Find out the background of natural resources. The third national land survey was launched in Sichuan.


On February 28, 2019, Sichuan Province held the third national video conference on promoting land survey. Deng Gan


Pujiang carried out field investigation. (Photo courtesy of Pujiang County Planning and Natural Resources Bureau)

Land is the foundation of nature, the source of ecology, the key to production and the foundation of survival. Beautiful Sichuan, with a land area of 486,000 square kilometers, ranks the fifth in the country, with all landforms except the ocean. How many types of land are there in this vast land? How is the production and utilization? How to divide land ownership? These problems are closely related to our lives.

In October 2017, the State Council deployed and launched the third national land survey; In September 2018, the State Council decided to adjust to the third national land survey (referred to as "Three Tunes"). The purpose of carrying out the "three adjustments" is to comprehensively find out the national land and resources, comprehensively find out the current situation of national land use, comprehensively grasp the true and accurate national land basic data, improve the natural resources investigation, monitoring and statistics system, strengthen the socialized service of natural resources information, and meet the needs of economic and social development and natural resources management.

At present, the third national land survey in our province is taking the completion of county-level land survey and database construction by the end of May 2019 as the time node to implement the 100-day attack in accordance with the requirements of national unity. The unified data update will be carried out with December 31, 2019 as the standard time. Complete all tasks in 2020.

In the face of huge natural resources, how can Sichuan find out? How to touch it?

A

From "Land" Survey to "Land" Survey

Take the step of unified management of natural resources

According to the relevant requirements of the Land Administration Law of the People’s Republic of China and the Regulations on Land Investigation, China conducts a survey on the basic national conditions and national strength of land every ten years.

Before the "Three Tunes", China had conducted two national land surveys. The first time was a detailed land survey from 1984 to 1996; The second time was the land survey in 2007-2009. Based on the data of two detailed investigations and surveys, the data are supplemented and updated every year according to actual changes. Different from the previous two surveys, this survey was renamed, and the "land" survey was changed to "national territory" survey.

From "land" to "national territory", although it is only a word difference, it highlights the new characteristics of this survey. Behind the "renaming", it reflects the new strategy of the central government’s decision-making, implements the new tasks after the institutional reform, and promotes the new requirements of objectivity and authenticity. According to the institutional reform plan of the State Council and local people’s governments, the competent department of natural resources will be established to uniformly exercise the duties of the owner of natural resources owned by the whole people, and uniformly exercise the duties of controlling the spatial use of all land and ecological protection and restoration. Compared with the third national land survey, the classification of the third national land survey has undergone major changes, and a series of mergers and adjustments have been made. In particular, to meet the needs of building ecological civilization, wetlands have been regarded as first-class land types, and gardens have been adjusted to plantation land, and the first-class land types have increased from 12 to 13. The "three tones" emphasize the authenticity of the data more clearly, and clearly delete the order of determining the land types of "tillage, garden, forest and grass". In order to meet the needs of multi-sector overlapping management, the marking of patches (on the survey work map, land units with basically the same landform and land use type are divided into one category, and then the units are sketched on the topographic map to become patches) is innovatively implemented.

According to the relevant person in charge of the Provincial Department of Natural Resources, the transition from "land" to "national territory" has taken an important step in the transition of centralized and unified investigation of natural resources, laying a solid foundation for the unified exercise of the duties of the owner of all natural resources assets of the whole people and the unified exercise of all national land use control and ecological protection and restoration duties.

In fact, "three adjustments" is the first step of unified management of natural resources. "Only by laying a good foundation can we create conditions for development and utilization."

B

From "Jiulong Water Control" to "A Set of Data"

Find out the family background and lay the foundation for high-quality development

The "Three Tunes" is an important survey of basic national conditions and national strength after China’s development entered a new stage, which not only involves the construction of ecological civilization, but also relates to a series of natural resources conditions and basic judgments of national conditions and national strength for China’s second century struggle goal. "Carrying out the third national land survey is of great significance for thoroughly implementing the decision-making arrangements of the Third and Fourth Plenary Sessions of the Eleventh Provincial Party Committee, comprehensively promoting the high-quality development of the province and promoting the governance of Sichuan to a new level." The relevant person in charge of the Provincial Department of Natural Resources said.

This institutional reform has made it clear that the natural resources management departments should make unified plans for land and space, and uniformly control the use of all natural ecological spaces. Inconsistency in the basic data, coordinate system, planning period and control rules of previous spatial planning will be solved, and the division of space management rights will be more clear, so as to achieve non-stacked space control of a single national space and provide a solid foundation for drawing a blueprint to the end. The basic data for the compilation of land spatial planning depends on the "three tones".

