标签： 上海夜生活

China employees face an invisible ceiling at the IMF： far from reaching the proportion of votes.

He Dong, assistant managing director of the Hong Kong Monetary Authority, will be promoted to return after leaving the International Monetary Fund (IMF) for 10 years, which has encouraged China economists who used to work for the IMF, but also triggered their reflection and emotion about Chinese’s invisible ceiling in the IMF. The proportion of IMF employees is similar to that of voting rights of member countries, but the fact that China’s voting rights in the IMF are lower than the proportion of GDP in the world and other reasons, such as cultural differences, have always led to the shortage of China employees working in the IMF.

China Business News reported on September 17th that the Hong Kong Monetary Authority (HKMA) announced on September 1st that He Dong, the assistant managing director of HKMA, had tendered his resignation, which took effect on October 18th. He Dong will rejoin the IMF as the Deputy Director of the Bureau of Monetary and Capital Markets. This personnel change has aroused great repercussions among economists in China, especially those who have worked for the IMF.

He Dong, assistant managing director of the Hong Kong Monetary Authority, will be promoted to return after leaving the International Monetary Fund (IMF) for 10 years, which has encouraged China economists who used to work for the IMF, but also triggered their reflection and emotion about Chinese's invisible ceiling in the IMF. The proportion of IMF employees is similar to that of voting rights of member countries, but the fact that China's voting rights in the IMF are lower than the proportion of GDP in the world and other reasons, such as cultural differences, have always led to the shortage of China employees working in the IMF.

He Dong, Assistant Managing Director of Hong Kong Monetary Authority, will be promoted to return after leaving IMF10.

The Bureau of Money and Capital Markets is one of the four core functional departments of the IMF. There are two ways to divide IMF departments. First, it is divided into five departments according to the region, including Europe, America, Asia-Pacific, Middle East, Central Asia and Africa; Second, according to the division of functions, it is divided into four departments: monetary and capital market bureau, financial affairs, research and strategic development.

Return to IMF

He Dong is the first Chinese to return to the IMF from Hongkong. He holds a Ph.D. in Economics from Cambridge University. He is responsible for the research on monetary and financial stability in the HKMA and is also the director of the Hong Kong Financial Research Center.

Chen Delin, President of the Hong Kong Monetary Authority, expressed "deep regret" for He Dong’s departure. He said that since he left the IMF to join the HKMA in 2004, He Dong has made great contributions to enhancing the research capabilities of the HKMA and the Hong Kong Financial Research Center.

A China economist who works in an overseas investment bank said,The Hong Kong Monetary Authority is equivalent to the central bank level. As the research director, He Dong has always been in the regulatory body, which is consistent with the perspective of the IMF.I am excited that he can serve as the deputy director of the Monetary and Capital Markets Bureau.

He Dong, assistant managing director of the Hong Kong Monetary Authority, will be promoted to return after leaving the International Monetary Fund (IMF) for 10 years, which has encouraged China economists who used to work for the IMF, but also triggered their reflection and emotion about Chinese's invisible ceiling in the IMF. The proportion of IMF employees is similar to that of voting rights of member countries, but the fact that China's voting rights in the IMF are lower than the proportion of GDP in the world and other reasons, such as cultural differences, have always led to the shortage of China employees working in the IMF.

He Dong joined the Hong Kong Monetary Authority after leaving the IMF in 2004.

He Dong worked in the World Bank and the IMF. Before joining the Hong Kong Monetary Authority in August 2004, he was a senior economist at the IMF..

He Dong is a low-key and steady person with a wide range of research topics, especially publishing many research articles on the macro-economy and financial markets in Hong Kong and the Mainland.

Many economists said that,He Dong has a deep research on the internationalization of RMB. On behalf of the Hong Kong Monetary Authority, he has been communicating with the People’s Bank of China on RMB internationalization and offshore RMB market in Hong Kong..

From professional staff to management level, jump four levels in ten years.

"He Dong has been promoted to Grade 4 in the past ten years. It is absolutely impossible for him to stay in the IMF." A former IMF economist in China said.

Before joining the Hong Kong Monetary Authority, He Dong had been an A14 economist at the IMF. This time, his level rose directly to B04, a senior management level.

According to the above economists, the IMF is divided into A01~A15 and B01~B05, where A is the employee level and B is the management level, and A15 to B01 is a hurdle in the position.

According to him, He Dong had the idea of returning to the IMF a few years ago. At that time, the IMF only wanted him to return at A14 level. This time, he was able to go back to B04 at once, which was "surprising".

According to the information of IMF’s human resources department, A01~A08 are logistics support employees, A09~A15 are economists and other professional employees, and B01~B04 are management-level employees.

B05 already belongs to the level of senior officials, such as Lin Jianhai, who became the Secretary-General of the IMF two years ago. Zhu Min, the vice president of IMF, is an executive director, which is an MD level outside the employee level..

An IMF spokesperson said that He Dong was appointed because of his experience and professionalism in the Hong Kong Monetary Authority.

Chinese faces an invisible ceiling at the IMF.

The above-mentioned economist who once worked in the IMF said, "The IMF has an invisible ceiling, and Chinese does not have its own circle in these institutions, nor can it enter other people’s small circles"; "Until now, I can’t tell the difference between baseball and American football. How can I communicate with other European and American colleagues?"

Compared with cultural differences, the lack of government-led promotion is a more important reason.According to informed sources, Japan, South Korea and other countries have similar cultures to China, but the Japanese government has an agreement with the IMF, and both the Japanese Ministry of Finance and the Bank of Japan will send management-level officials to the IMF. In China, however, there is no such arrangement, and exchanges remain at the middle and lower levels, and senior officials of the central bank are reluctant to go to the IMF.

The proportion of IMF employees should be close to the proportion of national voting rights, and China employees are far from reaching the proportion of voting.The person said. There are some junior China economists in the economist training program, but only a handful of Chinese can enter the management. He counted three people with his fingers broken, and He Dong was the fourth.

IMF China is understaffed.

The IMF was established in July 1944 with the aim of promoting international financial stability and monetary cooperation, promoting the development of international trade, high-level employment and sustainable economic growth, and reducing world poverty. Its scope of economic supervision has expanded from the initial balance of payments to the monetary, fiscal and monetary policies of member countries.

China’s voting rights in international regulatory bodies such as the IMF have been quite low.Emerging economies are playing an increasingly important role in global economic affairs, and their voting rights should be adjusted accordingly. Although China’s voting rights have been improved to some extent in the IMF and the World Bank, they still failed to meet expectations.

According to IMF official website, after the reform in 2010, China’s voting right rose from the previous 3.803% to 6.068%.

Zhu Min, vice president of IMF, said at an event recently,According to the IMF’s articles of association, the IMF is headquartered in the country with the largest shareholder, and the United States currently accounts for 15%.However, with the increasing economic aggregate of China, the IMF headquarters will move to China one day.

However, the lack of employees in China has kept this idea at the stage of shouting slogans.

　He Dong, assistant managing director of the Hong Kong Monetary Authority, will be promoted to return after leaving the International Monetary Fund (IMF) for 10 years, which has encouraged China economists who used to work for the IMF, but also triggered their reflection and emotion about Chinese's invisible ceiling in the IMF. The proportion of IMF employees is similar to that of voting rights of member countries, but the fact that China's voting rights in the IMF are lower than the proportion of GDP in the world and other reasons, such as cultural differences, have always led to the shortage of China employees working in the IMF.

IMF China is understaffed.

IMF jobs are not well paid but attractive.

He Dong’s return to the IMF this time is actually a salary reduction return. A former IMF economist said,The annual salary of the assistant managing director of the HKMA ranges from HK$ 4 million to HK$ 5 million (equivalent to RMB 3.17 million to RMB 3.97 million), while that of the B04 level of the IMF ranges from US$ 200,000 to US$ 300,000 (equivalent to RMB 1.23 million to RMB 1.84 million)..

The former IMF economist said that in fact, many China economists who came out of the IMF wanted to go back to the IMF.As an official institution, the IMF’s salary is not higher than that of foreign investment banks, but it is particularly attractive..

The IMF is a public institution where elites gather. As an economist, the perspective is from the official perspective of policy makers. This will greatly improve the research depth and quality of life for international investment bank economists who are exhausted and cope with market changes and customer requirements.

"Investment bank economists put it mildly, just like salesmen." The reporter of China Business News quoted a big bank economist as saying, "Occasionally, we will meet very difficult customers, but at the IMF, we are all faced with officials at the level of finance ministers."

In addition, China economists in the market are now in a state of oversupply, and the income and attractiveness of the private sector are not as good as before.

And the IMF also has generous benefits. A former IMF economist said,IMF income does not need to be taxed, and it provides a fixed retirement pension. Children’s education also has an annual allowance of 50,000 to 60,000 US dollars..

Such a carefree life, why did these China economists choose to leave in the first place? The above-mentioned people said that the IMF also has the problem of overstaffing.The IMF encourages employees to go to the private sector by leaving their jobs without pay, but if they want to go back to the IMF, they can basically only be rehired..

Many outstanding former IMF economists have chosen to transform themselves after reaching a certain level in international investment banks. Some have become strategists for private big customers, such as Ha Jiming; Some set up hedge funds on their own, such as Wang Qing; There are also more successful central banks, such as Ma Jun. This may be a loss for China, which wants to enhance its voice in international institutions.

PD-1 inhibitor, a new anticancer drug, can provide long-term survival for patients.

　　Cctv news: On June 15th, 2018, National Medical Products Administration officially approved the listing of PD-1 antibody Nivolumab injection in China. The indications are: patients with advanced non-small cell lung cancer who failed standard chemotherapy. Experts pointed out that the listing of this new drug will bring new treatment methods and hope for patients with advanced non-small cell lung cancer.

　　The highest incidence of lung cancer is 85% non-small cell.

　　Lung cancer is the leading cause of cancer death in the world. According to the statistics of the World Health Organization, more than 1.7 million people die of lung cancer every year. Lung cancer is the most common cancer in China, among which non-small cell lung cancer is the most common type, accounting for about 85% of all lung cancer patients.

Yang Zhimin, Director of Clinical Department I of Chemical Medicine of National Medical Products Administration Drug Evaluation Center.

Yang Zhimin, Director of Clinical Department I of Chemical Medicine of National Medical Products Administration Drug Evaluation Center.

　　Yang Zhimin, Director of Clinical Department I of Chemical Medicine of National Medical Products Administration Drug Evaluation Center.Compared with traditional chemotherapy and small molecule targeted therapy, it is completely different from the mechanism of action. Studies in China have also proved that the use risk of it for these advanced non-small cell (lung cancer) patients can be significantly reduced by 32%.

　　Long-term survival of patients with advanced malignant melanoma

　　In July 2014, the world’s first PD-1 inhibitor was launched in Japan for the treatment of advanced malignant melanoma. Clinical studies have found that some patients who have been relieved after treatment have achieved long-term survival, so PD-1 inhibitors have attracted wide attention all over the world. Since then, the United States, the European Union, Australia, Hong Kong and other places have completed the listing of PD-1 inhibitors.

　　Breaking the tradition and bringing about breakthrough progress across multiple cancers

　　In 2016, the American Science magazine selected this cancer immunotherapy as the biggest scientific breakthrough of the year. Because it not only completely broke the traditional cancer treatment; Moreover, it has also brought about breakthrough progress across multiple cancer species, and some advanced patients have achieved long-term survival.

　　National Medical Products Administration said that at present, similar domestic new drugs are also being developed, and some have entered the review stage.

　　Yang Zhimin, Director of Clinical Department I of Chemical Medicine of National Medical Products Administration Drug Evaluation Center.From the current point of view, we hope that the priority review time can be shortened to four to six months as far as possible in the future, and the listing will be approved.

Comments on the management of Sanfu Outdoor’s semi-annual board of directors in 2022

() The business review of the Board of Directors in the first half of 2022 is as follows:

　　I. Main businesses of the Company during the reporting period

The company’s main business is to develop and sell professional and high-quality outdoor sporting goods, operate X-BIONIC black technology sports luxury brand, organize the group construction of outdoor sports events, design, construct and operate the comprehensive quality education project of "squirrel tribe parent-child outdoor paradise+eagle pole safety education and training+three-husband little warrior +SanfoHood wild luxury camp", and provide consumers with all-round products and services through the integration of various business sectors, encourage and help people to go outdoors, exercise healthily, and fully practice the life concept of harmonious coexistence between man and nature.

(a) the company’s industry

In the first half of 2022, the consumer market was greatly affected by factors such as frequent domestic epidemics. Statistics from the National Bureau of Statistics show that the total retail sales of consumer goods in the first half of the year was 21,043.2 billion yuan, down 0.7% year-on-year. Quarterly, it increased by 3.3% in the first quarter and decreased by 4.6% in the second quarter. According to the retail format, department stores and specialty stores in retail above designated size decreased by 8.4% and 4.1% respectively. The total retail sales of social consumer goods such as clothing, shoes, hats, and knitwear was 628.2 billion yuan, down 6.5% year-on-year. However, with the improvement of epidemic prevention and control situation and the effectiveness of promoting consumption policies, the consumer market has gradually picked up. In June, the growth rate of retail sales of most commodities rebounded, sales in some areas improved significantly, the operation of physical stores improved, and the consumer market showed an accelerated recovery trend.

In June, 2022, the 13th the NPC Standing Committee revised the Sports Law of the People’s Republic of China, which marked that the construction of China’s sports law entered a new stage, which was of great significance to standardize and lead the high-quality development of the sports industry in the new era and accelerate the construction of a sports power and a healthy China. In this revision of the new content, the contents of national fitness, strengthening teenagers’ awareness of physical fitness and promoting teenagers’ physical and mental health and physical fitness are highlighted; It is of great significance to adjust the economic structure of sports industry, increase employment, cultivate new economic growth points and meet the diversified sports needs of the people.

In July 2022, the General Office of the State Sports General Administration issued a work plan on sports to help stabilize the economy and promote the activation of consumption, aiming to promote the high-quality development of the sports industry, build a new development pattern, and contribute sports strength to stabilizing the economic market and ensuring the economic operation in a reasonable range. It is mentioned in the plan that offline sports events should be resumed in an all-round and orderly manner, and efforts should be made to ensure that domestic events should be done and broadcast, and more events should be presented to the people; Promote sports consumption, deepen the pilot work of sports consumption, and promote 40 national sports consumption pilot cities to better meet the sports consumption demand under the normalization of mass epidemic prevention and control by creating new sports consumption scenes, cultivating new sports consumption formats and models, issuing sports consumption vouchers, and organizing sports consumption festivals; Promote a green and healthy lifestyle, encourage people to go outdoors and participate in outdoor sports, and further tap the consumption potential in outdoor sports, green travel and other fields.

In May, 2022, the Sports Bank think tank released the "Report on the Development of Sports Industry in 2022", which holds that the outdoor sports industry is an integrated format with sports, tourism, culture and education functions. After the epidemic, it is expected to set off a new round of consumption boom, and it is expected to play a unique role in the strategy of "strengthening the country by sports in the 14th Five-Year Plan" and become a new growth point in the field of sports consumption.

In June, 2022, Taobao Tmall Sports Outdoor Industry and Taobao Education and Consulting Company Kearney jointly released the White Paper on Sports Outdoor Consumer Operation. The "White Paper" shows that after five years of development, product upgrading and usage scenario expansion, the number of outdoor sports users and the consumption of customers have maintained rapid growth. Looking at the scale of outdoor sports market in China, the compound growth rate will be around 13.7% in the next three years.

Under the background of epidemic situation, the related consumption promotion policies in the field of sports outdoor industry have been continuously introduced, and the concept of sports outdoor consumption has gradually risen to a part of the social cost of life. Under the multiple benefits of national policy support, public trend response and positive market feedback, the outdoor sports industry will show great market potential and strong development momentum.

(2) Main business of the company

In the first half of 2022, the domestic epidemic was frequently distributed, and the chain retail industry in which the company was located was greatly affected. The stores and other businesses under the multi-line were closed for some time, and the business segments of sports events, group building and parent-child youth were also subject to different degrees of business restrictions such as postponement, park closure and current restriction, which had a great impact on the company’s business activities in the first half of the year. Faced with the difficulties caused by the epidemic and the overall downward trend of the retail industry, all business segments of the company actively adjusted their business ideas, focusing on X-BIONIC product research and development, flagship store image design, brand marketing and CRM system construction, timely adjusting product structure and (or) product layout according to market demand, introducing interested e-commerce businesses such as Tik Tok and live broadcast, strengthening the IP of the event and the "Squirrel Tribe" parent-child outdoor park project, and concentrating on developing the life field and the construction of SanfoHood wild luxury camp in the parent-child interaction field.

In April 2022, the company increased its capital to hold Guizhou Yingji Sports Tourism Co., Ltd., which mainly focuses on comprehensive safety education for young people. Eagle Sports owns the brand of Eagle Sports Safety Education, and has been awarded many honorary titles such as "National Popular Science Education Base for Earthquake Prevention and Disaster Reduction", "Guizhou Popular Science Education Base for Disaster Prevention and Disaster Reduction", "Guizhou Youth Self-care and Self-help Training Base" by China Earthquake Administration, governments at all levels and superior units. It is an important part of the comprehensive quality education project built by the company in 2022, and the first demonstration base will be built in Nanjing.

