Playing "fellow don't run" again? This position, the gods dare not bet

Author | Xie Xiaobai

Today's market is not surprisingly stopped, although we also completed the increase yesterday, but the market is accompanied by a series of news, stumbling, intraday also turned green, twists and turns are even more confusing.

This feeling is very much like the friendship between men and women is "sublimated", the man is worried about the woman's entanglement, and the woman is worried about "Does he still want me?"

Here's what I do: simplify it – reduce your position.

The reason is not complicated, the position experience is not good, and the signal released by a series of news is difficult to be optimistic.

Therefore, we see that the funds rely on their own understanding - they are fighting separately, some choose high dividend yields, some choose tourism themes, and some choose low and over-falling rebounds.

This means that the shock will continue.

So the question is, why doesn't the market believe it: in the end?

01

Today I received a passage from a "material" that made my hair stand on end.

Deepen the rectification of finance, state-owned enterprises, energy, medicine, infrastructure projects and other areas where power is concentrated, capital intensive, and resource enrichment.......

For the market: the high-dividend sector is no longer a safe haven.

Anti-F is certainly right, but from the perspective of the market, "anti-F" is similar to "restructuring", the purpose is: to concentrate resources, optimize allocation, and improve capital utilization.......

We all know that "drums don't need to be hammered", and now that the banner of "anti-F" has been raised, the implication is that the performance of these departments is not satisfactory.

So do you guess that funds dare to push the price of the "high dividend" sector to new highs with guns?

So is this a false shot to force the funds out? Or is it really a plan to "reorganize"?

I don't know, but I'm sure I'm not going to hit the south wall again.

02

Let's assume that the "high-dividend" sector no longer has a "safe-haven" effect, and there is an outflow of funds that have already been bought.

This means that the market is likely to fluctuate downward.

Then this brings another bad news: the market is about to fast forward to the concentrated knock-in zone of snowball products.

To explain simply, the snowball product is a kind of financial derivative with a "high probability of making a small amount of money and a small probability of losing a lot of money".

The rules are as follows:

On the 15th of each month, observe the CSI 500 point, if it rises by 3%, it will be knocked out, and you will take the money and leave;

If it falls by more than 20% on any day (cumulatively) between the period from your buy to the 15th, and there is no knock-out event on the 15th, you will lose money by knock-in (selling);

If the index has been fluctuating in the range of -20% to 3%, you take the money and walk away after expiration.

At present, there are about 100 billion funds waiting to be knocked in (that is, smashed) in the current range.

From a structural point of view, the first batch should have been smashed out a little bit, which led to the overshoot on January 8. (My preliminary estimate should be about 4 billion)

At present, as long as the CSI 500 falls by another 100-300 points, nearly 100 billion funds will be sold in large quantities.

This is bound to form a death spiral, and the comparison is to see who can run faster.

Now that it is only one step away from the "minefield", "high-dividend stocks" are still facing the risk of adjustment.

The ancients said that "a gentleman does not erect a dangerous wall", why should we take risks?

03

In addition, today's financial circle is wailing, all of China X Construction Investment has cut salaries by 7,000 indiscriminately, department directors and above have stopped paying bonuses, and employees have been paid at a four-fold discount. (Basic Confirmed)

A leading futures company held a meeting to discuss salary cuts, and the reduction rate was as high as 50% to 70%.

WK Trust reported that it will lay off 30% of its staff in this round, and it will lay off 50-70% of its staff by the end of the year, and its business personnel will also be cut by 50%.

In addition, the salary of senior executives is reduced by 50%, the middle level is reduced by 30%, and the average salary is reduced by 5%

WK Trust except for the Beijing and Shanghai branches, all other regions.

And PA Bank was crazy about discounting employees last year, and many people got 2% off their wages (I believe that Ping An will do it)

The logic of layoffs in the trust industry is also clear:

The scale of non-performing assets is too large, resulting in unsustainable cash flow.

In the past, relying on the small stock and large debt model, looking for AMC to take over, the product logic of trusting AMC with interest of hundreds of millions of yuan every year did not work.

