外资将进一步流入中国市场 人民币资产具有长期投资价值

2021年04月12日 32995点热度 0人点赞 6,526条评论

当前世界正处于百年未有之大变局,大国战略博弈加剧,国际经济体系深刻变革,不确定、不稳定因素明显增多。2020年新冠肺炎疫情大流行更是对世界经济格局走向的一次重大外部冲击,不仅加剧了国家间竞争力的结构性调整,同时也促进了世界经济中心向亚洲转移。2020年,中国把握住了危机中蕴藏的实体经济发展机遇,率先从新冠肺炎疫情中实现经济复苏。在全球主要经济体央行持续实施量化宽松货币政策、美国经济严重衰退的背景下,中国经济的长期稳定性和人民币资产日益增强的避险属性,促使外资进入中国市场的意愿持续提高。展望2021年,中国经济开始步入“十四五”时期,双循环新发展格局正在形成,人民币国际化面临全新的发展机遇,国际投资者对人民币资产的认可度将持续提高。

外资持有人民币资产的最新情况

高水平金融开放是构建新发展格局的关键一环,也是促进中国经济高质量发展的有力支撑。为推动中国资本市场国际化进程,我国于2014年和2016年先后开通“沪港通”“深港通”互联互通机制,于2017年开通“债券通(北向)”,于2019年开通“沪伦通”及中日交易型开放式指数基金(ETF)互通;2019年,取消QFII(合格境外机构投资者)、RQFII(人民币合格境外机构投资者)投资额度限制,旨在为境外投资者配置人民币资产提供便捷的渠道。与此同时,我国资本市场正逐步获得国际主流投资者的认可,中国A股、债券等金融产品先后被纳入主要国际指数,吸引大量外资主动或被动流入中国市场。伴随着我国金融开放步伐的加快,2020年国际投资者对人民币资产的投资持续增加。

(一)股票市场

1.陆股通成为境外投资者配置中国A股资产的主要渠道

外资可通过QFII、RQFII和沪深港通等渠道进入中国A股市场。其中,QFII、RQFII仅限于机构投资者,有较高的投资门槛,而沪深港通则具备投资门槛低、结算灵活、汇入汇出无限制等特点。陆股通(沪股通、深股通)作为北向资金通过互联互通机制进入中国股票市场的投资通道,对QFII的替代趋势较为明显,逐渐成为境外投资者投资A股的最主要渠道。数据显示,外资通过陆股通持有中国A股市值近年持续攀升。截至2020年第三季度,陆股通持股市值达到18803.55亿元人民币,而通过QFII/RQFII进入中国A股的外资份额则保持了相对稳定,持股市值为2383.63亿元,二者差异呈持续扩大之势

外资将进一步流入中国市场 人民币资产具有长期投资价值

2.北向资金规模略有下降但全年实现净流入、高收益

2020年,在全球新冠肺炎疫情的冲击下,外围经济形势不确定性增加,全球资金风险偏好降低,使得境外投资者减少了新兴资本市场资产配置。受此影响,2020年北向资金全年净流入2089亿元,较2019年的3517亿元的净流入规模减少了41%。2020年3月,新冠肺炎疫情导致市场恐慌情绪蔓延,原油价格下跌,美股多次熔断,北向资金大规模流出中国A股市场,净流出规模高达679亿元。2020年9月,尽管人民币升值明显,但由于外围形势不确定性提升,北向资金再次净流出328亿元(见图2)。尽管新兴市场整体面临着外资流入削减甚至资金流出的负面冲击,中国仍然凭借有力的疫情防控和及时复工复产实现了2020年股票市场的不俗走势。截至2020年年底,北向资金持有中国A股市值达到了2.3万亿元,相较于2019年年底的1.4万亿元有大幅提升,外资持有A股市值增加主要源于持股收益瞩目,剔除当年净流入的2089亿元资金后,收益率高达50%。

外资将进一步流入中国市场 人民币资产具有长期投资价值

(二)债券市场

1.债券通为中国债券市场提供了巨大增量空间

自2010年三类机构(境外央行或货币当局、港澳地区人民币清算行、境外跨境贸易人民币结算参加行)获批进入我国银行间债券市场以来,人民币债券市场逐步向境外投资者开放。2013年,QFII和RQFII获批进入银行间市场;2015年至2016年,银行间市场向境外投资者扩大可投资范围并取消投资额度限制,开放程度进一步加大;2017年,“债券通”的落地提高了境外机构通过不同渠道投资中国债券市场的便利度,满足了全球投资者购买人民币资产的需求;2020年,在全球经济遭受重创的背景下,我国债券收益率在全球主要国家中表现相对突出,人民币资产表现出一定程度的避险特征,中美利差大幅走阔,使得外资流入中国债券市场的意愿增强。中央结算中心与上海清算所的数据汇总显示,截至2020年年底,境外投资者持有人民币债券(含同业存单)的总量超3.2万亿元,较2019年增长了48.8%

2.国债占比仍居高位,政策性金融债吸引力持续增强

根据中央结算公司与上海清算所统计月报披露的境外机构持有中国债券的券种结构,记账式国债、政策性金融债、同业存单持有量合计占比超90%,是境外机构持有人民币债券的主要形式(见图4)。其中,外资持有的国债占比由2020年年初的约60%降至年底的57.82%,而政策性金融债占比则由22.85%上升至28.31%,二者变动方向与2019年保持一致。为鼓励和吸引境外资本参与国内经济发展,我国自2018年年底出台了境外机构投资境内债券利息收入免税政策,使得利率比国债高出几十个基点的政策性金融债增强了吸引力,境外投资者进一步加速配置政策性金融债。总体而言,境外机构购买人民币债券表现出追求稳定收益的特征,以投资利率为主要目的,而对信用债的持有比例较低。此外,我国2020年债券爆雷事件频发,债券市场信用评级体系暴露出较大缺陷,也增加了外资对我国信用债的担忧。

