdown on accounting frauds and other illegal practices by listed small technology companies is believed to be imminent. In addition, expectations of an IPO flood, and restrictions to preempt shadowy mergers and acquisitions or M&A aimed at boosting weak shares, have hurt the ChiNext Index, said Fu Jingtao, a market strategist with Shenwan Hongyuan Securities. Regulators have been emphasizing that financial markets should serve the real economy, hinting at the possibility that IPOs will continue and may accelerate. There were 260 IPOs in Shanghai and Shenzhen from January to July 14, more than the annual average of the last five years. In all, they raised 130.63 billion yuan ($19.38 billion), almost equalling the proceeds of last year. Since 2013, the Chinese government has encouraged the development of some emerging sectors. Investors thus came to fancy stocks of companies engaged in fields like online education, online lottery and manufacture of robots. In the first half of 2015, such stocks surged. "However, there are now more stocks with both reasonable valuations and good performance for the investors to choose, making the ChiNext companies with steep valuations not a good choice," said Fu. The fall in M&A's of ChiNext companies meant that investors are no longer expecting M&A-related high growth, more so because in several cases, the acquired companies were subsequently found to be riddled with bad performance, Fu said. In the January-May period, there were an average 10 M&A's per month, a far cry from the record 50 per month. Fu forecast that M&A's will decrease continuously until 2020. "The ChiNext of today, however, should not be seen as a sign of weakness across the emerging sectors. Some of China's best tech companies are listed overseas," Fu said. The price-earnings ratio of ChiNext stocks had peaked around 150 in 2015, exerting a great deal of pressure on the index, said Chen Jiahe, chief analyst of Cinda Securities. That pressure has pushed the average price multiple to around 40 now. It will continue to find its bottom in the coming months, Chen said. In contrast, coal, steel and nonferrous metal stocks have surged for the past several months, gaining momentum since June. The 300 Material Index rose almost 20 percent to 2454.73 on July 21 from 2047.95 on June 2. The index began its ascent early last year, and reached 1642.56 on Feb 5, 2016. The commodity stocks are hot picks for their low PE ratio and companies' good performance, said Chen. "The higher-than-expected 6.9 percent GDP growth in the first half of this year and the central government's firm supply-side reforms like overcapacity reduction have boosted investor confidence." With prices of coal and metals rising, profits of listed companies in those sectors have also kept pace, giving an impetus to their share price rise. For instance, net profit of Ling Yuan Iron & Steel Group increased 608 percent year-on-year in the first half of the year, according to its interim report published on July 22. Its stock, which bottomed out in 2016 at 2.4 yuan, closed at 3.6 yuan in Shanghai on Friday. However, Shenwan's Fu and Cinda's Chen both think that commodity stocks have limited upside potential as the contributory factors are already priced in. "There has been no hot spot recently for the market to chase except the commodity stocks," Chen said, adding that China is already past the period of relying on the development of heavy industry. So, unless there are some positives like higher exports, further economic growth would be difficult, Fu said. Representatives from Truck Alliance and the China National Heavy Duty Truck Group issue business licenses to 24 distributors from across China on July 25. [Photo provided to chinadaily.com.cn] In future, the Guizhou-based company runs a mobile app that will provide services for auto loan applications, truck purchases, commodities transport locations and vehicle sales. Users of the app will be able to order and pay online, and finish purchases at 24 distributors in different cities. With big data technology, users can give feedback to the China National Heavy Duty Truck Group, helping them to adjust and improve the service. The app will also help to match trucks nationwide with commodity owners in need of transport. Follow-up services, such as the sale of electronic toll charge cards for highway transportation and auto finance services, will also be provided through the app. Previous Page 1 2 Next Page "There are many ways of seeing landscape quite as good and none more vivid, in spite of canting dilettanti, than from a railway train." 