From the perspective of ecological resources protection, the situation of land, water, woodland, grassland, wetland and other resources formed by the "three adjustments" will provide a basis for the overall protection, system restoration and comprehensive management of lakes and grasses in landscape forests and fields. Only by comprehensively finding out the ecological land conditions such as forest land, grassland and wetland in the whole province can we optimize the three boundaries of ecological protection red line, permanent basic farmland and urban development boundary, effectively implement the control of land space use, effectively carry out the action of greening the whole Sichuan, and promote the continuous improvement of ecosystem functions in the upper reaches of the Yangtze River.

From the perspective of high-quality economic development, finding out all kinds of land use conditions will provide a basis for scientifically compiling the province’s land spatial planning and better optimizing the pattern of land development. By reasonably determining the total amount, location and structure of land supply, we will continue to promote industrial transformation and optimization and upgrading, and further promote the supply-side structural reform.

Under the background of natural resources management reform, the work of "three adjustments" is very rich in content. "In the past, the current situation of land use was mainly investigated by the land department, the forest and wetland resources were investigated by the forestry department, the grassland resources were investigated by the agricultural department, and the water resources were investigated by the water resources department … The data and survey standards of various departments were different, resulting in data overlap and waste of administrative resources." The relevant person in charge of the Provincial Department of Natural Resources said that on the basis of the second national land survey and referring to the original survey data of forestry, agriculture, water conservancy and other departments, this survey broke the investigation mode of "Jiulong Water Control" and formed a bottom plate and a set of data.

To implement the unified national deployment and requirements, provinces, cities (prefectures) and counties (cities, districts) have set up the leading group for the third national land survey, headed by the main leaders of the government or leaders in charge, with the deputy secretary-general in charge and the main leaders of natural resources departments as deputy heads, and the leaders in charge of all relevant departments as members, and set up the leading group office and corresponding working groups, especially the technical guidance group, to promote the related issues to be handled resolutely in accordance with the "three adjustments" technical regulations.

C

From traditional means to "internet plus"

Top-level design of technology to realize data traceability management

On the basis of relevant national work requirements, our province, in combination with the actual situation, organized forces to pay close attention to the top-level design of technology, worked out the implementation plan and technical specifications, defined the objectives and tasks, work content, division of tasks among provinces, cities and counties, organization and implementation, technical methods, etc., and reported them to the Ministry of Natural Resources for the record. Unified production of the province’s transportation and water conservancy network, survey boundaries, control area and other basic control key data. Establish a provincial-level "Internet"+proof platform, and formulate management measures for indoor and outdoor verification of quality control of achievements in the province.

In order to make the statistical data more accurate, from June to August, 2018, the provincial "three-adjustment office" held nine training courses, with a total of more than 5,500 people trained and more than 4,400 social workers trained professionally. In order to test and strengthen the training effect, the training also specially arranged the examination link, and finally 3800 people passed the test.

Before the "Three Tunes" work was rolled out on a large scale, our province adopted the pilot method to try first. In addition to the national pilot of new land survey technology in Daying County, our province has also identified four provincial-level pilot demonstration areas and counties, namely Jinjiang District of Chengdu, Renhe District of Panzhihua City, Longmatan District of Luzhou City and Changning County of Yibin City, to carry out the work of "three adjustments" in an orderly manner. "The investigation work in these pilot demonstration areas and counties has played a good role in leading the demonstration and laid the foundation for the full implementation of the’ three adjustments’ work in the province." The relevant person in charge of the Provincial Department of Natural Resources said.

The survey base map is the basic data of the "three tones", which relates to the overall accuracy of the survey. To this end, our province organizes special personnel to regularly connect with the national "three-adjustment office" and the Provincial Surveying and Mapping Geographic Information Bureau, track and implement the production of survey maps, and collect and distribute them in time. At present, the achievements of all counties in the province have been obtained, covering nearly 486,000 square kilometers, including 3.653 million map spots, covering an area of nearly 53.815 million mu. The Provincial Department of Natural Resources also docked relevant units such as civil affairs, ecological and environmental protection, housing and urban construction, transportation, water conservancy, agriculture and rural areas, forestry and grass, surveying and mapping, railways, etc., and did a good job in collecting basic investigation data.