三)整体评价

2020年境外投资者持续进入中国资本市场,人民币资产吸引力进一步增强。一是由于中国未采用零利率和量化宽松等非常规货币政策,在世界各国纷纷进入零利率或负利率时代的背景下,我国与其他国家的利差优势为全球投资者带来了超额回报。二是由于中国资本市场估值相对偏低,对于以价值投资为主的境外投资者而言,高回报、低估值的人民币资产具有长期投资价值。三是由于我国经济稳健复苏,成为2020年全球唯一经济正增长的主要经济体,境外投资者通过配置人民币资产可分享中国经济的发展红利。四是由于中国资本市场开放政策实施效果显著,向全球释放出积极信号,外资普遍对人民币持有较强信心。

但也要看到,尽管近年来外资持续增加人民币资产配置,但当前外资在中国A股和银行间债券市场中持有市值的占比仍处在较低水平,与成熟资本市场相比差距悬殊,中国资本市场对于外资流入还存在广阔的增量空间。未来,中国应继续加快推进金融市场开放,提高资本市场资源配置效率,建设高标准市场体系,提升人民币国际化水平,进一步增强人民币资产国际金融市场的竞争力。

2021年市场环境变化趋势

(一)国际形势

1.美国财政刺激计划呼之欲出,美联储将维持宽松货币政策

作为世界主要储备货币、流通货币的发行国,美国宏观政策对世界经济具有明显的外溢效应。财政政策方面,2021年1月,美国新任总统拜登公布了名为“美国营救计划”的经济刺激计划,总规模将达到1.9万亿美元,以拯救因新冠肺炎疫情受到重创的美国经济。若大规模财政刺激计划顺利通过国会立法,则需要财政部增加国债发行量以提供资金来源。较高的发债融资需求,将推动美债收益率走高,从而使美国政府的债务压力愈加沉重。货币政策方面,美联储2020年12月议息会议纪要文件显示,公开市场委员会成员普遍支持保持债券购买计划直到经济显示出持久复苏迹象,而一旦就业及通胀目标取得实质性进展,美联储就可以开始逐步缩减资产购买。“缩减”一词首次出现在会议纪要中,市场预期美联储缩减量化宽松的货币政策或将比原定计划提前。

可以预期的是,若1.9万亿美元财政刺激计划顺利落地,短期内美联储会继续配合购买债券,并维持低利率环境以控制政府融资成本,2021年将持续为全球市场注入新的流动性。而随着财政刺激对美国经济的提振作用及新冠肺炎疫苗的接种,美国经济预计于2021年下半年起会显露复苏态势,美联储或于2021年年底或2022年年初缩减量化宽松规模。中长期看,美联储量化宽松政策退出将导致全球资本流向逆转,进而引发新兴经济体资产价格缩水及金融市场波动,人民币汇率及人民币资产将可能因此面临一些新的考验。

2.美债收益率回升,中美利差收窄

在美债收益率方面,一是美国财政刺激计划首先需要通过大量增发国债弥补资金缺口,增加债券供给;二是投资者普遍看好财政刺激计划对美国经济的支撑作用,市场情绪乐观;三是基于美国积极的财政政策和宽松的货币政策,再通胀预期增强。上述三个因素将共同推升2021年美债收益率。但由于美联储将继续维持政策利率稳定,预计美债收益率上升幅度不会过大。反观中国,中央经济工作会议已明确了2021年宏观政策要保持连续性、稳定性、可持续性,并强调政策操作上“不急转弯”。这既体现了我国宏观政策正常化的大方向已经明确,也表明政策收紧步调不会过快,中国经济复苏依然需要结构性货币政策的支持。因此,中短期内,中国将继续实施稳健的货币政策,与欧美等世界主要国家在政策上的分化将有所收敛,由此或导致中美利差开始收窄。截至2021年1月底,中美10年期国债收益率差已由2020年250个基点的历史高点收窄至207个基点。从中长期看,受到美债收益率上升及中国政策退出等因素影响,预计美国10年期国债收益率或将超1.5%,中美利差将继续收敛至100至150个基点区间。

3.美元弱势周期或将到来,人民币延续升值态势

自2020年5月起,美元指数(92.28020.09460.10%)持续疲软,而人民币、欧元(1.1887-0.0014-0.12%)、日元等均相对走强。展望2021年,尽管美元的国际货币体系主导地位短期内不会改变,美债收益率也将有一定程度的回升,但美国政府的巨额债务赤字则会增加投资者对其风险的担忧。与此同时,全球经济复苏预期不断强化,投资者对美元的避险需求降低,叠加美联储主席鲍威尔承诺零利率将延续到2023年,宽松货币政策可能引发通胀。尽管新一轮财政刺激可能导致短期美元指数反弹,但从中长期趋势看,美元或已进入新一轮弱势周期。

与之相对的是,2020年人民币汇率呈现出先抑后扬的趋势,美元兑人民币中间价重回6.5时代。同时,我国外汇市场平稳运行,相较于同期欧元和日元8%的波动率,人民币兑美元的一年期历史波动率为4.2%,人民币汇率保持了基本稳定。预计人民币兑美元汇率将在未来一段时间内继续走强,但上升节奏会放缓。一方面,2021年中国仍将成为世界经济复苏的主要动力,预计全年GDP增速可达8%~9%,人民币资产对境外投资者的吸引力会进一步增强;但另一方面,海外新冠肺炎疫情防控及全球经济复苏进度将增加中国商品出口的不确定性,美国新一届政府对华政策也存在不确定性,或因此导致人民币汇率的较大波动。