19th century Scottish author Robert Louis Stevenson's book Thoughts on Walking. Rail travel has always been, and still is, my preferred way to travel. Exactly 30 years ago this week I arrived in China by train on a journey from Glasgow, Scotland to Hong Kong's Hung Hom Station. China was a country I knew little about apart from a few confused preconceptions. It would have been easy to fly to Hong Kong but to appreciate a country, or in this case two continents, overland travel encompasses the geography, of watching Europe slowly give way to Asia, of meeting people and observing how they also physically changed, and learning from people about their countries. That journey was also a life changer. If I had not taken the train, my China story would never have happened - 30 years later this country remains my adopted home! The experiences - incredible! A warm July evening, retreating from the gravelly wastes of Mongolia's Gobi Desert the green eighteen coach train pulled into Erlain, China's border town. A fellow passenger, Mr Li, a journalist with the People's Daily East Berlin office, shook my hand while welcoming me to China. Minutes later we were both under the train watching the wheel bogies being manually swapped for Chinese track gauges, narrower than Mongolian and Russian. Idon’t think that when people grow up, they will become morebroad-minded and can accept everything. Conversely, I think it’s aselecting process, knowing what’s the most important and what’s theleast. And then be a simple man. 722. In the suitcase, the guitar tutor found the tuition by intuition. 723. The watchful snatcher dispatched a batch of combatants to the hatch. 724. The wretched butcher clutched the needle and stitched it clumsily. 725. The peer's queer peering is a sheer sneer. 726. The currency curriculum made the excursionist incur loss of time and money. 727. The stray betrayer arrayed the sprayers on the road. 728. Dust accumulated on the insulated simulator in the desolate lab. 729. The inflated balloon indicates a latent inflation on the plateau. 730. Trivial tributes constitute the attribute of constituent's report. 731. I acutely and resolutely refuted the brutal persecution of mute commuter. 732. This measure may preclude the exclusive agency from selling crucial crude oil. 733. He depicted the condition the man contradicting the verdict. 734. Magnify the magnitude of the magnetism. 735. The deputy chairman of the charity clarified the importance of clarity and purity. 736. The tramp from the tram swamped the ham hamburger with shampoo. 737. According to the pamphlet, the current in the amplifier can be amplified to 3 amperes. 738. Prolong the sponge along the longitude and latitude at an altitude. 739. The conservative man made a reservation in the observatory. 740. The mender recommends me to amend the legend agenda. 741. His comprehensive apprehension about the appendix of the pendulum is obvious. 742. Elevate the eleventh level to relevant height. 743. Thereafter, I adhered to the coherence inherent to the theory. 744. The prophet appropriately appropriated the fund for repairing propeller. 745. I'm baffled why the affiliated man initiated the negotiator into ego. 746. The radiation radius of the radioactive radium radiator in the stadium is variable. 747. Snobbish Knob is doing his hobby in the lobby. 748. The ass bypassed the guard and assassinated the surpassing ambassador in the embassy. 749. The corporate bodies collaborate elaborately on producing vibrating evaporator. 750. The dazzling light from the digital device dizzied me. 751. The extinct exotic bird's feather contains zinc. 752. The smuggler shrugged to the bugler hugging the bug in the tugboat. 753. The vocation advocate found the word "vocal" and "reciprocal" not in the vocabulary. 754. Without my aid I'm afraid the maiden would have been raided. 755. The slim Muslim reached his climax when he found the axis of the galaxy. 756. Bonus is a stimulus for me to study the silicon in the bacon. 757. The categories of the lubricated duplicators are intricate. 758. The wagging wasp grasps the crisp clasp for a gasp. 759. The reconciled reptiles rest on a fragile tile. 宣威钢筋冷挤压机华阴钢筋冷挤压机宣威钢筋冷挤压机岑溪钢筋套筒挤压机宣威钢筋冷挤压机宣威钢筋冷挤压机Walking from the east gate of the Central Academy of Fine Arts to its main studio takes less than 30 minutes, but for Li Cheng, a former campus security guard at the academy, the journey has taken almost a decade. The 28-year-old recently received an official offer from the academy in Beijing, nearly 10 years after his first failed application at the country's top arts academy in 2008. During his time as a security guard at the east gate, starting in 2012, he sketched workmates on the night shift in a silent hallway. When it came to the day shift, he would memorize English vocabulary. Li was born in a small mountainous village in Hunan province. At age 4, he started scrawling bananas and watermelons with charcoal under the guidance of his mother, who nurtured his passion for painting. Upon entering middle school, Li was able to continue painting thanks to his art teacher, Peng Dezhi. "It is Peng who persuaded my parents to allow me to pursue my passion for painting," Li said. Peng told him about the Central Academy of Fine Arts, the most coveted art school in China. He applied for the first time in 2008, but was rejected due to his poor academic performance. Li then took on a variety of jobs to make a living, from a food delivery courier and a substitute art teacher in Changsha, capital of Hunan province, to a factory worker in Shenzhen, Guangdong province. However, he got a chance to visit the academy in 2012 and decided that he would never give up his dream of studying there. "I was so thrilled to visit the academy. I thought to myself, 'I must study in this pine place,'" he said. Li applied for a job at the academy and began working as a security guard at the east gate. He started painting again and picked up his brush whenever he took a break. His artwork was seen by some students, who encouraged him to pursue his passion. Li signed