"Internet"+proof platform is the "secret weapon" of "Three Tunes" work. The "Three Tunes" adopts an achievement quality assurance system with "Internet"+proof platform as the core, which assists the interpretation of high-resolution remote sensing images, and the relevant departments of the state and province conduct internal verification through on-the-spot proof photos, which is highly reliable. At the same time, when the field investigators take photos at the scene, they correspond the information such as angles and coordinates with the field photos one by one, which ensures the authenticity and accuracy of the survey data.

Chengdu Qingbaijiang explores "three tones"

Make the survey detailed and the data solid

In mid-January, Longwang Village, Renhe Town, qingbaijiang district, Chengdu. The fog in the morning has not dispersed, and investigator Yan Quanlin has started a day’s work. Sichuan Chuanhe Surveying and Mapping Geographic Information Co., Ltd., where Yan Quanlin works, is responsible for the third national land survey in qingbaijiang district. It is normal for them to go to villages to check the land use situation.

This is a microcosm of the third national land survey in our province. How to do the investigation? What’s the use of investigation? This can be seen from the practice of this small village.

How? "Three adjustments" to the end, the verification does not leak a place.

Basemap is the basis of investigation, which is issued by the state. Based on the latest orthophoto image, according to the image characteristics, the land use types are interpreted patch by patch, and the land use patches are extracted, which is made with reference to the results of the 2016 land change survey database. In order to make the details clearer, Qingbaijiang invested more than 5 million yuan to carry out aerial photography of the whole area at a large scale of 1: 2000. "As small as a tree and a Zhang Shitou table, it can be reflected on the map."

According to the requirements of the "three adjustments", it is necessary to accurately find out the use type, area, ownership and distribution of each piece of land in urban and rural areas throughout the country and establish a land survey database. "What we have to do is to go to every household and truthfully reflect the current situation of land use." Yan Quanlin said.

In the field investigation, investigators will carry a tablet computer with them, which contains an electronic version of the base map, which has the function of positioning, can navigate for investigators, and can also sketch directly if they encounter inconsistent spots. "In the last round of investigation, because the base map was not clear enough, some houses were not seen on the map and were ignored, which caused great inconvenience to farmers." Liu Guanghai, deputy director of the Third Dispatch Office in qingbaijiang district, said that the district has set up leading groups for the Third Dispatch at all levels, and included village cadres in the contact list of the township "Third Dispatch" groups, and followed the investigators to visit the households to ensure that there were no omissions.

It is worth mentioning that, while carrying out the "three adjustments", qingbaijiang district further investigated and verified the collective land ownership, collective construction land use right (including homestead use right), contracted management right, agricultural land use right and forest right, and asked the villagers’ groups to investigate the collective land ownership, so as to lay a solid foundation for vector graphics management of natural resources in the whole region.

What do you think? In-depth publicity is known to everyone, and only by finding out the base can we revitalize resources.

"They often come to investigate, and we all know that they are welcome." In Longwang Village, the "Three Tunes" are not just propaganda documents posted in the village committee office, but major events that every household really cares about. With the cooperation of the masses, the work of "three adjustments" in Qingbaijiang ran out of "acceleration".

From the beginning of the "Three Tunes" work, the town called a meeting of village cadres to convey the connotation of the "Three Tunes" work to the grassroots in time and to fully explain the significance of the "Three Tunes" to rural development. Longwang Village has also held many meetings of members to popularize the knowledge of "Three Tones". Longwang Village is located in a deep hill with poor living conditions. "When there is a drought in summer, we have to drive to pull water up." Xiao Peng, director of the village, said that the survey showed that more than 90% of the villagers were willing to move to the foot of the mountain.

On January 16th, relevant people visited the village and found that every villager could say a few words about the meaning of the "three tones". In Xiao Peng’s view, a clear investigation of the base will lay a good foundation for the next implementation of the increase and decrease linked project. For villager Liu Weicheng, the significance lies in "finding out how wide the house at home is, and then moving to the community and calculating the compensation, it will be clear."

By increasing or decreasing linked projects, villagers will move to concentrated residential areas, which will change the production and living conditions and expand the development space of the village. "We intend to introduce social capital and build a rural tourism project." Xiao Peng said that only by making clear the stock in the village through investigation can the project be planned smoothly and lay a good foundation for rural revitalization. "The people are very supportive of this."