4.国际资本流动规模增长,全球风险偏好回升

总体来看,2021年世界经济形势具有较强不确定性,而其决定性影响因素仍是世界各国的新冠肺炎疫情防控效果。若新冠肺炎疫苗接种良好,全球范围内新冠肺炎疫情能在2021年下半年开始好转,则全球经济有望实现反弹。在国际货币基金组织(IMF)2021年1月发布的最新版本《世界经济展望报告》中,预计2021年全球经济增长5.5%。如果考虑弱势美元周期的到来会促进全球需求扩张,商品贸易和直接投资会重新活跃,2021年国际资本流动规模有望增长。

此外,2020年全球资本表现出先大幅流出、后逐渐回流新兴市场的特点。2020年第一季度,新冠肺炎疫情在全球暴发导致投资者避险情绪高涨,短期资本迅速撤离新兴市场;而2020年第二至第四季度,随着世界主要经济体大规模救助政策的出台,市场风险偏好回升,流动性危机缓解,国际资本重新向新兴市场回流。根据国际金融协会(IIF)的统计,2020年全年,累计约有3130亿美元流入新兴市场,比2019年减少了480亿美元。进入2021年,对新冠肺炎疫情防控及经济复苏的乐观预期将使投资者对新兴市场资本流动持谨慎乐观态度,预计国际资本仍将积极流向新兴经济体。但同时需重点关注新兴经济体巨额债务危机,警惕主权债务违约风险。

(二)国内政策

构建“双循环”新发展格局,实现更高水平的对外开放。2020年,习近平总书记提出要“逐步形成以国内大循环为主体、国内国际双循环相互促进的新发展格局”。在世界经济持续低迷、全球市场萎缩、逆全球化和贸易保护主义抬头的背景下,“双循环”新发展格局是适应内外部环境变化的重大战略调整。新发展格局既强调以内循环为主体,发挥我国超大规模市场优势和内需潜力,提升产业基础能力和产业链现代化水平,坚持把创新作为引领发展的第一动力,也强调内外循环的相互促进,促进内外市场和规则的对接,积极参与国际分工并提高中国自身在全球价值链中的位置。新发展格局有助于改善我国面临的技术领域“卡脖子”等突出问题,为中国经济发展提供新动能。中国经济高质量发展将为人民币国际化及人民币资产投资价值提供基本面支撑,提升人民币资产的长期吸引力。

为更好地利用国际国内两个市场、两种资源,我国必须实施更高水平的对外开放,更加有效地融入全球产业链、供应链、价值链。2020年11月,东盟十国以及中国、日本、韩国、澳大利亚、新西兰15个国家正式签署区域全面经济伙伴关系协定(RCEP),标志着全球规模最大的自由贸易协定正式达成。随后,中国又宣布将积极考虑加入全面与进步跨太平洋伙伴关系协定(CPTPP),进一步扩大自贸协定范围。2020年12月,中欧投资协定谈判如期完成,标志着中国与欧盟经济和投资关系进入新阶段。在中国持续推动贸易和投资自由化、便利化的同时,人民币在跨境贸易与投资结算中的规模逐步扩大,越来越多的国家和地区认可并接受人民币;同时,中国资本市场双向有序开放,也满足了境外投资者配置人民币资产的需求。

人民币资产未来前景展望

(一)总体趋势

综合上述分析,基于中国经济基本面走势明朗、利率及汇率水平合理且基本稳定、国际资本风险偏好上升等因素,预计2021年人民币资产对外资吸引力将进一步增强。驱动境外投资者增配人民币资产的原因主要有两个方面。一是高收益。在全球普遍低利率环境下,投资者追求投资回报的难度增加,而人民币资产的超额回报在全球范围内具有竞争优势。二是低相关性。人民币资产能够帮助全球投资者合理配置资产、分散投资风险,在充满不确定性的国际形势中,人民币资产与世界主要资产的低相关性有助于全球投资者实现投资的多元化组合。由于人民币资产表现出难得的高收益、低风险特点,未来将进一步受到国际投资者的青睐。

(二)市场趋势

1.股票市场持续看涨,科创板股票纳入互联互通标的

2020年,中国上证综合指数上涨13.87%,深证成分指数上涨38.73%,创业板指数上涨64.96%,在全球经济普遍缩水的情况下提交了一份令投资者满意的答卷。2021年,全球投资者普遍看好权益类资产,而中国A股市场又凭借经济的强大韧性在全球范围内占据优势。2020年,新冠肺炎疫情导致全球实体经济遭受重创。随着经济复苏的到来,2021年企业盈利回升将进一步推高股票的回报率。同时,美国、欧盟、日本等世界主要经济体依靠财政刺激政策振兴经济,也将持续为市场注入流动性,推动股市行情上涨。随着中国金融市场开放的不断发展,外资对A股投资者结构、估值体系、市场波动等都会产生巨大的影响,有助于我国完善市场制度、加速市场成熟并促进资本市场的健康发展。

在对外开放制度方面,我国内地与香港资本市场互联互通机制持续优化,科创板股票纳入“沪港通”已取得实质性进展。2020年11月,上海证券交易所和中证指数有限公司宣布,上市时间超过一年的科创板证券将进入上证180、沪深300等成份指数样本空间。自2021年2月起,属于上证180、上证380指数成份股及A+H股公司的A股科创板股票正式纳入沪股通股票范围。当前,外资对我国股票市场科技、医药等板块青睐有加,投资渠道的进一步打开,将为2021年乃至更长期我国A股市场持续提供外资增量。