During the reporting period, the company achieved an operating income of 236,941,400 yuan, down 4.84% year-on-year; The total profit was-12,224,400 yuan, a year-on-year decrease of 377.64%; Among them, the net profit attributable to shareholders of listed companies was-15,786,300 yuan, a year-on-year decrease of 1,165.12%. As of June 30, 2022, the company’s total assets were 1,069,700,700 yuan, and the net assets attributable to shareholders were 669,751,900 yuan.

1. Develop and sell professional and high-quality outdoor sporting goods.

(1) New retail operation

During the reporting period, the company has 47 direct chain stores in 18 cities across the country, representing and distributing more than 300 high-end professional outdoor sports brands at home and abroad. The products are divided into three categories: outdoor clothing, outdoor shoes and socks and outdoor equipment, covering skiing, camping, running, hiking, mountaineering, self-driving travel, urban commuting and many other outdoor scenes. Open comprehensive/brand flagship stores in Tmall, JD.COM, Mobile Micro Mall, Live Broadcast and other e-commerce platforms to provide consumers with professional and digital mobile shopping experience anytime and anywhere.

In the first half of 2022, the exquisite camping market exploded. Relying on the advantages of outdoor industry for many years, the company’s offline retail stores quickly organized and integrated the product structure, transformed and expanded the store camping area, enabled the experiential display mode, and transformed five large stores, including Beijing Huaxi Wukesong Store, Beijing Madian Zhongdian Store, Beijing Chaoyang Park Store, Shanghai Wanti Store and Shenyang Tianhui Plaza Store. The medium-sized stores also expanded the display of camping products, and the rich and diverse product structure allowed consumers to immerse themselves in many dimensions. The significant increase in the sales of camping equipment in offline retail stores partially offset the adverse impact of the epidemic on retail business during the reporting period.

The e-commerce team continued to focus on core brands such as X-BIONIC, dig deep into product selling points, improve product page quality, actively participate in promotional activities of Tmall and JD.COM platforms, and pay special attention to the improvement of users’ after-sales service experience, resulting in obvious business growth. Among them, the X-BIONIC online store adheres to the principle of "customer-oriented" and continues to maintain the high-speed growth momentum year-on-year. The X-BIONIC Tmall flagship store won the honor of "the new brand with the most powerful treasure", "the new brand with the most potential treasure" and "the annual dark horse award of global brand management mawards" from Tmall platform. In order to meet the needs of the rapid development of the company’s e-commerce business, combined with market changes and integration of resource advantages, the company established Sanfu Supply Chain Company, focusing on one-stop service of commodity warehousing, engaging in e-commerce cloud warehousing, warehousing custody, and promoting logistics solutions, and integrating "warehousing+order" processing into one professional warehousing logistics system, which laid a logistics foundation for the further development of e-commerce.

The new retail business continued to develop well. While maintaining the stability of Sanfu Outdoor Micro Mall, we made great efforts at the Tik Tok Live Track, opening Sanfu Outdoor Franchise Store and CRISPI official flagship store, achieving steady growth in the first half of the year. Among them, Sanfu Outdoor Micro Mall accumulated 8 million views in the first half of the year, with 170,000 visitors and a turnover of 8,542,600 yuan; Sanfu outdoor Tik Tok franchise store accumulated 350,000 visitors in the first half of the year, with a turnover of 6,087,200 yuan, achieving a breakthrough from zero to one million per month; CRISPI’s official flagship store officially opened in April 2022, and has achieved a turnover of 1.4 million yuan in the past three months, and it is growing rapidly. In the future, the company will continue to lay out interest e-commerce platforms such as Xiaohongshu and Aauto Quicker, build a traffic acquisition matrix, deeply promote the company’s brand, provide users with real value through high-quality scenes and experiences, and then realize efficient transformation.

(2) brand operation

1) own brand

During the reporting period, the company continued to increase its research and development efforts, improved the construction of various product lines according to different sports scenes, continuously enhanced the strength of its own brand products, and laid a solid product foundation for gaining greater market share.

Adhering to the concept of combining science and technology with advanced fashion, X-BIONIC continues to introduce high-quality products suitable for spring and summer, including various sun-proof windbreaker jackets, waterproof clothes and pants, many long and short-sleeved T-shirts with different functions, long and short-sleeved POLO shirts, running vests, jogging pants and other long and short pants, and women’s sports bra with different strengths. The categories cover various scenes such as running, fitness, outdoor, commuting, tactics and women’s yoga, which have won favorable comments from many users. The X-BIONIC R&D team has carried out in-depth development for the products planned for autumn and winter in 2022. Most of the products have been developed and finalized, are being processed and produced, and continue to be updated.

SANFOPLUS’s own brand, combined with outdoor camping craze, develops and produces camping-themed fashion products, including various printed T-shirts, pants, trench coats and other products, which have won favorable comments from consumers and industry attention.

2) Agency brand

During the reporting period, the international brands represented by the company continued to maintain an upward trend. Under the Glamping (exquisite camping), mountain system and Gorpcore style trends, the Swedish classic brand Klattermusen (Pan mountain rat) continued to maintain a high-speed growth momentum, and continued to make efforts to promote brands and single products in Xiaohongshu, bilibili and Tik Tok, and cooperated with Xiaohongshu’s official platform to "explore the store by bloggers", which achieved both brand exposure and store realization. The sales of mountain rat’s first direct brand store, Zhejiang Hangzhou Building Store, jumped to the top three floors. The online self-operated Tmall Klattermusen Travel Mouse Store continued to exert its strength, constantly optimizing the interface and enhancing the store image, achieving a growth rate of 1,300%+ during the period of 618; German professional sports glove brand Reusch shined brilliantly in the 2022 Beijing Winter Olympics. In the alpine skiing competition, 90% of the winning athletes (including two alpine skiers in China) wore Reusch gloves and finished the competition, and the glove sales increased by 40% year-on-year. Professional outdoor backpacks MYSTERYRANCH, out shoes Boots DANNER, LASPORTIVA, Lizard, sports glasses Julbo and other companies continue to exert their strength in the outdoor and running market, and develop steadily.

3) Distribution and consignment of brands

During the reporting period, outdoor exquisite camping and ice and snow sports experienced explosive growth, and the company quickly adjusted its product structure. On the basis of the original outdoor camping equipment and ski products, Increase outdoor camping equipment brands such as BURTON, NORDISK, Barbecue Family, Gelong, MIFA, Guanya, Hengguang, Hermit Mountain Road, FOZZILS, Dilefu, and outdoor sports products brands such as MOJOSPARK, HAVAIANAS Havena, BALEGA, THERAGUN, Junlok, EMERSONGEARS and CRABGRAB, and the market feedback effect is good. In the second half of the year, the company will continue to enrich skiing and camping products.

2. Operating X-BIONIC black technology sports luxury brand

X-BIONIC is a luxury brand of black technology sports, "X" stands for technology, creativity, future and infinite possibilities, "BIONIC" stands for bionic technology, and X-BIONIC embodies the spirit of exploration, technology and passionate sports.

During the reporting period, the company continued to maintain all-round cooperative relations with international suppliers of high-quality materials such as GORE-TEX, Schoeller, Polartec, Pertex, Primaloft, Allied, Toray, Cordura, Carvico, etc. The company’s R&D team and the Swiss R&D team continued to communicate and cooperate, and developed and designed a series of products in spring and summer of 2022, with products in autumn and winter of 2021 superimposed, forming a full range, from inner layer to outer layer. At present, after market research, user communication, user feedback, team discussion and design adjustment, most products have been developed and finalized, are being processed and produced, and continue to be updated.

In May 2022, the company opened a ski shop in Chengdu Rongchuang Snow World, which mainly sells X-BIONIC brand products. With its technological advantages and cool decoration style, it gained a good reputation. In the second half of the year, the company will also open ski shops mainly selling X-BIONIC products in snow resorts such as Chongli, (), Tonghua Wanfeng and Xinjiang Jiangjun Mountain. As for the flagship store, the company hired an internationally renowned retail design company to complete the store image design, and has signed a contract with Beijing International Trade Mall, and plans to open the first brand flagship store of X-BIONIC in China from the end of September to the beginning of October.

In the 2022 Beijing Winter Olympics, China won a total of 15 medals, including 9 gold, 4 silver and 2 bronze, ranking third in the medal list. As a supplier of functional sportswear for the Winter Sports Management Center of the State General Administration of Sport, X-BIONIC has provided good equipment support for the athletes of 11 national teams in the Winter Olympics and Snow Sports. After the Winter Olympics, many sports and fashion media, such as X-bioni () Champion Sports Illustrated, filmed fashion blockbusters and short videos of many winter Olympic champions and outstanding athletes, such as Ren Ziwei, Xu Mengtao, Qi Guangpu, Gao Tingyu, Fan Kexin, Qu Chunyu and Ahenar, showing the highlights of the champions and the sports technology performance of X-BIONIC. The Winter Olympics ignited the ice and snow craze. X-BIONIC and Lamborghini Automobile held the "X-BIONIC Lamborghini Beijing Ice and Snow Tour" at the Yuyang International Ski Resort in Beijing. Many Lamborghini car owners and fashion celebrities participated in it to jointly create a high-end sports lifestyle. In the field of outdoor exploration, X-BIONIC sponsored many excellent climbers and expedition teams, including the second national Qinghai-Tibet expedition team, to provide them with equipment support. On June 6th, 2022, X-BIONIC sponsored climbers Gao Li, Ren Yong and Lu Ping successfully reached the summit of Yinfeng in Langemann at an altitude of 6,294 meters, becoming the first "China Team" to climb Yinfeng in Langemann.

In order to strengthen the middle and back-office management ability of X-BIONIC brand operation, the company cooperated strategically with Xiamen Nanxun Co., Ltd. to develop and deploy the online Nanxun ECRP system (omni-channel customer management system), open up the membership level, points and welfare system, launch the X-BIONIC member center, build a integral mall, maintain the after-sales platform, and integrate the recruitment entrance of member activities, so as to provide consumers with more professional outdoor extension services and meet the diversified needs of consumers.

X-BIONIC brand operation is the core business of the company in the next few years. The company will focus on the main resources and strive to build the X-BIONIC brand successfully as soon as possible.

3. Organize the group construction of outdoor activities.

(1) Sanfu event

During the reporting period, the Sanfu event prepared for the event in a positive state, and adjusted the work strategy in time according to the epidemic situation and industry trends, maximizing the use of online power to mobilize user activity and expand the influence of the event. At the beginning of the year, affected by the epidemic situation, Sanfu Games actively carried out the promotion and training of employees’ special skills, and organized related trainings such as first aid and volunteer management, aiming at improving employees’ professional abilities. At the same time, we actively carried out external liaison. Chongli 168 Super Cross-country Race reached a strategic partnership with Thailand’s Intanong Super Cross-country Race ByUTMB, which took an important step towards the internationalization of Chongli 168.

In the first half of 2022, in order to maximize the brand concept of the event, the official accounts of "Chongli 168 Super Cross-country Race" were newly set up, so as to better serve the contestants with more targeted push content. At the same time, the investment in the member service was increased, and the richness and convenience of small programs were fully utilized to provide various support services for the contestants. The Chongli 168 Super Cross-country Race held from July 22nd to 24th, with more than 7,000 participants, involved 9 tracks, 13 groups, 6 starting points and 2 finishing points. The total race lasted for 3 days, posing unprecedented challenges to the track, rescue, replenishment, operation, epidemic prevention and member service. At the same time, it continued to spread the advantages of the past channels such as live broadcast, online interaction and race record sharing. Affected by the epidemic in the first half of the year, the 23rd Sanshou Triathlon was postponed, and its preparations were suspended in the first half of the year. In the preparatory process, Sanfu event signed an agreement with China Triathlon Association, and this year’s event was upgraded to A+ level competition of China Railway Association, and the event was recognized as a specific theme competition of China Railway Association. The competition will become one of the main tasks of the Sanfu event in the second half of the year.

(2) Sanfu League Construction

Sanfu Youth League continued to expand the national territory of light luxury camping, deeply cultivated the enterprise team to expand the training field, delved into the physical fitness training of young people, and explored a new outdoor lifestyle.

During the reporting period, Sanfu Tuanjian actively organized the offline enterprise group building business, seized the outdoor fashion trend in the first half of the year, vigorously developed the inherent enterprise group building business, and at the same time, fully explored the outdoor C-end market, and made remarkable achievements in the continuous expansion of SanfoHood camping factory brand, and effectively linked with the parent-child outdoor park to create the "Sanfu Little Warrior" competition for children’s outdoor activities.

In the first half of 2022, the group construction business maintained sustained and healthy development. In March, the Goddess Festival theme group building products were built, and 13 group building activities were held in a single week. At the same time, seize the inter-provincial tourism window, quickly carry out high-end customized group building activities, and complete three outdoor group building activities such as "Hiking on Black Horse Camp Moganshan", "Yunqi Capital Sailing for hegemony" and "() Chongli Meadow Challenge", which have been widely praised by enterprises. Through the continuous upgrading and breakthrough of industrial resources, Sanfu Youth League has realized the leap-forward expansion of light luxury camping and small warrior project, and will also carry out new fields of large outdoor industry and explore a new outdoor lifestyle in the second half of the year.

4. Parent-child and adolescent comprehensive quality education project

(1) squirrel tribe parent-child outdoor amusement park

During the reporting period, the "Squirrel Tribe" overcame all kinds of difficulties brought by the external environment, adhered to its purpose, and strived to build an ecological family entertainment center integrating parent-child sports, popular science education, leisure and amusement, and ecological environment protection, and build a third space for children’s growth.

On the basis of the first outdoor amusement project, the "Squirrel Tribe" in Nanjing has completed the construction of the second water park and put it into operation. The operation effect is good and it is deeply loved by parents and children. Faced with people’s demand for short trips and their love for camping, the "Squirrel Tribe" followed the changes of market and consumption, and made use of its advantages of "field", "study" and "research" to launch "SanfoHood Squirrel Tribe Camp" and camping activities in Nanjing and Chengdu respectively. Unique activities have brought diversity and rich experience to the products of "Squirrel Tribe". In the first half of the year, the "squirrel tribe" received a total of 262,900 tourists under the haze of the epidemic.

"Squirrel Tribe" spreads and promotes on "two micro-shakes" in a popular way. The projects in Chengdu, Wuhan, Zhengzhou and Nanjing have registered their own official accounts on Tik Tok, WeChat and Weibo respectively, and regularly and irregularly launched project videos and tweets, making full use of online traffic, and making the "Squirrel Tribe" squeeze into the local hot-selling list through live broadcast and delivery.

With the effective implementation of the national epidemic prevention policy, tourism relief policies have been introduced one after another, and the company has full confidence in the market recovery in the second half of the year.

(2) Eagle Safety Education and Training

During the reporting period, Eagle Sports made full use of the epidemic intermission to complete the Guizhou provincial-level 1,000-person walking race, which was also the only large-scale outdoor event in Guizhou Province in the first half of the year. Completed the May Day camping tent festival, and began to build light luxury tent camps, and expanded the activities of light luxury tent group building and the government light luxury tent festival business; Relying on the main business of the safety sector, two large-scale government-sponsored drills were completed to ensure that the camp still maintained some just-needed businesses such as safety education and training under the epidemic situation. In the first half of the year, a total of 68 safety training activities were carried out, with 26,577 trainees.

Eagle Sports has reached a framework agreement with relevant departments in Nanjing to invest in Nanjing Eagle Sports, and completed the writing of the feasibility report of the project and the construction of the architectural renderings of the barracks area, laying the foundation for the next Nanjing project construction.

In the second half of the year, Eagle Sports will continue to enrich the safety product courses, expand more safety research travel business, and continue to undertake and implement the Yuntai Mountain Climbing Race (completed on July 30), Longli Rock Climbing Challenge, Light and Luxury Parent-child Tent Festival and other projects to maximize the target benefits.

(3)SanfoHood Wild Luxury Camp+Sanfu Little Warrior

During the reporting period, the brand of SanfoHood camping factory continued to expand and achieved impressive results. In the first half of the year, a total of 8 camps were landed and operated nationwide. With the mature systematic operation structure and previous camp operation experience, we successfully seized the holiday travel bonus period and handed over the perfect answer sheet that the average daily flow of a single camp exceeded 200 people. At the same time, it has reached a strategic cooperation agreement with two high-end homestays in Beijing, namely, Tile Factory Hotel and Mountain Lodge, to jointly build a wild luxury holiday tent camp, enrich the product formats around camping, and work together to promote the development of camping industry in China. Actively expand B-end customers with camp operation needs, and provide camp design and customized camping products such as tents and awnings. At present, it has provided related services to camp operation customers in many provinces and cities in China.

In the first half of 2022, Sanfu Little Warrior completed six events in Nanjing, Chengdu and Zhengzhou, and more than 1,000 families participated in a single event. It has won wide acclaim and certain influence in the local parent-child market. In the future, we will actively expand the creation of Little Warrior IP, further promote the diversification of children’s outdoor products and enrich the ecology of the whole industry.