up for a training course at a small studio near the campus and went there every day after work. But successive failures in academic performance in 2013 and 2014 left Li feeling his dream was unachievable. However, in 2016, he tried out for a fourth time, starting his academic courses from scratch. Eventually, his hard work paid off. He passed the professional test at the academy, ranking eighth nationwide. "Sitting with classmates 10 years my junior makes me feel like I am recapturing my youth," he said. Wang Keju contributed to this story. A rise in IPOs, expectations of stricter policy and high PE ratio are likely to hurt stocks of small technology companies as both retail and institutional investors in the equity market are increasingly favoring shares in commodity companies. Shares in small companies in IT, biotech and new material sectors that have been in a tailspin of late, are expected to slump further, while coal, steel and nonferrous metal stocks are tipped to coast on the respective companies' brightening business performance. "Investors are chasing stocks of listed companies with low valuations and good performance, and steering clear of stocks hyped up on concepts like 'technology-is-future'," said Zhan Jianwen, senior investment manager at China Investment Securities. The last two years have seen a meltdown of the ChiNext Startup Index, which comprises many small tech stocks. On Friday, the index closed at 1734.07, down 57 percent from its record high of 4,037.96 on June 4, 2015, when the descent from the peak started. Since June 2015, shares of 230 companies on the ChiNext fell more than 50 percent; 43 of them tumbled more than 70 percent; and 10, including well-known Dadong Xintai Electric and Qtone Education, crashed more than 80 percent. Market-people attribute some of that meltdown to fears that financial regulations are likely to get stricter. A potential crackdown on accounting frauds and other illegal practices by listed small technology companies is believed to be imminent. In addition, expectations of an IPO flood, and restrictions to preempt shadowy mergers and acquisitions or M&A aimed at boosting weak shares, have hurt the ChiNext Index, said Fu Jingtao, a market strategist with Shenwan Hongyuan Securities. Regulators have been emphasizing that financial markets should serve the real economy, hinting at the possibility that IPOs will continue and may accelerate. There were 260 IPOs in Shanghai and Shenzhen from January to July 14, more than the annual average of the last five years. In all, they raised 130.63 billion yuan ($19.38 billion), almost equalling the proceeds of last year. Since 2013, the Chinese government has encouraged the development of some emerging sectors. Investors thus came to fancy stocks of companies engaged in fields like online education, online lottery and manufacture of robots. In the first half of 2015, such stocks surged. "However, there are now more stocks with both reasonable valuations and good performance for the investors to choose, making the ChiNext companies with steep valuations not a good choice," said Fu. The fall in M&A's of ChiNext companies meant that investors are no longer expecting M&A-related high growth, more so because in several cases, the acquired companies were subsequently found to be riddled with bad performance, Fu said. In the January-May period, there were an average 10 M&A's per month, a far cry from the record 50 per month. Fu forecast that M&A's will decrease continuously until 2020. "The ChiNext of today, however, should not be seen as a sign of weakness across the emerging sectors. Some of China's best tech companies are listed overseas," Fu said. The price-earnings ratio of ChiNext stocks had peaked around 150 in 2015, exerting a great deal of pressure on the index, said Chen Jiahe, chief analyst of Cinda Securities. That pressure has pushed the average price multiple to around 40 now. It will continue to find its bottom in the coming months, Chen said. In contrast, coal, steel and nonferrous metal stocks have surged for the past several months, gaining momentum since June. The 300 Material Index rose almost 20 percent to 2454.73 on July 21 from 2047.95 on June 2. The index began its ascent early last year, and reached 1642.56 on Feb 5, 2016. The commodity stocks are hot picks for their low PE ratio and companies' good performance, said Chen. "The higher-than-expected 6.9 percent GDP growth in the first half of this year and the central government's firm supply-side reforms like overcapacity reduction have boosted investor confidence." With prices of coal and metals rising, profits of listed companies in those sectors have also kept pace, giving an impetus to their share price rise. For instance, net profit of Ling Yuan Iron & Steel Group increased 608 percent year-on-year in the first half of the year, according to its interim report published on July 22. Its stock, which bottomed out in 2016 at 2.4 yuan, closed at 3.6 yuan in Shanghai on Friday. However, Shenwan's Fu and Cinda's Chen both think that commodity stocks have limited upside potential as the contributory factors are already priced in. "There has been no hot spot recently for the market to chase except the commodity stocks," Chen said, adding that China is already past the period of relying on the development of heavy