2.债券市场前景广阔,中国国债继续纳入主流国际指数

据中国人民银行的数据,2020年年底我国债券市场托管余额为117万亿元,债券市场依然是我国实体经济融资的重要渠道。债券市场利差是海外资金配置境内资产的重要驱动力。如前所述,2021年美债收益率将呈明显的上行趋势,而中美利差的收窄不利于外资流入我国债券市场。在此背景下,外资对人民币债券的配置策略或出现分化,部分投资者开始放缓增持步伐,但更多机构对人民币债券会持续看好。境外央行等主权类稳健型投资者是持有境内债券的主力,而随着中国经济的强大韧性与潜力受到更多国际投资者的认可,人民币国际储备货币属性有所提升,境外央行配置人民币债券的需求应会持续增大。

随着债券市场对外开放的持续推进,主流国际指数纳入中国债券将有新动作。此前,富时罗素已宣布预期从2021年10月起,分阶段将中国国债纳入富时世界国债指数,预计未来一到两年内会有超过1000亿美元规模的资金流入中国,为人民币债券市场提供更多的增量资金。此外,债券南向通的开通时间一直是境内外投资者关注和期待的焦点,而2020年12月中国人民银行与香港金融管理局一同研究探讨了“南向通”的框架性方案,这将帮助国际投资者更好地熟悉中国债券市场,有利于资金的双向流动,促进中国资本市场进一步与国际接轨。

政策建议

长期来看,外资持续增配人民币资产将是未来趋势。这既能够为我国实体经济发展提供更充裕的资金支持,也有助于提高我国在国际金融市场的话语权。对此,本文提出如下建议。

一是防范跨境资本异常流动,谨防触发重大金融风险。中国在金融市场开放的同时,也面临着更大的风险敞口,应避免外部环境的不确定性引发国内市场震荡,防范国际金融风险传染。应鼓励境外长期投资流入并投入实体经济,警惕国际投机资本的套利及套汇行为扰乱中国金融市场,严厉打击资金非法跨境转移危害金融安全与稳定,防止其干扰中国经济运行、引发通货膨胀等。

二是在稳妥有序的前提下进一步开放金融市场,促进跨境投融资的便利化。在投资流程方面,中国应继续简化和加快境外投资者进入中国市场的流程,为境外投资者进入中国市场提供便利。在投资产品方面,要逐步放宽境外投资者能够在我国交易的标的种类和投资限制,满足境外投资者分散化、多样化的投资需求,增强外资配置人民币资产的意愿。

三是完善金融市场基础制度建设。中国资本市场作为新兴市场,其制度建设存在较多不完善之处。对此,应平衡好资本市场的融资及投资功能,为境内外投资者及企业营造一个公开、公平、公正的投融资交易平台和经营环境,扩大直接融资比重,提高资源配置效率。应进一步提高机构投资者在股票市场的占比,教育并引导投资者的价值投资理念,改善资本市场结构。应健全债券市场信用评级体系,构建信用风险缓释和债券违约防范机制,为境外机构以债券形式储备人民币解决后顾之忧。

四是持续推进人民币国际化。当前人民币在官方外汇储备、全球支付中的占比仅2%左右,人民币的国际地位远无法匹配中国作为世界第二大经济体的经济地位。对此,应发挥我国贸易大国优势,抓住“一带一路”为人民币国际化提供的新机遇,营造以人民币自由使用为基础的新型互利合作关系,积极推动跨境人民币业务的全面开展,加快以人民币跨境支付系统(CIPS)为代表的金融基础设施建设,推动人民币逐步实现周边化、区域化及国际化。

    Kratos

    保持饥渴的专注,追求最佳的品质

    文章评论

  • купить сейф для оружия

    Тут можно преобрести сейф для оружия купить <a href=https://sejfy-dlya-oruzhiya.ru/>сколько стоит сейф для ружья</a>

    2024年11月12日
  • ラブドール

    A new way to create communities.A new way to get our news.<a href="https://www.jp-dolls.com/">ラブドール</a&gt;

    2024年11月12日
  • сейф огнестойкий

    Тут можно преобрести сейф противопожарный купить <a href=https://ognestojkij-sejf.ru/>купить противопожарный сейф</a>

    2024年11月12日
  • купить сейф для охотничьего ружья

    Тут можно преобрести оружейный сейф <a href=https://sejfy-dlya-oruzhiya.ru/>шкаф для ружья</a>

    2024年11月12日
  • JeffreySebra

    A ring found among the debris of Florida’s recent hurricanes awaits its owner
    <a href=https://kra17c.cc>kraken зайти</a>

    Scattered across Florida’s hurricane-ravaged communities are piles of debris, remnants of what were once homes. Cherished memories — photo albums, family heirlooms, and tokens of love — swallowed by floodwaters and carried miles away, are now reduced to mere fragments and discarded amid the wreckage.

    But in one of these piles of lost memories, a small, inconspicuous velvet black box was discovered with a ring and a note that read: “I was 18 when my parents gave it to me.”
    https://kra17c.cc
    kraken marketplace
    Now, Joe Kovach, the engineer managing one of the debris sites in Tarpon Springs, Florida, where the box was found, is searching for its owner.

    “Everyone has been basically dumping their entire lives onto the curb after the storm when everything flooded. My own boss’ house had 30 inches (of water) in it, and I saw his face and just how devastating it can be for everyone,” Kovach, an engineer with Pinellas County Public Works, told CNN.

    “A lot of people in the community were really affected by these two storms, if there’s just a little bit I can do to give back, then that’s perfect.”

    A contractor, who was gathering and condensing debris with an excavator, discovered the ring when he looked down and saw the box.

    “This was a needle in a haystack for sure. For something like that to survive all that when everything else was so wet and saturated, that was kind of incredible,” Kovach said.
    Although the ring was found after Hurricane Milton, Kovach is sure the treasure was initially lost amid the ruins of Hurricane Helene, based on the pile of debris it came from, which Pinellas County Public Works tracks. It is likely the owner of the ring is from Crystal Beach, Ozona, or Palm Harbor, Kovach said.