Through the above business segments, the company provides consumers with all-round products and services, builds an outdoor ecological platform with business users as the core, links people with outdoor brands, people with outdoor products, people with outdoor sports, and people with outdoor education, so as to realize customer group transformation among different segments, thus building a complete outdoor industrial cycle.

(III) The position of the company

Since its establishment, the company has been deeply involved in the outdoor industry and committed to the upgrading of the outdoor sports industry. R&D and production of high-functional professional outdoor sporting goods, continuous expansion of the influence of competition activities, and creation of comprehensive quality education IP for parents and teenagers with social significance have formed a good reputation and brand reputation in the industry in line with the business philosophy of operating in good faith and ensuring after-sales. It is a leader in the development of outdoor industry in China and has been rated as "National Sports Industry Demonstration Unit" by the State Sports General Administration.

(A) retail business information analysis

1. Store operation

By the end of the reporting period, the company had opened 47 professional outdoor products chain stores in 18 cities, including Beijing, Shanghai, Nanjing, Hangzhou, Chengdu, Shenzhen, Shenyang, Changchun, Qingdao, Shijiazhuang, Suzhou, Wuxi, Wuhan, Chongqing, Dalian, Zhengzhou, Zhangjiakou and Jilin, with a total area of about 20,600 square meters.

(1) Distribution of stores at the end of the reporting period

(2) The situation of the top ten stores with sales revenue during the reporting period.

(3) Store business income

In the first half of 2022, the company’s store business income was 116,042,500 yuan, accounting for 48.98% of the company’s operating income.

2. Changes of stores during the reporting period

(1) Newly opened stores

(2) Close the store

3. Store efficiency information of comparable stores during the reporting period

Note:

(1) Comparable stores refer to stores with comparable sales data in 2021 and the first half of 2022.

(2) The above does not include the closing of stores in the first half of 2022.

(3) Floor efficiency refers to the sales per square meter of business area during the reporting period.

(II) Sales on the inside during the reporting period

During the reporting period, the transaction volume of the company’s third-party sales platform was 137,684,800 yuan. With the continuous development and increase of the third-party e-commerce platform, the company’s sales in official website have gradually been linked to the third-party sales platform.

(III) Procurement during the reporting period

1. Supply situation of the top five suppliers in each commodity category

2. Inventory management policy

In terms of inventory management, the company has applied ERP invoicing management and WMS warehousing management system, which can know the inventory situation in real time, and the data of goods warehousing, warehousing and distribution, sales outbound and end-of-season inventory can be reflected in real time, and the sales and inventory data of various stores in the country and the inventory structure of various categories can be obtained at any time from the system; The product department and the commercial control department of the company will formulate the safety inventory of each category, and arrange the replenishment quantity in time when the goods are out of stock, so as to ensure the continuous sales demand and avoid the stagnation of the goods.

3. Handling policies and impairment provision policies for unsalable and expired goods.

For unsalable goods, the company will take the form of returning to brand suppliers, big promotion in spring, summer or late autumn and winter, opening outlet stores and temporary special sales, e-commerce platform channels, micro-shopping malls and so on. For expired goods, the shelf life management regulations shall be strictly followed, and the principle of first-in-first-out shall be guaranteed. For temporary goods, measures such as returning to manufacturers and bundling promotion shall be taken, and expired goods shall be destroyed and included in the loss.

As for the impairment provision policy, it shall be measured at the lower of cost and net realizable value on the balance sheet date. If the inventory cost is higher than its net realizable value, provision for inventory depreciation shall be made and included in the current profit and loss. On the balance sheet date, if the factors influencing the previous write-down of inventory value have disappeared, the write-down amount will be restored, and it will be reversed within the amount of the original provision for inventory depreciation, and the reversed amount will be included in the current profit and loss.

(4) Warehousing and logistics during the reporting period.

The company’s central warehouse is located in Changping District, Beijing, close to Shahe Higher Education Park in the Sixth Ring Road, with convenient transportation. The warehouse covers an area of 5,000 square meters, and is used for rapid turnover and storage of a full range of goods sold by the company, including out shoes, clothes, bags and equipment. During the reporting period, the warehousing expenditure was 659,500 yuan, and the logistics expenditure was 2,984,400 yuan, of which the self-owned logistics expenditure accounted for 1.96% and the outsourcing logistics expenditure accounted for 98.04%.

(5) Own brand

During the reporting period, the company’s own brand operating income was 63,814,200 yuan, accounting for 29.11% of the company’s main business income. Among them, the operating income of X-BIONIC products was 52.2584 million yuan, and the sales increased by 118.32% year-on-year.

Note: The decimal difference of total operating income in the table is due to rounding.

II. Analysis of Core Competitiveness (I) The huge development space brought by the acquisition and operation of X-BIONIC, a luxury brand of black technology sports, has been widely recognized by many professional athletes in the world for its strong black technology attributes. "X" stands for technology, creativity, future and infinite possibilities, "BIONIC" stands for bionic technology, and X-BIONIC embodies the spirit of exploration, technology and passionate sports. After acquiring the ownership of "X-BIONIC" and "X-SOCKS" brands in China, the company absorbed and integrated its advanced technology, accepted the popularity and reputation of its international brands, combined with international and domestic R&D and production capacity adapted to the market, and closely cooperated with major international suppliers of high-quality raw materials, relying on the company’s accumulation in the outdoor sporting goods industry for many years, achieving brand development, which brought huge development space for the company’s production and operation. (II) Complete Outdoor Industry Operation Platform The company builds an outdoor ecological platform with operating users as the core, linking people with outdoor brands, outdoor products, outdoor sports and outdoor education by developing and selling professional high-quality outdoor sporting goods, operating X-BIONIC black technology sports luxury brands, organizing outdoor sports league construction, and designing, constructing and operating parent-child and adolescent comprehensive quality education projects. (III) Outdoor Multi-brand, All-category Product Structure Company, as one of the earlier enterprises engaged in outdoor industry, has been deeply involved in the industry since its establishment in 1997, and established a lasting and stable cooperative relationship with hundreds of outdoor brands at home and abroad, knowing the core advantages and applicable situations of different brands, different categories and different products, and forming in-depth insight and understanding of product characteristics, so as to provide professional and personalized product selection suggestions for different consumers in different scenarios and provide in-depth service to user groups. At present, the company has its own brands such as X-BIONIC, X-SOCKS, SANFOPLUS, ANEMAQEN, SANFO, KIDSANFO, etc., acting as an agent and distributing 300+ outdoor famous brands, with more than 8,000 SKUs. The product categories cover outdoor sports, daily business and leisure and other scenes. Some of the core brands are as follows: (4) Companies with strong R&D capabilities of their own brands have established many own brands such as ANEMAQEN, SANFO, KIDSANFO, SANFOPLUS, etc. by using more than 20 years of experience and in-depth understanding of products and customer groups, and have the ownership of IP in China, such as "X-BIONIC" and "X-SOCKS". The design R&D team consists of more than 40 professionals, including designers, typographers and material developers, focusing on the control of key links such as typography design, process optimization and production quality control.Focus on target market segmentation and diversified product design direction, constantly reform and innovate in fabric selection and functionality, and combine high-quality materials with advanced technology to empower sports and achieve a more comfortable, reassuring and cool brand experience. At present, the company has established in-depth cooperative business relations with international high-quality functional fabric companies including GORE-TEX, Schoeller, Polartec, Pertex, Primaloft, Allied, Toray, Cordura, Carvico, etc., which has laid a solid foundation for new product R&D, production and supply chain. Since the private brand products have been put into the market, they have gained a good market reputation, and the company’s core competitiveness and gross profit margin will be strongly guaranteed. (V) All-round distribution of sales channels The company has an independent team for expanding stores and a comprehensive evaluation system for opening stores. Combined with historical successful experience and business data, it evaluates and considers from various aspects such as region, consumption power, passenger flow, location, cost and return on investment, scientifically calculates and deduces the profit model, and selects excellent solutions to ensure the profitability of physical stores. Through offline channel coverage, online business development, group procurement promotion, event linkage and other means, we will comprehensively broaden sales channels and achieve online and offline coordinated development, which has strong industry influence in the professional outdoor field. (VI) Experience in organizing professional competitions and group building activities. The Sports Management Subsidiary has been focusing on the promotion and popularization of professional outdoor sports for many years.It has won the title of chinese mountaineering association Model Club and AAA outdoor sports club qualification for many years, and is a member of China Triathlon Association, Marathon Committee of China Athletics Association and International Cross-country Running Association. With the competition as the engine, the company is committed to leading Chinese people to develop a good outdoor sports lifestyle. At present, it has become a professional competition operation organization with large scale and strong technical strength in China, and its business ability is at the leading level in China from organization planning, route survey to guarantee implementation. The types of events cover daily training, entry-level events and long-distance super events, and there are many events with international brand influence such as Sanfu Triathlon and Chongli 168. The company has been fully recognized by members, contestants and outdoor sports enthusiasts in the event, and the members of the company have the characteristics of strong stability and high loyalty. The skill training subsidiary focuses on the in-depth development of enterprise group building business and occupies a leading position in the field of outdoor training for enterprises. After more than ten years of industry accumulation, a high-quality coach team composed of hundreds of professional senior coaches has been deposited, including many star coaches with national professional qualification certificates, more than ten years of experience and tens of thousands of training experiences. Established a deep cooperative relationship with many high-quality camp resources with unique outdoor entertainment attributes. After more than ten years of deep cultivation and business expansion, the company’s customer resources have covered more than 20 industries, including the Internet, technology and finance, including dozens of Fortune 500 companies, listed companies and emerging Internet technology companies. Quality customer resources,Long-term strategic cooperation, strong faculty and all-round enterprise services have enabled the company to win a stable market share and continue to drive business growth. (VII) Mature Operation and Management System of Quality Education Project for Parents and Teenagers Shanghai Xile Subsidiary is the main operator of "Squirrel Tribe". After years of exploration and practice in outdoor sports, entertainment and education, it has taken the lead in establishing standardized operation and management processes and curriculum research and development systems in the industry, and has a strong first-Mover advantage in product design, management concept, safety awareness and daily protection. "Squirrel Tribe" has its own brand IP image, and radiates clothing, picture books, courses and other related fields. By optimizing iterations, it enhances IP influence, systematically exports management service capabilities to the industry through joining, and enhances the radiation radius of IP regions. At present, the "Squirrel Tribe" has formed a good driving effect throughout the country. With the landing of projects with first-tier cities as the core, the brand awareness will be further enhanced. Eagle Sports Subsidiary owns the brand of "Eagle Safety Education", focusing on youth safety education, integrating diversified contents such as earthquake prevention and disaster reduction, self-care and self-rescue, popular science safety, youth safety education and training, etc. It can simulate various disaster sites to carry out various forms of skills training such as disaster prevention and mitigation, emergency rescue and emergency rescue, and enhance the self-help and self-care ability of young people in emergencies through experiential training. It has profound experience and mature operation mode in the youth safety quality education industry. Eagle sports investment and constructionGuizhou Yingji Outdoor Safety Base for Disaster Prevention and Mitigation has been awarded many honorary titles by Seismological Bureau of China, governments at all levels and superior units, such as National Popular Science Education Base for Earthquake Prevention and Mitigation, Publicity and Education Base for Disaster Prevention and Mitigation Safety in Guizhou Province, Publicity Base for Popular Science Education in Guizhou Province, and Training Base for Youth Self-care and Self-help in Guizhou Province. By continuously expanding the quality education program for teenagers, the company has become one of the representative enterprises in the field of outdoor unpowered sports, natural history exploration and safety education. (VIII) High-quality and stable membership group The company always adheres to the service tenet of "customer first", pays attention to the construction of customer information system, and uses CRM customer relationship management system to integrate online and offline multi-channel resources to carry out unified membership service and management. Actively cultivate new members, firmly maintain old members, increase value and optimize members’ rights and interests, and improve viscosity and repurchase rate; Establish accurate expansion of user portrait analysis needs; Provide timely and high-quality pre-sale, in-sale and after-sale services, pay attention to satisfaction feedback and follow up to enhance interaction; A loyal and stable membership base will help drive channel traffic and performance growth. (IX) The company with high industry popularity and reputation takes "encouraging and helping people to go outdoors, exercise healthily, and fully practicing the life concept of harmonious coexistence between man and nature" as its mission, and always adheres to the business philosophy of "honest management-ensuring after-sales" to provide consumers with multi-brand and full-range products. At the same time, to ensure the quality of service,The company has always adhered to the strategy of opening a store directly, and has established standardized management processes in product selection, storefront display, customer reception, professional explanation, inventory management, after-sales service, etc., which fundamentally ensures the unity and quality of foreign services. The company pays attention to establishing close cooperative relations with upstream and downstream enterprises and competent departments in the industrial chain, strictly fulfills commercial contracts, abides by business rules and business ethics, and has formed a good reputation and influence in the industry. In recent years, the company has won many awards, including National Sports Industry Demonstration Unit, Typical Enterprise of Ministry of Commerce, Zhongguancun High-tech Enterprise, Beijing AAA Credit Enterprise, Beijing Chengxin Creation Enterprise, Beijing Sports Industry Demonstration Unit, member units of Beijing Zhongguancun Enterprise Credit Promotion Association, Beijing Top 100 Private Enterprises with Social Responsibility, Beijing Top 100 Small and Medium Private Enterprises, Xicheng District Civilized Unit and Worker Pioneer, Zhongguancun Credit Cultivation Double Hundred Project "100 Most Influential Credit Enterprises" and so on. And ISO9001 quality management system certification, ISO14001 environmental management system certification, GB/T28001 occupational health and safety management system certification, etc.

Iii. Risks faced by the company and countermeasures (I) Risks that the X-BIONIC brand fails to meet expectations. Although the X-BIONIC brand has strong scientific and technological functional advantages, it takes a long time to establish brand awareness in the market as a new brand. Brand awareness also affects channel construction and sales performance. To fully operate the brand and test the company’s comprehensive ability, there is a risk that it will fail to meet expectations within a certain period of time. Countermeasures: Make clear the positioning of X-BIONIC black technology sports luxury brand, form a strong team from product research and development, brand marketing, channel construction and customer service, form operational capabilities, and ensure the stable and successful operation of X-BIONIC brand. (II) Risk of Force Majeure, such as repeated local epidemics and short-term stagnation of consumption. At present, domestic epidemics may face repeated situations. Repeated local epidemics may affect the sales of offline physical stores, the passenger flow of squirrel tribe parent-child outdoor paradise and Eagle safety education base, and the construction of outdoor games, and will also have an impact on the supply chain. Countermeasures: vigorously develop online business, seize new business opportunities such as camping, maintain close communication with international suppliers, send orders in advance to purchase and prepare emergency plans, control costs at the same time, adopt a more cautious attitude towards new project investment, and buffer the challenges brought by force majeure such as repeated epidemics to the greatest extent.

In-depth analysis of the 8th Accord to calculate the listing date and price.


　　Guangzhou Eighth Generation is definitely not the most expensive and luxurious model at this Guangzhou Auto Show, but it is indeed the most concerned model, which can be said to be the biggest highlight of this auto show.


　　It is worth mentioning that the Guangben Eighth Accord was released only two months after the release of the North American Eighth Accord, so it is worth saying "Good!" The label of overseas synchronization is not a deceptive cover.


　　Media parties and people in the industry unanimously praised the Accord as "the strongest Accord in history", so where is this strongest? What are the differences between the North American version and the American version? When will it be listed? In what range will the price be set? This series of questions are what netizens are most concerned about. Don’t worry, let’s solve these mysteries one by one.


● First of all, briefly compare some differences in appearance between the overseas version and the domestic version of the Eighth Generation Accord.


Home of the car


　　From the side, the front combination headlights are slightly different. Generally speaking, the appearance of the domestic Accord remains highly consistent with that of the overseas version, but the configuration is increased in a small place. As for the interior, we haven’t got the interior map of Guangzhou Honda Eighth Accord, so we can’t judge whether it will be different from the overseas version for the time being.


● Why is it praised as "the strongest Accord in history"


　　3.5LV6 3-stage variable management (VCM)i- engine +VGR variable mechanical speed ratio power steering system+brand new chassis+active control engine support (ACM) and active noise control (ANC) = the strongest Accord in history. Guangzhou Honda’s eighth-generation Accord has a 2.4L four-cylinder engine and a 3.5LV6 engine to choose from. The 2.4L Accord is equipped with K24A8 engine, which is up to 132KW, 2.4L higher than the current Accord.


Home of the car


　　But when it comes to power, it should be 3.5V6 version. This car has brought advanced technology, such as variable. Guangzhou Honda’s eighth-generation Accord 3.5L engine is an i-VTEC engine with a three-stage variable cylinder management (VCM) in V6. When in use, the three, four and six cylinders can be switched freely, which can control the fuel consumption very well and is even better than the seventh generation.
　
　　The engine will put all six cylinders into operation when the vehicle starts, accelerates or climbs a hill. Under the conditions of medium speed cruise and low engine load, the system will only operate one cylinder bank, that is, three cylinders. During moderate acceleration, high-speed cruise and gentle slope driving, the engine will run with four cylinders.