"Three Tones" Tips

A few days ago, the Office of the Leading Group for the Third National Land Survey in the State Council issued the Technical Questions and Answers of the Third National Land Survey, which sorted out 70 specific operational problems and treated the "intractable diseases" encountered in the survey. Some problems are selected here to provide reference for the work of "three adjustments"

1, the new cultivated land in the land consolidation project area, in the investigation whether according to the land consolidation project documents to determine the scope of cultivated land map?

Answer: The plots with cultivated land at present, whether it is land consolidation, farmers’ independent development or reclamation projects, should be investigated according to the field cultivated land scope, and the map boundary should not be determined according to the consolidation scope.

2. The field is irrigated land, which was originally managed according to paddy field. How to investigate?

Answer: For the paddy field survey of paddy-upland rotation, for the irrigated land used for a long time. If the investigation is irrigated land, evidence must be given on the spot.

3. How to investigate the map spots where the land use registered with the right is inconsistent with the actual use?

Answer: According to the actual situation, it is not allowed to investigate directly according to the approved use or planned use of land.

4. There are a large number of rural houses of 100 to 200 square meters in some areas. Is it allowed that the minimum area of construction land in some counties and districts is 100 square meters?

A: All provinces (autonomous regions and municipalities directly under the Central Government) can improve the survey accuracy of construction land in their own provinces (autonomous regions and municipalities directly under the Central Government) and reduce the minimum area index on the map, but the accuracy of the whole province (autonomous regions and municipalities directly under the Central Government) should be guaranteed to be uniform.

5. The cultivated land that has been abandoned for a long time is covered with shrubs, and the ridges of cultivated land are still clearly visible. How to investigate?

Answer: According to the current situation, it is forest land. If farming can be resumed after cleaning, the attribute "Farming can be resumed after cleaning" shall be marked.

6. How to investigate the villagers planting fruit trees on the land registered as cultivated land in the contract certificate?

Answer: According to the current investigation, it should be investigated as plantation land, and it should not be investigated according to the registered use of the contract.

7, within the scope of the village, the field for farming purposes, whether according to the facilities of agricultural land survey?

Answer: If livestock and poultry are raised centrally in a village, it shall be investigated according to the protected agricultural land; if it is within the scope of concentrated contiguous villages, it may be marked with the attribute of 203.

8. How to investigate the green land inside the factory? Answer: The green forest land and grassland in the completed factory are investigated according to the industrial land.

9. There are many kinds of land types (such as pits and ponds, weeds, woodlands, sporadic construction, etc.) in the map spots interpreted by the state according to images, and the field situation is complicated. How to investigate?

A: The information and scope of map classification provided by the state are for reference. According to the present situation on the spot, the map spots should be divided and the land types should be determined respectively if the minimum area on the map is reached; Those that do not reach the minimum area on the map are merged into adjacent land types. If it is inconsistent with the country’s interpretation of land types based on images, it is necessary to take photos and give evidence on the spot as required.

10. Can fields, roads, ditches, etc. be represented by single-line linear features?

A: No. Linear features such as roads, ditches and rivers that meet the above standards should be re-vectorized according to the field investigation results and image characteristics, and represented by patches. (Mi Fang Tan Wei)

CITIC Securities: The market underestimated the impact of the Japanese nuclear pollution incident on the competition pattern of China’s beauty industry, and suggested paying attention to the replaceme

We believe that the market underestimated the impact of the Japanese nuclear pollution incident on the competition pattern of China’s beauty industry. (1) According to the sea discharge plan announced by the Japanese government, the nuclear polluted water will be discharged into the sea for at least 30 years, with strong persistence and repetitiveness. Every time the sea discharge is started every year, it may cause a new round of concern, and events such as pollution caused by sea discharge may cause staged public opinion. ② This incident has caused a great impact on Japanese cosmetics in brand, product, channel and marketing dimensions. Based on the leading operation precision of new domestic channels and continuous breakthrough in product strength, we believe that Chinese cosmetics is expected to make up for its position quickly and continue to expand its market share in the medium and long term. (3) Japanese cosmetics account for a relatively high proportion in sunscreen, cleansing and suits, and the price band is positioned at the high end, so the above areas have great substitution opportunities. Pay attention to the sunscreen track with large space for daily makeup replacement and strong growth potential, and the skin care track with large space for daily makeup replacement; Pay attention to the upstream raw material industry chain with continuous technological breakthrough and upgrading.

The discharge of nuclear pollution water into the sea has caused negative public opinion, and Japanese cosmetics products, channels and brands are under pressure in many aspects.