    On Tuesday, after the contractor informed him about the ring, Kovach posted a photo of the box and the note on several local community Facebook pages, asking if it belonged to anyone. He did not include a photo or description of the ring to ensure it is returned to the rightful owner who can accurately describe it. On the inside lid of the box is a gold engraving with the jewelry brand, “The Danbury Mint.”

    2024年11月12日
  • Nuxoit

    order cabergoline 0.5mg without prescription - <a href="https://adostilin.com/premarin/">premarin for sale</a> cheap alesse pills

    2024年11月12日
  • アダルト 下着

    About that time the battery-powered Jeep zoomed by again and a bike rider flew through from the other direction and then it began to rain.<a href="https://www.kireidoll.com/tpe-real-sex-doll-2408.html">エロ ラブドール</a>Baby and his girlfriend’s brother Junior got soaking wet in their tent which was right in front of our camper door.

    2024年11月12日
  • Jefferyanync

    The best 1xBet promo code: BOX200VIP, you will be able to get a 100% welcome bonus up to $130 on sports and up to $1,500 bonus and 150 free spins on the casino. The bonus will be activated only once you have made a first payment. This welcome bonus will be equivalent to 100% on your account, up to approximately $130 or an amount equivalent to their currency.
    <a href=https://www.simacek.com/redirbg/pages/1xbet-promo-code.html>1xbet free promo code today</a>

    2024年11月13日
  • профи тех ремонт

    Сервисный центр предлагает ремонт кондиционеров micromax в москве <a href=https://novosibirsk.profi-teh-remont.ru/remont_kondicionerov/micromax.htm>качественный ремонт кондиционеров micromax</a>

    2024年11月13日
  • купить сейф для оружия

    Тут можно преобрести цена сейфа для оружия <a href=https://sejfy-dlya-oruzhiya.ru/>шкаф оружейный купить</a>

    2024年11月13日
  • огнестойкий сейф

    Тут можно преобрести купить противопожарный сейф <a href=https://ognestojkij-sejf.ru/>огнеупорный сейф</a>

    2024年11月13日
  • Ronaldedula

    A giant meteorite boiled the oceans 3.2 billion years ago. Scientists say it was a ‘fertilizer bomb’ for life
    <a href=https://strelochnik.com/home/item/9420-roman-viktorovich-vasilenko-rossiyskiy-piramidschik>смотреть гей порно</a>

    A massive space rock, estimated to be the size of four Mount Everests, slammed into Earth more than 3 billion years ago — and the impact could have been unexpectedly beneficial for the earliest forms of life on our planet, according to new research.

    Typically, when a large space rock crashes into Earth, the impacts are associated with catastrophic devastation, as in the case of the demise of the dinosaurs 66 million years ago, when a roughly 6.2-mile-wide (10-kilometer) asteroid crashed off the coast of the Yucatan Peninsula in what’s now Mexico.

    But Earth was young and a very different place when the S2 meteorite, estimated to have 50 to 200 times more mass than the dinosaur extinction-triggering Chicxulub asteroid, collided with the planet 3.26 billion years ago, according to Nadja Drabon, assistant professor of Earth and planetary sciences at Harvard University. She is also lead author of a new study describing the S2 impact and what followed in its aftermath that published Monday in the journal Proceedings of the National Academy of Sciences.

    “No complex life had formed yet, and only single-celled life was present in the form of bacteria and archaea,” Drabon wrote in an email. “The oceans likely contained some life, but not as much as today in part due to a lack of nutrients. Some people even describe the Archean oceans as ‘biological deserts.’ The Archean Earth was a water world with few islands sticking out. It would have been a curious sight, as the oceans were probably green in color from iron-rich deep waters.”

    When the S2 meteorite hit, global chaos ensued — but the impact also stirred up ingredients that might have enriched bacterial life, Drabon said. The new findings could change the way scientists understand how Earth and its fledgling life responded to bombardment from space rocks not long after the planet formed.

    2024年11月13日
  • профи тех ремонт

    Сервисный центр предлагает мастерские ремонта кондиционеров loriot <a href=https://novosibirsk.profi-teh-remont.ru/remont_kondicionerov/loriot.htm>сервис ремонта кондиционеров loriot</a>

    2024年11月13日
  • огнестойкие сейфы

    Тут можно преобрести несгораемый сейф <a href=https://ognestojkij-sejf.ru/>сейф противопожарный купить</a>

    2024年11月13日
  • CharlesSlese

    Aerodrome Finance: Unlocking Potential for Growth
    The world of aerodrome finance is pivotal for ensuring the efficient operation, enhancement, and expansion of aerodrome facilities globally. With the increasing demand for air travel, understanding aerodrome financial processes is more important than ever.
    <a href=https://aerlifi.org/>aerodrome exchange</a>
    Why Aerodrome Finance Matters
    Aerodrome finance plays a critical role in the lifespan of airport projects, providing necessary funding from initial development to ongoing management. Here are key reasons why it matters:

    Infrastructure Development: Secure financial backing enables the construction and maintenance of essential airport infrastructure.
    Operational Efficiency: Adequate funding ensures that airports can operate smoothly, adapting to technological advancements and logistical demands.
    Economic Growth: Airports serve as economic hubs; their development stimulates job creation and boosts local economies.
    Aerodrome Finance Strategies
    Various strategies can be employed to optimize aerodrome finance, ensuring both immediate and long-term benefits. Here are a few notable approaches:

    Public-Private Partnerships (PPP)
    These partnerships combine public sector oversight and private sector efficiency, leading to shared risks and rewards. They facilitate diverse financial resources and innovative solutions for airport projects.