Home of the car


　　With the help of three working modes, the VCM system can carefully determine the working displacement of the engine to keep it consistent with the driving requirements at any time. Because the system will automatically close the intake valve and exhaust valve of the non-working cylinder, it can avoid the loss of suction and exhaust related to intake and exhaust, and further improve the fuel economy. VCM system achieves the highest performance and the highest fuel economy-these two characteristics usually cannot coexist in conventional engines.


　　Other technologies that use talents, such as VGR (Variable Speed Ratio Steering), are more accurate in driving and more flexible and light in low speed. Moreover, it adopts a brand-new chassis, which surpasses its predecessors-the seventh generation in power, steering, handling and riding comfort, so that the high-speed stability and grip of the car can be better reflected, including the reduction of noise during driving-the eighth generation Accord can be said to be the strongest Accord in history.


● Guangzhou Honda Eight-Generation Accord is close to Class C and is it a B++ class model? Will it become the benchmark for domestic car grades?


Home of the car


　　In terms of size, the classification of the eighth-generation Accord has changed from "medium-sized" by the US Environmental Protection Agency (EPA) to "large-sized", and its size and space have surpassed all competitors at the same level. This size can meet the customer’s requirements for four adult passengers in the front and rear seats to enjoy the same seat comfort.


　　Although the manufacturer has not announced the specific technical details, Fu Shoujie, executive deputy general manager of Guangzhou Honda, said that in the China market, the eighth generation Accord has completely surpassed the existing concept of B-class car, approaching or even reaching the level of C-class car, and it is a veritable "B++ class" car, thus setting a brand-new coordinate for the middle and high-class car market in China.


　　Fu Shoujie, executive deputy general manager of Guangzhou Honda, said that in the past, Accord was the benchmark of price, and now it is more appropriate to measure it with the benchmark of grade.


● Can Guangben’s eighth-generation Accord King regain the mid-to high-end sales champion?


Home of the car


　　This reminds me of the story of Simba, the lion king, but I wonder if the new Accord can successfully perform the drama of the return of the king and regain the throne from his hands. After Camry went public, it once created a monthly sales record of 16,000 cars. This may be an insurmountable obstacle for the opponent. But it seems that the Eight-Generation Accord has the confidence to say something beyond it. Fu Shoujie, deputy general manager of Guangzhou Honda, said that next year, Guangben New Accord will return to the throne of middle and high-end car sales champion. I hope that the eighth generation Accord will sell 200,000 vehicles next year.


　　Say these words, I believe that I am not cheering myself up out of thin air. At present, the production capacity of Guangben has reached 360,000, with two factories, four models and 18 varieties. There are nearly 320 terminal sales. This laid the foundation for the Accord’s successful flop.


● When will Guangzhou Honda’s new Accord go on the market? The forecast is the first half of January next year.


Home of the car


　　The official said that it is not the time to announce the listing date and price, but one thing is certain. Although the official refused to disclose it, I believe that the new Accord is ready to go, and the large-scale promotion of the old Accord has lasted for a long time. From the market situation, some models have been out of stock. Therefore, it can be speculated that the old Accord has stopped production or reduced production, and the new Accord has stepped up production online.


　　In connection with the above, Guangzhou Honda hopes that the new Accord can regain its position as the king of middle and high-end sales, and hopes to sell 200,000 vehicles next year. According to official data of Guangfeng, Camry has sold 180,000 vehicles so far. In other words, it is best to be listed in early January if the Accord wants to win the championship successfully next year, otherwise the pressure will increase with time. Of course, some media said that the new Accord will be listed at the end of this year, but in comparison, it will be more beneficial to go public in January next year.


● What will be the listing price of the new Accord? It is possible to start at 240,000 yuan.


Home of the car


　　The biggest rival of the new Accord is Camry, and the price range of its 2.4L model is 2298-269800 yuan. However, according to the management of Guangzhou Honda, the new Accord will definitely not fight the price war. If we fight it, it will be a value war. If we fight the price war, the market will undoubtedly bring harm to both automobile manufacturers and automobile consumption. When asked by the media whether there would be a fare increase, the management of Guangben did not directly answer. In the dialogue, Fu Shoujie, executive deputy general manager of Guangzhou Honda, also said that the Accord used to be the benchmark of price, and now it is more appropriate to measure it with the benchmark of grade.


　　These signals tell us that the listing price of Accord will never be cheaper than that of Camry. Of course, there must be different reasons for technology and configuration. When the eighth generation Honda Accord was listed in North America, there were two kinds of displacement models, 2.4 and 3.5 respectively. The price of the 2.4 displacement model was between 158.9 and 210.8 thousand yuan. According to the price difference (80 thousand yuan) between North America and China, a media predicted that the price of the 8 th generation domestic Accord with 2.4 displacement model might be between 240 and 290 thousand yuan. This estimate is roughly in line with the above discussion. However, Guangzhou Honda’s production capacity is strong, and it is believed that it will not be troubled by production capacity, resulting in high pricing due to insufficient supply. And the price can not be set too much higher than Camry, so it is most likely that the starting price of the domestic listing of the Eighth Generation New Accord will be around 240,000 yuan. Because of the large displacement and the more advanced technology applied to the 3.5L model, it is difficult to estimate the price for the time being.

AITO asks the community to open the winter health examination service： car owners can get 12 key items of car inspection when they enter the store.

On January 2nd, @AITO Auto announced tonight that the "Winter Health Check-up" activity is about to start, and car owners can enjoy vehicle inspection and winter replenishment when they enter the store. The activity time is from January 1st to February 8th, and it is open to all AITO car owners who have already delivered it.

IT house summarizes the activities:

Not long ago, AITO also announced the latest limited-time car purchase rights: the activity time is from January 1 ST to January 31 ST.

New M7 Max rear-drive intelligent driving version | New M7 Max four-wheel drive intelligent driving version, up to 40,000 yuan.

New M7 Plus rear-drive version, up to RMB 30,000.

Wenjie M5 Intelligent Driving Edition | Wenjie M5 Pure Electric Intelligent Driving Edition, with a maximum interest of 37,000 yuan.

Wenjie M5 Standard Edition | Wenjie M5 Pure Electric Standard Edition, with a maximum interest of 27,000 yuan.

According to the previous report of IT House, in December 2023, AITO Jiejie series delivered 24,468 new cars, an increase of 29.96% from the previous month. In 2023, 94,380 vehicles were delivered in total, and the cumulative number of vehicles in Jiejie M9 has exceeded 30,000 in seven days. Among them, the cumulative number of new M7 vehicles in the world has exceeded 120,000.

Can I retire early in an internet company after working for 15 years？

Figure/vision china

Yangcheng Evening News reporter Shen Zhao

　　In the internet industry, the word "retirement" has been out of the loop recently. This is very different from the "996" that people will think of when they mention Internet companies. The starting point of all this is that Tencent, the "Goose Factory", has recently announced that it will upgrade its employee care policy and introduce and improve employees’ retirement benefits. The above policies clarify the various rights and interests that Tencent employees can enjoy when they retire legally. Among them, at the node where they have been employed for 15 years, employees can choose to "retire early" even if they have not reached the retirement age, and enjoy the retirement benefits introduced before.

　　"Early retirement" is what many young migrant workers dream of, and Tencent’s move can be described as a stone stirring up thousands of waves. However, the Yangcheng Evening News reporter found out that while netizens are discussing "employee benefits" and "anti-involution", words such as "working overtime as usual" and "35-year-old consensus" still occupy a large proportion.

　　Internet giant wolf culture turn? "Anti-involution" and "Reducing Overtime"

　　In recent years, in the fierce competition of the Internet, in order to get more output, workers in large factories have passively "rolled up", and the practice and argument of "big and small weeks" and "996 is a blessing" are not surprising. In this year, the big factories that have always advocated the "wolf-like" culture suddenly turned collectively this year, and started to cancel the big and small weeks one after another, and some even "strictly controlled" the overtime hours of employees.

　　In June this year, Tencent’s Photonic Studio piloted the "first shot" against the "996" overtime culture. It was forced to leave work at 6 o’clock on Wednesday and leave the office no later than 9 o’clock on other working days. Overtime in violation of regulations will be punished. Many people think that this has given Internet companies a good start.

　　Sure enough, three companies, Aauto Quicker, ByteDance and Meituan, quickly followed suit and cancelled the "anti-involution" mode. On June 24, Aauto Quicker took the lead in announcing that the week will be cancelled from July 1, and employees will work overtime as needed. The company will pay overtime wages to employees in accordance with relevant regulations; On July 9, ByteDance announced that it will cancel the week of size from August 1, and teams and individuals who need it from August can submit overtime applications through the system; On July 14, Meituan’s community group buying business Meituan Optimization was also exposed to cancel the size week.

　　But in fact, after the above-mentioned companies announced the cancellation of big and small weeks, different voices appeared. For example, a previous survey in ByteDance showed that one third of employees supported the "big week" model. According to the company’s "big and small week" system, there are two Sundays to go to work every month, and double wages will be paid. For many employees, the cancellation of large and small weeks is equivalent to the cancellation of weekend overtime work with double wages for two days every month, and the monthly salary has been "generally reduced" by four days. According to the average monthly salary of 25,100 yuan in ByteDance, the loss of overtime pay for two days a month means that the salary will drop by 19% (nearly 5,000 yuan).

　　Worried about "limiting overtime workload"? Implementing actions is more important than superficial compliance.

　　The controversial point is not limited to this. For many Internet workers, the changes in the system seem to have no obvious impact on their work rhythm. In terms of pulse, some netizens expressed their concern: "Although the week of size has been cancelled, the workload is not small, and the off-duty time has become late. Now I walk one hour late every day."

　　In fact, it is a fact that "996" is illegal. On August 26th, the Ministry of Human Resources and Social Security and the Supreme People’s Court jointly released a typical case of labor and personnel disputes over overtime, in which it was clearly stated that the "996" working system seriously violated the provisions of the law on extending the upper limit of working hours and should be deemed invalid. In this regard, some netizens expressed the hope that the "anti-involution" of Internet manufacturers will not only stay on the surface of compliance, but also be implemented in action.

　　In this regard, Dong Yizhi, a special researcher of the Network Economic and Social E-Commerce Research Center and a lawyer of Shanghai Yida Law Firm, said in an interview with the Yangcheng Evening News reporter that the overtime problem of Internet companies is essentially related to the development model of Internet companies. Dong Yizhi said: "Although Internet companies in China have some innovations, their competitiveness in the international arena is still relatively weak. This mode of working overtime through employees is not recognized and advocated by everyone in the future. The adjustment of the current Internet giant is also a more realistic choice. "

　　Zhang Yi, CEO and chief analyst of Ai Media Consulting, told the Yangcheng Evening News reporter that this restriction on overtime work by big manufacturers is generally a manifestation of their practice of social responsibility. But in fact, due to the fierce competition between internal and external manufacturers, in practice, a lot of work must be completed in time, making it difficult for employees to really reduce overtime.

　　The welfare promotion measures of "anti-involution" are not limited to salary increase and equity incentive.　

　　In addition to "reducing overtime", major Internet companies also introduced a number of employee welfare policies in the first year of "anti-involution" in 2021, including but not limited to salary increase and equity incentives.

　　The job market in the Internet industry is highly mobile, and equity incentive is a sharp weapon for enterprises to attract talents. The higher the level of employees, the more attention they pay to equity/option rewards. On July 6th, Xiaomi issued a new stock incentive plan after the Young Engineer Incentive Plan awarded 3,904 outstanding engineers, and awarded 119.65 million shares of Xiaomi to 122 people, including technical experts, the first batch of entrepreneurs in the new decade and middle and senior managers.

　　JD.COM announced in a high-profile way that from July 1, 2021 to July 1, 2023, it will take two years to gradually increase the average annual salary of JD.COM Group from 14 to 16, directly for two months. Once this salary increase notice was released, it immediately rushed to the top of Weibo’s hot search.

　　The news of "the strongest employee benefits" comes from Tencent. On November 5th, Tencent officially launched the employee retirement treatment plan. The scheme shows that employees can enjoy customized souvenirs, long-term service thank-you money and retirement honor money at the same time when they retire legally. Among them, the long-term service thank-you payment is a fixed salary of 6 months, and the retirement honor payment is one of "service life payment" and "50% unreleased stock option".

　　Soon after, Tencent once again publicly released the employee care upgrade plan, and proposed the "early retirement" plan for employees for the first time. Upgrade the employee’s "career milestone" to six important nodes: 1 year, 5 years, 10 years, 15 years, 20 years and legal retirement, and each node can enjoy different physical gifts or special rights. In the node where employees have been employed for 15 years, even if they have not reached the retirement age, they can choose to "retire early" and enjoy the retirement benefits introduced before. It is also this news that makes netizens "boiling".

　　Is early retirement a "pie" or a welfare? How to break the "35-year-old consensus" of Internet companies?

　　In fact, the Internet industry has always had an unwritten "35-year-old consensus". If a person is still working in a basic post over 35 years old, then he is easily "optimized". It is worth mentioning that Pulse Data Research Institute recently released a survey to sort the average age of employees in large Internet companies in China. The results show that the average age of employees in these companies ranges from 27 to 33. Among them, the average age of Tencent employees is the youngest among the old BAT (Baidu, Ali, Tencent), and the average age of employees is only 29 years old.

　　Based on the above statistics, some analysts even think that the early retirement policy issued by Tencent is a welfare on the surface, but it is actually a pie. Even the deeper meaning behind it: I don’t want older employees to continue to occupy the pit. Therefore, for ordinary migrant workers with early retirement dreams, "is there any chance to retire?" "Is there enough money after retirement?" This is the real problem.

　　In this regard, Zhang Yi believes that Tencent’s early retirement plan not only has one aspect for employees to consider, but also has one aspect for the enterprise itself. "A large number of old employees stay in this position, and newcomers have no more opportunities for promotion." Zhang Yi said that the Internet needs constant innovation. Tencent has gone through such a long course of 23 years, and it has fallen behind in innovation. Therefore, it may become an inevitable way for the healthy development of enterprises to increase innovation, increase the promotion of young people and let old employees retire early.

Avita 07 shocked the market, defining a new height of technological luxury

On the evening of September 26, 2024, in Hangzhou, Avita Technology announced the official launch of its third strategic model, the Zhimei urban luxury SUV Avita 07. The debut of this car is like a bright star illuminating the sky of the automotive market.

Avita also officially announced that Ms. Yao Anna has become the global spokesperson of Avita 07. She and Mr. Chen Zhuo, President of Avita Technology, jointly announced the price of Avita 07. The new car launched 2 kinds of power 6 models, and the official guide price is 21.99 – 289,900 yuan. From now on, users can order through official channels such as Avita App, official website, Mini Program and stores in major cities across the country, and it will be delivered as soon as it is available.

Avita 07 brings four limited-time rights to users. Users who place an order before October 31, 2024 (inclusive) can enjoy up to 30,000 yuan in rights and interests, including the first owner’s lifetime Sandian quality assurance, 10,000 yuan exclusive package, 20,000 yuan ADS high-end function package equivalent vouchers, 0 down payment full-term low interest, etc.

As a benchmark for CHN’s innovative cooperation model, Avita 07 is the first demonstration case of a comprehensive leap in the cooperation model with Huawei’s "HI Plus", and it is a powerful carrier of Changan Automobile, Huawei, Ningde Times and Avita’s technical strength. Zhu Huarong, chairperson of Changan Automobile and chairperson of Avita Technology, said that as long as Avita needs it, Changan Automobile will fully support it, asking for money, asking for people to give people, and asking for technology to give technology. Coupled with the strong blessing of Huawei and Ningde Times, the "strongest partner", Avita will always be the most trustworthy brand for users.

Chen Zhuo, president of Avita Technology, called Avita 07 the strongest hexagonal warrior in the same class, with future aesthetic design, urban luxury first class cabin, Huawei Dry Smart Driving ADS 3.0, Hongmeng Cockpit 4.0, Shenxing battery, Kunlun Extended Range, Taihang Intelligent Control Chassis and excellent safety hardcore strength, which can satisfy users’ new luxury experience of "high value, high technology and high value" of vehicles.

Three top-class blessings, defining a new standard of technological luxury, Avita 07 has ushered in a new era of perfect integration of design aesthetics and luxury driving experience. Its future aesthetic original design is unique and fascinating at first glance. The body proportions are stretched and elegant, and the slender body, shapely wheel height ratio, golden section axle length ratio, plus the widest body in the same class, the largest 21-inch wheel rim and the widest tire create an elegant and dynamic posture.

In terms of detail craftsmanship, Avita 07 has also achieved the ultimate refinement. The disc-wing front face is matched with the F-type Star Travel curvature lamp set, which is elegant, confident and highly recognizable. The new car offers five natural paint colors of gravel black, white, rock ash, pale green and star purple, 8 coatings, "three coats and two bakes" process, and "iridescent" pearlescent, creating a kaleidoscopic color hierarchy while making the car paint more wear-resistant. Details such as borderless doors, unique hidden water cutting, electronic exterior mirrors, and perfect skyline show ingenuity.