industry. So, unless there are some positives like higher exports, further economic growth would be difficult, Fu said. Representatives from Truck Alliance and the China National Heavy Duty Truck Group issue business licenses to 24 distributors from across China on July 25. [Photo provided to chinadaily.com.cn] In future, the Guizhou-based company runs a mobile app that will provide services for auto loan applications, truck purchases, commodities transport locations and vehicle sales. Users of the app will be able to order and pay online, and finish purchases at 24 distributors in different cities. With big data technology, users can give feedback to the China National Heavy Duty Truck Group, helping them to adjust and improve the service. The app will also help to match trucks nationwide with commodity owners in need of transport. Follow-up services, such as the sale of electronic toll charge cards for highway transportation and auto finance services, will also be provided through the app. Previous Page 1 2 Next Page "There are many ways of seeing landscape quite as good and none more vivid, in spite of canting dilettanti, than from a railway train." 19th century Scottish author Robert Louis Stevenson's book Thoughts on Walking. Rail travel has always been, and still is, my preferred way to travel. Exactly 30 years ago this week I arrived in China by train on a journey from Glasgow, Scotland to Hong Kong's Hung Hom Station. China was a country I knew little about apart from a few confused preconceptions. It would have been easy to fly to Hong Kong but to appreciate a country, or in this case two continents, overland travel encompasses the geography, of watching Europe slowly give way to Asia, of meeting people and observing how they also physically changed, and learning from people about their countries. That journey was also a life changer. If I had not taken the train, my China story would never have happened - 30 years later this country remains my adopted home! The experiences - incredible! A warm July evening, retreating from the gravelly wastes of Mongolia's Gobi Desert the green eighteen coach train pulled into Erlain, China's border town. A fellow passenger, Mr Li, a journalist with the People's Daily East Berlin office, shook my hand while welcoming me to China. Minutes later we were both under the train watching the wheel bogies being manually swapped for Chinese track gauges, narrower than Mongolian and Russian. Idon’t think that when people grow up, they will become morebroad-minded and can accept everything. Conversely, I think it’s aselecting process, knowing what’s the most important and what’s theleast. And then be a simple man. 722. In the suitcase, the guitar tutor found the tuition by intuition. 723. The watchful snatcher dispatched a batch of combatants to the hatch. 724. The wretched butcher clutched the needle and stitched it clumsily. 725. The peer's queer peering is a sheer sneer. 726. The currency curriculum made the excursionist incur loss of time and money. 727. The stray betrayer arrayed the sprayers on the road. 728. Dust accumulated on the insulated simulator in the desolate lab. 729. The inflated balloon indicates a latent inflation on the plateau. 730. Trivial tributes constitute the attribute of constituent's report. 731. I acutely and resolutely refuted the brutal persecution of mute commuter. 732. This measure may preclude the exclusive agency from selling crucial crude oil. 733. He depicted the condition the man contradicting the verdict. 734. Magnify the magnitude of the magnetism. 735. The deputy chairman of the charity clarified the importance of clarity and purity. 736. The tramp from the tram swamped the ham hamburger with shampoo. 737. According to the pamphlet, the current in the amplifier can be amplified to 3 amperes. 738. Prolong the sponge along the longitude and latitude at an altitude. 739. The conservative man made a reservation in the observatory. 740. The mender recommends me to amend the legend agenda. 741. His comprehensive apprehension about the appendix of the pendulum is obvious. 742. Elevate the eleventh level to relevant height. 743. Thereafter, I adhered to the coherence inherent to the theory. 744. The prophet appropriately appropriated the fund for repairing propeller. 745. I'm baffled why the affiliated man initiated the negotiator into ego. 746. The radiation radius of the radioactive radium radiator in the stadium is variable. 747. Snobbish Knob is doing his hobby in the lobby. 748. The ass bypassed the guard and assassinated the surpassing ambassador in the embassy. 749. The corporate bodies collaborate elaborately on producing vibrating evaporator. 750. The dazzling light from the digital device dizzied me. 751. The extinct exotic bird's feather contains zinc. 752. The smuggler shrugged to the bugler hugging the bug in the tugboat. 753. The vocation advocate found the word "vocal" and "reciprocal" not in the vocabulary. 754. Without my aid I'm afraid the maiden would have been raided. 755. The slim Muslim reached his climax when he found the axis of the galaxy. 756. Bonus is a stimulus for me to study the silicon in the bacon. 757. The categories of the lubricated duplicators are intricate. 758. The wagging wasp grasps the crisp clasp for a gasp. 759. The reconciled reptiles rest on a fragile tile.