On the one hand, AMC is about to expire, and if the underlying assets (non-performing assets) cannot be revitalized and the asset loss is serious, then there is a risk of thunderstorm.

On the other hand, the standard products are basically wiped out, the products have no assets, and the cash flow will be unsustainable due to just redemption.

So is trust an isolated case? Will relevant brokers, private equity, and even banks also have such risks?

Yesterday, Lao Yu made it clear:

This round of stop-fall signals may be the last drop for brokers.

Coincidentally, Da Mo elaborated on the outlook for the Chinese market in 2024 at length, which can actually be summarized in one sentence:

If you're not willing to take on a drawdown of more than 30%, you won't have the opportunity to enjoy a potential upside of up to 9% (beta only).

‍

Let's be honest.

04

When you receive enough news, you will find that today's market is more like a kind of "don't run away, the village has issued gold bars"......

Although from the perspective of net short orders of institutional stock indexes, the net short orders for index futures that are about to be delivered have decreased significantly, and the number of long orders has begun to increase, and the market seems to have stabilized.

But you must know that institutional transactions are now millisecond-level, and until the last moment, there is no way to know how disparity between long and short forces can be, let alone so many days before the "delivery date".

Moreover, with the "high dividend" sector being named as "restructured", snowball products have entered the "knock-in" area, and this wave of products with a scale of about 100 billion yuan will passively "smash" at any time, and the situation is difficult to be optimistic.

In this situation, the big V who makes you bold "buy the bottom" is either stupid or bad.

In fact, in my opinion, at the moment, in this position, the gods dare not bet, which belongs to the situation of small profits and great losses.

Based on this, we have today cut off the positions that were added yesterday and made a series of adjustments.

05

After all, the market is not without good signs.

In the morning report on January 9, I said in the "circle": lithium carbonate is expected to usher in certainty.

The reason is not complicated, Bloomberg reported that Australian lithium mining companies have confirmed to start cutting production.

It's hard not to remind the market of the past when prices took off after Australia's lithium production cut in 2020.

Therefore, we see that the lithium mining sector has changed at the end of the market, and there is obviously a large amount of capital inflow.

In addition, China Duty Free, one of the leading consumer stocks, released its 2023 results:

The annual revenue was 67.6 billion yuan, a year-on-year increase of 24.15%, and the net profit was 6.7 billion yuan, a year-on-year increase of 33.53%.

Affected by the performance exceeding expectations, China Duty Free pulled up to the daily limit today, but unfortunately the daily limit was not sealed.

Based on this, we will find that if the current market wants to make a profit, it either needs to work on the cyclical sector, or it has to make a fuss about performance stocks.

After all, the annual report forecast is about to be released, and with the possibility of the high-dividend sector collapsing at any time, it is very necessary to switch to the market of annual report hype and cycle recovery.

epilogue

Yesterday, Da Xiong joked with me, "What's wrong with being a begging for food, the future is much better than stock trading?"

It's like this, when you're young, it's normal to like anything. When you mature, you can understand what you give up.

But I still don't want to give up, and I don't want to lose, and of course, if I have to lose, I have to get up faster than others.

I remember when I was in middle school, I watched a documentary with a voiceover at the end:

"Why does the fire on Mount Olympus burn?"

"It was not for one man to defeat another, but for the opportunity to show off the indomitable nature of humanity to the gods. ”

At that time, tears flowed down my face, and now, I am still dormant and waiting.

Congratulations, I am Xie Xiaobai, who hopes that your wealth is free.

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#3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:#191919; background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .. 5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){-appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{ background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .. 05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-FG-1: rgba(0, 0, 0, .5);--weui-REDORANGE: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .4 15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body: not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, ..1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-BG: #1E1E1E}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-LINE-BG: rgba(255, 255, 255, .07)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([ data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, ..1);-weui-ACTIVE-MASK: rgba(255, 255, 255, ..1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-REDORANGE: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .. 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .. 6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}