Entering the car, Avita 07 creates a luxurious atmosphere of urban luxury first class. The industry’s exclusive 35.4-inch 4K panoramic remote screen, 15.6-inch Huawei 2K smart central control screen and dual 6.7-inch high definition rear video screen form a 4-screen encircling design, bringing a new technological luxury experience. Galaxy Purple and Yunshan Brown two theme colors, using double color design, present an elegant and luxurious texture. The soft bag area in the car is 10 square meters, and the ceiling is made of microfiber suede, which is soft, comfortable and healthy and environmentally friendly.

Avita 07 pursues the ultimate riding experience and creates a new travel enjoyment for users. The front row is equipped with the only double zero-gravity seat in the same class, which supports 16-way electric adjustment; the rear seat is luxurious and intelligent, and is equipped with a full-body center armrest with a control screen. The front and rear rows support heating, ventilation, massage and backrest angle adjustment to create a "quasi-4-seat" comfortable experience. The new car is also equipped with 25 British treasure · Voice of Excellence speakers, which are combined with optical ambient lights to create an immersive audio-visual environment. In addition, the 1.1 square meter panoramic canopy provides an open and unbounded view, and the electric sunshade achieves 100% efficient sun protection.

In terms of safety, Avita 07 is also at the top of the industry. The first Huawei Dry Smart Driving ADS 3.0, with omnidirectional anti-collision system CAS 3.0, realizes forward, lateral and backward active safety assistance. Passive safety level, developed according to the latest C-NCAP five-star safety standard, with "six horizontal and nine vertical" high-strength steel and aluminum hybrid body, aluminum and high-strength steel materials account for more than 90%. The whole series is equipped with 9 airbags as standard, including the rare rear side airbags and front distal airbags in the same class, providing 360-degree safety protection for all passengers. In terms of battery safety and material safety, Avita 07 has also achieved the ultimate.

Five artifacts empower and lead the new era of urban intelligent travel. As a new species leading the future travel wave, Avita 07 brings five artifacts to build a five-dimensional matrix of intelligent technology.

In terms of intelligent driving, it is equipped with Huawei Qianjiao ADS 3.0 and is equipped with the industry’s strongest 192-line lidar. Jin Yuzhi, CEO of Huawei Smart Car Solutions BU, said that the architecture and experience of Huawei Qianjiao Smart Driving ADS 3.0 have been fully upgraded, making city commuting easier, city life more leisurely, and city travel safer. Avita 07, equipped with Huawei Qianjiao Smart Driving and Hongmeng cockpit, takes wisdom as its wing, beauty as its sail, and "wisdom and beauty" for a new urban life.

Avita 07 is also equipped with a Hongmeng smart cockpit developed based on HarmonyOS 4 to achieve deep integration between people and the cockpit. Smart end points such as mobile phones can be connected to form a powerful smart travel super end point, with an ultimate silky interactive experience and rich Hongmeng ecological applications. In addition, AvatrLink exclusively developed by Avita is the only interconnection solution in the same class that supports all types of systems and all brands of tablets. It has rich functions such as easy car control in the rear, multi-screen viewing, front-row help points, and ecological sharing.

At the same time as Huawei is fully empowered, Avita 07 is equipped with the latest technological achievements independently developed by Ningde Times and Avita. The Avita 07 pure electric version is equipped with 82.16kWh Shenxing supercharged battery, with a battery life of up to 650km; using a new generation of electric drive system, zero hundred acceleration as low as 3.9 seconds, 100 kilometers braking stop 34.5m; supports 800V high-voltage overcharging, and the charging power can reach up to 420kW. It only takes 10 minutes to charge from 30% to 80%. It can be recharged at a speed of 1 second and 1 kilometer on Huawei liquid-cooled overcharging piles.

Avita 07 Extended Range Edition uses a full-stack self-developed Kunlun Extended Range System, with a 100-kilometer acceleration of 5.8 seconds, fuel consumption as low as 6.08L/km, idling noise of only 35.7 decibels, and a 15-minute full 30-80% lead performance. It is the only extended range car in the same class that can add 92-gauge oil, providing a travel experience with strong power feeding, quiet oil and electricity consumption, and worry-free refueling and charging.

Avita 07 is the first to take Taihang intelligent control chassis. The whole series is equipped with front double fork arms and rear multi-link independent suspension as standard, and the whole series is equipped with 4 hydraulic bushings as standard. It is also equipped with intelligent air spring and CDC dynamic damping shock absorption. The intelligent air suspension supports one-button leveling, with a maximum variable stroke of 125mm. It can calmly deal with uneven roads in campgrounds. Through self-developed algorithms, the cross-domain integration of intelligent driving domain, chassis domain and power domain is realized, which improves handling and comfort. The speed reduction bar can reduce jitter by 59% when passing through urban areas, and the bumping feeling can be reduced by 58% on damaged or unpaved roads.

Avita and Yao Anna went both ways. She served as Avita’s global smart driving experience officer and endorsed Avita 07, which is not only a high recognition of Avita’s brand strength, but also a firm confidence in the future development potential of China’s intelligent driving field.

As the third strategic model of Avita, Avita 07 integrates the latest technological achievements of CHN, representing the peak of technological innovation and styling design in China’s automotive industry, and will lead the new luxury trend with "high value, high technology and high value" as the core connotation. Facing the future, Avita will further strengthen product creation and service upgrades to meet users’ better travel needs.

The new flagship of domestic telecom 4G, Huawei P7 is priced at 2250 yuan

　　(Zhongguancun Online Anhui Quotes) HuaweiAscend P7(Telecom version) is Huawei’s latest generation flagship, with a stunning design, both front and rear are third-generation Corning Gorilla Glass, which has both beauty and protective performance. At the same time, it is equipped with a HiSilicon Kirin 910T quad-core processor, with2GB RAM, 5-inch full high definition screen, running performance is also not to be underestimated, and the machine supports telecom 4G network to better serve your life. At present, the machine is quoted at the Anhui dealer "Lu’an Telecom Flagship Store" for 2488 yuan. When purchasing the machine, new users can enjoy a 30% discount on monthly phone bills, and add 1 yuan to double the monthly traffic. Enjoy Tianyi’s fast mobile network. Friends who like it may wish to find out.


The new flagship of domestic telecom 4G, Huawei P7 is priced at 2250 yuan
Picture shows HUAWEI P7


　　Huawei Ascend P7(Telecom version) uses a 5-inch full high definition in-cell screen, and the machine also uses Corning’s third-generation gorilla glass protective screen. The upper left corner of the back of Huawei Ascend P7 is a 1.3 million pixelsThe camera is equipped with an LED flash at the bottom, and the Huawei logo is located in the middle. The speaker is placed at the bottom left of the back in a vertical strip.


The new flagship of domestic telecom 4G, Huawei P7 is priced at 2250 yuan
Pictured, Huawei P7


　　Huawei Ascend P7 (Telecom Edition) uses a HiSilicon Kirin 910T processor, which uses four Cortex-A9 cores and integrates a Mali-450MP graphics processing unit. In terms of memory, the machine uses a combination of 2GB RAM + 16GB ROM. The overall performance is still worth looking forward to.














































































































































































Huawei Ascend P7 (Telecom TD-LTE Edition)
Exposure date 2014
Mobile phone type 4G mobile phone,3G mobile phone,Smartphone,Business phone, phablet phone
operator customization China Telecom
Touch screen type Capacitive screen, multi-touch
Home screen size 5 inches
Home screen material TFT material (Incell technology)
main screen resolution 1920X1080 pixels
screen pixel density 441ppi
Screen technology In-Cell full lamination technology
narrow border 3.27Mm
screen ratio 71.64%
network type Dual SIM, Dual Pass
4G network Telecom TD-LTE
3G network Telecom 3G(CDMA2000Telecommunications 2G (CDMA),China Unicom 3G(WCDMA, only for foreign roaming use), Unicom 2G/Mobile 2G (GSM, only secondary card support)
Support frequency band 2G: CDMA1X 800
3G: CDMA EVDO 800/1900
2G: GSM 900/1800MHz
WLAN function WIFI, IEEE 802.11 a/b/g/n
navigation GPS navigation, GLONASS navigation, compass
Connect and share OTG, WLAN hotspot, Bluetooth 4.0
Operating System Android OS 4.4
user interface Emotion UI 2.3
number of cores quad core
CPU model HiSilicon Kirin 910T
CPU frequency 1843MHz
GPU model Mali-450 MP4
RAM capacity 2GB
ROM capacity 16GB
Memory Card Capacity expansion is not supported
Battery type Non-removable battery
Battery capacity 2500mAh
camera built-in
Camera type Dual cameras (front and rear)
Rear camera pixels 13 million pixels
Front-facing camera pixels 8 million pixels
Sensor type CMOS
flash LED fill light
video shooting support
Styling design straight board
Body color Black, white, gold, pink.
Phone size 139.8X68.8×6.5mm
Phone weight 124G
operation type Virtual key
Sensor type Gravity Sensor, Light Sensor, Distance Sensor, Gyroscope
SIM card type Micro SIM/Nano SIM
Airframe interface 3.5Mm headphone jack, Micro USB v2.0 data port
Audio support Support MP3/WAV/OGG/MID/AMR and other formats
Video support Support MP4/3GP/M4A/RM/RMVB/WMV and other formats
image support Support JPEG/PNG/GIF/BMP and other formats
common functions Calculator, radio, e-book, alarm clock, calendar, recorder, scene mode, theme mode
Business function Airplane Mode
packing list Mobile phone (including built-in battery) x1
Headphones x1
Charger x1
USB cable x1
Brochure x1
Quick Guide x1
Safety Note x1
Warranty card x1
Warranty Policy National Joint Insurance, enjoy the three-guarantee service
Quality assurance time 1 year
Quality assurance Remarks 1 year for the host, 6 months for the battery, and 1 year for the charger.
Customer service phone 400-830-8300; 400-690-2116; 800-830-8300
Phone remarks 8:00-20:00
Details From the date of purchase (subject to the purchase invoice), if due to quality problems or failures, with the quality inspection certificate of the manufacturer’s maintenance center or special maintenance point, enjoy return within 7 days, exchange within 15 days, and enjoy free warranty and other three-guarantee services within the quality assurance period for more than 15 days! Note: Users who purchase mobile phone accessories products separately, please keep the outer packaging of the accessories and the original invoice in good condition. If the above vouchers cannot be provided, the normal accessories warranty or replacement will not be possible.Enter the official website > >

　　editorial reviewThe front-facing camera of Huawei Ascend P7 (Telecom Edition) supports ten-level beauty functions. It is worth mentioning that the machine also supports video beauty and panoramic selfies. These two functions are indeed not very common, but also enhance the functionality of the front-facing camera.


　　Huawei P7 (Telecom Edition) licensed


　　[Reference quotation] 2488 yuan


　　[Recommended Merchant] Lu’an Telecom Flagship Store


　　[Contact address] No. 107, Block A, Red Street, Lu’an City


　　[Contact number] 18919718000/0564-3268881


　　[Contact QQ] 2398393228 1014966680


　　[Store connection]//dealer.zol.com.cn/d_184037/


　　Anhui netizens mobile phone exchange Q group: 167843588

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　　(Zhongguancun Online Anhui Quotes) Huawei Ascend P7 (Telecom Edition) is Huawei’s latest generation flagship, with a stunning design, both front and rear are third-generation Corning Gorilla Glass, both beautiful and protective performance. At the same time, it is equipped with a HiSilicon Kirin 910T quad-core processor, with 2GB RAM, a 5-inch full high definition screen, and the running performance is also not to be underestimated. At the same time, the machine supports telecom 4G network…

On July 19, don’t miss these consumer news

◆ consumption

IKEA responded that children’s furniture was unqualified: it has been discontinued due to the risk of light quality

On July 17, the Beijing Municipal Market Supervision and Administration issued the "Publicity of Quality Sampling Inspection Results of Furniture Commodities in the Circulation Field", and two children’s furniture products with the trademark "IKEA" failed the inspection. In this regard, Yang Fan, public relations manager of IKEA China, said that the relevant products have been discontinued nationwide on March 8 this year; the improved version is currently in the process of final testing. Once it passes the inspection of relevant departments, the improved version will start selling again.

According to the public announcement, two pieces of children’s furniture with storage combinations labeled as "IKEA (China) Investment Co., Ltd., the authorized agency in the territory of IKEA Sweden Co., Ltd." and the trademark "IKEA" failed the inspection. The two products are children’s cabinets and children’s wardrobes, and the models are "Sdovar Grande" and "Sdovar Mara" respectively.

Ginza mall membership upgrade, scan the code to register and get points

　

Ginza mall members have upgraded, and a series of member welfare activities have flocked to them. It is understood that from July 22 to September 22, you can scan the code to successfully register as a Ginza mall member to receive a new member membership gift and get an additional 100 points! In addition, in order for consumers to better enjoy member benefits, Ginza mall will implement whole museum points from now on, and can realize self-service points on the mobile phone; from July 22 to August 29, members will double points, that is, 100 points will become 200, and 200 points will become 400, which can not only be exchanged for member gifts in the points mall faster, but also can be used to exchange for more parking coupons.

In addition to the upgrade of member benefits, Ginza Mall has also prepared a wave of exciting activities, including fashionable and exquisite theme construction, value-added cash vouchers, and rich member points to exchange for gifts.

Latu Rancho 13 batches of suspected plasticizer walnut oil recalled

Latu Rancho walnut oil "plasticizer" controversy has made new progress. On July 18, Qianmai Industrial announced the recall list of 13 batches of Latu Rancho walnut oil, and stated that the company is the exclusive agent authorized by French Green Cross Oil Company in China, "valid so far and in legal compliance". In addition, the Beijing News reporter noticed that these 13 batches were produced between January and March 2019, with two specifications of 250ml and 500ml, and some of them were black cans.

Ma Yinglong cross-border push lipstick, will you buy it?

On July 19, a reporter from the Beijing News learned from the staff of Ma Yinglong’s board secretary office that the company had recently launched three lipsticks, which have now been launched in the Tmall flagship store.

This is not the first time that Ma Yinglong has launched cosmetics. In 2009, the company has launched the first Babao eye cream. In 2018, the company plans to establish an investment in Wuhan Ma Yinglong Great Health Co., Ltd. The main business of Big Health Company includes industrial investment and equity investment in big health businesses such as functional cosmetics, functional foods, baby and anorectal care products.

Image source/Screenshot of Ma Yinglong Babao Flagship Store

◆ Technology

Xiaomi MIX2/Redmi K20/7A adds support for bright screen to wake up Xiao Ai

Xiao Ai Classmate official said today that after upgrading to Xiao Ai Classmate App 4.8 and above, Xiaomi MIX2, Redmi K20, and Redmi 7A have added support for bright screens to wake up Xiao Ai Classmate.

How to operate: Xiao Ai Classmate App → Settings → Xiao Ai Lab → Turn on Keyword Spotting to experience. It is understood that there are currently 5 ways to wake up Xiao Ai Classmate on the mobile phone, namely Keyword Spotting, long press the AI button to wake up, long press the power button for 0.5 seconds to wake up, long press the Home button to wake up, and click the Xiao Ai Classmate icon to wake up.

◆ car

Due to Takata airbag problems, GAC Honda recalls more than 90,000 cars

On July 19, GAC Honda Automobile Co., Ltd. filed with the State Administration for Market Regulation, and since July 22, 2019, it has recalled some domestic Gestu, Fit, Fenfan, Accord, Odyssey, Sidi, Idea S1 series cars and imported FIT HYBRID cars, totaling 94,680 vehicles.

　

The official website of the General Administration for Market Regulation shows that the driver’s seat or passenger seat airbags of vehicles within the scope of this recall have been replaced with ammonium nitrate gas generators produced by Takata Company without desiccant during production assembly or after-sales maintenance. When the airbag is deployed, the gas generator of the airbag may be abnormally damaged, causing debris to fly out, injuring the occupants of the vehicle, and posing a safety hazard.

◆ fashion

Rihanna beauty brand Fenty Beauty will launch in China’s Hong Kong and Macao markets in September

According to the official news of beauty brand Fenty Beauty, it will officially open the Hong Kong and Macau markets in China on September 3, and enter the local T Galleria by DFS (T Square under DFS), Harvey Nichols general merchandise company and its beauty concept stores Beauty Avenue and Beauty Bazaar, Sephora stores. In addition, Fenty Beauty will also enter Seoul Lotte Duty Free, Korean New World Duty Free and Jeju Shilla Duty Free.

Burberry Launches New Union Sneakers

Recently, Burberry launched a new Union sneaker, which is currently on sale on Burberry’s official website at a price of $750 (approx. 5,158 yuan).

Unlike the previous emphasis on traditional British style, the new version of Union sneakers uses a lively orange and brown design. The hollow orange wraps around the upper to create a unique visual experience, and the red and black stripes that run through it also enrich the overall beauty of the silhouette. The sole is made of thick rubber, which is very soft and lightweight to wear. In addition, the "TB" logo is embroidered on the back side of the shoe with a knitting-like technique as a decoration. Although the area is not large, it is very conspicuous.