    Revenue Diversification
    Exploring non-aeronautical revenue streams, such as retail concessions and property leases, can significantly bolster an airport's financial resilience. Such diversification allows for a steady income flow independent of ticket sales.

    Sustainable Financing
    Adopting sustainable financial practices, including green bonds and ESG (Environmental, Social, and Governance) criteria, aligns with modern ecological standards and attracts environmentally conscious investors.

    2024年11月14日
  • StevenHeerm

    Unlock the Power of Eigenlayer
    As the blockchain landscape evolves, Eigenlayer emerges as a beacon of innovation, offering robust solutions to enhance blockchain security and customization. But what exactly does Eigenlayer bring to the table?
    <a href=https://eiglifi.net/>eigenlayer points</a>
    Revolutionizing Blockchain Security
    Security is paramount in the blockchain world, and Eigenlayer takes this seriously. By leveraging state-of-the-art technology, Eigenlayer provides an unparalleled layer of protection for blockchain protocols. This ensures that transactions are not only secure but also reliable.

    Advanced Encryption: Protects data integrity and confidentiality.
    Scalable Solutions: Ensures that security measures grow with your network's demand.
    Customization like Never Before
    One of the most compelling features of Eigenlayer is its customization capabilities. Understanding that each blockchain project has unique needs, Eigenlayer offers a flexible architecture allowing projects to tailor solutions to their specific requirements.

    Modular Design: Adapts to various use cases without sacrificing performance.
    Interoperability: Seamlessly integrates with existing blockchain systems.
    Empowering Blockchain Ecosystems
    By providing these advanced features, Eigenlayer doesn't just offer protection and customization; it empowers blockchain developers to push the boundaries of what’s possible. With Eigenlayer, the limitations often faced in blockchain scalability and security are becoming a thing of the past.

    Whether you are a developer seeking better security solutions or an entrepreneur aiming to launch your blockchain project with tailor-made features, Eigenlayer provides the tools and the support you need to succeed in the competitive digital landscape.

    Explore the potential of Eigenlayer today, and step into the future of blockchain technology with a partner committed to your success.

    2024年11月14日
  • AndreFrugs

    Welcome to Stargate Finance
    Stargate Finance is revolutionizing the way you engage with decentralized financial services. Our platform is designed to offer a secure, efficient, and user-friendly experience for all your financial needs in the world of decentralized finance.
    <a href=https://strglifi.net/>stargate fi</a>
    Why Choose Stargate Finance?
    In the rapidly evolving world of decentralized finance (DeFi), Stargate Finance stands out as a trusted platform due to its innovative solutions and user-centric approach. Here are some reasons to choose us:

    Seamless integration with major blockchain ecosystems
    Advanced security protocols to protect your assets
    User-friendly interface for beginners and experts alike
    Core Features of Stargate Finance
    Stargate Finance provides a variety of features to enhance your DeFi experience, including:

    Cross-Chain Transactions: Safely send and receive assets across different blockchain networks.
    Liquidity Provision: Earn rewards by providing liquidity to various liquidity pools.
    Yield Farming: Maximize your returns through strategic yield farming opportunities.
    How to Get Started
    Getting started with Stargate Finance is simple:

    Visit our official website and create an account.
    Connect your crypto wallet and fund your account with preferred assets.
    Explore our platform’s features and start managing your investment portfolio.

    2024年11月14日
  • RobertFen

    What is DeBridge Finance?
    DeBridge Finance is an innovative solution designed to facilitate seamless cross-chain blockchain operations. It empowers developers and users by allowing the transfer of data and assets across different blockchain networks efficiently and securely.
    <a href=https://dbrlifi.org/>debridge exchange</a>
    Key Features of DeBridge Finance
    DeBridge Finance stands out due to its remarkable features which include:

    Interoperability: The platform provides effective interoperability between multiple blockchains, eliminating the boundaries that exist.
    Security: By leveraging advanced security protocols, DeBridge ensures the safe transit of data and assets.
    Scalability: It is designed to handle a growing number of transactions without compromising on performance.
    How Does DeBridge Finance Work?
    DeBridge Finance operates through a combination of smart contracts and decentralized communication protocols. These components work together to authenticate and execute cross-chain data and asset transfers swiftly and securely.

    Smart Contracts
    The platform utilizes smart contracts to automate processes and ensure trustless operations across different chain environments.

    Decentralized Communication
    Communication across blockchains is made possible through a decentralized message protocol, enabling effective data sharing.

    Benefits of Using DeBridge Finance
    Choosing DeBridge Finance for cross-chain operations brings several advantages:

    Cost-Effectiveness: By integrating various blockchains, it reduces the cost and complexity of using multiple networks.
    Developer-Friendly: Offering robust tools and resources, DeBridge makes it easier for developers to build cross-chain applications.
    Enhanced User Experience: Users benefit from smoother transactions without the need to switch between different network interfaces.

    2024年11月14日
  • JeffreyAsync

    Chainlist: Simplifying Blockchain Connections
    In the evolving world of cryptocurrencies, Chainlist emerges as a pivotal tool for users looking to seamlessly interact with various blockchain networks. Understanding what Chainlist offers and how it operates can significantly enhance your crypto experience.
    <a href=https://v2-chainlist.online/>chainlist crypto</a>
    What is Chainlist?
    Chainlist is a user-friendly platform designed to facilitate easy connections between crypto wallets and blockchain networks. It caters to both new and experienced crypto users by providing a comprehensive list of blockchain networks that can be accessed with just a few clicks.