The Japanese government launched the Fukushima nuclear pollution water discharge plan from August 24, 2023, which will last for at least 30 years. The related events have caused a lot of negative public opinions. The Japanese makeup lies in: 1) brand dimension: consumer aversion caused by national sentiment+brand quality reputation double blow; 2) Product dimension: safety causes consumers’ concerns; 3) Channels and marketing: KOL cooperation in new channels is negatively affected. Under the pressure of many sides, the sales of Japanese cosmetics fell after the incident of discharging the sea.

It is estimated that there will be more than 7 billion alternative spaces, and there will be great opportunities in the middle and high-end positioning, sun protection and skin care products.

It is estimated that Japanese cosmetics will give over 7 billion market share in two years:Based on the assumption that the negative impact of the nuclear pollution incident continues, with reference to the sharp drop of 21% in Japanese cosmetics imports from January to November 2023 and the general drop of 15% in Japanese Top brand sales in 2023, we estimate that the market size of Japanese brands will drop by about 15% in 2023, giving up about 5.2 billion yuan. In terms of the Japanese market scale in 2024, we made three scenarios based on the import data, the sales data of Japanese brands after the cooperation of Daren, and Shiseido’s statement at the 3Q23 performance meeting. It is estimated that the total market space of Japanese cosmetics in 2023~24E will be 5.8-10.5 billion yuan, and the neutral hypothesis is expected to be about 7.5 billion yuan.

There are great opportunities for mid-to high-end positioning, sun protection and skin care products:Referring to the main Japanese brands covering the middle and high price bands, and according to Euromonitor data, the sales scale of high-end Japanese brands is about 24.2 billion yuan, accounting for 70%. We judge that the market share given by Japanese brands is relatively high-end, and the brands in the upgraded price band have hope to undertake it. With reference to the market scale of Japanese cosmetics, 64% is for skin care, 11% is for make-up and 10% is for sun protection, which respectively account for 9%/7%/23% of the market scale of skin care, make-up and sun protection in China. Considering that the makeup category mostly adopts OEM mode, the impact is relatively light, we think that sun protection and skin care track are more likely to be replaced. Further subdividing the skin care market, we find that Japanese brands account for the sub-category of cleansing and facial care suits.

National makeup opportunities: the sun protection track has a high growth and superimposed daily makeup replacement opportunities, and the skin care track has a selection of cleansing and suit segmentation.

1) High growth of sunscreen track+replacement of daily makeup, and the national makeup leader will benefit first under the management of special certificate.According to Euromonitor, the sunscreen track is a traditional advantage category of Japanese makeup, with a Japanese market share of 24%; In the first big promotion after the nuclear waste water incident, the market share of Japanese sunscreen amoy declined by 10%, and that of Tik Tok declined by 4%. The penetration rate of sunscreen cosmetics in China is low. According to NMPA standard, the penetration rate of women who normally use sunscreen products in the peak season of sunscreen is only about 16%. In the field of children’s sun protection in the cultivation period, a series of sun protection products with sales exceeding 400 million yuan have also appeared, and there is sufficient room for development. In addition, because sunscreen products are under special license management, the registration period needs 9-15 months, and we judge that the national makeup faucet that lays out the sunscreen track in advance is expected to benefit first.

2) The skin care track is a must, paying attention to the cleansing and suit subdivision with large replacement space.According to the data of the blast furnace, Japanese brands account for 51% of the Top10 cleansers and 23% of the facial care packages, and there are great potential replacement opportunities. Among them, the domestic cleansing positioning is cost-effective, the product strength is equal to Kerun, and the new channel operation is significantly ahead of Japan, which is expected to replace the mid-range Japanese cleansing market. The segmentation of facial care suits is dominated by foreign brands, positioning the overall high-end, and high-end products and high-end brands of national cosmetics are expected to be partially undertaken; At the same time, the leading domestic products in the expansion stage of large single products form a set of "stocking goods" with star single products, which greatly increases the unit price of customers and also has certain development opportunities.

The attention of Japanese raw materials has increased, catalyzing the further upgrading of the national cosmetics industry chain.

Japanese raw material manufacturers have good overall color, smell and quality, mainly core skeleton raw materials and monomer active ingredients, and are leading the world in some segments; Local raw material manufacturers cover more comprehensively and achieve breakthroughs in Japanese in individual segments. With the increasing attention paid to cosmetics raw materials after the nuclear water pollution incident, the upstream industrial chains such as R&D and raw materials are enriched in China, and the cosmetics supply chain in China is gradually recognized internationally. The incident will further promote the perfection and upgrading of the national cosmetics industrial chain.