Beijing News reporter, Zhang Jie, proofreader, Liu Baoqing

Looking at the industry layout next year from the central economic work conference and recent macro clues

The communique of the Central Economic Work Conference has been issued, which has important guidance for the choice of industry structure next year, and scientific and technological innovation has now become the most important support direction of the policy; The opportunities brought by stronger government expenditure are also worthy of attention. Judging from the recent macro-variable changes, the Federal Reserve will become loose next year, and the marginal improvement of external demand is a high probability event; Therefore, the layout of "technological innovation+export" and "technological innovation +To G" has become an important clue to the industry layout next year.

Core view

【 Guance on the Market 】Looking at the industry layout next year from the central economic work conference and macro clues.In 2024, the fiscal expenditure is expected to increase. From the perspective of the Central Economic Work Conference, new industrialization, digital economy and artificial intelligence: among them, the policy expression of artificial intelligence has changed, from safe development to "accelerated promotion". Strategic emerging industries focus on bio-manufacturing, commercial aerospace and low-altitude economy; Expand the scope of local government special bonds used as capital (increase support for "three major projects" and "new urbanization"); It is necessary to promote large-scale equipment renewal and trade-in of consumer goods. Stabilize and expand traditional consumption and boost large-scale consumption of new energy vehicles and electronic products. Generally speaking, TMT, durable consumer goods, machinery and equipment, and some start-up chains are expected to become the directions and fields supported by financial expenditure next year. Recently, a series of statements by the Federal Reserve and the fall of the global inflation center have made it possible for 2024 to become a year of loose global money and liquidity. When the US dollar index weakens and global liquidity tends to be loose, the import growth rate of major countries in the world tends to bottom out and turn positive. Recently, China’s export growth rate has turned positive against the background that the actual base is not low, which also reflects the improvement of China’s export demand. From the direction of global demand improvement next year, semiconductors and consumer electronics, industrial metals, household appliances, automobiles and parts are the areas where domestic and foreign demand has improved marginally in the near future and exports are expected to continue to improve next year.

[Re-examination and Vipassana]The factor affecting that global market this week are as follow:(1) The Central Economic Conference was held in Beijing; (2) The Fed releases dove signals; (3) US CPI in November met expectations; (4) The scale of social financing in China increased by 2.45 trillion yuan in November, 455.6 billion yuan more than the same period of last year; (5) The central bank’s net MLF investment in December reached a new high.

【 meso-prosperity 】In November, the auto market continued to be hot, and the cumulative year-on-year decline in newly started housing area narrowed from January to November.In November, the revenue of most IC manufacturing, memory, silicon wafer, packaging, PCB and passive components in Taiwan stocks decreased year-on-year, while the revenue of IC design, lens, some panels and LED manufacturers achieved positive growth year-on-year. In November, the automobile market continued to be hot, and the production and sales of automobiles increased year-on-year. New energy vehicles and automobile exports led the industry to grow. From January to November, the cumulative year-on-year decline in newly started housing area narrowed, and the cumulative year-on-year increase in completed housing area narrowed; The cumulative year-on-year decline in commercial housing sales and commercial housing sales area has expanded.

[Capital, Oligopoly]Net inflow of financing funds and net subscription of ETF.The net outflow of northbound funds this week was 18.58 billion yuan; The total net inflow of financing funds in the first four trading days was 5.71 billion yuan; 2.21 billion shares of Public Offering of Fund were newly established, down 4.04 billion shares from the previous period; ETF net subscription, corresponding to a net inflow of 18.39 billion yuan. In terms of industry preference, public utilities, real estate, automobiles, etc. have a higher net purchase scale of funds in the north; Net purchase of financing funds for computers, food and beverage, non-bank finance, etc.; There are more medical ETF subscriptions, and more financial real estate (excluding brokers) ETFs are redeemed. The scale of major shareholders’ net reduction is reduced, and the scale of reduction is planned to increase.

【 Theme and Wind Direction 】With the release of "White Paper on AI PC Industry (China)", Intel launched a brand-new processor, and the AI PC industry accelerated its landing.On December 7th, at the first AI PC Industry Innovation Forum, Lenovo and IDC released the industry’s first White Paper on AI PC Industry (China), which provided a framework for the accelerated development of AI PC. On December 14th, Intel officially launched the AI PC processor at the "AI Everywhere" event held in new york, and the AI PC industry accelerated.

[Data Valuation]The valuation of all A shares this week is lower than last week., PE(TTM) was 13.2, down 0.1 from last week, which was in the 22.4% quantile of historical valuation level. The valuation of the sector is mixed, among which comprehensive, media and social services are among the top gainers, while food and beverage, medical biology and computers are among the top losers.

[Risk warning]Industrial support is less than expected, and the macro economy fluctuates.

01

Viewing policy and discussing the market-Looking at the industry layout next year from the central economic work conference and macro clues

In the strategic outlook for 2024, we believe that with the smooth domestic credit cycle, social financing weakens the profit drive, and different industries enter an era of great differentiation. In 2024, government spending will increase, combined with the improvement of external demand after the end of the global austerity cycle, the domestic economy is expected to recover moderately, global scientific and technological innovation will enter an upward cycle, A-share enterprises will have an upward profit, and the capital will turn to a moderate net inflow. Multi-factor resonance, A-shares are expected to maintain a structural bull trend of upward shock. Structurally, the growth style is relatively dominant, focusing on science and technology, medicine and some cyclical industries with clear industrial trends, large improvement slope of prosperity and good supply and demand pattern of production capacity. At the end of November 2023, we released the report "Turning Point Established, Jedi Counterattacked", arguing that A shares faced ten important positive marginal changes, and the turning point of A shares’ fundamentals, funds and policies was established. At the end of December, 2023, we released the report "Weight Rebound, Growth Across the New Year", arguing that with the convening of the Political Bureau meeting and the Central Economic Work Conference, the adjustment for next year is established, and the measures to stabilize growth are expected to be substantially implemented. The external demand and external liquidity began to improve continuously, and the domestic incremental capital mechanism is constantly emerging. The last N-shaped trend will eventually open after many setbacks.

?Looking at the industry choice next year from the spirit of the Central Economic Work Conference

?Industrial Policy: Focus on Four Main Lines of Leading Modern Industrial System Construction with Scientific and Technological Innovation

It is suggested to pay attention to the four main lines of leading the construction of modern industrial system with scientific and technological innovation.This meeting focused on the "self-reliance through science and technology" proposed by the Politburo meeting and further deployed the industrial policy. On December 10th, we published "Under the current valuation level, how to interpret A after the Politburo meeting? It is suggested that the strategic significance of focusing on "self-reliance and self-improvement through science and technology" has been improved again. Judging from the expression of the draft, there are four main lines of industrial policy:

New industrialization, digital economy and artificial intelligence: among them, the policy expression of artificial intelligence has changed, from safe development to "accelerating promotion".In 2022, the Central Economic Work Conference mentioned "artificial intelligence" for the first time. At the Politburo meeting in April this year, high-level officials focused on artificial intelligence for the first time, mentioning "paying attention to the development of general artificial intelligence", but also mentioning "paying attention to preventing risks". In July, the Politburo meeting once again mentioned "artificial intelligence", continued the idea of safe development, and pointed out "promoting the safe development of artificial intelligence". However, the evolution of the expression of artificial intelligence in this Central Economic Work Conference is to "accelerate the promotion", and the high-level attention to artificial intelligence needs no elaboration.

Strategic emerging industries: bio-manufacturing, commercial aerospace and low-altitude economy.

Future industries: quantum and life sciences

Industrial transformation and upgrading: digital intelligence technology and green technology

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?Fiscal policy: the policy will make moderate efforts to support key areas such as scientific and technological innovation, and wait for the start of a new round of fiscal and taxation system reform.

Focus on supporting scientific and technological innovation and manufacturing development, and financial support for "three major projects" and "new urbanization" is expected to increase.After the expression of fiscal policy was expanded from "increasing strength and improving efficiency" to "moderately increasing strength, improving quality and increasing efficiency" at the Politburo meeting in December, this meeting further pointed out the specific direction of increasing strength and increasing efficiency. Specifically, the follow-up will 1) focus on increasing financial support for major national strategic tasks.(Provide more subsidies and increase tax cuts for technological innovation and manufacturing development); 2) Expand the scope of local government special bonds as capital.(Increase support for "three major projects" and "new urbanization").

Plan a new round of fiscal and taxation system reform.After a lapse of three years, the Central Economic Work Conference once again mentioned "the reform of fiscal and taxation system", and the last time it mentioned "the reform of fiscal and taxation system" was at the Central Economic Work Conference in 2019. In the future, the further thinking and deployment of the fiscal and taxation system reform are expected to be further elaborated at the important meeting to be held next year. The focus of the reform may continue to "establish a central and local financial relationship with clear rights and responsibilities, coordinated financial resources and regional balance" mentioned in the 14 th Five-Year Plan.Mainly focus on the financial relationship between the central and local governments.

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?The policy of expanding domestic demand: renewal becomes the starting point of investment, paying attention to the trade-in of consumer goods.

Update as the main starting point of investment.The meeting continued the tone of the Politburo meeting, affirmed that insufficient demand is still the main contradiction restricting China’s economic development, and further expounded how to form a "virtuous circle of mutual promotion of consumption and investment."

In terms of consumption, in addition to increasing consumer supply,Cultivate new consumption(digital consumption, green consumption, healthy consumption, actively cultivating smart homes, recreational tourism, sports events, domestic products "trendy products", etc.),Stabilize traditional consumption(Boosting the mass consumption of new energy vehicles and electronic products), the meeting further affirmed the need to "increase the income of urban and rural residents and expand the scale of middle-income groups", andTrade-in of consumer goods.

On the investment side, the meeting made it clear that updating should be the key breakthrough point.It is proposed to "promote large-scale equipment renewal and trade-in of consumer goods". China once mentioned equipment renewal in the central economic work conferences in 2015, 2018, 2019 and 2020, but only in the conferences in 2018 and 2020, equipment renewal was regarded as the starting point of investment.Among them, although the meeting in 2018 will give priority to supporting technological transformation and equipment renewal in the manufacturing industry, it will focus on the new infrastructure, and the new infrastructure has developed rapidly since then. This meeting focused on the equipment renewal in detail, and put forward the idea of "improving technology, energy consumption, emission and other standards as the traction" and used the word "large-scale", which showed a strong policy appeal to promote equipment renewal.In the future, or referring to the policy context of new infrastructure, there will be more policy documents to further define the standards and measures for equipment renewal.From the perspective of specific policy expectations, the special refinancing of equipment renovation and other structural support tools that were introduced in 2022 are expected to be introduced.

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?Real estate policy: continuing the previous policy context

This meeting continues the previous policy context.: 1) Continue to "actively and steadily resolve real estate risks"; 2) Continue to "protect the main body" and "meet the reasonable financing needs of real estate enterprises with different ownership equally"; 3) Continue to "accelerate the construction of affordable housing, the construction of public infrastructure for both ordinary and emergency use, and the renovation of villages in cities".However, it is worth noting that under the background that the Politburo meeting in December and this Central Economic Work Conference all mentioned "first set up and then break", the intensity of various real estate policies is expected to increase.

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Based on the policy adjustment and various economic work arrangements of the Central Economic Work Conference in 2023, we believe that the investment guidelines of the Central Economic Work Conference for A shares next year mainly include the following aspects:

(1) From a macro perspective, the strength of policy support for various economic work is expected to exceed market expectations.Specifically, the fiscal policy orientation is positive, and deficit ratio will arrange or keep it above 3%, but it will not be flooded.; Monetary policy is flexible, moderate, accurate and effective. It is mentioned for the first time that "money supply" matches "expected target of price level", and there may be room for further interest rate reduction in the first quarter of next year.Liquidity is expected to be further relaxed, bringing room for valuation improvement for A shares;

(2) From the perspective of industry, focus on the industrial policy force brought by the new wave of scientific and technological revolution, and grasp the four main lines of science and technology and the new quality productivity.In Report to the 20th CPC National Congress, "self-reliance through science and technology" was emphasized. This meeting put "leading the construction of modern industrial system with scientific and technological innovation" at the top of all key work arrangements in the coming year, and the importance of self-reliance and self-reliance in science and technology is beyond doubt. This meeting highlightedFour main lines: 1) new industrialization, digital economy and artificial intelligence; 2) Strategic emerging industries: bio-manufacturing, commercial aerospace and low-altitude economy; 3) Future industries: quantum and life sciences; 4) Industrial transformation and upgrading: digital intelligence technology and green technology, and re-emphasized the "new quality productivity" first mentioned by the Supreme Leader General Secretary in September this year.

(3) From the perspective of industry, focus on the investment with equipment renewal as the main starting point, and the consumption policy of trade-in of consumer goods/new consumption/bulk consumption.This meeting not only continued the tone of the previous Politburo meeting on the mutual promotion of consumption and investment, but also proposed to focus on equipment renewal in investment.And for the first time, it focuses on the main direction of equipment renewal, and even uses "large-scale" to imply a strong policy appeal of taking equipment renewal as the investment grasper.Subsequent supporting policies, such as special refinancing for equipment renewal, are expected to be further introduced.The growth rate of manufacturing investment is expected to remain high next year, and a new round of equipment renewal cycle is expected to come under the impetus of policies.In addition, on the consumer side, the policy mainly focuses on cultivation.New consumption (smart home, entertainment consumption, domestic products) and stable traditional consumption (new energy vehicles, consumer electronics) are recommended to continue to pay attention. In addition, the trade-in of consumer goods and the silver-haired economy are also expected to become the main scenes of consumption.

(4) From the perspective of industry, it is suggested to pay attention to the silver-haired economy, new urbanization/urban renewal, which has the potential to evolve into an important main line in the future.Combing all previous central economic work conferences since 2013,This meeting put forward the concept of "silver hair economy" for the first time.However, the specific policy deployment needs to be further launched, and it is expected to become the main line of market interpretation in the future. In addition, this meeting once again mentionedNew urbanization and urban renewalAlthough they are not placed in the paragraph of expanding domestic demand and promoting investment in length, it does not rule out that they will become the main focus of investment, and it is recommended to pay attention to the follow-up policy direction.

Looking back on the past five years, the Central Economic Work Conference has great guidance for the performance of the A-share industry in the coming year. Consumption in 2019 (food and beverage, household appliances, etc.); Electric innovation in 2020 and 2021 (electric equipment and automobiles), infrastructure (transportation and construction) in 2022, and artificial intelligence (communication, media, computer and electronics) this year.To sum up, after summarizing the central economic work, we suggest focusing on: 1) main lines of science and technology (four main lines and new quality productivity), 2) equipment renewal, 3) trade-in of consumer goods/new consumption/bulk consumption, 4) silver-haired economy, and 5) new urbanization/urban renewal.

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?Two clues of recent macro-changes

?Clue 1: fiscal expenditure is expected to increase in 2024, and the direction of government expenditure is worthy of attention.

Judging from the spirit of the Central Economic Work Conference, the expression of fiscal policy has been expanded from "enhancing efficiency through efforts" to "moderately enhancing efforts, improving quality and increasing efficiency". In 2024, with the local government debt problem beginning to resolve and economic growth facing new pressure, government expenditure has started to accelerate obviously in the near future. It is expected that the expenditure intensity will be maintained in 2024, and finding the direction of government expenditure is an important idea for industry selection in 2024.

1) Focus on increasing financial support for major national strategic tasks (providing more subsidies and increasing tax reduction for scientific and technological innovation and manufacturing development); 2) Expand the scope of local government special bonds as capital (increase support for "three major projects" and "new urbanization"); 3) We should take the improvement of technology, energy consumption, emission and other standards as the traction to promote large-scale equipment renewal and trade-in of consumer goods. 4) Stabilize and expand traditional consumption, and boost mass consumption of new energy vehicles and electronic products.

The industries involved in the above policies include household appliances, household appliances, new energy vehicles, electronic products and other durable goods; The construction chain includes building materials and industrial metals; TMT in the field of science and technology.

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?Clue 2: The global monetary policy environment is becoming loose, the global import growth rate is expected to bottom out and China’s external demand will improve.

In 2023, under the global monetary and liquidity tightening environment, the global import growth rate showed a significant decline. China’s exports are also under certain pressure, with a negative growth rate in many months throughout the year. Recently, a series of statements by the Federal Reserve and the fall of the global inflation center have made it possible for 2024 to become a year of loose global money and liquidity. Recently, the US dollar index has also weakened significantly, reflecting the market expectation. In the past historical samples, when the US dollar index weakened and global liquidity became loose, the import growth rate of major countries in the world often bottomed out and turned positive.

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Judging from the recent import amount and growth rate of representative countries in the world, the import amount of representative countries in the world improved slightly in November, and the growth rate rebounded slightly.

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China’s exports turned positive in November. In fact, the base in November last year was not low, indicating that China’s exports began to improve; At the same time, the export growth rate of export-oriented countries represented by India, Thailand, Vietnam and South Korea has also turned positive since October.