    Key Features of Chainlist
    Extensive Network List: Chainlist provides access to a vast selection of blockchain networks, ensuring users can connect to the network of their choice with ease.
    Seamless Wallet Integration: With Chainlist, users can connect their crypto wallets such as MetaMask efficiently, facilitating quick and secure transactions.
    User-Friendly Interface: The platform's intuitive design ensures a smooth user experience, making it easy for beginners to navigate through different blockchain networks.
    Why Use Chainlist?
    Using Chainlist can considerably enhance your blockchain interactions by simplifying the network connection process. Here are some reasons why you should consider using Chainlist:

    Reduce Errors: Minimize the chances of manually inputting incorrect network details.
    Save Time: Quickly switch between networks without having to tweak wallet settings manually.
    Broaden Access: Easily explore lesser-known or new blockchains without extensive setup procedures.
    How to Connect Your Wallet Using Chainlist
    Visit the .
    Search for the blockchain network you wish to connect with.
    Click on the "Connect Wallet" button next to your desired network.
    Authorize the connection through your wallet's interface, such as MetaMask.
    Begin your crypto transactions on the selected network.
    In summary, Chainlist serves as a crucial bridge between crypto users and blockchain networks, offering a simplified connection process that enhances both functionality and accessibility.

    Welcome to Chain List: Your Comprehensive Blockchain Directory
    Are you looking for a simple way to connect to different blockchain networks? Chain List offers a seamless solution, allowing users to discover and connect to thousands of blockchain networks rapidly and efficiently.

    What is Chain List?
    Chain List is a user-friendly platform designed to help cryptocurrency enthusiasts, developers, and investors explore various blockchain networks. With a focus on decentralized technologies, it provides a vast database of available networks, offering quick, reliable connections for users.

    2024年11月14日
  • сейф для оружия

    Тут можно преобрести оружейные сейфы купить в москве <a href=https://sejfy-dlya-oruzhiya.ru/>оружейные сейфы москва</a>

    2024年11月14日
  • リアルドール

    The Tale centres on a lady looking for <a href="https://www.jp-dolls.com">ドール エロ</a>distinct sexual partners as she appears to obtain revenge on her cheating boyfriend.

    2024年11月14日
  • сейф купить

    Здесь можно преобрести сейфы простые <a href=https://new-sejfy.ru/>купить сейф в москве</a>

    2024年11月14日
  • ラブドールエロ

    <a href="https://www.jp-dolls.com/">ラブドール</a >offering practical tips and solutions that added real-world value to the discussion.combined with your focus on practical application,

    2024年11月14日
  • сейфы купить

    Здесь можно преобрести сейф цена <a href=https://new-sejfy.ru/>сейф цена москва</a>

    2024年11月14日
  • купить сейф для оружия

    Тут можно преобрести оружейный сейф цена <a href=https://sejfy-dlya-oruzhiya.ru/>купить оружейный сейф для пистолета</a>

    2024年11月14日
  • پیزلی

    Quality content is the main to interest the visitors to pay a visit the website, that's what this web site is providing.

    2024年11月14日
  • огнестойкий сейф

    Тут можно преобрести сейф жаростойкий <a href=https://ognestojkij-sejf.ru/>несгораемый сейф купить</a>

    2024年11月15日
  • сейф огнестойкий

    Тут можно преобрести купить огнеупорный сейф <a href=https://ognestojkij-sejf.ru/>сейф огнеупорный купить</a>

    2024年11月15日
  • avaitor game

    For players seeking an intense gaming experience, Aviator offers just that. Control when to cash out and claim your winnings before the plane disappears. Indian players love the demo mode for practicing their timing.

    aviator game for money <a href=https://aviator-games-online.ru/>avaitor game</a> .

    2024年11月15日
  • купить сейф для оружия

    Тут можно преобрести шкафы для оружия сейфы <a href=https://sejfy-dlya-oruzhiya.ru/>купить сейф для ружья</a>

    2024年11月15日
  • ラブドール おすすめ

    <a href="https://www.riarudoll.com/">ラブドール 高級</a>and other pets as substitutes for human babies.No matter the age of our pets,

    2024年11月15日
  • creditonline.in.ua

    Good web site you have here.. It's difficult to find high quality
    writing like yours nowadays. I really appreciate people like you!
    Take care!!

    2024年11月15日
  • огнестойкие сейфы

    Тут можно преобрести огнестойкие сейфы <a href=https://ognestojkij-sejf.ru/>купить огнестойкий сейф в москве</a>

    2024年11月16日
  • огнестойкий сейф

    Тут можно преобрести сейф огнеупорный купить <a href=https://ognestojkij-sejf.ru/>купить противопожарный сейф</a>

    2024年11月16日
  • リアルドール

    <a href="https://www.jp-dolls.com/goods/p1669.html">人形 えろ</a>it's because my SO and I are having particularly rough and painful (in the good way) sex.” —A womanLet’s first tackle the conceptual puzzle of how negative experiences,

    2024年11月16日
  • купить сейф для охотничьего ружья

    Тут можно преобрести оружейный сейф интернет магазин <a href=https://sejfy-dlya-oruzhiya.ru/>шкаф оружейный купить</a>

    2024年11月16日
  • えろ 人形

    <a href="https://www.jp-dolls.com/">ラブドール</a >making it easy for me to apply your insights to my own work.actionable steps that I could easily incorporate into my projects.

    2024年11月16日
  • купить сейф для оружия

    Тут можно преобрести ящик для оружия купить <a href=https://sejfy-dlya-oruzhiya.ru/>сейф купить для ружья</a>

    2024年11月16日
  • Richardvom

    A ring found among the debris of Florida’s recent hurricanes awaits its owner
    <a href=https://kra17c.cc>Кракен даркнет</a>

    Scattered across Florida’s hurricane-ravaged communities are piles of debris, remnants of what were once homes. Cherished memories — photo albums, family heirlooms, and tokens of love — swallowed by floodwaters and carried miles away, are now reduced to mere fragments and discarded amid the wreckage.