Risk factors:

There is a high degree of uncertainty about the impact and duration of the nuclear pollution water discharge event; Skin care products are typical optional consumer goods, if residents’ consumption willingness and confidence are weak or have a negative impact on companies in the industry; If the regulatory policy changes beyond expectations, it may lead to a corresponding slowdown in the growth rate of industries and enterprises; The risk that the product strength and brand strength of local brands are not improved as expected; The risk of concentrated sales of e-commerce platform; The risk of changes in marketing channels; Risks of technology research and development.

Investment strategy: pay attention to the replacement opportunities of Japanese makeup in combination with the main line of growth.

We believe that the market underestimated the impact of the Japanese nuclear pollution incident on the competition pattern of China’s beauty industry. (1) According to the sea discharge plan announced by the Japanese government, the nuclear polluted water will be discharged into the sea for at least 30 years, with strong persistence and repetitiveness. Every time the sea discharge is started every year, it may cause a new round of concern, and events such as pollution caused by sea discharge may cause staged public opinion. ② The incident caused a great impact on the brand, products, channels and marketing dimensions of Japanese cosmetics. Based on the leading operation precision of new domestic channels and the continuous breakthrough of product strength, we believe that Chinese cosmetics is expected to make up for its position quickly and continue to expand its market share in the medium and long term. (3) Japanese cosmetics account for a relatively high proportion in sunscreen, cleansing and suits, and the price band is positioned at the high end, so the above areas have great substitution opportunities. Pay attention to the sunscreen track with large space for daily makeup replacement and strong growth potential, and the skin care track with large space for daily makeup replacement; Pay attention to the existence of upstream raw material industry chain that constantly breaks through and upgrades.

Stock Market Express: Disu Fashion (603587) sold 2,294,400 yuan of main funds on January 29th.

According to Securities Star, as of the close of January 29th, 2024, Disu Fashion (603587) closed at 12.78 yuan, down 2.96%, with a turnover rate of 0.48%, with a turnover of 22,600 lots and a turnover of 29,298,900 yuan.

On the data of capital flow on January 29th, the net outflow of main funds was 2,294,400 yuan, accounting for 7.83% of the total turnover, the net outflow of hot money was 617,900 yuan, accounting for 2.11% of the total turnover, and the net inflow of retail funds was 2,912,300 yuan, accounting for 9.94% of the total turnover.

See the following table for a summary of capital flows in the past five days:

The main indicators and industry rankings of this stock are as follows:

The third quarterly report of Disu Fashion in 2023 showed that the company’s main income was 1.846 billion yuan, up 7.37% year-on-year; The net profit of returning to the mother was 414 million yuan, up 10.17% year-on-year; Deducting non-net profit was 353 million yuan, up 10.76% year-on-year; In the third quarter of 2023, the company’s main revenue in a single quarter was 598 million yuan, down 3.28% year-on-year; The net profit returned to the mother in a single quarter was 107 million yuan, down 13.54% year-on-year; Non-net profit in a single quarter was 103 million yuan, down 14.52% year-on-year; The debt ratio is 19.5%, the investment income is-4,723,700 yuan, the financial expenses are-50,729,900 yuan, and the gross profit margin is 74.81%. Disu Fashion (603587) is mainly engaged in the design, promotion and sales of high-end brand women’s wear.

In the last 90 days, the stock has been rated by 9 institutions, with 7 buy ratings and 2 overweight ratings. The average target price of institutions in the past 90 days was 17.46.

Explanation of the term "capital flow": refers to the reversal of capital flow through price changes. When the stock price is in a rising state, the turnover formed by active buying orders is the driving force for the stock price to rise, which is defined as capital inflow, and when the stock price is in a falling state, the turnover generated by active selling orders is the driving force for the stock price to fall, which is defined as capital outflow. The difference between the two forces on that day is the net force left to push the stock price up after the two forces offset each other on that day. Calculate the main capital flow, hot money flow and retail capital flow through the transaction amount of each transaction.

Note: The main funds are large single transactions, the hot money is large single transactions, and the retail investors are small and medium single transactions.

The above contents are compiled by Securities Star according to public information and generated by algorithm, which has nothing to do with the position of this website. Securities Star strives for but does not guarantee the accuracy, completeness, effectiveness and timeliness of all or part of this information (including but not limited to text, video, audio, data and charts). Please contact us if you have any questions. This article is for data collation, and does not constitute any investment advice for you. Investment is risky, so please make a careful decision.

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