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On the whole, finding the direction of improving global demand and marginal improvement of China’s export growth rate has become an important idea for choosing industries in the first half of 2024.

Semiconductors and consumer electronics

Semiconductors and consumer electronics are typical global demand industries. Judging from the growth rate of global semiconductor sales in October, global semiconductor sales are close to turning positive. Due to the low base this year, the current innovation trend represented by artificial intelligence is in the ascendant. It is a high probability that the global semiconductor growth rate will turn into double-digit positive growth in 2024.

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Consumer electronics, represented by mobile phones, has also begun to pick up in the near future, and global smartphone shipments have nearly turned positive year-on-year in the third quarter. With the progress of artificial intelligence technology and the marginal improvement of external demand, it is expected that the global shipments of smartphones and other consumer electronics will turn positive in 2024.

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As China is the largest mobile phone manufacturer, in the context of marginal improvement in demand for smart phones in China and the world. At present, the growth rate of mobile phone production in China has returned to a higher level.

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Due to the obvious increase in the demand for computing power in the current artificial intelligence model, the hardware innovation trend based on the artificial intelligence model is expected to come next year. For example, AI mobile phone AI PC and other innovative hardware based on artificial intelligence are expected to launch and superimpose XR equipment represented by MR next year. It is also expected to start to increase shipments, and the semiconductor and consumer electronics fields are very in line with the comprehensive logic of domestic policy support, technological innovation trend and external demand improvement.

Industrial metal

Recently, with the slight improvement of global demand, the US dollar index has weakened, global commodity prices have steadily rebounded, and domestic commodity prices have also begun to stabilize and rebound. Domestic prices of copper and aluminum are positive in the fourth quarter compared with the same period of last year, and the performance is expected to continue to improve.

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Due to the supply pressure, the stocks of industrial metals such as zinc and aluminum are low at present. If the global demand starts to improve marginally, the upward elasticity of prices may be greater.

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?Automobile and parts

At present, the global automobile shows the general trend of electrification and intelligence. No matter whether it is electrification or intelligence, the advantages of China automobile enterprises in the world are gradually expanding. China’s share of new energy vehicles in the world continues to increase, driving China’s automobile export growth to maintain a high level.

On the domestic side, as the penetration rate of intelligent driving above L3 is promoted by Huawei cars, it is expected that next year will be the first year when the penetration rate of intelligent driving above L3 will exceed 5%. Driven by the general trend of intelligence, cars are also expected to maintain a high growth rate in domestic sales next year, and if global demand is superimposed to improve the prosperity of car sales and production next year, it is expected to remain at a high level. Judging from the spirit of the Central Economic Work Conference, the support for new energy vehicles will continue to increase next year.

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home appliances

Recently, with the marginal improvement of external demand, the growth rate of export value of household appliances continues to rebound. If the world enters the interest rate cut cycle next year and the global real estate market enters the recovery stage, the export demand of household appliances is expected to remain at a high level next year. From the perspective of domestic sales. Due to the high completion rate of Baojiao Building and the obvious year-on-year increase in second-hand housing sales, the domestic sales growth rate of the overall household appliances has remained at a good level despite the decline in new housing sales.

At present, there is also a general trend of intelligence in household appliances, so household appliances also belong to the resonant choice of technological innovation plus marginal improvement of internal and external needs.

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?Summary: Look at the industry layout next year from the Central Economic Work Conference and recent macro clues.

The communique of the Central Economic Work Conference has been issued, which has important guidance for the choice of industry structure next year, and scientific and technological innovation has now become the most important support direction of the policy; The opportunities brought by stronger government expenditure are also worthy of attention. Judging from the recent macro-variable changes, the Federal Reserve will become loose next year, and the marginal improvement of external demand is a high probability event; Therefore, the layout of "technological innovation+export" and "technological innovation +To G" has become an important clue to the industry layout next year.

In 2024, the fiscal expenditure is expected to increase. From the perspective of the Central Economic Work Conference, new industrialization, digital economy and artificial intelligence: among them, the policy expression of artificial intelligence has changed, from safe development to "accelerated promotion". Strategic emerging industries focus on bio-manufacturing, commercial aerospace and low-altitude economy.; Expand the scope of local government special bonds used as capital (increase support for "three major projects" and "new urbanization"); It is necessary to take the improvement of technology, energy consumption and emission standards as the traction to promote large-scale equipment renewal and trade-in of consumer goods. Stabilize and expand traditional consumption and boost large-scale consumption of new energy vehicles and electronic products. Generally speaking,TMT, durable consumer goods, machinery and equipment, and some start-up chains.It is expected to become the direction and field supported by financial expenditure next year.

Recently, a series of statements by the Federal Reserve and the fall of the global inflation center have made it possible for 2024 to become a year of loose global money and liquidity. Recently, the US dollar index has also weakened significantly, reflecting the market expectation. In the past historical samples, when the US dollar index weakened and global liquidity became loose, the import growth rate of major countries in the world often bottomed out and turned positive. Recently, China’s export growth rate has turned positive against the background that the actual base is not low, which also reflects the improvement of China’s export demand. Judging from the improvement of global demand next year,Semiconductor and consumer electronics, industrial metals, household appliances, automobiles and parts.It is an area where marginal improvement is needed at home and abroad in the near future and exports are expected to continue to improve next year.

02

Re-examination and Vipassana-The major indexes of A-shares all fell except Beizheng 50.

This week, all the major indexes of A shares fell except the North Securities 50.Among the main indexes, Beizheng 50 rose by 1.05%, while the small-cap value and the large-cap value declined by 0.07% and 0.43% respectively, while the leading consumer and the large-cap market did not perform well, falling by 2.12% and 2.54% respectively.

The factor affecting that global market this week are as follow:(1) The Central Economic Conference was held in Beijing; (2) The Fed has released the dove signal and is expected to cut interest rates next year; (3) US CPI in November met expectations; (4) The scale of social financing in China increased by 2.45 trillion yuan in November, 455.6 billion yuan more than the same period of last year; (5) The central bank’s net MLF investment in December reached a new high.

From the perspective of the industry, this week, Shenwan’s first-class industry has gone up and down. Comprehensive, media, textiles and clothing, coal, etc. were among the top gainers, while communications, power equipment, food and beverage were among the top losers.Judging from the reasons for the ups and downs, the main reasons for this week’s rising plate are comprehensive (under the reform of state-owned enterprises, the relevant constituent stocks are strong), and the media (Mango TV and Tik Tok announced the cooperation of short plays; Tencent games Yuan Meng Xing released), textiles and clothing (the influence of cold wave and flu, warm clothing and anti-drug veil caused concern); The industry reasons for the large decline are communications (adjustment of computing power plate, pressure on plate), power equipment (operating rate less than expected), food and beverage (consumption data less than expected).

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03

Middle view, prosperity-In November, the automobile market continued to be hot, and the cumulative year-on-year decline in the newly started housing area from January to November narrowed.

Recently, Taiwan Stock Electronics announced its revenue in November. The revenue of most IC manufacturing, memory, silicon chips, packaging, PCB and passive components decreased year-on-year, while the revenue of IC design, lens, some panels and LED manufacturers achieved positive growth year-on-year.

IC design fieldMediaTek’s revenue in November rose by 19.23% year-on-year, and the growth rate narrowed by 9.01 percentage points. Lianyong’s revenue in November increased by 15.04% year-on-year, and the growth rate narrowed by 23.57 percentage points.IC manufacturing fieldIn November, TSMC’s revenue turned from positive to negative to-7.49% in the same month; UMC’s revenue decreased by -16.67% year-on-year, and the decline narrowed by 4.50 percentage points; World revenue decreased by 8.72% year-on-year, and the decline was narrowed by 0.07 percentage points from the previous month; Steady revenue rose by 31.12% year-on-year in the month, and the growth rate narrowed by 0.72 percentage points.Memory manufacturerNanke’s revenue turned from negative to positive to 3.71%, Winbond turned negative to -2.33%, and Wanghong’s revenue decreased by 7.34 percentage points to -34.59%.silicon chipTaishengke went down by 9.98% year-on-year, and the decline narrowed by 18.04 percentage points; The year-on-year decline of packaged solar moonlight narrowed by 3.16 percentage points to-9.31%; The year-on-year decline in revenue of PCB manufacturer Jingshuo Electronics narrowed by 14.70 percentage points to-15.71%;passive componentsmanufacturerThe year-on-year decline of Guoju’s revenue in November narrowed by 1.06 percentage points to -6.52%, the revenue of lens manufacturer Daliguang increased by 30.54%, the revenue of Yujingguang increased by 25.76%, and the revenue of Asia Optics increased by 2.95%.Panel and LED manufacturersIn China, the decline of Crystal Power expanded to -41.90%, the decline of Yiguang revenue expanded to -2.59%, and the revenue growth of Innolux and AUO narrowed to 7.81% and 15.48%.

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In November, the car market continued to be hot. With the help of the "double 11" promotion and other consumer waves, the demand for car purchase was further released, and the market performance continued to improve and exceeded expectations. In the same month, the production and sales of automobiles increased year-on-year, passenger cars continued their good trend, commercial vehicles maintained rapid growth, and new energy vehicles and automobile exports led the growth of the industry.In November, the production and sales of automobiles were 3.093 million and 2.97 million respectively, up 7% and 4.1% from the previous month, up 29.4% and 27.4% from the same period of last year, and the three-month rolling increased to 15.70% and 16.88% from the same period of last year. In November, the performance of the automobile market continued to improve, exceeding expectations. The automobile output reached a record high and the sales volume was close to 3 million. From January to November, the production and sales of automobiles were 27.111 million and 26.938 million, respectively, up by 10% and 10.8% year-on-year, and the growth rate was 2 and 1.7 percentage points higher than that in January-October.

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The production and sales of passenger cars increased double year-on-year.In November, the production and sales of passenger cars were 2.705 million and 2.604 million respectively, up by 7.6% and 4.7% from the previous month, up by 25.6% and 25.3% from the same period last year, and expanded to 12.22% and 14.44% from the same period last year. The reason for this month’s rapid growth is on the one hand affected by the hikes at the end of the year, and on the other hand related to the low base in the same period last year. From January to November, the production and sales of passenger cars were 23.441 million and 23.272 million respectively, up by 8% and 9.3% respectively.

The market share of China brand passenger cars has risen rapidly.China brand passenger cars sold 1.556 million vehicles in November, a year-on-year increase of 37.9%; The market share was 59.7%, up by 5.4 percentage points. China brand passenger cars sold 12.978 million vehicles from January to November, up 23.8% year-on-year, with a market share of 55.8%, up 6.6 percentage points.

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The production and sales of new energy increased rapidly year-on-year, and the market share remained high.In November, the production and sales of new energy vehicles were 1.074 million and 1.026 million respectively, up by 39.2% and 30% year-on-year, respectively. The three-month rolling year-on-year growth rate expanded to 26.75% and 30.74% respectively, and the market share reached 34.5%. From January to November, the production and sales of new energy vehicles were 8.426 million and 8.304 million respectively, up by 34.5% and 36.7% respectively, and the market share reached 30.8%.

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one-In November, the cumulative year-on-year decline in newly started housing area narrowed, and the cumulative year-on-year increase in completed housing area narrowed; The cumulative year-on-year decline in commercial housing sales and commercial housing sales area has expanded; The year-on-year decline of investment in real estate development has expanded, and the cumulative decline of real estate development funds has narrowed.From January to November, the cumulative value of newly started housing area was 875 million square meters, down 21.20% year-on-year, which was 2 percentage points lower than that in January-October, and the three-month rolling year-on-year decline narrowed to -11.31% (the previous value was -19.70%). From January to November, the cumulative value of completed housing area was 652 million square meters, up 17.90% year-on-year, which was 1.1 percentage points lower than the previous value, and the three-month rolling year-on-year increase was narrowed to 14.13% (the previous value was 15.19%).

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From January to November, the cumulative value of commercial housing sales was 10.53 trillion yuan, down 5.20% year-on-year, with a decrease of 0.3 percentage points, and the three-month rolling year-on-year decrease narrowed to -17.14% (the previous value was-19.23%); From January to November, the cumulative sales area of commercial housing was 1.005 billion square meters, down 8.00% year-on-year, with a decrease of 0.2 percentage points, and the three-month rolling year-on-year decrease narrowed to -20.38% (previous value-21.17%); From January to November, the cumulative value of investment in real estate development was 10.40 trillion yuan, down 9.40% year-on-year, and the decline was 0.10 percentage points higher than the previous value. The three-month rolling year-on-year decline narrowed to -17.88% (the previous value was -18.21%).

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From January to November, real estate development accounted for 22.58% of the total investment in fixed assets. From January to November, the total accumulated value of real estate development funds was 11.70 trillion yuan, down 13.40% year-on-year, and the decline was narrowed by 0.4 percentage points compared with the previous value. The three-month rolling year-on-year decline was narrowed to -15.68% (the previous value was -20.65%).

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04

Funds and numbers-Net inflow of financing funds, net subscription of ETF

Judging from the capital flow in the whole week, this week, there was a net outflow of funds from the north, a net inflow of financing funds, a decline in Public Offering of Fund, a newly established partial stock class, and a net subscription of ETFs. Specifically, the net outflow of northbound funds this week was 18.58 billion yuan; The total net inflow of financing funds in the first four trading days was 5.71 billion yuan; 2.21 billion shares of Public Offering of Fund were newly established, down 4.04 billion shares from the previous period; ETF net subscription, corresponding to a net inflow of 18.39 billion yuan.

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From the perspective of ETF net subscription, ETF net subscription and broad index ETF are all net subscriptions, of which Kechuang 50ETF has the most subscriptions; Industry ETFs are mainly net purchases, among which medical ETFs are more purchased and financial real estate ETFs (excluding brokers) are more redeemed.Specifically, the total net subscription of equity ETFs was 18.56 billion. Among them, Shanghai and Shenzhen 300, Growth Enterprise Market ETF, CSI 500ETF, SSE 50ETF, Shuangchuang 50ETF and Kechuang 50ETF respectively purchased 170 million shares, 1.58 billion shares, 140 million shares, 1.60 billion shares, 100 million shares and 3.69 billion shares. In terms of industry, the net subscription of information technology ETFs was 1.42 billion; 300 million net purchases of consumer ETFs; The net subscription of pharmaceutical ETFs was 3.31 billion; Securities ETF net subscription of 260 million; Net redemption of 510 million financial real estate ETFs; The net redemption of military ETF was 320 million; The net purchase of raw material ETF is 0.3 billion copies; The new energy & smart car ETF net subscription was 360 million.

This week, the scale of newly established partial stock funds in Public Offering of Fund dropped from the previous period, with 2.21 billion newly established partial stock funds.

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This week (December 11-December 15), the net outflow of northbound funds was 18.58 billion yuan, and the net outflow expanded by 12.79 billion yuan.In terms of industry preference, public utilities, real estate, automobiles, etc. have a higher net purchase scale, with net purchases of 760 million yuan, 420 million yuan and 410 million yuan respectively; Centralized sales of food and beverages, electronics, medicine and biology, etc., the net sales scale reached-3.29 billion yuan,-2.30 billion yuan and-2.17 billion yuan.

In terms of individual stocks, Changjiang Electric Power, Mindray Medical, BYD, etc. have higher net purchases of funds in the north; The net selling scale is higher, including Wuliangye, Yili, Sailisi, etc.

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In terms of financial integration, the net inflow of financing funds in the first four trading days was 5.71 billion yuan.From the perspective of industry preferences, this week’s financing funds concentrated on buying computers, with a net purchase of 1.38 billion yuan. Other industries with the highest net purchase mainly include food and beverage, non-bank finance, and automobiles. The net sales are mainly power equipment, national defense and military industry, agriculture, forestry, animal husbandry and fishery. From the perspective of individual stocks, the stocks with higher net financing purchases include Kweichow Moutai, Changan Automobile, Celes, etc., and the stocks with higher net sales mainly include century huatong, Jianghuai Automobile and Contemporary Amperex Technology Co., Limited.

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From the perspective of capital demand, the scale of major shareholders’ net reduction is reduced, and the scale of planned reduction is increased.This week, the secondary market of important shareholders increased their holdings by 490 million yuan, reduced their holdings by 2.43 billion yuan, and reduced their net holdings by 1.94 billion yuan. Among them, industries with higher net holdings include national defense, automobile, transportation, etc. Industries with higher net reduction include electronics, basic chemical industry, pharmaceutical biology and so on. The planned reduction announced this week is 2.11 billion yuan. Compared with the previous period.

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05

Theme, wind direction-The White Paper on AI PC Industry (China) was released, and Intel launched the first AI PC chip.

This week, the main indexes of A-shares rose less and fell more. Zhou Du, the Shanghai and Shenzhen 300 Index fell by 0.96%, and the Growth Enterprise Market Index fell by 2.31%. The major theme indexes of A-shares with the highest gains are minimum market value, duty-free shops and Tik Tok platform.