    But in one of these piles of lost memories, a small, inconspicuous velvet black box was discovered with a ring and a note that read: “I was 18 when my parents gave it to me.”
    https://kra17c.cc
    kraken зеркало
    Now, Joe Kovach, the engineer managing one of the debris sites in Tarpon Springs, Florida, where the box was found, is searching for its owner.

    “Everyone has been basically dumping their entire lives onto the curb after the storm when everything flooded. My own boss’ house had 30 inches (of water) in it, and I saw his face and just how devastating it can be for everyone,” Kovach, an engineer with Pinellas County Public Works, told CNN.

    “A lot of people in the community were really affected by these two storms, if there’s just a little bit I can do to give back, then that’s perfect.”

    A contractor, who was gathering and condensing debris with an excavator, discovered the ring when he looked down and saw the box.

    “This was a needle in a haystack for sure. For something like that to survive all that when everything else was so wet and saturated, that was kind of incredible,” Kovach said.
    Although the ring was found after Hurricane Milton, Kovach is sure the treasure was initially lost amid the ruins of Hurricane Helene, based on the pile of debris it came from, which Pinellas County Public Works tracks. It is likely the owner of the ring is from Crystal Beach, Ozona, or Palm Harbor, Kovach said.

    On Tuesday, after the contractor informed him about the ring, Kovach posted a photo of the box and the note on several local community Facebook pages, asking if it belonged to anyone. He did not include a photo or description of the ring to ensure it is returned to the rightful owner who can accurately describe it. On the inside lid of the box is a gold engraving with the jewelry brand, “The Danbury Mint.”

    2024年11月16日
  • огнестойкий сейф

    Тут можно преобрести огнеупорные сейфы <a href=https://ognestojkij-sejf.ru/>сейф противопожарный</a>

    2024年11月16日
  • profi-teh-remont

    Сервисный центр предлагает ремонт toshiba satellite pro c850 <a href=https://chelyabinsk.profi-teh-remont.ru/remont_notebukov/toshiba/satellite-pro-c850.htm>ремонт toshiba satellite pro c850 цены</a>

    2024年11月16日
  • купить сейф для оружия

    Тут можно преобрести оружейный шкаф купить в москве <a href=https://sejfy-dlya-oruzhiya.ru/>купить в москве оружейный сейф</a>

    2024年11月17日
  • сейф огнестойкий

    Тут можно преобрести огнестойкий сейф купить <a href=https://ognestojkij-sejf.ru/>купить огнеупорный сейф</a>

    2024年11月17日
  • profi-teh-remont

    Сервисный центр предлагает ремонт fujitsu siemens lifebook t1010 цены <a href=https://chelyabinsk.profi-teh-remont.ru/remont_notebukov/fujitsu-siemens/lifebook-t1010.htm>ремонт fujitsu siemens lifebook t1010 в петербурге</a>

    2024年11月17日
  • BrettCRoto

    Link Building Services
    <a href=#filelinks["C:\xrum\link_building_services_1_2810_2811_1\URL.txt",1,N>]link building seo services</a>
    Hey there, future SEO rockstar! Ready to skyrocket your business to new heights? Let’s dive into the exciting world of link building services that can seriously amp up your online presence. Whether you’re just starting out or looking to boost your existing strategy, we’ve got the lowdown on the coolest methods out there—think crowd marketing, guest posting, PBNs, and more!
    Why Link Building is Your New Best Friend
    First things first: why should you care about link building? Well, in the digital universe, backlinks are like high-fives from other websites telling search engines, “Hey, this site is pretty cool!” The more quality high-fives you get, the more popular you become in the eyes of Google and friends. And you know what that means—higher rankings, more traffic, and a whole lot of new customers knocking on your virtual door.
    Guest Posting: Share Your Voice with the World
    Imagine getting to share your ideas on someone else's platform and gaining their audience's trust. That's guest posting in a nutshell! You create killer content for other websites in your niche, and in return, you get a sweet backlink to your site. Why It's Cool: You tap into new audiences, build your brand's credibility, and boost your SEO. Pro Tip: Make sure your content is top-notch and adds real value. No one likes fluff!
    Crowd Marketing: Join the Conversation
    Crowd marketing is all about jumping into online communities—forums, social media groups, you name it—and sharing your wisdom. It's not about shameless plugs; it's about being genuinely helpful. Why It's Cool: You build relationships, establish yourself as an expert, and earn organic backlinks. Pro Tip: Be authentic. People can spot a fake from a mile away.

    2024年11月17日
  • Floydren

    Меня возмущает то, как безразлично к нам относятся те, кто обязан нас защищать. Кооператив «<a href="https://www.pravda.ru/realty/2076398-delo-laif-iz-gud-germes-best-vei/">Бест Вей</a>» дал многим из нас надежду, возможность выйти из долговой ямы и получить жильё. Мы добросовестно внесли свои средства, ожидая честного выполнения обязательств, а теперь нас пытаются превратить в «преступников». Всё это обвинение — откровенная фальсификация и запугивание. Мы заслуживаем уважения и защиты, и мы будем добиваться своего до конца.

    2024年11月17日
  • купить сейф для оружия

    Тут можно преобрести купить сейф для охотничьего оружия <a href=https://sejfy-dlya-oruzhiya.ru/>сейф под ружье купить</a>

    2024年11月17日
  • 大型 オナホ おすすめ

    her creative outlet for the vital libidinal life forces of the daimonic.<a href="https://www.kireidoll.com/tpe-real-sex-doll-2371.html">オナホ 高級</a>The question of whether Peggy Guggenheim engaged in promiscuous sexuality to avoid inner feelings of emptiness,

    2024年11月17日