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The theme events worthy of attention this week and next week are:

(1) Important Meeting-The Central Economic Work Conference was held in Beijing, and the Supreme Leader delivered an important speech (☆☆☆).

The Central Economic Work Conference was held in Beijing from December 11th to 12th. The meeting pointed out that it is necessary to overcome some difficulties and challenges to further promote the economic recovery, mainly due to insufficient effective demand, overcapacity in some industries, weak social expectations, still many hidden risks, blockage in the domestic macro-cycle, and the complexity, severity and uncertainty of the external environment. It is necessary to enhance the sense of hardship and effectively deal with and solve these problems. On the whole, the favorable conditions for China’s development are stronger than the unfavorable factors, and the basic trend of economic recovery to be good and long-term to be good has not changed. It is necessary to enhance confidence and confidence. The meeting stressed that to do a good job in economic work next year, we should fully implement the spirit of the 20th National Congress of the Communist Party of China and the Second Plenary Session of the 20th Central Committee under the guidance of Socialism with Chinese characteristics Thought, adhere to the general tone of striving for progress while maintaining stability, implement the new development concept completely, accurately and comprehensively, accelerate the construction of a new development pattern, focus on promoting high-quality development, comprehensively deepen reform and opening up, promote high-level science and technology to stand on its own feet and strengthen macro-control. We will make overall plans to expand domestic demand and deepen structural reform on the supply side, make overall plans for new urbanization and overall rural revitalization, make overall plans for high-quality development and high-level security, effectively enhance economic vitality, prevent and defuse risks, improve social expectations, consolidate and enhance the positive trend of economic recovery, continue to promote effective improvement in quality and reasonable growth in quantity of the economy, enhance people’s livelihood and well-being, maintain social stability, and comprehensively promote the building of a strong country and the great cause of national rejuvenation with Chinese modernization.

News source: http://www.news.cn/2023-12/12/c_1130022917.htm.

(2) Capital market policy-Beijing and Shanghai adjust and optimize the policies related to house purchase (☆☆☆).

According to a report by Cailian on December 14th, two first-tier cities, Beijing and Shanghai, adjusted and optimized the policies related to house purchase on the same day. The minimum down payment ratio of Beijing’s first housing personal housing loan is uniformly lowered to 30%; The minimum down payment ratio of individual housing loans for two sets of housing will be reduced to 50% in six urban districts and 40% in six non-urban districts. The lower limit of the interest rate of the first commercial individual housing loan in Shanghai is adjusted to be no less than the loan market quotation rate (LPR) of the corresponding term minus 10 basis points, and the minimum down payment ratio is adjusted to be no less than 30%.

News source: https://www.cls.cn/detail/1544250.

(3) New energy vehicles-The Ministry of Industry and Information Technology and other three departments adjust the technical requirements of new energy vehicles for vehicle purchase tax exemption (☆☆☆)

The Ministry of Industry and Information Technology and other three departments issued the "Announcement on Adjusting the Technical Requirements of New Energy Vehicle Products for Reducing Vehicle Purchase Tax". Among them, it is proposed that from January 1, 2024, the models applying to enter the Catalogue of New Energy Vehicles with Vehicle Purchase Tax Exemption shall meet the technical requirements of new energy vehicles. Among them, the battery-changing model vehicles also need to provide third-party test reports that meet the requirements of GB/T 40032 "Safety Requirements for Battery-changing of Electric Vehicles" and other standards, as well as certification materials that the production enterprises guarantee the battery-changing service. If the enterprise builds its own power station, it shall provide the design drawings and ownership certificate of the power station; Commissioned by the power exchange service, it is necessary to provide materials such as vehicle type, matching certificate of power exchange station and cooperation agreement between the two parties. January 1, 2024 to May 31, 2024 is the transition period. From January 1, 2024, the models that have entered the Catalogue of New Energy Vehicles Exempted from Vehicle Purchase Tax before December 31, 2023 (hereinafter referred to as the Duty Free Catalogue) and are still valid will be automatically transferred to the Catalogue of Tax Reduction and Exemption. Relevant models should upload the tax reduction and exemption logo and the power exchange mode logo in time, and the corresponding supporting materials should be supplemented according to the requirements of this announcement for the power exchange mode models and fuel cell models. From June 1, 2024, vehicles that do not meet the technical requirements of this announcement will be revoked from the Catalogue of Tax Reduction and Exemption. From June 1st, 2024, Announcement on Exemption of Vehicle Purchase Tax for New Energy Vehicles (Announcement No.172, 2017, Ministry of Science and Technology, Ministry of Finance, State Administration of Taxation)The technical requirements in Announcement on Adjusting the Technical Requirements of New Energy Automobile Products Exempted from Vehicle Purchase Tax (Announcement No.13 of the Ministry of Industry and Information Technology, Ministry of Finance and State Administration of Taxation in 2021) are abolished.

News source: https://wap.miit.gov.cn/zwwk/zcwj/wjfb/gg/art/2023/art _ 62216a 180da4437 cad5c2710e4b6924e.html.

(4) artificial intelligence-seven departments: support artificial intelligence enterprises to develop large-scale audio-visual application models (☆☆ ☆)

Seven departments, including the Ministry of Industry and Information Technology, issued the Guiding Opinions on Accelerating the High-quality Development of Audio-visual Electronics Industry. Among them, it is proposed to support leading color TV enterprises to enrich the product matrix, improve the industrial chain, explore overseas markets, continuously enhance ecological dominance and lead the development of the industry. Encourage OEM speakers, headphones and microphones to develop their own brands, and enhance the added value of products and industry influence. Accelerate the cultivation of "little giants" specializing in commercial display, car audio-visual and audio-visual fields and individual champions in manufacturing. Support backbone enterprises to become bigger and stronger, and support artificial intelligence enterprises to develop large models of audio-visual applications. Promote enterprises to establish advanced quality management system, carry out quality management ability evaluation, and encourage enterprises to climb to excellent quality.

News source: https://wap.miit.gov.cn/zwwk/zcwj/wjfb/tz/art/2023/art _ 01d14530905f49ca812d 230db064a502.html.

(5) Economic data-The central bank invested 800 billion yuan through MLF today, the largest in a single month since records began (☆☆☆).

According to a report by Cailian on December 15th, the central bank launched a 7-day reverse repurchase of 50 billion yuan and a one-year MLF operation of 1,450 billion yuan in the open market today, and the winning bid rates remained unchanged, at 1.80% and 2.50% respectively. Today, there are 197 billion yuan reverse repurchase and 650 billion yuan MLF due. The central bank made a net investment of 800 billion yuan through MLF, the largest in a single month on record.

News source: https://www.cls.cn/detail/1544762.

(6) Smart cars-Huawei will release the M9(☆☆☆) on December 26th.

According to the news of Cailian on December 14, Huawei officially announced that it will hold a press conference on M9 and Huawei in winter on December 26. As the flagship SUV of HarmonyOS Zhixing, the current pre-sale price of the M9 is 500,000 ~ 600,000 yuan.

News source: https://www.cls.cn/detail/1543731.

(7) Semiconductor chip-Intel released the first AI PC processor (☆☆☆).

On December 14th, Intel Corporation released the first 14th generation Core Ultra mobile processor with built-in AI acceleration engine NPU, which is the first product based on Intel 4 process technology. CEO Pat Gelsinger also demonstrated the Intel Gaudi 3 series AI accelerator for deep learning and large-scale generation of artificial intelligence models for the first time, which is expected to be listed as scheduled next year. On the same day, Intel also released the fifth generation Xeon processor. Intel said that servers based on the new Xeon processor will be widely launched in the first quarter of next year; The performance of Gaudi accelerator exceeds that of NVIDIA H100 accelerator.

News source: https://www.chinastarmarket.cn/detail/1544696.

(8) Robots-Tesla shows the second generation humanoid robot of Optimus (☆☆☆).

On December 13th, Tesla released the video of Optimus-Gen 2 (the second generation of Optimus Prime)-and it’s only less than three months since the first generation of Optimus released the video of "the first show of intelligent end-to-end solution"; It’s only been nine months since the first generation of Optimus came out. According to the video, the second-generation Optimus is equipped with actuators and sensors designed by Tesla, 2-DOF driving neck, 11-DOF dexterous hand with faster response, tactile sensor (ten fingers), actuator integrated electronics and wiring harness, foot force/torque sensor, articulated toes, etc. Moreover, many performances of the second generation Optimus have been significantly improved: the walking speed has been increased by 30%, the weight has been reduced by 10kg, and the balance and whole body control have been improved.

News source: https://www.chinastarmarket.cn/detail/1542644.

(9) Economic data-the CPI of the United States increased by 3.1% in November, which was in line with market expectations (☆☆☆).

According to a report by Cailian on December 12th, the CPI of the United States in November increased by 3.1% year-on-year, estimated at 3.1%, and the previous value was 3.2%. In November, the CPI increased by 0.1% month-on-month, with the forecast of 0.0% and the previous value of 0.0%. In November, the seasonally adjusted core CPI rose by 4% year-on-year, with an expected 4.00% and a previous value of 4.00%. In November, the core CPI rose by 0.3% month-on-month, with an expected 0.30% and a previous value of 0.20%.

News source: https://www.cls.cn/detail/1542152.

https://www.cls.cn/detail/1542154

(10) Capital market policy-The Federal Reserve will keep the benchmark interest rate unchanged in the range of 5.25-5.5% (☆☆☆).

According to a report by Cailian on December 14th, the Federal Reserve announced that it would keep the target range of the federal funds interest rate unchanged at 5.25% to 5.5%, which was in line with the general market expectation. This is the third consecutive time that the Fed has suspended interest rate hikes since the meeting on interest rates in September this year. It is widely believed that the Fed’s interest rate hike cycle is over. The Federal Reserve started this interest rate hike cycle in March 2022. As of July this year, it raised interest rates 11 times, with a cumulative rate hike of 525 basis points.

News source: https://www.cls.cn/detail/1543417.

This week’s industry watch-The "White Paper on AI PC Industry (China)" was released, Intel launched a new processor, and the AI PC industry accelerated its landing.

On December 7th, at the first AI PC Industry Innovation Forum, Lenovo and IDC released the industry’s first White Paper on AI PC Industry (China).The White Paper discusses the inevitability of the combination of AI and PC, focusing on the definition, value and product characteristics of AI PC, as well as the changes that AI has brought to PC industry ecology, and analyzes and predicts the future market development, providing a framework guidance for the accelerated development of AI PC and the co-creation and upgrading of industrial ecology.

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With the rapid development of large-scale models, it is an inevitable trend to integrate personal large-scale models with terminals.Since 2022, the generative AI technology based on large models has made a major breakthrough and developed rapidly, the performance of large models has been continuously improved, and multi-modal evolution has been continuously promoted. GPT-4 and Gemini have been formed abroad, and major domestic technology companies have also released their own large model products, with a significant trend of self-control. On the application side, it is difficult for the public big model to meet the personalized needs of thousands of people, and the computing load of the big model will inevitably sink from the cloud to the terminal, forming a personal big model that can better meet the personalized needs and deeply integrate with the mobile terminal, which is the inevitable trend of the development of the big model.

Compared with other devices, PC-side carrying personal big model has unique advantages.First of all, PC has full-mode human-computer interaction conditions. In addition to direct touch, voice and gesture interaction, traditional keyboard-mouse interaction and digital pen interaction provide users with more accurate and professional operation means, which enables large models to handle highly complex user tasks better and more accurately. Secondly, PC is a personal general-purpose device that carries the most scenes. Compared with other terminals such as mobile phones, PC has the most extensive application scenarios, and can undertake many tasks such as teleconferencing, graphic design, programming and multimedia production. It also has more functions and advanced options in professional tools, which can provide a richer working environment for large models. Thirdly, PC is by far the strongest personal computing platform, which has a balance between strong computing power and portability, and can realize the collaborative operation of heterogeneous computing power of CPU+NPU+GPU, and can deploy more complex and powerful AI models. Finally, PC is the most trusted and secure terminal with the largest storage capacity. In the process of interacting with AI, a large amount of personal data will be generated, which requires higher capacity and security. The PC has a large-capacity local secure storage, which puts forward a solution to this problem.

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As a personal AI assistant, AI PC has broad application prospects.After deep integration with the personal model, each AI PC is a tailor-made personal AI assistant with broad application prospects. AI PC can provide personalized creative services, private secretarial services and equipment housekeeping services for work, study and life, and improve work and study efficiency and quality of life. At the same time, due to the large model ability of AI PC application localization, it has the advantages of more timely response, lower cost, safer and more reliable, and can better play the role of personal AI assistant. In terms of product form, desktop computers, notebook computers and tablet computers can all be realized and can be flexibly combined to meet the different needs of users.

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AI PC has changed from application-oriented to people-oriented, from application-driven to intention-driven, and promoted the change of PC industry ecology. On the user side, through personalized AI big model service, users have become the drivers and creators of industry ecological innovation, and AI PC is no longer just a cold tool, but a "class partner" relationship, and the awareness of data sovereignty and privacy protection has also been greatly improved. In terms of manufacturers, terminal manufacturers will be advanced from simple producers to ecological organizers, AI technology manufacturers will be committed to developing hybrid artificial intelligence technologies and services, and the application side will form a brand-new pattern of "creative applications & professional applications" for common development, and computing power manufacturers will pay more attention to the development of inclusive hybrid computing power in the end, edge and cloud collaboration.

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Intel launched a new AI PC processor to accelerate the upgrade of AI PC.In October this year, Intel introduced the AI PC acceleration plan, proposing to realize AI features for 100 million PCs by 2025. On December 14th, local time, Intel presented new AI hardware at the "AI Everywhere" event held in new york, and officially launched the AI PC processor, namely the new Core Ultra processor code-named Meteor Lake. Core Ultra processors will have three different configurations, namely Core Ultra 5, Core Ultra 7 and Core Ultra 9. According to Intel, compared with notebook processors such as AMD Ryzen 7 7840U, Qualcomm Snapdragon 8cx Gen 3 and Apple’s self-developed M3 chip, the multithreading performance of Core Ultra 7 165H chip has improved by 11%. Compared with the previous Intel Core i7-1370P, its power consumption is reduced by 25% and 79% compared with AMD’s Ryzen 7 7840U. The flagship product Intel Core Ultra 9 185H will be the leader in this field, with 16 cores and 22 threads. All Intel’s new CPUs will also be equipped with NPU, which can perform tasks driven by artificial intelligence, making it truly a processor adapted to AI PC, and can also achieve better video calls, better graphics and longer battery life of notebook computers.

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The product will accelerate its landing, and it will become the first year of AI PC in 2024.Intel’s Core Ultra 9 185H processor will be launched in 2024, and most other Meteor Lake chips will be released today. A large number of new notebook computers have adopted new Intel Core Ultra chips, including MSI, Asus, Lenovo, Acer and other well-known manufacturers. Intel itself plans to launch a new personal computer driven by artificial intelligence semiconductor chips, and these products are expected to be launched next year. In addition to Intel, AMD recently launched a new Ruilong 8040 series processor, and it is expected that a number of manufacturers cooperating with AMD will launch a new AI PC； next year; Microsoft will also launch Windows 12 system in 2024, and AI will be deeply involved in many tasks such as performance deployment and operation assistance. Driven by major manufacturers, AI PC products have been accelerated, and the "first year of AI PC" is coming soon. At the same time, AI PC also has a lot of room for development in China. According to the White Paper, the total sales of AI laptops and AI desktops will rapidly climb from 14.1 billion in 2023 to 131.2 billion in 2027, an increase of 8.3 times. Double catalysis at home and abroad, it is suggested to pay attention to investment opportunities in related industrial chains.

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06

Data and valuation-The overall A-share valuation is lower than last week.

The valuation of all A shares this week is lower than last week.As of the close of December 15th, the PE(TTM) of all A shares was 13.2, which was 22.4% of the historical valuation level. Growth enterprise market PE(TTM) went down 0.5 to 31.4, which was at the 3.9% quantile of historical valuation level. The PE(TTM) of the Shanghai-Shenzhen 300 Index, which represents large-cap stocks, went down by 0.1 to 10.2, which was 15.8% of the historical valuation level. The PE(TTM) of the CSI 500 Index, which represents small and medium-sized stocks, went down 0.2 to 17.8, which was 10.8% of the historical valuation level.

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In terms of industry valuation, this week’s sector valuation was mixed. Among them, comprehensive, media and social services were among the top gainers, while food and beverage, medicine, biology and computers were among the top losers.The valuation of the comprehensive sector rose by 1.58 to 37.0, which was in the historical position of 56.7%; The valuation of the media sector rose by 0.75 to 27.3, which was in the historical position of 42.8%; The valuation of the social service sector rose by 0.45 to 34.7, which was in the historical position of 13.1%; The valuation of the food and beverage sector fell by 1.10 to 24.2, which was in the historical position of 17.0%; The valuation of the pharmaceutical biological sector fell by 0.55 to 27.7, which was at the historical level of 18.9%; The valuation of the computer sector fell by 0.45 to 47.3, which was in the historical score of 45.5%. As of the close of December 15th, the top five industries in the first-level industry valuation were computer, national defense, electronics, integration and social services.

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